TCRAP_Public/160816.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, August 16, 2016, Vol. 19, No. 161

                            Headlines


A U S T R A L I A

KLEENMAID GROUP: Ex-Director Sentenced to 9 Years Imprisonment
MCALEESE LIMITED: Seeks to Delay Meeting to Approve Rescue Plan
MELBOURNE MEAT: First Creditors' Meeting Set For Aug. 22
SOUTHERN CROSS: First Creditors' Meeting Slated For Aug. 23
TURN KEY: In Liquidation, First Meeting Set For Aug. 22

* AUSTRALIA: ASIC, ATO Raids 13 "Pre-Insolvency" Firms


C H I N A

FANTASIA HOLDINGS: Moody's Retains B2 CFR Over H1 2016 Results
YINGDE GASES: Moody's Retains B1 CFR, Outlook Negative


H O N G  K O N G

HUA HAN: Moody's Puts Ba3 CFR on Review for Downgrade


I N D I A

ADARSH SYNTHETICS: ICRA Suspends B+ Rating on INR10cr Bank Loan
AJINKYA BIG: CRISIL Assigns B+ Rating to INR50MM Term Loan
ANISHA IMPEX: ICRA Suspends B+ Rating on INR10cr Bank Loan
ANNAPURNA TRADING: ICRA Assigns 'B' Rating to INR8.0cr Loan
ANTIQUE ART: ICRA Hikes Rating on INR9.60cr Loan to 'B'

ARCHIT ORGANOSYS: ICRA Reaffirms B+ Rating on INR29.28cr Loan
ARJUN EDUCATIONAL: CRISIL Assigns 'B' Rating to INR55MM Term Loan
ASIATIC ENTERPRISES: CRISIL Reaffirms B Rating on INR20MM Loan
BIMLA MARU: CRISIL Lowers Rating on INR250MM Cash Loan to C
CHHAPRA HAJIPUR: ICRA Assigns 'D' Rating to INR756.99cr Loan

DASHMESH RICE: ICRA Reaffirms 'B' Rating on INR25cr Loan
DHANVRIDHI COMMERCIAL: CRISIL Reaffirms D Rating on INR42.8M Loan
EPICENTER TECHNOLOGIES: ICRA Ups Rating on INR10cr Loan to B+
FINECRETE ECO-BLOCKS: CRISIL Cuts Rating on INR360MM Loan to D
GOURAV SUITINGS: ICRA Suspends B+ Rating on INR8.80cr Loan

GOWTHAMI SPINTEX: ICRA Reaffirms 'B' Rating on INR24.33cr Loan
GRAFFITI LAMINATES: CRISIL Reaffirms B+ Rating on INR121MM Loan
HARI HARA: ICRA Suspends B+/A4 Rating on INR12cr Bank Loan
HOME ZONE: CRISIL Lowers Rating on INR15MM Cash Loan to B+
INDIAN SUCROSE: CRISIL Reaffirms B+ Rating on INR1.5BB Cash Loan

JAGATPAL SINGH: ICRA Assigns B+ Rating to INR0.60cr Cash Loan
KAVERI COTTON: CRISIL Reaffirms 'B' Rating on INR40MM Cash Loan
KERALA ELECTRICAL: CRISIL Reaffirms B Rating on INR173.5MM Loan
KHDT FINANCE: CRISIL Suspends B- Rating on INR120MM LT Loan
KS SOFTNET: ICRA Revises Rating on INR15cr Cash Loan to B-

LEON FOOD: CRISIL Reaffirms B+ Rating on INR70MM Term Loan
M S INFRAENGINEERS: Ind-Ra Assigns 'IND BB' LT Issuer Rating
M.K.R. TRADERS: CRISIL Reaffirms B+ Rating on INR138.5MM Loan
MAHADEV GINNING: ICRA Suspends 'B' Rating on INR7cr Cash Loan
MALABAR HIGHVIEW: CRISIL Assigns B+ Rating to INR50MM Term Loan

NACHIKETA COTTON: ICRA Suspends C+ Rating on INR6.50cr Loan
NATWEST ESTATES: CRISIL Reaffirms B+ Rating on INR135.4MM Loan
NIKHIL FOOTWEAR: CRISIL Cuts Rating on INR500MM Cash Loan to D
NUPUR CARPETS: ICRA Reaffirms B- Rating on INR4.50cr Loan
ORBICULAR PHARMACEUTICAL: CRISIL Rates INR100MM Term Loan 'B+'

P.K. SULPHIKER: CRISIL Reaffirms B Rating on INR80MM Cash Loan
PALNADU INFRASTRUCTURE: CRISIL Cuts Rating on INR103.5M Loan to D
RAGHAV INDUSTRIES: CRISIL Cuts Rating on INR50MM Cash Loan to D
SAGAR INDUSTRIES: ICRA Suspends B+ Rating on INR14.70cr Loan
SANJEEV KUMAR: ICRA Suspends B+/A4 Rating on INR12cr Bank Loan

SANKLECHA CONSTRUCTIONS: CRISIL Reaffirms INR200MM Loan Rating B+
SARAF TEXTILE: CRISIL Assigns B+ Rating to INR16.9MM Term Loan
SARAWAGI AUTOMOBILES: ICRA Reaffirms B Rating on INR7.5cr Loan
SARLA HANDICRAFTS: CRISIL Reaffirms B+ Rating on INR30MM Loan
SHEELU EXPORTS: CRISIL Reaffirms B+ Rating on INR5.0cr Care Loan

SHIVALIK BUILDTECH: CRISIL Assigns B+ Rating to INR80.5MM Loan
SHRI SHANKAR: CRISIL Lowers Rating on INR250MM Term Loan to 'D'
SHRINATH COTTON: ICRA Suspends 'B/A4' Rating on INR6.96cr Loan
SINDHVAI AGRO: CRISIL Assigns B+ Rating to INR180MM Term Loan
SINDU ENTERPRISES: ICRA Suspends B+ Rating on INR6.57cr Loan

SN JYOTI: CRISIL Assigns B+ Rating to INR100MM Cash Loan
SRI DASKSHINA: ICRA Assigns 'B' Rating to INR42cr Fund Based Loan
SRI JAIBALAJI: CRISIL Assigns B+ Rating to INR135MM Cash Loan
SRI SESHASAI: CRISIL Cuts Rating on INR130MM Cash Loan to B+
SWITCHGEARS & STRUCTURALS: CRISIL Reaffirms B+ Cash Loan Rating

VIKAS COTTON: ICRA Reaffirms B+ Rating on INR12cr Cash Loan
VISHNU VIDYUTH: CRISIL Cuts Rating on INR260MM Term Loan to 'D'
YUVIKA SILK: ICRA Assigns B+ Rating to INR5.25cr Cash Loan


S I N G A P O R E

KRISENERGY LTD: Bonds Fall Amid Debt Covenant Stress
SWIBER HOLDINGS: Considering Legal Action Against AMTC


S O U T H  K O R E A

SOUTH KOREAN SHIPBUILDERS: 3 Firms Axed 3,000 Jobs in 2016 H1


X X X X X X X X

* BOND PRICING: For the Week August 8 to August 12, 2016


                            - - - - -


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KLEENMAID GROUP: Ex-Director Sentenced to 9 Years Imprisonment
--------------------------------------------------------------
A former director of one of the Kleenmaid group of companies,
Bradley Wendell Young, was sentenced to nine years imprisonment
last Friday after being found guilty by a District Court jury of
18 offences arising out of the collapse of the national
whitegoods distributor.

Following a trial which lasted for 71 days on Aug. 5, 2016, the
jury found Mr. Young guilty of:

  * one count of fraud by dishonestly gaining loan facilities
    from Westpac Bank in November 2007 totalling AUD13 million;

  * two counts of criminal insolvent trading of debts totalling
    AUD3.5million relating to two additional loan facilities
    from Westpac Bank in July 2008; and

  * 15 counts of criminal insolvent trading of debts totalling
    more than AUD750,000 that were incurred during the period
    October 2008 to April 2009.

The jury found Mr. Young not guilty on one count of criminal
insolvent trading.

Mr. Young was sentenced to nine years imprisonment for the
Westpac fraud and a total of three and a half years imprisonment
for the insolvent trading charges. The court ordered that Mr.
Young's parole date in respect of the fraud be set at Feb. 5,
2021 and for the insolvent trading charges was to be 21 months
later.

At the time the offences were committed, Mr. Young was the
Managing Director of EDIS Service Logistics Pty Ltd, which,
following a corporate restructure in November 2007, was licensed
to import, wholesale and retail Kleenmaid appliances. Prior to
the restructure, EDIS had been the spare parts distributor for
Kleenmaid appliances.

During the trial, the court heard that it was Mr. Young who
proposed the plan whereby EDIS would obtain funding from Westpac
to acquire inventory from Orchard KM Pty Ltd (formerly known as
Kleenmaid Pty Ltd) which was the main trading company in the old
Kleenmaid Group, and that at the time, Mr. Young was aware of the
dramatic loss-making and indebtedness of the Kleenmaid Group. The
Crown's evidence was that Mr. Young, along with fellow director
Gary Collyer Armstrong failed to disclose to Westpac that EDIS
and Orchard KM did not trade at arms-length and concealed the
serious debt position of Orchard KM.

The court also heard that by the time administrators were
appointed to the Kleenmaid group of companies, on April 9, 2009,
Kleenmaid's consolidated debts amounted to approximately $96
million which included $26 million in customer deposits that had
been paid for appliances yet to be delivered and that Kleenmaid's
balance sheet deficit was approximately $83 million.

In passing sentence, Judge Farr said '. . . insolvent trading
. . . can wreak havoc on a business community' and '. . . you
showed a callous disregard for the fortunes of those affected by
your behaviour in risking other people's money in extraordinary
amounts.'

'This is a strong endorsement of ASIC's case, highlighting the
severity with which such behaviour should be viewed and should
send a signal to all directors and companies that we will pursue
them through the courts when they break the law,' ASIC
Commissioner John Price said.

Following a plea of guilty in October 2015, Mr. Armstrong was
sentenced to seven years imprisonment in relation to the
AUD13 million Westpac fraud and the two Westpac criminal
insolvent trading charges. Mr. Armstrong was one of the witnesses
called to give evidence for the prosecution during Mr Young's
trial. Mr. Armstrong will not be eligible for parole until
Feb. 2, 2018.

A date is yet to be set in relation to the trial of the former
Director and founder of Kleenmaid, Andrew Eric Young; Bradley
Young's older brother.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.

                       About Kleenmaid Group

Founded in 1985, Kleenmaid Group -- http://www.kleenmaid.com.au/
-- sells kitchen and laundry appliances.

The Troubled Company Reporter-Asia Pacific reported on April 13,
2009, that Kleenmaid Group has been placed into administration.
The company appointed Deloitte partners John Greig, Richard
Hughes and David Lombe as voluntary administrators.  A TCR-AP
report on May 26, 2009, said the creditors of Kleenmaid Group
voted to wind up the company at a meeting in Brisbane.

The TCR-AP, citing a report posted at news.com.au, said that the
administrators had recommended that Kleenmaid be put into
liquidation, saying the company may have been insolvent as early
as June 2007.  The administrators said Kleenmaid creditors are
owed AUD102 million, which included AUD3 million owed to
Kleenmaid employees.

Liquidators from Deloitte have not yet finished their report on
claims the former Kleenmaid Group may have been trading while
insolvent for up to two years, according to The Sydney Morning
Herald.


MCALEESE LIMITED: Seeks to Delay Meeting to Approve Rescue Plan
---------------------------------------------------------------
Daniel Palmer at The Australian reports that the recapitalization
plan designed to stave off bankruptcy at McAleese Limited is
again under a major cloud as a planned meeting to approve the
deal is forced back.

The Australian relates that McAleese said in its latest update,
it would request shareholder approval on the complicated deal
with Hong Kong debt trader SC Lowy at a meeting through the week
starting on September 19.

According to The Australian, the revised date represents a delay
of three weeks and means approval cannot be achieved before the
current deal deadline of September 9.

"McAleese is no longer able to meet the September 9 date and is
currently negotiating an extension with the SC Lowy consortium to
enable the general meeting to be held in the week commencing 19
September 2016," the report quotes the company as saying.

The Australian says the vote relates to a binding heads of
agreement reached by McAleese that will cancel all existing
senior debt in exchange for AUD112.3 million.

According to the report, the AUD112.3 million is slated to come
through AUD16 million in cash, SC Lowy's acquisition of
McAleese's remaining senior debt of AUD91.3 million and a future
AUD5 million to be paid by McAleese.

The deal was also to involve a AUD26 million capital raising and
a proposed delisting of McAleese from the Australian Stock
Exchange (ASX), just 2 1/2 years after its float, The Australian
relays.

The Australian meanwhile reports that a planned meeting on
August 29 that could see a spill of the board will proceed as
planned.

The report says key shareholder Havenfresh, which owns 14% of
McAleese shares, wants all directors aside from Gilberto Maggiolo
removed, including chairman Don Telford and chief executive Mark
Rowsthorn.

The group has alleged the recapitalisation plan places
"unacceptable coercive pressure" on existing shareholders, says
The Australian.

Havenfresh is in part controlled by Mr. Maggiolo, the report
discloses.

McAleese Limited (ASX:MCS) -- http://www.mcaleese.com.au/news/--
is an Australia-based company, which is engaged in the provision
of heavy haulage and craneage, bulk haulage, liquid fuels
distribution, and transport and logistics services. The Company
operates in four segments: the Heavy Haulage & Lifting division,
which provides heavy haulage and lifting solutions for equipment
required in the construction, operation and maintenance of
resources, energy and infrastructure projects; the Bulk Haulage
division, which provides bulk commodities haulage across off-road
and on-road routes and ancillary onsite services in the mining
sector; the Oil & Gas division, which includes Cootes Transport,
a provider of liquid and gaseous fuel transportation services in
Australia for oil and gas companies and Refuel International,
which designs and manufactures of refueling and handling
equipment, and the Specialised Transport division, which includes
the operations of WA Freight Group, including the movement of
less than truck load freight.


MELBOURNE MEAT: First Creditors' Meeting Set For Aug. 22
--------------------------------------------------------
Glenn Anthony Crisp at Jirsch Sutherland was appointed as
administrator of Melbourne Meat & Food Group Pty Ltd on Aug. 10,
2016.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland, Melbourne, Level 12, 460 Lonsdale Street, in
Melbourne, on Aug. 22, 2016, at 10:30 a.m.


SOUTHERN CROSS: First Creditors' Meeting Slated For Aug. 23
-----------------------------------------------------------
Gavin Moss and James McPherson of Chifley Advisory were appointed
as administrators of Southern Cross Reservoir Services Australia
Pty Ltd, trading as Southern Cross Racing, on Aug. 11, 2016.

A first meeting of the creditors of the Company will be held at
the boardroom of Chifley Advisory, Suite 3.04, Level 3, 39 Martin
Place, in Sydney, on Aug. 23, 2016, at 12:00 p.m.


TURN KEY: In Liquidation, First Meeting Set For Aug. 22
-------------------------------------------------------
Daniel Lopresti and Timothy James Clifton of Clifton Hall were
appointed as administrators of Turn Key Australia Pty Ltd on Aug.
11, 2016.

A meeting of the creditors of the Company will be held at
Clifton Hall, Level 3, 431 King William Street, in Adelaide,
South Australia, on Aug. 22, 2016, at 10:30 a.m.


* AUSTRALIA: ASIC, ATO Raids 13 "Pre-Insolvency" Firms
------------------------------------------------------
SmartCompany reports that the Australian Tax Office and the
Australian Securities and Investments Commission have conducted
raids on 13 businesses and residences across Australia in a bid
to crack down on "pre-insolvency" firms that advise clients on
how to avoid tax.

According to SmartCompany, some 120 ATO officers teamed up with
their ASIC counterparts on August 11 to collect documents and
records from the Melbourne and Gold Coast properties, which are
linked to two advice firms that authorities allege are
encouraging and facilitating tax avoidance, GST evasion, and
"phoenix" activity.

SmartCompany relates that phoenix activity is where an indebted
company is liquidated, only for the assets to be transferred to a
new company under a different name. This relieves the failing
company from having to pay creditors, employee entitlements or
tax.

SmartCompany, citing The Australian, says the ATO and ASIC
believe "pre-insolvency" firms are using public databases in
order to identify struggling companies, and cold-calling them to
offer "pre-insolvency" advice.  The advice offered can relate to
how to "phoenix" the company, which can result in directors
spending time in prison, the report says.

"Unlike registered liquidators these self-proclaimed
'specialists' operate in an unregulated environment. Tax
professionals, liquidators and their professional associations
have said they are also concerned about how the behaviour of a
minority undermines the whole insolvency industry," SmartCompany
quotes ATO deputy commissioner Michael Cranston as saying.

Mr. Cranston is a member of the ATO's new "Phoenix Taskforce",
which will use the information gathered from such raids to "take
further compliance action," and also form better strategies for
targeting the 50 highest risk phoenix operators, SmartCompany
states.

"People involved in illegal phoenix activity need to understand
that our joint enforcement action is working, and that continuing
to engage in this behaviour might just end up with the ATO on
your doorstep," Mr. Cranston, as cited by SmartCompany, said.

ATO and ASIC have not revealed the names of the companies
targeted, but ATO assistant commissioner Ian Read told The
Australian one company had annual sales of AUD2.2 million, yet
only reported AUD100,000, according to SmartCompany. Another
neglected to complete a tax return at all, despite having annual
turnover of AUD1 million.

SmartCompany adds that Mr. Cranston said the raids were a good
way to get results, claiming, "by showing up unannounced we're
able to access records that we might otherwise never have seen."



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FANTASIA HOLDINGS: Moody's Retains B2 CFR Over H1 2016 Results
--------------------------------------------------------------
Moody's Investors Service said Fantasia Holdings Group Co.,
Limited's B2 corporate family rating is not immediately affected
by the lower gross profit margin that the company reported for 1H
2016.

The rating outlook is stable.

"The notable decline in Fantasia's gross profit margin for 1H
2016 was partially mitigated by its stronger revenue
recognition," says Stephanie Lau, a Moody's Assistant Vice
President and Analyst.

Fantasia's adjusted gross profit margin fell to 28% for 1H 2016
from 32% in 1H 2015 because it registered a higher proportion of
property management service revenue under a lump sum basis, which
had a lower margin when compared to property management service
revenues on a commission basis.

Compressed gross margins and higher administrative expenses
following the merger with Morning Star in December 2015 led to a
reduction in its adjusted EBIT margin to 26% for 1H 2016 compared
to 36% in 1H 2015.

On the other hand, Fantasia's revenue in 1H 2016 reached
RMB5.4 billion, representing a 48% growth versus its revenue in
1H 2015.  The growth was driven by an increase in the gross floor
area (GFA) delivered for its developed properties, and an
increase in GFA under management.

As a result, its adjusted EBIT/interest coverage for the 12
months to June 30, 2016, weakened slightly to 1.8x from 1.9x in
2015.

"We expect that Fantasia's adjusted debt will increase from the
level seen in 1H 2016, taking into account the acquisition of
Wanda Property Management, which was announced in August 2016,"
adds Lau.

Adjusted debt increased by around 7% to RMB16.7 billion at
June 30, 2016, from the level seen at end-2015.  The higher debt
was offset by a higher revenue growth rate, which resulted in an
improvement in its revenue/adjusted debt for the 12 months to 30
June 2016 to 59% from 52% at end-2015.

Moody's expects that Fantasia's adjusted EBIT/interest and
revenue/adjusted debt will register around 1.7x-1.8x and 53%-56%
over the next 12-18 months.  Such results are appropriate for its
B2 rating.

Fantasia's liquidity ratio of 397% is strong, as shown by its
RMB4.6 billion in cash on hand at end-June 2016 - excluding
Colour Life Services Group Co., Limited's (unrated) cash on hand
of RMB845 million versus RMB1.2 billion in short-term debt in the
same period.

