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        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, September 6, 2016, Vol. 19, No. 176

                            Headlines


A U S T R A L I A

AIMS 2004-1: Fitch Affirms 'B' Rating on Class B Notes
PLUTON RESOURCES: Rescue Plan Labelled a Risk
TRADE ELEMENTS: First Creditors' Meeting Set for Sept. 13
WICKHAM SECURITIES: Former CEO Gets Five Years Jail Sentence


C H I N A

GUANGZHOU R&F: Fitch Affirms BB Foreign & Local Currency IDRs
SPI ENERGY: Unit to Sell $17 Million Worth of EnSYnc Shares
XINYUAN REAL: Fitch Assigns 'B' Rating to USD300MM Sr. Notes


I N D I A

A.G. RICE: CRISIL Assigns B+ Rating to INR140MM Cash Loan
ARVIND SYNTEX: CARE Assigns B+ Rating to INR10cr LT Loan
ARYA TRADEX: Ind-Ra Assigns 'IND B-' Long-Term Issuer Rating
ASOKE TIMBER: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
CHOKSI IMAGING: Ind-Ra Cuts Long-Term Issuer Rating to 'IND B+'

DAVANAM JEWELLERS: ICRA Hikes Rating on INR73cr Loan to 'B'
DEHRADUN HIGHWAYS: CARE Lowers Rating on INR528.45cr Loan to 'D'
DOLPHIN PROMOTERS: CRISIL Assigns B+ Rating to INR190MM LT Loan
FAITH LUMBER: ICRA Raises Rating on INR19cr Loan to B+
FINE JEWELLERY: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating

GAJANAN REFRACTORY: CARE Assigns 'D' Rating to INR4.44cr LT Loan
GMR CHHATTISGARH: ICRA Reaffirms 'D' Rating on INR7,717cr Loan
GMR KAMALANGA: ICRA Reaffirms 'D' Rating on INR3,855cr LT Loan
GURULAXMI COTTEX: Ind-Ra Assigns BB+ Long-Term Issuer Rating
HANUMAN GINNING: CARE Assigns 'B' Rating to INR7cr LT Bank Loan

HI-TECH ROBOTIC: Ind-Ra Affirms BB+ Long-Term Issuer Rating
HYDERABAD EDUCATIONAL: Ind-Ra Suspends D Rating on INR689.7M Loan
INDEXPORT LEATHER: Ind-Ra Assigns B+ Long-Term Issuer Rating
IVORY CLOTHING: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
JORSS BULLION: ICRA Suspends 'D' Rating on INR35cr Cash Loan

K-LITE INDUSTRIES: CRISIL Suspends B+ Rating on INR42.5MM Loan
KSK MAHANADI: ICRA Lowers Rating on INR12,142cr Term Loan to D
M. P. ASSOCIATES: CARE Gives Prov. B+ Rating to INR85cr Term Loan
M/S ELEGANT: Ind-Ra Suspends BB- Long-Term Issuer Rating
M/S MANMADE: Ind-Ra Suspends BB- Long-Term Issuer Rating

MANAGING COMMITTEE: CARE Assigns 'B' Rating to INR6cr LT Loan
MARUTHI COTTON: CRISIL Assigns 'B' Rating to INR40MM LT Loan
MNC ELECTRICALS: Ind-Ra Affirms BB Long-Term Issuer Rating
MORNING STAAR: Ind-Ra Affirms BB Long-Term Issuer Rating
N.V. NAGESWARA: Ind-Ra Suspends D Long-Term Issuer Rating

NEW LAKSHMI: CARE Hikes Rating on INR17.50cr LT Bank Loan to BB-
NIRVIN COLD: CARE Reaffirms 'B' Rating on INR4.21cr LT Loan
NISHA ENTERPRISES: CRISIL Assigns B+ Rating to INR50MM Cash Loan
NKCM SPINNERS: Ind-Ra Assigns 'IND BB' LT Issuer Rating
PRATIBHA INDUSTRIES: CRISIL Cuts Rating on INR1.08BB Loan to 'D'

PUNJAB KESARI: CRISIL Lowers Rating on INR57MM LT Loan to 'D'
RAGHAV MADHAV: ICRA Suspends 'D' Rating on INR4.5cr Term Loan
SAMAY PROJECT: CRISIL Reaffirms B+ Rating on INR16.5MM Loan
SAMBANDAM SPINNING: Ind-Ra Lowers Long-Term Issuer Rating to BB+
SCODA TUBES: CRISIL Lowers Rating on INR92.5MM Cash Loan to B-

SHREE AMBICA: CRISIL Reaffirms B+ Rating on INR56.7MM Cash Loan
SHREEDHAR COTTON: CRISIL Suspends 'B' Rating on INR60MM Loan
SJLT SPINNING: Ind-Ra Affirms 'IND BB+' Long-Term Issuer Rating
SUKHMAA BUILDCON: CARE Assigns 'B' Rating to INR6cr LT Loan
TECHNOCAST FOUNDRY: Ind-Ra Assigns BB- Long-Term Issuer Rating

TUNIC FASHION: Ind-Ra Raises Long-Term Issuer Rating to BB
UMA GLASS: CARE Hikes Rating on INR7.79cr LT Loan to 'C'
VAGAD ENTERPRISES: ICRA Assigns 'B+' Rating to INR17cr Term Loan
VEE DEE ENTERPRISES: Ind-Ra Suspends B+ LT Issuer Rating
VIRGO MARINE: CRISIL Suspends 'D' Rating on INR350MM LT Loan


J A P A N

SOFTBANK GROUP: $120 Billion Debt Nears Moody's Downgrade Trigger


N E W  Z E A L A N D

MAD BUTCHER: IRD Seeks to Liquidate Another Mad Butcher Store
WAIRAPA BUILDING: Fitch Affirms 'BB+' LT Issuer Default Rating


P H I L I P P I N E S

PHILWEB CORP: Ongpin Puts 53.76% Stake on Auction Again


S I N G A P O R E

STATS CHIPPAC: Moody's Cuts Corporate Family Rating to B3


S O U T H  K O R E A

HANJIN SHIPPING: Half of Container Fleet Denied Port Access
HANJIN SHIPPING: Stocks Plummet on Receivership Filing


X X X X X X X X

* BOND PRICING: For the Week August 29 to September 2, 2016


                            - - - - -


=================
A U S T R A L I A
=================


AIMS 2004-1: Fitch Affirms 'B' Rating on Class B Notes
------------------------------------------------------
Fitch Ratings has upgraded the class B notes of APOLLO Series
2009-1 Trust, downgraded the class B notes of Light Trust No.2,
and affirmed 17 Australian prime RMBS tranches.

The rating actions follow the recent amendment to the APAC
Residential Mortgage Criteria.  The amendment reflects Fitch's
methodology for assessing the rating of existing notes that have
no subordination.

                        KEY RATING DRIVERS

The ratings of junior notes with no subordination benefit from
lenders' mortgage insurance (LMI) and excess spread.  In assessing
the ratings on such notes, Fitch takes into account a
transaction's historical performance, loan seasoning, remaining
transaction size, availability of excess income, the sponsor's
rating and its history of calling previous transactions.

The affirmations of two tranches at 'BBBsf' and the upgrade of the
class B notes from APOLLO Series 2009-1 Trust to 'BBBsf' from
'BBsf', reflect Fitch's view that the credit quality and
performance of the loans in the collateral pools have remained in
line with expectations.  The LMI providers continue to pay a
significant portion of the submitted claims and the sponsors
continue to cover for shortfalls due to breaches of
representations and warranties.  Fitch expects the transactions to
be large in size at call and have annualized excess spread of at
least 0.5%.  Net excess spread is expected to be adequate and
stable for the remaining life of the transactions and to be
sufficient to cover principal shortfalls from LMI reductions or
denials.  Fitch also expects the sponsors, which are rated at
least 'BBB', to call the transactions in a 'BBBsf' scenario.  The
notes can withstand deterioration of economic conditions in line
with the agency's expectations.

The affirmations of three tranches at 'BBsf' reflect Fitch's view
that the credit quality and performance of the loans in the
collateral pools have remained in line with expectations.  The LMI
providers continue to pay a significant portion of the submitted
claims and the sponsors continue to cover for shortfalls due to
breaches of representations and warranties.  Net excess spread is
likely to be sufficient to cover for shortfalls from LMI
reductions or denials.  Fitch also expects the sponsors to call
the transactions in a 'BBsf' scenario.  The notes can withstand
deterioration of economic conditions in line with the agency's
expectations.

The affirmations of 12 tranches at 'Bsf' reflect Fitch's view that
the sponsors will not call the transactions, with the junior notes
being exposed to tail risk and volatility in the current economic
environment.  The credit quality and performance of the loans in
the collateral pools have remained in line with expectations.
Default risk is present, but a limited safety margin remains.
Fitch expects net excess spread will be sufficient to cover
principal shortfalls and for the notes to be fully repaid.

The downgrade of class B from Light Trust No. 2 to 'Bsf' from
'BBsf' reflects Fitch's view that net excess spread has been low
relative to other notes rated 'BBsf', thus providing a limited
safety margin.

The default model was not re-run for any of these rating actions
as the outstanding ratings are either only 'AAAsf' and/or a rated
junior note is present with no subordination.

                        RATING SENSITIVITIES

Notes that have no subordination and are rated 'BBBsf' or 'BBsf'
may be downgraded if there is a deterioration in performance with
losses being above expectations, a significant reduction in
payment of LMI claims and/or a significant reduction in excess
spread.  These notes may also be downgraded in the event that
Fitch no longer expects the issuer to call the transaction.
Notes that have no subordination and are rated 'Bsf' may be
downgraded if the possibility of the notes defaulting exists
because of losses being above expectations, a significant
reduction in payment of LMI claims and/or a significant reduction
in excess spread.

None of the notes listed are likely to be upgraded.

  USE OF THIRD PARTY DUE DILIGENCE PERSUANT TO SEC RULE 17G-10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch conducted a file review of at least 10 sample loan files in
each of the transactions listed below with the exception of AIMS
2004-1 Trust, AIMS 2005-1 Trust, and AIMS 2007-1 Trust, focusing
on the underwriting procedures conducted by originators of the
transactions compared to their credit policy at the time of
underwriting.  Fitch has checked the consistency and plausibility
of the information and no material discrepancies were noted that
would impact Fitch's rating analysis.

The full list of rating actions is shown:

AIMS 2004-1 Trust
AUD15.3 mil. Class B (ISIN AU300AIM2043) affirmed at 'Bsf';
Outlook Stable

AIMS 2005-1 Trust
  AUD12.8 mil. Class B (ISIN AU300AIM3025) affirmed at 'Bsf';
   Outlook Stable

AIMS 2007-1 Trust
  AUD16.3 mil. Class B (ISIN AU3FN0002671) affirmed at 'Bsf';
   Outlook Stable

APOLLO Series 2009-1 Trust
  AUD147.8 mil. Class B (ISIN AU3FN0008975) upgraded to 'BBBsf'
   from 'BBsf'; Outlook Stable

Challenger Millennium Series 2007-1E
  EUR32.5 mil. Class B (ISIN XS0280788976) affirmed at 'Bsf';
   Outlook Stable

Challenger Millennium Series 2007-2L
  AUD5.1 mil. Class B (ISIN AU0000CHUHC1) affirmed at 'Bsf';
   Outlook Stable

Crusade Euro Trust No. 1E of 2007
  AUD4.4 mil. Class C (ISIN AU3FN0003158) affirmed at 'BBBsf';
   Outlook Stable

Crusade Global Trust No. 1 of 2007
  AUD6.7 mil. Class C (ISIN AU3FN0002036) affirmed at 'BBBsf';
   Outlook Stable

FirstMac Bond Series 1E-2006 Trust
  AUD50.5 mil. Class B (ISIN AU300FMA9017) affirmed at 'BBsf';
   Outlook Stable

FirstMac Mortgage Funding Trust Series 1-2007
  AUD27.0 mil. Class B (ISIN AU3FN0001897) affirmed at 'BBsf';
   Outlook Stable

FirstMac Mortgage Funding Trust Series 1E-2007
  AUD9.0 mil. Class B (ISIN AU3FN0003018) affirmed at 'BBsf';
   Outlook Stable

Interstar Millennium Series 2004-5 Trust
  AUD11.3 mil. Class B (ISIN AU300INTA040) affirmed at 'Bsf';
   Outlook Stable

Interstar Millennium Series 2005-2L Trust
  AUD4.0 mil. Class B (ISIN AU300INTC038) affirmed at 'Bsf';
   Outlook Stable

Interstar Millennium Series 2005-3E Trust
  AUD44.5 mil. Class B (ISIN AU300INTD028) affirmed at 'Bsf';
   Outlook Stable

Interstar Millennium Series 2006-1 Trust
  AUD2.6 mil. Class B (ISIN AU300INTE034) affirmed at 'Bsf';
   Outlook Stable

Interstar Millennium Series 2006-2G Trust
  AUD7.6 mil. Class B (ISIN AU0000INBHD4) affirmed at 'Bsf';
   Outlook Stable

Interstar Millennium Series 2006-3L Trust
  AUD8.4 mil. Class B (ISIN AU0000INNHD9) affirmed at 'Bsf';
   Outlook Stable

Interstar Millennium Series 2006-4H Trust
  AUD7.4 mil. Class B (ISIN AU3FN0000832) affirmed at 'Bsf';
   Outlook Stable

Light Trust No. 2
  AUD1.6 mil. Class B (ISIN AU3FN0008876) downgraded to 'Bsf'
  from 'BBsf'; Outlook Stable


PLUTON RESOURCES: Rescue Plan Labelled a Risk
---------------------------------------------
Sean Smith at The West Australian reports that the WA Supreme
Court has delivered a damning assessment of a rejected rescue of
Pluton Resources, saying it had risked refloating a
"dysfunctional" company likely to inflict more damage on
creditors.

The West Australian relates that a deed of company arrangement
over Pluton was scrapped in late July on the application of two
small creditors by Supreme Court Master Craig Sanderson, who
subsequently ordered the Cockatoo Island iron ore miner be wound
up.

In his written judgment published last week, Master Sanderson
raised concerns about a lack of disclosure around the deed and
Pluton's collapse in September, says The West Australian. However,
he saved his strongest criticism for the DOCA itself.

"There appears to be no plan or structure in place, or at least
none disclosed in the evidence presently available, as to how the
company will be run and how it expects to meet its obligations
into the future," The West Australian quotes Master Sanderson as
saying.

"Assuming the terms of the DOCA are met, all that will happen is a
dysfunctional company with no real prospect of ever being a going
concern will be put out in the public arena with the likelihood it
will incur liabilities which will never be met."

Prior to being put into liquidation, Pluton had been under the
dual control of receivers from Pitcher Partners and administrators
from PwC, according to The West Australian.

The West Australian notes that the original DOCA, which was later
amended, provided for China's General Nice Resources to
recapitalize the group through a HKD150 million (AUD26.3 million)
cash injection, with AUD13.7 million paid directly to creditors
through a trust.

According to the report, the cash was originally meant to have
been received by March, but by the time Pluton was ordered into
liquidation, GNR had still to pay the full AUD3.5 million promised
under its first instalment.

Master Sanderson cited "a certain lack of disclosure" around the
DOCA, including how Pluton's failure to pay mining royalties since
2014 affected the standing of its mining leases on Cockatoo
Island, which is now on care and maintenance, The West Australian
relays.

Also, he said, "nowhere has it been explained why the company got
into such serious financial difficulties from 2014 onwards". While
the assumption was that weak iron ore prices played a major role,
he questioned how Pluton was expected to return to solvency
without a sharp recovery in prices, The West Australian relates.

"It simply seems to me there is a level of uncertainty about the
future health of this company which might have been assuaged by
further information," Master Sanderson, as cited by The West
Australian, said.

His termination of the DOCA was instigated by an application to
the court by Perth corporate adviser Jason Peterson and engineer
Bruno Ruggiero, the report states.

The West Australian says Master Sanderson noted the criticism from
the receivers and the administrators that both were admitted as
Pluton creditors for just AUD1 each.

However, he said, "there is nothing in the legislation or in the
case law which suggests a creditor for a nominal amount is in any
different position from a creditor for a significant sum," The
West Australian relays.

Pluton Resources Limited is engaged the exploration and
production of mineral assets within Australia. The Company's
interests focus on Cockatoo Island and Irvine Island-two of the
three islands that make up the Kimberley Iron Ore Hub (KIOH) in
Yampi Sound, Western Australia, as well as four tenements in
Collier Bay. The Irvine Island Project is situated immediately
adjacent to Pluton's Cockatoo Island hematite mining operation and
is located approximately 140 kilometers north of Derby in Yampi
Sound, located off the northern Kimberley coast of Western
Australia. The Cockatoo Island operation is located approximately
140 kilometers north of Derby in Yampi Sound, located off the
northern Kimberley coast of Western Australia.

Bryan Hughes and Daniel Bredenkamp of Pitcher Partners were
appointed as Receivers and Managers of Pluton Resources in
September 2015.

The Supreme Court of Western Australia on Aug. 3, 2016, ordered
that the Company be wound up and appointed Sam Marsden and Derrick
Vickers as liquidators of the Company.


TRADE ELEMENTS: First Creditors' Meeting Set for Sept. 13
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Trade
Elements Pty Ltd, as trustee for the Quill Family Trust, will be
held at the Boardroom of Servcorp, Level 11, Brookfield Place,
125 St Georges Terrace, in Perth, on Sept. 13, 2016, at 12:00 PM
(AWST)/2:00 PM (AEST).

Gavin Moss and James Stuart McPherson of Chifley Advisory Pty Ltd
were appointed as administrators of Trade Elements on Sept. 1,
2016.


WICKHAM SECURITIES: Former CEO Gets Five Years Jail Sentence
------------------------------------------------------------
The former CEO of collapsed debenture issuer, Wickham Securities
Ltd, was Sept. 1 sentenced to five years' imprisonment after
pleading guilty to various charges brought by Australian
Securities and Investments Commission, including fraud.

Garth Peter Robertson, 50, of Parrearra on the Sunshine Coast in
Queensland pleaded guilty on July 15, 2016, to:

  -- ten counts of dishonestly obtaining property totaling
     AUD761,504 from Wickham between December 2010 and
     November 2012;

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

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

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

In the Brisbane District Court on Sept. 1, Mr. Robertson was
sentenced to a total of five years' imprisonment in respect of the
11 fraud offences, to be suspended after 20 months for a period of
five years.

Mr. Robertson was also sentenced to a total of 18 months'
imprisonment for the offences relating to the false information
given to Sandhurst and the falsification of Wickham's books. That
sentence is to be served concurrently with the sentence imposed in
respect of the fraud offences.

The Court heard that between Dec. 15, 2010 and Nov. 27, 2012,
Mr. Robertson dishonestly obtained a total of AUD761,504 from
Wickham, which he used for his personal benefit, including for a
house deposit, holiday, car, credit card and mortgage repayments
and the payment of taxation debts.

On ten occasions, Mr. Robertson, who was authorized to transact on
Wickham's bank accounts, dishonestly directed payments of between
AUD9,300 and AUD217,500 to his personal bank accounts. They were
disguised as legitimate transfers in respect of some of Wickham's
loan clients and creditors.

A separate count related to AUD15,000 that Mr. Robertson
dishonestly obtained from Balmain on Nov. 25, 2010. Mr. Robertson
purported to provide Wickham's bank account details to Balmain for
the transfer of funds but provided his personal account details
instead.

The Court also heard that between July and November 2012, Mr.
Robertson gave information to Sandhurst which:

   * falsely stated that no debentures had been issued by
     Wickham;

   * grossly inflated Wickham's cash holdings on eight occasions
     (on one occasion by AUD3 million when the actual balance was
     only AUD16,000); and

   * contained false information about the status of the loans
     advanced by Wickham, including that no loans were in arrears
     when in fact multiple borrowers had defaulted on the loans
     and no funds would be recovered by Wickham.

