TCRAP_Public/160823.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 23, 2016, Vol. 19, No. 166

                            Headlines


A U S T R A L I A

BIS INDUSTRIES: PPB Appointed as Advisers
CIANTEE GROUP: First Creditors' Meeting Set For Aug. 30
COMBINED TREE: First Creditors' Meeting Set For Aug. 30
FIRST GREEN: First Creditors' Meeting Set For Sept. 1
KEAT ENTERPRISES: Director Fined AUD20,000 Over Fake Job Ads

NORTH WEST CRANE: First Creditors' Meeting Set For Aug. 31


C H I N A

CEETOP INC: Incurs $92,200 Net Loss in Second Quarter
CIFI HOLDINGS: Ba3 CFR in Line with 1H 2016 Results, Moody's Says
GREENLAND HOLDING: 1H 2016 Results No Impact on Moody's Ba1 CFR
LONGFOR PROPERTIES: Moody's Affirms Ba1 Corporate Family Ratings
SOHO CHINA: Moody's Retains Ba3 CFR on 1st-Half 2016 Results

TEXHONG TEXTILE: 1H 2016 Results Support Moody's Ba3 CFR
WEST CHINA CEMENT: Moody's Cuts Corporate Family Ratings to B1
YANLORD LAND: Moody's Reviews Ba3 Corp Family Rating for Upgrade


I N D I A

ASCOTT ELECTRICALS: ICRA Reaffirms B+ Rating on INR4cr Loan
AVECO TECHNOLOGIES: Ind-Ra Withdraws B+ Long-Term Issuer Rating
AXIS OVERSEAS: Ind-Ra Assigns 'IND BB-' Long-term Issuer Rating
BISWAJANANI COLD: CRISIL Reaffirms B- Rating on INR103.6MM Loan
BLUE DUCK: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating

EURO INDIA: CRISIL Reaffirms 'D' Rating on INR144MM Term Loan
FIBRO PLASTICHEM: CRISIL Reaffirms 'B-' Rating on INR60MM Loan
GEETA MACHINE: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
GENNEXT ABASAN: CRISIL Assigns 'B' Rating to INR30MM Cash Loan
GVR NAGAUR: Ind-Ra Lowers Rating on INR3,150MM Bank Loans to BB

HARITHA FERTILISERS: ICRA Assigns B LT Rating to INR10cr Loan
IDEAL HOTEL: Ind-Ra Assigns 'IND B+' LT Issuer Rating
IFMR CAPITAL: ICRA Reaffirms B(SO) Rating on PTC Series A2
INTOUCH MOBICARE: CRISIL Assigns 'B+' Rating to INR40MM Loan
JAIN OVERSEAS: Ind-Ra Cuts Long-term Issuer Rating to 'IND D'

JAY KRISHNA: CRISIL Assigns B+ Rating to INR100MM Cash Loan
JAY PALGHAR: ICRA Assigns 'B' Rating to INR2.25cr Term Loan
JOHN SAW: CRISIL Lowers Rating on INR70MM Cash Loan to B+
K.R.K EDUCATIONAL: ICRA Hikes Rating on INR30cr LT Loan to 'C'
KESHAV COTTON: CRISIL Ups Rating on INR60MM Cash Loan to B+

M.K.R. TRADERS: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan
M.S.P. TYRES: CRISIL Reaffirms 'B' Rating on INR65MM Cash Loan
MAA BHUASUNI: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
MAHALAXMI CASHEW: ICRA Assigns B+ Rating to INR6.0cr LT Loan
MALAR PAPER: ICRA Reaffirms B+ Rating on INR6.50cr LT Loan

MALAR SOLVENT: Ind-Ra Affirms BB- Long-Term Issuer Rating
MALIEAKAL ELECTRONICS: CRISIL Reaffirms B Rating on INR35MM Loan
MALPEFRESH MARINE: ICRA Assigns 'B' Rating to INR10cr LT Loan
PARAMASIVAM PALANISAMY: ICRA Cuts Rating on INR23.8cr Loan to B+
RHINE SOLAR: CRISIL Reaffirms 'B' Rating on INR27MM Term Loan

SAMRAJ CONSTRUCTIONS: ICRA Suspends 'B' Rating on INR13cr Loan
SAPNA STEELS: CRISIL Assigns B+ Rating to INR75MM Cash Loan
SHRIRAMKRUPA FIBERS: ICRA Ups Rating on INR4cr LT Loan to B+
SHYAMA AGRO: Ind-Ra Affirms 'IND BB-' Long-Term Issuer Rating
SILPPI CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR65MM Loan

SIWANA SOLAR: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
SONAKI CERAMIC: ICRA Suspends B+ Rating on INR10.65cr Loan
SPICA PROJECTS: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB'
SRI M.K.V.KANDASAMY: CRISIL Assigns 'B' Rating to INR60MM Loan
SVM NONWOVENS: CRISIL Reaffirms B- Rating on INR86MM Loan

SWAGAT ABHARAN: CRISIL Lowers Rating on INR130MM Cash Loan to B+
SWAMIJI TRANSMISSION: Ind-Ra Assigns 'IND B+' LT Issuer Rating
THENPANDIAN TEXTILE: CRISIL Hikes Rating on INR93MM Loan to B+
TOUCHSTONE PRIVATE: CRISIL Reaffirms B+ Rating on INR32MM Loan
UJJAIN PACKAGING: CRISIL Lowers Rating on INR45.7MM Loan to B-

V.K. GUPTA: CRISIL Raises Rating on INR45MM Cash Loan to B+
VIJAY VELVAN: Ind-Ra Suspends 'IND BB' LT Issuer Rating
VIKAS SALES: CRISIL Assigns B+ Rating to INR35MM Cash Loan
YUVASHAKTHI ENTERPRISES: Ind-Ra Suspends IND BB LT Issuer Rating


J A P A N

VUZIX CORP: Provides Business Update


M O N G O L I A

MONGOLIA: S&P Lowers Sovereign Credit Rating to 'B-'


N E W  Z E A L A N D

BROMHEAD DESIGN: In Liquidation Owing More Than NZ$270,000


P H I L I P P I N E S

RURAL BANK OF CLAVERIA: Placed Under PDIC Receivership


S I N G A P O R E

HOE LEONG: Faces Wind Up Petition Over Unpaid Debts
SEARIGHTS MARITIME: Monjasa Seeks to Wind Up Bunker Supplier


T A I W A N

WAN HAI: Financial Leverage Has No Impact on Moody's Ba2 CFR


X X X X X X X X

* BOND PRICING: For the Week August 15 to August 19, 2016


                            - - - - -


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A U S T R A L I A
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BIS INDUSTRIES: PPB Appointed as Advisers
-----------------------------------------
The Australian reports that lenders to Kohlberg Kravis Roberts'
troubled mining services provider, BIS Industries, has appointed
PPB as an adviser.

PPB's appointment was revealed online on August 18 by The
Australian's BusinessNow blog and sees the insolvency firm fend
off competition from its peers and other boutique advisers such
as Fort Street.

According to The Australian, PPB is at present advising the South
Australian government on the rescue of Arrium and other
insolvency cases such as Bandanna Energy and Cockatoo Coal. It
comes after DataRoom revealed earlier last week that Moelis and
Gilbert + Tobin had been hired by BIS as it negotiates with its
lenders.

Some are tipping that the company -- which like other mining
services players has come under pressure amid the resources
sector downturn -- could be subject to a recapitalization plan,
or a loan-to-own takeover by hedge funds, The Australian relates.

But BIS, which made AUD116 million in earnings before interest,
tax, depreciation and amortization in the 2016 financial year,
would unlikely face receivership, according to sources, given
that much of its earnings are linked to contracts, the report
relays.

BIS Industries specializes in custom off-road heavy haulage
services for the mining industry.


CIANTEE GROUP: First Creditors' Meeting Set For Aug. 30
-------------------------------------------------------
Michael Hogan and Christian Sprowles of HoganSprowles were
appointed as administrators of Ciantee Group Pty Limited on Aug.
19, 2016.

A first meeting of the creditors of the Company will be held at
HoganSprowles, Level 9, 60 Pitt Street, in Sydney, on Aug. 30,
2016, at 11:00 a.m.


COMBINED TREE: First Creditors' Meeting Set For Aug. 30
-------------------------------------------------------
Gavin Moss of Chifley Advisory was appointed as administrator of
Combined Tree Lopping Service Pty Ltd on Aug. 18, 2016.

A first meeting of the creditors of the Company will be held at
the Boardroom of Chifley Advisory, Suite 3.04, Level 3, at 39
Martin Place, in Sydney, on Aug. 30, 2016, at 11:00 a.m.


FIRST GREEN: First Creditors' Meeting Set For Sept. 1
-----------------------------------------------------
Richard Trygve Rohrt of Hamilton Murphy was appointed as
administrator of First Green Park Pty Ltd on Aug. 22, 2016.

A first meeting of the creditors of the Company will be held at
the offices of Hamilton Murphy, Certified Practising Accountants,
at 237 Swan Street, in Richmond, on Sept. 1, 2016, at 10:30 a.m.


KEAT ENTERPRISES: Director Fined AUD20,000 Over Fake Job Ads
------------------------------------------------------------
Dominic Powell at SmartCompany reports that the director of a
collapsed training and recruitment company has been fined
AUD20,000 dollars for multiple breaches of Australian Consumer
Law.

The Melbourne Magistrates Court penalised Daniel Chung Keat Leong
on August 18 for operations undertaken by his business, Keat
Enterprises Pty Ltd between February 2013 and May 2014. He has
also been directed to pay costs of AUD860.

According to the report, Consumer Affairs Victoria said Keat
Enterprises advertised over 20 job positions on job seeking
websites SEEK and Gumtree, and received over 9,500 applications.
What these advertisements failed to mention is the positions were
not jobs at all, with the applicants asked to sign up to training
courses at a cost of AUD2,000 to AUD3,000.

The business collapsed into voluntary administration in June 2014
and following action by Consumer Affairs Victoria, the company
was fined AUD165,000 for more than 30 breaches of Australian
Consumer Law in April last year.

At the time, Consumer Affairs Victoria told SmartCompany it would
not be taking further action to obtain compensation, stating
there "would most likely be insufficient resources to make good
any compensation order."

SmartCompany relates that an assessment carried out in 2014 by
the liquidator of Keat Enterprises showed AUD65,000 was owed to
15 employees, and nearly AUD40,000 was owed to the Australian Tax
Office.

Leong himself has now been convicted on three accounts of
breaching the ACL and commercial lawyer at TressCox Lawyers Nick
Duggal told SmartCompany the case against Leong is "very clear
cut."

"Consumer Affairs going after a company's director is unusual,"
SmartCompany quotes Mr. Duggal as saying.  "While there is
potential for liability for employers under false and misleading
representations, they're not usually enforced with this kind of
regularity. However, this is a blatant case of
misrepresentation."

Under a charge for false and misleading representations, Consumer
Affairs said Mr. Leong claimed his company was an accounting
firm, despite not offering or undertaking any accounting
services. He also portrayed his company as a tax agent, although
it was not registered as one.

SmartCompany says Mr. Leong is also charged in relation to
limiting consumer rights, as Keat Enterprises offered agreements
to consumers stating the company would not provide refunds.

The third charge against Mr. Leong is for misleading conduct
regarding employment, which relates to the misleading and false
job advertisements. According to Consumer Affairs, "the majority
of the advertisements did not mention any costs involved and,
where costs were mentioned, they were described as 'Software
licensing and CPA monitoring costs'," SmartCompany relays.

Mr. Duggal believes this is a "timely reminder" for all
businesses, claiming these sorts of cases were not all that
unusual.

"When a business is advertising employment, it has to keep in
mind that the representation must be sustainable and accurate,"
the report quotes Mr. Duggal as saying.  "Businesses have got to
be careful about what they represent as they could be in breach
of Australian Consumer Law."

While Mr. Duggal said some businesses can sometimes misrepresent
jobs unwittingly, saying they can sometimes "bite off more than
they can chew".

"Sometimes businesses can over-promise in an attempt to induce
employees, but this can also be in breach of the ACL," Mr.
Duggal, as cited by SmartCompany, said.


NORTH WEST CRANE: First Creditors' Meeting Set For Aug. 31
----------------------------------------------------------
Anthony Jay Miskiewicz and Richard William Buckby of KordaMentha
were appointed as administrators of North West Crane Hire Pty
Ltd, formerly trading as North West Crane Hire, on Aug. 19, 2016.

A first meeting of the creditors of the Company will be held at
the offices of KordaMentha, Level 6, 75 Denham Street, in
Townsville, Queensland, on Aug. 31, 2016, at 1:30 p.m.



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


CEETOP INC: Incurs $92,200 Net Loss in Second Quarter
-----------------------------------------------------
Ceetop Inc. filed with the Securities and Exchange Commission its
quarterly report on Form 10-Q disclosing a net loss of $92,200 on
$0 of sales for the three months ended June 30, 2016, compared to
a net loss of $167,00 on $0 of sales for the three months ended
June 30, 2015.

For the six months ended June 30, 2016, the Company reported a
net loss of $181,000 on $0 of sales compared to a net loss of
$288,000 on $0 of sales for the same period last year.

As of June 30, 2016, Ceetop had $1.73 million in total assets,
$371,000 in total liabilities, all current and $1.36 million in
total stockholders' equity.

For the year ended Dec. 31, 2015, MJF& Associates, APC, in Los
Angeles, California, the Company's independent auditors, in their
report on the financial statements, have indicated that the
Company has experienced recurring losses from operations and may
not have enough cash and working capital to fund its operations
beyond the very near term, which raises substantial doubt about
the Company's ability to continue as a going concern.

The Company said it is in need of capital for the implementation
of its business plan, and it will need additional capital for
continuing our operations.

"We do not have sufficient revenues to pay our expenses of
operations. Unless the Company is able to raise working capital,
or generate sufficient revenues, it is likely that the Company
either will have to cease operations or substantially change its
methods of operations or change its business plan," the Company
said.

The Company's quarterly report on Form 10-Q is available from the
SEC Web site at https://is.gd/qoUwpS

                         About Ceetop Inc.

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

Ceetop reported a net loss of $600,000 on $0 of sales for the
year ended Dec. 31, 2015, compared to a net loss of $1.41 million
on $362,000 of sales for the year ended Dec. 31, 2014.


CIFI HOLDINGS: Ba3 CFR in Line with 1H 2016 Results, Moody's Says
-----------------------------------------------------------------
Moody's Investors Service says that CIFI Holdings (Group) Co.
Ltd.'s 1H 2016 results and financial metrics were in line with
Moody's expectations and support its Ba3 corporate family rating
and B1 senior unsecured debt rating.

The ratings outlook remains stable.

"CIFI's 1H 2016 results show improved financial metrics, backed
by strong sales growth, an improved margin, and prudence in land
acquisitions," says Stephanie Lau, a Moody's Associate Vice
President and Analyst.

CIFI's reported revenue of RMB8.7 billion in 1H 2016 -
representing an 80% year-on-year growth compared to 1H 2015 - was
supported by strong contracted sales achieved in the past two
years.

The company recorded total and attributable contracted sales of
RMB27.6 billion and RMB15.3 billion respectively in 1H 2016,
representing a 163% and 116% year-on-year growth.

CIFI also managed to improve its adjusted gross profit margins -
after the pro-rata consolidation of its joint ventures - to
around 25% in 1H 2016 compared to 22.6% in 1H 2015, benefiting
from a higher portion of high-end products, with high average
selling prices in recognized revenue.

The company managed down its weighted average interest cost to
5.8% at end-June 2016 from 7.2% at end-2015, by refinancing
higher-cost debt through offshore club loans and corporate bond
issuance.

Notably, CIFI issued RMB2 billion of private domestic bonds at
4.99% in January 2016, obtained USD600 million in unsecured
three-year USD/HKD syndicated loans in March 2016, and redeemed
early the USD500 million 12.25% senior notes due 2018 in April
2016.

On the back of overall improved margins and higher revenue
recognition, the company's adjusted EBIT/interest coverage for
the 12 months to June 30, 2016, - after the pro-rata
consolidation of its joint ventures - improved to 2.6x from 2.3x
in 2015.

In the meantime, CIFI's debt growth was modest in 1H 2016,
because the company was more prudent in land acquisitions.  Total
land premiums spent for acquisitions made in 1H 2016 did not see
a significant increase, despite the strong growth in contracted
sales.

CIFI purchased 12 land plots with a total attributable
consideration of RMB4.6 billion in 1H 2016 compared with
RMB13.1 billion for full year 2015, and RMB5.7 billion in 1H
2015. Its adjusted debt rose modestly by 4% to RMB27.8 billion at
end-June 2016 from RMB26.8 billion at end-2015.

On the back of strong revenue growth and a modest increase in
debt, CIFI's revenue/debt - after the pro-rata consolidation of
its joint ventures - improved to 76.5% for the 12 months to June
2016 from 64.2% in 2015.

Moody's expects CIFI's revenue/debt and adjusted EBIT/interest -
after the pro-rata consolidation of its joint ventures - will be
around 75%-80% and 2.7x-3.0x over the next 12-18 months, based on
the expectation of continued growth in revenue and a stable gross
profit margin.  These ratios position CIFI appropriately at the
Ba3 rating level.

"CIFI's liquidity position remains strong, which is a result of a
good cash collection rate recorded from increased property sales,
and a more moderate pace of expansion noted in 1H 2016," adds
Lau.

Its reported cash on hand of RMB16.6 billion at end-June 2016
covers about 5.0x its short-term debt.  Moody's expects that
CIFI's cash balance and operating cash flow will fully cover its
short-term maturing debt of RMB3.3 billion and committed land
payments over the next 12 months.

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

CIFI Holdings (Group) Co. Ltd. listed on the Hong Kong Stock
Exchange in November 2012.  The company focuses on developing
residential and commercial properties mainly in the Yangtze River
Delta.  It has also expanded into the Pan Bohai Rim and the
Central Western Regions.


GREENLAND HOLDING: 1H 2016 Results No Impact on Moody's Ba1 CFR
---------------------------------------------------------------
Moody's Investors Service says Greenland Holding Group Company
Limited's 2016 interim results highlight its elevated debt
leverage, but were within expectations and have no immediate
impact on its Ba1 corporate family rating or the negative
outlook.

"Greenland Holding's credit metrics remain weak as its large
operations and fast expansion business strategy continued to
entail sizable funding needs to support its property development
and other businesses," says Franco Leung, a Moody's Vice
President and Senior Credit Officer, who is also Moody's Lead
Analyst for Greenland Holding and Greenland Hong Kong.

Greenland Holding's total reported debt increased to around
RMB266 billion at end-June 2016, an increase of around 11% since
December 2015. Its debt leverage -- as measured by adjusted
debt/capitalization -- also remained high at around 79.2%,
compared with 78.6% at end 2015.

Moody's believes that the debt increase was largely contributed
by Greenland Holding's property segment.

Moody's expects the company's adjusted debt/capitalization will
remain between 75% and 80%, barring any major equity issuance or
asset disposals in the next 6-12 months. These levels will
position the company weakly at its Ba1 corporate family rating.

Greenland Holding has plans to raise equity through a private
share placement, which could help reduce its debt leverage.
However, there is uncertainty over the size and completion of the
share placement given the volatile onshore market conditions.

On the other hand, Greenland Holding's operating performance has
stabilized. Its gross profit margin remained at around 12.6% in
1H 2016, largely unchanged from 12.4% in 1H 2015 as the improved
margin for its non-property businesses offset the lower margin
for its property business.

The company also recorded 25.6% year-over-year growth in revenue
in 1H 2016, largely driven by the strong revenue growth from its
property business over the same period.

As a result, its consolidated EBIT/interest coverage slightly
improved to around 1.8x for the 12 months ended June 2016 from
around 1.7x in 2015, despite a notable increase in interest
expense arising from its debt growth. Moody's expects the
company's EBIT/interest coverage will trend towards 1.8x-2.3x
over the next 6-12 months, driven by lower average funding costs.

Greenland Holding's Ba1 corporate family rating reflects the
company's track record of delivering strong growth for its
property development business and establishing leading market
positions in its key markets owing to its highly diversified
geographical coverage in China (Aa3 negative).

The Ba1 rating also considers Greenland Holding's strong ability
to access funding and acquire land by virtue of its status as a
local state-owned enterprise (SOE), as well as its strong
corporate status in Shanghai, given its important role in the
urbanization of the city.

The key constraint on Greenland Holding rating is its debt-funded
growth strategy, which has resulted in high debt leverage and
weak credit metrics. In addition, its rating is also tempered by
its volatile non-property businesses.

The negative outlook on Greenland Holding's corporate family
rating reflects the uncertainty surrounding its plan to lower its
high debt leverage.

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

Greenland Holding Group Company Limited is a China-based company
and state-controlled enterprise group. The Shanghai State-Owned
Assets Supervision and Administration Commission is effectively
the largest shareholder of Greenland. The company is
headquartered in Shanghai, with a focus on the real estate
sector. Its other businesses include energy, construction,
finance and auto dealerships.


LONGFOR PROPERTIES: Moody's Affirms Ba1 Corporate Family Ratings
----------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook of Longfor Properties Co. Ltd.'s Ba1 corporate family
rating.

At the same time, Moody's has affirmed Longfor's Ba1 corporate
family and Ba2 senior unsecured debt ratings.

RATINGS RATIONALE

"The positive outlook reflects our expectation that Longfor's
financial profile will continue to improve over the next 12-18
months," says Stephanie Lau, a Moody's Assistant Vice President
and Analyst, adding, "Its stable profit margins, modest debt
leverage, liquidity position and strong recurring income/interest
cover will position it better than its Ba-rated property peers in
China."

Longfor has focused on achieving stable profit margins as its
business targets. Reported gross margins were at 28% in 1H 2016,
compared to around 27%-28% for 2013-2015, reflecting the
company's robust ability to manage its product mix and geographic
diversity to maintain stable profit margins.

Moody's expects that the company will maintain its gross margins
around 27% in the next 12-18 months, given that its projects --
which are located in Beijing and major cities in Western China
and the Yangtze River Delta -- are likely to benefit from good
demand for residential properties.

