TCRAP_Public/160913.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, September 13, 2016, Vol. 19, No. 181

                            Headlines


A U S T R A L I A

HUNTER FIBREGLASS: First Creditors' Meeting Set for Sept. 20
INTERNATIONAL HEALTHWAY: St Kilda Rd Assets Put in Receivership


C H I N A

MIE HOLDINGS: Fitch Lowers IDR to 'CCC', Off CreditWatch Negative
POWERLONG REAL: S&P Rates Proposed USD Unsec. Notes 'B-'


H O N G  K O N G

YESTAR: Fitch Rates Proposed USD Sr. Unsec. Notes 'BB-(EXP)'


I N D I A

A.B. RICE: ICRA Suspends 'B' Rating on INR6.0cr Loan
AMBICA TIMBER: ICRA Suspends B+ Rating on INR10cr Cash Loan
ASIAN PRE-LAM: CRISIL Suspends 'B' Rating on INR170MM Loan
B.H. COTTON: ICRA Lowers Rating on INR7.0cr Cash Loan to B+
BALAGANAPATHI AGRO: CRISIL Suspends B Rating on INR60MM Loan

CREATIVE LIMITED: CRISIL Lowers Rating on INR126MM Term Loan to D
ESVEEAAR DISTILLERIES: CRISIL Rates INR206MM Cash Loan at B-
FAMILY HEALTHCARE: ICRA Withdraws B+ Rating on INR.50cr Loan
GARG GRANITES: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
GOWRA AEROSPACE: CRISIL Suspends B Rating on INR42.5MM Term Loan

GURUSUKH VINTRADE: CRISIL Suspends D Rating on INR143MM Term Loan
HANDLOOM BHANDAR: ICRA Assigns 'B' Rating to INR8.5cr Loan
HANSA METALLICS: Ind-Ra Suspends 'BB' Long-Term Issuer Rating
JAG VIDHYA: CRISIL Lowers Rating on INR125MM Term Loan to 'D'
JAIN SARVODAYA: Ind-Ra Lowers Rating on INR1,041MM Loans to 'D'

KAMALRAJ ESTATE: ICRA Suspends B+ Rating on INR13.25cr Loan
KEDIA ENTERPRISES: CRISIL Suspends 'B' Rating on INR60MM Loan
LAL BABA: CRISIL Reaffirms B+ Rating on INR114MM Cash Loan
LEXO CERAMIC: ICRA Reaffirms B+ Rating on INR2.5cr Cash Loan
MADHAV ENGINEERS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating

NAYEK PAPER: CRISIL Suspends 'D' Rating on INR45MM Cash Loan
NEERAJA DEVELOPERS: CRISIL Assigns B+ Rating to INR100MM LT Loan
OVERSEAS CARPETS: CRISIL Reaffirms B- Rating on INR180MM Loan
PRINT SOLUTIONS: ICRA Hikes Rating on INR19cr Term Loan to 'B'
RECMET ALLOYS: CRISIL Suspends B+ Rating on INR60MM Cash Loan

REGENCY YAMUNA: ICRA Reaffirms 'B' Rating on INR24.7cr Loan
RAGHVENDRA GINNING: CRISIL Lowers Rating on INR50MM Loan to B+
RAJESHWARA FORGINGS: CRISIL Suspends 'D' Rating on INR60MM Loan
RASHMI STEELS: ICRA Suspends B+ Rating on INR15cr Cash Loan
S. G. MOTORS: CRISIL Suspends B+ Rating on INR55MM Cash Loan

SAHARA DREDGING: CRISIL Suspends B+ Rating on INR90MM Bank Loan
SAI HEMAJA: CRISIL Suspends 'D' Rating on INR250MM Term Loan
SAMEEP FABRICS: ICRA Assigns 'B' Rating to INR23.50cr Loan
SANGITA SALES: CRISIL Suspends B+ Rating on INR200MM Cash Loan
SAVITRI STEELS: CRISIL Suspends B+ Rating on INR140MM Term Loan

SCHON ULTRAWARES: CRISIL Suspends D Rating on INR78MM Term Loan
SHREE NAKODA: ICRA Suspends 'B' Rating on INR5.7cr Loan
SHREE PRABHU: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
SILVER STONE: CRISIL Reaffirms B+ Rating on INR47.5MM Term Loan
SREE VASAVI: CRISIL Suspends 'B' Rating on INR80MM LT Loan

SRI CHENNAKESAVA: CRISIL Reaffirms B Rating on INR20MM LT Loan
STATE BANK: S&P Assigns 'B+' Rating on Additional Tier 1 Notes
SUMITRA DS: CRISIL Reaffirms B- Rating on INR80MM Cash Loan
SURESH GOPINATH: CRISIL Suspends B+ Rating on INR40MM Cash Loan
SURYA AGRO: ICRA Suspends B/A4 Rating on INR9.5cr Loan

SVS CONSTRUCTIONS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
TREZEROIL AGROTECH: CRISIL Suspends D Rating on INR65MM Loan
VEDANT TRADE: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
VEDIK ISPAT: CRISIL Suspends B+ Rating on INR380MM Term Loan
VIKRAM INFRASTRUCTURE: Ind-Ra Assigns B+ Long-Term Issuer Rating

VS METALLIC: ICRA Suspends B/A4 Rating on INR20cr Loan
YELLOWSTONE NIRMITI: ICRA Assigns B+ Rating to INR75cr LT Loan


J A P A N

TOSHIBA CORP: On 10-Year Survival Quest Under New President


N E W  Z E A L A N D

FRIMLEY ESTATE: Developer Goes Bankrupt Owing Nearly NZ$3MM


S I N G A P O R E

DFS ASSET: Fitch Assigns BB Rating to SGD7.92-Mil. Class C Notes


S O U T H  K O R E A

HANJIN SHIPPING: Troubles Leave $14-Bil. in Cargo Stranded at Sea
HANJIN SHIPPING: Collapse is Triggering Rate Spike, Maersk Says


S R I  L A N K A

PEOPLE'S LEASING: Fitch Assigns 'B' Issuer Default Rating


X X X X X X X X

* BOND PRICING: For the Week Sept. 5 to Sept. 9, 2016


                            - - - - -


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A U S T R A L I A
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HUNTER FIBREGLASS: First Creditors' Meeting Set for Sept. 20
------------------------------------------------------------
A first meeting of the creditors of Hunter Fibreglass Fabricators
Pty Limited will be held at Level 5, 55-57 Hunter Street, in
Newcastle, NSW, on Sept. 20, 2016, at 2:00 p.m.

Chad Rapsey of Rapsey Griffiths Insolvency + Advisory was
appointed as administrator of Hunter Fibreglass on Sept. 8, 2016.


INTERNATIONAL HEALTHWAY: St Kilda Rd Assets Put in Receivership
---------------------------------------------------------------
Nick Lenaghan at The Australian Financial Review reports that two
prominent commercial buildings on Melbourne's St Kilda Road --
one of them occupied by the US Consulate -- are in receivership
as their owner, Singapore's International Healthway Corporation,
is battered by corporate turmoil.

According to AFR, receivers KordaMentha were appointed to the two
St Kilda Road assets, worth as much as AUD100 million combined,
in late August by Westpac, which holds the senior debt.

Real estate investor Qualitas, the Schwartz family-backed private
equity firm, holds mezzanine debt in the two properties, the
report says.

A third IHC-owned property, Geelong Medical Centre, is also
understood to be under the control of receivers at KPMG, through
the National Australia Bank, relates AFR.

"We've invited some agents to make submissions," AFR quotes
KordaMentha partner Craig Shepard, in reference to the two St
Kilda Road properties as saying.  "We're going through the
process to assess submissions. We expect to appoint agents on
those assets in the next week or so. They are very good
properties."

AFR notes that the dramatic turn of events on St Kilda Road and
Geelong has been accompanied by a furore in Singapore, where two
major investors are pushing for the removal of four directors.

Among those targeted in the meeting request is IHC's executive
director Ms. Lim Beng Choo.

"We have proposed the above resolutions for the interests of all
shareholders and stakeholders, after taking into account the
worrying performance and developments of the company," the
investors said in a notice filed this month, AFR relays.

According to the report, the Singapore-listed medical centre
landlord separately acquired the two properties: a seven-storey
tower with more than 10,000 square metres at 553 St Kilda Road
and an eight-storey building with more than 8,000 sq m at 541 St
Kilda Road in 2014.

AFR relates that the Singaporean landlord considered putting both
towers on the market last year. That idea was abandoned and the
two assets were to join the third, the Geelong clinic, in a real
estate investment trust.

In recent weeks, the St Kilda Rd assets were back in play, with
private investor Vantage Property and retail king Solomon Lew
understood to be circling each of them, the report says.

Those mooted deals are now off the table as the receiver looks
to begin an open market process, AFR states.

Both properties are well known, with 553 St Kilda Rd the home of
the US Consulate in Melbourne, adds AFR.



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C H I N A
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MIE HOLDINGS: Fitch Lowers IDR to 'CCC', Off CreditWatch Negative
-----------------------------------------------------------------
Fitch Ratings has downgraded MIE Holdings Corporation's Long-Term
Issuer Default Rating to 'CCC' from 'B-'.  With the downgrade,
the ratings have been removed from Negative Watch.
Simultaneously, the ratings of its senior unsecured USD200
million notes due 2018 and USD500 mil. notes due 2019 have also
been downgraded to 'CCC' from 'B-'.  The Recovery Ratings on the
notes remain at 'RR4'.

The rating downgrade reflects the challenges MIE faces in
refinancing its outstanding notes due between February 2018 and
April 2019, which represent the majority of its debt obligation,
even though near-term liquidity pressure has declined.  Fitch
expects it will be difficult for MIE to use the cash proceeds
from completed and planned asset sales to purchase assets at a
discount, as the agency expects the oil price to see further
moderate rises over the next few years.  This potentially
challenges the company's ability to improve its operating scale
and profile through acquisitions.

In addition, Fitch expects MIE to generate negative FCF after
interest payments and maintenance capex in the next 18-24 months.
Adjusting for cash-burn from interest expense and capex, Fitch
expects the company to only have around USD250m of cash reserves
by the time the USD200 mil. notes fall due in early 2018.

                          KEY RATING DRIVERS

Asset-Base Rebuilding Challenging: Fitch believes the improving
oil price limits MIE's ability of using acquisitions to improve
its operating profile and rebuild its asset-base, following major
asset disposals.  The oil price has steadily risen from around
USD30 per barrel at the start of 2016 to settle at around USD45
per barrel in the last few months.  Fitch expects the oil price
to gradually increase to around USD65 per barrel in 2019, based
on Fitch's oil-deck assumptions.  The improving oil price reduces
the likelihood of MIE acquiring large assets at a discounted
valuation.

No Immediate Liquidity Risks: Near-term liquidity pressure has
declined, as MIE has disposed all of its stake in Asia Gas &
Energy (AGE) for around USD195m (net of the cost from acquiring
the non-controlling interests), which holds its 51% stake in Sino
Gas & Energy Limited.  The company is also looking to realise
around USD175m from selling a 60% interest in Palaeontol B.V.,
which holds its Emir-Oil operations in Kazakhstan; the majority
of this sale would be realised in 2016.  In addition, MIE has
renewed a CNY400 mil. short-term senior secured credit facility
with China Construction Bank Corporation (A/Stable), with
approximately CNY238 mil. available as at end-June 2016.  Fitch
estimates MIE has an available cash balance of approximately
CNY896 mil. (USD135 mil.), including the post-1H16 announced cash
movements.

The current cash pool and credit facility could cover the
company's annual interest expenses of over CNY300 mil.  Fitch
expects annual capex on its remaining China operations of around
CNY30 mil. - CNY40 mil. per year in 2016 and 2017.

Restricted Cash Generation Ability: MIE's production declined in
1H16 and the company also cut capex due to the depressed average
realised oil price, resulting in lower annualized EBITDA from
continuing operations of approximately CNY147 mil. in 2016 (2015:
CNY330 mil.).  Following the completion of the sale of AGE and
Palaeontol, MIE's only remaining major asset will be its two
legacy Chinese oil production sharing contracts in Daan and
Moliqing.  Fitch expects production from these assets to be
around 5,000-6,000 barrels of oil a day (boepd) (1H16: 6,029
boepd), with proven and probable reserves limited to around 24
million barrels. MIE's only other operating asset is in the US,
and it is loss-making and of minimal scale.

High Debt Obligations: The proceeds from MIE's asset sales will
be insufficient to support the refinancing of its outstanding
notes. The company's total debt is approximately CNY4.6 bil.
(USD700 mil.), comprising mainly of the USD200m notes due 2018,
USD476 mil. notes due 2019 (MIE purchased USD24m from the market
in 1H16) and CNY162 mil. (USD24 mil.) of secured short-term debt.
MIE's remaining asset-base will be too small to support the
company's debt stock, even after adjusting for cash proceeds from
the asset sales, which could be potentially used to service a
part of its debt obligations.

Rating of US Dollar Notes Threatened: The Recovery Rating of
'RR4' on MIE's senior unsecured notes is based on the remaining
asset base after the disposals.  This includes a 40% residual
interest in Emir-Oil, should the transaction be completed.
According to MIE's 2019 bond indenture, the company is required
to deploy all proceeds from asset disposals to either repay
senior debt, make asset-replacement acquisitions or for non-
maintenance capex.  MIE is obliged to make an offer to repurchase
the bonds using any unutilized receipts after 360 days of
receiving the money.  Fitch has given some credit to these cash
proceeds in assessing the Recovery Rating of the US dollar notes
due to these limitations on using cash on hand.  However, there
is limited headroom under its RR4 ratings - a significant
increase in prior ranking debt or higher-than-expected cash burn,
among other things, can adversely affect this rating.

                         KEY ASSUMPTIONS

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

   -- oil prices in line with Fitch's base-case price deck, as
      outlined in Corporate Oil Price Assumption Raised for 2016;
   -- Slow Recovery From Here, dated July 27, 2016, working-
      capital conversion cycle to remain stable completing the
      disposal of Emir-Oil maintenance capex for remaining China
      operations.

                       RATING SENSITIVITIES

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

   -- MIE not having a credible plan for refinancing its 2018
      and 2019 maturing US dollar bonds before the end of 1Q17
      failure to maintain adequate liquidity.

Positive: Fitch does not expect positive rating action until MIE
satisfactory addresses its refinancing risks and achieves an
operating and financial profile commensurate with a 'B-' rating.


POWERLONG REAL: S&P Rates Proposed USD Unsec. Notes 'B-'
--------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating and
'cnB+' long-term Greater China regional scale rating to a
proposed issue of U.S.-dollar-denominated senior unsecured notes
by Powerlong Real Estate Holdings Ltd. (B/Stable/--; cnBB-/--).
The rating is subject to S&P's review of the final issuance
documentation.

The issue rating is one notch lower than the long-term corporate
credit rating on Powerlong to reflect the structural
subordination risk.  Powerlong intends to use the net proceeds to
refinance its existing debt.

Powerlong's performance in the first half of 2016 was largely in
line with S&P's expectation.  Its revenue grew 32% compared with
the same period last year while EBITDA margin improved to more
than 30% (compared with 29% in 2015).  The company has remained
disciplined in land acquisitions so far this year, spending only
about Chinese renminbi (RMB) 1.2 billion on land premiums.  Its
adjusted debt increased to RMB27 billion as of June 30, 2016,
from RMB26 billion as of Dec. 31, 2015.

S&P expects Powerlong's cash flow and leverage ratios to continue
to improve in 2016 as the company increases its sales in top-tier
cities with better demand.  In addition, the company's rental
income will likely grow over 20% each year in 2016 and 2017,
given its strong pipeline of new malls, particularly in Shanghai.
S&P forecasts the company's debt-to-EBITDA ratio will improve to
5.5x-6.0x over the next 12 months, compared with 7.5x in 2015.



================
H O N G  K O N G
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YESTAR: Fitch Rates Proposed USD Sr. Unsec. Notes 'BB-(EXP)'
------------------------------------------------------------
Fitch Ratings has assigned Yestar's proposed US dollar senior
unsecured notes an expected rating of 'BB-(EXP)'.

The notes are rated at the same level as Yestar's senior
unsecured debt rating as they represent direct, unconditional,
unsecured and unsubordinated obligations of the company.  The
final rating is subject to the receipt of final documentation
conforming to information already received.

                       KEY RATING DRIVERS

Steadily Growing IVD Business: Yestar entered the IVD market in
China in 2014 and has acquired two IVD distributors that have
established partnerships with IVD leader Roche Diagnostics.  The
distributors also have long-term relationships with hospitals,
stable profitability, and a strong market position in
distributing Roche-branded IVD products across eastern China.
China's IVD market is expanding rapidly due to strong demand, and
faces low cyclicality.  Fitch expects IVD to account for around
80% of Yestar's total EBIT in 2016 and will be the company's main
growth driver.

Imaging Business Stable: Fitch expects profit contribution from
Yestar's business of distributing imaging equipment to remain
stable in the near term despite limited top-line growth.  The
imaging segment is a mature business with firm customer base,
established distribution networks and minimal capex requirements.
Fitch believes that Yestar's imaging business will provide stable
cash flows that support its rating.

Increased Working Capital Demand: Fitch expects Yestar's working
capital requirements to increase significantly as IVD takes up a
larger part of Yestar's business.  Yestar's accounts receivable
days for local hospitals stretch from four to six months while
accounts payable days to supplier Roche Diagnostics is
significantly shorter.  In comparison, Yestar's credit terms with
imaging products supplier Fujifilm are much more lenient than the
credit terms Yestar offers to its imaging customers.