On Aug. 27, 2012, Mr. Robertson falsified a Wickham bank statement
to give the impression that the account balance was approximately
AUD1.6 million when the actual balance was less than AUD350,000.

Mr. Robertson gave the altered bank statement to Wickham's
accountant, which was used to prepare Wickham's financial report
for the year ended June 30, 2012. As a result, the financial
report overstated Wickham's cash assets by nearly AUD1.3 million
and showed net assets of approximately AUD900,000 when it actually
had liabilities of AUD386,000.

On Nov. 30, 2012, Mr. Robertson gave Sandhurst a balance
confirmation letter for a Wickham bank account, which he had
altered to show a balance of approximately AUD10.8 million when
the actual balance was less than AUD265,000.

In sentencing Mr. Robertson, Judge Moynihan said that Mr.
Robertson took money from Wickham when he knew that the company
was in trouble, which ultimately diminished the sum available to
creditors of the company. Judge Moynihan said that the victims of
Mr. Robertson's "fraudulent and deceitful behavior" had been
adversely affected and that there were devastating consequences
for those who lost money as a result of Mr. Robertson's conduct.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.

Brisbane-based Wickham Securities collapsed in December 2012 owing
more than AUD27 million to approximately 300 debenture holders.
Grant Sparks and David Leigh of PPB Advisory were appointed as
administrators and then liquidators in February 2013.



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


GUANGZHOU R&F: Fitch Affirms BB Foreign & Local Currency IDRs
-------------------------------------------------------------
Fitch Ratings has affirmed China-based Guangzhou R&F Properties
Co. Ltd.'s (Guangzhou R&F) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) at 'BB'. The Outlook is revised to
Stable from Negative. Fitch has also affirmed Guangzhou R&F's
senior unsecured rating, the ratings on its outstanding notes and
ratings on notes issued by subsidiaries at 'BB'.

KEY RATING DRIVERS

Outlook Revised to Stable: The revision reflects Fitch's view that
Guangzhou R&F's leverage, as measured by net debt/adjusted
inventory, is past its peak and will stabilize at around 55%-60%
in 2016-2017. It leverage of 57.4% at end-1H16, although high for
its rating, was lower than 60.5% in end-2015. This high leverage
is the key weakness of its credit profile, but is sufficiently
mitigated by a strong business profile commensurate with a 'BB' to
'BB+' rating. Guangzhou R&F's scale in terms of land bank,
contracted sales and margins are comparable to 'BB+' peers. It
also has the highest EBITDA margin among 'BB' rating category
peers. Its recurring income to interest expense at 0.16x also
supports its rating.

Leverage Still High: Guangzhou R&F's leverage peaked at 61.3% at
end-2014 aggressive land banking of CNY43.4bn in 2013 and has
since been in the range of 57%-61%. This continued high leverage
was partly a result of the delay of its A-share listing. The
company expects leverage to remain stable. Fitch believes about
half of the saleable area attributable to Guangzhou R&F in the
projects acquired in 2013 are located in less attractive cities,
such as Shenyang, Harbin, Datong and Xian, and are in slow-moving
projects with thinner margins that are still in negative cash
flow. This type of land cost Guangzhou R&F CNY22.8bn, which was
68% of the CNY33.7b land premium paid for land in China in 2013.

Better Selection of Land: Guangzhou R&F has turned more selective
and careful on its criteria for buying land in 2014-2015. It
focused in Tier 1 cities and Tier 2 cities around the Yangtze
River Delta and Beijing-Tianjin regions, and moved away from Tier
3 cities and over-supplied Tier 2 cities. Fitch said, "We believe
the more carefully selected land purchased from 2014-2015 will
provide better margins and cash flows to the company in 2016-
2018."

The two plots acquired via redevelopment in Shenzhen in 1H16,
which had land cost of CNY7300-8300 per square metre demonstrated
the company's direction for land acquisitions. Guangzhou R&F
slowed down acquisitions in 2014 to 2015 following the sharp rise
in leverage that stemmed from its aggressive land acquisitions in
2013. Land premium dropped to CNY5.3 billion and CNY4.6 billion in
2014 and 2015, respectively, from CNY43.4bn in 2013.

Superior EBITDA Margins: Guangzhou R&F's EBITDA margin exceeds
those of its 'BB' category peers, which ranged from 20% to 25%.
Guangzhou R&F's EBITDA margin widened to 31.1% in 1H16 from a low
of 26.11% in 2015 and 33%-36% in 2011-2013. EBITDA margin improved
due to better market conditions in 2H15 and a larger share of
commercial property sales, which are more profitable. Margin
shrank in 2014 because commercial property sales accounted for
just 6% of total revenue, compared with 33% and 15% in 2013 and
2012, respectively.

Improving Recurring Income: Guangzhou R&F's recurring income
EBITDA (including hotel and rental income) increased to CNY958m in
2015, Fitch estimated. This is a CAGR of 10.6% since 2012. Its
recurring income interest expense coverage was at 0.16x at end-
2015, and Fitch expects this to improve to 0.20x in the next two
years. This is due to an increase in gross rentable floor area and
the number of hotel rooms in operation, and a likely decline in
funding cost. Its improving recurring income interest expense
coverage supports its 'BB' ratings.

Reducing Funding Costs: Guangzhou R&F is replacing its high-cost
borrowings, including its offshore notes, perpetual capital
securities and trust loans, which bear interest rates of around
10%, with lower-cost domestic borrowing. It issued several onshore
bonds that raised CNY43.3 billion in total at interest cost of
3.48%-5.20% in July 2015 and 1H16. It also repaid CNY23.2 billion
of its more expensive borrowings. In 1H16, the weighted average
cost of financing was 6%-6.57% compared with 8.22% in 2014 and
7.83% in 2015. Fitch expects the company to maintain low interest
costs in the next 12-24 months. The company's plans for a share
sale in China have been delayed, but this is not putting pressure
on its ratings.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:

   -- Contracted sales to increase 9% in 2016

   -- Contracted sales by gross floor area to increase by 2%-3%
      over 2016-2018

   -- Average selling price for contracted sales to increase by
      2%-3% for 2016-2018

   -- EBITDA margin at 26%-27% in 2016-2018

   -- Slower land bank acquisition in 2016-2018 with land premium
      around CNY7 billion-10 billion a year

   -- Net debt including perpetual securities to be around
      CNY65 billion-70 billion in 2016-2018

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- EBITDA margin below 25% on a sustained basis. (2015: 26%,
      1H16: 31.1%)

   -- Net debt/adjusted inventory over 60% on a sustained basis.
      (2015: 60.5%, 1H16: 57.4%)

   -- Contracted sales/gross debt below 0.6x on a sustained
      basis. (2015: 0.6x)

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- Net debt/adjusted inventory below 40% on a sustained basis.

   -- Contracted sales/gross debt above 0.8x on a sustained
      basis, while maintaining its current scale

FULL LIST OF RATING ACTIONS

Guangzhou R&F Properties Co. Ltd

   -- Long-Term Foreign-Currency IDR rating affirmed at 'BB',
      Outlook revised to Stable

   -- Long-Term Local-Currency IDR rating affirmed at 'BB',
      Outlook revised to Stable

   -- Senior unsecured rating affirmed at 'BB'

Caifu Holdings Limited

   -- USD600 million 8.75% senior unsecured notes due 2020
      affirmed at 'BB'

Trillion Chance Limited

   -- USD1 billion 8.5% senior unsecured notes due 2019 affirmed
      at 'BB'


SPI ENERGY: Unit to Sell $17 Million Worth of EnSYnc Shares
-----------------------------------------------------------
SPI Energy Co., Ltd., announced that SPI Solar, Inc., a wholly
owned subsidiary of the Company, entered into a definitive
agreement on Aug. 30, 2016, to sell certain of its shares of stock
of EnSync, Inc.

Pursuant to the Share Purchase Agreement, SPI Solar agrees to sell
8,000,000 shares of the common stock, 7,012 shares of the C-1
preferred stock and 4,341 shares of the C-2 preferred stock of
EnSync, Inc. for an aggregate purchase price of US$17 million.
The Share Transfer is subject to customary closing conditions.
SPI Solar will receive US$8.5 million upon the completion of the
Share Transfer with the remainder of the purchase price to be paid
by the purchaser within six months following the closing date.

Under the same agreement, SPI Solar agrees that in the event any
of the C-1 preferred stock or C-2 preferred stock subject to the
Share Transfer is not converted into common stock of EnSync, Inc.
within six months following the closing date, the purchaser will
(i) be released from the obligations to pay the unpaid portion of
the consideration and (ii) have the right to request SPI Solar to
repurchase such C-1 preferred stock and C-2 preferred stock at a
price of US$1,1018.25 per share of preferred stock, plus an
uncompounded 10% annual interest.  The amount of the repurchase
price will be deducted the amount of the unpaid portion of the
purchase price.

                    About SPI Energy Co., Ltd.

SPI Energy Co., Ltd., (As successor in interest to Solar Power,
Inc.), is a global provider of photovoltaic (PV) solutions for
business, residential, government and utility customers and
investors.  SPI Energy focuses on the downstream PV market
including the development, financing, installation, operation and
sale of utility-scale and residential solar power projects in
China, Japan, Europe and North America.  The Company operates an
innovative online energy e-commerce and investment platform,
http://www.solarbao.com/,which enables individual and
institutional investors to purchase innovative PV-based investment
and other products; as well as http://www.solartao.com/, a B2B e-
commerce platform offering a range of PV products for both
upstream and downstream suppliers and customers.  The Company has
its operating headquarters in Shanghai and maintains global
operations in Asia, Europe, North America and Australia.

SPI Energy reported a net loss of $185 million on $191 million of
net sales for the year ended Dec. 31, 2015, compared to a net loss
of $5.19 million on $91.6 million of net sales for the year ended
Dec. 31, 2014.  As of Dec. 31, 2015, SPI Energy had $710 million
in total assets, $493 million in total liabilities and $216.55
million in total stockholders' equity.

KPMG Huazhen LLP, in Shanghai, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2015, citing that SPI Energy Co., Ltd. and its
subsidiaries have suffered significant losses from operations and
have a negative working capital as of Dec. 31, 2015.  In addition,
the Group has substantial amounts of debts that will become due
for repayment in 2016.  These factors raise substantial doubt
about the Group's ability to continue as a going concern.


XINYUAN REAL: Fitch Assigns 'B' Rating to USD300MM Sr. Notes
------------------------------------------------------------
Fitch Ratings has assigned Xinyuan Real Estate Co., Ltd's
(Xinyuan: B/Stable) USD300 mil. 8.125% senior notes due in 2019 a
final 'B' rating and a Recovery Rating of 'RR4'.

                       KEY RATING DRIVERS

Solid Contracted Sales: Xinyuan's strong contracted sales in 2015
and 1H16 were mainly driven by robust market sentiment in its core
Tier 2 and satellite cities surrounding Tier 1 cities, namely
Zhengzhou, Jinan, Suzhou and Kunshan.  Tier 2 cities contributed
61% and 62% of contracted sales in 1H16 and 2015, respectively.

Small Land-Bank Constrains Ratings: Xinyuan's total sellable gross
floor area (GFA) increased to 2.56 million square metres (sq m) in
China and the US at end-June 2016, from 2.33 million sq m at end-
2015.  Its land-bank will last two years, based on 2016 expected
sales, which remains low compared with that of 'B' rated peers.
Apart from normal public auctions, Xinyuan pays advance deposits
to local government or industry partners to secure a large part of
its future land-bank.  There is greater uncertainty about its
land-bank as a result of this acquisition strategy, which
continues to constrain scale and sales.

Land Replenishment Pressuring Leverage: Xinyuan has accelerated
acquisitions after not purchasing any new land in 2015.  So far in
2016, it announced acquisitions of CNY3.6 bil. of sites in China
and the US, with cash outlay of around CNY2.6 bil. after
considering returned land deposits and prepayments for certain
land parcels.

With its low land-bank and fast asset-churn model, Xinyuan's high
land replenishment needs will continue to pressure leverage.
Fitch expects leverage to hover around 45%-50% in 2016-2017, in
view of surging land prices in higher-tier cities amid fierce
competition and a moderate acquisition pace with cash-land-
premium-paid/contracted-sales at 40%-45%.

Expected Margin Recovery: Fitch expects Xinyuan's gross margin to
recover in 2H16-1H17, in line with surging average selling prices
(ASP) in its core cities and recognition of the Oosten project in
US.  This follows a slight decline to 27% in 1H16, after adding
back capitalised interest, from 28% in 2015, due to recognition of
low-margin projects in Suzhou, Jinan and Kunshan.  The
homebuilder's EBITDA margin improved to 15.2% in 1H16, from 14.7%
in 2015, due to management's continued efforts to reduce selling,
general and administration costs.  However, the improvement in
Xinyuan's gross margin could be jeopardized from 2H17 if land
acquisition costs sprint ahead of the rising ASP.

Tight But Sustainable Liquidity: The company's liquidity position
is stable, with a ratio of cash/short-term debt of 90% at end-June
2016, compared with 92% at end-2015.  Xinyuan's total cash of
USD931 mil. and undrawn credit facilities of USD306 mil. at end-
June 2016 are insufficient to cover its short-term borrowings of
USD1.036 bil. and acquisition costs.  Xinyuan's active fundraising
in the onshore bond market has alleviated refinancing pressure.
The company issued two five-year bonds of USD107 mil. and USD77
mil. at 7.47% and 7.09%, respectively, in 2016.  These issuances
have brought down Xinyuan's average borrowing cost to 8.5% at end-
June 2016, from 9.5% at end-2015.

                         KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

   -- contracted sales GFA to increase 40%-50% in 2016 and 5% in
      2017-2018 due to improved churn in Tier 1 and Tier 2 cities
   -- contracted sales ASP to increase around 5% between 2016 and
      2018 due to price increases in Tier 1 and Tier 2 cities
   -- moderate acquisition pace with cash-land-premium-
      paid/contracted-sales at 40%-45% in 2016-2018
   -- selling, general and administrative costs as a percentage
      of contracted sales will gradually decrease to between
      12%-13%, as Xinyuan plans to cut internal costs.

                         RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to negative rating action include:

   -- net-debt/adjusted-inventory rising above 60% on a sustained
      basis (1H16: 45%)
   -- contracted-sales/total-debt falling below 0.6x on a
      sustained basis (year to June 2016: 0.8x)
   -- EBITDA margin falling below 15% on a sustained basis.

Future developments that may, individually or collectively, lead
to positive rating action include:

   -- significant increase in scale, reflected by contracted
      sales exceeding CNY15 bil.
   -- net-debt/adjusted-inventory sustained below 40%
   -- contracted-sales/total-debt improving to above 1.0x on a
      sustained basis
   -- EBITDA margin improving to above 20% on a sustained basis.



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


A.G. RICE: CRISIL Assigns B+ Rating to INR140MM Cash Loan
---------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of A.G. Rice Mills and assigned its 'CRISIL
B+/Stable' rating to the facilities. CRISIL had, on Dec. 9, 2013,
suspended the rating as AGRM had not provided the necessary
information required for a rating review. The company has now
shared the requisite information, enabling CRISIL to assign its
rating.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             140       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects AGRM's average financial risk profile because
of a small net worth and subpar debt protection metrics. The
rating also factors in a small scale of operations in the highly
fragmented rice industry and susceptibility to volatility in raw
material prices. These weaknesses are partially offset by the
extensive experience of partners and their funding support.
Outlook: Stable

CRISIL believes AGRM will benefit over the medium term from the
extensive experience of partners. The outlook may be revised to
'Positive' in case of significantly higher-than-expected cash
accrual, along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if lower-
than-expected cash accrual, large working capital requirement, or
any unanticipated sizeable, debt-funded capital expenditure
weakens liquidity.

Established in 1981 as a partnership between Mr. Avtar Singh, Mr.
Abhishek Vohra, Ms. Harjit Kaur and Ms. Neelam Vohra, AGRM
processes and exports basmati and non-basmati rice. Its processing
plant in Amritsar, Punjab, with a total milling capacity of 5
tonne per hour (tph) and sorting capacity of 8 tph, has around 80%
utilisation. The firm trades rice under its Darbar and Minar
brands.

AGRM reported a book profit of INR15.5 million on sales of
INR654.2 million in fiscal 2016 as against a book profit of
INR1.54 million on sales of INR493.1 million in fiscal 2015.


ARVIND SYNTEX: CARE Assigns B+ Rating to INR10cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Arvind
Syntex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     10.00      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Arvind Syntex
Private Limited is primarily constrained by small scale of
operations and weak financial risk profile marked by low
profitability margins, leveraged capital structure and weak
coverage indicators and obsolescence risk associated with
inventory. The rating is further constrained by its presence in
the fragmented and unorganized readymade garment industry.

The rating, however, draws comfort from the experienced promoters,
long track record of operations and moderate operating cycle.

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

Alwar-based (Rajasthan), Arvind Syntex Private Limited was
incorporated in 1986 as a private limited company and currently
managed by Mr. Hari Ram Sharma and Mr. Arvind Sharma. The company
started its operations by manufacturing readymade garments. The
company sells its products to wholesalers located in Punjab, Delhi
and Uttar Pradesh. The raw material required for the manufacturing
of garments include cotton and synthetic fabric and yarn etc.,
which the company procures from manufacturers and wholesalers
located in Delhi, Himachal Pradesh, Punjab and Uttar Pradesh. ASPL
has an associate concern, namely, Ajay Overseas Private Limited,
which is engaged in manufacturing of steel ingots (established in
2003).

In FY16 (refers to the period April 01 to March 31), ASPL achieved
a total operating income (TOI) of INR14.44 crore and PAT of
INR0.02 crore, as against TOI of INR4.51 crore and PAT of INR0.03
crore in FY15. During 4MFY17 (based on provisional results), the
company has achieved a total operating income of INR3.00 crore.


ARYA TRADEX: Ind-Ra Assigns 'IND B-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Arya Tradex
Private Limited (ATPL) a Long-Term Issuer Rating of 'IND B-'. The
Outlook is Stable. The agency has also assigned ATPL's INR100
million non-fund-based working capital facility an 'IND A4'
rating.

KEY RATING DRIVERS

The ratings reflect ATPL's small scale of operations, lack of
operational track record and weak credit profile. ATPL's revenue
was INR10 million in FY16 (FY15: INR2 million) with a negative
EBITDA of INR8 million (negative INR2 million). Its gross interest
coverage (operating EBITDA/gross interest expense) was negative
0.7x (negative 2,281x) with net leverage (total adjusted net
debt/operating EBITDAR) of negative 7.6x (negative 1.3x). FY16
numbers are provisional in nature.

The ratings further reflect the competition risk involved as ATPL
is one of the many brokers active in the Multi Commodity Exchange
of India Ltd (MCX) and both its top-line and bottom-line remain
affected by the competition it faces.

The ratings, however, factor in more than two decades of
experience of the company's promoters in the commodity exchange
segment.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations with
an ability to earn profit leading to an improvement in the overall
credit profile could lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2014, ATPL is engaged in broking and trading of
commodities. It is active in both the MCX and National Commodity
and Derivatives Exchange. ATPL is a licensed broker approved by
both MCX and Security and Exchange Board of India.


ASOKE TIMBER: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Asoke Timber Co.
a Long-Term Issuer Rating of 'IND BB-'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect ATC's small scale of trading operations and
its weak financial profile.  The company's revenue was INR607 mil.
in FY16 (FY15: INR428 mil.), EBITDA interest coverage (operating
EBITDA/interest) was low at 1.3x (1.2x), net leverage (net
debt/operating EBITDA) was high at 9.6x (6.5x) and EBITDA margins
were weak at 1.9% (1.9%).  FY16 numbers are provisional in nature.

