TCRAP_Public/160830.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 30, 2016, Vol. 19, No. 171

                            Headlines


A U S T R A L I A

ARROWS EXPRESS: First Creditors' Meeting Slated For Sept. 6
CHC GROUP: BoNY Mellon, Creditors Object to Exclusivity Extn.
CORE ARCHITECTURE: First Creditors' Meeting Set For Sept. 6
CRAZY LACE: Hearing on Wind Up Bid Moved to September 19
CSI RISK: First Creditors' Meeting Scheduled For Sept. 5

MCALEESE LIMITED: In Administration, Sept. 8 First Meeting Set
REDS TRUSTS: Liquidity Reduction No Impact on Moody's Ba1 Rating
SEDUCE PTY: Clothing Retailer Enters Voluntary Administration
SOUTHERN CROSS: First Creditors' Meeting Set for Sept. 5
ST. BARBARA LTD: Moody's Hikes Corporate Family Rating to 'B2'


C A M B O D I A

CAMBODIA: Moody's Says B2 Rating is Supported by Growth


C H I N A

CHINA ZHENGTONG: Moody's Cuts Corporate Family Rating to 'B1'
GENERAL STEEL: CFR to Review Delisting Determination on Oct. 13
GENERAL STEEL: Enters Into Debt-for-Equity Swap Agreements
GOLDEN EAGLE: 6-Mo. Results in Line With Moody's B1 CFR
* CHINA: Banks Braced Over Industrial Restructuring


I N D I A

ADITYA SALES: CRISIL Reaffirms B- Rating on INR90MM Term Loan
AKASH FASHION: CRISIL Suspends B+ Rating on INR107.5MM Term Loan
ANJANEYA BREEDING: CARE Assigns B+ Rating to INR8.67CR LT Loan
ATLANTIS BUILDERS: CRISIL Assigns 'B' Rating to INR200MM Loan
AVC MOTORS: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan

B. SAMYAKK: CARE Assigns 'B+' Rating to INR10cr LT Bank Loan
BASUDHA UDYOG: CRISIL Lowers Rating on INR600MM Loan to 'D'
BLUE WORLD: CRISIL Assigns 'B' Rating to INR200MM LT Loan
CHITTARANJAN MULTIPURPOSE: CRISIL Rates INR85MM Term Loan at B
CRISTOPIA ENERGY: CRISIL Reaffirms B+ Rating on INR80MM Loan

HAMON SHRIRAM: CARE Lowers Rating on INR116cr Loan to 'C'
JJ PV SOLAR: CRISIL Reaffirms B+ Rating on INR95MM Cash Loan
KAPCO ELECTRIC: CARE Assigns B+ Rating to INR7.17cr LT Bank Loan
PRATIBHA INDUSTRIES: CARE Suspends 'B' Long Term Bank Loan Rating
PURVANCHAL AGRICO: CRISIL Assigns 'B' Rating to INR25MM LT Loan

RA POWERGEN: CRISIL Suspends 'B' Rating on INR120MM Cash Loan
RADHE RENEWABLE: CRISIL Suspends 'B' Rating on INR130MM Cash Loan
RUSHIPRABHA ENGINEERS: CRISIL Rates INR70MM Term Loan at B-
SAI LEKSHMI: CRISIL Reaffirms 'B' Rating on INR5MM Cash Loan
SAROJINI FERRO: CRISIL Suspends B- Rating on INR150MM LT Loan

SAURAVA TOWERS: CRISIL Assigns B- Rating to INR100MM Term Loan
SHANTI AGRO: CARE Reaffirms B+ Rating on INR29.42cr LT Bank Loan
SHIVA SHREE: CRISIL Lowers Rating on INR80MM Cash Loan to 'D'
SHOR SHOT: CRISIL Reaffirms B+ Rating on INR35MM LT Loan
SHREE MAHAVIR: CRISIL Suspends 'D' Rating on INR85MM Cash Loan

SHRI BAJRANG: CRISIL Reaffirms 'B' Rating on INR300MM Cash Loan
SKR VEG: CRISIL Reaffirms 'B' Rating on INR60MM Cash Loan
SRS THERMAX: CRISIL Assigns 'B' Rating to INR50MM Term Loan
SUNPOWER CEMENT: CRISIL Assigns 'B' Rating to INR60MM Term Loan
SWAPNIL AGRO: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan

TREND SETTERS: CRISIL Lowers Rating on INR75MM LT Loan to B-
TRIPURARI AGRO: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
VEEKAS PIPES: CRISIL Reaffirms 'B+' Rating on INR100MM Loan
VITTHAL GAJANAN: CARE Assigns B+ Rating to INR17.60cr LT Loan
VFIVE HOMES: CRISIL Assigns 'B' Rating to INR100MM Cash Loan

YASHWANT ENTERPRISES: CRISIL Suspends D Rating on INR70MM LT Loan
YATRI VIHAR: CRISIL Suspends 'D' Rating on INR160MM LT Loan


S O U T H  K O R E A

HANJIN SHIPPING: Calls for Help Amid Receivership Threat
HANJIN SHIPPING: Banks' Credit Exposure Estimated at KRW1.02Tln


X X X X X X X X

* BOND PRICING: For the Week August 22 to August 26, 2016


                            - - - - -


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A U S T R A L I A
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ARROWS EXPRESS: First Creditors' Meeting Slated For Sept. 6
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Arrows
Express Pty Ltd, Arrows Fleet Pty Ltd, and Arrows Personnel Pty
Ltd will be held at Level 25 Riverside Centre, at 123 Eagle
Street, in Brisbane, Queensland, on Sept. 6, 2016, at 11:00 a.m.

Richard J Hughes and David M Orr of Deloitte were appointed as
administrators of Arrows Express on Aug. 25, 2016.


CHC GROUP: BoNY Mellon, Creditors Object to Exclusivity Extn.
-------------------------------------------------------------
BankruptcyData.com reported that CHC Group's creditors -- ad hoc
note holder group and Bank of New York Mellon -- filed with the
U.S. Bankruptcy Court separate objections to the motion to extend
or limit the exclusivity period for the filing and solicitation of
acceptances of a Chapter 11 Plan. The ad hoc note holder group
asserts, "A 120-day extension of the Exclusive Periods is not in
the best interests of the Debtors' estates or their creditors.
The lack of progress on a plan of reorganization to date, the
uncertainty surrounding the process and outcome of plan
discussions, and the Debtors' limited liquidity all support a more
limited extension. A more limited extension will have the dual
benefit of providing the Debtors with sufficient time to progress
the ongoing plan negotiations, while at the same time requiring
the Debtors to return to Court in the near term and justify the
need for a further extension to the Debtors' creditors and the
Court based on evidence of substantial movement toward a
successful conclusion to these chapter 11 cases resulting from a
fair process focused on maximizing value for the Debtors'
creditors. A 60-day or shorter extension will allow the Court and
parties in interest to assess the progress that the Debtors have
made during any extension, which is more reasonable than granting
a lengthy extension of the Exclusive Periods now based on the
Debtors' promise that progress is coming, especially in light of
concerns regarding the Debtors' current plan formulation process.
While a 60-day or shorter extension will not prejudice the
Debtors, a 120-day extension has the very real chance of
prejudicing the Debtors' creditors. The Debtors' creditors should
not be required to bear the risk of being held hostage to a 120-
day extension while the Debtors take no meaningful steps toward a
viable plan of reorganization or use exclusivity over the plan of
reorganization process to advantage an insider."

                       About CHC Group Ltd.

Headquartered in Irving, Texas, CHC is a global commercial
helicopter services company primarily servicing the offshore oil
and gas industry. CHC maintains bases on six continents with major
operations in the North Sea, Brazil, Australia, and several
locations across Africa, Eastern Europe, and South East Asia. CHC
maintains a fleet of 230 medium and heavy helicopters, 67 of which
are owned by it and the remainder are leased from various
third-party lessors.

CHC Group Ltd. and 42 of its wholly-owned subsidiaries each filed
a voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Tex. Case No. 16-31854) on May 5, 2016. As of
Jan. 31, 2016, CHG had $2.16 billion in total assets and $2.19
billion in total liabilities. The Debtors have hired Weil, Gotshal
& Manges LLP as counsel, Debevoise & Plimpton LLP as special
aircraft counsel, PJT Partners LP as investment banker, Seabury
Corporate Advisors LLC as financial advisor, CDG Group, LLC as
restructuring advisor, and Kurtzman Carson Consultants LLC as
claims and noticing agent.

The Office of the U.S. Trustee on May 13, 2016, appointed five
creditors of CHC Group Ltd. to serve on the official committee of
unsecured creditors.


CORE ARCHITECTURE: First Creditors' Meeting Set For Sept. 6
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Core
Architecture Pty Ltd will be held at the offices of Worrells
Solvency & Forensic Accountants, Suite 4, Level 3, Bryant House,
at 26 Duporth Avenue, in Maroochydore, Queensland, on Sept. 6,
2016, at 2:00 p.m.

John Cunningham and Paul Nogueira of Worrells Solvency & Forensic
Accountants were appointed as administrators of Core Architecture
on Aug. 25, 2016.


CRAZY LACE: Hearing on Wind Up Bid Moved to September 19
--------------------------------------------------------
Gregor Heard at Farm Weekly reports that a court action to wind up
a company owned by Murray Bridge grain trader Brenton Strauss has
been adjourned until September.

An application by administrator Tony Matthews, Anthony Matthews
and Associates, to wind up Crazy Lace (SA) Pty Ltd, owner of the
Nhill Bulk Handling site in the Wimmera was due to be heard at the
Adelaide Supreme Court last week, but the hearing has been
postponed until September 13, Farm Weekly relates.

According to the report, Mr. Strauss put up Crazy Lace as the
guarantor for payments for creditors of the failed Sapphire (SA)
Pty Ltd grain buying business under a deed of company arrangement.

Meanwhile, a separate case also involving Mr. Strauss has also
been adjourned, Farm Weekly says.

He is also involved in a court case at the Murray Bridge
Magistrates Court taken by the Australian Securities and
Investments Commission (ASIC) over breach of director's duties,
according to the report.

That case will now be heard on September 19, Farm Weekly notes.


CSI RISK: First Creditors' Meeting Scheduled For Sept. 5
--------------------------------------------------------
A first meeting of the creditors in the proceedings of CSI Risk
Solutions Pty Ltd will be held at the Boardroom of Chifley
Advisory, Suite 3.04, Level 3, at 39 Martin Place, in Sydney, on
Sept. 5, 2016, at 11:00 a.m.

Gavin Moss and James Stuart McPherson of Chifley Advisory were
appointed as administrators of CSI Risk on Aug. 24, 2016.


MCALEESE LIMITED: In Administration, Sept. 8 First Meeting Set
--------------------------------------------------------------
Jenny Wiggins at The Sydney Morning Herald reports that McAleese
Limited has gone into voluntary administration and its shares have
been suspended from the Australian Securities Exchange after the
transport group was unable to strike a deal to lower its property
rental costs.

SMH relates that McAleese needed property group TTPH Pty Ltd to
lower rents to waive rights to terminate haulage contracts to
secure a recapitalisation deal with Hong Kong's SC Lowy.

According to SMH, the Australian Financial Review reported that
McAleese sent a letter to SC Lowy over the weekend asking for a
waiver on the TTPH condition, but the Hong Kong group refused to
agree.

"The TTPH condition was not satisfied and the failure to meet that
condition was not waived by the SC Lowy consortium, ending the
forbearance arrangements with the SC Lowy consortium," SMH quotes
McAleese as saying.  "As a result, McAleese's uncompromised senior
debt and all accrued interest was immediately due and payable."

