TCRAP_Public/160719.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 19, 2016, Vol. 19, No. 141

                            Headlines


A U S T R A L I A

LIBERTY SERIES 2014-2: Moody's Hikes Cl. F Notes Rating to B1(sf)
TED PRICE: First Creditors' Meeting Set For July 27
WICKHAM SECURITIES: Former CEO Pleads Guilty to ASIC Charges


B A N G L A D E SH

CITY BANK: Moody's Assigns Ba3/NP Local Currency Deposit Ratings


C H I N A

GREENLAND HOLDING: Fitch Rates Proposed US$ Notes 'BB+(EXP)'


H O N G  K O N G

CALIFORNIA FITNESS: Parent Firm to Offer Up to HK$8K Per Employee
GREENLAND HONG KONG: Moody's Assigns Ba3 Rating to Proposed Notes
GREENLAND HONG KONG: S&P Puts 'B+' Proposed Sr. Notes Rating


I N D I A

4G IDENTITY: CRISIL Cuts Rating on INR350MM Bank Loan to D
AGNIBINA FOODS: CARE Assigns B+ Rating to INR9.20cr LT Loan
ANANTHALAKSHMI AGRO: CARE Assigns B+ Rating to INR8.05cr LT Loan
APPACHI ECO-LOGIC: CARE Assigns B+ Rating to INR3.50cr LT Loan
ARDENT STEEL: CARE Lowers Rating on INR169.22cr LT Bank Loan to D

AURANGABAD THERMOCOL: CRISIL Reaffirms B Rating on INR70MM Loan
AYLA BARI: CARE Assigns B+ Rating to INR8.98cr LT Loan
AZEN MEDICALWELFARE: CARE Reaffirms B+ Rating on INR19.84cr Loan
BANSAL BROTHERS: CRISIL Reaffirms B Rating on INR71.7MM Loan
BOSS TECH: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan

CORRTECH INTERNATIONAL: CARE Rates INR7.50cr LT Loan at 'D'
DIAMOND ENGINEERING: CRISIL Reaffirms D Rating on INR1.26BB Loan
DTL ANCILLARIES: CRISIL Ups Rating on INR350MM Cash Loan to B+
GALAXY CONSTRUCTION: CARE Revises Rating on INR32cr LT Loan to B
GLOBAL TANNING: CRISIL Reaffirms B+ Rating on INR47.5MM Loan

GMR WARORA: CARE Lowers Rating on INR3,510.88cr LT Loan to 'D'
JYOTI HOLDINGS: CARE Assigns B+ Rating to INR15.55cr LT Loan
KINSHUK ENTERPRISE: CARE Assigns B+ Rating to INR0.46cr LT Loan
LANCO KONDAPALLI: CRISIL Reaffirms D Rating on INR30.15BB LT Loan
M. J. INDUSTRIES: CRISIL Reaffirms B Rating on INR70MM Cash Loan

MAMTA TRANSFORMERS: CRISIL Reaffirms B Rating on INR40MM Loan
MEC SHOT: CARE Revises Rating on INR5.50cr Bank Loan to B+/A4
MEGHA PLAST: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
NEERAJA TRADING: CRISIL Ups Rating on INR60MM Cash Loan to B+
NOVELTY GOLD: CARE Assigns B+ Rating to INR30cr LT Loan

ORIILON INDIA: CARE Reaffirms B+ Rating on INR20.28cr LT Loan
PATNA OFFSET: CARE Assigns B+ Rating to INR2.85cr LT Loan
RAJLAXMI AGRO: CARE Assigns B+ Rating to INR6cr LT Loan
RAKESH KUMAR: CARE Reaffirms B+ Rating on INR7.64cr LT Loan
RELIABLE POLYESTER: CARE Assigns B+ Rating to INR5.50cr LT Loan

SAHAJANAND COTTON: CARE Reaffirms 'B' Rating on INR5.64cr Loan
SAINOR LIFE: CARE Assigns 'B' Rating to INR14.97cr LT Loan
SANCHETI GEMS: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
SHREE GANESH: CARE Reaffirms 'B' Rating on INR6cr LT Loan
SHREENATHJI COTTON: CARE Revises Rating on INR15cr LT Loan to B+

SRI LAKSHMI: CARE Assigns B+ Rating to INR4.84cr LT Loan to B+
SRI VASAVI: CRISIL Reaffirms B+ Rating on INR144MM Capital Loan
SRV KNIT: CRISIL Reaffirms B+ Rating on INR57MM Cash Loan
TATA STEEL: Liberty's GBP100MM Offer for UK Unit Turned Down
VERA INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR75MM Loan

VTR MARKETING: CARE Assigns B- Rating to INR7.17cr LT Loan
WALCHANDNAGAR INDUSTRIES: CARE Cuts INR1,032cr Loan Rating to D
YASH ENTERPRISES: CRISIL Ups Rating on INR50MM Cash Loan to B+


N E W  Z E A L A N D

MAD BUTCHER: Original Mad Butcher Store Shuts Down
MILSON AEROSPACE: Begin Bankruptcy Proceedings Against Director
PAUL BURR: Liquidation Linked to Manslaughter Prosecution Stalls
ROSS ASSET: Liquidator Reaches NZ$4.5 Million Settlements


P H I L I P P I N E S

* PHILIPPINES: BIR May Close Two Companies Over Unpaid Taxes


S I N G A P O R E

AUSGROUP LTD: Seeks to Extend Debt Maturities


X X X X X X X X

* BOND PRICING: For the Week July 11 to July 15, 2016


                            - - - - -


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LIBERTY SERIES 2014-2: Moody's Hikes Cl. F Notes Rating to B1(sf)
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of four
classes of notes issued by Liberty Series 2014-2 Trust and one
class by Liberty Series 2015-1 Trust.

The affected ratings are as follows:

Issuer: Liberty Series 2014-2 Trust

-- AUD43,000,000 Class B Notes, Upgraded to Aa1 (sf); previously
    on November 19, 2014 Definitive Rating Assigned Aa2 (sf)

-- AUD14,000,000 Class C Notes, Upgraded to A1 (sf); previously
    on November 19, 2014 Definitive Rating Assigned A2 (sf)

-- AUD5,000,000 Class E Notes, Upgraded to Ba1 (sf); previously
    on August 26, 2015 Affirmed Ba2 (sf)

-- AUD2,500,000 Class F Notes, Upgraded to B1 (sf); previously
    on August 26, 2015 Affirmed B2 (sf)

Issuer: Liberty Series 2015-1 Trust

-- AUD41,500,000 Class B Notes, Upgraded to Aa1 (sf); previously
    on April 28, 2015 Definitive Rating Assigned Aa2 (sf)

RATINGS RATIONALE

The upgrades were prompted by the build-up in credit enhancement
during the sequential pay period, and the fact that loan
performance is in line with Moody's expectations.

-- Increase in credit enhancement

As of May 2016, the collateral pool of Liberty Series 2014-2
Trust and Liberty Series 2015-1 Trust had been paid down by 39.4%
and 31.7% respectively. The fast pay down is largely due to
obligors prepaying their loans and refinancing with other
lenders.

The notes have been repaid on a sequential basis since closing.
As a result, credit enhancement has built up significantly.

Liberty Series 2014-2 Trust: Since the close of the transaction,
the subordination for the Class B, Class C, Class E and Class F
notes has increased to 10.3%, 5.8%, 1.6% and 0.8% from 6.4%,
3.6%, 1.0% and 0.5%. In addition, the Guarantee Fee Reserve
Account has accumulated to AUD1.5 million from excess spread.
This reserve is non-amortizing and can be used to cover charge-
offs against the notes, and liquidity shortfalls that remain
uncovered after drawing on the liquidity facility and principal.

The subordination for Class D notes has increased to 3.2% from
2.0%. Moody's analysis has concluded that this level is
commensurate with a Baa2(sf) rating.

Liberty Series 2015-1 Trust: Since the close of the transaction,
the subordination for the Class B notes has increased to 7.6%
from 5.3%. In addition, the Guarantee Fee Reserve Account has
accumulated to AUD1.5 million from excess spread.

-- Collateral performance

The decrease in both scheduled and indexed loan to value ratios
since closing has led to lower MILAN CE for the transactions.

The performance of the mortgage portfolios are within Moody's
expectations.

Liberty Series 2014-2 Trust

Moody's has decreased its MILAN CE assumption to 11.6% from 13.5%
at closing, based on the current portfolio characteristics.

As of May 2016, 3.99% of the outstanding pool was 30-plus-day
delinquent; and 2.07% was 90-plus-day delinquent.

There have been no losses to the transaction so far.

Given the risk of back-loaded losses, Moody's maintains its
initial expected loss assumption in AUD terms, resulting in an
increase to 1.65% of the current portfolio balance from 1.0% at
closing.

Liberty Series 2015-1 Trust

Moody's has decreased its MILAN CE assumption to 9.6% from 12.7%
at closing, based on the current portfolio characteristics.

As of May 2016, 2.93% of the outstanding pool was 30-plus-day
delinquent; and 1.62% was 90-plus-day delinquent.

There have been no losses to the transaction so far.

Given the risk of back-loaded losses, Moody's maintains its
initial expected loss assumption in AUD terms, resulting in an
increase to 1.61% of the current portfolio balance from 1.1% at
closing.

The MILAN CE and expected loss assumptions are the two key
parameters used by Moody's to calibrate the loss distribution
curve, which is one of the inputs into ABSROM, the cash-flow
model.

Both transactions are Australian non-conforming RMBS. As of May
2016, 17.2% of Liberty Series 2014-2 Trust's pool consisted of
loans extended to borrowers with impaired credit histories, and
10.4% of the loans were made on a limited documentation basis;
the proportions for Liberty Series 2015-1 Trust were 11.2% and
11.6% respectively.

Factors that would lead to an upgrade or downgrade of the
ratings:

Factors that could lead to an upgrade of the ratings include a
further increase in credit enhancement for the notes and
collateral pool performance within Moody's assumptions.

Factors that could lead to a downgrade of the ratings include a
deterioration in the credit quality of the transactions'
counterparties or of the underlying collateral pool.


TED PRICE: First Creditors' Meeting Set For July 27
---------------------------------------------------
Paul Nogueira and Morgan Lane of Worrells Solvency & Forensic
Accountants were appointed as administrators of Ted Price Homes
Pty Ltd on July 18, 2016.

A first meeting of the creditors of the Company will be held at
Empire Hotel - Conference Rooms, 5 East Street, Rockhampton City,
in Queensland, on July 27, 2016, at 10:30 a.m.


WICKHAM SECURITIES: Former CEO Pleads Guilty to ASIC Charges
------------------------------------------------------------
The former CEO of collapsed debenture issuer, Wickham Securities
Ltd, has pleaded guilty to various charges brought by ASIC,
including fraud.

Garth Peter Robertson, 50, of Parrearra on the Sunshine Coast in
Queensland, appeared in the Brisbane District Court and pleaded
guilty to:

     * 10 counts of dishonestly obtaining property totalling
       AUD761,504 from Wickham Securities between December 2010
       and November 2012;

     * one count of dishonestly obtaining AUD15,000 from Balmain
       NB Corporation Ltd in November 2010;

     * nine counts of giving or permitting the giving of false
       information about Wickham Securities to its trustee,
       Sandhurst Trustees Ltd in 2012; and

     * one count of falsifying books relating to the affairs of
       Wickham Securities in 2012.

Mr Robertson will be sentenced on Sept. 1, 2016, with his
conditional bail extended until that date.

The matter had been listed for trial commencing Aug. 22, 2016 but
this has now been vacated.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

Brisbane-based Wickham Securities was placed into administration
in December 2012 and liquidation in February 2013, with Messrs
Grant Sparks and David Leigh of PPB Advisory as liquidators.

Wickham Securities collapsed owing more than AUD27 million to
approximately 300 debenture holders.



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CITY BANK: Moody's Assigns Ba3/NP Local Currency Deposit Ratings
----------------------------------------------------------------
Moody's Investors Service has assigned the following first-time
ratings to the Bangladesh-based, The City Bank Limited (CBL):

-- Local and foreign currency issuer ratings of Ba3/NP;

-- Local currency deposit ratings of Ba3/NP;

-- Foreign currency deposit ratings of B1/NP

-- A standalone baseline credit assessment (BCA) of b1; and

-- An adjusted BCA of b1

The outlook on all the ratings is stable.

Moody's has also assigned a Counterparty Risk Assessment of
Ba3(cr)/NP(cr) to the bank.

RATINGS RATIONALE

The Ba3 long-term ratings assigned to CBL incorporate its BCA of
b1 and one notch of uplift to reflect Moody's assumption of
moderate systemic support to the bank in case of stress. However,
its foreign currency deposit rating is capped at B1 because
Bangladesh's (Ba3 stable) foreign currency deposit ceiling.

CBL is a corporate focused bank, although over the past few
years, the bank has increasingly shifted down the size spectrum
by increasing its lending to SMEs . In addition, it has a strong
cards business, being the sole issuer and acquirer of American
Express cards in the country. The bank has a market share of
around 2.5% of total loans in the domestic market. Its credit
strengths are its healthy capital levels, sound liquidity and
funding management. On the other hand, its key credit weakness is
its weak track record in asset quality.

The bank's reported core Tier 1 ratio was at 9.48% at end-2015.
Moody's expects that the bank can maintain its Tier 1 ratio at
current levels and support its loan growth with retained
earnings.

CBL is primarily funded by retail deposits, with 67% of its
deposit base coming from this segment. CBL's loan-to-deposit of
79% and CASA ratio of 36% are in line with system averages. More
importantly, it can comfortably meet its liquidity coverage ratio
and net stable funding ratio obligations, which were at 114% and
110% at end-March 2016, despite the fact that the Basel III
regulations were implemented only a little over a year ago.

On the other hand, asset quality is a key credit weakness for the
bank. CBL has seen a deterioration in its asset quality since
2011, as measured by its gross nonperforming loans (NPLs), and
the deterioration has been worse when compared with its private
sector peers in Bangladesh.

The bank's NPL ratio - at 7.58% at end-2015 - ranks among the
highest for its domestic private sector peers. Its loan loss
coverage is also low relative to the same peers, at 58% at end-
2015.

CBL achieved a healthy return on assets of 1.83% for the fiscal
year ended 31 December 2015. Such returns have remained
consistently above the average of its domestic peers. However, a
declining interest rate environment, as well as the need to
maintain high credit costs to increase coverage levels could put
some downward pressure on profitability.

