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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, September 20, 2016, Vol. 19, No. 186

                            Headlines


A U S T R A L I A

INTERNATIONAL HEALTHWAY: Frustrated by Block to Office Sales
MEDIA CORP: First Creditors' Meeting Set for Sept. 27
PERARA PTY: First Creditors' Meeting Set for Sept. 27


C H I N A

JIANGSU FANG: Fitch Assigns 'BB' IDR; Outlook Stable
RENHE COMMERCIAL: S&P Ups CCR to 'B-' & Removes from Watch Pos.


H O N G  K O N G

NEXTEER AUTOMOTIVE: S&P Revises Outlook to Pos. & Affirms BB+ CCR


I N D I A

AMAR INFRASTRUCTURE: Ind-Ra Suspends BB+ Long-Term Issuer Rating
AMRITVARSHA INDUSTRIES: Ind-Ra Affirms BB+ LT Issuer Rating
BLDE ASSOCIATION: CRISIL Suspends B+ Rating on INR336MM LT Loan
CELEBRITY FASHIONS: CRISIL Assigns B- Rating to INR320MM Loan
CHALLA INFRA: ICRA Suspends B+ Rating on INR8.0cr Loan

CHITRA UTSAV: CRISIL Suspends B- Rating on INR162MM Disc. Loan
CON-TECH PROJECTS: CRISIL Suspends B Rating on INR50MM Cash Loan
DAKSHIN FOUNDRY: CRISIL Raises Rating on INR140MM Loan to BB-
DEBPARA TEA: CRISIL Suspends B+ Rating on INR50MM LT Loan
DELTRON ELECTRICALS: CRISIL Ups Rating on INR30MM Loan to BB-

DINESH TEXTILE: Ind-Ra Suspends B+ Long-Term Issuer Rating
GEE GEE: Ind-Ra Assigns B+ Long-Term Issuer Rating
GEO SEA: Ind-Ra Assigns BB+ Long-Term Issuer Rating
GIRIRAJ TRADING: CRISIL Assigns 'B' Rating to INR80MM Cash Loan
GMR SPORTS: ICRA Reassigns B+ Rating to INR45cr Fund Based Loan

GSS INFOTECH: CRISIL Reaffirms 'B' Rating on INR494MM LT Loan
GUDIMETLA SUNDARA: CRISIL Reaffirms B+ Rating on INR250MM Loan
INDUSTRIAL ENGINEERING: CRISIL Reaffirms B+ Cash Credit Rating
J.K. INDUSTRIES: CRISIL Assigns B+ Rating to INR150MM Cash Loan
JAI GIRIRAJ: ICRA Suspends B+ Rating on INR18.67cr Loan

K.K. BUILDERS: ICRA Raises Rating on INR23cr LT Loan to B+
K.K. LEISURES: ICRA Upgrades Rating on INR12cr Term Loan to B-
K.K. MOHANDAS: ICRA Suspends 'D' Rating on INR5cr Bank Loan
KEDIA PIPES: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
KISHANPURIA GUWAR: CRISIL Assigns B Rating to INR50MM Whse Loan

KLK INTERNATIONAL: CRISIL Reaffirms B Rating on INR20MM Loan
LAKSHMI VENKATA: CRISIL Suspends B+ Rating on INR59MM Loan
LEO DESIGNS: CRISIL Assigns 'B' Rating to INR30MM Cash Loan
NIRBAN INFRASTRUCTURE: CRISIL Assigns B+ Rating to INR13.2MM Loan
ORIILON INDIA: CRISIL Suspends B Rating on INR210MM Term Loan

P E ERECTORS: Ind-Ra Suspends BB+ Long-Term Issuer Rating
PARAMESWARA TIMBER: CRISIL Suspends 'B' Rating on INR20MM Loan
PARAS INDUSTRIES: CRISIL Lowers Rating on INR75MM Loan to 'D'
PATHANIA EDUCATION: CRISIL Assigns B+ Rating to INR73.3MM Loan
PREMIER SOLAR: CRISIL Suspends B Rating on INR63.5MM Cash Loan

R. K. NATURAL: CRISIL Suspends 'B' Rating on INR68MM Cash Loan
RAMAN AGRO: Ind-Ra Withdraws B+ Long-Term Issuer Rating
RELIANCE COMMUNICATIONS: Moody's Reviews Ba3 CFR for Downgrade
S.V.S. MOOKAMBIKA: CRISIL Suspends B+ Rating on INR120MM Loan
SAATVEEKA TRADING: Ind-Ra Suspends 'BB' Long-Term Issuer Rating

SAT INDER: CRISIL Suspends B+ Rating on INR40MM Cash Loan
SATVAM NUTRIFOODS: CRISIL Reaffirms B Rating on INR52.5MM Loan
SENTHIL ENERGY: ICRA Withdraws B Rating on INR20cr LT LOC
SETH INDUSTRIAL: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
SHREE BHARKA: CRISIL Suspends B+ Rating on INR110MM Cash Loan

SHREE LAXMINARAYAN: CRISIL Suspends 'B' Rating on INR110MM Loan
SHRI JI: ICRA Suspends B+ Rating on INR7cr Fund Based Loan
SIMRAN INTERNATIONAL: CRISIL Rates INR170MM Bill Disc. at B+
SOOSAIYA PETER: Ind-Ra Withdraws BB- Rating on INR93.45MM Loans
SRIVARI COTTON: CRISIL Suspends 'B' Rating on INR50MM Loan

TAJ LEATHER: CRISIL Ups Rating on INR39.7MM LT Loan to B-
TUFFCELL BOARD: CRISIL Suspends B+ Rating on INR30MM Cash Loan
TURKI COLD: CRISIL Assigns 'B' Rating to INR46MM LT Loan
V3 KNITTING: CRISIL Suspends 'B' Rating on INR57.5MM Term Loan
VA HOTELS: CRISIL Suspends B- Rating on INR92.5MM LT Loan

VISHAL FABRICS: Ind-Ra Withdraws BB+ Long-Term Issuer Rating


J A P A N

TAKATA CORP: Plans to Shortlist Bidder by Next Month


N E W  Z E A L A N D

* NEW ZEALAND: More Than 60 Builders Go Bust in Christchurch


S I N G A P O R E

SWIBER HOLDINGS: Defaults on CNY450 Million Coupon Payment


S O U T H  K O R E A

HANJIN SHIPPING: To Sell More Than Half its Ships Under Plan


X X X X X X X X

* BOND PRICING: For the Week Sept. 12 to Sept. 16, 2016


                            - - - - -


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


INTERNATIONAL HEALTHWAY: Frustrated by Block to Office Sales
------------------------------------------------------------
Ben Wilmot at The Australian reports that Singapore-listed
International Healthway Corp has lashed investment firm Crest
Capital Asia for derailing its efforts to sell two office towers
in Melbourne for more than AUD100 million.

Plans by the Singaporean company to launch a specialist medical
property trust have been put on ice and receivers have been
appointed over its properties in Victoria, according to The
Australian.

The company owns three properties in Australia: 553 and 541 St
Kilda Road and a smaller asset in Geelong. The properties are
mortgaged to Westpac and NAB, with mezzanine debt provided by
finance house Qualitas on two assets, The Australian says.

Westpac has a AUD44.3 million loan against the St Kilda Road
properties with Qualities holding a AUD7.57 million exposure. NAB
has a AUD16.25 million loan against the Geelong property, The
Australian discloses.

IHC said the properties were together worth about AUD114.5
million, well in excess of the AUD68 million owed to the three
lenders.

According to the report, IHC blamed legal action against it by
Cresta in Singapore last month for NAB and Westpac calling in
receivers in Australia, which led to KordaMentha being put in
control of the St Kilda Road buildings.

The Australian relates that IHC said it had been in the "advanced
stages" of negotiations to sell the properties to separate buyers
in deals worth about AUD104 million in total.

Crest's receivers lodged caveats on the Australian properties in
April but IHC took legal action to have them lifted, the report
recalls. In July, Crest's receivers withdrew the caveats before a
case was heard in the Supreme Court of Victoria but IHC claimed
the action "had alarmed the secured Australia lenders," the
report says.


MEDIA CORP: First Creditors' Meeting Set for Sept. 27
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Media Corp
International Pty Limited will be held at the offices of Cor
Cordis Chartered Accountants, Level 6, 55 Clarence Street, in
Sydney, on Sept. 27, 2016, at 11:00 a.m.

Mr. Ozem Kassem and Mr. Jason Tang of Cor Cordis Chartered
Accountants were appointed as administrators of Media Corp on
Sept. 15, 2016.


PERARA PTY: First Creditors' Meeting Set for Sept. 27
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Perara
Pty. Limited, formerly Trading as "Lake Macquarie Welding
Services", will be held at the offices of Rapsey Griffiths
Insolvency + Advisory, Level 5, 55-57 Hunter Street, in
Newcastle, on Sept. 27, 2016, at 11:00 a.m.

Chad Robert Rapsey of Rapsey Griffiths Insolvency + Advisory was
appointed as administrator of Perara Pty on Sept. 15, 2016.



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C H I N A
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JIANGSU FANG: Fitch Assigns 'BB' IDR; Outlook Stable
----------------------------------------------------
Fitch Ratings has assigned Jiangsu Fang Yang Group Co., Ltd.
Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDRs) of 'BB' with a Stable Outlook.

At the same time, Fitch has assigned Fang Yang's proposed senior
unsecured US dollar notes an expected rating of 'BB(EXP)'.  The
notes will be issued by Haichuan International Investment Co.,
Ltd. and will be unconditionally and irrevocably guaranteed by
Fang Yang Commerce Trade Company Limited (FYCT), a wholly owned
subsidiary of Fang Yang.  The notes will be senior unsecured
obligations of FYCT and also rank pari passu with all other
obligations of FYCT.

In place of a guarantee, Fang Yang has granted a keepwell and
liquidity support deed and a deed of equity interest purchase
undertaking to ensure that FYCT has sufficient assets and
liquidity to meet its obligations under the guarantee for the
notes.

The notes are rated at the same level as Fang Yang's IDR, given
the strong link between Fang Yang and FYCT and because the
keepwell and liquidity support deed and deed of equity interest
purchase undertaking transfer the ultimate responsibility of
payment to Fang Yang.

In Fitch's opinion, both the keepwell and liquidity support deed
and the deed of equity interest purchase undertaking signal a
strong intention from Fang Yang to ensure that FYCT has
sufficient funds to honour the debt obligations.  The agency also
believes Fang Yang intends to maintain its reputation and credit
profile in the international offshore market, and is unlikely to
default on its offshore obligations.  Additionally, a default by
FYCT could have significant negative repercussions on Fang Yang
for any future offshore funding.

The final rating on the proposed US dollar notes is contingent
upon the receipt of final documents conforming to information
already received.

                        KEY RATING DRIVERS

Links to Lianyungang Municipality: The ratings of Fang Yang are
credit linked to, but not equalized with, Fitch's assessment of
the creditworthiness of Lianyungang Municipality.  This is
reflected in 100% state ownership and the strategic importance of
the entity's operation to the municipality.  These factors result
in a high likelihood of extraordinary support, if needed.
Therefore, Fang Yang is classified as a credit-linked public-
sector entity under Fitch's criteria.

Modest Credit Profile of Lianyungang: Lianyungang registered an
economic growth of 10% in 2015, higher than both the national
average of 6.9% and that of Jiangsu province at 8.5%.  However,
Lianyungang ranked 12th out of 13 prefecture level municipalities
in Jiangsu province in terms of Gross Regional Product.

Strategic Importance Attribute Midrange: Fang Yang is integrated
into the National East-Central-West Regional Cooperation
Demonstration Region in Lianyungang Xuwei New District (XND).
Fang Yang plays an important role in implementing the blueprint
of the Lianyungang municipal government and the central
government for the district.  It is the sole entity involved in
developing large-scale infrastructure projects, building
affordable housing and providing ancillary services to resident
companies in the XND.

Government Integration Attribute Midrange: Fang Yang has received
government subsidies and grants of CNY1.7 bil. since 2009.  Both
the Lianyungang municipal government and Lianyungang XND
Management Committee have pledged to continue support to Fang
Yang to ease debt-servicing pressure, enhance financial
flexibility and support Fang Yang's capital expenditure in urban
infrastructure development.

Control Attribute Midrange: Board members are appointed mainly by
the Lianyungang municipal government, and major projects require
the municipal government's approval.  Fang Yang's financing plan
and debt levels are closely monitored by the municipality, and
the company is required to report its operational and financial
results to the municipality and Lianyungang XND Management
Committee on a regular basis.

Weak Financial Profile: As a public-sector entity, Fang Yang
incurred large capex, negative free cash flow and high leverage
over the past three years.  Large and rising account receivables
from contracts with government entities may affect Fang Yang's
liquidity and project completion.  At end-2015, account
receivables represented 31.1% of its current assets, jumping from
24.6% in end-2013.

                       RATING SENSITIVITIES

An upgrade of Fitch's credit view on Lianyungang Municipality, as
well as a stronger and/or more explicit support commitment from
the municipality, may trigger positive rating action on Fang
Yang.

Significant weakening of Fang Yang's strategic importance to the
municipality, dilution of the municipality's shareholding to
below 75%, and/or reduced explicit and implicit municipality
support, may result in a downgrade.  A downgrade could also stem
from weaker fiscal performance or increased indebtedness of the
municipality, leading to a deterioration of the municipality's
budgetary performance.

A rating action on Fang Yang would also lead to similar action on
the rating on the proposed US dollar notes.


RENHE COMMERCIAL: S&P Ups CCR to 'B-' & Removes from Watch Pos.
---------------------------------------------------------------
S&P Global Ratings said that it had raised its long-term
corporate credit rating on Renhe Commercial Holdings Co. Ltd. to
'B-' from 'CCC-'.  S&P also raised its long-term Greater China
regional scale rating on the company to 'cnB' from 'cnCCC-'.  At
the same time, S&P removed all the ratings from CreditWatch,
where it had placed them with positive implications on June 17,
2016.  The outlook is stable.

"The upgrade reflects our view that Renhe's liquidity and default
risks have largely reduced," said S&P Global credit analyst
Dennis Lee.

This follows the repayment of the company's outstanding
borrowings and partial repayment of a bank loan that Renhe
assumed during the acquisition of its agribusiness using the
proceeds from the sale of its underground shopping malls.  The
sale to its major shareholder yielded US$1 billion when the
transaction was completed in July 2016.

S&P estimates that Renhe will have about Chinese renminbi
(RMB) 1.5 billion of cash remaining and have no significant debt
outstanding after the repayment of the US$120 million remaining
assumed bank loan in October 2016.

After the asset sales, Renhe only operates eight agricultural
wholesale markets.  S&P expects the agribusiness to generate
stable cash flow with high margins, given Renhe is paying below-
market prices to rent the sites from its controlling shareholders
for its business operations.

However, S&P anticipates that Renhe may actively seek to expand
through acquisitions in the coming one to two years.  The company
has disclosed limited information on its upcoming plans, but has
noted that it might use cash on hand to enhance its agribusiness.
In S&P's view, Renhe's financial leverage could significantly
weaken should the company use debt to support expansion and
acquisitions.

As a result of S&P's expectation of potential aggressive
expansion and the company's lack of track record of consistent
financial management, S&P assess the company's financial policy
as negative.

S&P continues to assess Renhe's management and governance as
weak. In S&P's opinion, Renhe has to demonstrate a longer track
record of successful strategic execution and planning, enhanced
business and financial risk management, and corporate governance
practice that promotes the independence between the board and
management.

S&P assess Renhe's liquidity as less than adequate, despite the
company's sources of liquidity being sufficiently higher than its
uses in the coming 12 months.  The assessment mainly reflects
S&P's expectation that Renhe has no particular banking
relationship and poor credit standing following the covenant
breach in a bilateral loan in 2016 and the distressed exchange
that occurred in early 2015.  S&P believes Renhe would have
difficulty borrowing from banks, or at the least face strict
terms and conditions.

"The stable outlook over the next 12 months reflects our view
that the agribusiness will generate stable cash flow for Renhe,"
said Mr. Lee.  "At the same time, the company may expand through
acquisitions.  Renhe's financial leverage is likely to weaken in
the coming two years but fall within our financial risk
assessment, given the company's healthy financial position after
the asset sale and debt repayment."