McGrathNicol has been appointed as administrators, SMH discloses.

SMH says the administration filing means that a recapitalization
plan arranged by the company with SC Lowy will not go ahead.

But chief executive Mark Rowsthorn and SC Lowy are still planning
to proceed with an "alternative transaction" and are putting
together a Deed of Company Arrangement proposal for the
administrators, SMH says.

According to the report, McGrathNicol said it would continue
running McAleese's business while it reviews the company's
operations, and said it was in "advanced negotiations" with the
transport group's banks over a short term funding facility to
provide working capital.

The administrators will continue the sale process for Cootes
Transport, the report relays.

The first meeting of McAleese's creditors is scheduled for
September 8, adds SMH.

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


REDS TRUSTS: Liquidity Reduction No Impact on Moody's Ba1 Rating
----------------------------------------------------------------
Moody's Investors Service says that the proposed liquidity deposit
reduction for three REDS trusts, will not, in and of itself and at
this time, result in the downgrade or withdrawal of the current
ratings of the notes issued by the three trusts. The relevant
trusts and note ratings are:

Series 2007-1E REDS Trust:

   -- EUR400M Class A-1 Notes; currently rated Aaa (sf)

   -- AUD760M Class A-2 Notes; currently rated Aaa (sf)

   -- AUD40M Class B Notes; currently rated Ba1 (sf)

Series 2007-2 REDS Trust:

   -- AUD328M Class A Notes; currently rated Aaa (sf)

   -- AUD22M Class B Notes; currently rated Ba1 (sf)

Series 2009-1 REDS Trust:

   -- AUD500M Class A1 Notes; currently rated Aaa (sf)

Following the Reduction, the amount of liquidity deposit available
to provide liquidity support for the notes in each trust is as
follows:

   Series 2007-1E REDS Trust:

   -- AUD2,430,000

   Series 2007-2 REDS Trust:

   -- AUD950,000

   Series 2009-1 REDS Trust:

   -- AUD2,040,000

The liquidity deposits provide 1.7 to 2.3 months of liquidity
coverage at a stressed rate. This coverage is commensurate with
our Global Structured Finance Operational Risk Guidelines. The
months coverage will also increase over time as the liquidity
deposits do not amortize.

Moody's has determined that the Reduction, in and of itself and at
this time, will not result in the downgrade or withdrawal of the
ratings of the notes.

However, Moody's opinion addresses only the credit impact
associated with the Reduction, and Moody's is not expressing any
opinion as to whether the Reduction has, or could have, other non-
credit related effects that may have a detrimental impact on the
note holders' interests.

The transactions are securitizations of portfolios of Australian
prime residential mortgages originated by Bank of Queensland
Limited (A3/P-2, stable).


SEDUCE PTY: Clothing Retailer Enters Voluntary Administration
-------------------------------------------------------------
Eloise Keating at SmartCompany reports that women's clothing
retailer Seduce has entered voluntary administration and its
Australian bricks-and-mortar stores have closed, just weeks after
being hit by a wind-up notice from its landlord.

Administrators from Deloitte were appointed to Seduce Pty Ltd on
August 16, with Michael Billingsley and Neil Cussen acting as
joint administrators, according to SmartCompany.

SmartCompany relates that Messrs. Billingsley and Cussen were
subsequently appointed as voluntary administrators or liquidators
of a number of related entities, including as voluntary
administrators of parent company Seduce Group Australia Pty Ltd on
August 22.

Subsidiary companies Seduce Parramatta Pty Ltd, Seduce Burnside
Pty Ltd, Seduce Enex 100 Pty Ltd, Seduce Shellharbour Pty Ltd,
Blue Juice Pty Ltd and Katherine Pty Ltd were all placed into
liquidation between August 16 and August 18, SmartCompany
discloses.

Seduce specializes in fashion items for women aged between 25 and
35, which it sold via nine Australian stores. SmartCompany notes
that all of the Seduce stores in Australia were closed prior to
the appointment of administrators and liquidators.

However, the retailer's online store appears to still be trading,
with Seduce alerting its 32,000 Facebook fans to a 30% storewide
online sale on August 28.

Seduce has been operating for more than 20 years. The brand has
stores in Dubai and China and also supplies a number of other
retailers, including Myer and The Iconic, SmartCompany discloses.

According to SmartCompany, Seduce was the subject of a wind-up
application from Melbourne Central Custodian, a subsidiary of
landlord GPT, at the end of July and records from the Australian
Securities and Investments Commission show Melbourne Central
Custodian also applied to have the company wound up in
April 2015.

Seduce Pty Ltd was also the subject of an unsuccessful wind-up
application from property group Charter Hall at the start of this
year, while another application to wind-up the business was filed
by Scentre Management and Reco Whitford in July, SmartCompany
recalls.

At the time of Deloitte's appointment, Seduce Pty Ltd was the
subject of two wind-up applications and Seduce Group Australia was
the subject of one wind-up application, the report states.

Administrator and liquidator Michael Billingsley told
SmartCompany, "{I]t is still early days as far as our appointment
is concerned, and particularly regarding Seduce Group Australia
Pty Limited".

"We are continuing our investigations and will report to creditors
in the ordinary course of the various administrations," he said.


SOUTHERN CROSS: First Creditors' Meeting Set for Sept. 5
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Southern
Cross Investment Properties Pty Limited will be held at the
offices o Rapsey Griffiths Insolvency + Advisory, Level 5, at 55-
57 Hunter Street, in Newcastle, on Sept. 5, 2016, at 11:00 a.m.

Mitchell Griffiths of Rapsey Griffiths Insolvency + Advisory was
appointed as administrator of Southern Cross on Aug. 25, 2016.


ST. BARBARA LTD: Moody's Hikes Corporate Family Rating to 'B2'
--------------------------------------------------------------
Moody's Investors Service has upgraded St. Barbara Limited's
corporate family rating (CFR) and senior secured rating to B2 from
B3.

The outlook on the rating remains stable.

RATINGS RATIONALE

"The upgrade of St Barbara's rating reflects the significant
improvement in the company's financial profile, following its
efforts to reduce debt, and the continued improvement in its
operating costs", says Saranga Ranasinghe, a Moody's Assistant
Vice President.

"St Barbara has established a track record of significant cost
reductions which, combined with its conservative financial
policies and the favorable trend in the price of gold, has allowed
the company to continue to reduce debt", adds Ranasinghe.

As a result, leverage -- as measured by Adjusted Debt/EBITDA --
improved to 0.8x at the end of June 2016.

The company has also positioned itself as one of the lowest cost
producers globally, with all in sustaining costs of AUD933/oz
(USD700/oz), which -- if sustained -- should generate strong cash
flow under Moody's gold price sensitivities.

Moody's has revised these sensitivities and currently expects the
gold price to average USD1,250/oz over the next 12 months. At such
a price level, Moody's expects St Barbara to generate EBITDA of
around AUD230-270 million, leading to a further improvement in
leverage to 0.7x in FY2017, absent further debt reduction.

St Barbara's Gwalia operation continues to generate strong
earnings and contributed 86% of group cash flow in FY2016. But,
this degree of cash flow concentration is also a key constraint on
St Barbara's rating, as any possible operational issues at Gwalia
would likely result in a material reduction in group cash flow.

The ongoing strategic review at Simberi highlights the possibility
that St Barbara may divest the asset, which would further increase
its level of asset concentration, leaving the company as a single-
mine operator, being Gwalia which has a remaining reserve life of
approximately 8 years.

Accordingly, Moody's expects that St Barbara is likely, over the
medium term, to pursue expansion and exploration activities to
secure new, long-term sources of revenue. Such activities are
likely to be the dominant factor influencing the firm's future
credit profile. Moody's will monitor, in particular, decisions
with regard to the firm's preferred funding mix for supporting
growth and investment and with regard to the use of free cash
flow.

The stable outlook reflects Moody's expectation that St Barbara's
all-in sustaining cost position will remain at a level that will
ensure consistent free cash flow generation, even in a volatile
gold price environment.

The stable outlook also reflects the company's low debt levels
which, in turn, provide a significant buffer within the current
rating tolerance to pursue growth projects.

WHAT COULD CHANGE THE RATINGS

Any further positive momentum in the ratings would have to be
supported by an expansion or extension of its mines, or reserve
life, that in turn improves the company's diversity and scale of
operations, without pushing Debt/EBITDA materially above 3.5x.

On the other hand, the ratings could face negative pressure if St.
Barbara cannot sustain the reduction in the all-in-sustaining cost
at Simberi and/or experiences operating issues at Gwalia resulting
in negative cashflow generation at either operation.

The ratings could also face negative pressure if the company
materially increases debt to fund growth projects, registering
Debt/EBITDA in excess of 5.0x.

The ratings could also face negative pressure if there is a
material weakening in gold market fundamentals, with AUD-
denominated prices falling materially from current levels.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

St. Barbara Limited is an Australian ASX listed gold producer and
explorer. The company is headquartered in Melbourne, Australia and
its flagship operations are located in Leonora, Western Australia,
240km north of Kalgoorlie.



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CAMBODIA: Moody's Says B2 Rating is Supported by Growth
-------------------------------------------------------
Moody's Investors Service says that Cambodia's B2 sovereign issuer
rating is supported by its robust and stable growth path and
modest government debt burden.

However, the country's concentration in garment production and low
per capita income weigh on overall economic strength. In addition,
the rapid pace of credit growth -- which has slowed somewhat over
the last year -- could pose financial stability risks.

Moody's conclusions were contained in its just-released credit
analysis titled "Government of Cambodia - B2 stable " and which
examines the sovereign in four categories: economic strength,
which is assessed as "low (-)"; institutional strength "very low";
fiscal strength "moderate (-)"; and susceptibility to event risk
"moderate (-)".

The report constitutes an annual update to investors and is not a
rating action.

On GDP growth, Moody's says Cambodia's real economic growth in
2016 will edge lower, to 6.8% after 7.0% in 2015. Garment exports
and tourism, key drivers of growth, face headwinds from lackluster
global demand.

Slowing growth in China (Aa3 negative) will also have negative
implications for Cambodia's economy, given China's importance as a
source of investment, trade, and concessional loans.

Moody's points out that Cambodia's robust GDP growth in recent
years has been accompanied by rapid credit growth. Total bank
credit increased by 23.4% in 2015, slower than in the previous
three years, but still outpacing nominal GDP growth. About one
fifth of bank credit is absorbed by construction, real estate and
mortgages. The pace of increase in overall credit, and the risks
associated with speculative real estate activity in some markets,
point to probability of a boom-bust cycle - which would have
severe effects on the economy and banking system - despite the
central bank having implemented measures to curb growth in bank
loans.

The stable outlook on the sovereign's rating suggests that risks
are balanced.

Credit positive developments would include: 1) prudent fiscal
management that creates room to adapt to any future decline in
concessionary aid; 2) continued strong growth in foreign direct
investment; and 3) steps to address institutional and political
weaknesses.

Downward credit pressure would stem from: 1) a sustained and
structural slowdown in the garment and tourism industries; 2) a
crystallization of contingent liabilities related to the power
sector that could derail fiscal consolidation; 3) growth in credit
that points to rising risks of a boom-bust cycle; and 4) political
turmoil that undermines consumer and investor confidence.



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C H I N A
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CHINA ZHENGTONG: Moody's Cuts Corporate Family Rating to 'B1'
-------------------------------------------------------------
Moody's Investors Service has downgraded China ZhengTong Auto
Services Holdings Limited's corporate family rating to B1 from
Ba3.

The rating outlook is stable.