Moody's notes that Fantasia's issuance of RMB600 million in
offshore bonds in April 2016 improved its liquidity profile, and
extended its debt maturity profile.

During the seven months between January and July 2016, Fantasia's
contracted sales totaled RMB7.7 billion, representing 64% of its
full year target.  The company is therefore on track to achieving
its full year sales target of RMB12 billion for 2016.

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

Fantasia Holdings Group Co., Limited is a property developer
established in 1996.  It listed on the Hong Kong Stock Exchange
in November 2009.

At end-June 2016, its land bank totaled 16.8 million square
meters in planned gross floor area, including lots under
framework agreements, mainly in the Chengdu-Chongqing Economic
Zone and the Pearl River Delta.


YINGDE GASES: Moody's Retains B1 CFR, Outlook Negative
------------------------------------------------------
Moody's Investors Service said Yingde Gases Group Company
Limited's 1H 2016 results will not affect its B1 corporate family
rating and the B2 senior unsecured rating on the bonds issued by
Yingde Gases Investment Limited and guaranteed by Yingde Gases.

The ratings outlook is negative.

"While Yingde Gases' operating cash flow improved year-on-year in
the first half of 2016 despite a challenging operating
environment, its liquidity remains weak," says Gerwin Ho, a
Moody's Vice President and Senior Analyst.

Yindge Gases' revenue grew 9% year-on-year to RMB4.1 billion, as
growth in its on-site gas operations and construction and
operating services revenues offset the decline in merchant gas
operation revenues.  The growth in its on-site gas operations
reflected the contributions from four additional production
facilities versus the same period in 2015.

The company's 1H 2016 results also include contributions to be
recovered from its Pingshan factory that services Hebei Jingye
Steel and Iron Company Limited (unrated).  Hebei Jingye occupied
and controlled the operating rights of the Pingshan factory
without Yingde Gases' consent on Dec. 2,2015.  On July 22, Hebei
Jingye returned the Pingshan factory's operating rights to Yingde
Gases and has since paid Yingde Gases amounts due totaling
RMB150 million.  Yingde Gases has resumed operating the Pingshan
factory and expects to recoup outstanding revenues due from Hebei
Jingyue.

Despite a contraction in its gross margin to 30.7% in 1H 2016
from 32.2% in 2015, Moody's estimates Yingde Gases' EBITDA margin
for the 12 months to June 30, remained robust at about 32.6%
versus 33.9% in 2015, reflecting the effectiveness of its
operating cost controls.

Yingde Gases' adjusted debt/EBITDA for the 12 months to June 30,
rose to 3.9x from 3.8x at end-2015.  Moody's expects the
company's EBITDA to rise moderately in the next 12-18 months.
Capital expenditure is expected to reach about RMB1.2-1.3 billion
in 2016, and will be funded by both operating cash flow and debt.
As a result, Moody's expects adjusted debt/EBITDA to reach 3.8x-
4.0x in the next 12 to 18 months.  This level of debt leverage
supports the company's current rating.

The company's liquidity position remains weak, however.  As of
end-June 2016, its cash and pledged deposits covered 56% of
short-term debt including finance leases, stable from 55% at end-
2015. Moody's expects the company to increase its debt to fund
the part of the dividends and capital expenditures not covered by
operating cash flow.

While Yindge Gases' trade and bills receivable days fell to about
89 days for the 12 months to June 30, from 95 day in 2015, it
remains elevated relative to the average of 64 days during 2011
to 2015, reflecting the challenging operating environment for its
customers.

The negative outlook reflects Moody's expectation that the
company's financial profile will remain under pressure from the
weak operating environment for its customers in the steel and
chemical industries.

The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.

Yingde Gases Group Company Limited is one of the largest players
in the independent onsite industrial gas market in China, with
RMB7.9 billion in revenues in 2015.  As of end-June 2016, it had
a total of 69 gas production facilities in operation and another
11 under development.  Onsite gas production accounted for about
87% of Yingde Gases' revenues in 2015, with the remainder from
merchant sales and services.



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HUA HAN: Moody's Puts Ba3 CFR on Review for Downgrade
-----------------------------------------------------
Moody's Investors Service has placed Hua Han Health Industry
Holdings Limited's Ba3 corporate family and senior unsecured bond
ratings on review for downgrade.

The action follows the suspension of trading on Hua Han's shares
on Aug. 11, 2016, and allegations of irregularities in its
reported financial statements, in a report published by Emerson
Analytics.

                      RATINGS RATIONALE

"The suspension of trading on Hua Han's shares could potentially
stress the company's liquidity position, because any prolonged
suspension could accelerate the company's repayments under its
convertible bonds," says Gloria Tsuen, a Moody's Vice President
and Senior Analyst.

"Furthermore, the allegations from Emerson Analytics could delay
the completion and filing of Hua Han's FY2016 financial
statements, which could in turn trigger a further suspension of
share trading," says Tsuen, who is also the Lead Analyst for Hua
Han.

The company has HKD620 million in convertible bonds due in 2018.
A suspension of the company's shares for more than a certain
number of trading days can trigger an event of default.

In addition, if the company cannot meet an accelerated repayment
of its convertible bonds as demanded, such a situation will also
trigger the cross default and potential accelerated repayment of
the USD150 million in senior notes issued in June 2016.

Moody's expects that Hua Han will announce its audited annual
results for the fiscal year ended 30 June 2016 by end-September
2016.  But the allegations made in the Emerson Analytics report
could cause Hua Han's external auditors to increase their scope
and depth of review, which could in turn cause a delay in the
completion of the audit and in the certification of the full year
financial statements.

Moody's review will focus on: (1) when the company can resume
trading of its shares; (2) Hua Han's response in relation to the
allegations of irregularities in its financial reporting; (3) the
timing of the release of the company's FY2016 audited annual
results; and (4) the operational and financial impacts of these
events.

The principal methodology used in these ratings was Global
Pharmaceutical Industry published in December 2012.

Listed on the Hong Kong Stock Exchange in 2002, Hua Han Health
Industry Holdings Limited manufactures and distributes
traditional Chinese medicines and bio-pharmaceutical medicines,
and provides hospital services in China.  Revenue in the 12
months to Dec. 31, 2015, totaled HKD1.8 billion.



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ADARSH SYNTHETICS: ICRA Suspends B+ Rating on INR10cr Bank Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating for the INR10.00 crore
bank facilities of Adarsh Synthetics Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


AJINKYA BIG: CRISIL Assigns B+ Rating to INR50MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Ajinkya Big Bazar (ABB).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              40       CRISIL B+/Stable
   Proposed Term Loan       50       CRISIL B+/Stable

The ratings reflect a small scale of operations in the intensely
competitive retail trading business, a weak financial risk
profile because of a leveraged capital structure, and substantial
working capital requirement. These weaknesses are partially
offset by an established market position in Baramati, Pune
district, Maharashtra, and established relationship with
suppliers and customers backed by an experienced management.
Outlook: Stable

CRISIL believes ABB will continue to benefit over the medium term
from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' in case of significant
improvement in scale of operations and profitability leading to
higher cash accrual, or significant fund infusion by partners
resulting in a better capital structure. The outlook may be
revised to 'Negative' in case of deterioration in the financial
risk profile, particularly liquidity, because of lower-than-
expected cash accrual, stretched working capital requirement, or
any large, debt-funded capital expenditure or capital withdrawal
by partners.

Established in 1996 by Mr. Avinash Gandhi and family, ABB is a
partnership firm with a departmental store in Baramati.


ANISHA IMPEX: ICRA Suspends B+ Rating on INR10cr Bank Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating for the INR10.00 crore
bank facilities of Anisha Impex Limited'. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


ANNAPURNA TRADING: ICRA Assigns 'B' Rating to INR8.0cr Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR8.00
crore cash credit facility and a long-term rating of [ICRA]B and
a short-term rating of [ICRA]A4 to the INR2.00 crore cash credit
against pledge of warehouse receipt fund-based facility of
Annapurna Trading Company.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Union Bank of India-
   Cash Credit Limit         8.00       [ICRA]B assigned

   Union Bank of India-
   Cash Credit against
   pledge of Warehouse
   Receipt Limit             2.00       [ICRA]B/[ICRA]A4 assigned

The assigned ratings of Annapurna take into account its modest
scale of operations with minimal revenue growth recorded in
FY2016 along with the thin profitability due to limited value-
added trading nature of business and limited pricing flexibility
from presence in the fragmented industry with presence of
numerous unorganized players. The capital structure of the firm
is leveraged, nevertheless, about 40% of debt comprises bank loan
by pledging warehouse receipts taken against the inventory held
in business and about 38% of debt is constituted by unsecured
loans provided by friends and family. The firm is also exposed to
risks inherent in a proprietorship entity namely limited ability
to raise capital and risk of withdrawal of capital. The ratings
also take into account the susceptibility to price fluctuations
as the traded products are agro-commodities and its exposure to
agro-climatic risks which could affect the availability, quality
and pricing of the major trading products. The ratings, however,
favourably factor in the experience of proprietor in the agro-
products trading industry and presence of group entities in the
same/allied line of business which has facilitated established
relations on the customer as well as suppliers front.
In the near term, ICRA expects the ability of the firm to scale
up operations to be contingent on the performance of the domestic
agriculture sector. Supply side risks are likely to pertain in
light of stock limits regulated by the Government. Given the
enhancement in the bank limits, the ability to moderate the
capital structure may warrant additional capital infusion by the
proprietor which will also help in improving profitability by
limiting interest payouts.

Established in 2011 and promoted by Mr. Riteshkumar Singh,
Annapurna Trading Co. (Annapurna or the firm) is a proprietorship
entity engaged in trading agro-commodities namely; maize, cotton
seed cake, wheat, rice and paddy. Based out of Nagpur, the entity
sources the trading products from western and northern India
which are sold to traders, cattle feed and poultry feed factories
and starch factories based out of Maharashtra and Chhattisgarh.
The business operations are managed by Mr. Riteshkumar Singh and
Mr. Rakesh Upendra Singh having ~7 years experience in the agro-
products trading and poultry industry. Annapurna has three other
group entities based out of Nagpur, Maharashtra. The company's
sister concern; Maa Gauri Poultry Private Limited is a family
managed company incorporated in 2006 and is engaged in the
production of table eggs and operates 16 sheds on a 28 acre land
and has a capacity of around 1.50 lakh layers. It is also engaged
in trading wheat, rice, paddy, animal and poultry feed.
Incorporated in 2001, Shree Jagdamba Poultry Pvt. Ltd. (SJP)
promoted by Mr. Rakesh Singh, brother of Mr. Riteshkumar Singh is
also a family managed business engaged in the trading maize,
wheat, rice and soya products. The company also operates 6 sheds
on a 5 acre land and has a capacity of around 0.66 lakh layers.
Jagdamba Warehouse, also a family managed firm, meets part of the
storage requirements of its group.

Recent results

Annapurna recorded a net profit of INR0.36 crore on an operating
income of INR49.66 crore for the year ending March 31, 2016
(provisional).


ANTIQUE ART: ICRA Hikes Rating on INR9.60cr Loan to 'B'
-------------------------------------------------------
ICRA has upgraded its long-term rating to [ICRA]B from [ICRA]B-
on the INR9.60-crore fund-based facilities of Antique Art Exports
Private Limited. ICRA has reaffirmed its short-term rating of
[ICRA]A4 on the INR6.00-crore fund-based bank facilities of AAE.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund-Based Limits
   Packing Credit           9.60       [ICRA]B; revised from
                                       [ICRA]B-

   FDDBP/FDUBD              6.00       [ICRA]A4; reaffirmed

ICRA's rating upgrade takes into account the strong growth
registered by the company in the past three years along with the
continuous improvement in the working capital intensity of
operations on account of reduced inventory days.

However, ICRA's ratings continue to be constrained by the modest
scale of operations of the company on account of subdued market
demand and intense competition. The rating also factors in the
high working capital intensity of operations on account of high
receivable and inventory days, which has led to a stressed
liquidity position. ICRA also takes note of the firm's thin
margins and its weak financial profile marked by a highly
leveraged capital structure and weak coverage indicators.
Moreover, the firm's profitability margins remain exposed to
adverse fluctuations in foreign exchange rates and volatility in
raw material prices. The ratings, however, derive support from
the extensive experience of the partners, the firm's well
established clientele and favourable Government policies.
Going forward, the firm's ability to ramp-up its scale of
operations in a profitable manner and improve its capital
structure by efficiently managing the working capital
requirements will be the key rating sensitivities.

Incorporated in 1990 by Mr. Ashok Jain and his family, AAE is an
export house, which manufactures and exports a wide range of
hand-tufted and hand knotted carpets, shaggy rugs and other floor
coverings. AAE has in-house manufacturing facilities for the
production of hand-tufted carpets and durries at Panipat, Haryana
and primarily exports to Europe and the US.

Recent Results

AAE reported a net profit of INR0.21 crore on an operating income
of INR30.20 crore in FY2015, as against a net profit of INR0.07
crore on an operating income of INR19.36 crore in FY2014. The
firm, on a provisional basis, reported an operating income of
INR34.54 crore in FY2016.


ARCHIT ORGANOSYS: ICRA Reaffirms B+ Rating on INR29.28cr Loan
-------------------------------------------------------------
ICRA has reaffirmed/assigned the rating of [ICRA]B+ to the
INR36.78 crore long term fund based facilities and to the INR0.85
crore unallocated limit of Archit Organosys Limited. ICRA has
also reaffirmed/assigned the short term rating of [ICRA]A4 to the
INR12.75 crore short term fund-based/non-fund based facilities of
AOL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             7.50       [ICRA]B+ reaffirmed
   Term Loan              29.28       [ICRA]B+ reaffirmed
   Unallocated Limit       0.85       [ICRA]B+ assigned
   FDBP/FUDBP              8.00       [ICRA]A4 reaffirmed
   Letter of Credit        4.00       [ICRA]A4 reaffirmed
   Letter of Guarantee     0.75       [ICRA]A4 assigned

The reaffirmation/assignment of the ratings takes into account
the large size of the ongoing capital expenditure programme for
setting up a new plant as compared to the current balance sheet
size exposes the company to project execution risks and is also
likely to result in moderation of the return and debt coverage
indicators in the near term. The ratings also remain constrained
by the company's relatively moderate size of current operations
in the chemical industry with stagnancy in the operating income
with the plant operating at full utilization levels; though the
setting up of the new plant is however expected to aid in scaling
up of operations, going forward. Further, the ratings continue to
factor in the vulnerability of the company's profitability to raw
material price fluctuations as well as to fluctuations in the
foreign currency exchange rate given the high proportion of
exports of total manufacturing sales, though the latter risk is
partly mitigated owing to hedging undertaken by booking of
forward contracts. ICRA has also taken a note of the contingent
liability of the company related to forex losses on matured
derivative contracts incurred in FY 2009 and interest thereon
aggregating to INR1.47 crore as on 31st March 2016 (11% of
Tangible net worth as on 31st March 2016); while the matter is
currently under litigation, any unfavorable developments on the
matter may impair the financial profile of the company and
constitutes an event based risk.

The reaffirmation/assignment of ratings, however, favourably
factor in the improvement in the capital structure backed by the
improved net worth base. Further, the ratings continue to
favourably factor in the longstanding experience of the promoters
in the chemical industry; the company's diversified revenue
channels in the form of manufactured and trading sales and its
diversified customer base.

Archit Organosys Limited (formerly Shri Chlochem Limited) was
incorporated in 1989 for the production of organic intermediates
viz. Mono Chloro Acetic Acid (MCAA) and Sodium Mono Chloro
Acetate (SMCA). The company's manufacturing unit is located at
Naroda GIDC, Ahmedabad in Gujarat with a production capacity of
6000 metric tonne per annum (MTPA) of Mono Chloro Acetic Acid
(MCAA). The company is currently setting up a new unit at
Bhavnagar, Gujarat which will enable it to manufacture additional
12,000 MTPA of MCAA as well as venture into manufacture of higher
value added Chloroacetyl Chloride (CAC) with an installed
capacity of 3000 MTPA. The company sells its chemical products
both in the domestic and international markets. The company is
also involved in trading of organic and specialty chemicals
namely Ethyl Acetate, Acetic Anhydride, Toluene etc.


ARJUN EDUCATIONAL: CRISIL Assigns 'B' Rating to INR55MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Arjun Educational Trust (AET).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      40        CRISIL B/Stable
   Cash Term Loan          55        CRISIL B/Stable
   Overdraft Facility       5        CRISIL B/Stable

The rating reflects a limited track record in the education
sector, concentration of revenue in a single educational
institution, and exposure to intense competition. These
weaknesses are partially offset by a comfortable operating
surplus margin, moderate financial risk profile, and need-based
financial support from trustees.

Outlook: Stable

CRISIL believes AET will continue to benefit over the medium term
from support from the trustees. The outlook may be revised to
'Positive' in case of significant increase in fee income and
stable surplus, leading to sustained improvement in cash accrual
and capital structure. The outlook may be revised to 'Negative'
in case of larger-than-expected debt-funded capital expenditure,
or if any regulatory change results in significant decline in
student intake or cash accrual.

AET, set up in 2011, manages Arjun College of Technology in
Coimbatore, Tamil Nadu. The institution offers courses in the
engineering stream. The trust is managed by its chairman, Mr.
Suriyanarayanan.


ASIATIC ENTERPRISES: CRISIL Reaffirms B Rating on INR20MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Asiatic Enterprises
(AE) continue to reflect the firm's modest scale of, and working
capital-intensive, operations and weak financial risk profile
marked by high total outside liabilities to tangible net worth
ratio. These rating weaknesses are partially offset by the
extensive experience of AE's partners in the timber trading
industry.

                       Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B/Stable (Reaffirmed)
   Letter of Credit        80        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes AE will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if significant and sustained increase in
scale of operations and improvement in working capital management
leads to improvement in financial risk profile. Conversely, the
outlook may be revised to 'Negative' if cash accrual declines
because of lower-than-expected revenue or operating margin, or
large debt-funded capital expenditure or deterioration in working
capital management, results in weakening of financial risk
profile especially the liquidity.

Set up in 1972 as a partnership firm by Mr. T G Venkatraman with
his four brothers, AE processes and trades in timber such as
teak, padauk, and sandalwood.


BIMLA MARU: CRISIL Lowers Rating on INR250MM Cash Loan to C
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Bimla Maru Fashions Private Limited (BMFPL) to 'CRISIL C/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             250       CRISIL C (Downgraded
                                     from 'CRISIL BB-/Stable')

   Letter of Credit        140       CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

   Proposed Long Term       12.5     CRISIL C (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

The rating downgrade reflects delays in repayment of business
loans (not rated by CRISIL). The delays have been caused by weak
liquidity, reflected in frequently over-utilised bank limits.

The ratings also reflect a small scale of operations in the
fragmented readymade garments industry and a below-average
financial risk profile because of a high total outside
liabilities to tangible networth ratio and weak debt protection
metrics. These weaknesses are partially offset by the extensive
industry experience of the company's promoters.

BMFPL was incorporated in 1999. The company trades in garments
and upholstery fabric; it imports fabric, primarily from China,
and markets this in India. The company also manufactures trousers
in-house. It has an in-house design department that provides
design specifications to weavers. BMFPL has a garment
manufacturing facility in Noida, Uttar Pradesh. The company has
set up an office in Bangladesh to coordinate the import of fabric
from China, for re-export (in the form of garments) to India.