S&P could lower the rating if Renhe's liquidity position severely
worsens.  S&P could also lower the rating if the company
aggressively uses debt to support business expansion or large
acquisitions, leading to substantial deterioration in leverage.

The rating upside in the coming 12 months is very limited.  Renhe
has yet to demonstrate a longer track record of prudent financial
management and successfully operate its new business model.



================
H O N G  K O N G
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NEXTEER AUTOMOTIVE: S&P Revises Outlook to Pos. & Affirms BB+ CCR
-----------------------------------------------------------------
S&P Global Ratings revised the outlook on Nexteer Automotive
Group Ltd. to positive from stable.  At the same time, S&P
affirmed its 'BB+' long-term corporate credit rating and its
'cnBBB+' long-term Greater China regional scale rating on the
company and its outstanding senior unsecured notes.

S&P's outlook revision reflects its view that Nexteer will
continue to improve its financial metrics with free operating
cash flow, supported by strong revenue growth and improving
profitability over the next 12-18 months.  S&P expects Nexteer to
continue to increase its market share in the electric power
steering (EPS) segment, underpinned by its sizable backlog and
strong customer relationships.  S&P believes the company will
keep its debt-to-EBITDA ratio below 1.5x with its free cash
operating cash flow, prudent capital expenditure, and acquisition
plan.

"Nexteer's earnings are likely to remain strong in the next 12-18
months, in our view, as indicated by better-than-expected
operating performance in the first half of this year," said S&P
Global Ratings analyst Leo Hu.  "We based our expectation of the
company's strong earnings on its increasing market share in the
EPS segment and solid relationships with longstanding and new
customers."

S&P expects the expanding EPS segment and sizable backlog to
continue to be the key drivers for growth.  S&P believes the
company's good product expertise and technological offerings
continue to help win market share from competitors.  In S&P's
view, the sizable backlog and good execution offer good earnings
visibility to Nexteer's future earnings because it is difficult
to switch steering suppliers during a model's lifetime (four to
five years or longer).  As of June 30, 2016, Nexteer's backlog
amounted to US$24 billion.

"We believe Nexteer will continue to benefit from its solid
relationships with both longstanding and new customers.  As major
automakers tend to only work with existing suppliers with good
track record due to the highly customized product nature and
importance of consistent performance, Nexteer will continue to
fence off competition," Mr. Hu said.

Wining new contracts from major global automakers such as BMW has
helped Nexteer establish its reputation, which helps it maintain
its market share.  S&P believes Nexteer has enhanced its pricing
power in these new relationships through satisfactory quality and
timely delivery.

In China, as the local proprietary brands are increasingly keen
on switching to top-tier steering suppliers for their upper-end
models, Nexteer can gain market share by leveraging on its
expertise in steering systems, especially for SUV, which is
popular in the country.

S&P believes Nexteer is committed to maintaining its debt
leverage through having prudent capital expenditure and managing
its acquisition appetite.  As a result, S&P expects its free cash
flow generation will continue to reduce its cash flow leverage,
thus further improving its debt-to-EBITDA ratio below 1.5x over
the next 12-24 months.

S&P continues to view Nexteer as a subsidiary of Aviation
Industry Corp. of China (AVIC) with moderate strategic
importance.  S&P also views Nexteer as an insulated subsidiary of
AVIC to some degree, evident from its highly independent
financial performance and funding prospects with limited
operational participation from AVIC.

As of Dec. 31, 2015, Nexteer had loans totaling US$304 million
from Export-Import Bank of China guaranteed by AVIC and Beijing
E-town International Investment & Development Co. Ltd., which are
scheduled to mature in 2020.

Nexteer, in S&P's view, has sufficient financial capability to
repay the loans and other financial liabilities on its own,
supported by its sizable cash balance, solid bank relationships,
and access to capital markets.  As a result, S&P's rating on
Nexteer could be one notch higher than AVIC's group credit
profile without government support of 'bb+'.

The positive outlook reflects S&P's view that Nexteer will
continue to deliver strong revenue growth and improving
profitability over the next 12 months, underpinned by increasing
market shares, sizable order backlog, and its strong
relationships with key customers.  S&P expects Nexteer to
continue using its free operating cash flow to pay down debt and
improve its credit metrics.  However, Nexteer's strong reliance
on EPS and heavy customer concentration may lead to high
volatility in the company's credit metrics throughout the
industry cycle.

S&P may raise the rating if Nexteer's financial position
continues to strengthen, such that the ratio of debt to EBITDA
stays below 1.5x.  S&P believes this will materialize if the
company continues to maintain its market position and
profitability and generate free operating cash flow as a result.

S&P may revise the outlook back to stable if Nexteer's financial
position deteriorates significantly such that its debt-to-EBITDA
ratio weakens from its current level.  This scenario could
materialize if competition within the auto supplies industry
intensifies -- for example, as a result of a significant economic
downturn and slow auto sales -- leading to declining revenue or
profitability.  The deterioration may also occur if Nexteer
encounters major product quality issues that lead to large-scale
product recalls or loss of key clients, or if the company engages
in major debt-funded acquisitions.

S&P may also lower the ratings if AVIC takes any adverse
intervention at Nexteer's operation or Nexteer increases its
reliance on the group in terms of funding.



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I N D I A
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AMAR INFRASTRUCTURE: Ind-Ra Suspends BB+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Amar
Infrastructure Ltd's (AIL) 'IND BB+' Long-Term Issuer Rating to
the suspended category.  The Outlook was Stable.  The rating will
now appear as 'IND BB+(suspended)' on the agency's website.

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

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.

AIL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
      from 'IND BB+'/Stable
   -- INR150 mil. fund -based working capital limit: migrated to
      'IND BB+(suspended)' from 'IND BB+'
   -- INR500 mil. non-fund-based working capital limit: migrated
      to 'IND A4+(suspended)' from 'IND A4+'


AMRITVARSHA INDUSTRIES: Ind-Ra Affirms BB+ LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Amritvarsha
Industries Limited's, formerly known as Amritvarsha Finance &
Leasing Limited, Long-Term Issuer Rating at 'IND BB+'.  The
Outlook is Stable.

                        KEY RATING DRIVERS

The affirmation reflects Amritvarsha's continued moderate credit
metrics with interest coverage (operating EBITDA/gross interest
expense) of 1.7x in FY16 (FY15: 1.53x, FY14: 1.65x) and net
leverage (total adjusted net debt/operating EBITDA) of 3.84x
(4.43x, 4.15).  In the absence of any debt-led capex plans over
the medium-term, Ind-Ra expects the credit metrics to remain
stable with the repayment of the long-term loans in the near-term
leading to subsequent reduction in the interest liabilities.
FY16 numbers are provisional in nature.

The company's revenue remained moderate and declined 23.9% yoy to
INR761.47 mil. in FY16 due to a decline in the iron prices and
low price realization.  EBITDA margins improved to 6.1% in FY16
from 4.6% in FY15 (FY14: 4.78%) due to a fall in the raw material
prices which was not fully passed on to its end customers.

The ratings remain constrained by Amritvarsha's tight liquidity
position as reflected by its 95.2% average use of the fund-based
limits during the 12 months ended August 2016, due to a long
working capital cycle of 207 days in FY16 (FY15: 119 days; FY14:
129 days).

The ratings, however, continue to be supported by over a decade
of experience of Amritvarsha's promoters in the iron and steel
industry and the company's 21-year-long operational history.

                         RATING SENSITIVITIES

Negative: A significant decline in the operating profitability
and/or an increase in the working capital requirements leading to
sustained deterioration in the net financial leverage could lead
to a negative rating action.

Positive: A significant improvement in the revenue, operating
profitability and liquidity resulting in a sustained improvement
in the net financial leverage could lead to a positive rating
action.

                          COMPANY PROFILE

Incorporated in 1995, Amritvarsha manufactures small-sized iron
garters, which are used in construction activities.  The company
has a 40,000tpa plant in Dadri, Uttar Pradesh.

Amritvarsha's ratings:

   -- Long-term Issuer Rating: affirmed at 'IND BB+'/Stable
   -- INR200 mil. fund-based limits: affirmed at 'IND BB+'/Stable
      and 'IND A4+'
   -- INR45 mil. non-fund-based limits: affirmed at
      'IND BB+'/Stable/'IND A4+'
   -- INR8 mil. term loans (reduced from INR19.7 mil.): affirmed
      at 'IND BB+'/Stable


BLDE ASSOCIATION: CRISIL Suspends B+ Rating on INR336MM LT Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of BLDE
Association.
                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     336        CRISIL B+/Stable
   Term Loan              144        CRISIL B+/Stable

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

BLDE was set up in 1910 by Mr. P G Halakatti and Mr. Banthanal
Mahaswamijee to provide educational facilities to the poor and
socially backward populace of Vijayapura (Karnataka). BLDE
started a school, Shri Siddheshwar High School, in Vijayapura in
1917. It gradually expanded its range of educational courses and
now manages 74 educational institutions in and around Vijayapura,
offering kindergarten to postgraduate and research courses in the
arts, science, commerce, management, medicine, nursing, law, and
engineering streams.


CELEBRITY FASHIONS: CRISIL Assigns B- Rating to INR320MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Celebrity Fashions Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter of Credit       87.9      CRISIL A4
   Funded Interest
   Term Loan             182.1      CRISIL B-/Stable
   Export Packing
   Credit                320.0      CRISIL B-/Stable
   Foreign Bill
   Discounting           160.0      CRISIL B-/Stable

The rating reflects CFL's below-average financial risk profile
owing to its high debt, negative net worth and weak cash
generation from business. The ratings also factor in CFL's fixed
cost intensive business model and the resultant vulnerabilities
arising out of the intense competition in the ready-made garments
exports industry. These rating weaknesses are partially mitigated
by CFL's healthy scale of operations and its established
relationship with leading international brands.
Outlook: Stable

CRISIL believes CFL's financial risk profile will remain
constrained by its weak financial risk profile. The outlook may
be revised to 'Positive' if CFL's cash accruals improve
substantially because of higher-than-expected revenue and
profitability leading to improvement in liquidity. Conversely,
the outlook may be revised to 'Negative' in case decline in
profitability or stretch in working capital management leads to
deterioration of the financial metrics.

Incorporated as a private limited company in 1988 and later
reconstituted as a public limited company in 2005, CFL is
primarily engaged in manufacture and exports of woven cotton
garments for men and women.


CHALLA INFRA: ICRA Suspends B+ Rating on INR8.0cr Loan
------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR8.00 crore fund based facilities and short-term rating of
[ICRA]A4 assigned to the INR15.00 crore non-fund based facilities
of Challa Infra Projects Private Limited. ICRA has also suspended
the long-term/short-term rating of [ICRA]B+/[ICRA]A4 assigned to
the INR3.00 crore unallocated limits of CIPPL. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

Challa Infra Projects Private limited is a Hyderabad based
infrastructure and engineering construction company providing
services in the field of Water supply works, Construction of
school buildings and Road works. In past company has executed
projects from Irrigation & CAD department of Andhra Pradesh,
Panchayat Raj Engineering Department, Rural water supply and
other government departments of Andhra Pradesh & Telangana.


CHITRA UTSAV: CRISIL Suspends B- Rating on INR162MM Disc. Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Chitra
Utsav Video Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Lease Rental
   Discounting Loan      162         CRISIL B-/Stable

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

CUPL was founded by Mr. Anil Khanna in Gurgaon in 1989. The
company has developed a six-storey commercial building in Sector
32, Gurgaon, with a total floor area of over 100,000 square feet,
which has been completely leased out.


CON-TECH PROJECTS: CRISIL Suspends B Rating on INR50MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Con-Tech Projects and Infra Private Limited.

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

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

CTPL was established in January 2010 by Mr. Kiran Wadkar in
Kolhapur (Maharashtra). The company undertakes civil construction
on a sub-contract basis for private entities. It also undertakes
commercial real estate development in Kolhapur.


DAKSHIN FOUNDRY: CRISIL Raises Rating on INR140MM Loan to BB-
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Dakshin Foundry Private Limited to 'CRISIL BB-/Stable' from
'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              80       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term      140       CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')


The upgrade reflects the significant and sustainable improvement
in financial risk profile marked by lower gearing and enhancement
in debt protection metrics. With the inclusion of a price
escalation clause in most of the company's contracts, operating
margin is expected to improve to 15% over the medium term from
less than 10% in the past. The improving profitability is
expected to translate into an increase in cash generation from
business. The increasing cash generation from business coupled
with long-term funds from the promoter, reduced dependence on
external borrowing resulting in improved gearing to 3.5 times as
on March 31, 2016, from 10 times a year earlier. Debt protection
metrics were also stronger, with interest coverage and net cash
accrual to total debt ratios of 1.8 times and 0.17 time,
respectively, for fiscal 2016. Sustained increase in net cash
accrual and better working capital cycle will be critical in
maintaining financial risk profile and will, therefore, remain
key rating sensitivity factors over the medium term.

The rating reflects DFPL's established market position in the
specialised castings business and financial support from
promoter. These strengths are partially offset by below-average,
though improving, financial risk profile because of high gearing;
small scale of operations; and exposure to intense competition.
Outlook: Stable

CRISIL believes DFPL will continue to benefit over the medium
term from the extensive experience of its promoter and
established relationship with key customers. The outlook may be
revised to 'Positive' in case of a further fall in debt levels
due to higher cash generation and fund infusion by the promoter,
or if working capital management improves significantly. The
outlook may be revised to 'Negative' if a substantial decline in
cash accrual or larger-than-expected, debt-funded capital
expenditure results in deterioration in financial risk profile,
particularly liquidity.

Based in Bengaluru, DFPL was set up by Mr. Alok Bhartia in 2004
to manufacture specialised (including grey iron) and spheroidal
graphite iron castings. The company is a part of the Bhartia
group that has interests in the jute, engineering, and real
estate segments.


DEBPARA TEA: CRISIL Suspends B+ Rating on INR50MM LT Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Debpara
Tea Company Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             35        CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      50        CRISIL B+/Stable

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

DTCL is engaged in plantation and processing of tea. The company
was incorporated in 1910. It was taken over by Siliguri (West
Bengal)-based Mr. Tarachand Agarwal and his family members from
Mr. M K Banerjee in 2004-05 (refers to financial year, April 1 to
March 31). The company's day-to-day activities are managed by Mr.
Subhankar Mittal, son of Mr. Tarachand Agarwal. DTCL has one tea
garden at Banarghat in Jalpaiguri (West Bengal), named Debpara
Tea Estate.


DELTRON ELECTRICALS: CRISIL Ups Rating on INR30MM Loan to BB-
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Deltron
Electricals to 'CRISIL BB-/Stable/CRISIL A4+' from 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          20        CRISIL A4+ (Upgraded from
                                     'CRISIL B+/Stable')

   Cash Credit             30        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL A4')

   Letter of Credit        30        CRISIL A4+ (Upgraded from
                                     'CRISIL B+/Stable')

The upgrade reflects the expected improvement in Deltron's
business risk profile because of increase in revenue and
profitability, leading to better liquidity. The revenue growth
will be backed by healthy order book while operating
profitability is expected at 5% over the medium term. As a
result, cash accrual is expected to rise to INR6 million in
fiscal 2017 from INR3.4 million in fiscal 2015.

The ratings reflect the extensive experience of Deltron's
promoters in the power distribution equipment industry, and its
efficient working capital management. These strengths are
partially offset by its subdued financial risk profile because of
small networth, low gearing, and weak debt protection metrics,
and its modest scale of operations in the highly competitive
transformer industry.
Outlook: Stable

CRISIL believes Deltron will continue to benefit from its strong
track record in the power distribution equipment industry and its
established clientele. The outlook may be revised to 'Positive'
if its financial risk profile improves, driven by more-than-
expected growth in cash accrual, or capital infusion. The outlook
may be revised to 'Negative' if the financial risk profile,
including liquidity, weakens because of lower-than-expected cash
accrual, or stretch in working capital cycle, or large, debt-
funded capital expenditure, or considerable capital withdrawal.