RATINGS RATIONALE

"The rating downgrade reflects our conclusion that ZhengTong's
automotive dealership business will show a weakened level of
credit metrics over the next 12-18 months," says Gerwin Ho, a
Moody's Vice President and Senior Analyst.

"The downgrade also reflects ZhengTong's need to raise more debt
to fund its developing automotive finance business that is yet to
achieve a standalone basis," adds Ho, who is the Lead Analyst for
ZhengTong.

Moody's further expects ZhengTong to face pricing pressure --
because of continued competition -- that will pressure its
profitability over the next 12-18 months.

Hence, any improvement to its credit metrics looks unlikely over
this time frame.

"We estimate that ZhengTong's automotive dealership business
showed an adjusted debt/EBITDA of around 4.4x and EBITDA/interest
of around 3.7x in the 12 months to 30 June 2016, worse than the
3.9x and 3.6x estimated for 2015," Moody's said.

Moody's expects that such credit metrics will likely persist over
the next 12-18 months and believes that they are more appropriate
for a B1 rating level.

ZhengTong's 95%-owned auto finance company, Shanghai Dongzheng
Automotive Finance Co., Ltd. (SDAFC, unrated), is in a start-up
phase. Therefore, It has higher levels of operating and financial
risk relative to its automotive dealership business.

As such, it is reliant on ZhengTong for management support and
access to funding. Its debt funding reached RMB2.5 billion at end-
June 2016, or 18% of reported debt, as well as trade and bills
payable, at that time.

Given SDAFC is not yet -- as indicated -- on a standalone basis,
Moody's has included its debt in assessing the debt leverage of
ZhengTong. Accordingly, the latter's adjusted consolidated
debt/EBITDA -- including the borrowings for financial services --
rose to about 5.3x in the 12 months to June 30, 2016 from 4.5x in
2015.

Moody's expects ZhengTong's adjusted consolidated debt/EBITDA to
rise further to 5.3x-5.5x over the next 12-18 months as the
company continues to expand its auto financing company. Such
levels of debt leverage are more comparable to B1-rated Chinese
private enterprises.

At the same time, ZhengTong's B1 corporate family rating reflects
the company's strong position in China's (Aa3 negative) fast-
growing luxury car dealership market, its large network, strong
geographic coverage, and the diversity of its brand offerings.

The rating is also supported by the company's continued focus on
luxury brands. This approach has led to solid growth in sales and
margins. Both sales and margins are stronger than those of low-end
and middle-market brands.

However, the rating is also constrained by the funding and
execution risks arising from its entry into the auto finance
business, the intense competition in the car dealership industry
in China, and the increasing -- but small -- contribution of its
after-sales services business.

ZhengTong's liquidity position is weak because of its high level
of short-term debt at 77% of reported total debt. This situation
is due to its business model of using short-term debt to fund its
fast inventory turnover of below 60 days.

In addition, it has used short-term debt to fund its auto finance
receivables.

At end-June 2016, it held restricted and unrestricted cash
totaling RMB2.7 billion versus reported short-term debt of RMB7.5
billion. As such, it has a high level of refinancing risk.

Nonetheless, Moody's expects the company to retain its ability to
roll over its debt with domestic banks, given its profitable
operations, strong market position, and inventory of globally
branded luxury cars.

The stable outlook reflects Moody's expectation that ZhengTong:
(a) will maintain its leading position and share in the luxury car
dealership market in China; (b) will maintain stable revenue
growth and debt leverage, while growing its auto finance business;
and (c) will not undertake any debt-funded acquisitions.

Upward pressure on the corporate family rating will be limited in
the near term, given rising debt leverage, resulting in turn from
the company's developing auto finance business. The latter is
subject to execution challenges and asset quality risk.

Nevertheless, the rating could be upgraded over the medium to long
term, if ZhengTong (1) lowers its debt leverage, such that
adjusted debt/EBITDA falls below 4.5x; and (2) demonstrates a
track record of developing a critical mass of good quality auto
finance loan receivables that can be securitized, thereby reducing
the level of debt funding.

On the other hand, downgrade pressure could emerge if ZhengTong:
(1) takes on further material debt-funded acquisitions; (2) faces
revenue and/or margin declines due to a fall in operating
efficiency, or deteriorating market conditions; (3) faces a
deterioration in the asset quality of its auto finance loan
receivables, and which leads to a capital call; or (4) shows a
further deterioration of its liquidity position due to a material
rise in short-term debt to fund its growing auto finance
receivables.

Credit metrics indicative of downgrade pressure include adjusted
debt/EBITDA above 5.5x on a sustained basis.

The principal methodology used in this rating was Retail Industry
published in October 2015.

China ZhengTong Auto Services Holdings Limited is a top auto
dealership group in China. The company focuses primarily on the
luxury and ultra-luxury car market. It operated 113 dealership
stores in China at end-June 2016 and listed on the Hong Kong Stock
Exchange in 2010.


GENERAL STEEL: CFR to Review Delisting Determination on Oct. 13
---------------------------------------------------------------
General Steel Holdings, Inc., received a letter on Aug. 2, 2016,
from the New York Stock Exchange Office of General Counsel acting
as counsel to the NYSE Regulations, Inc., Board of Directors'
Committee for Review stating that the Company's request for CFR to
review the determination by the Staff to delist the Company's
common stock had been received and in accordance with Section
804.00 of the NYSE Listed Company Manual, that review will take
place at the NYSE's offices in New York City on Oct. 13, 2016.

The Company submitted its written request on Aug. 1, 2016, in
support of the delisting determination review to CFR requesting an
opportunity to make an oral presentation at the review hearing.

On July 18, 2016, the Company received a letter from the NYSE
stating that the staff of the NYSE has determined to commence
proceedings to delist the Company's common stock. The Company's
common stock was suspended immediately from trading on the NYSE at
the close on July 18, 2016. The Company had previously been deemed
below compliance with the NYSE's continued listing standard
requiring listed companies to maintain either (i) at least
$50,000,000 in stockholders' equity, or (ii) at least $50,000,000
in total market capitalization on a 30 trading-day average basis.

In addition, the Staff stated in the Letter that Company is
delayed in its filing with the Securities and Exchange Commission
of its annual report on Form 10-K for the year ended Dec. 31,
2015, and its quarterly report on Form 10-Q for the period ended
March 31, 2016.

The Letter further stated that the Company has the right to a
review of this determination by the CFR, provided a written
request for such a review is filed with the Assistant Corporate
Secretary of the NYSE within ten business days after the receipt
of the Letter (Aug. 1, 2016).

On July 28, 2016, the Company issued a press release announcing
that it intends to avail itself of its right of review and appeal
the NYSE's decision to commence proceedings to delist its common
stock.

                  About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe. General Steel --
http://www.gshi-steel.com/-- has operations in China's Shaanxi
and Guangdong provinces, Inner Mongolia Autonomous Region and
Tianjin municipality with seven million metric tons of crude steel
production capacity under management.

General Steel reported a net loss of $78.3 million on $1.9 billion
of sales for the year ended Dec. 31, 2014, compared with a net
loss of $42.6 million on $2 billion of sales for the year ended
Dec. 31, 2013.

As of Sept. 30, 2015, General Steel had $1.12 billion in total
assets, $2.82 billion in total liabilities and a $1.69 billion
total deficiency.

Friedman LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014, citing that the Company has an accumulated deficit,
has incurred a gross loss from operations, and has a working
capital deficiency at Dec. 31, 2014. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


GENERAL STEEL: Enters Into Debt-for-Equity Swap Agreements
----------------------------------------------------------
General Steel Holdings, Inc., together with certain of its
subsidiaries entered into debt cancellation agreements with each
of Oriental Ace Limited, an unrelated party, and General Steel
(China) Co., Ltd, a related party. The Debt Cancellation
Agreements allow for a debt-for-equity swap with each of Oriental
Ace and GS China.

Pursuant to the Debt Cancellation Agreement with GS China, the
Company has agreed to exchange RMB144,287,664 (equivalent to
USD$21,632,333.44) of outstanding debt owed by its subsidiary,
Tongyong Shengyuan (Tianjin) Technology Development Co., Ltd., and
payable to GS China, for 100,000 shares of Common Stock of the
Company and 19,565,757 shares of a new series of convertible
preferred stock. The convertible preferred stock will be
designated as Series B Preferred Stock, following the
effectiveness of stockholder approval regarding the designation of
such series under the Nevada Revised Statutes and the filing of a
Certificate of Designation relating thereto with the Secretary of
State of Nevada.

Pursuant to the Debt Cancellation Agreement with Oriental Ace, the
Company has agreed to exchange USD$3,600,000 of outstanding debt
owed by its subsidiary, General Steel Investment Co., Ltd., and
payable to Oriental Ace, for 3,272,727 shares of Common Stock of
the Company.

                   About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe. General Steel --
http://www.gshi-steel.com/-- has operations in China's Shaanxi
and Guangdong provinces, Inner Mongolia Autonomous Region and
Tianjin municipality with seven million metric tons of crude steel
production capacity under management.

General Steel reported a net loss of $78.3 million on $1.9 billion
of sales for the year ended Dec. 31, 2014, compared with a net
loss of $42.6 million on $2 billion of sales for the year ended
Dec. 31, 2013.

As of Sept. 30, 2015, General Steel had $1.12 billion in total
assets, $2.82 billion in total liabilities and a $1.69 billion
total deficiency.

Friedman LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014, citing that the Company has an accumulated deficit,
has incurred a gross loss from operations, and has a working
capital deficiency at Dec. 31, 2014. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


GOLDEN EAGLE: 6-Mo. Results in Line With Moody's B1 CFR
-------------------------------------------------------
Moody's Investors Service said Golden Eagle Retail Group Ltd's
results for the six months ended June 30, 2016 are in line with
its B1 corporate family and B2 senior unsecured ratings.

The ratings outlook remains negative.

"Golden Eagle's retail business remained under pressure in 1H
2016, although the 5% year-on-year decline in concessionaire
revenue was partly offset by a 4% increase in direct sales," says
Gloria Tsuen, a Moody's Vice President and Senior Analyst.

"Margins also rose slightly, helped by improvements in the
company's merchandise and service offerings," adds Mr. Tsuen.

Golden Eagle's gross sales proceeds declined by 4.6% year-on-year
in 1H 2016, but total revenue rose 5.6% year-to-year to RMB2.2
billion due to increases in revenue from direct sales, rental
income, sales of properties, management fees, and hotel
operations.

At the same time, combined gross profit margin from
concessionaires and direct sales improved by 0.5 percentage point
year-on-year to 17.6% in 1H 2016, driving up adjusted EBITDA by an
estimated 6% year-on-year.

Moody's expects Golden Eagle's revenue and adjusted EBITDA to be
largely stable in 2016.

The company's adjusted debt/EBITDA fell slightly to 4.6x for the
12 months ended June 30, 2016, from 4.7x at end-2015. Its adjusted
retained cash flow/net debt, which Moody's estimates at around 20%
for the 12 months ended June 30, 2016, was also similar to the 18%
in 2015. Such credit metrics are largely in line with Moody's
expectations and consistent with the company's B1 corporate family
rating.

The company's liquidity position improved in 1H 2016, after it
received consent waivers in June on its covenant breaches and, as
a result, reclassified its RMB5 billion syndicated bank loan to
long-term from short-term debt.

Golden Eagle had RMB3.7 billion in cash and deposits at end-June
2016, more than enough to cover its RMB452 million short-term
debt.

Moody's notes, however, that without a meaningful improvement in
its retail operations or financial position, refinancing risks
will surface again when the company seeks to repay the syndicated
loan due in April 2018.

The negative ratings outlook continues to reflect Golden Eagle's
business and liquidity risks against the backdrop of a weak
economy and intense competition in China's retail sector.