CHHAPRA HAJIPUR: ICRA Assigns 'D' Rating to INR756.99cr Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to the INR756.99
crore (enhanced from 585.00) term loan facilities of Chhapra
Hajipur Expressways Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term loans             756.99        [ICRA]D; assigned

The rating remains constrained by the continued delays in
servicing CHEL's term loan obligations. Owing to delays in
securing RoW by the authority, CHEL was granted extension of
timeline for completion of project till March, 2017 as against
scheduled COD of July, 2013. As on June 2016, 51.7 km of RoW has
been handed over to CHEL and 15 km is yet to be handed over. CHEL
achieved financial progress of 75.63% of initial project cost
which corresponds to 68.05% in terms of physical progress.
Further, there has been cost escalation which is estimated at
INR369 crore (45% of initial project cost); of this, INR260 crore
is required for completion of 51.7 km stretch (75% of total
stretch) in order to achieve provisional completion certificate.
The financial closure has been achieved to the extent of INR260
crore (Rs. 171.99 crore of additional debt sanction is in place
and remaining INR88 crore is to be infused by promoters). Another
INR109 crore is required for completion of balance 15 km stretch
which is yet to be handed over. The total project cost is now
revised to INR1181.50 crore as against initial estimates of
INR812.50 crore. The rating continues to take into account the
implementation risks, pending land acquisition and susceptibility
to adverse movement of the interest rates.

The rating also factors in the operational strength of the
promoter (MPL), who is also the Engineering, Procurement and
Construction (EPC) contractor, fixed-price EPC contract; absence
of traffic risk and low revenue risk due to annuity nature of the
project. ICRA notes that CHEL has been selected by NHAI for one
time fund infusion. NHAI is expected to infuse INR175 crore under
this scheme and would have the first charge on annuities post
project completion. NHAI is expected to pay compensatory
annuities equivalent to last four semi-annuities once CHEL
attains provisional completion certificate. These annuities will
be used to repay the funds infused by NHAI and interest accrued
thereon.

Going forward, CHEL's ability to service its debt obligations in
a timely manner will be the key rating sensitivity. Further,
achieving provisional completion, the acquisition of the
remaining right of way will be the other rating sensitivities.

Chhapra-Hajipur Expressways Limited (CHEL) has been incorporated
as a special purpose vehicle promoted by Madhucon Infra Limited
(MIL) and Madhucon Projects Limited (MPL) to undertake the
implementation of four- laning of Chhapra to Hajipur section of
NH-19 from km 143.200 to km 207.200 in the state of Bihar under
NHDP Phase III on Design, Build, Finance, Operate, Transfer
(DBFOT) Annuity basis. The total project cost has been revised to
INR1181.50 crore as against initial estimates of INR812.50 crore.
The total concession period is 15 years including the
construction period of 2.5 years. CHEL will receive a fixed
annuity payment of INR65.43 crores semi-annually for a period of
12.5 years. As on June, 2016, around INR613 crore of debt has
been drawn and promoters' have infused INR271 crore.


DASHMESH RICE: ICRA Reaffirms 'B' Rating on INR25cr Loan
--------------------------------------------------------
ICRA has re-affirmed the [ICRA]B rating for INR25 crore fund-
based bank facilities of Dashmesh Rice Mills.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-Based Limits         25         [ICRA]B (re-affirmed)

ICRA's rating reaffirmation factors in healthy growth in
operating income in FY 2016; although it was accompanied by
decline in net cash accruals and decline in interest coverage
ratio. The rating continues to factor in DRM's presence in a
highly competitive industry, its weak profitability metrics, high
gearing level, and weak debt protection indicators. The rating is
also constrained by its stretched liquidity position, as
reflected by the consistently high working capital limits
utilisation, arising out of high inventory holding period as well
as risks inherent in a partnership firm like limited ability to
raise equity capital, risk of dissolution due to
death/retirement/insolvency of partners etc.

However, the ratings favourably factor in DRM's experienced
promoters with a long track record in its involvement in the rice
milling industry.

Dashmesh Rice Mills is a partnership firm promoted by Mr. Raman
Sidana and his family members, primarily involved in milling of
basmati rice. The firm also converts semi-processed rice into
parboiled basmati rice. DRM's milling unit is based out of
Jalalabad, District in Punjab's Ferozpur, in close proximity to
the local grain market.

Recent Results

During the fiscal 2015-16, the firm reported a profit after tax
(PAT) of INR0.17 crore on an operating income of INR81.70 crore
as against a PAT of INR0.16 crore on an operating income of
INR65.19 crore in 2014-15.


DHANVRIDHI COMMERCIAL: CRISIL Reaffirms D Rating on INR42.8M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dhanvridhi Commercial
Private Limited (DCPL) continue to reflect delays in servicing of
its maturing debt, on account of weak liquidity and large working
capital requirement.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         22.6       CRISIL D (Reaffirmed)

   Cash Credit            38.8       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     40.8       CRISIL D (Reaffirmed)

   Term Loan              42.8       CRISIL D (Reaffirmed)

DCPL's scale of operations remains modest. Financial risk profile
is below average marked by modest net worth, high gearing and
subdued debt protection metrics. However, the company benefits
from the promoters' extensive industry experience.

DCPL was incorporated by the Tantia family in Kolkata in 2005.
Till 2012, the company traded in materials used in manufacture of
railway wagons/components. It now manufactures railway wagons
through Besco Ltd (foundry division).


EPICENTER TECHNOLOGIES: ICRA Ups Rating on INR10cr Loan to B+
-------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR10.001
crore cash credit limit of Epicenter Technologies Private Limited
to [ICRA]B+ from [ICRA]B. Further, ICRA has also reaffirmed the
short term rating of [ICRA]A4 assigned to the INR4.25 crore short
term non-fund based limits of ETPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             10.00       [ICRA]B+; upgraded
                                       from [ICRA]B

   Letter of Credit/
   Bank Guarantee           2.25       [ICRA]A4 reaffirmed

   Loan Equivalent Risk     2.00       [ICRA]A4 reaffirmed

Rating Rationale

The revision in the long-term rating factors in the healthy
performance of ETPL in FY2016 marked by improvement in the
operating income as well as profitability, on the back of
expanded clientele base and diversification into newer value
added service offerings; and the consistent financial support
provided by the promoter group over the years.

The ratings, however, continue to remain constrained by ETPL's
adverse capital structure as indicated by its negative net worth;
relatively small scale of operations; high geographical
concentration of business; high dependence on a single client for
revenue generation; and competitive pressures from other
organized as well as unorganized players. The ratings also take
into account ETPL's exposure to risks of bad debts pertaining to
long overdue receivables from some of its clients, and risks
arising from forex exposure wherein significant receivables are
denominated in foreign currency.

Epicenter Technologies Private Limited (ETPL), set up in the year
2000, is a voice based BPO company providing collection services,
and query support and sales. The company operates out of a 750
seat facility at Bhayander, Thane and currently has an employee
base of about 1400. ETPL is a joint venture between Pune based
Kalyani Group, Mr. Kenneth Eldred (Chairman of Ariba Group, USA)
and Seignior Exports Private Limited.

Recent Results

For the financial year ended March 31, 2016, the company reported
an operating income of INR50.00 crore and profit after tax of
INR4.05 crore as against an operating income of INR41.80 crore
and profit after tax of INR0.10 crore for the financial year
2014-15.


FINECRETE ECO-BLOCKS: CRISIL Cuts Rating on INR360MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of
Finecrete Eco-Blocks Private Limited (Finecrete) to 'CRISIL D'
from 'CRISIL B+/Stable'. The rating downgrade reflects instances
of delay in servicing interest on the term loan facilities; the
delays have been caused by the company's weak liquidity and large
working capital requirement.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               360       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The rating continues to reflect the company's modest scale and
early stage of operations and presence in the cyclical real
estate industry. The rating weaknesses are partially offset by
the promoter's extensive entrepreneurial experience.

Finecrete, incorporated in July 2013, has set up a manufacturing
unit of autoclaved aerated concrete (AAC) blocks, or fly ash
bricks. The company's facility is at Panipat, Haryana.


GOURAV SUITINGS: ICRA Suspends B+ Rating on INR8.80cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating for the INR8.80 crore bank
facilities of 'Gourav Suitings Limited'. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


GOWTHAMI SPINTEX: ICRA Reaffirms 'B' Rating on INR24.33cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR24.33 crore (revised from INR27.95 crore) fund based limit
of Gowthami Spintex (India) limited. ICRA has also reaffirmed the
short term rating of [ICRA]A4 assigned to the INR1.00 crore non-
fund based limits and INR8.67 crore (revised from INR5.05 crore)
unallocated limits of GSL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund
   Based Limits            24.33      [ICRA]B; reaffirmed

   Short Term Non-
   Fund Based Limits        1.00      [ICRA]A4; reaffirmed

   Short Term Unallocated
   Limits                   8.67      [ICRA]A4; reaffirmed

The re-affirmation of ratings take into account the small scale
of GSL's operations in highly fragmented and competitive spinning
industry which restricts the ability of the company to pass on
hike in input costs, and the susceptibility of revenue growth and
profitability to fluctuations in cotton and yarn prices and
regulatory risks. In FY2016, the company witnessed de-growth in
revenues and significant decline in operating margins on account
of decline in realizations and volatility in raw material prices
during the last 18 months. The ratings are also constrained by
weak financial profile with high gearing of 6.58 times as on
March 31, 2016 and stretched coverage indicators as indicated in
interest coverage of 1.35 times, NCA/TD of 5.00%, and DSCR of
0.72 times; however, term loan repayments have been supported by
infusion of unsecured loans. The ratings however, positively
factor in the long track record and active involvement of
promoters in the spinning industry and favorable location of
plant near West Godavari district of Andhra Pradesh providing
easy access to raw material. The ratings also take into account
interest and power subsidy received by GSL providing some comfort
in its operations.

Going forward, increase in scale of operations with stability in
margins and improvement in financial structure will be the key
rating sensitivities.

Gowthami Spintex (India) Limited (GSL) is a public limited
company and is primarily into spinning with a total manufacturing
capacity of 14400 spindles. GSL commenced its operations in
September 2011 and is based out of Tanuku in West Godavari
District of Andhra Pradesh. GSL manufactures cotton combed and
carded yarn with counts ranging from 30's to 54's. However, 40's
count is mainly manufactured by the company. GSL is part of
Gowthami group of companies and is promoted by Mr. B Subba Rao
and his family members.

Recent Results

As per audited financials for FY15, GSL reported an operating
income of INR45.51 crore with profit after tax of INR0.14 crore
and INR40.65 crore of operating income with profit before tax of
INR0.38 crore for FY16 (unaudited and provisional).


GRAFFITI LAMINATES: CRISIL Reaffirms B+ Rating on INR121MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Graffiti
Laminates Private Limited (GLPL) continues to reflect the
company's initial phase of operations in the intensely
competitive building materials industry, and its leveraged
capital structure. These weaknesses are partially offset by its
promoters' extensive industry experience.

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

   Proposed Long Term
   Bank Loan Facility     121       CRISIL B+/Stable (Reaffirmed)

   Term Loan               49       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes GLPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if the company's cash accrual increases on account
of significant revenue growth. The outlook may be revised to
'Negative' if its financial risk profile, including liquidity,
weakens because of lower cash accrual, or stretch in its working
capital cycle, or debt-funded capital expenditure.

GLPL, incorporated in 2013 and based in Morbi, Gujarat, is
promoted by Mr. Kevinkumar Arvind Bhuva, Mr. Raj Girish Khant,
and Mr. Sanjay Govind Vachchani. It started commercial production
of laminates in April 2014.


HARI HARA: ICRA Suspends B+/A4 Rating on INR12cr Bank Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ and short
term rating of [ICRA]A4 assigned to INR12.00 crore1 bank line of
credit of Hari Hara Traders. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

Hari Hara Traders (HHT), setup in July 2012 is engaged in trading
of steel and allied products such as Mild Steel (MS) Ingots,
Billets, MS Bars, MS Angles, MS Flats, Scrap, Sponge Iron etc.
The sizes range from 8mm to 25mm. The firm was promoted by Mr.
Ravi Kiran (Managing Partner) and Mr. D.Venu (Partner). Although,
the operations of the firm commenced in October 2012, the
promoters have been engaged in similar business for a decade.

The firm is located in Vishakapatnam, Andhra Pradesh from where
the marketing and finance operations are undertaken. The
warehouse facility is located in Paravada Mandal, Vishakapatnam
in Andhra Pradesh with a storage capacity of 5000-7000MT, which
is around 1-2 months inventory of materials. The firm sources its
material requirements domestically from various manufactures and
traders such as Sri Gangadhara steels ltd, Sree Ramakrishna
alloys ltd, Steel Exchange India Limited etc. The firm has a MOU
with Steel Exchange India ltd and Narayani steels pvt ltd for
supply of certain minimum quantity of material.


HOME ZONE: CRISIL Lowers Rating on INR15MM Cash Loan to B+
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Home Zone Metals Private Limited (HZMPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              15       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Foreign Exchange          2       CRISIL A4 (Downgraded from
   Forward                           'CRISIL A4+')

   Letter of Credit         55       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Cash Credit     10       CRISIL B+/Stable (Downgraded
   Limit                             from 'CRISIL BB-/Stable')

   Proposed Letter of       20       CRISIL A4 (Downgraded from
   Credit                            'CRISIL A4+')

   Term Loan                 6.2     CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects the elongated working capital cycle
leading to stretched liquidity. The company has high working
capital requirements as reflected in high gross current assets of
150 days as on March 31, 2016. The company provides credit of up
to 90 days, however debtors get stretched to about 100-110 days.
Also, the company had inventory of 1-2 months. Moreover, the
company's inventory requirement increases during its peak season
mainly September to January, owing to which the company has
availed ad-hoc facilities in these months.

The ratings continues to reflect the modest scale of and working-
capital-intensive operations in the highly fragmented stainless
steel industry, the company's small net worth, and susceptibility
of its profitability to volatility in raw material prices. These
rating weaknesses are partially offset by HZMPL's extensive
experience of HZMPL's promoters in the stainless steel utensils
industry. The ratings also factor in the company's moderate
capital structure and the funding support it receives from its
promoters.

Outlook: Stable

CRISIL believes that HZMPL will continue to benefit from its
promoters' extensive industry experience over the medium term.
The outlook may be revised to 'Positive' if the company reports a
significant improvement in its revenue and profitability, leading
to sizable cash accruals, while it maintains its moderate capital
structure. Conversely, the outlook may be revised to 'Negative'
in case of weakening of HZMPL's financial risk profile,
particularly its liquidity, on account of low cash accruals or a
stretch in its working capital cycle or any larger-than-expected
large debt-funded capital expenditure.

Incorporated in June 2012, HZMPL manufactures and trades in
stainless steel coils and mainly caters to utensil manufacturers.
The company, which commenced operations in January 2013, is
promoted by Mr. Ramesh Agrawal and his son Mr. Jitendra Agrawal.


INDIAN SUCROSE: CRISIL Reaffirms B+ Rating on INR1.5BB Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Indian Sucrose
Limited (ISL) continues to reflect the company's subdued
financial risk profile because of high gearing and weak debt
protection metrics, and its susceptibility to regulatory changes
and raw material (sugarcane) availability. These weaknesses are
partially offset by its established position in Punjab's sugar
market.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           1500       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes ISL will continue to benefit from its established
position in the sugar market in Punjab. The outlook may be
revised to 'Positive' if the company's liquidity improves,
because of better-than-expected cash accrual driven by an
increase in revenue, or if its capital structure improves
substantially on account of large accretion to reserves or
capital infusion. The outlook may be revised to 'Negative' in
case of lower-than-expected cash accrual, or weakening of its
capital structure, or stretch in its working capital cycle,
constraining its liquidity.

Update

ISL's revenue is estimated at INR2.70 billion in fiscal 2016, up
from INR2.05 billion in the previous fiscal. Its operating margin
is estimated to have improved to 12.29% from 6.7%. Revenue growth
is expected at 10-15% and operating margin at 12% over the medium
term.

The company's financial risk profile will remain subdued despite
continued healthy networth INR500 million as on March 31, 2016.
The gearing, estimated at 4.26 times as on March 31, 2016, is
likely to improve over the medium term on account of healthy
networth, but will remain high. The interest coverage ratio and
net cash accrual to total debt ratios are estimated at 1.88 times
and 0.06 time, respectively, for fiscal 2016, and are expected to
remain modest over the medium term.

ISL's liquidity will remain adequate. While cash accrual is
expected at INR140 million in fiscal 2017 against debt obligation
of INR240 million, the shortfall will be funded through healthy
cash and bank balance of INR500 million as on March 31, 2016, of
which, INR400 million is unencumbered. The bank line utilisation
remained moderate, averaging 75% over the 12 months through March
2016. Unsecured loans of INR40 million cushion the liquidity.

ISL, a part of the Yadu group, was acquired by the present
management from the Oswal group in 2002. The company has a
manufacturing unit at Mukerian in Punjab, with sugarcane crushing
capacity of 5000 tonne per day, and has presence in the Punjab,
Himachal Pradesh, Rajasthan, and Jammu & Kashmir markets. It
sells its products under the Sweeto brand through dealers.


JAGATPAL SINGH: ICRA Assigns B+ Rating to INR0.60cr Cash Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR0.60
crore cash credit facility of M/s. Jagatpal Singh. ICRA has also
assigned a long term rating of [ICRA]B+ and a short term rating
of [ICRA]A4 to the INR4.50 crore bank guarantee facility and
INR0.40 crore unallocated limits of JS.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits-
   Cash Credit             0.60       [ICRA]B+ assigned

   Non Fund Based
   Limits-Bank Guarantee   4.50       [ICRA]B+/[ICRA]A4 assigned

   Fund Based/Non Fund
   Based Limit-Unallocated
   Limits                  0.40       [ICRA]B+/[ICRA]A4 assigned

The assigned ratings take into account the firm's modest scale of
business and its geographic and sectoral concentration risks as
its operations are limited to building and bridge construction in
Chhattisgarh. The ratings also factor in the moderate order book
position of INR26.66 crore as on March 31, 2016 and the high
competitive intensity in the construction space, resulting in
pressure on the profitability. The ratings are further
constrained by the vulnerability of profitability to raw material
price variations although the same is mitigated to a large extent
due to the presence of price escalation clause in most of the
contracts. However, margins remain vulnerable when the actual
usage of materials is higher than those specified in the
contract. Since JS is a proprietorship firm, any substantial
withdrawal by the proprietor from its capital account would
impact the capital structure. The ratings, however, derive
comfort from the long track record of the proprietor coupled with
the firm's status as a Class-A registered contractor with PWD,
Chhattisgarh. Besides, the reputed client base comprises
government and semi-government authorities, resulting in limited
counter-party credit risks. The financial profile of the firm is
characterised by a conservative capital structure.

Going forward, ICRA expects the revenues of the firm to show
moderate growth considering orders in hand, although the
profitability may remain under pressure due to high competitive
intensity. The ability of the firm to secure new orders, execute
them in a timely manner while improving its profitability and
improving its working capital cycle remain critical from the
credit perspective.

Established in 1980 as a proprietorship concern, M/s. Jagatpal
Singh (JS) is involved in civil construction business, including
construction of buildings and bridges. The firm is registered as
Class-A contractor with the Public Works Department of
Chhattisgarh.

Recent Results

In 2015 - 2016, the firm reported a net profit of INR0.67 crore
(provisional) on an operating income of INR13.58 crore
(provisional); as compared to a net profit of INR0.81 crore on an
operating income of INR15.63 crore in 2014-15.


KAVERI COTTON: CRISIL Reaffirms 'B' Rating on INR40MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kaveri Cotton
Industries (Kaveri) continues to reflect the firm's modest scale
of operations in the intensely competitive cotton industry, and
its weak financial risk profile because of subdued capital
structure and debt protection metrics. These weaknesses are
partially offset by the extensive entrepreneurial experience of
its partners.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             40       CRISIL B/Stable (Reaffirmed)
   Long Term Loan          30       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Kaveri will continue to benefit from its
partners' extensive entrepreneurial experience. The outlook may
be revised to 'Positive' if its scale of operations and capital
structure improves, leading to a better financial risk profile.
The outlook may be revised to 'Negative' in case of aggressive
debt-funded expansion, or a steep decline in its revenue and
profitability, or substantial capital withdrawal, weakening its
financial risk profile.