Execution and Integration Risks: Yestar has been operating its
newly acquired IVD business for less than two years, and has yet
to complete the progressive acquisition of 100% of each of the
IVD distributors.  Execution and integration risks, such as
preserving its existing customer base and being able to obtain
new customers, remain significant, but Fitch believes that
Yestar's successful track record in running its imaging
distribution business, the high cost of switching IVD systems for
hospitals, and Roche's strong brand name in IVD, will reduce the
likelihood of Yestar failing to maintain the existing business
model.

Strong Financial Profile: Yestar has previously consistently been
in a net cash position due to strong cash flow from the imaging
distribution business and low operating leverage.  Fitch expects
Yestar's FFO net leverage to peak at 2.3x in 2018 as it gradually
completes the acquisitions of the stakes it does not already own
in the IVD distributors.  The company is likely to deleverage in
2019, assuming no further M&A or equity injections.

Growth through M&A: Fitch expects Yestar to continue to grow
through M&A, but it remains to be seen whether the company will
continue to employ a consistent and prudent M&A strategy while
maintaining a strong balance sheet.

                         KEY ASSUMPTIONS

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

   -- EBITDA margin to remain around 16%-17% between 2016 and
      2018
   -- Acquisition of remaining 30% stake in IVD distributor
      Jiangsu Uno in 2H17
   -- Acquisition of remaining 30% stake in IVD distributor
      Anbaida in 2H18

                       RATING SENSITIVITIES

Positive: Future developments that may lead to a positive rating
action include:

   -- Significant increase in operating scale, brand partners and
      geographic diversification while keeping FFO net leverage
      below 2.5x on a sustained basis

Negative: Future developments may lead to a negative rating
action include:

   -- FFO net leverage above 2.5x on a sustained basis
   -- EBITDA margin below 15% on a sustained basis
   -- Sustained material decline in revenue growth of existing
      distributors



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A.B. RICE: ICRA Suspends 'B' Rating on INR6.0cr Loan
----------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR6.00 crore fund based limits of A.B. Rice Mills. The
suspension follows ICRA's inability to carry out rating
surveillance in the absence of requisite information from the
company.


AMBICA TIMBER: ICRA Suspends B+ Rating on INR10cr Cash Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B+/A4 rating reaffirmed to the INR18.60
crore line of credit of Ambica Timber Mart. The suspension
follows ICRA's inability to carry out a rating surveillance due
to non co-operation from the firm.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based-Cash
   Credit                 (10.00)       [ICRA]B+ suspended

   Non Fund Based-
   Letter of Credit        17.70        [ICRA]A4 suspended

   Non Fund Based-
   Credit Exposure          0.90        [ICRA]A4 suspended

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.

Ambica Timber Mart was incorporated in 1969 by Mr. Gangarambhai V
Patel. In 1989, his son, Mr. Chandrakant Patel, joined the
business and currently the business is run by his younger brother
Mr. Kaushal Patel. The firm works as a trader buying imported
wood and selling it to retailers and saw mills. The firm's
facilities are located at Ahmedabad (Gujarat) and ATM also has a
land area on lease near Kandla port.


ASIAN PRE-LAM: CRISIL Suspends 'B' Rating on INR170MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Asian
Pre-Lam Industries Private Limited.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Letter of Credit       170.0       CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility      22.7       CRISIL B/Stable

   Proposed Short Term
   Bank Loan Facility      10.0       CRISIL A4

   Term Loan               47.3       CRISIL B/Stable

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

APIPL was set up by the Mumbai-based Pankhawala and Amravatiwala
families in 2011, to manufacture board laminates. It has its
manufacturing facility in Maharashtra.


B.H. COTTON: ICRA Lowers Rating on INR7.0cr Cash Loan to B+
-----------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR7.00-
crore cash credit facility of B.H. Cotton Private Limited from
[ICRA]B+ to [ICRA]B.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund-based Cash          7.00       Revised from [ICRA]B+
   Credit                              to [ICRA]B

The rating revision continues to be constrained by BHPL's de-
growth in revenue witnessed in FY2016, wherein the operating
income has reported a decline by ~42.0% owing to a decrease in
volume sales due to the slowdown in demand. The financial profile
of the company also remained weak as can be reflected from its
low profitability, weak debt coverage indicators and highly
leveraged capital structure on account of higher working capital
utilizations resulting from high inventory levels as on March 31,
2016. The ratings are further constrained by the highly
competitive and fragmented industry structure owing to low entry
barriers; and the vulnerability of the company's profitability to
raw material (i.e. cotton) prices, which are subject to
seasonality, crop harvest and regulatory risks.

The ratings, however, favorably take into account the promoters'
experience in the cotton industry and locational advantage
enjoyed by BHPL, giving it easy access to high quality raw
cotton.

ICRA expects BHPL's revenues to witness marginal growth during
FY2017, mainly due to weak market conditions faced by the cotton
industry. The profitability is expected to be in line with the
previous fiscals, given the stable outlook on prices. However,
the company's ability to scale up its operations would be largely
contingent to improvement in international demand, given the
seasonality in the business, volatility in prices of cotton, high
competitive intensity and the uncertain regulatory scenario.
Further, the company's ability to infuse funds to support its
capital structure and manage its working capital efficiently
would be a key rating monitorable.

Established in 2007, B.H. Cotton Private Limited is a private
limited company managed by Mr. Dinesh Padaliya and Mr. Jitendra
Loriya. The company gins and presses raw cotton to produce cotton
bales and cottonseeds. BHPL's manufacturing facility is located
at Tankara, in the Rajkot district of Gujarat and is currently
equipped with 30 ginning machines and a pressing machine with an
installed capacity of 15000 MT.

Recent Results

During FY2016, BHPL reported an operating income of INR19.2 crore
with a net profit of INR0.0 crore against an operating income of
INR33.1 crore with the net profit of INR0.0 crore.


BALAGANAPATHI AGRO: CRISIL Suspends B Rating on INR60MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of M/s.
Balaganapathi Agro Industries Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            60         CRISIL B/Stable
   Long Term Loan         60         CRISIL B/Stable
   Proposed Cash
   Credit Limit            5         CRISIL B/Stable

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

Incorporated in 2008, BAIPL is engaged in milling of raw and
parboiled rice in Nizamabad (Telangana). The company is promoted
by Mr. Vattikuti Rambabu and his family.


CREATIVE LIMITED: CRISIL Lowers Rating on INR126MM Term Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Creative Limited to 'CRISIL D' from 'CRISIL C'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Funded Interest         20        CRISIL D (Downgraded
   Term Loan                         from 'CRISIL C')

   Packing Credit          10        CRISIL D (Downgraded
                                     from 'CRISIL C')

   Working Capital        126        CRISIL D (Downgraded
   Term Loan                         from 'CRISIL C')

The downgrade reflects stretched liquidity profile due to
continuous losses leading to negative accruals over the last two
years ended 2014-15. Creative is expected to report losses even
in 2015-16 and 2016-17, leading to cash flow mismatches with
impending repayment obligations of around INR7.2 million over the
medium term.

The rating continues to reflect Creative's large working capital
requirement, driven by stretched receivables. The rating also
factors in the below-average financial risk profile because of
modest net worth, high gearing and weak debt protection metrics.
These weaknesses are partially offset by the promoters' extensive
experience in the leather goods industry.

Creative was established as a partnership firm by Mr. P K Bothra
and Mr. T K Duggar in Kolkata in 1974. The firm was reconstituted
as a limited company in 1993. The company manufactures leather
wallets, bags, and accessories, and exports these to the United
Kingdom, the Netherlands, and Switzerland. Creative's overseas
subsidiary, CUL, has been inactive since 2012.


ESVEEAAR DISTILLERIES: CRISIL Rates INR206MM Cash Loan at B-
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4 'rating to
the bank facilities of Esveeaar Distilleries Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Cash
   Credit Limit            0.4       CRISIL B-/Stable
   Cash Credit           206.0       CRISIL B-/Stable
   Letter of Credit        3.6       CRISIL A4

The ratings reflect EDPL's below average financial risk profile
marked by a high gearing and weak net cash accruals to total debt
ratio (NCATD), its modest scale of operations and exposure to
stringent government regulations. These strengths are partially
offset by EDPL's established market position in the Indian Made
Foreign Liquor (IFML) segment in Andhra Pradesh and the extensive
industry experience of the promoters.
Outlook: Stable

CRISIL believes that EDPL shall benefit from its established
market position and extensive industry of its promoters over the
medium term. The ratings may be revised to 'Positive' if the
company's financial risk profile; particularly liquidity improves
along with a sustained growth in its revenues and operating
margins. Conversely the ratings may be revised to 'Negative' in
case of a decline in revenues or operating margins or in case of
an elongation in its working capital cycle, or in case of
increase in exposure to group companies adversely affecting its
financial risk profile, particularly liquidity.

EDPL was incorporated in 1970 as a proprietorship firm and was
later converted into a private limited company in 2007. The
company is engaged in distilling and blending of IFML.


FAMILY HEALTHCARE: ICRA Withdraws B+ Rating on INR.50cr Loan
------------------------------------------------------------
ICRA has withdrawn its [ICRA]B+ rating on the INR0.50 crore
working capital facilities of Family Healthcare Hospital which
was under notice of withdrawal. The rating has been withdrawn as
the period of notice of withdrawal is completed.


GARG GRANITES: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Garg Granites
Private Limited a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.  The agency has also assigned GGPL's INR60
mil. fund-based working capital limits a Long-term 'IND B+'
rating with a Stable Outlook and a Short-term 'IND A4' rating.

                        KEY RATING DRIVERS

The ratings reflect GGPL's small scale of operations and weak
credit metrics.  According to FY16 provisional financials, the
company's revenue stood at INR156.39 mil. (FY15: INR137.32);
revenue grew at a CAGR of approximately 9% over FY12-FY16 on
account of increased orders from customers.  GGPL's gross
interest coverage (operating EBITDA/gross interest expense) was
1.34 in FY16 (FY15: 1.18x) and net leverage (total adjusted net
debt/operating EBITDAR) was 6.61x (8.15x).  The working capital
cycle for GGPL remained stretched at 272 days in FY16 (FY15: 300
days) due to high inventory days.

The ratings factor in the company's moderate-to-tight liquidity
profile depicted by the average utilization of its working
capital limit being 98% during the 12 months ended July 2016.

The ratings, however, are supported by GGPL's moderate EBITDA
margin of 10.4% in FY16 (FY15: 8.86%).  The ratings are further
supported by more than two decades of operating experience of
GGPL's promoters in granite processing business.

RATING SENSITIVITIES

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

Negative: Deterioration in the EBITDA margin and/or further
stretch in the working capital cycle leading to deterioration in
the credit metrics could be negative for the ratings.

COMPANY PROFILE

Incorporated in 1993, GGPL is engaged into processing and trading
of marble slabs and tiles of various texture and design; the
processing facility is situated at Kishangarh in Rajasthan with
an annual installed capacity of 3,000,00 cubic feet.  GGPL is
headed by Mr. Sanjay Garg and his family members.


GOWRA AEROSPACE: CRISIL Suspends B Rating on INR42.5MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Gowra
Aerospace Technologies Private Limited.

                               Amount
   Facilities                 (INR Mln)    Ratings
   ----------                 ---------    -------
   Proposed Bank Guarantee       7.5       CRISIL A4
   Proposed Cash Credit Limit    7.0       CRISIL B/Stable
   Proposed Letter of Credit    39.0       CRISIL A4
   Proposed Long Term Bank
   Loan Facility                 4.0       CRISIL B/Stable
   Proposed Term Loan           42.5       CRISIL B/Stable

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

Incorporated in June 2012, GATPL is setting up a facility for
manufacturing of high precision engineering components for
aerospace and defence, automotive and other engineering
industries. The unit is expected to commence operations from
April 2015.


GURUSUKH VINTRADE: CRISIL Suspends D Rating on INR143MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Gurusukh Vintrade Services Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             7         CRISIL D
   Term Loan             143         CRISIL D

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

GVSPL, incorporated in 2010, is engaged in hospitality services
at Raipur. The company, promoted by the Raipur-based Kalash
family, is currently engaged in setting up a 4-star hotel in this
city.


HANDLOOM BHANDAR: ICRA Assigns 'B' Rating to INR8.5cr Loan
----------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR8.5-
crore fund-based bank and INR1.5-crore unallocated bank limits of
Handloom Bhandar.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long-term-fund-based      8.5        [ICRA]B; Assigned
   Long-term-unallocated
   limits                    1.5        [ICRA]B; Assigned

ICRA's rating is constrained on account of the intense
competition that Handloom Bhandar is exposed to, due to the
presence of many players, low entry barriers and high working
capital intensity owing to high levels of inventory and debtors,
which is partially moderated by a good credit period enjoyed by
it. The rating also factors in the modest financial profile of
the firm characterized by leveraged capital structure leading to
subdued debt coverage indicators as well as its stretched
liquidity position, as reflected in almost full utilization of
the working capital limits. Further, the scheduled repayments of
the term loan availed in FY2016 would further strain the cash
flows going forward. ICRA also notes that the partnership
constitution of the firm exposes it to risks of withdrawal of
capital and the risk of dissolution. However, the rating is
supported by the extensive experience of the promoters in the
line of business, established relations with customers and the
new defence orders that the firm has been able to generate.

Going forward, the ability of the firm to improve its margins on
a sustainable basis, improve its debt coverage indicators and
infuse permanent capital will be the key rating sensitivities.

Established in 1983 by Mr. Iqbal Ahmed, HBD is a partnership firm
which processes textiles by way dyeing, printing, waterproofing
etc. The products have application in manufacturing of bags, rug
sacks, defence clothes etc. The firm's manufacturing unit is
based out of Shekhpur in Unnao district of UP. It has recently
set up another processing unit for which a capex of ~INR3.5 crore
has been incurred as a part of the forward integration exercise
for nylon coating of fabrics.

Recent Results
On a provisional basis, HBD registered a profit after tax (PAT)
of INR0.46 crore on an operating income (OI) of INR15.70 crore in
FY2016, as against a PAT of INR0.47 crore on an OI of INR15.7
crore in the previous year.


HANSA METALLICS: Ind-Ra Suspends 'BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Hansa Metallics
Ltd's (HML) 'IND BB' Long-Term Issuer Rating to the suspended
category.  The Outlook was Stable.  This rating will now appear
as 'IND BB(suspended)' on the agency's website.

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

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.

HML's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB(suspended)'
      from 'IND BB'/Stable
   -- INR229.2 mil. Long-term loans: migrated to
      'IND BB(suspended)' from 'IND BB'
   -- INR770 mil. fund-based working capital limits: migrated to
      'IND BB(suspended)' from 'IND BB' and 'IND A4+(suspended)'
      from 'IND A4+'


JAG VIDHYA: CRISIL Lowers Rating on INR125MM Term Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Jag Vidhya and Sons Resorts and Hotels Llp to 'CRISIL D' from
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              5        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long Term      10        CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Term Loan              125        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects delays by JVS in meeting its term debt
obligation on account of weak liquidity.

JVS has modest scale of operations in an intensely competitive
industry, and has a subdued financial risk profile because of
small networth, high gearing, and weak debt protection metrics.
However, the firm benefits from its promoters' extensive
experience in the hospitality industry.

JVS, established in January 2014, is promoted and managed by Mr
Babjyot Singh Khanduja and his brother Mr Gurpreet Singh
Khanduja. In February 2014, the firm acquired a hotel property in
Nagpur, Maharashtra, rebranded it as Heritage Embassy, and
commenced operations in August 14. A three-star property, the
hotel provides boarding and lodging facilities, and has a
restaurant-cum-bar, a banquet hall, and an open air lawn.


JAIN SARVODAYA: Ind-Ra Lowers Rating on INR1,041MM Loans to 'D'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Jain Sarvodaya
Vidhya Gyanpith Samiti's INR1,041 mil. term loans to
'IND D' from 'IND B+'.  The Outlook was Stable.

                        KEY RATING DRIVERS

The downgrade reflects JSVGS' ongoing delays in debt servicing
since January 2016, due to its tight liquidity position.  Revenue
from the society's hospital is inadequate for servicing debt
obligations.  Also, its medical college could not be made
operational due to pending approval from the Medical Council of
India.

                      RATING SENSITIVITIES

Positive: The rating could be upgraded if the loan obligations
are serviced in a timely manner for at least one quarter.

COMPANY PROFILE

JSVGS was registered as a society under Madhya Pradesh Societies
Registration Adhinium 1973 in March 2005.  It runs as 300-bed
hospital in Bhopal, Madhya Pradesh.  The society also has a
medical college at the same location, which has yet to begin
operations.

Once operational, the medical college will offer MBBS courses in
all fields of medicine.


KAMALRAJ ESTATE: ICRA Suspends B+ Rating on INR13.25cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR13.25 crore
long term fund based facility of Kamalraj Estate. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

Incorporated in 2004, Kamalraj group is engaged in real estate
development in Pune. The group has developed around 0.81 million
sq ft area in last 10 years in Pune & Navi-Mumbai. Kamalraj
Estate was established in 2008, the firm is developing a
residential real estate project 'Datta Vihar' at Moshi, Pune. The
promoters of the project are Mr. Mohan Thorat & Mr. Kamlesh
Gandhi.


KEDIA ENTERPRISES: CRISIL Suspends 'B' Rating on INR60MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Kedia
Enterprises Private Limited.

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

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

KEPL was established in 2011 as a private limited company. It
trades in steel products, such as thermo-mechanically treated
bars, angles, joints, and channels. The company also trades in
cement and packaging materials.