The principal methodology used in these ratings was Retail
Industry published in October 2015.

Golden Eagle Retail Group Ltd is one of the largest department
store operators in China. Based in Nanjing, the company is
strategically positioned in second- and third-tier cities,
catering to mid- to high-end customers. As of June 30, 2016, it
operated 29 stores, including 10 lifestyle centers, in the regions
of Jiangsu, Anhui, Shaanxi, Yunnan and Shanghai.


* CHINA: Banks Braced Over Industrial Restructuring
---------------------------------------------------
Don Weinland at The Financial Times reports that China's banks are
set to be the biggest losers in the sweeping bailouts of the
country's steel and coal industries.

The FT relates that local governments hoping to save their steel
mills and coal miners have announced a series of restructuring
plans, enlisting the banks to take the hit by improving the terms
of the loans or swapping them for bonds or equity in the
struggling groups.

According to the report, the reliance on the banking system to
shoulder the burden comes at an inopportune moment, with China's
banks already mired in bad debt -- about CNY15 trillion ($2.25
trillion), or 19% of total commercial lending by some accounts.

Profit growth at the banks has also fallen over the past two years
and could deteriorate further as many of the country's largest
industrial players renege on loans for better state-brokered
deals, the FT says.

"With the finances of local governments being weak, the China
Banking Regulatory Commission has been ordering Chinese banks to
'rescue' these companies, and we believe that banks are likely to
suffer from the government's plans," the FT quotes Chua Han Teng,
a senior analyst at Fitch Group's BMI Research, as saying. "Not
only do banks have to restructure the debt at the discretion of
the government, these banks also purchase the bonds issued by
these poor performing companies."

China's State Council outlined in February that it would cut
500 million tonnes of annual coal output over the next three to
five years and 100 million to 150 million tonnes of steel output
over the next five years, the FT recalls.

Progress, however, has been stunted. Two of the country's top
industry regulators said recently that steel mills had hit just
47% of the cutback target for the year by the end of July, while
coal miners had achieved only 38%, according to the FT.

The cutbacks to production have led to a series of government-
brokered bailouts, the FT states.

In the biggest restructuring deal to surface since the global
financial crisis, Bohai Steel is reported to be in talks with
local government on restructuring $29 billion in bank and trust
loans, the FT reports. The municipal government of Tianjin will
establish a fund to help work out the debt to 105 creditors, the
FT reports citing Caixin, the financial magazine.

"I suspect there will be a haircut on the debt and also a debt-
for-equity swap," the FT quotes Christopher Lee, an analyst at S&P
Global, as saying on the Bohai restructuring plan, although he
noted that few details were yet available. "There's no way for the
banks to not take a hit here. There's no going back to the good
old days when growth was 8-10%."

The contentious debt-for-equity programme announced earlier this
year, in which banks will be asked to swap debt in exchange for
equity in ailing companies, would help the banks remove bad debt
from their loan books in the near term, Mr. Lee, as cited by the
FT, noted.  But the plan would only prolong the recognition of
toxic assets and eventually surface at banks when the companies in
which they hold equity began to falter, he said.

The FT says Bohai Steel was just one example of how a local
government was calling on its lenders to avoid the collapse of a
state-owned industrial group. Earlier this month, the government
of Shanxi, China's most coal-dependent province, said it planned
to extend the maturity on as much as CNY400 billion in loans to
the region's seven biggest coal groups, the FT recalls.

Distress in the coal sector in Shanxi was set to take a heavy toll
on the province's economy, the report states.

At the end of last year, Shanxi's seven largest coal groups had
CNY1.18 trillion in debt, almost matching the province's
CNY1.28 trillion gross domestic product in 2015, the FT reports
citing analysts at Everbright Securities.

Baosteel Group and Wuhan Iron & Steel Group, China second and
sixth largest steelmakers, announced in June that they were
partnering on a restructuring plan, the FT discloses. The
following month, three big coal groups including the world's
largest coal producer, Shenhua Group, set up a joint coal asset
management company to help consolidate state-owned coal resources,
the FT notes.



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


ADITYA SALES: CRISIL Reaffirms B- Rating on INR90MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Aditya Sales
continues to reflect AS's moderate scale of operations, and below-
average financial risk profile because of high gearing and below
average debt protection metrics. The rating also factors in AS's
susceptibility to risks arising from cyclicality in the automobile
industry. These rating weaknesses are partially offset by AS's
partners experience and long standing relationship with a reputed
auto manufacturer in the two-wheeler passenger segment.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             30       CRISIL B-/Stable (Reaffirmed)
   Term Loan               90       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AS will remain exposed to the risk of
business stabilization due to its initial stage of operations. The
outlook may be revised to 'Positive' if AS reports better-than-
expected revenue and operating profitability, while efficiently
maintaining its working capital management, thus improving its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if AS reports low revenues, resulting in insufficient
accruals, thus pressurizing its financial flexibility.

AS, a partnership firm incorporated by Mr. Shailendra Agarwal and
Ms. Abhilasha Agarwal, is an auto-dealer for Honda's two-wheeler
passenger segment in Lucknow (Uttar Pradesh).

AS reported book profit of INR2.0 million on net sales of INR262.7
million in FY2015-16 against book profit of INR1.1 million on net
sales of INR145.9 million in FY2014-15.


AKASH FASHION: CRISIL Suspends B+ Rating on INR107.5MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Akash
Fashion Prints Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             60       CRISIL B+/Stable
   Channel Financing       20       CRISIL B+/Stable
   Term Loan              107.5     CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
AFPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AFPPL is yet to
provide adequate information to enable CRISIL to assess AFPPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information.

Incorporated in 1993, AFPPL carries out the job work of bulk
dyeing and printing grey fabrics, which includes shirts, salwar
kameez, and night wear. The company is based in Ahmedabad
(Gujarat) and is managed by Mr. Devendra Sharma and his family
members.


ANJANEYA BREEDING: CARE Assigns B+ Rating to INR8.67CR LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Anjaneya
Breeding Farm And Hatcheries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.67      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Anjaneya Breeding
Farm and Hatcheries (ABF) is constrained by the small scale of
operations, leveraged capital structure along with working capital
intensive nature of operations and inherent risk in the poultry
business in terms of disease outbreaks and susceptibility of
margins to volatility in realization rates.

The rating, however, derive strength from the experience of the
proprietor, partially integrated operations along with contract
farming and healthy profitability margins with comfortable debt
coverage indicators.

Going forward, ability of the firm to improve its scale of
operations with efficient management of working capital
requirements will be the key rating sensitivities.

Belgaum-based, (Karnataka), ABF was established by Mr. Sadashiv V
Deshinge as a proprietorship firm in the year 2004. The firm is a
partially integrated unit engaged in poultry farming along with
manufacturing of animal and poultry feed, sale of one day old
chicks, broilers and rearing of parent birds.

The processing unit of the firm includes 4 chicks/birds rearing
farms with total installed capacity of 40,000 chicks/birds per
farm. Moreover, the firm has a total of 30 incubators with a total
installed capacity of 1600 eggs per incubator to hatch the eggs
into chicks. The firm also converts chicks into broilers (average
conversion time of 42-45 days) and sell the same to the end users
like slaughter houses, hotels and bulk dealers. Moreover, the raw
material used for manufacturing feeds is maize, soya and sunflower
oil which are procured from domestic suppliers. On the other hand,
ABF sells its products to whole-sale dealers located in and around
Karnataka state.

In FY15 (refers to the period of April 1 to March 31), the firm
reported a total operating income of INR10.99 crore and a profit
after tax of INR0.75 crore (as against a total operating income of
INR11.92 crore and a profit after tax of INR0.74 crore in FY14).
Furthermore, during FY16 (Provisional), ABF reported a total
operating income of INR11.96 crore and a profit after tax of
INR3.65 crore.


ATLANTIS BUILDERS: CRISIL Assigns 'B' Rating to INR200MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Atlantis Builders India Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Working Capital
   Demand Loan              200      CRISIL B/Stable

The rating reflects risks relating to implementation of ongoing
projects, geographical concentration in operations, and intense
competition, and to risks inherent in the Indian real estate
industry. These rating weaknesses are partially offset by the
promoter's extensive experience in the residential real estate
segment, and moderate bookings on ongoing projects.
Outlook: Stable

CRISIL believes ABIPL will continue to benefit over the medium
term from the promoter's experience, and from moderate bookings
for ongoing projects. The outlook may be revised to 'Positive' if
the projects are completed without significant cost or time
overruns, and generate more-than-expected sales and cash flow.
Conversely, the outlook may be revised to 'Negative' if delays in
execution of projects, or in receipt of advances from customers
lead to low cash flows, or substantial investments in new projects
impact servicing of current project loans.

ABIPL is a Bengaluru based real estate company started in 2012 by
Mr. Venkataswamy Raju and his family. It develops residential
apartments in Bengaluru.


AVC MOTORS: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of
AVC Motors - Muktsar continues to reflect the firm's average scale
of, and geographic concentration in, operations, and dependence on
principal, Mahindra and Mahindra Ltd (M&M; rated 'CRISIL
AAA/Stable/CRISIL A1+') for entire revenue. The rating also
factors in average financial risk profile, marked by moderate
total outside liabilities to tangible networth ratio, and modest
debt protection metrics. These rating weaknesses are partially
offset by benefits derived from association with M&M, status as
exclusive dealer for M&M's vehicles in Muktsar (Punjab), and from
the partners' extensive experience.

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

   Proposed Long Term
   Bank Loan Facility       7.4     CRISIL B/Stable (Reaffirmed)

   Term Loan               42.6     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AVC will continue to benefit over the medium
term from its association with M&M and the partners' extensive
experience. The outlook may be revised to 'Positive' if sizeable
cash accrual and stable capital structure considerably strengthen
financial risk profile. Conversely, the outlook may be revised to
'Negative' if low cash accrual, or any large capital expenditure
weakens the financial metrics.

AVC is a partnership firm, wherein Mr. Om Prakash Makkar and Mr.
Rajesh Makkar are the partners. It is the exclusive authorised
dealer for M&M's passenger and utility vehicles in Muktsar
(Punjab). AVC commenced operations in April 2014.


B. SAMYAKK: CARE Assigns 'B+' Rating to INR10cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of B. Samyakk
Agri Cottons.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       10       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of B. Samyakk Agri
Cottons is constrained by the short track record of operations
along with proprietorship nature of constitution, working capital
intensive nature of business operations and presence in a
fragmented and cyclical cotton ginning industry. The rating is
further constrained on account of low profitability margins,
leveraged capital structure and weak debt coverage indicators.

The rating, however, derives strength from the experience of the
proprietor and stabilization of operations leading to healthy
total operating income in 5MFY16 (refers to the period of
November 1 to March 31).

Going forward, the firm's ability to improve its scale of
operations, managing volatility associated with the cotton prices
along with efficient management of working capital requirements
will be the key rating sensitivities.

Raichur-based BSA was established on May 06, 2015, and started
commercial operations from October 21, 2015. The firm was
established as a proprietorship firm by Mr. Veerendar Kumar Jain
who is managing the overall business operations of BSA. The firm
is engaged in the cotton ginning and pressing activity with a
total installed capacity of 380 quintals per day for cotton bales
and 700 quintals for cotton seeds per day as on March 31, 2016.
The sole manufacturing facility of the firm is located at Raichur,
Karnataka.

In 5MFY16, the firm reported a total operating income of INR23.23
crore and a profit after tax of INR0.49 crore.