Moody's assumption of a moderate level of systemic support for
CBL reflects the bank's modest share of around 2.5% of system
loans and deposits in a fragmented banking system, as well as the
country's central bank's record of providing regulatory support
to the banking system.

Moody's assessment of systemic support results in a one-notch
uplift to CBL's ratings to Ba3, a result which is higher than the
bank's BCA of b1.

COUNTERPARTY RISK ASSESSMENT (CR Assessment)

CBL's CR Assessment is positioned at Ba3(cr)/NP(cr). Such
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 Assessments
will be more likely preserved to limit contagion, minimize losses
and avoid disruption of critical functions.

What Could Change the Rating Up/Down

A substantial improvement in the bank's asset quality from
current levels could provide upward pressure on the ratings.

On the other hand, a further deterioration in asset quality
and/or a decline in coverage levels will put downward pressure on
the bank's ratings.

Moreover, a decline in its net interest margins to levels lower
than Moody's expectations will lead to a reduction in
profitability and put downward pressure on the bank's ratings.

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

-- Ba3 local currency long-term deposit ratings; outlook stable

-- B1 foreign currency long-term deposit ratings; outlook stable

-- Ba3 local currency and foreign currency long-term issuer
    ratings; outlook stable

-- b1 BCA and b1 adjusted BCA

-- Ba3(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 Dhaka, The City Bank Limited's consolidated
assets totaled BDT214 billion (approximately $2.7 billion) at
Dec. 31, 2015.



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GREENLAND HOLDING: Fitch Rates Proposed US$ Notes 'BB+(EXP)'
------------------------------------------------------------
Fitch Ratings has assigned China-based property developer
Greenland Holding Group Company Limited's (Greenland;
BB+/Negative) proposed US dollar senior notes a 'BB+(EXP)'
expected rating.

The notes will be issued by its 59.07%-owned subsidiary Greenland
Hong Kong Holdings Limited (Greenland HK) under its $US2bn
medium-term note programme. Greenland has granted a keepwell deed
and a deed of equity interest purchase undertaking to ensure that
Greenland HK has sufficient assets and liquidity to meet its debt
obligations.

The notes are rated at the same level as Greenland's senior
unsecured rating because they constitute direct, unsubordinated
and senior unsecured obligations of the company.

KEY RATING DRIVERS

Fitch said, "Deteriorating Financial Metrics: Greenland's
leverage rose to 66% at end-2015 from 62% at end-2014 due to
weaker cash collection. This level of leverage is comparable with
Fitch-rated China homebuilders rated in the mid-to-high 'B'
category. We believe Greenland's leverage may stay in the high-
50% range even after receiving payment in 2017 for the bulk of
its uncollected sale proceeds. This is because it had relied on
supplier credit for its inventory build-up and this may reverse
in 2017 upon project completion. Greenland's operating
efficiency, as measured by total contracted sales/total debt,
decreased to 1.0x in 2015 from 1.3x in 2014 due to higher debt."

Slow Sales Collection: Fitch estimates that Greenland's cash
collection rate in 2015 was only 59%, slightly higher than 58% in
2014, but far behind the industry average of above 80%. This is
mainly because almost 50% of its contracted sales are from
commercial properties, where cash collection is much slower than
that of residential property sales and exposes Greenland to
payment delays from small and medium enterprises, which have been
hit harder by China's slower economic growth and the downturn in
the commodity market.

Residential property developers typically collect the full sales
amount within three months of sales, but commercial property
developers collect 50% of the sales in the first year and have to
wait until delivery -- usually three to five years after sales -
to collect the balance. Greenland's cash collection rate for
residential sales is also below the industry average.

Deleveraging Hinges on 2017 Collection: Greenland's high leverage
is mitigated by the sizable off-balance-sheet uncollected sales
proceeds from both residential and commercial property sales,
which exceeded its annual sales at end-2015. Sales from
commercial properties surged in 2014 and 2015, and management
expects cash collection to significantly improve in 2017 when
these projects are delivered. Leverage is likely to trend down
towards 55% if the expected collection materialises.

Non-property Businesses Drive Leverage: Fitch believes
Greenland's non-property businesses are still immature and need
to be funded with cash flow from the company's property business.
Greenland has made extensive investments in financial
institutions, consumer goods and infrastructure industries in
2015, which contributed to the increase in Greenland's leverage.
In addition, Greenland's smaller equity placement in 2016 means
it may need to fund a CNY10bn investment in the financial
institutions business via internal cash or external debt, which
will increase leverage further.

Benefits of Large Scale: Greenland is the second-biggest property
developer in China by contracted sales, trailing only China Vanke
Co., Ltd. (BBB+/Stable). Greenland had contracted sales of CNY230
billion in 2015, down 4% from 2014. The company's property
development business is well diversified over 40 cities in China
and overseas. Greenland's management says it intends to sustain a
property contracted sales of over CNY200 billion in the next few
years.

Diversified Funding Channels: Greenland has enhanced its onshore
funding channels after gaining a listing on the Shanghai stock
exchange in July 2015 by injecting assets into a listed company.
Greenland plans to place out shares in this listed entity,
although in May 2016 it reduced the amount to be raised to
CNY15.7 billion from CNY30 billion. Greenland in March 2016 also
announced it is exploring injecting its hotel assets into a
hospitality REIT that may be listed on the Singapore Exchange. In
early 2016, Greenland completed a CNY10 billion domestic bond
issuance to augment its funding needs and reduce its borrowing
costs. The company also established offshore funding channels
through its 59%-owned subsidiary Greenland Hong Kong Holdings
Limited.

Rating Uplift for Parental Support: Greenland has a moderately
strong linkage with the Shanghai government. It will continue to
be one of the major contributors to Shanghai's tax revenue and
remain the largest Shanghai-based property company. Fitch
believes the Shanghai State-owned Assets Supervision and
Administration Commission, which owns 46% of Greenland, will
continue to be the company's biggest shareholder and exert
significant influence on Greenland's ability to acquire quality
sites for development; even though its stake is likely to fall
after the company's planned share placement in 2016.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Greenland
include:
-- Contracted sales to fall 22% in 2016 and remain flat in 2017-
    2018.
-- Sales of commercial property to form 60% of total sales and
    residential sales will make up the remainder in 2016-2018
-- Land premium of around CNY60bn-65bn in 2016-2018, or around
    35% of current year contracted sales. Assume cash is paid out
    in the same year as incurred.
-- CNY15.7 billion to be raised via share placement in 2016.

RATING SENSITIVITIES

Positive: The Outlook for the standalone ratings may be revised
to Stable if the negative guidelines are not met in the next 12
months.

Negative: Future developments that may, individually or
collectively, lead to negative rating action on the ratings
include:
-- Net debt/adjusted inventory sustained above 60% (Fitch
    estimate for 2015: 66%)
-- Property EBITDA margin sustained below 15% (Fitch estimate
    for 2015: 17%)
-- Contracted sales/total debt sustained below 1x (Fitch
    estimate for 2015: 1.0x)
-- Evidence of weakening support from parent

In arriving at debt ratios for the property segment, Fitch
allocates a part of the company's debt to its energy business to
maintain the latter's net working capital/net debt ratio at 1.5x
and the rest of the debt to the more profitable property
business.



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CALIFORNIA FITNESS: Parent Firm to Offer Up to HK$8K Per Employee
-----------------------------------------------------------------
Karen Cheung at Hong Kong Free Press reports that J.V. Fitness
Limited, the parent company of troubled gym California Fitness,
has announced that it intends to hand out up to HK$8,000 each to
all of its employees as part payment for owed wages.

This also includes employees working for fitness gyms mYoga and
Leap. However, the gym first has to seek legal advice on the
matter, and the staff will be notified later when the
arrangements are confirmed, the report says.

All of the branches under the gym have ceased operation, the
report notes. As of July 14, the Consumer Council had received
1,206 enquiries and 532 complaints on the matter, HKFP discloses.

According to HKFP, the court appointed Shinewing Certified Public
Accountants as the provisional liquidator last week. The firm is
currently arranging for all the employees and members of the gyms
and yoga centres to collect their personal belongings at the
branches, HKFP reports citng Ming Pao.

HKFP relates that Hong Kong Federation of Trade Unions lawmaker
Tang Ka-piu, who has been helping the employees, said that he
contacted the liquidator on July 15, but it has not provided any
details on when the HK$8,000 would be paid, or whether it would
meet with or lay off the staff.

HKFP adds that Mr. Tang said the amount was "better than
nothing," and most of the employees were owed much more than this
amount in wages. He also said that California Fitness still had
around HK$16 million in capital and was capable of paying wages
owed to the staff, which amounted to around HK$6 million, HKFP
reports.


GREENLAND HONG KONG: Moody's Assigns Ba3 Rating to Proposed Notes
-----------------------------------------------------------------
Moody's Investors Services has assigned a Ba3 rating to the USD
notes proposed by Greenland Hong Kong Holdings Limited (Ba2,
negative).

The rating outlook remains negative.

The notes will be issued under Greenland Hong Kong Holdings
Limited's medium-term note program (MTN, (P)Ba3).

The notes will be supported by a Deed of Equity Interest Purchase
Undertaking and a Keepwell Deed between Greenland Holding Group
Company Limited (Ba1 negative), Greenland HK and the bond
trustee.

                         RATINGS RATIONALE

"The proposed note issue will not increase the company's debt
leverage because the company plans to use the proceeds to repay
existing debt," says Leung, a Moody's Vice President and Senior
Credit Officer.

The note rating of Ba3 is one notch lower than the company's Ba2
corporate family rating, reflecting the legal and structural
subordination risk from priority debt.

Greenland Hong Kong Holdings Limited's Ba2 corporate family
rating reflects its standalone credit strength and a two-notch
rating uplift, based on Moody's assessment of expected strong
financial and operating support from its parent, Greenland
Holding Group Company Limited (Greenland Holding, Ba1 negative),
if needed.

Greenland Hong Kong's standalone credit profile in turn reflects
its small but well-located land bank, and Moody's expectation
that it will grow in size through organic expansion and asset
acquisitions from its parent.

Its standalone credit profile also takes into consideration the
fact that it has to rely on Greenland Holding's support for its
operations and access to bank funding.

The negative outlook on Greenland Hong Kong's rating reflects (1)
the high debt leverage of Greenland Hong Kong; and (2) the weaker
financial profile of Greenland Holding which has high debt
leverage and therefore a weakened ability to provide support to
Greenland Hong Kong.

An upgrade of Greenland Hong Kong's ratings is unlikely, given
the negative outlook.

However, the rating outlook could return to stable if the
parent's rating returns to stable and Greenland Hong Kong's debt
leverage -- as measured by revenue/debt -- trends above 35% on a
sustained basis.

On the other hand, Greenland Hong Kong's ratings could come under
downward pressure if the company (1) fails to generate operating
cash flow to maintain its liquidity buffer; (2) fails to develop
a critical level of contracted sales and revenue; or (3)
materially accelerates development, and executes an aggressive
land acquisition plan, such that debt leverage -- as measured by
revenue/debt -- fails to trend above 30%-35% on a sustained
basis.

Any evidence of a reduction in ownership or weakening of support
from its parent, or a downgrade of Greenland Holdings' rating,
will result in a downgrade of Greenland Hong Kong's rating.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in April 2015.

Greenland Hong Kong Holdings Limited is principally engaged in
the development of large-scale, high-end residential communities,
city center integrated projects, and travel and leisure projects
that target the middle-to-high-end customer segment.  At end-
2015, the company's land bank totaled 14.6 million square meters
(sqm), located in key cities in the Yangtze River Delta and
southern China's coastal areas.  Greenland Holding held about 56%
of Greenland Hong Kong at end-2015.


GREENLAND HONG KONG: S&P Puts 'B+' Proposed Sr. Notes Rating
------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issue rating and
'cnBB-' long-term Greater China regional scale rating to the
proposed senior unsecured notes under the US$2 billion medium-
term note program by Greenland Hong Kong Holdings Ltd. (Greenland
HK: BB-/Negative/--; cnBB/-).  The company intends to use the
issuance proceeds primarily to refinance its outstanding debt.
The issue ratings are subject to S&P's review of the final
issuance documentation.

The issue rating is one notch below the corporate credit rating
on Greenland HK to reflect the structural subordination risks.

The corporate credit rating on Greenland HK reflects S&P's view
that the company will remain a highly strategic subsidiary of
Greenland Holding Group Co. Ltd. (Greenland Group: BB/Negative/--
; cnBB+/--).  The rating on Greenland HK is therefore one notch
below that on Greenland Group. The negative outlook on Greenland
HK reflects the outlook on Greenland Group.  S&P expects
Greenland Group's leverage to remain high over the next 12-24
months.



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4G IDENTITY: CRISIL Cuts Rating on INR350MM Bank Loan to D
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
4G Identity Solutions Private Limited (4G Identity; part of the
4G group) to 'CRISIL D/CRISIL D' from 'CRISIL BB+/Negative/CRISIL
A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          350       CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Cash Credit              90       CRISIL D (Downgraded from
                                     'CRISIL BB+/Negative')

   Letter of Credit         60       CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term      100       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL BB+/Negative')

The downgrade reflects continuously overdrawn working capital
limits for more than 30 consecutive days. This was due to weak
liquidity driven by a significantly stretched working capital
cycle.

The group has a weak financial risk profile because of subdued
debt protection metrics. However, it benefits from the extensive
experience of its promoters in the identity management solutions
segment and established relationship with customers.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of 4G Identity and its wholly owned
subsidiary, 4G Informatics Pvt Ltd (4G Informatics). This is
because these two companies, together referred to as the 4G
group, are under a common management, in a similar line of
business, and have significant operational linkages and fungible
cash flows.

4G Identity was set up in 2007 by Dr. Sreeni Tripuraveni and his
family members. The company provides identity management
solutions by leveraging smart cards and biometric technologies.
It also provides software development, system integration, and
data management for e-governance activities. 4G Informatics also
provides identity management solutions for government and private
institutions.


AGNIBINA FOODS: CARE Assigns B+ Rating to INR9.20cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' & 'CARE A4' ratings to the bank facilities
of Agnibina Foods Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      9.20      CARE B+ Assigned
   Short-term Bank Facilities     0.49      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Agnibina Foods
Private Limited (ABFPL) are primarily constrained by its small
scale of operation with short track record, volatile agro-
commodity (rice) prices with linkages to vagaries of the monsoon,
intensely competitive nature of the industry with presence of
many unorganised players, regulated nature of the industry
and thin profit margins coupled with working capital intensive
nature of operation and leveraged capital structure. The
ratings, however, derive strength from its experienced promoter,
proximity to raw material sources and satisfactory demand outlook
of the products.

