TCRAP_Public/160712.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 12, 2016, Vol. 19, No. 136


                            Headlines


A U S T R A L I A

AUSTRALIAN GEOGRAPHIC: To Close Retail Stores in 2017
RUBICOR GROUP: Three Units Enter Voluntary Administration


C H I N A

CEETOP INC: Discontinues Operations of Subsidiary
KU6 MEDIA: Shareholders Approve Merger Agreement with Shanda


H O N G  K O N G

INDUSTRIAL & COMMERCIAL: Moody's Rates Prop. US$ Notes 'Ba1(hyb)'


I N D I A

AHLADA INDUSTRIES: CRISIL Suspends B+ Rating on INR50MM Loan
ANONDITA HEALTHCARE: ICRA Assigns B Rating to INR12cr LT Loan
APOLLO COMPUTING: CRISIL Suspends B- Rating on INR60MM Cash Loan
BAMBOLI AGENCIES: CRISIL Suspends 'D' Rating on INR70MM Loan
BAMBOLI AGENCIES PVT: CRISIL Suspends D Rating on INR90MM Loan

COMMTRADE METALS: CRISIL Suspends B Rating on INR95MM Cash Loan
CORE PLASTO: CRISIL Lowers Rating on INR140MM Cash Loan to D
GALAXY CONCAB: ICRA Reaffirms 'B' Rating on INR10cr LT Loan
GANESH COTTON: ICRA Suspends 'B' Rating on INR5.50cr LT Loan
GANGA DIAGNOSTIC: ICRA Reaffirms 'B' Rating on INR13.99cr Loan

GENCOR PACIFIC: ICRA Suspends 'B' Rating on INR13.75cr LT Loan
GMR WARORA: ICRA Lowers Rating on INR2,610cr Bank Loan to 'D'
HITS EXPORTS: CRISIL Assigns B+ Rating to INR22.5MM Bill Disc.
JAGRITI STEEL: CRISIL Suspends B+ Rating on INR47.5MM LT Loan
KASIM COAL: ICRA Suspends B-/A4 Rating on INR55cr Bank Loan

KOMAL CASHEWS: CRISIL Assigns 'B' Rating to INR52.5MM Pledge Loan
LAXME SAAI: CRISIL Suspends 'B-' Rating to INR86.4MM LT Loan
MANISHA INFRASTRUCTURE: CRISIL Suspends B+ Rating on INR130M Loan
MARKETING TIMES: CRISIL Suspends D Rating on INR230MM Cash Loan
NADHI BIO: CRISIL Suspends 'D' Rating on INR400MM Term Loan

NAVKETAN ROLLER: ICRA Suspends B+ Rating on INR7.0cr Cash Loan
PASHUPATI METALLICS: CRISIL Cuts Rating on INR100MM Loan to 'B'
PAVIZHAM SPINNERS: ICRA Suspends 'D' Rating on INR18cr Loan
PERFECT METACRAFT: ICRA Assigns 'B' Rating to INR15.35cr Loan
POOJA SREE: ICRA Suspends B/A4 Rating on INR10cr Bank Loan

PRAKASH STAINLESS: CRISIL Suspends B+ Rating on INR150MM Loan
PRATIBHA CONSTRUCTIONS: ICRA Reaffirms C+ INR24.77cr Loan Rating
RIDHAM SYNTHETICS: CRISIL Suspends B+ Rating on INR90MM Loan
ROSE SOLVENTS: CRISIL Suspends 'D' Rating on INR60MM Cash Loan
S K SARAWAGI: CRISIL Suspends 'D' Rating on INR500MM Loan
S KUMARS: Bombay High Court Orders Firm's Liquidation

SARVAJNIK SHIKSHONNYAN: CRISIL Rates INR10MM Loan at B+
SASWAD MALI: CRISIL Suspends B- Rating on INR1.01BB Cash Loan
SATYAVATHI BIO-LIFE: CRISIL Suspends B Rating on INR140MM Loan
SHIMNIT UTSCH: CRISIL Assigns B- Rating to INR20MM Cash Loan
SHIV SHAKTI: CRISIL Suspends B+ Rating on INR25MM Cash Loan

SHIVA DALL: CRISIL Assigns B+ Rating to INR120.0MM Cash Loan
SHIVANS POWER: CRISIL Cuts Rating on INR60MM LT Loan to B-
SKY INDIA: ICRA Suspends 'D' Rating on INR11cr Bank Loan
SREE SHANMUGA: ICRA Suspends B+ Rating on INR13.50cr Loan
SRI ADISHANKARACHARYA: CRISIL Suspends B+ Rating on INR120MM Loan

SRI BALAJI: CRISIL Assigns 'B' Rating to INR150MM Cash Loan
SRI DURGAMALLESWARI: CRISIL Suspends D Rating on INR120MM Loan
SRI SHANMUGHA: ICRA Suspends 'D' Rating on INR22.43cr Term Loan
SUSEE MOTORS: ICRA Reaffirms 'B' Rating on INR3.0cr LT Loan
SUSHIL FROZEN: CRISIL Assigns 'B' Rating to INR80MM LT Loan

TIRUAL BORTIMAN: CRISIL Suspends B Rating on INR240MM Term Loan
TRICON POLYFABS: CRISIL Assigns B+ Rating to INR82MM Cash Loan
TRINITY TRANSFORMERS: CRISIL Rates INR210MM LT Loan at 'B'
UNIQUE CHEMOPLANT: CRISIL Ups Rating on INR100MM Loan from B+
VAMAN FABRICS: ICRA Suspends 'D' Rating on INR4.50cr Cash Loan

VIRAJ ALCHOHOL: CRISIL Cuts Rating on INR115MM Term Loan to D
WHITEFIELD SPINTEX: ICRA Assigns 'B' Rating to INR22cr Term Loan
XICON INTERNATIONAL: ICRA Suspends B+ Rating on INR3cr Loan


J A P A N

* JAPAN: Corporate Bankruptcies Drop 6.5% in 1H 2016


N E W  Z E A L A N D

PAUL BURR: Liquidation Stalls Due to Lack of Funds


P H I L I P P I N E S

* PHILIPPINES: DENR Suspends 4 Mining Firms Over Envt'l Breaches


S O U T H  K O R E A

HYUNDAI MERCHANT: Maersk May Take Over Shipping Firm


V I E T N A M

JSC BANK: Moody's Assign B1/NP LC, FC Issuer Ratings
VIETNAM MARITIME: Moody's Assigns B3/NP LC, FC Issuer Ratings


X X X X X X X X

* BOND PRICING: For the Week July 4 to July 8, 2016


                            - - - - -


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A U S T R A L I A
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AUSTRALIAN GEOGRAPHIC: To Close Retail Stores in 2017
-----------------------------------------------------
Dominic Powell at SmartCompany reports popular science and
Australiana retail brand Australian Geographic Retail has begun
winding down its 67 stores across the country, as owner Myer
Family Investments (MFI) seeks to close the loss-making business.

SmartCompany, citing Fairfax, relates that the brand will close
in early 2017, with MFI hoping to sell the retail locations in an
attempt to recoup losses.

MFI bought the Australian Geographic chain in 2007, but due to
increased retail competition from stores such as Kmart and
Target, the brand has recently failed to return profits,
SmartCompany says.

According to SmartCompany, Fairfax said the group reported a loss
of AUD3.34 million in the 2014-15 financial year, increasing from
AUD2.54 million in the previous financial year. Total revenue for
the business was AUD49.1 million in the 2015 financial year,
which compared to AUD44 million the year before.

The Australian Geographic magazine is not affected by this
winding down, as it runs separately to the retail group,
SmartCompany states.

A spokesperson for Australian Geographic Retail (AGR) told
SmartCompany the group's stores have "recently begun a process
which will likely lead to a controlled exit from its retail
business during the first half of 2017".

"Staff and suppliers have been informed of the decision. It will
be business as usual until we exit and all staff will receive
their full entitlements. AGR is grateful for the ongoing support
of staff, suppliers and customers and will work with all
stakeholders to ensure a smooth exit from trading."

Brian Walker, chief executive of the Retail Doctor Group Brian
Walker, told SmartCompany Australian Geographic's niche market
had been marginalised over the past 10 years.

"When I walk into the stores now, I see an increase in general
merchandise, they've become a bigger toy business than they used
to be," Walker says, notes the report.  "The recent rise of
general merchandise retailing through stores like Kmart and an
increase in online retailing has played a part in the stores
closing."

Australian Geographic magazine began in 1986 and spawned a number
of stores under the same name, selling products in a niche market
of science gadgets, telescopes, Australiana, and various toys.


RUBICOR GROUP: Three Units Enter Voluntary Administration
---------------------------------------------------------
Eloise Keating at SmartCompany reports that three recruitment
companies that count both small and large companies among their
clients have been placed in voluntary administration amid a
corporate restructure by their parent company.

The companies are all subsidiaries of Rubicor Group, one of
Australia's largest recruitment companies, which is listed on the
Australian Securities Exchange.

Administrators from Jirsch Sutherland were appointed to manage
Xpand Group Pty Ltd, Locher & Associates Pty Ltd, Challenge
Recruitment Pty Ltd on July 4, with Sule Arnautovic, Glenn Crisp
and Chris Baskerville appointed to the companies, the report
discloses.

Xpand Group specialises in recruitment and executive searches in
technology, media and communications, while Locher offers people
performance services. Challenge Recruitment operates in the
industrial trades, blue collar, call centres, office recruitment
and government areas.

Mr. Baskerville confirmed to SmartCompany on July 11 the three
companies are continuing to trade and are expected to continue
doing so throughout the voluntary administration.

"The directors are likely to finalise a proposal for a Deed of
Company Arrangement [DOCA] shortly, which is expected to be
presented in our report to creditors, currently scheduled for 29
July," SmartCompany quotes Mr. Baskerville as saying.

"We believe employees' positions are secure and the companies
have the ongoing support of customers into the future.

"The companies (and the administrators) also have the support of
the major financier to the company."

Together the three companies employ more than 1,800 temporary and
permanent employees, the report notes.

Arnautovic, Crisp and Baskerville have also been appointed to a
fourth entity, a company formerly known as Gel Group Pty Ltd,
however that company does not trade or employ staff, according to
SmartCompany.

In a statement to shareholders on July 4, Rubicor Group said the
voluntary administrations are a step towards "the full
restructure of the [Rubicor] Group," SmartCompany recalls.

Rubicor said in the statement its remaining operations are not
affected by the restructure.

According to SmartCompany, the company outlined its places to
propose a DOCA to the creditors of the three companies in
voluntary administration and said assuming the arrangement is
accepted, "the subsidiaries will then be returned to control of
their respective directors".

"When the restructure is completed, the directors expect the
group to be in a position to take advantage of growth
opportunities," the company said.

For the 2015 financial year, Rubicor Group reported revenue of
AUD204.3 million, which was up by 3.2% on the year before, and
underlying gross profit of AUD37.7 million, up by 1.6% on the
year before.

Rubicor was founded in 2005 and currently operates 15 specialist
brands in the human resources and recruitment areas.



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CEETOP INC: Discontinues Operations of Subsidiary
-------------------------------------------------
Ceetop Inc. discontinued operations, and terminated the
31 registration of its subsidiary Hangzhou Ceetop Network
Technology LLC on June 30, 2016, as disclosed in a regulatory
filing with the Securities and Exchange Commission.

                      About Ceetop Inc.

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

Ceetop reported a net loss of $599,847 on $0 of sales for the
year ended Dec. 31, 2015, compared to a net loss of $1.41 million
on $361,887 of sales for the year ended Dec. 31, 2014.

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

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


KU6 MEDIA: Shareholders Approve Merger Agreement with Shanda
------------------------------------------------------------
Ku6 Media Co., Ltd., announced that, at an extraordinary general
meeting held July 8, 2016, the Company's shareholders voted in
favor of the proposal to authorize and approve the previously
announced Agreement and Plan of Merger dated as of April 5, 2016,
among the Company, Shanda Investment Holdings Limited and Ku6
Acquisition Company Limited, a wholly owned subsidiary of Parent,
pursuant to which Merger Sub will be merged with and into the
Company with the Company continuing as the surviving company and
to authorize and approve any and all transactions contemplated by
the Merger Agreement, including the Merger.

Approximately 70.88% of the Company's total outstanding ordinary
shares of the Company entitled to vote at the extraordinary
general meeting voted in person or by proxy at the extraordinary
general meeting. Of those ordinary shares, approximately 99.67%
were voted in favor of the proposal to authorize and approve the
Merger Agreement and any and all transactions contemplated by the
Merger Agreement, including the Merger.

The parties currently expect to complete the Merger within July
2016, subject to the satisfaction or waiver of the conditions set
forth in the Merger Agreement. Upon completion of the Merger, the
Company will become a privately held company and its American
depositary shares, each representing 100 ordinary shares, will no
longer be listed on NASDAQ.

                         About Ku6 Media

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

Ku6 Media reported a net loss of $2.05 million on $10.90 million
of total net revenues for the year ended Dec. 31, 2015, compared
to a net loss of $10.72 million on $8.58 million of total net
revenues for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, KU6 Media had $9.01 million in total assets,
$14.49 million in total liabilities and a total shareholders'
deficit of $5.48 million.

PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's
Republic of China, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2015, citing that facts and circumstances including recurring
losses, negative working capital, net cash outflows, and
uncertainties associated with significant changes made, or
planned to be made, in respect of the Company's business model
raise substantial doubt about the Company's ability to continue
as a going concern.




================
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INDUSTRIAL & COMMERCIAL: Moody's Rates Prop. US$ Notes 'Ba1(hyb)'
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba1(hyb) rating to
Industrial & Commercial Bank of China (Asia) Ltd.'s (ICBC (Asia))
(A2 negative, baa1) proposed USD-denominated, perpetual, non-
cumulative and subordinated preference notes.

These preference notes will be a drawdown from the bank's
existing $5 billion medium term note (MTN) programme.  The terms
and conditions of the notes incorporate Basel III-compliant non-
viability language in accordance with Hong Kong capital rules,
and will qualify as regulatory Additional Tier 1 (AT1) capital
securities.

Moody's has also assigned a (P)Baa2 rating to the bank's amended
subordinated MTN programme.  Going forward, Moody's expects all
subordinated debt securities issued under the amended MTN
programme with contractual point of non-viability language will
be Basel III-compliant.

The rating is subject to the receipt of final documentation, the
terms and conditions of which are not expected to change in any
material way from the draft documents that Moody's has reviewed.

RATINGS RATIONALE

The Ba1(hyb) rating is positioned three notches below the bank's
Adjusted baseline credit assessment (BCA) of baa1, in accordance
with Moody's standard notching guidance for preferred securities
with loss triggered at the point of non-viability on a
contractual basis.

The three-notch difference from the Adjusted BCA reflects the
probability of impairment associated with noncumulative coupon
suspension, as well as the likelihood of high loss severity when
the bank reaches the point of non-viability.

Under the terms and conditions, the principal and any accrued but
unpaid distribution on these capital securities would be written
down, partially or in full, in the event that the Hong Kong
Monetary Authority notifies the bank that without such write-off,
the bank would become non-viable, or if the relevant government
body, government officer or regulatory body decides to make a
public sector injection of capital without which the bank would
become nonviable.  The amount of write-off has to be sufficient
to ensure that the non-viability event ceases to continue.

In addition, to be classified as AT1 capital, ICBC (Asia), as a
going concern, may choose not to pay distributions on a non-
cumulative basis.  As such, the distributions on these capital
securities are fully discretionary.  However, a common share
dividend stopper applies if a distribution is missed.

These securities are senior to common shareholders, but junior to
all depositors, general creditors, senior debt and subordinated
debt holders.

The (P)Baa2 subordinated programme rating is positioned one notch
below the bank's BCA because it is unlikely that losses would be
imposed on these securities before the point of non-viability.
ICBC (Asia) is wholly-owned by its parent, Industrial &
Commercial Bank of China Ltd (ICBC) (A1 negative, baa2), which is
majority-owned by the Chinese government (Aa3 negative).

The bank's standalone credit assessment reflects its good asset
quality metrics, sound profitability, and improved capitalization
following the equity injection from its parent.  The bank's BCA
also takes into account its corporate and wholesale banking focus
and its reliance on wholesale funding.

The bank's long-term deposit ratings of A2 incorporate two
notches of government support uplift, and reflect our expectation
of a very high likelihood that indirect support from the Chinese
government would flow through its parent.

The negative outlook reflects the Chinese government's
potentially weakened ability to provide indirect support, as well
as the expected deterioration in operating conditions for ICBC
(Asia).