Deltron was established by Mr. H D Shah and his son, Mr. Deepak
Shah, as a partnership firm in 1980. Based in Vasai, Maharashtra,
it manufactures distribution, power, and dry type transformers.
It derives most its revenue from distribution transformers.


DINESH TEXTILE: Ind-Ra Suspends B+ Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Dinesh Textile
Mills' (DTM) 'IND B+' Long-Term Issuer Rating to the suspended
category.  The Outlook was Stable.  The rating will now appear as
'IND B+(suspended)' on the agency's website.

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

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

DTM's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'/Stable
   -- INR40.00 mil. fund-based working capital limits: migrated
      to 'IND B+(suspended)' from 'IND B+'
   -- INR11.69 mil. long-term loans: migrated to
      'IND B+(suspended)' from 'IND B+'
   -- INR2.50 mil. non-fund-based working capital limits:
      migrated to 'IND A4(suspended)' from 'IND A4'


GEE GEE: Ind-Ra Assigns B+ Long-Term Issuer Rating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Gee Gee Agro
Tech a Long-Term Issuer Rating of 'IND B+'.  The Outlook is
Stable.

                        KEY RATING DRIVERS

The ratings reflect GGAT's moderate scale of operations and weak
credit profile.  According to GGAT's provisional financials for
FY16, its revenue was INR662.16 mil. (FY15: INR526.21 mil.),
gross interest coverage (EBITDA/interest) was 1.55x (1.38x) and
net leverage (net debt/EBITDA) stood at 6.15x (18.85x).  The
company's EBITDA margin narrowed to 2.38% in FY16 (FY15: 3.40%)
due to a fall in the prices of Basmati rice.

The ratings are constrained by GGAT's presence in the highly
fragmented and intensely competitive rice milling industry,
government regulations, and seasonality of operations.

The ratings, however, are supported by the over 10 years of
experience of GGAT's promoters in the rice milling industry.  The
ratings are further supported by the entity's strong
relationships with its customers and suppliers.  Moreover, GGAT's
liquidity is comfortable as evident from its 60.91% average
working capital utilization for the 12 months ended July 2016.

                        RATING SENSITIVITIES

Negative: Any decline in the operating profitability leading to
deterioration in the credit metrics could lead to a negative
rating action.

Positive: An improvement in the operating profitability leading
to a sustained improvement in the credit metrics will lead to a
positive rating action.

                          COMPANY PROFILE

GGAT is a partnership firm engaged in manufacturing and
processing Basmati and non-Basmati rice.  Its processing plant is
located in Moga, Punjab with a production capacity of 10 MT/hour
and a utilisation rate of 70%-80%.

GGAT ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'/Stable
   -- INR230 mil. fund-based limits: assigned 'IND B+'/Stable/
      'IND A4'
   -- INR5 mil. non-fund-based limits: assigned 'IND A4'


GEO SEA: Ind-Ra Assigns BB+ Long-Term Issuer Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Geo Sea Foods a
Long-Term Issuer Rating of 'IND BB+'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect GSF's moderate credit profile.  According to
provisional FY16 financials the company's revenue was
INR1,796 mil. (FY15: INR2,281 mil.) with net leverage (Ind-Ra
adjusted net debt/operating EBITDAR) of 3.5x (2.4x) and interest
coverage (operating EBITDA/gross interest expense) of 2.1x
(3.9x). The company's revenue declined in FY16 on reduced
realizations as prices tumbled due to a good harvest.  EBITDA
margin fluctuated between 4.2% to 7.7% over FY12-FY16 due to
price and currency fluctuations.

The ratings also take into account the company's moderate
liquidity, with average 85% utilization of the fund-based
facilities over the 12 months ended July 2016.

The ratings are constrained by the inherent vulnerability of the
seafood industry to diseases and viral attacks.  The ratings are
further constrained by the stiff competition in the seafood
industry, the currency fluctuation risks, and the partnership
form.

The ratings are, however, supported by the company's promoter's
three decades of operating experience in the aquaculture
business.

                       RATING SENSITIVITIES

Positive: A sustained increase in the revenue leading to an
improvement in the credit metrics while maintaining and/or
improving the EBITDA margins could lead to positive rating
action.

Negative: A significant decline in the profitability resulting in
a sustained deterioration in the overall credit metrics of the
company could lead to a negative rating action.

                          COMPANY PROFILE

Incorporated in 1968, as a partnership firm GSF started its
operations in June 1970.  It is engaged in the processing and
export of different varieties of seafood such as shrimp, fish,
squid, and cuttlefish.  The firm is managed by Mr. K G Lawrence
and his family, including Mr. Pradeesh Lawrence and Mr. Vivek
Lawrence.

GSF's ratings:

   -- Long Term Issuer Rating: assigned 'IND BB+'/Stable
   -- INR230 mil. fund-based facilities: assigned
      'IND BB+'/Stable/ 'IND A4+'
   -- INR20 mil. non-fund-based facilities: assigned 'IND A4+'


GIRIRAJ TRADING: CRISIL Assigns 'B' Rating to INR80MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Giriraj Trading Co.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              15.5      CRISIL B/Stable
   Cash Credit            80.0      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     54.5      CRISIL B/Stable

The rating reflects the firm's below-average financial risk
profile because of a leveraged capital structure and subdued debt
protection metrics, and modest scale of, and working capital-
intensive, operations. These weaknesses are partially offset by
proprietor's extensive experience and established association
with international supplier.
Outlook: Stable

CRISIL believes GTC will continue to benefit over the medium term
from the extensive experience of its proprietor in the trading
segment. The outlook may be revised to 'Positive' if significant
increase in scale of operations, while maintaining profitability,
leads to higher-than-expected cash accrual. The outlook may be
revised to 'Negative' if low cash accrual due to pressure on
profitability or large working capital requirement further
weakens financial risk profile, particularly liquidity.

Established in 1996 in Mumbai as a proprietorship firm by Mr.
Girish Shah, GTC trades in chemical additives such as calcium
carbonate, fillers, lead, and PE-wax. Operations are managed by
Mr. Girish Shah and his son, Mr. Padmanabh Shah. The firm has
warehouses in Delhi, Vadodara, and Mumbai.


GMR SPORTS: ICRA Reassigns B+ Rating to INR45cr Fund Based Loan
---------------------------------------------------------------
ICRA has downgraded the rating assigned for GMR Sports Private
Limited's INR45.00-crore fund-based limits to [ICRA]D from
[ICRA]BB+ and simultaneously reassigned a rating of [ICRA]B+.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund-based limits       45.0       Revised to [ICRA]D
                                      from [ICRA]BB+(stable)
                                      and simultaneously
                                      reassigned to [ICRA]B+

The revision in ratings factors in GSPL's debt service
irregularities from February, 2016 to April 2016 and timely
servicing of debt obligations May, 2016 onwards. High working
capital requirements during the above-mentioned period resulted
in an overdrawn cash credit account and delayed debt service
payments towards its short-term loans. The ratings revision also
factor in the poor performance of the "Delhi Daredevils" (DD)
franchise in the last four seasons. DD's consistently poor show
since FY2015 has made the company increasingly dependent on the
GMR Group for funding support. The ratings also factor in the
recent deterioration in the Group's liquidity condition, which
impacted GSPL's liquidity as is evident from the delay in
financial support last year, causing delays in debt servicing.
ICRA notes that the franchise's continuous poor performance has
resulted in declining sponsorship and ticketing revenues, which
coupled with the increasing squad cost has put pressure on the
profitability.

The ratings, however, draw comfort from the promoters, who now
have an experience of nine years in operating an IPL (Indian
Premier League) franchise. The performance of the team is crucial
as it is directly linked to its ability to garner better
sponsorships and ticketing revenues. The governing body's ability
to hold the league in an economically feasible manner and GSPL's
ability to grow its revenues while maintaining the cost structure
and managing its cash flow position will be the key rating
sensitive factors.

GMR Sports Private Limited was incorporated in February 2008 as a
subsidiary of GMR Holdings Private Limited (GHPL). GSPL was
constituted to look after the sports-related commercial
activities, including organising sports events; managing the
team; constructing, maintaining and taking up or leasing out
stadiums; coaching players and also undertaking other related
sports and sports-related cultural activities. GSPL owns the
Delhi franchise of the BCCI IPL (Indian Premier League) cricket
event and the team is named as "Delhi Daredevils". GMR had won
the bid in the January 2008 IPL auctions to manage and own the
Delhi franchise of the IPL for a total consideration of US$84
Million (INR336 crore at an exchange rate of INR40 = US$1)
payable over a period of 10 years in annual equal instalments.
The team stood sixth (out of eight teams) in the last IPL season
held in April 2016 - May 2016.

Recent Results
In FY2015, GSPL booked a loss of INR20.39 crore on an operating
income of INR117.1 crore. As per the FY2016 provisional numbers,
it lost INR8.90 crore on an operating income of INR137.2 crore.


GSS INFOTECH: CRISIL Reaffirms 'B' Rating on INR494MM LT Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of GSS Infotech Limited
continues to reflect GSSIL's moderate scale of operations in the
intensely competitive information technology (IT) segment, and
its susceptibility to fluctuations in foreign exchange rate.
These rating weaknesses are partially offset by its promoters'
extensive experience in the information technology (IT) sector
and its moderate financial risk profile marked by moderate
capital structure and debt protection metrics.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          32.5      CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     494.0      CRISIL B/Stable (Reaffirmed)
   Working Capital
   Term Loan               73.5      CRISIL B/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the financial
risk profiles of GSSIL along with its subsidiaries ' GSS IT
Solutions Pvt. Ltd (India), GSS Healthcare IT Solutions Pvt Ltd,
GSS Infotech CT Inc (USA) and its step-down subsidiaries in the
US - System Dynamix Corporation, ATEC Group, GCI Systems, Veloce
Group, Infovista Technologies, Technovant Inc and Infovision
Technologies Inc.
Outlook: Stable

CRISIL believes that the GSSIL will continue to benefit over the
medium term from its promoter's extensive experience. The outlook
may be revised to 'Positive' if the GSSIL reports a significant
and sustainable growth in its revenue which substantially
improves its profitability margins while maintaining the capital
structure. Conversely, the outlook may be revised to 'Negative'
if GSSIL faces continued pressures on its  revenue and profit
margins, or if it undertakes a large debt-funded capital
expenditure or acquisition programmes, thereby weakening its
capital structure, or if the company incurs significant
impairment of goodwill, thereby weakening its financial risk
profile.

GSSIL, established in 1999, is a CMMI Level 5 company and a
provider of information technology and IT-enabled solutions and
services to companies worldwide. The company was formerly known
as GSS America Infotech Ltd. and changed its name to GSSIL in
March 2011. The day to-day operations of the company are managed
by Mr. Bhargav Marepally.

For 2015-16, GSSIL reported consolidated profit after tax (PAT)
of INR37 million on net sales of INR2.1 billion against net loss
of INR1.9 billion on net sales of INR2.4 billion for 2014-15.


GUDIMETLA SUNDARA: CRISIL Reaffirms B+ Rating on INR250MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Gudimetla
Sundara Rami Reddy & Co continues to reflect GSRR's large working
capital requirements in the intensely competitive rice milling
industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             250      CRISIL B+/Stable (Reaffirmed)

The rating also factors in the firm's susceptibility to changes
in paddy prices and government regulations, and its below-average
financial risk profile marked by small net worth, average
gearing, and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
GSRR's promoters in the rice industry and the firm's long-
standing relationships with customers.
Outlook: Stable

CRISIL believes that GSRR will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the firm scales up
operations substantially while maintaining profitability margins,
or registers a considerable improvement in capital structure
backed by sizeable capital infusion by promoters. Conversely, 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 stretch in working capital cycle.

Set up as a partnership firm in 1985, GSRR mills and processes
paddy into rice, and produces by-products such as broken rice,
bran, and husk. Its rice milling unit is in West Godavari (Andhra
Pradesh). The firm is managed by Mr. Gudimetla Rama Krishna, Mr.
Gudimetla Tulasi, Mr. Gudimetla Nagamani, and Mr. Gudimetla
Sundara Rami Reddy.


INDUSTRIAL ENGINEERING: CRISIL Reaffirms B+ Cash Credit Rating
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Industrial Engineering
Corporation continue to reflect IEC's modest scale of operations
in the intensely competitive steel industry and below-average
financial risk profile because of modest networth. These
weaknesses are partially offset by the extensive experience of
promoters and their strong relationships with customers and
suppliers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         100       CRISIL A4 (Reaffirmed)
   Cash Credit             30       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes IEC will continue to benefit over the medium term
from its promoters' extensive experience in the industry. The
outlook may be revised to 'Positive' if scale of operations or
profitability significantly improves leading to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if a significant decline in revenue or profitability
margin or a stretch in the working capital cycle or large, debt-
funded capital expenditure, results in deterioration in the
financial risk profile.

Established in 1997, IEC manufactures, supplies, and exports a
wide range of mild-steel drums and barrels. The firm, based in
Kochi (Kerala), is managed by Mr. Biju Nair.


J.K. INDUSTRIES: CRISIL Assigns B+ Rating to INR150MM Cash Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of J.K. Industries and assigned its 'CRISIL
B+/Stable' rating to the facilities. CRISIL had, on March 29,
2016, suspended the rating as JKI had not provided the necessary
information required for a rating review. The company has now
shared the requisite information, enabling CRISIL to assign its
rating.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             150       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects working capital intensity in operations, and
susceptibility to vagaries in the monsoon, and regulatory changes
in the rice industry. The rating also factors in weak financial
risk profile, marked by high gearing and average debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience and funding support of the partners, and
benefits expected from the healthy growth prospects for the
basmati rice industry.
Outlook: Stable

CRISIL believes JKI will continue to benefit over the medium term
from its partners' extensive experience. Financial risk profile,
however, may remain constrained by high gearing and weak debt
protection metrics, because of working capital intensity in
operations. The outlook may be revised to 'Positive' if capital
infusion by the partners or ramp-up in scale of operations
considerably strengthens financial risk profile. Conversely, the
outlook may be revised to 'Negative' if financial risk profile
deteriorates, most likely because of significant increase in
inventory, sizeable debt, or substantial debt-funded capital
expenditure.

JKI was established in 2000 as a partnership firm, by Mr. Karam
Chand, Mr. Harbans Lal, Mr. Mukesh Kumar, Mr. Jai Pal, Mr. Rakesh
Kumar and Mr. Parkash Dhall. The firm primarily mills and shells
basmati rice, and sells by-products such as bran, phuk and
bardana. The unit at Fazilka, Punjab, has capacity to process 550
quintals of rice per day.

Profit and sales reduced to INR1.6 million and INR464.6 million
in fiscal 2016, from INR2.3 million and INR507.8 million the
previous fiscal.


JAI GIRIRAJ: ICRA Suspends B+ Rating on INR18.67cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR18.67 crore
fund based facilities of Jai Giriraj Rice and Agro Mills 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.


K.K. BUILDERS: ICRA Raises Rating on INR23cr LT Loan to B+
----------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR30.35
crore fund based facilities of K.K. Builders from [ICRA]D to
[ICRA]B+. ICRA has also upgraded the short term rating assigned
to the INR14.65 crore non-fund based limits of KKB from [ICRA]D
to [ICRA]A4.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term, Term
   Loans                    7.35       [ICRA]B+/Upgraded

   Long Term, Fund
   Based Facilities        23.00       [ICRA]B+/Upgraded

   Short Term, Non
   Fund Based Facility     14.65       [ICRA]A4/Upgraded

The ratings upgrade reflects the improvement in the credit
culture of the firm demonstrated by the curing of past delays in
debt servicing. The ratings also consider the steady revenue
growth in contract division over the past three years as well as
the order book position, which provides moderate revenue
visibility over near to medium term. The ratings are further
supported by the firm's stable revenues from Central Bus Stand
Complex (BOT) project and textile business, which has turned
profitable; and KKB's financial risk profile characterised by low
gearing and adequate coverage indicators. The ratings continue to
draw comfort from the longstanding experience of the partners
spanning more than two decades in the construction business and
15 years in Hotels business.