The company has not targeted a high rate of sales growth or a
fast expansion for its land bank. It has also carefully scaled
its construction according to market demand. Therefore, the
company has been able to control debt leverage which, measured by
revenue/debt, stood at 91%-110% for 2013-2015.

Moody's said, "We expect the company to achieve revenue growth of
14% in 2016 and 22% in 2017 and revenue/debt will likely trend
towards around 100%-110%, which is better than most Ba peers."

In addition, Longfor's prudent financial management in terms of
containing debt leverage resulted in adjusted EBIT/interest
coverage of 4.7x for the last 12 months ending 30 June 2016,
compared to 4.7x--5.1x for 2013-2015. Moody's said, "We expect
interest coverage to improve to above 5.0x as the company lowers
borrowing costs due to its improved financial profile and
increased funding from the domestic bond market. Such a level of
interest coverage is also better than most Ba rated peers."

Longfor receives a stream of recurring rental income from its
investment properties, adding stability to the company's debt-
servicing ability. Though investment properties consume capital,
it has been cautious on capital spending associated with the
development of its investment properties.

Longfor's recurring rental income/interest was at 53% for the
last 12 months ending 30 June 2016. Moody's estimates that total
recurring rental income will cover around 60% of interest
expenses in 2016 and increase to around 70%-80% in 2017. Such
strength is rare among the Ba rated peers.

Longfor's Ba1 corporate family rating reflects its relatively
stable sales growth through business cycles, strong brand name,
and established operating track record in its core markets of
Chongqing, Chengdu and Beijing. On the other hand, the rating
also reflects the fact that Longfor's scale is relatively
moderate in terms of contracted sales, when compared to its Ba-
rated peers, such as Country Garden Holdings Company Limited (Ba1
stable) and Shimao Property Holdings Limited (Ba2 stable).

In addition, it's fairly diversified geographic coverage and
product range boost its competitiveness as it can target a broad
range of purchasers. These two factors also reduce the company's
sales volatility in terms of its exposure to particular local
economies or products.

Longfor's prudent approach to financial management has resulted
in a stable financial profile and a good liquidity position. It
receives strong cash inflows and has good access to bank lending
and the capital markets, buffering it against stress during a
market downturn.

Longfor has a strong liquidity position. At end-1H 2016, it
reported cash of RMB16.3 billion, which provided coverage of 3.3x
against short-term debt, stronger than most Ba rated peers.

The company has managed its debt maturity well. Its weighted
average debt maturity was 5.8 years as of 30 June 2016, which is
long relative to its rated property peers

Upgrade pressure for its rating could emerge if Longfor (1)
maintains its strong liquidity profile, such that cash/short-term
debt remains above 2.0x to 2.5x; (2) maintains stable gross
margins at around 27%, revenue/debt above 100%-105%, and
EBIT/interest above 5.5x; and (3) shows recurring rental
income/interest trending towards 1.0x.

On the other hand, Longfor's ratings outlook could return to
stable if (1) the company's contracted sales and cash/short-term
debt weakened substantially from their 2015 levels; (2) there is
a likely sustained reduction in gross profit margins from 27%; or
(3) there is less likelihood of recurring rental income/interest
trending towards 1.0x.

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

Longfor Properties Co. Ltd. is one of the leading developers in
China's residential and commercial property development sector.
Founded in 1994, the company began its business in Chongqing and
has since established a solid brand name in the municipality.

As of June 30, 2016, it had a total land bank of 39 million
square meters (sqm) in gross floor area (GFA), spanning 25 cities
in five major regions in China.


SOHO CHINA: Moody's Retains Ba3 CFR on 1st-Half 2016 Results
------------------------------------------------------------
Moody's Investors Service says that SOHO China Limited's 1H 2016
results were within expectations and have no immediate impact on
its Ba3 corporate family rating or the negative outlook.

"SOHO China's 1H 2016 results were largely in line with our
expectation.  Rental income continued to grow while the company
maintained an adequate liquidity position," says Stephanie Lau, a
Moody's Assistant Vice President and Analyst, also the
International Lead Analyst for SOHO China.

SOHO China achieved total revenue of RMB727 million in 1H2016, up
85% year-on-year, of which RMB700 was from rental income.  The
increase was mainly due to notably higher occupancy rates for its
projects, including Sky SOHO and Guanghualu SOHO II, which
achieved occupancy rates of 81%-84% compared to less than 50% in
1H 2015, as well as new contributions from Hongkou SOHO and Bund
SOHO, which were not yet in operation in 1H 2015.

Excluding a one-off finance cost of around RMB360 million related
to the prepayment of its offshore debt, SOHO China's EBITDA
interest coverage for the 12 months ended June 2016 was around
0.87x, a modest improvement from 0.7x in 2015.

Moody's expects EBITDA interest coverage for the full year 2016
will improve to around 1.0x, based on likely continued growth in
rental income to RMB14 billion-RMB15 billion in 2016.  However,
such a level is still be weak for its Ba3 corporate family
rating, and is reflected in the negative outlook on the rating.

SOHO China's adjusted total debt fell to RMB16.2 billion as of
June 30, 2016, from RMB17.9 billion at end-2015.  The company has
also managed its foreign currency risk by reducing its offshore
borrowing from approximately 56% of total debt to approximately
6% over the same period.

Accordingly, SOHO China's leverage -- as measured by debt/total
assets -- slightly decreased to 24% as of June 30, 2016, from
25.1% at end-2015.  Moody's expects the ratio to be around 22%-
24% in the next 12-18 months.

"SOHO China has adequate liquidity to address its RMB759 million
of maturing debt in the next 12 months, although its cash balance
declined to RMB3 billion as of June 30, 2016, from RMB9 billion
at end-2015," says Cindy Yang, a Moody's Analyst and also the
Local Market Analyst for SOHO China.

The decrease in cash was mainly due to ongoing capex spending for
projects under development, a special dividend payout and the
repayment of debt.

The company has around RMB4.0-4.5 billion of outstanding capex
spending for the next two years.

In July 2016, SOHO China announced to dispose its SOHO Century
Plaza to a third party for a consideration of RMB3.3 billion.
Moody's expects the sales proceeds -- in addition to potential
disposals identified from its three existing assets -- will
provide additional liquidity to fund the company's working
capital needs.

The principal methodology used in this rating was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.

SOHO China Limited, incorporated in March 2002 and listed on the
Hong Kong Stock Exchange in October 2007, develops, leases and
manages commercial properties in the core business districts of
Beijing and Shanghai.


TEXHONG TEXTILE: 1H 2016 Results Support Moody's Ba3 CFR
--------------------------------------------------------
Moody's Investors Service says Texhong Textile Group Limited's 1H
2016 results support its Ba3 corporate family and senior
unsecured bond ratings.

The ratings outlook remains stable.

"Texhong's financial leverage for the 12 months ended 30 June
2016 remained stable, supported by strong demand for its products
but offset by higher debt to support its capital expenditure
(capex) and higher inventory levels," says Chenyi Lu, a Moody's
Vice President and Senior Analyst.

"We expect Texhong's financial leverage will improve to 3.0x-3.5x
over the next 12-18 months as the company generates solid revenue
growth on the back of its increased production capacity,
continued strong demand for its products, and moderate capex
requirements," adds Lu.

Texhong's adjusted debt/EBITDA remained unchanged at 4.0x for the
12 months ended 30 June 2016 from 2015, as the increase in
adjusted EBITDA from higher revenue was offset by higher adjusted
debt to fund its capacity expansion.

Moody's expects Texhong's adjusted debt/EBITDA to decline to
about 3.0x-3.5x over the next 12-18 months. Specifically, its
continued strong earnings will only be partially offset by: (1)
continued capex to support capacity expansion and downstream
business expansion, and (2) higher inventory levels to support
its expanded operations. This level of leverage is in line with
its Ba3 ratings.

Moody's also expects revenue to grow at 20% in 2016 and 10% in
2017, underpinned mainly by sales volume growth stemming from its
capacity expansion in Vietnam and Xinjiang, China in 1H 2016. Its
total production capacity increased to 2.84 million spindles at
end-June 2016 from 2.20 million at end-2015.

Texhong's adjusted EBITDA margin will remain stable at around 15%
over the next two years, supported by relatively stable average
selling prices and input cotton costs, and continued cost and
expense controls.

Moody's expects capex of RMB1.6 billion in 2016 to support its
capacity expansion in Vietnam and Xinjiang, China and downstream
business expansion. Its capex will be RMB650 million in 2017 to
support its expanded operations.

According to Texhong's results announcement, its revenue
increased by 20.1% year-on-year to RMB5.82 billion in 1H 2016,
mainly driven by higher sales volume and despite a slight decline
in average selling prices.

Texhong's liquidity position is weak. At end June 2016, the
company held cash and cash equivalents of RMB0.99 billion,
pledged bank deposits of RMB326 million, and unused committed
banking facilities of RMB393 million. These liquidity sources and
its cash flow from operations of around RMB1.0 billion over the
next 12 months are insufficient to cover its RMB1.42 billion in
maturing debt, bills payable of RMB2.29 billion, and estimated
maintenance capex of RMB200 million over the next 12 months.

However, the company had around RMB0.73 billion in bills
receivable and RMB2.71 billion in inventory, mostly cotton, which
is marketable. These can be discounted for cash to support its
liquidity position.

The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014.

Established in 1997 and listed on the Hong Kong Stock Exchange
since 2004, Texhong Textile Group Limited specializes in
producing core-spun yarn and textile products.

The company currently operates 16 yarn production bases: 13 in
China, three in Vietnam and one in Cambodia. Its chairman, Mr.
Tianzhu Hong, holds an approximate 55% stake in the company.


WEST CHINA CEMENT: Moody's Cuts Corporate Family Ratings to B1
--------------------------------------------------------------
Moody's Investors Service has downgraded West China Cement
Limited's (WCC) corporate family and senior unsecured ratings to
B1 from Ba3.

The ratings outlook is negative.

This concludes the ratings review initiated on July 13, 2016.

RATINGS RATIONALE

"The downgrade reflects WCC's weakened credit profile, owing in
turn to the ongoing and challenging conditions prevalent in the
cement industry," says Gerwin Ho, a Moody's Vice President and
Senior Analyst.

WCC's revenue fell 4% year-on-year in 1H 2016 as a 7% year-on-
year decline in ASPs offset a 6% year-on-year rise in sales
volumes for cement and clinker.

However, the company maintained EBITDA margins at about 27.7% in
last 12 months to end-June 2016, flat from 2015, owing to lower
raw material prices and effective cost controls.

Nonetheless, Moody's expects EBITDA to decline moderately in the
next 12-18 months, reflecting its expectation of limited growth
in sales volumes and continued subdued prices.

As a result, Moody's expects WCC's adjusted debt/EBITDA to rise
to 4.3x-4.5x in the next 12-18 months from about 4.1x in the last
12 months to end-June 2016, despite its expectation of WCC
reducing capital spending and generating free cash flow to reduce
debt. This level of leverage is in line with the company's B1
corporate family rating.

WCC's B1 corporate family rating also reflects the company's
dominant market share in cement production in southern Shaanxi
Province.

However the rating is constrained by WCC's: (1) small scale; (2)
exposure to government spending levels and economic policies; (3)
weakened profitability due to oversupply; and (4) execution risk
in view of its geographic expansion.

The rating also considers WCC's business synergies with Anhui
Conch Cement Company Limited (Conch, A3 stable) and Conch's
technical support to WCC. Conch held a 21.2% stake in WCC as of
end-June 2016.

"The negative outlook on WCC's ratings reflects continued weak
cement industry conditions and the company's weak liquidity
profile, which is partly mitigated by its affiliation with
Conch," adds Ho.

WCC's liquidity profile is weak. While the company's cash balance
-- including restricted bank deposits -- improved slightly to
RMB587 million at end-June 2016 from RMB528 million at end-2015,
it remains inadequate to cover its short term debt of RMB1.3
billion at end-June 2016.

Upgrade pressure in the near term is unlikely, given the negative
outlook.

Nonetheless, the ratings outlook could return to stable, if (1)
WCC achieves a sound liquidity position and successfully
refinances its short-term debt; (2) WCC improves its
profitability and achieves net profit; (3) WCC is disciplined in
its capital expenditure and does not undertake acquisitions; and
(4) Conch does not reduce its investment in WCC.

On the other hand, downward ratings pressure could emerge, if
WCC's financial and/or liquidity position weakens because of
falling revenues; rising costs; aggressive acquisitions; or
unexpected shareholder distributions.

Financial indicators of a ratings downgrade include EBITDA
margins below 20%-25%, or debt/EBITDA exceeding 4.5x on a
sustained basis.

Any reduction in Conch's support to or level of ownership in WCC
would also be negative for WCC's ratings.

The principal methodology used in these ratings was Building
Materials Industry published in September 2014.

West China Cement Limited is one of the leading cement producers
by capacity in Shaanxi Province. At end June 2016, the company's
annual cement production capacity was 29.2 million tons. Its
revenues totaled RMB3.5 billion in 2015.

Anhui Conch Cement Company Limited -- listed on Hong Kong Stock
Exchange since 1997 and the Shanghai Stock Exchange since 2002 --
is the second-largest cement producer in China (Aa3 negative) by
production volume. The company had about 229 million tons per
annum (mtpa) of clinker capacity and 290 mtpa of cement capacity
in 2015. In FY2015, it recorded RMB51 billion in sales. The Anhui
Provincial Government indirectly owned an 18.8% equity stake at
end-2015.


YANLORD LAND: Moody's Reviews Ba3 Corp Family Rating for Upgrade
----------------------------------------------------------------
Moody's Investors Service has placed Yanlord Land Group Limited's
Ba3 corporate family and senior unsecured ratings on review for
upgrade.

RATINGS RATIONALE

"The review is prompted by Yanlord's stronger performance and
credit profile when compared to the parameters for its Ba3
ratings," says Kaven Tsang, a Moody's Vice President and Senior
Credit Officer.

"Yanlord will likely successfully execute its business strategy,
and maintain its improved financial profile, as measured by its
liquidity position and debt leverage," adds Tsang.

Yanlord's contracted sales increased 55% year-on-year to RMB17
billion in 1H 2016, after growing 127% year-on-year to RMB28.9
billion in 2015.

The company's contracted sales in 1H 2016 were contributed by its
projects in Shanghai, Nanjing, Suzhou, Zhuhai, and Tianjin. The
increased geographic diversity of its projects will partially
reduce the regulatory risk from individual local governments.

Yanlord has continued its prudent financial management of
containing debt growth. The company's adjusted total debt of
RMB20.7 billion in June 2016 was almost unchanged from the
RMB20.4 billion seen in December 2014.

As a result, its debt leverage -- as measured by revenue to debt
-- improved to 113.7% for the 12 months to 30 June 2016 from
57.5% at end-2014.

The company's strong contracted sales and tight control over
expenditures have resulted in the fast growth of its cash, which
totaled RMB19.0 billion at 30 June 2016; an amount which was
substantially higher than the RMB6.6 billion registered at end-
2014.

In addition, it has managed well its debt maturities, such that
cash to short term debt in December 2014 and June 2016 was
strong, at 3.2x.

Such leverage and liquidity levels are strong for its Ba3
ratings.

Moody's will review: (1) Yanlord's business and land acquisition
strategies; (2) its contingent plans to lower the negative impact
from potential regulatory measures that are driven by rising
property prices; and (3) its financial policies.

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

Yanlord Land Group Limited is a major property developer in
China. It operates in the major Chinese cities of Shanghai,
Nanjing, Suzhou, Nantong, Shenzhen, Tianjin, Zhuhai, Chengdu,
Tangshan and Sanya. The company was established in 1993 and
listed on the Singapore Stock Exchange in 2006. Its land bank
totaled 5.2 million square meters at end-June 2016.



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


ASCOTT ELECTRICALS: ICRA Reaffirms B+ Rating on INR4cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR4.00
crore fund-based facility, INR0.20 crore term loan facility, and
INR3.80 crore unallocated facilities of Ascott Electricals
Private Limited at [ICRA]B+. ICRA has also reaffirmed the short-
term rating assigned to the INR1.00 crore fund-based facility and
INR5.00 crore non-fund-based facility of the company at [ICRA]A4.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long term (LT)-fund     4.00       [ICRA]B+ reaffirmed
   based facility                     (suspension revoked)

   Term loan facility      0.20       [ICRA]B+ reaffirmed

   LT-Unallocated          3.80       [ICRA]B+ reaffirmed

   Short Term (ST)-        1.00       [ICRA]A4 reaffirmed
   fund based                         (suspension revoked)

   Short Term (ST)-        5.00       [ICRA]A4 reaffirmed
   non-fund based                     (suspension revoked)

The reaffirmation of ratings take into account the long-standing
experience of the promoters' spanning over three decades in
transformer manufacturing industry. The ratings are however
constrained by significant increase in debtor levels on account
of delays in payments from TNEB; decline in revenues in FY2016
due to Chennai floods, which impacted the production; and the
company's modest scale of operations in a highly competitive
electrical equipment industry. Further the ratings are
constrained by, the company's financial risk profile which is
marked by leveraged capital structure, moderate coverage
indicators; tight liquidity due to stretched receivables
position; and exposure to customer concentration risks, since the
company derives about 80% of its revenue from TNEB.

Going forward the ability of the company to scale up operations
besides improving its liquidity would be key credit monitorables.

Incorporated in 2005, Ascott Electricals Private Limited (AEPL)
is engaged in manufacturing electrical transformers such as
distribution transformers, power transformers and metering sets.
The company has two manufacturing facilities viz., Saidapet and
SIDCO Industrial Estate, Thirumudivakkam (both in Chennai, Tamil
Nadu) in a total area of 20,000 sq ft. The company's operations
are managed by its promoters, Mr. P.C. Alexander and his son, Mr.
Arun Alexander.

Recent Results

According to provisional financials, the company's profit after
taxes (PAT) stood at INR0.99 crore on an operating income of
INR22.07 crore for the FY2016. For FY2015, the company reported
an operating income of INR34.17 crore with a net profit of
INR1.51 crore.


AVECO TECHNOLOGIES: Ind-Ra Withdraws B+ Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Aveco
Technologies Private Limited's Long-Term Issuer Rating of
'IND B+'.  The Outlook was Stable.

The ratings have been withdrawn as the fund-based and non-fund-
based limits have been reduced to INR48 mil., which is below the
minimum limit of INR50 mil. specified by the regulator.  Ind-Ra
will no longer provide ratings or analytical coverage for Aveco.

Aveco ratings:

   -- Long Term Issuer Rating: 'IND B+'/Stable; rating withdrawn

   -- INR40 mil. fund-based working capital limits: 'IND B+' and
      'IND A4'; ratings withdrawn

   -- INR30 mil. non-fund-based working capital limits:
      'IND A4'; rating withdrawn


AXIS OVERSEAS: Ind-Ra Assigns 'IND BB-' Long-term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Axis Overseas
Limited (AOL) a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable.

KEY RATING DRIVERS

The ratings reflect AOL's moderate scale of operations with a
weak credit profile. According to the provisional financials for
FY16 the company achieved revenue of INR1,927.5 million (FY15:
INR1,792.0 million), EBITDA interest coverage (operating EBITDA/
net interest expenses) of 1.2x (1.2x), and net financial leverage
(total adjusted net debt/operating EBITDA) of 12.7x (14.0x).
Operating EBDITDA margin was also low at 1.9% during FY16 (FY15:
1.8%) due to the trading nature of the business.

The company has a moderate liquidity profile as reflected in the
96.5% average utilisation of the working capital facilities for
the 12 months ended June 2016.

The ratings however benefit from the promoters' experience of
over three decades in the jute trading business.

RATING SENSITIVITIES

Positive: Substantial improvement in the operating profitability
and in the credit metrics will be positive for ratings.

Negative: Any deterioration in the credit profile and in
liquidity will be negative for ratings.

COMPANY PROFILE

AOL was incorporated in December 2005 by Aditya Sarda and his
family. The company is based in Kolkata. The company is primarily
engaged in trading raw jute and finished jute products. The
company purchases raw jute from local brokers and sell it to jute
mills in West Bengal.

AOL's ratings:

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

   -- INR220.0 million fund-based working capital limit: assigned
      'IND BB-'/Stable

   -- INR30.0 million non-fund-based working capital limit:
      assigned 'IND A4+'


BISWAJANANI COLD: CRISIL Reaffirms B- Rating on INR103.6MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Biswajanani Cold
Storage Private Limited continue to reflect BCSPL's exposure to
risks related to the highly regulated and intensely competitive
cold storage industry in West Bengal, and weak financial risk
profile, marked by high gearing. These rating weaknesses are
partially offset by the promoter's extensive experience in the
cold storage business.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          2        CRISIL A4 (Reaffirmed)

   Cash Credit           103.6      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      7.7      CRISIL B-/Stable (Reaffirmed)

   Term Loan              48.4      CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Loan                   13.3      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes BCSPL will continue to benefit over the medium
term from the extensive industry experience of its promoter. The
outlook may be revised to 'Positive' if increase in cash accrual
or infusion of capital considerably strengthens financial risk
profile, particularly liquidity. Conversely, the outlook may be
revised to 'Negative' if delay in repayments by farmers, low cash
accrual, or any large capital expenditure weakens key credit
metrics.

Incorporated in 2009, BCSPL provides cold storage facilities for
potatoes; the promoters also undertake opportunistic trading in
potatoes through the company. The cold storage is located in
Mednipur West (West Bengal). The operations are managed by Mr.
Amal Dandapat.


BLUE DUCK: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Blue Duck
Textiles Private Limited (BDTPL) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect BDTPL's small scale of operations. According
to provisional FY16 financials, the company's revenue was
INR245.61 million (FY15:INR111.94 million). The ratings further
reflect BDTPL's moderate credit metrics. BDTPL's gross interest
coverage (operating EBITDA/gross interest expense) was 4.81x in
FY16 (FY15: 5.19x) and net financial leverage (total adjusted net
debt/operating EBITDAR) was 3.94x (5.23x).