LAL BABA: CRISIL Reaffirms B+ Rating on INR114MM Cash Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Lal Baba Industrial
Corporation Private Limited continue to reflect working capital-
intensive operations, and a below-average financial risk profile
marked by modest networth and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive
experience of the promoters in the steel industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            114       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        30       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes LBICPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is substantial and
sustained increase in scale of operations while profitability
margins are maintained, or sustained improvement in working
capital management. The outlook may be revised to 'Negative' in
case of a steep decline in profitability margins, or significant
deterioration in capital structure caused most likely by large,
debt-funded capital expenditure or a stretched working capital
cycle.

LBICPL was originally established in 1961 as a partnership firm,
which was reconstituted as a private limited company in September
2010; it is promoted by members of the Dhanuka family of Kolkata.
The company manufactures mild steel railway components, such as
gear boxes, air-break cylinders, break assemblies, pipe fittings,
adjustment bushes, side-bearing tapings, lock bolts, plates, and
flanges.


LEXO CERAMIC: ICRA Reaffirms B+ Rating on INR2.5cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR2.60 crore1 term loans and INR2.50 crore cash credit facility
of Lexo Ceramic. ICRA has also reaffirmed the short term rating
of [ICRA]A4 to the INR2.00 crore non fund based bank guarantee
facility of LC. ICRA has also reaffirmed [ICRA]B+ and [ICRA]A4
rating to the INR0.40 crore unallocated limits of LC.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based-Term
   Loan I                   1.15        [ICRA]B+ reaffirmed

   Fund Based-Term
   Loan II                  1.45        [ICRA]B+ reaffirmed

   Fund Based-Cash
   Credit                   2.50        [ICRA]B+ reaffirmed

   Non Fund Based-
   Bank Guarantee           2.00        [ICRA]A4 reaffirmed

   Unallocated Limits       0.40        [ICRA]B+/[ICRA]A4
                                        reaffirmed

The reaffirmation of ratings continues to be constrained by LC's
modest scale of operation and stretched receivables of 104 days
in FY2016 leads to rise in working capital intensity from 12.2%
as on March 31, 2015 to 14.8% as on March 31, 2016. The ratings
also take into account the highly competitive nature of the
ceramic tile industry and vulnerability of LC's profitability to
the cyclicality associated with the real estate industry and to
the adverse movements in prices of key input materials and
availability of gas. Further, the susceptibility of operations to
the intense competition with the presence of a large established,
organised and unorganized tiles manufacturers as well as slowdown
in ceramic wall tiles market resulted in a decline operating
income by ~13.8% during FY2016.

The ratings, however, favorably takes into consideration the
experience of the key promoters of Lexo Ceramic (LC) in the
ceramic industry as well as the locational advantage, which
entails easy availability of raw material by virtue of being
situated in Morbi (Gujarat). The ratings also favorably consider
the comfortable gearing levels in the past five fiscals, leading
to healthy capital structure and a strong capital base.
ICRA expects stability in operating profitability during FY2017
resulting from savings in fuel costs due to reduced gas prices in
April 2016 and more usage of coal-generated gas. LC's capital
structure is expected to remain healthy due to low debt repayment
obligations as well as the modest working capital utilization.
However, ICRA expects LC's working capital intensity to remain
high because of stretched receivables, which might further
increase with the usage of external working capital borrowings.

Lexo Ceramic was established in August 2008 as a partnership firm
and commenced operations in February 2010. The firm is into
manufacturing digitally printed ceramic wall tiles with its plant
situated at Morbi, Gujarat. The firm has an installed capacity to
manufacture 19950 metric tonnes of ceramic wall tiles per annum
of a single size 12"X18". The firm has 15 partners, while it is
actively managed by three partners namely Mr. Jignesh Jalariya,
Mr. Haresh Jalariya and Mr. Lalit Detroja.

Recent Results

In FY2016, LC reported an operating income of INR20.1 crore (as
against INR23.3 crore during FY2015) and net profit of INR1.0
crore (as against net profit of INR0.9 crore during FY2015).


MADHAV ENGINEERS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Madhav Engineers
Private Limited a Long-Term Issuer Rating of 'IND BB+'.  The
Outlook is Stable.  The agency has also assigned MEPL's INR290.18
mil. non-fund-based working capital limits
'IND BB+'/Stable/'IND A4+' ratings.

                        KEY RATING DRIVERS

The ratings reflect MEPL's moderate scale of operations and
declining profitability.  The company's revenue grew at a CAGR of
29.33% over FY13-FY16 and was INR635 mil. in FY16 (FY15:
INR310 mil.) according to provisional financials.  The company
has received new orders of INR600 mil. in FY17 to be executed
over the next six months.  MEPL's EBITDA margins declined 300bps
over FY13-FY16 to 11.4% in FY16.  The management attributes this
constant decline to currency fluctuations (weaker INR against the
USD).

The ratings, however, are supported by the company's comfortable
credit metrics.  At FYE16, its net leverage (Ind-Ra adjusted net
debt/operating EBITDAR) was 0.6x (FY15: -0.8x) and EBITDA
interest cover (operating EBITDA/gross interest expense) was
10.9x (7.5x). The ratings are further supported by more than 15
years of experience of MEPL's promoter in the electrical
equipment trading business leading to well established
relationships with customers and suppliers.

                       RATING SENSITIVITIES

Positive: A substantial improvement in the revenue with
commensurate order book while maintaining the profitability
leading to a sustained credit profile could be positive for the
ratings.

Negative: A substantial decline in the credit metrics could be
negative for the ratings.

COMPANY PROFILE

MEPL was set up in 2003 as Madhav Engineers, a proprietorship
firm.  In 2009 the firm was reconstituted as a private limited
company under its current name.  MEPL trades in electrical
equipment, including hotline tools used in transmission-line
works and electrical testing and measuring equipment, among
others.  MEPL receives 20% of its revenue from export and 80% of
the revenue domestically.


NAYEK PAPER: CRISIL Suspends 'D' Rating on INR45MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Nayek
Paper Industries Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2.5       CRISIL D
   Cash Credit            45.0       CRISIL D
   Letter of Credit        7.5       CRISIL D
   Proposed Long Term
   Bank Loan Facility     12.3       CRISIL D
   Term Loan              11.4       CRISIL D

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

NPIPL was set up in 1978 as a partnership firm, Nayek Paper Board
Mills; in 1987, it was reconstituted as a private limited
company. NPIPL manufactures packaging material, such as coated
boards, duplex boards, ticket boards, grey boards, and pulp
boards. Its facility is located in Memari (West Bengal).


NEERAJA DEVELOPERS: CRISIL Assigns B+ Rating to INR100MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Neeraja Developers and Promoters.

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

The rating reflects the firm's exposure to high demand risk for
its ongoing project, and to intense competition, and its
susceptibility to risks inherent in the Indian real estate
industry. These weaknesses are partially offset by its promoters'
extensive industry experience.

Outlook: Stable
CRISIL believes NDP will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a significant increase in cash flow,
supported by early completion of, or significantly high
realisations from, the ongoing project. The outlook may be
revised to 'Negative' in case of delays in project completion or
in receipt of payments from customers or slowdown in bookings,
weakening liquidity.

NDP was set up by Mr Praveen Reddy and his wife Ms Pratibha
Praveen in 2003 as a partnership firm. It is based in Bengaluru,
and develops residential projects, such as villas and apartments,
in the city.


OVERSEAS CARPETS: CRISIL Reaffirms B- Rating on INR180MM Loan
-------------------------------------------------------------
CRISIL rating on the long term bank facilities of Overseas
Carpets Limited continue to reflect OCL's working-capital-
intensive operations, and small scale of, operations in the
highly fragmented and competitive carpet export industry. The
rating also factors in the company's stretched liquidity due to
high receivables. These rating weaknesses are partially offset by
the extensive experience of OCL's promoter and established
relationship with suppliers and customers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Discounting        180      CRISIL B-/Stable (Reaffirmed)
   Cash Credit              70      CRISIL B-/Stable (Reaffirmed)
   Export Packing Credit   100      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that OCL will continue to benefit from its
promoter's extensive experience in the industry and established
relationship with suppliers and customers, over the medium term.
The outlook may be revised to 'Positive' if the company scales up
its operations along with improvement in its working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of deterioration in its liquidity due to significant
increase in working capital requirements, debt-funded capital
expenditure, or decline in margins resulting in lower-than-
expected cash accruals.

Incorporated in 1981, OCL exports carpets. It is promoted by Mr.
O P Garg. OCL is the flagship company of the Garg group, which
has interest in carpets and handicrafts exports, travel services,
and manufacturing of compact discs.


PRINT SOLUTIONS: ICRA Hikes Rating on INR19cr Term Loan to 'B'
--------------------------------------------------------------
ICRA has revised its long-term rating on the INR19.0 crores bank
facility of Print Solutions Private Limited to [ICRA]B from
[ICRA]B-.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan                19.0        [ICRA]B; revised from
                                        [ICRA]B-

The rating upgrade takes into account PSPL's improved liquidity
position owing to the favorable tenor of repayments due to a
revised repayment schedule. The rating also derives comfort from
the presence of an escrow arrangement and a debt service reserve
account (DSRA) equivalent to three months of debt servicing
obligations. The rating also positively factors in the
established track record of PSPL's promoters in the real estate
business though various group companies.

However, the rating continues to be constrained on account of the
revenue concentration risk to which the company is exposed, as
most of its revenues (rental) emanate from a single property. The
rating is also constrained by the risk which may arise in case of
any delays by the lessee in its monthly lease rental payments,
which can put pressure on the cash flows of the company. In
addition, the rating takes into consideration any support that
may be extended by the company to its other group companies.
Going forward, the company's ability to maintain a satisfactory
liquidity position will be the key rating sensitivity.

PSPL was promoted by Mr. Dushyant Pahare and was later acquired
by its current owners, Mr. Gurjeet Singh Chhabra and family. The
company is a part of the Century 21 Group, involved in real
estate development in the Indore region. PSPL has leased out land
and the building constructed on it to Malwa Hospitalities Pvt.
Ltd, which has in turn developed a 181 room hotel 'Effotel
Hotels' on the same. PSPL earns an annual rent of INR2.4 crore
from this property, with an escalation clause of 15% in each
three-year block.

The Century 21 Group has been promoted by Mr. Gurjeet Singh
Chhabra and includes companies like M.P. Entertainment and
Developers Private Limited (MPED), Ria Hotels Pvt. Ltd (RHPL) and
Century 21 Town Planners Private Limited (CTPL). Mr. Chhabra has
been involved in real estate development in and around Indore.
Currently the Group has two operational malls under CTPL and
MPED. Both these malls are located on A.B. Road, Indore (Madhya
Pradesh). RHPL has leased out land to Bestech Hospitalities Pvt.
Ltd (Bestech), which in turn has developed and constructed a five
star hotel 'Radisson' on the same.

Recent Results
In FY2016, on a provisional basis, PSPL reported a profit after
tax (PAT) of INR0.76 crore on an operating income (OI) of INR2.37
crore, as against a PAT of INR1.08 crore on an OI of INR1.97
crore in the previous year.


RECMET ALLOYS: CRISIL Suspends B+ Rating on INR60MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Recmet
Alloys Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL B+/Stable
   Cash Term Loan          55        CRISIL B+/Stable

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

RAPL, incorporated in 2010, has its registered office in New
Delhi but all its operations are carried out from its Vadodara
(Gujarat) office as this is near its plant in Jambusar, Bharuch
district (Gujarat). The company is setting up a unit for
recycling and smelting of lead.


REGENCY YAMUNA: ICRA Reaffirms 'B' Rating on INR24.7cr Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR24.70 crore
(reduced from INR33.79 crore) fund based bank facilities and
INR1.30 crore proposed limits of Regency Yamuna Energy Limited at
[ICRA]B.

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund based
   Facilities          24.70        [ICRA]B; reaffirmed

   Unallocated
   (Proposed Limits)    1.30        [ICRA]B; reaffirmed

ICRA's rating reaffirmation draws comfort from the limited demand
risks for the energy generated by its 5.7 MW hydroelectric plant
at Uttarkashi, Uttarakhand given the significant energy deficit
in the state, affordable tariff of the plant and presence of
long-term PPA with Uttarakhand Power Corporation Limited. The
rating continues to factor in company's qualified and experienced
promoters who have successfully executed and operate four Small
hydro power projects (SHPs) in Uttarakhand and Himachal Pradesh.
ICRA further draws comfort from the Trust and Retention Account
(TRA) mechanism, which is in place for debt servicing.

The rating however continues to be constrained by high capital
cost of the project (INR66 crore as against originally expected
cost of INR31.42 crore) on account of cost over runs due to cloud
bursts that have occurred twice in the past few years (Initially
in August 2012 and subsequently in June 2013) causing extensive
damage to the project site. The rating also factors in the
hydrological risks due to shortage of water or loss of generation
due to silting. Given that the revenues of the company are linked
to actual unit sales, this exposes the company to the risk of
cash flow mismatches.

Going forward, satisfactory hydrology and the ability of the
company to meet the designed performance parameters thereby
ensure timely repayment of its debt obligations would thus remain
key rating drivers.

RYEL is an Independent Power producer (IPP) promoted by the
Regency group to develop, own and operate a 5.70 MW small hydro
power (SHP) project in Uttarkashi District of Uttarakhand.
The Regency group, which is based in Paonta Sahib, Himachal
Pradesh, commenced operations by setting up a calcium carbide
manufacturing unit in a company called Regency Carbide Limited
(RCL). Subsequently, the company diversified into power
generation mainly for meeting the captive power requirement of
RCL. Thereafter, the group has commissioned a number of other
units as well, with a total commissioned capacity of 27.50MW.

Recent Results
In FY2015-16, the company reported on a provisional basis profit
after tax (PAT) of INR1.13 crore on an operating income of
INR8.31 crore as against a PAT of INR0.33 crore on an operating
income of INR4.61 crore in the previous year.


RAGHVENDRA GINNING: CRISIL Lowers Rating on INR50MM Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its rating on bank facility of Raghvendra
Ginning and Pressing Factory to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable'.

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

The rating downgrade reflects deterioration in the business and
financial risk profile, led by significant decline in topline and
stretch in working capital cycle, beyond CRISIL's expectation.
Topline declined to INR98.3 million in fiscal 2016, from INR149.4
million in fiscal 2015. Gross current assets rose to over 370
days estimated as on March 31, 2016, from 123 days a year ago,
thus leading to almost full utilization of bank limit, during the
cotton season and weak gearing and debt protection metrics. The
ratings reflect the small scale of, and working-capital-
intensive, operations, exposure to intense competition, and weak
financial risk profile, marked by small net worth, moderately
high gearing, and subdued debt protection metrics. These rating
weaknesses are partially offset by extensive experience of
partners in the cotton ginning industry.
Outlook: Stable

CRISIL believes RGPF will continue to benefit from extensive
experience of partners. The outlook may be revised to 'Positive'
if significant and sustained growth in revenue, and stable
operating profit margin, lead to substantial improvement in cash
accrual and working capital management. The outlook may be
revised to 'Negative' if low cash accrual, continued stretch in
working capital cycle, or any large, debt-funded capital
expenditure, weakens the financial risk profile, especially
liquidity.

RGPF was established as a proprietorship firm in 2004 by Mr
Girish Vijaykumar Katruwar. The firm, based out of Manwat,
Parbhani (Maharashtra), gins and presses cotton.


RAJESHWARA FORGINGS: CRISIL Suspends 'D' Rating on INR60MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Rajeshwara Forgings Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            60.0       CRISIL D
   Proposed Long Term
   Bank Loan Facility      6.6       CRISIL D

   Term Loan              21.4       CRISIL D

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

RFPL was set up in 1999 by Mr. Meesala Chandraiah and his family
members. The company manufactures steel bearing rings, which are
used in the automotive industry.


RASHMI STEELS: ICRA Suspends B+ Rating on INR15cr Cash Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ to the
INR15.00 crore fund based cash credit limits and to the INR6.00
crore fund based term loan limits and a short term rating of
[ICRA]A4 to the INR4.00 crore (sub-limit) non-fund based letter
of credit limits of Rashmi Steels. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

Promoted by Mr. Babulal G Bohra, Rashmi Steels commenced
operations in 2001 when it used to trade in Stainless Steel (SS)
pipes in various grades. It later diversified into trading of SS
rods, rounds, wire rods etc and into trading of scrap in 2006.
The proprietorship concern has its registered office is in
Bhuleshwar, Mumbai, an owned warehousing facility in Bhiwandi and
a leased one in Mumbai.


S. G. MOTORS: CRISIL Suspends B+ Rating on INR55MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of S. G.
Motors.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              55       CRISIL B+/Stable

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

SGM, promoted by the Kerala based George family, is an authorised
dealer for Yahama's two-wheelers. The firm operates a showroom in
Kottayam (Kerala) and three service centres in Kerala.


SAHARA DREDGING: CRISIL Suspends B+ Rating on INR90MM Bank Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sahara
Dredging Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         90         CRISIL A4
   Cash Credit            20         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     35.8       CRISIL B+/Stable

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

SDL was set up by Mr. Asif Dadarkar in 1994 as Maldar Dredging
Ltd; the company was renamed in 1998. SDL is primarily engaged in
the business of dredging, and also acts as a sub-contractor to
larger dredging/construction companies.


SAI HEMAJA: CRISIL Suspends 'D' Rating on INR250MM Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Sai
Hemaja Aerobricks Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              250        CRISIL D

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

SHAPL, incorporated in 2008, manufactures autoclaved aerated
concrete (AAC) blocks. The company was promoted by Mr. Kilaru
Puneet Prasad, along with his mother Ms. K Padmaja and his sister
Ms. K Hemanjani and business acquaintances Mr. D B N Rao and Mr.
B Ramachandra Rao. The company is based in Hyderabad.