The ratings are, however, constrained by the firm's moderate
scale of operations, and the significant competitive pressures in
the construction and hotel industry, with pricing pressures,
exposing KKB's margins to adverse variation in the raw material,
labour, and other input costs. The ratings also factor in KKB's
sectoral concentration in its contracting segment with major
share of revenues and order book from Government sector /
Government funded projects, which, although carry low counter
party risk, exposes the firm to potential delays in receivables.
ICRA also takes into account of the project execution risks;
while the timely completion of projects and cost overruns will be
critical. The ratings also consider KKB's heavy dependence on
IMFL sales in hotel division which has adversely impacted the
KKB's revenues in FY 2016 owing to ban of IMFL license to below 5
star graded hotel properties following the revision in liquor
policy by the Kerala Government. ICRA also notes the risks of
capital continuity associated with being a partnership firm.

Going forward, the firm's ability to increase scale of operations
in hotel division and securing fresh orders in contract division
while improving its margins remain the key rating sensitivities.

K.K. Builders, a partnership firm formed in 1994, is a Kerala
based civil construction contractor. The firm is involved in the
execution of road, bridge and building construction projects for
Government agencies. The firm is a contractor registered with the
Kerala Public Works Department (PWD). The firm has obtained ISO
9001:2008 and ISO 14001:2004 certifications and has the requisite
management, manpower and equipment resources to execute road and
bridge projects.

The firm also operates four hotels, namely KK Residency, Hotel
Broad Bean, KK Tourist Home (Kannur) and KK Tourist Home (Iritty)
in Kannur district. The hotels have quality rooms, restaurants
and beer & wine bar which serve the local population, whereas KK
Tourist Home (Kannur) only has lodging facility. Apart from the
contracting and hotels division, the firm is also involved in a
Kannur bus stand BOT project, operates two stone crusher units
and owns KK Fashion Retail which is involved in garments and
textile retailing.


K.K. LEISURES: ICRA Upgrades Rating on INR12cr Term Loan to B-
--------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR12.00
crore term loans K.K. Leisures & Tourism International Private
Limited from [ICRA]D to [ICRA]B-.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term, Term
   Loans                   12.00       [ICRA]B-/Upgraded

The rating upgrade reflects the improvement in KKLT's credit
culture demonstrated by the curing of past delays in debt
servicing. The rating also considers the brand equity enjoyed by
the 'Broad Bean' chain of hotels, being in operation for over a
decade; and the longstanding experience of the promoter group in
the Hotels business.

The rating is, however, constrained by KKLT's small scale of
operations, which has resulted in poor absorption of over heads
and interest expenses, leading to sustained net losses over the
past fiscals. Accordingly, this has resulted in considerable net
worth erosion, which, accompanied with high debt levels, has
resulted in a stretched capital structure. KKLT's interest
coverage and other debt protection metrics have also remained
weak owing to high interest expenses and principal repayment
commitments following the debt funded acquisition of hotel at
Cochin and new resort started at Munnar. The company has been
meeting its repayment commitments and working capital requirement
through unsecured loans from promoters. The rating also takes
into account KKLT's heavy dependence on IMFL sales, which has
adversely impacted its revenues in FY 2016 owing to ban of IMFL
license to below 5 star graded hotel properties following the
revision in liquor policy by the Kerala Government.

Going forward, KKLT's ability to increase scale of operations and
improve its margins remain the key rating sensitivities.

K.K. Leisures & Tourism International Private Limited,
incorporated in 2007, owns and operates hotels across Kerala. The
Company has three hotels under the name Broad Bean; of which two
hotels are located in Kannur district and a resort in Munnar
district. During September 2013, the promoters of the company
acquired a 3 star property in Kochi - Broad Bean, Vytilla
(erstwhile Nyle Plaza), which was later upgraded to a 4 star
hotel and operates as a subsidiary of KKLT. The group enjoys
moderate brand equity due to its operational history of over a
decade of the 'Broad Bean' chain.

As per provisional results of FY 2015-16, the company reported a
net loss of INR2.8 crore on an operating income of INR2.4 crore
as against a net loss of INR1.6 crore on an operating income of
INR4.7 crore in FY 2014-15. The company has achieved an operating
income of INR2.0 crore, according to provisional result of FY
2017 (3M).


K.K. MOHANDAS: ICRA Suspends 'D' Rating on INR5cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D outstanding on
the INR5.00 crore bank facilities of K.K. Mohandas. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


KEDIA PIPES: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kedia Pipes (KP)
a Long-Term Issuer Rating of 'IND BB'.  The Outlook is Stable.
The agency has also assigned KP's INR210 mil. fund-based working
capital limits an 'IND BB' rating with a Stable Outlook.

                         KEY RATING DRIVERS

The ratings reflect KP's moderate scale of operations and credit
profile.  FY16 provisional financial indicate revenue of
INR959 mil. (FY15: INR938 mil.), interest coverage (operating
EBITDAR/gross interest expense + rents) of 1.9x (1.8x) and net
financial leverage (total adjusted net debt/operating EBITDAR) of
5.7x (4.2x).  EBITDA margins remained stable at 2.2% in FY16
(FY15: 2.2%).

The ratings, however, are supported by three decades of
experience of KP's partners in the steel trading business and the
company's association with TATA Steel Limited (IND AA/RWE) as a
distributor for its GI pipes and structura.

The liquidity position of KP remains strong with its average
utilization of the working capital limits being less than 50%
during the 12 months ended August 2016.

                       RATING SENSITIVITIES

Positive: A sustained improvement in the EBITDA interest coverage
could lead to a positive rating action.

Negative: A sustained deterioration in the EBITDA interest
coverage could lead to a negative rating action.

                          COMPANY PROFILE

Incorporated in 1975, KP is a three decade old Kolkata-based
organization.  They are the distributor of Tata GI pipes and Tata
Structura (Square and rectangular hollow sections) in the seven
districts of West Bengal  namely Kolkata, Howrah, north 24 prgns,
south 24 prgns, Nadia, Hoogly and east Midnapore.

It is owned and managed by two of its partners Prabhat Kedia and
Dilip Kedia.


KISHANPURIA GUWAR: CRISIL Assigns B Rating to INR50MM Whse Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Kishanpuria Guwar Gum Industries.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              30        CRISIL B/Stable
   Warehouse Receipts       50        CRISIL B/Stable

The rating reflects the firm's weak financial risk profile
because of high gearing and subdued debt protection measures, and
vulnerability of its operating profitability to volatility in raw
material prices. These weaknesses are partially offset by the
extensive experience of its partners in the guar gum industry and
their funding support.
Outlook: Stable

CRISIL believes KGGI will benefit over the medium term from its
partners' extensive industry experience. The outlook may be
revised to 'Positive' if increase in revenue and profitability,
and sustained prudent working capital management, lead to better
net cash accrual, or if capital structure improves due to equity
infusion. The outlook may be revised to 'Negative' if sharp
decline in revenue or profitability, increase in working capital
requirement, or large, debt-funded capital expenditure further
weakens the financial risk profile.

KGGI manufactures guar gum, and by-products guar korma and guar
churi. Mr. Mahesh Kumar, Mr. Aditya Mahesh, Ms Shalini Devi are
partners in the firm. Its processing unit is in Sri Ganganagar,
Rajasthan, and has installed capacity of 60 tonne per day.


KLK INTERNATIONAL: CRISIL Reaffirms B Rating on INR20MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of KLK International
continue to reflect a below-average financial risk profile
because of a modest networth, average gearing, and low debt
protection metrics. The ratings also factor in working capital-
intensive nature, and a modest scale, of operations in the highly
fragmented handicrafts industry. These rating weaknesses are
partially offset by the extensive experience the firm's partners
in the home furnishing market and established customer base.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Foreign Bill
   Discounting             20        CRISIL B/Stable (Reaffirmed)
   Packing Credit          38        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       2        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KLK will continue to benefit over the medium term
from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' in case of higher-than-
expected sales along with healthy profitability, leading to an
improved financial risk profile. The outlook may be revised to
'Negative' in case of a further increase in working capital
requirement, or any major debt-funded capital expenditure,
leading to deterioration in the financial risk profile.

Update
Operating income decreased to INR151 million in fiscal 2016 from
INR159.5 million in fiscal 2015, driven by a decline in the price
of raw material (metals) and consequently lower realisation on
finished goods. Sales growth is expected to be moderate at 5-7%
per annum per annum over the medium term on account of an
established industry presence and clientele base. Operating
margin was at 7% in fiscal 2016, and is likely to remain at this
level.

The financial risk profile remains below average because of a
high total outside liabilities to tangible networth ratio of 3.14
times as on March 31, 2016. Working capital requirement is large,
as indicated by gross current assets of 180-200 days as on
March 31, 2016, driven by substantial receivables of 150-160 days
and inventory of 35-50 days.

Liquidity is adequate because of sufficient cash accrual of INR6-
7 million as against debt obligation of INR1 million, in fiscal
2017. The packing credit facility was utilised at an average of
85% over the 12 months through May 2016.

KLK was originally set up as Vorka International in 1972 by Mr.
Ritesh Katyal and family; the firm was renamed in 1999. It is a
fully export-oriented unit with two offices, one at Gurugram in
Haryana and the other in the US. It manufactures handicrafts,
which it exports to the US.


LAKSHMI VENKATA: CRISIL Suspends B+ Rating on INR59MM Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Lakshmi
Venkata Ramana Rice Mill.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit               59        CRISIL B+/Stable
   Proposed Cash Credit
   Limit                     16        CRISIL B+/Stable

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

LVRRM, set up in 1982 as a partnership firm, mills and processes
paddy into rice, rice bran, broken rice, and husk. Located in
Vijayawada (Andhra Pradesh), the firm has paddy milling capacity
of 4 tonnes per hour.


LEO DESIGNS: CRISIL Assigns 'B' Rating to INR30MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Leo Designs and Packaging Private Limited.
The ratings reflect the company's subdued financial risk profile,
and its large working capital requirement. These weaknesses are
partially offset by the extensive experience of its promoters in
the packaging and printing industry, and its established customer
relationships.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      0.5       CRISIL B/Stable
   Letter of Credit        7.5       CRISIL A4
   Bill Discounting        2.0       CRISIL B/Stable
   Cash Credit            30.0       CRISIL B/Stable

Outlook: Stable

CRISIL believes LDPPL will benefit over the medium term from its
promoters' extensive industry experience and its healthy
relationships with reputed clients. The outlook may be revised to
'Positive' if the company reports more-than-expected revenue
while maintaining its profitability and improving its capital
structure. The outlook may revised to 'Negative' if the financial
risk profile deteriorates due to further stretch in operating
cycle or decline in profitability.


LDPPL, incorporated in 2007, manufactures cartons and provides
pre-printing, printing, and post-printing services to corporate
clients. The company is based in Chandigarh.


NIRBAN INFRASTRUCTURE: CRISIL Assigns B+ Rating to INR13.2MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Nirban Infrastructure Private Limited.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     13.2       CRISIL B+/Stable

The rating reflects exposure to risks and cyclicality inherent in
the real estate industry, and geographical and project
concentration in revenue. These weaknesses are partially offset
by the extensive experience of the company's promoters in the
real estate development industry and fund support received from
them.
Outlook: Stable

CRISIL believes NIPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of higher-than-expected bookings for its
ongoing residential project, leading to improvement in operating
cash flow. The outlook may be revised to 'Negative' if revenue
and profitability remain lower than expectation triggered by
slackened saleability of its existing project, or in case of
larger-than-expected borrowing for existing or new projects.

NIPL, incorporated in 2010 and promoted by Mr. Mohd Akram Nirban
and Ms Tarannum Nirban, redevelops residential buildings in
Mumbai. It is currently undertaking a redevelopment residential
project at Sir J J Road, Mumbai.


ORIILON INDIA: CRISIL Suspends B Rating on INR210MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Oriilon India Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         8.5        CRISIL A4
   Cash Credit           80.0        CRISIL B/Stable
   Term Loan            210.0        CRISIL B/Stable

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

OIPL, incorporated in 2008-09 (refers to financial year, April 1
to March 31), manufactures nylon filament yarn in Surat
(Gujarat). The company is promoted by Mr. Vikas Jhujhunwala and
Mr. Vishal Kejriwal.


P E ERECTORS: Ind-Ra Suspends BB+ Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated P. E. Erectors
Pvt Ltd's (PEEPL) 'IND BB+' Long-Term Issuer Rating to the
suspended category.  The Outlook was Stable.  The rating will now
appear as 'IND BB+(suspended)' on the agency's website.

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

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

PEEPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
      from 'IND BB+'/ Stable
   -- INR45 mil. fund-based working capital limits: migrated to
      'IND BB+(suspended)' from 'IND BB+/ Stable'
   -- INR100 mil. non-fund-based working capital limits: migrated
      to 'IND A4+(suspended)' from 'IND A4+'


PARAMESWARA TIMBER: CRISIL Suspends 'B' Rating on INR20MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Parameswara Timber Hub Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             20       CRISIL B/Stable
   Letter of Credit        30       CRISIL A4
   Proposed Long Term
   Bank Loan Facility       2       CRISIL B/Stable
   Term Loan                8       CRISIL B/Stable

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

PTPL was originally set up as a proprietorship firm, Parameswara
Timbers, in 2000 by Mr. T Nagendra Kumar. This firm was
reconstituted as a private limited company with the current name
in April 2012. PTPL is promoted by Mr. T Nagendra Kumar and Mr. T
Shaila .The Ananthpur (Andhra Pradesh)-based company trades in
sawn timber and log wood.


PARAS INDUSTRIES: CRISIL Lowers Rating on INR75MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank
facilities of Paras Industries to 'CRISIL D' from 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Post Shipment Credit      37       CRISIL D (Downgraded
                                      from 'CRISIL A4')
   Pre Shipment Packing      75       CRISIL D (Downgraded
   Credit                             from 'CRISIL A4')

The rating downgrade reflects delay of more than 90 days in
servicing bank facilities, leading to the accounts being
classified as non-performing assets. The delays are on account of
stretched receivables leading to non-payment of overdue bills.

Paras is exposed to customer concentration risk, large working
capital requirements, and below-average financial risk profile
because of small networth, high gearing, and inadequate debt
protection metrics. These weaknesses are partially offset by the
extensive experience of the promoters in the manufacture and
export of readymade garments.

Set up as a partnership firm in 1987`, in Mumbai, Paras was owned
by the Jariwala and Shah families till March 2010. The Shah
family exited in April 2010. The firm manufactures and exports
knitted garments and accessories to departmental stores in the
US.


PATHANIA EDUCATION: CRISIL Assigns B+ Rating to INR73.3MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to
the bank loan facilities of Pathania Education Society. The
rating reflect PES's small scale of operations and off take risk
associated with new school being set up. These weakness are
offset by PES's established presence in the education sector and
healthy operating margins.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         73.3       CRISIL B+/Stable
   Overdraft Facility     27.5       CRISIL A4

Outlook: Stable

CRISIL believes that PES will continue to benefit over the medium
term from the established market presence in the education sector
and track record of its management. The outlook may be revised to
'Positive' if PES is able to increase the intake in its new
schools resulting in significant improvement in fee income and
operating profitability while maintaining its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
PES undertakes any larger-than expected debt-funded capital
expenditure programme leading to deterioration in liquidity, or
faces competition from other schools leading to impact on intake
and hence income and operating profitability levels.

PES was incorporated in 1984 and is managed by its managing
director Mr. Anshul Pathania. PES is engaged in providing primary
and secondary education. The society currently runs a school '
Pathania Public School (PPS). PPS is located at Gohana Road,
Rohtak (Haryana).


PREMIER SOLAR: CRISIL Suspends B Rating on INR63.5MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Premier Solar Systems Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         150.0      CRISIL A4
   Cash Credit             63.5      CRISIL B/Stable
   Letter of Credit       120.0      CRISIL A4
   Proposed Long Term
   Bank Loan Facility       1.5      CRISIL B/Stable
   Proposed Short Term
   Bank Loan Facility     165.0      CRISIL A4

The suspension of ratings is on account of non-cooperation by
PSSPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PSSPL is yet to
provide adequate information to enable CRISIL to assess PSSPL'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 1995 in Hyderabad (Andhra Pradesh), PSSPL manufactures
solar PV panels. The company also undertakes engineering,
procurement and construction contracts for setting up solar
energy systems. The company also operates a 2 megawatt solar
power plant in Jharkhand.