Going forward, the ability of the company to improve its scale of
operations along with profitability margins and efficient
management of working capital are the key rating sensitivities.

Agnibina Foods Private Limited (ABFPL), incorporated in April
2012, was promoted by one Mr Biswajit Hazra and three other
directors of Burdwan district of West Bengal, to set up a rice
milling & processing unit and sale of its by-products like rice
bran etc. in the domestic market. After incorporation, the
company was engaged to setup a rice mill unit at Raina in Burdwan
and the commercial operation has started from April 2014.
Currently, the company has an initial installed capacity of
38,400 MTPA.

The day-to-day affairs of the company are looked after by Mr
Biswajit Hazra (Director) with adequate support from other
three directors and a team of experienced personnel.

During FY16 provisional (refers to the period April 1 to
March 31), the company's total operating income was INR22.12
crore (FY15 reported: INR25.17 crore) and net loss of INR0.04
crore (in FY15 net loss: INR0.08 crore). During FY16, the gross
cash accrual (GCA) was INR1.21 crore.


ANANTHALAKSHMI AGRO: CARE Assigns B+ Rating to INR8.05cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' & 'CARE A4' ratings to the bank facilities
of Ananthalakshmi Agro Foods.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      8.05      CARE B+ Assigned
   Short term Bank Facilities     0.90      CARE A4 Assigned

Rating Rationale

The ratings assigned to Ananthalakshmi Agro Foods (AAF) are
constrained on account of low profitability margins, leveraged
capital structure, weak debt coverage indicators and working
capital intensive nature of operations. The ratings are further
constrained on account of partnership nature of constitution with
small scale of operations, monsoon dependent operations, high
level of government regulation and fragmented nature of the
industry.

The ratings however, take comfort from the promoters' extensive
experience in the rice industry, locational advantage of the mill
and healthy demand outlook for rice.

Going forward, the ability of the firm to increase its scale of
operations and profit margins without adversely affecting its
capital structure will be the key rating sensitivities.

AAF is a partnership firm. The partnership was formed on
November 1, 2013 between four partners viz; Mr A R Vasavi, Mr A
Ashok Kumar, Mr K N Kalpana and Mr S Niranjan. The firm started
its commercial operations from June, 2014. The firm has a rice
mill with an installed capacity of milling 6 MT of paddy per hour
and is located in Tumkur district in Karnataka. The firm milled
0.90 lakh quintals of paddy in 10MFY15 (refers to the period June
1 to March 31) and 1.47 lac quintals of paddy in FY16
(provisional). The firm purchases paddy from the local paddy
market. The firm sells rice mainly to wholesale dealers in
Tamilnadu and Karnataka.

In 10MFY15, AAF earned PAT of INR0.10 crore on a total operating
income of INR17.86 crore. During FY16 (Provisional, refers to the
period April 1 to March 31), the company had achieved a PAT of
INR0.15 crore on a total operating income of INR31.43 crore.


APPACHI ECO-LOGIC: CARE Assigns B+ Rating to INR3.50cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to bank facilities
of Appachi Eco-Logic Cotton Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      3.50      CARE B+ Assigned
   Short term Bank Facilities     2.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Appachi Eco-Logic
Cotton Private Limited (AEC) is constrained by small scale
of operations, declining profitability margins, weak coverage
indicators and elongated operating cycle. The ratings are further
constrained by susceptibility of the profitability margins to
volatility in raw material prices, seasonal availability of
the material and fragmented nature of the industry.

However, the ratings derive strength from six decade long
presence of the promoters in the cotton industry, sustainable and
recognized business model for procurement of cotton, healthy
growth in total income from operation from FY13 to FY15 (refers
to the period April 1 to March 31). The ratings also consider
eminent advisory management team of AEC, established relationship
with reputed customers and suppliers, healthy demand outlook for
organic cotton and funds raised from Grassroots Business Fund.

Going forward, the ability of AEC to sustain the growth in sales
and further increase the market share both in domestic and export
segments and to manage its working capital requirement
effectively will be the key sensitivies.

Appachi Eco-Logic Cotton Private Limited (AEC) was established by
Mr M Chinnaswamy as a partnership concern 'Appachi Cotton' in
1996. Mr Mani Chinnaswamy and his wife Ms Vijayalakshmi Nachiar,
with the objective of cotton ginning. In July 2013, it was
converted into a private limited company. The company is
presently engaged in cotton ginning, manufacture of sarees and
readymade garments. Ginning accounts for around 60-70% of the
revenues with the balance contributed by sarees and ready-made
garments.

The company uses 'suvin' variety of cotton as raw material. The
raw material is procured from selective farmers (aggregate of
1700 farmers) engaged in organic contract manufacturing in the
Attur region in Tamilnadu and Mysore region in Karnataka. The
cotton variety is certified by Organic Content Standard and
Global Organic Textile Standards. The manufacturing unit is
located in Pollachi, Tamilnadu has installed 22 double roller
gins and 2 hydraulic presses to produce cotton lint. 90% of the
manufactured cotton lint is sold under its own brand name
'Appachi Eco-Logic' and the remaining is used to produce hand
crafted sarees, fine scarves, women & infant garments and a bed &
bath range. The spinning and dyeing of yarn is outsourced. The
company is also engaged in export of cotton lint.


ARDENT STEEL: CARE Lowers Rating on INR169.22cr LT Bank Loan to D
-----------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Ardent
Steel Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term Bank Facilities     169.22     CARE D Revised from
                                            CARE BBB-
   Short term Bank Facilities     30.00     CARE D Revised from
                                            CARE A3

Rating Rationale

The revision in the ratings takes into account the ongoing
delays/defaults in debt servicing by the company.

Incorporated in 2007, Ardent Steel Limited (ASL) is a subsidiary
of Godawari Power & Ispat Limited (GPIL) which is the flagship
company of the Hira Group of Raipur, Chhattisgarh. ASL has a
merchant iron ore pelletisation plant with a capacity of 0.6 MTPA
at Keonjhar, Odisha. The Hira Group, through GPIL, holds 75%
equity stake in ASL while the balance is owned by Mr. Sanjay
Gupta (Managing Director, ASL).

Key Updates
The pellet plant has temporarily been shut down since December 1,
2015 owing to unfavourable scenario of the global steel industry
(and in turn of the iron ore pellets industry) led by surge in
cheaper exports of finished steel from China, Japan and Korea.
According to the company, the fall in prices of their finished
product i.e. pellets, has resulted in losses at the operating
level.

ASL has reported continuing subdued financial performance during
FY16 (refers to the period April 1 to March 31) with decline in
operating margins, incurrence of net losses and deterioration in
gearing and coverage indicators. During FY16, ASL reported a net
loss of INR43.87 crore on a total operating income of INR160.18
crore, as against a net loss of INR6.44 crore on a total
operating income of INR190.17 crore during FY15.


AURANGABAD THERMOCOL: CRISIL Reaffirms B Rating on INR70MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Aurangabad Thermocol
Plates & Containers Private Limited (ATPCPL) continues to reflect
the company's exposure to risks related to high competition due
to fragmented nature of the industry, and to raw material price
fluctuations.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL B/Stable (Reaffirmed)
   Rupee Term Loan         70        CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the long-standing
presence of ATPPL's promoters in the disposable kitchenware
industry.
Outlook: Stable

CRISIL believes that ATPCPL will benefit over the medium term
from its promoters' extensive experience in the disposable
kitchenware industry. The outlook may be revised to 'Positive' if
there is substantial and sustained improvement in revenues and
profitability margins. Conversely, the outlook may be revised to
'Negative' if ATPCPL is unable to ramp up its operations,
resulting in low accruals or deterioration in its working capital
cycle, leads to stretched liquidity.

ATPCPL is a private limited company incorporated in 2013. The
company manufactures thermocol disposable plates, cups, food
packing containers, and electronic goods packaging. The
manufacturing facility is set up in Chitegaon, Aurangabad
(Maharashtra).


AYLA BARI: CARE Assigns B+ Rating to INR8.98cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Ayla Bari
Tea Co. Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.98      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Ayla Bari Tea Co.
Pvt. Ltd. (ATPL) is constrained by its relatively small scale of
operations, susceptible to vagaries of the nature, labour-
intensive nature of business, volatility in tea price, high
competition, working capital intensive nature of business and
high leverage ratios. The aforesaid constraints are partially
offset by long & established track record, experienced management
and established group, backward integration for its raw material
and satisfactory capacity utilisation with marginally low
recovery rate.

Ability to increase its scale of operations with improvement in
profit margins and ability to manage working capital effectively
are the key rating sensitivities.

ATPL was initially incorporated in April 21, 1975, as Goenka Tea
& Trading Co. Pvt. Ltd. (GTPL) for cultivating and manufacturing
black tea at Dibrugarh, Assam. Subsequently, GTPL was taken over
by the new promoters and the name of the entity was changed to
ATPL in June 17, 2013. Mr Pratap Chandra Sil and Mr Suresh Kumar
Agarwal are the current promoters of ATPL with Mr Pratap Chandra
Sil being the Managing Director of the company. ATPL is engaged
in cultivating and manufacturing of black tea at the same place
of GTPL with an aggregate installed capacity of 200,000 kg per
annum.
ATPL presently owns one tea estate at Dibrugarh, Assam, and a
manufacturing facility located adjacent to the tea estate, which
processes the leaf from the garden. The aggregate area available
for cultivation is 423.19 hectares, of which area under
cultivation is 129.00 hectares, having average yield of 1,082.32
kg per hectare. Tea is sold through brokers (who sell it in
auctions). Currently, the company is undertaking a normal capital
expenditure process pertaining to plantation and rejuvenation
process at its existing tea garden and for which the company has
availed term loan amounting to INR6.98 crore during FY16 (refers
to the period April 1 to March 31).

ATPL is a part of Poddar HMP Group of Kolkata, having many
companies within its fold, mainly engaged in the business of
engineering, tea, real estate, etc.

As per the audited results of FY15, ATPL reported a PBILDT of
INR0.04 crore (PBILDT of INR0.04 crore in FY14), on a total
operating income of INR2.36 crore (total operating income of
INR1.45 crore in FY14). Furthermore, during FY16, ATPL is stated
to have achieved turnover and PBT of INR2.50 crore and INR0.27
crore.


AZEN MEDICALWELFARE: CARE Reaffirms B+ Rating on INR19.84cr Loan
----------------------------------------------------------------
CARE revokes suspension and reaffirms rating assigned to the bank
facilities of Azen Medicalwelfare & Research Society.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     19.84      CARE B+ Suspension
                                            revoked and
reaffirmed

Rating Rationale

The ratings for the bank facilities of Azen Medical Welfare &
Research Society (AMWRS) continue to remain constrained by its
small scale of operation with short track record, fragmented
industry, risk of unavailability or inability to attract quality
doctors & medical professionals and capital intensive nature of
operation. The ratings, however, derive strength from its
adequate business experience of the management, although lacks
experience in the healthcare sector, increasing demand of modern
heath care service in the area of operation and favorable
industry outlook.

Going forward, ability of the society to improve its scale of
operation along with profit levels and margins and efficient
management of working capital will be the key rating
sensitivities.

Azen Medical Welfare & Research Society (AMWRS), registered under
Registration of Societies Act, 1860 was established in March,
2000. The society remained non-operational till 2011. In the year
2011, AMWRS has undertaken a project to setup a general hospital
with cancer treatment centre with other facilities like pathology
centre, outdoor and indoor patient treatment etc. at Dimapur in
Nagaland. During June 2015 the project has got completed with a
project cost of INR45 crore and the operation has started from
July 2015. In this initial stage, the hospital has started with
100 beds and daily average 225 indoor and outdoor patient
consultation.

The day to day affairs of the hospital is looked after by Mr
Yashitsungba Ao, Chairman, with the help of the Managing
Director Mr Y Along Aier and other 16 members.

During FY16 (refers to the period April 01 toMarch 31), the
society reported a total operating income of INR5.69 crore and
a net loss of INR3.12 crore. Gross cash accrual was INR0.55 crore
during FY16.


BANSAL BROTHERS: CRISIL Reaffirms B Rating on INR71.7MM Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Bansal Brothers Private
Limited (BBPL) continues to reflect its below-average financial
risk profile, with modest networth and subdued debt protection
metrics.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             71.7      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      28.3      CRISIL B/Stable (Reaffirmed)

The rating also factors in susceptibility to unfavourable changes
in government policies and volatile product prices. These
weaknesses are mitigated by the promoters' extensive experience
in the cold storage industry.
Outlook: Stable

CRISIL believes BBPL will benefit over the medium term from the
promoters' extensive experience. The outlook may be revised to
'Positive' if higher-than-expected revenue, profitability and
cash accrual strengthens financial risk profile. Conversely, the
outlook may be revised to 'Negative' if delayed payments from
farmers, or low cash accrual constrains liquidity.

BBPL, based in West Bengal was incorporated in 1989 by the Bansal
family. The company provides cold storage facility for potato
manufacturers, and has a capacity of 2.7 lakh tonne per annum.
The company also trades in potatoes, though the share of revenue
from the business is small.


BOSS TECH: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Boss Tech
Rice and Agro Private Limited (BAPL) continues to reflect a
modest scale of operations in the intensely competitive rice
industry, and an average financial risk profile. These rating
weaknesses are partially offset by the extensive industry
experience of its promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            100       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan           9       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      41       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes BAPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a substantial
increase in revenue and profitability, leading to a better
financial risk profile. The outlook may be revised to 'Negative'
in case of aggressive debt-funded expansion, or a considerable
decline in revenue and profitability, weakening the financial
risk profile.

BAPL, incorporated in 2009, mills and processes paddy into rice,
rice bran, broken rice, and husk. Operations are managed by Mr. C
R Shanmukhum.

BAPL made a loss of INR0.09 million against revenues of INR399.3
million for 2014-15 (refers to financial year, April 1 to March
31) against a profit after tax (PAT) of INR1.9 million on
revenues of INR400 million in 2013-14. The company is expected to
book revenues of INR381.3 million for 2015-16.