SAMEEP FABRICS: ICRA Assigns 'B' Rating to INR23.50cr Loan
----------------------------------------------------------
The long term rating of [ICRA]B has been assigned to the INR23.50
crore (enhanced from INR18.50 crore) cash credit facility of
Sameep Fabrics Private Limited. ICRA also has the short term
rating of [ICRA]A4 outstanding to the INR0.44 crore short term
non-fund based facility of SFPL.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit         23.50      [ICRA]B assigned/outstanding

   Non-fund Based,      0.44      [ICRA]A4 outstanding
   Short-term
   Facility

The assigned ratings take into account the extensive experience
of the promoters in the textile industry, favorable location of
the company in Ahmedabad in proximity to raw material suppliers
and downstream processing units, and a diversified clientele base
of the company.

The rating, however, continue to remain constrained by SFPL's
weak financial risk profile as reflected by low profitability
margins, leveraged capital structure, weak debt coverage
indicators and stretched liquidity position as is evident from
the high utilisation of fund-based bank limits due to high
inventory and receivables. The ratings are further constrained by
the vulnerability of SFPL's profitability to fluctuations in
prices of key raw materials which may not be passed on to the
customers adequately, and to foreign currency exchange rate
fluctuations. Further, the ratings continue to factor the
exposure of profitability to intense competitive pressures from
numerous small as well as large manufacturers as a result of the
fragmented nature of the garment industry.

Sameep Fabrics Private Limited was incorporated in November 2005
in the name of Aman Fabrics Private Limited, which was later
changed to the present name in 2008-09. It trades in and markets
cotton-based textile products such as suiting and shirting
fabrics. The company procures cotton bales or grey yarn and
outsources all the key activities like spinning, weaving,
dyeing/printing, finishing etc. to other job work units. The
remaining low value added activities like cutting, ironing,
folding and packing are performed in-house. In addition, the
company also trades in cotton bales and other textile products.
It operates out of Ahmedabad and is promoted by the Agarwal
family.

Recent Results
During FY2015, SFPL reported an operating income of INR187.17
crore and profit after tax of INR0.59 crore as against the
operating income of INR173.00 crore and profit after tax of
INR0.53 crore during FY2014. As per provisional financials, the
company reported an operating income of INR213.10 crore and
profit after tax of INR0.71 crore during FY2016.


SANGITA SALES: CRISIL Suspends B+ Rating on INR200MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sangita Sales Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            200       CRISIL B+/Stable

   Letter of Credit        50       CRISIL A4

   Proposed Long Term
   Bank Loan Facility      30       CRISIL B+/Stable

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

SSPL, incorporated in 1992, is based in Nagpur (Maharashtra). It
trades in coal, which it procures mainly from different
subsidiaries of Coal India Ltd. The company supplies to end users
in the steel, power and various other sectors. The day-to-day
operations of the company are managed by Mr. Anant Kumar Agarwal,
Mr. Sushil Bansal and Mr. Pradeep Bansal.


SAVITRI STEELS: CRISIL Suspends B+ Rating on INR140MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Savitri Steels and Rerollings Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          15        CRISIL A4
   Cash Credit            135        CRISIL B+/Stable
   Letter of Credit        30        CRISIL A4
   Term Loan              140        CRISIL B+/Stable

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

SSRPL was incorporated in 2008, promoted by Mr. Kamal Kishore
Agrawal and Mr. Babulal Agrawal. The company has a manufacturing
facility in Hyderabad for thermo-mechanically-treated (TMT) bars.


SCHON ULTRAWARES: CRISIL Suspends D Rating on INR78MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Schon Ultrawares Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             15        CRISIL D
   Proposed Long Term
   Bank Loan Facility       7        CRISIL D
   Term Loan               78        CRISIL D

The suspension of ratings is on account of non-cooperation by
SUPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SUPL is yet to
provide adequate information to enable CRISIL to assess SUPL'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 2000, SUPL manufactures, exports and supplies a
broad range of biodegradable goods, including paper bowls,
plates, and trays, clamshell boxes, paper wall panels, and pulp
and fibre moulded packaging for use in hotels, restaurants and
homes. The company is promoted by Mr. Sunil Kumar Juneja and Mr.
Sumit Juneja. The company's manufacturing facility at Neemrana,
Rajasthan has been operational since September 2014.


SHREE NAKODA: ICRA Suspends 'B' Rating on INR5.7cr Loan
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR5.70 crore fund based limits and short term rating of
[ICRA]A4 assigned to the INR0.80 crore non-fund based limits of
Shree Nakoda Infrasteel Private Limited. The suspension follows
ICRA's inability to carry out rating surveillance in the absence
of requisite information from the company.


SHREE PRABHU: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on bank facilities of Shree Prabhu
Petrochemicals Private Limited continues to reflect SPPPL's
exposure to risks relating to intense competition, and small
scale of, and working capital intensity in, operations in the
plastic industry. These rating weaknesses are partially offset by
the extensive experience of SPPPL's promoters in the industry.

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

   Letter of Credit      20        CRISIL A4 (Reaffirmed)

   Term Loan             65        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SPPPL will continue to benefit over the
medium term from its promoter's extensive experience in the
plastic industry. The outlook may be revised to 'Positive' if
significant and sustainable growth in revenue and profitability
results in sizeable net cash accruals. Conversely, the outlook
may be revised to 'Negative' if a substantial decline in
accruals, stretch in working capital cycle, or any large capital
expenditure considerably weakens the financial risk profile,
particularly liquidity.

SPPPL, incorporated in June 2012, is promoted by Mr. Somnath
Sakre and Mr. Kachrulal Karva. It manufactures three-layer water
tankers of sizes ranging from 100 to 5000 litres. Mr. Sakre also
manages the business operations. The promoters have experience of
over two decades in the plastic industry, through group entities.
The registered office is at Aurangabad, Maharashtra.


SILVER STONE: CRISIL Reaffirms B+ Rating on INR47.5MM Term Loan
---------------------------------------------------------------
CRISIL ratings on the bank facilities of Silver Stone Ceramic
continue to reflect SSC's modest scale of operations in the
intensely competitive ceramics industry, and large working
capital requirement. These weaknesses are partially offset by the
extensive experience of partners and the proximity of its
manufacturing facilities to raw material and labour sources.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          15       CRISIL A4 (Reaffirmed)
   Cash Credit             30       CRISIL B+/Stable (Reaffirmed)
   Term Loan               47.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SSC will continue to benefit over the medium term
from the extensive experience of partners. The outlook may be
revised to 'Positive' if a significant improvement in sales while
maintaining profitability leads to a substantial increase in cash
accrual. Conversely, the outlook may be revised to 'Negative' in
case of low accrual because of low order flows or profitability,
or if the financial risk profile weakens further, most likely
because of a stretch in the working capital cycle or large, debt-
funded capital expenditure.

Established in 2013 as a partnership between Mr Valamjibhai Patel
and his family, SSC, based in Morbi, Gujarat, manufactures
ceramic wall glazed tiles. The promoters have been in the ceramic
tiles industry for more than a decade. The firm has commenced
commercial operations from September 2014.


SREE VASAVI: CRISIL Suspends 'B' Rating on INR80MM LT Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sree
Vasavi Trust.

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Cash Credit                 20       CRISIL B/Stable
   Long Term Bank Facility     80       CRISIL B/Stable

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

SVT was started in 1953 by the Vysya community of Bangalore. It
runs a marriage hall. Currently, the trust is constructing a
multi-speciality hospital in Bangalore. The hospital is expected
to commence its operations from May 2015.


SRI CHENNAKESAVA: CRISIL Reaffirms B Rating on INR20MM LT Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities Sri Chennakesava
Constructions continue to reflect a small scale of operations,
large working capital requirement, high geographic and customer
concentration in order book, and exposure to intense competition
in the construction industry. These rating weaknesses are
partially offset by the extensive industry experience of the
firm's promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          210       CRISIL A4 (Reaffirmed)

   Overdraft Facility       10       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       20       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SCC will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of substantial and
sustained increase in scale of operations while profitability
margins are maintained, or continued improvement in working
capital management. The outlook may be revised to 'Negative' in
case of a steep decline in profitability margins, or
deterioration in liquidity caused most likely by a stretched
working capital cycle.

SCC was set up in 1994 by Mr G Ramaiah and his family members.
The firm undertakes construction of canals, bridges, and roads.
It is based in Hyderabad.


STATE BANK: S&P Assigns 'B+' Rating on Additional Tier 1 Notes
--------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issue rating to
the additional Tier 1 notes and 'BB' long-term issue rating to
the Tier 2 notes under the US$10 billion medium-term notes (MTN)
program by State Bank of India (SBI: BBB-/Stable/A-3).  The issue
ratings are subject to S&P's review of the final issuance
documentation.

The rating on the additional Tier 1 notes is four notches lower
than SBI's stand-alone credit profile (SACP) of 'bbb-' and
reflects:

  -- One notch for subordination risk;
  -- Two notches because we expect the notes to have Tier 1
     regulatory capital status and full discretion to cancel
     interest;
  -- One notch because the notes contain a contractual write-down
     clause; a write-down would occur at point of non-viability.
     A write-down may also happen if the bank's common equity
     Tier 1 ratio falls below 5.5% at any time before March 31,
     2019, or below 6.125% from that date on, which S&P views as
     a non-viability trigger.

Once the notes have been issued and are confirmed as part of
SBI's Tier 1 capital, S&P expects to assess them as having
intermediate equity content under S&P's criteria.  This reflects
S&P's view that the notes can absorb losses on a going-concern
basis through discretionary coupon cancellation, are perpetual,
and have no coupon step-up.

The rating on the Tier 2 notes is two notches lower than SBI's
SACP and reflects:

   -- One notch for subordination risk; and
   -- One notch because the notes contain a contractual write-
      down clause; a write-down would occur at the point of non-
      viability.

Tier 2 notes are not likely to absorb losses on a going-concern
basis and therefore S&P do not expect to assess them as having
equity content.


SUMITRA DS: CRISIL Reaffirms B- Rating on INR80MM Cash Loan
-----------------------------------------------------------
CRISIL ratings reflect Sumitra DS Motors Private Limited's small
scale of operations marked by geographic concentration in its
revenue profile, and its weak financial risk profile. These
rating weaknesses are partially offset by SDSM's established
relationship with principal and its promoters' extensive
experience in the auto dealership business.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         12        CRISIL A4 (Reaffirmed)
   Cash Credit            80        CRISIL B-/Stable (Reaffirmed)
   Term Loan               5        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SDSM will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company's revenue
and profitability improves significantly, leading to better net
cash accruals and liquidity. Conversely, the outlook may be
revised to 'Negative' if SDSM's financial risk profile,
particularly its liquidity, weakens owing to a significant
decline in its revenue or operating profitability, or
deterioration in its working capital management, or a large debt-
funded capital expenditure.

SDSM, incorporated in 2005 and promoted by Mr. Jagjit Singh and
his brothers, is an authorized automobile dealer for Maruti
Suzuki India Ltd (rated 'CRISIL AAA/Stable/CRISIL A1+'). The
company operates two showrooms, one in Shahjahanpur and the other
in Lakhimpur (Assam).


SURESH GOPINATH: CRISIL Suspends B+ Rating on INR40MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Suresh
Gopinath.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL A4
   Cash Credit             40        CRISIL B+/Stable

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

Set up in 1993, SG undertakes civil construction works in Kerala,
mainly related to construction of buildings for various entities,
such as public works departments.


SURYA AGRO: ICRA Suspends B/A4 Rating on INR9.5cr Loan
------------------------------------------------------
ICRA has suspended [ICRA]B/[ICRA]A4 ratings assigned to the
INR9.50 crore fund based and non fund based facilities of Surya
Agro Agencies . The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.


SVS CONSTRUCTIONS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned SVS
Constructions a Long-Term Issuer Rating of 'IND B+'.  The Outlook
is Stable.  The agency has also assigned SVS' INR35 mil. fund-
based facilities Long-term 'IND B+' rating with a Stable Outlook
and Short-term 'IND A4' rating.

                         KEY RATING DRIVERS

The ratings reflect the moderate credit metrics and small scale
of operations of SVS.  Its net leverage (total adjusted net
debt/operating EBITDA) was 4.0x in FY16 (FY15: 1.2x), interest
coverage (operating EBITDA/gross interest coverage) was 5x (5.4x)
and revenue was INR181 mil. (INR64 mil.).  The company's EBITDA
margins were in the range of 5%-15% over FY13-FY16.  The margins
were volatile due to raw material price fluctuations. FY16
numbers are provisional in nature.

The ratings, however, are supported by the company's comfortable
liquidity position with the average utilization of its fund-based
facilities being 68% during the 12 months May 2016.

The ratings factor in the company's moderate order book position.
SVS' order book was INR202.8 mil. at end-July, 2016 (1.1x of FY16
revenue).  The ratings are further supported by more than a
decade of operating experience of the company's promoters in the
EPC business.

                        RATING SENSITIVITIES

Positive: A substantial improvement in the revenue backed by a
commensurate order book providing strong revenue visibility for
the medium-term while maintaining the profitability could be
positive for the ratings.

Negative: Volatility in the profitability or inability to
complete the current order book leading to a sustained
deterioration in the credit profile could be negative for the
ratings.

COMPANY PROFILE

SVS, set up in 2004, is engaged in civil construction (earth
work) for road and irrigation projects.  SVS is a sub-contractor
for Gayathri Projects Limited.


TREZEROIL AGROTECH: CRISIL Suspends D Rating on INR65MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Trezeroil
Agrotech Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              65       CRISIL D

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

TAL, established in 2010 as a closely held public limited company
and based in Hyderabad, is primarily engaged in the refining and
sale of edible oil.


VEDANT TRADE: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vedant Trade
Impex Private Limited a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.  The agency has also assigned VTIPL's INR150
mil. proposed fund-based limits a 'Provisional IND B+' rating
with a Stable Outlook.

                         KEY RATING DRIVERS

The ratings reflect the volatility in VTIPL's revenue and its low
profitability due to the trading nature of its business.
According to provisional financials for FY16, the company
reported revenue of INR616 mil. (FY15: INR139 mil.; FY14: INR696
mil.), further the company recorded revenue of INR246 mil. from
April-August 2016, while EBITDA margins were thin at 1.1% (0.6%;
0.4%). The improvement in profitability in FY16 is due to forex
gains. The ratings also factor in the company's limited
operational track record of three years.

FY16 provisional financials indicate comfortable credit metrics
with interest coverage of 21.03x (FY15: 1.75x) and net leverage
of negative 0.18x (3.10x).  However, VTIPL's credit metrics are
likely to moderate in FY17 due to the proposed incremental
working capital debt of INR150 mil.

The ratings are supported by the company's negative cash
conversion cycle of 93 days (negative 41 days) and the promoter's
experience of over a decade in trading apparel and shoes.

                       RATING SENSITIVITIES

Positive: A positive rating action could result from a
substantial improvement in the revenue, profitability and credit
metrics.

Negative: A negative rating action could result from a fall in
the overall credit metrics due to a decline in the operating
profitability.

COMPANY PROFILE

VTIPL was established in 2010.  It exports apparel and shoes to
Africa, gulf and the Middle East, and Sri Lanka, among other
countries.


VEDIK ISPAT: CRISIL Suspends B+ Rating on INR380MM Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Vedik
Ispat Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             80        CRISIL B+/Stable
   Cash Credit-Stock      120        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      10        CRISIL B+/Stable
   Term Loan              380        CRISIL B+/Stable


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

VIPL, incorporated in 1992, was a dormant company till 2010. In
2010, it started a project to set up a hot- and cold-rolled
sheets facility. The company started commercial production in
January 2011. The operations of the company are managed by Mr.
Narendra Bhutra. The company has recently added a stainless steel
re-rolling capacity that is expected to commence commercial
operations in April 2015.


VIKRAM INFRASTRUCTURE: Ind-Ra Assigns B+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vikram
Infrastructure Company a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect the partnership nature of VIC's business
along with its small scale of operations and weak credit metrics.
VIC's FY16 provisional financials indicate an around 31.8%
decline in its revenue to INR307 mil. (FY15: INR450 mil.).  The
company's interest coverage (operating EBITDA/gross interest
expense) stood at 1.8x in FY16 (FY15: 1.6x) and net financial
leverage (total adjusted net debt/operating EBITDAR) stood at
4.3x (4.6x).  The ratings are constrained by the entity's tight
liquidity as reflected in its average maximum use of the fund-
based limits exceeding 100% during the 12 months ended August
2016.  The ratings, however, benefit from the partners' two
decades of experience in the same line of business.

                      RATING SENSITIVITIES

Positive: Improvement in the liquidity along with scale of
operations will be positive for the rating.

Negative: Further deterioration in the liquidity will be negative
for the ratings.

COMPANY PROFILE

VIC is a partnership firm and was established in 1989. It has
three main areas of business, namely, Infrastructure (civil
construction), mining, and ready mix concrete.

The firm is registered as an AA class contractor with the
Government of Gujarat and a Special Category 1 contractor for
roads and bridges in Gujarat.  The firm also has a Class 1(A)
registration in the state of Maharashtra and recently got
registered with Rajasthan under as a class A contractor.

VIC's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'/Stable
   -- INR150 mil. fund-based limits: assigned 'IND B+'/Stable
   -- INR100 mil. non-fund-based limits: assigned 'IND A4'


VS METALLIC: ICRA Suspends B/A4 Rating on INR20cr Loan
------------------------------------------------------
ICRA has suspended [ICRA]B/[ICRA]A4 ratings assigned to the INR20
crore fund based and non fund based facilities of VS Metallic
Private Limited . The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.