The ratings also factor in the deterioration in the company's net
working capital cycle to 158days in FY16 (FY15: 62days) and
moderate liquidity position as indicated by the average maximum
utilisation of its fund-based limit being 91.90% during the 12
months ended June 2016.

The ratings, however, are supported by the company's healthy
EBITDA margins of 13.84% in FY16 (FY15: 13.95%). The ratings are
further supported by more than 25 years of experience of the
company's promoters in the textile industry.

RATING SENSITIVITIES

Positive: A growth in the revenue along with an improvement in
the net working capital cycle with operating margins and credit
metrics being sustained or improved could lead to a positive
rating action.

Negative: A decline in the operating profitability along with a
further deterioration in the working capital cycle could lead to
a negative rating action.

COMPANY PROFILE

BDTPL was incorporated in 2013. The company is engaged in dyeing
and printing of fabrics. BDTL has an installed capacity of 30,000
metre/day with a utilisation level of 86% at its facility. The
company is managed by its directors Shantanu Kaul and Gitanjali
Kaul.

BDTPL's ratings:

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

   -- INR60 million fund-based working capital limits: assigned
      'IND BB-'/Stable /'IND A4+'

   -- INR18.36 million Long-term loans: assigned 'IND BB-'/Stable


EURO INDIA: CRISIL Reaffirms 'D' Rating on INR144MM Term Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Euro India Fresh Foods
Private Limited continue to reflect instances of delay in
servicing term debt over the last few months. The delays were
because of weak liquidity, which was, in turn, driven by low cash
accrual and large inventory. It also factors Euro's below-average
financial risk profile, marked by a high gearing and weak debt
protection metrics, and its exposure to competition from large
and established players. These rating weaknesses are partially
offset by the company's diversified product portfolio.

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

   Cash Credit           117.5      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     83.5      CRISIL D (Reaffirmed)

   Term Loan             144.0      CRISIL D (Reaffirmed)

Euro, incorporated in fiscal 2009, manufactures potato chips,
fried extruded snacks, salted snacks (namkeen), mineral water,
and core filling snacks, at its plant in Surat (Gujarat). Mineral
water is sold under the brand, Euro Spa, while the other products
are marketed under the brand, Euro. Operations are managed by key
promoter, Mr. Dinesh Sanspara.


FIBRO PLASTICHEM: CRISIL Reaffirms 'B-' Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Fibro Plastichem India
Private Limited, reflect its modest scale of operations and
below-average financial risk profile, with high gearing, modest
networth, and average debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
the promoters in the fibre-reinforced plastic (FRP)-based
products industry.

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

   Cash Credit             60       CRISIL B-/Stable (Reaffirmed)

   Letter of Credit        16       CRISIL A4 (Reaffirmed)

   Overdraft Facility      20       CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       8.8     CRISIL B-/Stable (Reaffirmed)

   Term Loan               25.0     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes FPIPL will continue to benefit over the medium
term from its established relationships with principals, and its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if significant increase in revenue and
profitability results in higher cash accrual, and substantially
stronger liquidity. Conversely, the outlook may be revised to
'Negative' if decline in revenue and profitability, or stretch in
working capital cycle, weakens the financial metrics, including
liquidity.

Incorporated in 1972, FPIPL manufactures FRP-based products. The
company has three revenue sources: the railways, the chemical
industry, and water-treatment units. Most of its revenue comes
from the railways. The company is actively managed by Mr. Sumit
Dutta and his brother, Mr. Moinal Dutta.


GEETA MACHINE: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Geeta Machine Tools
Private Limited continue to reflect the company's weak financial
risk profile because of high gearing and subdued debt protection
metrics, its large working capital requirement, and modest scale
of operations in the intensely competitive engineering and
capital goods industry. These weaknesses are partially offset by
the extensive industry experience of its promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          120      CRISIL A4 (Reaffirmed)

   Cash Credit              90      CRISIL B+/Stable (Reaffirmed)

   Letter of Credit         30      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       25      CRISIL B+/Stable (Reaffirmed)

   Term Loan                35      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes GMT will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the company improves its working capital management
or capital structure, leading to better liquidity, or scales up
its operations and maintains its profitability. The outlook may
be revised to 'Negative' in case of significant weakening of its
liquidity or capital structure, or pressure on its profitability,
or larger-than-expected, debt-funded capital expenditure.

GMT, incorporated in 1989, is promoted by the Jamnagar, Gujarat-
based Jadeja family. Mr. Sardarsinh L Jadeja is its key promoter,
and it is managed by directors Mr. Vanrajsinh Jadeja and Mr.
Vasant Bhadra. The company manufactures a wide range of boring,
milling, lathe, and radial drilling machines, and other
industrial equipment.


GENNEXT ABASAN: CRISIL Assigns 'B' Rating to INR30MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Gennext Abasan Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL B/Stable
   Letter of Credit       100        CRISIL A4

The ratings reflect GAPL's weak financial risk profile because of
a small networth, and below-average capital structure and debt
protection metrics. The ratings also factor in a modest scale of
operations leading to low profitability. These rating strengths
are partially offset by the extensive experience of promoters in
the polymer trading industry.
Outlook: Stable

CRISIL believes GAPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a substantial and
sustained improvement in revenue or if capital structure or
networth considerably improve on the back of sizeable equity
infusion from its promoters. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in capital
structure caused most likely by a large, debt-funded capital
expenditure or a stretch in its working capital cycle.

Established in 2007, GAPL, based in Indore, Madhya Pradesh, is a
privately owned company. It is promoted by Mr. Anoop Singh Yadav
and his wife Ms. Shashi Singh Yadav. It trades in polymer
granules.


GVR NAGAUR: Ind-Ra Lowers Rating on INR3,150MM Bank Loans to BB
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded GVR Nagaur
Bikaner Tollway Private Limited's (GNBTPL) INR3,150 mil. bank
loans to 'IND BB' from 'IND BBB-'.  The Outlook is Negative.

                            PROJECT PROFILE

GNBTPL is an SPV, fully owned by GVR Infra Projects Limited (GVR
Infra, 'IND BBB+'/Stable).  It has been incorporated for the
development and operation of a 108.26km section on the Nagaur-
Bikaner stretch of NH-89 in Rajasthan.  The project will create
two lanes with paved shoulders under a 15-year concession from
the Public Works Department, the government of Rajasthan on a
design, build, finance, operate and transfer basis.  The
envisaged total project cost of INR4,220 mil. is being funded by
equity of INR380.0 mil., a grant of INR690 mil. and debt of
INR3,150 mil.

                         KEY RATING DRIVERS

The rating downgrade reflects the delayed project commissioning
and GNBTPL's increased dependence on the sponsor for timely debt
service.  The scheduled partial commercial operation date (PCOD)
has now been planned in November 2016 from the earlier August
2015.  However, the rating factors in the respite to cash flows
coming from the shift in repayment date by one year to March 31,
2017.

As of February 2016, even though GNBTPL had completed 84.54%
(higher than the 75% threshold for receiving the PCOD), PCOD was
not received owing to the non-conjugate stretches.  Also,
according to the lenders' independent engineer's report dated
February 2016, GNBTPL achieved the stated project completion by
delinking the Nokha bypass and two railway over bridges from the
scope of the project.  However, the seemingly low levels of
complexity of work, fixed price, turnkey, date-certain
engineering, procurement and construction contract with an
experienced contractor, GVR Infra, mitigates residual completion
risk.

The project is exposed to patronage risks, for the stretch being
a toll road.  In the absence of a history, the traffic and
consequently the revenue trend will be clear only after the road
completes at least one year of tolling.  The stretch is dominated
by commercial traffic (65%) which, while holding high revenue
potential, is vulnerable to economic volatility.

Higher dependence on the sponsor for operational expenses and
lifecycle costs constrain the rating.  As part of the
transaction, the sponsor has extended an undertaking to fund any
shortfall in resources for completing the project, major
maintenance reserve account and cost overruns.  The sponsor has
also undertaken to provide necessary support to meet debt service
shortfalls.

The debt is likely to be repaid in 44 structured quarterly
installments with the last installment scheduled to repaid in
March 31, 2027.  The creation of a debt service reserve, not
forming part of the project cost, from operational cash flows
could pose a challenge if traffic does not materialize in line
with Ind-Ra's projections.  Currently, GNBTPL is servicing
interest only.

Ind-Ra's base case analysis reflects a minimum debt service
coverage ratio of 0.66x (in FY17) thus necessitating sponsor
support to the tune of INR747 mil. over a period of 12 years.
The minimum debt service coverage ratio for the rating case is
0.59x (from FY20 until FY23).  The rating case projections
necessitate sponsor support to the tune of INR2,265 mil.  The
credit metrics are weak mainly on account of the scheduled major
maintenance expenditure (FY22-FY23) and a heavily back-ended
amortization structure.  Also, in the event of non-creation of a
major maintenance reserve, the support from the sponsor could
elevate beyond the original management case assumptions.

                        RATING SENSITIVITIES

Positive: A strong ramp-up supported by substantial improvements
in the coverage ratios could result in a rating upgrade.

Negative: Prolonged delay in the receipt of grants, any
significant traffic underperformance, absent sponsor support,
material cost overrun could result in a further rating downgrade.


HARITHA FERTILISERS: ICRA Assigns B LT Rating to INR10cr Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B and short term
rating of [ICRA]A4 to the INR10.00 crore unallocated facilities
of Haritha Fertilisers Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Unallocated limits      10.00       [ICRA]B/[ICRA]A4 assigned

The assigned ratings are constrained by decline in revenues over
the past two years from INR75.44 crore in FY2014 to INR16.47
crore in FY2016 on account of adverse monsoon in the state of
Telangana coupled with limited geographical presence with 100% of
sales confined to state of Telangana; and weak financial profile
as characterized by high gearing of 2.13 times and moderate
coverage indicators as indicated by interest coverage ratio of
1.39 times and NCA/total debt of 6% as on March 31, 2016. The
assigned ratings are further constrained by tight liquidity
position of the company as evident from high utilization of its
working capital limits on account high inventory levels; and
vulnerability of profitability to inventory price risks as its
purchases are not order backed and agro climatic conditions. The
ratings, however, positively takes into account more than two
decades long experience of promoters in fertilizer industry;
established sales and distribution network with presence of over
500 dealers in Telangana and strong relationships with customers
resulting in repeat orders.

Going forward, ability of the company to increase its scale of
operations while managing its working capital requirements will
be key rating sensitivities from credit perspective.

Incorporated in 2006, Haritha Fertilisers Limited is involved in
the manufacturing of nitrogen-phosphorous-potassium (NPK)
fertilizers. The company has two manufacturing facilities with
installed capacity of 1.50 lac metric ton per annum each. The
unit-I is located at Ankireddypalli village of Ranga Reddy
District, unit-II is located at Damaracherla village of Nalgonda
District of Telangana. The company is selling its product under
brand its own brand name "Nandi" in Telangana.

Recent Results

HFL has reported an operating income and net profit of INR30.40
crore and 0.80 crore respectively in FY2015 as against operating
income and net profit of INR16.47 crore and 0.33 crore in FY2016
(provisional and unaudited).


IDEAL HOTEL: Ind-Ra Assigns 'IND B+' LT Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ideal Hotel and
Industries Limited (IDEAL) a Long-Term Issuer Rating of 'IND B+'
with a Stable Outlook. The agency has also assigned IDEAL's
INR150 million fund-based limits 'IND B+'/Stable and 'IND A4'
ratings.

KEY RATING DRIVERS

The ratings are constrained by IDEAL's small scale of operations
and weak credit metrics. According to FY16 provisional financials
the company's overall revenue stood at INR62.58 million (FY15:
INR55.35m), interest coverage (operating EBITDA/gross interest
expense) was 2.33x (1.03x) and net financial leverage (total Ind-
Ra adjusted net debt/operating EBITDAR) was 8.83x (4.42x).

The ratings, however, are supported by the company's comfortable
EBITDA margin of 15.74% in FY16 (FY15: 11.56%) and comfortable
liquidity position as evident from the average utilisation of its
fund-based limit being 63% during the 12 months ended June 2016.
The ratings are further supported by more than 30 years of
experience of the IDEAL's promoter in the hospitality sector as
well as the company's established operational track record of
more than three decades.

RATING SENSITIVITIES

Negative: A significant decline in the profitability leading to
deterioration in the credit profile of the company could be
negative for the ratings.

Positive: A significant improvement in the overall revenue and
EBITDA margins leading to improvement in the credit metrics could
be positive for the rating.

COMPANY PROFILE

IDEAL was incorporated in 1985 and is engaged in providing
hospitality services. It operates a hotel under the brand name
'Amaya' which is at a prime location in Mall road cant.,
Varanasi.


IFMR CAPITAL: ICRA Reaffirms B(SO) Rating on PTC Series A2
----------------------------------------------------------
ICRA has reaffirmed the ratings of PTCs (Pass Through
Certificates) in case of a transaction backed by Multi-Originator
Small Business Loan pool. The summary of the rating actions taken
by ICRA is given below.

Transaction Name:

IFMR Capital SBL Mosec I

Originators:
CDIPL (33%)
ISFCL (19%)
Vistaar (48%)

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   PTC Series A1           17.73      [ICRA]BBB+ (SO) Reaffirmed
   PTC Series A2            2.30      [ICRA]B(SO) Reaffirmed

The selected pool consists of small business loans given by the
Originators, to borrowers in urban, semi-urban and rural areas.
The companies target small and medium businesses. The presence of
multiple Originators provides the overall pool a reasonable
geographical diversity, with the pool spread across 7 states. The
aggregate pool consists of monthly repaying contracts with
moderate seasoning, long residual tenure of contracts (70 months)
and no overdue on the selected loans as of cut-off date
In this transaction, a pool of receivables was assigned by the
Originators to a Special Purpose Vehicle (SPV) at a premium,
which issued two series of PTCs backed by the receivables. The
promised cashflow schedule for PTC A1 will comprise interest (at
the pre-determined yield) on the outstanding principal on each
payout date and the entire principal on the final maturity date;
however, the excess collections in a month will be used to
amortize the principal payout to PTC A1. This is done till all
payment has been made to PTC A1, post which the collections are
passed to PTC A2, towards its principal repayment and later by
way of residual cashflows such that a specified yield is achieved
(this is not promised).


INTOUCH MOBICARE: CRISIL Assigns 'B+' Rating to INR40MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Intouch Mobicare Private Limited. The
ratings reflect IMPL's average financial risk profile marked by
below average debt protection indicators, and moderate scale of
operations with low operating profitability.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          15        CRISIL A4
   Cash Credit             40        CRISIL B+/Stable

These rating weaknesses are partially offset by the extensive
experience of IMPL's promoters in the mobile accessories trading
business.
Outlook: Stable

CRISIL believes that IMPL will continue to benefit from
promoters' experience and its established relationship with its
key suppliers, over the medium term. The outlook may be revised
to 'Positive' if revenue improves significantly along with
improvement in its financial risk profile on account of more-
than-expected accruals or substantial equity infusion.
Conversely, the outlook may be revised to 'Negative' if the
company's revenues and profitability come under pressure, or its
working capital cycle lengthens or it undertakes a large debt-
funded capex programme over the medium term.

IMPL promoted in 2010 by Mr. Anand Gulati and his brother, Mr.
Rajat Gulati. IMPL is in to distribution and marketing of mobile
accessories. It is an exclusive distributor of Samsung mobile
accessories in Delhi, Gurgaon and Faridabad. The company is also
engaged in distributorship of Titan Watches.


JAIN OVERSEAS: Ind-Ra Cuts Long-term Issuer Rating to 'IND D'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Jain Overseas'
(JO) Long-Term Issuer Rating to 'IND D' from 'IND BB-'. The
Outlook was Stable. The agency has also downgraded the company's
INR330m fund-based working capital limits to Long-term 'IND D'
from 'IND BB-'/Stable and Short-term 'IND D' from 'IND A4+'.

KEY RATING DRIVERS

The downgrade reflects JO's tight liquidity position leading to
over utilisation of its bank limits from January 2016 on account
of a temporary closure of its plant for nearly 6 months. The
company also reported substantial operating losses of -12.66% in
FY16 (FY15: 4.65%, FY14: 3.93%) and a dip in its revenue to
INR995 million (INR1,092 million; INR1,226 million).

RATING SENSITIVITIES

Positive: An improvement in the company's liquidity profile and
use of working capital facilities within the limits for at least
three consecutive months could be positive for the ratings.

COMPANY PROFILE

Incorporated in 2009 as partnership firm, JO is engaged in
milling, processing, sorting and polishing of Basmati and non-
basmati rice; it has installed capacity of 9 metric tons per hour
from its milling plant situated at Sikandrabad, Uttar Pradesh. It
also has 3 prominent brands of basmati rice named Parkhi,
TwentyOne and Havelli.


JAY KRISHNA: CRISIL Assigns B+ Rating to INR100MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Jay Krishna Sizers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              46.1      CRISIL B+/Stable
   Cash Credit           100.0      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      7.1      CRISIL B+/Stable

The ratings reflect an average financial risk profile, with a
modest networth, high gearing, and modest debt protection
metrics. The ratings also factor in a modest scale of operations
in the intensely competitive textile industry, and exposure to
adverse fluctuation in polyester prices. These rating weaknesses
are partially offset by the extensive experience of promoters in
the textile industry, their funding support, and benefits derived
from proximity to customers in Surat market.
Outlook: Stable

CRISIL believes JKS will continue to benefit over the medium term
from the extensive experience of promoters. The outlook may be
revised to 'Positive' if healthy and sustained revenue growth and
profitability lead to higher-than-anticipated cash accrual.

Conversely, the outlook may be revised to 'Negative' if lower-
than-expected cash accrual, or a stretch in working capital
cycle, or any unanticipated large, debt-funded capital
expenditure significantly impacts the financial risk profile and
liquidity.

Established in 1995 as a partnership between Mr. Dhirajlal
Boghra, Mr. Chetankumar Boghra, and Mr. Shailesh Boghra and their
family members, JKS is engaged in sizing of polyester yarn for
various Denier ranges of 50-150. Its manufacturing unit is based
in Surat, Gujarat.


JAY PALGHAR: ICRA Assigns 'B' Rating to INR2.25cr Term Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR2.25
crore term loan facility and the INR0.75 crore cash credit
facility of Jay Palghar Net Co.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund based- Term Loan      2.25      [ICRA]B; Assigned
   Fund based- Cash
   Credit Limit               0.75      [ICRA]B; Assigned

The assigned rating is constrained by JPNC's low scale of
operations and limited operating history. The rating factors in
JPNC's delayed project commencement on account of delay in the
land transfer process. The rating also considers JPNC's low
profitability and highly leveraged capital structure, as
reflected from high gearing of 6.50 times as on March 31, 2016,
and weak debt coverage indicators. The rating further takes into
account the highly competitive nature of the fishing net
manufacturing industry, caused by the dominance of numerous
unorganised players; and the vulnerability of JPNC's
profitability to the fluctuations in demand for seafood as well
as to the adverse movements in prices of key inputs.

The rating, however, favorably factors in the extensive
experience of the partners in the seafood industry. The rating
draws comfort from JPNC's locational advantage of its proximity
to raw material sources, manpower and major fishing hubs of
Gujarat. The rating also factors in the growth in the Indian
seafood industry, depicting favorable prospects for net
manufacturing.

ICRA expects JPNC to book revenues of around INR9.00 crore in
FY2017, and a normal growth of about 10% in anticipation of the
full year of operations, its improved capacity utilisation levels
and growth in volumes. However, the profitability at net levels
is expected to remain subdued, resulting from higher depreciation
and finance costs. JPNC's capital structure is expected to remain
leveraged over the medium term with expectations of further debt
infusion. Going forward, the company's ability to infuse funds to
support its capital structure, increase its scale of operations
and manage its working capital efficiently, would be the key
rating sensitivities.

Established in January 2015, Jay Palghar Net Co. is a partnership
firm which is owned and managed by Mr. Suresh Lodhari, along with
his son, Mr. Jay Lodhari. Mr. Suresh Lodhari has an extensive
experience of this business. JPNC manufactures fishing nets,
sports nets and safety nets made of High Density Polythylene
(HDPE) twine, which find application in fishing, agriculture,
sports, and security fields. JPNC's facility is located at
Porbandar, Gujarat, with a current manufacturing capacity of
2,000 kg per day. The commercial production of the firm started
from February 2016.

Recent Results

For the year ended March 31, 2016, the company reported an
operating income of INR0.29 crore with a net loss of INR0.19
crore as per the provisional unaudited numbers within a month and
a half of the start of operations.


JOHN SAW: CRISIL Lowers Rating on INR70MM Cash Loan to B+
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
John Saw Mill Private Limited to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.

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

   Inland/Import Letter   500       CRISIL A4 (Downgraded from
   of Credit                        'CRISIL A4+')

The downgrade reflects JSMPL's weakened liquidity on account of
declining net cash accrual and large working capital requirement,
leading to high bank limit utilisation of 95% over the 12 months
through March 2016, constraining the company's financial risk
profile. The net cash accrual declined to an estimated INR2.5
million in fiscal 2016 from INR10.8 million in fiscal 2015 due to
higher-than-expected interest and bank charges largely on account
of high letter of credit charges and forward contract charges.
The company is likely to incur foreign exchange (forex) loss due
to adverse movements in forex rates in fiscal 2016. Large working
capital debt will continue to result in high interest burden and
low cash accrual over the medium term.

The ratings reflect JSMPL's modest scale of operations in the
intensely competitive timber trading business, its large working
capital requirement, and susceptibility to volatility in raw
material prices and forex rates. These weaknesses are partially
offset by its promoter's extensive industry experience.
Outlook: Stable

CRISIL believes JSMPL will continue to benefit from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' in case of significant improvement in the
company's profitability, resulting in substantial cash accrual,
and efficient working capital management. The outlook may be
revised to 'Negative' if the profitability declines steeply or if
the company undertakes large debt-funded capital expenditure,
leading to deterioration in its financial risk profile,
especially liquidity.