Kaveri, set up in 2011 as a partnership firm, gins and presses
raw cotton and sells cotton lint and cotton seeds. It is promoted
by Dr. V Satish, Mr. K Ramakrishna Rao, Mr. V Anjaneyulu, and Mr.
S Srinivas Rao, and their family members.


KERALA ELECTRICAL: CRISIL Reaffirms B Rating on INR173.5MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kerala Electrical and
Allied Engg. Co. Limited continues to reflect its weak financial
risk profile, marked by negative net worth and weak debt
protection metrics, and large working capital requirements.

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

   Bill Purchase            3        CRISIL A4 (Reaffirmed)

   Cash Credit            173.5      CRISIL B/Stable (Reaffirmed)

   Letter of Credit        60.0      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       3.5      CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the company's
established market position in the transformer segment in Kerala
and continuous fund support from GoK for operational and
financial requirements.

Outlook: Stable

CRISIL believes that KEL will continue to receive fund support
from GoK for its operations. The outlook may be revised to
'Positive' if the company's scale of operations and operating
margin improve significantly, leading to sizeable cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
significant cash losses or delay in fund support from GoK
resulting in deterioration in financial risk profile.

KEL, set up in 1964 and based in Kochi (Kerala), manufactures
transformers and other electrical products, and steel structures.
The company is wholly owned by GoK and its nominees. Its daily
operations are managed by Mr. Beemapally Rasheed.


KHDT FINANCE: CRISIL Suspends B- Rating on INR120MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
KHDT Finance Company Pvt Ltd (KHDT Finance).

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Long Term
   Bank Loan Facility        120       CRISIL B-/Stable

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

KHDT is registered with the Reserve Bank of India as a non-
deposit-taking non-banking financial company. The company, which
is part of the Sonigara group, provides loans against gold
jewellery. The Sonigara group is present in various sectors such
jewellery, real estate, and information technology. KHDT is based
in Pune (Maharashtra) and mainly operates through the jewellery
outlets/stores of Sonigara Jewellers Pvt Ltd. The company
commenced its operations only 2013-14 (refers to financial year,
April 1 to March 31).

For the year ended March 31, 2014, KHDT reported a profit after
tax of INR0.07 million on total income of INR0.7 million.


KS SOFTNET: ICRA Revises Rating on INR15cr Cash Loan to B-
----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR15.001
crore (enhanced from INR5.00 crore) cash credit facility of
KS Softnet Solutions Pvt. Ltd. (KSSSPL) to [ICRA]B- from [ICRA]B.
Further, ICRA has reaffirmed the short term rating assigned to
the INR25.00 crore bank guarantee (enhanced from INR20.00 crore)
and INR6.50 crore letter of credit (sublimit bank guarantee;
enhanced from INR5.00 crore) facilities of KSSSPL at [ICRA]A4.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             15.00      [ICRA]B-;revised
                                      from [ICRA]B

   Bank Guarantee          25.00      [ICRA]A4 reaffirmed

   Letter of Credit
   (Sublimit of Bank
   Guarantee)              (6.50)     [ICRA]A4 reaffirmed

Rating Rationale

The revision in the long-term rating factors in the worsening of
KSSSPL's liquidity profile on account of the sharp increase in
overdue receivables, resulting in full utilization of working
capital borrowings in the last 12 months; and its weak debt
coverage indicators. The ratings continue to remain constrained
by the concentration risks arising out of KSSSPL's dependence on
development of border check posts for Government entities; and
significant delays witnessed in all the ongoing projects on
account of delays in site hand over and various other issues.
ICRA notes that there have been significant cost overruns in the
initial budgeted project costs, and hence, recognition and timely
payment of incremental costs/damages by Government agencies
remain key rating sensitivities. Furthermore, a large portion of
the company's unexecuted order book position as on April 01,
2016, belongs to a single project, which has witnessed very less
progress in last three fiscals. Thus, KSSSPL's ability to
generate new orders and their timely execution, remain key from a
credit perspective.

The ratings, however, favorably take into account the promoter's
experience in executing civil infrastructure projects; healthy
revenue growth reported during FY2016, on the back of increased
trading (software supply) sales; and favourable outlook for
construction companies owing to increased public spending over
the medium to long-term.

KS Softnet Solutions Pvt. Ltd. (KSSSPL) was incorporated in the
year 2002 by Mr. Dinesh Agrawal, and is engaged in development of
Interstate and International check posts for Government entities.
The company is started as an authorized partner of Microsoft
Corporation (USA) for distribution of software products in Mumbai
and adjoining regions and later on diversified into construction
of integrated check posts (ICP) in 2006. Till date, the company
has completed two Integrated Check Post (ICP) projects for:

1) Madhya Pradesh Road Development Corporation Ltd. (Govt. of MP)
at Bhurhanpur & Multai

2) Engineering Projects India Ltd. (a miniratna company) at
Attibele, Karnataka

Recent Results
For the financial year ended March 31, 2015, the company reported
an operating income of INR37.30 crore and profit after tax of
INR0.42 crore as against an operating income of INR26.61 crore
and profit after tax of INR0.69 crore for the financial year
2013-14. Further, as per provisional financials for FY2016, the
company has reported an operating income of INR51.66 crore and
profit after tax of INR0.90 crore.


LEON FOOD: CRISIL Reaffirms B+ Rating on INR70MM Term Loan
----------------------------------------------------------
CRISIL ratings on bank facilities of Leon Food Products Private
Limited continues to reflect the modest scale of operations, amid
intense competition in the fruit-processing business, large
working capital requirement, and small networth limiting
financial flexibility. These weaknesses are mitigated by the
extensive industry experience of the promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          2.5      CRISIL A4 (Reaffirmed)
   Cash Credit            30        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       15        CRISIL A4 (Reaffirmed)
   Long Term Loan         47.5      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      5        CRISIL B+/Stable (Reaffirmed)
   Term Loan              70        CRISIL B+/Stable (Reaffirmed)

CRISIL had earlier, on June 03, 2016, upgraded its rating on the
long-term bank facilities to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' and reaffirmed its rating on the short-term bank
facility at 'CRISIL A4'.

Outlook: Stable

CRISIL believes the company will continue to benefit over the
medium term from the extensive industry experience of promoters
and a healthy order book. The outlook may be revised to
'Positive' on substantial and sustained growth in profit margin
and revenue or significant increase in networth, backed by
sizeable equity infusion from promoters. The outlook may be
revised to 'Negative' if the operating profit margin declines
steeply or if a large, debt-funded capex or stretched working
capital cycle weakens the capital structure.

The company was incorporated in 2009 in Chittoor (Andhra Pradesh)
by Mr. Lokadra Naidu.  It manufactures and sells fruit pulp and
concentrates.


M S INFRAENGINEERS: Ind-Ra Assigns 'IND BB' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M S
Infraengineers Private Limited (MSIPL) a Long-Term Issuer Rating
of 'IND BB'. The Outlook is Stable.

KEY RATING DRIVERS

MSIPL's ratings reflect its moderate credit profile and scale of
operations. The company's net leverage (total adjusted net
debt/operating EBITDAR) was 2.4x in FY16 (FY15: 4x), interest
coverage (operating EBITDA/ gross interest expense) was 2x
(2.4x), EBITDA margins were 18.6% (13.2%) and revenue was INR810m
(INR554m). FY16 numbers are provisional in nature.

The ratings are constrained by MSIPL's high geographic
concentration as the company executes contracts in Odisha only
and its tight liquidity as reflected by the overutilisation of
the fund-based limits on an average during the 12 months ended
June 2016.

The ratings, however, are supported by the four decades of
operating experience of the company's directors in the
construction business.

RATING SENSITIVITIES

Positive: A further improvement in the profitability and
liquidity while maintaining the current credit metrics could lead
to a positive for the rating action.

Negative: A decline in the profitability and deterioration in the
liquidity could lead to a negative rating action.

COMPANY PROFILE

MSIPL was incorporated in 1976 as a proprietorship firm by Mr.
Mahendra Swain. In June 2011, it was converted into a private
limited company.

MSIPL is a Super Class contractor and executes government
contracts in Odisha. The company is engaged in the construction
of roads, bridges, canal, canal lining and railways.

MSIPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'/Stable

   -- INR150m fund-based limits: assigned 'IND BB'/Stable

   -- INR40m non-fund-based limit: assigned 'IND A4+'


M.K.R. TRADERS: CRISIL Reaffirms B+ Rating on INR138.5MM Loan
-------------------------------------------------------------
CRISIL ratings on the bank facilities of M.K.R. Traders Private
Limited (MKR) continue to reflect its below-average financial
risk profile, because of modest net worth and a high total
outside liabilities to tangible net worth ratio, and exposure to
intense competition in the highly fragmented agro-commodities
trading segment. These weaknesses are partially offset by the
promoters' extensive experience in the business.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          2.5      CRISIL A4 (Reaffirmed)
   Cash Credit           138.5      CRISIL B+/Stable (Reaffirmed)
   Long Term Loan          9        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MKR will continue to benefit over the medium
term from the extensive experience of the promoters. The outlook
may be revised to 'Positive' if the company scales up its
operations significantly while improving profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' if the financial risk profile deteriorates because of
higher-than-expected working capital requirements or capital
expenditure or significantly low cash accrual.

MKR was established in 2010 as a partnership firm by Mr.
Janakiraman; the firm was reconstituted as a private limited
company in 2010. MKR trades in rice, maida, oil, sugar, and gram
varieties such as toor dal, urad dal, masoor dal, and green gram.

MKR provisionally reported net profit of INR2.27 million on
operating income of INR707.9 million for Fiscal 16, as against
net profit of INR0.82 million on operating income of INR506.58
million for Fiscal 15.


MAHADEV GINNING: ICRA Suspends 'B' Rating on INR7cr Cash Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR7.00 crore
fund based facilities of Mahadev Ginning Pressing Co. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Fund Based-Cash Credit      7.00      [ICRA]B suspended

Established in 2007, Mahadev Ginning Pressing Co. (MGPC) is
promoted by Mr. Anirudh Jadav, Mr. Balvant Jadav, and Mr, Harish
Jadav. The firm is engaged in cotton ginning and pressing
business to produce cotton bales and cotton seeds. The firm has
installed 24 ginning machines with an installed capacity of
producing 220 cotton bales per day.


MALABAR HIGHVIEW: CRISIL Assigns B+ Rating to INR50MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facility of Malabar Highview Builders Private Limited
(MHBPL). The rating reflects MHBPL's exposure to risks related to
completion and saleability of its ongoing projects and its
susceptibility to risks inherent in the real estate industry.
These rating weaknesses are partially offset by the extensive
experience of MHBPL's promoters in the industry through group
companies and also the need based fund support from the
promoters.

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

Outlook: Stable

CRISIL believes that MHBPL will benefit over the medium term from
its promoters' extensive experience in the industry. The outlook
may be revised to 'Positive' if the company completes its
projects earlier than expected or in case of substantial sales
realisations from its ongoing project, leading to large cash
flows. Conversely, the outlook may be revised to 'Negative' in
case of delays in the project or in receipt of advances from
customers, or if the company undertakes a large debt-funded
project, impacting its financial risk profile.

Incorporated in 2006, MHBPL is a Calicut (Kerala) based
residential real estate developer. MHBPL is a part of the Calicut
based Malabar group which has presence in the jewellery and real
estate segment. MHBPL is 95 per cent held by Malabar Developers
Pvt Ltd (MDPL), which is the flagship company of the real estate
arm of the Malabar group.


NACHIKETA COTTON: ICRA Suspends C+ Rating on INR6.50cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]C+ rating assigned to the INR6.50 crore
fund based facilities of Nachiketa Cotton Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based-Cash
   Credit                   6.50        [ICRA]C+ suspended

The company was incorporated on 9th July 1998 as a private
limited company under the name Patel Shah Cotton Private Limited
and was subsequently renamed as Nachiketa Cotton Private Limited
in 2003. The company is engaged in the ginning and pressing of
raw cotton and crushing of cottonseed. The company is managed by
a director Mr. Bipin Thakkar and other managerial personnel. The
manufacturing unit is located in Halvad, Gujarat. The company is
equipped with 27 ginning machines, one pressing machine (semi
automatic) and four expellers with an installed capacity to
produce 225 cotton bales, 3MT cottonseed oil and 24MT cottonseed
oil cake per day (24 hours operation). The company is also
engaged in trading of cotton products including raw cotton,
arenda and gavar. From FY 2016, the company has discontinued its
ginning, pressing and crushing operations.


NATWEST ESTATES: CRISIL Reaffirms B+ Rating on INR135.4MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Natwest Estates Private
Limited (NEPL) continues to reflect saleability risks related to
its ongoing project and susceptibility to cyclicality inherent in
the real estate sector.

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

   Proposed Long Term
   Bank Loan Facility      135.4    CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by the company's
established track record, driven by successful completion and
100% saleability of past projects.

Outlook: Stable

CRISIL believes NEPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if better-then-expected bookings lead to increased
cash flows, and project is completed ahead of timelines. The
outlook may be revised to 'Negative' if delays in project
completion or receipt of payments from customers, or large debt-
funded projects weaken financial risk profile.

Update

Launch of NEPL's residential project, Natwest Vivas, scheduled
for June 2015, was delayed till February 2016, owing to late
receipt of plan approvals. Total project cost is estimated at
INR283.7 million which is expected to be funded by debt of INR60
million, promoters' contribution of INR27 million and remaining
through customer advances. The company has availed INR18 million
of debt as on June 30, 2016. The construction is expected to be
completed by March 2018 and possession is expected to be handed
over by December 2018. Around 15% of the construction is already
complete, and bookings have been below-average. Progress on
construction and bookings has been slow owing to delay in project
launch and slowdown in the Chennai real estate market following
the floods in December 2015 and state elections in May 2016.

Liquidity is supported by absence of long-term debt and funding
in the form of cash credit. Debt service coverage ratio (DSCR) is
expected to remain moderate.

Set up in 1995 by Mr. A R Sudhakar and his brother-in-law, Mr. T
V Rama Kumar, Chennai-based NEPL undertakes residential and
commercial real estate projects. The company has completed more
than 6 lakh square feet of construction in the past. Currently,
the company has one ongoing project, Natwest Vivas, situated on
GST Road, Chennai.


NIKHIL FOOTWEAR: CRISIL Cuts Rating on INR500MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank loan facilities of
Nikhil Footwear Pvt Ltd (NFPL) to 'CRISIL D/CRISIL D' from
'CRISIL BB+/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             500       CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

   Letter of Credit        200       CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Standby Letter of
   Credit                   30       CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

   Term Loan                76.4     CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

The downgrade reflects significant ongoing delays by NFPL in
servicing its debt due to weak liquidity caused by large working
capital requirement and loans and advances given to group
companies.

CRISIL also highlights that the management of NFPL misrepresented
facts at the time of previous rating exercise including
representation and warranties shared with CRISIL with respect to
timeliness in servicing debts.

NFPL has weak financial risk profile because of fungible funding
of other group companies and working capital-intensive
operations.

NFPL, established in 1987, is promoted and managed by Mr Naresh
Agarwal. The company manufactures footwear at its facilities in
Kundli and Bahadurgarh, both in Haryana.


NUPUR CARPETS: ICRA Reaffirms B- Rating on INR4.50cr Loan
---------------------------------------------------------
ICRA has re-affirmed its long-term rating of [ICRA]B-  and short-
term rating of [ICRA]A4 on the INR8.80-crore fund-based bank
facilities of Nupur Carpets.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             0.30        [ICRA]B-; reaffirmed
   Packing Credit          4.50        [ICRA]B-; reaffirmed
   FDDBP/FDUBD             4.00        [ICRA]A4; reaffirmed

The rating reaffirmation takes into account the ~37% year-on-year
increase in Nupur Carpet's operating income in FY2016, although
it was accompanied by deterioration in the operating profit
margins.

ICRA's ratings continue to be constrained by the modest scale of
operations of the company on account of subdued market demand and
intense competition. The rating also factors in the high working
capital intensity of operations on account of the high receivable
and inventory days, which has led to a stressed liquidity
position and overdrawals in working capital limits. ICRA also
takes note of the firm's thin margins and its weak financial
profile marked by a highly leveraged capital structure and weak
coverage indicators. Moreover, the firm's profitability margins
remain exposed to adverse fluctuations in foreign exchange rates
and volatility in raw material prices. ICRA also recognizes the
proprietorship nature of the firm, which exposes it to risks of
capital withdrawal and dissolution. The ratings, however, derive
support from the extensive experience of the partners, the firm's
well established clientele and favorable Government policies.
Going forward, the firm's ability to ramp up its scale of
operations in a profitable manner and improve its capital
structure by efficiently managing the working capital
requirements will be the key rating sensitivities.

Established in 1979 by Mr. Ashok Jain, Nupur Carpets trades in
and exports Kashmiri carpets; hand knotted woollen carpets from
Gwalior, Bhadohi, Agra and Jaipur. The firm has in-house design
facilities where carpets from Kashmir are brought for final
finishing and checking by its quality control personnel. The main
product line of the firm is Kashmiri carpets which command a high
realisation in the export market. The firm sells the carpet to
wholesalers and traders in the international markets.

Recent Results

Nupur Carpets reported a net profit of INR0.04 crore on an
operating income of INR9.52 crore in FY2015, as against a net
profit of INR0.03 crore on an operating income of INR10.14 crore
in FY2014. The firm, on a provisional basis, reported an
operating income of INR13.02 crore in FY2016.


ORBICULAR PHARMACEUTICAL: CRISIL Rates INR100MM Term Loan 'B+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Orbicular Pharmaceutical Technologies
Private Limited (Orbicular).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B+/Stable
   Term Loan              100        CRISIL B+/Stable

The rating reflects Orbicular's modest scale of operations and
small net worth limiting its financial flexibility. These rating
weaknesses are partially offset by its established customer
relationships, strong research and development capabilities, and
the extensive experience of promoters in the pharmaceutical
industry.

Outlook: Stable

CRISIL believes the business risk profile will benefit from the
extensive industry experience of promoters. The outlook may be
revised to 'Positive' in case of a substantial and sustained
improvement in revenue and profitability margins, or a
considerable increase in net worth on the back of sizeable equity
infusion by its promoters. Conversely, the outlook may be revised
to 'Negative' if a steep decline in profitability margins or a
significant deterioration in capital structure on account of
longer-than-expected working capital cycle or large, debt-funded
capital expenditure.

Established in July 2010 and based in Hyderabad (Telangana),
Orbicular is a privately held pharmaceutical company focused on
pharmaceutical product development in the drug development
process. It is promoted by Mr. M.S. Mohan and Mr. Hiren Patel.


P.K. SULPHIKER: CRISIL Reaffirms B Rating on INR80MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of P.K. Sulphiker (PKS)
continue to reflect a modest scale of operations in the intensely
competitive civil construction industry, geographic concentration
in revenue profile, large working capital requirement, and
susceptibility to volatility in raw material prices.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          80        CRISIL A4 (Reaffirmed)
   Cash Credit             80        CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of the firm's proprietor and his funding
support, and a moderate financial risk profile because of low
gearing.

Outlook: Stable

CRISIL believes PKS will continue to benefit over the medium term
from the extensive industry experience of its proprietor. The
outlook may be revised to 'Positive' in case of significant
increase in scale of operations while working capital is
efficiently managed. The outlook may be revised to 'Negative' in
case of lower-than'expected cash accrual, increase in working
capital requirement, or large, debt-funded capital expenditure.

PKS was set up as a proprietorship firm in 1993 by Mr. P K
Sulphiker. The firm undertakes civil construction, including
construction and improvement of roads and bridges, in Kerala.