BASUDHA UDYOG: CRISIL Lowers Rating on INR600MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Basudha Udyog Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             150       CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Letter of Credit        600       CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Term Loan               340        CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

The downgrade reflects the company's delays in meeting its term
debt obligations because of weak liquidity driven by delays in
payments by customers. The liquidity is expected to remain
stretched on account of high debt obligation and moderate cash
accrual over the medium term.

BUPL has large working capital requirement, and is susceptible to
volatility in coal prices and foreign exchange rates. However, the
company benefits from its promoter's extensive experience in the
coke industry.

BUPL, incorporated in 1992, manufactures low ash metallurgical
(LAM) coke and operates a power plant near Chennai. Its operations
are managed by promoter-director Mr. Sanjay Kumar Poddar.


BLUE WORLD: CRISIL Assigns 'B' Rating to INR200MM LT Loan
---------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Blue World Corporation Private Limited (BWCPL) and
assigned its 'CRISIL B/Stable' rating to the company's facilities.
CRISIL had suspended the rating vide its Rating Rationale dated
October 29, 2015, since BWCPL had not provided necessary
information required for a rating review. BWCPL has now shared the
requisite information, enabling CRISIL to assign its rating to the
bank facilities.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Long Term Bank          200      CRISIL B/Stable (Assigned;
   Facility                         Suspension Revoked)

   Proposed Long Term       50      CRISIL B/Stable (Assigned;
   Bank Loan Facility               Suspension Revoked)

The rating reflects high demand risk with limited track record of
operations and average financial risk profile marked by high
gearing. These rating weaknesses are partially offset by the
benefits the company receives from its promoters.
Outlook: Stable

CRISIL believes BWCPL will benefit over the medium term from its
promoters extensive experience and funding support from them .The
outlook may be revised to positive, in case the company
significantly improves its scale of operation resulting in higher-
than-expected cash accruals and consequent improvement in its
credit profile. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected accruals or larger than
expected debt-funded capital expenditure (capex) leading to
pressure on company's liquidity in meeting its term debt
obligations.

Incorporated in 2010, BWCPL is owned and managed by Mr. P K
Mishra. It has developed an amusement-cum-water park in Kanpur
(Uttar Pradesh) at a total cost around INR880 million. While the
amusement park was expected to be operational by March 2015, the
same got delayed and was inaugurated in September, 2015.


CHITTARANJAN MULTIPURPOSE: CRISIL Rates INR85MM Term Loan at B
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Chittaranjan Multipurpose Heemghar Private
Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               85        CRISIL B/Stable

The rating reflects the company's exposure to risks relating to
timely implementation of the project and stabilization of
operations. The rating also factors in its susceptibility to
regulatory changes, and exposure to intense competition in the
fragmented cold storage industry in West Bengal. These weaknesses
are partially offset by the extensive experience of CMHPL's
promoters in the cold storage business.
Outlook: Stable

CRISIL believes CMHPL will continue to benefit from the extensive
industry experience of its promoters in the cold storage business.
The outlook may be revised to 'Positive' if the company begins
operations on time and achieves more-than-expected revenue and
profitability, with efficient management of farmer financing. The
outlook may be revised to 'Negative' in case of time and cost
overrun in the project, constrained liquidity because of delay in
repayment of loan by farmers, lower-than-expected cash accrual, or
any debt-funded capital expenditure.

CMHPL, incorporated in 2015, is promoted by Mr. Karthik Ghosh and
his wife Ms. Jhulan Ghosh. It is setting up a cold storage unit
for potatoes with capacity of 270,000 quintals in Paschim
Medinipur, West Bengal. The unit is expected to commence
commercial operation from January, 2017.


CRISTOPIA ENERGY: CRISIL Reaffirms B+ Rating on INR80MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Cristopia Energy
Systems (India) Pvt Ltd continue to reflect a modest scale of
operations, exposure to risks related to its tender-driven
business, weak debt protection metrics, and working capital-
intensive operations. These rating weaknesses are partially offset
by the extensive industry experience of the company's promoters in
the industrial machinery and consumables industry, a moderate
order book, and a comfortable capital structure.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          15       CRISIL A4 (Reaffirmed)
   Cash Credit             80       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes CESIPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of higher-than-
anticipated cash generation and a controlled working capital
cycle, leading to improvement in liquidity. The outlook may be
revised to 'Negative' in case of a further stretch in the working
capital cycle or large, debt-funded capital expenditure, leading
to deterioration in the financial risk profile, particularly
liquidity.

Incorporated in 1993, CESIPL is a joint venture between the Kehems
group, India, and CIATS SA, France. The company manufactures
chillers (used for air-conditioners) and thermal energy storage
systems.


HAMON SHRIRAM: CARE Lowers Rating on INR116cr Loan to 'C'
---------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Hamon
Shriram Cottrell Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank                41.01      CARE C Revised from
   Facilities (Fund-based)                  CARE BB+

   Long-term Bank Facilities      5.19      CARE D Revised from
   (Fund-based Term Loan)                   CARE BB+

   Long-term/Short-term         116.00      CARE C Revised from
   Bank Facilities (Non-                    CARE BB+/CARE A4+
   fund-based)

   Short-term Bank Facilities    20.00      CARE A4 Revised from
   (Fund-based)                             CARE A4+

   Issuer Rating                   -        CARE C (Is) Revised
                                            From CARE BB+ (Is)

Rating Rationale

The revision in the ratings of Hamon Shriram Cottrell Private
Limited (HSC) factors in delay in servicing of term loan by the
company and further deterioration in liquidity profile on account
of cash losses and elongated working capital cycle resulting from
stretched receivables period.

HSC is engaged in the design, manufacture, construction, and
commissioning of different types of cooling towers. HSC was
incorporated in 2007 as an equal sharing joint venture between
Hamon Group, Belgium and Shriram EPC Limited [rated 'CARE BB/CARE
A4']. In June 2013, on account of internal restructuring of the
Shriram Group (flagship entity Shriram Transport Finance Company
Limited (rated, 'CARE AA+'); the shareholding of SECP in HSC was
transferred to SVL Limited (erstwhile Shriram Industrial Holding
Limited). SVL is a holding company for various non-financial
services entities of the Shriram Group.

Of the Hamon Group shareholding, Hamon Netherland BV directly
holds 21.60% equity and the balance 28.40% is held indirectly
through Hamon India Thermal Engineers & Contractors PrivateLimited
(subsidiary of HNBV) as on March 31, 2015. Hamon Group is present
in India since 1970 through its technical licensee arrangement
with Gammon India Limited.

During FY15 (refers to the period April 1 to March 31), HSC
reported a net loss of INR33.56 crore on a total operating income
of INR104.13 crore vis-a-vis net loss of INR25.02 crore and total
operating income of INR129.46 crore in FY14. Also, in 9MFY16
(unaudited), HSC reported net loss of INR18.31 crore on a total
operating income of INR50.65 crore.


JJ PV SOLAR: CRISIL Reaffirms B+ Rating on INR95MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of JJ PV Solar
Private Limited continue to reflect the company's below average
financial risk profile, marked by modest networth and high
gearing, and its large working capital requirements. The ratings
also factor in the company's modest scale of operations in the
competitive solar photovoltaic (PV) panel manufacturing industry.
These rating weaknesses are partially offset by the benefits that
JPSPL derives from its promoter's extensive technical experience
along with their continuous funding support.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              95      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JJPV will continue to benefit over the medium
term from the extensive technical experience of its promoters. The
outlook may be revised to 'Positive' if the company improves its
financial risk profile, including its liquidity, on the back of it
generating larger than expected accruals, driven most likely by a
significant increase in its revenues, or due to a substantial and
sustained improvement in working capital management. Conversely,
the outlook may be revised to 'Negative' if JJJPV's financial risk
profile, including its liquidity, weakens most likely because of a
larger-than-expected debt-funded capex programme, or a stretch in
working capital cycle, or a decline in revenue and profitability
leading to low accruals.

Update
For the year 2015-16 (refers to April 1st to march 31st), the
company's turnover is estimated to lower-than-expected at INR407
million however it grew by 13 per cent year on year (y-o-y). With
first quarterly sales of current year of 2016-17 are around INR150
million, the sales growth is expected to grow at pace of around 15
per cent over the medium term. The company's op profitability at
operating level is estimated to around 7.6 per cent. The operating
margins deteriorated since 2013-14 due to deterioration in the
gross margins on account of pressure on average realization,
however with improving order-flow and operating efficiency, CRISIL
expects the operating margins to be stable at around 7.5 to 8 per
cent over the medium term. Over the medium term, CRISIL expects
group's op cycle to remain in the range of 125 to 130 days and the
working capital requirements to rise with scale of operations.
Over the medium term, the financial risk profile is expected to be
constrained by its high leverage, below average debt protection
metrics.

Incorporated in 2011, JJPV manufactures solar PV panels. The
company's product portfolio comprises of solar crystalline modules
(panels), solar power plant (wherein the company offers end-to end
services ranging from concept to commissioning of rooftop solar
power plants), solar lighting systems, and solar water pumping
systems The company has its manufacturing facility in Rajkot
(Gujarat). JPSPL is promoted by Mr. Dhamjibhai Patel, Mr.
Prashantbhai Patel, Mr. Rajendra Rawal and Mr. Pushkarbhai Rawal.

JJPV reported a profit after tax of INR5.4 million on net sales of
INR407 million in 2015-16 (refers to financial year from
April 1 to March 31 as against a net profit of INR1 million on net
sales of INR360 million in 2014-15.


KAPCO ELECTRIC: CARE Assigns B+ Rating to INR7.17cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Kapco Electric Private Limited.


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

   Long-term/Short-term Bank      7.83      CARE B+/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to Kapco Electric Pvt Ltd are primarily
constrained by small scale of operations, weak financial risk
profile marked by low profitability margins, leveraged capital
structure, weak coverage indicators and working capital intensive
nature of operations. The ratings are further constrained by low
order book position coupled with presence in the highly
competitive industry.

The ratings, however, draw comfort from experienced promoters,
long track record of operations and growing scale of operations.

Going forward, the ability of the company to increase its scale of
operations while improving its profitability margins and capital
structure, managing its working capital requirements shall be the
key rating sensitivities.

Delhi-based Kapco Electric Private limited, a private limited
company was incorporated in 1983 by Mr. Sharad Damondar Kulkarni
and Mrs Shashi Kulkarni. Currently the management comprises of Mr.
Shantanu Kulkarni, Mr. Sharad Damodar Kulkarni and Mrs Shashi
Kulkarni.

KAP is engaged in manufacturing of power & distribution
transformers. It manufactures transformers ranging from 6.6
KVA to 132 KVA. The main raw materials for manufacturing
transformer are lamination core, insulators, bushing and
copper wire etc. The company procures raw materials mainly from
manufactures and traders located in NCR region.

These transformers are mainly supplied to state electricity boards
and customers like Larsen and Turbo ltd, Genus Power
Infrastructure Pvt Ltd etc.

In FY16 (based on provisional results; refers to the period
April 1 to March 31), KAP has achieved a total operating income
(TOI) of INR15.39 crore with PBILDT and PAT of INR1.65 crore and
INR0.06 crore as against total operating income (TOI) of
INR11.43 crore and PAT of INR0.05 crore in FY15.


PRATIBHA INDUSTRIES: CARE Suspends 'B' Long Term Bank Loan Rating
-----------------------------------------------------------------
CARE revises and suspends the ratings assigned to the bank
facilities of Pratibha Industries Limited.