JSMPL was incorporated in 2011 and is based in Tirunelveli, Tamil
Nadu. The company imports and trades in timber and is promoted by
Mr. S Maria John.

JSMPL had a net profit of INR8.8 million on revenue of INR721.4
million in fiscal 2015, against a net loss of INR15.8 million on
revenue of INR702.7 million for fiscal 2014. Its revenue is
estimated at INR723.4 million in fiscal 2016.


K.R.K EDUCATIONAL: ICRA Hikes Rating on INR30cr LT Loan to 'C'
--------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR30.00
crore term loans of M/s K.R.K Educational Trust from [ICRA]D to
[ICRA]C.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long term loans         30.00      [ICRA]C/Upgraded from
                                      [ICRA]D

The revision of rating reflects the regularization of delays in
debt servicing that persisted during the previous fiscal year FY
2015-16. The rating considers the nascent stage of the trust's
operations with modest seat occupancy levels, and the high
competitive intensity in the higher education sector in the state
of Tamil Nadu, and the resultant weak financial performance of
the trust over the last three years. ICRA, nevertheless, takes
note of the support provided by trustees, who have long standing
experience in technology sector, providing solutions to the
energy sector through group companies. ICRA believes, KRKET's
liquidity position would remain stressed over the medium term,
with timely support from its trustees being critical to meet its
repayment commitments, and remains a key rating sensitivity
factor.

K.R.K Educational Trust is an educational and charitable trust
established in 2007 to impart professional education to students
in Tamil Nadu. The trust owns and manages 'OAS Institute of
Technology and Management', situated in Pulivalam Village near
Tiruchirapalli, Tamil Nadu. The trust is promoted by Dr. K.R.
Ilanghovan, Mrs. I. Rajalakshmi and Mr. K. Ramajayam. The
trustees have more than 30 years of professional experience. Mr.
K.R. Ilanghovan is also the founder of two technology companies -
Omne Agate Systems Private Limited and OAS Digital Infrastructure
Private Limited, which are mainly engaged in providing solutions
to the energy sector.

Recent results
KRKET reported a net profit of INR0.34 crore on an operating
income of INR7.52 crore during 2015-16 (unaudited), against a net
loss of INR5.46 crore on an operating income of INR3.91 crore
during 2014-15.


KESHAV COTTON: CRISIL Ups Rating on INR60MM Cash Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Keshav Cotton Corporation to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

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

   Term Loan               27.5      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects improvement in the firm's liquidity profile
driven by sharp increase in cash generation and moderately
managed working capital cycle. The firm has generated INR11.8
million in 2015-16, while is expected to generate cash accruals
in excess of INR15.2 million in 2016-17. The increase in the cash
generation is on account of steady operating margins and reduced
outflow towards interest cost with reduced debt on the books. As
firm continues to repay its long term debt and is not expected to
undertake any significant debt funded capital expansion, which
can lead to increase in debt, its financial obligations are
expected to decline over the medium term, which will further lead
to improvement in the liquidity profile. The sustenance of
operating profitability and working capital, will remain key
rating sensitivity factor over the medium term.

The ratings continue to reflect KCC's modest scale of operations
in the highly competitive and fragmented cotton ginning industry,
and susceptibility of its margins to volatility in cotton prices
and to the regulatory framework governing the cotton industry.
The rating also factors in the firm's average financial risk
profile, marked by a small net worth and moderate debt protection
metrics. These weaknesses are partially mitigated by extensive
experience of its promoters in cotton trading and fund support
from promoters, and moderately managed working capital cycle.

For arriving at the rating, CRISIL has treated interest-free
unsecured loans of INR25 million as neither debt not equity as
they are from promoters and will be retained in the business over
the medium term.

Outlook: Stable

CRISIL believes that KCC will continue to benefit over the medium
term from its promoters' extensive industry experience and the
steady demand for cotton ginning. The outlook may be revised to
'Positive' if the firm increases its scale of operations
substantially, while it improves its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative'
if KCC's capital structure weakens, mostly likely due to
withdrawal of funds by promoters or decline in its profitability.

KCC is a partnership firm located in Nagpur (Maharashtra). The
firm is promoted by Mr. Dilip Kumar Tayal, Mr. Nikunj Tayal and
Mr. Mahesh Khandelwal. Promoters have over 25 years of experience
in the cotton industry. The firm is engaged in cotton ginning and
pressing business.


M.K.R. TRADERS: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of M.K.R. Traders Private
Limited 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          150         CRISIL B+/Stable (Reaffirmed)

   Long Term Loan         9         CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    58.5       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.


M.S.P. TYRES: CRISIL Reaffirms 'B' Rating on INR65MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of M.S.P. Tyres
continues to reflect a below-average financial risk profile
because of a modest networth, high total outside liabilities to
tangible net worth (TOLTNW) ratio, and weak debt protection
metrics. The rating also factors in a modest scale of operations
in the intensely competitive tyre trading industry, resulting in
subdued profitability. These rating weaknesses are partially
offset by the extensive industry experience of the company's
promoters and their established supplier relationship.

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

Outlook: Stable

CRISIL believes MSP will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a substantial
increase in profitability, leading to a better financial risk
profile. The outlook may be revised to 'Negative' if cash accrual
declines, most likely due to deterioration in scale of
operations, or in case of a stretched working capital cycle,
leading to weakening of liquidity.

Update

Revenue is estimated at INR472 million for fiscal 2016, supported
by steady demand from customers. Operating margin remained modest
at around 2.3% due to the trading nature of operations. Revenue
and margin are expected to remain at similar levels over the
medium term due to small scale of operations

Capital structure is below average, with networth estimated at
INR132 million and TOLTNW at around 9 times as on March 31, 2016.
With low accretion, the capital structure is expected to remain
below average over the medium term. Debt protection metrics
remained modest, with estimated interest coverage ratio of 1.4
times in fiscal 2016, owing to low profitability and high
reliance on bank debt.

Liquidity remained average, supported by sufficient cash accrual
to meet debt obligation. Annual cash accrual is expected at
INR3-4 million, against debt obligation of INR1.2 million
annually, over the medium term. Bank limit utilisation was high,
averaging 95% over the six months through May 2016.

Established in 2000 as a partnership firm, MSP trades in tyres of
two-wheeler, four-wheeler, and commercial vehicles. The firm has
six retail outlets located in the Namakkal, Karur, and Dharmapuri
districts of Tamil Nadu. It is managed by the managing partner,
Mr.  Subramanian.


MAA BHUASUNI: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Maa Bhuasuni
Roller Flour Mills continues to reflect the firm's weak financial
risk profile, with small networth, high gearing, and weak debt
protection metrics, and modest scale of operations. These rating
weaknesses are partially offset by the extensive experience of
the promoters in the agro industry, and healthy demand for the
products.

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

Outlook: Stable

CRISIL believes MBRFM will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' if significant ramp-up in scale of
operations and cash accrual, or infusion of equity by the
promoters, considerably strengthens capital structure and
liquidity. Conversely, the outlook may be revised to 'Negative'
if increase in inventory, delay in realisation of debtors, or any
large capital expenditure or capital withdrawal weakens financial
metrics.

MBRFM, based in Bhubaneswar (Orissa), processes wheat products,
such as, maida, suji, atta, and bran. It has a flour milling
capacity of 65 tonne per day.


MAHALAXMI CASHEW: ICRA Assigns B+ Rating to INR6.0cr LT Loan
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to INR6.00 crore
long term - fund based (CC) facilities and INR1.00 crore term
loan of Mahalaxmi Cashew Industries.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term-Fund
   Based (CC)               6.00      [ICRA]B+/assigned

   Term Loan                1.00      [ICRA]B+/assigned

The assigned rating takes into account the long standing
experience of the promoters in the cashew processing industry and
established relationship with its customers which provides
revenue visibility to an extent. The rating also takes into
account the healthy operating margins reported by the firm. The
rating, however, remains constrained by the firm's small scale of
operations limiting its operational and financial flexibility,
its exposure to volatility in prices of raw cashew nut and
kernels determined by agro-climatic conditions and global demand-
supply scenario. The industry structure remains highly fragmented
leading to intense competition and limited pricing flexibility.
The rating also factors in the moderate gearing and coverage
indicators of the firm, coupled with high working capital
intensity owing to high inventory holding. The rating is also
constrained by the inherent risks associated with partnership
nature of the business, including the risk of capital withdrawal,
among others. Going forward, the firm's ability to scale up the
operations, maintain the margins and improve the working capital
cycle would be the key rating sensitivities.

Mahalaxmi Cashew Industries is a partnership firm engaged in the
processing of raw cashew nuts (RCN) to cashew kernels. The firm
also trades in RCN to an extent. It was established in the year
1996 and has its manufacturing unit in Chandgad, Maharashtra with
an installed capacity of 4 MT per day. The firm is currently in
the process of increasing the capacity to 6 MT per day. MCI
sources its RCN from local traders and resellers as well as
through imports from Benin, Tanzania and Indonesia. The firm
sells the processed kernels primarily to wholesale dealers within
India.

Recent Results

The firm reported a net profit of INR0.4 crore on an operating
income of INR8.3 crore during the financial year 2014-15, as
against a net profit of INR0.3 crore on an operating income of
INR8.8 crore during 2013-14. As per the provisional financials
for the year 2015-16, the firm reported a net profit of INR0.9
crore on an operating income of INR11.0 crore.


MALAR PAPER: ICRA Reaffirms B+ Rating on INR6.50cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR6.50 crore fund based facilities and the short-term rating of
[ICRA]A4 to the INR0.50 crore non-fund based bank limits of Malar
Paper Mills Private Limited. ICRA has also reaffirmed the long-
term rating of [ICRA]B+ and short-term rating of [ICRA]A4 to the
INR9.00 crore proposed bank facilities of the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term, fund
   based facilities         6.50        [ICRA]B+ reaffirmed

   Short-term, non-
   fund based limits        0.50        [ICRA]A4 reaffirmed

   Proposed limits          9.00        [ICRA]B+/A4 reaffirmed

The reaffirmation of ratings consider the long standing track
record of the promoters in the region, where they operate rice
mills and solvent extraction unit, apart from Malar Paper;
established relationship with dealers (mainly PWP) and end
customers (for newsprint), which ensures repeat orders and
favorable long term demand prospects for paper consumption in the
domestic market. However, the ratings are constrained by the
decline in revenues over the past two years ;company's moderate
scale of operations that limits benefit from economies of scale;
weak financial profile with thin profit margins, highly geared
capital structure and stretched coverage indicators and highly
fragmented and competitive industry, especially in the B-grade
paper segment with low entry barriers and localized demand, which
limits company's pricing flexibility and exposes the margin to
volatility in raw material prices. ICRA also takes note of the
power intensive nature of operations, with capacity utilization
impacted by erratic power availability.

Malar Paper Mills Private Limited was incorporated in 2006 as a
private limited company to manufacture 42-110 gram per square
metre (gsm) printing and writing paper (PWP) and newsprint.
MPMPL's factory was setup in Kallur village, Pudukottai, Tamil
Nadu and commercial production began in 2007. The factory has a
capacity of 65 tonnes per day (TPD) / 21,000 metric tonnes per
annum (MTPA). The factory uses recycled paper, both from domestic
and international suppliers, as raw material to produce PWP and
newsprint.

MPMPL is closely held by Mr. PL Padikkasu and his family. The
promoter family has rich experience in conducting business in the
locality, owning 5 rice mills and a solvent extraction plant. Mr.
PL Padikkasu is the Managing Director whereas his sons, Mr.
Periasamy and Mr. Balasubramanian are directors in the company.
Mr. Periasamy looks after the day to day running of the company.

Recent Results

According to provisional numbers the company registered a net
profit of INR0.5 Crore on an operating income of INR47.5 in FY
2016 as against a net profit of INR0.03 Crore on an operating
income of INR49.2 Crore in FY 2015.


MALAR SOLVENT: Ind-Ra Affirms BB- Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Malar Solvent
Extraction Private Limited Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable.  The agency has also affirmed Malar's
INR50 mil. fund-based working capital limits at Long-Term
'IND BB-'/Stable and Short-Term 'IND A4+'.

                         KEY RATING DRIVERS

The affirmation reflects Malar's continued moderate credit
profile.  FY16 provisional results indicate revenue of INR599
mil. (FY15: INR592 mil.; FY14: INR896 mil.).  The reduction in
revenue during the last two years was due to the non-availability
of the key raw material, rice bran.  The company's interest
coverage (operating EBITDA/gross interest expense) was 1.5x in
FY16 (FY15: 1.1x) and net leverage (total adjusted net
debt/operating EBITDAR) was 5.7x (11.8x) and EBITDA margin
improved to 1.7% (FY15: 1.3%).  According to the provisional
financials for 1QFY17, revenue was about INR204.35 mil.  Any
growth in FY17 or beyond will continue to depend on raw material
availability, which has been the primary constraint.

Liquidity was tight as reflected in around 99.8% average peak
utilization of company's cash credit account during the 12 months
ended July 2016.

The ratings, however, benefit from Malar's over 25 years of
operating track record and the equally vast experience of its
management in rice milling and solvent extraction businesses.

                       RATING SENSITIVITIES

Positive: Sustained improvement in EBITDA interest cover above
2.2x may lead to positive rating action.

Negative: Sustained deterioration in EBITDA interest cover below
1.5x may lead to negative rating action.

                          COMPANY PROFILE

Incorporated in 1991, and based in Karaikudi district in Tamil
Nadu, Malar extracts oil from rice bran.  Its input capacity is
about 200MT/day.


MALIEAKAL ELECTRONICS: CRISIL Reaffirms B Rating on INR35MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Malieakal
Electronics continues to reflect a below-average financial risk
profile because of a high total outside liabilities to tangible
net worth ratio, and a modest scale of operations in the
intensely competitive consumer electronics and home appliances
retail segment. These weaknesses are partially offset by the
extensive industry experience of its promoter.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      35        CRISIL B/Stable (Reaffirmed)

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

   Term Loan               16        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Malieakal will continue to benefit over the
medium term from its moderate operating profitability and the
extensive industry experience of its promoter. The outlook may be
revised to 'Positive' in case of significant improvement in scale
of operations and profitability, or substantial equity infusion,
leading to a better financial risk profile. The outlook may be
revised to 'Negative' if the financial risk profile deteriorates
because of significantly low revenue or profitability, or
sizeable debt contracted for meeting capital expenditure or
working capital requirement.

Malieakal was set up in 1979 by Mr. James Joseph, who oversees
its operations. The firm, based in Kollam, Kerala, deals in
consumer electronics and home appliances.


MALPEFRESH MARINE: ICRA Assigns 'B' Rating to INR10cr LT Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR10.00
crore long-term fund based facilities of Malpefresh Marine Export
Private Limited.

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

Rating Rationale

The assigned rating is constrained by incipient stage of the
project, with Malpefresh yet to obtain complete financial closure
and certain key approvals, coupled with implementation risk with
the company yet to complete around 80% of the total project. The
rating is further constrained by inherent risks associated with
the sea food industry including susceptibility to disease,
climate change risk, and vulnerability to regulations proposed by
importing nations and export benefits provided by the Indian
government. The rating also factors in the susceptibility of
profitability to raw material prices and exchange rate
volatility.

The rating, however, positively factors in the extensive
experience of the management in the seafood export business for
two decades, with one of the directors holding positions in
seafood associations. ICRA notes that value added products like
Individual Quick Frozen (IQF) products would support the
company's revenue growth going forward. Further, the rating takes
comfort from the favorable regulatory support provided by
Government of India that includes Duty Credit Scrips of 5.0% of
FOB value of exports and Duty Drawback. The company is also
eligible for capital subsidy to the extent of 25% of the cost of
civil work and machinery, limited to INR50 lakh, from Ministry of
Food Processing India.

Going forward, the ability of the company to execute the project
without any major time and cost overruns and to generate
sufficient cash accruals for term loan repayments by achieving
desired capacity utilization and profitability would be the key
rating sensitivities.

Malpefresh Marine Export Private Limited, located in Kundapura
Taluk situated at the centre of Karnataka's coastal belt, was
incorporated in October 2014. The company is currently in the set
up phase with around 80% of the project yet to be completed. The
expected Commercial Operation Date is January 2017. The company
would be engaged in exporting of processed seafood to Southeast
Asian countries like Malaysia, Singapore, Taiwan and Hong Kong
among others, China, Middle East and African countries. The
varieties of fish to be exported include Cuttle Fish, Mackerel,
Squid, Reef Cod, Ribbon Fish, Sardine Fish and King Fish.


PARAMASIVAM PALANISAMY: ICRA Cuts Rating on INR23.8cr Loan to B+
----------------------------------------------------------------
ICRA has downgraded the long-term rating outstanding on the
INR23.80 crore fund based facility of Paramasivam Palanisamy
Charitable Trust to [ICRA]B+ from earlier assigned rating of
[ICRA]BB-.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund based facility-      23.80      [ICRA]B+; Downgraded
   SOD                                  from [ICRA]BB- (Stable)

The revision in the rating factors the steady decline in
occupancies across its engineering colleges (which constituted
nearly 70% of trust's income in FY2015) over the past couple of
years owing to over-supply of engineering seats in Tamil Nadu and
intensifying competition from existing institutes and government
colleges in the region. Low occupancies coupled with steady fixed
overheads had affected the profits and coverage ratios during
FY2015 and FY2016. ICRA also takes note of the sizeable loans
extended by PPCT to its group companies, engaged in edible oil
trading and cotton spinning, further straining the overall
liquidity profile of the trust.

The rating remains supported by the established track record of
PPCT and its promoters in the education sector for more than two
decades.

Going forward, ability of the trust to ramp up occupancy levels,
increase in college fees and achieve strong accruals will remain
critical monitorables.

PPCT is a registered trust, established on April 23, 1990 by Mr.
Paramasivam and his family, which initially commenced operations
with Maharaja Arts and Science College and later diversified into
engineering sector owing to strong demand for technical education
in the state. The trust currently operates four engineering
institutions, two arts and science college, a teacher training
institute and bachelor of education under it. The Colleges are
located in Perundurai, Erode and in Avinashi, Coimbatore. The
Arts and Science colleges have a capacity to accommodate 2000
students and the engineering colleges have an approved intake of
2289 students. The colleges also have hostel, mess and bus
facilities for students in the respective campuses. The trust has
combined student strength of ~3000 in all its colleges.

Group Profile

PPCT is a part of the Maharaja group, a diversified business
group based in Erode, Tamil Nadu having its presence across
various sectors including edible oil trading / refining,
textiles, educational institutions, hospitality and entertainment
sector. The other companies in the group include Sri Maharaja
Industries rated [ICRA]B+/[ICRA]A4, Sri Maharaja Refineries rated
[ICRA]B+/[ICRA]A4, Maharaja Sathyam Industries Private Limited
rated [ICRA]B+, Sri Maharaja Oil Imports and Exports India
Private Limited rated [ICRA]BB- (Stable) /[ICRA]A4.

Recent Results

According to audited results, PPCT reported net loss of INR3.6
Crore on an operating income of INR16.3 Crore during the year
2014-15, as against a profit of INR0.7 Crore on an operating
income of INR23.2 Crore during the financial year 2013-14.


RHINE SOLAR: CRISIL Reaffirms 'B' Rating on INR27MM Term Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rhine Solar Limited
continue to reflect initial stage and modest scale of operations
and high working capital requirement. These rating weaknesses are
partially offset by healthy growth prospects in the solar
industry and funding support from promoters.

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

   Inland/Import Letter
   of Credit                20       CRISIL A4 (Reaffirmed)

   Term Loan                27       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RSL will continue to benefit over the medium term
from the healthy growth prospects in the solar industry. The
outlook may be revised to 'Positive' in case of significant ramp
up in scale of operations while profitability is maintained,
resulting in higher-than-expected cash accrual. The outlook may
be revised to 'Negative' in case of lower-than-expected cash
accrual or a stretched working capital cycle, weakening the
financial risk profile, especially liquidity.

RSL was incorporated in 2014, promoted by Mr. Shiv Mittal and his
family. The company has set up a solar photo voltaic (PV) module
manufacturing facility in Kundli Industrial Area, Sonipat,
National Capital Region (NCR), with production capacity of 25
megawatt per annum.


SAMRAJ CONSTRUCTIONS: ICRA Suspends 'B' Rating on INR13cr Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B outstanding on
the INR13.00 crore bank facilities of Samraj Constructions. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SAPNA STEELS: CRISIL Assigns B+ Rating to INR75MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Sapna Steels. The rating reflects Sapna's
small scale of operations, exposure to intense competition in the
highly fragmented steel industry, and susceptibility to
volatility of raw material prices. These rating weaknesses are
partially offset by the extensive experience of promoters,
moderate financial risk profile, and efficient working capital
management.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             75        CRISIL B+/Stable
   Long Term Loan          50        CRISIL B+/Stable

Outlook: Stable

CRISIL believes Sapna will continue to benefit over the medium
term from the extensive experience of promoters and their
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if significant and sustained
improvement in revenue and profitability, or stronger capital
structure on the back of capital infusion by promoters.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile weakens, most likely because of a sharp
decline in profitability or revenue, or deterioration in working
capital cycle.

Established in 2004 as a partnership firm between Mr. Ghanshyam
Agarwal and his brother Mr. Jai Prakash Agarwal at Urla, in
Raipur (Chhattisgarh), Sapna manufactures mild steel (MS) angles
and MS blades at its unit, with installed capacity of 80 tonne
per day (tpd). In fiscal 2016, as an initiative of backward
integration, the firm set up an induction furnace, with a
capacity of 128 tpd.


SHRIRAMKRUPA FIBERS: ICRA Ups Rating on INR4cr LT Loan to B+
------------------------------------------------------------
ICRA has upgraded the long-term rating from [ICRA]B to [ICRA]B+
assigned to the INR6.00 crore fund based cash credit limit and
term loan facility of Shriramkrupa Fibers.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based-Cash          2.00      [ICRA]B+; upgraded from
   Credit                             [ICRA]B

   Fund Based-Term          4.00      [ICRA]B+; upgraded from
   Loan                               [ICRA]B

The rating upgrade takes into account healthy revenues reported
by the firm in FY2016 which was its first full year of operations
on the back of achievement of desired operating parameters. The
rating also favourably factors the prior experience of the
proprietor in trading of raw cotton, cotton bales & other agro
commodities, and favorable location of the firm's manufacturing
facility in Wardha (Maharashtra) giving it easy access to quality
raw cotton.

