TCRAP_Public/160927.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Tuesday, September 27, 2016, Vol. 19, No. 191

                            Headlines


A U S T R A L I A

BLUE DRAGONFLY: First Creditors' Meeting Set For Oct. 4
CITATION RESOURCES: First Creditors' Meeting Set For Sept. 30
F.A.B CLEANING: First Creditors' Meeting Set For Sept. 28
HUGHES DRILLING: Placed Into Administration
LIBERTY SERIES 2016-1: S&P Assigns B Rating on Class F Notes


C H I N A

CHINA: Debt Attracts Brave Few Despite Default Worries
CHINA CINDA: Moody's Assigns B1 Preference Securities Rating
JIANGSU NEWHEADLINE: Fitch Assigns 'BB+' Rating to USD100MM Notes


I N D I A

ADITYA MOTOCORP: CRISIL Assigns 'B' Rating to INR60MM Cash Loan
AGARWAL MITTAL: CRISIL Suspends 'B' Rating on INR320MM Cash Loan
ALIGARH ROLLER: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
ASHTANGA EDUCATIONAL: CRISIL Reaffirms B- INR127.2MM Loan Rating
CALYX CONTAINER: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating

CARREG COMMODITIES: CRISIL Hikes Rating on INR50MM Loan to B+
COMMTRADE METALS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
DEMBLA TIMBER: Ind-Ra Assigns 'B' Long-Term Issuer Rating
DIAMOND SOLVEX: CRISIL Suspends B+ Rating on INR175MM Cash Loan
DUKE SPONGE: Ind-Ra Withdraws 'B' Long-Term Issuer Rating

EASTMADE SPICES: ICRA Assigns 'B' Rating to INR5.50cr Loan
ENTALLY ASTHA: Ind-Ra Suspends 'BB-' Rating on INR100MM Term Loan
GEETANJALI GRAPHICS: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
GRV SPINTEX: CRISIL Suspends B+ Rating on INR477.5MM Term Loan
HEAVY METAL: CRISIL Suspends 'B' Rating on INR40MM Cash Loan

HOTHUR ISPAT: CRISIL Suspends 'D' Rating on INR533.3MM Loan
IDEA INFINITY: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
JINDAL WOOD: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
JUBILANT PHARMA: S&P Assigns Prelim. 'BB-' CCR; Outlook Stable
K.B.N. JEWELLERY: Ind-Ra Withdraws 'B' Long-Term Issuer Rating

KAMAL INTERNATIONAL: Ind-Ra Withdraws B+ Long-Term Issuer Rating
KEDIA PIPES: Ind-Ra Assigns BB Rating to INR210MM Capital Limits
KEDIA PIPES: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
LAXMI COTTON: CRISIL Suspends B+ Rating on INR70MM Cash Loan
LAXMI OPTICALS: CRISIL Lowers Rating on INR80MM Cash Loan to B-

LILY HOTELS: Ind-Ra Assigns 'D' Long-Term Issuer Rating
M S SHIP: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
M. K. STONE: CRISIL Suspends B- Rating on INR47MM Term Loan
MALBROS INTERNATIONAL: Ind-Ra Affirms BB+ Long-Term Issuer Rating
MEHSANA DAIRY: CRISIL Assigns B+ Rating to INR300MM Term Loan

MRIDHUL TIMBERS: CRISIL Reaffirms B Rating on INR25MM Cash Loan
OASIS DISTILLERIES: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
OM PRAKASH: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
OMNITEL TECHNOLOGIES: CRISIL Suspends B+ Rating on INR10MM Loan
OPS INTERNATIONAL: Ind-Ra Withdraws 'B' Long-Term Issuer Rating

PINE EXPORTERS: CARE Assigns 'B' Rating to INR3.50cr LT Loan
PMC RUBBER: CRISIL Reaffirms 'B' Rating on INR337.5MM Cash Loan
RADHARANI HIMGHAR: CRISIL Assigns B- Rating to INR40.2MM Loan
RAJASTHAN CYLINDERS: CRISIL Assigns 'B' Rating to INR45MM Loan
RAJINDER & CO: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating

RAVINDRA ENERGY: ICRA Assigns 'B-' Rating to INR12.07cr LT Loan
SAM AGRITECH: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
SARRA MOTORS: CRISIL Lowers Rating on INR40MM Cash Loan to 'B'
SHARMA RICE: CRISIL Suspends B+ Rating on INR50MM Cash Loan
SHIVA SHAKTI: CRISIL Suspends 'B' Rating on INR235MM Cash Loan

SHREE HARI: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
SRI LANGTA: CARE Assigns B+ Rating to INR25cr Long Term Loan
SRI SAI: CRISIL Assigns 'B' Rating to INR50MM Bank Loan
STEEL AND INDUSTRIAL: CRISIL Assigns B Rating to INR62MM Loan
SUBHANG CAPSAS: ICRA Suspends 'B' Rating on INR3.50cr LT Loan

TRICOT IMPEX: CRISIL Suspends 'B' Rating on INR175MM Loan
UD SOLUTION: Ind-Ra Assigns BB+ Long-Term Issuer Rating
VMS INTERNATIONAL: Ind-Ra Raises Long-Term Issuer Rating to 'B+'
VRUNDAVAN GINNING: CRISIL Suspends B+ Rating on INR60MM Cash Loan


N E W  Z E A L A N D

SUN 2 MOON: Wellington Grocery Store Placed Into Liquidation


S O U T H  K O R E A

HANJIN SHIPPING: Cargo Owners Withholding $80MM in Payments
LOTTE GROUP: Prosecutors Seek Warrant to Arrest Chairman


X X X X X X X X

* BOND PRICING: For the Week Sept. 19 to Sept. 26, 2016


                            - - - - -


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A U S T R A L I A
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BLUE DRAGONFLY: First Creditors' Meeting Set For Oct. 4
-------------------------------------------------------
A first meeting of the creditors in the proceedings of The Blue
Dragonfly Cafe & Gifts Pty Ltd will be held at the offices of
Worrells Solvency & Forensic Accountants, Level 15, 114 William
Street, in Melbourne, on Oct. 4, 2016, at 10:30 a.m.

Nathan Lee Deppeler and Paul Burness of Worrells Solvency were
appointed as administrators of Blue Dragonfly on Sept. 22, 2016.


CITATION RESOURCES: First Creditors' Meeting Set For Sept. 30
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Citation
Resources Ltd will be held at the offices of KordaMentha, Level
10, 40 St Georges Terrace, in Perth, on Sept. 30, 2016, at
10:00 a.m.

Richard Tucker & Scott Langdon of KordaMentha were appointed as
administrators of Citation Resources on Sept. 20, 2016.


F.A.B CLEANING: First Creditors' Meeting Set For Sept. 28
---------------------------------------------------------
A first meeting of the creditors in the proceedings of F.A.B
Cleaning Services Australia Pty Ltd will be held at Ground Level,
81 Flinders Street, in Adelaide, on Sept. 28, 2016, at 11:00 a.m.

Paul Victor Jorgensen of PKF Kennedy was appointed as
administrator of F.A.B Cleaning on Sept. 19, 2016.


HUGHES DRILLING: Placed Into Administration
-------------------------------------------
Stuart McKinnon at The West Australian reports that Hughes
Drilling has called in administrators after suggestions by its
auditors that it may have been trading while insolvent.

The Queensland-based company, which owns JSW Australia based in
Bibra Lake, has appointed McGrathNicol to manage its affairs, the
report discloses.

According to The West Australian, McGrathNicol said it intended
to continue to operate all business units while it undertook an
urgent financial and operational assessment of the business.

"The objective of the administrators is to work closely with
management, employees, suppliers and customers to quickly
stabilise operations and to determine the appropriate strategy
for the business," the report quotes McGrathNicol as saying in a
statement.

"Based on initial discussions with management, the administrators
are optimistic that recapitalisation proposals will emerge.

"A sale and recapitalisation campaign will be commenced
immediately."

A creditors meeting will be held within eight days, the report
discloses.

The company's US subsidiary Reichdrill is not included in the
administration, adds The Western Australian.

Hughes Drilling Limited, formerly Every Day Mine Services
Limited, (ASX:HDX) -- http://www.hughesdrilling.com.au/company-
snapshot.html -- is an Australia-based holding company. Through
its subsidiaries, the Company is engaged in the provision of
contracting services to the mining industry with a focus on niche
services for production, delineation, mining and contracting
companies who do not have specialized equipment and employees to
perform themselves. The Company also supplies manufactured drill
rigs and spare parts. The Company and its subsidiaries
predominantly operate throughout New South Wales and Queensland
and Western Australia. The Company's subsidiaries include Hughes
Drilling 1 Pty Ltd, Express Hydraulics (Aust) Pty Ltd, EDMS
Assets & Logistics Pty Ltd and EDMS Energy Pty Ltd, among others.


LIBERTY SERIES 2016-1: S&P Assigns B Rating on Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to seven of the eight
classes of small-ticket commercial mortgage-backed, floating-
rate, pass-through notes issued by Liberty Funding Pty Ltd. in
respect of Liberty Series 2016-1 SME.  Liberty Series 2016-1 SME
is a securitization of loans to commercial borrowers, secured by
first-registered mortgages over Australian commercial or
residential properties originated by Liberty Financial Pty Ltd.
(Liberty).

The ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including the fact that this is a closed
      portfolio, which means no further loans will be assigned to
      the trust after the closing date.

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises note subordination for each class of rated note.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including an amortizing
      liquidity facility equal to 3.0% of the outstanding balance
      of the notes, and principal draws, are sufficient under
      S&P's stress assumptions to ensure timely payment of
      interest.

   -- The A$2,650,000 guarantee fee reserve account funded at
      close by Liberty and topped up with excess spread to the
      extent drawn.  The reserve account may be utilized as
      liquidity support for required payments or to meet current
      loan losses.

   -- The extraordinary expense reserve of A$250,000, funded from
      day one by Liberty, available to meet extraordinary
      expenses.  The reserve will be topped up via excess spread
      if drawn.

   -- The interest-rate swap agreement with Westpac Banking Corp.
      to hedge any receipts from fixed-rate mortgage loans
      against the floating-rate obligations of the issuer trust.

A copy of S&P Global Ratings' complete report for Liberty Series
2016-1 SME can be found on RatingsDirect, S&P Global Ratings'
web-based credit analysis system, at:

                  http://www.globalcreditportal.com

The issuer has not informed Standard & Poor's (Australia) Pty
Limited whether the issuer is publically disclosing all relevant
information about the structured finance instruments the subject
of this press release or whether relevant information remains
non-public.

RATINGS ASSIGNED

Class     Rating        Amount (mil. A$)
A1        AAA (sf)      260.0
A2        AAA (sf)       40.0
B         AA (sf)        25.6
C         A (sf)         20.8
D         BBB (sf)       14.8
E         BB (sf)        14.0
F         B (sf)         12.0
G         NR             12.8
NR--Not rated.



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CHINA: Debt Attracts Brave Few Despite Default Worries
------------------------------------------------------
The Financial Times reports that while economists and many
foreign investors fret about China's spiralling debt and rising
defaults, a small niche of alternative asset managers is braving
the China credit space, attracted by high yields from borrowers
shut out from other sources of finance.

The FT relates that global banks have pulled back on cross-border
lending to China, but some private debt funds are moving in to
plug gaps in a domestic financial system still dominated by
state-owned banks.

According to the FT, Crayhill Capital Management, a New York-
based alternative credit fund, recently announced a $300 million
investment in a trade financing platform operated by Stenn
International, a UK-based trade financing provider.  The FT says
Stenn purchases trade receivables from suppliers in China and
Southeast Asia who export consumer goods such as apparel, toys
and electronics to big western retailers. The focus is on small-
and medium-sized enterprises.

"International banks are largely out of the business of trade
finance for SMEs in China and local Chinese banks have not
stepped up so this financing is filling that gap," the report
quotes Carlos Mendez, managing partner at Crayhill, as saying.

Higher capital charges under Basel III have sapped global banks'
appetite for trade credit, especially to SMEs, notes the report.
Anti-money laundering and "know your customer" rules have also
contributed to the pullback.

The FT adds that Mr Mendez believes Chinese trade receivables
combine the best of two worlds. SME suppliers pay Chinese-style
interest rates -- sometimes in the double digits -- to receive
cash immediately for receivables with a typical maturity of about
120 days. But Stenn has no exposure to Chinese credit or currency
risk, since the trade invoices it buys are denominated in US
dollars and carry credit exposure to western retailers and
distributors.

Other foreign investors in China debt do take on credit risk from
Chinese borrowers but these fund managers say they can protect
themselves by avoiding borrowers from struggling "old economy"
sectors such as manufacturing, focusing on emerging consumer and
service sectors, adds the FT.


CHINA CINDA: Moody's Assigns B1 Preference Securities Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a B1(hyb) rating to China
Cinda Asset Management Co., Ltd.'s (Cinda AMC, A3 negative, ba2)
proposed USD-denominated, perpetual, non-cumulative and offshore
preference securities.