YELLOWSTONE NIRMITI: ICRA Assigns B+ Rating to INR75cr LT Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the proposed
INR75.00 crore (enhanced from INR30.00 crore) long term fund
based term loan facilities of Yellowstone Nirmiti LLP.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Proposed Long term,      75.00      [ICRA]B+ Assigned/
   Fund Based Term Loan                Outstanding

The assigned rating takes into account the long standing
experience of promoters, the established market position and
successful project execution capability of the promoter groups
(Pristine Group, Kohinoor Group and Wellworth Group) in the Pune
region, along with the long experience of the civil contractors,
architects and design consultants appointed for the project. The
assigned rating also derives comfort from the attractive location
of the project, which is situated in proximity to the industrial
parks (Chakan, Bhosari and Talegaon) and SEZs (Hinjewadi) and
having easy accessibility to key city areas like schools,
colleges, hospitals, shopping malls etc.

The assigned rating is however constrained by execution and
regulatory risk associated with the upcoming project, which is at
a very nascent stage of construction. The project is yet to start
as it awaits commencement certificate for the partial saleable
area, NA Land certificate and environmental clearance, which is
expected in September 2016. The rating also factors in the
exposure of the project to the funding risk as the project is yet
to achieve financial closure for the proposed term loan coupled
with high reliance on customer advances to fund the project.
Further, lower-than-expected sales booking and customer advances
can delay the execution of the project. ICRA also notes the
modest scale of operations of the entity which may restricts its
operational and financial flexibility. However promoters' ability
to bring additional funds if required mitigates this risk to an
extent.

Yellowstone Nirmiti LLP is incorporated in February 2015 as a
real estate residential projects development firm. The promoters
of the partnership firm are also the promoters of "Pristine
Group', 'Kohinoor Group' and 'Wellworth Reality' which are one of
the larger real estate groups having presence in Pune,
Maharashtra.

The project is located in Mahalunge, Pune near Mumbai Bangalore
Highway and close to Hinjewadi IT park with infrastructure
already in place. The project will have 5 towers with 2 towers of
20 floors each, 1 tower of 12 floors and 2 towers of 9 floors
each. As on date, firm has received building approval for 4
towers with 289 flats and saleable area of 2.72 lacs Sq ft out of
5.58 Lacs Sq Ft with 5 towers and 574 flats.



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


TOSHIBA CORP: On 10-Year Survival Quest Under New President
-----------------------------------------------------------
Asian Nikkei Review reports that Thursday [Sept. 15] marks the
first anniversary of Toshiba being placed on a watch list by the
Tokyo Stock Exchange to warn investors that the Japanese company
might be delisted, due to an accounting scandal that led to the
resignation of top executives including its president and two of
his predecessors.

Nikkei says the company has since carried out drastic
restructuring and has set sail under a new management team, with
Satoshi Tsunakawa taking the helm as president. Hailing from the
medical equipment division -- seen as a non-mainline business
unit at Toshiba -- Tsunakawa has stepped into his new role amid
strong interest in whether he can save the company from the
gravest peril since it was founded.

On Aug. 19, Tsunakawa was at Toshiba's Shikoku branch in
Takamatsu, Kagawa Prefecture. Speaking to a crowd of 100 workers
at the company's smallest branch, occupying only one floor in a
building, Tsunakawa said, "We should stop pretending to be
successful internally by rounding up figures." He also said, "You
should answer phone calls even during my speech, because I want
you to spend more time with customers," Nikkei relays.

According to Nikkei, Tsunakawa frequently visits client companies
to regain their trust. In Shikoku, one of Japan's four main
islands, he visited Shikoku Electric Power, which uses Toshiba
turbines and transmission facilities for thermal and hydraulic
power generation.

Nikkei relates that Tsunakawa, who spends less than half of each
week at Toshiba's head office in Tokyo, is taking a humble
approach by necessity. Visiting Takamatsu on his 11th trip since
replacing Masashi Muromachi as president in June, he told the
local branch not to make preparations for his visit, but to show
their "true colors."

To improve communication, Tsunakawa gives his mobile phone number
to senior officials of Toshiba's business outlets, saying, "Call
me directly at any time and about anything," Nikkei relays.

Nikkei says Toshiba committed accounting irregularities under the
management of presidents including Atsutoshi Nishida and Norio
Sasaki. Back then, their visits to branches and other places were
"like a feudal lord's procession," a Toshiba official close to
Tsunakawa said. "But no longer."

Nikkei recalls that Tsunakawa began working at Toshiba at its old
Nasu plant in Tochigi Prefecture, which produced medical
equipment. He continued handling computerized tomographic and
other medical devices, except during assignments in Europe and
the U.S.

The medical equipment division is overshadowed at Toshiba by the
company's semiconductor and heavy machinery segments, which have
produced many of the company's presidents, Nikkei says. So when
Tsunakawa was asked by an executive nomination committee to take
the helm, he was reluctant to accept. But he now feels that he
can push ahead with reforms because he is not bound by past
constraints, says Nikkei.

Asked when Toshiba can reach a point where it is revived,
Yoshiharu Izumi, an analyst at investment information provider
Longine, said, "In the case of self-help efforts to increase
profit, [Toshiba] will need 10 years to bring its financial
conditions back to a safe level," Nikkei reports.

                          About Toshiba

The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on July 22, 2015, that an independent investigation said
in a report dated July 21 that Toshiba Corp. overstated its
operating profit by JPY151.8 billion ($1.22 billion) over several
years in accounting irregularities involving top management.

The investigating committee said in a report filed by Toshiba to
the Tokyo Stock Exchange that Toshiba President and Chief
Executive Hisao Tanaka and his predecessor, Vice Chairman Norio
Sasaki, were aware of the overstatement of profits and delay in
reporting losses in a corporate culture that "avoided going
against superiors' wishes," according to Reuters.

The TCR-AP, citing Bloomberg News, reported on July 22, 2015,
that Toshiba Corp. President Hisao Tanaka and two other
executives quit to take responsibility for a $1.2 billion
accounting scandal that caused the maker of nuclear reactors and
household appliances to restate earnings for more than six years.

Norio Sasaki, the vice chairman, and Atsutoshi Nishida, a former
president who was serving as adviser, also resigned, the Tokyo-
based company said July 21, more than two months after announcing
it was investigating possible accounting irregularities,
according to Bloomberg.

On March 28, 2016, Moody's Japan K.K. has downgraded Toshiba
Corporation's corporate family rating and senior unsecured debt
rating to B3 from B2, and its subordinated debt rating to Caa3
from Caa2.  The rating outlook is negative. At the same time,
Moody's has affirmed Toshiba's commercial paper rating of Not
Prime.  This rating action concludes the review for downgrade
initiated on Dec. 22, 2015.

S&P Global Ratings on May 13, 2016, lowered its long-term
corporate credit and senior unsecured debt ratings on Japan-based
diversified electronics company Toshiba Corp. by one notch to 'B'
and 'BB-', respectively, and has removed the ratings from
CreditWatch.  The outlook on the long-term corporate credit
rating is negative.  S&P placed its long-term ratings on Toshiba
on CreditWatch with negative implications in December 2015 and
maintained the CreditWatch on the long-term ratings when S&P
lowered them in February 2016.  S&P has affirmed its 'B' short-
term corporate credit and commercial paper ratings on Toshiba.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.



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


FRIMLEY ESTATE: Developer Goes Bankrupt Owing Nearly NZ$3MM
-----------------------------------------------------------
Marty Sharpe at Stuff.co.nz reports that the developer behind an
unsuccessful property development in Hastings has declared
himself bankrupt with his company, Frimley Estate, still owing
nearly NZ$3 million.

Nick Duff, also known as Stephen Duff, applied to make himself
bankrupt on August 30. Duff, 67, of Auckland, is the brother of
well known author Alan Duff, according to Stuff.co.nz.

His company Frimley Estate was incorporated in late 2004 with the
purpose of subdividing 7.86 hectares in the Hastings suburb of
Frimley. A total of 21 investors bought one million shares. The
development began, and was intended to be completed in 2007, but
was never finished, Stuff.co.nz discloses.

Last year, the Financial Markets Authority told the High Court
the company had contravened the Securities Act by failing to
issue a prospectus, Stuff.co.nz recalls. The FMA said the
"contraventions by Frimley were serious".

According to Stuff.co.nz, Justice Asher said "there is more than
a suggestion in the evidence that the company's assets were being
dissipated" and that those in effective management and control of
the company were using their power to reward themselves rather
than meet obligations towards creditors.

Stuff.co.nz relates that the court dismissed an application by
the company in respect of the petitioning shareholder's
subscriptions. The company withdrew its application for a relief
order for the other subscribers and as a result all subscriptions
were void and repayable.

The company was put into liquidation and receivership in
November last year, Stuff.co.nz discloses.

In the latest liquidator's report, by KPMG, in July, the company
had claims of NZ$2.85 million from 37 unsecured creditors, and
claims of NZ$1.2 million from secured creditors.

Liquidators had recovered $5,477 cash, Stuff.co.nz says. The
company's only remaining property at Arbuckle Road, Frimley, was
sold through a mortgagee sale. The liquidators had requested
payment of the proceeds after the mortgagee had been paid.

Another of Duff's companies associated with the development is
also being liquidated after failing to repay funds owed to a
creditor, Stuff.co.nz notes.



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


DFS ASSET: Fitch Assigns BB Rating to SGD7.92-Mil. Class C Notes
----------------------------------------------------------------
Fitch Ratings has assigned ratings to DFS Asset Purchase Company
Pte. Ltd.'s working capital facility (WCF), standby liquidity
facility (SBLF), class A1 and A2 notes (collectively class A
notes), and class B and C notes.  The issuance consists of notes
backed by credit card and charge card receivables in Singapore
originated by Diners Club (Singapore) Private Limited (DCS).  The
ratings are:

  WCF with facility limit of SGD10 mil. due September 2019:
  assigned 'A-sf'; Outlook Stable

  SBLF with a facility limit of SGD5 mil. due September 2019:
  assigned 'A-sf'; Outlook Stable

  SGD100 mil. Class A1 notes due September 2021: assigned 'A-sf';
  Outlook Stable

  SGD15.38 mil. Class A2 notes due September 2021: assigned
  'A-sf'; Outlook Stable

  SGD9.50 mil. Class B notes due September 2021: assigned
  'BBBsf', Outlook Stable

  SGD7.92 mil. Class C notes due September 2021: assigned
  'BBsf', Outlook Stable

The amounts of the class A1, A2, B and C notes represent the
sizes issued at closing.

At the cut-off date, the total collateral pool consisted of
209,052 eligible accounts with eligible receivables balance of
SGD158,558,765.  The transaction features a 36-month revolving
period, followed by a 24-month pass-through period.  Early
amortization events can end the revolving period and accelerate
the pass-through period, thus protecting investors against any
further deterioration in the portfolio.

                        KEY RATING DRIVERS

Performance of Card Receivables: The ability of the issuer to
meet its payment obligations under the notes is closely linked to
the performance of the card receivable portfolio.  Fitch has
analysed the credit risk of the underlying receivables and
derived the default rate, payment rate and gross yield
assumptions of the portfolio, based on the historical data
provided by DCS.  Stress tests on these assumptions and interest
rate stress were used to analyze the effect on the transaction's
cash flow.

Credit Enhancement: The credit enhancement provided by the
respective subordination for each of the rated notes, rated SBLF,
and the rated WCF is commensurate with the corresponding rating
stress.  The transaction also benefits from a SBLF from closing
to the end of revolving period and then a cash reserve until the
maturity date, which covers three months of rated notes and WCF
interest and fees, senior expenses, servicer transition costs and
dilution risk.

Protection Mechanism: Various early amortisation triggers protect
investors against deterioration in the portfolio by ending the
revolving period.  Eligibility criteria are in place for the
purchase of additional card receivables by DFS.

Asset Outlook: The stable economic conditions in Singapore
continue to support the steady performance of the credit-card
sector in Singapore.

Rating Cap: The transaction is capped at an 'Asf' rating category
due to DCS' small market share in Singapore and high dependency
of the ongoing underwriting and collection practices of the
originator in the revolving period.  Moreover, there is interest
rate risk exposure in this transaction that makes it incompatible
with a high investment grade.

                      RATING SENSITIVITIES

Rating sensitivities provide insights into the model-implied
sensitivities the transaction faces when one risk factor is
stressed, while holding others equal.  The modeling process first
uses the estimation and stress of base case assumptions to
reflect asset performance in a stressed environment.  Structural
protection is then analyzed in a customized proprietary cash flow
model.  The results should only be considered as one potential
outcome given that the transaction is exposed to multiple risk
factors that are all dynamic variables.

  -- Increasing the base case default rate by 50% may result in a
     one-notch downgrade of the ratings on the WCF, SBLF and
     class A notes to 'BBB+sf'.

  -- Decreasing the base case payment rate by 25% may result in a
     four-notch downgrade of the ratings on the WCF, SBLF and
     class A notes 'BB+sf'.

  -- Decreasing the base case gross yield by 35% does not result
     in a change to the ratings of the WCF, SBLF and class A
     notes.



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


HANJIN SHIPPING: Troubles Leave $14-Bil. in Cargo Stranded at Sea
-----------------------------------------------------------------
Costas Paris and Erica E. Phillips, writing for The Wall Street
Journal, reported that the financial woes of one of the world's
biggest shipping lines have left as much as $14 billion worth of
cargo stranded at sea, sending its owners scurrying to try to
recover their goods and get them to customers, according to
industry executives, brokers and cargo owners.

According to the report, since Hanjin Shipping Co. of South Korea
filed for bankruptcy protection, dozens of ships carrying more
than half a million cargo containers have been denied access to
ports around the world because of uncertainty about who would pay
docking fees, container-storage and unloading bills.  Some of
those ships have been seized by the company's creditors, the
report related.

Samsung Electronics Co., which makes the Galaxy smartphone and
other devices, said it has cargo valued at about $38 million
stranded on Hanjin ships in international waters, the report
said.

Samsung said it is considering chartering 16 cargo planes to
fulfill its shipment contracts, mostly to the U.S., the report
related.

Though Hanjin accounts for only about 3.2% of global container
capacity, the disruption, which comes as retailers prepare to
stock their shelves for the holiday season, is expected to be
costly, as companies scramble to book their goods on other
carriers, the report further related.

Analysts don't expect the snarl to leave U.S. retailers with
inventory shortfalls for the holidays, but the longer the logjam
drags on, the greater the risk, the report said.

                      About Hanjin Shipping

Hanjin Shipping Co., Ltd. is mainly engaged in the transportation
business through containerships, transportation business through
bulk carriers and terminal operation business.  The Debtor is a
stock-listed corporation with a total of 245,269,947 issued
shares (common shares, KRW 5000 per share) and paid-in capital
totaling KRW 1,226,349,735,000.  Of these shares 33.23% is owned
by Korean Air Lines Co., Ltd., 3.08% by Debtor and 0.34% by
employee shareholders' association.

The Company operates approximately 60 regular lines worldwide,
with 140 container or bulk vessels transporting over 100 million
tons of cargo per year.  It also operates 13 terminals
specialized for containers, two distribution centers and six Off
Dock Container Yards in major ports and inland areas around the
world.  The Company is a member of "CKYHE," a global shipping
conference and also a partner of "The Alliance," another global
shipping conference to be launched in April 2017.

As a result of the severe lack of liquidity, Hanjin applied to
the Seoul Central District Court 6th Bench of Bankruptcy Division
for the commencement of rehabilitation under the Debtor
Rehabilitation and Bankruptcy Act on Aug. 31, 2016.

Hanjin filed in the U.S. a voluntary petition under Chapter 15 of
the Bankruptcy Code on Sept. 2, 2016 to seek recognition of its
Korean restructuring.  The Chapter 15 case (Bankr. D.N.J. Case
No. 16-27041) is pending before Judge John K. Sherwood.

Cole Schotz P.C. serves as counsel to Tai-Soo Suk, the Chapter 15
petitioner and the duly appointed foreign representative of
Hanjin Shipping.

HANJIN SHIPPING: Collapse is Triggering Rate Spike, Maersk Says
---------------------------------------------------------------
Bloomberg News reports that Maersk Line, the world's largest
container shipping company, is seeing a short-term rise in
freight rates and an inflow of new clients after the collapse of
Hanjin Shipping Co.

"There's no doubt that we're seeing a reaction in the rate
market," Bloomberg quotes Klaus Rud Sejling, the executive in
charge of Maersk Line's east-west network, as saying in a phone
interview. "The question is, what will happen with the rates in
the longer term. In the short term, the effect is positive, but
there are many factors that can influence rates in the medium and
in the long term."

Bloomberg relates that Hanjin, South Korea's biggest container
company with 97 ships, recently filed for bankruptcy protection
in Seoul, leaving some vessels effectively marooned at sea as
ports in the U.S., Asia and Europe turned them away.

Bloomberg says the U.S. has since granted the company a reprieve
from having assets seized and allowing it to offload its goods at
the Port of Long Beach in California. Hanjin also won relief on
Saturday from its biggest shareholder, Korean Air Lines Co.,
which agreed to provide KRW60 billion ($54 million) in funds to
help pay for goods to be unloaded from its container ships.

"What we're hearing from the customers that are coming to us is
that they are seeking a partner that's stable," Mr. Sejling, as
cited by Bloomberg, said. "Customers are coming to us because we
are financially strong."