ICBC (Asia)'s ratings are:

   -- Long-term/short-term deposits ratings: A2/P-1
   -- Senior unsecured MTN programme rating: (P)A2
   -- Legacy subordinated debt rating: Baa2
   -- Subordinated MTN programme rating: (P)Baa2
   -- Non-cumulative preference stock rating: Ba1(hyb)
   -- Commercial paper rating: P-1
   -- Other short-term rating: (P)P-1
   -- Counterparty risk assessment: A1(cr)/P-1(cr)
   -- Baseline credit assessment: baa1
   -- Adjusted baseline credit assessment: baa1

The outlook on the bank's deposit rating is negative.

What could change the ratings up/down

Given the negative outlook for the bank, its ratings are not
likely to be upgraded. The bank's outlook may be revised back to
stable if operating conditions in China and Hong Kong improve.

ICBC Asia's deposit rating and standalone BCA could be adjusted
lower if

   -- Expected indirect government support diminishes.
   -- Weakening operating conditions result in a deterioration in
      the bank's asset quality, leading to impaired loans rising
      above 2% of gross loans.  A decline in the tangible common
      equity/RWA ratio below 11.5% may also trigger a downgrade.

The principal methodology used in these ratings was Banks
published in January 2016.

Industrial & Commercial Bank of China (Asia) Ltd., headquartered
in Hong Kong, held total assets of HKD734 billion at end-2015.



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AHLADA INDUSTRIES: CRISIL Suspends B+ Rating on INR50MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ahlada
Industries Private Limited (AIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL A4
   Buyer Credit Limit      10        CRISIL A4
   Cash Credit             50        CRISIL B+/Stable
   Letter of Credit        10        CRISIL A4
   Proposed Long Term
   Bank Loan Facility       7.5      CRISIL B+/Stable
   Term Loan                10       CRISIL B+/Stable

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

AIPL incorporated in 2007, is engaged in business of
manufacturing machinery and storage equipment mainly for bulk
drug manufacturers. The company is managed by Mr. Praveen Kumar,
Mr. Anji Reddy, Mr. Adi Reddy and Mr Suresh Reddy. AIPL has its
manufacturing unit located in Bahadurpally (Hyderabad, Andhra
Pradesh).


ANONDITA HEALTHCARE: ICRA Assigns B Rating to INR12cr LT Loan
-------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the bank
lines of INR12.00 crore1 of Anondita Healthcare Limited.


                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term fund
   based limit              12.00      [ICRA]B; Assigned

ICRA's rating takes into account the project execution risk
associated with the planned Greenfield project in Assam by the
company within the scheduled time and estimated costs as the
construction has not been commenced yet. The project is also
exposed to funding risks, as the financial closure has not been
achieved, which could lead to a delay in execution. ICRA notes
that the execution of the project will also be critical to
promoter's ability to timely infuse the planned funds as sizeable
portion of the project is being funded through promoter funds.
However, the rating favourably factors in the extensive
experience of the promoters in the similar line of business and
their established relations with customers as well as suppliers.
The plant of the company will have locational advantage in terms
of easy availability of raw material i.e. latex and also enjoy
various fiscal incentives from Central and State Government.
The company's ability to successfully commission the plant in the
estimate cost and time will be key rating sensitivities.

AHL is a group company of Anondita Group, engaged in the
manufacturing of surgical gloves and latex based contraceptives.
AHL is undertaking a Greenfield project at Assam for the
commencement of a surgical gloves manufacturing unit with a plant
capacity of 240 lakh pairs per annum. The total estimated cost of
the project is INR26.00 crore, to be financed through a term loan
of INR10.00 crore and the rest from shareholder contribution. The
project execution is in nascent stage with capital expenditure of
INR1.50 crore (approx) incurred till May 30, 2016 on acquisition
of land and other regulatory formalities. The construction of the
factory and placement of order with the suppliers of the plant
and machineries is yet to be done.


APOLLO COMPUTING: CRISIL Suspends B- Rating on INR60MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Apollo Computing Laboratories Private Limited (ACL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         180        CRISIL A4
   Cash Credit             60        CRISIL B-/Stable
   Letter of Credit        40        CRISIL A4
   Long Term Loan          10        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      60        CRISIL B-/Stable

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

ACL was set up in 1992 in Hyderabad (Andhra Pradesh) by Mr.
Jaipal Reddy. It manufactures electronic systems for embedded
computing. ACL's products are used in electronic systems of
defence vessels, and other aeronautical and nautical
applications, commonly known as avionics.


BAMBOLI AGENCIES: CRISIL Suspends 'D' Rating on INR70MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Bamboli Agencies (a part of the Bamboli group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             70        CRISIL D
   Proposed Long Term
   Bank Loan Facility       1.2      CRISIL D

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Bamboli Agencies, Bamboli Agencies Pvt
Ltd (BAPL), and Savita Marketing (SM). The entities together
known as the Bamboli group have common promoters along with
operational and financial synergies.

The Bamboli group commenced operations in 1991 in Pune
(Maharashtra) as a distributor of fast moving consumer goods
(FMCGs). BAPL was an exclusive distributor of Nokia mobile
handsets in Pune. Bamboli Agencies and SM distribute direct-to-
home (DTH) connections, FMCGs, and consumer durables.


BAMBOLI AGENCIES PVT: CRISIL Suspends D Rating on INR90MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Bamboli
Agencies Private Limited (BAPL; part of the Bamboli group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              90       CRISIL D

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Bamboli Agencies, BAPL, and Savita
Marketing (SM). The entities together known as the Bamboli group
have common promoters along with operational and financial
synergies.

The Bamboli group commenced operations in 1991 in Pune
(Maharashtra) as a distributor of fast moving consumer goods
(FMCGs). BAPL was an exclusive distributor of Nokia mobile
handsets in Pune. Bamboli Agencies and SM distribute direct-to-
home (DTH) connections, FMCGs, and consumer durables.


COMMTRADE METALS: CRISIL Suspends B Rating on INR95MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Commtrade Metals (CM).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Buyer Credit Limit      67        CRISIL A4
   Cash Credit             95        CRISIL B/Stable
   Proposed Working
   Capital Facility        25        CRISIL B/Stable
   Term Loan               63        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by CM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CM is yet to
provide adequate information to enable CRISIL to assess CM'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 2010, CM is a partnership firm that manufactures
aluminium alloy ingots and aluminium die castings. The firm is
based in Chennai (Tamil Nadu) and its day-to-day operations are
being managed by the partners Mr. Uzair Ahmed, Mr. Jahir Ahmed,
and Mr. Vipul Kumar Agarwal.


CORE PLASTO: CRISIL Lowers Rating on INR140MM Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Core Plasto Enterprises (CPE) to 'CRISIL D' from 'CRISIL
B+/Stable'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              140      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')
   Term Loan                 20      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The rating downgrade reflects delay in servicing debt obligations
due to weakened liquidity as a result of delay in receipt of
payments from customers and high bank limit utilisation. Further,
CRISIL believes large working capital requirements primarily
funded through external debt will continue to result in high
interest burden and hence low cash accruals leading to weak
liquidity.

The rating also reflects CPE's modest scale of operations in a
highly fragmented industry, susceptibility of operating
profitability to volatility in raw material prices and working
capital intensive nature of operations. These weaknesses are
partially offset by the extensive experience of the promoters in
the kitchen appliances industry and their established customer
relationships.

Set up as a partnership firm in 2007 in Chennai, CPE manufactures
plastic injection moulds primarily for use in home appliances.
The company's products include table top wet grinders, mixer
grinders and plastic dash board components for 4-wheelers.  Mr.
Renny Jose and his brother Mr. Reji Jose manage the operations.

CPE reported, on a provisional basis, a profit after tax (PAT) of
INR38.2 million on net sales of INR537.5 million for 2015-16
(refers to financial year, April 1 to March 31), as against a PAT
of INR0.9 million on net sales of INR275.1 million in 2014-15.


GALAXY CONCAB: ICRA Reaffirms 'B' Rating on INR10cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA] on the
INR10.00 crore2 fund based bank facilities and INR1.00 crore
unallocated limits of Galaxy Concab (India) Private Limited. ICRA
has also reaffirmed its short term rating of [ICRA]A4 on the
INR15.00 crore non fund based limits and its ratings of
[ICRA]B/A4 on the INR6.00 crore fund based bank facilities of the
company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Long Term                10.00       [ICRA]B ; reaffirmed

   Unallocated-Long
   Term                      1.00       [ICRA]B ; reaffirmed

   Non Fund Based Limits-
   Short Term               15.00       [ICRA]A4; reaffirmed

   Fund Based-Long/Short
   Term                      6.00       [ICRA]B/A4; reaffirmed

The rating reaffirmation takes into account the slight decline in
GCIPL's operating income in FY2016 due to lower order execution.
ICRA also takes note of the company's modest scale of operations
and the highly fragmented and competitive industry in which it
operates, which is likely to exert pressure on its profit
margins. Further, the company's weak profitability has resulted
in weak coverage indicators with thin interest coverage, elevated
TD/OPBDITA3 and weak DSCR4 for FY20165. The rating also takes
into account the company's heavy dependence on government related
orders, which results in an elongated receivable cycle and keeps
the operations working capital intensive. The company's stretched
liquidity position is reflected in its almost fully utilized
working capital limits.

ICRA's ratings continue to derive comfort from the long track
record of the promoters in the industry and the company's
established relationships with its customers including Bajaj
Electricals Ltd and Madhya Pradesh Madhya Kshetra Vidyut Vitaran
Company Limited (MPMKVVCL). ICRA also takes note of the embedded
price escalation clause in the company's contracts, which helps
insulate the profitability against adverse price movements.
Going forward, the company's ability to sustain revenue growth by
securing new orders while maintaining profitability, and
maintaining adequate liquidity will be the key rating
sensitivities.

GCIPL was established in 2006 to manufacture low-tension (LT)
cables (Low tension Cross Linked Polyethylene (LT XLPE) and Low
Tension Polyvinyl Chloride (LT PVC) Cables, which are used in the
transmission of power. The company is professionally managed by
Mr. Vinay Gupta and Mr. Rajesh Kumar Gadia, who have good
experience in the cable industry. The company has ISO 9001:2008
and ISO 14001:2004 certifications for the manufacture of electric
power cables. The manufacturing facility is located at Industrial
area in Sitapura, Jaipur, Rajasthan.

Recent Results
GCIPL, on a provisional basis reported an operating income of
INR43.44 crore in FY2016 and a net profit of INR0.24 crore, as
against an operating income of INR44.30 crore and a net profit of
INR0.30 crore in FY2015.


GANESH COTTON: ICRA Suspends 'B' Rating on INR5.50cr LT Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B to INR5.50
crore long term fund based limits and INR4.50 crore unallocated
limits of Ganesh Cotton Traders (GCT). The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

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


GANGA DIAGNOSTIC: ICRA Reaffirms 'B' Rating on INR13.99cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR13.99 crore term loan facility of Ganga Diagnostic and
Medical Research Centre Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan               13.99        [ICRA]B/ Reaffirmed

The reaffirmation of the rating takes into account small scale of
current operations and single diagnostic centre, which lead to
stiff competition arising out of low-cost laboratories within
hospitals as well as other diagnostic centres in the city.
Besides, the company has a weak financial profile characterised
by a highly leveraged capital structure and subdued level of
coverage indicators. The rating continues to be impacted by the
stretched liquidity profile of the company and its dependence on
external funding for timely servicing of debt obligations. ICRA
also notes that GDMRCPL has significant debt repayment
obligations, which are likely to keep its cash flows under
pressure in the near to medium term.

The rating, however, derives comfort from strong promoters'
profile as well as demonstrated funding support from the group,
and comprehensive range of diagnostic services including
radiology, pathology, microbiology and cardiology being provided
at the centre.
In ICRA's opinion, the ability of the company to scale up its
operations and generate adequate cash accruals from the business
to service its debt obligations, while improving its capital
structure and liquidity position would remain key rating
sensitivities, going forward.

Incorporated in 2010, Ganga Diagnostic and Medical Research
Centre Private Limited (GDMRCPL) provide radiology and pathology
diagnostic services in Raipur. The diagnostic service centre
started its commercial operations in 2012. Mr. Subhash Agarwal
and Mr. Ashok Agarwal, Raipur-based promoters of the company, are
also part of the Vandana Group of Companies, which are engaged in
the steel-manufacturing business.

Recent Results
During FY2016 (provisional), the company has achieved a top-line
of ~Rs. 9 crore. During FY2015, GDMRCPL reported a net loss of
INR1.06 crore on an operating income (OI) of INR7.27 crore, as
against a net profit of INR0.79 crore and OI of INR5.57 crore
during FY2014.


GENCOR PACIFIC: ICRA Suspends 'B' Rating on INR13.75cr LT Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B ratings assigned to the INR13.75 crore
long term fund based facilities and unallocated facilities of
Gencor Pacific Auto Engineering Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


GMR WARORA: ICRA Lowers Rating on INR2,610cr Bank Loan to 'D'
-------------------------------------------------------------
ICRA has downgraded the rating assigned to the INR2610.00 crore
bank facilities of GMR Warora Energy Limited (formerly EMCO
Energy Limited) to [ICRA]D from [ICRA]BB+ earlier. ICRA has also
downgraded the rating assigned to the INR75.00 crore Non
Convertible debenture programme of the company to [ICRA]D from
[ICRA]BB+ earlier. Instruments with [ICRA]D rating are in default
or are expected to be in default soon.

The rating downgrade takes into account delays in debt servicing
by the company due decline in power generation for the months of
April and May 2016, which is turn was due to lower water
availability for the plant on account of draught in many parts of
the state of Maharashtra. As per ICRA's estimates, the Plant Load
Factor (PLF) for the plant stood at ~50% in April 2016 and ~6% in
May 2016, leading to lower revenues and further weakening in the
financial risk profile and worsening of the liquidity position.
While the power generation levels is estimated to have improved
in June 2016 with PLF of ~72%, however given the cash losses
witnessed in first two months of FY 2017, the company has also
defaulted on the debt repayments scheduled to commence from June
30th 2016 apart from the interest servicing since May 2016.
In line with ICRA's earlier estimates, the debt levels of the
company have increased significantly and stood at ~Rs 3731.20
crore at end of FY 2016 as against ~Rs 3417.84 crore at end of
FY15. The increase in debt levels has been driven by additional
borrowings for residual capital expenditure, increase in working
capital requirements, apart from additional borrowings for
funding support to group entities. With further cash losses in
Q1-FY-2017, ICRA expects the debt levels of the company will
further increase by end of FY 2017 unless these losses are funded
with equity. Further, as was earlier highlighted by ICRA, the
quantum of existing debt is significantly higher in relation to
plant capacity of 600 MW and further increase in debt levels will
lead to further deteriorate the financial profile of the company.
Going forward, with commencement of full supplies under PPA with
Tamil Nadu Generation and Distribution Corporation (TANGEDO) (at
a remunerative levellised tariff of INR4.91/Unit), ICRA notes
that the performance of the company improved in Q4FY16, however
the aggressively bid tariff with Maharashtra State Electricity
Distribution Co Ltd (MSEDCL) PPA (levellised bid tariff of
INR2.88/Unit) which is ~1/3rd of capacity, continues to remain a
concern. As per ICRA's estimates, the debt repayments scheduled
for FY17 and thereafter are sizeable and are unlikely to be met
through cash accruals, unless the company is able to secure
compensatory tariff under MSEDCL PPA (for which the company has
filed the petition with Central Electricity Regulatory
Commission). Accordingly, this will remain critical for long-term
viability of the plant, given the substantial increase in debt
levels and hence will be the key rating sensitivity. In absence
of adequate compensation/delays in receipt of compensatory tariff
sought by company for its PPAs, the financial profile will remain
weak. This apart, track record of timely debt servicing for a
period of three consecutive months, will also be a rating
sensitivity.

GMR Warora Energy Limited (Formerly EMCO Energy Limited) is an
SPV promoted by the GMR Group for the development of a 600 MW (2X
300 MW) domestic coal based thermal power plant at Warora in
Maharashtra. The Unit I of the power plant was initially
scheduled to be commissioned by August 2012 but was eventually
commissioned in March 2013- Unit 2 was commissioned in September
2013. The project cost stands revised to INR4250 crore with debt
of INR3188 crore as against initial estimates of INR3480 crore
project cost, which was funded through debt of INR2610 crore. Of
the revised project cost, the company has incurred ~Rs 3960 crore
(including capital advances) till end of FY 2016. The coal for
the plant has been tied-up under Fuel Supply Agreements (FSA) for
the entire capacity of the plant with South Eastern Coal Fields
Ltd (SECL), a subsidiary of Coal India Limited (CIL). During
FY16, the plant operated at PLF of ~76% as against a PLF of ~69%
in FY15. During FY16, the company achieved revenues of INR1382.59
crore and net loss of INR158.05 crore as against revenues of
INR1200.21 crore and net loss of INR370.61 crore in FY15.