The ratings factor in the company's moderate liquidity position as
indicated by the average maximum utilization of its fund-based
limits being 96% during the 12 months ended June 2016.

The ratings, however, are supported by more than four decades of
rich experience of the company's promoters in timber trading
business.  The ratings are further supported by around 40 years of
long operational track record of the company and its established
customer base.

                        RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations along
with an improvement in the overall credit metrics could lead to a
positive rating action.

Negative: A decline in the scale of operations and deterioration
in the credit metrics from the current level could lead to a
negative rating action.

COMPANY PROFILE

ATC is engaged in trading of timber, veneer, plywood, marble,
granites and tiles.  It is a proprietorship firm of Asoke
Choudhary formed in 1975.  The day to day operations are handled
by Asoke Choudhary and Arun Choudhary.

ATC procures timber from Vietnam and Indonesia and sells them in
the states of West Bengal, Jharkhand and Karnataka.  It also
procures marbles from Rajasthan and sells them in West Bengal.

ATC's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
   -- INR82.5 mil. fund-based working capital limits: assigned
      'IND BB-'/Stable
   -- INR17.5 mil. non-fund-based working capital limits:
      assigned 'IND A4+'


CHOKSI IMAGING: Ind-Ra Cuts Long-Term Issuer Rating to 'IND B+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Choksi Imaging
Limited's (CIL) Long-Term Issuer Rating to 'IND B+' from 'IND BB-
'. The Outlook is Stable.

KEY RATING DRIVERS

The downgrade reflects a significant deterioration in CIL's scale
of operations and weakening of its business profile resulting from
a strategic decision taken in FY16 to cut down minimal margin
business exposed to foreign exchange volatility. The company's
revenue declined to INR458 million in FY16 (FY15: 1,077) from
INR1,702 million in FY14 as the company stopped doing business
with its largest customer which accounted for 65% of CIL's revenue
in FY14.

The ratings factor in CIL's lack of revenue visibility on account
of technological obsolescence. As of end-July 2016, the company's
total outstanding orders were worth INR25 million and the company
is likely to have ended 1QFY17 with a top-line of INR75 million
indicating a further de-growth.

The downgrade further reflects stretched receivable collection
period of 64 days in FY16 as compared to 33 days in the previous
year, arising out of discontinued business.

The ratings, however, are supported by CIL's comfortable credit
metrics with the net leverage (total adjusted net debt/operating
EBITDA) of negative 0.43x in FY16 (FY15: 3.31x) and interest
coverage (operating EBITDA/gross interest expense) of 6.9x
(1.18x). The credit metrics improved on account of improved EBITDA
margins of 5.6% in FY16 (FY15: 1.7%). The margins improved as the
company's focus shifted to selling x-ray films directly. The
company's liquidity position remained comfortable with almost no
utilisation of its working capital facilities over the 12 months
ended July 2016.

RATING SENSITIVITIES

Positive: A significant and sustained increase in revenue while
maintaining the current levels of operating profitability could
lead to a positive rating action.

Negative: More than expected decline in the revenue and/or
pressure on operating profitability leading to decline in the
credit metrics could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 1992, CIL manufactures X-ray films which find
application in medical imaging. It is also involved in the trading
of various items used in the healthcare industry.

CIL's ratings:

   -- Long-Term Issuer Rating: downgraded to 'IND B+'/Stable from
      'IND BB-'/Stable

   -- INR30 million fund-based facilities (reduced from INR140
      million): downgraded to 'IND B+'/Stable from 'IND BB-'

   -- INR40 million non-fund-based limits (reduced from INR105
      million): downgraded to 'IND A4' from 'IND A4+'


DAVANAM JEWELLERS: ICRA Hikes Rating on INR73cr Loan to 'B'
-----------------------------------------------------------
ICRA has upgraded the long term rating on the INR73.00 crore fund
based facilities of Davanam Jewellers Private Limited to [ICRA]B
from [ICRA]D. ICRA has also upgraded the short term rating on the
INR4.00 crore non fund based facilities of DJPL to [ICRA]A4 from
[ICRA]D. ICRA has also upgraded the rating on the INR3.26 crore
unallocated long/short term facilities of the company to
[ICRA]B/[ICRA]A4 from [ICRA]D/[ICRA]D.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   LT: Fund Based          73.00       [ICRA]B; upgraded
   Facilities                          from [ICRA]D

   ST: Non-fund based       4.00       [ICRA]A4; upgraded
   facilities                          from [ICRA]D

   LT/ST: Unallocated       3.26       [ICRA]B/[ICRA]A4; upgraded
   Limits                              from [ICRA]D/[ICRA]D

The rating revision factors in the regularization of the cash
credit facility availed by DJPL as confirmed by the lenders.
Receipt of INR3.6 crore of loans and advances extended to group
concerns (of the total INR47.1 crore as on March 31, 2016) is
likely to reduce the debt levels and ease the liquidity situation.
ICRA also draws comfort from the long standing experience of the
promoters in the jewellery business supported by the strong
operational performance in the region.

The company has over the past extended sizable advances to its
group concerns (~INR47.1 crore as on March 31, 2016) which are
expected to be received back over the next two years with INR12.0
crore in FY2017 and INR11.0 crore in FY2018. This includes INR7.4
crore of funds extended to a group concern, Davanam Construction
Private Limited which is involved in construction of a residential
property under a JDA with Jain Heights at Okalipuram, Bangalore.
This project was stalled due to some procedural issues, some of
which have been resolved over the past three months. Return of
funds extended to this group concern as construction and sale of
the project progresses, coupled with funds from the promoter group
is expected to be used to reduce debt levels at DCPL over the next
two years.

Ratings continue to be constrained by the thin operating margins,
high interest costs characterized by large working capital
borrowings, stretched capital structure; and moderate coverage
indicators (with interest coverage at 1.4 times and DSCR at 1.3
times as on March 31, 2016). Timely receipt of funds extended to
group companies; and use of the same to reduce debt levels and
improve credit profile are key monitorables.

Davanam Jewellers Private Limited is in the business of retailing
of gold and silver jewellery in Bangalore. The Company also deals
in diamonds and other precious stones. The company presently has
three showrooms in Bangalore and intends to add more stores based
on the improving operating environment. The company is run by the
Davanam Family, which has presence in the jewellery business since
1905.

Other than DJPL, the promoters have interests in other companies
viz. Davanam Constructions Private Limited, which is in the
business of real estate development and is the land holding
company for the group; Kausthubha Project Private Limited, which
is in the business of real estate development and Amethyst
Hospitality Private Limited, which is operating a 132 room, all
suites, four star property called Davanam Sarovar Portico Suite in
Bangalore.

Recent Results

The company recorded a net profit of INR3.0 crores on an operating
income of INR320.4 crores in FY2016 provisional. The company
registered a net profit of INR3.0 crores on an operating income of
INR290.4 crores in FY2015 as against a net profit of INR3.4 crores
on an operating income of INR269.4 crores in FY2014.


DEHRADUN HIGHWAYS: CARE Lowers Rating on INR528.45cr Loan to 'D'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Dehradun Highways Project Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     528.45     CARE D Revised from
                                            CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of
Dehradun Highways Project Limited factors in delays in debt
servicing by the company.

DHPL is a Special Purpose Vehicle promoted by Era Infra
Engineering Ltd (EIEL, rated 'CARE D') and OJSC SIBMOST
(Sibmost) to undertake 4-laning of Haridwar-Dehradun section from
km 211.00 to km 218.20 of NH 58 and from km 165.00 to km 196.825
of NH 72 (approximately 39.03 km) in the state of Uttarakhand on
BOT-Annuity basis on Design, Build, Finance, Operate & Transfer
(DBFOT) pattern under National Highways Development Programme
Phase III of National Highways Authority of India (NHAI). DHPL
entered into a Concession Agreement (CA) with NHAI on February 24,
2010 for the project with a concession period of 20 years
(including construction period of two years) from the appointed
date (November 01, 2011, revised from the original appointed date
of August 23, 2010 due to delays in land acquisition on part of
NHAI). The original scheduled commercial operations date (SCOD)
was November 01, 2013, which has been revised to Sept. 30, 2016 by
NHAI (subject to certain conditions).

The total project cost was originally envisaged at INR691.41 crore
to be funded through term loan of INR528.45 crore, equity of
INR107.75 crore and subordinate debt of INR55.21 crore from the
promoters. The project has witnessed time over-run due to various
reasons leading to increase in the project cost, which is expected
to be INR1,020.91 crore now. The revised cost has been approved by
the lead bank.


DOLPHIN PROMOTERS: CRISIL Assigns B+ Rating to INR190MM LT Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facility of Dolphin Promoters and Builders and has assigned its
'CRISIL B+/Stable' rating to DPB's long term facilities. The
rating was 'Suspended' by CRISIL vide the Rating Rationale dated
Nov. 16, 2013 since DPB had not provided necessary information
required to take the rating review. DPB has now shared the
requisite information enabling CRISIL to assign a rating on its
bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          190       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects DPB's exposure to implementation risks on its
large projects, slowdown in customer advances, and cyclicality in
the Indian real estate industry. These rating weaknesses are
partially offset by the extensive experience of the partners in
the real estate industry.
Outlook: Stable

CRISIL believes DPB will benefit over the medium term from the
partners' experience. The outlook may be revised to 'Positive' if
sizeable increase and timely receipt of customer advances lead to
substantial cash inflows. Conversely, the outlook may be revised
to 'Negative' if liquidity is constrained by slowdown in bookings
and delay in customer advances, or time or cost overruns in
project execution, or if the firm simultaneously undertakes large
new projects.

DPB is a partnership firm, established in August 2003. It
undertakes real estate development for residential and commercial
projects in Raipur, Chhattisgarh. The firm is currently developing
two residential projects with aggregate saleable area of about 6
lakh square feet.


FAITH LUMBER: ICRA Raises Rating on INR19cr Loan to B+
------------------------------------------------------
ICRA has upgraded the long term rating to [ICRA]B+ from [ICRA]B to
the INR21.75 crore funds based facilities and assigned the long
term rating of [ICRA]B+ to PCL/PCFC/EBD limit of INR2.75 crore
(sub limit of cash credit) of Faith Lumber Private Limited.
Further, ICRA has reaffirmed the short term rating of [ICRA]A4 to
the INR2.72 crore short-term non-fund based facility of FLPL.
Also, ICRA has assigned the long term/short term ratings of
[ICRA]B+/[ICRA]A4 to unallocated limits of INR0.53 crore of FLPL.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit              2.75       Upgraded to [ICRA]B+
                                       from [ICRA]B

   Buyer's Credit          19.00       Upgraded to [ICRA]B+
                                       from [ICRA]B

   PCL/PCFC/EBD             2.75       [ICRA]B+ assigned

   Credit Exposure Limits   2.72       [ICRA]A4 reaffirmed

   Unallocated limits       0.53       [ICRA]B+/[ICRA]A4 assigned

The ratings upgrade take into account the positive sales growth
prospects supported by the change in product mix with addition of
different species of hard wood as well as geographical
diversification with newly commissioned sales outlet in Delhi,
improvement in profitability margins which has led to improvement
in capital structure as well as debt coverage indicators in FY
2016. The ratings also draw comfort from the extensive experience
of the promoters in the business of trading and processing of
imported timber logs as well as the locational advantage by virtue
of proximity to Kandla port resulting in ease of procurement.

The ratings, however, continue to remain constrained by the weak
financial risk profile as characterized by low net profitability
margins, high gearing levels, weak coverage indicators and high
working capital intensity of operations; albeit the same have
improved in FY 2016 as compared to last year. The ratings further
take into account the vulnerability of margins to foreign exchange
fluctuations owing to high proportion of imports; exposure to
volatility in timber prices and availability of timber being
dependent upon export regulations in the key supplying markets.
Further, the ratings are constrained by the highly fragmented
nature of the industry owing to low entry barriers and
availability of cheaper substitutes which leads to high
competitive intensity.

Faith Lumber Pvt. Ltd. was incorporated in October 2011 and
commenced its operations from July 2012. The company is involved
in the business of processing and trading of lumber, wood logs and
teak wood products such as wooden frames etc. The processing
facility of the company is located in the Gandhidham region of
Gujarat and has a capacity to process ~23,520 Cubic Meter (CBM) of
timber annually. The company is promoted by Mr. Prashant Goel and
his two brothers who have an extensive experience of more than 15
years in the timber trading business.

Recent Results

For the year ended March 31, 2015, the company reported an
operating income of INR53.88 crore and profit after tax of INR0.54
crore as against an operating income of INR40.92 crore and profit
after tax of INR0.27 crore for the year ended March 31, 2014. As
per the provisional financials, the company has reported an
operating income of INR53.28 crore and profit after tax of INR0.52
in FY2016.


FINE JEWELLERY: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Fine Jewellery
Manufacturing Ltd's (FJML) 'IND BB' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND BB(suspended)' on the agency's website.

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

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

FJML's Ratings:

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

   -- INR563 million fund-based working capital limit: migrated
      to 'IND BB(suspended)'/'IND A4+(suspended)' from 'IND BB'/
      'IND A4+'

   -- INR78 million non-fund-based working capital limit:
      migrated to 'IND A4+(suspended)' from 'IND A4+'


GAJANAN REFRACTORY: CARE Assigns 'D' Rating to INR4.44cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Gajanan
Refractory Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.44      CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Gajanan Refractory
Private Limited is primarily constrained on account delay in debt
servicing on term loan in recent past due to weak liquidity
position.

Establishing a clear track record of timely servicing of debt
obligations along with improvement in the liquidity position is
the key rating sensitivity.

Incorporated in the year 1993, Jamnagar-based (Gujarat) GRPL is a
private limited company engaged in business of manufacturing of
calcined bauxite and high alumina refractory products. It was
incorporated by three promoters led by Mr. Jignesh Takodara and
Mr. Mitesh Takodara, both of them having wide industry experience
of more than 15 years. The main products of GRPL are calcined
bauxite and high alumina refractory products. Its plant is located
at Jamnagar (Gujarat) having installed capacity of 18,000 metric
ton per annum as on March 31, 2016.

As per the audited results of FY15 (refers to the period April 1
to March 31), GRPL reported net loss of INR0.01 crore on a total
operating income (TOI) of INR6.37 crore as against net profit of
INR0.04 crore on a TOI of INR5.19 crore during FY14.


GMR CHHATTISGARH: ICRA Reaffirms 'D' Rating on INR7,717cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the rating assigned to the INR7717.00 crore
(Including USD101 Million) bank facilities of GMR Chhattisgarh
Energy Limited at [ICRA]D).

                           Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long Term Bank Limits    7,717.00      [ICRA]D (Reaffirmed)

The rating reaffirmation takes into account the continued delays
in debt servicing; initially due to delays in funding tie-ups
against cost overrun for executing its 1370 MW thermal power plant
and thereafter due to lower Plant Load Factor (PLF) after
Commercial Operation Date (COD) in March 2016, which has resulted
in cash losses and stretched liquidity.

GCEL has witnessed significant delays in its project execution,
which is reflected in delays of ~2 years vis a vis schedule COD of
March 2014. Due to delays, the completed project for the power
plant stands significantly higher at INR11675 crore as against
budgeted project cost of INR8290 crore. To fund the increased
project costs, the debt levels have increased by ~INR2160 crore to
INR8376 crore vis a vis originally budgeted level of INR6217
crore. The increase in project cost will translate into INR8.52
crore/MW of capacity and high capacity charge of ~INR2.45/Kwh of
power as per ICRA's estimates.

During FY2015, GCEL has also secured two captive coal mines, i.e.
Talabira-I and Ganeshpur coal mines under the auction conducted by
Government of India. While Talabira is an operating coal block and
is being used to meet existing fuel requirements; however the
reserves of this coal mine will suffice part of the coal
requirements for FY17 and FY18 only. Thereafter, based on the
estimated production levels and calorific value of coal from the
Ganeshpur coal mine, which is currently under development; GCEL
can meet ~90~95% of the coal requirements of the power plant @ 85%
PLF as per ICRA's estimates. Accordingly, this has significantly
reduced the uncertainties related to fuel as GCEL didn't had any
fuel allocation earlier. Based on the royalty payable as per the
bidding amount, coal transportation costs and mining costs, as per
ICRA's estimates, the variable cost of power from the Ganeshpur
mine is estimated to be ~Rs 1.30~1.40/Kwh. The capital cost for
development of mines is estimated at INR751 crore of which about
INR600 crore is proposed to be funded by debt as is yet to be
fully tied-up and will be critical for timely development of
Ganeshpur coal block.

Additionally, the company is yet to enter into any long-
term/Medium term Power Purchase Agreements (PPA) and continues to
remain vulnerable on this front as Chhattisgarh State Power
Trading Company Limited (CSPT), with which GCEL has earlier tied-
up a PPA, has stated its unwillingness to offtake power under the
PPA for ~30% of capacity on cost-plus basis; however 5% of the
power will be required to be sold at variable rate as per the PPA
terms. In absence of the PPAs, GCEL's ability to utilize the coal
from the coal mines will be constrained as the coal can be used
only against power supplies made under Long-term or medium term
PPAs.

The debt repayments, which were originally scheduled to commence
from 28th February 2015 currently stands revised to 28th February
2017 due to extension in COD by the lenders and given the current
operational and financial position, GCEL will require to undertake
the refinancing of its term loans during FY2017.

In ICRA's view, GCEL's ability to secure remunerative PPA, improve
the plant's PLF, complete development of its Ganeshpur coal block
and timely refinance its term loans will be key determinants of
its debt servicing and credit profile.

GMR Chhattisgarh Energy Limited is an SPV promoted by the GMR
Group for development of 1370MW (2 X 685 MW) domestic coal based
super-critical thermal power plant. The plant is located at Raipur
District, in the state of Chhattisgarh. The GMR Group is an
infrastructure developer active in the power, roads and airports
segments; and holds 100% stake in GCEL through GMR Energy Limited
and its affiliates. The plant has declared the commercial
operations in March 2016 (Unit 1 in November 2015 and Unit 2 in
March 2016) as against original COD of March 2014. The final
project cost for the power plant is estimated at INR11675 crore
which is funded through debt of INR8376 crore as against initially
budgeted cost of INR8290 crore and debt of INR6217 crore. The
company is yet to enter into long-term PPA for its capacity and
accordingly, the PLF is low at ~19% during Q1FY17. During FY16,
the company reported revenues of INR125.74 crore and net loss of
INR454.40 crore.


GMR KAMALANGA: ICRA Reaffirms 'D' Rating on INR3,855cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the rating assigned to the INR3855.00 crore
bank facilities of GMR Kamalanga Energy Limited at [ICRA]D.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long Term Bank Limits   3,855.00      [ICRA]D (Reaffirmed)

The rating reaffirmation takes into account the continued delays
in debt servicing by the company due to weak operational and
financial performance resulting in large losses, increased debt
levels and stretched liquidity.

While reaffirming the rating, ICRA takes into account the few
favorable developments related to tariff orders from Central
Electricity Regulatory Commission (CERC), whereby CERC has issued
final tariff order against the Power Purchase Agreement (PPA) with
Grid Corporation of Odisha Limited (GRIDCO) in November 2015,
which was earlier being billed at lower provisional tariff of
INR2.75/kwh. ICRA also notes that CERC its order in February 2016
has allowed for certain items related to energy costs on account
of impact due to change in law under its PPA with the power
distribution utilities in state of Haryana. Additionally, In
October 2015, Bihar State Power (Holding) Company Limited has
allowed an additional tariff of INR0.138/Kwh due to change in law.
Based on the above orders, GKEL recognized prior period revenues
of ~Rs 350 crore in FY16. Notwithstanding the above positives,
ICRA notes that the collections against the above billing remain
weak resulting in accumulation of receivables and stretched
liquidity. Further as per ICRA's estimates, despite the additional
tariff under its PPA with Haryana, due to increase in project
cost, it will continue to remain a loss-making PPA, which is
equivalent to ~32% of its capacity, thereby resulting in overall
weak project dynamics.