R. K. NATURAL: CRISIL Suspends 'B' Rating on INR68MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
R. K. Natural Fibre Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              68       CRISIL B/Stable

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

RKNFPL, based in Bodeli (Gujarat), is owned and managed by the
Patel family. The company gins and presses raw cotton to make
cotton bales. It sells the cotton bales to various traders and
the cotton seeds to various oil mills in the vicinity of the
plant.


RAMAN AGRO: Ind-Ra Withdraws B+ Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Raman Agro
Exports Private Limited's 'IND B+(suspended)' Long-Term Issuer
Rating.

The ratings have been withdrawn due to lack of information.
Ind-Ra will no provide ratings or analytical coverage for Raman
Agro Exports.

Ind-Ra suspended Raman Agro Exports' ratings on Feb. 18, 2016.

Raman Agro Export's ratings:

   -- Long-Term Issuer Rating: 'IND B+(suspended)'; rating
      withdrawn
   -- INR60 mil. term loan: 'IND B+(suspended)'; rating withdrawn
   -- INR40 mil. fund-based limits: 'IND B+(suspended)'/
      'IND A4(suspended)'; ratings withdrawn


RELIANCE COMMUNICATIONS: Moody's Reviews Ba3 CFR for Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed under review for downgrade
Reliance Communications Limited's (RCOM) Ba3 corporate family
rating and senior secured rating following the announcement of
its plan to merge its wireless business with Aircel Limited
(unrated) and its Q1 2016-17 results.

List of affected ratings:

Placed On Review for Downgrade:

   Issuer: Reliance Communications Limited

   -- Corporate family rating, Placed on Review for Downgrade,
      currently Ba3

   -- Senior secured rating, Placed on Review for Downgrade,
      currently Ba3

Outlook Actions:

   Issuer: Reliance Communications Limited

   -- Outlook, Changed To Rating Under Review From Negative

RATINGS RATIONALE

On Sept. 14,, 2016, RCOM and Maxis Communications Berhad (MCB,
unrated) -- together the promoters of Aircel, a pan-India mobile
operator -- announced the signing of definitive documents for the
combination of their Indian wireless businesses through a merger.

RCOM and MCB will each hold a 50% stake in the merged entity
(MergedCo), with equal representation on the board of directors
and all committees. The new company will be managed by an
independent professional team under the supervision of the board.

The MergedCo will have the second largest spectrum portfolio and
the fourth largest customer base and revenue market share among
all telecom operators in India. The management of RCOM and MCB
expect significant capex and opex synergies from the merger.

RCOM expects the transaction to close by March 2017.

"While we view the combination of the wireless businesses
positively, we will also need to re-evaluate the credit profile
of RCOM in conjunction with the proposed organisational and
financial restructuring, as the remaining business will be
smaller in scale with -- in our view -- a weaker business risk
profile," says Annalisa Di Chiara, a Moody's Vice President and
Senior Credit Officer.

Moody's estimates that RCOM's adjusted consolidated debt/EBITDA
has deteriorated further during the quarter ended June 2016 (1Q
FY2017) from its level of 6.5x as of March 2016, due to the
decline in reported EBITDA. This is well above our downward
rating trigger of 4.0x. However, RCOM also announced that its
debt levels would fall by INR200 billion (USD 3 billion) -- or
over 40% of its total debt -- as it transfers debt to MergedCo.

While MergedCo will run as a separate business to RCOM, it will
remain a sizeable part of the wider telecommunications group and,
in Moody's view, will likely be supported by RCOM in a distress
situation. As such, we will likely -- on a pro rata basis --
consolidate RCOM's stake in MergedCo into RCOM's financial
metrics.

"We had expected a significant reduction in RCOM's absolute debt
levels -- primarily through the sale of non-core assets -- in
support of the company's Ba3 ratings. However, even with the
merger adjusted pro forma leverage will remain above our
tolerances for a Ba3 rating. Moreover, uncertainty around the
closure of the proposed tower sale, announced in December 2015,
continues to weigh on the rating," adds Di Chiara, also Moody's
lead analyst for RCOM.

A definitive agreement still has yet to be signed with respect to
the disposal of tower assets owned by its subsidiary, Reliance
Infratel Limited (RITL, unrated).

Separately, on 14 September, RCOM also announced weak results for
1Q FY2017, in view of the impact of the migration of customers
from CDMA to 4G LTE.

Consolidated revenues fell 3.8% year-on-year (YoY) to around
INR54 billion. Revenues from its India operations -- the largest
contributor -- fell 2.5% over the same period.

At the same time, RCOM's global operations-- accounting for
approximately 20% of total revenues -- reported a 5.3% increase
in revenues in 1Q FY2017.

RCOM also reported EBITDA of around INR16 billion, with its
EBITDA margin decreasing by 4.9% over the previous year to 29.1%.
The decline in its EBITDA margin was driven by its Indian
operations which reported a 21% year-on-year reduction in
reported EBITDA.

The review for downgrade will focus on assessing RCOM's
deleveraging plan, especially with regard to the financial impact
of the combination of its wireless businesses with Aircel and the
potential tower sale. Moody's said, "We will also evaluate the
effects of the proposed restructuring on the company's business
risk profile and any potential structural subordination issues
for the bond arising from the group reorganization."

The principal methodology used in these ratings was Global
Telecommunications Industry published in December 2010.

Reliance Communications Limited is an integrated
telecommunications operator in India (Baa3 positive) with a
presence across wireless, enterprise, broadband, tower
infrastructure and DTH businesses. Through its wholly-owned
subsidiary, GCX Limited (B2 stable), the company also provides
data connectivity solutions to major telecommunications carriers
and large multinational enterprises in the US, Europe, Middle
East and Asia Pacific, which need multi-national IP-based
solutions and connectivity.

RCOM is the fourth-largest mobile operator in India by number of
subscribers, which totalled 109.0 million or approximately 10.6%
of the total market share by subscribers (pro forma for Sistema
acquisition) as of 31 May 2016, according to the Telecom
Regulatory Authority of India (TRAI).


S.V.S. MOOKAMBIKA: CRISIL Suspends B+ Rating on INR120MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S.V.S. Mookambika Constructions Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          110       CRISIL A4
   Cash Credit             120       CRISIL B+/Stable
   Proposed Cash
   Credit Limit             50       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       32       CRISIL B+/Stable
   Standby Line of
   Credit                   18       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
SMCPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SMCPL is yet to
provide adequate information to enable CRISIL to assess SMCPL'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 2004, as a partnership entity and later
incorporated as a private limited company in 2009, SMCPL is
engaged in undertaking civil construction projects in Andhra
Pradesh, Orissa and Karnataka. The company is promoted by Mr.
M.S.N Raju and his family members.


SAATVEEKA TRADING: Ind-Ra Suspends 'BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Saatveeka
Trading Company's (SATC) 'IND BB' Long-Term Issuer Rating to the
suspended category.  The Outlook was Stable.  The rating will now
appear as 'IND BB(suspended)' on the agency's website.

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

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

SATC's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB(suspended)'
      from 'IND BB'/Stable
   -- INR100 mil. fund-based working capital limits: migrated to
      'IND BB(suspended)' from 'IND BB'/Stable
   -- INR20 mil. non-fund-based working capital limits: migrated
      to 'IND A4+(suspended)' from 'IND A4+'


SAT INDER: CRISIL Suspends B+ Rating on INR40MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sat Inder Constructions Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         25         CRISIL A4
   Cash Credit            40         CRISIL B+/Stable
   Proposed Bank
   Guarantee              20         CRISIL A4
   Proposed Cash
   Credit Limit           10         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      5         CRISIL B+/Stable


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

Inder Constructions, a partnership concern formed in 1984 by
Batth family, was reconstituted as a private limited company,
SICPL, in February 2013 by Mr. Inder Pall Singh Batth. SICPL
undertakes civil construction activities (roads and
infrastructural works) for government entities such as Central
Public Works Department (CPWD) and Indian Institute of Technology
(IIT), Kharagpur, among others in Odisha and West Bengal.


SATVAM NUTRIFOODS: CRISIL Reaffirms B Rating on INR52.5MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Satvam
Nutrifoods Ltd continues to reflect the company's initial phase
and modest scale of operations in the intensely competitive spice
processing industry, and its susceptibility to risks associated
with ramp-up and stabilisation of operations.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            52.5       CRISIL B/Stable (Reaffirmed)
   Term Loan              52.5       CRISIL B/Stable (Reaffirmed)

The rating also factors in the company's weak financial risk
profile because of high gearing and subdued debt protection
metrics. These weaknesses are partially offset by the extensive
industry experience of its promoter and his funding support.
Outlook: Stable

CRISIL believes SNL will continue to benefit from its promoter's
extensive industry experience and his funding support. The
outlook may be revised to 'Positive' if the company registers
substantial revenue and profitability, resulting in higher-than-
expected accrual and a better financial risk profile. The outlook
may be revised to 'Negative' in case of lower-than-expected
accrual or stretch in working capital cycle, constraining
liquidity, or large debt-funded capital expenditure, adversely
impacting the financial risk profile.

SNL, based in Ahmedabad, Gujarat, was formed in August 2014, and
commenced commercial operations in December 2015. The company has
a facility for processing spices and manufacturing instant-mix
food items. It is promoted by Mr. Ganpatlal D Patel.


SENTHIL ENERGY: ICRA Withdraws B Rating on INR20cr LT LOC
---------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B outstanding on
the INR20.00 crore long-term LOC of Senthil Energy Private
Limited. The aforesaid ratings have been withdrawn as there is no
amount outstanding against the rated instruments.


SETH INDUSTRIAL: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Seth Industrial
Corporation's 'IND BB+(suspended)' Long-Term Issuer Rating.

The ratings have been withdrawn due to lack of information.  Ind-
Ra will no provide ratings or analytical coverage for Seth
Industrial Corporation.

Ind-Ra had suspended Seth Industrial Corporation's ratings on
Feb. 18, 2016.

Seth Industrial Corporation's ratings:

   -- Long-Term Issuer Rating: 'IND BB+(suspended)'; rating
      withdrawn
   -- INR27.1 mil. term loan: 'IND BB+(suspended)'; rating
      withdrawn
   -- INR200 mil. fund-based working capital limits:
      'IND BB+(suspended)'/'IND A4+(suspended)'; ratings
      withdrawn
   -- INR30 mil. non-fund-based working capital limits:
      'IND BB+(suspended)'/'IND A4+(suspended)'; ratings
       withdrawn


SHREE BHARKA: CRISIL Suspends B+ Rating on INR110MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shree
Bharka Synthetics Limited.

                            Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    -------
   Cash Credit                110       CRISIL B+/Stable
   Standby Line of Credit      15       CRISIL B+/Stable

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

SBSL was incorporated in 1992 by the Bhilwara-based Kothari
family. SBSL manufactures suiting fabric under the brands BD
Suitings and Ahinsa Suitings. Its directors, Mr. Narender Kumar
Kothari, Mr. Puneet Kothari and Mr. Lad Kanwar Kothari manage its
daily operations.


SHREE LAXMINARAYAN: CRISIL Suspends 'B' Rating on INR110MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shree
Laxminarayan Agro Cold Storage.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      110       CRISIL B/Stable
   Term Loan                70       CRISIL B/Stable

The suspension of rating is on account of non-cooperation by SLCS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SLCS is yet to
provide adequate information to enable CRISIL to assess SLCS'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 2010, SLCS, based in Sabalpur (Gujarat), stores
various fruits, vegetables and agricultural commodities at its
facilities in Sabalpur. It is managed by Mr. Arvind Goel and Mr.
Vijay Kumar Kacha. The firm started commercial operations in
April 2012.


SHRI JI: ICRA Suspends B+ Rating on INR7cr Fund Based Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR7 crore
fund based facilities of Shri Ji Traders. 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.


SIMRAN INTERNATIONAL: CRISIL Rates INR170MM Bill Disc. at B+
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Simran International Export (India)
Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Working
   Capital Facility        30        CRISIL B+/Stable
   Packing Credit in
   Foreign Currency        50        CRISIL A4
   Long Term Loan          50        CRISIL B+/Stable
   Foreign Bill
   Discounting            170        CRISIL B+/Stable
   Foreign Letter of
   Credit                 100        CRISIL B+/Stable

The ratings reflect the company's modest scale of operations in
the intensely competitive leather products industry. The ratings
also factor in below-average financial risk profile, because of
high gearing and moderate debt protection indicators. These
weaknesses are partially offset by extensive experience of the
promoters and established relationships with customers.
Outlook: Stable

CRISIL believes SIPL will continue to benefit over the medium
term from the experience of its promoters and strong client base.
The outlook may be revised to 'Positive' if increase in scale of
operations and profitability exceeds expectations; or networth
improves on account of capital infusion. Conversely, the outlook
may be revised to 'Negative' in case of significant decline in
revenue and profitability, or any large debt-funded capital
expenditure.

Set up in 1992 as a partnership firm, SIPL was converted into a
private limited company with the current name in fiscal 2013. The
company manufactures leather jackets and its facilities are in
Gurgaon and Bhiwadi.


SOOSAIYA PETER: Ind-Ra Withdraws BB- Rating on INR93.45MM Loans
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Soosaiya Peter
Educational Trust's (SPET) INR93.45 mil. bank loans'
'IND BB-(suspended)' rating.

The rating has been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for SPET.

Ind-Ra had suspended SPET's bank loan rating on Feb. 16, 2016.


SRIVARI COTTON: CRISIL Suspends 'B' Rating on INR50MM Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Srivari Cotton Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      50        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      50        CRISIL B/Stable

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

SCPL, set up in 2009, trades in raw cotton and cotton lint. The
company, based in Kovilpatti (Tamil Nadu), is promoted by Mr.
Santharam Appasamy and Mr. Seeyaram Appasamy and their family
members.


TAJ LEATHER: CRISIL Ups Rating on INR39.7MM LT Loan to B-
---------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Taj
Leather Works to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             3.3       CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Packing Credit         18.0       CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Post Shipment Credit   22.0       CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Proposed Long Term     39.7       CRISIL B-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

The rating upgrade reflects closure of the company's entire term
loan in April 2016 which it had been delaying in repayment
earlier.

The rating continues to reflect TLW's average financial risk
profile marked by moderate networth, low gearing and moderate
interest coverage ratio. It also takes into account the extensive
experience of partners in the leather goods industry. These
strengths are mitigated by the modest scale of operation amid
intense competition and working capital intensive operations.
Outlook: Stable

CRISIL believes TLW will continue to benefit over the medium term
from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' if there is substantial
growth in scale of operations and improvement in profitability,
along with a better working capital cycle. The outlook may be
revised to 'Negative' in case of reduced revenue and margins,
large debt-funded capital expenditure, or substantial working
capital requirement, leading to deterioration in the financial
risk profile.

TLW is a partnership concern formed in 1974 in Kolkata by Mr.
Shafique Abedin, Mr. Javed Abedin, Mr. Md. Masroor Alam, and Mr.
Md. Nezamuddin. The firm manufactures and exports industrial
leather gloves; it also sells finished leather in the domestic
market.


TUFFCELL BOARD: CRISIL Suspends B+ Rating on INR30MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Tuffcell Board Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.9       CRISIL A4
   Cash Credit            30.0       CRISIL B+/Stable
   Inland/Import Letter
   of Credit               8.1       CRISIL A4
   Long Term Loan         21 1       CRISIL B+/Stable

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

Incorporated in 2011, TBPL is promoted by Mr. Dharmesh Patel, who
is based in Bavla, Ahmedabad (Gujarat). The company manufactures
PVC (polymerization of vinyl chloride) boards, which are used as
a substitute for plywood boards in furniture.


TURKI COLD: CRISIL Assigns 'B' Rating to INR46MM LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Turki Cold Storage and General Mills.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      5.8       CRISIL B/Stable
   Overdraft Facility      1.2       CRISIL A4
   Cash Credit            17.0       CRISIL B/Stable
   Long Term Loan         46.0       CRISIL B/Stable

The ratings reflect Turki's small scale and working capital
intensive operations. The ratings also factor in the company's
susceptibility to regulatory changes and intense competition in
the cold storage industry. These rating weaknesses are partially
offset by the extensive industry experience of its promoters and
moderate financial risk profile.