HITS EXPORTS: CRISIL Assigns B+ Rating to INR22.5MM Bill Disc.
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities Hits Exports and has assigned its
'CRISILB+/Stable/CRISIL A4' ratings to the bank loan facilities.
CRISIL had, on March 16, 2016, suspended the ratings as HE had
not provided necessary information required for a rating review.
The firm has now shared the requisite information, enabling
CRISIL to assign ratings to its bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Foreign Bill
   Discounting            22.5       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Letter of Credit       10.0       CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Packing Credit         47.5       CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Proposed Fund-Based    10.0       CRISIL B+/Stable (Assigned;
   Bank Limits                       Suspension Revoked)

The ratings reflect small scale of operations of the firm in a
highly fragmented industry along with high customer concentration
in its revenue profile and highly working capital intensive
operations.These weaknesses are mitigated by the extensive
experience of the management in footwear industry and their
established relationships with their key customers along with
moderate capital structure of the firm marked by moderate net
worth and low gearing.
Outlook: Stable

CRISIL believes that Hits Exports (HE) will maintain its business
risk profile on the back of its established relationship with its
key customers. The outlook may be revised to 'Positive' in case
of higher than expected increase in its scale of operations and
diversification of its customer base, while efficiently
maintaining its working capital requirements. Conversely, the
outlook may be revised to 'Negative', if the firm's order book
shrinks, or its financial profile deteriorates owing to higher
than expected increase in its working capital or withdrawal of
capital by partners.

Hits Exports (HE) is Agra based proprietorship firm engaged in
manufacturing and exports of female boots, shoes and chappals. HE
was formed by Mr. Harvijay Singh Bahia in 1973; the firm has a
manufacturing capacity situated in Agra, Uttar Pradesh.

HE reported net profit of INR3.5 million on net sales of INR178.7
million in FY 2014-15 against net profit of INR22.9 million on
net sales of INR285.3 million in FY 2013-14.The estimated sales
for FY 2015-16 is INR111.3 million.


JAGRITI STEEL: CRISIL Suspends B+ Rating on INR47.5MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Jagriti Steel (JS).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B+/Stable
   Long Term Loan          47.5      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       2.5      CRISIL B+/Stable

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

Established in 2010, JS manufactures steel billets. JS commenced
commercial operations in February 2014. The firm is promoted by
Mr.Navneet Kumar and his family members.


KASIM COAL: ICRA Suspends B-/A4 Rating on INR55cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- and the short
term rating of [ICRA]A4 outstanding on the INR55.00 crore bank
facilities of Kasim Coal & Logistics Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


KOMAL CASHEWS: CRISIL Assigns 'B' Rating to INR52.5MM Pledge Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Komal Cashews (KC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      42.5      CRISIL B/Stable
   Overdraft Facility      10.0      CRISIL A4
   Pledge Loan             52.5      CRISIL B/Stable

The ratings reflect nascent stage of operations in a highly
competitive cashew industry. The ratings also factors in KC's
below-average financial risk profile marked by weak capital
structure and debt protection metrics. These rating weaknesses
are mitigated by the extensive experience of promoter in the agro
commodity industry.
Outlook: Stable

CRISIL believes KC will continue to benefit from the extensive
industry experience of the promoter in the agro commodity
industry. The outlook may be revised to 'Positive', if improved
revenue and profitability, result in better-than-expected cash
accruals leading to an improvement in KC's financial risk
profile. Conversely, the outlook may be revised to 'Negative', if
KC's financial risk profile and liquidity deteriorate on account
of lower than expected cash accruals or stretched working capital
cycle.

Set up as a partnership firm in 2015, KC processes raw cashew
nuts and sells cashew kernels. The firm is located at Udupi,
Karnataka, and is promoted by Mr. Shivaprasad Shenai.


LAXME SAAI: CRISIL Suspends 'B-' Rating to INR86.4MM LT Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Laxme
Saai Steel Private Limited (LSSPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            38.6       CRISIL B-/Stable
   Long Term Loan         86.4       CRISIL B-/Stable

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

LSSPL manufactures ferroalloys. Incorporated in 2009 as ASV Ferro
Alloys Pvt Ltd, the company got its current name in 2012-13
(refers to financial year, April 1 to March 31). Its
manufacturing facility is in Visakhapatnam (Andhra Pradesh).


MANISHA INFRASTRUCTURE: CRISIL Suspends B+ Rating on INR130M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Manisha Infrastructure Private Limited (MIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          400       CRISIL A4
   Cash Credit             130       CRISIL B+/Stable

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

Incorporated in 2005, MIPL is a civil contractor engaged in
construction activities for the irrigation segment, which include
construction of dams, barrages, and canals. The company
undertakes construction activities for state government
irrigation departments, mainly in Maharashtra, Telangana,
Seemandhra, and Karnataka. MIPL's day-to-day operations are
currently being managed by Mr. Pradeep Chavan and his brother Mr.
Deelip Chavan.


MARKETING TIMES: CRISIL Suspends D Rating on INR230MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Marketing Times Automobiles Private Limited (MTAL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          50        CRISIL D
   Cash Credit            230        CRISIL D
   Overdraft Facility      70        CRISIL D

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

MTAL was set up in 2003 by Mr Deepak Kapoor and his family
members. The company was appointed as a dealer for Maruti Suzuki
India Ltd (MSIL; CRISIL AAA/Stable/CRISIL A1+) and commenced
operations in 2004. Currently, MTAL has one showroom and two
workshops in New Delhi. The company also sells used vehicles
through a true-value showroom in New Delhi, and trades in spare
parts for MSIL vehicles.


NADHI BIO: CRISIL Suspends 'D' Rating on INR400MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Nadhi
Bio Products Private Limited (Nadhi).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               400       CRISIL D

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

Nadhi was set up in September 2009 by Mr. B Krishna Kanth, Mr.
Ajay Pinapati, Mr. D Srinivasulu, Mr. B Murali Krishna Murthy,
and Mr. Suresh Pinapati. It manufactures grain-based ENA. The
company's manufacturing facility is in Mahboobnagar (Andhra
Pradesh).


NAVKETAN ROLLER: ICRA Suspends B+ Rating on INR7.0cr Cash Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR7.00 crore,
working capital facilities & [ICRA]A4 rating to the INR0.15
crore, short term, non fund based of Navketan Roller Flour Mills
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long Term-Cash Credit       7.00       [ICRA]B+ (Suspended)
   Short Term-Non Fund
   Based                       0.15       [ICRA]A4(Suspended)

Incorporated in 1987, Navketan Roller Flour Mills Private Limited
(NRFM) is promoted by Mr. Amrut Jain. It is engaged in the
manufacturing of Maida, Atta, Sooji and Bran. The company has
manufacturing plant at Bethoda Industrial Estate, Ponda, Goa. The
company started with installed capacity of 50 TPD. Currently, the
installed capacity is 100 TPD.


PASHUPATI METALLICS: CRISIL Cuts Rating on INR100MM Loan to 'B'
---------------------------------------------------------------
CRISIL has downgraded the rating on the long-term bank loan
facility of Pashupati Metallics (PM) to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

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

The rating downgrade reflects the weakening in the debt
protection metrics following subdued operating performance in
fiscal 16 and hence higher working capital debt.  The firm
reported modest operating income of INR75 million with cash
accruals of INR17.2 million, significantly lower than CRISIL
estimates, on account of the nascent stages of operations in the
recently commercialised unit and subdued demand for TMT bars.
Elongated collection cycle and large inventory levels have
increased debt and weakened debt protection metrics; interest
coverage remained less than 1 time in fiscal 16. Absence of debt
repayment obligations and financial aid from promoters continue
to support liquidity. Given the weak demand scenario in the
domestic structural steel segment and the competitive intensity
of the Gummidipoondi (Tamil Nadu) micro-market owing to the
presence of large installed capacities, CRISIL believes that any
improvement in scale of operations and working capital metrics
will be gradual.

The rating continues to reflect PM's below-average financial risk
profile marked by modest networth and working capital intensive
and start up nature of operations. These weaknesses are partially
offset by the extensive industry experience of the promoters.
Outlook: Stable

CRISIL believes PM will benefit over the medium term from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' if substantial increase in revenues and
profitability improves the financial risk profile. The outlook
may be revised to 'Negative' if large debt contracted to fund
capital expenditure, or stretch in working capital cycle, weakens
the financial risk profile.

Set up in 2009, Chennai-based PM is engaged in the manufacturing
of thermo mechanically treated (TMT) steel bars at its unit in
Gumidipoondi, which was operationalised in fiscal 15. The daily
operations of the firm are managed by the promoter, Mr Rajiv
Bansal.


PAVIZHAM SPINNERS: ICRA Suspends 'D' Rating on INR18cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D and the short
term rating of [ICRA]D outstanding on the INR18.00 crore bank
facilities of Pavizham Spinners Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


PERFECT METACRAFT: ICRA Assigns 'B' Rating to INR15.35cr Loan
-------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR5.00
crore1 cash credit facility and INR15.35 crore term loan facility
of Perfect Metacraft LLP. ICRA has also assigned the short term
rating of [ICRA]A4 to the INR8.25 crore non-fund based letter of
credit/buyers credit facility of PML.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit              5.00      [ICRA]B; Assigned
   Term Loan               15.35      [ICRA]B; Assigned
   Letter of Credit        (8.25)     [ICRA]A4; Assigned

The assigned rating is constrained by stabilization of operations
on account of nascent stage of the project at present as
commencement of the project is scheduled in July 2017. ICRA also
notes that the stretch financial profile given the debt funded
nature of project capex and high debt repayments scheduled from
October 2017.

The ratings, however, positively consider the experience of PML's
partners in manufacturing faucets, faucet handles and door locks,
location advantage on account of easy availability of raw
material from the nearby vicinity of Jamnagar. ICRA positively
take in to account group concerns involvement in manufacturing of
sanitary ware products and door locks is likely to provide
operational and marketing support.

Given the constitution of the firm being a partnership concern,
any substantial withdrawal by the partners may exert pressure on
the net worth and consequently on capital structure of the firm.
ICRA also factors in the vulnerability of profitability to
availability and fluctuating raw material prices being metal in
nature. Going forward, timely commencement of the project and
subsequently generating sufficient cash accruals to meet the
interest and principal repayment obligations in the near term
while improving the capital structure will remain the key rating
sensitivities.

Established in August 2013, Perfect Metacraft LLP (PML) is
setting up a green field project to manufacture sanitary ware and
door hardware products. . Presently, the manufacturing facility
is undergoing land levelling process and the expected month of
commencement of commercial operation is July 2017. The firm has a
proposed installed capacity of 43,00,000 units of products per
annum. The firm is promoted by the Shah family who is also
engaged in manufacturing of bicycle tube valves, faucets, faucet
handles and door locks business which pertains to the same line
of business as the proposed project. Partners are associated with
Perfect Industries, Perfect Auto Industries, A.K. Industries and
Perfect Metacraft.


POOJA SREE: ICRA Suspends B/A4 Rating on INR10cr Bank Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B and the short
term rating of [ICRA]A4 outstanding on the INR10.00 crore bank
facilities of Pooja Sree Traders. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


PRAKASH STAINLESS: CRISIL Suspends B+ Rating on INR150MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Prakash Stainless Private Limited (PSPL).

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

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

PSPL, incorporated in 2007, is engaged in the trading of flat
steel products such as coils, plates, pipes and tubes. The
company trades in M.S. angles and channels as well. Initially the
operations were carried out under a proprietorship concern of Mr.
Prakash Kanugo, 'Prakash Steels' since the mid 1970s.
Subsequently the operations were shifted to PSPL in 2007. The
company is a part of the Mumbai-based Prakash group, having an
established presence in the flat steel manufacturing and trading
business. Its business operations are managed by Mr. Prakash
Kanugo and Mr. Suraj Burad


PRATIBHA CONSTRUCTIONS: ICRA Reaffirms C+ INR24.77cr Loan Rating
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA] C+ outstanding
to INR24.77 crore fund based facilities (revised from Rs,30.00
crore), INR25.00 crore non fund based limits (Rs.85.00 crore).
ICRA has also assigned [ICRA]C+/A4 ratings to unallocated limits
of Pratibha Constructions Engineers and Contractors (India)
Private Limited .

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits
   Cash Credit             24.77      [ICRA]C+ Reaffirmed

   Non Fund Based Limits   25.00      [ICRA]A4 Reaffirmed

   Long term/Short term-
   Unallocated Limits      65.23      [ICRA]C+/A4 Assigned

Pratibha Constructions Engineers & Contractors (India) Private
Limited (PCECPL) started as a partnership firm in 1984 and was
subsequently converted to a private limited company in 2002.
PCECPL has worked with a wide range of clients from both public
and private sector. The company started in the road construction
business but has now specialized into construction of co-gen
plants for sugar industries and receives government contract for
the construction of court buildings, etc. The company is based
out of Kolhapur and is promoted by the Jadhav family.


RIDHAM SYNTHETICS: CRISIL Suspends B+ Rating on INR90MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Ridham
Synthetics Private Limited (RSPL).

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Cash Credit                90        CRISIL B+/Stable
   Mortgage Loan Facility     20        CRISIL B+/Stable
   Term Loan                  90        CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by RSPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RSPL is yet to
provide adequate information to enable CRISIL to assess RSPL'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 1991, RSPL is promoted by Mr. Kamlesh Bafna and
Mr. Chetan Bafna. The company manufactures and processes fabrics.
The company's manufacturing unit is located in Dombivili, Mumbai.


ROSE SOLVENTS: CRISIL Suspends 'D' Rating on INR60MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rose Solvents Private Limited (RSPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL D
   Letter of Credit        10        CRISIL D

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

RSPL trades in industrial solvents and chemicals. Majority of its
customers are end users in the pharmaceutical industry. RSPL has
a product portfolio of over 15 solvents and 5 chemicals. The
company was set up in 2004 by Mr. Rajeev Shah and his family as
Padmavati Merchandise Pvt Ltd; its name was changed to the
current one in 2011.


S K SARAWAGI: CRISIL Suspends 'D' Rating on INR500MM Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S K Sarawagi and Co Private Limited (SKS; part of the SKS group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter of Credit        450       CRISIL D
   Overdraft Facility      110       CRISIL D
   Packing Credit          500       CRISIL D
   Proposed Long Term
   Bank Loan Facility      150       CRISIL D
   Term Loan               400       CRISIL D

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

SKS, originally established in 1957 as a sole proprietorship
concern, SK Sarawagi & Company, was reconstituted as a private
limited company with the current name in 1961. SKS is managed by
its founder-promoter Mr. S K Sarawagi, his son Mr. M L Sarawagi,
and his grandsons.

SKS undertakes mining and exporting of manganese ore, and trading
in iron ore, bauxite, and other minerals. The company's
operations are forward-integrated into manufacturing sponge iron,
mild-steel ingots, and thermo-mechanically-treated (TMT) bars.


S KUMARS: Bombay High Court Orders Firm's Liquidation
-----------------------------------------------------
The Hindu BusinessLine reports that the Bombay High Court has
ordered liquidation of S Kumars Nationwide assets and ordered the
banks to appoint an official liquidator to recover debt. The
company owes INR4,500 crore to 134 banks, including State Bank of
India and ICICI Bank and financial institutions, the report says.

Passing the judgment on July 1, Justice BP Colabawalla gave four
weeks' time for the company to appeal against the order, and in
the meanwhile, directed the banks to appoint the official
liquidator to take charge of all the assets, properties, stock-
in-trade, books of accounts and bank accounts of the company,
according to the Hindu BusinessLine.

The report says the Court was hearing a winding up petition filed
by ICICI Bank, Australia and New Zealand Banking Group, Edelweiss
Asset Reconstruction Company, L&T Finance, IL&FS Financial
Services, among others.

As of September 2015, promoters own just 3.59% in S Kumars, while
foreign and domestic institution and retail investors hold 96.41%
in the company.

Hindu BusinessLine says Nitin Kasliwal, the promoter of debt-
ridden S Kumars Nationwide, shot to fame in 2009 when he acquired
leading US brand Hartmarx, which was best known for dressing
President Barack Obama for $119 million. He also acquired several
global brands to mark his presence in the global luxury segment.

It acquired exclusive rights under licensing agreements to
manufacture and market selected products for premier brands such
as Austin Reed, Ted Baker, Bobby Jones, Jack Nicklaus, Claiborne,
Pierre Cardin, Lyle & Scott, Golden Bear and JAG Jeans, the
report notes.

In India, SKNL retails international luxury brands such as Alfred
Dunhill and Escada and owns Stephens Brothers, Carmichael House
and Belmonte.