CORRTECH INTERNATIONAL: CARE Rates INR7.50cr LT Loan at 'D'
-----------------------------------------------------------
CARE ratings assigned 'CARE D' rating to bank facilities of
Corrtech International Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.50       CARE D Assigned
   Long-term/Short-term Bank
   Facilities                    7.00       CARE D/CARE D
Assigned

Rating Rationale

The ratings assigned to the bank facilities of Corrtech
International Private Ltd (CIPL) take into account recent delays
in servicing of its debt obligations, resulting from stressed
liquidity on account of cash losses.

Incorporated in 1983, CIPL was promoted by Mr I S Mittal, a
technocrat, and subsequently, his sons, Mr Amit Mittal and
Mr SandeepMittal took over the operations. CIPL is engaged in
executing turnkey projects for laying oil and gas pipeline,
providing cathodic protection (CAPRO) to the gas pipelines and
providing horizontal directional drilling service.

As per the provisional results for FY16 (refers to the period
April 1 to March 31), CIPL registered a total operating income
of INR151.01 crore (FY15: INR58.36 crore) and a loss of INR14.92
crore (FY15: loss of INR23.86 crore).


DIAMOND ENGINEERING: CRISIL Reaffirms D Rating on INR1.26BB Loan
----------------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of INR757.9
million of Diamond Engineering (Chennai) Pvt Ltd (DECPL) on
'Notice of Withdrawal' for 180 days at the company's request. The
ratings will be withdrawn at the end of the notice period, in
line with CRISIL's policy on withdrawal of ratings on bank
facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            407.9      CRISIL D (Notice of
                                     Withdrawal)

   Funded Interest
   Term Loan              157.1      CRISIL D (Reaffirmed)

   Letter of credit &     150.0      CRISIL D (Notice of
   Bank Guarantee                    Withdrawal)

   Long Term Loan         150.0      CRISIL D (Reaffirmed)
   Term Loan              188.3      CRISIL D (Reaffirmed)
   Working Capital
   Term Loan             1264.4      CRISIL D (Reaffirmed)

CRISIL has reaffirmed its ratings on the company's long term bank
loan facilities of INR1759.8 million at 'CRISIL D'.

The ratings continue to reflect delays by DECPL in servicing its
debt due to weak liquidity. Operations are highly susceptible to
downturns in the capital goods industry. Moreover, financial risk
profile is below average, with weak debt protection metrics and
limited financial flexibility. However, the company benefits from
established position in the steel fabrication business, and
strong relationships with key customers.

DECPL, established in 1987, is one of the larger players
operating in the light engineering and steel structural
fabrication business. The company fabricates steel components
based on the engineering designs and requirements of its
customers in the construction, cement, power, sugar, and
automotive components industries. Products include structural
steel, bulk material handling equipment, and industrial process
equipment for domestic and overseas projects of international
original equipment manufacturers and engineering, procurement,
and construction companies. Services offered include heavy
machining, surface finishing, packing, and forwarding.

For 2013-14, DECPL reported net loss of INR469 million on net
sales of INR2.64 billion, against profit after tax of INR3.4
million on net sales of INR2.60 billion for 2012-13.


DTL ANCILLARIES: CRISIL Ups Rating on INR350MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of DTL Ancillaries Limited (DTL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable' while reaffirming its rating on the short-term
facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          60        CRISIL A4 (Reaffirmed)

   Cash Credit            350        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   External Commercial    163.2      CRISIL B+/Stable (Upgraded
   Borrowings                        from 'CRISIL B/Stable')

   Letter of Credit       250        CRISIL A4 (Reaffirmed)

   Proposed Letter
   of Credit               63.4      CRISIL A4 (Reaffirmed)

   Term Loan               63.4      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects improvement in DTL's liquidity backed
by a better-than-expected operating performance. The company
generated cash profits of INR170 million in 2015-16 (refers to
financial year, April 1 to March 31) against INR13 million the
previous year. With the revival in demand from the Indian
Railways, higher profitability in the sheet piles business, and
initiatives to control overheads have led to improvement in
revenue and profitability. The improved operating performance is
expected to continue with current outstanding order book of about
INR200 crs as on April 1, 2016, from the Indian Railways, along
with regular orders from Tata Motors Ltd and Piaggio Vehicles Pvt
Ltd. Sustenance of revenue over the medium term with improved
profitability will ensure adequate cash accrual for meeting
scheduled debt repayments. Further, with faster pick up of
material from IR, the inventory levels have been corrected
resulting in lower debt debts. With improved profitability and
lower debt levels, financial risk profile is expected to improve
with sizeable improvement in debt protection measures.

The ratings customer concentration in its revenue profile, and
exposure to risks related to volatility in raw material prices
and to economic downturns. These rating weaknesses are partially
offset by the extensive experience of the company's promoters and
an established market position as supplier of load body
fabrications and customised cold roll formed (CRF) sections to
the automobile industry and the Indian Railways and moderate
financial risk policy.
Outlook: Stable

CRISIL believes DTL will continue to benefit over the medium term
from its promoters' extensive industry experience and improving
demand from its key customer. The outlook may be revised to
'Positive' in case of sustained growth in revenue with improved
margins, leading to higher-than-expected cash accrual.
Conversely, the outlook may be revised to 'Negative' in case the
company's financial risk profile, particularly liquidity, weakens
because of lower cash accrual, a stretched working capital cycle,
or any unanticipated large capital expenditure.

Incorporated in 1996, DTL manufactures customised CRF sections
and load body fabrications for railway wagons and coaches as well
as commercial vehicles. It is promoted by Mr Vijay Mohan Jain and
has manufacturing facilities at Chakan in the Pune district of
Maharashtra, and in Kolkata.


GALAXY CONSTRUCTION: CARE Revises Rating on INR32cr LT Loan to B
----------------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of Galaxy Construction and Contractors Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       32       CARE B Revised from
                                            CARE D

   Short term Bank Facilities       2       CARE A4 Re-affirmed

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Galaxy Construction & Contractors Private Limited (GCCPL) factors
in the regularization of the debt servicing track record in terms
of utilization of working capital limits since March 1, 2016.

The ratings continue to remain constrained on account of working
capital intensive nature of operations characterized by the
elongated operating cycle, geographically concentrated order book
position, susceptibility of profitability to fluctuations in the
raw material prices. The ratings also take into account
moderately weak capital structure and debt coverage indicators
along with presence in a competitive environment along with
tender and contractual-based nature of operations.

The ratings derive strength from the long experience of the
promoters and established track record of operations along with
comfortable order book position as on May 31, 2016 providing
revenue visibility over the medium term, stable growth in revenue
and profitability margins during FY16 (refers to the period
April 1 to March 31) (provisional).

The ability of the company to improve the working capital
management and liquidity position along with increase in scale of
operations and improvement in the capital structure are the key
rating sensitivities.

Incorporated in the year 2001, GCCPL is promoted by Mr Deepak
Gugale and Mr Amit Thepade. The promoters have a long experience
of more than one and half decades in the construction industry.
GCCPL is based out of Pune and is engaged in the civil
construction of commercial and residential projects and
undertakes project on contract basis for various customers
including government, semigovernment and private entities.


GLOBAL TANNING: CRISIL Reaffirms B+ Rating on INR47.5MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Global Tanning
Industries (GTI) continue to reflect the firm's small scale of
operations in a highly fragmented industry, and its weak
financial risk profile marked by small networth, high gearing,
and subdued debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of its promoter in
the leather goods industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             25       CRISIL B+/Stable (Reaffirmed)

   Foreign Bill Purchase   45       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit         5       CRISIL A4 (Reaffirmed)

   Overdraft Facility       1.9     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      47.5     CRISIL B+/Stable (Reaffirmed)

   Term Loan               15.6     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes GTI will continue to benefit from the extensive
industry experience of its promoter in the leather goods
industry. The outlook may be revised to 'Positive' if the firm
improves its scale of operations and profitability, while
maintaining its capital structure. Conversely, the outlook may be
revised to 'Negative' if its financial risk profile weakens
because of lower-than-expected profitability, sizeable working
capital requirement, or a large debt-funded capital expenditure.

GTI was set up in 2003 in Kolkata (West Bengal). The firm tans
raw hides and manufactures leather gloves. It is promoted by Mr.
Dilshad Elahi.


GMR WARORA: CARE Lowers Rating on INR3,510.88cr LT Loan to 'D'
--------------------------------------------------------------
CARE revises ratings assigned to bank facilities and instruments
of GMR Warora Energy Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities
   (Term Loan)                  3,510.88    CARE D Revised from
                                            CARE BBB-

   Long/Short-term Bank
   Facilities (Fund-based)        390.00    CARE D/CARE D Revised
                                           From CARE BBB-/CARE A3

   Short-term Bank Facilities
   (Nonfund-based)                230.00    CARE D Revised from
                                            CARE A3

   Non-Convertible Debenture
   Programme                       75.00    CARE D Revised from
                                            CARE BBB-

Rating Rationale

CARE has revised the ratings for GMR Warora Energy Limited (GWEL)
to 'CARE D'. Instruments with this rating are in default or are
expected to be in default soon. The revision in the ratings takes
into account the unforeseen deterioration in the liquidity
profile of GWEL during Q1FY17 (refers to the period April 1 to
June 30) resulting in delays in debt servicing by the company.
The company has witnessed lower availability of water for its
plant on account of draught situation in many parts of
Maharashtra during Q1FY17 leading to shutdown of its plant for
few weeks. Lower power generation due to inadequate availability
of water led to stretched liquidity position resulting in delays
in servicing of its debt obligations for the quarter ended June
30, 2016. The ratings continue to remain constrained by the below
average financial risk profile of GWEL characterized by high
overall gearing and low debt coverage indicators. The ratings are
also constrained by the limited track record of operations of
GWEL and relatively weak credit profile of its offtakers.

Going forward, the company's ability to service its debt
obligations in a timely manner and register improvement in its
overall financial risk profile shall be the key rating
sensitivities.

GMR Warora Energy Limited (GWEL), previously known as EMCO Energy
Limited (EEL) a Special Purpose Vehicle (SPV) was promoted by
EMCO group on 4th August 2005 to set up a 2*135 MW coal-based
power plant at Maharashtra Industrial Development Corporation
(MIDC), Warora, Dist. Chandrapur, Maharashtra. The promoters of
EEL sold 100% stake to GMR Energy Limited (GEL, rated 'CARE BBB-
(SO)' under 'credit watch') in July 2009 making it a 100%
subsidiary of GEL.

After acquisition, the scope of the project was enhanced from
2*135 MW to 2*300 MW in view of the demand for power in western
India. The project achieved its commercial operations on 1st
September 2013 with Unit-1 of 300 MW achieved its Commercial
Operation Date (COD) on 19th March 2013 and Unit-2 of 300 MW
achieved its COD on 1st September 2013. The cost of project stood
at INR4,250 crore funded in the ratio of 75:25 for debt and
equity.

GWEL has signed a Fuel Supply Agreement (FSA) with South Eastern
Coalfields Limited (SECL) a subsidiary of Coal India Limited
(CIL) for supply of coal. The power of the plant is fully tied up
with PPA of 200MW each with Dadra & Nagar Haveli Power
Distribution Corporation Limited (DNH) and Maharashtra State
Electricity Distribution Company Limited (MSEDCL) and a PPA of
150MW with Tamil Nadu Generation and Distribution Corporation
(TANGEDCO).

Although, GWEL reported improvement in FY16 in line with CARE's
expectations with gross cash accruals of INR7.03 crore against
cash loss of INR184 crore during FY15, however, GWEL met with
unanticipated shortfall in water availability during Q1FY17 owing
to draught situation in many parts of Maharashtra leading to shut
down for its plant for few weeks. Lower revenue generation
coupled with scheduled repayment led to stretched liquidity
position resulting in delays in servicing of debt obligations by
the
company.

During FY16 (refers to the period April 1 to March 31), GWEL
reported a total operating income of INR1,391.30 crore with
a PBILDT and net loss of INR409.57 crore and INR158.05 crore,
respectively as against a total operating income of
Rs.1,202.14 crore with a PBILDT and net loss of INR250.15 crore
and INR370.61 crore respectively during FY15.


JYOTI HOLDINGS: CARE Assigns B+ Rating to INR15.55cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Jyoti
Holdings Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     15.55      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Jyoti Holdings
Private Limited (JHPL) is constrained by its small size of
operations, susceptible to vagaries of nature, labour-intensive
nature of business, volatility in tea price, high competition
and working capital intensive nature of business.

The aforesaid constraints are partially offset by the long &
established track record, experienced management, backward
integration for its raw material and satisfactory capacity
utilisation with in line recovery rate.

The ability of the company to increase the scale of operations
and profitability margins and ability to manage working capital
efficiently would be the key rating sensitivities.

JHPL was incorporated in May 22, 1995, by Kolkata-based Mr Ajit
Kumar Kapoor, Mr Suman Majumdar and Mr Prateek Poddar. Since its
incorporation the company is engaged in the business of
cultivating and manufacturing black tea at Shibsagar, Assam.

JHPL presently owns one tea estate at Shibsagar district, Assam,
and a manufacturing facility located adjacent to the tea estate,
which processes the leaf from the garden. The aggregate area
available for cultivation is 347.44 hectares (FY15-FY16 [refers
to the period April 01 to March 31]), of which area under
cultivation is 266.70 hectares, having average yield of 1732.44
kg per hectare. Tea is sold through brokers (who sell it in
auctions). Currently, the company is undertaking a normal capital
expenditure process pertaining to plantation and rejuvenation
process at its existing tea garden and for which the company has
availed term loan amounting to INR5.55 crore during FY16.

As per the audited results of FY15, JHPL reported a PBILDT of
INR1.83 crore (PBILDT of INR1.03 crore in FY14) and PAT of
Rs.0.27 crore (PAT of INR-0.06 crore in FY14), on a total
operating income of INR20.58 crore (Total operating income of
Rs.15.29 crore in FY14). The management has maintained to have
achieved total operating income of INR22 crore during FY16.


KINSHUK ENTERPRISE: CARE Assigns B+ Rating to INR0.46cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Kinshuk Enterprise.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      0.46      CARE B+ Assigned
   Long-term/Short-term Bank      6.50      CARE B+/CARE A4
   Facilities                               Assigned
   Short-term Bank Facilities     0.30      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Kinshuk Enterprise
(KES) are primarily constrained on account of its low
profitability, moderate capital structure, weak debt coverage
indicators and working capital intensive operations. The
ratings are also constrained due to susceptibility of its profit
margins to fluctuation in the raw material prices and foreign
exchange rates coupled with its presence in the highly fragmented
agro processing industry.