Apart from delays in the project commissioning of about 2 years;
power transmission constraints also resulted in low PLF in initial
years of operations as reflected in PLF of about 26% in FY14, 53%
in FY15 and ~67% in FY16 thereby resulting in large cash losses of
~INR800 crore till FY16. Accordingly the debt levels have
witnessed a sharp increase to ~INR5359 crore (including unsecured
loans of ~INR592 crore from GMR group companies) vis a vis
originally budgeted debt levels. Given the above operational
challenges in the initial phase of operations, GKEL refinanced its
debt in June 2015 under 5/25 refinance scheme for infrastructure
projects, and the repayments are now scheduled to commence from
October 2017. However due to stretch liquidity, the company
continues to delay on its interest servicing.

ICRA also notes the weak financial position of GKEL as reflected
in project creditors of ~ INR607 crore and liabilities of ~640
crore (as on March 31, 2016) on account of encashment of bank
guarantees of its contractor, the matter for which is presently
sub-judice. ICRA notes that these liabilities are not backed by
adequate undrawn project debt or cash balances, which also
constrains the financial profile.

In ICRA's view, GKEL will continue to face challenges related to
high debt levels, aggressively bid tariff under PPA. Ability to
reduce debt levels, improving the collection against the billings
done at higher rate after receipt of tariff order will be critical
for its debt servicing.

GMR Kamalanga Energy Limited is an SPV promoted by the GMR Group
for development of 1050 MW (3 X 350 MW) domestic coal based
thermal power plant at Kamalanga in the state of Odisha. GMR Group
holds ~86% stake in GMR Kamalanga through GMR Energy Limited,
while balance is held by India Infrastructure fund and IDFC
Limited. The plant has been commissioned in March 2014 as against
original commissioning schedule of March 2012. The final project
cost is estimated at INR6519 crore with debt of INR4319 crore as
against original project cost of INR4540 crore and debt of INR3405
crore. The company has three PPA with GRIDCO (263 MW), Haryana
Utilities (300 MW net) and Bihar state utility (260 MW net). The
plant was originally conceptualised with part of its domestic coal
from captive coal block, which was cancelled by Honable Supreme
Court of India in September 2014. During FY16, the company
achieved at Plant load factor of 67% and reported revenues from
sale of power at INR1960.84 crore with net loss of INR269.67 crore
as against a PLF of 53% and revenues of INR1144.31 crore and net
loss of INR853.78 crore in FY15.


GURULAXMI COTTEX: Ind-Ra Assigns BB+ Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research has assigned Gurulaxmi Cottex Private
Limited a Long-Term Issuer Rating of 'IND BB+'.  The Outlook is
Stable.

                          KEY RATING DRIVERS

The ratings reflect Ind-Ra's expectation of moderation in GCPL's
credit profile primarily due to debt-funded capacity expansion
planned in 1HFY17.  The company's net leverage (net adjusted
debt/operating EBITDAR) was 4.3x in FY16 (FY15: 3.4x), EBITDA
interest coverage (EBITDAR/gross interest expense + rents) was
3.1x (2.2x) and revenue was INR994 mil. (INR1,094 mil.).

GCPL has planned to increase its installed capacity to 30,000
spindles from the existing around 17,000 at its unit and is likely
to commence operations at the expanded capacity by 1QFY18.  The
estimated cost of INR340m for this expansion, to be funded through
debt, is likely to put pressure on the company's credit metrics
till the additional capacity starts contributing to its bottom
line.  Ind-Ra expects the credit metrics to normalize by FYE18.

The ratings factor in the agricultural commodity-based
manufacturing business which is characterised by raw material
price volatility.  EBITDA margins fluctuated between 8.5% and
10.8% over FY13-FY16.

The ratings, however, are supported by two decades of operating
experience of the company's promoter in the cotton yarn
manufacturing business.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue on account of the
operations at the capex-led enhanced capacity while maintaining
the profitability and credit metrics could lead to a positive
rating action.

Negative: Any decline in the company's EBITDA margins leading to a
sustained deterioration in the credit metrics could lead to a
negative rating action.

                         COMPANY PROFILE

Incorporated in 2010 by Mr. Sumit Lakhani and his wife
Mrs. Pradeep Lakhani, GCPL is engaged in manufacturing of cotton
yarn.  The company exports to various countries such as China,
Bangladesh, Egypt, Vietnam and Latin American countries.  It
operates 17,280 spindles at its manufacturing unit in Yavatmal
(Maharashtra).

GCPL's ratings:

   -- Long-term Issuer Rating: assigned 'IND BB+'/Stable
   -- INR191.8 mil. Long-term loan: assigned 'IND BB+'/Stable
   -- INR100 mil. fund-based facilities: assigned
      'IND BB+'/Stable/'IND A4+'
   -- INR15 mil. non-fund-based facilities: assigned 'IND A4+'
   -- Proposed INR250 mil. Long-term loan: assigned
      'Provisional IND BB+'/Stable
   -- Proposed INR50 mil. fund-based facilities: assigned
      'Provisional IND BB+'/Stable/'Provisional IND A4+'
   -- Proposed INR15 mil. non-fund-based facilities: assigned
      'Provisional IND A4+'


HANUMAN GINNING: CARE Assigns 'B' Rating to INR7cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Hanuman
Ginning and Pressing Factory.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       7        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Hanuman Ginning and
Pressing Factory is primarily constrained on account of project
implementation risk associated with its debt-funded greenfield
project for setting up cotton ginning & pressing unit. The rating
is, further, constrained on account of vulnerability of margins to
cotton price fluctuation, seasonality associated with the cotton
industry and its presence in the lowest segment of the textile
value chain with highly fragmented nature of the cotton ginning
industry.

The rating, however, derives strength from the experienced
management in the cotton ginning industry and favorably
located in the cotton growing region.

Timely completion of the project and stabilization of activity in
newly setup facility with achievement of envisaged levels of
income and profitability would be the key rating sensitivities.

Khandwa-based (Madhya Pradesh) HGPF was formed in 2016 as a
proprietorship concern by Mr. Kailash Chandra Bansal to set up
cotton ginning unit at Khandwa district, Madhya Pradesh. HGPF has
envisaged total cost of the project of INR4.00 crore for setting
up greenfield plant which envisaged to be funded through term loan
of INR3 crore and remaining INR1 crore by proprietors capital.
Till Aug. 1, 2016, HGPF has incurred total cost of INR2.91 crore
towards the project funded through INR2.25 crore of term loan and
INR0.66 of the proprietor's capital.

The plant of the firm will have installed capacity of 80,300 bales
per annum. The firm will sells cotton bales to textile units
located in Madhya Pradesh as well exporters located in Mumbai. The
firm will sell cotton bales among the largest cotton bales
exporters of India, namely, Louis Dresus Pvt. Ltd. and Gill &
Company. It will procure raw material directly from farmers.


HI-TECH ROBOTIC: Ind-Ra Affirms BB+ Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Hi-Tech Robotic
Systemz Limited's Long-Term Issuer Rating at 'IND BB+'.  The
Outlook is Stable.

                         KEY RATING DRIVERS

The affirmation reflects HRL's moderate scale of operations,
volatile EBITDA margins, and high net leverage.  According to the
provisional FY16 financials, revenue declined to INR273 mil.
(FY15: INR398 mil.) and EBITDA margin fell to 19.2% (FY15: 36.4%).
The margins ranged between 13%-36.4% over FY12-FY16.  The decline
in revenue and profitability in FY16 led to a significant increase
in HRL's net leverage to 1.8x (FY15: 0.5x) and a sharp fall in
gross interest coverage to 4.8x (8.5x).  This was despite a
reduction in balance sheet debt to INR132 mil. in FY16 (FY15:
INR158 mil.).  Also, HRL's working capital cycle elongated to
around 240 days in FY16 (FY15: 123 days).

The revenue decline in FY16 was primarily on account of a 96%yoy
decline in defence revenue to INR5 mil. due to the fewer tenders
floated by the defence ministry and spilling of delivery of one
large order of INR45 mil. to May 2016. HRL's other segments,
'engineering design & systems' and 'automated guided vehicle
industrial robotics' reported marginal revenue growth of 4% yoy
and 7% yoy, respectively, in FY16.

The margins vary depending upon the projects undertaken and timing
of delivery of the projects.  In FY16, the fall in EBITDA margins
was primarily on account of the decline in revenue and an increase
in R&D expense to INR60m during the year.

The ratings, however, continue to be supported by HRL's
comfortable liquidity profile and its significant technical
expertise and product development experience in the field of
robotics, artificial intelligence, and industrial automation.  The
company's average use of the fund-based limit was 70% for the 12
months ended July 2016.

                       RATING SENSITIVITIES

Positive: A positive rating action could result from significant
growth in the operating revenue while improving or maintaining the
credit profile.

Negative: A decline in the revenue or profitability or lengthening
of the working capital cycle leading to a sustained increase in
the net financial leverage will be negative for the ratings.

COMPANY PROFILE

HRL, established in 2004, develops products/solutions in robotics,
artificial intelligence, automotive, embedded systems and computer
vision and biometrics.  It has designed and developed several
unmanned robotics projects for the army, paramilitary forces and
private sector companies.  Some of the major areas in industrial
automation include material handling application, robotic
palletising and de-palletising, robotic welding, automation in
foundry and forging, machine tending application, gantry and
travel track based solutions.

HRL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB+'; Outlook
      Stable
   -- INR62 mil. term loans (increased from INR56.2 mil.):
      affirmed at 'IND BB+'/Stable
   -- INR100 mil. fund-based limits: affirmed at 'IND BB+'/Stable
      and 'IND A4+'
   -- INR70 mil. non-fund-based limits (increased from
      INR60 mil.): affirmed at 'IND BB+'/Stable and 'IND A4+'


HYDERABAD EDUCATIONAL: Ind-Ra Suspends D Rating on INR689.7M Loan
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Hyderabad
Educational Institutions Private Limited's INR689.7 mil. bank
loans to 'IND D (suspended)' from 'IND D'.

The rating has been suspended due to lack of adequate information.
Ind-Ra will no longer provide ratings or analytical coverage for
HEIL's bank loans.

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


INDEXPORT LEATHER: Ind-Ra Assigns B+ Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned IndExport Leather
Export Private Limited a Long-Term Issuer Rating of
'IND B+'.  The Outlook is Stable.

                          KEY RATING DRIVERS

The ratings reflect IELEPL's small scale of operations and
improving but still weak credit profile.  The company achieved
revenue of INR100 mil. in FY16 (FY15: INR69 mil.).  Its net
financial leverage (net debt/EBITDA) was 10.6x in FY16 (FY15:
79.7x) and EBITDA interest coverage (EBITDA/gross interest) was
2.7x (0.2x).  Its operating EBITDA margins improved to 12.8% in
FY16 (FY15: 2.6%) on account of decrease in raw material cost.
FY16 numbers are provisional in nature.

The ratings factor in IELEPL's tight liquidity profile as
reflected by 99% average working capital limit utilization during
the 12 months ended June 2016.

The ratings, however, are supported by more than two decades of
rich experience of the company's founder in the leather bag
manufacturing business.

                      RATING SENSITIVITIES

Positive: An increase in the revenue and operating profit, along
with an improvement in the credit metrics, could be positive for
the ratings.

Negative: A decline in the operating profitability, resulting in
deterioration in the interest coverage, could be negative for the
ratings.

COMPANY PROFILE

IELEPL is a family-owned company based in Kolkata and was
established in 1988.  It converted into a private limited company
under its current name in 2011.  The company is involved in the
manufacturing of leather and leather handbags, wallets and other
leather accessories primarily for the European and American
markets.

The company is managed by its two directors - Mr. Ranbirdev Thakar
and Mr. Saroj Thakar.

IELEPL's Ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'/Stable
   -- INR4.5 mil. Long-term loan: assigned 'IND B+'/Stable
   -- INR86.4 mil. fund-based working capital: assigned
      'IND B+'/Stable


IVORY CLOTHING: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ivory Clothing Pvt Ltd
continue to reflect the company's weak financial risk profile
because of small networth and high gearing, and modest scale of,
and working capital-intensive, operations in the highly fragmented
textile industry. These weaknesses are partially offset by the
extensive experience of its promoter and funding support from him.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             10       CRISIL B+/Stable (Reaffirmed)
   Packing Credit          50       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes ICPL's scale of operations will remain small and
financial risk profile average over the medium term. The outlook
may be revised to 'Positive' if increase in networth due to fresh
equity infusion leads to a better financial risk profile. The
outlook may be revised to 'Negative' if stretch in working capital
cycle or pressure on revenue and profitability further weakens
financial risk profile.

Update
Operating income was INR207.5 million in fiscal 2016, better than
CRISIL's expectation of INR189.9 million. Margin improved to
11.26% from 7.5% in fiscal 2015 because of direct dealing with one
of its customers rather than through intermediaries and the same
has been estimated at 9.19 % for FY 2015-16. However, working
capital requirement remains large, with gross current assets of
381 days as on March 31, 2016. Also, capital structure is
aggressive, with a high gearing of 5.46 times but better than
CRISIL's expectation of 6.96 times because of unsecured loans of
INR119.1 million from the promoter. Debt protection metrics were
was moderate with interest coverage and net cash accrual to debt
ratios of 2.96 times and 0.14 time, respectively, for fiscal 2016.

Incorporated in 2005, by Mr. Aniljit Singh ICPL manufactures and
exports ready-made garments for women. Facility is in Noida.


JORSS BULLION: ICRA Suspends 'D' Rating on INR35cr Cash Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR50.001
crore bank facility of Jorss Bullion Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.

                             Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   LT-Fund Based Limits
   Cash Credit                35.00       [ICRA]D, Suspended

   ST-Non Fund Based Limits-
   LG (Inland/Financial)
   for purchase of gold
   from other banks          (35.00)      [ICRA]D, Suspended

   ST-Non Fund Based Limits-
   Gold Metal loan for
   purchase of metals        (35.00)      [ICRA]D, Suspended

   Unallocated                15.00       [ICRA]D, Suspended

Jorss Bullion Private Limited was incorporated in the year 2008
promoted by Mr. Rakesh Patel & Mr. Ketal Patel. Jorss Bullion
Private Limited is mainly engaged in the business of trading of
bullions and gold jewellery. Bullion trading comprises of a major
portion of the total revenues at present. The company sells
bullion to traders and jewellery manufacturers, particularly in
Mumbai and Ahmedabad region.


K-LITE INDUSTRIES: CRISIL Suspends B+ Rating on INR42.5MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of K-Lite
Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Buyer Credit Limit      17.5      CRISIL B+/Stable

   Cash Credit/Overdraft
   facility                42.5      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by KLI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KLI is yet to
provide adequate information to enable CRISIL to assess KLI'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 1977 as a partnership firm, KLI manufactures
lighting luminaries and offers an array of interior lighting
fixtures and exterior lighting fixtures in Chennai.


KSK MAHANADI: ICRA Lowers Rating on INR12,142cr Term Loan to D
--------------------------------------------------------------
ICRA has revised the long term rating to [ICRA]D from [ICRA]BB and
also revised the short term rating to [ICRA]D from [ICRA]A4 for
the term loans, fund based and non-fund based facilities of
KSK Mahanadi Power Company Limited aggregating to INR15702 crores.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term loans (Senior-     12,142      Revised to [ICRA]D
   debt)                               from [ICRA]BB (Negative)

   Term loans (Sub-debt)      810      Revised to [ICRA]D
                                       from [ICRA]BB (Negative)

   Bank guarantee             773      Revised to [ICRA]D/[ICRA]D
                                       from [ICRA]BB(Negative)/
                                       [ICRA]A4

   Fund based limits         1120      Revised to [ICRA]D from
                                       [ICRA]BB (Negative)

   Non-fund based limits      857      Revised to [ICRA]D from
                                       [ICRA]A4

The rating revision is on account of delays in servicing the
interest obligation by KMPCL on the debt availed for setting up
the 3600 MW (6 X 600 MW) thermal power project (TPP) in the state
of Chhattisgarh. This is owing to delays in implementation of the
project caused by execution related challenges, agitation by
locals and subsequently, due to delays in securing funding for
cost overruns. The scheduled project commissioning date (CoD) has
now been revised to December 2017 from December 2015, which was
earlier revised from the appraised CoD of December 2013. ICRA
notes that the large delays in execution, steep depreciation of
rupee against US dollar on imported BTG3 equipment and
construction of temporary transmission line, resulted in cost
overrun to the extent of 67% of the original appraised cost, thus
adversely impacting the cost competitiveness of the project.
Approvals are in place for the revised CoD and project cost from
major lenders in the consortium along with relaxation of debt-
equity ratio4 for the project cost associated with the first four
units of the TPP. However, the tight timelines and funding risk
arising from the large quantum of pending equity infusion (Rs.
4529 crore), primarily required for commissioning the last two
units, makes it challenging for the company to achieve the revised
CoD of December 2017.

The ratings are further constrained by the fuel supply risks
arising on account of de-allocation of the Morga II and Gare Pelma
III coal blocks tied up by KMPCL as per the Supreme Court order
dated September 24, 2014 and as the company has not been able to
tie-up alternative linkage for fuel supply. The company is
currently sourcing coal from open market, including under the
special forward e-auction for power sector by Coal India Limited.
The ratings also factor in the off-take risks arising out of
pending tie-up of power purchase agreements (PPAs) for 37%5 of the
net project capacity, expected delays in commencement of supply of
700 MW6 to Uttar Pradesh discoms given the revision in project CoD
and counter-party credit risks arising from weak profile of the
distribution utilities in Tamil Nadu and Uttar Pradesh, which is
also reflected from the high receivable position for the company
at the end of March 2016.


M. P. ASSOCIATES: CARE Gives Prov. B+ Rating to INR85cr Term Loan
-----------------------------------------------------------------
CARE assigns 'PROVISIONAL CARE B+' rating to the bank facilities
of M. P. Associates.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities-     85       Provisional CARE B+
   Term Loan (Lease Rental                 Assigned
   Discounting)

Rating Rationale

The rating assigned to the bank facilities of M.P. Associates
factors in limited management experience of operating a mall and
high tenant concentration risk. The rating strength is also
tempered by stressed liquidity position and partnership
constitution of the firm.

However, the rating is benefitted by more than two decades
experience of management in real estate development, favorable
location of the mall, fairly high occupancy levels in the first
year of operation, additional cash flows stream available from
future sale of completed unsold residential inventory and revenue
visibility to some extent on account long tenure of agreements
(albeit lock-in period remains short) with the tenants.

The ability of the firm to manage debt servicing requirements
through timely receipt of rentals from tenants, leasing of the
balance leasable area and timely receipt of funds from sales of
balance unsold completed residential flats are the key rating
sensitivities.

The above rating is provisional and will be confirmed once the
company meets the following conditions to the satisfaction
of CARE:

1. Three months of delay free track record on debt obligations of
MPA.

2. MPA would re-finance all existing external long term bank
facilities in entirety, through the proposed term loan (Lease
Rent Discounting) of INR85.00 crore.

3. Proposed long-term loan would be for a tenure of 144 months and
would have a principal repayment schedule.

4. Interest rate for the proposed loan would be at 10.75% p. a.

5. Promoters/ Promoter group would infuse additional funds to
bridge any gap for aforementioned re-finance. Such funds
infused would be subordinated to all bank debt.