Nonetheless, the rating is constrained by the firm's small scale
of operations in a highly competitive and fragmented nature of
the cotton ginning industry which is likely to keep the
profitability levels low and the firm's exposure to volatility in
prices of raw cotton which are subject to seasonality, crop
harvest and regulatory risks. The rating also takes cognizance of
the high working capital intensity owing to extended receivables
leading to moderately stretched liquidity profile of the firm.
The rating also reflects the firm's low capacity utilization and
proprietorship nature wherein significant withdrawals from the
capital account would affect its net worth and thereby the
capital structure.

Shriramkrupa Fibers was incorporated in June 2013 by proprietor
Mr. Sachin Sharma and is involved in the business of ginning and
pressing of raw cotton. The firm has set up a Greenfield cotton
ginning plant in Wardha district of Maharashtra having production
capacity of 200 bales per day, commercial production from which
has commenced from Jan. 21, 2015.


SHYAMA AGRO: Ind-Ra Affirms 'IND BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shyama Agro
Foods & Exports Pvt Ltd's (SAFEPL) Long-Term Issuer Rating at
'IND BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The rating affirmation reflects SAFEPL's small scale of
operations with revenue of INR304 million during its first 10
months of operations in FY16. The company started its operations
in June 2015. The rating also factors in the company's weak
credit profile as reflected in its gross interest coverage
(operating EBITDA/gross interest expenses) of 1.2x and net
financial leverage (total adjusted net debt/ Operating EBITDAR)
of 6.6x during FY16P. The rating also factors in the company's
weak operating margin of 2.6% during FY16P and its tight
liquidity situation as reflected in its 96.63% maximum
utilisation of the fund-based limits during the six month ended
July 2016.

The ratings derive support from the successful implementation and
stabilisation of its operations in time.

RATING SENSITIVITIES

Positive: Improvement in the scale of operations along with
improvement in the credit metrics would lead to a positive rating
action.

Negative: Decline in profitability leading to stressed liquidity
and credit metrics may lead to a negative rating action.

COMPANY PROFILE

SAFEPL was established in 2009 to set up a 120 tonne per day
roller flour mill in Muzaffarpur, Bihar. SAFEPL is promoted by
Mr. Kesav Nanda. The company operates at 60% of its production
capacity.

Mr. Kesav Nanda, Mrs. Jyoti Mala, Mr. Shankar Prasad Sah and Smt
Urmila Kumari are the directors of the company.

SAFEPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB-'/Stable

   -- INR45.00 million (increase from INR25.80 million) fund-
      based working capital limits: affirmed at 'IND BB-'/ Stable

   -- INR37.76 million (reduced from INR44 million) long term
      loans: affirmed at 'IND BB-'/ Stable


SILPPI CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR65MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of The Silppi
Constructions Contractors continue to reflect the firm's modest
scale of operations and large working capital requirement in the
civil construction industry. These weaknesses are partially
offset by the extensive industry experience of its promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         125       CRISIL A4 (Reaffirmed)

   Cash Credit             60       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      65       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes TSCC will continue to benefit from its promoters'
extensive experience in the civil construction industry. The
outlook may be revised to 'Positive' in case of significant
increase in the firm's revenue and profitability, or improvement
in its working capital management, resulting in a better
financial risk profile. The outlook may be revised to 'Negative'
if its accrual declines, or if it has substantially large working
capital requirement, weakening its financial risk profile.

TSCC, set up in 1992 as a partnership firm, is a
Thiruvananthapuram-based civil contractor. Its operations are
managed by Mr. Edison.


SIWANA SOLAR: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Siwana Solar
Power Project Private Limited (SSPPPL) a Long-Term Issuer Rating
of 'IND BB'. The Outlook is Stable. The agency has also assigned
SSPPPL's INR200m term loan a long-term 'IND BB'/Stable rating.

KEY RATING DRIVERS

The ratings reflect SSPPPL's small scale of operations, weak
credit metrics and low tariff realisation. According to the
company's FY16 provisional financials the topline was INR43.71
million (FY15: INR2.29 million), the net financial leverage
(total adjusted net debt/operating EBITDAR) was 1.13x (0.37x) and
interest coverage (operating EBITDA/gross interest expense) was
10.78x (201.89x). Current tariff realisation for SSPPPL is
INR6.44/Kwh as Haryana Power Purchase Centre (HPPC) is making
payments at the lowest discovered tariff. The ratings are
constrained by SSPPPL's high concentration risk as HPPC is its
only customer. The ratings are also constrained by the
unavailability of an escrow account for the term loan.

The ratings, however, are supported by the stable revenue profile
of SSPPPL's 5 MW Solar PV power plant and its 25 year power
purchase agreement with HPPC. The ratings are further supported
by the satisfactory track record of Rays Power Experts Private
Limited (RPEPL), which is SSPPPL's contractor and the presence of
a fixed-price O&M contract with RPEPL for the concession period.
RPEPL has over 450 megawatts (MW) of consulting portfolio
experience and has already commissioned 175MW across India. It
has an operational track record of five years. The ratings are
also supported by SSPPPL's healthy EBITDA margin of 93.22% in
FY16 (FY15: 92.14%). The ratings also factor in the plant's
capacity utilisation factor of 15.64% in FY16.

RATING SENSITIVITIES

Negative: Failure to increase the efficiency of the solar power
plant leading to deterioration in the credit metrics will be
positive for the ratings.

Positive: A significant improvement in the efficiency of the
solar power plant along with improvement in the credit metrics
will be positive for the ratings.

COMPANY PROFILE

SSPPPL was incorporated in 2012 and operates a 5MW Solar PV power
plant in village Mithi, Bhiwani, Haryana under a 25 year power
purchase agreement mechanism under the renewable policy of
Haryana.


SONAKI CERAMIC: ICRA Suspends B+ Rating on INR10.65cr Loan
----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ and short-
term rating of [ICRA]A4 assigned to the INR10.65-crore bank lines
of Sonaki Ceramic. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the firm.

Established in 2011, Sonaki Ceramic is a partnership firm, which
manufactures bone china tableware. The firm commenced commercial
production in October 2011 and manufactures bone china tableware
like plates, spoon, bowls, mugs, cup and saucer, dinner set etc.
SC's manufacturing facility is located at Morbi, Gujarat and has
an annual installed production capacity of 14.50 lakh pieces.


SPICA PROJECTS: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Spica Projects &
Infrastructures Pvt. Ltd.'s (SPIPL) Long-Term Issuer Rating to
'IND BB' from 'IND B+'. The Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects an improvement in SPIPL's scale of
operations as well as credit metrics. According to FY16
provisional financials, the company's revenue increased to
INR1,018 million (FY15: INR590 million). Its EBITDA interest
coverage (operating EBITDA/gross interest expense) was 3.31
(2.69x) and net leverage (total adjusted net debt/ operating
EBITDAR) was 0.8x(1.9x). The ratings continue to be supported by
over 30 years of experience of the company's promoters in
executing construction contracts for the government of Jharkhand.

The operating margin of the company was moderate at 7.7% in FY16
(FY15: 9.2%).

The ratings, however, are constrained due to SPIPL's small order
book size of INR713.09 million at end-12 August 2016 .The ratings
are further constrained by SPIPL's high geographical
concentration risk as almost all of its contracts are executed in
and around Jharkhand.

The ratings factor in the company's tight liquidity positon as
reflected by its near-full working capital limit utilisation
during the 12 months ended July 2016.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale operations while
maintaining the credit metrics could be positive for the ratings.

Negative: Any deterioration in the overall credit metrics and the
liquidity profile could be negative for the ratings.

COMPANY PROFILE

Incorporated in 1997, SPIPL was previously a proprietorship
entity called Santosh Kumar Singh. It was changed into a private
limited company under its current name in 2012. It executes
construction contracts of roads and bridges for the Jharkhand
government.

SPIPL is managed by Santosh Kr. Singh, Anima Singh, Surya Prakash
Singh and Chandra Prakash Singh.

SPIPL's ratings:

   -- Long-Term Issuer Rating: upgraded to 'IND BB' from
      'IND B+'; Outlook Stable

   -- INR48.7 million fund-based facilities: upgraded to
      'IND BB'/Stable from 'IND B+'/Stable

   -- INR20 million term loan: assigned 'IND BB'; Outlook Stable

   -- INR150 million non-fund-based facilities: upgraded to Long-
      term 'IND BB'/Stable from 'IND B+'/Stable and Short-term
      'IND A4+' from 'IND A4'

   -- INR138.5 million non-fund-based facilities (increased from
      INR50 million): upgraded to 'IND A4+' from 'IND A4'


SRI M.K.V.KANDASAMY: CRISIL Assigns 'B' Rating to INR60MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Sri M.K.V.Kandasamy Nadar Firm (part of
the MKVK group). The ratings reflect a modest scale of operations
in the highly fragmented timber industry, working capital-
intensive operations, and susceptibility to volatility in foreign
exchange rates. These rating weaknesses are partially offset by
the extensive experience of promoters in the timber trading
industry.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Short Term
   Bank Loan Facility       33.5       CRISIL A4
   Cash Credit               6.5       CRISIL B/Stable
   Foreign Letter of
   Credit                   60.0       CRISIL B/Stable

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MKVKNF and its sister concern, MKVK
Timbers and Saw mills. This is because the two firms, together
referred to as the MKVK group, are under common promoters, in the
same line of business, and have fungible cash flows between them.
Outlook: Stable

CRISIL believes the MKVK group will maintain its business risk
profile over the medium term backed by established relationships
with customers. The outlook may be revised to 'Positive' if
scaling up of operations with improvement in profitability
significantly improves liquidity. Conversely, the outlook may be
revised to 'Negative' if stretch in the working capital cycle or
deterioration in margins weakens liquidity.

Established in 1987 in Pavoorchatram, Tamil Nadu, MKVKNF,
promoted by Mr. KP Arunachalarajan and Mr. J Thilagam, processes
and trades in timber.

MKVKTSM, trades in timber, cement, asbestos, bamboo, and thermo-
mechanically treated bars.


SVM NONWOVENS: CRISIL Reaffirms B- Rating on INR86MM Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of SVM Nonwovens Private
Limited continue to reflect a modest scale, and working capital
intensive nature, of operations, and a weak financial risk
profile because of a modest networth, below-average debt
protection metrics, and high gearing. These weaknesses are
partially offset by the extensive experience of the company's
promoters in the nonwoven fabric industry, and established
customer relationship.

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

   Cash Credit            15        CRISIL B-/Stable (Reaffirmed)

   Letter of Credit       10        CRISIL A4 (Reaffirmed)

   Long Term Loan         86        CRISIL B-/Stable (Reaffirmed)

   Proposed Fund-Based
   Bank Limits            34        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SVM will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of significant
improvement in scale of operations and profitability, or
substantial equity infusion, resulting in strengthening of the
financial risk profile. The outlook may be revised to 'Negative'
if working capital requirement increases, resulting in
deterioration in liquidity, or if any large, debt-funded capital
expenditure weakens the capital structure.

Established in 1998 by Mr. P V Rao and Mrs. P Maruti, SVM
manufactures nonwoven fabric comprising nonwoven filter cloths
and geotextiles. Operations are managed by Mr. Shiva Kumar.


SWAGAT ABHARAN: CRISIL Lowers Rating on INR130MM Cash Loan to B+
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Swagat
Abharan Private Limited to 'CRISIL B+/Stable' from 'CRISIL BB-
/Stable'.

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

The rating downgrade reflects continued pressure on the company's
liquidity on the back of low cash accruals' generation. This is
mainly due to the low operating profitability achieved by the
company over the two years through 2015-16. The bank lines
remained fully utilised for the twelve months ended April 2016.
The working capital cycle of the company is intensive marked by
gross current assets (GCA's) of around 170 days mainly on account
of high inventory levels which results in the company's high
reliance on external debt to meet its working capital
requirements. The company's low profitability combined with high
reliance on external debt has led to weak debt protection metrics
as is reflected by interest coverage and net cash accruals to
total debt (NCATD) ratio of 1.3 times and 0.03 times respectively
in 2015-16. CRISIL believes SAPL's weak debt protection metrics
might restrict its ability to raise debt in case of exigencies.

The low cash accruals' generation has resulted in high reliance
on working capital debt to meet the working capital requirements.
The interest coverage ratio too remains weak at about 1.3 time on
account of the low operating profitability. The improvement and
sustenance of operating margins resulting in improvement in
liquidity and financial risk profile will remain a key rating
sensitivity factor for the company over the medium term.
Outlook: Stable

CRISIL believes that SAPL will continue to benefit over the
medium term from the promoters' extensive industry in the gold
jewellery retail segment. The outlook may be revised to
'Positive' if the company significantly increases its scale of
operations and profitability, leading to sizeable cash accruals,
resulting in low reliance on external debt to meet its working
capital requirements. Conversely, the outlook may be revised to
'Negative' if SAPL's financial risk profile, particularly its
liquidity weakens further, marked by a decline in profitability
or stretch in working capital cycle or large debt-funded capital
expenditure.

SAPL was incorporated in 2008 in Bengaluru. The company
manufactures and trades in gold, silver and diamond jewellery.
SAPL is promoted by Mr. Santosh Vernekar, Mr. Dileep Vernekar,
Mr.Vinod Vernekar and Mr.Rajesh Vernekar and their family
members. The promoters have been engaged in the sale of gold and
silver jewellery for the past 65 years, through their firm,
Swagat Jewellers. SAPL began selling silk sarees in 2013-14.


SWAMIJI TRANSMISSION: Ind-Ra Assigns 'IND B+' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Swamiji
Transmission Private Limited (STPL) a Long-Term Issuer Rating of
'IND B+'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect STPL's weak credit metrics due to negative
EBITDA margins. The company's interest coverage (operating
EBITDAR/gross interest expense + rents) stood at negative 273x in
FY16 (FY15: negative 0.6x), net financial leverage (total
adjusted net debt/operating EBITDAR) was negative 0.01x (negative
28.8x) and EBITDA margins were negative 98% (negative 18%). FY16
numbers are provisional in nature. The ratings are constrained by
the agency's expectation of rise in financial cost as the company
is in the process to avail an external debt of INR85m.

The ratings, however, are supported by the company's pending
order book size of INR158.8 million at end-July 2016 which will
boost the revenue growth from FY17. In FY16, the company's
revenue improved to INR36 million (FY15:INR22 million). The
ratings factor in the company's acquisition by a new management
which has almost five decades of experience in forging and
fabrication business.  The ratings factor in the company's
comfortable liquidity profile as reflected in cash flow from
operation of INR51 million in FY16.

RATING SENSITIVITIES

Positive: A sustained improvement in the EBITDA margins leading
to improvement in overall credit metrics could be positive for
the ratings.

Negative: Any deterioration in the company's liquidity position
could be negative for the ratings.

COMPANY PROFILE

STPL was incorporated as Swamiji Forging Pvt Ltd in 1997. Later
in 2006, the name was changed to Swamiji Tramission Pvt Ltd. In
FY16, the company was acquired by Lal Baba Group.

STPL manufactures all types of insulator hardware parts /
fittings; conductor and earth wire accessories, clamps and
connector, etc.

STPL ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'/Stable

   -- Proposed INR65 million fund-based limits: assigned
      'Provisional IND B+'/Stable

   -- Proposed INR20 million of non-fund-based limits: assigned
      'Provisional IND A4'


THENPANDIAN TEXTILE: CRISIL Hikes Rating on INR93MM Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Thenpandian Textile India Private Limited to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            21        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Term Loan              93        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects moderate improvement in the business
and financial risk profile, with an increase in scale of
operations and improvement in profitability. Revenue stood at
INR99.7 million in fiscal 2016, manifesting a healthy year-on-
year growth of 54%. This was primarily due to the increase in
production capacity and supported by steady orders from
customers. Operating profitability improved to 15.3% in fiscal
2016 (9.6% in fiscal 2015), owing to enhanced fixed cost
efficiencies. Owing to equity infusion of INR160 million,
networth also improved to INR49 million as on March 31, 2016.
CRISIL believes TTIPL will sustain its improved business risk
profile over the medium term, supported by enhanced production
facilities and steady orders from customers.

The rating continues to reflect TTIPL's modest scale of
operations in the intensely competitive textile industry, and
average financial risk profile with small networth. These rating
weaknesses are partially offset by the extensive experience of
promoters in the textile industry.
Outlook: Stable

CRISIL believes TTIPL will continue to benefit over the medium
term from the extensive industry experience of promoters. The
outlook may be revised to 'Positive' if a considerable increase
in scale of operations and stable profitability strengthen the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if decline in cash accrual or stretch in working
capital cycle, or any large, debt-funded capital expenditure
leads to deterioration in the financial risk profile.

Incorporated in 2005, TTIPL manufactures grey fabric. It is based
in Namakkal, Tamil Nadu. Operations are managed by Mr. P Pandian,
and their family members.


TOUCHSTONE PRIVATE: CRISIL Reaffirms B+ Rating on INR32MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facility of Touchstone Private
Limited continues to reflect the extensive experience of the
promoters, and its moderate order book.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            32        CRISIL B+/Stable (Reaffirmed)

The ratings also factor in comfortable financial risk profile,
supported by low gearing and above-average debt protection
metrics. These rating weaknesses are partially offset by modest
scale of operations in the intensely competitive civil
construction industry, geographical concentration in revenue, and
large working capital requirement.
Outlook: Stable

CRISIL believes TPL will continue to benefit over the medium term
from the extensive experience of its partners. The outlook may be
revised to 'Positive' if substantial and sustained increase in
scale of operations and accrual, efficient working capital
management, or infusion of equity, considerably strengthens
financial risk profile. Conversely, the outlook may be revised to
'Negative' if lower-than-expected accrual, stretch in working
capital cycle, or any large capital expenditure weakens financial
metrics, including liquidity.

Set up as a proprietorship firm in 2006 by Mr. Sanjeev Kumar, TPL
was reconstituted as a partnership firm in 2009, and incorporated
as a private limited company in July 2014. In fiscal 2015, TPL
took over the operations of Touchstone (partnership firm). TPL is
headquartered in Patna and undertakes construction activities,
such as setting up of telecom towers, water pumping systems,
canal works, and water harvesting systems; the company also
supplies construction material.


UJJAIN PACKAGING: CRISIL Lowers Rating on INR45.7MM Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Ujjain Packaging Private Limited to 'CRISIL B-/Stable' from
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term       2.1      CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan               45.7      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The downgrade in ratings reflects weakening of UPPL's liquidity
profile. The operating margin of UPPL remains dependent on the
raw material prices, as material cost makes almost 70 per cent of
its overall cost structure. Unfavourable movement in the raw
material prices led to decline in margin for UPPL in 2015-16. The
operating margins declined to 8.5 per cent in 2015-16 from 14.4
per cent in 2014-15. Going forward, the margins are expected to
slightly pick-up, but will remain in the range of 9-11 per cent,
with fluctuation in raw material continuing and UPPL's limited
bargaining power with its customers. The declined profitability
has led to reduced cash generation, which was short of debt
repayment obligations by 10 million. However, the obligations
were honoured through unsecured loans from promoters. Going
forward, the liquidity profile is expected to remain stretched
with tightly matching debt repayment obligations to cash
generation. Support from promoters will remain key rating
sensitivity factor over the medium term.

The ratings continue to reflect UPPL's modest scale of operations
in the highly fragmented packaging industry and the company's
large working capital requirements. The rating also factors in
the pressure on UPPL's weak financial risk profile. These rating
weaknesses are partially offset by the extensive experience of
UPPL's promoters in the packaging industry.
Outlook: Stable

CRISIL believes that UPPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if UPPL generates
significantly higher cash accruals leading to improvement in
liquidity profile. Conversely, the outlook may be revised to
'Negative' in case of stretched working capital cycle, or further
decline in cash generation, impacting the company's financial
risk profile.

UPPL was incorporated in 2008 by Mr. Anand Bangur and Mr. Vishnu
Jajoo. The company manufactures corrugated packing boxes. Its
manufacturing unit in Ujjain (Madhya Pradesh) has an automated
corrugation line.


V.K. GUPTA: CRISIL Raises Rating on INR45MM Cash Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of V.K. Gupta and Associates (VKG) to 'CRISIL B+/Stable' from
'CRISIL B-/Stable', while reaffirming its rating on the short-
term bank facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         145       CRISIL A4 (Reaffirmed)

   Cash Credit             45       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Proposed Long Term      10       CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B-/Stable')

The rating upgrade reflects expectation of improvement in
liquidity over the medium term, driven by sustenance of a better
working capital management. Gross current assets have declined to
140 days as on March 31, 2016, from 370 days as on March 31,
2015. The improvement is attributed to a shift in customer
profile towards areas in northern India from southern India and
the North East, leading to better control over, and improved
flexibility in managing, inventory. The geographical shift is
expected to improve business risk profile due to healthy revenue
growth of around 25% per annum expected over the medium term,
along with an operating margin of around 11%.

With improvement in working capital management, bank limit
utilisation was moderate, averaging 81% over the 12 months ended
March 31, 2016. Moreover, expected cash accrual of INR25-30
million will be sufficient to meet debt obligation of INR2
million, in fiscal 2017. Liquidity is supported by absence of any
significant capital expenditure plan.

The ratings reflect a small scale of operations in the intensely
competitive civil construction industry, and susceptibility to
success rates of tender bids. Financial risk profile is below
average because of a high total outside liabilities to tangible
networth (TOLTNW) ratio and a small networth. These rating
weaknesses are partially offset by a moderate working capital
cycle, extensive industry experience of promoters, and moderate
profitability.