                               Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Long-term Bank Facilities     -        CARE B (Revised from
                                          CARE BBB and suspended)

   Short-term Bank Facilities    -        CARE A4 (Revised from
                                          CARE A3 and suspended)

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Pratibha Industries Limited takes into account the apparent
deterioration in the financial/liquidity profile of the company,
as observed by CARE, from the published FY16 (refers to the period
April 1, 2015 to March 31, 2016) financial results, characterized
by increase in trade payables at the end of FY16 along-with
inordinate increase in the inventory level as on
March 31, 2016 owing to slowing moving projects.

Furthermore, the expected measures to be undertaken by the company
to improve the capital structure and liquidity stress in terms of
infusion of equity/monetization of non-core assets do not seem to
have materialized during the year. As such, the leverage position
of the company has continued to remain elevated in FY16, contrary
to our expectation.

CARE had sought operational and financial details from the company
post April 2016. However, despite regular follow ups,
the required details and clarifications on issues like: (i)
movement in the on-going projects and order book position of
the company, especially status on slow-moving projects; (ii)
details of outstanding receivables and inventory levels and (iii)
servicing of debt, were not furnished to CARE. In the absence of
the aforementioned information required by CARE for monitoring of
the ratings, CARE is unable to assess and provide analytical
opinion on factual position of the company and consequent impact
on the credit profile. Consequently, CARE has suspended, with
immediate effect, the ratings assigned to the bank facilities of
PIL.

Pratibha Industries Limited was established in 1982 as a
partnership firm by Mr. Ajit B. Kulkarni and his associates.
The company is involved in the design, engineering, and
execution/construction of various projects comprising complex
and integrated water transmission and distribution projects, water
treatment plants, elevated and underground reservoirs, mass
housing projects, commercial complexes, pre-cast design and
construction, passenger water transportation, multilevel car
parking, airports, railway stations and retail infrastructure.

As per the abridged financials, total consolidated operating
income of the company increased by 38% on a Y-o-Y basis in
FY16 to INR4,385 crore. However, due to more than proportionate
rise in raw materials cost during the year, the PBILDT margin
declined on YoY basis to 11.10% during FY16 from 14.39% in FY15.
Furthermore, higher interest outgo and tax expenses resulted in
PAT margins declining to 0.69% in FY16 from 1.39% in FY15.

As on March 31, 2016 total inventory (including unbilled work In
progress) increased to INR 3,360 crore (77% of consolidated FY16
net sales) from INR2,375 crore as on March 31, 2015, which led to
a steep incline in trade payables to INR2,353 crore as on
March 31, 2016 from INR1,488 crore as on March 31, 2015,
indicating liquidity pressure.


PURVANCHAL AGRICO: CRISIL Assigns 'B' Rating to INR25MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Purvanchal Agrico Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      20        CRISIL B/Stable
   Cash Credit             25        CRISIL B/Stable
   Long Term Loan          25        CRISIL B/Stable

The rating reflects a modest scale of operations and large working
capital requirement in the highly competitive cold storage
industry, and an average financial risk profile. These rating
weaknesses are partially offset by the extensive industry
experience of the company's promoters.

Outlook: Stable

CRISIL believes PAPL 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 significant and
sustainable increase in scale of operations along with improvement
in working capital management and sustenance of operating margin,
leading to higher-than-expected cash accrual and an improved
capital structure. The outlook may be revised to 'Negative' in
case of lower-than-expected cash accrual or any debt-funded
capital expenditure, resulting in weakening of the capital
structure, or an increase in working capital requirement, leading
to a further stretch in liquidity.

PAPL was incorporated in 2008, promoted by Mr. Om Prakash Rai and
Mr. Surya Pratap Shahi; it is based in Ghazipur, Uttar Pradesh.
The company provides cold storage and warehouse services to
farmers, merchants, and traders in a nearby mandi (market) for
potatoes, cauliflower, peas, carrots, and other farm products.


RA POWERGEN: CRISIL Suspends 'B' Rating on INR120MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
RA Powergen Engineers Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            120        CRISIL B/Stable
   Letter of Credit       100        CRISIL A4

The suspension of ratings is on account of non-cooperation by
RAPEPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RAPEPL is yet to
provide adequate information to enable CRISIL to assess RAPEPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information.

RAPEPL was originally set up as proprietorship firm, Powergen
Engineers (PE) in 1998; this firm was reconstituted as a private
limited company with the current name in 2005. Until 2003, PE
traded in DG sets; thereafter, it began manufacturing DG sets, and
became an authorised original equipment assembler for ALL.


RADHE RENEWABLE: CRISIL Suspends 'B' Rating on INR130MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Radhe
Renewable Energy Development Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         10         CRISIL A4

   Cash Credit           130         CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility     10         CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
RREDPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RREDPL is yet to
provide adequate information to enable CRISIL to assess RREDPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information.

RREDPL, promoted by Dr. Shailesh Makadia, was originally set up in
the early 1990s as a proprietorship firm. The firm was
reconstituted as a partnership firm in 1998, and later as a
private limited company in 2004. RREDPL primarily manufactures
biomass- and coal-based gasifiers, apart from electrostatic
precipitators and hot-air generators. The company from 2013-14 has
also started manufacturing waste tyre recycling plant.


RUSHIPRABHA ENGINEERS: CRISIL Rates INR70MM Term Loan at B-
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Rushiprabha Engineers Private Limited.

                              Amount
   Facilities               (INR Mln)    Ratings
   ----------               ---------    -------
   Proposed Rupee Term Loan      70      CRISIL B-/Stable

The rating reflects the company's modest scale of operations,
large working capital requirement, and below-average financial
risk profile because of small net-worth and high gearing and its
ongoing debt-funded capital expenditure. These weaknesses are
partially offset by its promoters' extensive experience in the
fastener industry and its reputed clientele.

Outlook: Stable

CRISIL believes REPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the company's revenue and profitability increase
significantly, leading to large cash accrual and healthy financial
risk profile. The outlook may be revised to 'Negative' if the
financial risk profile and liquidity deteriorate because of
larger-than-expected working capital requirement or less-than-
expected ramp-up in operations after its ongoing expansion, or
additional debt-funded capex.

REPL, based in Pune, Maharashtra, was set up by Mr. Pratap Karve
in 1985 as a proprietary firm, and was reconstituted as a private
limited company in 2007. It manufactures industrial fasteners, and
nuts and bolts for use in industries such as infrastructure,
cement, chemicals, and heavy engineering.


SAI LEKSHMI: CRISIL Reaffirms 'B' Rating on INR5MM Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Sai
Lekshmi Foods. The ratings continue reflect SLF's large working
capital requirements and below-average financial risk profile
marked by high total outside liabilities to tangible net worth
ratio. These rating weaknesses are partially offset by the
extensive experience of SLF's promoter in the cashew industry.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               5       CRISIL B/Stable (Reaffirmed)
   Foreign Bill Purchase    10       CRISIL A4 (Reaffirmed)
   Packing Credit           50       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that SLF will benefit over the medium term from
its promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the firm records considerable increase in
revenue and profitability, leading to substantial cash accruals
and improved financial risk profile. Conversely, the outlook may
be revised to 'Negative' if SLF reports low revenue or
profitability, or if its working capital management weakens,
resulting in stretched liquidity, or if it undertakes a large
debt-funded capital expenditure programme, weakening its financial
risk profile.

Set up as a proprietorship firm in 1996, SLF processes raw cashew
nuts and sells cashew kernels. SLF operates seven facilities in
Kollam (Kerala) with combined processing capacity of around 10
tonnes per day. Its operations are managed by proprietor Mr. N
Krishnan Kutty.


SAROJINI FERRO: CRISIL Suspends B- Rating on INR150MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sarojini Ferro Alloys Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL B-/Stable
   Long Term Loan         150        CRISIL B-/Stable
   Working Capital
   Term Loan               10        CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
SFAPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SFAPL is yet to
provide adequate information to enable CRISIL to assess SFAPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information.

Set up in 2009, SFAPL manufactures ferroalloys. The company is
promoted by Mr. P Rajan Babu, Mr. P Ashok, and their family.


SAURAVA TOWERS: CRISIL Assigns B- Rating to INR100MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating on the long-term
bank facility of Saurava Towers Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Term Loan       100      CRISIL B-/Stable

The rating reflects modest scale of operations in the intensely
competitive mobile tower erection business. The rating also
factors in below-average financial risk profile, with modest
networth and weak debt protection metrics. These rating weakness
are partially offset by the extensive experience of the promoters
in the industry.

Outlook: Stable

CRISIL believes STPL will continue to benefit over the medium term
from the extensive experience of the promoters. The outlook may be
revised to 'Positive' if considerable ramp-up in scale of
operations and stable profitability strengthen financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
decline in cash accrual, stretch in working capital cycle, or any
large capital expenditure weakens the financial metrics.

STPL was incorporated in 2008 by Mr. Runeeth Reddy. The company
began commercial operations from 2010. It builds mobile network
towers for lease to telecom operators.


SHANTI AGRO: CARE Reaffirms B+ Rating on INR29.42cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Shanti Agro
Foods Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     29.42      CARE B+ Suspension
                                            revoked and rating
                                            reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Shanti Agro Foods
Private Limited continue to be constrained by its small scale of
operations with low net worth base, working capital intensive
nature of operations and weak financial risk profile
characterized by low profitability margins, leveraged capital
structure and weak debt coverage indicators. The rating is
further constrained by susceptibility of margins to fluctuations
in raw material prices and SAF's presence in a highly fragmented
industry characterized by intense competition. These rating
constraints are partially offset by the longstanding experience of
the promoters in the agro processing industry and favorable
processing location.

Going forward, the ability of SAF to profitably scale up its
operations while improving its overall solvency position and
managing its working capital requirements efficiently would be the
key rating sensitivities.

Shanti Agro Food Private Limited was established as a
proprietorship firm in November, 2008 by Mr. Sahil Verma under the
name of M/S Shanti Foods. In 2013, the business operations were
taken-over by Shanti Agro Food Private Limited with Mr. Sahil
Verma and Mr. Bishambar Lal as its directors. The company is
engaged in processing of paddy at its manufacturing facility
located at Karnal, Haryana having an installed capacity of 10,800
metric ton per annum (MTPA) as on March 31, 2016. SAF is also
engaged in trading of rice. SAF procures paddy directly from the
local grain markets through commission agents located in Haryana.
Furthermore, the company sells its products (basmati and non-
basmati rice) under the brand name of 'Satya', '444' and 'Shanti'
in the states of Punjab, Haryana, Rajasthan and Delhi through a
network of commission agents. The group concerns of the company
include 'Hans Raj Bishambar Lal' and 'Sahil Traders' which are
engaged in the businesses of trading of paddy and trading of eggs
respectively.

In FY16 (based on unaudited results, refers to the period April 1
to March 31), SAF has achieved a total operating income of
INR62.21 crore with PAT of INR0.13 crore, as against the total
operating income of INR45.67 crore with PAT of INR0.08 crore in
FY15.


SHIVA SHREE: CRISIL Lowers Rating on INR80MM Cash Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Shiva Shree Builders to 'CRISIL D' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              80       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')
   Proposed Long Term       70       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL BB-/Stable')

The rating downgrade reflects continuously overdrawn working
capital limit for more than 30 days. The default was driven by
weak liquidity owing to low saleability in existing and ongoing
projects.

The firm also has a below-average financial risk profile because
of a modest networth, and a small scale of operations, along with
exposure to inherent risks, in the real estate sector. These
rating weaknesses are partially offset by the extensive industry
experience of its promoters.

SSB was set up in 1990, promoted by Mr. V Shivarajan and his
family members. The firm is currently developing residential real
estate projects in Coimbatore, Tamil Nadu.