The ratings, however, derive benefits from experience of the
promoters in the agro processing industry, established marketing
network and diversified product portfolio. The ratings also
factor in consistent increase in scale of operations. The ability
to increase its scale of operations with improvement in
profitability and efficient working capital management is the key
rating sensitivity.

KES was formed in 2010 as a partnership firm by Mr Suraj Vadhava,
Mr Nandkishor Wadhawa and Mrs Kasturaben Wadhawa. In April 2013,
a new partner Mr NavalWadhawa also joined the firm. KES is
engaged in the business of trading, processing and export of agro
commodities such as Cumin seeds, Sesame seeds, Watermelon seeds,
Groundnut seeds, Fenugreek, Cattle feed, Psyllium husk powder,
Guar gum powder etc. KES operates from its facilities located at
Sidhpur, Gujarat. KES sells its products in the domestic market
as well as exports it to Turkey, Iran and Morocco.

During FY16 (Provisional) (refers to the period April 1 to March
31), KES reported a PAT of INR0.05 crore on a TOI of INR35.72
crore as against PAT of INR0.05 crore on a TOI of INR30.84 crore
during FY15.


LANCO KONDAPALLI: CRISIL Reaffirms D Rating on INR30.15BB LT Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lanco Kondapalli Power
Limited (LKPL) continue to reflect its inability to service debt
on time because of liquidity constraints.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit           1055.5      CRISIL D (Reaffirmed)

   Letter of credit &
   Bank Guarantee        4240.0      CRISIL D (Reaffirmed)

   Long Term Loan       30150.0      CRISIL D (Reaffirmed)

The liquidity constraints are on account of lack of fuel supply
from the Krishna-Godavari (KG) basin for Phases II and III of
LKPL's power project. Consequently, the two phases are being run
on imported gas under the e-bid re-gassified liquefied natural
gas (RLNG) auction scheme of the Government of India, though cash
flows continue to be insufficient for timely debt servicing.

The ratings also factor in high proportion of merchant power in
the total power sales mix. These weaknesses are partially offset
by assured returns from Phase I, because of the take-or-pay
nature of its power purchase agreements with offtakers, the
distribution companies of Andhra Pradesh.

LKPL is an independent power producer based at Kondapalli
Industrial Development Area near Vijayawada (Andhra Pradesh). The
company has an installed capacity of 1,476.14 megawatts. LKPL was
promoted by the Lanco group; Eastern Generation Ltd, UK;
Commonwealth Development Corporation; and Doosan Heavy
Engineering, Korea. Phase I of the project was commissioned in
October 2000 at a cost of INR11 billion, Phase II in August 2010
at a cost of INR11.88 billion, and Phase III in January 2016.

As part of the Lanco group's reorganisation plans, Lanco
Infratech Ltd (LITL; rated 'CRISIL D/CRISIL D') acquired a 25.1%
stake in LKPL from Globeleq Holding (Kondapalli) Ltd in July 2006
for a consideration of USD30 million. Consequently, LKPL became a
subsidiary of LITL.


M. J. INDUSTRIES: CRISIL Reaffirms B Rating on INR70MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of M. J.
Industries (MJI) continues to reflect MJI's average financial
risk profile, marked by moderate gearing and weak debt protection
metrics, and small scale and working capital intensity in
operations in the fragmented rice industry. These rating
weaknesses are partially offset by the extensive experience of
the partners in the rice milling and processing industry.

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

   Proposed Long Term
   Bank Loan Facility       10       CRISIL B/Stable (Reaffirmed)

   Term Loan                12.5     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MJI will continue to benefit over the medium term
from the extensive experience of the partners. The outlook may be
revised to 'Positive' if a sizeable capital infusion, improvement
in working capital cycle, or ramp-up in scale of operations
strengthens financial risk profile. Conversely, the outlook may
be revised to 'Negative' if the financial risk profile weakens,
most likely because of significant increase in inventory and
working capital debt, decline in sales, or any large capital
expenditure.

Update:
Revenue grew a modest 10 percent over the previous year to INR208
million in 2015-16 (refers to financial year, April 1 to March
31), while cash accrual was low around INR2.7 million.
Profitability should remain at 5-6 percent over the medium term
as in the past. Financial risk profile is below average, with
modest networth of INR29 million, and high total outside
liabilities to tangible networth ratio of around 2.60 times. The
ratio improved from 4.45 times a year ago, driven by decline in
inventory. Debt protection metrics are weak: net cash accrual to
total debt and interest coverage ratios were 0.04 and 1.29 times,
respectively, in 2015-16.

Operations should remain working capital intensive as in the
past. Gross current assets (156 days as of March 2016) and
inventory were sizeable, especially at year-end. Despite
unsecured loans extended by the promoters and associates,
external short-term debt remains high: bank limit utilisation
averaged 83 percent in the 12 months through March 2016.

MJI is a partnership firm set up in 1998 by Mr. Kewal Krishna,
Mr. Pawan Kumar, and Mr. Rakesh Kumar. The firm mills and
processes paddy into basmati rice. It has an installed paddy
milling capacity of 70 tonnes per day in Jalalabad, Punjab.


MAMTA TRANSFORMERS: CRISIL Reaffirms B Rating on INR40MM Loan
-------------------------------------------------------------
CRISIL ratings on the bank facilities of Mamta Transformers
Private Limited (MTPL) continue to reflect the company's below-
average financial risk profile marked by high gearing and weak
debt protection metrics. The ratings also factor in MTPL's modest
scale and working-capital-intensive nature of operations. These
rating weaknesses are partially offset by its promoters'
extensive experience in the transformer industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          30       CRISIL A4 (Reaffirmed)
   Cash Credit             40       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MTPL will continue to benefit from its
promoters' extensive industry experience over the medium term.
The outlook maybe revised to 'Positive' in case of significantly
higher-than-expected cash accruals or capital infusion along with
efficient working capital management. Conversely, the outlook
maybe revised to 'Negative' in case of low cash accruals or large
working capital requirements or if MTPL undertakes a large debt-
funded capital expenditure, exerting pressure on its liquidity.

Update
MTPL recorded revenues of INR111.3 million in 2014-15. Going
forward, the revenues of the company are expected to remain at
similar levels partly attributed to its limited presence as it
derives its entire revenue through MP, Tamil Nadu and
Maharashtra, given it as an approved vendor for MPSEB, TNSEB and
MSEB and partly attributed to selective orders executed by the
company in order to avoid penal charges.  MTPL's profitability is
expected to recover after reducing to 1.5 per cent as the
company's policy of selective order execution in order to avoid
penal charges. MTPL's working capital requirements continue to be
sizeable driven by the high inventory levels at 139 days and
debtor levels at 171 days as on March 31, 2015, given the nature
of operations. MTPL's liquidity remains stretched marked by fully
utilized bank lines on the back of its sizable working capital
requirements. MTPL's revenue and operating margin will remain key
rating sensitivity factors affecting the accretion to reserves
and thus the liquidity and financial profiles.

MTPL's financial profile continues to be modest marked by an
aggressive capital structure and weak debt protection metrics.
MTPL's gearing stood at 2.5 times as on March 31, 2015 and is
expected to remain at similar over the medium term on account of
low accretion to reserves. MTPL's working capital management,
along with capital expenditure plans and their funding thereof
will remain key rating sensitivity factors affecting the
financial profile over the medium term,

Incorporated in 1995, MTPL is based in Indore (Madhya Pradesh)
and is primarily engaged in the manufacturing and repairing of
distribution transformers. The company is promoted by Mr. R L
Ora, Mr Vineet Ora and their family members.


MEC SHOT: CARE Revises Rating on INR5.50cr Bank Loan to B+/A4
-------------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank
facilities of MEC Shot Blasting Equipments Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term           5.50      CARE B+/CARE A4
   Bank Facilities                         Revised from CARE BB-/
                                            Reaffirmed

   Short-term Bank Facilities     6.50      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating of MEC Shot Blasting
Equipments Private Limited (MSBE) takes into account
continuous decline in total operating income (TOI) in the last
three financial years ended FY16 (refers to the period
April 1 to March 31) and operating and net loss as well as cash
loss in FY15 and FY16 which led to deterioration of solvency
position.

The ratings are, further, continued to remain constrained on
account of moderate order book position along with working
capital intensive nature of operations, vulnerability of margins
to fluctuation in raw material prices and its presence in a
competitive industry.

The ratings, however, favourably take into account the wide
experience of the management in shot blasting equipment
industry with diversified customer base. The ratings, further,
take comfort from infusion of funds by the promoters.

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

Jodhpur-based (Rajasthan) MSBE was formed in 1990 by Mr Anand
Kishore Modi. MSBE provides solution in the field of
surface preparation through air operated and airless/turbine
blasting machines. It designs and manufactures shot blasting
and shot peening machines with media conveying dust collectors,
painting & baking rooms and its accessories. The
manufacturing unit/facilities of MSBE is ISO 9001:2008 certified
for quality management system standard, ISO 14001:2004 certified
and recognition of in-house R&D by Department of Scientific and
Industrial Research Technology (DSIR), New Delhi. The machines
manufactured by MSBE find industrial application in Aerospace,
Railway, Defense, Shipyard, Tyre, Power, Textile, Surgical and
Automobile, etc. The product portfolio of MSBE includes custom
built machines with full and semi-automated machines for
blasting, cleaning, etching, deburring, Degreasing, descaling and
Shot peening application with 'CE' marked accreditation.

As per the provisional results of FY16, MSBE has reported a total
operating income of INR28.31 crore (FY15: INR37.63 crore) with
net loss of INR2.66 crore (FY15: INR-4.06 crore).


MEGHA PLAST: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Megha Plast
Private Limited (MPPL) continue to reflect the company's small
scale of operations in a highly fragmented industry, large
working capital requirement, and susceptibility of its
profitability to volatility in raw material prices.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             70       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        30       CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of its promoters in the packaging industry, its
established customer relationships, and its moderate financial
risk profile because of low gearing ratio and average net worth.
Outlook: Stable

CRISIL believes MPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
revenue growth and profitability, along with efficient working
capital management, leading to healthy debt protection
indicators. Conversely, the outlook may be revised to 'Negative'
if there is steep decline in profitability, or stretch in working
capital cycle, or large debt-funded capital expenditure,
weakening the company's financial risk profile.

MPPL was established in 2002 and commenced operations in 2005. It
is promoted by Mr. Trilokchand Agrawal and his brother Mr. Suresh
Agrawal; its plant is managed by director Mr. Sohan Gupta. The
company manufactures polypropylene (PP)/high-density polyethylene
(HDPE) bags for cement companies.


NEERAJA TRADING: CRISIL Ups Rating on INR60MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Neeraja Trading Corporation (NTC) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

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

The upgrade reflects improvement in NTC's business risk profile,
driven by sustained reduction in its working capital cycle, and
its stable profitability. The upgrade also factors in increase in
the firm's networth, leading to better financial flexibility and
capital structure. CRISIL believes NTC will sustain the
improvement in its financial risk profile, over the medium term,
supported by consistent increase in networth and efficient
working capital management.

NTC's gross current assets declined to 81 days as on March 31,
2016, from 115 days as on March 31, 2014, driven by reduction in
its receivables cycle to 30 days from 70 days. CRISIL believes
NTC will maintain its receivables cycle at the current level over
the medium term, supported by its enhanced collection efforts.

The net worth increased to INR53 million as on March 31, 2016,
from INR39 million as on March 31, 2014, because of equity
infusion of INR4 million by the firm's partners. Consequently,
its total outside liabilities to tangible net worth ratio fell to
1.7 times from 3.5 times. Its liquidity remains adequate for the
rating category, driven by moderate bank limit utilisation,
efficient working capital cycle, and absence of term debt
obligation.

The rating reflects the firm's below-average financial risk
profile because of modest net worth and average debt protection
metrics; modest scale of operations; susceptibility to volatile
cotton prices and to regulatory changes; and exposure to intense
competition in the cotton industry. These weaknesses are
partially offset by the extensive industry experience of its
partners.
Outlook: Stable

CRISIL believes NTC will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' in case of a substantial and sustained
improvement in revenue and profitability, or a large equity
infusion by the partners. The outlook may be revised to
'Negative' if there is a steep decline in profitability, or
sizeable intake of debt to fund capital expenditure or working
capital requirement.

NTC was set up by Mr. K Poleswara Rao as a proprietorship concern
in 2011, and was reconstituted as a partnership firm in fiscal
2013 with the founder and his wife, Ms. K Lakshmi Devi, as
partners. The firm trades in cotton bales and is based in Guntur,
Andhra Pradesh.


NOVELTY GOLD: CARE Assigns B+ Rating to INR30cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Novelty
Gold.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       30       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Novelty Gold
(Novelty) is constrained by its operations stabilization risk,
partnership nature of constitution, working capital intensive
nature of operations, exposure to volatility in traded
materials and its presence in an intensely competitive industry
with presence of many unorganized players. The rating, however,
derives strength from the resourceful and experience of the
partners.

Going forward, the ability of Novelty to achieve the envisaged
revenue, profit margins and effective management of working
capital will be the key rating sensitivities.

Novelty was constituted as a partnership firm via partnership
deed dated June 12, 2015, for setting up a wholesale trading
business of gold jewellery. The firm was set up by seven partners
namely Mrs P Anita, Mr P Ashok Kumar, Mr P Pratap Kumar, Mr P
Someswar, Mr M Rajiv Kumar Patro, Mr S Manoj Kumar Prusty and Mr
Sive Sankar Rao. The firm has already set up its showroom located
(spread in an area of 5888 square feet) at Gadhi Nagar,
Berhampur, with aggregate costs of INR11.46 crore and the
showroom is ready to commence operations. However, the firm has
applied for financing
its working capital requirement of INR30 crore which is under
consideration with the banker. The operation of the firm is
estimated to commence from July 2016 subject to sanctioning of
working capital loan. The firm will procure its traded goods from
Emerald Jewel Industry India Ltd.

Mr P Ashok Kumar has around three decades of experience in
diversified business, will look after the day-to-day operations
of the firm. He will be supported by other partners who are also
having long experience in diversified businesses.