Maersk Line is part of the Copenhagen-based conglomerate A.P.
Moeller-Maersk A/S, which also owns ports, drilling rigs and oil
fields, Bloomberg discloses.

According to Bloomberg, the rise in freight rates could boost
Maersk Line's 2016 net profit by as much as $760 million, Lars
Heindorff, an analyst at SEB, said in a Sept. 8 note. However,
rate increases are unlikely to stick, so it's more likely that
Maersk Line's profit will be boosted by less than $200 million,
the analyst said.

Bloomberg relates that Maersk Line said Sept. 7 it will open a
new service from Asia to the U.S. west coast to soak up Hanjin's
customers.  According to the report, Sejling said that the new
capacity would add 0.6 percentage points to Maersk Line's market
share on the route, which is currently at about 7.5 percent.

"We are constantly optimizing our network and our port calls, but
we don't have any plans to add more services at this point,"
Sejling said, Bloomberg adds.

                       About Hanjin Shipping

Hanjin Shipping Co., Ltd. is mainly engaged in the transportation
business through containerships, transportation business through
bulk carriers and terminal operation business.  The Debtor is a
stock-listed corporation with a total of 245,269,947 issued
shares (common shares, KRW 5000 per share) and paid-in capital
totaling KRW 1,226,349,735,000.  Of these shares 33.23% is owned
by Korean Air Lines Co., Ltd., 3.08% by Debtor and 0.34% by
employee shareholders' association.

The Company operates approximately 60 regular lines worldwide,
with 140 container or bulk vessels transporting over 100 million
tons of cargo per year.  It also operates 13 terminals
specialized for containers, two distribution centers and six Off
Dock Container Yards in major ports and inland areas around the
world.  The Company is a member of "CKYHE," a global shipping
conference and also a partner of "The Alliance," another global
shipping conference to be launched in April 2017.

As a result of the severe lack of liquidity, Hanjin applied to
the Seoul Central District Court 6th Bench of Bankruptcy Division
for the commencement of rehabilitation under the Debtor
Rehabilitation and Bankruptcy Act on Aug. 31, 2016.

Hanjin filed in the U.S. a voluntary petition under Chapter 15 of
the Bankruptcy Code on Sept. 2, 2016 to seek recognition of its
Korean restructuring.  The Chapter 15 case (Bankr. D.N.J. Case
No. 16-27041) is pending before Judge John K. Sherwood.

Cole Schotz P.C. serves as counsel to Tai-Soo Suk, the Chapter 15
petitioner and the duly appointed foreign representative of
Hanjin Shipping.



================
S R I  L A N K A
================


PEOPLE'S LEASING: Fitch Assigns 'B' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has assigned People's Leasing & Finance PLC's (PLC,
AA-(lka)/Stable) proposed senior debenture issue of up to LKR8bn
an expected National Long-Term Rating of 'AA-(lka)(EXP)'.

The debentures, which will have tenors of three, four and five
years and carry fixed coupons, will be listed on the Colombo
Stock Exchange.  PLC expects to use the proceeds for working
capital purposes and to reduce maturity mismatches.

The final rating is subject to the receipt of final documentation
conforming to information already received.

                        KEY RATING DRIVERS

The proposed debenture is rated in line with PLC's National Long-
Term Rating of 'AA-(lka)', as the issue is expected to rank
equally with claims of the company's other senior unsecured
creditors.

PLC's Issuer Default Rating and National Long-Term Rating reflect
Fitch's view that PLC's parent, the state-owned and systemically
important People's Bank (Sri Lanka) (AA+(lka)/Stable) would
provide extraordinary support to PLC, if required.  People's
Bank's propensity to support PLC stems from its 75%-shareholding
in PLC, common brand and PLC's position as the bank's "strategic
subsidiary".

PLC accounted for 29.6% of People's Bank's consolidated post-tax
profits and 9.9% of total assets at end-March 2016.  PLC has 110
window offices within People's Bank branches in addition to its
own branches.  The parent's ability to provide support to PLC is,
however, limited, as reflected in Sri Lanka's rating of B+.  The
National Long-Term Rating of People's Bank reflects Fitch's
expectation of extraordinary support from the sovereign.

                        RATING SENSITIVITIES

The ratings on the proposed debentures will move in tandem with
PLC's National Long-Term Rating.

A full list of PLC's ratings:

  Long-Term Foreign-Currency IDR at 'B'; Outlook Negative
  Long-Term Local-Currency IDR at 'B'; Outlook Negative
  National Long-Term Rating at 'AA-(lka)'; Outlook Stable
  National Long-Term Rating for senior unsecured debt at
   'AA-(lka)'
  Proposed senior debentures assigned at 'AA-(lka)(EXP)'



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


* BOND PRICING: For the Week Sept. 5 to Sept. 9, 2016
-----------------------------------------------------

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


  AUSTRALIA
  ---------

BOART LONGYEAR MANAGE    10.00    10/01/18       USD     70.00
BOART LONGYEAR MANAGE     7.00    04/01/21       USD     11.75
BOART LONGYEAR MANAGE    10.00    10/01/18       USD     69.88
BOART LONGYEAR MANAGE     7.00    04/01/21       USD     22.03
CML GROUP LTD             9.00    01/29/20       AUD      1.00
CRATER GOLD MINING LT    10.00    08/18/17       AUD     23.89
CROWN RESORTS LTD         5.73    04/23/75       AUD     72.86
DBCT FINANCE PTY LTD      2.10    06/09/26       AUD     64.45
EMECO PTY LTD             9.88    03/15/19       USD     60.00
EMECO PTY LTD             9.88    03/15/19       USD     61.00
IMF BENTHAM LTD           6.16    06/30/19       AUD     60.13
KEYBRIDGE CAPITAL LTD     7.00    07/31/20       AUD      0.67
LAKES OIL NL             10.00    03/31/17       AUD      4.00
MIDWEST VANADIUM PTY     11.50    02/15/18       USD      1.37
MIDWEST VANADIUM PTY     11.50    02/15/18       USD      1.37
RELIANCE RAIL FINANCE     2.28    09/26/23       AUD     64.76
RELIANCE RAIL FINANCE     2.28    09/26/23       AUD     64.76
STOKES LTD               10.00    06/30/17       AUD      0.35
TREASURY CORP OF VICT     0.50    11/12/30       AUD     73.93