PALNADU INFRASTRUCTURE: CRISIL Cuts Rating on INR103.5M Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Palnadu Infrastructure Private Limited (PIPL) to 'CRISIL D'
from 'CRISIL B+/Stable'. The downgrade reflects instances of
delay in servicing debt; the delays were caused by weak liquidity
on account of inadequate cash accrual.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     21.5       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan             103.5       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The company is exposed to implementation and demand risks
associated with its ongoing project. Moreover, it has a high
degree of geographic concentration in its revenue profile, and is
vulnerable to cyclicality inherent in the Indian real estate
industry. However, the company benefits from the extensive
industry experience of its promoters and the favourable location
of its project.

PIPL was set up in 2013 by Mr K Mahesh Reddy, Mr Rajesh Alla, and
their family members. The company develops real estate, and is
currently developing a commercial real estate project in
Hyderabad.


RAGHAV INDUSTRIES: CRISIL Cuts Rating on INR50MM Cash Loan to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Raghav Industries - Una (RI) to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

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

   Letter of Credit        30       CRISIL D (Downgraded
                                    from 'CRISIL A4+')

   Term Loan                5       CRISIL D (Downgraded
                                    from 'CRISIL BB/Stable')

The downgrade reflects over utilization of cash credit limits for
more than 30 days consecutively. There was a loss of inventory of
INR35 million, due to fire in August 2015 and a temporary support
to the liquidity was extended by the bankers in the form of ad
hoc limits of INR20 million for the November 2015 to May 2016.
However, on account of delay in receipt of insurance claims and
required fund support from promoters, the ad hoc limits remain
unregularized as on date.

Working capital requirement is large, and scale of operations
modest in the highly competitive packaging industry. These firm
benefits from by the extensive experience of its proprietor in
the packaging industry.

RI, incorporated in 2010, manufactures low density polyethylene
sheets and rolls which are used for packaging in the automobiles
and textile industries. Operations are managed by its proprietor
Mr. Bhushan Sharma and is based in Himachal Pradesh.


SAGAR INDUSTRIES: ICRA Suspends B+ Rating on INR14.70cr Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR14.97 crore
fund based facilities of Sagar Industries. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based-Cash
   Credit                  14.70        [ICRA]B+ suspended

   Fund based-Term
   Loan                     0.27        [ICRA]B+ suspended

Incorporated in 2012, Sagar Industries. is engaged in ginning and
pressing operations. The firm is promoted and managed by Mr.
Piyush Shah, Mr Sevanti Shah along with other family members with
experience in the cotton ginning industry. The firm's
manufacturing facility is located at Bhavnagar in Gujarat and has
thirty eight ginning machine.


SANJEEV KUMAR: ICRA Suspends B+/A4 Rating on INR12cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ and short
term rating of [ICRA] A4 on INR12.0 crore bank lines of Sanjeev
Kumar Goyal Contractors. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the
requisite information from the company.


SANKLECHA CONSTRUCTIONS: CRISIL Reaffirms INR200MM Loan Rating B+
-----------------------------------------------------------------
CRISIL's ratings on the bank facility of Sanklecha Constructions
Private Limited (SCPL) continue to reflect the company's exposure
to risks related to implementation of its Waterway project,
geographical concentration in its revenue, and vulnerability to
cyclicality in demand inherent in the real estate sector.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Drop Line Overdraft
   Facility                200      CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of its promoters, and its established track record and brand in
the real estate sector in Nashik, Maharashtra; and its healthy
customer advances.

CRISIL has upgraded its rating on the long-term bank facility of
SCPL to 'CRISIL B+/Stable' from 'CRISIL B/Stable' through its
rating rationale dated July 1, 2016.

Outlook: Stable

CRISIL believes SCPL will continue to benefit over the medium
term from the industry experience of its promoters. The outlook
may be revised to 'Positive' if the company reports significant
increase in customer advances, resulting in sizeable cash inflow.
The outlook may be revised to 'Negative' in case of delays in
projects or decline in customer advances, leading to
deterioration in its liquidity.

SCPL was incorporated in 1991 as Sanklecha Investment & Finance
Pvt Ltd and got its present name in 2000. It is a part of the
Sanklecha group, which develops residential real estate through
group entities. SCPL is executing two projects, The Metrozone and
Waterways, in Nashik.


SARAF TEXTILE: CRISIL Assigns B+ Rating to INR16.9MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Saraf Textile Mills Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit         60.0       CRISIL A4
   Term Loan              16.9       CRISIL B+/Stable

The ratings reflect the company's below-average financial risk
profile because of a modest networth and subdued debt protection
indicators, its small scale of operations in a highly fragmented
industry, and its large working capital requirement. These
weaknesses are partially offset by the extensive experience of
its promoters in the textile industry, and its established
relationships with customers.

Outlook: Stable

CRISIL believes STMPL will benefit from the extensive industry
experience of its promoters. The outlook may be revised to
'Positive' if the company reports substantial revenue growth
while maintaining its profitability, leading to higher cash
accrual. The outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, deteriorates due
to lower-than-expected accrual, stretch in the working capital
cycle, or unanticipated debt-funded capital expenditure.

STMPL, established in 1976, manufactures shirts and pants for men
and children, and skirts for women.


SARAWAGI AUTOMOBILES: ICRA Reaffirms B Rating on INR7.5cr Loan
--------------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR7.50 crore
fund based limits and INR0.88 crore unallocated limits of
Sarawagi Automobiles Private Limited (SAPL) at [ICRA]B.

                             Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Fund based Facilities
   (LT Scale)                 7.50        [ICRA]B; reaffirmed

   Unallocated (LT Scale)     0.88        [ICRA]B; reaffirmed

ICRA's ratings continue to take into account the intense
competition and inherently low margins in the auto dealership
business, and the continued pressure on SAPL's operating income,
which registered a year-on-year decline of 6% in FY2016. ICRA
notes SAPL's low bargaining power, wherein pricing policies are
determined by Tata Motors Ltd (TML) and exposure to the inherent
cyclicality of the commercial vehicle (CV) industry, due to its
linkage to the macro-economic environment. ICRA also takes note
of the company's leveraged capital structure on account of highly
working capital intensive nature of operations, with gearing of
3.10 times as on March 31, 2016. The ratings however derive
comfort from SAPL's association with TML, the market leader in
the commercial vehicle segment and the established track record
of the promoters in the automobile industry.

Going forward, the company's ability to increase its scale of
operations and register a sustained improvement in its
profitability, while optimally managing its working capital cycle
will be the key rating sensitivities.

SAPL was incorporated in May 2009 and is an authorized dealer of
TML. SAPL is engaged in the sale of vehicles, spares and also
provides after sales support. Presently, the company has 3S
(Sales, Service and Spares) facilities at Sri Ganganagar and
Hanumangarh districts and Sales facilities at Suratgarh,
Raisinghnagar, Anoopgarh, Nohar and Bhadra, in Rajasthan.

Recent Results

The company, on a provisional basis, reported an operating income
of INR37.41 crore and a net profit of INR0.07 crore in FY2016, as
against an operating income of INR39.62 crore and a net profit of
INR0.02 crore in the previous year.


SARLA HANDICRAFTS: CRISIL Reaffirms B+ Rating on INR30MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sarla Handicrafts
Private Limited (SHPL) continues to reflect SHPL's small scale of
operations in the fragmented industry resulting in low
profitability, constrained financial flexibility due to a small
net worth, and susceptibility to volatility in raw material
prices. These rating weaknesses are partially offset by its
promoters' extensive experience and strong relationship with
healthy and diversified customer base in the floor coverings
industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Discounting       30        CRISIL B+/Stable (Reaffirmed)
   Packing Credit         55        CRISIL A4 (Reaffirmed)
   Term Loan              25        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SHPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relationships with customers. The outlook may be
revised to 'Positive' if the company achieves higher-than-
expected cash accruals or it receives external support in the
form of equity infusion from its promoters, leading to
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if SHPL's liquidity
deteriorates because of large debt-funded capital expenditure or
a stretch in its working capital cycle.

SHPL was set up in 1989 as a private limited company; it is
promoted by Mr. Kamal Agarwal and his brother, Mr. Anil Agarwal.
The company manufactures and exports floor coverings, mainly
cotton rugs, bath mats and carpets, at its facilities in Panipat
(Haryana).


SHEELU EXPORTS: CRISIL Reaffirms B+ Rating on INR5.0cr Care Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sheelu Exports (SE)
continue to reflect SE's modest scale and working capital
intensive nature of operations in the intensely competitive hair-
processing industry and its below-average financial risk profile,
marked by high gearing, modest debt protection metrics and
networth.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Export Packing
   Credit                  95       CRISIL A4 (Reaffirmed)

   Proposed Export
   Packing Credit           2.5     CRISIL A4 (Reaffirmed)

   SME Care Loan            5.0     CRISIL B+/Stable (Reaffirmed)

The ratings also factor in its susceptibility to intense
competition in the hair-processing industry and to volatility in
foreign exchange rates. These rating weaknesses are partially
offset by the benefits derived from the extensive industry
experience of SE's partners and its established customer
relationships.

Outlook: Stable

CRISIL believes SE will continue to benefit over the medium term
from the extensive industry experience of partners. The outlook
may be revised to 'Positive' if a substantial increase in scale
of operations strengthens profitability margins, or if sizeable
capital infusion by partners significantly improves capital
structure. Conversely, the outlook may be revised to 'Negative'
in case of a steep decline in revenue or profitability margins,
or significant deterioration in capital structure caused most
likely by large, debt-funded capital expenditure or a stretch in
working capital cycle.

SE was established in 2001 as a proprietorship concern and was
reconstituted as a partnership firm in 2007. The firm exports
processed human hair. It currently has two partners, Mr. K
Srinivasa Rao and Ms. K Sita Devi.

For 2015-16, (refers to the financial year, April 1 to March 31),
SE reported provisional profit after tax (PAT) of INR4.6 million
on net sales of INR420 million against PAT of INR5.1 million on
net sales of INR250 million in 2014-15.


SHIVALIK BUILDTECH: CRISIL Assigns B+ Rating to INR80.5MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Shivalik Buildtech Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         33         CRISIL B+/Stable
   Bank Guarantee         66.5       CRISIL A4
   Cash Credit            80.5       CRISIL B+/Stable

The ratings reflect working capital intensive operations,
exposure to intense competition and cyclicality in construction
industry. These weaknesses are partially offset by the extensive
experience of promoters, established relations with clients,
moderate order book and comfortable debt protection metrics.

Outlook: Stable

CRISIL believes SBPL will benefit over the medium term from the
extensive industry experience of its promoters and moderate order
book. The outlook may be revised to 'Positive' if sustained
growth in revenue and profitability leads to sizeable cash
accrual and improved financial risk profile. The outlook may be
revised to 'Negative' if low cash accrual, stretched working
capital cycle or any large debt-funded capital expenditure
weakens the financial risk profile, particularly liquidity.

Incorporated in 2004 and promoted by Mr. Sandeep Bhatia, Noida-
based SBPL engages in civil construction and supply of ready-mix
concrete.

On a provisional basis, profit after tax was INR6.4 million on
revenue of INR750.7 million for fiscal 2016, against PAT of
INR8.8 million on revenue of INR735.6 million for fiscal 2015.


SHRI SHANKAR: CRISIL Lowers Rating on INR250MM Term Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank facility
of Shri Shankar Sahakari Sakhar Karkhana Limited (SSSSKL) to
'CRISIL D' from 'CRISIL A4'.The downgrade reflects instances of
delay by SSSSKL in repayment of its short-term loan.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Short Term Loan         250       CRISIL D (Downgraded
                                     from 'CRISIL A4')

The rating continue to reflects SSSSKL's weak financial risk
profile, marked by high gearing and subdued debt protection
metrics, driven by its large working capital requirements and
depressed profitability. The rating also factors in the society's
susceptibility to cyclicality and regulatory risks in the sugar
industry. These rating weaknesses are partially offset by
SSSSKL's established regional presence in the sugar industry and
integrated operations.

SSSSKL was established in 1968 as a co-operative society by the
late Mr. Shankarrao Mohite-Patil. Its manufacturing facility is
at Sadashivnagar in Solapur, Maharashtra. It has installed sugar
cane crushing capacity of 2500 tonne per day, a 30-kilolitre-per-
day distillery, and a 20-megawatt cogeneration plant.


SHRINATH COTTON: ICRA Suspends 'B/A4' Rating on INR6.96cr Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B and short
term rating of [ICRA] A4 on INR6.96 crore bank lines of Shrinath
Cotton Co. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SINDHVAI AGRO: CRISIL Assigns B+ Rating to INR180MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Sindhvai Agro Industries (SAI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              180        CRISIL B+/Stable
   Cash Credit            100        CRISIL B+/Stable
   Pledge Loan             50        CRISIL B+/Stable

The rating reflects its start-up phase and expected modest scale
of operations in the edible oil industry, and susceptibility to
volatility in raw material prices and erratic climate, and to
changes in government regulations. The rating also factors in an
average financial risk profile. These rating weaknesses are
partially offset by the extensive industry experience of its
partners, their funding support, and established relationship
with suppliers and customers.

For arriving at the rating, CRISIL has treated unsecured loans of
INR20 million as on March 31, 2016, extended by partners to SAI,
as neither debt nor equity. This is because these loans are
subordinated to bank debt and will be maintained in the business
over the medium term.

Outlook: Stable

CRISIL believes SAI will continue to benefit over the medium term
from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' in case of timely ramp-up of
sales and higher-than-expected cash accrual, leading to a better
financial risk profile. The outlook may be revised to 'Negative'
if the financial risk profile, particularly liquidity, weakens
because of low cash accrual most likely on account of lower sales
or profitability, or a stretched working capital cycle.

SAI was established in April 2015 to set up an integrated mustard
oil extraction and refining unit. It is a partnership firm
promoted by Mr. Arjunbhai Maheshwari, Mr Hegolbhai Patel, and
others. The firm's unit is at Tharad, district Banaskantha,
Gujarat, has oil expeller capacity of 350 tonne per day (tpd),
solvent extraction capacity of 200 tpd, and oil refining capacity
of 100 tpd. Operations commenced from May 2016.


SINDU ENTERPRISES: ICRA Suspends B+ Rating on INR6.57cr Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B+ ratings assigned to the INR6.57 crore
long term fund based facilities and INR3.43 Crore proposed
facility of Sindu Enterprises. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


SN JYOTI: CRISIL Assigns B+ Rating to INR100MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of SN Jyoti Associates Private Limited
(SNJAPL). The ratings reflect the company's large working capital
requirement, high gearing, significant receivables due from
sister concern, and modest scale of operations. These weaknesses
are partially offset by the extensive experience of its promoter
in the civil construction business and moderate order book
providing revenue visibility over the medium term.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               10        CRISIL B+/Stable
   Bank Guarantee         120        CRISIL A4
   Cash Credit            100        CRISIL B+/Stable

Outlook: Stable

CRISIL believes SNJAPL will benefit over the medium term from the
extensive experience of its promoter. The outlook may be revised
to 'Positive' if significant increase in scale of operations and
operating profitability leads to higher-than-expected cash
accrual, and if the company expands geographical presence and
improves working capital management. The outlook may be revised
to 'Negative' if operating margin and topline decline, or if
sizeable debt-funded capital expenditure or working capital
requirement further weakens financial risk profile, especially
liquidity.

Incorporated in 2012 and promoted by Mr. Kishore Kumar Rout,
SNJAPL undertakes civil construction activities (road and
bridges) such as area grading, excavation, and site development
for both large private clients and government departments.


SRI DASKSHINA: ICRA Assigns 'B' Rating to INR42cr Fund Based Loan
-----------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to INR42.00
crore1 (enhanced from INR10.00 crore) fund based facilities of
Sri Daskshina Murthy Agro industries Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based limits       42.00        [ICRA]B; Assigned

The credit strengths and concerns of Sri Dakshina Murty Arg
Industies Private Limited remain the same as highlighted in
ICRA's Rationale issued in June 2016 available at:

                       http://bit.ly/2bd2nKt

Incorporated in 2016, Sri Dakshina Murthy Agro Industries Private
Limited (SDMAIPL) is establishing a solvent extraction unit with
a plant capacity of 400TPD and also an Oil refinery with a
capacity of 50TPD. The proposed manufacturing unit would be
located in Chilakalamari village, P.A. Palli mandal of Nalgonda
district with a total area of 14.22 acres. The total project cost
of the manufacturing unit would be INR47.15 crore and the same
would be part funded through a term loan of INR30.00 crore and
promoters equity of INR17.15 crore. Mr. Vivek Vardhan Reddy, Mr.
Ravinder Reddy. Smt. Padmavathi, Smt. Aruna Reddy, Smt. Kavya &
Smt. Sridevi are the promoters of the company. Some of the
promoters have experience in running ginning mills and rural
godowns.


SRI JAIBALAJI: CRISIL Assigns B+ Rating to INR135MM Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities Sri Jaibalaji Steel Rolling Mills Private Limited
(SJSRML) and has assigned its 'CRISIL B+/Stable' rating to the
bank loan facilities. CRISIL, on December 13, 2013, suspended the
ratings as SJSRML had not provided necessary information required
for a rating review. The company has now shared the requisite
information, enabling CRISIL to assign ratings to its bank
facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             135       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Fund-
   Based Bank Limits        45       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

The ratings reflect the below average debt protection indicators
and working capital intensive nature of operations, in addition,
the ratings also factor in the vulnerability of the operating
margin to the volatility in raw material prices. These weaknesses
are partially offset by the sustained business profile of the
company supported by its experienced management.

Outlook: Stable

CRISIL believes SJSRML will maintain a stable business risk
profile on the back of its experienced management. The outlook
may be revised to 'Positive' if scale up in operations while
profitability is sustained improves the financial risk profile.
The outlook may be revised to 'Negative' if its financial risk
profile weakens on account of lower than expected cash accruals
and profitability or if a stretch in working capital cycle
results in high debt.

Uttar Pradesh-based SJSRML was established in 2010 by Mr Aakash
Kumar, Mr Shashank Jain and Mr Gaurav Swarup. It manufactures TMT
bars at its unit in Muzzaffarnagar and sells it entirely locally
under its own brand 'Century'.


SRI SESHASAI: CRISIL Cuts Rating on INR130MM Cash Loan to B+
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sri Seshasai Spinning Mills Private Limited (SSMPL) to 'CRISIL
B+/Stable' from 'CRISIL BB-/Negative'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            130        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Negative')

   Long Term Loan          66.8      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Negative')

   Proposed Fund-Based      3.2      CRISIL B+/Stable (Downgraded
   Bank Limits                       from 'CRISIL BB-/Negative')

The rating action reflects deterioration in liquidity due to a
stretch in working capital cycle, resulting in high utilisation
of bank limits. CRISIL believes SSMPL will have to substantially
improve its cash accrual or improve its working capital cycle
considerably to alleviate the pressure on liquidity.

Working capital cycle is stretched as reflected in sequential
increase in receivables cycle to 64 days, as on March 31, 2016,
from 13 days as on March 31, 2015. Consequently, the average bank
limit utilisation has been high at 99% over the 12 months through
March 2016. Though SSMPL has scaled up collection efforts, its
receivables cycle is likely to remain high over the medium term.

The rating continues to reflect below-average financial risk
profile because of small networth, high gearing, and below-
average debt protection metrics. The ratings are constrained by
modest scale of operations in the intensely competitive cotton
yarn industry, large working capital requirement, and the
susceptibility of profitability margin to volatile cotton prices.
These rating weaknesses are mitigated by the benefits derived
from the extensive experience of promoters in the cotton yarn
industry and established relations with customers.

Outlook: Stable

CRISIL believes SSMPL will continue to benefit over the medium
term from the extensive industry experience of promoters. The
outlook may be revised to 'Positive' in case of substantial
improvement in scale of operations and profitability or sustained
improvement in working capital cycle. Conversely, the outlook may
be revised to 'Negative' if decline in cash accrual, or large,
debt-funded capital expenditure, or stretch in working capital
cycle leads to weakening in financial risk profile.
SSMPL was set up in 2005, by Mr Jamili Pardha Saradhi and family.
The company manufactures cotton yarn. Its spinning mill is
located in Guntur, Andhra Pradesh.