Outlook: Stable

CRISIL believes that Turki will continue to benefit over the
medium term from its promoters extensive experience in the
industry. The outlook may be revised to 'Positive' if the firm's
scale of operations and profitability increase substantially,
leading to significant improvement in accruals and in debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if the firm's profitability declines steeply because
of intense competition, or if its promoters withdraw substantial
capital from the firm, or if its working capital requirements
increase significantly, adversely affecting its capital
structure.

Established in May 2013, Turki is a partnership firm engaged in
providing services of cold storage to farmers and traders in
Farakhpur Village (Sambhal District, UP) and surrounding area.


V3 KNITTING: CRISIL Suspends 'B' Rating on INR57.5MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of V3
Knitting Co.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            12.5      CRISIL B/Stable
   Rupee Term Loan        57.5      CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by V3
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, V3 is yet to
provide adequate information to enable CRISIL to assess V3'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 2014, V3 is setting-up three knitting machines of
total annual installed capacity of 1.5 million metres of fabric
in Surat (Gujarat). The firm is promoted by Mr. Rajiv Bhatia,
Ms. Jayshree Rajan Mehra and Mr. Pratik Chataniya, who have over
35 years of experience in the textile business.


VA HOTELS: CRISIL Suspends B- Rating on INR92.5MM LT Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of VA
Hotels Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              5        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      92.5      CRISIL B-/Stable
   Rupee Term Loan         55.0      CRISIL B-/Stable

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

VAHPL was incorporated in Hyderabad (Telangana) in 2005. The
company operates a three-star hotel named Fortune Park Vallabha
in Hyderabad. The hotel was set up under an operational agreement
with Fortune Park Hotels Ltd, with 68 rooms and includes a
restaurant, banquet hall, lounge, and others facilities. The
hotel commenced commercial operations in February 2010.


VISHAL FABRICS: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Vishal Fabrics
Limited's 'IND BB+(suspended)' Long-Term Issuer Rating.

The ratings have been withdrawn due to lack of information.  Ind-
Ra will no provide ratings or analytical coverage for Vishal
Fabrics.

Ind-Ra suspended Vishal Fabrics' ratings on March 4, 2016.

Vishal Fabrics' ratings:

   -- Long-Term Issuer Rating: 'IND BB+(suspended)'; rating
      withdrawn
   -- INR250 mil. fund-based limits: 'IND BB+(suspended)' and
      'IND A4+(suspended)'; ratings withdrawn
   -- INR90 mil. non-fund based limits: 'IND A4+(suspended)';
      rating withdrawn
   -- INR113.9 mil. term loan: 'IND BB+(suspended)'; rating
      withdrawn



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


TAKATA CORP: Plans to Shortlist Bidder by Next Month
----------------------------------------------------
The Japan Times reports that Takata Corp., the embattled Japanese
air-bag supplier that's put itself up for sale after triggering
the auto industry's biggest safety recall, aims to shortlist two
to three candidates by October, according to people familiar with
the process.

The report relates that bidders for Tokyo-based Takata have been
asked to submit their proposals by early next week, said the
people, who asked not to be identified because the information is
confidential. Suitors include Carlyle Group LP, which is working
with Chinese-owned air-bag manufacturer Key Safety Systems;
Daicel Corp., a Japanese maker of air-bag inflators that's
jointly bidding with Bain Capital; and KKR & Co., they said, The
Japan Times relays.

According to the report, the sale will be closely scrutinized by
the world's largest automakers, which are likely to spend the
next several years recalling air-bag inflators that can rupture
and shoot deadly shards at vehicle occupants.  The report says
Takata set up a committee in February that's been negotiating
with its car-making customers, led by Honda Motor Co., on the
costs related to replacing the defective parts linked to as many
as 15 deaths worldwide.

"It may take time from now on given the need to reach agreement
with various stakeholders," the report quotes Shintaro Niimura, a
credit analyst at Nomura Securities Co, as saying. "The Japanese
carmakers, foreign carmakers, all have different interests."

Some of the bidders are considering the possibility of some form
of bankruptcy proceedings for Takata to mitigate the liabilities,
said the people, the report relates. A person with knowledge of
the restructuring process said in May that Takata would seek to
avoid bankruptcy and instead look for buyers that could take a
controlling stake and carry the company through its crisis.
Takata is working with Lazard Ltd, according to the report.

While KKR plans to make a bid on its own, it hasn't ruled out
working with a partner, said one of the people, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
May 27, 2016, The Wall Street Journal said Takata hired
investment bankers to seek a cash infusion and negotiate with
auto makers over the ballooning costs it faces for rupture-prone
air bags linked to 11 deaths and more than 100 injuries world-
wide.

Takata tapped Lazard to help craft a restructuring plan to help
it deal with what are expected to be billions of dollars in
liabilities stemming from the faulty air bags, a steering
committee for the Japanese company said on May 25, confirming an
earlier report from the Journal.

The steering committee, made up of business, financial and legal
experts in Japan, retained Lazard within the past month, the
report said, citing people familiar with the matter.  Lazard's
work soliciting an investor and conversations with auto makers
remains in early stages, the report added.

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/--develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts. The Company
has subsidiaries located in Japan, the United States, Brazil,
Germany, Thailand, Philippines, Romania, Singapore, Korea, China
and other countries.



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


* NEW ZEALAND: More Than 60 Builders Go Bust in Christchurch
------------------------------------------------------------
Nick Truebridge and Georgina Stylianou at Stuff.co.nz reports
that more than 60 construction-related Christchurch companies
have been liquidated this year, owing creditors an estimated
NZ$40 million.

Analysis of hundreds of insolvency records found about 160
companies in the building industry registered in Canterbury have
gone bust since January 2015, Stuff.co.nz relates.

According to the report, the building industry's woes have been
well-publicised, with the collapse of firms including Stonewood
Homes, H & R Garlick, Goodlife Homes and Urban Construction.

At least six Christchurch construction-related firms liquidated
this year owed creditors more than NZ$1 million when they went
under, the report states.

Stuff.co.nz relates that Canterbury Registered Master Builders
president Ivan Stanicich said there was no denying the number of
companies going under was a "bloody problem".

"The law is an arse . . . and it lets people protect their
interests by shutting the doors when it's tough," the report
quotes Mr. Stanicich as saying.  Bigger and more established
businesses did not do this, Mr. Stanicich said.

After the earthquakes the Earthquake Commission (EQC) approved
contractors to carry out thousands of home repairs, he said.

"It's evident now that many of those contractors weren't up to it
and now EQC is crying foul because they're no longer in business
any more, Mr. Stanicich said, notes the report. "It doesn't take
an Einstein to figure out that would happen."

Mr. Stanicich said Auckland, the next "boom and bust city",
needed to learn from the construction industry in Christchurch,
relays Stuff.co.nz.

According to Stuff.co.nz, EY liquidator Rhys Cain said there were
probably more failed construction firms that had traded in
Canterbury at some point, but they were difficult to trace.



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


SWIBER HOLDINGS: Defaults on CNY450 Million Coupon Payment
----------------------------------------------------------
The Strait Times reports that Swiber Holdings has defaulted on a
coupon payment due Sept. 18 for its CNY450 million (SGD92.3
million) fixed-rate notes -- the second bond payment it has
defaulted on since its judicial management application in July.

According to the judicial managers' report earlier this month,
Swiber has US$258.6 million (SGD354 million) outstanding as of
July 31 on three notes under a US$1 billion multi-currency
medium-term programme, The Strait Times relates.

One of these three is the CNY450 million note, on which Swiber
had a CNY17.44 million coupon payment due Sept. 18, according to
court papers cited by The Strait Times.

The Strait Times says more bond coupon payments are looming next
month under the multi-currency medium-term programme. A coupon
payment of US$5.7 million under a US$160 million note is due on
Oct. 18 and another US$100 million note, together with its final
coupon payment, is due for redemption on Oct. 10, the report
notes.

The report says Swiber roiled the local bond market last month
after it defaulted on a US$4.88 million coupon payment that came
due on Aug 2 on a US$150 million sukuk note. This was part of a
US$500 million multi-currency Islamic Trust certificate issuance
programme.

The Strait Times, citing judicial managers' report, says the
notes payables are unsecured.

Another US$50 million sukuk note is due in October next year
under the US$500 million programme, adds The Strait Times.

The Strait Times meanwhile reports that claims against Swiber
rose to US$231.4 million as of Sept. 15, up from US$230.7 million
a week ago.

"The company is currently seeking legal advice on the above
claims," The Strait Times quotes Swiber's interim judicial
managers as saying in a filing to the Singapore Exchange on
Sept. 16.

                           About Swiber

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

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

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



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


HANJIN SHIPPING: To Sell More Than Half its Ships Under Plan
------------------------------------------------------------
Costas Paris at The Wall Street Journal reports that Hanjin
Shipping Co. is working on a restructuring plan that calls for
the drastic reduction of its owned fleet and returning the vast
majority of the ships it charters to their owners, according to
people with direct knowledge of the matter.

Despite the efforts, the most likely scenario is still that the
Korean operator will be liquidated, marking one of the shipping
industry's biggest failures, the Journal relates citing sources
as saying.

Hanjin filed for bankruptcy protection last month. The South
Korean government has strongly indicated it has no plans to bail
out the company, the Journal notes.

A Korean court will decide in December whether to accept the plan
or let the company go under, the Journal reports citing court
officials in Seoul.

According to the Journal, one person with knowledge of Hanjin's
efforts to restructure said the operator is considering a number
of scenarios but focusing on one that involves Hanjin keeping up
to 15 of its 37 ships, and returning to owners almost all of the
61 chartered vessels. Under that scenario, which is subject to
approval by the bankruptcy court, "Hanjin will emerge as a small
regional operator in Asia that will move a small part of Korea's
exports," the person, as cited by the Journal, said.

Since Hanjin filed for bankruptcy in Korea in late August, dozens
of its ships have been denied access to ports around the world
due to uncertainty about who would pay docking fees and
container-storage and unloading bills, the Journal says. Those
ships are carrying half a million containers with cargo valued at
more than $14 billion. Some of them have been seized by the
company's creditors, the Journal relates.

The Korean carrier moves roughly 3% of containers globally and up
to 10% of those shipped between Asia and Europe. Some 25,000
containers cross the Pacific daily on Hanjin ships, the report
discloses.

                       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.

Hanjin Shipping listed total current liabilities of KRW 6,028,543
million and total current assets of KRW 6,624,326 million as of
June 30, 2016.

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.  On the same
day, it requested and was granted a general injunction and the
preservation of disposition of the Company's assets.  The Korean
Court's decision to commence the rehabilitation was made on
Sept. 1, 2016.  Tai-Soo Suk was appointed as the Debtor's
custodian.

The Chapter 15 case is pending in the U.S. Bankruptcy Court for
The District of New Jersey (Bankr. D.N.J. Case No. 16-27041)
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.



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


* BOND PRICING: For the Week Sept. 12 to Sept. 16, 2016
-------------------------------------------------------

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


  AUSTRALIA
  ---------

BOART LONGYEAR MANAGE      10.00     10/01/18    USD       70.00
BOART LONGYEAR MANAGE       7.00     04/01/21    USD       18.75
BOART LONGYEAR MANAGE      10.00     10/01/18    USD       69.88
BOART LONGYEAR MANAGE       7.00     04/01/21    USD       21.00
CML GROUP LTD               9.00     01/29/20    AUD        0.98
CROWN RESORTS LTD           6.02     04/23/75    AUD       72.61
DBCT FINANCE PTY LTD        2.31     12/12/22    AUD       71.67
DBCT FINANCE PTY LTD        2.40     06/09/26    AUD       57.30
EMECO PTY LTD               9.88     03/15/19    USD       56.75
EMECO PTY LTD               9.88     03/15/19    USD       57.50
IMF BENTHAM LTD             6.16     06/30/19    AUD       59.13
KBL MINING LTD             12.00     02/16/17    AUD        0.04
KEYBRIDGE CAPITAL LTD       7.00     07/31/20    AUD        0.68
LAKES OIL NL               10.00     03/31/17    AUD        5.75
MIDWEST VANADIUM PTY       11.50     02/15/18    USD        0.88
MIDWEST VANADIUM PTY       11.50     02/15/18    USD        0.88
RELIANCE RAIL FINANCE       2.28     09/26/23    AUD       64.99
RELIANCE RAIL FINANCE       2.28     09/26/23    AUD       64.99
STOKES LTD                 10.00     06/30/17    AUD        0.35