SHOR SHOT: CRISIL Reaffirms B+ Rating on INR35MM LT Loan
--------------------------------------------------------
CRISIL's ratings on the bank facilities of Shor Shot India Pvt Ltd
continue to reflect a modest scale of operations in the highly
fragmented and competitive readymade garments industry, and large
working capital requirement. These rating weaknesses are partially
offset by the extensive industry experience of the company's
promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Discounting        30       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        25       CRISIL A4 (Reaffirmed)

   Packing Credit          30       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      35       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SSIPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if sustained and significant
growth in scale of operations and profitability, along with
prudent management of working capital requirement, leads to
higher-than-expected accrual and better financial risk profile.
The outlook may be revised to 'Negative' in case of lower-than-
anticipated cash accrual or higher-than-expected working capital
requirement, resulting in weakening of liquidity.

Incorporated in 1996, SSIPL manufactures and exports readymade
garments, such as skirts, blouses, and trousers, for women. The
company largely sells through distributors to its clients in the
UK, the US, and Russia. It has one manufacturing unit in Delhi.


SHREE MAHAVIR: CRISIL Suspends 'D' Rating on INR85MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shree
Mahavir Alloys.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          5         CRISIL D
   Cash Credit            85         CRISIL D
   Term Loan              15         CRISIL D

The suspension of ratings is on account of non-cooperation by SMA
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SMA is yet to
provide adequate information to enable CRISIL to assess SMA's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information.

Established in 2005, SMA is promoted by Mr. Vipul Shah and Mr.
Pradeep Kumar Biravat. The company is engaged in manufacturing of
MS Ingots from scrap; with its production facilities located at
Daman.


SHRI BAJRANG: CRISIL Reaffirms 'B' Rating on INR300MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shri Bajrang Alloys
Limited continue to reflect the susceptibility of the company's
operating margin to volatility in steel prices, and its
vulnerability to cyclicality in the steel industry and to a
slowdown in offtake by end-user industries.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          10       CRISIL A4 (Reaffirmed)

   Bill Discounting       200       CRISIL B/Stable (Reaffirmed)

   Cash Credit            300       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     200       CRISIL B/Stable (Reaffirmed)

The ratings also factor in a below-average financial risk profile
because of a modest networth and high gearing. These rating
weaknesses are partially offset by the extensive experience of its
promoters in the steel industry and established relationship with
suppliers and customers.

Outlook: Stable

CRISIL believes SBAL will continue to benefit over the medium term
from the extensive industry experience its promoters and
established relationship with customers and suppliers. The outlook
may be revised to 'Positive' in case of significant and
sustainable improvement in revenue and profitability, and a better
capital structure. The outlook may be revised to 'Negative' if the
financial risk profile deteriorates, most likely because of a
sharp decline in profitability or revenue, any large, debt-funded
capital expenditure, or increase in exposure to group companies.

SBAL is the flagship company of the Chhattisgarh-based Goel group,
founded by four brothers: Mr. Suresh Goel, Mr. Rajendra Goel, Mr.
Narendra Goel, and Mr. Anand Goel. The group's office is in
Raipur.

SBAL, established in 1990, produces structural steel material. The
company supplies to the Indian Railways, power projects, and the
telecom sector, and has been approved by Power Grid Corporation of
India Ltd for supply for its projects. SBAL is listed on the
Bombay Stock Exchange. Mr. Anand Goel manages operations.


SKR VEG: CRISIL Reaffirms 'B' Rating on INR60MM Cash Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank facility of SKR Veg Oil
Industries Private Limited continues to reflect SKR's small scale
of operations and large working capital requirements in the highly
fragmented agricultural commodities industry. The rating also
factors in the company's weak financial risk profile, marked by a
small net worth and a leveraged capital structure. These rating
weaknesses are partially offset by the extensive experience of
SKR's promoters in the agricultural commodities industry and its
established relationships with suppliers and customers.

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

Outlook: Stable

CRISIL believes that SKR will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
increase in the company's scale of operations and profitability,
along with improvement in its capital structure on the back of
higher cash accruals and sizeable equity infusion by its
promoters. Conversely, the outlook may be revised to 'Negative' if
SKR's financial risk profile, particularly its liquidity,
deteriorates because of substantial inventory or decline in
revenue and profitability.

SKR, incorporated in 1995, is promoted by Mr. Kamal Kishor Rathi
and Mr. Manish Rathi. The company processes and sells toor dal and
toor churi. It also extracts cotton seed oil. SKR has a
manufacturing unit in Amravati (Maharashtra).


SRS THERMAX: CRISIL Assigns 'B' Rating to INR50MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of SRS Thermax Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B/Stable
   Term Loan               50        CRISIL B/Stable

The rating reflects a small scale, due to a nascent stage, of
operations. The rating also factors in a below-average financial
risk profile because of high gearing and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive entrepreneurial experience of the company's promoters
and an established clientele.

Outlook: Stable

CRISIL believes SRS will continue to benefit from the extensive
entrepreneurial experience of its promoters and its established
clientele. The outlook may be revised to 'Positive' if the scale
of operations increases significantly while profitability is
maintained, resulting in improvement in the financial risk
profile, particularly liquidity. The outlook may be revised to
'Negative' if liquidity weakens due to large, debt-funded capital
expenditure, stretched working capital requirement, or lower cash
accrual.

SRS was incorporated in April 2013, promoted by the Gwalior-based
Sharma family. The company manufactures corrugated boxes,
partitions, and plates and boards which are used for industrial
packaging. Its manufacturing facility is at Gwalior. Operations
are managed by its promoter director, Mr. Jaidev Sharma.


SUNPOWER CEMENT: CRISIL Assigns 'B' Rating to INR60MM Term Loan
---------------------------------------------------------------
CRISIL has assigned 'CRISIL B/Stable/CRISIL A4' rating to the bank
facilities of Sunpower Cement Company Private Limited. The rating
reflects modest scale of operations and below-average financial
risk profile. The weaknesses are mitigated by the industry
experience of the promoter and increasing domestic demand for
Portland Pozzolana Cement (PPC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter of credit
   & Bank Guarantee        10        CRISIL A4
   Cash Credit             50        CRISIL B/Stable
   Cash Term Loan          60        CRISIL B/Stable

Outlook: Stable

CRISIL believes SCCPL will continue to benefit from the experience
of its promoters in the cement industry. The outlook may be
revised to 'Positive', if increase in scale of operations and cash
accrual improves liquidity. The outlook may be revised to
'Negative', if significantly low revenue and profitability is
recorded, or a large debt-funded capital expenditure weakens the
financial risk profile.

Incorporated in 2005 in Palakkad, Kerala, SCCPL manufactures PPC
in its own and leased facilities. It is promoted by Mr. Shameer
Dawood.


SWAPNIL AGRO: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Swapnil Agro
Pvt Ltd continues to reflect the company's modest scale of
operations in the competitive agricultural commodity trading
segment, customer concentration in revenue profile, average
financial risk profile because of moderate total outside
liabilities to tangible networth ratio and small networth, and
large working capital requirement. These weaknesses are partially
offset by the extensive experience of the company's promoter.

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

   Proposed Long Term
   Bank Loan Facility      4.4     CRISIL B/Stable (Reaffirmed)

   Term Loan               6.6     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SAPL will continue to benefit over the medium term
from the extensive experience of its promoter. The outlook may be
revised to 'Positive' if further improvement in working capital
cycle and higher-than-expected cash accrual result in a better
financial risk profile. The outlook may be revised to 'Negative'
if significantly low cash accrual or stretch in working capital
cycle puts pressure on liquidity.

SAPL, based in Nagpur by Mr. Satish Munde, SAPL primarily supplies
agriculture commodities such as sugar, wheat, jaggery, chana,
moong, groundnut, and edible oil to Vyankateshwara Mahila Audyogik
Utpadak Sahakari Sanstha, which in turn supplies nutrition
supplements under the Integrated Child Development Scheme to
government authorities. The company began diversifying clientele
in fiscal 2016 to reduce dependence on a single customer.


TREND SETTERS: CRISIL Lowers Rating on INR75MM LT Loan to B-
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Trend Setters to 'CRISIL B-/Stable' from 'CRISIL B/Stable' and
reaffirmed its rating on the short-term facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting         40       CRISIL B-/Stable (Downgraded
                                      from 'CRISIL B/Stable')

   Packing Credit           35       CRISIL A4 (Reaffirmed)

   Proposed Long Term       75       CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating downgrade reflects deterioration in TS's liquidity,
marked by stretched debtors and decline in cash accruals. On
account of sluggish export demand, TS's scale of operations had
witnessed a decline to INR161 million in 2015-16 from INR276
million in the previous year. Consequent to the decline in scale,
TS's cash accruals were modest and lower than expected at around
Rs 2.2 million for 2015-16. Also, there has been an elongation in
the firm's working capital cycle in 2015-16 as indicated by GCA of
581 days as on March, 2016 from 351 days as on March, 2015. This
was on account of stretch in receivables to 406 days as on March,
2016 from 242 as on March, 2015 owing to delays in realization
from customers. Moreover, the inventory days increased to 130 days
as on March 2016 from 74 days as on March 2015. As a result, the
firm's liquidity remained stretched and bank limits remained
highly utilized at 87 per cent through 12 months ended May 2016.

The rating also reflects TS's below-average financial risk
profile, marked by weak debt protection metrics. The rating is
also constrained by the firm's stretched working capital cycle,
leading to weak liquidity. These rating weaknesses are partially
offset by the extensive experience of TS's promoters in the
textile industry.

Outlook: Stable

CRISIL believes that TS will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if TS achieves substantial
and sustained improvement in its accruals, driven by improvement
in scale of operation and profitability and backed by prudent
working capital management, leading to an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the company's cash accruals are low or if its
working capital cycle stretches further, leading to weakening of
its liquidity.

TS, based in Mumbai, was established in 1976 as a partnership firm
by Mr. Tushar Ruparelia and his brother, Mr. Amit Ruparelia. The
firm manufactures bed sheets, comforters, curtains, pillow covers,
and duvet covers. It gets most of the processing done on a job-
work basis and does the final stitching and packaging in-house.


TRIPURARI AGRO: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank loan
facilities of Tripurari Agro Private Limited.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Warehouse Financing       35        CRISIL B/Stable
   Cash Credit               50        CRISIL B/Stable
   Term Loan                 35        CRISIL B/Stable

The rating reflects TAPL's modest scale of operations in a highly
fragmented rice industry with exposure to forex volatility risk
and large working capital requirements. The rating also factor in
weak financial profile marked by leveraged capital structure and
weak debt protection metrics. These rating weaknesses are
partially offset by TAPL's promoters' extensive industry
experience and their funding support to the company.

Outlook: Stable

CRISIL believes that TAPL will benefit from its promoters'
extensive experience and their funding support over the medium
term. The outlook maybe revised to 'Positive' in the event of a
significantly higher-than-expected cash accruals or substantial
capital infusion along with efficient working capital management.
Conversely, the outlook maybe revised to 'Negative' in case of
lower-than-expected cash accruals or larger-than-expected working
capital requirements exerting further pressure on the company's
liquidity.

TAPL was established in June 2013 by Mr. S.P. Sharma and his
family. The company is engaged in processing and selling of
basmati rice. TAPL has its plant at Ludhiana, Punjab.


VEEKAS PIPES: CRISIL Reaffirms 'B+' Rating on INR100MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Veekas Pipes Pvt
Ltd continues to reflect a small scale of operations in the
intensely competitive steel pipes trading business, and
vulnerability to volatility in steel prices. The rating also
factors in a below-average financial risk profile because of weak
debt protection metrics and a high total outside liabilities to
tangible net worth (TOLTNW) ratio. These rating weaknesses are
partially offset by the extensive industry experience of the
company's promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Overdraft Facility      100      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VPPL 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 better-than-
expected profitability resulting in stronger debt protection
metrics, or equity infusion, leading to a lower TOLTNW ratio. The
outlook may be revised to 'Negative' if liquidity weakens owing to
increased support to group companies, decline in profitability, or
a stretched working capital cycle.