SARVAJNIK SHIKSHONNYAN: CRISIL Rates INR10MM Loan at B+
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Sarvajnik Shikshonnyan Sansthan (SSS).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Fund-Based
   Bank Limits              10       CRISIL B+/Stable

The rating reflects the society's below-average financial risk
profile because of small networth; and small scale of, and not-
for-profit nature of operations. These weaknesses are mitigated
by healthy relations with government authorities and
implementation of various social welfare development schemes.
Outlook: Stable

CRISIL believes the credit metrics of SSS will remain constrained
on account of small scale of operations and low cash accrual. The
outlook may be revised to 'Positive' if increase in scale of
operations and cash accrual, improves financial risk profile. The
outlook may be revised to 'Negative' if decline in income or cash
accrual or any large, debt-funded capital expenditure constrains
the financial risk profile.

SSS, setup in 1981, is organised as a not-for-profit society in
Hardoi, Uttar Pradesh and executes various schemes operated by
state and central government in Hardoi. The society is operates
inter college, degree college, and training centers along with
various schemes operated under the social justice and empowerment
ministry, social and women welfare departments, and swatch bharat
abhiyaan.


SASWAD MALI: CRISIL Suspends B- Rating on INR1.01BB Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of The
Saswad Mali Sugar Factory Limited (SMSFL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         26.1       CRISIL A4
   Cash Credit          1014.7       CRISIL B-/Stable
   Long Term Loan        735.7       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     34.2       CRISIL B-/Stable

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

SMSFL, incorporated in 1932, manufactures sugar and has a
distillery unit; it has also set up a co-generation plant. The
company is based in the Malshiras district of Maharashtra. It is
promoted by a group of farmers. Mr. Rajendra Girme is the
managing director of the company.


SATYAVATHI BIO-LIFE: CRISIL Suspends B Rating on INR140MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Satyavathi Bio-Life Sciences Limited (SBLSL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Cash
   Credit Limit            55        CRISIL B/Stable
   Term Loan              140        CRISIL B/Stable

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

Incorporated in 2005, SBLSL is setting up a unit for
manufacturing and export of herbal extracts. The company is
promoted by Mr. Y. Naveen Srinivasa.


SHIMNIT UTSCH: CRISIL Assigns B- Rating to INR20MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank loan facilities of Shimnit Utsch India Pvt Ltd (SUIPL).
The ratings reflect the company's modest scale of operations, and
large working capital requirement. These weaknesses are partially
offset by the extensive experience of its promoters in the high-
security vehicle license plates industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter of Credit        10        CRISIL A4
   Bank Guarantee          85        CRISIL A4
   Cash Credit             20        CRISIL B-/Stable

Outlook: Stable

CRISIL believes SUIPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is significant
improvement in its revenue and profitability, leading to higher
cash accrual. The outlook may be revised to 'Negative' if the
financial risk profile deteriorates, because of stretch in
working capital cycle or debt-funded capital expenditure.

SUIPL, established in 2000, is a joint venture between Germany-
based Utsch AG and Shah Family. It manufactures high-security
vehicle license plates. Its operations are managed by director
Mr. Rushang Shah.


SHIV SHAKTI: CRISIL Suspends B+ Rating on INR25MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shiv
Shakti Timber Industries (SSTI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2         CRISIL A4
   Cash Credit            25         CRISIL B+/Stable
   Letter of Credit       20         CRISIL A4
   Long Term Loan         14         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      9         CRISIL B+/Stable

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

Established in 2010, SSTI manufactures wood pallets made from
soft pine wood which are used to package various consumer and
industrial products in different industries. The firm is promoted
by Mr. Shankar Patel and his family members.


SHIVA DALL: CRISIL Assigns B+ Rating to INR120.0MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' ratings to the long-
term bank facilities of Shiva Dall Industries (SDI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            120.0      CRISIL B+/Stable
   Term Loan                9.5      CRISIL B+/Stable

The rating reflects the firm's weak financial risk profile,
marked by small networth and high gearing. The rating also
factors in modest scale of operations, and vulnerability to
fluctuations in raw material prices. These rating weaknesses are
partially offset by the extensive experience of the promoter.
Outlook: Stable

CRISIL believes SDI will continue to benefit over the medium term
from the promoter's longstanding experience and funding support.
The outlook may be revised to 'Positive' if higher-than-expected
cash accrual or capital infusion, and efficient working capital
management strengthen financial risk profile. Conversely, the
outlook may be revised to 'Negative' if low cash accrual, or
large working capital requirement or capital expenditure adds to
pressure on liquidity.

Set up in 2009, by Mr. Ashok Kumar Lalwani, SDI processes pulses
such as matar dal, chana dal and rahar dal. The manufacturing
facility at Raipur has capacity to process 50 tonnes of pulses
per day.


SHIVANS POWER: CRISIL Cuts Rating on INR60MM LT Loan to B-
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shivans Power & Irrigation Private Limited (SPIPL) to 'CRISIL
B-/Stable' from 'CRISIL B/Stable' and has reaffirmed its rating
on the short-term bank facility at 'CRISIL A4'

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            18.7       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Packing Credit          1.3       CRISIL A4  (Reaffirmed)

   Proposed Long Term     60.0       CRISIL B-/Stable (Downgraded
    Bank Loan Facility               from 'CRISIL B/Stable')

The downgrade reflects deterioration in business risk profile of
the company marked by decline in operating revenues for over two
years from INR111 million in 2013-14 to INR25 million in 2015-16.
The downgrade also reflects weakening of working capital
requirement of the company, reflected in its GCA (gross current
assets) which stood at 403 days mainly on account of stretch
receivables of the company. The financial risk profile continues
to remain below average marked by small net worth, high TOLTNW
and weak interest coverage ratio.

The ratings reflect SPIPL's modest scale of operations,
susceptibility to volatility in foreign exchange rates, and large
working capital requirements. The ratings also factor in the
firm's below-average financial risk profile marked by high total
outside liabilities to tangible net worth ratio and below average
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of SPIPL's promoters in the
trading of ceramic pipes, sugar, rice industry.
Outlook: Stable

CRISIL believes that SPIPL will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if the company's financial risk profile improves
driven by improvement in cash accruals, efficient working capital
management or capital infusion by the promoters. Conversely, the
outlook may be revised to 'Negative' in case the company's
financial risk profile and liquidity deteriorates due to lower
than expected cash accruals or higher than expected working
capital requirements.

Incorporated in 2007, Shivans Power and Irrigation Pvt Ltd
(SPIPL) is engaged in trading of various types of pipes. It is
also engaged in trading of rice and sugar.


SKY INDIA: ICRA Suspends 'D' Rating on INR11cr Bank Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR3.50
crore cash credit facility of Sky India Metals Private Limited.
ICRA has also suspended the [ICRA]D  rating assigned to the
INR11.00 crore non fund facilities of SIMPL. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based limits-
   Cash Credit              3.50        [ICRA]D Suspended

   Non Fund Based Limit-
   Bank Guarantee/Letter
   of credit               11.00        [ICRA]D Suspended

Sky India Metals Private Limited (SIMPL) was incorporated in
February 2006 and is engaged in trading of ferrous & non ferrous
scraps. The company has its registered office at Mumbai and a
warehousing facility in Mumbra, (Thane district, Maharashtra).


SREE SHANMUGA: ICRA Suspends B+ Rating on INR13.50cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR8.42 crore term loan, INR13.50 crore fund based facilities
and INR0.50 crore proposed facilities of Sree Shanmuga Modern
Rice Mills Private Limited.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund based facilities     13.50       [ICRA]B+ suspended
   Term loan                  8.42       [ICRA]B+ suspended
   Proposed facilities        0.50       [ICRA]B+ suspended

The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company. According to its suspension policy, ICRA may suspend any
rating outstanding if in its opinion there is insufficient
information to assess such rating during the surveillance
exercise.


SRI ADISHANKARACHARYA: CRISIL Suspends B+ Rating on INR120MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sri Adishankaracharya Cotton and Oil Mills Private Limited (SAC;
part of the Ramineni group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             120       CRISIL B+/Stable
   Rupee Term Loan          50       CRISIL B+/Stable

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SAC and Ramineni Agro Industries
Private Limited (RAIPL). This is because the two companies,
together referred to as the Ramineni group, are in similar lines
of business, have a common management, and have significant
operational linkages.

Established in 2012, SAC is engaged in ginning and pressing of
raw cotton; it also sells cotton lint and cotton seeds. The
company, promoted by Mr. R Srinivasa Rao and his family members,
is based in Guntur (Andhra Pradesh). RAIPL was set up in 2009 and
is also engaged in ginning and pressing of raw cotton.


SRI BALAJI: CRISIL Assigns 'B' Rating to INR150MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Sri Balaji Raw and Parboiled Rice Mills
Pvt Ltd (Balaji).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Warehouse Financing    150        CRISIL B/Stable
   Bank Guarantee          30        CRISIL A4
   Cash Credit            150        CRISIL B/Stable

The ratings reflect Balaji's exposure to intense competition in
the rice milling industry resulting in low profitability, the
susceptibility of its profitability margins to volatility in
paddy prices, and vulnerability to unfavourable regulatory
changes. The ratings also factor in the company's below-average
financial risk profile, with modest net worth, high gearing and
weak debt protection metrics. These weaknesses are partially
offset by extensive experience of the promoters in the business.
Outlook: Stable

CRISIL believes Balaji will continue to benefit over the medium
term from the promoters' extensive experience. The outlook may be
revised to 'Positive' if substantial and sustainable improvement
in revenue and profitability, or a sizeable equity infusion
strengthens financial risk profile. Conversely, the outlook may
be revised to 'Negative' if a steep decline in profitability, or
stretch in working capital cycle weakens key credit metrics.

Set up in 2014 by Mr. Viswanadham and his family, Balaji mills
and processes paddy into rice; it also generates by-products,
such as broken rice, bran, and husk. The mill is in Vijayawada.


SRI DURGAMALLESWARI: CRISIL Suspends D Rating on INR120MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sri Durgamalleswari Educational Society (SDMES).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             22.5      CRISIL D
   Long Term Loan         120        CRISIL D
   Proposed Long Term
   Bank Loan Facility      17.5      CRISIL D

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

Established in 2007 by Mr. Venkata Rao, Vijayawada (Andhra
Pradesh) based Sri Durga Malleswari Educational Society (SDMES)
runs two educational institutions offering undergraduate and post
graduate courses in engineering, information technology, computer
applications and pharmacy. The society also runs a school in
Vijayawada.


SRI SHANMUGHA: ICRA Suspends 'D' Rating on INR22.43cr Term Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR22.43 crore
term loans and INR2.00 crore fund based facilities of Sri
Shanmugha Educational Charitable Trust. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the Trust.


SUSEE MOTORS: ICRA Reaffirms 'B' Rating on INR3.0cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B outstanding
on the INR3.00 crore fund based facilities of Susee Motors India
Private Limited. ICRA has also reaffirmed the short-term rating
of [ICRA]A4 outstanding on the INR3.00 crore non-fund based
facilities of the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based facilities
  (long-term)               3.00        [ICRA]B reaffirmed

   Non fund based
   facilities (short-term)  3.00        [ICRA]A4 reaffirmed

The ratings continue to be constrained by the company's small
scale of operations restricted by limited geographies, having
sole dealership for three districts in Tamilnadu. The growth in
revenues is limited to an extent by the thin product line of VW
in domestic market and stiff competition from other OEM brands
and the revenues are susceptible to demand cyclicality of
passenger vehicle industry. ICRA also considers the impact of the
VW emission scandal, leading to fall in sales volumes to 277
vehicles during FY16 as against 323 vehicles during FY15 and the
increase in working capital requirement due to higher inventory
levels. The ratings are further constrained by the stretched
financial position of the company characterised by leveraged
capital structure and thin operating margins leading to losses at
net level, stretched cash flow position and weak coverage
metrics.

The ratings, however, favourably considers the long-standing
experience of the promoters in the automobile dealership business
and the reputation of 'Susee' brand in Tamilnadu. With the launch
of Ameo, which is specially designed for the domestic market and
other new model launches in pipeline, the sales is expected to
improve.

Going forward, the company's ability to improve its revenues,
particularly from the high-margin streams, and thereby its profit
margins would be critical to improving the debt metrics and cash
flows. Besides, the concerns relating to the VW emission scandal,
and the impact on the revenues and profitability during the
current financial year remains to be seen.

Incorporated in October 2012, Susee Motors (India) Private
Limited is the sole authorised dealer for Volkswagen vehicles in
the Vellore, Thiruvannamalai and Kanchipuram districts of Tamil
Nadu since January 2013. The company has one 3S (sales, service
and spares) showroom in Vellore and about 100 employees as on
date.

The 'Susee Group', which traces its origin to a business dealing
with trading of pulses/grains started in the late 1930s by Mr.
Subramania Nadar and Ms. Seeniyammal, is an established name in
the auto dealership space in Tamil Nadu. The group currently has
five subgroups belonging to the descendants of the promoters; all
of these operate under the 'Susee' brand, but have no operational
or financial linkages. SMIPL belongs to one of the sub groups and
is owned and managed by Mr. Soundararajan, son of the
aforementioned promoters, and his son Mr. Manivannan. Mr.
Soundararajan and Mr. Manivannan have interest in five other
entities two engaged in the auto dealership business, one each in
the FMCG, woven sacks manufacturing and education businesses.

Recent Results
The company reported a net loss of INR0.3 crore on an operating
income of INR28.5 crore during 2014-15 as against a net loss of
INR0.4 crore on an operating income of INR28.7 crore during 2013-
14. For the financial year 2015-16 as per unaudited results, the
company has achieved revenues of INR27.6 crore and PBDT of INR0.3
crore.


SUSHIL FROZEN: CRISIL Assigns 'B' Rating to INR80MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sushil Frozen Agro Processing Private Limited
(SFPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             35        CRISIL B/Stable
   Long Term Loan          80        CRISIL B/Stable

The rating reflects the company's limited track record of
operations in an intensely competitive industry, and its average
financial risk profile because of high gearing. These weaknesses
are partially offset by the extensive experience of its promoters
and the healthy growth in the warehouse and cold storage
industry.
Outlook: Stable

CRISIL believes SFPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a significant
and sustainable increase in revenue and operating margin, leading
to higher-than-expected cash accrual and a better capital
structure. The outlook may be revised to 'Negative' in case of
lower-than-expected cash accrual, or debt-funded capital
expenditure, leading to weakening of the company's capital
structure, or increase in working capital requirement, resulting
in stretched liquidity.

SFPL, set up in 2014, provides cold storage and warehouse
services for peas, carrots, and cauliflowers. Its cold storage is
in Nainital, Uttarakhand. Its operations are managed by Ms.
Vijayata Singhal and Mr. Sushil Kumar Singhal.


TIRUAL BORTIMAN: CRISIL Suspends B Rating on INR240MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Tirual
Bortiman Tea Estate Pvt Ltd (TBTEPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL B/Stable
   Term Loan              240        CRISIL B/Stable

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

TBTEPL was incorporated in 1973 by Mr. Laxminath Hanue. Mr
Bhaskar Baruach acquired TBTEPL in 2006. TBTEPL is based out of
Johrat, Assam, and currently has four tea garden and four plants
for processing of green tea leaves to produce black tea (CTC).


TRICON POLYFABS: CRISIL Assigns B+ Rating to INR82MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
loan facilities of Tricon Polyfabs Private Limited (TPPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               75        CRISIL B+/Stable
   Cash Credit             82        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      18        CRISIL B+/Stable

The ratings reflect the company's exposure to risk related to
ongoing project execution and expected leveraged financial risk
profile. These weakness are partially offset by longstanding
presence of the promoters in the PP bags manufacturing business
along with established customer base and low expected off-take
risk.
Outlook: Stable

CRISIL believes that Tricon Polyfabs Private Limited (TPPL) will
continue to benefit from the extensive entrepreneurial track
record of promoters and group. The outlook may be revised to
'Positive' if TPPL stabilizes operations of its unit in a timely
manner and generates higher 'than 'expected revenue and
profitability leading to higher cash accruals. Conversely, the
outlook may be revised to 'Negative' in case the company faces
delays in the commencement of its operations, or generates lower-
than expected cash accruals during the initial phase of its
operations, resulting in a pressure on its liquidity.

Incorporated in 2014, Tricon Polyfabs Private Limited (TPPL) is
in the process of setting up manufacturing facility for Poly
Propylene (PP)/Printed sacks and fabrics. The facility will be
located in Kolkata(West Bengal). TPPL is promoted by two brothers
Mr. Rabindra Agarwal and Mr. Surendra Agarwal, who look after the
day to day operations of the company.