Established in 2005, MPA (part of M.P. Group) is engaged in the
real estate development. Its partners are Mr. Mangesh V Parulekar,
Mr. Dilip Karelia and Mr. Vivekanand Shankar Patil. The group over
the last decade has completed projects of more than 8.50 lakh sq.
ft. in Navi Mumbai. Furthermore the firm has last executed a
residential project, namely, 'Balaji Aangan'. Furthermore, MPA has
developed 2.50 lakh sq. ft. of commercial retail mall named 'Orion
Mall' at Panvel, which commenced its operations on April 2016. The
mall has a total leasable area of 2.50 lsf (total carpet area of
1.38 lsf) of which an area of 2.07 lsf has been leased out to
various retail and lifestyles brands and to multiplex (PVR). The
mall was completed at a total cost of INR154.80 crore funded
through debt to equity ratio of 0.85:1.

The outstanding construction loans amounting to total of INR68.40
crore as on August 08, 2016, is proposed to be refinanced with the
proposed lease rental discounting loan of INR85.00 crore.

During FY15 (refers to the period April 1 to March 31), MPA posted
a total operating income of INR15.09 crore (vis-a-vis INR45.35
crore in FY14) and PAT of INR5.40 crore vis-a-vis INR9.86 crore in
FY14.


M/S ELEGANT: Ind-Ra Suspends BB- Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M/s Elegant
Enterprises' 'IND BB-' Long-Term Issuer Rating to the suspended
category.  The Outlook was Stable.  The rating will now appear as
'IND BB- (suspended)' on the agency's website.  The agency has
also migrated the ratings on EE's INR51 mil. fund-based working
capital limit to 'IND BB-(suspended)'/'IND A4+(suspended)' from
'IND BB-'/'IND A4+'.

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

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


M/S MANMADE: Ind-Ra Suspends BB- Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M/s Manmade's
'IND BB-' Long-Term Issuer Rating to the suspended category.  The
Outlook was Stable.  The rating will now appear as
'IND BB-(suspended)' on the agency's website.  The agency has also
migrated the ratings on M/s Manmade's INR60 mil. fund-based
working capital limits to 'IND BB-(suspended)'/
'IND A4+(suspended)' from 'IND BB-'/ 'IND A4+'.

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

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


MANAGING COMMITTEE: CARE Assigns 'B' Rating to INR6cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Managing
Committee of Institute of Management and Information Science.

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

Rating Rationale

The rating assigned to the bank facilities of Managing Committee
of Institute of Management and Information Science (MCIMIS) is
constrained by its small size with deficit profit levels, moderate
enrollment ratio, constitution being a society and its presence in
a highly regulated education industry. The rating, however,
derives strength from the experience of the promoters, its long
track record of operations and satisfactory capital structure.

Going forward, the ability of MCIMIS to increase its size of
operations, earn profits and improve enrollment ratio will be
the key rating sensitivities.

MCIMIS was set up in December 1996 as a society by Dr Kamala Kanta
Beuria, Mr. Kishore Chandra Mahapatra, Mr. Hemant Kumar Patnaik,
Mr. Sisir Kumar Das, Mr. Rama Ranjan Swain, Mr. Thomas Mathew and
Mr. Srikant Dash of Bhubaneswar, Orissa. The society is running
educational institution in the name of Institute of Management &
Information Science (IMIS) at Bhubaneswar, Orissa. The Institute
has intake sanctioned capacity of 120 students for Post Graduate
Diploma in Management (PGDM) for the academic year 2016-2017 and
the course is approved by All India Council for Technical
Education (AICTE). The institute is charging annual fee of INR2.45
lakh per student for the academic period 2016-2017.

The key promoter and Chairman, Dr. Kamala Kanta Beuria has over
three decades of experience in education industry, looks after the
day-to-day operations of the entity. He is supported by other
members and a team of experienced professionals.

During FY16 (Provisional; refers to the period April 1 to
March 31), MCIMIS reported net deficit of INR2.72 crore (INR2.92
crore in FY15) on the total operating income of INR4.60 crore
(INR5.14 crore in FY15).


MARUTHI COTTON: CRISIL Assigns 'B' Rating to INR40MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Maruthi Cotton Mills Private Limited.

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

The rating reflects MCMPL's exposure to risks related to the
implementation and stablisation of the firm's on-going project,
which involves the setting up of a cotton ginning plant in
Srikakulam (Andhra Pradesh). The rating also reflects MCMPL's
below-average financial risk profile, marked by modest capital
structure and debt protection metrics. These rating weaknesses are
partially offset by extensive industry experience of its partners
in the cotton ginning industry.
Outlook: Stable

CRISIL believes that MCMPL will benefit from its partner's
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' if MCMPL generates larger-than-
expected revenues and profits, after stabilization of operations
in its ongoing cotton ginning plant. Conversely, the outlook may
be revised to 'Negative' in case of delays in the commissioning of
its project because of unforeseen events, or if its revenue or
profitability margins decline significantly, or larger-than-
expected, debt-funded capital expenditure weakens the financial
risk profile.

Established in January, 2014 as a partnership firm, MCMPL is
engaged in the business of cotton ginning and pressing. Based in
Srikakulan, Andhra Pradesh, the firm is promoted and managed by
Mr. P Srinivasa Rao and Mrs. P Suneetha.


MNC ELECTRICALS: Ind-Ra Affirms BB Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed MNC Electricals
Private Limited's Long-Term Issuer Rating at 'IND BB'.  The
Outlook is Stable.

                         KEY RATING DRIVERS

The affirmation reflects MNC's continued moderate credit profile
with interest coverage of 1.83x (FY15: 1.49x) and net financial
leverage (total adjusted net debt/operating EBITDAR) of 3.28x
(5.15x) according to provisional (P) financials for FY16.

The affirmation also reflects MNC's continued small scale of
operations; revenue dropped 13.61% yoy to INR268.64 mil. in FY16
due to the decreased order flow.  However, EBITDA margins improved
to 11.63% in FY16 from 6.22% in FY15 due to a reduction in the raw
material cost and a drop in the erection and contract charge
expenses as a major part of the erection has been completed by
Uttar Haryana Bijli Vitran Nigam and Dakshin Haryana Bijli Vitran.

The ratings are constrained by the company's tight liquidity
profile with full utilization of its working capital limits for
the 12 months ended July 2016.  Also, the working capital cycle
remains long, despite improving to 119 days in FY16 from 145 days
in FY15.

                      RATING SENSITIVITIES

Positive: A positive rating action could result from a sustained
improvement in the revenue while maintaining the current credit
metrics.

Negative: A negative rating action could result from a sustained
decline in the revenue and the operating EBITDA margins leading to
a sustained fall in the net interest coverage.

COMPANY PROFILE

Incorporated in 2005, MNC manufactures GO switches, electrical
panels etc.  It is also involved in the installation of high-
tension electrical installation lines, transformers, power houses
and vacuum circuit breakers etc.

MNC's rating:

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

   -- INR70 mil. fund-based limits: affirmed at 'IND BB'/
      Stable and 'IND A4+'

   -- INR80 mil. non-fund-based limits: affirmed at
      'IND BB'/Stable and 'IND A4+'

   -- Proposed INR10 mil. fund-based limits: assigned
      'Provisional IND BB'/Stable and 'Provisional IND A4+'

   -- Proposed INR25 mil. non-fund-based limits: assigned
      'Provisional IND BB'/Stable and 'Provisional IND A4+'


MORNING STAAR: Ind-Ra Affirms BB Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Morning Staar
Apparels' Long-Term Issuer Rating at 'IND BB'.  The Outlook is
Stable.

                          KEY RATING DRIVERS

The affirmation continues to reflect Staar's moderate credit
profile and high customer concentration.  As per provisional FY16
financials, revenue declined 11% yoy to INR684 mil. while EBITDA
increased to INR26 mil. (FY15: INR20 mil.) as profitability
improved 110 bps to 3.8% on reduced raw material costs.  The
management attributes the revenue decline to the decrease in
export orders from Staar's key customer, Peacocks Stores Limited
(Peacocks), which contributes half of the firm's revenue.

Staar has indicated revenue of INR106 mil. during 1QFY17 while it
has an unexecuted order-book of INR232 mil. which has to be
executed by November 2016.

The credit metrics remained comfortable with net leverage (total
Ind-Ra adjusted net debt/operating EBITDA) at 1.8x at FYE16 (FY15:
negative 0.6x) and interest coverage (operating EBITDA/gross
interest expense) at 5.7x (8.1x).  Ind-Ra believes that the
deterioration in credit metrics is temporary as the stretched
working capital cycle of 29 days in FY16P (FY15: 42 days, FY14:
negative 24 days) is an outcome of Staar's main customer --
Peacocks -- delaying payments during 4QFY16.  The company claims
that this has now been corrected.

Liquidity is comfortable with the average maximum utilization of
its fund-based facilities at around 70% over the 12 months ended
July 2016.

The ratings continue to factor in the partnership nature of the
business.  The ratings remain constrained by the high customer
concentration as four of its customers contribute around 90% to
its total revenue; however, this is partly mitigated by its long-
standing relationships with clients and increasing orders.

                      RATING SENSITIVITIES

Positive: Significant increase in scale and profitability while
maintaining the credit metrics will be positive for the ratings.

Negative: Significant deterioration in profitability and working
capital will be negative for the ratings.

                         COMPANY PROFILE

Staar is a Tirupur-based partnership firm founded in 2003.  The
business is engaged in manufacturing and exporting readymade
garments to retailers and wholesalers in Europe.  It procures yarn
and outsources knitting and dying locally to companies in Tirupur.
The firm has an installed capacity of 50,000 pieces per day and
utilises 75% of the installed capacity.

Staar's Ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB'/ Outlook
      Stable
   -- INR15 mil. fund-based limits (reduced from 20 mil.):
      affirmed at Long-term 'IND BB'/Stable
   -- INR20 mil. non-fund-based limits (reduced from
      INR100 mil.): affirmed at Long-term 'IND BB'/Stable and
      Short-term 'IND A4+'


N.V. NAGESWARA: Ind-Ra Suspends D Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated N.V. Nageswara
Rao's 'IND D' Long-Term Issuer Rating to the suspended category.
This rating will now appear as 'IND D(suspended)' on the agency's
website.

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

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

NVNR's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND D(suspended)'
      from 'IND D'
   -- INR110 mil. fund-based limits: migrated to
      'IND D(suspended)' from Long Term 'IND D'
   -- INR29.1 mil. term loan: migrated to 'IND D(suspended)' from
      Long Term 'IND D'
   -- INR20 mil. non-fund-based limits: migrated to
      'IND D(suspended)' from Short Term 'IND D'


NEW LAKSHMI: CARE Hikes Rating on INR17.50cr LT Bank Loan to BB-
----------------------------------------------------------------
CARE revises rating assigned to bank facilities of New Lakshmi
Jewellery.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     17.50      CARE BB- Revised from
                                            CARE B+

Rating Rationale

The revision in the rating assigned to the long-term bank
facilities of New Lakshmi Jewellery factors in the significant
growth in the total operating income, cash accruals along with
improvement in working capital cycle in FY16 (Provisional;
refers to the period April 1 to March 31).

The rating, however, continues to be constrained by thin profit
margins, price risk associated with volatile gold prices and
foreign exchange movements, moderate capital structure and debt
coverage metrics and presence of the firm in the highly fragmented
industry.

The rating derives strength from the long experience of the
partners in similar line of business and long operational track
record of the firm, diversification in the revenue stream and
healthy order book position.

Going forward, the ability of the firm to sustain the growth in
scale of operations, improve its profitability and effectively
managing its working capital requirements will remain the key
rating sensitivities.

NLJ was established in July 1961, promoted by Mr. Palaniswamy. The
firm has been managed by his son Mr. Eswaramoorthy along with two
other partners since 1985. NLJ is primarily engaged in the
retailing of gold jewellery (BIS Hallmarked), diamonds,
silverwares and platinum jewellery. The firm is operating from one
showroom located at Trichy, Tamil Nadu. Apart from retail outlet,
NLJ has also ventured into export business in FY15 (since December
2014). The firm sells hallmark certified jewellery (since 2010)
and thereby ensuring quality of the jewellery sold. Apart from the
jewellery business, the firm is also engaged in electricity
generation through wind mill (which constitutes less than 1% of
the total operating income).

As per the provisional results for FY16, NLJ has achieved a PAT of
INR0.64 crore on a total operating income of INR44.75 crore as
compared with PAT of INR0.23 crore on a total operating income of
INR27.63 crore in FY15 (A).


NIRVIN COLD: CARE Reaffirms 'B' Rating on INR4.21cr LT Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Nirvin Cold Storage Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.21      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Nirvin Cold Storage
Private Limited continues to be constrained by its small scale of
operations, highly regulated nature of the industry, high overall
gearing, dependence on vagaries of nature & seasonality of
business and presence in a highly fragmented industry leading to
intense competition. The aforesaid constraints are partially
offset by experience of the promoters, the company's long track
record of operations and proximity to the potato-growing areas.

The ability of the company to increase its scale of operations
with improvement in profitability margins and ability to manage
working capital effectively would be the key rating sensitivities.

NCSPL, incorporated in the year 1984, is a Kolkata-based (West
Bengal) company, promoted by Mr. Niraj Kumar Bansal and Ms Jyoti
Bansal (wife of Mr. Niraj Kumar Bansal). It is engaged in the
business of providing cold storage services to potato growing
farmers and potato traders, having an installed storage capacity
of 19,465 MT in Bankura district of West Bengal. Besides providing
cold storage services, NCSPL also trades in potatoes, which
accounted for around 56.23% of the total revenue in FY16 (refers
to the period April 1 to March 31).

Mr. Niraj Kumar Bansal, looks after the day-to-day activities of
the business with adequate support from co-director and a team of
experienced professionals.

In FY16, the company achieved a total operating income of INR5.75
crore and PAT of INR0.05 crore as against a total operating income
of INR5.24 crore and PAT of INR0.18 crore in FY15. In Q1FY17, the
company has achieved a turnover of INR2.80 crore.


NISHA ENTERPRISES: CRISIL Assigns B+ Rating to INR50MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Nisha Enterprises.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      20        CRISIL B+/Stable

The rating reflects the firm's working capital-intensive nature of
operations, low operating profit margin and its weak financial
risk profile, constrained by small networth and weak debt
protection metrics. The rating also factors in intense competition
in the steel industry and susceptibility to cyclicality in demand
from end-user industries. These rating weaknesses are partially
offset by extensive experience of its proprietor and its healthy
relationships with clients.
Outlook: Stable

CRISIL believes the firm will maintain its credit risk profile,
backed by extensive entrepreneurial experience of the proprietor
and longstanding association with its clients. The outlook may be
revised to 'Positive' if the firm registers higher-than-expected
growth in revenues and operating margin, leading to sustained
improvement in its cash accruals and financial risk profile.
Conversely, the outlook may be revised to 'Negative', if the
firm's liquidity deteriorates because of stretched working capital
cycle or if scale of operations or profitability declines, leading
to significantly low cash accruals or any large debt-funded
capital expenditure weakening its capital structure.

Nisha Enterprises (NE) is a distributor of Steel Authorities of
India Ltd (SAIL) for hot-rolled/cold-rolled coils and plates, CI
bolder, CI casting and Ms. ingots in Bokaro, Jharkhand. Daily
operations are managed by the proprietor, Smt. Sarita Devi.


NKCM SPINNERS: Ind-Ra Assigns 'IND BB' LT Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned NKCM Spinners
Private Limited (NKCM) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect NKCM's moderate credit profile and volatile
profitability. Provisional FY16 numbers indicate revenue of
INR1,590 million (FY15: INR1,629 million). The company's net
leverage (Ind-Ra adjusted net debt/operating EBITDA) was 4.3x in
FY16 (FY15: 5.3x) and EBITDA interest cover (operating
EBITDA/gross interest expense) was 1.6x (1.8x). NKCM's EBITDA
margins fluctuated between 5.4%-7.7% over FY12-FY16 on account of
raw material price fluctuation.

The company's liquidity was tight with the near-full utilisation
of its fund-based working capital during the 12 months ending July
2016.

The management expects the company's margins to stabilise with the
change in its business model with a focus on manufacturing and
closure of low-margin trading business (30% of revenue in FY16).
This could lead to a drop in NKCM's top-line in the short-term but
the margin volatility would likely reduce.

The ratings, however, are supported by over three decades of
experience of the company's promoters in manufacturing of yarns.

RATING SENSITIVITIES

Positive: Margin expansion leading to sustained improvement in the
credit metrics could be positive for the ratings.

Negative: Margin contraction or stretched working capital cycle
leading to stretched liquidity could be negative for the ratings.

COMPANY PROFILE

NKCM, incorporated in 2008, manufactures cotton, polyester,
viscose and blended yarn. The day-to-day activities of the company
are managed by its managing director Mr. Narendra Kumar Nakhat.
NKCM has a current installed capacity of 15,160 spindles and
manufactures yarn of 20s to 40s count.

NKCM's ratings:

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

   -- INR85.53 million term loan: assigned 'IND BB'/Stable

   -- INR300 million fund-based facilities: assigned
      'IND BB'/Stable/'IND A4+'

   -- INR37.5 million non-fund-based facilities: assigned
      'IND A4+'


PRATIBHA INDUSTRIES: CRISIL Cuts Rating on INR1.08BB Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Pratibha Industries Ltd (PIL; part of Pratibha group) to 'CRISIL
D/CRISIL D' from 'CRISIL BB/Negative/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Short Term Loan        27.4       CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Term Loan            1088.3       CRISIL D (Downgraded from
                                     'CRISIL BB/Negative')

The rating action is based on lenders' feedback and information
available in the public domain as PIL has not cooperated with
CRISIL in its surveillance process.

The rating downgrade reflects the recent delays by PIL in meeting
its debt obligations on account of severe liquidity crunch. The
delays have been caused by the continued pressure on the company's
financial risk profile due to its elongated working capital cycle.
Its gross current assets increased to 479 days as on March 31,
2016, from 458 days a year earlier on account of slow progress in
its projects leading to substantial build-up of inventory, and
non-receipt of some receivables and mobilisation advances.

The rating reflects Pratibha group's weak financial risk profile
marked by stretched working capital cycle, high gearing, and
subdued debt protection metrics. It has large working capital
requirement, and is exposed to intense competition in the
infrastructure and construction industry. CRISIL believes the
group's financial risk profile will remain under pressure in the
near term because of its sizeable working capital requirement.
However, the group benefits from the extensive experience of its
promoters in the construction industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PIL and its wholly owned subsidiaries:
Prime Infrapark Pvt Ltd (PIPL), Muktangan Developers Pvt Ltd
(MDPL), Pratibha Holding (Singapore) Pte Ltd (PHSPL), and Pratibha
Infra Lanka (Pvt) Ltd (PILPL). PIL is likely to retain its
shareholding in the subsidiaries on account of their strategic
importance to it. All the companies are collectively referred to
as Pratibha group.

PIL, set up by Mr. Ajit Kulkarni in 1982, undertakes
infrastructure development with a focus on water supply and
environment engineering projects, and urban infrastructure
projects. In the urban infrastructure segment, it is engaged in
building and modernisation of airports and railway stations, and
construction of roads, high-rise buildings, mass housing projects,
and shopping malls. In the water supply segment, it executes
laying of water pipelines; construction of sewerage treatment
plants, water reservoirs, and water storage systems; and
tunnelling projects.

PIL, on a consolidated basis, had a profit after tax (PAT) of
INR302 million on net sales of INR44 billion in fiscal 2016,
against a PAT of INR416 million and net sales of INR31 billion in
fiscal 2015. It reported a net loss of INR310 million on net sales
of INR6.87 billion for the quarter through June 2016, against a
PAT of INR152 million on net sales of INR8.17 billion during the
corresponding period of the previous year.