CHINA
-----

SHANGHAI SONGJIANG TO       6.28     08/15/18    CNY       49.00
ANSHAN CITY CONSTRUCT       8.25     03/05/19    CNY       63.00
ANYANG INVESTMENT GRO       8.00     04/17/19    CNY       63.00
BAISHAN URBAN CONSTRU       7.00     07/31/19    CNY       62.25
BANGBU CITY INVESTMEN       5.78     08/10/17    CNY       30.70
BEIJING CAPITAL DEVEL       5.95     05/29/19    CNY       62.92
BEIJING CONSTRUCTION        5.95     07/05/19    CNY       62.76
BEIJING ECONOMIC TECH       5.29     03/06/18    CNY       71.41
BIJIE XINTAI INVESTME       7.15     08/20/19    CNY       84.49
BINZHOU BINCHENG DIST       6.50     07/05/19    CNY       63.51
BINZHOU BINCHENG DIST       6.50     07/05/19    CNY       75.00
CHANGSHA CITY CONSTRU       6.95     04/24/19    CNY       63.19
CHANGSHA CITY CONSTRU       6.95     04/24/19    CNY       63.20
CHANGSHA COUNTY XINGC       8.35     04/06/19    CNY       63.93
CHANGSHU BINJIANG URB       6.85     04/27/19    CNY       62.95
CHANGSHU BINJIANG URB       6.85     04/27/19    CNY       62.51
CHANGSHU CITY OPERATI       8.00     01/16/19    CNY       62.57
CHANGSHU CITY OPERATI       8.00     01/16/19    CNY       63.83
CHANGZHOU WUJIN CITY        6.22     06/08/18    CNY       51.90
CHANGZHOU WUJIN CITY        6.22     06/08/18    CNY       50.10
CHAOYANG CONSTRUCTION       7.30     05/25/19    CNY       63.13
CHENGDU ECONOMIC&TECH       6.55     07/17/19    CNY       83.00
CHENGDU ECONOMIC&TECH       6.55     07/17/19    CNY       63.60
CHENGDU ECONOMIC&TECH       6.50     07/17/18    CNY       52.07
CHENGDU ECONOMIC&TECH       6.50     07/17/18    CNY       51.74
CHENGDU XINCHENG XICH       8.35     03/19/19    CNY       65.43
CHENGDU XINCHENG XICH       8.35     03/19/19    CNY       63.90
CHIFENG CITY HONGSHAN       7.20     07/25/19    CNY       63.09
CHIFENG CITY INFRASTR       6.18     05/18/17    CNY       52.44
CHIFENG CITY INFRASTR       6.18     05/18/17    CNY       50.00
CHONGQING HECHUAN RUR       8.28     04/10/18    CNY       52.58
CHONGQING HECHUAN RUR       8.28     04/10/18    CNY       52.60
CHONGQING HECHUAN URB       6.95     01/06/18    CNY       71.10
CHONGQING HECHUAN URB       6.95     01/06/18    CNY       72.21
CHONGQING JIANGJIN HU       6.95     01/06/18    CNY       71.39
CHONGQING JIANGJIN HU       6.95     01/06/18    CNY       71.31
CHONGQING JINYUN ASSE       6.75     06/18/19    CNY       63.51
CHONGQING JINYUN ASSE       6.75     06/18/19    CNY       83.20
CHONGQING LAND PROPER       7.35     04/25/19    CNY       61.00
CHONGQING LAND PROPER       7.35     04/25/19    CNY       63.98
CHONGQING MAIRUI CITY       6.82     08/17/19    CNY       82.39
CHONGQING NAN'AN URBA       6.29     12/24/17    CNY       61.96
CHONGQING NAN'AN URBA       8.20     04/09/19    CNY       64.45
CHONGQING XINGRONG HO       8.35     04/19/19    CNY       64.13
CHONGQING XIYONG MICR       6.76     07/25/19    CNY       64.24
CHONGQING XIYONG MICR       6.76     07/25/19    CNY       84.80
CHONGQING YONGCHUAN H       7.49     03/14/18    CNY       72.73
CHONGQING YONGCHUAN H       7.49     03/14/18    CNY       73.17
CHONGQING YULONG ASSE       6.87     05/31/19    CNY       63.27
CHONGQING YUXING CONS       7.29     12/08/17    CNY       72.07
DALI ECONOMIC DEVELOP       8.80     04/24/19    CNY       65.00
DALIAN LVSHUN CONSTRU       6.78     07/02/19    CNY       63.05
DALIAN LVSHUN CONSTRU       6.78     07/02/19    CNY       63.49
DANDONG CITY DEVELOPM       6.21     09/06/17    CNY       70.55
DANYANG INVESTMENT GR       8.10     03/06/19    CNY       64.24
DANYANG INVESTMENT GR       8.10     03/06/19    CNY       63.52
DATONG ECONOMIC CONST       6.50     06/01/17    CNY       40.00
DATONG ECONOMIC CONST       6.50     06/01/17    CNY       41.02
DONGBEI SPECIAL STEEL       6.50     03/27/16    CNY       40.00
DONGBEI SPECIAL STEEL       7.00     07/10/16    CNY       40.00
DONGBEI SPECIAL STEEL       8.30     09/06/16    CNY       40.00
DONGBEI SPECIAL STEEL       5.88     05/05/16    CNY       40.00
DONGBEI SPECIAL STEEL       8.20     06/06/16    CNY       40.00
DONGBEI SPECIAL STEEL       5.63     04/12/18    CNY       40.00
DONGBEI SPECIAL STEEL       6.10     01/15/18    CNY       40.00
DONGBEI SPECIAL STEEL       7.40     07/17/17    CNY       40.00
DONGBEI SPECIAL STEEL       6.30     09/24/16    CNY       40.00
DONGTAI COMMUNICATION       7.39     07/05/18    CNY       52.60
DRILL RIGS HOLDINGS I       6.50     10/01/17    USD       31.75
DRILL RIGS HOLDINGS I       6.50     10/01/17    USD       26.01
ERDOS DONGSHENG CITY        8.40     02/28/18    CNY       49.16
ERDOS DONGSHENG CITY        8.40     02/28/18    CNY       49.70
EZHOU CITY CONSTRUCTI       7.08     06/19/19    CNY       63.67
FEICHENG CITY ASSET O       7.10     08/14/18    CNY       77.40
FEICHENG CITY ASSET O       7.10     08/14/18    CNY       52.60
FUJIAN LONGYAN CITY C       7.45     08/14/19    CNY       64.54
FUSHUN URBAN INVESTME       5.95     05/11/18    CNY       72.11
GANZHOU CITY DEVELOPM       6.40     07/10/18    CNY       52.15
GUANGAN INVESTMENT HO       8.18     04/25/19    CNY       62.78
GUANGAN INVESTMENT HO       8.18     04/25/19    CNY       64.70
GUANGXI BAISE DEVELOP       6.50     07/04/19    CNY       63.15
GUANGXI BAISE DEVELOP       6.50     07/04/19    CNY       62.74
GUILIN ECONOMIC CONST       6.90     05/09/18    CNY       52.32
GUIYANG ECO&TECH DEVE       8.42     03/27/19    CNY       64.65
GUOAO INVESTMENT DEVE       6.89     10/29/18    CNY       70.28
HAIAN COUNTY CITY CON       8.35     03/28/18    CNY       52.54
HAIAN COUNTY CITY CON       8.35     03/28/18    CNY       52.58
HAIMEN CITY DEVELOPME       8.35     03/20/19    CNY       64.27
HANGZHOU MUNICIPAL CO       5.90     04/25/18    CNY       50.00
HANGZHOU MUNICIPAL CO       5.90     04/25/18    CNY       51.60
HANGZHOU XIAOSHAN STA       6.90     11/22/16    CNY       40.15
HANGZHOU XIAOSHAN STA       6.90     11/22/16    CNY       40.09
HANGZHOU YUHANG CITY        7.55     03/29/19    CNY       63.57
HANGZHOU YUHANG CITY        7.55     03/29/19    CNY       64.10
HANZHONG CITY CONSTRU       7.48     03/14/18    CNY       73.06
HEFEI HAIHENG INVESTM       7.30     06/12/19    CNY       60.00
HEFEI HAIHENG INVESTM       7.30     06/12/19    CNY       63.81
HEFEI TAOHUA INDUSTRI       8.79     03/27/19    CNY       63.79
HEFEI XINCHENG STATE-       7.88     04/23/19    CNY       63.94
HEFEI XINCHENG STATE-       7.88     04/23/19    CNY       63.87
HEGANG KAIYUAN CITY I       6.50     07/19/19    CNY       61.96
HEILONGJIANG HECHENG        7.78     11/17/16    CNY       40.37
HENGYANG CITY CONSTRU       7.06     08/13/19    CNY       64.17
HUAIAN CITY URBAN ASS       7.15     12/21/16    CNY       40.52
HUAIAN CITY WATER ASS       8.25     03/08/19    CNY       64.51
HUAI'AN DEVELOPMENT H       6.80     03/24/17    CNY       42.55
HUAIAN QINGHE NEW ARE       6.79     04/29/17    CNY       40.95
HUAIHUA CITY CONSTRUC       8.00     03/22/18    CNY       52.30
HUAIHUA CITY CONSTRUC       8.00     03/22/18    CNY       51.54
HUZHOU MUNICIPAL CONS       7.02     12/21/17    CNY       72.53
HUZHOU NANXUN STATE-O       8.15     03/31/19    CNY       63.53
HUZHOU WUXING NANTAIH       7.71     02/17/18    CNY       72.73
JIAMUSI NEW ERA INFRA       8.25     03/22/19    CNY       63.59
JIAMUSI NEW ERA INFRA       8.25     03/22/19    CNY       63.30
JIAN CITY CONSTRUCTIO       7.80     04/20/19    CNY       63.99
JIAN CITY CONSTRUCTIO       7.80     04/20/19    CNY       64.00
JIANGDONG HOLDING GRO       6.90     03/27/19    CNY       62.86
JIANGDU XINYUAN INDUS       8.10     03/23/19    CNY       64.04
JIANGDU XINYUAN INDUS       8.10     03/23/19    CNY       63.50
JIANGSU HUAJING ASSET       5.68     09/28/17    CNY       50.63
JIANGSU LIANYUN DEVEL       6.10     06/19/19    CNY       62.91
JIANGSU LIANYUN DEVEL       6.10     06/19/19    CNY       62.28
JIANGSU TAICANG PORT        7.66     05/16/19    CNY       64.35
JIANGYIN CITY CONSTRU       7.20     06/11/19    CNY       64.03
JIANGYIN CITY CONSTRU       7.20     06/11/19    CNY       64.20
JIASHAN STATE-OWNED A       6.80     06/06/19    CNY       62.00
JIAXING CULTURE FAMOU       8.16     03/08/19    CNY       64.47
JIAXING ECONOMIC&TECH       6.78     06/14/19    CNY       63.09
JIAXING ECONOMIC&TECH       6.78     06/14/19    CNY       63.61
JINAN CITY CONSTRUCTI       6.98     03/26/18    CNY       52.29
JINGZHOU URBAN CONSTR       7.98     04/24/19    CNY       64.75
JINING CITY CONSTRUCT       8.30     12/31/18    CNY       64.18
JINTAN CONSTRUCTION I       8.30     03/14/19    CNY       64.41
JINZHOU CITY INVESTME       7.08     06/13/19    CNY       63.53
JINZHOU CITY INVESTME       7.08     06/13/19    CNY       63.26
JIUJIANG CITY CONSTRU       8.49     02/23/19    CNY       64.73
JIUJIANG CITY CONSTRU       8.49     02/23/19    CNY       61.01
KAIFENG DEVELOPMENT I       6.47     07/11/19    CNY       63.40
KUNMING CITY CONSTRUC       7.60     04/13/18    CNY       52.16
KUNMING CITY CONSTRUC       7.60     04/13/18    CNY       52.37
KUNMING WUHUA DISTRIC       8.60     03/15/18    CNY       52.75
KUNMING WUHUA DISTRIC       8.60     03/15/18    CNY       52.84
LAIWU CITY ECONOMIC D       6.50     03/01/18    CNY       61.92
LEQING CITY STATE OWN       6.50     06/29/19    CNY       63.50
LEQING CITY STATE OWN       6.50     06/29/19    CNY       79.00
LESHAN STATE-OWNED AS       6.99     03/18/18    CNY       72.89
LESHAN STATE-OWNED AS       6.99     03/18/18    CNY       73.01
LIAOYANG CITY ASSETS        6.88     06/13/18    CNY       66.01
LIAOYANG CITY ASSETS        6.88     06/13/18    CNY       67.72
LIAOYUAN STATE-OWNED        8.17     03/13/19    CNY       62.41
LIAOYUAN STATE-OWNED        7.80     01/26/17    CNY       40.54
LIJIANG GUCHENG MANAG       6.68     07/26/19    CNY       63.72
LINAN CITY CONSTRUCTI       8.15     03/09/18    CNY       52.38
LINAN CITY CONSTRUCTI       8.15     03/09/18    CNY       52.11
LINHAI CITY INFRASTRU       7.98     11/06/16    CNY       50.42
LINYI INVESTMENT DEVE       8.10     03/27/18    CNY       52.44
LIUZHOU DONGCHENG INV       8.30     02/15/19    CNY       63.13
LIUZHOU INVESTMENT HO       6.98     08/15/19    CNY       64.23
LONGHAI STATE-OWNED A       8.25     12/02/17    CNY       72.73
LUOHE CITY CONSTRUCTI       6.81     03/30/17    CNY       30.51
LUOHE CITY CONSTRUCTI       6.81     03/30/17    CNY       30.61
MIANYANG SCIENCE & TE       6.30     07/22/18    CNY       54.25
MIANYANG SCIENCE & TE       7.16     05/15/19    CNY       60.31
MIANYANG SCIENCE & TE       7.16     05/15/19    CNY       63.14
NANAN CITY TRADE INDU       8.50     04/25/19    CNY       64.54
NANCHONG CHEMICAL IND       8.16     04/26/19    CNY       64.02
NANJING HEXI NEW TOWN       6.40     02/03/17    CNY       60.93
NANJING JIANGNING SCI       7.29     04/28/19    CNY       64.07
NANTONG CITY TONGZHOU       6.80     05/28/19    CNY       63.67
NANTONG CITY TONGZHOU       6.80     05/28/19    CNY       81.00
NANTONG STATE-OWNED A       6.72     11/13/16    CNY       40.32
NANTONG STATE-OWNED A       6.72     11/13/16    CNY       40.30
NEIJIANG INVESTMENT H       7.00     07/19/18    CNY       51.80
NEIJIANG INVESTMENT H       7.00     07/19/18    CNY       51.93
NEIMENGGU XINLINGOL X       7.62     02/25/18    CNY       72.37
NINGBO CITY ZHENHAI I       6.48     04/12/17    CNY       40.66
NINGBO URBAN CONSTRUC       7.39     03/01/18    CNY       52.07
NINGDE CITY STATE-OWN       6.25     10/21/17    CNY       40.52
NINGHAI COUNTY CITY C       8.60     12/31/17    CNY       73.59
NONGGONGSHANG REAL ES       6.29     10/11/17    CNY       71.20
PANJIN CONSTRUCTION I       7.70     12/16/16    CNY       40.34
PANJIN CONSTRUCTION I       7.70     12/16/16    CNY       40.27
PANJIN CONSTRUCTION I       7.50     05/17/19    CNY       64.09
PINGDINGSHAN CITY DEV       7.86     05/08/19    CNY       64.16
PINGDINGSHAN CITY DEV       7.86     05/08/19    CNY       64.04
PUER CITY STATE OWNED       7.38     06/20/19    CNY       63.08
PUTIAN STATE-OWNED AS       8.10     03/21/19    CNY       64.20
PUTIAN STATE-OWNED AS       8.10     03/21/19    CNY       64.27
QIANAN XINGYUAN WATER       6.45     07/11/18    CNY       52.11
QIANDONG NANZHOU DEVE       8.80     04/27/19    CNY       63.57
QINGDAO CITY CONSTRUC       6.89     02/16/19    CNY       62.90
QINGDAO CITY CONSTRUC       6.19     02/16/17    CNY       40.60
QINGDAO CITY CONSTRUC       6.89     02/16/19    CNY       62.78
QINGDAO CITY CONSTRUC       6.19     02/16/17    CNY       40.50
QINGDAO HUATONG STATE       7.30     04/18/19    CNY       63.77
QINGDAO HUATONG STATE       7.30     04/18/19    CNY       63.60
QINGZHOU HONGYUAN PUB       6.50     05/22/19    CNY       31.08
QINGZHOU HONGYUAN PUB       6.50     05/22/19    CNY       31.60
QINZHOU CITY DEVELOPM       6.72     04/30/17    CNY       50.91
QUANZHOU QUANGANG PET       8.40     04/16/19    CNY       64.61
QUANZHOU QUANGANG PET       8.40     04/16/19    CNY       63.40
QUNSHAN HUAQIAO INTER       7.98     12/30/18    CNY       63.37
SANMING STATE-OWNED A       6.99     06/14/18    CNY       70.08
SANMING STATE-OWNED A       6.99     06/14/18    CNY       73.62
SHANGHAI CHENGTOU COR       4.63     07/30/19    CNY       61.73
SHANGHAI REAL ESTATE        6.12     05/17/17    CNY       40.92
SHANGHAI SONGJIANG TO       6.28     08/15/18    CNY       52.38
SHAOXING CHENGBEI XIN       6.21     06/11/18    CNY       51.97
SHAOXING CHENGBEI XIN       6.21     06/11/18    CNY       76.75
SHIYAN CITY INFRASTRU       7.98     04/20/19    CNY       64.18
SICHUAN COAL INDUSTRY       5.94     05/15/17    CNY       35.00
SICHUAN COAL INDUSTRY       7.45     12/25/16    CNY       35.00
SICHUAN COAL INDUSTRY       7.70     01/09/18    CNY       35.00
SICHUAN COAL INDUSTRY       7.80     09/27/17    CNY       35.00
SICHUAN DEVELOPMENT H       5.40     11/10/17    CNY       70.79
SUIZHOU CITY INVESTME       7.50     08/22/19    CNY       63.84
SUQIAN ECONOMIC DEVEL       7.50     03/26/19    CNY       63.36
SUQIAN ECONOMIC DEVEL       7.50     03/26/19    CNY       63.93
SUZHOU CONSTRUCTION I       7.45     03/12/19    CNY       63.66
SUZHOU INDUSTRIAL PAR       5.79     05/30/19    CNY       62.41
TAIXING ZHONGXING STA       8.29     03/27/18    CNY       52.71
TAIXING ZHONGXING STA       8.29     03/27/18    CNY       53.53
TAIZHOU CITY CONSTRUC       6.90     01/25/17    CNY       40.54
TAIZHOU HAILING ASSET       8.52     03/21/19    CNY       64.11
TAIZHOU HAILING ASSET       8.52     03/21/19    CNY       64.39
TAIZHOU XINTAI GROUP        6.85     08/14/18    CNY       52.12
TAIZHOU XINTAI GROUP        6.85     08/14/18    CNY       52.31
TIANJIN BINHAI NEW AR       5.00     03/13/18    CNY       71.78
TIANJIN BINHAI NEW AR       5.00     03/13/18    CNY       71.42
TIANJIN ECO-CITY INVE       6.76     08/14/19    CNY       63.59
TIANJIN ECO-CITY INVE       6.76     08/14/19    CNY       66.00
TIANJIN HANBIN INVEST       8.39     03/22/19    CNY       63.90
TIANJIN HI-TECH INDUS       7.80     03/27/19    CNY       64.10
TIANJIN HI-TECH INDUS       7.80     03/27/19    CNY       63.67
TIANJIN JINNAN CITY C       6.95     06/18/19    CNY       63.51
TIELING PUBLIC ASSETS       7.34     05/29/18    CNY       51.81
TIELING PUBLIC ASSETS       7.34     05/29/18    CNY       52.12
TIGER FOREST & PAPER        5.38     06/14/17    CNY       58.02
TONGCHUAN DEVELOPMENT       7.50     07/17/19    CNY       62.90
TONGLIAO CITY INVESTM       5.98     09/01/17    CNY       70.92
TONGREN FANJINGSHAN I       6.89     08/02/19    CNY       62.84
TONGREN FANJINGSHAN I       6.89     08/02/19    CNY       60.59
TULUFAN DISTRICT STAT       7.20     08/09/19    CNY       75.00
URUMQI CITY CONSTRUCT       6.35     07/09/19    CNY       63.57
URUMQI STATE-OWNED AS       6.48     04/28/18    CNY       51.47
URUMQI STATE-OWNED AS       6.48     04/28/18    CNY       51.55
VANZIP INVESTMENT GRO       7.92     02/04/19    CNY       66.04
WAFANGDIAN STATE-OWNE       8.55     04/19/19    CNY       64.28
WENZHOU ANJUFANG CITY       7.65     04/24/19    CNY       63.72
WUHAI CITY CONSTRUCTI       8.20     03/31/19    CNY       63.91
WUHAI CITY CONSTRUCTI       8.20     03/31/19    CNY       63.50
WUHU ECONOMIC TECHNOL       6.70     06/08/18    CNY       52.19
WUHU ECONOMIC TECHNOL       6.70     06/08/18    CNY       51.00
XIAN CHANBAHE DEVELOP       6.89     08/03/19    CNY       63.29
XIANGTAN CITY CONSTRU       8.00     03/16/19    CNY       63.50
XIANGTAN CITY CONSTRU       8.00     03/16/19    CNY       64.08
XIANGTAN JIUHUA ECONO       6.93     12/16/16    CNY       40.30
XIANGYANG CITY CONSTR       8.12     01/12/19    CNY       63.51
XIANGYANG CITY CONSTR       8.12     01/12/19    CNY       63.69
XIAOGAN URBAN CONSTRU       8.12     03/26/19    CNY       64.35
XINING CITY INVESTMEN       7.70     04/27/19    CNY       64.35
XINING CITY INVESTMEN       7.70     04/27/19    CNY       63.80
XINJIANG SHIHEZI DEVE       7.50     08/29/18    CNY       73.00
XINJIANG UYGUR AR HAM       6.25     07/17/18    CNY       52.03
XINXIANG INVESTMENT G       6.80     01/18/18    CNY       72.09
XINYANG HUAXIN INVEST       6.95     06/14/19    CNY       63.79
XINZHOU CITY ASSET MA       7.39     08/08/18    CNY       52.81
XUCHANG GENERAL INVES       7.78     04/27/19    CNY       64.28
XUZHOU ECONOMIC TECHN       8.20     03/07/19    CNY       64.45
XUZHOU ECONOMIC TECHN       8.20     03/07/19    CNY       64.60
XUZHOU XINSHENG CONST       7.48     05/08/18    CNY       52.40
XUZHOU XINSHENG CONST       7.48     05/08/18    CNY       52.65
YAAN STATE-OWNED ASSE       7.39     07/04/19    CNY       63.26
YANCHENG ORIENTAL INV       5.75     06/08/17    CNY       51.02
YANGZHONG URBAN CONST       7.10     03/26/18    CNY       72.94
YANGZHOU URBAN CONSTR       6.30     07/26/19    CNY       63.11
YANGZHOU URBAN CONSTR       6.30     07/26/19    CNY       63.00
YANZHOU HUIMIN URBAN        8.50     12/28/17    CNY       51.92
YIBIN STATE-OWNED ASS       5.80     05/23/18    CNY       72.26
YICHUN CITY CONSTRUCT       7.35     07/24/19    CNY       61.26
YIJINHUOLUOQI HONGTAI       8.35     03/19/19    CNY       57.71
YIJINHUOLUOQI HONGTAI       8.35     03/19/19    CNY       59.73
YINCHUAN URBAN CONSTR       6.28     03/09/17    CNY       25.15
YIYANG CITY CONSTRUCT       8.20     11/19/16    CNY       40.46
YIZHENG CITY CONSTRUC       7.78     06/14/19    CNY       76.00
YIZHENG CITY CONSTRUC       7.78     06/14/19    CNY       64.50
YUNNAN PROVINCIAL INV       5.25     08/24/17    CNY       70.45
ZHANGJIAGANG JINCHENG       6.23     01/06/18    CNY       61.42
ZHANGJIAKOU TONGTAI H       6.90     07/05/18    CNY       73.53
ZHEJIANG PROVINCE DEQ       6.90     04/12/18    CNY       72.56
ZHENJIANG CULTURE AND       5.86     05/06/17    CNY       50.54
ZHENJIANG NEW AREA EC       8.16     03/01/19    CNY       63.10
ZHENJIANG TRANSPORTAT       7.29     05/08/19    CNY       62.65
ZHENJIANG TRANSPORTAT       7.29     05/08/19    CNY       63.30
ZHUCHENG ECONOMIC DEV       6.40     04/26/18    CNY       39.00
ZHUCHENG ECONOMIC DEV       6.40     04/26/18    CNY       41.50
ZHUCHENG ECONOMIC DEV       7.50     08/25/18    CNY       40.58
ZHUHAI HUAFA GROUP CO       8.43     02/16/18    CNY       52.56
ZHUHAI HUAFA GROUP CO       8.43     02/16/18    CNY       52.21
ZHUHAI ZHONGFU ENTERP       5.28     05/28/15    CNY       57.00
ZHUHAI ZHONGFU ENTERP       6.60     03/28/17    CNY       57.00
ZHUJI CITY CONSTRUCTI       6.92     07/05/18    CNY       73.32
ZHUZHOU GECKOR GROUP        7.82     08/18/18    CNY       74.90
ZIBO CITY PROPERTY CO       6.83     08/22/19    CNY       64.01
ZIBO CITY PROPERTY CO       5.45     04/27/19    CNY       37.31
ZIGONG STATE-OWNED AS       6.86     06/17/18    CNY       73.00
ZOUCHENG CITY ASSET O       7.02     01/12/18    CNY       41.37
ZOUPING COUNTY STATE-       6.98     04/27/18    CNY       73.22
ZUNYI CITY INVESTMENT       8.53     03/13/19    CNY       63.22
ZUNYI CITY INVESTMENT       8.53     03/13/19    CNY       63.68