SWITCHGEARS & STRUCTURALS: CRISIL Reaffirms B+ Cash Loan Rating
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Switchgears &
Structurals (India) Private Limited (SSIPL) continue to reflect
its modest scale and working capital intensity in operations in
the intensely competitive isolator manufacturing industry. These
rating weaknesses are partially offset by the extensive
experience of the promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         115       CRISIL A4 (Reaffirmed)

   Bill Discounting
   under Letter of
   Credit                  30       CRISIL A4 (Reaffirmed)

   Cash Credit            105       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        25       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes SSIPL will continue to benefit over the medium
term from the extensive experience of the promoters. The outlook
may be revised to 'Positive' if substantial and sustained
increase in scale of operations, stable profitability margin, or
steady improvement in working capital management. The outlook may
be revised to 'Negative' if operating profit margin declines
steeply, or any large capital expenditure or stretch in working
capital cycle weakens capital structure.

Incorporated in 1983, SSIPL designs, manufactures, and tests
isolators and disconnectors. Operations are managed by Mr. O
Surendra Babu. The manufacturing facility is in Hyderabad.


VIKAS COTTON: ICRA Reaffirms B+ Rating on INR12cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR12.00-crore
fund based cash credit facility and the INR4.00-crore fund-based
proposed cash credit facility of Vikas Cotton Ginning & Pressing
(VCGP).

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund-based-
   Cash Credit Limit       12.00       [ICRA]B+; Reaffirmed

   Fund-based- Proposed
   Cash Credit Limit        4.00       [ICRA]B+; Reaffirmed

The rating reaffirmation continues to be constrained by VCGP's
moderate scale of operations and revenue de-growth of 3%
witnessed in FY2016. The rating also takes into account the weak
financial profile of the firm as can be reflected from low
profitability, weak debt coverage indicators and leveraged
capital structure. The rating is further constrained by the
highly competitive and fragmented industry structure owing to low
entry barriers and vulnerability of the firm's profitability to
raw material (cotton) prices, which are subject to seasonality,
crop harvest and regulatory risks.

The rating, however, favourably takes into account the favourable
location of the firm's manufacturing facility, giving it easy
access to raw material. The rating also favourably considers the
firm's presence in the forward integration of cottonseed
crushing, thus providing diversification and additional revenues.
The rating further draws comfort from the consistent infusion of
capital by partners thus, continuously improving the net worth of
the firm.

The firm's ability to increase its scale, maintain adequate
profitability and improve its capital structure, given the
seasonality in the business, volatility in prices of cotton
bales, high competitive intensity and high working capital
requirement, will remain critical to the credit metrics. VCGP is
a partnership concern and any substantial withdrawal from the
capital account in future could adversely impact the credit
profile of the firm.

Established in 2006, Vikas Cotton Ginning & Pressing (VCGP) is a
partnership firm owned and managed by Mr. Mahmadrafik Allarakha
Kaladiya, Mr. Afzal Allarakha Kaladiya and Mr. Amin Allarakha.
The manufacturing facility of the firm, located at Surendranagar,
Gujarat, is equipped with 42 ginning and one fully automatic
pressing machine, with a production capacity of 400 finished
bales per day. The firm is also equipped with five expellers for
cottonseed crushing. It trades in castor seeds, cumin seeds,
wheat, coriander and other agro products.

Recent Results

For the year ended March 31, 2015, the firm reported an operating
income of INR125.81 crore with profit after tax (PAT) of INR0.12
crore. Further, during FY2016 as per provisional unaudited
numbers; the company has reported an operating income of
INR122.10 crore with profit before taxes of INR0.07 crore.


VISHNU VIDYUTH: CRISIL Cuts Rating on INR260MM Term Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on bank facilities of Vishnu
Vidyuth India Limited (VVIL) to 'CRISIL D' from 'CRISIL C'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL D (Downgraded from
                                     'CRISIL C')

   Term Loan              260        CRISIL D (Downgraded from
                                     'CRISIL C')

The rating downgrade reflects delay in repayment of term-loan
obligation, owing to weak liquidity.

The rating continues to reflect the modest scale of operations
and susceptibility to volatile raw material prices. It also
reflects the weak financial risk profile, marked by modest
networth, high gearing and subdued debt-protection metrics. The
company, however, continues to benefit from extensive industry
experience of promoters.

VVIL was set up in December 1999 by Mr. B Eshwar Rao and was
acquired by Mr. Vishnu Rao and his family members in 2010. The
company operates a biomass-based power plant in Visakhapatnam.


YUVIKA SILK: ICRA Assigns B+ Rating to INR5.25cr Cash Loan
----------------------------------------------------------
The long term rating of [ICRA]B+ has been assigned to the INR5.93
crore long term bank facilities of Yuvika Silk Mills Private
Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limits       5.25       [ICRA] B+ assigned
   Term Loan                0.68       [ICRA] B+ assigned

The assigned rating is company's relatively small scale of the
company's operations with high customer concentration risk and
competitive intensity in the industry. The rating is further
constrained by the weak financial risk profile characterized by
low net profitability and moderate coverage indicators. ICRA also
notes the vulnerability of profitability to adverse fluctuations
in prices of key raw materials (yarn and zari) which may not be
passed onto the customers adequately.

The rating however, favorable factors in the long and established
track record of the company's promoters in the textile industry
and the location advantage due to proximity to its raw material
suppliers and downstream processing units.

Incorporated in 2009, Yuvika Silk Mills Private Limited (YSMPL)
is engaged in the manufacturing of printed polyester sarees. The
Company is promoted by Mr. Jitendra Brahmbhatt and Mr. Premal
Barot having long experience in the textile industry. The company
manufactures fabric and sarees at its manufacturing facilities
and outsources processing activities like bleaching and dyeing
etc. The company is based out of Surat, Guajrat.

Recent Results

According to unaudited results, YSMPL's net profit stood at
INR0.1 crore on an operating income of INR15.3 crore for FY 2016.
For FY 2015, the company reported an operating income of INR8.6
crore and net loss of INR0.04 crore as against an operating
income of INR8.2 crore and net loss of INR0.1 crore for FY 2014.



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


KRISENERGY LTD: Bonds Fall Amid Debt Covenant Stress
----------------------------------------------------
David Yong and Denise Wee at Bloomberg News report that
KrisEnergy Ltd bonds are showing strain as the Singapore-based
oil and gas producer said the industry slump could put its debt
covenants to the test, as distress in the local-currency debt
market spreads.

Bloomberg relates that the company's SGD130 million of June 2017
notes were at 79.95 US cents on the dollar yielding 37 per cent
as of 11:24 a.m. local time on Aug. 15, based on indicative bids
compiled by iFast Corp, which operates a retail and wholesale
bond portal. Investors traded the 2017 notes at 89.55 US cents on
July 28, its data show, says Bloomberg.

According to Bloomberg, KrisEnergy said on Aug 14 it is exploring
equity issuance, refinancing and asset sales to strengthen its
capital structure as debt covenants may come under stress after
energy prices crashed in the past two years.

Swiber Holdings Ltd, an offshore oil and gas services firm, was
put under interim judicial management earlier this month. The SGX
Oil & Gas sub-index of 23 stocks, which include Swiber and
KrisEnergy, has dropped 44 per cent since March 31, according to
Bloomberg.

"It will have a knock-on effect on the weaker upstream players,"
Bloomberg quotes Joel Ng, an analyst at KGI Fraser Securities in
Singapore, as saying.

KrisEnergy also has a SGD200 million bond due in August 2018, in
addition to a US$148.3 million secured revolving credit facility
with DBS Group Holdings Ltd, Bloomberg discloses citing an
investor presentation released Aug. 15.

The note indicates that under the covenants, the firm's
permissible fixed-charge coverage ratio will be two times from
next year, from the current 1.5 times, Bloomberg says.

KrisEnergy Limited (SGX:SK3) -- https://krisenergy.com/ -- is a
Singapore-based investment holding company. The Company is an
independent upstream oil and gas company with a portfolio of
exploration, appraisal, development and production assets focused
on the geological basins in Asia. The Company operates through
exploration and production of oil and gas in Asia segment. The
Company holds interests in approximately 20 licenses in
Bangladesh, Cambodia, Indonesia, Thailand and Vietnam covering a
gross acreage of approximately 60,750 square kilometers.


SWIBER HOLDINGS: Considering Legal Action Against AMTC
------------------------------------------------------
Bloomberg News reports that Swiber Holdings' interim judicial
managers said the troubled Singaporean company is studying legal
action against AMTC, after the London-based private equity firm
failed to follow through on a planned US$200 million (S$268.15
million) investment in the oil services firm.

Bloomberg relates that the court-appointed managers said in a
statement that AMTC representatives had not contacted them after
Singapore's Business Times reported on Aug. 13 "that the deal
with Swiber was still alive and that a representative from AMTC
had flown to Singapore last week to work on it."

According to Bloomberg, the statement added that the court-
appointed managers remained open to hearing from all possible
investors in Swiber. "We are open to discussions with any serious
investors," Bloomberg quotes Bob Yap, one of three court-
appointed managers, as saying.

Swiber has been operating under judicial management after it
dropped an earlier liquidation plan last month following talks
with creditors, Bloomberg notes.

Bloomberg relates that Swiber said it was unable to make a coupon
payment on Aug 2.  The company has four bonds worth SGD460
million and CNY450 million (SGD91.1 million) debt outstanding,
according to data compiled by Bloomberg. It took two short-term
loans from DBS Group Holdings Ltd. to pay off bonds in June and
July, pledging more of its assets to the lender as security,
Bloomberg says.

DBS, Southeast Asia's biggest lender, said last month it has
about SGD700 million in total exposure to Swiber. The bank has
said it expects to recover half of that amount, Bloomberg
discloses.

Swiber provides construction services for international oil and
gas projects, and has been hit by persistently low oil prices.
Bloomberg notes that AMTC entered the picture in June, as Swiber
struggled to put its operations in order, but has failed to come
up with much-needed capital after several rounds of talks.

On June 9, AMTC signed an agreement with Swiber Investment
Limited (SIL) whereby AMTC would subscribe for 1,000 preference
shares issued by SIL for a total of US$200 million, according to
an announcement by Swiber Holdings on 11 July 2016, the interim
managers said in the statement, Bloomberg reports.

Initially, the deal had to be completed before July 16, a date
that was later brought forward to June 29. On June 27, AMTC
requested an extension of the deadline, which was rejected, and
has been in breach of the deal since, the managers said, adds
Bloomberg.

                           About Swiber

Swiber Holdings Limited (SGX:BGK) -- http://www.swiber.com/-- is
a Singapore-based investment holding company. The Company,
through its subsidiaries, is engaged in offshore marine
engineering; vessel owning and chartering, and provision of
corporate services. The Company is an integrated offshore
construction and support services provider for shallow water oil
and gas field development. It offers a range of engineering,
procurement, installation and construction (EPIC) services,
complemented by its in-house marine support and engineering
capabilities, to support the offshore field development and
production activities of its clientele base across the Asia
Pacific, Middle East, Latin America and West Africa regions. It
operates approximately 10 construction vessels. The Company's
subsidiaries include Swiber Offshore Construction Pte. Ltd.,
Swiber Offshore Marine Pte. Ltd., Swiber Corporate Pte. Ltd.,
Resolute Offshore Pte. Ltd. and Swiber Capital Pte. Ltd.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 2, 2016, Reuters said Swiber Holdings Ltd has applied to
place itself under judicial management instead of liquidation.
According to Reuters, Swiber shocked markets earlier this month
by filing for liquidation, as it faced hundreds of millions of
dollars in debt and a decline in orders, becoming the largest
local company to fall victim to the slump in oil prices.

Bob Yap Cheng Ghee, Tay Puay Cheng and Ong Pang Thye of KPMG
Services Pte Ltd. have been appointed as the joint and several
interim judicial managers of Swiber Holdings Limited and Swiber
Offshore Construction.



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


SOUTH KOREAN SHIPBUILDERS: 3 Firms Axed 3,000 Jobs in 2016 H1
-------------------------------------------------------------
Yonhap News Agency reports that at least 3,000 employees who
worked for South Korea's three largest shipbuilders quit their
jobs in the first half as the industry as a whole underwent
extensive restructuring to cope with global oversupply and low
demand amid a general economic slowdown, the companies said on
Aug. 14.

Yonhap says the country's three biggest shipyards -- Hyundai
Heavy Industries Co, Samsung Heavy Industries Co. and Daewoo
Shipbuilding & Marine Engineering Co. -- have been engaged in
drastic restructuring programs led by their creditor banks in
recent years after being hit hard by the 2008 financial crisis.

On top of the official data collected from the three
shipbuilders, there are 2,000 more employees who left Hyundai
Heavy during the first half under the so-called voluntary
retirement program, according to Yonhap. Under this program,
companies usually offer a higher-than-usual severance pay, as
well as compensation equaling years of their annual salary.

Yonhap relates that industry sources said if the job cuts at
Hyundai Heavy are taken into account, about 5,000 regular and
non-regular workers retired or were forced to quit their jobs in
the Big 3 shipyards in the first six months.

Under their separate self-rescue plans submitted to their
creditors, the three shipbuilders said they will reduce their
combined workforce by 6,000 this year, Yonhap discloses.

"As the business environment is getting worse (in the
shipbuilding industry) and more workers are expected to apply for
the voluntary retirement programs later this year, the number of
workers leaving the shipbuilders will be bigger (than the present
6,000) at the end of this year," Yonhap quotes industry official
as saying.

In the January to June period, Hyundai Heavy swung to a net
profit of KRW636.8 billion (US$577 million) from a net loss of
KRW367.6 billion a year earlier. Samsung Heavy's net losses
narrowed to KRW196.50 billion from KRW1.144 trillion during the
same period, Yonhap discloses citing regulatory filings.

Hyundai's rebound from a net loss and Samsung's narrowed losses
were helped by the selling off of noncore assets and the
reduction in jobs, the report states.

Yonhap says Daewoo Shipbuilding is under investigation due to
accounting fraud worth over KRW5 trillion in which the company's
former executives were involved. It shifted to a net profit of
KRW31.4 billion in the first quarter from a huge net loss of
KRW3.307 trillion a quarter earlier. First-half figures were not
available from the regulatory filing system.



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


* BOND PRICING: For the Week August 8 to August 12, 2016
--------------------------------------------------------

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


  AUSTRALIA
  ---------

BOART LONGYEAR MANAGEME    10.00     10/1/2018   USD       64.45
EMECO PTY LTD               9.88     3/15/2019   USD       53.50
CROWN RESORTS LTD           6.02     4/23/2075   AUD       65.50
EMECO PTY LTD               9.88     3/15/2019   USD       54.00
BOART LONGYEAR MANAGEME     7.00      4/1/2021   USD       18.00
BOART LONGYEAR MANAGEME    10.00     10/1/2018   USD       63.50
BOART LONGYEAR MANAGEME     7.00      4/1/2021   USD       19.30
CML GROUP LTD               9.00     1/29/2020   AUD        0.96
CRATER GOLD MINING LTD     10.00     8/18/2017   AUD       23.00
DBCT FINANCE PTY LTD        2.31    12/12/2022   AUD       73.70
DBCT FINANCE PTY LTD        2.40      6/9/2026   AUD       60.36
IMF BENTHAM LTD             6.16     6/30/2019   AUD       58.50
KBL MINING LTD             12.00     2/16/2017   AUD        0.09
KEYBRIDGE CAPITAL LTD       7.00     7/31/2020   AUD        0.68
LAKES OIL NL               10.00     3/31/2017   AUD        6.10
MIDWEST VANADIUM PTY LT    11.50     2/15/2018   USD        7.50
MIDWEST VANADIUM PTY LT    11.50     2/15/2018   USD        7.50
RELIANCE RAIL FINANCE P     2.28     9/26/2023   AUD       68.23
RELIANCE RAIL FINANCE P     2.28     9/26/2023   AUD       68.23
STOKES LTD                 10.00     6/30/2017   AUD        0.35