PUNJAB KESARI: CRISIL Lowers Rating on INR57MM LT Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
Punjab Kesari Publishers Pvt Ltd to 'CRISIL D' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      57        CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Term Loan               48        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating reflects delays in servicing of interest of term debt
by over 10 days due to weak liquidity.

The rating also reflects small scale of operations, modest
financial risk to small net worth and high leverage, and
geographic concentration in its revenue. These rating weaknesses
are partially offset by assured inflow of orders from Hind
Samachar Ltd.

PKP prints a certain portion of Punjab Kesari, a Hindi newspaper
based in North India and owned by PKP's promoters; PKP's printing
facilities are in Delhi and Jaipur (Rajasthan). PKP also procures
inks, chemicals, and oils, for supply to HSL. PKP was incorporated
in 2004 by Mr. Ashwini Kumar and his family members and commenced
printing operations in February 2012.


RAGHAV MADHAV: ICRA Suspends 'D' Rating on INR4.5cr Term Loan
-------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned to the
INR7.00 crore bank facilities of Raghav Madhav Filaments Private
Limited1. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of requisite information from
the company.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long Term Fund Based
   Limit-Cash Credit          2.50       [ICRA]D Suspended

   Long Term Fund Based
   Limit-Term Loan            4.50       [ICRA]D Suspended

Raghav Madhav Filaments Private Limited was incorporated in 2011
and commenced operations in April 2012. The company has
established a yarn sizing unit at Karanj, Surat (Gujarat) with an
annual installed capacity of ~1800 metric tonnes of sized yarn.
Sized yarn acts as the raw material for further weaving activities
to produce greige fabrics.


SAMAY PROJECT: CRISIL Reaffirms B+ Rating on INR16.5MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Samay Project Services
Pvt Ltd continue to reflect its large working capital requirement,
modest scale of operations in a highly competitive environment,
and exposure to risks relating to the tender-based nature of its
business. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the fire-
fighting equipment industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          62.5     CRISIL A4 (Reaffirmed)

   Cash Credit              6       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      16.5     CRISIL B+/Stable (Reaffirmed)

CRISIL has revised its analytical approach. Hitherto, it had
combined the business and financial risk profiles of SPSPL and its
subsidiary Samay Middle East Trading LLC, as the entities had
common ownership and management, in addition to being in the same
line of business with occasional financial and operational
linkages. However, owing to the management's decision to operate
the entities independently, and without financial fungibility
between them, CRISIL has now taken a standalone approach in rating
SPSPL.

Outlook: Stable

CRISIL believes SPSPL will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' if significant improvement in revenue,
stable profitability and efficient working capital management
strengthen financial risk profile. Conversely, the outlook may be
revised to 'Negative' if any large debt-funded capital
expenditure, delay in realisation of receivables, or decline in
revenue and profitability weakens financial risk profile,
especially liquidity.

Update

Revenue grew 10% over the previous year to an estimated INR121
million in fiscal 2016, while operating margin improved marginally
to around 9.15% from 8.6%. Working capital requirement continued
to be high: gross current assets were sizeable around 273 days as
on March 31, 2016, due to stretched receivables and substantial
retention money maintained. Financial risk profile, continue to be
moderate with moderate capital structure and debt protection
metrics. Liquidity is adequate. Though bank limit utilisation was
high, averaging 90% in the six months through April 2016, and cash
accrual was modest, liquidity continues to be supported by the
absence of maturing debt.

SPSPL was set up in 1991 as a partnership firm and reconstituted
as a private limited company with the current name in 2001. It
undertakes engineering, procurement, and construction of fire
protection systems on a turnkey basis. Mr. Anand Rajgopal is the
promoter.


SAMBANDAM SPINNING: Ind-Ra Lowers Long-Term Issuer Rating to BB+
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sambandam
Spinning Mills Limited's Long-Term Issuer Rating to
'IND BB+' from 'IND BBB-'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The downgrade reflects the sustained deterioration in SSML's
credit profile.  FY16 financials indicate net leverage of 4.2x
(FY15: 3.3x) and EBITDA interest coverage (operating EBITDA/gross
interest expense) of 2.0x (2.3x) on account of debt-funded capex
and a stretched working capital cycle.  EBITDA margin remained
11.1% over FY15-FY16.

Revenue declined 15.2% yoy to INR2,054 mil. in FY16 on reduced
order-flow as the textile industry continued to face challenges on
the export front.  Cotton prices have increased 45% during the
last three months ended July 2016 indicating a possible stress on
profitability during FY17.  The company has indicated revenue of
INR512 mil. in 1QFY17.

The company's tight liquidity position is reflected by its around
81% utilization of the cash credit limits during the 12 months
July 2016 and its stretched working capital cycle.  The net
working capital cycle stretched to 115 days in FY16 (FY15: 69
days) as the company increased the credit period to retain
customers.

The ratings continue to factor in the company's founders'
experience of over three decades in the cotton yarn manufacturing
industry.

                        RATING SENSITIVITIES

Positive: A significant increase in the scale and profitability,
leading to a sustained improvement in the credit metrics, would be
positive for the ratings.

Negative: A decline in revenue, profitability and pressure in the
net cash conversion cycle resulting in significant deterioration
in the credit metrics will be negative for the ratings.

COMPANY PROFILE

SSML, incorporated in 1973 as a private limited company, is a
Salem-based cotton yarn manufacturer.  It was reconstituted as a
public limited company in 1994.  The company has an installed
capacity of 1,00,000 spindles.  The company started a new
manufacturing unit to produce VISCOSE yarn in 2016 which is likely
to support revenue further in FY17.

SSML's ratings:

   -- Long-Term Issuer Rating: downgraded to 'IND BB+'/Stable
      from 'IND BBB-'/Stable
   -- INR468 mil. fund-based working capital facilities
      (increased from INR424 mil.): downgraded to
      'IND BB+'/Stable from 'IND BBB-'/Stable and 'IND A4+'
      from 'IND A3'
   -- INR130 mil. non-fund-based working capital limits
      (increased from INR122.5 mil.): downgraded to 'IND A4'+
      from 'IND A3'
   -- INR483.81 mil. term loans: assigned 'IND BB'+; outlook
      stable
   -- INR51 mil. fixed deposit programme: assigned 'IND tB';
      Outlook stable


SCODA TUBES: CRISIL Lowers Rating on INR92.5MM Cash Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Scoda Tubes Ltd to 'CRISIL B-/Stable' from 'CRISIL B/Stable',
and has reaffirmed its 'CRISIL A4'rating on the firm's short-term
facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          7.5       CRISIL A4 (Reaffirmed)

   Cash Credit            92.5       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit       25.0       CRISIL A4 (Reaffirmed)

   Proposed Long Term     11.7       CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan              11.5       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The downgrade reflects CRISIL's belief that STL's business and
financial risk profiles will remain under pressure over the medium
term. Revenue, on a provisional basis, stood at INR128.5 million
in fiscal 2016, declining from INR222.8 million in fiscal
2015.Also, working capital requirement, reflected in gross current
assets of 530 days is led by stretched inventory of around 500
days and receivables of 117 days in as on March 31, 2016. The
improvement in sales and reduction in working capital cycle remain
key monitorables.

The ratings reflect STL's weak financial risk profile, with high
gearing and subdued debt protection metrics. The ratings also
factor in working capital-intensive and modest scale of operations
in the highly fragmented stainless steel seamless pipes industry.
These weaknesses are partially offset by the extensive experience
of promoters.
Outlook: Stable

CRISIL believes STL will continue to benefit over the medium term
from the extensive experience of promoters. The outlook may be
revised to 'Positive' if substantial cash accrual or considerable
equity infusion by promoters strengthens the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if a
significant decline in cash accrual or deterioration in the
working capital cycle, or any large, debt-funded capital
expenditure lead to deterioration in the financial risk profile.

Incorporated in 2008, STL commenced commercial production in
September 2010. It manufactures stainless steel seamless welded
tubes and pipes, and U tubes. The company, currently promoted by
Mr. Dharmendra Patel and his family, was taken over from Mr.
Dhanraj Khatri. Its manufacturing facility is in Mehsana
(Gujarat).

For fiscal 2016, STL reported a profit after tax (PAT) of INR1.2
million on net sales of INR128.5 million; it reported a PAT of
INR29.5 million on net sales of INR222.8 million for fiscal 2015.


SHREE AMBICA: CRISIL Reaffirms B+ Rating on INR56.7MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Ambica Decoprints
Pvt Ltd continue to reflect the company's large working capital
requirement and modest scale of operations. These weaknesses are
partially offset by its promoters' extensive experience in the
decorative ceramic tiles segment, leading to strong brand.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          8        CRISIL A4 (Reaffirmed)

   Cash Credit            56.7      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     32.4      CRISIL B+/Stable (Reaffirmed)

   Term Loan               2.9      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SADPL will benefit from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
its revenue increases significantly and profitability remains
stable, leading to large cash accrual, or if its working capital
cycle improves, strengthening its financial flexibility. The
outlook may be revised to 'Negative' in case of low cash accrual
because of reduced order flow or profitability, or weakening of
its financial risk profile on account of a stretch in its working
capital cycle or substantial, debt-funded capital expenditure.

Update
SADPL's net sales are estimated to have increased to INR260-265
million in fiscal 2016 from INR236 million in fiscal 2015 on
account of higher volume of premium tiles in the trading segment.
Its operating margin is estimated to have remained stable, at 5.5-
6%, in fiscal 2016.

SADPL's financial risk profile remains average, driven by
estimated modest networth of INR45-47 million and high gearing of
1.5-1.6 times as on March 31, 2016. Its debt protection metrics
are subdued, with interest coverage ratio estimated at 1.6-1.8
times and net cash accrual to total debt ratio at 5-7% during
fiscal 2016.

The company's cash accrual is expected to be low, at INR4-5
million, as against term debt obligations of about INR4 million,
over the medium term. Its large working capital requirement is
reflected in gross current assets of 300 days as on March 31,
2016. Consequently, its bank line utilisation was high, averaging
90% over the 12 months through May 2016.

SADPL, established in 1992, is promoted by Ahmedabad, Gujarat-
based Shah family. The company prints decorative ceramic tiles,
and has printing capacity of 2000 square metres per day.


SHREEDHAR COTTON: CRISIL Suspends 'B' Rating on INR60MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shreedhar Cotton Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      38.8      CRISIL B/Stable
   Term Loan                1.2      CRISIL B/Stable

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

SCI is promoted by the Morbi (Gujarat)-based Patel family. The
firm gins cotton, and sells cotton bales and cotton seeds. It
commenced ginning operations in 2007.


SJLT SPINNING: Ind-Ra Affirms 'IND BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed SJLT Spinning
Mills Private Limited's Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable.

KEY RATING DRIVERS

The affirmation takes into consideration SJLT's improved credit
profile on enhanced capacity and revenue growth. SJLT added 20,000
spindles to its existing 48,000 and also added compacting process
to its operations during FY16. The total outlay of INR90m on this
capex was funded by INR75 million of debt. The value added product
it likely to increase realizations and aid margin expansion.

According to FY16 provisional financials revenue increased 18.6%
yoy to INR996 million due to increased orders from its existing
customers. EBITDA margin normalised to 10.9% in FY16 from 5.5% in
FY15 on improved per unit realisations as SJLT started
manufacturing higher count yarns.

SJLT now manufactures yarn in the count range of 60s-80s from the
earlier count range of 40s-50s.  EBITDA interest coverage
(operating EBITDA/gross interest expense) was 1.9x (FY15: 1.0x)
and net leverage (net debt/operating EBITDAR) was 4.28x (9.5x) at
FYE16 on account of an increase in the EBITDA margin.

The affirmation continues to factor in the company's comfortable
liquidity position with the maximum utilisation of its fund-based
facilities at around 56% over the 12 months ended July 2016.

The ratings are constrained by the risks inherent in an
agricultural commodity dependent business, such as cotton price
fluctuations.

RATING SENSITIVITIES

Positive: Sustained improvement in profitability leading to a
sustained improvement in the credit profile will lead to a
positive rating action.

Negative: Substantial decline in revenue or profitability
resulting in a sustained deterioration in the credit profile will
lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2005, SJLT is a Tamil Nadu-based cotton yarn
manufacturing company. It has an installed capacity of 68,000
spindles. It sources it raw material primarily from Gujarat and
Andhra Pradesh and also imports a small amount.

SJLT's Ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB+', Outlook
      Stable

   -- INR284.4 million long term loans (increased from INR215.7
      million): affirmed at Long-term 'IND BB+'/Stable

   -- INR330 million fund-based facilities (increased from
      INR230 million):
      affirmed at Long -term 'IND  BB+'/stable and Short-term
      'IND A4+'

   -- INR100 million non-fund-based facilities: affirmed at
      'IND A4+'


SUKHMAA BUILDCON: CARE Assigns 'B' Rating to INR6cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Sukhmaa
Buildcon Private Limited.

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

Rating Rationale

The rating assigned to the bank facilities of Sukhmaa Buildcon
Private Limited is primarily constrained on account of risk
associated with timely completion and stabilization of the on-
going project along with adverse impact on revenue if expected
occupancy level not achieved.

The above constraint far offset the benefits derived from the vast
experience of the promoters in the construction industry along
with advanced stage of completion of project.

The ability of SBPL to successfully complete its on-going project
and generate timely revenue would remain the key rating
sensitivities.

SBPL was incorporated by Mrs. Shanti Maan and Mr. Vijay Choudhary
in November 2012. At present, SBPL is implementing a residential
building with hostel like amenities to be used exclusively by the
employees of Honda Motorcycle and Scooter India Private Limited
(HMSIPL) as per agreement dated March 22, 2016. The building is
located just 2 km away from HMSIPL's new manufacturing plant (near
Vitthalpur, Dist. Ahmedabad) with the amenities such as kitchen,
medical dispensary, parks, playing courts and gym. The proposed
project comprises of 11 buildings out of which 9 buildings will be
used for residential purpose, one for medical dispensary and
another one for canteen cum gym cum community centre with a total
proposed construction area of 23,750 square meters. The project
offers a total of 2600 beds. SBPL has executed various projects in
New Delhi and nearby area through its other firms; however, this
is the first project SBPL is implementing in Gujarat.


TECHNOCAST FOUNDRY: Ind-Ra Assigns BB- Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Technocast
Foundry a Long-Term Issuer Rating of 'IND BB-'.  The Outlook is
Stable.

                          KEY RATING DRIVERS

The ratings reflect TF's small scale of operations and moderate
credit metrics.  The company's FY16 provisional financials
indicate revenue of INR404 mil. (FY15: INR385 mil.), gross
interest coverage (operating EBITDA/gross interest expense) of
2.1x (2.0x) and net leverage (total adjusted net debt/operating
EBITDAR) of 3.9x (5.2x).

For 1QFY17, the company has indicated revenue of INR85 mil.  TF's
liquidity position is comfortable as reflected by its 82% use on
average of the fund-based working capital facilities during the 12
months ended May 2016.

The ratings, however, are supported by TF's moderate EBITDA margin
of 12.7% in FY16 (FY15: 10.9%) and the promoters' more than a
decade of experience in the foundry and casting manufacturing
business.

                         RATING SENSITIVITIES

Positive: A substantial growth in the company's revenue along with
an improvement in the credit metrics could lead to a positive
rating action.

Negative: Deterioration in the EBITDA margin leading to a further
deterioration in the credit metrics could be negative for the
ratings.

COMPANY PROFILE

Incorporated in 2002, the firm manufactures machined grey ductile
iron casting at its manufacturing unit in Arasur, Coimbatore.  The
firm is promoted by Mr. Kamalakannan and his family members.

TF's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB-': Outlook Stable
   -- INR57.2 mil. long term loan: assigned 'IND BB-'/ Stable;
   -- INR130 mil. fund-based facilities: assigned 'IND BB-'/
      Stable; 'IND A4+'


TUNIC FASHION: Ind-Ra Raises Long-Term Issuer Rating to BB
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Tunic Fashion
Apparels' Long-Term Issuer Rating to 'IND BB' from 'IND BB-'.  The
Outlook is Stable. The agency has also upgraded the rating on
Tunic's INR20 mil. fund-based working capital limits (reduced from
INR30 mil.) to 'IND BB'/Stable from 'IND BB-'/Stable.

The agency suspended Tunic's ratings on Feb. 18, 2016.

                         KEY RATING DRIVERS

The upgrade reflects Tunic's improved overall credit profile with
the continued strong growth and margin expansion.  Provisional
FY16 financials indicate 20% yoy growth in revenue to INR896 mil.
in FY16 on account of increase in export orders from their primary
customer Primark Stores Limited.  Its EBITDA margin increased
50bps to 3.7% in FY16 due to a decline in raw material price.  The
credit metrics remained comfortable despite marginal deterioration
in net leverage (total Ind-Ra adjusted net debt/operating EBITDA)
to -0.5x at FYE16 (FYE15: -0.4x) and interest coverage (operating
EBITDA/gross interest expense) to 6.7x (6.8x) due to an increase
in the use of fund-based working capital facilities to accommodate
the increased scale of operations.

Tunic has indicated revenue of INR249 mil. during 1QFY17 while it
has an order-book of INR266 mil. to be executed by November 2016
indicating further strong growth in FY17.

The company's liquidity is comfortable with the average peak day-
end utilization of its fund-based facilities of around 80% over
the 12 months ended July 2016.

The ratings, however, continue to be constrained by Tunic's high
customer concentration with a single customer accounting for 100%
of its revenue in FY16 (FY15: 100%; FY14:93%).

                        RATING SENSITIVITIES

Positive: A significant increase in the scale of operations and
profitability, leading to sustained improvement in the credit
metrics, could be positive for the ratings.

Negative: A decline in the revenue and operating profitability,
resulting in significant deterioration in the credit metrics could
be negative for the ratings.

COMPANY PROFILE

Tirupur-based Tunic fashion is a partnership firm founded in 2001.
It manufactures and exports readymade garments primarily to
retailers and wholesalers in Europe.  It procures yarn and
outsources knitting and dying to the companies located in Tirupur.


UMA GLASS: CARE Hikes Rating on INR7.79cr LT Loan to 'C'
--------------------------------------------------------
CARE revises ratings assigned to the bank facilities of Uma Glass
Works.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.79      CARE C Rating
                                            suspension revoked
                                            and rating revised
                                            from CARE B+ to
                                            CARE D and then
                                            upgraded to CARE C

   Short-term Bank Facilities     2.15      CARE A4 Rating
                                            suspension revoked
                                            and rating revised
                                            from CARE A4 to
                                            CARE D and then
                                            upgraded to CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of Uma
Glass Works to 'CARE D' factors in instances of delays in
servicing of debt obligations.

The subsequent revision in the rating to CARE C/CARE A4 takes into
account the improvement in debt servicing track record of the
firm. The ratings continue to remain constrained by small and
declining scale of operations with low partner's capital, low
profitability margins, leveraged capital structure and weak
coverage indicators. The ratings are further constrained by
working capital intensive nature of operations, presence of the
entity in a highly competitive nature of industry and constitution
of the entity being a partnership firm.

The ratings, however, continue to draw comfort from experienced
partners and strategic location of the firm.

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

Firozabad-based (Uttar Pradesh) UGW was established in 2009 as a
partnership concern by Mr. Gaurav Singh, Mrs Gunjan Singhal and
Mr. Suresh Chandra Agarwal with profit & loss sharing ratio 33%,
33% and 34%, respectively. UGW is engaged in manufacturing of
glass products such as kitchen ware, table ware, glass ware
headlight, glass jars, glass tumblers, etc.

The manufacturing facility of the firm is located in Firozabad
(Uttar Pradesh) with an installed capacity of 50 tonnes per
day. The products find their application in household and auto
sectors. The firm is mainly selling its products domestically
and also exports to Nepal, Bangladesh and Nigeria (around 10% of
total revenue). The main raw materials for manufacturing of above-
mentioned products are soda ash, silica sand, chemicals and broken
glass. Soda ash is procured from chemical companies in Gujarat
region, silica sand is procured from Allahabad and Rajasthan
regions, and broken glass is procured from local market of
Firozabad. Uma Glass Private Limited, which is engaged in
manufacturing of glass products and caters to the export market,
is an associate of UGW.