Outlook: Stable

CRISIL believes VKG will continue to benefit over the medium term
from extensive industry experience of its promoters. The outlook
may be revised to 'Positive' in case of significant and sustained
improvement in scale of operations and profitability, resulting
in stronger liquidity. The outlook may be revised to 'Negative'
in case of a stretched working capital cycle, substantial capital
withdrawal by partners, or increase in exposure to affiliate
companies, resulting in weakening of key credit metrics.

VKG was set up as a partnership firm in 2000 by Mr. V K Gupta,
his wife Ms Dimple Gupta, and their son Mr. Saksham Gupta. The
firm undertakes civil construction works, such as construction of
bridges, in Punjab, Haryana, Himachal Pradesh, and Uttarakhand.


VIJAY VELVAN: Ind-Ra Suspends 'IND BB' LT Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vijay Velvan
Spinning Mills Pvt Ltd's (VVSMPL) 'IND BB' Long-Term Issuer
Rating to the suspended category. The Outlook was Stable. The
rating will now appear as 'IND BB(suspended)' on the agency's
website.

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

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

VVSMPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB(suspended)'
      from 'IND BB'/Stable

   -- INR140 million fund based limits: migrated to long term
      'IND BB(suspended)' from 'IND BB'

   -- INR18.00 million long term loan: migrated to long term 'IND
      BB(suspended)' from 'IND BB'

   -- INR6.5 million non fund-based facility (BG): migrated to
      short term 'IND BB(suspended)' from 'IND BB'

   -- INR20 million non fund-based facility (LC): migrated to
      short term 'IND A4+(suspended)' from 'IND A4+'


VIKAS SALES: CRISIL Assigns B+ Rating to INR35MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Vikas Sales Supplies. The ratings reflect
the promoters' extensive experience in the distribution business,
and their longstanding association with principals, Tata Global
Beverages Ltd (TGBL), Tata Chemicals Ltd, and Luminous Power
Technologies Pvt Ltd. These rating strengths are partially offset
by modest scale of operations and below-average financial risk
profile, because of low networth and weak debt protection
metrics.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         22.5       CRISIL A4
   Cash Credit            35.0       CRISIL B+/Stable

Outlook: Stable

CRISIL believes VSS will continue to benefit over the medium term
from its promoters' extensive experience. The outlook may be
revised to 'Positive' if significant growth in revenue and cash
accrual, and stable profitability and capital structure,
strengthen financial risk profile. Conversely, the outlook may be
revised to 'Negative' if financial risk profile, especially
liquidity, weakens because of stretch in working capital cycle,
or decline in profitability, revenue, and cash accrual.

Incorporated in 1980 by the Kolkata based Mr. Rajnikant Vasa and
his wife, VSS distributes the products of TGBL (tea and coffee),
TCL (salt) and acts as C&F agent for LPTL's products. The firm
has been dealing with the Tata group for more than two decades.


YUVASHAKTHI ENTERPRISES: Ind-Ra Suspends IND BB LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Yuvashakthi
Enterprises' (YES) 'IND BB' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. This rating will now
appear as 'IND BB(suspended)' on the agency's website.

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

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary

YES's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB(suspended)'
      from 'IND BB'/Stable

   -- INR10.0 million fund-based working capital limits: migrated
      to 'IND BB(suspended)' from 'IND BB'

   -- INR50.0 million non-fund-based working capital limits:
      migrated to 'IND A4+(suspended)' from 'IND A4+'



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


VUZIX CORP: Provides Business Update
------------------------------------
Vuzix Corporation reported second quarter 2016 financial results
for the period ended June 30, 2016, and recent corporate
highlights.

The Company:

   * Introduced the VIP (Vuzix Industrial Partner) program to
     provide advance access to the next generation M300 to select
     VIP companies that were the most successful with the M100,
     and announced several of the first VIPs.

   * Commenced delivery of the first engineering samples of the
     next generation M300 Smart Glasses to VIP developers and
     customers.

   * Partnered with CyberTimez to improve the lives of people in
     the low vision and blind community through Vuzix Smart
     Glasses and CyberTimez applications.

   * Partnered with Sensory, a Silicon Valley-based company
     focused on improving the user experience and security of
     consumer electronics through state-of-the-art embedded voice
     and vision technologies, to deliver voice recognition on
     Vuzix M300 Smart Glasses to enhance efficiencies in the
     workplace.

   * Announced a partnership with the IDRA (International Drone
     Racing Association) and sponsorship, with Amimon, of a drone
     racing team in this rapidly growing competitive sport.

   * Signed collaboration agreement with a global consumer
     electronics and mobile firm to develop and ultimately supply
     Vuzix see-through optics technologies

   * Closed on the sale of 1,150,000 shares of common stock at an
     offering price of $5.75 per share, including the full
     exercise of the over-allotment option granted to the
     underwriter to purchase an additional 150,000 shares,
     through Oppenheimer & Co. Inc. for total net proceeds of
     approximately $5,996,000 after underwriting discounts and
     commissions and estimated offering expenses.

The Company's new M300 Smart Glasses, after receiving positive
feedback based on the first engineering production units shipped
to VIP developers, is now moving to the final round of design
verification preproduction units. By early October, the Company
should commence volume manufacturing and commercial shipments to
our customers.

Additionally, it should complete the iWear's transition from
final manufacturing being performed in Rochester NY to receiving
the revised iWear Video Headphones with improved optics and other
refinements directly from its contractor manufacturer in China
this September, expected in time for the busy fall selling
season.

Vuzix' M3000 Smart Glasses based on its waveguides has been
released into the final production engineering and tooling phase.
And the Company's first waveguide based B3000 fashion glasses
product series are well into the design phase with initial
release of the electronics and industrial designs, and are on
track to be released in 2017.

"With the $5,996,000 we raised in our recent equity offering, we
are well positioned to support the launch of our soon to be
released M300 Smart Glasses, expand our waveguide volume
production capabilities and refine the planned 2017 launches of
our M3000 and B3000 binocular waveguide products," said Paul
Travers, president and chief executive officer of Vuzix. "With
our VIP partners integrating their state of the art software into
the M300, we believe are on the path to take smart glasses to the
next level of productive deployment in enterprise."

Total revenues for the quarter ended June 30, 2016, rose by 31%
over the same period in 2015, primarily driven by increased sales
of engineering services, waveguide products and iWear Video
Headphones.

Total gross profit for the second quarter ending June 30, 2016,
was a negative $126,054 or -22% versus a gross profit of $35,264
or 8% for the prior 2015 comparative period. The overall decrease
was primarily the result of a $42,808 increase in direct
manufacturing overheads, a temporary $107,349 increase in air
freight costs solely due to the cost of transporting the new
iWear product, which is bulkier and heavier than prior products,
and to a smaller extent the lower gross margins on iWear. The
Company is moving to sea transport later this summer to reduce
iWear shipping costs.  As stated on prior calls, because of our
relatively fixed amounts for overheads, software amortization and
minimum royalties costs, the Company must increase our sales for
our overall gross margins to be positive.

Total research and development costs expensed for the quarter
ending June 30, 2016, increased by 128% or $936,552 over the 2015
period, primarily the result of spending on new product
development for the M300 Smart Glasses. Further increased
spending went to expanded waveguide research and development and
personnel additions.

Selling and marketing costs for the quarter ending June 30, 2016,
increased by 89% or $306,285 over the same period in 2015 due to
higher personnel, trade show, website and PR costs.

General and administrative expenses for the quarter ending
June 30, 2016, increased by 15% or $150,340 over the 2015 period,
primarily due to higher professional fees, compensation costs,
rent costs, and increased investor relations activities.

A full-text copy of the press release is available at:

                        https://is.gd/HO3vJQ

                     About Vuzix Corporation

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

Vuzix Corporation reported a net loss attributable to common
stockholders of $14.94 million on $2.74 million of total sales
for the year ended Dec. 31, 2015, compared to a net loss
attributable to common stockholders of $7.86 million on $3.03
million of total sales for the year ended Dec. 31, 2014. As of
June 30, 2016, Vuzix had $12.9 million in total assets, $4.02
million in total liabilities and $8.85 million in total
stockholders' equity.



===============
M O N G O L I A
===============


MONGOLIA: S&P Lowers Sovereign Credit Rating to 'B-'
----------------------------------------------------
S&P Global Ratings lowered its long-term sovereign credit rating
on Mongolia to 'B-' from 'B'.  The outlook on the long-term
rating is stable.  At the same time, S&P affirmed its 'B' short-
term credit rating on Mongolia.  S&P has revised the transfer and
convertibility assessment to 'B' from 'B+'.

                            RATIONALE

S&P lowered the rating to reflect its revised view of Mongolia's
fiscal performance and growth prospects.

S&P expects sizable and rising fiscal deficits, reflecting
shortfalls in revenues and the inclusion in the budget of
spending under the country's price stabilization and public
private partnership programs and by the Development Bank of
Mongolia (DBM).  S&P expects the rising deficits to push
Mongolia's borrowings markedly higher over 2016-2019.  Additional
weaknesses reflect the country's weaker growth prospects and
developing institutional effectiveness and predictability, which
together hamper policy responses.

After Mongolia's five years of growth that was among the highest
of all sovereigns we rate, S&P expects the country's growth to
slow to 1.3% this year, compared with S&P's previous estimate of
2.6%.  S&P projects growth to average about 3.2% through 2019 (4%
previously).  S&P expects per capita growth to fall by 1.8% in
2016.  S&P assess Mongolia's economic performance to be similar
to that of other countries with US$3,800 per capita GDP.  S&P's
lower growth estimate stems partly from the ancillary effects of
Mongolia's weaker terms of trade and partly from the country's
mixed mining policies, which discouraged foreign direct
investment.

Another key deteriorating risk factor for Mongolia relates to its
public finances.  The Mongolian People's Party, which won a
decisive victory in the June 2016 general election, has indicated
an intention to improve openness in policy-making.  An initial
step has been to consolidate into the budget heavy spending on
the price stabilization program (a concessional lending facility
of the Bank of Mongolia to subsidize prices for food, fuel, and
consumption goods), and capital spending through a public private
partnership scheme and the DBM.  S&P estimates the true fiscal
deficit to be about 21% of GDP in 2016, compared with S&P's
earlier estimate of 9.1%.

"We have already consolidated the quasi-fiscal activity of the
DBM into the government's accounts.  We estimate the new
disclosures will result in net general government debt (which
captures onlending and foreign exchange effects but excludes the
drawings of about US$1.7 billion from a swap line provided by the
People's Bank of China [PBOC]) of 78% of GDP this year (65.8%
previously). We expect Mongolia's net borrowings to peak at 94.7%
in 2018, and to fall to around 86% by 2020, in line with lower
fiscal deficits as the government follows through in its
intention to phase out the price stabilization program.  Volatile
commodity prices present both upside and downside risks.
Pressing infrastructure needs also remain a source of expenditure
pressure," S&P said.

"We envisage more supportive mining policies under the new
government.  Two large projects are underway.  The first is the
Oyu Tolgoi gold and copper mine located in the South Gobi region
of Mongolia.  The US$5.4 billion mine will be one of the world's
largest new copper-gold mines.  It is owned by the government of
Mongolia and Turquoise Hill Resources Ltd., and is operated by
Rio Tinto PLC.  The second project is Tavan Tolgoi, which the
Mongolia government proposes to be a US$4 billion coal mine
located in the same region and operated by the Mongolian Mining
Corp., China Shenhua Energy Co. Ltd., and Sumitomo Corp.
Although these two projects could transform the Mongolian
economy, our ratings reflect the risks associated with these
projects while they are being developed," S&P said.

Mongolia's external position continues to weaken.  S&P projects
the country's current account deficit will return to double
digits as a percentage of GDP for the forecast horizon (2016-
2019) because the import content of the two big mining projects
is high. As a result of historical and projected current account
deficits, Mongolia's external debt net of public and financial
sector external assets will rise to 160% of current account
receipts (CARs) this year, from 11% in 2010, and S&P forecasts it
to remain above 150% until 2017.

S&P also expects the broader measure of the ratio of net external
liabilities to CARs to deteriorate to above 540% this year, from
45% in 2010.  Similarly, S&P projects the ratio of gross external
financing needs to CARs plus usable reserves to rise to 165% this
year, from 103% in 2010.  Central bank reserves are modestly
negative, net of swaps with domestic banks and drawdowns from the
PBOC swap line.  S&P notes that the Bank of Mongolia has recently
raised its policy rate to 15% from 10.5% to contain pressure on
the exchange rate.

Although the risks to the external position are partly attenuated
by a floating currency regime, the togrog is not an actively
traded currency and the central bank occasionally intervenes in
the market to reduce volatility.  Half of government debt and a
third of banking system loans are in foreign currency, suggesting
balance sheet vulnerabilities.

S&P Global Ratings considers the DBM as part of the general
government, given its quasi-fiscal activity.  S&P views the rest
of the financial and public enterprise sectors as posing moderate
contingent liabilities to the government, largely due to the size
of Mongolia's financial sector.  Mongolia's banks remain exposed
to vulnerabilities associated with the undeveloped, primarily
commodity-based, low-income economy. Rapid credit growth in
recent years and cooling property prices add further risks.  S&P
also observes weaknesses in Mongolia's regulatory framework,
transparency, and disclosures.  S&P's Bank Industry Credit Risk
Assessment for Mongolia is '10' (with '1' being the highest
assessment and '10' being the lowest).

Weaknesses in institutional effectiveness and predictability
hamper policy responses in Mongolia, and a past record in policy
shifts continues to weigh on the environment for growing business
confidence and foreign investment.

                             OUTLOOK

The stable outlook balances the country's low-income resource-
driven economy, emerging policy environment and fiscal
performance, high external risk, and limited monetary flexibility
with the prospect that large mining projects could quickly
reverse Mongolia's sovereign credit profile during the next 12
months.

This outlook also assumes that official creditor support is
imminent to contain balance-of-payment and fiscal pressures.

Upward pressure could build on the rating if the development of
the Oyu Tolgoi and Tavan Tolgoi mines accelerates economic growth
and improves fiscal and external performances more than S&P
currently expects.

Downward pressure could emerge on the ratings if Mongolia's
external liquidity weakens markedly.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that "key rating factor" had
improved/deteriorated and that the "key rating factor" had
improved/deteriorated.  All other key rating factors were
unchanged.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion.  The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook.  The weighting of
all rating factors is described in the methodology used in this
rating action.

RATINGS LIST

Downgraded; Ratings Affirmed
                              To                 From
Mongolia
Sovereign Credit Rating      B-/Stable/B        B/Stable/B

Mongolia
Senior Unsecured             B-                 B
Senior Unsecured             cnB                cnBB-

Development Bank of Mongolia
Senior Unsecured             B-                 B

Trade and Development Bank of Mongolia LLC
Senior Unsecured             B-                 B



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


BROMHEAD DESIGN: In Liquidation Owing More Than NZ$270,000
----------------------------------------------------------
stuff.co.nz reports that high-end furniture importing business
Bromhead Design Associates has gone into liquidation, owing  more
than NZ$270,000.

The company is owned by interior designer and one of the
country's most celebrated cartoonists Peter Bromhead, according
to stuff.co.nz.

Liquidators Simon Dalton  -- sdalton@gerryrea.co.nz -- and
Matthew Kemp -- mkemp@gerryrea.co.nz -- said in their first
report that the company's shareholder decided to place the
company into liquidation after concerns over its solvency, the
report notes.

Unsecured creditors are owed NZ$269,415 and the company's total
estimated deficit is NZ$274,152, the report relays.

The Inland Revenue Department is the company's sole preferential
creditor, meaning it will get paid out first, and is estimated to
be owed NZ$4737, the report discloses.

Mr. Bromhead would not go into further details on the background
leading up to the liquidation due to pending legal proceedings,
but is disappointed to see his once-successful company end this
way, the report relays. "It used to be a multimillion dollar
business.  It's a very disappointing result," Mr. Bromhead said.

Mr. Bromhead retired from the business 10 years ago but remained
a part-time consultant, leaving his third wife Carolyn to run the
day-to-day business, the report notes.

Creditors have until September 6 to make a claim to the
liquidators, the report adds.



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


RURAL BANK OF CLAVERIA: Placed Under PDIC Receivership
------------------------------------------------------
Ben O. de Vera at the Philippine Daily Inquirer reports that the
Bangko Sentral ng Pilipinas (BSP) has shuttered a rural bank in
Cagayan due to insolvency.

In an Aug. 18 circular, the BSP said the Monetary Board, its
highest policy-making body, prohibited Rural Bank of Claveria
(Cagayan) Inc. from doing business, the Inquirer relates.

According to the Inquirer, the Monetary Board placed the rural
bank under receivership of state-run Philippine Deposit Insurance
Corp. (PDIC).

It also ordered PDIC to take over and liquidate the bank, the
report says.

Rural Bank of Claveria was the 14th rural bank closed down so far
this year.

The 13 other rural banks earlier place by the BSP under PDIC
receivership were: Rural Bank of Villaviciosa (Abra) Inc., Lapu-
Lapu Rural Bank Inc., Rural Bank of Bayawan (Negros Oriental)
Inc., Rural Bank of Basay (Negros Oriental) Inc., Rural Bank of
Panay Inc., Koronadal Rural Bank Inc., Rural Bank of Malinao
(Aklan) Inc., Surigao City Evergreen Rural Bank Inc., Rural Bank
of Amadeo (Cavite) Inc., New Rural Bank of Binalbagan, Rural Bank
of Siaton (Siaton, Negros Oriental) Inc., Rural Bank of Alabat
(Quezon) Inc. and Rural Bank of Cabadbaran (Agusan) Inc., the
Inquirer discloses.

Including the thrift bank GSIS Family Bank, which the Monetary
Board shuttered in May, there were 15 closed banks thus far in
2016, adds the Inquirer.



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


HOE LEONG: Faces Wind Up Petition Over Unpaid Debts
---------------------------------------------------
Lee Xin En at The Strait Times reports that the troubles in the
local offshore and marine sector continue with Otto Marine
petitioning the High Court to wind up Hoe Leong Corporation for
not repaying debts totalling US$1.5 million (SGD2 million).

Mainboard-listed Otto Marine said the debt was accrued in 2014.
Hoe Leong had paid US$580,000 and US$920,000 is still
outstanding, Otto Marine told the Singapore Exchange in a filing
on August 18, The Strait Times rleates.

Hoe Leong chairman and chief executive James Kuah told The
Straits Times the amount owed was correct, but said his company
had not missed any payments.

"We have been making payments all the time . . . The last payment
was made on Aug 1. The next payment would have been Sept 1."

According to The Strait Times, Mr. Kuah said he was shocked to
learn on August 18 of the winding-up petition, which was made on
August 16.

Mr. Kuah said the debt concerned a joint venture that was
dissolved in 2014.

He said the disputed amount has been provided for and will not
affect the company's financial status. "We are not worried about
this," the report quotes Mr. Kuah as saying.

The Strait Times relates that in a separate SGX filing on
August 18, Hoe Leong said Otto Marine's application was "an abuse
of the process". It said it had delivered 13 cheques totalling
US$1.25 million to Otto Marine.

Otto Marine has been taking legal action against its debtors as
the downturn in the offshore sector bites, the report says.

It started three arbitration proceedings this month alone. Its
subsidiary, Karp Marine, launched arbitration proceedings against
Grupo Evya SA de CVe for a debt of US$10.5 million. This relates
to a bareboat charter party contract, The Strait Times relates.

According to the report, Otto Marine is in the midst of a
takeover offer by its executive chairman, Malaysian tycoon Yaw
Chee Siew.

Mr. Yaw offered 32 Singapore cents per share to take the company
private in June.  If he succeeds, Otto Marine will become the
first company from the hard-pressed sector to be delisted, the
report notes.

The Strait Times adds that Hoe Leong reported a loss of $4.1
million for the second quarter to June 30, compared with a $1.7
million profit for the same period a year earlier.

Hoe Leong, which is also listed on the mainboard, makes and
distributes heavy equipment spare parts. It also sells offshore
support vessels.


SEARIGHTS MARITIME: Monjasa Seeks to Wind Up Bunker Supplier
------------------------------------------------------------
S&P Global Platts, citing court documents, reports that bunker
fuel supplier Monjasa has sought the winding up of Searights
Maritime Services through the Singapore court system.

Platts relates that Monjasa, as the plaintiff is seeking, that:

-- "a winding up order be made against the Defendant pursuant to
     section 254(1)(e) of the Companies Act (Cap 50),"

-- "the Official Receiver be appointed as the Liquidator of the
     Defendant," and

-- "the costs of and incidental to these proceedings be taxed,
     if not agreed or fixed, and be paid to the Plaintiff out of
     the assets of the Defendant."

The monetary amount at the crux of the dispute was not stated in
records available to the public, Platts notes.

The initial hearing for the matter had taken place on July 29,
but no further details were available, the court documents
showed, Platts relays.

At the initial hearing, United Overseas Bank had made its
intentions to appear at the hearing, listing itself as a creditor
of Searights Maritime Services "of $111,384,597.97 and
S$920,084.42 ($684,532.29) [excluding interest accrued up to July
26, 2016]," according to court records obtained by Platts.

Monjasa is being represented by Oon & Bazul, while UOB is being
represented by Rajah & Tann Singapore.

The next hearing date has been fixed for August 26, court records
showed, adds Platts.

Singapore-based Searights Maritime Services Pte Ltd. distributes
bunkers. The company also offers storage, bunker sampling and
bunker sample collection, and quantity measurement services.



===========
T A I W A N
===========


WAN HAI: Financial Leverage Has No Impact on Moody's Ba2 CFR
------------------------------------------------------------
Moody's Investors Service says that Wan Hai Lines Ltd.'s
increased financial leverage for the 12 months ended 30 June 2016
has no immediate impact on its Ba2 corporate family rating.

The rating outlook remains stable.

"Wan Hai's financial leverage increased in 1H 2016, driven
largely by weaker earnings as freight rates declined," says
Chenyi Lu, a Moody's Vice President and Senior Analyst.

"We expect its leverage to stay at current levels over the next
12-18 months as the company maintains a prudent investment
strategy and manages its costs and expenses amid the challenging
market environment," adds Mr. Lu.