The terms and conditions of the securities incorporate non-
viability language in accordance with China Banking Regulatory
Commission's (CBRC) capital rules, and will qualify as regulatory
Additional Tier 1 (AT1) capital securities.

The rating outlook is negative.

RATINGS RATIONALE

The B1(hyb) rating is positioned two notches below Cinda AMC's
baseline credit assessment (BCA) of ba2, reflecting (1) Moody's
standard notching guidance for preference securities with loss
triggered at the point of non-viability (PONV) on a contractual
basis and with a non-cumulative dividend deferral option; and (2)
Cinda AMC's status as neither a bank nor a deposit-taking
financial institution that is subject to capital requirements
consistent with global standards.

According to the CBRC's capital rules, preference securities are
designed to be loss-absorbing at the PONV, indicating that
investors in these securities are at risk of principal write-down
or conversion to equity if Cinda AMC requires extraordinary
support to avoid default on its more senior obligations. As a
result, Moody's believes the appropriate anchor for these
securities is the baseline credit assessment (BCA) of Cinda AMC.

Claims on the preference securities are senior to the claims of
ordinary shareholders, and rank pari passu with other preference
shareholders, but are subordinate to the claims of the company's
general creditors, and holders of subordinated liabilities.

In addition, Cinda AMC may choose not to pay dividends on a non-
cumulative basis. The distributions on the capital securities are
fully discretionary, but in priority to any distributions made to
ordinary shareholders.

Under the terms and conditions of the preference securities, a
compulsory H-share conversion will occur upon the earlier of:

   -- the CBRC having concluded that without a write-off or
      conversion into ordinary shares, the company would become
      non-viable; and

   -- the relevant authorities -- such as Ministry of Finance and
      People's Bank of China -- having concluded that without a
      decision on a public sector capital injection or equivalent
      support, the company would become non-viable.

Although there is no AT1 capital trigger event as is typical for
Chinese commercial banks' preference securities, the probability
of impairment associated with non-cumulative coupon suspension,
as well as the likelihood of high loss severity when Cinda AMC
reaches the point of non-viability, is similar to that of Chinese
banks' preference securities.

However, Cinda AMC is neither a bank nor a deposit-taking
financial institution. There are no global capital rules for
distressed asset management companies. As a result, Moody's
believes that it is likely that the authorities would exhaust
other remedies before declaring Cinda AMC to be non-viable. In
Moody's view, this slightly reduces the uncertainty about when
the preference securities will need to be written down or
converted into common equity.

PRINCIPAL METHODOLOGIES

The methodologies used in this rating were Finance Companies
published in October 2015, and Government-Related Issuers
published in October 2014.

China Cinda Asset Management Co., Ltd. is one of four major
distressed asset management companies in China. Headquartered in
Beijing, it reported consolidated assets of RMB1,009 billion at
end-June 2016.


JIANGSU NEWHEADLINE: Fitch Assigns 'BB+' Rating to USD100MM Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Jiangsu NewHeadLine Development Group
Co., Ltd's (Jiangsu NHL, BB+/Stable) USD100 mil. 6.2% senior
unsecured notes due 2019 a final rating of 'BB+'.

The assignment of the final ratings follows the receipt of
documents conforming to information already received.  The final
ratings are in line with the expected ratings assigned on
Aug. 28, 2016.

                         KEY RATING DRIVERS

The notes are issued by a wholly owned subsidiary of Jiangsu NHL,
ZHIYUAN Group (BVI) Co., Ltd., and are unconditionally and
irrevocably guaranteed by HK Zhiyuan Group Limited (HKZY), also a
wholly owned subsidiary of Jiangsu NHL.  The notes are senior
unsecured obligations of HKZY and rank pari passu with all its
other obligations.

Jiangsu NHL has granted a keepwell and liquidity support deed and
a deed of equity interest purchase undertaking in place of a
guarantee to ensure HKZY has sufficient assets and liquidity to
meet its obligations under the guarantee for the notes.

The notes are rated at the same level as Jiangsu NHL's Issuer
Default Rating, due to the strong link between Jiangsu NHL and
HKZY and because the keepwell and liquidity support deed and deed
of equity interest purchase undertaking transfer the ultimate
responsibility of payment to Jiangsu NHL.

Fitch sees the keepwell and liquidity support deed and the deed
of equity interest purchase undertaking as signalling a strong
intention from Jiangsu NHL to ensure HKZY has sufficient funds to
honor the debt obligations.  The agency also believes Jiangsu NHL
intends to maintain its reputation and credit profile in the
international offshore market and is unlikely to default on its
offshore obligations.  In addition, a default by HKZY could have
significant negative repercussions on Jiangsu NHL for any future
offshore funding.

Jiangsu NHL's ratings are credit-linked to Lianyungang
Municipality, located in China's north-eastern Jiangsu Province.
This is reflected in the 100% state-ownership of Jiangsu NHL,
strong municipal oversight of its financials and strategic
importance of the entity's operation to the municipality.

                        RATING SENSITIVITIES

Any rating action on Jiangsu NHL will result in similar rating
action on the rated bonds issued by ZHIYUAN Group (BVI) Co., Ltd.

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

Significant weakening of Jiangsu NHL's strategic importance to
the municipality, dilution of the municipality's shareholding to
below 75% or reduced explicit and implicit municipality support
may result in a downgrade.  A downgrade could also result from a
weaker fiscal performance or increased indebtedness of the
municipality, leading to deterioration in the sponsor's
internally assessed creditworthiness and, as a result, of Jiangsu
NHL's ratings.



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ADITYA MOTOCORP: CRISIL Assigns 'B' Rating to INR60MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Aditya Motocorp Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            60         CRISIL B/Stable
   Term Loan              35         CRISIL B/Stable

The rating reflects the company's nascent and modest scale of
operations, its exposure to intense competition in the passenger
car market, and its weak financial risk profile because of high
gearing and expected low cash accrual. These weaknesses are
partially offset by healthy demand prospects for the passenger
vehicles of Hyundai Motors India Ltd (HMIL), and funding support
to AMPL from its promoters.
Outlook: Stable

CRISIL believes AMPL will continue to benefit from the healthy
demand prospects for passenger vehicles of HMIL. The outlook may
be revised to 'Positive' if the financial risk profile improves,
driven by ramp-up in revenue and improvement in profitability,
capital structure, and debt protection metrics. The outlook may
be revised to 'Negative' if liquidity weakens due to lower-than-
expected revenue and profitability, or stretch in working capital
cycle.

AMPL was incorporated in August 2015, and started its dealership
showroom in Varanasi, Uttar Pradesh, for HMIL's passenger cars in
November 2015. The company has also set up a workshop, which
started operations in December 2015.


AGARWAL MITTAL: CRISIL Suspends 'B' Rating on INR320MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Agarwal Mittal Concast Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            320        CRISIL B/Stable
   Letter of Credit        20        CRISIL A4
   Long Term Loan         107        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      13        CRISIL B/Stable

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

AMCPL, incorporated in May 2008 in Ahmedabad (Gujarat), is owned
and managed by the Agarwal group. The Agarwal group, through its
various entities, has been involved in the manufacturing and
trading in steel products (such as mild steel, alloy steel, and
stainless steel products) since 1972.


ALIGARH ROLLER: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Aligarh Roller
Flour Mills 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 Aligarh
Roller Flour Mills.

Ind-Ra had suspended Aligarh Roller Flour Mills' ratings on
Feb. 23, 2016.

Aligarh Roller Flour Mills' ratings:

   -- Long-Term Issuer Rating: 'IND B+(suspended)'; rating
      withdrawn
   -- INR88.5 mil. fund-based limits: 'IND B+(suspended)'/
      'IND A4(suspended)'; ratings withdrawn
   -- INR2.45 mil. term loan: 'IND B+(suspended)'; ratings
      Withdrawn


ASHTANGA EDUCATIONAL: CRISIL Reaffirms B- INR127.2MM Loan Rating
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Ashtanga Educational
Trust continues to reflect its modest scale of operation, and its
weak financial risk profile because of a weak capital structure
and subdued debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the trustees in
the healthcare industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          25       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       0.3     CRISIL B-/Stable (Reaffirmed)

   Rupee Term Loan        127.2     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes AET will continue to benefit over the medium term
from the extensive industry experience of its trustees. The
outlook may be revised to 'Positive' if higher-than-expected
revenue and profitability result in significant improvement in
cash accrual. Conversely, the outlook may be revised to
'Negative' if the financial risk profile deteriorates owing to no
fund support from the trustees, or if any large, debt-funded
capital expenditure weakens cash accrual and liquidity.

AET, set up in 2012, operates an Ayurvedic hospital and is
constructing a residential Ayurveda college in Kottanad. The
trust is managed by Mr. Narayana Namboodiri.


CALYX CONTAINER: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Calyx Container
Terminals Pvt. Ltd.'s 'IND BB-' Long-Term Issuer Rating.  The
Outlook was Stable.  The agency has also withdrawn the 'IND BB-'
rating on Calyx's INR72.5 mil. long term loans.  The Outlook was
Stable.

The ratings have been withdrawn as the facility has been repaid
in full.  Ind-Ra has received 'no dues' communication from the
concerned lender.  Consequently, the agency has withdrawn the
company's Long-Term Issuer Rating.  Ind-Ra will no longer provide
ratings or analytical coverage for Calyx.


CARREG COMMODITIES: CRISIL Hikes Rating on INR50MM Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Carreg Commodities Private Limited to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

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

   Proposed Long Term       50       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating upgrade reflects improvement in the business risk
profile and liquidity of the company. Sales were 3.5 times higher
at INR642 million fiscal 2016 against INR182 million in fiscal
2015. The increase was because of higher quantity of food
products traded. The lower realization resulted in operating
margin of 2% in 2015-16 against 4.9% in 2014-15. Driven by the
higher sales, cash accrual increased to above INR7.9 million in
fiscal 2016. Sales were around INR300 million in food products
trading during the three months through June 2016. Orders of
around INR400 million have been received to supply aggregates to
various construction companies for their projects. Healthy
revenue growth is expected to be sustained backed be the healthy
order book and the extensive experience of the promoter in the
commodities trading business.

The ratings reflect a modest scale of operations in a highly
fragmented industry, and average financial risk profile because
of a small networth. These weaknesses are partially offset by the
extensive industry experience of the promoter, and a moderate
working capital cycle.

Outlook: Stable

CRISIL believes Carreg will continue to benefit from the
extensive industry experience of its promoter. The outlook may be
revised to 'Positive' in case of larger-than-expected accrual,
while the working capital cycle and capital structure are
maintained. The outlook may be revised to 'Negative' if liquidity
deteriorates on account of a stretch in the working capital
cycle, lower-than-expected cash accrual, or large debt-funded
capital expenditure.

Carreg was incorporated in November 2010, promoted by Ms Jacintha
Panickeer. The company, based in Mangaluru, Karnataka, trades in
diverse commodities such as coal, rice, and spices.


COMMTRADE METALS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Commtrade Metals
(CM) a Long-Term Issuer Rating of 'IND B+'.  The Outlook is
Stable.

                        KEY RATING DRIVERS

The ratings reflect CM's weak credit profile.  According to the
provisional financials for FY16 revenue was INR300 mil.
(FY15:INR299 mil.), EBITDA interest coverage (operating
EBITDA/gross interest expense) was 1.9x (1.5x) and net financial
leverage (total adjusted net debt/operating EBITDA) was 7.9x
(7.2x).  EBITDA margins remained consistent at 9.6% in FY16
(FY15; 9.8%) as CM operates in a highly competitive, fragmented
and unorganized commodity market.

The ratings factor in CM's moderate liquidity position with the
fund based facilities being utilized at an average of 76% during
the 12 months ended August 2016.  CM has orders worth INR60 mil.
(0.2x of FY16 unaudited revenue) in hand and it plans to execute
them by October 2016.  CM has indicated revenue of INR82 mil. in
1QFY17

The ratings, however, are supported by CM's promoter's experience
of more than two decades in the auto ancillary manufacturing
business leading to well-established relationships with customers
and suppliers.

                       RATING SENSITIVITIES

Positive: A substantial growth in the top-line and profitability
improvement leading to a sustained improvement in the overall
credit metrics could be 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

Set up in 2010, CM is a partnership firm that manufactures
aluminum alloy ingots and aluminum die castings.  The firm is
based in Chennai (Tamil Nadu) and its day-to-day operations are
managed by its partners Mr. Uzair Ahmed, Mr. Jahir Ahmed, and
Mr. Vipul Kumar Agarwal.