In FY15 (refers to the period April 1 to March 31), UGW achieved a
total operating income (TOI) of INR19.04 crore with PAT of INR0.13
crore. In FY16 (based on the provisional results) the firm
achieved a total operating income of INR27 crore.


VAGAD ENTERPRISES: ICRA Assigns 'B+' Rating to INR17cr Term Loan
----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR17.001-
crore term loan facility of Vagad Enterprises.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-based Limit-
   Term loan               17.00        [ICRA]B+; assigned

The assigned rating is constrained by the low bookings (46%)
achieved by the firm till date vis-a-vis the project execution
status. The project is located at Dronagiri in Navi Mumbai which
is still developing. This coupled with the competition from the
upcoming residential projects in the vicinity accentuates the
sales risk impacting the marketability of the project. The firm's
operations further remain exposed to the cyclicality of the real
estate sector.

The assigned rating however, favorably factors in the established
experience of the management in the real estate sector and the
strong and established presence of the Akshar group within Navi
Mumbai for the execution of residential and commercial projects.
The firm has completed the RCC work for both towers and
anticipates completing the plastering, tiling, plumbing and other
works by December, 2016. With ~86% of the estimated project cost
incurred till June, 2016, the execution risk of the project
remains low.

ICRA expects the project to be completed on schedule and firm to
book revenues in FY2017-18. While the project is expected to be
completed by December, 2016, the repayment of the term loan
availed for the project is also expected to commence at the same
time. The limited cushion between the two will expose the firm to
refinancing risks. Consequently, the timely receipt of bookings
and collection of advances remain critical. Any delays in either
of the two parameters will affect the firm's cash flow position
and its ability to timely service its debt. Nevertheless, the
timely infusion of funds by way of equity or unsecured loans from
promoter group to meet any shortfall in advances for completing
the project and servicing the debt obligations will be a rating
positive. However, Vagad Enterprises being a partnership firm, any
significant capital withdrawals by the partners would adversely
impact the firm's capital structure.

Established as a partnership firm in 2010, Vagad Enterprises (VE)
commenced the development of its first residential real estate
project viz. Akshar Evvora in June 2014. The project is located at
Dronagiri, Navi Mumbai and comprises two towers of 117 two BHK
apartments with a total saleable area of 1,20,285 sq ft. The
project is expected to be completed by December, 2016.
Vagad Enterprise is a part of the Akshar group which has a strong
and established presence in the Navi Mumbai real estate market.


VEE DEE ENTERPRISES: Ind-Ra Suspends B+ LT Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vee Dee
Enterprises' 'IND B+' Long-Term Issuer Rating to the suspended
category.  The Outlook was Stable.  The rating will now appear as
'IND B+(suspended)' on the agency's website.

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

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

VDE's ratings are:

   -- Long-Term Issuer rating: migrated to 'IND B+(suspended)'
      from 'IND B+'/Stable,
   -- INR 24 mil. fund-based working capital limit: migrated to
      'IND B+(suspended)' from 'IND B+'
   -- INR43.5 mil. Long-term loans: migrated to
      'IND B+(suspended)' from 'IND B+'
   -- INR0.35 mil. non-fund-based working capital limit: migrated
      to 'IND A4(suspended)' from 'IND A4'
   -- Proposed INR11 mil. fund-based working capital limit:
      'Provisional IND B+'; rating withdrawn as the firm did not
      proceed with the proposed fund-based working capital limit
      as envisaged


VIRGO MARINE: CRISIL Suspends 'D' Rating on INR350MM LT Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Virgo
Marine Shipyards Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         140        CRISIL D
   Cash Credit             10        CRISIL D
   Proposed Long Term
   Bank Loan Facility     350        CRISIL D

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

VMSPL was set up in 2010 by Mr. Mohanlal Pillai and his family
members. The company constructs small tankers, and offshore
support and dredging vessels. It has a shipyard in Thane
(Maharashtra).



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


SOFTBANK GROUP: $120 Billion Debt Nears Moody's Downgrade Trigger
-----------------------------------------------------------------
William Finbarr Flynn and Tesun Oh at Bloomberg News report that
SoftBank Group Corp.'s debt -- which is set to swell as its latest
global acquisition becomes effective on Sept. 5 -- is nearing a
level at which Moody's Investors Service has said it will consider
a rating downgrade.

The Japanese wireless carrier's purchase of British semiconductor
designer ARM Holdings Plc for about $32 billion looks set to add
to group debt, which at $115 billion on March 31 is five times its
adjusted earnings, according to Moody's. The rating company said
any sustained climb above 5.5 times could be a "downward trigger"
on its evaluation, Bloomberg relates.

"I'd expect it will go up higher than our expectations, so that
reflects relatively negatively on overall credit," Bloomberg
quotes Motoki Yanase, an analyst at Moody's in Tokyo, as saying in
an interview. While exceeding the trigger doesn't result in an
immediate ratings downgrade, if sustained, it increases the
chances of one and Moody's will have to watch to see how SoftBank
can "deleverage over the next few years," Mr. Yanase, as cited by
Bloomberg, said.

According to Bloomberg, SoftBank will issue at least JPY350
billion ($3.4 billion) in subordinated bonds to mainly individuals
this month, and is marketing additional tranches of debt to
institutional investors as it faces about JPY1.7 trillion  in bond
redemptions to the end of 2018. While the company's share price is
rallying and the cost of insuring its bonds from non-payment is
falling, the Bloomberg Default-Risk Model signals deterioration in
the firm's creditworthiness this year.

SoftBank's share price has climbed 13% since the start of the
year, and the cost to insure against a default on its bonds has
almost halved to 132.5 basis points in the same period. Even so,
the risk of non-payment in the coming 12 months has risen to 0.5
percent from about 0.35 at the start of the year, according to the
Bloomberg default risk model, which tracks metrics including share
price, debt and cash flow. Its borrowings stood at the equivalent
of about $120 billion as of June 30, before the ARM announcement
in July, Bloomberg notes.

Before the announcement of the ARM purchase in July, Moody's had
expected SoftBank's adjusted debt-to-earnings before interest,
taxes and depreciation and amortization ratio would rise slightly
from 5 times in March, but stay below 5.5 times, Mr. Yanase said,
Bloomberg relays.

"With this acquisition and the additional debt that SoftBank will
take on, I think it might go beyond 5.5 times toward the end of
this fiscal year," the report quotes Mr. Yanase as saying. "The
downward trigger, we set that at 5.5, but we have to see how
SoftBank can deleverage over the next few years and how likely
that would be."

Moody's has a Ba1 rating on SoftBank, its highest speculative
grade, which it affirmed in July, and a B3 rating on its U.S.
subsidiary Sprint Corp., five levels lower. The Japanese company
is selling hybrid bonds this month with maturities of 25 years or
longer that are callable, Bloomberg notes.

The company plans to price 27-year bonds at a yield of 3.45 to
3.6% on Sept. 9, Bloomberg discloses citing a statement from
SoftBank last month.

Japan Credit Rating Agency Ltd. and S&P Global Ratings said last
month they will count 50 percent of the bond sales toward equity,
and the issuance supports their respective ratings of Tokyo-based
SoftBank, Bloomberg recalls. Moody's Yanase said there is a "very
high hurdle" for it to count the deal as having any equity
content, as it doesn't provide such partial credits to company
rated at non-investment grade, Bloomberg relates.

According to Bloomberg, Makiko Yoshimura, an analyst at S&P in
Tokyo, said in an interview that she expects SoftBank's ratio of
debt-to-earnings to improve because of the hybrid debt sale. JCR
reaffirmed SoftBank's rating at A- last month, citing factors
including an improvement in earnings at Sprint, the strength of
SoftBank's domestic telecommunications business, and the hybrid
securities, Bloomberg discloses.

"Although it is good to have lower-ranked securities in the
capital structure, it is going to be a part of total debt anyway,"
Moody's Yanase, as cited by Bloomberg, saids. "It is going to
increase the total leverage so that is certainly credit negative."

SoftBank Corp. headquartered in Tokyo, is a holding company that
owns leading global providers of various services, including
mobile and fixed-line telecommunications, broadband, software
distribution, networking and publishing.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 1, 2016, S&P Global Ratings said it has affirmed its 'BB+'
long-term corporate credit and senior unsecured ratings on
SoftBank Group Corp. following the company's announcement that it
plans to publicly issue subordinated hybrid bonds in September
2016.  The rating affirmation reflects S&P's view that a recovery
of the company's key financial ratios as a result of the issuance
of hybrid bonds, which S&P assess as having intermediate equity
content, will be marginal and the ratios will still be
commensurate with S&P's current ratings on SoftBank.  The outlook
on the long-term corporate credit rating remains stable.



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


MAD BUTCHER: IRD Seeks to Liquidate Another Mad Butcher Store
-------------------------------------------------------------
Keith Whitten at Stuff.co.nz reports that another Mad Butcher
store is facing liquidation, in what could be the 7th franchisee
of the discount butcher chain to go under in the past 18 months,
Stuff.co.nz says.

According to the report, the Inland Revenue Department (IRD) has
made an application to liquidate the company that owns the Mad
Butcher store in Silverdale, north of Auckland.

This after the owner of the Mad Butcher franchise, Veritas
Investments, last week warned it was in talks with its bank, which
it said could "cast doubt" over the company's future, says
Stuff.co.nz.

Veritas, which also owned struggling gourmet supermarket brand
Nosh, had reported a NZ$4.6 million loss for the year to June 30,
according to Stuff.co.nz.

Stuff.co.nz notes that IRD's application to liquidate the
Silverdale store would not be heard until Sept. 9, but if
successful, would result in the seventh store liquidation in the
past 18 months.

At least 10 Mad Butcher franchisees have faced liquidation since
late 2012.

According to the report, Veritas chairman Tim Cook said it was
aware of the action taken by IRD, but had no comment to make as
tax was a personal issue for the franchisee.

"This matter is before the courts, no outcome has been determined
and won't be until the hearing on Friday (Sept. 9).  Once any
outcome is known, Veritas and the Mad Butcher will determine what
is required going forward," the report quotes Mr. Cook as saying.

Mr. Cook said the store continued to trade, the report relates.

A public notice said IRD had made its application in June, but how
much debt was owed was unclear, Stuff.co.nz reports.

In July, the original Mad Butcher store in Mangere, Auckland, went
into liquidation and liquidator Peter Jollands criticised the
business model as being in favor of the franchisor, says
Stuff.co.nz.

Stuff.co.nz relates that Veritas responded strongly, however, and
said Jollands had misunderstood the business model.

There are 33 Mad Butcher stores, two of which are owned by Veritas
-- it took control of a previously franchised store in Pt
Chevalier, Auckland, last month after the owner had health issues.

There had been 40 stores at one point last year, Stuff.co.nz
discloses.


WAIRAPA BUILDING: Fitch Affirms 'BB+' LT Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has upgraded the Long-Term and Short-Term Issuer
Default Ratings (IDR) of The Co-operative Bank Limited (Co-op) to
'BBB'/'F2' from 'BBB-'/'F3'and affirmed the Long-Term and Short-
Term IDRs of four other New Zealand-based regional financial
institutions:

   -- TSB Bank Limited (TSB) at 'A-'/'F2';

   -- Southland Building Society (SBS) at 'BBB'/'F2';

   -- Nelson Building Society (NBS) at 'BB+'/'B'; and

   -- Wairarapa Building Society (WBS) at 'BB+'/'B'.

At the same time, Fitch has upgraded the Viability Rating (VR) of
Co-op and affirmed the VRs of TSB, SBS, NBS and WBS. The Outlook
for Co-op is Stable and the Outlook for SBS was revised to Stable
from Positive. The Outlooks were maintained as Stable for TSB, NBS
and WBS. The agency has also assigned a short-term senior
unsecured rating of 'F2' on TSB's newly established registered
certificate of deposit (RCD) programme

The Support Ratings (SR) and Support Rating Floors (SRF) of all
these entities have been affirmed at '5' and 'No Floor'
respectively.

The upgrade in Co-op's IDRs and VRs reflect Fitch's expectation
that the bank will be able to execute its turnaround and growth
strategy while maintaining its risk appetite and appropriate
levels of capitalisation. Fitch expects the bank to improve its
earnings and profitability over the next 12-18 months as a result
of its growth.

The Outlook revision for SBS reflects our view that the increasing
macroeconomic risks in New Zealand mean SBS's growth strategy may
result in higher risks for the bank than the agency anticipated in
2015, and therefore an upgrade over the next 24 months is less
likely. In addition, the strong growth has resulted in a decline
in SBS's capitalisation relative to peers, while it is also
placing some pressure on the bank's funding profile.

The affirmation of the IDRs, VRs and senior debt ratings for the
other financial institutions reflects our view that the entities
are likely to continue to perform solidly over the next 12 to 24
months.

New Zealand household debt levels continue to rise and are high
relative to other developed economies - this, along with high
property prices, remain the key risks to the financial system. The
Reserve Bank of New Zealand has attempted to control this via the
introduction and subsequent tightening of macro-prudential tools,
with some degree of success.

The operating environment more broadly should remain stable, which
is likely to continue to support the entities' asset quality,
although rising household debt and house prices could pressure
asset quality if unemployment or interest rates increase. Weak
dairy prices will continue to have an adverse impact on GDP
growth, although this could be offset by growth in the tourism
sector and construction, particularly in Auckland.

All five entities operate simple and transparent business models,
which mainly focus on residential mortgages in New Zealand. These
lenders have small national franchises and market shares relative
to the major banks and are price takers, although most of their
competitive advantage comes from their regional focus, loyal
customer base and community support. Most of these entities
maintain fairly strong capital ratios relative to international
peers. This offsets their limited access to common equity as a
result of their mutual or community trust ownership models.
However, continued strong growth is likely to result in modest
deterioration in capital ratios ratios for some of the entities.

KEY RATING DRIVERS

IDRS, VRs and SENIOR DEBT

TSB Bank Limited

TSB's IDRs, VR and short-term unsecured rating reflect its
conservative risk appetite, simple business model, consistently
sound asset quality that is above the industry average, strong
balance-sheet structure, and sustainable operating profitability.
TSB's liquidity and funding positions as well as capital ratios
are healthy for an institution of its size and strong relative to
international and domestic peers. The ratings also take into
account TSB's small domestic franchise, geographic concentration
and limited access to new capital.

Fitch believes that TSB's tighter treasury credit policy
-- implemented following the default of government-owned Solid
Energy -- should protect the bank from larger losses, especially
within its liquidity and investment portfolios. Concentration risk
has reduced and risk control measures have improved since mid-
2015. Underwriting standards within the bank's loan book have
remained sound despite above-system mortgage growth. The faster
lending growth is the result of TSB's five-year strategy to reduce
less-liquid investment securities and increase customer loans.
TSB's ample liquidity and funding policy ensures its loan book
remains fully deposit-funded while maintaining strong liquidity
relative to peers. Profitability could benefit from wider margins
as loans increase as a proportion of the asset mix. However,
operating costs are likely to increase.

Southland Building Society

SBS's IDRs and VR reflect the bank's conservative risk appetite,
improving asset quality and earnings, and sound capital ratios,
offset by a modest domestic franchise and limited pricing power.
The bank's adjusted strategy gives it the opportunity to expand
its membership base in a targeted manner, although the rising
macroeconomic risks in New Zealand make this more difficult to do
so without leading to an increased risk profile - this is a key
reason for the revision in the Outlook on SBS's Long-Term IDRs to
Stable from Positive.

"SBS's capitalisation and funding profiles have also been
pressured by the strength of the balance-sheet growth, although we
expect them to remain broadly consistent with those of
international peers. The strategy is likely to assist earnings and
profitability in the medium term, which should help support SBS's
capitalisation." Fitch said.

SBS's deposits from customers are rated one notch above the bank's
IDRs at 'BBB+', to reflect the substantial subordination other
instruments provide to the deposits. Deposits from customers rank
equally with wholesale funding, and ahead of redeemable shares --
SBS's main funding source. SBS's wholesale funding increased
strongly in the year to March 31, 2016 due to the large rise in
assets, although wholesale funding combined with deposits from
customers accounted for only 18% of total liabilities and 17% of
total assets at 31 March 2016.

The Co-operative Bank Limited

Co-op's IDRs and VR reflect the bank's modest risk appetite, sound
asset quality and still sound capital ratios. These considerations
are offset by the bank's weaker earnings and profitability
relative to peers. Fitch said, "The upgrade reflects our view that
the bank has and will continue to execute its strategic objectives
and we expect the bank to improve its earnings and profitability
over the next 12-18 months."

The bank appears to have maintained its modest risk appetite and
continued to improve its risk management and controls. Co-op
continues to primarily target loans with lower loan-to-value
ratios (LVR). Its exposure to interest-only and investor mortgages
has increased, although overall levels remain low and consistent
with those of peers. Fitch said, "The bank's strong growth is
likely to result in some deterioration to the Fitch Core Capital
ratios in the short term, although we expect the bank to continue
to maintain its total capital ratio at around current levels
through raising Tier 2 capital."

Nelson Building Society

NBS's ratings are constrained by its modest franchise, small
absolute size and capitalization. These constraints are reflected
in the society's low level of pricing power and higher levels of
concentration risk relative to larger peers. NBS's conservative
risk appetite, robust asset quality and stable funding position
offset these considerations.

NBS continues to deliver strong asset growth in the double digits
while maintaining high deposit growth, supported by community
support in its home region. Falling interest rates and increasing
competition may challenge future profitability, although strong
loan volumes should provide a buffer. NBS has limited access to
new common equity and its capitalization ratios continue to be
pressured by strong growth.

Wairarapa Building Society

WBS's IDRs and VR reflect its modest franchise, weaker earnings
profile and higher concentration risks relative to peers. WBS's
property investment portfolio has historically provided stable
rental returns, but adds the potential for volatility through
fair-value market adjustments. WBS's conservative risk appetite
and capital position offset these considerations.

WBS's capital ratios are high relative to peers, but we consider
this appropriate given the society's small absolute capital base
and limited access to new common equity and concentration risks.
WBS's conservative risk appetite is reflected in its low level of
historical losses and low LVR mortgages across its loan book. The
society has reduced its property investment holdings as planned,
but has indicated it will continue to regularly reassess its
position.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The Co-operative Bank Limited

Co-op's subordinated notes are rated one notch below Co-op's
Viability Rating (VR) of 'bbb' to reflect their below-average
recovery prospects compared to senior unsecured notes. The notes
would be written down in part or in full should the Reserve Bank
of New Zealand appoint a statutory manager or deem that without
the write down, Co-op was non-viable. No additional notching from
the VR for non-performance is applied, as the VR already captures
the point of non-viability. Under Fitch's methodology, the notes
do not qualify for equity credit.

SUPPORT RATINGS AND SUPPORT RATING FLOORS

"The SR and SRF of the five institutions reflect our view that
while support from the New Zealand sovereign is possible, it
cannot be relied upon. We believe the existence of the Open Bank
Resolution Scheme (OBR) reduces the propensity of the sovereign to
support its banks. The OBR allows for the imposition of losses on
depositors and senior debt holders to support a fail institution.
NBS and WBS are not covered by the OBR due to their status as non-
bank deposit-taking institutions." Fitch said.