TRINITY TRANSFORMERS: CRISIL Rates INR210MM LT Loan at 'B'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Trinity Transformers Pvt Ltd (TTPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Open Cash Credit        70        CRISIL B/Stable
   Long Term Loan         210        CRISIL B/Stable
   Letter of Credit       100        CRISIL A4
   Bank Guarantee         200        CRISIL A4
   Cash Credit            100        CRISIL B/Stable

The ratings reflect TTPL's nascent stage- and working capital
intensive nature of operations in an intensely competitive
transformer manufacturing industry. The rating also reflects its
below-average financial risk profile marked by high gearing,
modest debt protection metrics and networth. These rating
weaknesses are partially offset by the benefits derived from the
promoter's extensive industry experience and its customer
relationships.
Outlook: Stable

CRISIL believes TTPL will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if increase in scale of operations and
profitability improves financial risk profile. The outlook may be
revised to 'Negative' if substantial decline revenue and
profitability, deterioration in working capital management, or
sizeable debt-funded expansion further weakens financial risk
profile.

Established in 2012 as a private limited company, TTPL is a
manufacturer of amorphous metal distribution transformers
(AMDT's). Based in Hyderabad (Telangana), the company is promoted
by Mr. P.V.S. Sarma and Mr.Reddi Subramanyam. The company started
its commercial operations in February, 2016.


UNIQUE CHEMOPLANT: CRISIL Ups Rating on INR100MM Loan from B+
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Unique
Chemoplant Equipments (UCE; part of the Patel group) to 'CRISIL
BB-/Stable/CRISIL A4+' from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          100       CRISIL A4+ (Upgraded from
                                     'CRISIL B+/Stable')
   Cash Credit              35       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL A4')

The rating upgrade reflects improvement in the Patel group's
scale of operations coupled with improvement in financial risk
profile supported by capital infusions from the promoters.

The Patel group's revenue has increased by around 113 percent to
an estimated INR743 million in 2015-16 (refers to financial year,
April 1 to March 31) from INR348 million in the previous year
backed by significant increase in demand. Furthermore, the group
has a healthy order book of INR 580 million to be executed during
2016-17 which provides comfortable revenue visibility. The sharp
increase in topline  resulted in a significant increase in cash
accruals to INR 26 million in 2015-16 from INR 1 million in 2014-
15 despite a drop in operating margins to around 7.3 per cent in
2015-16 from 11.3 per cent in 2014-15 on account of sharp
increase in raw material prices.

During 2015-16, the promoters also infused INR 25 million of
capital. The improvement in accretion to reserves along with
capital infusions has resulted in lower reliance on debt and
thereby improvement in the group's debt to equity which is
estimated at 1 time as on March 2016 as against 2.02 times as on
March 2016.

CRISIL's ratings continue to reflect the promoters' extensive
experience in machine and equipment manufacturing industry and
its established clientele. The rating also factor in the above-
average financial risk profile reflected by low gearing and
healthy debt protection metrics. These rating strengths are
partially offset by the groups' working-capital-intensive
operations and susceptibility to volatility in raw material
prices.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Unique Chemoplant Equipments (UCE) and
Dipesh Engineering Works (DEW). This is because both the
entities, together referred to as the Patel group, are engaged in
the same line of business, have significant operational and
financial linkages, and are under a common management.
Outlook: Stable

CRISIL believes that the Patel group will benefit over the medium
term from its promoters' extensive industry experience and its
established relationship with customers. The outlook may be
revised to 'Positive' if the group scales up operations while it
improves its margins significantly, leading to substantial cash
accruals and improvement in capital structure, or in case of a
significant improvement in the group's working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of slowdown in inflow of orders, or decline in
profitability margin leading to deterioration in the business
risk profile, or large debt funded capital expenditure, or large
capital withdrawals by the promoter, weakening the group's
capital structure.

Set up in 1995, UCE is a partnership firm which manufactures
machinery and equipment used in chemical, petrochemical,
pharmaceutical, pesticide, refineries, dye, and dye intermediates
industries. UCE's manufacturing unit is in Ambarnath
(Maharashtra). Mr. Ketan Patel and Mr. Shri.Jayantibhai B. Patel
are the partners in the firm.

DEW was set up in 1979 by Mr. Jayantibhai Patel and another
partner as a partnership firm and was reconstituted as a
proprietorship firm with Mrs. Savitaben J. Patel, wife of Shri
Jayantibhai B Patel as proprietor. DEW manufactures machinery and
equipment used in the chemical, petrochemical, pharmaceutical,
pesticide, refinery, dye, and dye intermediates industries.


VAMAN FABRICS: ICRA Suspends 'D' Rating on INR4.50cr Cash Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]D ratings assigned to the INR8.69
crore bank facility of Vaman Fabrics Private Limited1. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   LT Scale - Fund
   Based Limits-Cash
   Credit                   4.50        [ICRA]D, Suspended

   LT Scale- Fund
   Based Limits- Term
   Loan                     3.97        [ICRA]D, Suspended

   Unallocated Limits       0.22        [ICRA]D, Suspended

Vaman Fabrics Private Limited (VFPL) was incorporated as a
private limited company on August 27, 1998 by Mr. Girish Patel
and Mrs. Rajshreeben Patel. The company started its commercial
operation in 2001. VFPL is engaged in the manufacturing of greige
cloth. The company has a corporate & registered office in Surat,
Gujarat and has a factory unit in Morar Industrial Estate,
Palsana District, in the outskirts of Surat with an area of
30,000 sq ft space.


VIRAJ ALCHOHOL: CRISIL Cuts Rating on INR115MM Term Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Viraj Alchohol and Allied Industries Limited (VAAIL) to
'CRISIL D' from 'CRISIL B+/Stable' on account of irregularities
in servicing its term debt.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Proposed Long Term      55        CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

   Term Loan              115        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The rating also factors in VAAIL's weak liquidity, and modest
scale and working capital intensity in operations. These rating
weaknesses are partially offset by the extensive experience of
the promoters in the grain-based distillery segment.

Set up at Sangli (Maharashtra) in 2002 as a private limited
company, VAAIL was reconstituted as a closely held public limited
company in 2005. VAAIL is a grain-based alcohol producer, and
manufactures extra neutral alcohol, rectified spirit, distillery
dry grain soluble, distillery wet grain soluble, and country
liquor. Its ENA production facility at Sangli has a capacity of
60 kilo litres per day (klpd).


WHITEFIELD SPINTEX: ICRA Assigns 'B' Rating to INR22cr Term Loan
----------------------------------------------------------------
ICRA has assigned a rating of [ICRA]B to INR25.50 crore term loan
and INR3.00 crore cash credit facility of Whitefield Spintex
(India) Private Limited. ICRA has also assigned a short term
rating of [ICRA]A4 to the INR1.35 crore non-fund based facilities
of WSIPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             3.00        [ICRA]B; assigned
   Term Loan - I          22.00        [ICRA]B; assigned
   Term Loan - II          3.50        [ICRA]B; assigned
   Bank Guarantee          1.35        [ICRA]A4; assigned
   Import LC             (23.52)       [ICRA]A4; assigned

The assigned ratings are constrained by limited operating history
of the company, since it has just commenced operations from
February 2016. ICRA notes its exposure to high fluctuations in
raw material prices as witnessed in the recent past. Further, the
ratings take into account the highly competitive business
environment, given the fragmented nature of the cotton industry,
which limits its ability to fully pass on the increase in raw
material prices. ICRA also takes note of the debt-funded project
undertaken by the company, leading to a stretched capital
structure and weak liquidity position of the company, which is
likely to remain stretched due to high debt repayments and
interest costs.

The ratings, however; favourably take into account the experience
of the management in the textile spinning industry; and its
proximity to raw material sources as the facility is located in a
major cotton growing belt of India. Moreover, ICRA considers the
benefits available to the company in the form of interest
subsidies and incentives from the Central as well as State
Governments, thereby reducing the burden of financial charges to
some extent during its initial phase of operations.
Furthermore, the ability of the company to scale up its
operations and achieve the desired sales volumes, along with
expected profitability in a highly competitive scenario, will
remain the key rating sensitivities.

Whitefield Spintex (India) Private Limited (WSIPL) was
incorporated in September 2013 as a Private Limited Company by
Mr. Minesh Jagani, Mr. Alvish Jagani and their family. The
company has set up its plant at Kherva Village in the Rajkot
District of Gujarat for spinning 30SNE combed single cotton yarn
as well as 2/30 twisted spun yarns with an overall production
capacity of 3,600 MT (2,593 MT of single yarn and 990 MT of
twisted yarn) of cotton yarn per annum. The manufacturing
facilities of the company are equipped with 14,658 spindles
comprising 12,960 spindles of single cotton yarn and 1,698
spindles of twisted cotton yarn.

Recent Results
For the year ended 31st March 2016, the firm reported an
operating income of INR2.16 crore and profit before tax of
INR0.82 crore as per the provisional financials.


XICON INTERNATIONAL: ICRA Suspends B+ Rating on INR3cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR3.00 Crore
fund based limits of Xicon International Ltd. ICRA has also
suspended [ICRA]A4 rating assigned to the INR4.00 Crore non fund
based limits of XIL. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.



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


* JAPAN: Corporate Bankruptcies Drop 6.5% in 1H 2016
----------------------------------------------------
The Japan Times reports that the number of corporate bankruptcies
in Japan and total liabilities left by failed firms hit their
lowest level for a first-half year since 1990 during the nation's
bubble economy, Tokyo Shoko Research Ltd. said on July 8.

The number of failed firms dropped 6.5 percent from the previous
year to 4,273, while debt for such companies fell 19.8 percent to
JPY793,765 million, the report discloses.

The total number of bankruptcies decreased for the seventh
consecutive year. Liabilities declined for the fourth straight
year.

The data covered bankruptcies involving debt of JPY10 million or
more, the Japan Times notes.

The declines in both figures came from banks responding to
requests from troubled borrowers to extend loan repayment
deadlines and improved earnings at major companies focusing on
exports, an official from the private credit research company
said, the Japan Times discloses.

The Japan Times relates that by industry, the number of business
failures dropped 20.1 percent to 139 in the transportation
sector, helped by falls in fuel prices. The number of failed
firms in the telecommunications industry fell 17.0 percent to
161.

Large-scale bankruptcies involving debt of JPY1 billion or more
totaled 139, down seven and the lowest figure for 20 years, says
the report.  In June alone, business failures fell 7.4 percent
from a year earlier to 763, while total liabilities declined 14.7
percent to JPY108.227 billion.

With the yen appreciating and stock prices falling after
Britain's decision to leave the European Union, the earnings of
firms relying on exports may deteriorate, the official, as cited
by the Japan Times, said.



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


PAUL BURR: Liquidation Stalls Due to Lack of Funds
--------------------------------------------------
Stuff.co.nz reports that the liquidation of a company linked to
New Zealand's only forestry-related manslaughter prosecution has
stalled due to a lack of funds and non-cooperation by the
company's director, liquidators said.

Paul Burr Contracting Ltd has been in liquidation since
August 2015, after its sole shareholder, Paul Burr, called in
liquidators, Stuff.co.nz discloses.

According to Stuff.co.nz, the liquidation started five days
before Mr. Burr stood trial in the High Court in Palmerston North
for the manslaughter of Lincoln Kidd, who died in December 2013
after a tree felled by Burr on a block between Levin and Foxton
landed on Kidd.

Mr. Burr was found not guilty after a three-week trial, but he
and his company had pleaded guilty to failing to take all steps
to ensure Kidd was kept safe at work, the report relates.

Burr was fined NZ$25,000, the company was not fined due to it
being in liquidation, and they were ordered to pay Kidd's family
and partner NZ$75,000 in reparation. A coronial inquest into
Kidd's death is yet to be held, the report states.

Stuff.co.nz notes that the liquidation of Mr. Burr's company has
not advanced far in the year it has been running, according to
the latest report from liquidator Simon Rogan of Kelman & Co.

While there had only been one unsecured claim for $1,806 so far,
and there were two other potential claims, they had not been able
to be paid.  That was because liquidators had been unable to get
any money in so far, Mr. Rogan said in his report, Stuff.co.nz
relays.

"We do not have sufficient funds to progress the liquidation,"
Stuff.co.nz quotes Mr. Rogan as saying in his report.

An earlier report stated that equipment the company owned had
already been repossessed, Stuff.co.nz says.

Stuff.co.nz adds that Mr. Rogan also said in his latest report
that "at this stage the director [Burr] has not co-operated with
us".

There was no way to currently estimate an end-point for the
liquidation, Mr. Rogan said, reports Stuff.co.nz.



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


* PHILIPPINES: DENR Suspends 4 Mining Firms Over Envt'l Breaches
----------------------------------------------------------------
Rappler.com reports that a week after she ordered an audit on
mining operations in the country, Environment Secretary Gina
Lopez on July 8, announced the suspension of 4 mining companies
for violating environmental standards.

Rappler.com relates that in an interview with ANC, Ms. Lopez
identified the companies as BenguetCorp Nickel Mines
Incorporated, Eramen Minerals Incorporated, LNL Archipelago
Minerals Incorporated, and Zambales Diversified Metals
Corporation.

"We're following the law. There was a Writ of Kalikasan issued
against these 4 companies by no less than the Supreme Court. So
we're good. I'm just following the process," the report quotes
Ms. Lopez as saying.

Rappler.com notes that a Writ of Kalikasan protects the
constitutional right to a healthy environment, as provided in
Section 16, Article II of the Constitution, which states: "The
state shall protect and advance the right of the people to a
balanced and healthful ecology in accord with the rhythm and
harmony of nature."

Referring to the 4 mining companies, she said, "They still need
to get their act together," Rappler.com relays.

When asked, Ms. Lopez said the number of firms that may be
suspended would depend on the department's ongoing audit,
according to Rappler.com.

"The audit will not just be technical, it will also be social. It
must also be environmental. So it's not just going to be a
technical audit. We're going to have teams of agriculturists and
fishery experts, to make sure that there is no adverse impact of
mine operations in the surrounding areas. That's what responsible
mining is all about," Rappler.com quotes Mr. Lopez as saying.

According to Rappler.com, Ms. Lopez said the law on mining states
that industry players should "follow the principle of sustainable
development" for future generations of Filipinos "with the view
of improving quality of life both now and in the future."

She said that telltale signs of unlawful mining operations can be
seen in their impact on the lives and livelihood of people in
host communities, Rappler.com relays.

"If their fish yield goes down, if the rivers and streams get
affected -- you can't earn money by causing suffering. It's not
good; it's not within the law . . . their quality of life is more
important, very, very important. It (mining operations) must
operate within the principle of the common good," Ms. Lopez, as
cited by Rappler.com, added.

Her position is consistent with her marching orders to her
department on her first day at its helm.

The appointment of Lopez, a staunch anti-mining advocate, had
spooked mining investors when President Rodrigo Duterte named her
as his incoming environment secretary a week before he took
office, Rappler.com reports.



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


HYUNDAI MERCHANT: Maersk May Take Over Shipping Firm
----------------------------------------------------
BusinessKorea reports that amid Hyundai Merchant Marine's
negotiation going on to join the 2M, a global shipping alliance
led by Maersk and MSC, a prediction is made that Maersk might
take over Hyundai Merchant Marine if the troubled Korean shipping
company gets on its feet again.

Even though it is still a prediction, if the prediction becomes a
reality, it is highly likely that the sell-off of Hyundai
Merchant Marine will receive strong backlash with a mounting
criticism that the government sold a major national flag carrier
for a giveaway price, BusinessKorea says.

According to BusinessKorea, the shipping industry and creditors
said a prediction is spreading that Maersk will discuss ways to
buy equities in the Korean shipping company with the Korean
government and the Korea Development Bank after its
normalization. "If the price is right, there is no reason for not
selling Hyundai Merchant Marine to Maersk," the report quotes a
government official as saying.

Drewry, a UK shipping research organization, analyzed in a
recently report that Maersk may take over Hyundai Merchant Marine
or set up a joint venture with the company, BusinessKorea says.

BusinessKorea notes that the takeover rumor surfaced as Hyundai
Merchant Marine announced that they were negotiating over joining
the 2M on June 23.

Earlier, Hyundai Merchant Marine negotiated to join the THE
Alliance, a shipping alliance of which Hanjin Shipping is a
member carrier, but oppositions by K-Line of Japan among others
compelled Hyundai Merchant Marine to switch to the 2M, relates
BusinessKorea.

BusinessKorea says some industry experts analyzed that the stuck-
up 2M decided to admit Hyundai Merchant Marine probably because
the Korean government and creditors may have promised to give
support to the 2M.  With this as a backdrop, it is likely that
Maersk will begin to take over Hyundai Merchant Marine. In fact,
the top management of Maersk visited the Korea Development Bank
and met with Jeong Yong-seok, vice governor of restructuring in
the middle of June. BusinessKorea relates that after the meeting,
the Maersk side sent a positive signal about Hyundai Merchant
Marine's joining the 2M.