CM Rating's

   -- Long-Term Issuer Rating: assigned 'IND B+'/Stable
   -- INR18.7 mil. Long-term loans: assigned 'IND B+'/Stable
   -- INR95 mil. fund-based facilities: assigned
      'IND B+'/Stable/'IND A4'
   -- INR30 mil. non-fund-based facilities: assigned; 'IND A4'


DEMBLA TIMBER: Ind-Ra Assigns 'B' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dembla Timber
Company Private Limited a Long-Term Issuer Rating of 'IND B'.
The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect DTCPL's weak credit metrics and small scale
of operations.  Net interest coverage (operating EBITDA/net
interest expense) in FY16 was 2.10x (FY15:1.79x; FY14:1.53x), net
leverage (total adjusted net debt/operating EBITDAR) was 3.71x
(11.87x, 4.44x) and revenue was INR455 mil. (INR449.60; INR458
mil.); revenue did not improve substantially during FY14-FY16 on
account of slowdown in the end user industry.

The ratings further reflect low operating EBITDA margins of 2.45%
in FY16 (FY15: 2.75%; FY14: 3.34%); the margins remained between
2%-4% during FY12-FY16 and are highly vulnerable to forex losses
and cost of procurement.

The ratings, however, are supported by the company's comfortable
liquidity position as evident from 84% average utilization of its
working capital facilities during the nine months ended August
2016.  The ratings are further supported by more than a decade of
experience of the company's promoter in the timber business.

                        RATING SENSITIVITIES

Positive: A substantial growth in revenue, operating margins
being sustained or improved leading to an improvement in credit
metrics will be positive for the ratings.

Negative: Any further deterioration in the operating margins
leading to deterioration in credit metrics will be negative for
the ratings.

                         COMPANY PROFILE

Incorporated in 2003, DTCPL is engaged in purchase and processing
of Malaysian timber wood imported from Singapore and New Zealand.
The company imports logs and process according to customers'
demands and specifications.

DTCPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B'/Stable
   -- INR30 mil. fund-based working capital limits: assigned
      'IND B'/Stable/'IND A4'
   -- INR166.1 mil. non-fund-based limits: assigned 'IND A4'


DIAMOND SOLVEX: CRISIL Suspends B+ Rating on INR175MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Diamond
Solvex Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            175       CRISIL B+/Stable
   Overdraft Facility       6.8     CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      45.7     CRISIL B+/Stable
   Term Loan               22.5     CRISIL B+/Stable

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

Incorporated by the Jain family. The company primarily extracts
rice bran oil. DSPL sells rice bran oil as well as de-oiled cake,
which is a by-product of the oil extraction process. The company
also extracts sunflower oil, but only selectively for three
months every year.


DUKE SPONGE: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Duke Sponge &
Iron Pvt. Ltd.'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 Duke
Sponge & Iron.

Ind-Ra had suspended Duke Sponge & Iron's ratings on Feb. 25,
2016.

Duke Sponge & Iron's ratings:

   -- Long-Term Issuer Rating: 'IND B(suspended)'; rating
      withdrawn
   -- INR250 mil. fund-based limits: 'IND B(suspended)'/
      'IND A4(suspended)'; ratings withdrawn
   -- INR50 mil. non-fund-based limits: 'IND B(suspended)'/
      'IND A4(suspended)'; ratings withdrawn


EASTMADE SPICES: ICRA Assigns 'B' Rating to INR5.50cr Loan
----------------------------------------------------------
The long term rating of [ICRA]B has been assigned to the INR3.75
crore of packing credit facility and INR5.50 crore of term loan
facility of Eastmade Spices & Herbs Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   PC cum FBP/FBD          3.75        [ICRA]B Assigned
   Term Loan               5.50        [ICRA]B Assigned

The assigned rating reflects ESHPL's financial profile which is
expected to remain stretched in the near to medium term given the
debt funded nature of project and impending debt repayments; and
the risk associated with timely commencement and stabilization of
its operations. The rating also remains constrained by the highly
competitive and fragmented nature of spice processing industry
and vulnerability of the company's profitability to fluctuations
in raw material prices which are subject to seasonality, crop
harvest and agro climatic conditions.

The rating, however, takes comfort from the extensive experience
of promoters in agro commodities business for over more than
three decades and the company's locational advantage by virtue of
its proximity to the raw material sources.

In ICRA's view the profitability of the company is expected to
remain limited on account of its dependence on agricultural
commodities exposing it to agro-climatic risks. Given the
sizeable debt funded capex and impending debt repayments, capital
structure and coverage indicators are expected to remain under
pressure in the near to medium term. Consequently, the company's
ability to stabilize and ramp up its operations in a profitable
manner while improving the capital structure and coverage
indicators as well as managing the working capital requirements
efficiently will remain the key rating sensitivities.

Incorporated in October 2015 under 'Satnam' group, Eastmade
Spices & Herbs Private Limited proposes engage in processing of
food grains and manufacturing various spices such as cumin seeds,
fennel seeds, mustard seeds, poppy seeds, saunf, till, coriander,
chili powder, turmeric powder etc. The proposed plant will have
an annual installed capacity of 4680 tonnes with the
commissioning of operations expected from April 2017. The company
is promoted by Mr. Prahalad Patel and his relatives who have a
long standing experience in agro commodities business by the
virtue of their association with Amenity Agro & Foods, Satnam
Psyllium Industries and Super Psyllium.


ENTALLY ASTHA: Ind-Ra Suspends 'BB-' Rating on INR100MM Term Loan
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the 'IND BB-'
rating on Entally Astha's INR100 mil. term loan to the suspended
category.  The Outlook was Stable.  The rating will now appear as
'IND BB-(suspended)' on the agency's website.  The rating has
been migrated to the suspended category due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for Entally Astha.

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


GEETANJALI GRAPHICS: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Geetanjali
Graphics (GG) a Long-Term Issuer Rating of 'IND BB-'.  The
Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect GG's small scale of operations, volatile
profitability and moderate credit metrics.  The company's revenue
stood at INR214 mil. at FYE16 (FY15: 155 mil.) while the profit
margin fluctuated between 11.8%-15.2% over FY12-FY16 due to
volatile raw material prices.  Its net leverage (total adjusted
net debt/ operating EBITDAR) was 2.8x at FYE16 (FY15: 4.2x) and
EBITDA interest cover (operating EBITDA/gross interest expense)
was 2.9x (2.6x).  FY16 numbers are provisional in nature.

The ratings factor in the company's moderate liquidity position
with its average utilization of the fund-based working capital
facilities being around 85% during the 12 months ended July 2016.

The ratings also factor in the proprietorship form.

The ratings, however, are supported by the firm's moderate order
book size.  At end-August 2016, GG had orders worth INR119 mil.
(0.56x of FY16 revenue), and it plans to execute these orders by
November 2016.  The ratings are also supported by the promoters'
more than three decades of experience in stationary printing.

                        RATING SENSITIVITIES

Positive: Any substantial growth in the revenue with an
improvement in the profit margin leading to a sustained
improvement in the credit metrics could be positive for the
ratings.

Negative: Any deterioration in the profit margin leading to
sustained deterioration in the credit metrics could be negative
for the rating.

                          COMPANY PROFILE

GG was established in 1979 as a partnership firm and later
reconstituted as a sole proprietorship in April, 2000.  The firm
is promoted by Mr. Nagsunder.  The firm has an installed capacity
to print 20 tonnes of paper per day.

GG's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
   -- INR20.71 mil. long-term loan: assigned 'IND BB-'/Stable
   -- INR30 mil. fund-based facilities: assigned 'IND BB-'/
      Stable
   -- INR15 mil. non-fund-based facilities: 'IND A4+'


GRV SPINTEX: CRISIL Suspends B+ Rating on INR477.5MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of GRV
Spintex Private Limited.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        33       CRISIL A4
   Cash Credit          120       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     5       CRISIL B+/Stable
   Term Loan            477.5     CRISIL B+/Stable

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

GRV was incorporated in 2013 at Rajkot (Gujarat) manufactures
cotton yarn. The company is promoted by the Ghodasara, Riyani,
and the Varmora families. Commercial operations for the company
started from July 2014.


HEAVY METAL: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Heavy
Metal Pipe Centre.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         19        CRISIL A4
   Cash Credit            40        CRISIL B/Stable
   Letter of Credit       40        CRISIL A4


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

HMPC, a partnership firm based in Mumbai (Maharashtra), trades in
various steel pipes and tubes, including carbon steel seamless
pipes, alloy steel pipes, and stainless steel seamless pipes. The
firm is owned by Mr. Dakshesh Shah and his family members.


HOTHUR ISPAT: CRISIL Suspends 'D' Rating on INR533.3MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Hothur Ispat Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2         CRISIL D
   Cash Credit            50         CRISIL D
   Letter of Credit       50         CRISIL D
   Long Term Loan        533.3       CRISIL D

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

HIPL, based in Bellary (Karnataka), manufactures sponge iron and
is a closely held family business founded by Mr. Hothur Mohammed
Iqbal.


IDEA INFINITY: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Idea Infinity IT
Solutions Private Limited (IISPL) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.

                          KEY RATING DRIVERS

The ratings reflect IIISPL's moderate scale of operations.
Revenue grew at a CAGR of 71.11% over FY13-FY16 and was INR120
mil. in FY16 (FY15: INR55 mil.) on account of an increase in work
orders from Chamundeswari Electricity Supply Company (CESC) which
contributed around 50% to IIISPL's total revenue.  The company
has recorded revenue of INR85.4 mil. during 1QFY17.

The company's liquidity is moderate with the fund-based
facilities being utilized at an average of 93.5% over the 12
months ended July 2016.

The ratings, however, are supported by IIISPL's healthy order
book position and comfortable credit metrics despite
deterioration in its interest coverage.  The company has current
order book of INR327.5 mil. (2.7x of FY16 revenue) providing
revenue visibility for the next two-three years.  EBITDA margins
increased to 18.8% in FY16 (FY15: 12.8%) from 8.9% in FY14 due to
execution of high margin projects.  Net financial leverage (Ind-
Ra adjusted net debt/operating EBITDAR) was 1.2x at FYE16 (FY15:
2.2x) and EBITDA interest coverage (operating EBITDA/gross
interest expense) was 5.5x (22.7.x) due to increase in debt.

The ratings are further supported by around a decade of
experience of the company's promoter in IT solution business
leading to long standing customer relationships with CESC.

                        RATING SENSITIVITIES

Positive: A substantial growth in the company's top-line and
improvement in the profitability leading to a sustained
improvement in the credit metrics could be positive rating action

Negative: A substantial 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 2008, IIISPL is a Bengaluru-based company with a
branch office in Mysore.  The company is headed by Mr. Ramesh and
is engaged in research and development of software in India.
IIISPL has a wide range of products that covers both the
electricity department, water supply and the Karnataka police
department.

IIISPL's ratings:

   -- Long term Issuer Rating: assigned 'IND BB'/Stable
   -- INR5 mil. fund-based working capital facilities: assigned
      'IND BB'/Stable/'IND A4+'
   -- INR47 mil. non-fund-based working capital facilities:
      assigned 'IND A4+'
   -- Proposed INR10 mil. fund-based working capital facilities:
      assigned Long-term 'Provisional IND BB'/Stable and Short-
      term 'Provisional IND A4+'
   -- Proposed INR58 mil. non-fund-based working capital
      facilities: assigned Short-term 'Provisional IND A4+'


JINDAL WOOD: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jindal Wood Products
Private Limited continue to reflect a modest scale of operations
in the highly competitive and fragmented timber trading industry,
and large working capital requirement. The rating also factors in
a below-average financial risk profile because of high gearing
and subdued debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            10        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      170        CRISIL A4 (Reaffirmed)
   Packing Credit         30        CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of the promoters and their funding support.
Outlook: Stable

CRISIL believes JWPPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of higher-than-
expected growth in revenue and profitability or an improvement in
working capital management, leading to better business and
financial risk profiles. The outlook may be revised to 'Negative'
if there is a significant decline in revenue or margins due to
intense competition, leading to deterioration in the business
risk profile, or more-than-expected increase in working capital
requirement or significant debt-funded capital expenditure,
adversely impacting the financial risk profile.

Update
Revenue grew at a modest rate to INR422.7 million in fiscal 2016
from INR414.0 million, in fiscal 2015, and is expected to grow at
the same pace over the medium term. The improvement in revenue is
led by lower fluctuations in foreign currency rates, while sales
volume has been consistently maintained.

The financial risk profile remains below-average because of high
gearing of around 3.0 times as on March 31, 2016. Gearing is
expected to remain at a similar level over the medium term due to
absence of any major equity infusion or higher profitability
mainly for funding incremental working capital requirement.

Incorporated in 1990, JWPPL processes and trades in timber logs
mainly from teakwood and hardwood. Its plant is at Kandla,
Gujarat.


JUBILANT PHARMA: S&P Assigns Prelim. 'BB-' CCR; Outlook Stable
--------------------------------------------------------------
S&P Global Ratings said it has assigned its preliminary 'BB-'
corporate long-term credit rating to Jubilant Pharma Ltd. (JPL).
The outlook is stable.  At the same time, S&P assigned its
preliminary 'BB-'issue rating to the proposed U.S. dollar notes
to be issued by JPL.

The rating on JPL reflects the company's exposure to the highly
competitive and regulated generics markets, modest size, and
limited product pipeline.  Its presence in niche segments,
limited competition, fair profitability, limited investment
needs, and commitment to deleverage with internal cash flows
strengthen its credit profile.