ORIILON INDIA: CARE Reaffirms B+ Rating on INR20.28cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Oriilon India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     20.28      CARE B+ Reaffirmed
   Long-term/Short-term Bank     15.00      CARE B+/CARE A4
   Facilities                               Reaffirmed
   Short-term Bank Facilities     0.85      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Oriilon India
Private Limited (OIPL) continue to remain constrained on account
of declining profit margins coupled with leveraged capital
structure and weak debt coverage indicators. The ratings are
further constrained due to the company's presence into the highly
competitive and fragmented textile industry and susceptibility of
operating margins to fluctuation in raw material prices and
foreign exchange rate.

The ratings, however, continue to draw strength from promoters'
extensive experience into the textiles industry and location
advantage with presence in Surat textile cluster. The ratings
also factors in healthy growth in total operating income (TOI)
during FY16 (Provisional) (refers to the period April 1 to March
31).

Going forward, OIPL's ability to increase its scale of
operations, improve its profit margins, capital structure and
efficient
management of working capital would be the key rating
sensitivity.

Incorporated in 2008, OIPL (erstwhile formally known as "Vandana
Suppliers Pvt. Ltd.") is engaged in manufacturing of Nylon
Filament Yarn (NFY) which is mainly used in the textile industry
with an installed capacity of 1,800 MTPA as on March 31, 2015.
OIPL operates from its sole manufacturing facilities located at
Surat in Gujarat. In October 2015, OIPL completed debt funded
capex for investment in plant and machinery owing to which the
company's installed capacity has increased to 7200 MTPA from
existing 1800 MTPA.

During FY16 (Provisional), OIPL reported a TOI of INR63.44 crore
and PAT of INR0.86 crore as against TOI of INR43.48 crore
and PAT of INR0.54 crore during FY15 (A).


PATNA OFFSET: CARE Assigns B+ Rating to INR2.85cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank
facilities of Patna Offset Press.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      2.85      CARE B+ Assigned
   Short term Bank Facilities     3.00      CARE A4 Assigned

Rating Rationale

The rating assigned to the bank facilities of Patna Offset Press
(POS) is constrained by its partnership nature of constitution,
small scale of operations, volatility in prices of raw material,
highly fragmented and competitive nature of the industry with low
entry barriers & working capital intensive nature of business.

The aforesaid constraints are partially offset by the long &
established track record and vast experience of the partners in
the printing industry and satisfactory client profile.

The ability of the company to increase the scale of operations
and profitability margins and ability to manage working capital
efficiently would be the key rating sensitivities.

Established in April, 1992 as a proprietorship concern by Patna
based Singh family, M/s Balmiki Press later converted into
a partnership firm in the name of Patna Offset Press (POS) on
April 1, 2008. Since its formation the entity is engaged in
the business of off-set printing, pre-press (i.e. designing,
processing etc.) and post-press (i.e. binding, lamination etc.)
related activities at Patna, Bihar.

Mr Vinay Singh (aged 43 years), having over two decades of
experience in the printing industry, looks after the overall
management of the entity with adequate support from other
partners i.e. Mr Amit Kumar Singh and Mrs Supriti Singh and a
team of experienced personnel.

As per the audited results of FY15 (refers to the period April 1
to March 31), POS reported a PBILDT of INR2.07 crore (PBILDT of
INR2.91 crore in FY14) and PAT of INR0.82 crore (PAT of INR1.51
crore in FY14), on a total operating income of INR8.41 crore
(Total operating income of INR11.24 crore in FY14). The
management has maintained to have achieved total operating income
of INR10.02 crore during FY16.


RAJLAXMI AGRO: CARE Assigns B+ Rating to INR6cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the proposed bank facilities of
Rajlaxmi Agro Processor Pvt Ltd.

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

Rating Rationale

The rating assigned to the bank facilities of Rajlaxmi Agro
Processor Pvt Ltd (RLAP) is primarily constrained by its project
implementation risk for debt-funded project with financial
closure yet to be achieved, volatile agro-commodity (rice) prices
with linkages to vagaries of the monsoon, regulated nature of the
industry and intensely competitive nature of the industry with
presence of many unorganised players. The rating, however,
derives strength from its experienced promoters, locational
advantage of the unit and increasing demand of rice and rice
bran.

Going forward, the ability of the company to complete the ongoing
project without cost and time overrun and achieve the desired
revenue and profitability as envisaged are the key rating
sensitivities.

RLAP was incorporated during March 2014 to initiate a rice
milling unit at Murshidabad in West Bengal. The area and the
surrounding districts are important agricultural and commercial
areas in West Bengal where availability of paddy and demand of
rice and related products are increasing. The company is in the
process of setting up the rice milling unit at a cost of INR8.21
crore, which is to be financed at a debt equity ratio of 1.56:1.
However, the financial closure is yet to be achieved. The
promoters have already infused funds amounting to INR1.35 crore
for land development and civil work. The said project is expected
to be completed by January 2017 subject to approval of term
loans.

The day-to-day affairs of the company are looked after by Mr
Mrinal Kanti Das along with other director Mrs Sujata Das (wife
of Mr Mrinal Kanti Das) and a team of experienced personnel.


RAKESH KUMAR: CARE Reaffirms B+ Rating on INR7.64cr LT Loan
-----------------------------------------------------------
CARE revokes suspension and re-affirms the rating assigned to the
bank facilities of Rakesh Kumar Gupta Rice Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.64      CARE B+ Suspension
                                            revoked and
reaffirmed

Rating Rationale

The rating of Rakesh Kumar Gupta Rice Mills Private Limited
(RKGPL) continues to be constrained by the small scale of
operation with thin profitability margins, volatility in profit
margins subject to government regulations, leveraged capital
structure owing to high working capital intensity of operations
and fragmented and competitive nature of the industry.

The ratings, however, continues to draw comfort from the
experienced promoters and proximity to raw material sources.
Going forward, the ability of the company to increase its revenue
and profitability in a competitive environment and ability to
manage its working capital effectively would be the key rating
sensitivities.

Rakesh Kumar Gupta Rice Mill Pvt. Ltd. (RKGPL) was incorporated
in November, 2005 by Gupta family of Patna, Bihar. The company is
engaged in the processing and milling of rice. The milling unit
of the company is located at Patna, Bihar with processing
capacity of 57,600 Metric Tonne Per Annum (MTPA). RKGPL procures
paddy from farmers & local agents and sells its products through
the wholesalers and distributors across 9 states in India and
Nepal.

As per the provisional results of FY16 (refers to the period
April 1 to March 31), RKGPL reported a PBILDT of INR1.36 crore
(PBILDT of INR0.97 crore in FY15) and PAT of INR0.19 crore (PAT
of INR0.12 crore in FY15), on a total operating income of
INR43.86 crore (Total operating income of INR43.76 crore in
FY15).


RELIABLE POLYESTER: CARE Assigns B+ Rating to INR5.50cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Reliable
Polyester Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
  Long term Bank Facilities       5.50      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Reliable Polyester
Private Limited (RPPL) is constrained on account of its modest
scale of operations and its financial risk profile marked by low
profit margins, moderately leveraged capital structure, weak debt
coverage indicators and its moderate liquidity position. The
rating is further constrained on account of its presence in the
highly fragmented and competitive nature of the textile industry
and susceptibility of operating margins to variable input costs.

The above constraints however outweigh the comfort derived from
the experience of the promoters and location advantage by way of
its presence in textile hub of Surat.

The ability of RLPL to increase its scale of operations and
improvement in its profit margins, capital structure and debt
coverage indicators via efficient working capital management are
the key rating sensitivities.

Surat-based (Gujarat) RPPL, a family run business was
incorporated inMay 1988, by Mr Radha MohanMittal which is now
managed by Mr Ruchir Radha Mohan Mittal and Mrs Esha Ruchir
Mittal. The company is engaged into the manufacturing of greige
(unprocessed) polyester fabrics from polyester yarn (primarily
Air Textured Yarn (ATY)), prior to which it discontinued the
operations of manufacturing polyester yarn. It finds uses in the
textile industry, post converting the same into finished fabrics.
Also, it has a sizing unit of Partially Oriented Yarn (POY) which
is non-operative as on date.

RPPL also trades into polyester yarn depending upon market
conditions.

RPPL operates from its sole manufacturing facility located in
Surat (Gujarat) with 135 shuttle-less water jet looms having
an installed capacity of about 1.20 crore metres of greige
fabric. RPPL procures ATY and converts the same into greige
fabric, which it then primarily sells to wholesalers primarily in
the state of Gujarat andMaharashtra, via brokers.

Its associate companies include M/s Radha Gopinath Fabrics, M/s
Radha Govind Textiles and M/s Shri Krishna Fashion who are
engaged in job work business of manufacturing greige fabric.

During FY15 (refers to the period April 1 to March 31), RPPL
reported a total operating income (TOI) of INR38.96 crore with a
PAT of INR0.04 crore as against a TOI of INR26.09 crore with a
PAT of INR0.03 crore during FY14. During FY16 (Provisional), the
company registered TOI of INR17.17 crore.


SAHAJANAND COTTON: CARE Reaffirms 'B' Rating on INR5.64cr Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Sahajanand Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.64      CARE B Reaffirmed

Rating Rationale

The rating assigned to bank facilities of Sahajanand Cotton
Industries (SCI) continues to remain constrained on account of
modest scale of operations, thin profit margins, moderate capital
structure and weak debt coverage indicators.

Furthermore, the rating continues to remain constrained on
account of its presence in the highly competitive and fragmented
cotton ginning industry with limited value addition and
volatility associated with the raw material (cotton) prices. The
rating also factors in the decline in its turnover during FY16
(provisional, refers to the period April 1 to March 31).

The rating, however, continues to draw strength from the
experience of the partners and SCI's proximity to the cotton
producing region of Gujarat.

Increase in the scale of operations with an improvement in the
profit margins and capital structure while managing working
capital efficiently remains the key rating sensitivity.

Bhavnagar-based (Gujarat), SCI was established as a partnership
firm in September, 2011 by seven partners namely Mr Rameshbhai
Vegad, Mr Dharmeshbhai Patel, Mr Manishbhai Vegad, Mr Mansukhbhai
Vegad, Mr Jagdishbhai Patel, Ms Vijuben Patel and Ms Mamtaben
Lakhani. However partnership deed was revised during April 2016
with exit of Mr Mansukhbhai Vegad from partnership. SCI is
engaged in manufacturing of cotton bales, cotton seeds and cotton
seed oil
(Oil mill). SCI operates from its sole manufacturing plant
located at Bhavnagar (Gujarat) which is one of the prominent
cotton producing regions of the state with an installed capacity
for cotton bales of 11,088 MTPA and 7,200 MTPA for cotton seeds
as on March 31, 2016.

During FY16 (Provisional), SCI reported a PAT of INR0.12 crore on
a total operating income (TOI) of INR34.55 crore as against PAT
of INR0.01 crore on TOI of INR42.40 crore during FY15.


SAINOR LIFE: CARE Assigns 'B' Rating to INR14.97cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B' & 'CARE A4' ratings to the bank facilities
of Sainor Life Sciences Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     14.97      CARE B Assigned
   Short term Bank Facilities     3.75      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Sainor Life
Sciences Private Limited (SLS) are constrained by the small scale
of operations, working capital intensive nature of operations,
concentrated revenue profile, declining total operating income,
fluctuating profitability margins, leveraged capital structure
and weak debt coverage indicators. The ratings are further
constrained by the presence of SLS in a highly fragmented,
regulated and competitive industry, along with susceptibility of
profitability margins to fluctuation in raw material prices.

The ratings, however, derive strength from the experience of the
promoter and established clientele. Going forward, the company's
ability to improve its scale of operations and profitability
margins along with efficient management of working capital
requirements will be the key rating sensitivities.

SLS was incorporated in May, 2006 and is currently promoted by Mr
S V S Rao, Mr H Rajeswara Rao and Mrs K Sridevi. Initially, SLS
was under Sainor Group of Andhra Pradesh; however, it was taken
over by the current promoters in October 2014. SLS is engaged in
manufacturing of Active Pharmaceutical Ingredients (APIs) and its
intermediate in two therapeutic segments like Gastroenterology
and antihistamines with drugs portfolio like omeprazole,
esomeprazole,
fexofenadine, domperidone, atorvastatin, montelukast sodium and
others. These are used for the treatment of gastroesophageal
reflux diseases, seasonal allergies, nausea, cholesterol,
hypertension, asthma etc. The manufacturing facility of SLS is
located in Vishakhapatnam, Andhra Pradesh with a total installed
capacity of 120 Metric Tonnes per annum (MTPA). The unit has
various certifications like WHO- GMP certification, Drugs licence
under Drugs and Cosmetic Acts, 1940 from the Government of Andhra
Pradesh, GMP Certification under Drugs Control Administration and
ISO 9001:2008 certification.

SLS also have on site well equipped Research and Development
(R&D) Centre which is continuously involved in process
development, trouble shooting and process optimization of the
drugs. SLS
supplies to many domestic formulators (mainly private
pharmaceutical companies) as well as exports to Bangladesh,
Pakistan and Singapore. 85% of the revenue was derived from
domestic sales in FY16 (Provisional: refers to the period April 1
to March 31) while 15% was from exports.

In FY15, the company reported a total operating income of
INR28.30 crore and a profit after tax of INR0.25 crore (as
against a total operating income of INR34.13 crore and net loss
of INR2.74 crore in FY14). Furthermore, during FY16
(Provisional), SLS reported a total operating income of INR26.34
crore and a profit after tax of INR0.25 crore.


SANCHETI GEMS: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sancheti Gems
and Jewellers India Private Limited (SGJIPL) continues to reflect
a small scale, and working capital intensive nature, of
operations, and low profitability. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the jewellery industry.

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

Outlook: Stable

CRISIL's rating on the long-term bank facility of  Sancheti Gems
and Jewellers India Private Limited  (SGJIPL) continues to
reflect a small scale, and working capital intensive nature, of
operations, and low profitability. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the jewellery industry.

SGJIPL was set up in fiscal 2011 by Mr. Naman Sancheti. The
company retails gold jewellery and trades in gold coins, bullion,
and silver. It has one owned showroom in Durg, Chhattisgarh, that
has an area of around 6000 square foot. It operates as a
franchisee of Anopchand Tilokchand Jewellers Pvt Ltd. The company
markets its products under the ATJA brand.


SHREE GANESH: CARE Reaffirms 'B' Rating on INR6cr LT Loan
---------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shree Ganesh Cold Storage.