INDONESIA
---------

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


INDIA
-----

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


JAPAN
-----

AVANSTRATE INC              5.55     10/31/17    JPY       33.25
AVANSTRATE INC              5.55     10/31/17    JPY       37.00
MICRON MEMORY JAPAN I       0.70     08/01/16    JPY        4.93
MICRON MEMORY JAPAN I       0.50     10/26/15    JPY        4.93
MICRON MEMORY JAPAN I       2.03     03/22/12    JPY        4.93
MICRON MEMORY JAPAN I       2.10     11/29/12    JPY        4.93
MICRON MEMORY JAPAN I       2.29     12/07/12    JPY        4.93
TAKATA CORP                 0.58     03/26/21    JPY       69.88


KOREA
-----

2014 KODIT CREATIVE T       5.00     12/25/17    KRW       33.22
2014 KODIT CREATIVE T       5.00     12/25/17    KRW       33.22
2016 KIBO 1ST SECURIT       5.00     09/13/18    KRW       28.21
DOOSAN CAPITAL SECURI      20.00     04/22/19    KRW       45.01
HANJIN SHIPPING CO LT       6.00     09/30/16    KRW       65.65
HANJIN SHIPPING CO LT       5.90     06/07/17    KRW       66.06
KIBO ABS SPECIALTY CO      10.00     02/19/17    KRW       40.83
KIBO ABS SPECIALTY CO       5.00     01/31/17    KRW       35.72
KIBO ABS SPECIALTY CO       5.00     03/29/18    KRW       32.10
KIBO ABS SPECIALTY CO      10.00     08/22/17    KRW       18.10
KIBO ABS SPECIALTY CO       5.00     12/25/17    KRW       31.73
LSMTRON DONGBANGSEONG       4.53     11/22/17    KRW       32.67
OKC SECURITIZATION SP      10.00     01/03/20    KRW       26.56
SINBO SECURITIZATION        5.00     01/30/19    KRW       29.32
SINBO SECURITIZATION        5.00     01/30/19    KRW       29.32
SINBO SECURITIZATION        5.00     10/30/19    KRW       20.32
SINBO SECURITIZATION        5.00     02/11/18    KRW       32.51
SINBO SECURITIZATION        5.00     05/26/18    KRW       30.24
SINBO SECURITIZATION        5.00     02/21/17    KRW       35.82
SINBO SECURITIZATION        5.00     02/11/18    KRW       32.51
SINBO SECURITIZATION        5.00     01/29/17    KRW       37.49
SINBO SECURITIZATION        5.00     02/21/17    KRW       35.82
SINBO SECURITIZATION        5.00     08/31/16    KRW       74.96
SINBO SECURITIZATION        5.00     09/30/19    KRW       26.90
SINBO SECURITIZATION        5.00     12/13/16    KRW       42.49
SINBO SECURITIZATION        5.00     03/12/18    KRW       32.26
SINBO SECURITIZATION        5.00     03/13/17    KRW       35.59
SINBO SECURITIZATION        5.00     03/13/17    KRW       35.59
SINBO SECURITIZATION        5.00     03/12/18    KRW       32.26
SINBO SECURITIZATION        5.00     07/24/18    KRW       31.34
SINBO SECURITIZATION        5.00     07/24/18    KRW       31.34
SINBO SECURITIZATION        5.00     08/31/16    KRW       74.96
SINBO SECURITIZATION        5.00     10/05/16    KRW       56.78
SINBO SECURITIZATION        5.00     10/05/16    KRW       56.78
SINBO SECURITIZATION        5.00     03/18/19    KRW       28.88
SINBO SECURITIZATION        5.00     03/18/19    KRW       28.88
SINBO SECURITIZATION        5.00     08/16/17    KRW       34.20
SINBO SECURITIZATION        5.00     08/16/17    KRW       34.20
SINBO SECURITIZATION        5.00     06/07/17    KRW       19.29
SINBO SECURITIZATION        5.00     10/01/17    KRW       33.77
SINBO SECURITIZATION        5.00     10/01/17    KRW       33.77
SINBO SECURITIZATION        5.00     10/01/17    KRW       33.77
SINBO SECURITIZATION        5.00     06/07/17    KRW       19.29
SINBO SECURITIZATION        5.00     12/25/16    KRW       39.36
SINBO SECURITIZATION        5.00     02/27/19    KRW       29.11
SINBO SECURITIZATION        5.00     02/27/19    KRW       29.11
SINBO SECURITIZATION        5.00     01/15/18    KRW       33.02
SINBO SECURITIZATION        5.00     12/23/18    KRW       29.67
SINBO SECURITIZATION        5.00     06/27/18    KRW       31.56
SINBO SECURITIZATION        5.00     06/27/18    KRW       31.56
SINBO SECURITIZATION        5.00     01/15/18    KRW       33.02
SINBO SECURITIZATION        5.00     07/24/17    KRW       33.22
SINBO SECURITIZATION        5.00     12/23/18    KRW       29.67
SINBO SECURITIZATION        5.00     12/23/17    KRW       31.75
SINBO SECURITIZATION        5.00     06/25/18    KRW       29.98
SINBO SECURITIZATION        5.00     06/25/19    KRW       27.86
SINBO SECURITIZATION        5.00     07/29/19    KRW       27.53
SINBO SECURITIZATION        5.00     07/29/18    KRW       29.65
SINBO SECURITIZATION        5.00     08/27/19    KRW       27.30
SINBO SECURITIZATION        5.00     08/29/18    KRW       30.85
SINBO SECURITIZATION        5.00     09/26/18    KRW       30.61
SINBO SECURITIZATION        5.00     09/26/18    KRW       30.61
SINBO SECURITIZATION        5.00     09/26/18    KRW       30.61
SINBO SECURITIZATION        5.00     07/08/17    KRW       34.60
SINBO SECURITIZATION        5.00     07/08/17    KRW       34.60
SINBO SECURITIZATION        5.00     08/29/18    KRW       30.85
TONGYANG CEMENT & ENE       7.30     06/26/15    KRW       70.00
TONGYANG CEMENT & ENE       7.30     04/12/15    KRW       70.00
TONGYANG CEMENT & ENE       7.50     04/20/14    KRW       70.00
TONGYANG CEMENT & ENE       7.50     09/10/14    KRW       70.00
TONGYANG CEMENT & ENE       7.50     07/20/14    KRW       70.00
U-BEST SECURITIZATION       5.50     11/16/17    KRW       34.10
WOONGJIN ENERGY CO LT       3.00     12/19/19    KRW       63.35


SRI LANKA
---------

HATTON NATIONAL BANK        8.00     08/29/23    LKR       67.00
SRI LANKA GOVERNMENT        5.35     03/01/26    LKR       61.23
SRI LANKA GOVERNMENT        8.00     01/01/32    LKR       66.90
SRI LANKA GOVERNMENT        9.00     06/01/43    LKR       68.36
SRI LANKA GOVERNMENT        6.00     12/01/24    LKR       67.25
SRI LANKA GOVERNMENT        9.00     06/01/33    LKR       73.49
SRI LANKA GOVERNMENT        9.00     10/01/32    LKR       73.98
SRI LANKA GOVERNMENT        9.00     11/01/33    LKR       72.96


MALAYSIA
--------

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


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

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


SINGAPORE
---------

ASL MARINE HOLDINGS L       5.35     10/01/18    SGD       69.00
AUSGROUP LTD                7.45     10/20/16    SGD       66.88
AXIS OFFSHORE PTE LTD       7.90     05/18/18    USD       59.13
BAKRIE TELECOM PTE LT      11.50     05/07/15    USD        2.34
BAKRIE TELECOM PTE LT      11.50     05/07/15    USD        2.34
BERAU CAPITAL RESOURC      12.50     07/08/15    USD       20.29
BERAU CAPITAL RESOURC      12.50     07/08/15    USD       20.25
BLD INVESTMENTS PTE L       8.63     03/23/15    USD        7.88
BUMI CAPITAL PTE LTD       12.00     11/10/16    USD       19.75
BUMI CAPITAL PTE LTD       12.00     11/10/16    USD       20.25
BUMI INVESTMENT PTE L      10.75     10/06/17    USD       18.87
BUMI INVESTMENT PTE L      10.75     10/06/17    USD       18.63
ENERCOAL RESOURCES PT       6.00     04/07/18    USD       10.75
EZRA HOLDINGS LTD           4.88     04/24/18    SGD       65.00
GOLIATH OFFSHORE HOLD      12.00     06/11/17    USD        5.11
INDO INFRASTRUCTURE G       2.00     07/30/10    USD        1.88
NEPTUNE ORIENT LINES        4.65     09/09/20    SGD       71.97
NEPTUNE ORIENT LINES        4.40     06/22/21    SGD       66.01
ORO NEGRO DRILLING PT       7.50     01/24/19    USD       44.00
OSA GOLIATH PTE LTD        12.00     10/09/18    USD       62.50
OTTAWA HOLDINGS PTE L       5.88     05/16/18    USD       69.83
OTTAWA HOLDINGS PTE L       5.88     05/16/18    USD       70.00
PACIFIC RADIANCE LTD        4.30     08/29/18    SGD       55.00
RICKMERS TRUST MANAGE       8.45     05/15/17    SGD       72.00
SWIBER HOLDINGS LTD         7.13     04/18/17    SGD       10.50
SWIBER HOLDINGS LTD         5.55     10/10/16    SGD       14.50
SWIBER HOLDINGS LTD         7.75     09/18/17    CNY       13.46
TRIKOMSEL PTE LTD           5.25     05/10/16    SGD       18.25
TRIKOMSEL PTE LTD           7.88     06/05/17    SGD       20.00


THAILAND
--------

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


VIETNAM
-------

DEBT AND ASSET TRADIN       1.00     10/10/25    USD       51.03
DEBT AND ASSET TRADIN       1.00     10/10/25    USD       55.24




                             *********

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

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

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


                            *********


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

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

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

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

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



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