Wan Hai's adjusted net debt/EBITDA rose to 2.3x for the 12 months
ended 30 June 2016 from 1.8x in 2015, mainly due to a decrease in
adjusted EBITDA.

The lower freight rates in 1H 2016 resulted in lower revenue and
a weaker adjusted EBITDA margin. Wan Hai's revenue declined by
8.2% to NTD58.6 billion for the 12 months ended 30 June 2016 from
NTD63.9 billion in 2015. Its adjusted EBITDA margin also dropped
to 16.3% in for the 12 months ended 30 June 2016 from 19.6% in
2015.

Moody's expects Wan Hai's adjusted net debt/EBITDA to remain
around 2.0x-2.5x over the next 12-18 months, based on its (1)
short-term vessel chartering strategy; (2) purchase of slot
capacity from partners; and (3) limited capital expenditure. This
ratio positions it at the Ba2 rating level.

"We project Wan Hai's adjusted EBITDA margin to increase to 17%
over the next 12-18 months, supported by its implementation of
expense controls and cost improvement measures," adds Lu.

Moody's also expects Wan Hai's revenue to decline by low- to mid-
teens in 2016, driven by lower freight rates amid a challenging
operating environment stemming from industry overcapacity and
weak demand. Wan Hai's revenue should grow by 3% again in 2017,
driven by higher sales volumes despite challenging market
conditions in the liner market.

According to Wan Hai's results announcement, its revenue declined
by 15.6% year-on-year to NTD28.4 billion for the six months ended
30 June 2016. The decline was the result mainly of lower freight
rates, which were only partially offset by a slight growth in
sales volumes.

Wan Hai's liquidity profile remains strong. At end-June 2016, Wan
Hai had cash and cash equivalents of NTD19.5 billion and short-
term marketable investments of NTD3.9 billion, which together
provide a strong liquidity reserve for its short-term maturing
debt of NTD4.3 billion over the next 12 months and projected
capital expenditure of NTD4.0 billion over the same period.

The principal methodology used in this rating was Global Shipping
Industry published in February 2014.

Wan Hai Lines Ltd. listed on the Taiwan Stock Exchange in
May 1996. At end-June 2016, it operated a fleet of 93 container
vessels (71 wholly owned and 22 chartered), offering intra-Asia,
Asia-Middle East, and Trans-Pacific liner services. With 33
dedicated service routes at end-June 2016, Wan Hai is the leading
provider of intra-Asia container shipping services with an
estimated 15% market share.



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


* BOND PRICING: For the Week August 15 to August 19, 2016
---------------------------------------------------------

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


  AUSTRALIA
  ---------

BOART LONGYEAR MANAGE      10.00     10/01/18    USD       70.25
BOART LONGYEAR MANAGE       7.00     04/01/21    USD       19.00
BOART LONGYEAR MANAGE      10.00     10/01/18    USD       69.88
BOART LONGYEAR MANAGE       7.00     04/01/21    USD       22.03
CML GROUP LTD               9.00     01/29/20    AUD        0.98
CROWN RESORTS LTD           6.02     04/23/75    AUD       71.61
DBCT FINANCE PTY LTD        2.31     12/12/22    AUD       71.87
DBCT FINANCE PTY LTD        2.40     06/09/26    AUD       57.30
EMECO PTY LTD               9.88     03/15/19    USD       56.75
EMECO PTY LTD               9.88     03/15/19    USD       57.50
IMF BENTHAM LTD             6.16     06/30/19    AUD       59.13
KBL MINING LTD             12.00     02/16/17    AUD        0.04
KEYBRIDGE CAPITAL LTD       7.00     07/31/20    AUD        0.68
LAKES OIL NL               10.00     03/31/17    AUD        6.00
MIDWEST VANADIUM PTY       11.50     02/15/18    USD        0.88
MIDWEST VANADIUM PTY       11.50     02/15/18    USD        0.88
RELIANCE RAIL FINANCE       2.28     09/26/23    AUD       64.99
RELIANCE RAIL FINANCE       2.28     09/26/23    AUD       64.99
STOKES LTD                 10.00     06/30/17    AUD        0.35


CHINA
-----

SHANGHAI SONGJIANG TO       6.28     08/15/18    CNY       49.00
ANSHAN CITY CONSTRUCT       8.25     03/05/19    CNY       64.23
ANYANG INVESTMENT GRO       8.00     04/17/19    CNY       64.31
BAISHAN URBAN CONSTRU       7.00     07/31/19    CNY       62.25
BANGBU CITY INVESTMEN       5.78     08/10/17    CNY       30.70
BEIJING CAPITAL DEVEL       5.95     05/29/19    CNY       62.92
BEIJING CONSTRUCTION        5.95     07/05/19    CNY       62.76
BEIJING ECONOMIC TECH       5.29     03/06/18    CNY       71.41
BIJIE XINTAI INVESTME       7.15     08/20/19    CNY       84.49
BINZHOU BINCHENG DIST       6.50     07/05/19    CNY       63.51
BINZHOU BINCHENG DIST       6.50     07/05/19    CNY       75.00
CHANGSHA CITY CONSTRU       6.95     04/24/19    CNY       63.19
CHANGSHA CITY CONSTRU       6.95     04/24/19    CNY       63.20
CHANGSHA COUNTY XINGC       8.35     04/06/19    CNY       63.93
CHANGSHU BINJIANG URB       6.85     04/27/19    CNY       62.95
CHANGSHU BINJIANG URB       6.85     04/27/19    CNY       62.51
CHANGSHU CITY OPERATI       8.00     01/16/19    CNY       62.57
CHANGSHU CITY OPERATI       8.00     01/16/19    CNY       63.83
CHANGZHOU WUJIN CITY        6.22     06/08/18    CNY       51.90
CHANGZHOU WUJIN CITY        6.22     06/08/18    CNY       50.10
CHAOYANG CONSTRUCTION       7.30     05/25/19    CNY       63.13
CHENGDU ECONOMIC&TECH       6.55     07/17/19    CNY       83.00
CHENGDU ECONOMIC&TECH       6.55     07/17/19    CNY       63.60
CHENGDU ECONOMIC&TECH       6.50     07/17/18    CNY       52.07
CHENGDU ECONOMIC&TECH       6.50     07/17/18    CNY       51.74
CHENGDU XINCHENG XICH       8.35     03/19/19    CNY       65.43
CHENGDU XINCHENG XICH       8.35     03/19/19    CNY       63.90
CHIFENG CITY HONGSHAN       7.20     07/25/19    CNY       63.09
CHIFENG CITY INFRASTR       6.18     05/18/17    CNY       51.44
CHIFENG CITY INFRASTR       6.18     05/18/17    CNY       50.00
CHONGQING HECHUAN RUR       8.28     04/10/18    CNY       52.58
CHONGQING HECHUAN RUR       8.28     04/10/18    CNY       52.60
CHONGQING HECHUAN URB       6.95     01/06/18    CNY       71.10
CHONGQING HECHUAN URB       6.95     01/06/18    CNY       72.21
CHONGQING JIANGJIN HU       6.95     01/06/18    CNY       71.39
CHONGQING JIANGJIN HU       6.95     01/06/18    CNY       71.31
CHONGQING JINYUN ASSE       6.75     06/18/19    CNY       63.51
CHONGQING JINYUN ASSE       6.75     06/18/19    CNY       83.20
CHONGQING LAND PROPER       7.35     04/25/19    CNY       61.00
CHONGQING LAND PROPER       7.35     04/25/19    CNY       63.98
CHONGQING MAIRUI CITY       6.82     08/17/19    CNY       82.39
CHONGQING NAN'AN URBA       6.29     12/24/17    CNY       61.96
CHONGQING NAN'AN URBA       8.20     04/09/19    CNY       64.45
CHONGQING XINGRONG HO       8.35     04/19/19    CNY       64.13
CHONGQING XIYONG MICR       6.76     07/25/19    CNY       64.24
CHONGQING XIYONG MICR       6.76     07/25/19    CNY       83.80
CHONGQING YONGCHUAN H       7.49     03/14/18    CNY       72.73
CHONGQING YONGCHUAN H       7.49     03/14/18    CNY       73.17
CHONGQING YULONG ASSE       6.87     05/31/19    CNY       63.27
CHONGQING YUXING CONS       7.29     12/08/17    CNY       72.07
DALI ECONOMIC DEVELOP       8.80     04/24/19    CNY       65.00
DALIAN LVSHUN CONSTRU       6.78     07/02/19    CNY       63.05
DALIAN LVSHUN CONSTRU       6.78     07/02/19    CNY       63.49
DANDONG CITY DEVELOPM       6.21     09/06/17    CNY       70.55
DANYANG INVESTMENT GR       8.10     03/06/19    CNY       64.24
DANYANG INVESTMENT GR       8.10     03/06/19    CNY       63.52
DATONG ECONOMIC CONST       6.50     06/01/17    CNY       40.00
DATONG ECONOMIC CONST       6.50     06/01/17    CNY       41.02
DONGBEI SPECIAL STEEL       6.50     03/27/16    CNY       40.00
DONGBEI SPECIAL STEEL       7.00     07/10/16    CNY       40.00
DONGBEI SPECIAL STEEL       8.30     09/06/16    CNY       40.00
DONGBEI SPECIAL STEEL       5.88     05/05/16    CNY       40.00
DONGBEI SPECIAL STEEL       8.20     06/06/16    CNY       40.00
DONGBEI SPECIAL STEEL       5.63     04/12/18    CNY       40.00
DONGBEI SPECIAL STEEL       6.10     01/15/18    CNY       40.00
DONGBEI SPECIAL STEEL       7.40     07/17/17    CNY       40.00
DONGBEI SPECIAL STEEL       6.30     09/24/16    CNY       40.00
DONGTAI COMMUNICATION       7.39     07/05/18    CNY       52.60
DRILL RIGS HOLDINGS I       6.50     10/01/17    USD       31.75
DRILL RIGS HOLDINGS I       6.50     10/01/17    USD       26.01
ERDOS DONGSHENG CITY        8.40     02/28/18    CNY       49.16
ERDOS DONGSHENG CITY        8.40     02/28/18    CNY       49.70
EZHOU CITY CONSTRUCTI       7.08     06/19/19    CNY       63.67
FEICHENG CITY ASSET O       7.10     08/14/18    CNY       77.40
FEICHENG CITY ASSET O       7.10     08/14/18    CNY       52.60
FUJIAN LONGYAN CITY C       7.45     08/14/19    CNY       64.54
FUSHUN URBAN INVESTME       5.95     05/11/18    CNY       72.11
GANZHOU CITY DEVELOPM       6.40     07/10/18    CNY       52.15
GUANGAN INVESTMENT HO       8.18     04/25/19    CNY       62.78
GUANGAN INVESTMENT HO       8.18     04/25/19    CNY       64.70
GUANGXI BAISE DEVELOP       6.50     07/04/19    CNY       63.15
GUANGXI BAISE DEVELOP       6.50     07/04/19    CNY       62.74
GUILIN ECONOMIC CONST       6.90     05/09/18    CNY       52.32
GUIYANG ECO&TECH DEVE       8.42     03/27/19    CNY       64.65
GUOAO INVESTMENT DEVE       6.89     10/29/18    CNY       70.28
HAIAN COUNTY CITY CON       8.35     03/28/18    CNY       52.54
HAIAN COUNTY CITY CON       8.35     03/28/18    CNY       52.58
HAIMEN CITY DEVELOPME       8.35     03/20/19    CNY       64.27
HANGZHOU MUNICIPAL CO       5.90     04/25/18    CNY       50.00
HANGZHOU MUNICIPAL CO       5.90     04/25/18    CNY       51.60
HANGZHOU XIAOSHAN STA       6.90     11/22/16    CNY       40.15
HANGZHOU XIAOSHAN STA       6.90     11/22/16    CNY       40.09
HANGZHOU YUHANG CITY        7.55     03/29/19    CNY       63.57
HANGZHOU YUHANG CITY        7.55     03/29/19    CNY       64.10
HANZHONG CITY CONSTRU       7.48     03/14/18    CNY       73.06
HEFEI HAIHENG INVESTM       7.30     06/12/19    CNY       60.00
HEFEI HAIHENG INVESTM       7.30     06/12/19    CNY       63.81
HEFEI TAOHUA INDUSTRI       8.79     03/27/19    CNY       63.79
HEFEI XINCHENG STATE-       7.88     04/23/19    CNY       63.94
HEFEI XINCHENG STATE-       7.88     04/23/19    CNY       63.87
HEGANG KAIYUAN CITY I       6.50     07/19/19    CNY       61.96
HEILONGJIANG HECHENG        7.78     11/17/16    CNY       40.37
HENGYANG CITY CONSTRU       7.06     08/13/19    CNY       64.17
HUAIAN CITY URBAN ASS       7.15     12/21/16    CNY       40.52
HUAIAN CITY WATER ASS       8.25     03/08/19    CNY       64.51
HUAI'AN DEVELOPMENT H       6.80     03/24/17    CNY       42.55
HUAIAN QINGHE NEW ARE       6.79     04/29/17    CNY       40.95
HUAIHUA CITY CONSTRUC       8.00     03/22/18    CNY       52.30
HUAIHUA CITY CONSTRUC       8.00     03/22/18    CNY       51.54
HUZHOU MUNICIPAL CONS       7.02     12/21/17    CNY       72.53
HUZHOU NANXUN STATE-O       8.15     03/31/19    CNY       63.53
HUZHOU WUXING NANTAIH       7.71     02/17/18    CNY       72.73
JIAMUSI NEW ERA INFRA       8.25     03/22/19    CNY       63.59
JIAMUSI NEW ERA INFRA       8.25     03/22/19    CNY       63.30
JIAN CITY CONSTRUCTIO       7.80     04/20/19    CNY       63.99
JIAN CITY CONSTRUCTIO       7.80     04/20/19    CNY       64.00
JIANGDONG HOLDING GRO       6.90     03/27/19    CNY       62.86
JIANGDU XINYUAN INDUS       8.10     03/23/19    CNY       64.04
JIANGDU XINYUAN INDUS       8.10     03/23/19    CNY       63.50
JIANGSU HUAJING ASSET       5.68     09/28/17    CNY       50.63
JIANGSU LIANYUN DEVEL       6.10     06/19/19    CNY       62.91
JIANGSU LIANYUN DEVEL       6.10     06/19/19    CNY       62.28
JIANGSU TAICANG PORT        7.66     05/16/19    CNY       64.35
JIANGYIN CITY CONSTRU       7.20     06/11/19    CNY       64.03
JIANGYIN CITY CONSTRU       7.20     06/11/19    CNY       64.20
JIASHAN STATE-OWNED A       6.80     06/06/19    CNY       62.00
JIAXING CULTURE FAMOU       8.16     03/08/19    CNY       64.47
JIAXING ECONOMIC&TECH       6.78     06/14/19    CNY       63.09
JIAXING ECONOMIC&TECH       6.78     06/14/19    CNY       63.61
JINAN CITY CONSTRUCTI       6.98     03/26/18    CNY       52.29
JINGZHOU URBAN CONSTR       7.98     04/24/19    CNY       64.75
JINING CITY CONSTRUCT       8.30     12/31/18    CNY       64.18
JINTAN CONSTRUCTION I       8.30     03/14/19    CNY       64.41
JINZHOU CITY INVESTME       7.08     06/13/19    CNY       63.53
JINZHOU CITY INVESTME       7.08     06/13/19    CNY       63.26
JIUJIANG CITY CONSTRU       8.49     02/23/19    CNY       64.73
JIUJIANG CITY CONSTRU       8.49     02/23/19    CNY       61.01
KAIFENG DEVELOPMENT I       6.47     07/11/19    CNY       63.40
KUNMING CITY CONSTRUC       7.60     04/13/18    CNY       52.16
KUNMING CITY CONSTRUC       7.60     04/13/18    CNY       52.37
KUNMING WUHUA DISTRIC       8.60     03/15/18    CNY       52.75
KUNMING WUHUA DISTRIC       8.60     03/15/18    CNY       52.84
LAIWU CITY ECONOMIC D       6.50     03/01/18    CNY       61.92
LEQING CITY STATE OWN       6.50     06/29/19    CNY       63.50
LEQING CITY STATE OWN       6.50     06/29/19    CNY       79.00
LESHAN STATE-OWNED AS       6.99     03/18/18    CNY       72.89
LESHAN STATE-OWNED AS       6.99     03/18/18    CNY       73.01
LIAOYANG CITY ASSETS        6.88     06/13/18    CNY       66.01
LIAOYANG CITY ASSETS        6.88     06/13/18    CNY       67.72
LIAOYUAN STATE-OWNED        8.17     03/13/19    CNY       62.41
LIAOYUAN STATE-OWNED        7.80     01/26/17    CNY       40.54
LIJIANG GUCHENG MANAG       6.68     07/26/19    CNY       63.72
LINAN CITY CONSTRUCTI       8.15     03/09/18    CNY       52.38
LINAN CITY CONSTRUCTI       8.15     03/09/18    CNY       52.11
LINHAI CITY INFRASTRU       7.98     11/06/16    CNY       50.42
LINYI INVESTMENT DEVE       8.10     03/27/18    CNY       52.44
LIUZHOU DONGCHENG INV       8.30     02/15/19    CNY       63.13
LIUZHOU INVESTMENT HO       6.98     08/15/19    CNY       64.23
LONGHAI STATE-OWNED A       8.25     12/02/17    CNY       72.73
LUOHE CITY CONSTRUCTI       6.81     03/30/17    CNY       30.51
LUOHE CITY CONSTRUCTI       6.81     03/30/17    CNY       30.61
MIANYANG SCIENCE & TE       6.30     07/22/18    CNY       54.25
MIANYANG SCIENCE & TE       7.16     05/15/19    CNY       60.31
MIANYANG SCIENCE & TE       7.16     05/15/19    CNY       63.14
NANAN CITY TRADE INDU       8.50     04/25/19    CNY       64.54
NANCHONG CHEMICAL IND       8.16     04/26/19    CNY       64.02
NANJING HEXI NEW TOWN       6.40     02/03/17    CNY       60.93
NANJING JIANGNING SCI       7.29     04/28/19    CNY       64.07
NANTONG CITY TONGZHOU       6.80     05/28/19    CNY       63.67
NANTONG CITY TONGZHOU       6.80     05/28/19    CNY       81.00
NANTONG STATE-OWNED A       6.72     11/13/16    CNY       40.32
NANTONG STATE-OWNED A       6.72     11/13/16    CNY       40.30
NEIJIANG INVESTMENT H       7.00     07/19/18    CNY       51.80
NEIJIANG INVESTMENT H       7.00     07/19/18    CNY       51.93
NEIMENGGU XINLINGOL X       7.62     02/25/18    CNY       72.37
NINGBO CITY ZHENHAI I       6.48     04/12/17    CNY       40.66
NINGBO URBAN CONSTRUC       7.39     03/01/18    CNY       52.07
NINGDE CITY STATE-OWN       6.25     10/21/17    CNY       40.52
NINGHAI COUNTY CITY C       8.60     12/31/17    CNY       73.59
NONGGONGSHANG REAL ES       6.29     10/11/17    CNY       71.20
PANJIN CONSTRUCTION I       7.70     12/16/16    CNY       40.34
PANJIN CONSTRUCTION I       7.70     12/16/16    CNY       40.27
PANJIN CONSTRUCTION I       7.50     05/17/19    CNY       64.09
PINGDINGSHAN CITY DEV       7.86     05/08/19    CNY       64.16
PINGDINGSHAN CITY DEV       7.86     05/08/19    CNY       64.04
PUER CITY STATE OWNED       7.38     06/20/19    CNY       63.08
PUTIAN STATE-OWNED AS       8.10     03/21/19    CNY       64.20
PUTIAN STATE-OWNED AS       8.10     03/21/19    CNY       64.27
QIANAN XINGYUAN WATER       6.45     07/11/18    CNY       52.11
QIANDONG NANZHOU DEVE       8.80     04/27/19    CNY       63.57
QINGDAO CITY CONSTRUC       6.89     02/16/19    CNY       62.90
QINGDAO CITY CONSTRUC       6.19     02/16/17    CNY       40.60
QINGDAO CITY CONSTRUC       6.89     02/16/19    CNY       62.78
QINGDAO CITY CONSTRUC       6.19     02/16/17    CNY       40.50
QINGDAO HUATONG STATE       7.30     04/18/19    CNY       63.77
QINGDAO HUATONG STATE       7.30     04/18/19    CNY       63.60
QINGZHOU HONGYUAN PUB       6.50     05/22/19    CNY       31.08
QINGZHOU HONGYUAN PUB       6.50     05/22/19    CNY       31.60
QINZHOU CITY DEVELOPM       6.72     04/30/17    CNY       50.91
QUANZHOU QUANGANG PET       8.40     04/16/19    CNY       64.61
QUANZHOU QUANGANG PET       8.40     04/16/19    CNY       63.40
QUNSHAN HUAQIAO INTER       7.98     12/30/18    CNY       63.37
SANMING STATE-OWNED A       6.99     06/14/18    CNY       70.08
SANMING STATE-OWNED A       6.99     06/14/18    CNY       73.62
SHANGHAI CHENGTOU COR       4.63     07/30/19    CNY       61.73
SHANGHAI REAL ESTATE        6.12     05/17/17    CNY       40.92
SHANGHAI SONGJIANG TO       6.28     08/15/18    CNY       52.38
SHAOXING CHENGBEI XIN       6.21     06/11/18    CNY       51.97
SHAOXING CHENGBEI XIN       6.21     06/11/18    CNY       76.75
SHIYAN CITY INFRASTRU       7.98     04/20/19    CNY       64.18
SICHUAN COAL INDUSTRY       5.94     05/15/17    CNY       35.00
SICHUAN COAL INDUSTRY       7.45     12/25/16    CNY       35.00
SICHUAN COAL INDUSTRY       7.70     01/09/18    CNY       35.00
SICHUAN COAL INDUSTRY       7.80     09/27/17    CNY       35.00
SICHUAN DEVELOPMENT H       5.40     11/10/17    CNY       70.79
SUIZHOU CITY INVESTME       7.50     08/22/19    CNY       63.84
SUQIAN ECONOMIC DEVEL       7.50     03/26/19    CNY       63.36
SUQIAN ECONOMIC DEVEL       7.50     03/26/19    CNY       63.93
SUZHOU CONSTRUCTION I       7.45     03/12/19    CNY       63.66
SUZHOU INDUSTRIAL PAR       5.79     05/30/19    CNY       62.41
TAIXING ZHONGXING STA       8.29     03/27/18    CNY       52.71
TAIXING ZHONGXING STA       8.29     03/27/18    CNY       53.53
TAIZHOU CITY CONSTRUC       6.90     01/25/17    CNY       40.54
TAIZHOU HAILING ASSET       8.52     03/21/19    CNY       64.11
TAIZHOU HAILING ASSET       8.52     03/21/19    CNY       64.39
TAIZHOU XINTAI GROUP        6.85     08/14/18    CNY       52.12
TAIZHOU XINTAI GROUP        6.85     08/14/18    CNY       52.31
TIANJIN BINHAI NEW AR       5.00     03/13/18    CNY       71.78
TIANJIN BINHAI NEW AR       5.00     03/13/18    CNY       71.42
TIANJIN ECO-CITY INVE       6.76     08/14/19    CNY       63.59
TIANJIN ECO-CITY INVE       6.76     08/14/19    CNY       66.00
TIANJIN HANBIN INVEST       8.39     03/22/19    CNY       63.90
TIANJIN HI-TECH INDUS       7.80     03/27/19    CNY       64.10
TIANJIN HI-TECH INDUS       7.80     03/27/19    CNY       63.67
TIANJIN JINNAN CITY C       6.95     06/18/19    CNY       63.51
TIELING PUBLIC ASSETS       7.34     05/29/18    CNY       51.81
TIELING PUBLIC ASSETS       7.34     05/29/18    CNY       52.12
TIGER FOREST & PAPER        5.38     06/14/17    CNY       58.02
TONGCHUAN DEVELOPMENT       7.50     07/17/19    CNY       62.90
TONGLIAO CITY INVESTM       5.98     09/01/17    CNY       70.92
TONGREN FANJINGSHAN I       6.89     08/02/19    CNY       62.84
TONGREN FANJINGSHAN I       6.89     08/02/19    CNY       60.59
TULUFAN DISTRICT STAT       7.20     08/09/19    CNY       75.00
URUMQI CITY CONSTRUCT       6.35     07/09/19    CNY       63.57
URUMQI STATE-OWNED AS       6.48     04/28/18    CNY       51.47
URUMQI STATE-OWNED AS       6.48     04/28/18    CNY       51.55
VANZIP INVESTMENT GRO       7.92     02/04/19    CNY       66.04
WAFANGDIAN STATE-OWNE       8.55     04/19/19    CNY       64.28
WENZHOU ANJUFANG CITY       7.65     04/24/19    CNY       63.72
WUHAI CITY CONSTRUCTI       8.20     03/31/19    CNY       63.91
WUHAI CITY CONSTRUCTI       8.20     03/31/19    CNY       63.50
WUHU ECONOMIC TECHNOL       6.70     06/08/18    CNY       52.19
WUHU ECONOMIC TECHNOL       6.70     06/08/18    CNY       51.00
XIAN CHANBAHE DEVELOP       6.89     08/03/19    CNY       63.29
XIANGTAN CITY CONSTRU       8.00     03/16/19    CNY       63.50
XIANGTAN CITY CONSTRU       8.00     03/16/19    CNY       64.08
XIANGTAN JIUHUA ECONO       6.93     12/16/16    CNY       40.30
XIANGYANG CITY CONSTR       8.12     01/12/19    CNY       63.51
XIANGYANG CITY CONSTR       8.12     01/12/19    CNY       63.69
XIAOGAN URBAN CONSTRU       8.12     03/26/19    CNY       64.35
XINING CITY INVESTMEN       7.70     04/27/19    CNY       64.35
XINING CITY INVESTMEN       7.70     04/27/19    CNY       63.80
XINJIANG SHIHEZI DEVE       7.50     08/29/18    CNY       73.00
XINJIANG UYGUR AR HAM       6.25     07/17/18    CNY       52.03
XINXIANG INVESTMENT G       6.80     01/18/18    CNY       72.09
XINYANG HUAXIN INVEST       6.95     06/14/19    CNY       63.79
XINZHOU CITY ASSET MA       7.39     08/08/18    CNY       52.81
XUCHANG GENERAL INVES       7.78     04/27/19    CNY       64.28
XUZHOU ECONOMIC TECHN       8.20     03/07/19    CNY       64.45
XUZHOU ECONOMIC TECHN       8.20     03/07/19    CNY       64.60
XUZHOU XINSHENG CONST       7.48     05/08/18    CNY       52.40
XUZHOU XINSHENG CONST       7.48     05/08/18    CNY       52.65
YAAN STATE-OWNED ASSE       7.39     07/04/19    CNY       63.26
YANCHENG ORIENTAL INV       5.75     06/08/17    CNY       51.02
YANGZHONG URBAN CONST       7.10     03/26/18    CNY       72.94
YANGZHOU URBAN CONSTR       6.30     07/26/19    CNY       63.11
YANGZHOU URBAN CONSTR       6.30     07/26/19    CNY       63.00
YANZHOU HUIMIN URBAN        8.50     12/28/17    CNY       51.92
YIBIN STATE-OWNED ASS       5.80     05/23/18    CNY       72.26
YICHUN CITY CONSTRUCT       7.35     07/24/19    CNY       61.26
YIJINHUOLUOQI HONGTAI       8.35     03/19/19    CNY       57.71
YIJINHUOLUOQI HONGTAI       8.35     03/19/19    CNY       59.73
YINCHUAN URBAN CONSTR       6.28     03/09/17    CNY       25.15
YIYANG CITY CONSTRUCT       8.20     11/19/16    CNY       40.46
YIZHENG CITY CONSTRUC       7.78     06/14/19    CNY       76.00
YIZHENG CITY CONSTRUC       7.78     06/14/19    CNY       64.50
YUNNAN PROVINCIAL INV       5.25     08/24/17    CNY       70.45
ZHANGJIAGANG JINCHENG       6.23     01/06/18    CNY       61.42
ZHANGJIAKOU TONGTAI H       6.90     07/05/18    CNY       73.53
ZHEJIANG PROVINCE DEQ       6.90     04/12/18    CNY       72.56
ZHENJIANG CULTURE AND       5.86     05/06/17    CNY       50.54
ZHENJIANG NEW AREA EC       8.16     03/01/19    CNY       63.10
ZHENJIANG TRANSPORTAT       7.29     05/08/19    CNY       62.65
ZHENJIANG TRANSPORTAT       7.29     05/08/19    CNY       63.30
ZHUCHENG ECONOMIC DEV       6.40     04/26/18    CNY       39.00
ZHUCHENG ECONOMIC DEV       6.40     04/26/18    CNY       41.50
ZHUCHENG ECONOMIC DEV       7.50     08/25/18    CNY       40.58
ZHUHAI HUAFA GROUP CO       8.43     02/16/18    CNY       52.56
ZHUHAI HUAFA GROUP CO       8.43     02/16/18    CNY       52.21
ZHUHAI ZHONGFU ENTERP       5.28     05/28/15    CNY       57.00
ZHUHAI ZHONGFU ENTERP       6.60     03/28/17    CNY       57.00
ZHUJI CITY CONSTRUCTI       6.92     07/05/18    CNY       73.32
ZHUZHOU GECKOR GROUP        7.82     08/18/18    CNY       74.90
ZIBO CITY PROPERTY CO       6.83     08/22/19    CNY       64.01
ZIBO CITY PROPERTY CO       5.45     04/27/19    CNY       37.31
ZIGONG STATE-OWNED AS       6.86     06/17/18    CNY       73.00
ZOUCHENG CITY ASSET O       7.02     01/12/18    CNY       41.37
ZOUPING COUNTY STATE-       6.98     04/27/18    CNY       73.22
ZUNYI CITY INVESTMENT       8.53     03/13/19    CNY       64.22
ZUNYI CITY INVESTMENT       8.53     03/13/19    CNY       64.68