The point is that if the national carrier is sold to a foreign
firm, it is highly likely that the Korean economy will incur
bigger loss, the report states. If and when Hyundai Merchant
Marine is sold and Hanjin Shipping makes no progress in charter
fee negotiations and goes into a court receivership, global
shipping giants will virtually dominate the domestic shipping
market.

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



=============
V I E T N A M
=============


JSC BANK: Moody's Assign B1/NP LC, FC Issuer Ratings
----------------------------------------------------
Moody's Investors Service has assigned the following first-time
ratings to JSC Bank for Foreign Trade of Vietnam (Vietcombank):

1. Local and foreign currency issuer ratings of B1/NP;

2. Local currency deposit ratings of B1/NP;

3. Foreign currency deposit ratings of B2/NP

4. A baseline credit assessment (BCA) of b2; and an adjusted BCA
of b2

The ratings outlook on the issuer and deposit ratings is stable.

Moody's has also assigned Counterparty Risk Assessments (CR
Assessment) of B1(cr)/NP(cr) to the bank.

RATINGS RATIONALE

The B1 local currency deposit rating assigned to JSC Bank for
Foreign Trade of Vietnam (Vietcombank) reflects the combination
of the bank's b2 baseline credit assessment (BCA), and a one-
notch uplift for expected support from the government of Vietnam
(B1 stable) in case of stress. Vietcombank's foreign currency
deposit rating is positioned at B2, in line with Vietnam's
foreign currency deposit ceiling.

Vietcombank began operations as a state-owned commercial bank in
1963 as the only authorized foreign trade bank in Vietnam. It is
the fourth-largest bank in Vietnam by assets with a 8% market
share in system deposits. Its standalone credit profile considers
its improving asset quality metrics, moderate profitability
supported by diversified recurring non-interest income streams,
and a strong funding and liquidity profile. In terms of credit
challenges, the bank faces capital constraints on growth, and
high single borrower concentration risks as a reflection of its
corporate-focused loan book.

Moody's said, "The bank's asset quality has been on an improving
trend since 2012. Its problem loans ratio, which we define as
loans in categories 2 to 5, as classified under Vietnamese
reporting standards, was 4.3% at end-March 2016. This compares to
4.3% at year-end 2015 and 7.7% at year-end 2014.

"Similar to other banks in Vietnam, Vietcombank has other assets
that we consider as problematic, such as securities issued by the
Vietnam Asset Management Company (VAMC). Adding these securities
to problem loans increases the adjusted problem loans ratio to
5.0% as of end-March 2016. At this level, Vietcombank's asset
quality metrics are superior to most of its Vietnamese peers."

The improvements have been supported by stronger recovery efforts
and macroeconomic stability that supports the repayment capacity
of its borrowers. That said, Moody's recognize downside risks
which could come from concentration risks in the loan book, with
majority of top 20 loan exposures to the state-owned enterprises
(SOEs).

Vietcombank's capital buffers weakened in 2015 because of rapid
credit growth and dividend payments. The bank's tangible common
equity / risk weighted assets (TCE / RWA) ratio declined to 8.7%
at end-2015 from 10.1% in 2014.

Vietcombank has a sound funding and liquidity position as it is
primarily deposit-funded and holds a fairly liquid balance sheet.
It also benefits from depository relationships with its SOEs
borrowers.

Moody's very high systemic support assumptions for Vietcombank
are based on the bank's important role in the domestic economy
and national payment system, as reflected by its 8% share of
system deposits and loans respectively. Additionally, the bank is
77.1% owned by the State Bank of Vietnam (SBV), the country's
central bank.

Moody's said, "Vietcombank's B1 local currency deposit rating
incorporates a one-notch uplift from its b2 BCA. We do not
incorporate any affiliate support assumptions from Mizuho Bank,
Ltd. (Mizuho) [A1 stable, baa1] into Vietcombank's supported
ratings, because of its relatively small ownership stake of 15%."

COUNTERPARTY RISK ASSESSMENT

Vietcombank's CR Assessments are positioned at B1(cr)/NP(cr). CR
Assessments are opinions of how counterparty obligations are
likely to be treated if a bank fails and relates to a bank's
contractual performance obligations (servicing), derivatives
(e.g., swaps), letters of credit, guarantees and liquidity
facilities. Senior obligations represented by the CR Assessment
will be more likely preserved in order to limit contagion,
minimize losses and avoid disruption of critical functions.

What Could Change the Rating Up/Down

A significant capital injection, leading to materially higher
capital ratios while accommodating expected growth, could lead to
a ratings upgrade.

Continuous improvement in asset quality metrics, coverage of
problem assets and risk-adjusted profitability will also be
positive for the ratings.

The ratings could be lowered if the bank demonstrates: (1) a
greater than expected deterioration in its asset quality; and (2)
credit growth that significantly lowers capital levels.

Weaker linkages with the government, such as a material decrease
in the SBV's ownership stake in the bank, could place downward
pressure on the deposit ratings.

A summary of Vietcombank's first-time ratings as assigned by
Moody's is as follows:

-- B1 local currency long-term deposit rating; outlook stable

-- B2 foreign currency long-term deposit rating; outlook stable

-- B1 local currency and foreign currency long-term issuer
    ratings; outlook stable

-- b2 BCA and b2 adjusted BCA

-- B1(cr)/NP(cr) long-term and short term counterparty risk
    assessments

-- NP local currency and foreign currency short-term deposit
    ratings

-- NP local currency and foreign currency short-term issuer
    ratings

Headquartered in Hanoi, Vietcombank reported total assets of
VND662 trillion (around $29.3 billion) at 31 March 2016.


VIETNAM MARITIME: Moody's Assigns B3/NP LC, FC Issuer Ratings
-------------------------------------------------------------
Moody's Investors Service has assigned the following first-time
ratings to Vietnam Maritime Commercial Joint Stock Bank ("MSB"):

1. Local and foreign currency issuer ratings of B3/NP;

2. Local and foreign currency deposit ratings of B3/NP;

3. A standalone baseline credit assessment (BCA) of caa1; and an
adjusted BCA of caa1

The ratings outlook on the issuer and deposit ratings is
positive.

Moody's has also assigned the Counterparty Risk Assessments (CR
Assessment) of B2(cr)/NP(cr) to the bank.

RATINGS RATIONALE

MSB's B3 long-term ratings reflect the bank's baseline credit
assessment (BCA) of caa1 and a one notch uplift due to Moody's
expectation of moderate support from the Government of Vietnam
(B1 stable), in case of stress.

MSB is a mid-sized, corporate-focused bank with around 1.3%
market share of total deposits in the domestic market. Its
standalone creditworthiness considers its high capital levels and
sound liquidity position. Against these credit strengths, Moody's
balance credit risks arising from its very weak asset quality and
constrained profitability due to its high share of low yielding
assets and very high credit costs.

Similar to most other rated banks in Vietnam, MSB has a large
share of assets that Moody's consider as problematic. At end-
2015, MSB's problem loans (which Moody's defines as loans in
categories 2-5 under Vietnamese accounting standards), and
securities from the Vietnam Asset Management Company (VAMC; net
of provisions), increased to 12% of total assets from 6% in 2014.
After a period of deleveraging its balance sheet, the bank is now
embarking on a loan growth strategy focused across all business
segments.

MSB's profitability is weak mainly because of its high loan loss
provisions. The bank channeled 77% of its pre-provision income
into reserves in 2015, down from 82% in 2014. Moody's expect that
provisioning expenses will remain high in 2016 and 2017, as the
bank gradually works out its problem exposures.

The bank's tangible common equity (TCE)/ risk-weighted assets
(RWA) ratio of 14.6% at end-2015 (11.0% at end-2014) compares
high relative to peers. However, when measured against its asset
quality challenges, its buffers are not strong. In line with
Moody's standard adjustments for RWAs, the rating agency applies
a 100% risk weighting on Vietnam government securities, which
results in lower adjusted capital ratios than those reported by
the bank.

MSB's liquidity position is robust, with liquid assets accounting
for around 52% of total assets. Due to customers constitute 69%
of total liabilities at end-2015, of which majority was derived
from individuals.

While the BCA of caa1 indicates that the bank is operating under
regulatory forbearance, the positive outlook on the supported
ratings reflects the bank's committed and ongoing efforts to
resolve its legacy problem assets, which should lead to improved
asset quality and profitability metrics. Given the large size of
these legacy accounts and positive expectations around recovery,
this could lead to meaningful improvements in asset quality
within the year. If successful, material recovery of impaired
assets could significantly improve the bank's solvency profile.

The moderate systemic support assumption for MSB is based on the
bank's modest 1.3% share of system deposits at end-2015, as well
as a strong history of regulatory forbearance in Vietnam. This
results in a one notch uplift to its rating to B3, above the
bank's caa1 BCA.

COUNTERPARTY RISK ASSESSMENT

MSB's CR Assessment is positioned at B2(cr). CR Assessments are
opinions of how counterparty obligations are likely to be treated
if a bank fails and relates to a bank's contractual performance
obligations (servicing), derivatives (e.g., swaps), letters of
credit, guarantees and liquidity facilities. Senior obligations
represented by the CR Assessment will be more likely preserved in
order to limit contagion, minimize losses and avoid disruption of
critical functions.

WHAT COULD CHANGE THE RATING UP/DOWN

A material reduction in problematic exposures, including its VAMC
balance, could lead to upward rating pressure. Improved
profitability will also be positive for the ratings.

The ratings could be downgraded or the outlook revised to stable
or negative if there is further deterioration in asset quality
and a material depletion of its capital buffers in the medium
term.

A summary of MSB's first-time ratings as assigned by Moody's is
as follows:

-- B3 local currency and foreign currency long-term deposit
    ratings; outlook positive

-- B3 local currency and foreign currency long-term issuer
    ratings; outlook positive

-- caa1 BCA and caa1 adjusted BCA

-- B2(cr)/NP(cr) long-term and short term counterparty risk
    assessments

-- NP local currency and foreign currency short-term deposit
    ratings

-- NP local currency and foreign currency short-term issuer
    ratings

Headquartered in Hanoi, Vietnam Maritime Commercial Joint Stock
Bank reported total assets of VND 104 trillion (approximately
$4.7 billion) at 31 December 2015.



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


* BOND PRICING: For the Week July 4 to July 8, 2016
---------------------------------------------------

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


  AUSTRALIA
  ---------

BOART LONGYEAR MANAGEM    10.00    10/1/2018   USD       52.50
BOART LONGYEAR MANAGEM     7.00     4/1/2021   USD       19.00
BOART LONGYEAR MANAGEM    10.00    10/1/2018   USD       61.50
BOART LONGYEAR MANAGEM     7.00     4/1/2021   USD       19.30
CRATER GOLD MINING LTD    10.00    8/18/2017   AUD       23.00
CROWN RESORTS LTD          6.02    4/23/2075   AUD       64.50
DBCT FINANCE PTY LTD       2.40     6/9/2026   AUD       62.08
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            6.16    6/30/2019   AUD       57.50
KBL MINING LTD            12.00    2/16/2017   AUD        0.06
KEYBRIDGE CAPITAL LTD      7.00    7/31/2020   AUD        0.67
LAKES OIL NL              10.00    3/31/2017   AUD        1.70
MIDWEST VANADIUM PTY L    11.50    2/15/2018   USD        7.00
MIDWEST VANADIUM PTY L    11.50    2/15/2018   USD        4.82
RELIANCE RAIL FINANCE      2.28    9/26/2023   AUD       62.40
RELIANCE RAIL FINANCE      2.28    9/26/2023   AUD       62.40
STOKES LTD                10.00    6/30/2017   AUD        0.35