"We assess JPL and Jubilant Life Sciences Ingredients as a
combined group under parent Jubilant Life Sciences Ltd. (JLL),
which has 100% shareholding in both entities.  We believe JPL is
a core and strategic subsidiary of JLL with a common name and
linked reputation.  JPL is the key driver for JLL's credit
profile as it forms more than 60% of JLL's assets and cash flows;
which we expect to further increase over the next two to three
years. Shared treasury operations, a similar capital structure,
and management's strong long-term commitment to invest further in
JPL strengthens the importance of JPL to the JLL group.  We
equate the rating on JPL with the group credit profile on JLL.
Our rating score snapshot reflects the credit assessment for JLL
group," S&P said.

"Compared with its peers, JPL's relatively small revenue base and
market shares in the key North America market constrain its
business position.  JPL's product slate is small and pipeline is
narrow--in both its solid-dosage and radiopharma business; two
key growth and profitability drivers.  Its generics business is
small with about 25 commercialized products and another 27
awaiting approvals.  The company's radiopharma business derives a
significant majority of its revenues from three to four products,
with one key product pending approval.  This exposes the company
to the risk of competition and regulatory delays.  Declining
patent expiries, fierce competition, and price reductions
characterize the generics pharma market to which JPL and other
generics companies are exposed, requiring ongoing investment in
research and development (R&D) and dependence on new product
launches," S&P noted.

"We believe JPL's good position in niche market segments in
active pharmaceutical ingredients (API), and radiopharma segment
help partly offset the limitations of size and competition in its
generics business.  The company's presence in some smaller but
less competitive generic segments helps protect its margins.
JPL's fast-growing radiopharma business, which has strong EBITDA
margins, is targeting a niche segment with limited competition.
We expect JPL's EBITDA margins to stabilize in fiscal 2017 and
improve in fiscals 2018 and 2019 on the back of new product
launches, an improving product mix, and the benefits of operating
leverage.  JPL faces the challenge of regularly commercializing
new and better margin products in the U.S. to derive economies of
scale and avoid the earnings volatility it saw in 2015, largely
as a result of regulatory action and low capacity utilization,"
S&P said.

S&P expects JPL to maintain its increasing commitment to quality
and regulatory compliance; without which its credit quality could
materially weaken.  The company has resolved warning letters from
the U.S. Food and Drug Administration (USFDA) received regarding
its two contracted manufacturing facilities in the U.S.  The
warning impacted production, led to a temporary loss of clients,
and resulted in weaker-than-expected financial performance in
fiscal 2015.  Regulatory vigilance, especially from the USFDA, is
strong and S&P has seen many Indian generics companies suffering
from regulatory warnings that impact production, resulting in
product recalls and significant litigation and remediation costs.
JPL's recent regulatory inspections of its facilities have not
resulted in any adverse action.

JLL's life sciences ingredients (LSI) business provides some
diversity to JPL's pharma business and S&P expects it to
contribute a third of the group's cash flow.  Industry headwinds
and operational issues affected this business segment over the
last two to three years, but S&P do not expect this to recur.
S&P expects the LSI business to maintain fair profitability and
to have limited investment needs.

S&P expects revenue growth and improving margins to support JLL's
deleveraging and for the group's debt to EBITDA to fall below
3.0x sustainably (from 3.5x in 2016).  S&P expects JPL's radio
pharma business to grow meaningfully, with existing products
gaining market share and new products contributing incrementally.
Radiopharma will likely contribute about half of pharma business
cash flows over the next two to three years.  Furthermore,
continued good margins in the API business and an uptrend in
launches of new solid-dosage products will help cash flow growth
such that JPL's EBITDA could reach Indian rupee (INR) 12 billion
to INR13 billion annually over the period.

In addition, S&P expects limited capital expenditure (capex)
needs and prudent working capital management to sustainably
generate free operating cash flows.  S&P also expects JPL to
steer clear of material acquisitions (despite ongoing industry
consolidation to pursue growth) and deliver on its commitment to
deleverage.  S&P also sees its capex needs moderating as the
company focuses on improving utilization of existing capacity.

The stable outlook on JPL indicates S&P's expectations that the
company will continue to receive product approvals at a healthy
rate and commercialize them (especially radiopharma products)
over the next 12 months.  S&P expects JLL to continue to generate
positive FOCF and manage prudently its working capital and
investments to help deleverage, such that its debt-to-EBITDA
ratio sustainably approaches 3.0x over the next 12-18 months.
S&P expects the company's liquidity to remain adequate over this
period.

S&P may lower the rating on JPL if revenue growth lags our
expectation due to slower new product approvals or lower revenue
from such products.  S&P may also lower the rating if it sees
working capital needs, capex, acquisitions, or shareholder
remuneration divert cash flow away from the stated purpose of
debt reduction such that the currently expected leverage profile
appears unattainable.  A debt-to-EBITDA ratio remaining above
3.5x at JLL will be a downgrade trigger.  S&P could also lower
the rating if the company's liquidity turns less than adequate
due to its material dependence on short-term debt.

S&P may raise the rating, although this is unlikely over the next
12-18 months, if: (1) JPL's business profile improves materially
as reflected in its revenue, products, and cash flow; (2) cash
flow from revenue growth help JLL deleverage, such that its debt-
to-EBITDA ratio is sustainably below 2.5x and its ratio of FOCF
to debt improves to 15%; and (3) management adheres to a leverage
profile and prudently manages growth investments or shareholder
returns needed to  maintain adequate liquidity.


K.B.N. JEWELLERY: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn K.B.N.
Jewellery's (K.B.N. Jewellery) 'IND B(suspended)' Long-Term
Issuer Rating.  The agency has also withdrawn the 'IND
B(suspended)' and 'IND A4(suspended)' ratings on the company's
INR80 mil. fund-based working capital limits.

The ratings have been withdrawn due to lack of information.  Ind-
Ra will no provide ratings or analytical coverage for K.B.N.
Jewellery.

Ind-Ra suspended K.B.N. Jewellery's ratings on Feb. 23, 2016.


KAMAL INTERNATIONAL: Ind-Ra Withdraws B+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Kamal
International's (KI) 'IND B+(suspended)' Long-Term Issuer Rating.
The agency has also withdrawn the 'IND B+(suspended)' and
'IND A4(suspended)' ratings on the company's INR90.3 mil. fund-
based working capital limits.

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

Ind-Ra had suspended KI's ratings on Feb. 24, 2016.


KEDIA PIPES: Ind-Ra Assigns BB Rating to INR210MM Capital Limits
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kedia Pipes'
(KP) INR210 mil. fund-based limit an 'IND A4+' Short-term rating.

KP's outstanding ratings (including the above) are:

   -- Long-Term Issuer Rating: 'IND BB'; Outlook Stable
   -- INR210 mil. fund-based working capital limits: assigned
      'IND BB'/Stable and 'IND A4+'


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
organisation.  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.


LAXMI COTTON: CRISIL Suspends B+ Rating on INR70MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Laxmi
Cotton Industries.

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

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

LCI, established in 2005 and engaged in cotton ginning, has its
facilities in Vijapur (Gujarat). The firm is promoted and managed
by Mr. Rashikbhai Patel and his relatives.


LAXMI OPTICALS: CRISIL Lowers Rating on INR80MM Cash Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Laxmi Opticals to 'CRISIL B-/Stable' from 'CRISIL B/Stable'.

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

   Proposed Cash       80        CRISIL B-/Stable (Downgraded
   Credit Limit                  from 'CRISIL B/Stable')

The rating downgrade reflects a weaker-than-expected operating
performance. This follows discontinuation of the wholesale
segment primarily because of intense competition from unorganised
players in the National Capital Region (NCR). Revenue declined by
56% in fiscal 2016, compared with that in the previous fiscal, to
INR9.98 million, and is expected to remain at INR10-12 million
per annum over the medium term with only retail sales.

Additionally, inventory requirement has increased significantly;
gross current assets are estimated at over 700 days as on
March 31, 2016, which have been predominantly funded by bank
borrowing. Fund-based limits were almost fully utilized during
the 12months through April 2016.

This is expected to keep its borrowings costs high. Although, its
operating profitability is expected to be above average due to
higher profitability in retail segment, LO's cash accruals will
be barely sufficient to meet repayment obligations. Net cash
accruals in fiscal 2016 were insufficient against repayment
obligations in the same period, however the same was met through
infusion from promoters. Its weak total outside liability to
tangible networth (TOLTNW) ratio also limits its financial
flexibility to leverage further in an exigency.

The rating reflects a modest scale of operations, exposure to
intense competition, and a weak financial risk profile because of
a small networth, high total outside liabilities to tangible
networth ratio, and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
the proprietor in the optical products industry and a strong
brand recall in the NCR.
Outlook: Stable

CRISIL believes LO will continue to benefit over the medium term
from the extensive industry experience of its proprietor. The
outlook may be revised to 'Positive' in case of a significant
increase in sales, along with improvement in the financial risk
profile, most likely because of higher cash accrual, driven by
better profitability or shorter working capital cycle. The
outlook may be revised to 'Negative' if the financial risk
profile deteriorates, or profitability declines leading to lower
cash accrual.

LO was established in 2005 as a proprietorship firm by Mr Sandeep
Pahwa. It trades in optical items, such as spectacle frames,
sunglasses, contact lenses, and ophthalmic lenses; it also
processes ophthalmic lenses. The firm has showrooms in Delhi and
the NCR.


LILY HOTELS: Ind-Ra Assigns 'D' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Lily Hotels
Private Limited (LHPL) a Long-Term Issuer Rating of 'IND D'.  The
agency has also assigned LHPLs INR254.6 mil. long-term loans an
'IND D' rating.

                          KEY RATING DRIVERS

The ratings reflect LHPL's delays in debt servicing over the 12
months ended July 2016, due to its tight liquidity.  The stress
on liquidity was on account of the company's operational losses.

                        RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months
could be positive for the rating.

COMPANY PROFILE

LHPL was incorporated in 2008.  The company is run by Mr. Anupam
Bora and Mrs. Lilima Bora.  LHPL owns and operates 'The Lily
Hotels' in Guwahati.  The commercial operation of the hotel
started from July 2014.


M S SHIP: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
---------------------------------------------------------
CRISIL's rating on the bank facilities of M S Ship Breaking
Private Limited (MSSBPL) continue to reflect its weak financial
risk profile marked with modest networth and weak debt protection
metrics; working capital intensive and moderate scale of
operations in the highly cyclical and fragmented shipping and
steel trading industry. The ratings however, continue to draw
benefit from the extensive experience of the promoters.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            80      CRISIL B+/Stable (Reaffirmed)
   Import Letter
   of Credit Limit        65      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes MSBPL will maintain its business risk profile on
the back of the extensive experience of its promoters over the
medium term. The outlook may be revised to 'Positive' if
significantly high cash accrual improves the financial risk
profile. The outlook may be revised to 'Negative' if adverse
foreign currency fluctuations or large working capital
requirement weakens the financial risk profile.

MSBPL, incorporated in 1998, is engaged in ship-breaking
activities and trades in related materials. Until fiscal 2010,
the company was only into trading of iron and steel products and
thereafter started undertaking ship-breaking activities. Mr
Pankaj Agrawal, along with his son Mr Punit Agrawal, manages the
operations. The ship-breaking process is carried out at a ship-
breaking yard in Mumbai for which the company uses a plot in the
Bombay Port Trust area on a rental basis.


M. K. STONE: CRISIL Suspends B- Rating on INR47MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of M. K.
Stone.


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

   Proposed Long Term
   Bank Loan Facility        7       CRISIL B-/Stable

   Term Loan                47       CRISIL B-/Stable

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

MK, set up in March 2011, manufactures aggregates (grit, metal,
and kapchi) which are used in the construction sector. The firm
is managed by its three partners: Mr. Mukesh Patel, Mr. Rajesh
Patel, and Mr. Jatin Patel.


MALBROS INTERNATIONAL: Ind-Ra Affirms BB+ Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Malbros
International (P) Ltd's (MIPL) Long-Term Issuer Rating at
'IND BB+'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The affirmation reflects MIPL's modest size of operations and
weak to moderate financial profile.  According to provisional
FY16 financials MIPL's revenue increased to INR2,985 mil.
(FY15:INR2,607 mil., FY14:INR2,484 mil.) led by an increase in
the liquor retail vends.  However in FY17, the company will focus
on its manufacturing segment while shift the liquor trading
business to its group's associate companies, hence there would be
a significant reduction in the company revenue in FY17.

The company's gross interest coverage (operating EBITDAR/ gross
interest expense) was 2.3x in FY16 (FY15: 2.0x, FY14:1.8x) and
net financial leverage (total adjusted net debt/operating
EBITDAR) was 9.5x (10.1x, 11.3x).  The net leverage ratio
remained high due to large working capital requirement of the
liquor trading business and corporate guarantees extended by MIPL
to its group's associate company.