INDONESIA
---------

BERAU COAL ENERGY TBK       7.25     03/13/17    USD       19.50
BERAU COAL ENERGY TBK       7.25     03/13/17    USD       20.80


INDIA
-----

3I INFOTECH LTD             5.00     04/26/17    USD       15.25
BLUE DART EXPRESS LTD       9.30     11/20/17    INR       10.11
BLUE DART EXPRESS LTD       9.50     11/20/19    INR       10.28
BLUE DART EXPRESS LTD       9.40     11/20/18    INR       10.19
GTL INFRASTRUCTURE LT       4.53     11/09/17    USD       23.75
JAIPRAKASH ASSOCIATES       5.75     09/08/17    USD       42.88
JCT LTD                     2.50     04/08/11    USD       23.00
PRAKASH INDUSTRIES LT       5.25     04/30/15    USD       20.38
PYRAMID SAIMIRA THEAT       1.75     07/04/12    USD        1.00
REI AGRO LTD                5.50     11/13/14    USD        6.50
REI AGRO LTD                5.50     11/13/14    USD        6.50
SVOGL OIL GAS & ENERG       5.00     08/17/15    USD       20.00


JAPAN
-----

AVANSTRATE INC              5.55     10/31/17    JPY       33.25
AVANSTRATE INC              5.55     10/31/17    JPY       37.00
MICRON MEMORY JAPAN I       0.70     08/01/16    JPY        4.93
MICRON MEMORY JAPAN I       0.50     10/26/15    JPY        4.93
MICRON MEMORY JAPAN I       2.03     03/22/12    JPY        4.93
MICRON MEMORY JAPAN I       2.10     11/29/12    JPY        4.93
MICRON MEMORY JAPAN I       2.29     12/07/12    JPY        4.93
TAKATA CORP                 0.58     03/26/21    JPY       68.88


KOREA
-----

2014 KODIT CREATIVE T       5.00     12/25/17    KRW       33.22
2014 KODIT CREATIVE T       5.00     12/25/17    KRW       33.22
2016 KIBO 1ST SECURIT       5.00     09/13/18    KRW       29.21
DOOSAN CAPITAL SECURI      20.00     04/22/19    KRW       46.11
HANJIN SHIPPING CO LT       6.00     09/30/16    KRW       65.65
HANJIN SHIPPING CO LT       5.90     06/07/17    KRW       66.06
KIBO ABS SPECIALTY CO      10.00     02/19/17    KRW       40.83
KIBO ABS SPECIALTY CO       5.00     01/31/17    KRW       35.72
KIBO ABS SPECIALTY CO       5.00     03/29/18    KRW       32.10
KIBO ABS SPECIALTY CO      10.00     08/22/17    KRW       18.10
KIBO ABS SPECIALTY CO       5.00     12/25/17    KRW       31.73
LSMTRON DONGBANGSEONG       4.53     11/22/17    KRW       32.67
OKC SECURITIZATION SP      10.00     01/03/20    KRW       26.56
SINBO SECURITIZATION        5.00     01/30/19    KRW       29.32
SINBO SECURITIZATION        5.00     01/30/19    KRW       29.32
SINBO SECURITIZATION        5.00     10/30/19    KRW       20.32
SINBO SECURITIZATION        5.00     02/11/18    KRW       32.51
SINBO SECURITIZATION        5.00     05/26/18    KRW       30.24
SINBO SECURITIZATION        5.00     02/21/17    KRW       35.82
SINBO SECURITIZATION        5.00     02/11/18    KRW       32.51
SINBO SECURITIZATION        5.00     01/29/17    KRW       37.49
SINBO SECURITIZATION        5.00     02/21/17    KRW       35.82
SINBO SECURITIZATION        5.00     08/31/16    KRW       74.96
SINBO SECURITIZATION        5.00     09/30/19    KRW       26.90
SINBO SECURITIZATION        5.00     12/13/16    KRW       42.49
SINBO SECURITIZATION        5.00     03/12/18    KRW       32.26
SINBO SECURITIZATION        5.00     03/13/17    KRW       35.59
SINBO SECURITIZATION        5.00     03/13/17    KRW       35.59
SINBO SECURITIZATION        5.00     03/12/18    KRW       32.26
SINBO SECURITIZATION        5.00     07/24/18    KRW       31.34
SINBO SECURITIZATION        5.00     07/24/18    KRW       31.34
SINBO SECURITIZATION        5.00     08/31/16    KRW       74.96
SINBO SECURITIZATION        5.00     10/05/16    KRW       56.78
SINBO SECURITIZATION        5.00     10/05/16    KRW       56.78
SINBO SECURITIZATION        5.00     03/18/19    KRW       28.88
SINBO SECURITIZATION        5.00     03/18/19    KRW       28.88
SINBO SECURITIZATION        5.00     08/16/17    KRW       34.20
SINBO SECURITIZATION        5.00     08/16/17    KRW       34.20
SINBO SECURITIZATION        5.00     06/07/17    KRW       19.29
SINBO SECURITIZATION        5.00     10/01/17    KRW       33.77
SINBO SECURITIZATION        5.00     10/01/17    KRW       33.77
SINBO SECURITIZATION        5.00     10/01/17    KRW       33.77
SINBO SECURITIZATION        5.00     06/07/17    KRW       19.29
SINBO SECURITIZATION        5.00     12/25/16    KRW       39.36
SINBO SECURITIZATION        5.00     02/27/19    KRW       29.11
SINBO SECURITIZATION        5.00     02/27/19    KRW       29.11
SINBO SECURITIZATION        5.00     01/15/18    KRW       33.02
SINBO SECURITIZATION        5.00     12/23/18    KRW       29.67
SINBO SECURITIZATION        5.00     06/27/18    KRW       31.56
SINBO SECURITIZATION        5.00     06/27/18    KRW       31.56
SINBO SECURITIZATION        5.00     01/15/18    KRW       33.02
SINBO SECURITIZATION        5.00     07/24/17    KRW       33.22
SINBO SECURITIZATION        5.00     12/23/18    KRW       29.67
SINBO SECURITIZATION        5.00     12/23/17    KRW       31.75
SINBO SECURITIZATION        5.00     06/25/18    KRW       29.98
SINBO SECURITIZATION        5.00     06/25/19    KRW       27.86
SINBO SECURITIZATION        5.00     07/29/19    KRW       27.53
SINBO SECURITIZATION        5.00     07/29/18    KRW       29.65
SINBO SECURITIZATION        5.00     08/27/19    KRW       27.30
SINBO SECURITIZATION        5.00     08/29/18    KRW       30.85
SINBO SECURITIZATION        5.00     09/26/18    KRW       30.61
SINBO SECURITIZATION        5.00     09/26/18    KRW       30.61
SINBO SECURITIZATION        5.00     09/26/18    KRW       30.61
SINBO SECURITIZATION        5.00     07/08/17    KRW       34.60
SINBO SECURITIZATION        5.00     07/08/17    KRW       34.60
SINBO SECURITIZATION        5.00     08/29/18    KRW       30.85
TONGYANG CEMENT & ENE       7.30     06/26/15    KRW       70.00
TONGYANG CEMENT & ENE       7.30     04/12/15    KRW       70.00
TONGYANG CEMENT & ENE       7.50     04/20/14    KRW       70.00
TONGYANG CEMENT & ENE       7.50     09/10/14    KRW       70.00
TONGYANG CEMENT & ENE       7.50     07/20/14    KRW       70.00
U-BEST SECURITIZATION       5.50     11/16/17    KRW       34.10
WOONGJIN ENERGY CO LT       3.00     12/19/19    KRW       63.35


SRI LANKA
---------

HATTON NATIONAL BANK        8.00     08/29/23    LKR       67.00
SRI LANKA GOVERNMENT        5.35     03/01/26    LKR       60.53
SRI LANKA GOVERNMENT        8.00     01/01/32    LKR       67.90
SRI LANKA GOVERNMENT        9.00     06/01/43    LKR       69.46
SRI LANKA GOVERNMENT        6.00     12/01/24    LKR       67.25
SRI LANKA GOVERNMENT        9.00     06/01/33    LKR       73.49
SRI LANKA GOVERNMENT        9.00     10/01/32    LKR       73.98
SRI LANKA GOVERNMENT        9.00     11/01/33    LKR       72.96


MALAYSIA
--------

BANDAR MALAYSIA SDN B       0.35     02/20/24    MYR       74.79
BRIGHT FOCUS BHD            2.50     01/24/30    MYR       74.20
BRIGHT FOCUS BHD            2.50     01/22/31    MYR       71.34
LAND & GENERAL BHD          1.00     09/24/18    MYR        0.29
SENAI-DESARU EXPRESSW       0.50     12/31/38    MYR       62.38
SENAI-DESARU EXPRESSW       0.50     12/31/47    MYR       68.91
SENAI-DESARU EXPRESSW       0.50     12/30/39    MYR       63.48
SENAI-DESARU EXPRESSW       0.50     12/30/44    MYR       67.34
SENAI-DESARU EXPRESSW       1.35     06/30/26    MYR       66.16
SENAI-DESARU EXPRESSW       1.35     12/31/30    MYR       53.50
SENAI-DESARU EXPRESSW       0.50     12/31/40    MYR       64.22
SENAI-DESARU EXPRESSW       0.50     12/31/41    MYR       65.01
SENAI-DESARU EXPRESSW       0.50     12/31/42    MYR       65.80
SENAI-DESARU EXPRESSW       0.50     12/31/43    MYR       66.71
SENAI-DESARU EXPRESSW       0.50     12/29/45    MYR       67.82
SENAI-DESARU EXPRESSW       0.50     12/31/46    MYR       68.62
SENAI-DESARU EXPRESSW       1.35     12/31/26    MYR       64.82
SENAI-DESARU EXPRESSW       1.35     12/31/27    MYR       62.20
SENAI-DESARU EXPRESSW       1.35     12/31/25    MYR       67.55
SENAI-DESARU EXPRESSW       1.15     12/31/24    MYR       69.07
SENAI-DESARU EXPRESSW       1.35     06/30/27    MYR       63.51
SENAI-DESARU EXPRESSW       1.15     12/29/23    MYR       72.17
SENAI-DESARU EXPRESSW       1.35     12/31/29    MYR       56.51
SENAI-DESARU EXPRESSW       1.35     06/28/30    MYR       55.02
SENAI-DESARU EXPRESSW       1.35     06/29/29    MYR       57.99
SENAI-DESARU EXPRESSW       1.35     06/30/31    MYR       52.01
SENAI-DESARU EXPRESSW       1.35     12/29/28    MYR       59.44
SENAI-DESARU EXPRESSW       1.15     06/30/25    MYR       67.59
SENAI-DESARU EXPRESSW       1.15     06/30/23    MYR       73.75
SENAI-DESARU EXPRESSW       1.35     06/30/28    MYR       60.86
SENAI-DESARU EXPRESSW       1.15     06/28/24    MYR       70.63
UNIMECH GROUP BHD           5.00     09/18/18    MYR        1.04


PHILIPPINES
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BAYAN TELECOMMUNICATI      13.50     07/15/06    USD       22.75
BAYAN TELECOMMUNICATI      13.50     07/15/06    USD       22.75


SINGAPORE
---------

ASL MARINE HOLDINGS L       5.35     10/01/18    SGD       70.00
AUSGROUP LTD                7.45     10/20/16    SGD       66.88
AXIS OFFSHORE PTE LTD       7.90     05/18/18    USD       59.13
BAKRIE TELECOM PTE LT      11.50     05/07/15    USD        2.34
BAKRIE TELECOM PTE LT      11.50     05/07/15    USD        2.34
BERAU CAPITAL RESOURC      12.50     07/08/15    USD       20.29
BERAU CAPITAL RESOURC      12.50     07/08/15    USD       20.25
BLD INVESTMENTS PTE L       8.63     03/23/15    USD        7.88
BUMI CAPITAL PTE LTD       12.00     11/10/16    USD       19.75
BUMI CAPITAL PTE LTD       12.00     11/10/16    USD       20.25
BUMI INVESTMENT PTE L      10.75     10/06/17    USD       18.87
BUMI INVESTMENT PTE L      10.75     10/06/17    USD       18.63
ENERCOAL RESOURCES PT       6.00     04/07/18    USD       10.75
EZRA HOLDINGS LTD           4.88     04/24/18    SGD       65.00
GOLIATH OFFSHORE HOLD      12.00     06/11/17    USD        5.11
INDO INFRASTRUCTURE G       2.00     07/30/10    USD        1.88
NEPTUNE ORIENT LINES        4.65     09/09/20    SGD       71.97
NEPTUNE ORIENT LINES        4.40     06/22/21    SGD       66.01
ORO NEGRO DRILLING PT       7.50     01/24/19    USD       44.00
OSA GOLIATH PTE LTD        12.00     10/09/18    USD       62.50
OTTAWA HOLDINGS PTE L       5.88     05/16/18    USD       69.83
OTTAWA HOLDINGS PTE L       5.88     05/16/18    USD       70.00
PACIFIC RADIANCE LTD        4.30     08/29/18    SGD       55.00
RICKMERS TRUST MANAGE       8.45     05/15/17    SGD       72.00
SWIBER HOLDINGS LTD         7.13     04/18/17    SGD       10.50
SWIBER HOLDINGS LTD         5.55     10/10/16    SGD       14.50
SWIBER HOLDINGS LTD         7.75     09/18/17    CNY       13.46
TRIKOMSEL PTE LTD           5.25     05/10/16    SGD       17.00
TRIKOMSEL PTE LTD           7.88     06/05/17    SGD       18.00


THAILAND
--------

G STEEL PCL                 3.00     10/04/15    USD        3.74
MDX PCL                     4.75     09/17/03    USD       37.75


VIETNAM
-------

DEBT AND ASSET TRADIN       1.00     10/10/25    USD       51.03
DEBT AND ASSET TRADIN       1.00     10/10/25    USD       55.38



                             *********

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

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

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


                            *********


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

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

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

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

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



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