CHINA
-----

ANHUI PROVINCE WANBEI     5.32    06/28/17       CNY     70.00
ANSHAN CITY CONSTRUCT     8.25    03/05/19       CNY     63.38
ANSHAN CITY CONSTRUCT     8.25    03/05/19       CNY     63.73
ANYANG INVESTMENT GRO     8.00    04/17/19       CNY     64.23
BAISHAN URBAN CONSTRU     7.00    07/31/19       CNY     62.17
BAISHAN URBAN CONSTRU     7.00    07/31/19       CNY     60.50
BANGBU CITY INVESTMEN     5.78    08/10/17       CNY     30.67
BEIJING CAPITAL DEVEL     5.95    05/29/19       CNY     62.76
BEIJING CONSTRUCTION      5.95    07/05/19       CNY     62.73
BEIJING CONSTRUCTION      5.95    07/05/19       CNY     60.00
BEIJING ECONOMIC TECH     5.29    03/06/18       CNY     71.71
BEIJING XINGZHAN STAT     6.48    08/31/19       CNY     63.86
BEIJING XINGZHAN STAT     6.48    08/31/19       CNY     83.00
BIJIE XINTAI INVESTME     7.15    08/20/19       CNY     63.86
BIJIE XINTAI INVESTME     7.15    08/20/19       CNY     61.50
BINZHOU BINCHENG DIST     6.50    07/05/19       CNY     63.29
BINZHOU BINCHENG DIST     6.50    07/05/19       CNY     75.00
CHANGDE ECONOMIC DEVE     7.19    09/12/19       CNY     84.63
CHANGDE ECONOMIC DEVE     7.19    09/12/19       CNY     64.05
CHANGSHA CITY CONSTRU     6.95    04/24/19       CNY     63.19
CHANGSHA CITY CONSTRU     6.95    04/24/19       CNY     60.01
CHANGSHA COUNTY XINGC     8.35    04/06/19       CNY     63.64
CHANGSHA COUNTY XINGC     8.35    04/06/19       CNY     64.31
CHANGSHA HIGH TECHNOL     7.30    11/22/17       CNY     71.10
CHANGSHU BINJIANG URB     6.85    04/27/19       CNY     63.35
CHANGSHU BINJIANG URB     6.85    04/27/19       CNY     60.00
CHANGSHU CITY OPERATI     8.00    01/16/19       CNY     63.70
CHANGSHU CITY OPERATI     8.00    01/16/19       CNY     63.00
CHANGZHOU WUJIN CITY      6.22    06/08/18       CNY     51.67
CHANGZHOU WUJIN CITY      6.22    06/08/18       CNY     51.70
CHAOYANG CONSTRUCTION     7.30    05/25/19       CNY     63.42
CHENGDU ECONOMIC&TECH     6.55    07/17/19       CNY     63.40
CHENGDU ECONOMIC&TECH     6.50    07/17/18       CNY     51.74
CHENGDU ECONOMIC&TECH     6.55    07/17/19       CNY     60.00
CHENGDU ECONOMIC&TECH     6.50    07/17/18       CNY     52.17
CHENGDU XINCHENG XICH     8.35    03/19/19       CNY     64.45
CHENGDU XINCHENG XICH     8.35    03/19/19       CNY     65.30
CHIFENG CITY HONGSHAN     7.20    07/25/19       CNY     63.26
CHIFENG CITY INFRASTR     6.18    05/18/17       CNY     51.34
CHIFENG CITY INFRASTR     6.18    05/18/17       CNY     50.25
CHONGQING DASHENG ASS     6.78    06/02/17       CNY     51.23
CHONGQING HECHUAN RUR     8.28    04/10/18       CNY     52.44
CHONGQING HECHUAN RUR     8.28    04/10/18       CNY     52.20
CHONGQING HECHUAN URB     6.95    01/06/18       CNY     72.67
CHONGQING HECHUAN URB     6.95    01/06/18       CNY     71.38
CHONGQING JIANGJIN HU     6.95    01/06/18       CNY     71.67
CHONGQING JIANGJIN HU     6.95    01/06/18       CNY     71.00
CHONGQING JINYUN ASSE     6.75    06/18/19       CNY     63.41
CHONGQING JINYUN ASSE     6.75    06/18/19       CNY     83.20
CHONGQING LAND PROPER     7.35    04/25/19       CNY     64.10
CHONGQING LAND PROPER     7.35    04/25/19       CNY     63.90
CHONGQING MAIRUI CITY     6.82    08/17/19       CNY     63.95
CHONGQING NAN'AN URBA     8.20    04/09/19       CNY     64.40
CHONGQING NAN'AN URBA     6.29    12/24/17       CNY     61.78
CHONGQING NANCHUAN DI     7.35    09/06/19       CNY     63.42
CHONGQING NANCHUAN DI     7.35    09/06/19       CNY     63.92
CHONGQING XINGRONG HO     8.35    04/19/19       CNY     64.05
CHONGQING XINGRONG HO     8.35    04/19/19       CNY     64.30
CHONGQING XIYONG MICR     6.76    07/25/19       CNY     64.23
CHONGQING XIYONG MICR     6.76    07/25/19       CNY     60.00
CHONGQING YONGCHUAN H     7.49    03/14/18       CNY     73.00
CHONGQING YONGCHUAN H     7.49    03/14/18       CNY     71.00
CHONGQING YUFU ASSET      6.50    09/04/19       CNY     63.90
CHONGQING YUFU ASSET      6.50    09/04/19       CNY     64.12
CHONGQING YULONG ASSE     6.87    05/31/19       CNY     63.21
CHONGQING YUXING CONS     7.29    12/08/17       CNY     71.99
DALI ECONOMIC DEVELOP     8.80    04/24/19       CNY     64.75
DALIAN LVSHUN CONSTRU     6.78    07/02/19       CNY     63.43
DANDONG CITY DEVELOPM     5.84    09/06/17       CNY     40.55
DANYANG INVESTMENT GR     8.10    03/06/19       CNY     63.89
DANYANG INVESTMENT GR     8.10    03/06/19       CNY     62.50
DATONG ECONOMIC CONST     6.50    06/01/17       CNY     40.80
DATONG ECONOMIC CONST     6.50    06/01/17       CNY     40.84
DAXING ANLING FORESTR     7.08    10/23/19       CNY     79.90
DONGBEI SPECIAL STEEL     6.50    03/27/16       CNY     40.00
DONGBEI SPECIAL STEEL     5.63    04/12/18       CNY     40.00
DONGBEI SPECIAL STEEL     6.10    01/15/18       CNY     40.00
DONGBEI SPECIAL STEEL     7.00    07/10/16       CNY     40.00
DONGBEI SPECIAL STEEL     5.88    05/05/16       CNY     40.00
DONGBEI SPECIAL STEEL     7.40    07/17/17       CNY     40.00
DONGBEI SPECIAL STEEL     8.20    06/06/16       CNY     40.00
DONGBEI SPECIAL STEEL     6.30    09/24/16       CNY     36.13
DONGTAI COMMUNICATION     7.39    07/05/18       CNY     52.38
DONGTAI COMMUNICATION     7.39    07/05/18       CNY     51.01
DRILL RIGS HOLDINGS I     6.50    10/01/17       USD     32.13
DRILL RIGS HOLDINGS I     6.50    10/01/17       USD     32.38
ERDOS DONGSHENG CITY      8.40    02/28/18       CNY     50.26
ERDOS DONGSHENG CITY      8.40    02/28/18       CNY     49.37
EZHOU CITY CONSTRUCTI     7.08    06/19/19       CNY     63.64
FEICHENG CITY ASSET O     7.10    08/14/18       CNY     52.61
FEICHENG CITY ASSET O     7.10    08/14/18       CNY     52.50
FUJIAN LONGYAN CITY C     7.45    08/14/19       CNY     64.29
FUSHUN URBAN INVESTME     5.95    05/11/18       CNY     71.87
GANZHOU CITY DEVELOPM     6.40    07/10/18       CNY     51.00
GANZHOU CITY DEVELOPM     6.40    07/10/18       CNY     52.11
GUANGAN INVESTMENT HO     8.18    04/25/19       CNY     64.31
GUANGAN INVESTMENT HO     8.18    04/25/19       CNY     62.72
GUANGXI BAISE DEVELOP     6.50    07/04/19       CNY     62.92
GUANGXI BAISE DEVELOP     6.50    07/04/19       CNY     62.73
GUILIN ECONOMIC CONST     6.90    05/09/18       CNY     52.12
GUILIN ECONOMIC CONST     6.90    05/09/18       CNY     52.00
GUIYANG ECO&TECH DEVE     8.42    03/27/19       CNY     64.41
GUOAO INVESTMENT DEVE     6.89    10/29/18       CNY     70.84
HAIAN COUNTY CITY CON     8.35    03/28/18       CNY     52.52
HAIAN COUNTY CITY CON     8.35    03/28/18       CNY     52.45
HAIMEN CITY DEVELOPME     8.35    03/20/19       CNY     62.00
HAIMEN CITY DEVELOPME     8.35    03/20/19       CNY     63.96
HANGZHOU MUNICIPAL CO     5.90    04/25/18       CNY     51.25
HANGZHOU MUNICIPAL CO     5.90    04/25/18       CNY     51.49
HANGZHOU XIAOSHAN STA     6.90    11/22/16       CNY     40.02
HANGZHOU XIAOSHAN STA     6.90    11/22/16       CNY     40.21
HANGZHOU YUHANG CITY      7.55    03/29/19       CNY     64.10
HANGZHOU YUHANG CITY      7.55    03/29/19       CNY     63.55
HANZHONG CITY CONSTRU     7.48    03/14/18       CNY     73.25
HEFEI CONSTRUCTION IN     5.23    08/28/18       CNY     71.82
HEFEI HAIHENG INVESTM     7.30    06/12/19       CNY     63.67
HEFEI HAIHENG INVESTM     7.30    06/12/19       CNY     60.00
HEFEI TAOHUA INDUSTRI     8.79    03/27/19       CNY     64.34
HEFEI TAOHUA INDUSTRI     8.79    03/27/19       CNY     61.90
HEFEI XINCHENG STATE-     7.88    04/23/19       CNY     63.77
HEFEI XINCHENG STATE-     7.88    04/23/19       CNY     60.00
HEGANG KAIYUAN CITY I     6.50    07/19/19       CNY     63.90
HEILONGJIANG HECHENG      7.78    11/17/16       CNY     40.29
HENGYANG CITY CONSTRU     7.06    08/13/19       CNY     64.20
HENGYANG CITY CONSTRU     7.06    08/13/19       CNY     64.35
HUAIAN CITY URBAN ASS     7.15    12/21/16       CNY     40.25
HUAIAN CITY WATER ASS     8.25    03/08/19       CNY     64.38
HUAIAN CITY WATER ASS     8.25    03/08/19       CNY     62.01
HUAI'AN DEVELOPMENT H     7.20    09/06/19       CNY     64.19
HUAI'AN DEVELOPMENT H     6.80    03/24/17       CNY     42.46
HUAI'AN DEVELOPMENT H     7.20    09/06/19       CNY     63.81
HUAIAN QINGHE NEW ARE     6.79    04/29/17       CNY     40.82
HUAIHUA CITY CONSTRUC     8.00    03/22/18       CNY     51.81
HUAIHUA CITY CONSTRUC     8.00    03/22/18       CNY     53.00
HUZHOU MUNICIPAL CONS     7.02    12/21/17       CNY     72.25
HUZHOU NANXUN STATE-O     8.15    03/31/19       CNY     63.53
HUZHOU WUXING NANTAIH     7.71    02/17/18       CNY     72.68
JIAMUSI NEW ERA INFRA     8.25    03/22/19       CNY     63.01
JIAMUSI NEW ERA INFRA     8.25    03/22/19       CNY     63.34
JIAN CITY CONSTRUCTIO     7.80    04/20/19       CNY     63.94
JIAN CITY CONSTRUCTIO     7.80    04/20/19       CNY     60.00
JIANAN INVESTMENT HOL     7.68    09/04/19       CNY     64.62
JIANGDONG HOLDING GRO     6.90    03/27/19       CNY     62.99
JIANGDU XINYUAN INDUS     8.10    03/23/19       CNY     63.04
JIANGDU XINYUAN INDUS     8.10    03/23/19       CNY     63.11
JIANGSU HUAJING ASSET     5.68    09/28/17       CNY     50.00
JIANGSU HUAJING ASSET     5.68    09/28/17       CNY     50.60
JIANGSU LIANYUN DEVEL     6.10    06/19/19       CNY     62.86
JIANGSU LIANYUN DEVEL     6.10    06/19/19       CNY     62.28
JIANGSU TAICANG PORT      7.66    05/16/19       CNY     64.10
JIANGXI HEJI INVESTME     8.00    09/04/19       CNY     64.55
JIANGXI HEJI INVESTME     8.00    09/04/19       CNY     64.66
JIANGYIN CITY CONSTRU     7.20    06/11/19       CNY     63.99
JIANGYIN CITY CONSTRU     7.20    06/11/19       CNY     60.00
JIASHAN STATE-OWNED A     6.80    06/06/19       CNY     63.45
JIAXING CULTURE FAMOU     8.16    03/08/19       CNY     64.21
JIAXING ECONOMIC&TECH     6.78    06/14/19       CNY     63.36
JIAXING ECONOMIC&TECH     6.78    06/14/19       CNY     60.00
JILIN PROVINCIAL COAL     6.00    11/11/16       CNY     74.00
JINAN CITY CONSTRUCTI     6.98    03/26/18       CNY     50.00
JINAN CITY CONSTRUCTI     6.98    03/26/18       CNY     52.03
JINAN XIAOQINGHE DEVE     7.15    09/05/19       CNY     64.42
JINAN XIAOQINGHE DEVE     7.15    09/05/19       CNY     63.74
JINGZHOU URBAN CONSTR     7.98    04/24/19       CNY     64.61
JINING CITY CONSTRUCT     8.30    12/31/18       CNY     63.94
JINTAN CONSTRUCTION I     8.30    03/14/19       CNY     63.62
JINZHOU CITY INVESTME     7.08    06/13/19       CNY     63.49
JINZHOU CITY INVESTME     7.08    06/13/19       CNY     63.24
JIUJIANG CITY CONSTRU     8.49    02/23/19       CNY     64.00
JIUJIANG CITY CONSTRU     8.49    02/23/19       CNY     64.56
KAIFENG DEVELOPMENT I     6.47    07/11/19       CNY     63.22
KARAMAY URBAN CONSTRU     7.15    09/04/19       CNY     62.40
KARAMAY URBAN CONSTRU     7.15    09/04/19       CNY     63.73
KUNMING CITY CONSTRUC     7.60    04/13/18       CNY     52.13
KUNMING CITY CONSTRUC     7.60    04/13/18       CNY     52.02
KUNMING WUHUA DISTRIC     8.60    03/15/18       CNY     52.62
KUNMING WUHUA DISTRIC     8.60    03/15/18       CNY     52.74
LAIWU CITY ECONOMIC D     6.50    03/01/18       CNY     61.91
LEQING CITY STATE OWN     6.50    06/29/19       CNY     62.44
LEQING CITY STATE OWN     6.50    06/29/19       CNY     60.00
LESHAN STATE-OWNED AS     6.99    03/18/18       CNY     72.82
LESHAN STATE-OWNED AS     6.99    03/18/18       CNY     72.70
LIAOYANG CITY ASSETS      6.88    06/13/18       CNY     67.75
LIAOYANG CITY ASSETS      6.88    06/13/18       CNY     66.00
LIAOYUAN STATE-OWNED      7.80    01/26/17       CNY     40.49
LIAOYUAN STATE-OWNED      7.80    01/26/17       CNY #N/A N/A
LIAOYUAN STATE-OWNED      8.17    03/13/19       CNY     63.40
LIAOYUAN STATE-OWNED      8.17    03/13/19       CNY #N/A N/A
LIJIANG GUCHENG MANAG     6.68    07/26/19       CNY     63.33
LINAN CITY CONSTRUCTI     8.15    03/09/18       CNY     49.88
LINAN CITY CONSTRUCTI     8.15    03/09/18       CNY     52.32
LINHAI CITY INFRASTRU     7.98    11/06/16       CNY     50.37
LINHAI CITY INFRASTRU     7.98    11/06/16       CNY     50.28
LINYI INVESTMENT DEVE     8.10    03/27/18       CNY     53.50
LIUZHOU DONGCHENG INV     8.30    02/15/19       CNY     62.02
LIUZHOU DONGCHENG INV     8.30    02/15/19       CNY     63.05
LIUZHOU INVESTMENT HO     6.98    08/15/19       CNY     63.74
LONGHAI STATE-OWNED A     8.25    12/02/17       CNY     72.50
LUOHE CITY CONSTRUCTI     6.81    03/30/17       CNY     30.53
LUOHE CITY CONSTRUCTI     6.81    03/30/17       CNY     30.49
MIANYANG SCIENCE & TE     7.16    05/15/19       CNY     63.07
MIANYANG SCIENCE & TE     7.16    05/15/19       CNY     60.51
MIANYANG SCIENCE & TE     6.30    07/22/18       CNY     54.15
MUDANJIANG STATE-OWNE     7.08    08/30/19       CNY     63.57
MUDANJIANG STATE-OWNE     7.08    08/30/19       CNY     62.94
NANAN CITY TRADE INDU     8.50    04/25/19       CNY     65.60
NANCHONG CHEMICAL IND     8.16    04/26/19       CNY     63.97
NANJING HEXI NEW TOWN     6.40    02/03/17       CNY     60.79
NANJING HI-TECH ECONO     6.94    09/07/19       CNY     64.11
NANJING HI-TECH ECONO     6.94    09/07/19       CNY     62.52
NANJING JIANGNING SCI     7.29    04/28/19       CNY     62.15
NANJING JIANGNING SCI     7.29    04/28/19       CNY     63.77
NANTONG CITY TONGZHOU     6.80    05/28/19       CNY     60.00
NANTONG CITY TONGZHOU     6.80    05/28/19       CNY     63.46
NANTONG STATE-OWNED A     6.72    11/13/16       CNY     40.02
NANTONG STATE-OWNED A     6.72    11/13/16       CNY     40.23
NEIJIANG INVESTMENT H     7.00    07/19/18       CNY     53.00
NEIJIANG INVESTMENT H     7.00    07/19/18       CNY     51.91
NEIMENGGU XINLINGOL X     7.62    02/25/18       CNY     72.23
NINGBO CITY ZHENHAI I     6.48    04/12/17       CNY     40.55
NINGBO URBAN CONSTRUC     7.39    03/01/18       CNY     52.03
NINGBO URBAN CONSTRUC     7.39    03/01/18       CNY     51.16
NINGDE CITY STATE-OWN     6.25    10/21/17       CNY     40.30
NINGHAI COUNTY CITY C     8.60    12/31/17       CNY     73.34
NONGGONGSHANG REAL ES     6.29    10/11/17       CNY     71.11
PANJIN CONSTRUCTION I     7.70    12/16/16       CNY     40.30
PANJIN CONSTRUCTION I     7.70    12/16/16       CNY     40.24
PANJIN CONSTRUCTION I     7.50    05/17/19       CNY     63.71
PANJIN CONSTRUCTION I     7.50    05/17/19       CNY     61.00
PINGDINGSHAN CITY DEV     7.86    05/08/19       CNY     64.35
PINGDINGSHAN CITY DEV     7.86    05/08/19       CNY     60.00
PUER CITY STATE OWNED     7.38    06/20/19       CNY     63.08
PUTIAN STATE-OWNED AS     8.10    03/21/19       CNY     64.20
PUTIAN STATE-OWNED AS     8.10    03/21/19       CNY     60.00
QIANAN XINGYUAN WATER     6.45    07/11/18       CNY     51.82
QIANAN XINGYUAN WATER     6.45    07/11/18       CNY     50.00
QIANDONG NANZHOU DEVE     8.80    04/27/19       CNY     64.10
QINGDAO CITY CONSTRUC     6.19    02/16/17       CNY     40.48
QINGDAO CITY CONSTRUC     6.19    02/16/17       CNY     40.46
QINGDAO CITY CONSTRUC     6.89    02/16/19       CNY     62.78
QINGDAO CITY CONSTRUC     6.89    02/16/19       CNY     63.11
QINGDAO HUATONG STATE     7.30    04/18/19       CNY     63.71
QINGDAO HUATONG STATE     7.30    04/18/19       CNY     60.00
QINGZHOU HONGYUAN PUB     6.50    05/22/19       CNY     31.29
QINGZHOU HONGYUAN PUB     6.50    05/22/19       CNY     31.51
QINZHOU CITY DEVELOPM     6.72    04/30/17       CNY     51.13
QUANZHOU QUANGANG PET     8.40    04/16/19       CNY     63.04
QUANZHOU QUANGANG PET     8.40    04/16/19       CNY     63.80
QUJING DEVELOPMENT IN     7.25    09/06/19       CNY     63.68
QUJING DEVELOPMENT IN     7.25    09/06/19       CNY     64.16
QUNSHAN HUAQIAO INTER     7.98    12/30/18       CNY     63.33
SANMING STATE-OWNED A     6.99    06/14/18       CNY     73.39
SANMING STATE-OWNED A     6.99    06/14/18       CNY     70.08
SHANGHAI CHENGTOU COR     4.63    07/30/19       CNY     61.66
SHANGHAI REAL ESTATE      6.12    05/17/17       CNY     40.86
SHANGHAI SONGJIANG TO     6.28    08/15/18       CNY     50.00
SHANGHAI SONGJIANG TO     6.28    08/15/18       CNY     52.21
SHANGYU COMMUNICATION     6.70    09/11/19       CNY     84.14
SHAOXING CHENGBEI XIN     6.21    06/11/18       CNY     51.78
SHAOXING CHENGBEI XIN     6.21    06/11/18       CNY     50.00
SHAOYANG CITY CONSTRU     7.40    09/11/18       CNY     52.81
SHIYAN CITY INFRASTRU     7.98    04/20/19       CNY     64.34
SICHUAN COAL INDUSTRY     7.80    09/27/17       CNY     35.00
SICHUAN COAL INDUSTRY     5.94    05/15/17       CNY     35.00
SICHUAN COAL INDUSTRY     7.45    12/25/16       CNY     35.00
SICHUAN COAL INDUSTRY     7.70    01/09/18       CNY     35.00
SICHUAN DEVELOPMENT H     5.40    11/10/17       CNY     70.82
SONGYUAN URBAN DEVELO     7.30    08/29/19       CNY     63.33
SONGYUAN URBAN DEVELO     7.30    08/29/19       CNY     60.00
SUIZHOU CITY INVESTME     7.50    08/22/19       CNY     64.38
SUQIAN ECONOMIC DEVEL     7.50    03/26/19       CNY     60.00
SUQIAN ECONOMIC DEVEL     7.50    03/26/19       CNY     63.88
SUZHOU CONSTRUCTION I     7.45    03/12/19       CNY     63.32
SUZHOU INDUSTRIAL PAR     5.79    05/30/19       CNY     60.01
SUZHOU INDUSTRIAL PAR     5.79    05/30/19       CNY     62.78
SUZHOU XIANGCHENG URB     6.95    09/03/19       CNY     63.51
SUZHOU XIANGCHENG URB     6.95    09/03/19       CNY     64.00
TAIAN CITY TAISHAN IN     5.79    03/02/18       CNY     71.00
TAIXING ZHONGXING STA     8.29    03/27/18       CNY     53.33
TAIXING ZHONGXING STA     8.29    03/27/18       CNY     52.51
TAIZHOU CITY CONSTRUC     6.90    01/25/17       CNY     40.40
TAIZHOU HAILING ASSET     8.52    03/21/19       CNY     64.11
TAIZHOU HAILING ASSET     8.52    03/21/19       CNY     64.16
TAIZHOU XINTAI GROUP      6.85    08/14/18       CNY     52.10
TAIZHOU XINTAI GROUP      6.85    08/14/18       CNY     52.23
TENGZHOU CITY STATE-O     6.45    05/24/18       CNY     60.00
TIANJIN BINHAI NEW AR     5.00    03/13/18       CNY     71.50
TIANJIN BINHAI NEW AR     5.00    03/13/18       CNY     71.78
TIANJIN ECO-CITY INVE     6.76    08/14/19       CNY     63.62
TIANJIN ECO-CITY INVE     6.76    08/14/19       CNY     66.00
TIANJIN HANBIN INVEST     8.39    03/22/19       CNY     63.88
TIANJIN HI-TECH INDUS     7.80    03/27/19       CNY     59.60
TIANJIN HI-TECH INDUS     7.80    03/27/19       CNY     63.85
TIANJIN JINNAN CITY C     6.95    06/18/19       CNY     63.43
TIELING PUBLIC ASSETS     7.34    05/29/18       CNY     51.81
TIELING PUBLIC ASSETS     7.34    05/29/18       CNY     50.00
TIGER FOREST & PAPER      5.38    06/14/17       CNY     57.39
TONGCHUAN DEVELOPMENT     7.50    07/17/19       CNY     62.73
TONGLIAO CITY INVESTM     5.98    09/01/17       CNY     40.97
TONGLIAO CITY INVESTM     5.98    09/01/17       CNY     40.22
TONGREN FANJINGSHAN I     6.89    08/02/19       CNY     63.83
TONGREN FANJINGSHAN I     6.89    08/02/19       CNY     61.02
URUMQI CITY CONSTRUCT     6.35    07/09/19       CNY     63.40
URUMQI CITY CONSTRUCT     6.35    07/09/19       CNY     63.30
URUMQI STATE-OWNED AS     6.48    04/28/18       CNY     51.47
URUMQI STATE-OWNED AS     6.48    04/28/18       CNY     51.55
WAFANGDIAN STATE-OWNE     8.55    04/19/19       CNY     63.99
WENZHOU ANJUFANG CITY     7.65    04/24/19       CNY     63.60
WUHAI CITY CONSTRUCTI     8.20    03/31/19       CNY     63.74
WUHAI CITY CONSTRUCTI     8.20    03/31/19       CNY     63.00
WUHU ECONOMIC TECHNOL     6.70    06/08/18       CNY     52.11
WUHU ECONOMIC TECHNOL     6.70    06/08/18       CNY     51.00
WUZHOU DONGTAI STATE-     7.40    09/03/19       CNY     63.13
XIAN CHANBAHE DEVELOP     6.89    08/03/19       CNY     63.30
XIANGTAN CITY CONSTRU     8.00    03/16/19       CNY     61.00
XIANGTAN CITY CONSTRU     8.00    03/16/19       CNY     64.01
XIANGTAN JIUHUA ECONO     7.43    08/29/19       CNY     64.34
XIANGTAN JIUHUA ECONO     6.93    12/16/16       CNY     40.42
XIANGYANG CITY CONSTR     8.12    01/12/19       CNY     63.79
XIANGYANG CITY CONSTR     8.12    01/12/19       CNY     63.63
XIANNING CITY CONSTRU     7.50    08/31/18       CNY     78.00
XIANNING CITY CONSTRU     7.50    08/31/18       CNY     52.69
XIANYANG CITY CONSTRU     7.90    12/09/17       CNY     71.00
XIAOGAN URBAN CONSTRU     8.12    03/26/19       CNY     64.22
XINING CITY INVESTMEN     7.70    04/27/19       CNY     64.07
XINING CITY INVESTMEN     7.70    04/27/19       CNY     60.00
XINJIANG SHIHEZI DEVE     7.50    08/29/18       CNY     49.09
XINJIANG UYGUR AR HAM     6.25    07/17/18       CNY     51.98
XINXIANG INVESTMENT G     6.80    01/18/18       CNY     71.99
XINYANG HUAXIN INVEST     6.95    06/14/19       CNY     63.72
XINYANG HUAXIN INVEST     6.95    06/14/19       CNY     63.60
XINZHOU CITY ASSET MA     7.39    08/08/18       CNY     52.74
XUCHANG GENERAL INVES     7.78    04/27/19       CNY     64.20
XUZHOU ECONOMIC TECHN     8.20    03/07/19       CNY     60.60
XUZHOU ECONOMIC TECHN     8.20    03/07/19       CNY     64.00
XUZHOU XINSHENG CONST     7.48    05/08/18       CNY     50.00
XUZHOU XINSHENG CONST     7.48    05/08/18       CNY     52.35
YAAN STATE-OWNED ASSE     7.39    07/04/19       CNY     63.49
YANCHENG ORIENTAL INV     5.75    06/08/17       CNY     50.00
YANCHENG ORIENTAL INV     5.75    06/08/17       CNY     50.97
YANGZHONG URBAN CONST     7.10    03/26/18       CNY     72.98
YANGZHOU URBAN CONSTR     6.30    07/26/19       CNY     60.00
YANGZHOU URBAN CONSTR     6.30    07/26/19       CNY     63.38
YANZHOU HUIMIN URBAN      8.50    12/28/17       CNY     51.86
YIBIN STATE-OWNED ASS     5.80    05/23/18       CNY     72.48
YICHUN CITY CONSTRUCT     7.35    07/24/19       CNY #N/A N/A
YICHUN CITY CONSTRUCT     7.35    07/24/19       CNY     61.12
YIJINHUOLUOQI HONGTAI     8.35    03/19/19       CNY     58.59
YIJINHUOLUOQI HONGTAI     8.35    03/19/19       CNY     59.15
YINCHUAN URBAN CONSTR     6.28    03/09/17       CNY     25.15
YIYANG CITY CONSTRUCT     8.20    11/19/16       CNY     40.39
YIYANG CITY CONSTRUCT     7.36    08/24/19       CNY     64.22
YIYANG CITY CONSTRUCT     7.36    08/24/19       CNY #N/A N/A
YIZHENG CITY CONSTRUC     7.78    06/14/19       CNY     64.51
YIZHENG CITY CONSTRUC     7.78    06/14/19       CNY     76.00
YUNNAN PROVINCIAL INV     5.25    08/24/17       CNY     40.40
YUNNAN PROVINCIAL INV     5.25    08/24/17       CNY     40.71
ZHANGJIAGANG JINCHENG     6.23    01/06/18       CNY     61.42
ZHANGJIAKOU TONGTAI H     6.90    07/05/18       CNY     73.40
ZHEJIANG PROVINCE DEQ     6.90    04/12/18       CNY     72.81
ZHENJIANG CULTURE AND     5.86    05/06/17       CNY     50.12
ZHENJIANG CULTURE AND     5.86    05/06/17       CNY     50.52
ZHENJIANG NEW AREA EC     8.16    03/01/19       CNY     62.83
ZHENJIANG NEW AREA EC     8.16    03/01/19       CNY     62.99
ZHENJIANG TRANSPORTAT     7.29    05/08/19       CNY     63.27
ZHENJIANG TRANSPORTAT     7.29    05/08/19       CNY     62.49
ZHONGSHAN TRANSPORTAT     6.65    08/28/18       CNY     51.98
ZHONGSHAN TRANSPORTAT     6.65    08/28/18       CNY     52.39
ZHUCHENG ECONOMIC DEV     7.50    08/25/18       CNY     31.75
ZHUCHENG ECONOMIC DEV     6.40    04/26/18       CNY     39.00
ZHUCHENG ECONOMIC DEV     6.40    04/26/18       CNY     41.45
ZHUHAI HUAFA GROUP CO     8.43    02/16/18       CNY     52.29
ZHUHAI HUAFA GROUP CO     8.43    02/16/18       CNY     52.30
ZHUHAI ZHONGFU ENTERP     6.60    03/28/17       CNY     57.25
ZHUHAI ZHONGFU ENTERP     5.28    05/28/15       CNY     57.25
ZHUJI CITY CONSTRUCTI     6.92    07/05/18       CNY     73.50
ZHUJI CITY CONSTRUCTI     6.92    07/05/18       CNY     73.55
ZHUZHOU GECKOR GROUP      7.82    08/18/18       CNY     74.73
ZHUZHOU GECKOR GROUP      7.50    09/10/19       CNY     84.86
ZIBO CITY PROPERTY CO     6.83    08/22/19       CNY     63.89
ZIBO CITY PROPERTY CO     6.83    08/22/19       CNY #N/A N/A
ZIBO CITY PROPERTY CO     5.45    04/27/19       CNY     37.36
ZIGONG STATE-OWNED AS     6.86    06/17/18       CNY     72.85
ZOUCHENG CITY ASSET O     7.02    01/12/18       CNY     41.08
ZOUPING COUNTY STATE-     6.98    04/27/18       CNY     71.00
ZOUPING COUNTY STATE-     6.98    04/27/18       CNY     72.93
ZUNYI CITY INVESTMENT     8.53    03/13/19       CNY     64.54
ZUNYI CITY INVESTMENT     8.53    03/13/19       CNY     62.52