The ratings factor in the highly regulated nature of the liquor
industry; any adverse changes in the state excise duty could put
significant pressure on the company's earnings.

EBITDA margins of the company was low at 6.8% in FY16 (FY15:
7.3%; FY14: 6.5%) as more than 40% of the company's revenue were
from liquor trading business.  Ind-Ra notes that with the shift
of the trading business to the group companies, EBITDA margins
are expected to improve and working capital requirements would
also reduce leading to improvement in the credit profile.  The
ratings also factor in MIPL's moderate liquidity as reflected by
82% average utilization of its working capital limits over the 12
months ended August 2016.

The ratings, however, are also supported by over five decades of
operating experience of the company's promoters in liquor
industry.

                       RATING SENSITIVITIES

Negative: A negative rating action could result from tightening
of the liquidity or deterioration in the credit profile.

Positive: A positive rating action could result from an
improvement in the revenue and profitability and/or working
capital cycle resulting in sustained improvement in the credit
profile.

                           COMPANY PROFILE

MIPL was incorporated in 1988 by late Mr Om Prakash Malhotra.
The company manufactures country liquor, Indian made foreign
liquor and extra neutral alcohol (ENA).  It has an integrated
grain-based distillery at Zira district in Ferozepur, Punjab with
facilities producing 90,000litres/day of ENA and 2.4 million
cases of bottled liquor annually.

MIPL's ratings:

   -- Long Term Issuer Rating: affirmed at 'IND BB+'/Stable
   -- INR 102.8 mil. term loans (increased from INR99.8 mil.):
      affirmed at 'IND BB+'/Stable
   -- INR 270 mil. fund based working capital limits (reduced
      from INR420.0 mil.): affirmed at 'IND BB+'/Stable
   -- INR 19.3 mil. non-fund based working capital limits
      (increased from INR16 mil.): affirmed at 'IND A4+'


MEHSANA DAIRY: CRISIL Assigns B+ Rating to INR300MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' ratings to the bank
loan facilities of Mehsana Dairy and Food Products Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             70        CRISIL B+/Stable
   Term Loan              300        CRISIL B+/Stable

The ratings reflect MDFPL's exposure to project implementation
related risks and to timely stabilization and commensurate ramp-
up in sales during its initial phase of operations. The rating
also factors in expected average financial risk profile due to
ongoing debt funded capital expenditure. These weaknesses are
mitigated by the extensive experience of the promoters in the
dairy industry coupled with their funding support.
Outlook: Stable

CRISIL believes MDFPL will continue to benefit from the extensive
experience of the promoters. The outlook may be revised to
'Positive' if timely implementation and stabilization of the
project leads to anticipated revenue, profitability and cash
accrual during the initial phase of operations. The outlook may
be revised to 'Negative' if delay in the implementation or
stabilization of the project leads to lower revenue, cash accrual
or a stretch in working capital cycle weakens the financial risk
profile, especially liquidity.

Incorporated in 2015, MDFPL is establishing a green field dairy
project for manufacturing skimmed milk powder, ice cream and
other related dairy products. The manufacturing unit is being set
up at Kadi in Mehsana district of Gujarat and commercial
operations are expected to start in fiscal 2017.

MRIDHUL TIMBERS: CRISIL Reaffirms B Rating on INR25MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mridhul Timbers
Private Limited continues to reflect MTPL's modest scale and
working capital intensive operations and its average financial
risk profile marked by a small net worth, high total outside
liabilities to total net worth and average debt protection
metrics. These rating weaknesses are partially offset by
extensive experience of MTPL's promoters in the timber trading
industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             25       CRISIL B/Stable (Reaffirmed)
   Letter of Credit       125       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that MTPL's will continue to benefit over the
medium term from the promoter's extensive industry experience.
The outlook may be revised to 'Positive' if the company scales up
its operation leading to significant improvement in the company's
cash accruals or if the working capital improves leading to
improvement in financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case the company reports lower
than expected cash accruals or stretch in working capital cycle,
leading to stretch in liquidity and financial risk profile.

Incorporated in 2009, MTPL is a Kerela based company, engaged in
trading of timber. It deals in variety of timbers such as
teakwood, koila, pincoda etc. The company is a part of Keyes
group of industries.

For 2015-16 (refers to financial year, April 1 to March 31),MTPL
reported profit after tax (PAT) of INR1.83 million on net sales
of INR248.4 million, against PAT INR0.72 million on net sales of
INR185.7 million for 2013-14.


OASIS DISTILLERIES: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Oasis
Distilleries Limited's Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable.

                          KEY RATING DRIVERS

The affirmation reflects ODL's modest size of operations and weak
to moderate financial profile.  According to provisional FY16
financials ODL revenue increased to INR3,890 mil.
(FY15:INR2,727 mil., FY14:INR2,433 mil.) led by an increase in
the liquor retail vends.  However in FY17, the company has
discontinued with its liquor trading business and shifted the
same to its associate companies, hence there would be a
significant reduction in the company's revenue in FY17.

FY16 financials indicate gross interest coverage (operating
EBITDAR/ gross interest expense) of 1.9x (FY15:1.6x, FY14:1.4x)
and net financial leverage (total adjusted net debt/operating
EBITDAR) of 6.3x (9.2x, 9.8x).  The net leverage ratio has
remained high due to large working capital requirement of the
trading business and corporate guarantees extended by ODL to the
associate company Malbros International.  Further, the cash flow
from operations also remained negative over FY15-FY16 due to high
working capital requirements.

The ratings factor in the highly regulated nature of the liquor
industry; any adverse changes in the state excise duty could put
significant pressure on the company's earnings.

EBITDA margin of the company was low at 4.6% in FY16 (FY15: 5.3%;
FY14: 4.7%) as more than 60% of the company's revenue was from
liquor trading business.  Ind-Ra notes that with the shift of the
trading business to the group companies, EBITDA margin is
expected to improve and working capital requirements would also
reduce leading to improvement in the credit profile.

The ratings also factor in ODL's moderate liquidity as reflected
by 84% average utilization of its working capital limits over the
12 months ended August 2016.

The ratings, however, are supported by over five decades of
operating experience of the company's promoters in liquor
industry.

                       RATING SENSITIVITIES

Negative: A negative rating action could result from tightening
of the liquidity or deterioration in the credit profile.

Positive: A positive rating action could result from an
improvement in the revenue and profitability and/or working
capital cycle resulting in sustained improvement in the credit
profile.

                        COMPANY PROFILE

ODL was incorporated as Horizon Alcohol & Allied Products Private
Limited in 1987 by late Mr Om Prakash Malhotra.  The company
manufactures country liquor, Indian made foreign liquor and extra
neutral alcohol.  The capacity of its distillery plant in Madhya
Pradesh is 50,000litres/day.

ODL's ratings:

   -- Long-Term Issuer rating: affirmed at 'IND BB+'/Stable
   -- INR 161.9 mil. term loans (increased from INR148.7 mil.):
      affirmed at 'IND BB+'/Stable
   -- INR 180 mil. fund-based working capital limits (reduced
      from INR415 mil.): affirmed at 'IND BB+'/Stable
   -- INR54.1 mil. non-fund-based working capital limits
      (increased from INR47.5 mil.): affirmed at 'IND A4+'


OM PRAKASH: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Om Prakash
Satish Kumar's 'IND B(suspended)' Long-Term Issuer Rating.
The ratings have been withdrawn due to lack of information.  Ind-
Ra will not provide ratings or analytical coverage for OPSK.

Ind-Ra had suspended OPSK's ratings on Feb. 25, 2016.

OPSK's ratings:

   -- Long-Term Issuer Rating: 'IND B(suspended)'; rating
      withdrawn
   -- INR20 mil. fund-based limits: 'IND B(suspended)'/
      'IND A4(suspended)'; ratings withdrawn
   -- INR180 mil. non-fund-based limits: 'IND B(suspended)'/
      'IND A4(suspended)'; ratings withdrawn


OMNITEL TECHNOLOGIES: CRISIL Suspends B+ Rating on INR10MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Omnitel Technologies Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee        147.5       CRISIL A4
   Overdraft Facility      3.5       CRISIL A4
   Term Loan              10.0       CRISIL B+/Stable

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

OTPL was set up as AKD Infosystems; the current promoters,
acquired the firm in April 2010, and renamed the company. OTPL
provides system integration (SI) and telecom engineering services
(TES) in India and Bangladesh. The company, based in Gurgaon, is
managed by Mr. Nitish Mathur.


OPS INTERNATIONAL: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn OPS
International'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 OPS.

Ind-Ra had suspended OPS' ratings on Feb. 25, 2016.

OPS' ratings:

   -- Long-Term Issuer Rating: 'IND B(suspended)'; rating
      withdrawn
   -- INR20 mil. fund-based limits: 'IND B(suspended)'/
      'IND A4(suspended)'; ratings withdrawn
   -- INR140 mil. non-fund-based limits: 'IND B(suspended)'/
      'IND A4(suspended)'; ratings withdrawn


PINE EXPORTERS: CARE Assigns 'B' Rating to INR3.50cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Pine Exporters Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      3.50      CARE B Assigned
   Short-term Bank Facilities     4.59      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Pine Exporters
Private Limited are primarily constrained on account of
its financial risk profile marked by fluctuating operating
income, low profitability, leveraged capital structure, weak debt
coverage indicators and moderate liquidity position during FY16
(Prov.; refers to the period of April 1 to March 31). The ratings
are further constrained on account of susceptibility of its
profitability to volatility in raw material prices and foreign
exchange fluctuations along with presence in the highly
fragmented and competitive wood processing industry.

The above constraints far offset the benefits derived from the
experience of the promoters in the wood processing business along
with established track record of operations. The ratings further
derive benefits from its location which results into easy access
of raw material.

The ability of PEPL to increase its scale of operations with
improvement in profitability and working capital management
would remain the key rating sensitivities.

Gandhidham-based (Gujarat), PEPL is a private limited company
incorporated in 2008 by Mr. Manoj Surana and Ms Rashmi Surana.
The company imports round timber logs from New Zealand as well as
from local suppliers of Gandhidham which is subsequently sawn and
sized at its saw mill into various commercial sizes as per the
requirement of its customers. The facility is located at
Gandhidham in Kutch district of Gujarat with an installed
capacity of 3600 cubic meter per month. The timber processed by
PEPL finds its application in packaging of various products apart
from use in
infrastructure, building construction, interior designing,
woodwork, transportation and furniture.

PEPL has achieved a PAT of INR0.06 crore on a TOI of INR13.92
crore during FY16 (Provisional) as against PAT of INR0.03 crore
on a TOI of INR17.14 crore during FY15 (Audited). During 5MFY17
(prov.), PEPL has achieved a turnover of INR6.37crore.


PMC RUBBER: CRISIL Reaffirms 'B' Rating on INR337.5MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of PMC Rubber Chemicals
India Private Limited continue to reflect PRCIPL's large working
capital requirements and the susceptibility of its operating
margin to fluctuations in raw material prices and foreign
exchange rates.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         10         CRISIL A4 (Reaffirmed)
   Cash Credit           337.5       CRISIL B/Stable (Reaffirmed)
   Letter of Credit      112.5       CRISIL A4 (Reaffirmed)

The rating also factors in PRCIPL's modest financial risk
profile, with small networth, high gearing, and below-average
debt protection metrics. These rating weaknesses are partially
offset by established customer base and the promoters' extensive
experience in the rubber chemicals industry.
Outlook: Stable

CRISIL believes PRCIPL will continue to benefit over the medium
term from its established customer base and the promoters'
extensive experience. The outlook may be revised to 'Positive' in
case of improvement in the company's working capital management
or a significant increase in profitability, leading to better
liquidity. Conversely, the outlook may be revised to 'Negative'
in case of low accruals, a stretch in its working capital cycle,
and large debt-funded capital expenditure (capex), weakening its
financial risk profile particularly liquidity.

PRCIPL manufactures and trades in rubber chemicals such as
accelerators, antioxidants, retarders, and peptisers. It is held
by PMC Group France, SARL, and PMC Chemicals India Pvt Ltd. Its
day-to-day operations are managed by Mr. Subir Sen.


RADHARANI HIMGHAR: CRISIL Assigns B- Rating to INR40.2MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facility of Radharani Himghar Pvt Ltd.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         1.8      CRISIL A4 (Reassigned)

   Cash Credit           40.2      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    17.2      CRISIL B-/Stable (Reaffirmed)

   Term Loan             29.6      CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Facility              11.2      CRISIL B-/Stable (Reaffirmed)

The rating on the company's long-term bank facilities has been
reaffirmed at 'CRISIL B-/Stable'. The ratings reflect the
company's weak financial risk profile, marked by low networth,
high gearing and average debt protection metrics. The ratings
also factor in the stabilization of the operations of the newly
enhanced capacity and susceptibility to regulatory changes in the
intensely competitive cold storage industry in West Bengal (WB).
These weaknesses are mitigated by the promoters' extensive
experience in the cold storage business.
Outlook: Stable

CRISIL believes RHPL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if higher-than-expected operating income
and profitability, and better-than-expected accrual improve the
financial risk profile, particularly liquidity. Conversely, the
outlook may be revised to 'Negative' if liquidity weakens owing
to delay in realization of rental from and loans extended to
farmers, stretched working capital management, or significant
debt-funded capital expenditure plan.