CHINA
-----

ANSHAN CITY CONSTRUCTI     8.25     3/5/2019   CNY       63.00
ANSHAN CITY CONSTRUCTI     8.25     3/5/2019   CNY       64.06
ANYANG INVESTMENT GROU     8.00    4/17/2019   CNY       64.39
BANGBU CITY INVESTMENT     5.78    8/10/2017   CNY       55.74
BEIJING CAPITAL DEVELO     5.95    5/29/2019   CNY       62.14
BEIJING CONSTRUCTION E     5.95     7/5/2019   CNY       82.55
BEIJING CONSTRUCTION E     5.95     7/5/2019   CNY       62.59
BEIJING ECONOMIC TECHN     5.29     3/6/2018   CNY       71.53
BINZHOU BINCHENG DISTR     6.50     7/5/2019   CNY       63.03
CHANGSHA CITY CONSTRUC     6.95    4/24/2019   CNY       63.23
CHANGSHA CITY CONSTRUC     6.95    4/24/2019   CNY       63.24
CHANGSHA COUNTY XINGCH     8.35     4/6/2019   CNY       64.68
CHANGSHU BINJIANG URBA     6.85    4/27/2019   CNY       62.93
CHANGSHU BINJIANG URBA     6.85    4/27/2019   CNY       62.81
CHANGSHU CITY OPERATIO     8.00    1/16/2019   CNY       63.90
CHANGSHU CITY OPERATIO     8.00    1/16/2019   CNY       62.20
CHANGZHOU WUJIN CITY C     6.22     6/8/2018   CNY       51.79
CHANGZHOU WUJIN CITY C     6.22     6/8/2018   CNY       50.00
CHAOYANG CONSTRUCTION      7.30    5/25/2019   CNY       63.56
CHENGDU XINCHENG XICHE     8.35    3/19/2019   CNY       65.60
CHENGDU XINCHENG XICHE     8.35    3/19/2019   CNY       64.50
CHIFENG CITY INFRASTRU     6.18    5/18/2017   CNY       50.01
CHIFENG CITY INFRASTRU     6.18    5/18/2017   CNY       51.67
CHONGQING HECHUAN RURA     8.28    4/10/2018   CNY       52.55
CHONGQING HECHUAN RURA     8.28    4/10/2018   CNY       52.70
CHONGQING HECHUAN URBA     6.95     1/6/2018   CNY       72.43
CHONGQING HECHUAN URBA     6.95     1/6/2018   CNY       71.50
CHONGQING JIANGJIN HUA     6.95     1/6/2018   CNY       71.59
CHONGQING JIANGJIN HUA     6.95     1/6/2018   CNY       70.00
CHONGQING JINYUN ASSET     6.75    6/18/2019   CNY       63.02
CHONGQING JINYUN ASSET     6.75    6/18/2019   CNY       83.20
CHONGQING LAND PROPERT     7.35    4/25/2019   CNY       64.17
CHONGQING NAN'AN URBAN     8.20     4/9/2019   CNY       64.48
CHONGQING NAN'AN URBAN     6.29   12/24/2017   CNY       61.47
CHONGQING XINGRONG HOL     8.35    4/19/2019   CNY       64.25
CHONGQING YONGCHUAN HU     7.49    3/14/2018   CNY       72.30
CHONGQING YONGCHUAN HU     7.49    3/14/2018   CNY       73.40
CHONGQING YULONG ASSET     6.87    5/31/2019   CNY       63.38
CHONGQING YUXING CONST     7.29    12/8/2017   CNY       72.06
DALI ECONOMIC DEVELOPM     8.80    4/24/2019   CNY       64.69
DALIAN LVSHUN CONSTRUC     6.78     7/2/2019   CNY       63.40
DALIAN LVSHUN CONSTRUC     6.78     7/2/2019   CNY       62.81
DANDONG CITY DEVELOPME     6.21     9/6/2017   CNY       70.53
DANYANG INVESTMENT GRO     8.10     3/6/2019   CNY       63.81
DANYANG INVESTMENT GRO     8.10     3/6/2019   CNY       63.97
DATONG ECONOMIC CONSTR     6.50     6/1/2017   CNY       40.73
DONGBEI SPECIAL STEEL      6.10    1/15/2018   CNY       40.00
DONGBEI SPECIAL STEEL      6.50    3/27/2016   CNY       40.00
DONGBEI SPECIAL STEEL      8.20     6/6/2016   CNY       40.00
DONGBEI SPECIAL STEEL      5.63    4/12/2018   CNY       40.00
DONGBEI SPECIAL STEEL      5.88     5/5/2016   CNY       40.00
DONGBEI SPECIAL STEEL      8.30     9/6/2016   CNY       40.00
DONGBEI SPECIAL STEEL      7.00    7/10/2016   CNY       40.00
DONGBEI SPECIAL STEEL      6.30    9/24/2016   CNY       98.58
DONGBEI SPECIAL STEEL      7.40    7/17/2017   CNY       40.00
DONGTAI COMMUNICATION      7.39     7/5/2018   CNY       52.33
DONGTAI COMMUNICATION      7.39     7/5/2018   CNY       52.40
DRILL RIGS HOLDINGS IN     6.50    10/1/2017   USD       47.75
DRILL RIGS HOLDINGS IN     6.50    10/1/2017   USD       47.25
ERDOS DONGSHENG CITY D     8.40    2/28/2018   CNY       48.68
ERDOS DONGSHENG CITY D     8.40    2/28/2018   CNY       49.44
EZHOU CITY CONSTRUCTIO     7.08    6/19/2019   CNY       63.55
FUSHUN URBAN INVESTMEN     5.95    5/11/2018   CNY       72.07
GANZHOU CITY DEVELOPME     6.40    7/10/2018   CNY       51.93
GUANGAN INVESTMENT HOL     8.18    4/25/2019   CNY       64.29
GUANGAN INVESTMENT HOL     8.18    4/25/2019   CNY       62.91
GUANGXI BAISE DEVELOPM     6.50     7/4/2019   CNY       62.48
GUANGXI BAISE DEVELOPM     6.50     7/4/2019   CNY       63.40
GUILIN ECONOMIC CONSTR     6.90     5/9/2018   CNY       52.16
GUILIN ECONOMIC CONSTR     6.90     5/9/2018   CNY       76.50
GUIYANG ECO&TECH DEVEL     8.42    3/27/2019   CNY       64.56
GUOAO INVESTMENT DEVEL     6.89   10/29/2018   CNY       68.94
HAIAN COUNTY CITY CONS     8.35    3/28/2018   CNY       52.81
HAIAN COUNTY CITY CONS     8.35    3/28/2018   CNY       52.56
HAIMEN CITY DEVELOPMEN     8.35    3/20/2019   CNY       62.20
HAIMEN CITY DEVELOPMEN     8.35    3/20/2019   CNY       64.39
HANGZHOU MUNICIPAL CON     5.90    4/25/2018   CNY       51.73
HANGZHOU XIAOSHAN STAT     6.90   11/22/2016   CNY       40.05
HANGZHOU XIAOSHAN STAT     6.90   11/22/2016   CNY       40.59
HANGZHOU YUHANG CITY C     7.55    3/29/2019   CNY       63.50
HANGZHOU YUHANG CITY C     7.55    3/29/2019   CNY       64.10
HANZHONG CITY CONSTRUC     7.48    3/14/2018   CNY       73.13
HEFEI HAIHENG INVESTME     7.30    6/12/2019   CNY       63.66
HEFEI HAIHENG INVESTME     7.30    6/12/2019   CNY       60.00
HEFEI TAOHUA INDUSTRIA     8.79    3/27/2019   CNY       63.59
HEFEI XINCHENG STATE-O     7.88    4/23/2019   CNY       63.12
HEILONGJIANG HECHENG C     7.78   11/17/2016   CNY       40.42
HUAIAN CITY URBAN ASSE     7.15   12/21/2016   CNY       40.49
HUAIAN CITY WATER ASSE     8.25     3/8/2019   CNY       64.02
HUAI'AN DEVELOPMENT HO     6.80    3/24/2017   CNY       42.45
HUAIAN QINGHE NEW AREA     6.79    4/29/2017   CNY       40.86
HUAIHUA CITY CONSTRUCT     8.00    3/22/2018   CNY       51.73
HUAIHUA CITY CONSTRUCT     8.00    3/22/2018   CNY       52.30
HUZHOU MUNICIPAL CONST     7.02   12/21/2017   CNY       72.43
HUZHOU NANXUN STATE-OW     8.15    3/31/2019   CNY       63.41
HUZHOU WUXING NANTAIHU     7.71    2/17/2018   CNY       72.78
JIAMUSI NEW ERA INFRAS     8.25    3/22/2019   CNY       61.31
JIAMUSI NEW ERA INFRAS     8.25    3/22/2019   CNY       63.15
JIAN CITY CONSTRUCTION     7.80    4/20/2019   CNY       64.00
JIAN CITY CONSTRUCTION     7.80    4/20/2019   CNY       64.07
JIANGDONG HOLDING GROU     6.90    3/27/2019   CNY       62.54
JIANGDU XINYUAN INDUST     8.10    3/23/2019   CNY       63.56
JIANGDU XINYUAN INDUST     8.10    3/23/2019   CNY       63.00
JIANGSU HUAJING ASSET      5.68    9/28/2017   CNY       50.54
JIANGSU HUAJING ASSET      5.68    9/28/2017   CNY       50.60
JIANGSU LIANYUN DEVELO     6.10    6/19/2019   CNY       61.45
JIANGSU LIANYUN DEVELO     6.10    6/19/2019   CNY       62.01
JIANGSU TAICANG PORT D     7.66    5/16/2019   CNY       64.19
JIANGYIN CITY CONSTRUC     7.20    6/11/2019   CNY       63.94
JIANGYIN CITY CONSTRUC     7.20    6/11/2019   CNY       64.20
JIASHAN STATE-OWNED AS     6.80     6/6/2019   CNY       63.36
JIAXING CULTURE FAMOUS     8.16     3/8/2019   CNY       64.22
JIAXING ECONOMIC&TECHN     6.78    6/14/2019   CNY       62.91
JIAXING ECONOMIC&TECHN     6.78    6/14/2019   CNY       62.91
JILIN PROVINCIAL COAL      6.00   11/11/2016   CNY       50.00
JINAN CITY CONSTRUCTIO     6.98    3/26/2018   CNY       52.21
JINAN CITY CONSTRUCTIO     6.98    3/26/2018   CNY       52.22
JINGZHOU URBAN CONSTRU     7.98    4/24/2019   CNY       64.78
JINING CITY CONSTRUCTI     8.30   12/31/2018   CNY       64.12
JINTAN CONSTRUCTION IN     8.30    3/14/2019   CNY       64.42
JINZHOU CITY INVESTMEN     7.08    6/13/2019   CNY       63.06
JINZHOU CITY INVESTMEN     7.08    6/13/2019   CNY       62.72
JIUJIANG CITY CONSTRUC     8.49    2/23/2019   CNY       61.13
JIUJIANG CITY CONSTRUC     8.49    2/23/2019   CNY       64.61
KUNMING CITY CONSTRUCT     7.60    4/13/2018   CNY       52.01
KUNMING CITY CONSTRUCT     7.60    4/13/2018   CNY       52.46
KUNMING WUHUA DISTRICT     8.60    3/15/2018   CNY       52.70
KUNMING WUHUA DISTRICT     8.60    3/15/2018   CNY       53.00
LAIWU CITY ECONOMIC DE     6.50     3/1/2018   CNY       62.07
LEQING CITY STATE OWNE     6.50    6/29/2019   CNY       63.28
LEQING CITY STATE OWNE     6.50    6/29/2019   CNY       79.00
LESHAN STATE-OWNED ASS     6.99    3/18/2018   CNY       73.15
LESHAN STATE-OWNED ASS     6.99    3/18/2018   CNY       72.96
LIAOYANG CITY ASSETS O     6.88    6/13/2018   CNY       67.60
LIAOYUAN STATE-OWNED A     7.80    1/26/2017   CNY       40.39
LIAOYUAN STATE-OWNED A     8.17    3/13/2019   CNY       62.52
LINAN CITY CONSTRUCTIO     8.15     3/9/2018   CNY       52.61
LINAN CITY CONSTRUCTIO     8.15     3/9/2018   CNY       52.18
LINHAI CITY INFRASTRUC     7.98    11/6/2016   CNY       50.65
LINHAI CITY INFRASTRUC     7.98    11/6/2016   CNY       50.51
LINYI INVESTMENT DEVEL     8.10    3/27/2018   CNY       51.36
LIUZHOU DONGCHENG INVE     8.30    2/15/2019   CNY       63.39
LIUZHOU DONGCHENG INVE     8.30    2/15/2019   CNY       63.14
LONGHAI STATE-OWNED AS     8.25    12/2/2017   CNY       72.35
LUOHE CITY CONSTRUCTIO     6.81    3/30/2017   CNY       30.72
LUOHE CITY CONSTRUCTIO     6.81    3/30/2017   CNY       30.56
MIANYANG SCIENCE & TEC     7.16    5/15/2019   CNY       63.25
NANAN CITY TRADE INDUS     8.50    4/25/2019   CNY       64.89
NANCHONG CHEMICAL INDU     8.16    4/26/2019   CNY       63.93
NANJING HEXI NEW TOWN      6.40     2/3/2017   CNY       61.13
NANJING JIANGNING SCIE     7.29    4/28/2019   CNY       63.16
NANJING JIANGNING SCIE     7.29    4/28/2019   CNY       63.38
NANTONG CITY TONGZHOU      6.80    5/28/2019   CNY       63.33
NANTONG CITY TONGZHOU      6.80    5/28/2019   CNY       81.00
NANTONG STATE-OWNED AS     6.72   11/13/2016   CNY       40.46
NEIMENGGU XINLINGOL XI     7.62    2/25/2018   CNY       72.78
NINGBO CITY ZHENHAI IN     6.48    4/12/2017   CNY       40.95
NINGBO URBAN CONSTRUCT     7.39     3/1/2018   CNY       52.03
NINGBO URBAN CONSTRUCT     7.39     3/1/2018   CNY       52.27
NINGDE CITY STATE-OWNE     6.25   10/21/2017   CNY       40.59
NONGGONGSHANG REAL EST     6.29   10/11/2017   CNY       71.51
PANJIN CONSTRUCTION IN     7.70   12/16/2016   CNY       40.75
PANJIN CONSTRUCTION IN     7.70   12/16/2016   CNY       40.51
PANJIN CONSTRUCTION IN     7.50    5/17/2019   CNY       63.78
PINGDINGSHAN CITY DEVE     7.86     5/8/2019   CNY       85.00
PINGDINGSHAN CITY DEVE     7.86     5/8/2019   CNY       64.38
PUER CITY STATE OWNED      7.38    6/20/2019   CNY       62.84
PUTIAN STATE-OWNED ASS     8.10    3/21/2019   CNY       63.44
PUTIAN STATE-OWNED ASS     8.10    3/21/2019   CNY       64.28
QIANAN XINGYUAN WATER      6.45    7/11/2018   CNY       52.11
QIANDONG NANZHOU DEVEL     8.80    4/27/2019   CNY       63.58
QINGDAO CITY CONSTRUCT     6.19    2/16/2017   CNY       40.74
QINGDAO CITY CONSTRUCT     6.89    2/16/2019   CNY       63.19
QINGDAO CITY CONSTRUCT     6.19    2/16/2017   CNY       40.62
QINGDAO CITY CONSTRUCT     6.89    2/16/2019   CNY       62.86
QINGDAO HUATONG STATE-     7.30    4/18/2019   CNY       63.79
QINGDAO HUATONG STATE-     7.30    4/18/2019   CNY       63.06
QINGZHOU HONGYUAN PUBL     6.50    5/22/2019   CNY       30.83
QINZHOU CITY DEVELOPME     6.72    4/30/2017   CNY       50.97
QUANZHOU QUANGANG PETR     8.40    4/16/2019   CNY       65.06
QUANZHOU QUANGANG PETR     8.40    4/16/2019   CNY       63.66
QUNSHAN HUAQIAO INTERN     7.98   12/30/2018   CNY       63.65
SANMING STATE-OWNED AS     6.99    6/14/2018   CNY       73.77
SANMING STATE-OWNED AS     6.99    6/14/2018   CNY       70.16
SHANGHAI REAL ESTATE G     6.12    5/17/2017   CNY       40.85
SHAOXING CHENGBEI XINC     6.21    6/11/2018   CNY       51.30
SHAOXING CHENGBEI XINC     6.21    6/11/2018   CNY       76.75
SHIYAN CITY INFRASTRUC     7.98    4/20/2019   CNY       64.21
SICHUAN COAL INDUSTRY      5.94    5/15/2017   CNY       35.00
SICHUAN COAL INDUSTRY      7.80    9/27/2017   CNY       35.00
SICHUAN COAL INDUSTRY      7.45   12/25/2016   CNY       35.00
SICHUAN COAL INDUSTRY      7.70     1/9/2018   CNY       35.00
SICHUAN DEVELOPMENT HO     5.40   11/10/2017   CNY       70.97
SUQIAN ECONOMIC DEVELO     7.50    3/26/2019   CNY       84.60
SUQIAN ECONOMIC DEVELO     7.50    3/26/2019   CNY       63.93
SUZHOU CONSTRUCTION IN     7.45    3/12/2019   CNY       63.62
SUZHOU INDUSTRIAL PARK     5.79    5/30/2019   CNY       62.75
TAIXING ZHONGXING STAT     8.29    3/27/2018   CNY       52.86
TAIXING ZHONGXING STAT     8.29    3/27/2018   CNY       53.92
TAIZHOU CITY CONSTRUCT     6.90    1/25/2017   CNY       40.82
TAIZHOU HAILING ASSETS     8.52    3/21/2019   CNY       64.20
TAIZHOU HAILING ASSETS     8.52    3/21/2019   CNY       64.29
TIANJIN BINHAI NEW ARE     5.00    3/13/2018   CNY       71.52
TIANJIN BINHAI NEW ARE     5.00    3/13/2018   CNY       71.78
TIANJIN HANBIN INVESTM     8.39    3/22/2019   CNY       64.27
TIANJIN HI-TECH INDUST     7.80    3/27/2019   CNY       63.61
TIANJIN HI-TECH INDUST     7.80    3/27/2019   CNY       63.61
TIANJIN JINNAN CITY CO     6.95    6/18/2019   CNY       62.81
TIANJIN JINNAN CITY CO     6.95    6/18/2019   CNY       63.33
TIELING PUBLIC ASSETS      7.34    5/29/2018   CNY       52.12
TIELING PUBLIC ASSETS      7.34    5/29/2018   CNY       51.80
TIGER FOREST & PAPER G     5.38    6/14/2017   CNY       58.52
TONGLIAO CITY INVESTME     5.98     9/1/2017   CNY       70.94
URUMQI CITY CONSTRUCTI     6.35     7/9/2019   CNY       63.35
URUMQI STATE-OWNED ASS     6.48    4/28/2018   CNY       51.42
URUMQI STATE-OWNED ASS     6.48    4/28/2018   CNY       51.92
VANZIP INVESTMENT GROU     7.92     2/4/2019   CNY       67.40
WAFANGDIAN STATE-OWNED     8.55    4/19/2019   CNY       63.74
WENZHOU ANJUFANG CITY      7.65    4/24/2019   CNY       63.45
WUHAI CITY CONSTRUCTIO     8.20    3/31/2019   CNY       63.80
WUHAI CITY CONSTRUCTIO     8.20    3/31/2019   CNY       64.43
WUHU ECONOMIC TECHNOLO     6.70     6/8/2018   CNY       51.00
WUHU ECONOMIC TECHNOLO     6.70     6/8/2018   CNY       52.23
XIANGTAN CITY CONSTRUC     8.00    3/16/2019   CNY       64.07
XIANGTAN CITY CONSTRUC     8.00    3/16/2019   CNY       63.50
XIANGTAN JIUHUA ECONOM     6.93   12/16/2016   CNY       40.32
XIANGYANG CITY CONSTRU     8.12    1/12/2019   CNY       63.64
XIANGYANG CITY CONSTRU     8.12    1/12/2019   CNY       64.18
XIAOGAN URBAN CONSTRUC     8.12    3/26/2019   CNY       64.38
XINING CITY INVESTMENT     7.70    4/27/2019   CNY       63.99
XINJIANG SHIHEZI DEVEL     7.50    8/29/2018   CNY       73.03
XINXIANG INVESTMENT GR     6.80    1/18/2018   CNY       72.45
XINYANG HUAXIN INVESTM     6.95    6/14/2019   CNY       62.58
XINYANG HUAXIN INVESTM     6.95    6/14/2019   CNY       60.00
XUCHANG GENERAL INVEST     7.78    4/27/2019   CNY       64.28
XUZHOU ECONOMIC TECHNO     8.20     3/7/2019   CNY       64.54
XUZHOU ECONOMIC TECHNO     8.20     3/7/2019   CNY       64.49
XUZHOU XINSHENG CONSTR     7.48     5/8/2018   CNY       52.40
XUZHOU XINSHENG CONSTR     7.48     5/8/2018   CNY       52.84
YAAN STATE-OWNED ASSET     7.39     7/4/2019   CNY       62.97
YANCHENG ORIENTAL INVE     5.75     6/8/2017   CNY       51.00
YANGZHONG URBAN CONSTR     7.10    3/26/2018   CNY       72.78
YANGZHOU URBAN CONSTRU     5.94    7/23/2016   CNY       40.03
YANGZHOU URBAN CONSTRU     5.94    7/23/2016   CNY       40.02
YANZHOU HUIMIN URBAN C     8.50   12/28/2017   CNY       52.43
YIBIN STATE-OWNED ASSE     5.80    5/23/2018   CNY       72.21
YIJINHUOLUOQI HONGTAI      8.35    3/19/2019   CNY       59.06
YIJINHUOLUOQI HONGTAI      8.35    3/19/2019   CNY       57.51
YINCHUAN URBAN CONSTRU     6.28     3/9/2017   CNY       25.18
YIYANG CITY CONSTRUCTI     8.20   11/19/2016   CNY       40.44
YIZHENG CITY CONSTRUCT     7.78    6/14/2019   CNY       64.28
YUNNAN PROVINCIAL INVE     5.25    8/24/2017   CNY       70.49
ZHANGJIAGANG JINCHENG      6.23     1/6/2018   CNY       61.66
ZHANGJIAKOU TONGTAI HO     6.90     7/5/2018   CNY      104.73
ZHEJIANG PROVINCE DEQI     6.90    4/12/2018   CNY       72.60
ZHENJIANG CULTURE AND      5.86     5/6/2017   CNY       50.54
ZHENJIANG NEW AREA ECO     8.16     3/1/2019   CNY       63.00
ZHENJIANG NEW AREA ECO     8.16     3/1/2019   CNY       63.12
ZHENJIANG TRANSPORTATI     7.29     5/8/2019   CNY       63.14
ZHENJIANG TRANSPORTATI     7.29     5/8/2019   CNY       62.32
ZHUCHENG ECONOMIC DEVE     6.40    4/26/2018   CNY       39.00
ZHUCHENG ECONOMIC DEVE     7.50    8/25/2018   CNY       40.76
ZHUCHENG ECONOMIC DEVE     6.40    4/26/2018   CNY       41.17
ZHUHAI HUAFA GROUP CO      8.43    2/16/2018   CNY       52.70
ZHUHAI HUAFA GROUP CO      8.43    2/16/2018   CNY       52.78
ZHUHAI ZHONGFU ENTERPR     5.28    5/28/2015   CNY       54.25
ZHUHAI ZHONGFU ENTERPR     6.60    3/28/2017   CNY       54.25
ZHUJI CITY CONSTRUCTIO     6.92     7/5/2018   CNY       73.55
ZHUJI CITY CONSTRUCTIO     6.92     7/5/2018   CNY      103.70
ZIBO CITY PROPERTY CO      5.45    4/27/2019   CNY       37.11
ZIGONG STATE-OWNED ASS     6.86    6/17/2018   CNY       73.06
ZOUCHENG CITY ASSET OP     7.02    1/12/2018   CNY       41.28
ZOUPING COUNTY STATE-O     6.98    4/27/2018   CNY       72.89
ZUNYI CITY INVESTMENT      8.53    3/13/2019   CNY       64.50
ZUNYI CITY INVESTMENT      8.53    3/13/2019   CNY       64.79