CHINA
-----

ANSHAN CITY CONSTRUCTIO     8.25      3/5/2019   CNY       63.00
ANSHAN CITY CONSTRUCTIO     8.25      3/5/2019   CNY       63.50
ANYANG INVESTMENT GROUP     8.00     4/17/2019   CNY       64.35
BAISHAN URBAN CONSTRUCT     7.00     7/31/2019   CNY       63.00
BANGBU CITY INVESTMENT      5.78     8/10/2017   CNY       55.75
BEIJING CAPITAL DEVELOP     5.95     5/29/2019   CNY       62.56
BEIJING CONSTRUCTION EN     5.95      7/5/2019   CNY       56.53
BEIJING CONSTRUCTION EN     5.95      7/5/2019   CNY       62.74
BEIJING ECONOMIC TECHNO     5.29      3/6/2018   CNY       71.52
BINZHOU BINCHENG DISTRI     6.50      7/5/2019   CNY       75.00
BINZHOU BINCHENG DISTRI     6.50      7/5/2019   CNY       63.26
CHANGSHA CITY CONSTRUCT     6.95     4/24/2019   CNY       63.28
CHANGSHA CITY CONSTRUCT     6.95     4/24/2019   CNY       63.28
CHANGSHA COUNTY XINGCHE     8.35      4/6/2019   CNY       63.59
CHANGSHA COUNTY XINGCHE     8.35      4/6/2019   CNY       64.22
CHANGSHA HIGH TECHNOLOG     7.30    11/22/2017   CNY       71.31
CHANGSHU BINJIANG URBAN     6.85     4/27/2019   CNY       62.96
CHANGSHU BINJIANG URBAN     6.85     4/27/2019   CNY       62.60
CHANGSHU CITY OPERATION     8.00     1/16/2019   CNY       63.91
CHANGSHU CITY OPERATION     8.00     1/16/2019   CNY       63.01
CHANGZHOU WUJIN CITY CO     6.22      6/8/2018   CNY       50.10
CHANGZHOU WUJIN CITY CO     6.22      6/8/2018   CNY       51.85
CHAOYANG CONSTRUCTION I     7.30     5/25/2019   CNY       63.20
CHENGDU ECONOMIC&TECHNO     6.55     7/17/2019   CNY       83.00
CHENGDU ECONOMIC&TECHNO     6.50     7/17/2018   CNY       51.77
CHENGDU ECONOMIC&TECHNO     6.55     7/17/2019   CNY       63.60
CHENGDU ECONOMIC&TECHNO     6.50     7/17/2018   CNY       52.11
CHENGDU XINCHENG XICHEN     8.35     3/19/2019   CNY       65.54
CHENGDU XINCHENG XICHEN     8.35     3/19/2019   CNY       64.52
CHIFENG CITY HONGSHAN I     7.20     7/25/2019   CNY       63.14
CHIFENG CITY INFRASTRUC     6.18     5/18/2017   CNY       50.20
CHIFENG CITY INFRASTRUC     6.18     5/18/2017   CNY       51.57
CHONGQING HECHUAN RURAL     8.28     4/10/2018   CNY       52.71
CHONGQING HECHUAN RURAL     8.28     4/10/2018   CNY       52.75
CHONGQING HECHUAN URBAN     6.95      1/6/2018   CNY       72.36
CHONGQING HECHUAN URBAN     6.95      1/6/2018   CNY       71.50
CHONGQING JIANGJIN HUAX     6.95      1/6/2018   CNY       71.00
CHONGQING JIANGJIN HUAX     6.95      1/6/2018   CNY       71.99
CHONGQING JINYUN ASSET      6.75     6/18/2019   CNY       83.20
CHONGQING JINYUN ASSET      6.75     6/18/2019   CNY       63.12
CHONGQING LAND PROPERTI     7.35     4/25/2019   CNY       64.30
CHONGQING LAND PROPERTI     7.35     4/25/2019   CNY       64.09
CHONGQING NAN'AN URBAN      8.20      4/9/2019   CNY       64.50
CHONGQING NAN'AN URBAN      6.29    12/24/2017   CNY       61.89
CHONGQING XINGRONG HOLD     8.35     4/19/2019   CNY       64.26
CHONGQING XIYONG MICRO-     6.76     7/25/2019   CNY       63.50
CHONGQING XIYONG MICRO-     6.76     7/25/2019   CNY       83.60
CHONGQING YONGCHUAN HUI     7.49     3/14/2018   CNY       73.36
CHONGQING YONGCHUAN HUI     7.49     3/14/2018   CNY       72.50
CHONGQING YULONG ASSET      6.87     5/31/2019   CNY       63.20
CHONGQING YUXING CONSTR     7.29     12/8/2017   CNY       72.16
DALI ECONOMIC DEVELOPME     8.80     4/24/2019   CNY       64.85
DALIAN LVSHUN CONSTRUCT     6.78      7/2/2019   CNY       63.03
DALIAN LVSHUN CONSTRUCT     6.78      7/2/2019   CNY       63.55
DANDONG CITY DEVELOPMEN     6.21      9/6/2017   CNY       70.78
DANYANG INVESTMENT GROU     8.10      3/6/2019   CNY       64.10
DANYANG INVESTMENT GROU     8.10      3/6/2019   CNY       63.91
DATONG ECONOMIC CONSTRU     6.50      6/1/2017   CNY       40.76
DATONG ECONOMIC CONSTRU     6.50      6/1/2017   CNY       40.21
DONGBEI SPECIAL STEEL G     6.50     3/27/2016   CNY       40.00
DONGBEI SPECIAL STEEL G     6.10     1/15/2018   CNY       40.00
DONGBEI SPECIAL STEEL G     5.63     4/12/2018   CNY       40.00
DONGBEI SPECIAL STEEL G     7.00     7/10/2016   CNY       40.00
DONGBEI SPECIAL STEEL G     6.30     9/24/2016   CNY       40.00
DONGBEI SPECIAL STEEL G     8.20      6/6/2016   CNY       40.00
DONGBEI SPECIAL STEEL G     5.88      5/5/2016   CNY       40.00
DONGBEI SPECIAL STEEL G     7.40     7/17/2017   CNY       40.00
DONGBEI SPECIAL STEEL G     8.30      9/6/2016   CNY       40.00
DONGTAI COMMUNICATION I     7.39      7/5/2018   CNY       52.40
DONGTAI COMMUNICATION I     7.39      7/5/2018   CNY       52.38
DRILL RIGS HOLDINGS INC     6.50     10/1/2017   USD       41.25
DRILL RIGS HOLDINGS INC     6.50     10/1/2017   USD       47.13
ERDOS DONGSHENG CITY DE     8.40     2/28/2018   CNY       49.04
ERDOS DONGSHENG CITY DE     8.40     2/28/2018   CNY       49.57
EZHOU CITY CONSTRUCTION     7.08     6/19/2019   CNY       63.76
FUSHUN URBAN INVESTMENT     5.95     5/11/2018   CNY       71.00
GANZHOU CITY DEVELOPMEN     6.40     7/10/2018   CNY       50.30
GANZHOU CITY DEVELOPMEN     6.40     7/10/2018   CNY       52.30
GUANGAN INVESTMENT HOLD     8.18     4/25/2019   CNY       63.52
GUANGAN INVESTMENT HOLD     8.18     4/25/2019   CNY       64.42
GUANGXI BAISE DEVELOPME     6.50      7/4/2019   CNY       62.71
GUANGXI BAISE DEVELOPME     6.50      7/4/2019   CNY       63.22
GUILIN ECONOMIC CONSTRU     6.90      5/9/2018   CNY       51.99
GUIYANG ECO&TECH DEVELO     8.42     3/27/2019   CNY       64.77
GUOAO INVESTMENT DEVELO     6.89    10/29/2018   CNY       69.90
HAIAN COUNTY CITY CONST     8.35     3/28/2018   CNY       52.82
HAIAN COUNTY CITY CONST     8.35     3/28/2018   CNY       52.66
HAIMEN CITY DEVELOPMENT     8.35     3/20/2019   CNY       64.38
HAIMEN CITY DEVELOPMENT     8.35     3/20/2019   CNY       62.50
HANGZHOU MUNICIPAL CONS     5.90     4/25/2018   CNY       51.85
HANGZHOU MUNICIPAL CONS     5.90     4/25/2018   CNY       51.86
HANGZHOU XIAOSHAN STATE     6.90    11/22/2016   CNY       41.00
HANGZHOU XIAOSHAN STATE     6.90    11/22/2016   CNY       40.34
HANGZHOU YUHANG CITY CO     7.55     3/29/2019   CNY       64.20
HANGZHOU YUHANG CITY CO     7.55     3/29/2019   CNY       63.59
HANZHONG CITY CONSTRUCT     7.48     3/14/2018   CNY       73.16
HEFEI HAIHENG INVESTMEN     7.30     6/12/2019   CNY       63.94
HEFEI HAIHENG INVESTMEN     7.30     6/12/2019   CNY       60.00
HEFEI TAOHUA INDUSTRIAL     8.79     3/27/2019   CNY       63.87
HEFEI XINCHENG STATE-OW     7.88     4/23/2019   CNY       64.12
HEFEI XINCHENG STATE-OW     7.88     4/23/2019   CNY       57.84
HEGANG KAIYUAN CITY INV     6.50     7/19/2019   CNY       62.76
HEILONGJIANG HECHENG CO     7.78    11/17/2016   CNY       36.57
HEILONGJIANG HECHENG CO     7.78    11/17/2016   CNY       40.43
HUAIAN CITY URBAN ASSET     7.15    12/21/2016   CNY       40.63
HUAIAN CITY WATER ASSET     8.25      3/8/2019   CNY       64.69
HUAIAN CITY WATER ASSET     8.25      3/8/2019   CNY       62.51
HUAI'AN DEVELOPMENT HOL     6.80     3/24/2017   CNY       42.63
HUAIAN QINGHE NEW AREA      6.79     4/29/2017   CNY       40.53
HUAIHUA CITY CONSTRUCTI     8.00     3/22/2018   CNY       51.60
HUAIHUA CITY CONSTRUCTI     8.00     3/22/2018   CNY       52.30
HUZHOU MUNICIPAL CONSTR     7.02    12/21/2017   CNY       72.39
HUZHOU NANXUN STATE-OWN     8.15     3/31/2019   CNY       63.53
HUZHOU WUXING NANTAIHU      7.71     2/17/2018   CNY       72.82
JIAMUSI NEW ERA INFRAST     8.25     3/22/2019   CNY       63.25
JIAMUSI NEW ERA INFRAST     8.25     3/22/2019   CNY       63.85
JIAN CITY CONSTRUCTION      7.80     4/20/2019   CNY       64.03
JIAN CITY CONSTRUCTION      7.80     4/20/2019   CNY       57.79
JIANGDONG HOLDING GROUP     6.90     3/27/2019   CNY       62.55
JIANGDU XINYUAN INDUSTR     8.10     3/23/2019   CNY       63.51
JIANGDU XINYUAN INDUSTR     8.10     3/23/2019   CNY       63.76
JIANGSU HUAJING ASSET O     5.68     9/28/2017   CNY       50.20
JIANGSU HUAJING ASSET O     5.68     9/28/2017   CNY       50.71
JIANGSU LIANYUN DEVELOP     6.10     6/19/2019   CNY       63.00
JIANGSU LIANYUN DEVELOP     6.10     6/19/2019   CNY       62.24
JIANGSU TAICANG PORT DE     7.66     5/16/2019   CNY       64.46
JIANGYIN CITY CONSTRUCT     7.20     6/11/2019   CNY       64.20
JIANGYIN CITY CONSTRUCT     7.20     6/11/2019   CNY       64.03
JIASHAN STATE-OWNED ASS     6.80      6/6/2019   CNY       63.50
JIAXING CULTURE FAMOUS      8.16      3/8/2019   CNY       64.62
JIAXING ECONOMIC&TECHNO     6.78     6/14/2019   CNY       63.07
JIAXING ECONOMIC&TECHNO     6.78     6/14/2019   CNY       63.57
JINAN CITY CONSTRUCTION     6.98     3/26/2018   CNY       51.80
JINAN CITY CONSTRUCTION     6.98     3/26/2018   CNY       51.74
JINGZHOU URBAN CONSTRUC     7.98     4/24/2019   CNY       64.69
JINING CITY CONSTRUCTIO     8.30    12/31/2018   CNY       64.12
JINTAN CONSTRUCTION INV     8.30     3/14/2019   CNY       64.48
JINZHOU CITY INVESTMENT     7.08     6/13/2019   CNY       63.52
JINZHOU CITY INVESTMENT     7.08     6/13/2019   CNY       63.25
JIUJIANG CITY CONSTRUCT     8.49     2/23/2019   CNY       64.86
JIUJIANG CITY CONSTRUCT     8.49     2/23/2019   CNY       64.10
KAIFENG DEVELOPMENT INV     6.47     7/11/2019   CNY       62.36
KUNMING CITY CONSTRUCTI     7.60     4/13/2018   CNY       52.03
KUNMING CITY CONSTRUCTI     7.60     4/13/2018   CNY       52.41
KUNMING WUHUA DISTRICT      8.60     3/15/2018   CNY       52.95
KUNMING WUHUA DISTRICT      8.60     3/15/2018   CNY       52.83
LAIWU CITY ECONOMIC DEV     6.50      3/1/2018   CNY       61.93
LEQING CITY STATE OWNED     6.50     6/29/2019   CNY       79.00
LEQING CITY STATE OWNED     6.50     6/29/2019   CNY       63.59
LESHAN STATE-OWNED ASSE     6.99     3/18/2018   CNY       72.98
LESHAN STATE-OWNED ASSE     6.99     3/18/2018   CNY       73.17
LIAOYANG CITY ASSETS OP     6.88     6/13/2018   CNY       67.64
LIAOYANG CITY ASSETS OP     6.88     6/13/2018   CNY       66.30
LIAOYUAN STATE-OWNED AS     8.17     3/13/2019   CNY       63.16
LIAOYUAN STATE-OWNED AS     8.17     3/13/2019   CNY       61.00
LIAOYUAN STATE-OWNED AS     7.80     1/26/2017   CNY       40.50
LIAOYUAN STATE-OWNED AS     7.80     1/26/2017   CNY       40.58
LIJIANG GUCHENG MANAGEM     6.68     7/26/2019   CNY       63.74
LINAN CITY CONSTRUCTION     8.15      3/9/2018   CNY       52.20
LINAN CITY CONSTRUCTION     8.15      3/9/2018   CNY       52.46
LINHAI CITY INFRASTRUCT     7.98     11/6/2016   CNY       45.60
LINHAI CITY INFRASTRUCT     7.98     11/6/2016   CNY       50.53
LINYI INVESTMENT DEVELO     8.10     3/27/2018   CNY       52.53
LIUZHOU DONGCHENG INVES     8.30     2/15/2019   CNY       62.25
LIUZHOU DONGCHENG INVES     8.30     2/15/2019   CNY       63.20
LONGHAI STATE-OWNED ASS     8.25     12/2/2017   CNY       72.79
LUOHE CITY CONSTRUCTION     6.81     3/30/2017   CNY       30.66
LUOHE CITY CONSTRUCTION     6.81     3/30/2017   CNY       30.56
MIANYANG SCIENCE & TECH     6.30     7/22/2018   CNY       54.38
MIANYANG SCIENCE & TECH     7.16     5/15/2019   CNY       60.51
MIANYANG SCIENCE & TECH     7.16     5/15/2019   CNY       63.20
NANAN CITY TRADE INDUST     8.50     4/25/2019   CNY       64.65
NANCHONG CHEMICAL INDUS     8.16     4/26/2019   CNY       64.05
NANJING HEXI NEW TOWN A     6.40      2/3/2017   CNY       61.02
NANJING JIANGNING SCIEN     7.29     4/28/2019   CNY       61.50
NANJING JIANGNING SCIEN     7.29     4/28/2019   CNY       63.49
NANTONG CITY TONGZHOU D     6.80     5/28/2019   CNY       81.00
NANTONG CITY TONGZHOU D     6.80     5/28/2019   CNY       63.67
NANTONG STATE-OWNED ASS     6.72    11/13/2016   CNY       41.10
NANTONG STATE-OWNED ASS     6.72    11/13/2016   CNY       41.38
NEIJIANG INVESTMENT HOL     7.00     7/19/2018   CNY       52.14
NEIJIANG INVESTMENT HOL     7.00     7/19/2018   CNY       52.19
NEIMENGGU XINLINGOL XIN     7.62     2/25/2018   CNY       72.34
NINGBO CITY ZHENHAI INV     6.48     4/12/2017   CNY       40.72
NINGBO URBAN CONSTRUCTI     7.39      3/1/2018   CNY       52.19
NINGBO URBAN CONSTRUCTI     7.39      3/1/2018   CNY       50.76
NINGDE CITY STATE-OWNED     6.25    10/21/2017   CNY       40.54
NONGGONGSHANG REAL ESTA     6.29    10/11/2017   CNY       71.19
PANJIN CONSTRUCTION INV     7.50     5/17/2019   CNY       61.10
PANJIN CONSTRUCTION INV     7.50     5/17/2019   CNY       63.60
PANJIN CONSTRUCTION INV     7.70    12/16/2016   CNY       40.32
PANJIN CONSTRUCTION INV     7.70    12/16/2016   CNY       40.64
PINGDINGSHAN CITY DEVEL     7.86      5/8/2019   CNY       64.28
PINGDINGSHAN CITY DEVEL     7.86      5/8/2019   CNY       64.14
PUER CITY STATE OWNED A     7.38     6/20/2019   CNY       63.04
PUTIAN STATE-OWNED ASSE     8.10     3/21/2019   CNY       64.39
PUTIAN STATE-OWNED ASSE     8.10     3/21/2019   CNY       64.20
QIANAN XINGYUAN WATER I     6.45     7/11/2018   CNY       51.76
QIANDONG NANZHOU DEVELO     8.80     4/27/2019   CNY       63.50
QINGDAO CITY CONSTRUCTI     6.89     2/16/2019   CNY       62.00
QINGDAO CITY CONSTRUCTI     6.19     2/16/2017   CNY       40.68
QINGDAO CITY CONSTRUCTI     6.89     2/16/2019   CNY       62.89
QINGDAO CITY CONSTRUCTI     6.19     2/16/2017   CNY       40.58
QINGDAO HUATONG STATE-O     7.30     4/18/2019   CNY       63.81
QINGDAO HUATONG STATE-O     7.30     4/18/2019   CNY       63.60
QINGZHOU HONGYUAN PUBLI     6.50     5/22/2019   CNY       32.00
QINGZHOU HONGYUAN PUBLI     6.50     5/22/2019   CNY       31.48
QINZHOU CITY DEVELOPMEN     6.72     4/30/2017   CNY       51.23
QUANZHOU QUANGANG PETRO     8.40     4/16/2019   CNY       65.53
QUANZHOU QUANGANG PETRO     8.40     4/16/2019   CNY       64.25
QUNSHAN HUAQIAO INTERNA     7.98    12/30/2018   CNY       63.50
SANMING STATE-OWNED ASS     6.99     6/14/2018   CNY       70.08
SANMING STATE-OWNED ASS     6.99     6/14/2018   CNY       73.77
SHANGHAI CHENGTOU CORP      4.63     7/30/2019   CNY       61.64
SHANGHAI REAL ESTATE GR     6.12     5/17/2017   CNY       40.99
SHANGHAI SONGJIANG TOWN     6.28     8/15/2018   CNY       69.75
SHAOXING CHENGBEI XINCH     6.21     6/11/2018   CNY       51.35
SHAOXING CHENGBEI XINCH     6.21     6/11/2018   CNY       76.75
SHIYAN CITY INFRASTRUCT     7.98     4/20/2019   CNY       64.46
SICHUAN COAL INDUSTRY G     5.94     5/15/2017   CNY       35.00
SICHUAN COAL INDUSTRY G     7.45    12/25/2016   CNY       35.00
SICHUAN COAL INDUSTRY G     7.70      1/9/2018   CNY       35.00
SICHUAN COAL INDUSTRY G     7.80     9/27/2017   CNY       35.00
SICHUAN DEVELOPMENT HOL     5.40    11/10/2017   CNY       70.91
SUQIAN ECONOMIC DEVELOP     7.50     3/26/2019   CNY       63.39
SUQIAN ECONOMIC DEVELOP     7.50     3/26/2019   CNY       63.98
SUZHOU CONSTRUCTION INV     7.45     3/12/2019   CNY       63.70
SUZHOU INDUSTRIAL PARK      5.79     5/30/2019   CNY       61.71
SUZHOU INDUSTRIAL PARK      5.79     5/30/2019   CNY       62.77
TAIAN CITY TAISHAN INVE     5.79      3/2/2018   CNY       71.00
TAIXING ZHONGXING STATE     8.29     3/27/2018   CNY       52.55
TAIXING ZHONGXING STATE     8.29     3/27/2018   CNY       53.73
TAIZHOU CITY CONSTRUCTI     6.90     1/25/2017   CNY       40.72
TAIZHOU HAILING ASSETS      8.52     3/21/2019   CNY       64.54
TAIZHOU HAILING ASSETS      8.52     3/21/2019   CNY       64.42
TIANJIN BINHAI NEW AREA     5.00     3/13/2018   CNY       71.78
TIANJIN BINHAI NEW AREA     5.00     3/13/2018   CNY       71.54
TIANJIN HANBIN INVESTME     8.39     3/22/2019   CNY       63.98
TIANJIN HI-TECH INDUSTR     7.80     3/27/2019   CNY       63.75
TIANJIN HI-TECH INDUSTR     7.80     3/27/2019   CNY       63.71
TIANJIN JINNAN CITY CON     6.95     6/18/2019   CNY       63.59
TIELING PUBLIC ASSETS I     7.34     5/29/2018   CNY       51.83
TIELING PUBLIC ASSETS I     7.34     5/29/2018   CNY       47.06
TIGER FOREST & PAPER GR     5.38     6/14/2017   CNY       57.96
TONGCHUAN DEVELOPMENT I     7.50     7/17/2019   CNY       62.97
TONGLIAO CITY INVESTMEN     5.98      9/1/2017   CNY       70.66
TONGLIAO CITY INVESTMEN     5.98      9/1/2017   CNY       71.02
TONGREN FANJINGSHAN INV     6.89      8/2/2019   CNY       62.84
URUMQI CITY CONSTRUCTIO     6.35      7/9/2019   CNY       63.39
URUMQI STATE-OWNED ASSE     6.48     4/28/2018   CNY       51.51
URUMQI STATE-OWNED ASSE     6.48     4/28/2018   CNY       51.61
VANZIP INVESTMENT GROUP     7.92      2/4/2019   CNY       65.54
WAFANGDIAN STATE-OWNED      8.55     4/19/2019   CNY       64.17
WENZHOU ANJUFANG CITY D     7.65     4/24/2019   CNY       63.71
WUHAI CITY CONSTRUCTION     8.20     3/31/2019   CNY       64.01
WUHAI CITY CONSTRUCTION     8.20     3/31/2019   CNY       63.56
WUHU ECONOMIC TECHNOLOG     6.70      6/8/2018   CNY       52.00
WUHU ECONOMIC TECHNOLOG     6.70      6/8/2018   CNY       51.54
XIAN CHANBAHE DEVELOPME     6.89      8/3/2019   CNY       63.22
XIANGTAN CITY CONSTRUCT     8.00     3/16/2019   CNY       64.14
XIANGTAN CITY CONSTRUCT     8.00     3/16/2019   CNY       61.50
XIANGTAN JIUHUA ECONOMI     6.93    12/16/2016   CNY       40.52
XIANGYANG CITY CONSTRUC     8.12     1/12/2019   CNY       63.94
XIANGYANG CITY CONSTRUC     8.12     1/12/2019   CNY       63.79
XIANYANG CITY CONSTRUCT     7.90     12/9/2017   CNY       72.01
XIAOGAN URBAN CONSTRUCT     8.12     3/26/2019   CNY       64.41
XINING CITY INVESTMENT      7.70     4/27/2019   CNY       57.61
XINING CITY INVESTMENT      7.70     4/27/2019   CNY       64.33
XINJIANG SHIHEZI DEVELO     7.50     8/29/2018   CNY       72.27
XINJIANG UYGUR AR HAMI      6.25     7/17/2018   CNY       52.11
XINXIANG INVESTMENT GRO     6.80     1/18/2018   CNY       72.15
XINYANG HUAXIN INVESTME     6.95     6/14/2019   CNY       63.87
XINYANG HUAXIN INVESTME     6.95     6/14/2019   CNY       60.00
XINZHOU CITY ASSET MANA     7.39      8/8/2018   CNY       78.06
XUCHANG GENERAL INVESTM     7.78     4/27/2019   CNY       64.32
XUZHOU ECONOMIC TECHNOL     8.20      3/7/2019   CNY       64.60
XUZHOU ECONOMIC TECHNOL     8.20      3/7/2019   CNY       65.15
XUZHOU XINSHENG CONSTRU     7.48      5/8/2018   CNY       52.40
XUZHOU XINSHENG CONSTRU     7.48      5/8/2018   CNY       52.47
YAAN STATE-OWNED ASSET      7.39      7/4/2019   CNY       62.87
YANCHENG ORIENTAL INVES     5.75      6/8/2017   CNY       51.10
YANCHENG ORIENTAL INVES     5.75      6/8/2017   CNY       50.31
YANGZHONG URBAN CONSTRU     7.10     3/26/2018   CNY       73.23
YANGZHOU URBAN CONSTRUC     6.30     7/26/2019   CNY       63.54
YANZHOU HUIMIN URBAN CO     8.50    12/28/2017   CNY       52.05
YIBIN STATE-OWNED ASSET     5.80     5/23/2018   CNY       72.23
YICHUN CITY CONSTRUCTIO     7.35     7/24/2019   CNY       61.00
YICHUN CITY CONSTRUCTIO     7.35     7/24/2019   CNY       61.46
YIJINHUOLUOQI HONGTAI C     8.35     3/19/2019   CNY       59.55
YIJINHUOLUOQI HONGTAI C     8.35     3/19/2019   CNY       59.03
YINCHUAN URBAN CONSTRUC     6.28      3/9/2017   CNY       25.17
YINGTAN INVESTMENT FINA     8.15     2/23/2017   CNY       51.34
YIYANG CITY CONSTRUCTIO     8.20    11/19/2016   CNY       40.54
YIZHENG CITY CONSTRUCTI     7.78     6/14/2019   CNY       76.00
YIZHENG CITY CONSTRUCTI     7.78     6/14/2019   CNY       64.60
YUNNAN PROVINCIAL INVES     5.25     8/24/2017   CNY       70.70
YUNNAN PROVINCIAL INVES     5.25     8/24/2017   CNY       70.48
ZHANGJIAGANG JINCHENG I     6.23      1/6/2018   CNY       61.54
ZHANGJIAKOU TONGTAI HOL     6.90      7/5/2018   CNY       73.62
ZHEJIANG PROVINCE DEQIN     6.90     4/12/2018   CNY       72.66
ZHENJIANG CULTURE AND T     5.86      5/6/2017   CNY       50.11
ZHENJIANG CULTURE AND T     5.86      5/6/2017   CNY       50.63
ZHENJIANG NEW AREA ECON     8.16      3/1/2019   CNY       63.10
ZHENJIANG NEW AREA ECON     8.16      3/1/2019   CNY       62.84
ZHENJIANG TRANSPORTATIO     7.29      5/8/2019   CNY       63.31
ZHENJIANG TRANSPORTATIO     7.29      5/8/2019   CNY       62.61
ZHUCHENG ECONOMIC DEVEL     6.40     4/26/2018   CNY       41.55
ZHUCHENG ECONOMIC DEVEL     6.40     4/26/2018   CNY       39.00
ZHUCHENG ECONOMIC DEVEL     7.50     8/25/2018   CNY       40.68
ZHUHAI HUAFA GROUP CO L     8.43     2/16/2018   CNY       52.69
ZHUHAI HUAFA GROUP CO L     8.43     2/16/2018   CNY       52.08
ZHUHAI ZHONGFU ENTERPRI     5.28     5/28/2015   CNY       54.25
ZHUHAI ZHONGFU ENTERPRI     6.60     3/28/2017   CNY       54.25
ZHUJI CITY CONSTRUCTION     6.92      7/5/2018   CNY      103.70
ZHUJI CITY CONSTRUCTION     6.92      7/5/2018   CNY       73.82
ZIBO CITY PROPERTY CO L     5.45     4/27/2019   CNY       37.35
ZIGONG STATE-OWNED ASSE     6.86     6/17/2018   CNY       72.90
ZOUCHENG CITY ASSET OPE     7.02     1/12/2018   CNY       41.22
ZOUPING COUNTY STATE-OW     6.98     4/27/2018   CNY       72.95
ZUNYI CITY INVESTMENT G     8.53     3/13/2019   CNY       64.83
ZUNYI CITY INVESTMENT G     8.53     3/13/2019   CNY       64.12