RHPL was incorporated in 1987 to provide cold storage facilities
to potato farmers and traders. It commenced commercial operations
in 1989. RMPL is owned by Mr. Samudraneel Roy who has extensive
experience of around three decades in the cold storage industry.
RMPL is currently in process of expanding capacity of its cold
storage.


RAJASTHAN CYLINDERS: CRISIL Assigns 'B' Rating to INR45MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Rajasthan Cylinders and Containers
Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL A4
   Cash Credit             45        CRISIL B/Stable

The ratings reflect susceptibility of the company's performance
to tender-based business and weak financial risk profile because
of below-average debt protection metrics driven by a low and
volatile profitability. These weaknesses are partially offset by
the extensive experience of its promoters in manufacturing
liquefied petroleum gas (LPG) cylinders, valves, and regulators.
Outlook: Stable

CRISIL believes RCCL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' in case of improvement in operating
performance and higher-than-expected profitability and cash
accrual. The outlook may be revised to 'Negative' if consistent
pressure on revenue or profitability or sizeable working capital
requirement further weakens financial risk profile, especially
liquidity.

Incorporated in 1980 and promoted by Mr. Gopal Bajoria and Mr.
Avinash Bajoria, RCCL manufactures LPG cylinders, valves, and
regulators at its facility in Jaipur. The company also undertakes
contracts from Hindustan Petroleum Corporation Limited, Bharat
Petroleum Corporation Limited, Indian Oil Corporation and
bottling work for Super Gas.

For fiscal 2016, net loss and net sales were INR1.8 million and
INR542.8 million, respectively, against net loss of INR12.9
million on net sales of INR486.3 million for fiscal 2015. The
company reported a net profit of INR3 million on net sales of
INR190.7 million for the first quarter of fiscal 2017.


RAJINDER & CO: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn M/S Rajinder &
Co.'s (RAC) '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 RAC.

Ind-Ra had suspended RAC's ratings on Feb. 23, 2016.

RAC's ratings:

   -- Long-Term Issuer Rating: 'IND B+(suspended)'; rating
      withdrawn
   -- INR50 mil. fund-based limits: 'IND B+(suspended)'/
      'IND A4(suspended)'; ratings withdrawn
   -- INR150 mil. non-fund-based limits: 'IND B+(suspended)'/
      'IND A4(suspended)'; ratings withdrawn


RAVINDRA ENERGY: ICRA Assigns 'B-' Rating to INR12.07cr LT Loan
---------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B- to the
INR12.07 crore1 cash credit facility of Ravindra Energy Limited.
ICRA has also assigned the short rating of [ICRA]A4 to the non-
fund based limit of INR17.23 crore of REL.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long Term, fund based
   Limits-Cash credit        12.07      [ICRA]B- Assigned

   Short Term, non-fund
   based                     17.23      [ICRA]A4 Assigned

The ratings assigned takes into account the company's diversified
business profile with having presence in mining (through
subsidiary in Indonesia), coal and sugar trading and recent foray
into executing solar power projects which primarily includes
installation of solar irrigation pumps. The company has recently
been awarded a project to install 1530 irrigation pumps by
Karnataka Renewable Energy Development Limited provides healthy
revenue visibility in near term. The company's capital structure
is characterized by nearly debt free status at standalone level.

The ratings, however, are constrained by the company's limited
track record and experience of the promoters in executing solar
power projects. The flagship company of the group, Shree Renuka
Sugars Limited is rated [ICRA] D in Mar'16 on account of the
delays in debt servicing by the company owing to stretched
liquidity position. The solar business of the company is at very
nascent stage with concentration to a single project in hand
worth INR57.20 crore. Further, given the aggressive bidding by
the company, ability to procure at a competitive price remains
critical. ICRA also takes note of execution risks associated with
project nature of business and timeliness of payments received
from KREDL remains critical. High foreign exchange losses and
write-offs in recent past owing to closing down of operations in
Brazil and Columbia, has strained the net margins of the company.
Going forward, timeliness of payments from KREDL and project
completion along with company's ability to win new projects
remains key rating sensitivities.

Ravindra Energy Limited (REL, erstwhile Ravindra Trading &
Agencies Limited) was setup in 1980 and is promoted by Murkumbi
family of Shree Renuka Group. REL, through its subsidiaries, is
engaged in coal mining (in Indonesia), coal trading and sugar
trading activities. The company recently has ventured into the
solar power generation space and has an installed base of 248
solar IPs till date.


SAM AGRITECH: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sam Agritech
Limited a Long-Term Issuer Rating of 'IND BB+'.  The Outlook is
Stable.

                         KEY RATING DRIVERS

The ratings reflect Sam's small scale of operations.  According
to provisional FY16 financials the company's revenue was INR450
mil. (FY15: INR454 mil.).  The ratings factor in Sam's exposure
to foreign currency risk (Sam's being a 95% export oriented unit)
and the agricultural commodity-based nature of its manufacturing
business which is fraught with price volatility.  The company's
EBITDA margin was in the range of 6%-12.6% over the last four
financial years.  Profitability improved to 12% in FY16 from 6%
in FY13 on account of repeat orders from its existing customers
and diversification in the company's product profile from FY13
onwards to suit the export market from which the company earns
higher margin.

Ind-Ra believes the profitability margin will continue to be at
the mercy of commodity prices though the agency also takes notice
of the recent agreement that the company has signed with one of
the international airlines to control the varying transportation
costs.  Under this agreement, Sam has fixed the per unit
transportation cost for the full year thereby hedging against any
upward movement in freight.

The ratings, however, are supported by the company's comfortable
credit metrics and the promoters' over three decades of
experience in export of fruits and vegetables.  Net leverage
(total Ind-Ra adjusted debt/operating EBITDA) was 0.3x in FY16
(FY15: 0.1x) and EBITDA interest cover (operating EBITDA/gross
interest expense) was 36.7x (20.4x).  The company's liquidity
position was comfortable with the fund-based facilities being
utilized at an average of 7% over the 12 months ended July 2016.

                       RATING SENSITIVITIES

Positive: Any substantial growth in the top line with an
improvement in the EBITDA margin leading to a sustained
improvement in the credit metrics could be positive for the
ratings.

Negative: Any deterioration in the EBITDA margin leading to
sustained deterioration in the credit metrics could be negative
for the rating.

                         COMPANY PROFILE

Sam was incorporated in 1995 as a limited company. The company
processes agricultural perishable goods (fruits and vegetables)
and exports them to different countries.  95% percent of Sam's
produce (processed fruits and vegetables) is exported to the US,
the UK, Netherlands, Germany and the UAE.  The company has 400
metric tonnes of processing and storing capacity.

Sam's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB+'/Stable
   -- INR32 mil. fund-based facilities: assigned 'IND BB+'/Stable
   -- Proposed INR50 mil. fund-based facilities: assigned
      'Provisional IND BB+'/Stable


SARRA MOTORS: CRISIL Lowers Rating on INR40MM Cash Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sarra Motors Private Limited to 'CRISIL B/Stable' from 'CRISIL
BB-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              40       CRISIL B/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

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

   Working Capital          30       CRISIL B/Stable (Downgraded
   Demand Loan                       from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in the company's business
risk profile. Revenue declined by 8% year-on-year to INR234.2
million in fiscal 2016. Its operating performance is expected to
remain muted over the medium term, given the intense competition
in the passenger car segment. The downgrade also factors in
stretched liquidity because of modest cash accrual and fully
utilised bank limit. Its financial risk profile is below average
on account of modest networth, weak capital structure, and
subdued debt protection metrics.

The rating reflects the company's exposure to intense competition
in the automobile dealership business, and its small scale of
operations. These weaknesses are partially offset by its
promoters' extensive industry experience, and its established
association with Skoda Auto India Private Limited (Skoda).
Outlook: Stable

CRISIL believes SMPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the company reports substantial revenue growth, and
better operating margin and capital structure, resulting in
sizeable net cash accrual. The outlook may be revised to
'Negative' if operating margin declines, or if increase in
working capital debt, or large, debt-funded capital expenditure
weakens the financial risk profile, particularly liquidity.

SMPL, set up in 2003, is the sole dealer of Skoda cars in
Aurangabad and Ahmednagar in Maharashtra. It also deals in spare
parts and car accessories, and provides car servicing facilities.


SHARMA RICE: CRISIL Suspends B+ Rating on INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sharma
Rice Mills (SRM).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      20        CRISIL B+/Stable
   Rupee Term Loan         30        CRISIL B+/Stable

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

SRM was established in 1996 by Mr. Happy Sharma. Firm is engaged
in business of rice milling and rice shelling at its plant
located in Muktsar, Punjab. The firm has an installed capacity of
producing 5 tonnes of rice per hour and the current utilization
level is around 70 per cent. The firm processes basmati rice and
by products like bran, phuk, bardana which are sold to both
merchant exporters and domestic traders.


SHIVA SHAKTI: CRISIL Suspends 'B' Rating on INR235MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shiva
Shakti Grains India Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            235.0      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      13.2      CRISIL B/Stable
   Term Loan              146.8      CRISIL B/Stable
   Warehouse Financing    105.0      CRISIL B/Stable


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

SSG, incorporated in 2010, processes and sells basmati rice
(mainly Pusa 1121 quality). The company is promoted by Mr. Anil
Vig and his family. It has a paddy processing (milling and
sorting) unit at Gurdaspur (Punjab) with total capacity of 10
tonnes per hour. SSG primarily sells basmati rice in the domestic
market, mainly to exporters. It plans to double its processing
capacity over the next two years.


SHREE HARI: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shree Hari Om
Foods' (SHOF) '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 SHOF.

Ind-Ra had suspended SHOF's ratings on Feb. 25, 2016.

MAIPL's ratings:

   -- Long-Term Issuer Rating: 'IND B(suspended)'; rating
      withdrawn
   -- INR120 mil. fund-based working capital limits:
      'IND B(suspended)'/'IND A4(suspended)'; ratings withdrawn
   -- INR6 mil. term loan: 'IND B(suspended)'; rating withdrawn


SRI LANGTA: CARE Assigns B+ Rating to INR25cr Long Term Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sri
Langta Baba Steels Pvt. Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       25       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Sri Langta Baba
Steels Pvt. Limited (SBPL) is constrained by its small scale of
operations with low profitability margins, lack of backward
integration vis-Ö-vis volatility in raw material prices, stiff
competition due to fragmented nature of the industry with
presence of many unorganized players, working capital intensive
nature of operations and leveraged capital structure. The
aforesaid constraints are partially offset by experienced
promoters with moderate track record of operations and strategic
location of the unit.

Ability to increase in scale of operations and profitability
margins and ability to manage working capital effectively are the
key rating sensitivities.

Sri Langta Baba Steels Pvt. Limited (SBPL) incorporated in the
year March 2005, was promoted by Mr. Mohan Prasad Saw and Mr. Raj
Kumar of Giridih, Bihar with Mr. Mohan Prasad Saw being the main
promoter. The company commenced operation since August, 2008.
SBPL is engaged in manufacturing M.S. ingots, M.S. bars and M.S.
coils at its facility in Giridih (Jharkhand) and is currently
running with an installed capacity of 10 MT per hour for M.S.
ingots and M.S. bars and 8 MT per hour for M.S. coils.

Furthermore, SBPL set up two induction furnaces of 8 tph each for
the manufacturing purposes. The furnaces commenced commercial
operations from February 2011. SBPL sells its entire production
in
Jharkhand and Bihar. SBPL is also engaged in trading of iron and
steel related products and the same accounted for around 62% of
total operating income in FY15, albeit manufacturing activity
being the primarily activity of SBPL. Furthermore, SBPL undertook
an expansion project whereby the existing capacity of M.S. ingots
and M.S. bars has been enhanced from 10 MT per hour to 15 MT per
hour.

The induction furnace has been converted to continuous casting
machine and it will produce M.S. billets in place of M.S. ingots.
The expansion project was completed in March 2016. The trial run
is in process and the unit will start operation since August,
2016.

As per the audited results of FY15 (refers to the period April 01
to March 31), SBPL reported a PBILDT of INR8.04 crore (PBILDT of
INR7.79 crore in FY14) and PAT of INR0.55 crore (PAT of INR
0.46crore in FY14), on a total operating income of INR78.92 crore
(Total operating income of INR 77.61 crore in FY14). During FY16
(Provisional), the management is stated to have achieved total
operating income of INR128.32 crore.


SRI SAI: CRISIL Assigns 'B' Rating to INR50MM Bank Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sri Sai Appa Biocare.