VPPL, set up in 1971 in Ahmedabad, is promoted by Mr. Prakash
Patel and Mr. Deepak Patel. The company trades in steel pipes such
as electric-resistance-welded steel pipes, galvanised steel pipes,
structural rectangulars, rounds, and hollow section steel pipes.


VITTHAL GAJANAN: CARE Assigns B+ Rating to INR17.60cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Vitthal
Gajanan Sugar Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     17.60      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Vitthal Gajanan
Sugar Private Limited is constrained on account of the risk
emanating from project implementation and subsequent stabilization
of operations, susceptibility to fluctuation in the raw material
prices along with seasonal nature of operations and presence
of the company in the fragmented industry marked by low entry
barriers.

The above weaknesses are partially offset by the achieved
financial closure, extensive experience of the promoters and
location advantage emanating from proximity to the sugarcane
growing region.

The ability of the company to complete the project in a timely
manner and within the envisaged cost and subsequently timely
stabilize the operations as envisaged are the key rating
sensitivities.

Satara- based (Maharashtra) VGSPL was incorporated in 2013 by Mr.
Chandrakant Pawar, Mr. Yashwant Mali and Mr. Prasad Jugdar. The
company is in its project stage and is in the process of setting
up a jiggery manufacturing unit, with an installed capacity of 500
tons crushed per day (TCD) at Satara, Maharashtra. The company has
appointed Creative Sugar Centrifuge India Private Limited as a
turnkey contractor for setting up of the plant and running it for
a period of one year. Furthermore, VGSPL has appointed M/s Space
Designers & Decorators, Satara andM/s Marvel Associates for civil
work related to the project.

Project Details:

The total cost of the project is estimated at INR21.72 crore which
is to be funded by promoters' contribution in the form of equity
of INR6.72 crore and term loan from bank of INR15.00 crore
(sanctioned). The proposed project is expected to commence
operations from September 2016. The key raw material required for
manufacturing of jaggery which is sugarcane will be sourced from
local farmers.


VFIVE HOMES: CRISIL Assigns 'B' Rating to INR100MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of VFive Homes Pvt Ltd. The rating reflects exposure
to high risks related to ongoing projects due to initial stages of
construction and limited booking, and to cyclicality in the real
estate industry. These rating weaknesses are partially offset by
the extensive industry experience of the company's promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             100       CRISIL B/Stable

Outlook: Stable

CRISIL believes V Five 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 timely progress in
project construction within the budgeted cost, and healthy
customer bookings, leading to a substantial increase in cash
inflow. The outlook may be revised to 'Negative' in case of
constrained liquidity, driven by a time or cost overrun in the
project, or low customer advances.

V Five was originally established as a partnership firm, V Five
Builders and Developers, on July 16, 2014; the firm was
reconstituted as a private limited company with the current name
on April 1, 2016. The company is promoted by Mr. Karthikeyan Unni
(managing director), Mr. Ravikumar, Mr. Ani Kareem, Mr. Bala
Chandran, and Mrs Jaleela Maheen; all five are directors in the
company. V Five, located in Trivandrum, has completed three
projects, is currently undertaking four residential real estate
projects, and is expected to launch three new residential real
estate development projects.


YASHWANT ENTERPRISES: CRISIL Suspends D Rating on INR70MM LT Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Yashwant Enterprises.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL D
   Proposed Long Term
   Bank Loan Facility      70        CRISIL D

The suspension of ratings is on account of non-cooperation by
Yashwant with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Yashwant
is yet to provide adequate information to enable CRISIL to assess
Yashwant's ability to service its debt. The suspension reflects
CRISIL's inability to maintain a valid rating in the absence of
adequate information.

Yashwant trades in a variety of building materials such as cement,
flooring, and bricks. It was set up as proprietorship firm in 2009
and is owned and managed by Mr. Vinod Patil. The firm is part of
the Baramati (Maharashtra)-based Kale group, which is primarily
engaged in real estate development. Yashwant's clientele includes
group entities.


YATRI VIHAR: CRISIL Suspends 'D' Rating on INR160MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facility of Yatri
Vihar Hospitality Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          160       CRISIL D

The suspension of ratings is on account of non-cooperation by
YVHPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, YVHPL is yet to
provide adequate information to enable CRISIL to assess YVHPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information.

Incorporated in 2011, YVHPL is setting up a four-star hotel with
80 rooms in Bodhgaya (Bihar); the hotel is expected to commence
operations by September 2015. The directors of the company are Mr.
Atul Roy and his brother Mr. Amit Roy.



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


HANJIN SHIPPING: Calls for Help Amid Receivership Threat
--------------------------------------------------------
Yonhap News Agency reports that cash-strapped Hanjin Shipping Co.
said on August 28 that its creditors' extended help is crucial for
its survival as its negotiations with owners of chartered ships
over a cut in leasing rates and to postpone debt repayments to
foreign creditors made significant progress.

Yonhap relates that the country's No. 1 container shipping line
said Seaspan, a leading operator of container ships, has agreed to
cut the leasing rate, and global financial companies such as
Credit Agricole have expressed their consent to a proposal to
delay the repayment of loans borrowed to buy container ships and
other vessels.

"With the charter rate cut talks completed, it could have the
effect of saving some 800 billion won (US$718 million) in cash,
and we will have the effect of raising a total of 1.27 trillion
won when a delay in loan repayments is considered," Yonhap quotes
the shipper as saying in a statement.

The shipper said the shipping industry is very important for the
national economy, adding "the government and the creditors' help
is desperate," Yonhap relays.

According to Yonhap, creditors of Hanjin Shipping, led by the
state-run Korea Development Bank, have threatened to put the
shipper under receivership, saying its fresh self-rescue plan is
far shy of demands.

On August 25, Hanjin Shipping, under growing pressure from its
creditors to secure more money to tide over a deepening cash
shortage, submitted a stronger self-rescue plan. The new scheme
includes sales of more assets and a capital infusion by its major
shareholders.

According to the KDB, Hanjin Shipping said it would secure
KRW400 billion by selling stocks to its affiliate Korea Air Lines
Co., Yonhap relays.

Hanjin Shipping needs some KRW1.3 trillion over the next 18 months
to pay back debt and run its business, Yonhap notes. The company,
however, has claimed that some KRW400 billion will be enough if it
succeeds in cutting charter rates and postponing debt repayments,
says Yonhap.

The KDB-led creditors expressed disappointment with the proposal
saying they will decide the fate of Hanjin Shipping today,
August 30, the report says.

Market consensus is growing that Hanjin Shipping, the world's
eighth-largest container shipper, may have to file for
receivership before Sept. 4 when its creditor-led rehabilitation
scheme ends, adds Yonhap.

As reported in the Troubled Company Reporter-Asia Pacific on
May 6, 2016, The Korea Herald said creditors of Hanjin
Shipping have agreed to offer financial assistance to the company
and initiate a corporate rehabilitation program with conditions
attached.  The Korea Herald related that seven creditor banks,
led by state-run Korea Development Bank, gave a nod to Hanjin
Shipping's proposal to restructure its debt and provide an aid
package in return for self-rescue efforts, at a meeting on May 5.
According to the Korea Herald, the conditions for bailout include
a cut in charter rates that Hanjin pays to foreign shipowners,
retaining a global alliance membership and signing an agreement
with bondholders for debt restructuring.

Korea-based Hanjin Shipping Co., Ltd. engages in the provision of
marine transportation services. The Company mainly provides four
categories of services: container service, bulk service, terminal
service and third party logistics (3PL) service.


HANJIN SHIPPING: Banks' Credit Exposure Estimated at KRW1.02Tln
---------------------------------------------------------------
Yonhap News Agency reports that local banks' credit exposure to
cash-strapped Hanjin Shipping Co. is estimated at KRW1.02
trillion, but they have already set aside sufficient provisions
against the loans, industry sources said August 28.

According to the report, sources said KDB, KEB-Hana Bank and other
banks extended a total of KRW1.02 trillion to South Korea's No. 1
shipper.

The main creditor, KDB, has credit exposure of KRW660 billion,
followed by KEB-Hana Bank with KRW89 billion, NH Nonghyup with
KRW85 billion, Woori Bank with KRW69 billion, KB Bank with
KRW53 billion and the Korea Export-Import Bank with KRW50 billion,
the sources said, Yonhap relays.

The sources said the banks have already set aside loan provisions
against Hanjin whose fate is expected to be determined later this
week, Yonhap notes.

According to Yonhap, the sources also said that the outstanding
amount of bonds sold by Hanjin Shipping reached KRW1.2 trillion as
of end-June. Bondholders, mostly institutional investors, will
face a huge loss if the shipper is put under receivership, they
said.

But about half of the bonds are held by the Korea Credit Guarantee
Fund, a state-run credit guarantee agency, the sources, as cited
by Yonhap, said.

The government stressed that even if Hanjin Shipping is put under
court protection, it won't have a severe impact on the local
banking industry or logistics sector, adds Yonhap.

As reported in the Troubled Company Reporter-Asia Pacific on
May 6, 2016, The Korea Herald said creditors of Hanjin
Shipping have agreed to offer financial assistance to the company
and initiate a corporate rehabilitation program with conditions
attached.  The Korea Herald related that seven creditor banks,
led by state-run Korea Development Bank, gave a nod to Hanjin
Shipping's proposal to restructure its debt and provide an aid
package in return for self-rescue efforts, at a meeting on May 5.
According to the Korea Herald, the conditions for bailout include
a cut in charter rates that Hanjin pays to foreign shipowners,
retaining a global alliance membership and signing an agreement
with bondholders for debt restructuring.

Korea-based Hanjin Shipping Co., Ltd. engages in the provision of
marine transportation services. The Company mainly provides four
categories of services: container service, bulk service, terminal
service and third party logistics (3PL) service.



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


* BOND PRICING: For the Week August 22 to August 26, 2016
---------------------------------------------------------

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


  AUSTRALIA
  ---------

BOART LONGYEAR MANAGE      10.00     10/01/18    USD       70.00
BOART LONGYEAR MANAGE       7.00     04/01/21    USD       18.75
BOART LONGYEAR MANAGE      10.00     10/01/18    USD       69.88
BOART LONGYEAR MANAGE       7.00     04/01/21    USD       21.00
CML GROUP LTD               9.00     01/29/20    AUD        0.98
CROWN RESORTS LTD           6.02     04/23/75    AUD       72.61
DBCT FINANCE PTY LTD        2.31     12/12/22    AUD       71.67
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        5.75
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       63.00
ANYANG INVESTMENT GRO       8.00     04/17/19    CNY       63.00
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       52.44
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       84.80
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       63.22
ZUNYI CITY INVESTMENT       8.53     03/13/19    CNY       63.68


INDONESIA
---------

BERAU COAL ENERGY TBK       7.25     03/13/17    USD       20.50
BERAU COAL ENERGY TBK       7.25     03/13/17    USD       21.80


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       69.88


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       28.21
DOOSAN CAPITAL SECURI      20.00     04/22/19    KRW       45.01
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       61.23
SRI LANKA GOVERNMENT        8.00     01/01/32    LKR       66.90
SRI LANKA GOVERNMENT        9.00     06/01/43    LKR       68.36
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
-----------

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       69.00
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       18.25
TRIKOMSEL PTE LTD           7.88     06/05/17    SGD       20.00


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       55.24




                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***