INDONESIA
---------

BERAU COAL ENERGY TBK     7.25    03/13/17       USD     22.12
BERAU COAL ENERGY TBK     7.25    03/13/17       USD     22.47


INDIA
-----

3I INFOTECH LTD           5.00    04/26/17       USD     13.13
BLUE DART EXPRESS LTD     9.30    11/20/17       INR     10.14
BLUE DART EXPRESS LTD     9.50    11/20/19       INR     10.36
BLUE DART EXPRESS LTD     9.40    11/20/18       INR     10.25
EXPORT-IMPORT BANK OF     8.18    12/07/25       INR      7.52
GTL INFRASTRUCTURE LT     4.53    11/09/17       USD     24.38
JAIPRAKASH ASSOCIATES     5.75    09/08/17       USD     41.63
JCT LTD                   2.50    04/08/11       USD     22.50
PRAKASH INDUSTRIES LT     5.25    04/30/15       USD     20.63
PYRAMID SAIMIRA THEAT     1.75    07/04/12       USD      1.00
REI AGRO LTD              5.50    11/13/14       USD      6.50
REI AGRO LTD              5.50    11/13/14       USD      6.50
SVOGL OIL GAS & ENERG     5.00    08/17/15       USD     20.00


JAPAN
-----

AVANSTRATE INC            5.55    10/31/17       JPY     33.25
AVANSTRATE INC            5.55    10/31/17       JPY     37.00
MICRON MEMORY JAPAN I     0.50    10/26/15       JPY      4.99
MICRON MEMORY JAPAN I     0.70    08/01/16       JPY      4.99
MICRON MEMORY JAPAN I     2.03    03/22/12       JPY      4.99
MICRON MEMORY JAPAN I     2.10    11/29/12       JPY      4.99
MICRON MEMORY JAPAN I     2.29    12/07/12       JPY      4.99
TAKATA CORP               0.58    03/26/21       JPY     69.25


KOREA
-----

2014 KODIT CREATIVE T     5.00    12/25/17       KRW     33.41
2014 KODIT CREATIVE T     5.00    12/25/17       KRW     33.41
2016 KIBO 1ST SECURIT     5.00    09/13/18       KRW     29.36
DAEWOO SHIPBUILDING &     3.79    04/21/19       KRW     74.89
DOOSAN CAPITAL SECURI    20.00    04/22/19       KRW     46.56
HANA FINANCIAL GROUP      3.95    05/29/45       KRW    435.73
HANJIN SHIPPING CO LT     5.90    06/07/17       KRW     14.69
HANJIN SHIPPING CO LT     2.00    05/23/17       KRW     62.42
KIBO ABS SPECIALTY CO     5.00    01/31/17       KRW     37.58
KIBO ABS SPECIALTY CO    10.00    02/19/17       KRW     42.73
KIBO ABS SPECIALTY CO     5.00    03/29/18       KRW     32.28
KIBO ABS SPECIALTY CO    10.00    08/22/17       KRW     18.57
KIBO ABS SPECIALTY CO     5.00    12/25/17       KRW     31.90
LSMTRON DONGBANGSEONG     4.53    11/22/17       KRW     32.86
OKC SECURITIZATION SP    10.00    01/03/20       KRW     26.78
SINBO SECURITIZATION      5.00    06/25/18       KRW     30.13
SINBO SECURITIZATION      5.00    06/25/19       KRW     27.98
SINBO SECURITIZATION      5.00    02/11/18       KRW     32.68
SINBO SECURITIZATION      5.00    02/11/18       KRW     32.68
SINBO SECURITIZATION      5.00    01/15/18       KRW     33.20
SINBO SECURITIZATION      5.00    01/15/18       KRW     33.20
SINBO SECURITIZATION      5.00    09/30/19       KRW     27.01
SINBO SECURITIZATION      5.00    12/25/16       KRW     41.98
SINBO SECURITIZATION      5.00    02/21/17       KRW     37.32
SINBO SECURITIZATION      5.00    02/21/17       KRW     37.32
SINBO SECURITIZATION      5.00    03/13/17       KRW     35.82
SINBO SECURITIZATION      5.00    03/13/17       KRW     35.82
SINBO SECURITIZATION      5.00    01/29/17       KRW     39.47
SINBO SECURITIZATION      5.00    03/12/18       KRW     32.43
SINBO SECURITIZATION      5.00    03/12/18       KRW     32.43
SINBO SECURITIZATION      5.00    07/29/18       KRW     29.79
SINBO SECURITIZATION      5.00    07/08/17       KRW     34.80
SINBO SECURITIZATION      5.00    07/08/17       KRW     34.80
SINBO SECURITIZATION      5.00    08/16/17       KRW     34.40
SINBO SECURITIZATION      5.00    08/16/17       KRW     34.40
SINBO SECURITIZATION      5.00    06/07/17       KRW     19.27
SINBO SECURITIZATION      5.00    06/07/17       KRW     19.27
SINBO SECURITIZATION      5.00    10/01/17       KRW     34.00
SINBO SECURITIZATION      5.00    10/01/17       KRW     34.00
SINBO SECURITIZATION      5.00    10/01/17       KRW     34.00
SINBO SECURITIZATION      5.00    10/05/16       KRW     65.43
SINBO SECURITIZATION      5.00    10/05/16       KRW     65.43
SINBO SECURITIZATION      5.00    12/13/16       KRW     45.58
SINBO SECURITIZATION      5.00    07/29/19       KRW     27.65
SINBO SECURITIZATION      5.00    07/24/17       KRW     33.40
SINBO SECURITIZATION      5.00    07/24/18       KRW     31.49
SINBO SECURITIZATION      5.00    07/24/18       KRW     31.49
SINBO SECURITIZATION      5.00    06/27/18       KRW     31.72
SINBO SECURITIZATION      5.00    06/27/18       KRW     31.72
SINBO SECURITIZATION      5.00    08/29/18       KRW     30.96
SINBO SECURITIZATION      5.00    08/29/18       KRW     30.96
SINBO SECURITIZATION      5.00    05/26/18       KRW     30.40
SINBO SECURITIZATION      5.00    08/27/19       KRW     27.39
SINBO SECURITIZATION      5.00    09/26/18       KRW     30.76
SINBO SECURITIZATION      5.00    09/26/18       KRW     30.76
SINBO SECURITIZATION      5.00    09/26/18       KRW     30.76
SINBO SECURITIZATION      5.00    02/27/19       KRW     29.24
SINBO SECURITIZATION      5.00    01/30/19       KRW     29.45
SINBO SECURITIZATION      5.00    01/30/19       KRW     29.45
SINBO SECURITIZATION      5.00    10/30/19       KRW     20.36
SINBO SECURITIZATION      5.00    12/23/18       KRW     29.80
SINBO SECURITIZATION      5.00    02/27/19       KRW     29.24
SINBO SECURITIZATION      5.00    12/23/17       KRW     31.92
SINBO SECURITIZATION      5.00    12/23/18       KRW     29.80
SINBO SECURITIZATION      5.00    03/18/19       KRW     29.01
SINBO SECURITIZATION      5.00    03/18/19       KRW     29.01
TONGYANG CEMENT & ENE     7.50    04/20/14       KRW     70.00
TONGYANG CEMENT & ENE     7.50    07/20/14       KRW     70.00
TONGYANG CEMENT & ENE     7.50    09/10/14       KRW     70.00
TONGYANG CEMENT & ENE     7.30    04/12/15       KRW     70.00
TONGYANG CEMENT & ENE     7.30    06/26/15       KRW     70.00
U-BEST SECURITIZATION     5.50    11/16/17       KRW     34.31
WOONGJIN ENERGY CO LT     3.00    12/19/19       KRW     56.56
WOORI BANK                5.21    12/12/44       KRW    403.32


SRI LANKA
---------

HATTON NATIONAL BANK      8.00    08/29/23       LKR     67.00
SRI LANKA GOVERNMENT      5.35    03/01/26       LKR     63.31
SRI LANKA GOVERNMENT      6.00    12/01/24       LKR     69.93
SRI LANKA GOVERNMENT      8.00    01/01/32       LKR     70.44
SRI LANKA GOVERNMENT      9.00    06/01/43       LKR     72.22


MALAYSIA
--------

BRIGHT FOCUS BHD          2.50    01/22/31       MYR     72.77
LAND & GENERAL BHD        1.00    09/24/18       MYR      0.29
SENAI-DESARU EXPRESSW     0.50    12/31/38       MYR     66.30
SENAI-DESARU EXPRESSW     0.50    12/30/44       MYR     71.43
SENAI-DESARU EXPRESSW     0.50    12/29/45       MYR     72.06
SENAI-DESARU EXPRESSW     0.50    12/31/40       MYR     68.20
SENAI-DESARU EXPRESSW     0.50    12/30/39       MYR     67.48
SENAI-DESARU EXPRESSW     0.50    12/31/46       MYR     72.82
SENAI-DESARU EXPRESSW     0.50    12/31/47       MYR     73.47
SENAI-DESARU EXPRESSW     0.50    12/31/41       MYR     68.94
SENAI-DESARU EXPRESSW     0.50    12/31/42       MYR     69.93
SENAI-DESARU EXPRESSW     0.50    12/31/43       MYR     70.73
SENAI-DESARU EXPRESSW     1.35    12/29/28       MYR     60.70
SENAI-DESARU EXPRESSW     1.15    12/29/23       MYR     73.13
SENAI-DESARU EXPRESSW     1.15    06/28/24       MYR     71.62
SENAI-DESARU EXPRESSW     1.15    12/31/24       MYR     70.09
SENAI-DESARU EXPRESSW     1.15    06/30/25       MYR     68.63
SENAI-DESARU EXPRESSW     1.35    12/31/25       MYR     68.62
SENAI-DESARU EXPRESSW     1.35    06/30/26       MYR     67.23
SENAI-DESARU EXPRESSW     1.35    06/29/29       MYR     59.32
SENAI-DESARU EXPRESSW     1.35    12/31/29       MYR     57.92
SENAI-DESARU EXPRESSW     1.35    06/28/30       MYR     56.54
SENAI-DESARU EXPRESSW     1.35    12/31/30       MYR     55.12
SENAI-DESARU EXPRESSW     1.35    06/30/28       MYR     62.07
SENAI-DESARU EXPRESSW     1.15    06/30/23       MYR     74.67
SENAI-DESARU EXPRESSW     1.35    12/31/26       MYR     65.93
SENAI-DESARU EXPRESSW     1.35    06/30/27       MYR     64.66
SENAI-DESARU EXPRESSW     1.35    12/31/27       MYR     63.39
SENAI-DESARU EXPRESSW     1.35    06/30/31       MYR     53.71
UNIMECH GROUP BHD         5.00    09/18/18       MYR      1.03


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

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


SINGAPORE
---------

ASL MARINE HOLDINGS L     5.35    10/01/18       SGD     65.63
AUSGROUP LTD              7.45    10/20/16       SGD     65.75
AXIS OFFSHORE PTE LTD     7.90    05/18/18       USD     59.00
BAKRIE TELECOM PTE LT    11.50    05/07/15       USD      2.17
BAKRIE TELECOM PTE LT    11.50    05/07/15       USD      2.17
BERAU CAPITAL RESOURC    12.50    07/08/15       USD     21.98
BERAU CAPITAL RESOURC    12.50    07/08/15       USD     22.00
BLD INVESTMENTS PTE L     8.63    03/23/15       USD      8.25
BUMI CAPITAL PTE LTD     12.00    11/10/16       USD     20.60
BUMI CAPITAL PTE LTD     12.00    11/10/16       USD     19.88
BUMI INVESTMENT PTE L    10.75    10/06/17       USD     20.38
BUMI INVESTMENT PTE L    10.75    10/06/17       USD     20.25
ENERCOAL RESOURCES PT     6.00    04/07/18       USD      7.75
EZION HOLDINGS LTD        4.88    06/11/21       SGD     70.25
EZRA HOLDINGS LTD         4.88    04/24/18       SGD     58.00
GOLIATH OFFSHORE HOLD    12.00    06/11/17       USD      5.06
INDO INFRASTRUCTURE G     2.00    07/30/10       USD      1.88
INTERNATIONAL HEALTHW     6.00    02/06/18       SGD     65.50
NEPTUNE ORIENT LINES      4.40    06/22/21       SGD     64.00
NEPTUNE ORIENT LINES      4.65    09/09/20       SGD     71.61
ORO NEGRO DRILLING PT     7.50    01/24/19       USD     44.00
OSA GOLIATH PTE LTD      12.00    10/09/18       USD     62.50
OTTAWA HOLDINGS PTE L     5.88    05/16/18       USD     66.85
OTTAWA HOLDINGS PTE L     5.88    05/16/18       USD     65.14
PACIFIC RADIANCE LTD      4.30    08/29/18       SGD     52.38
RICKMERS MARITIME         8.45    05/15/17       SGD     72.00
SWIBER CAPITAL PTE LT     6.50    08/02/18       SGD     14.50
SWIBER CAPITAL PTE LT     6.25    10/30/17       SGD     13.25
SWIBER HOLDINGS LTD       7.13    04/18/17       SGD     13.88
SWIBER HOLDINGS LTD       7.75    09/18/17       CNY     15.02
SWIBER HOLDINGS LTD       5.55    10/10/16       SGD     13.88
SWISSCO HOLDINGS LTD      5.70    04/16/18       SGD     65.75
TRIKOMSEL PTE LTD         5.25    05/10/16       SGD     17.00
TRIKOMSEL PTE LTD         7.88    06/05/17       SGD     17.75


THAILAND
--------

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


VIETNAM
-------


DEBT AND ASSET TRADIN     1.00    10/10/25       USD     51.03
DEBT AND ASSET TRADIN     1.00    10/10/25       USD     57.19



                             *********

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

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

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


                            *********


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

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

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

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

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



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