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

Rating Rationale

The rating assigned to the bank facilities of Shree Ganesh Cold
Storage (SGCS) continue to remain constrained on account
of its small scale of operations, leveraged capital structure,
weak debt coverage indicators and working capital intensive
nature of operations. The rating is further constrained on
account of potential risk of delinquency in loans extended to
farmers, high competition from local players, dependency of its
business on vagaries of nature, seasonality associated with the
business and the inherent risk associated with its constitution
as a partnership firm.

The rating, however, derives benefit from the wide experience of
partners in the cold storage business and proximity to the potato
growing region of Gujarat. The rating also factors increase in
the scale of operations of SGCS along with the improvement in the
profit margins in FY15 (refers to the period April 1 to March
31).

The ability of SGCS to increase its scale of operations along
with improvement in its overall financial risk profile amidst
competitive nature of industry is the key rating sensitivity.

Established in 1999 as a partnership firm, SGCS is engaged into
providing cold storage facility to farmers for storing potatoes
on a rental basis. The firm has controlled atmosphere cold
storage facility located at Deesa; Gujarat having a capacity to
store 8,250 Metric Tonne (MT)/1,65,000 bags of potatoes as on
March 31, 2015. The firm is managed by Mr Popatlal Chamanaji
Kachhawa, Mr Kalidas Chamanaji Kachhawa and Mr Lalabhai Chamanaji
Kachhawa. Besides providing cold storage facility, the firm also
provides interest bearing advances to farmers for potato farming
purposes against the stock of potato stored.

As per the audited results of FY15, SGCS reported profit after
tax (PAT) of INR0.04 crore on a total operating income (TOI) of
INR1.68 crore as against net profit of INR0.01 crore on a TOI of
INR1.29 crore during FY14. As per the provisional results of
FY16, SGCS registered TOI of INR1.72 crore.


SHREENATHJI COTTON: CARE Revises Rating on INR15cr LT Loan to B+
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Shreenathji Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       15       CARE B+ Revised from
                                            CARE BB-

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Shreenathji Cotton Industries (SCI) is primarily on
account of deterioration in the financial risk profile marked by
significant decline in the total operating income (TOI),
deterioration in capital structure and debt coverage indicators
during FY16 (Provisional) (refers to the period April 1 to
March 31). The rating further continues to be constrained by its
thin profit margins, presence in the lowest segment of textile
value chain with limited value addition in the cotton ginning
business, seasonality associated with the procurement of raw
material resulting into working capital intensive nature of
operations and partnership nature of constitution.

The rating, however, continues to draw strength from the wide
experience of the partners in the cotton industry coupled
with location advantage in terms of proximity to the cotton seed
growing regions in Gujarat.

The ability of SCI to increase its scale of operations, improve
its profit margins and capital structure and better working
capital management in light of the competitive nature of the
industry remain the key rating sensitivities.

SCI was formed in 2004 as a partnership firm. Currently, there
are five partners with unequal profit and loss sharing agreement
between them. Mr Shivji K Chhabhadiya and Mr Haresh P Chhabhadiya
are the key partners of the firm. SCI is involved into the
business of cotton ginning & pressing and primarily deals in
cotton bales and cotton seeds. SCI has an installed capacity of
9,252 metric tons per annum (MTPA) for cotton bales and 15,934
MTPA for cotton seeds at its sole manufacturing facility at Anjar
(Gujarat).

Mr Shiv Chhabhadiya had also promoted another partnership firm
Shree Krishna Cotton Industries established in 2012, which is
engaged in the manufacturing of cotton bales and cotton seeds.

During FY16 (Provisional) (refers to the period April 1 to
March 31), SCI reported a PAT of INR0.09 crore on a TOI of
Rs.33.13 crore as against PAT of INR0.15 crore on a TOI of
INR67.44 crore during FY15. During FY16 (Provisional) (refers to
the period April 1 to March 31), SCI reported a PAT of INR0.09
crore on a TOI of INR33.13 crore as against PAT of INR0.15
crore on a TOI of INR67.44 crore during FY15.


SRI LAKSHMI: CARE Assigns B+ Rating to INR4.84cr LT Loan to B+
--------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Sri Lakshmi Venkateshwara Ricemill.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       4.84     CARE B+ Assigned
   Short term Bank Facilities      0.65     CARE A4 Assigned

Rating Rationale

The ratings assigned to Sri Lakshmi Venkateshwara Rice Mill (SLV)
are constrained on account of declining total income, low
profitability margins, weak solvency position and working capital
intensive nature of operations. The ratings are further
constrained by proprietorship nature of constitution along with
small scale of operations, monsoon dependent operations, high
level of government regulation and fragmented nature of rice
milling industry.

The ratings, however, take comfort from the proprietor's
extensive experience in the rice industry, locational advantage
of the mill and healthy demand outlook for rice.

Going forward, the ability of the firm to increase its scale of
operations and profit margins without adversely affecting its
capital structure will be the key rating sensitivities.

SLV is a proprietary concern owned by Mr A. Raghunath Babu which
commenced operations in January 2009. The firm is engaged in
milling of paddy with total installed capacity of around 6 tons
of
rice per hour at its manufacturing plant located at Tumkur
district in Karnataka. SLV sells its products (rice, broken rice
and bran) to the final customer mostly through brokers in the
states of Karnataka, Tamil Nadu and Kerala.

In FY15 (refers to the period April 1 to March 31), SLV earned
PAT of INR0.31 crore on a total operating income of INR27.43
crore as against PAT of INR0.35 crore on a total operating income
of
Rs.36.89 crore in FY14. During FY16 [Provisional], the company
achieved a PAT of INR0.46 crore on a total operating income of
25.13 crore.


SRI VASAVI: CRISIL Reaffirms B+ Rating on INR144MM Capital Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Vasavi
Agro Foods (SVAF) continues to reflect the average financial risk
profile because of high gearing and modest debt protection
metrics, susceptibility to adverse government regulations and raw
material price volatility, and small scale of operations in the
intensely competitive rice milling industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan                16      CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Facility                144      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of promoters in the rice milling industry and their
healthy relationships with customers and suppliers.
Outlook: Stable

CRISIL believes SVAF will benefit over the medium term from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if a significant improvement in the revenue
and profitability substantially increases the cash accrual and
thus improves the financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of low cash accrual during
the early stage of operations, constraining the liquidity.

Set up in 2012-13 (refers to financial year, April 1 to March 31)
as a partnership firm, SVAF processes paddy into rice, rice bran,
broken rice, and husk; it commenced commercial production in
December 2013. The rice mill is located at Karatagi in Koppal
(Karnataka). The operations are managed by the chief promoter Mr.
Y Vasudev Shetty who has over two decades of experience in the
rice milling industry.


SRV KNIT: CRISIL Reaffirms B+ Rating on INR57MM Cash Loan
---------------------------------------------------------
CRISIL's rating on the bank facilities of SRV Knit Tech Private
Limited (SRV) continue to reflect the modest scale of and working
capital-intensive operations. The rating weaknesses are partially
offset by the promoter's extensive experience in the ready-made
garments industry, and its established relationships with
customers.
                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             57       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan           3       CRISIL B+/Stable (Reaffirmed)

CRISIL had on 04th April, 2016, upgraded the long term rating of
SRV to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

The rating upgrade reflects improvement in financial risk profile
on account of generation of steady cash accrual leading to
improvement in capital structure and liquidity. Gearing was 2.4
times as on March 31, 2015. CRISIL believes the financial risk
profile will improve over the medium term due to steady cash
accrual.
Outlook: Stable

CRISIL believes SRV will continue to benefit over the medium term
from its established market position, and its promoter's
extensive industry experience. The outlook may be revised to
'Positive' in case of a significant increase in revenue, along
with sustained improvement in profitability margin and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case of deterioration in operating margin or debt
protection metrics, or a significant stretch in working capital
cycle.

Incorporated in 2000, SRV manufactures ready-made cotton and
woollen garments for several leading brands. The company is
promoted by Mr. Akhil Khanna, a Delhi-based entrepreneur. It has
its manufacturing facility in Bengaluru.


TATA STEEL: Liberty's GBP100MM Offer for UK Unit Turned Down
------------------------------------------------------------
Alan Tovey at The Sunday Telegraph reports that Tata Steel
Limited walked away from a GBP100 million-plus offer for its
entire loss-making UK steel business from a British buyer in
favor of a merger with a German rival.

According to The Sunday Telegraph, sources close to the situation
claim that rather than a token offer for the UK steel-making
business, based around the Port Talbot plant, buyer Liberty was
offering "significantly more than GBP100 million" to take the
assets of Tata's hands.

But India-based Tata turned down the offer, in favor of pursuing
a possible joint venture with German rival ThyssenKrupp, The
Sunday Telegraph relates.

Industry sources claim commodities house Liberty was on the verge
of buying the business, with final terms being hammered out in
meetings with Tata that went on until just days before the board
met in Mumbai on July 8, The Sunday Telegraph discloses.

However, after the board meeting, Tata made a dramatic U-turn and
announced it was in talks with its German rival about a tie-up
for its strip steel operations, with Tata's speciality steel
units in South Yorkshire and Hartlepool being sold separately,
The Sunday Telegraph recounts.  Bidders for these are thought to
include Liberty and Albion Steel, The Sunday Telegraph notes.

Tata Steel is the UK's biggest steel company.

                         About Tata Steel

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer.  It
has operations in 24 countries and commercial presence in over 50
countries.  Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business.  Other business
segments comprises of tubes and bearings.  On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc.  Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008.  In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 5, 2016, Moody's Investors Service says that Tata Steel
Ltd.'s (Ba3 negative) planned restructuring/divestment of its UK
businesses is credit positive because it will reduce some of the
negative pressure on its operating performance.  However pending
finalization of the restructuring plan and the uncertainty around
the extent of improvement in the credit profiles of Tata Steel
and Tata Steel UK Holdings Limited (TSUK Holdings, B3 negative),
there is no immediate impact on the ratings on Tata Steel and
TSUK Holdings.


VERA INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR75MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vera
Industries (VI) continues to reflect the firm's limited track
record of operations, and its subdued financial risk profile
because of a leveraged capital structure. These weaknesses are
partially offset by the extensive experience of its promoters in
the agricultural commodities industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             75        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       2.5      CRISIL B/Stable (Reaffirmed)

   Rupee Term Loan          7.5      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VI 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 a significant
and sustainable increase in its net cash accrual, while its
working capital requirement remains stable, leading to a better
capital structure. The outlook may be revised to 'Negative' in
case of lower-than-expected accrual or debt-funded capital
expenditure, resulting in significant weakening of the firm's
capital structure, or increase in its working capital
requirement, leading to stretch in liquidity.

Update:
VI's operating revenue surged to an estimated INR508.60 million
in fiscal 2016, its first full year of operations, from INR191.90
million in fiscal 2015. CRISIL believes the operating revenue
will grow 10% and range from INR550-600 million over the medium
term. The firm's operating margin rose to 3.4% in fiscal 2016
from 2.5% in fiscal 2015, and is expected at 3.4% over the medium
term.

The firm had a small networth of INR34.10 million and high total
outside liabilities to tangible networth ratio of 2.44 time as on
March 31, 2016. Its debt protection metrics were subdued,
indicated by net cash accrual to adjusted debt ratio and interest
coverage ratio of 0.08 time and 1.90 times, respectively, for
fiscal 2016. Its financial risk profile will improve, but remain
weak due to modest revenue and low profitability leading to
limited accretion to reserve.

VI has adequate liquidity. It is likely to generate sufficient
net cash accrual of INR7.70 million against term debt obligation
of INR2.2 million, over the medium term. Its liquidity is also
supported by unsecured loans of INR8.50 million from its
promoters, which will remain in the business over the medium
term. However, the liquidity is constrained by full bank limit
utilisation over the 12 months through March 2016 to fund large
working capital requirement, reflected in estimated gross current
assets of 98 days as on March 31, 2016.

VI, set up in 2014 and based in Punjab, manufactures cattle feed.
Its operations are managed by Mr. Rakesh Kumar and his father Mr.
Vijay Kumar. Its manufacturing facility is at Muktsar in Punjab.
The firm started operations in October 2014.


VTR MARKETING: CARE Assigns B- Rating to INR7.17cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B-' rating to the bank facilities of VTR
Marketing Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.17      CARE B- Assigned

Rating Rationale

The rating assigned to the bank facilities of VTR Marketing
Private Limited (VMPL) is constrained by its relatively small
scale of business with short track record of operation coupled
with operational loss and cash loss during FY15 (refers to the
period April 1 to March 31), risk of non-renewal of dealership
agreement from Tata Motors Ltd. (TML), supplier concentration
risk and linkage to the fortunes of Tata Motors Ltd., pricing
constraints and margin pressure arising out of competition from
other auto dealers in the market, working capital intensive
nature of operation and high leverage ratios. The aforesaid
constraints are partially offset by experienced promoter along
with promoters' support however lacking experience in the
automobile dealership business and integrated nature of business.

Ability to increase its scale of operations with improvement in
profit margins and ability to manage working capital effectively
are the key rating sensitivities.

VTR Marketing Private Limited (VMPL) was incorporated in August,
2009 by Gandhi family of Kharagpur, West Bengal. However, the
company commenced operations from April, 2013. It is an
authorized dealer of Tata Motors Ltd (TML) for its passenger
vehicles, spares & accessories in Kharagpur, West Bengal. VMPL
has its only vehicle showroom and its warehouse at Kharagpur
(West
Bengal) where it also provides repair and refurbishment services
for TML vehicles.

VMPL receives a small portion of its revenue as commission income
from TML and from finance and insurance companies for bundled
marketing of their products.

Mr Mahendra Shivlal Gandhi looks after the day to day operations
of the entity along with the other directors coupled with
experienced personnel. VMPL is having an associate entity named
VTR Marketing engaged in distribution of liquor.

As per the audited results of FY15 (refers to the period April 01
to March 31), VMPL reported operating loss of INR0.14 crore
(PBILDT of INR0.10 crore in FY14) and net loss of INR0.88 crore
(net loss of INR0.55 crore in FY14), on a total operating income
of INR22.60 crore (Total operating income of INR15.18 crore in
FY14).


WALCHANDNAGAR INDUSTRIES: CARE Cuts INR1,032cr Loan Rating to D
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Walchandnagar Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       365      CARE D Revised from
                                            CARE BBB-
   Short-term Bank Facilities    1,032      CARE D Revised from
                                            CARE A3

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Walchandnagar Industries Limited (WIL) takes into account the
on-going delays in the debt servicing of the long term facilities
along with the instances of devolvement in letter of credit
(LC) and overdrawals in the cash credit (CC) facilities for over
30 days on account of cash losses incurred by the company
during 18MFY15* (refers to the period from October 1, 2014 to
March 31, 2016) resulting into stress on the liquidity of
the company further accentuated by inordinate delay in the
realization of the outstanding retention money from two of
its major customers. Due to the cash loss the financial profile
of the company has seen deterioration and led to erosion of
net worth base of the company as on March 31, 2016.