                             Amount
   Facilities               (INR Mln)     Ratings
   ----------               ---------     -------
   Proposed Long Term
   Bank Loan Facility           40      CRISIL B/Stable

   Proposed Bank Guarantee      50      CRISIL B/Stable

   Proposed Cash Credit Limit   10      CRISIL B/Stable

The rating reflects the firm's start-up phase of operations and
below-average financial risk profile because of small networth.
These weaknesses are partially offset by the extensive experience
of its promoters in the distribution business.
Outlook: Stable

CRISIL believes SSABC will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if there is a significant and sustained
increase in revenue and profitability, leading to higher cash
accrual. The outlook may be revised to 'Negative' in case of low
accrual, or stretch in working capital cycle, impacting the
financial risk profile, particularly liquidity.

SSABC was set up by Mr. Ramesh and Mr. Sachidanandam as a
partnership firm in May 2016 in Chennai. The firm is the
authorised distributor of coronary stents, surgical implants and
instruments, medical equipment and devices, and allied products
of Abbott Vascular in Tamil Nadu and Puducherry.


STEEL AND INDUSTRIAL: CRISIL Assigns B Rating to INR62MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Steel and Industrial Forgings Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              29.8       CRISIL B/Stable

   Standby Line of
   Credit                 12.5       CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility      7.7       CRISIL B/Stable

   Letter of Credit       50         CRISIL A4

   Bank Guarantee         32.5       CRISIL A4

   Cash Credit            62.0        CRISIL B/Stable

The ratings reflect modest scale, and highly working-capital-
intensive nature, of operations, and susceptibility to
fluctuations in demand from end-user industries. The ratings also
factor in stretched liquidity due to large debt repayment
obligation. These rating weaknesses are partially offset by its
long presence and established clientele in the steel and alloy
forgings segment and a comfortable capital structure backed by
funding support from promoter.
Outlook: Stable

CRISIL believes SIFL will continue to benefit from the long
presence and established clientele in steel and alloy forgings
segment. The outlook may be revised to 'Positive' if significant
improvement in cash accrual leads to a better financial risk
profile, especially liquidity. The outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
weakens because of low cash accrual, a stretched working capital
cycle, or any unanticipated debt-funded capital expenditure.

Incorporated in 1983, SIFL manufactures specialised steel and
alloy forgings. It is a public sector undertaking of the
Government of Kerala and commenced commercial production in 1986.
Its manufacturing facilities are at Athani and Shoranur near
Thrissur, Kerala.


SUBHANG CAPSAS: ICRA Suspends 'B' Rating on INR3.50cr LT Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR2.82 crore of term loan and INR3.50 crore of cash credit
facility of Subhang Capsas Pvt. Ltd.  The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund
   Based-Term Loan         2.82       [ICRA]B suspended

   Long Term Fund
   Based-Cash Credit       3.50       [ICRA]B suspended

Incorporated in December 2011, SCPL manufactures moulding
products for packaging solutions. The company manufactures blow
molded containers with the capacity ranging from 20 litres to 100
litre with an installed capacity is 2184MTPA. The manufacturing
unit of the company is located in Silvassa across 2000mts plot.


TRICOT IMPEX: CRISIL Suspends 'B' Rating on INR175MM Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Tricot Impex Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Drop Line Overdraft
   Facility                175       CRISIL B/Stable

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

TIPL was established in 2014 by the Sorthaiya family based in
Rajkot (Gujarat). The firm trades in agro-based commodities such
as soyabean meal, rapeseed and groundnut extraction meal, wheat
and other agro-based products.


UD SOLUTION: Ind-Ra Assigns BB+ Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned UD Solution
Private Limited a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect UDSPL's lack of operational track record and
low profitability owing to its trading nature of business.
According to provisional FY16 financials EBITDA margin was 2.3%
(FY15: 2.9%)

The ratings, however, are supported by the company's moderate
scale of operations and strong credit metrics.  UDSPL's revenue
was INR986 mil. in FY16 (FY15:INR315 mil.), interest coverage
(operating EBITDA/gross interest expense) was 5.5x (3.6x) and net
financial leverage (total adjusted debt/operating EBITDA) was
negative 0.02x (9.7x).

The liquidity profile of the company is strong with its average
utilization of the working capital limits being around 57% during
the 12 months ended August 2016.

                        RATING SENSITIVITIES

Positive: Improvement in the scale of operations while
maintaining the credit metrics on a sustained basis could be
positive for the ratings.

Negative: Further deterioration in the profitability could lead
to a negative rating action.

                          COMPANY PROFILE

Incorporated in 2014, UDSPL started its commercial operations
from November 2014 as a national distributor of Gionee mobile
phones. It is managed by Mr. Umang Dokania and family and has its
registered office in Raniganj, West Bengal.

UD Solution's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB+'/Stable
   -- INR20 mil. fund-based working capital limit: assigned
      'IND BB+'/Stable
   -- INR140 mil. non fund based: assigned 'IND A4+'


VMS INTERNATIONAL: Ind-Ra Raises Long-Term Issuer Rating to 'B+'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded VMS
International's Long-Term Issuer Rating to 'IND B+' from 'IND B-
'. The Outlook is Stable.

                        KEY RATING DRIVERS

The upgrade reflects the company's improved liquidity position
with the average working capital utilization of 100% during the
12 months ended August 2016 as compared to the average
utilization of 101% during the last 12 months ended April 2015.
The improvement in the company's liquidity is mainly on account
of the improved working capital cycle to 142 days during FY16
from 173 days in FY15 which resulted from improved creditor days
(FY16: 22days; FY15: 4days).

The ratings benefit from over a decade of experience of VMS'
founders in the polyester business.

The ratings, however, factor in VMS' small scale of operations
with revenue of INR192 mil. in FY16 (FY15:177 mil.).  The credit
metrics of the company remained moderate with interest coverage
(operating EBITDA/gross interest expense of 1.8 x (1.6x) and net
financial leverage (total adjusted net debt/operating EBITDAR) of
4.7x.(4.6x). FY16 numbers are provisional in nature.

                       RATING SENSITIVITIES

Positive: Improvement in the scale of operations while
maintaining the credit metrics could be positive for the ratings.

Negative: A decline in the scale of operations could be negative
for the ratings.

                         COMPANY PROFILE

Incorporated in 2003, VMS international is a partnership firm
engaged in manufacturing of polyester staple fibre.  The firm is
managed by Narendra Pokharna and his family and has its
registered office in Mumbai.

VMS' ratings:

   -- Long-Term Issuer Rating: upgraded to 'IND B+' from
      'IND B-'; Outlook Stable
   -- INR55 mil. fund-based working capital limits: upgraded to
      'IND B+'/ Stable from 'IND B-'
   -- INR7.5 mil. term loan: upgraded to 'IND B+'/ Stable from
      'IND B-'


VRUNDAVAN GINNING: CRISIL Suspends B+ Rating on INR60MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vrundavan Ginning and Oil Mill (VGOM).


                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              60       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       40       CRISIL B+/Stable

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

Set up in 1997, VGOM is a partnership firm promoted by the
Bhavnagar-based Mr. Madhubhai Badarka, Mr. Panchubhai Bhadarka,
and six other partners. The firm gins and presses cotton with a
capacity of 200 bales per day.



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


SUN 2 MOON: Wellington Grocery Store Placed Into Liquidation
------------------------------------------------------------
Business Day reports that the owner of a Wellington grocery store
recently ordered to pay than NZ$53,000 for exploiting a migrant
worker has put his company into liquidation, claiming it cannot
pay the money.

Employment Relations Authority found Luv Kumar Khatter, owner of
spice store Sun 2 Moon, forced a migrant worker employed at its
Willis St store to pay more than NZ$10,000 in premiums, according
to Business Day.

The worker's premiums were paid through a NZ$5000 payment
upfront, NZ$3240 in small cash payments and NZ$2167 to fund
company expenses from the worker's own credit card, the report
says.

The ERA decision, published in August, ordered the business to
return the money to the worker along with a further NZ$18,000 in
wage and holiday pay arrears, and for a total of NZ$25,000 to be
paid for breaching various employment laws, the report discloses.

The Willis St site has since been taken over by a new grocery
store, Indian Spice Land, the report notes.

The report relates that the Johnsonville store ceased trading in
July, Mr. Khatter said.

Mr. Khatter put his company into liquidation because he did not
have the funds to support the business, which was partly a result
of the ERA decision, the report notes.

"Things just went wrong," the report quoted Mr. Khatter as
saying.  He was "not happy" with the decision, which he disputed,
Mr. Khatter said.

"Obviously for the reason of not having enough funds, I cannot
take things [with ERA] forward," Mr. Khatter added, notes the
report.  The business did not have enough funds to pay the
worker, he said.

"Once the chattels are sold [by the liquidator] we are hoping to
pay something to the ERA," the report quoted Mr. Khatter as
further saying.  There were other creditors, who were owed
"small" payments, he said.

Mr. Khatter had little business experience, so tried to sell the
business a number of years ago but was unsuccessful, he said, the
report relates.

Liquidator, Imran Kamal, confirmed the liquidation was voluntary
and the worker was now a creditor of the business, the report
notes.

It was too early to say if the business had enough funds to pay
creditors, the report quoted Mr. Kamal as saying.

"I am working through that process at the moment," Mr. Khatter
added, says the report.



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


HANJIN SHIPPING: Cargo Owners Withholding $80MM in Payments
-----------------------------------------------------------
Tom Hals at Reuters report that Hanjin Shipping Co Ltd told a
U.S. judge on Sept. 23 that cargo owners were withholding up to
$80 million in payments for completed shipments, complicating the
company's ability to move stranded freight.

"Hanjin is not the only bad guy here," Reuters quotes Ilana
Volkov, an attorney for the shipping company, as saying at a
status hearing at a U.S. Bankruptcy Court in Newark, New Jersey.

Reuters relates that Hanjin lawyers said that many cargo owners
had received their goods on credit but have yet to pay the
shipping company.

Reuters notes that Hanjin, the world's seventh-largest container
carrier, filed for bankruptcy in August, stranding $14 billion
worth of cargo at sea as the company lacked cash to pay cargo
handlers, tug operators or ports.

South Korea's government said on September 23 that enough money
had been pledged to unload Hanjin ships by the end of October,
according to Reuters.

Reuters relates that an attorney for Ashley Furniture Industries,
a Wisconsin-based furniture maker, told Friday's [September 23]
hearing the company anticipated that costs related to Hanjin's
failure would eventually exceed what it owed for past shipments.

"To hold onto this money is important," Reuters quotes
Jeremy Ryan, the attorney for Ashley, as saying.

Like many retailers and other cargo owners, Ashley has been stuck
paying to get its cargo from the dockside, even though Hanjin had
been paid to deliver it to an inland destination, Reuters says.

Reuters relates that in addition, many retailers and other cargo
owners have complained they have been stuck with empty Hanjin
containers that ports have been unwilling to take back.

According to Reuters, the judge told Hanjin's attorneys the
company was right in trying to get cargo moving "but there has to
be some recognition you might be able to deliver on the terms you
promised to deliver on."

Rail operators and other cargo handlers defended themselves at
the hearing against allegations they were price-gouging freight
owners.

Hanjin had said in a court filing it was told that cargo handlers
such as rail operators were charging more than what those
handlers charged Hanjin, adds Reuters.

                       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.


LOTTE GROUP: Prosecutors Seek Warrant to Arrest Chairman
--------------------------------------------------------
Yonhap News Agency reports that a warrant is being sought to
formally arrest the chief of the embattled South Korean retail
giant Lotte, prosecutors said on September 26, as the high-
profile corruption probe into the country's fifth-largest
conglomerate nears its conclusion.

According to the report, the Seoul Central District Prosecutors'
Office submitted the request to a local court to detain Shin
Dong-bin, 61, on charges of embezzlement and breach of trust.

Yonhap relates that Shin is suspected of orchestrating a series
of shady deals between the group's affiliates, as well as getting
involved in alleged slush funds valued at some KRW30 billion
created by the conglomerate's construction arm over the last
decade.

Prosecutors suspect that the amount of money transacted illegally
under Shin's direction hovers around some KRW170 billion (US$154
million), Yonhap says.

According to Yonhap, the latest legal action came about a week
after the business tycoon was summoned by prosecutors on
September 20, becoming the first incumbent chairman to be a
criminal suspect in the group's decades-long history.

Yonhap notes that prosecutors have been looking into Lotte's
alleged wrongdoings since they launched full-fledged raids into
the group's headquarters in June.

Since the launch of the investigation, prosecutors have called in
a number of high-level executives at Lotte who are suspected of
being involved in the massive corruption scheme, the report
states.

Earlier this month, Shin's older brother Dong-joo was quizzed
over allegations of embezzling some tens of billions of won from
the group's major affiliates, Yonhap recalls.

Yonhap relates that in the following week, prosecutors carried
out the questioning of the brothers' father and group founder
Shin Kyuk-ho at his office in Hotel Lotte in Seoul.

The Seoul Central District Court will hold a hearing later this
week to decide whether to issue the warrant to arrest the
incumbent chairman, adds Yonhap.