RATING SENSITIVITIES

IDRS, VRs and SENIOR DEBT

TSB Bank Limited

TSB's IDRs, VR and short-term senior unsecured rating are
sensitive to deterioration in its risk appetite and capital
position. A heightened risk profile, reflected in softer
underwriting standards or weaker risk controls, or unsustainable
asset growth may lead to deterioration in asset quality, operating
performance and capitalisation, possibly resulting in negative
rating action. An upgrade is unlikely in the short to medium term.
Positive rating momentum would hinge on significant improvements
in TSB's franchise, while its current business model and risk
appetite remain stable.

Southland Building Society

SBS's IDRs and VR may be upgraded if macroeconomic risks in New
Zealand were to reduce and the bank was to maintain its risk
appetite, capital and funding positions while executing its growth
strategy. Fitch said, "We expect this to be reflected in growth in
the bank's balance sheet and membership, and improved earnings
without a material deterioration in asset quality."

The IDRs and VR may face negative pressure if macroeconomic risks
continue to rise and SBS increases its balance sheet size quickly
at the expense of its conservative risk appetite, or its sound
funding and capital positions.

The rating on SBS's deposits from customers is subject to the same
factors that influence the IDRs. In addition, a substantial
increase in the proportion of senior unsecured debt (deposits from
customers and wholesale funding) would reduce the subordination
provided by other instruments and could result in a downgrade,
aligning the rating with SBS's IDRs.

The Co-operative Bank Limited

Co-op's IDRs and VR would be sensitive to deterioration in its
risk appetite or a higher-than-expected deterioration in its
capital position. A heightened risk profile, possibly through
weaker underwriting criteria or unsustainable growth could result
in weaker asset quality, operating performance, capitalisation and
may lead to negative rating action.

An upgrade in Co-op's ratings is unlikely in the short to medium
term. Positive rating momentum would require significant
improvements in Co-op's franchise while maintaining or improving
its financial profile and risk appetite.

Nelson Building Society

NBS's IDRs and VR would be sensitive to an increase in its risk
appetite, possibly from weakening underwriting criteria or
aggressive growth resulting in a deterioration of its asset
quality, profitability or material erosion in its capitlisation.
An upgrade to NBS's ratings would require sustained improvements
to the society's company profile and capital position.

Wairarapa Building Society

WBS's IDRs and VR would be sensitive to an increase in its risk
appetite, which could result in a deterioration of its asset
quality or erosion of its capitalisation. An upgrade in WBS's
ratings is unlikely due to its small absolute capital base, modest
franchise and higher level of concentration risk relative to
peers.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The Co-operative Bank Limited

Co-op's subordinated debt ratings are broadly sensitive to the
same considerations that might affect its VR.

SUPPORT RATINGS AND SUPPORT RATING FLOORS

The Support Ratings and Support Rating Floors are sensitive to any
change in assumptions around the propensity or ability of the New
Zealand government to provide timely support to each institution.

The rating actions are as follows:

   TSB Bank Limited

   -- Long-Term IDR affirmed at 'A-'; Outlook Stable;

   -- Short-Term IDR affirmed at 'F2;'

   -- Viability Rating affirmed at 'a-';

   -- Support Rating affirmed at '5';

   -- Support Rating Floor affirmed at 'No Floor'; and

   -- Registered certificates of deposit assigned at 'F2'.

   Southland Building Society
   -- Long-Term Foreign-Currency IDR affirmed at 'BBB'; Outlook
      revised to Stable from Positive;

   -- Short-Term Foreign-Currency IDR affirmed at 'F2';

   -- Long-Term Local-Currency IDR affirmed at 'BBB'; Outlook
      revised to Stable from Positive;

   -- Short-Term Local-Currency IDR affirmed at 'F2';

   -- Viability Rating affirmed at 'bbb';

   -- Support Rating affirmed at '5';

   -- Support Rating Floor affirmed at 'No Floor';

   -- Commercial paper affirmed at 'F2'; and

   -- Long-term senior unsecured debt (deposits from customers)
      affirmed at 'BBB+'.

   The Co-operative Bank Limited

   -- Long-Term IDR upgraded to 'BBB' from 'BBB-'; Outlook
      Stable;

   -- Short-Term IDR upgraded to 'F2' from 'F3';

   -- Viability Rating upgraded to 'bbb' from 'bbb-';

   -- Support Rating affirmed at '5';

   -- Support Rating Floor affirmed at 'No Floor'; and

   -- Subordinated debt upgraded to 'BBB-' from 'BB+'.

   Nelson Building Society:

   -- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook
      Stable;

   -- Short-Term Foreign-Currency IDR affirmed at 'B';

   -- Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook
      Stable;

   -- Short-Term Local-Currency IDR affirmed at 'B';

   -- Viability Rating affirmed at 'bb+';

   -- Support Rating affirmed at '5'; and

   -- Support Rating Floor affirmed at 'No Floor'.

   Wairarapa Building Society:

   -- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook
      Stable;

   -- Short-Term Foreign-Currency IDR affirmed at 'B';

   -- Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook
      Stable;

   -- Short-Term Local-Currency IDR affirmed at 'B';

   -- Viability Rating affirmed at 'bb+';

   -- Support Rating affirmed at '5'; and

   -- Support Rating Floor affirmed at 'No Floor'.



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


PHILWEB CORP: Ongpin Puts 53.76% Stake on Auction Again
-------------------------------------------------------
Doris Dumlao-Abadilla at Philippine Daily Inquirer reports that
businessman Roberto V. Ongpin has again put on the auction block
his 53.76% stake in Philweb Corp. after the state-owned Philippine
Amusement & Gaming Corp. (Pagcor) rejected his proposal to donate
the shares to the gaming regulator.

The Inquirer relates that in a letter to Philweb board and
employees dated Sept.4, Mr. Ongpin said: "It is with deep regret
that I am hereby informing you that I have decided to divest of my
entire holdings in PhilWeb Corporation . . ."

"For the purpose of the orderly and timely disposal of my shares,
I am presently in discussions with several investment banking
firms who I intend to retain for this purpose, since I am
presently in Europe and will not return to Manila until several
weeks from now," Mr. Ongpin said.

After having resigned as chair of PhilWeb, and after having made
several offers to Pagcor -- all of which had been either rejected
or ignored -- Mr. Ongpin said it became obvious to him that while
he remains a shareholder of PhilWeb, there's no chance that
PhilWeb would be allowed any favorable reception on any proposal
to Pagcor, according to the Inquirer.

One of Mr. Ongpin's earlier proposal was to donate a 49% stake in
Philweb to Pagcor itself and another 4.75% stake to the Ateneo de
Manila University JVO (Jaime V. Ongpin) Scholarship.

"Thus, in an effort to save the company, its employees and the
some 5,000 employees of the e-Games operators, I have come to the
decision to divest of my entire holdings," the report quotes Mr.
Ongpin as saying.

From the proceeds of this divestment, Mr. Ongpin said he intended
to donate the sum of PHP1 billion towards the government's drug
rehabilitation program, which incidentally was the same amount
that San Miguel Corp. has pledged to donate for this program, the
Inquirer relates.

"It is heartbreaking for me to in effect abandon PhilWeb and all
of its directors and employees who have, over the past 16 years,
helped me grow it to be a successful and profitable enterprise.
Regrettably, it appears that I have no other choice but to totally
exit from the company for it to have a chance to survive," Mr.
Ongpin, as cited by the Inquirer, said.

Mr. Ongpin thanked the board and Philweb employees for their help
and understanding all these years, according to the Inquirer.

The Inquirer says Pres. Duterte earlier identified Ongpin as an
"oligarch" whom he would bring down under his term.

Philweb's license as a gaming technology provider to Pagcor's
nationwide network of e-Games cafes had not been renewed in
Aug. 10, the Inquirer notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2016, Manila Standard Today said PhilWeb Corp. will have
to wind up its operations following the decision of the state-
gaming firm not to renew its license.

"Philweb contract will expire Aug. 10, 2016, Pagcor will not
renew/extend the contract. PhilWeb informed Pagcor that they are
doing their wind up operations," Manila Standard quoted
Philippine Games and Amusement Corp. assistant vice president for
corporate communications Maricar Bautista as saying in a text
message.

With the PAGCOR's decision, PhilWeb Corp., which operates and
manages electronic casinos owned by the Philippine gaming
regulator, will have to shut down operations, including 286
so-called e-games outlets, according to Manila Standard.



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


STATS CHIPPAC: Moody's Cuts Corporate Family Rating to B3
---------------------------------------------------------
Moody's Investors Service downgraded STATS ChipPAC Pte. Ltd.'s
corporate family rating and senior secured bond ratings to B3 from
B2 and its unsecured bond rating to Caa1 from B3.

The rating outlook is negative.

Rating Actions:

   Issuer: STATS ChipPAC Pte. Ltd.

   -- Corporate Family Rating, downgraded to B3 from B2

   -- Senior unsecured $74.5mm GTD GLOBAL BONDS due 2018,
      downgraded to Caa1 from B3

   -- Senior secured $425mm GTD GLOBAL BONDS due 2020, downgraded
      to B3 from B2

Outlook Actions:

   Issuer: STATS ChipPAC Pte. Ltd.

   -- Outlook, maintained Negative

RATINGS RATIONALE

"The downgrade of the company's corporate family rating to B3
primarily reflects its fragile liquidity position. The company
remains reliant on timely and significant financial support from
its parent, JCET, which has not yet transpired," says Annalisa Di
Chiara, a Moody's Vice President and Senior Credit Officer, and
also the lead analyst for the company.

The company reported just $54 million in cash on its balance sheet
at 30 June 2016, down from $96 million at 31 March 2016. Moody's
also notes that the company has no additional availability under
its existing working capital facilities.

Additionally, there has been no further clarity regarding the
status of Jiangsu Changjiang Electronics Tech Co., Ltd's (JCET,
unrated) application to the China Securities Regulatory Commission
with respect to its agreement with SilTech Semiconductor
(Shanghai) Corporation Limited [unrated, an indirect wholly owned
subsidiary of Semiconductor Manufacturing Int'l Corp. (SMIC, Baa3
stable)], by which SilTech Shanghai had agreed to sell its 19.61%
equity interest in Holdco A (an intermediary holding company of
STATS ChipPAC) to JCET for RMB664 million.

Moody's expects the delay in obtaining approval for this
transaction will in turn delay JCET's proposed $400 million
private placement with Siltech Shanghai, of which $200 million was
earmarked to fund a portion of STATS ChipPAC's capex in 2016.

Furthermore, Moody's understands from management that the company
has received consent from the lenders of its $315 million term
loan facility to temporarily relax one of its maintenance
financial covenants -- namely maximum leverage covenant -
following STATS ChipPAC's weak operating performance in 1Q2016.

"Given STATS ChipPAC's low profitability, negative free cash flow
and weak liquidity position, the company needs a meaningful cash
infusion -- in the range of at least $50-$100 million - from its
parent to help service its interest costs and cash capex
requirements through December 2016. Moreover, we estimate the
company will need an additional $200 million to $300 million in
2017 to support its operations and maintain sufficient liquidity,"
adds Di Chiara

Moody's understands that the company plans to manage its capital
expenditures in 2H 2016 while working on financing alternatives to
support its operations. For example, according to STATS ChipPAC
management, JCET entered into a sale-lease-back transaction with
Sino IC Leasing Co. Ltd [(unrated, a subsidiary of the National
Integrated Circuit Fund (unrated)] to raise $100 million and thus
fund a portion of STATS ChipPAC's eWLB facility expansion. STATS
ChipPAC expects to receive the cash proceeds from the transaction
from JCET in Q3 2016.

The outlook is negative, reflecting the company's weak liquidity
position and weak operating performance. Further downward rating
pressure will build if cash levels fall below $50 million in Q3
2016 or Q4 2016 as result of weak profitability, or if funding
from the expected sale-lease back transaction falls through. In
addition, downward pressure could arise if profitability remains
muted, such that EBITDA is likely to fall below $200 million at
year-end 2016.

Upwards rating pressure is unlikely over the near term, given the
negative outlook.

However, the outlook could return to stable following if
sufficient capital injections from JCET materialize in the near
term. Moody's would also need to see the company restore its
liquidity position or obtain financing to meet its cash
obligations through 2017 while maintaining sufficient cushion
under its bank loan covenants.

The principal methodology used in these ratings was Semiconductor
Industry Methodology published in December 2015.

STATS ChipPAC Pte. Ltd. is a leading service provider of
semiconductor packaging design, assembly, test and distribution
solutions in diverse end market applications including
communications, digital consumer and computing. With global
headquarters in Singapore, STATS ChipPAC has design, research and
development, manufacturing or customer support offices throughout
Asia, the United States and Europe. STATS ChipPAC is a business
unit of Jiangsu Changjiang Electronics Tech Co., Ltd. (JCET,
unrated), a publicly-traded company on the Shanghai Stock
Exchange.



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


HANJIN SHIPPING: Half of Container Fleet Denied Port Access
-----------------------------------------------------------
Joyce Lee and Keith Wallis at Reuters report that roughly half of
Hanjin Shipping Co Ltd's container vessels have been blocked from
ports since the South Korean firm's collapse, putting
manufacturers and their customers increasingly on edge about the
fate of cargo and spikes in freight costs.

Woes for world's seventh-largest container shipper have only
deepened since its banks withdrew support and it filed for court
receivership last week week. One vessel has also been seized by a
creditor in Singapore while firms in the U.S. have launched legal
action against Hanjin to seize vessels and other assets over
unpaid bills, Reuters relates.

According to Reuters, the potential for cargo to be stranded,
perhaps indefinitely, is unnerving for many -- particularly as
industry insiders and analysts believe that Hanjin has little
chance of being rehabilitated and its assets will eventually be
liquidated.

"The biggest problem is what is going to happen to cargos at sea.
We are just praying that our cargos are not seized," Reuters
quotes Ra Kyung-moon, executive vice president at Forman Shipping,
a freight-forwarding firm in Seoul, as saying.

Reuters says freight-forwarding firms, which organize shipments,
may be held liable for customer cargo that doesn't arrive and are
also worried about the recovery of funds paid to Hanjin in advance
for services promised.

Some manufacturers are drawing up contingency plans while the U.S.
Retail Industry Leaders Association has called on Department of
Commerce and the Federal Maritime Commission to take action to
minimize disruption, the report notes.

A Hanjin spokeswoman told Reuters that 44 of its 98 container
ships had been denied access to ports including Shanghai, Sydney,
Hamburg, and Long Beach, California.

These include instances where lashing firms have refused service,
or where port authorities have blocked entry, says Reuters.

But service for Hanjin ships resumed at South Korea's main ports
of Busan and Incheon on Sept. 2 after the government said port
authorities would guarantee payments for service providers.

On Sept. 1, a Korean trade group said about 10 Hanjin ships were
effectively seized in China. Hanjin said on Sept. 2 that number
was incorrect, Reuters adds.

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 filed for court receivership on Aug. 31, 2016. The filing
came after banks led by state-run Korea Development Bank (KDB)
withdrew backing for the world's seventh-largest container carrier
on August 30, saying a funding plan by its parent group was
inadequate to tackle debt that stood at KRW5.6 trillion ($5
billion) at the end of 2015, Reuters reported.


HANJIN SHIPPING: Stocks Plummet on Receivership Filing
------------------------------------------------------
Yonhap News Agency reports that stocks of Hanjin Shipping Co.,
South Korea's top container shipping line and the world's seventh-
largest, plunged on Sept. 5 after it filed for court protection
last week stoking concerns that it may be liquidated on worsening
business conditions.

Hanjin Shipping was trading at KRW1,115 on the Seoul bourse as of
1:48 p.m., on Sept. 5 down 10.08% from the previous session's
close, after dipping by the daily permissible limit of 30%,
Reuters discloses.

The trading of the shipper has been halted since August 30. On
August 31, the shipper applied for receivership in South Korea
after its creditors, led by the state-run Korea Development Bank
rejected its latest self-rescue plan.

Since late last month when creditors signaled they would cut off
financial help to the beleaguered shipping firm, Hanjin Shipping's
vessels have been denied access to ports worldwide as lashing
companies and port workers refused to work out of concerns that
they would not be paid, Yonhap recalls.  Also, some of its ships
have been seized by its creditors.

Yonhap notes that Hanjin Shipping has been striving to cut its
chartered rates and extend the maturity of debts in the face of
worsening financial health stemming from a continued fall in
freight rates.

According to Hanjin, 78 out of its 128 vessel fleet have been
stranded in seas off China, Australia and the United States,
Yonhap relays.

The report says Hanjin Shipping's receivership filing has caused
chaos in the global shipping sector and freight rates surged
sharply as retailers scrambled to find alternatives for Hanjin-
operating routes.

On Sept. 4, the South Korean government said it will take a set of
additional measures to ensure there are no delays or disruption to
the flow of cargo caused by the Hanjin fiasco.

A local court has ordered the shipper to submit its self-
rehabilitation plan by Nov. 25, adds Yonhap.

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 filed for court receivership on Aug. 31, 2016. The filing
came after banks led by state-run Korea Development Bank (KDB)
withdrew backing for the world's seventh-largest container carrier
on August 30, saying a funding plan by its parent group was
inadequate to tackle debt that stood at KRW5.6 trillion ($5
billion) at the end of 2015, Reuters reported.



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


* BOND PRICING: For the Week August 29 to September 2, 2016
-----------------------------------------------------------

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


  AUSTRALIA
  ---------

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


CHINA
-----

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


INDONESIA
---------

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


INDIA
-----

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


JAPAN
-----

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


KOREA
-----

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


SRI LANKA
---------

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


MALAYSIA
--------

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


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

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

SINGAPORE
---------

ASL MARINE HOLDINGS LTD     5.35     10/1/2018   SGD       71.00
AUSGROUP LTD                7.45    10/20/2016   SGD       71.00
AXIS OFFSHORE PTE LTD       7.90     5/18/2018   USD       59.25
BAKRIE TELECOM PTE LTD     11.50      5/7/2015   USD        1.42
BAKRIE TELECOM PTE LTD     11.50      5/7/2015   USD        1.42
BERAU CAPITAL RESOURCES    12.50      7/8/2015   USD       18.50
BERAU CAPITAL RESOURCES    12.50      7/8/2015   USD       19.38
BLD INVESTMENTS PTE LTD     8.63     3/23/2015   USD        8.00
BUMI CAPITAL PTE LTD       12.00    11/10/2016   USD       19.75
BUMI CAPITAL PTE LTD       12.00    11/10/2016   USD       20.25
BUMI INVESTMENT PTE LTD    10.75     10/6/2017   USD       17.25
BUMI INVESTMENT PTE LTD    10.75     10/6/2017   USD       17.40
ENERCOAL RESOURCES PTE      6.00      4/7/2018   USD       10.88
EZRA HOLDINGS LTD           4.88     4/24/2018   SGD       71.50
GOLIATH OFFSHORE HOLDIN    12.00     6/11/2017   USD        5.05
INDO INFRASTRUCTURE GRO     2.00     7/30/2010   USD        1.88
NEPTUNE ORIENT LINES LT     4.65      9/9/2020   SGD       71.98
NEPTUNE ORIENT LINES LT     4.40     6/22/2021   SGD       66.98
ORO NEGRO DRILLING PTE      7.50     1/24/2019   USD       44.00
OSA GOLIATH PTE LTD        12.00     10/9/2018   USD       62.00
OTTAWA HOLDINGS PTE LTD     5.88     5/16/2018   USD       73.75
OTTAWA HOLDINGS PTE LTD     5.88     5/16/2018   USD       69.12
PACIFIC RADIANCE LTD        4.30     8/29/2018   SGD       59.50
SWIBER HOLDINGS LTD         7.13     4/18/2017   SGD       10.00
SWIBER HOLDINGS LTD         5.55    10/10/2016   SGD       10.00
TRIKOMSEL PTE LTD           5.25     5/10/2016   SGD       18.25
TRIKOMSEL PTE LTD           7.88      6/5/2017   SGD       21.00


THAILAND
--------


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


VIETNAM
-------

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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