INDONESIA
---------

BERAU COAL ENERGY TBK P     7.25     3/13/2017   USD       19.20
BERAU COAL ENERGY TBK P     7.25     3/13/2017   USD       20.00


INDIA
-----

3I INFOTECH LTD             5.00     4/26/2017   USD        9.50
BLUE DART EXPRESS LTD       9.30    11/20/2017   INR       10.00
BLUE DART EXPRESS LTD       9.50    11/20/2019   INR       10.30
BLUE DART EXPRESS LTD       9.40    11/20/2018   INR       10.24
GTL INFRASTRUCTURE LTD      4.53     11/9/2017   USD       24.25
JAIPRAKASH ASSOCIATES L     5.75      9/8/2017   USD       44.13
JCT LTD                     2.50      4/8/2011   USD       22.38
PRAKASH INDUSTRIES LTD      5.25     4/30/2015   USD       20.25
PYRAMID SAIMIRA THEATRE     1.75      7/4/2012   USD        1.00
REI AGRO LTD                5.50    11/13/2014   USD        6.50
REI AGRO LTD                5.50    11/13/2014   USD        6.50
SVOGL OIL GAS & ENERGY      5.00     8/17/2015   USD       21.00


JAPAN
-----

AVANSTRATE INC              5.55    10/31/2017   JPY       37.00
AVANSTRATE INC              5.55    10/31/2017   JPY       33.25
MICRON MEMORY JAPAN INC     0.70      8/1/2016   JPY        5.00
MICRON MEMORY JAPAN INC     0.50    10/26/2015   JPY        5.00
MICRON MEMORY JAPAN INC     2.03     3/22/2012   JPY        5.00
MICRON MEMORY JAPAN INC     2.10    11/29/2012   JPY        5.00
MICRON MEMORY JAPAN INC     2.29     12/7/2012   JPY        5.00
TAKATA CORP                 0.58     3/26/2021   JPY       68.75


KOREA
-----

2014 KODIT CREATIVE THE     5.00    12/25/2017   KRW       32.70
2014 KODIT CREATIVE THE     5.00    12/25/2017   KRW       32.70
2016 KIBO 1ST SECURITIZ     5.00     9/13/2018   KRW       29.08
DOOSAN CAPITAL SECURITI    20.00     4/22/2019   KRW       45.73
HANJIN SHIPPING CO LTD      5.90      6/7/2017   KRW       65.99
KIBO ABS SPECIALTY CO L     5.00     3/29/2018   KRW       31.97
KIBO ABS SPECIALTY CO L    10.00     8/22/2017   KRW       21.67
KIBO ABS SPECIALTY CO L     5.00     1/31/2017   KRW       34.64
KIBO ABS SPECIALTY CO L     5.00    12/25/2017   KRW       31.60
KIBO ABS SPECIALTY CO L    10.00     2/19/2017   KRW       40.25
KIBO ABS SPECIALTY CO L    10.00      9/4/2016   KRW       72.34
LSMTRON DONGBANGSEONGJA     4.53    11/22/2017   KRW       32.54
OKC SECURITIZATION SPEC    10.00      1/3/2020   KRW       26.36
SINBO SECURITIZATION SP     5.00     7/29/2018   KRW       29.52
SINBO SECURITIZATION SP     5.00     2/11/2018   KRW       32.37
SINBO SECURITIZATION SP     5.00     2/11/2018   KRW       32.37
SINBO SECURITIZATION SP     5.00    12/25/2016   KRW       37.89
SINBO SECURITIZATION SP     5.00     8/29/2018   KRW       30.71
SINBO SECURITIZATION SP     5.00     8/29/2018   KRW       30.71
SINBO SECURITIZATION SP     5.00     3/12/2018   KRW       32.12
SINBO SECURITIZATION SP     5.00     3/12/2018   KRW       32.12
SINBO SECURITIZATION SP     5.00     1/30/2019   KRW       29.19
SINBO SECURITIZATION SP     5.00     1/30/2019   KRW       29.19
SINBO SECURITIZATION SP     5.00    10/30/2019   KRW       20.25
SINBO SECURITIZATION SP     5.00     8/27/2019   KRW       27.18
SINBO SECURITIZATION SP     5.00     8/16/2017   KRW       34.20
SINBO SECURITIZATION SP     5.00     8/16/2017   KRW       34.20
SINBO SECURITIZATION SP     5.00     1/15/2018   KRW       32.88
SINBO SECURITIZATION SP     5.00     1/15/2018   KRW       32.88
SINBO SECURITIZATION SP     5.00     8/16/2016   KRW       72.73
SINBO SECURITIZATION SP     5.00     9/26/2018   KRW       30.48
SINBO SECURITIZATION SP     5.00     9/26/2018   KRW       30.48
SINBO SECURITIZATION SP     5.00     9/26/2018   KRW       30.48
SINBO SECURITIZATION SP     5.00    12/23/2018   KRW       29.54
SINBO SECURITIZATION SP     5.00    12/23/2017   KRW       31.62
SINBO SECURITIZATION SP     5.00    12/23/2018   KRW       29.54
SINBO SECURITIZATION SP     5.00     10/1/2017   KRW       33.62
SINBO SECURITIZATION SP     5.00     10/1/2017   KRW       33.62
SINBO SECURITIZATION SP     5.00     10/1/2017   KRW       33.62
SINBO SECURITIZATION SP     5.00     2/21/2017   KRW       35.66
SINBO SECURITIZATION SP     5.00     2/27/2019   KRW       28.99
SINBO SECURITIZATION SP     5.00     2/27/2019   KRW       28.99
SINBO SECURITIZATION SP     5.00     2/21/2017   KRW       35.66
SINBO SECURITIZATION SP     5.00     3/13/2017   KRW       35.43
SINBO SECURITIZATION SP     5.00     3/13/2017   KRW       35.43
SINBO SECURITIZATION SP     5.00     1/29/2017   KRW       36.35
SINBO SECURITIZATION SP     5.00     7/29/2019   KRW       27.41
SINBO SECURITIZATION SP     5.00    12/13/2016   KRW       40.77
SINBO SECURITIZATION SP     5.00     10/5/2016   KRW       52.66
SINBO SECURITIZATION SP     5.00     10/5/2016   KRW       52.66
SINBO SECURITIZATION SP     5.00     8/31/2016   KRW       65.43
SINBO SECURITIZATION SP     5.00     6/25/2018   KRW       29.85
SINBO SECURITIZATION SP     5.00     6/25/2019   KRW       27.73
SINBO SECURITIZATION SP     5.00      7/8/2017   KRW       34.46
SINBO SECURITIZATION SP     5.00      7/8/2017   KRW       34.46
SINBO SECURITIZATION SP     5.00      6/7/2017   KRW       18.53
SINBO SECURITIZATION SP     5.00     5/26/2018   KRW       30.12
SINBO SECURITIZATION SP     5.00     3/18/2019   KRW       28.75
SINBO SECURITIZATION SP     5.00     3/18/2019   KRW       28.75
SINBO SECURITIZATION SP     5.00      6/7/2017   KRW       18.53
SINBO SECURITIZATION SP     5.00     8/31/2016   KRW       65.43
SINBO SECURITIZATION SP     5.00     7/24/2017   KRW       33.10
SINBO SECURITIZATION SP     5.00     7/24/2018   KRW       31.21
SINBO SECURITIZATION SP     5.00     7/24/2018   KRW       31.21
SINBO SECURITIZATION SP     5.00     6/27/2018   KRW       31.43
SINBO SECURITIZATION SP     5.00     6/27/2018   KRW       31.43
SINBO SECURITIZATION SP     5.00     9/30/2019   KRW       26.78
TONGYANG CEMENT & ENERG     7.50     4/20/2014   KRW       70.00
TONGYANG CEMENT & ENERG     7.30     6/26/2015   KRW       70.00
TONGYANG CEMENT & ENERG     7.30     4/12/2015   KRW       70.00
TONGYANG CEMENT & ENERG     7.50     9/10/2014   KRW       70.00
TONGYANG CEMENT & ENERG     7.50     7/20/2014   KRW       70.00
U-BEST SECURITIZATION S     5.50    11/16/2017   KRW       33.95
WOONGJIN ENERGY CO LTD      3.00    12/19/2019   KRW       64.27
WOORI BANK                  5.21    12/12/2044   KRW      400.82


SRI LANKA
---------

HATTON NATIONAL BANK PL     8.00     8/29/2023   LKR       67.00
SRI LANKA GOVERNMENT BO     5.35      3/1/2026   LKR       61.0
SRI LANKA GOVERNMENT BO     6.00     12/1/2024   LKR       66.06
SRI LANKA GOVERNMENT BO     8.00      1/1/2032   LKR       66.96
SRI LANKA GOVERNMENT BO     9.00      6/1/2043   LKR       68.00
SRI LANKA GOVERNMENT BO     9.00      6/1/2033   LKR       73.58
SRI LANKA GOVERNMENT BO     9.00     10/1/2032   LKR       74.06
SRI LANKA GOVERNMENT BO     9.00     11/1/2033   LKR       73.02


MALAYSIA
--------

BIMB HOLDINGS BHD           1.50    12/12/2023   MYR       74.59
BRIGHT FOCUS BHD            2.50     1/22/2031   MYR       72.43
BRIGHT FOCUS BHD            2.50     1/24/2030   MYR       72.52
LAND & GENERAL BHD          1.00     9/24/2018   MYR        0.26
SENAI-DESARU EXPRESSWAY     0.50    12/31/2047   MYR       67.32
SENAI-DESARU EXPRESSWAY     0.50    12/30/2044   MYR       65.66
SENAI-DESARU EXPRESSWAY     0.50    12/31/2040   MYR       62.73
SENAI-DESARU EXPRESSWAY     0.50    12/31/2038   MYR       60.95
SENAI-DESARU EXPRESSWAY     0.50    12/31/2042   MYR       64.34
SENAI-DESARU EXPRESSWAY     0.50    12/31/2043   MYR       65.09
SENAI-DESARU EXPRESSWAY     0.50    12/29/2045   MYR       66.16
SENAI-DESARU EXPRESSWAY     0.50    12/30/2039   MYR       62.01
SENAI-DESARU EXPRESSWAY     0.50    12/31/2041   MYR       63.43
SENAI-DESARU EXPRESSWAY     0.50    12/31/2046   MYR       66.79
SENAI-DESARU EXPRESSWAY     1.35     6/30/2031   MYR       50.93
SENAI-DESARU EXPRESSWAY     1.15    12/29/2023   MYR       71.50
SENAI-DESARU EXPRESSWAY     1.15     6/28/2024   MYR       69.85
SENAI-DESARU EXPRESSWAY     1.35    12/31/2029   MYR       55.12
SENAI-DESARU EXPRESSWAY     1.35     6/29/2029   MYR       56.54
SENAI-DESARU EXPRESSWAY     1.35    12/31/2030   MYR       52.33
SENAI-DESARU EXPRESSWAY     1.15     6/30/2023   MYR       73.18
SENAI-DESARU EXPRESSWAY     1.35    12/31/2025   MYR       66.35
SENAI-DESARU EXPRESSWAY     1.35     6/30/2026   MYR       64.81
SENAI-DESARU EXPRESSWAY     1.35    12/31/2026   MYR       63.39
SENAI-DESARU EXPRESSWAY     1.35     6/28/2030   MYR       53.75
SENAI-DESARU EXPRESSWAY     1.15     6/30/2025   MYR       66.54
SENAI-DESARU EXPRESSWAY     1.15    12/30/2022   MYR       74.86
SENAI-DESARU EXPRESSWAY     1.15    12/31/2024   MYR       68.16
SENAI-DESARU EXPRESSWAY     1.35     6/30/2028   MYR       59.31
SENAI-DESARU EXPRESSWAY     1.35    12/31/2027   MYR       60.66
SENAI-DESARU EXPRESSWAY     1.35     6/30/2027   MYR       62.01
SENAI-DESARU EXPRESSWAY     1.35    12/29/2028   MYR       57.91
UNIMECH GROUP BHD           5.00     9/18/2018   MYR        1.02


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

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

SINGAPORE
---------

ASL MARINE HOLDINGS LTD     5.35     10/1/2018   SGD       71.00
AUSGROUP LTD                7.45    10/20/2016   SGD       71.00
AXIS OFFSHORE PTE LTD       7.90     5/18/2018   USD       59.25
BAKRIE TELECOM PTE LTD     11.50      5/7/2015   USD        1.42
BAKRIE TELECOM PTE LTD     11.50      5/7/2015   USD        1.42
BERAU CAPITAL RESOURCES    12.50      7/8/2015   USD       18.50
BERAU CAPITAL RESOURCES    12.50      7/8/2015   USD       19.38
BLD INVESTMENTS PTE LTD     8.63     3/23/2015   USD        8.00
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 LTD    10.75     10/6/2017   USD       17.25
BUMI INVESTMENT PTE LTD    10.75     10/6/2017   USD       17.40
ENERCOAL RESOURCES PTE      6.00      4/7/2018   USD       10.88
EZRA HOLDINGS LTD           4.88     4/24/2018   SGD       71.50
GOLIATH OFFSHORE HOLDIN    12.00     6/11/2017   USD        5.05
INDO INFRASTRUCTURE GRO     2.00     7/30/2010   USD        1.88
NEPTUNE ORIENT LINES LT     4.65      9/9/2020   SGD       71.98
NEPTUNE ORIENT LINES LT     4.40     6/22/2021   SGD       66.98
ORO NEGRO DRILLING PTE      7.50     1/24/2019   USD       44.00
OSA GOLIATH PTE LTD        12.00     10/9/2018   USD       62.00
OTTAWA HOLDINGS PTE LTD     5.88     5/16/2018   USD       73.75
OTTAWA HOLDINGS PTE LTD     5.88     5/16/2018   USD       69.12
PACIFIC RADIANCE LTD        4.30     8/29/2018   SGD       59.50
SWIBER HOLDINGS LTD         7.13     4/18/2017   SGD       10.00
SWIBER HOLDINGS LTD         5.55    10/10/2016   SGD       10.00
TRIKOMSEL PTE LTD           5.25     5/10/2016   SGD       18.25
TRIKOMSEL PTE LTD           7.88      6/5/2017   SGD       21.00


THAILAND
--------


G STEEL PCL                 3.00     10/4/2015   USD        3.75
MDX PCL                     4.75     9/17/2003   USD       37.75


VIETNAM
-------

DEBT AND ASSET TRADING      1.00    10/10/2025   USD       51.00
DEBT AND ASSET TRADING      1.00    10/10/2025   USD       55.25



                             *********

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, Ivy B. Magdadaro, 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 ***