The ratings also factor in the established track record of over a
century of the company in the heavy engineering industry,
experienced and resourceful promoters, proven execution
capabilities with strong technical tie-ups and diversified
revenue source across segments.

Going forward, the ability of the company to honor its debt
obligation on time, and establish a track record of regular
debt servicing, improvement in financial position on the back of
cost rationalization measures undertaken by the management
resulting in decline in leverage are the key rating
sensitivities.

WIL was established by industrialist Late Mr. Walchand Hirachand
Doshi in the year 1908 as a concrete structure manufacturing
unit. During 1933, WIL entered in to organized farming business
and also started a sugar manufacturing unit. WIL established its
foundry in Satara (Maharashtra) in the year 1940 and from 1956,
the company entered into heavy engineering segment with
manufacturing for sugar industry-related machinery at its
Walchandnagar (Maharashtra) unit. Currently, WIL's heavy
engineering division is engaged in the engineering, fabrication
and manufacture of machinery for sugar plants, cements plants,
boilers, and heavy-duty gears for equipment for the Indian space,
defense and nuclear power plants. WIL's foundry and machine shop
division manufactures casting and undertakes machining of
precision components.

During 18MFY15, WIL reported a total operating income of
INR773.18  crore and loss of INR71.68 crore.


YASH ENTERPRISES: CRISIL Ups Rating on INR50MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Yash Enterprises (YE) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', and reaffirmed its 'CRISIL A4' rating on the firm's
short-term bank facility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          80        CRISIL A4 (Reaffirmed)

   Cash Credit             50        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects the improvement in the firm's financial risk
profile, particularly liquidity because of increasing cash
accrual, moderate bank limit utilisation, and funding support
from its promoters. Improvement in profitability to 20 per cent
in fiscal 2016 led to increase in accrual to INR12 million from
INR3 million the previous year, against debt obligation of INR1
million. Additionally, the promoters have supported working
capital management by way of low-interest-bearing unsecured
loans, which stood at INR170 million as on March 31, 2016,
resulting in moderate bank limit utilisation of 60%. CRISIL
believes the firm will maintain its improved liquidity backed by
steady profitability leading to increasing accrual, and funding
support from its promoters.

The ratings reflect the firm's below-average financial risk
profile because of a small networth, high gearing, and weak debt
protection metrics. The ratings also factor in geographical
concentration in its revenue profile, and its small scale of
operations in the fragmented civil construction industry. These
weaknesses are partially offset by its healthy order book and the
extensive industry experience of its promoters.
Outlook: Stable

CRISIL believes YE 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 a substantial
growth in the firm's revenue and cash accrual, along with better
working capital management. The outlook may be revised to
'Negative' if the cash accrual, financial risk profile, and
liquidity weaken because of a steep decline in revenue or
profitability, or capital withdrawal.

YE was established by Mr. Vipul C Shah as a proprietorship firm
in Mumbai in 1999. In 2009, the firm was reconstituted as a
partnership concern, with Mr. Shah and Ms. Chandrika Vipul Shah
as partners. YE undertakes civil construction and interior work
for the governments of Maharashtra and Gujarat.



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


MAD BUTCHER: Original Mad Butcher Store Shuts Down
--------------------------------------------------
Christopher Adams at The New Zealand Herald reports that the
original Mad Butcher store has shut down, with the outlet's
liquidator attributing its demise to flaws in the chain's
business model.  But NZX-listed Veritas Investments, which
acquired the franchise in 2013, is placing the blame squarely on
the franchisee who ran the site, the report says.

The Massey Rd store, in Mangere, went into liquidation on
July 15, owing hundreds of thousands of dollars to creditors.

Sir Peter Leitch, the butchery chain's founder, opened the store
-- which was closed when the Herald visited on July 15 -- in the
1970s.

It is at least the 10th Mad Butcher store to go into liquidation
since October 2012, the report discloses.

"Unfortunately the business model used by the [Mad Butcher]
franchisor is flawed - it's unsustainable," the report quotes
Peter Jollands of liquidator Jollands Callander, as saying.

He said the Massey Rd store owed around NZ$480,000 to creditors
as of March 31 this year and failed because its revenue was not
high enough to make up for low margins, the Herald relates.

Veritas chairman Tim Cook, however, said Mangere had been one of
the chain's most successful stores three years ago, according to
the Herald.

Mr. Leitch, who remains the Mad Butcher's brand ambassador, sold
the Mangere store in 2013, the report notes.


MILSON AEROSPACE: Begin Bankruptcy Proceedings Against Director
---------------------------------------------------------------
stuff.co.nz reports that the director and owner of a Manawatu
aircraft refurbishment company may be made bankrupt, as
liquidators of his company look to find money for creditors.

Milson Aerospace, a Manawatu company which restored aircraft and
took care of its own aerospace collection, was placed into
liquidation in May 2015 at the request of freight company DHL
Global Forwarding, according to stuff.co.nz.

At the time, the company's sole director and shareholder David
French told Stuff he had been suffering health problems before
the liquidation, the report notes.

In their latest report, liquidators Damien Grant --
damien@waterstone.co.nz --  and Steven Khov --
stevenwaterstone.co.nz -- of Waterstone Insolvency said they were
still investigating the company's books, records and affairs, the
report notes.

They were also pursuing French for an overdrawn account, which
involved them issuing a bankruptcy proceeding, the report said,
stuff.co.nz discloses.

No assets had been realized by the liquidators in the past month,
which means they had been unable to pay Inland Revenue the
NZ$3,100 it was owed, stuff.co.nz relays.

Five unsecured creditors had also made claims worth NZ$38,000
collectively.

"It is currently too early to determine whether any distribution
to creditors is likely," the report said, stuff.co.nz adds.


PAUL BURR: Liquidation Linked to Manslaughter Prosecution Stalls
----------------------------------------------------------------
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, according to stuff.co.nz.

The report notes that the liquidation started five days before
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 relays.

The report discloses that Mr. 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 $75,000 in
reparation.  A coronial inquest into Kidd's death is yet to be
held.

The liquidation of 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, the report relays.

While there had only been one unsecured claim for NZ$1806 so far,
and there were two other potential claims, they had not been able
to be paid, the report relays.

That was because liquidators had been unable to get any money in
so far, Rogan said in his report, stuff.co.nz notes.

"We do not have sufficient funds to progress the liquidation,"
Rogan said in his report, stuff.co.nz discloses.

An earlier report stated that equipment the company owned had
already been repossessed.

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

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


ROSS ASSET: Liquidator Reaches NZ$4.5 Million Settlements
---------------------------------------------------------
Paul McBeth at BusinessDesk reports that the liquidator of Ross
Asset Management has cut deals totalling NZ$4.5 million with 16
investors and is in talks with a number of others about reaching
settlements.

According to BusinessDesk, PwC's John Fisk is seeking to recover
as much as possible of the NZ$100 million to NZ$115 million of
investor money frittered away in the country's biggest Ponzi
scheme. In his latest update, Mr. Fisk said claims against 65
investors are subject to standstill agreements, where the
liquidator has agreed not to issue proceedings until an upcoming
Supreme Court hearing is ruled on, in exchange for the investor
not challenging them as being time-barred, BusinessDesk relates.

So far, two investors have refused to enter into the agreements,
which led to legal proceedings being issued against them,
although one of those has since settled, Mr. Fisk said in his
report, BusinessDesk relays. Another 16 settled with the
liquidator to avoid the threat of future litigation for a
combined value of NZ$4.5 million, of which NZ$1.5 million was
received at the time of the report on July 15.

"The liquidators are in discussions with other investors
regarding further settlements or the entering into of standstill
agreements," BusinessDesk quotes Mr. Fisk as saying.

BusinessDesk notes that Wellington-based David Ross built up a
private investment service by word of mouth, producing regular
reports for shareholders indicating healthy but fictitious
returns. Between June 2000 and September 2012, Mr. Ross reported
false profits of NZ$351 million from fictitious securities
trading as part of a fraud that was the largest single such crime
committed by an individual in New Zealand.

According to BusinessDesk, the liquidator is pursuing Wellington
lawyer Hamish McIntosh for NZ$954,000 he pulled out of Ross Asset
Management prior to its collapse as a test case for other
potential investors. BusinessDesk relates that the Court of
Appeal dismissed Mr. McIntosh's bid to keep the NZ$454,000 of
fictitious profits he extracted before the investment firm's
collapse but upheld the High Court ruling allowing him to keep
his NZ$500,000 principal, a finding which pleased neither side.

The Supreme Court hearing to rule on appeals from both sides is
set down for July 27, BusinessDesk discloses.

David Ross is serving 10 years and 10 months in jail for the
fraud, says BusinessDesk.

                        About Ross Asset

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership);
   -- Mercury Asset Management Limited (In Receivership);
   -- Dagger Nominees Limited (In Receivership);
   -- Ross Investment Management Limited (In Receivership);
   -- Ross Unit Trust Management Limited (In Receivership); and
   -- United Asset Management Limited (In Receivership).



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


* PHILIPPINES: BIR May Close Two Companies Over Unpaid Taxes
------------------------------------------------------------
Jeandie O. Galolo at Sunstar reports that two establishments in
the cities of Cebu and Mandaue are at risk of getting closed this
year for failing to pay the correct taxes, said the Bureau of
Internal Revenue (BIR).

Sunstar relates that BIR 13 Director Hermeno Palamine said these
two may be subjected to the tax agency's Oplan Kandado if they
fail to settle their obligations. He declined to name the
companies and their line of business.

Oplan Kandado is an initiative of the BIR that sets
administrative sanctions for non-compliance with requirements
such as the issuance of receipts, filing of returns, declaration
of taxable transactions, taxpayer registration, and paying the
correct amount of taxes, the report discloses.

The local tax agency called for voluntary compliance among
taxpayers of BIR 13, which covers Mandaue City, Cebu City North,
Cebu City South, Talisay City, and Tagbilaran City in Bohol.

In the first semester, the tax agency reported a deficit of
17.3% compared with its target. It was originally tasked to
collect PHP16.2 billion in the first six months, but it only
collected PHP13.4 billion.

While BIR 13, according to Mr. Palamine, has been doing some tax
initiatives to increase collection like tax mapping, he
acknowledged that his office is understaffed, Sunstar states.



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


AUSGROUP LTD: Seeks to Extend Debt Maturities
---------------------------------------------
Denise Wee at Bloomberg News reports that Singapore dollar
bondholders, already stung by the first default since 2009, face
more companies struggling to meet the terms of their debt, after
two oil and gas companies sought to extend maturities.

Ausgroup Ltd. and Otto Marine Ltd. are among 10 Singapore-listed
firms that have started a process to loosen bond vows this year,
up from eight in 2015, according to Bloomberg-compiled data. That
includes efforts to extend the maturity of debt and loosen
covenants requiring companies to maintain certain leverage
levels. Oil-related firms face SGD1.4 billion ($1 billion) of
Singapore dollar bonds maturing through 2018, with SGD325 million
due by year end, according to Bloomberg-compiled data.

"We can probably expect more pain this year," Bloomberg quotes
Joel Ng, an analyst at KGI Fraser Securities Pte in Singapore, as
saying. "Cash flow remains tight."

According to Bloomberg, Singapore's bad loan measure rose to
2.25% in 2015, the highest since 2009, as a global economic
slowdown increased the number of firms showing strains. While
crude prices have recovered, energy giants have yet to restart
investments that keep oil services companies in business. Wealthy
investors from the city who piled into higher-yielding debt,
already suffering from PT Trikomsel Oke's default, have limited
options when borrowers seek to loosen covenants, according to
Credit Suisse Private Banking.

"There's no secondary market liquidity in many of these bonds
making it difficult to exit in case you view the exercise
unfavorably " the report quotes Neel Gopalakrishnan, a Singapore-
based analyst at the firm, as saying. "If a company breaches a
covenant, it is technically a default. But seeking accelerated
payment has more uncertainty and probably more downside."

The average credit quality of firms listed on the Singapore
Exchange has deteriorated over the past five years as the ratio
of operating earnings to interest expenses weakened to 2.2 times
from 7.3 times, Bloomberg-compiled data show.

In May, Ausgroup said in a filing that its consolidated total
equity fell below AUD160 million and it was in breach of a
financial covenant and "an event of default" occurred, Bloomberg
recalls. The company's bonds due in October have slumped 23.4%
this year and are trading at 75 cents on the dollar.

The firm's debt-to-equity ratio is 106%, Bloomberg-compiled data
show. The average ratio of 712 Singapore-listed companies has
risen to 43% from 16% five years ago, according to the data.

Ausgroup, which makes wellhead platforms and operates out of
Australia, Singapore and Thailand, is proposing to extend the
maturity of its SGD110 million notes due October 20 by as much as
two years, according to Bloomberg.

Bloomberg reports that Otto Marine, which owns a fleet of vessels
to support oil companies, said in a statement dated July 15 that
a resolution was passed by bondholders to postpone the maturity
of its SGD70 million 7% notes due August 1 to February 1, 2017.
Bloomberg says the company's controlling shareholder is seeking
to delist the company and plans to use a loan extended by RHB
Bank to repay bondholders assuming the delisting is completed.

According to Bloomberg, Bank of Singapore Ltd. said that
companies are being preemptive in seeking to loosen covenants and
that it expects that most companies should be able to survive as
long as oil prices stay stable.

"It's a negative in the sense that leverage is generally going
higher because the economy is slowing here in Singapore but I
don't think it's necessarily a huge indicator of some endemic
stress," Bloomberg quotes Todd Schubert, head of fixed income
research at Bank of Singapore at Oversea-Chinese Banking Corp.'s
private banking unit, as saying.

Some companies have also sought to strike a balance by providing
more security for investors, such as setting aside funds,
Bloomberg states.

"In some consent solicitations, we have seen companies strengthen
the bond structure by incorporating an interest reserve account,
which in our view compensates for the weaker covenants" Credit
Suisse's Gopalakrishnan, as cited by Bloomberg, said.



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


* BOND PRICING: For the Week July 11 to July 15, 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
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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.



                 *** End of Transmission ***