INDIA
-----

3I INFOTECH LTD            5.00    4/26/2017   USD       11.63
BERAU COAL ENERGY TBK      7.25    3/13/2017   USD       19.65
BERAU COAL ENERGY TBK      7.25    3/13/2017   USD       20.02
BLUE DART EXPRESS LTD      9.30   11/20/2017   INR       10.15
BLUE DART EXPRESS LTD      9.40   11/20/2018   INR       10.24
BLUE DART EXPRESS LTD      9.50   11/20/2019   INR       10.33
COROMANDEL INTERNATION     9.00    7/23/2016   INR       16.31
GTL INFRASTRUCTURE LTD     4.53    11/9/2017   USD       24.75
JAIPRAKASH ASSOCIATES      5.75     9/8/2017   USD       40.00
JCT LTD                    2.50     4/8/2011   USD       23.38
PRAKASH INDUSTRIES LTD     5.25    4/30/2015   USD       20.38
PYRAMID SAIMIRA THEATR     1.75     7/4/2012   USD        1.00
REI AGRO LTD               5.50   11/13/2014   USD        6.00
REI AGRO LTD               5.50   11/13/2014   USD        6.00
SVOGL OIL GAS & ENERGY     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 IN     0.70     8/1/2016   JPY        4.93
MICRON MEMORY JAPAN IN     0.50   10/26/2015   JPY        4.93
MICRON MEMORY JAPAN IN     2.03    3/22/2012   JPY        4.93
MICRON MEMORY JAPAN IN     2.10   11/29/2012   JPY        4.93
MICRON MEMORY JAPAN IN     2.29    12/7/2012   JPY        4.93
TAKATA CORP                0.58    3/26/2021   JPY       68.63


KOREA
-----


2014 KODIT CREATIVE TH     5.00   12/25/2017   KRW       32.78
2014 KODIT CREATIVE TH     5.00   12/25/2017   KRW       32.78
2016 KIBO 1ST SECURITI     5.00    9/13/2018   KRW       28.80
DOOSAN CAPITAL SECURIT    20.00    4/22/2019   KRW       44.96
HANJIN SHIPPING CO LTD     5.90     6/7/2017   KRW       65.53
HYUNDAI MERCHANT MARIN     5.30     7/3/2017   KRW       48.63
HYUNDAI MERCHANT MARIN     6.20    3/28/2017   KRW       48.63
KIBO ABS SPECIALTY CO      5.00    3/29/2018   KRW       31.68
KIBO ABS SPECIALTY CO     10.00     9/4/2016   KRW       60.95
KIBO ABS SPECIALTY CO     10.00    8/22/2017   KRW       22.98
KIBO ABS SPECIALTY CO      5.00    1/31/2017   KRW       34.30
KIBO ABS SPECIALTY CO     10.00    2/19/2017   KRW       39.84
KIBO ABS SPECIALTY CO      5.00   12/25/2017   KRW       31.33
LSMTRON DONGBANGSEONGJ     4.53   11/22/2017   KRW       32.26
PULMUONE CO LTD            2.50     8/6/2045   KRW       50.13
PULMUONE CO LTD            2.50     8/6/2045   KRW       50.13
SINBO SECURITIZATION S     5.00    9/30/2019   KRW       26.54
SINBO SECURITIZATION S     5.00    5/26/2018   KRW       29.85
SINBO SECURITIZATION S     5.00    8/27/2019   KRW       26.93
SINBO SECURITIZATION S     5.00    6/27/2018   KRW       31.14
SINBO SECURITIZATION S     5.00    6/27/2018   KRW       31.14
SINBO SECURITIZATION S     5.00    3/18/2019   KRW       28.48
SINBO SECURITIZATION S     5.00    3/18/2019   KRW       28.48
SINBO SECURITIZATION S     5.00   10/30/2019   KRW       20.12
SINBO SECURITIZATION S     5.00    1/30/2019   KRW       28.92
SINBO SECURITIZATION S     5.00    1/30/2019   KRW       28.92
SINBO SECURITIZATION S     5.00    7/26/2016   KRW       70.14
SINBO SECURITIZATION S     5.00    7/26/2016   KRW       70.14
SINBO SECURITIZATION S     5.00    8/31/2016   KRW       54.60
SINBO SECURITIZATION S     5.00    8/29/2018   KRW       30.43
SINBO SECURITIZATION S     5.00    8/29/2018   KRW       30.43
SINBO SECURITIZATION S     5.00    8/31/2016   KRW       54.60
SINBO SECURITIZATION S     5.00    7/24/2017   KRW       32.95
SINBO SECURITIZATION S     5.00    7/24/2018   KRW       30.96
SINBO SECURITIZATION S     5.00    7/24/2018   KRW       30.96
SINBO SECURITIZATION S     5.00    10/5/2016   KRW       46.62
SINBO SECURITIZATION S     5.00    10/5/2016   KRW       46.62
SINBO SECURITIZATION S     5.00    9/26/2018   KRW       30.20
SINBO SECURITIZATION S     5.00    9/26/2018   KRW       30.20
SINBO SECURITIZATION S     5.00    9/26/2018   KRW       30.20
SINBO SECURITIZATION S     5.00    6/25/2019   KRW       27.48
SINBO SECURITIZATION S     5.00    6/25/2018   KRW       29.59
SINBO SECURITIZATION S     5.00    2/27/2019   KRW       28.71
SINBO SECURITIZATION S     5.00    2/27/2019   KRW       28.71
SINBO SECURITIZATION S     5.00     7/8/2017   KRW       34.17
SINBO SECURITIZATION S     5.00    8/16/2016   KRW       57.07
SINBO SECURITIZATION S     5.00    8/16/2017   KRW       33.86
SINBO SECURITIZATION S     5.00    8/16/2017   KRW       33.86
SINBO SECURITIZATION S     5.00     7/8/2017   KRW       34.17
SINBO SECURITIZATION S     5.00    2/11/2018   KRW       32.08
SINBO SECURITIZATION S     5.00    2/11/2018   KRW       32.08
SINBO SECURITIZATION S     5.00   12/25/2016   KRW       35.42
SINBO SECURITIZATION S     5.00    1/15/2018   KRW       32.59
SINBO SECURITIZATION S     5.00    1/15/2018   KRW       32.59
SINBO SECURITIZATION S     5.00    3/12/2018   KRW       31.84
SINBO SECURITIZATION S     5.00    3/12/2018   KRW       31.84
SINBO SECURITIZATION S     5.00   12/13/2016   KRW       37.93
SINBO SECURITIZATION S     5.00    10/1/2017   KRW       33.31
SINBO SECURITIZATION S     5.00    10/1/2017   KRW       33.31
SINBO SECURITIZATION S     5.00   12/23/2018   KRW       29.26
SINBO SECURITIZATION S     5.00   12/23/2018   KRW       29.26
SINBO SECURITIZATION S     5.00   12/23/2017   KRW       31.35
SINBO SECURITIZATION S     5.00    1/29/2017   KRW       35.61
SINBO SECURITIZATION S     5.00    7/29/2019   KRW       27.18
SINBO SECURITIZATION S     5.00    7/29/2018   KRW       29.28
SINBO SECURITIZATION S     5.00     6/7/2017   KRW       17.56
SINBO SECURITIZATION S     5.00     6/7/2017   KRW       17.56
SINBO SECURITIZATION S     5.00    10/1/2017   KRW       33.31
SINBO SECURITIZATION S     5.00    2/21/2017   KRW       35.35
SINBO SECURITIZATION S     5.00    2/21/2017   KRW       35.35
SINBO SECURITIZATION S     5.00    3/13/2017   KRW       35.12
SINBO SECURITIZATION S     5.00    3/13/2017   KRW       35.12
TONGYANG CEMENT & ENER     7.50    4/20/2014   KRW       70.00
TONGYANG CEMENT & ENER     7.30    4/12/2015   KRW       70.00
TONGYANG CEMENT & ENER     7.30    6/26/2015   KRW       70.00
TONGYANG CEMENT & ENER     7.50    7/20/2014   KRW       70.00
TONGYANG CEMENT & ENER     7.50    9/10/2014   KRW       70.00
U-BEST SECURITIZATION      5.50   11/16/2017   KRW       33.64
WOONGJIN ENERGY CO LTD     3.00   12/19/2019   KRW       72.60


SRI LANKA
---------

SRI LANKA GOVERNMENT B     6.00    12/1/2024   LKR       67.23
SRI LANKA GOVERNMENT B     9.00    10/1/2032   LKR       74.51
SRI LANKA GOVERNMENT B     7.00    10/1/2023   LKR       75.00
SRI LANKA GOVERNMENT B     5.35     3/1/2026   LKR       60.46
SRI LANKA GOVERNMENT B     8.00     1/1/2032   LKR       68.47
SRI LANKA GOVERNMENT B     9.00    11/1/2033   LKR       73.34
SRI LANKA GOVERNMENT B     9.00     6/1/2043   LKR       70.00
SRI LANKA GOVERNMENT B     9.00     6/1/2033   LKR       74.01


MALAYSIA
--------


BIMB HOLDINGS BHD          1.50   12/12/2023   MYR       74.20
BRIGHT FOCUS BHD           2.50    1/24/2030   MYR       72.52
BRIGHT FOCUS BHD           2.50    1/22/2031   MYR       70.06
LAND & GENERAL BHD         1.00    9/24/2018   MYR        0.25
SENAI-DESARU EXPRESSWA     0.50   12/30/2044   MYR       74.35
SENAI-DESARU EXPRESSWA     0.50   12/31/2040   MYR       69.97
SENAI-DESARU EXPRESSWA     0.50   12/31/2038   MYR       67.17
SENAI-DESARU EXPRESSWA     0.50   12/31/2042   MYR       72.39
SENAI-DESARU EXPRESSWA     0.50   12/31/2043   MYR       73.44
SENAI-DESARU EXPRESSWA     0.50   12/31/2041   MYR       71.14
SENAI-DESARU EXPRESSWA     0.50   12/30/2039   MYR       68.80
SENAI-DESARU EXPRESSWA     1.35    6/30/2028   MYR       60.33
SENAI-DESARU EXPRESSWA     1.35    6/30/2026   MYR       65.55
SENAI-DESARU EXPRESSWA     1.15   12/31/2024   MYR       68.51
SENAI-DESARU EXPRESSWA     1.35   12/31/2025   MYR       66.98
SENAI-DESARU EXPRESSWA     1.35    6/30/2031   MYR       52.72
SENAI-DESARU EXPRESSWA     1.15    6/28/2024   MYR       70.07
SENAI-DESARU EXPRESSWA     1.35   12/31/2029   MYR       56.42
SENAI-DESARU EXPRESSWA     1.35    6/28/2030   MYR       55.18
SENAI-DESARU EXPRESSWA     1.15    6/30/2023   MYR       73.14
SENAI-DESARU EXPRESSWA     1.35   12/31/2030   MYR       53.93
SENAI-DESARU EXPRESSWA     1.35   12/29/2028   MYR       59.00
SENAI-DESARU EXPRESSWA     1.35    6/29/2029   MYR       57.71
SENAI-DESARU EXPRESSWA     1.15   12/29/2023   MYR       71.59
SENAI-DESARU EXPRESSWA     1.35   12/31/2026   MYR       64.23
SENAI-DESARU EXPRESSWA     1.15    6/30/2025   MYR       67.03
SENAI-DESARU EXPRESSWA     1.35   12/31/2027   MYR       61.62
SENAI-DESARU EXPRESSWA     1.15   12/30/2022   MYR       74.69
SENAI-DESARU EXPRESSWA     1.35    6/30/2027   MYR       62.91
UNIMECH GROUP BHD          5.00    9/18/2018   MYR        1.02


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

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


SINGAPORE
---------

AUSGROUP LTD               7.45   10/20/2016   SGD       75.00
AXIS OFFSHORE PTE LTD      7.90    5/18/2018   USD       59.25
BAKRIE TELECOM PTE LTD    11.50     5/7/2015   USD        1.61
BAKRIE TELECOM PTE LTD    11.50     5/7/2015   USD        1.61
BERAU CAPITAL RESOURCE    12.50     7/8/2015   USD       19.34
BERAU CAPITAL RESOURCE    12.50     7/8/2015   USD       19.25
BLD INVESTMENTS PTE LT     8.63    3/23/2015   USD        7.75
BUMI CAPITAL PTE LTD      12.00   11/10/2016   USD       19.75
BUMI CAPITAL PTE LTD      12.00   11/10/2016   USD       20.25
BUMI INVESTMENT PTE LT    10.75    10/6/2017   USD       17.25
BUMI INVESTMENT PTE LT    10.75    10/6/2017   USD       16.96
ENERCOAL RESOURCES PTE     6.00     4/7/2018   USD       11.00
GOLIATH OFFSHORE HOLDI    12.00    6/11/2017   USD        5.05
INDO INFRASTRUCTURE GR     2.00    7/30/2010   USD        1.88
NEPTUNE ORIENT LINES L     4.65     9/9/2020   SGD       62.98
NEPTUNE ORIENT LINES L     4.40    6/22/2021   SGD       60.89
ORO NEGRO DRILLING PTE     7.50    1/24/2019   USD       43.00
OSA GOLIATH PTE LTD       12.00    10/9/2018   USD       62.00
OTTAWA HOLDINGS PTE LT     5.88    5/16/2018   USD       64.50
OTTAWA HOLDINGS PTE LT     5.88    5/16/2018   USD       69.17
PACIFIC RADIANCE LTD       4.30    8/29/2018   SGD       68.75
SWIBER HOLDINGS LTD        7.13    4/18/2017   SGD       60.75
TRIKOMSEL PTE LTD          5.25    5/10/2016   SGD       17.88
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
-------


NAVIOS SOUTH AMERICAN      7.25     5/1/2022   USD       71.00
NAVIOS SOUTH AMERICAN      7.25     5/1/2022   USD       63.75



                             *********

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

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

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


                            *********


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

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

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

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

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



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