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


* BOND PRICING: For the Week Sept. 19 to Sept. 26, 2016
-------------------------------------------------------

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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD           11.50     04/01/19   USD        2.00
ARTSONIG PTY LTD           11.50     04/01/19   USD        1.29
BOART LONGYEAR MANAGEMEN   10.00     10/01/18   USD       67.25
BOART LONGYEAR MANAGEMEN    7.00     04/01/21   USD       11.75
BOART LONGYEAR MANAGEMEN   10.00     10/01/18   USD       69.88
BOART LONGYEAR MANAGEMEN    7.00     04/01/21   USD       11.75
CML GROUP LTD               9.00     01/29/20   AUD        1.02
CROWN RESORTS LTD           5.74     04/23/75   AUD       72.46
DBCT FINANCE PTY LTD        2.10     06/09/26   AUD       73.48
EMECO PTY LTD               9.88     03/15/19   USD       60.50
EMECO PTY LTD               9.88     03/15/19   USD       61.00
IMF BENTHAM LTD             6.16     06/30/19   AUD       62.88
KEYBRIDGE CAPITAL LTD       7.00     07/31/20   AUD        0.68
LAKES OIL NL               10.00     03/31/17   AUD        4.50
MIDWEST VANADIUM PTY LTD   11.50     02/15/18   USD        1.41
MIDWEST VANADIUM PTY LTD   11.50     02/15/18   USD        1.41
RELIANCE RAIL FINANCE PT    2.08     09/26/23   AUD       62.67
RELIANCE RAIL FINANCE PT    2.08     09/26/23   AUD       62.67
STOKES LTD                 10.00     06/30/17   AUD        0.35
TREASURY CORP OF VICTORI    0.50     11/12/30   AUD       74.62


CHINA
-----

ANHUI PROVINCE WANBEI CO    5.32     06/28/17   CNY       70.00
ANSHAN CITY CONSTRUCTION    8.25     03/05/19   CNY       63.00
ANSHAN CITY CONSTRUCTION    8.25     03/05/19   CNY       63.93
ANYANG INVESTMENT GROUP     8.00     04/17/19   CNY       64.13
BAISHAN URBAN CONSTRUCTI    7.00     07/31/19   CNY       61.63
BANGBU CITY INVESTMENT H    5.78     08/10/17   CNY       30.65
BAOTOU STATE OWNED ASSET    7.03     09/17/19   CNY       64.22
BAYINGUOLENG INNER MONGO    7.48     09/10/18   CNY       51.51
BAYINGUOLENG INNER MONGO    7.48     09/10/18   CNY       52.90
BEIJING CAPITAL DEVELOPM    5.95     05/29/19   CNY       62.75
BEIJING CONSTRUCTION ENG    5.95     07/05/19   CNY       62.68
BEIJING ECONOMIC TECHNOL    5.29     03/06/18   CNY       71.59
BEIJING XINGZHAN STATE O    6.48     08/31/19   CNY       83.00
BEIJING XINGZHAN STATE O    6.48     08/31/19   CNY       63.69
BIJIE XINTAI INVESTMENT     7.15     08/20/19   CNY       64.19
BIJIE XINTAI INVESTMENT     7.15     08/20/19   CNY       62.10
BINZHOU BINCHENG DISTRIC    6.50     07/05/19   CNY       63.22
BINZHOU BINCHENG DISTRIC    6.50     07/05/19   CNY       68.00
CHANGDE ECONOMIC DEVELOP    7.19     09/12/19   CNY       63.88
CHANGDE ECONOMIC DEVELOP    7.19     09/12/19   CNY       64.41
CHANGSHA CITY CONSTRUCTI    6.95     04/24/19   CNY       63.18
CHANGSHA CITY CONSTRUCTI    6.95     04/24/19   CNY       63.18
CHANGSHA COUNTY XINGCHEN    8.35     04/06/19   CNY       63.61
CHANGSHU BINJIANG URBAN     6.85     04/27/19   CNY       63.24
CHANGSHU BINJIANG URBAN     6.85     04/27/19   CNY       59.00
CHANGSHU CITY OPERATION     8.00     01/16/19   CNY       60.00
CHANGSHU CITY OPERATION     8.00     01/16/19   CNY       63.45
CHANGZHOU WUJIN CITY CON    6.22     06/08/18   CNY       51.57
CHANGZHOU WUJIN CITY CON    6.22     06/08/18   CNY       48.00
CHAOYANG CONSTRUCTION IN    7.30     05/25/19   CNY       63.76
CHENGDU ECONOMIC&TECHNOL    6.55     07/17/19   CNY       58.00
CHENGDU ECONOMIC&TECHNOL    6.50     07/17/18   CNY       52.10
CHENGDU ECONOMIC&TECHNOL    6.55     07/17/19   CNY       63.35
CHENGDU ECONOMIC&TECHNOL    6.50     07/17/18   CNY       48.00
CHENGDU XINCHENG XICHENG    8.35     03/19/19   CNY       65.07
CHENGDU XINCHENG XICHENG    8.35     03/19/19   CNY       63.60
CHENZHOU URBAN CONSTRUCT    7.34     09/13/19   CNY       64.68
CHIFENG CITY HONGSHAN IN    7.20     07/25/19   CNY       63.19
CHIFENG CITY INFRASTRUCT    6.18     05/18/17   CNY       51.26
CHIFENG CITY INFRASTRUCT    6.18     05/18/17   CNY       50.20
CHONGQING HECHUAN RURAL     8.28     04/10/18   CNY       52.08
CHONGQING HECHUAN RURAL     8.28     04/10/18   CNY       52.02
CHONGQING HECHUAN URBAN     6.95     01/06/18   CNY       71.30
CHONGQING HECHUAN URBAN     6.95     01/06/18   CNY       72.01
CHONGQING JIANGJIN HUAXI    7.46     09/21/19   CNY       63.01
CHONGQING JIANGJIN HUAXI    6.95     01/06/18   CNY       71.00
CHONGQING JIANGJIN HUAXI    6.95     01/06/18   CNY       71.58
CHONGQING JIANGJIN HUAXI    7.46     09/21/19   CNY       64.12
CHONGQING JINYUN ASSET M    6.75     06/18/19   CNY       58.00
CHONGQING JINYUN ASSET M    6.75     06/18/19   CNY       63.29
CHONGQING LAND PROPERTIE    7.35     04/25/19   CNY       63.94
CHONGQING LAND PROPERTIE    7.35     04/25/19   CNY       63.83
CHONGQING MAIRUI CITY IN    6.82     08/17/19   CNY       63.87
CHONGQING NAN'AN URBAN C    6.29     12/24/17   CNY       61.71
CHONGQING NAN'AN URBAN C    8.20     04/09/19   CNY       64.22
CHONGQING NAN'AN URBAN C    6.29     12/24/17   CNY       64.01
CHONGQING NANCHUAN DISTR    7.35     09/06/19   CNY       63.38
CHONGQING NANCHUAN DISTR    7.35     09/06/19   CNY       63.86
CHONGQING XINGRONG HOLDI    8.35     04/19/19   CNY       64.05
CHONGQING XINGRONG HOLDI    8.35     04/19/19   CNY       64.19
CHONGQING XIYONG MICRO-E    6.76     07/25/19   CNY       64.07
CHONGQING XIYONG MICRO-E    6.76     07/25/19   CNY       59.00
CHONGQING YONGCHUAN HUIT    7.49     03/14/18   CNY       71.30
CHONGQING YONGCHUAN HUIT    7.49     03/14/18   CNY       72.92
CHONGQING YUFU ASSET MAN    6.50     09/04/19   CNY       64.10
CHONGQING YULONG ASSET M    6.87     05/31/19   CNY       63.04
CHONGQING YUXING CONSTRU    7.29     12/08/17   CNY       71.89
CIXI STATE OWNED ASSET I    6.60     09/20/19   CNY       59.00
CIXI STATE OWNED ASSET I    6.60     09/20/19   CNY       63.53
DALI ECONOMIC DEVELOPMEN    8.80     04/24/19   CNY       64.65
DALIAN LVSHUN CONSTRUCTI    6.78     07/02/19   CNY       59.00
DALIAN LVSHUN CONSTRUCTI    6.78     07/02/19   CNY       63.35
DANDONG CITY DEVELOPMENT    5.84     09/06/17   CNY       40.60
DANYANG INVESTMENT GROUP    8.10     03/06/19   CNY       63.75
DANYANG INVESTMENT GROUP    8.10     03/06/19   CNY       63.50
DATONG ECONOMIC CONSTRUC    6.50     06/01/17   CNY       40.00
DATONG ECONOMIC CONSTRUC    6.50     06/01/17   CNY       40.63
DONGBEI SPECIAL STEEL GR    6.50     03/27/16   CNY       38.25
DONGBEI SPECIAL STEEL GR    8.30     09/06/16   CNY       38.25
DONGBEI SPECIAL STEEL GR    6.10     01/15/18   CNY       40.00
DONGBEI SPECIAL STEEL GR    5.88     05/05/16   CNY       38.25
DONGBEI SPECIAL STEEL GR    5.63     04/12/18   CNY       38.25
DONGBEI SPECIAL STEEL GR    8.20     06/06/16   CNY       38.25
DONGBEI SPECIAL STEEL GR    7.00     07/10/16   CNY       38.25
DONGBEI SPECIAL STEEL GR    7.40     07/17/17   CNY       38.25
DONGTAI COMMUNICATION IN    7.39     07/05/18   CNY       51.01
DONGTAI COMMUNICATION IN    7.39     07/05/18   CNY       52.31
DRILL RIGS HOLDINGS INC     6.50     10/01/17   USD       32.50
DRILL RIGS HOLDINGS INC     6.50     10/01/17   USD       32.38
ERDOS DONGSHENG CITY DEV    8.40     02/28/18   CNY       49.79
EZHOU CITY CONSTRUCTION     7.08     06/19/19   CNY       63.57
FEICHENG CITY ASSET OPER    7.10     08/14/18   CNY       52.41
FEICHENG CITY ASSET OPER    7.10     08/14/18   CNY       49.00
FENGHUA CITY INVESTMENT     7.45     09/24/19   CNY       64.30
FUJIAN LONGYAN CITY CONS    7.45     08/14/19   CNY       64.20
FUSHUN URBAN INVESTMENT     5.95     05/11/18   CNY       71.80
FUZHOU URBAN AND RURAL C    6.35     09/25/18   CNY       52.34
GANSU PROVINCIAL HIGHWAY    7.20     09/19/18   CNY      105.00
GANZHOU CITY DEVELOPMENT    6.40     07/10/18   CNY       51.01
GANZHOU CITY DEVELOPMENT    6.40     07/10/18   CNY       52.00
GUANGAN INVESTMENT HOLDI    8.18     04/25/19   CNY       64.18
GUANGAN INVESTMENT HOLDI    8.18     04/25/19   CNY       62.50
GUANGXI BAISE DEVELOPMEN    6.50     07/04/19   CNY       56.00
GUANGXI BAISE DEVELOPMEN    6.50     07/04/19   CNY       62.82
GUILIN ECONOMIC CONSTRUC    6.90     05/09/18   CNY       52.05
GUILIN ECONOMIC CONSTRUC    6.90     05/09/18   CNY       48.00
GUIYANG ECO&TECH DEVELOP    8.42     03/27/19   CNY       64.00
GUOAO INVESTMENT DEVELOP    6.89     10/29/18   CNY       71.14
HAIAN COUNTY CITY CONSTR    8.35     03/28/18   CNY       52.60
HAIAN COUNTY CITY CONSTR    8.35     03/28/18   CNY       52.32
HAIMEN CITY DEVELOPMENT     8.35     03/20/19   CNY       62.51
HAIMEN CITY DEVELOPMENT     8.35     03/20/19   CNY       63.85
HAINING CITY ASSET MANAG    7.80     09/20/18   CNY       74.90
HAINING CITY ASSET MANAG    7.80     09/20/18   CNY       74.87
HANGZHOU MUNICIPAL CONST    5.90     04/25/18   CNY       51.61
HANGZHOU MUNICIPAL CONST    5.90     04/25/18   CNY       51.46
HANGZHOU XIAOSHAN STATE-    6.90     11/22/16   CNY       40.01
HANGZHOU XIAOSHAN STATE-    6.90     11/22/16   CNY       40.21
HANGZHOU YUHANG CITY CON    7.55     03/29/19   CNY       63.39
HANGZHOU YUHANG CITY CON    7.55     03/29/19   CNY       64.10
HANZHONG CITY CONSTRUCTI    7.48     03/14/18   CNY       73.07
HARBIN HELI INVESTMENT H    7.48     09/26/18   CNY      103.24
HEFEI CONSTRUCTION INVES    5.23     08/28/18   CNY       72.03
HEFEI HAIHENG INVESTMENT    7.30     06/12/19   CNY       58.00
HEFEI HAIHENG INVESTMENT    7.30     06/12/19   CNY       63.65
HEFEI TAOHUA INDUSTRIAL     8.79     03/27/19   CNY       64.18
HEFEI XINCHENG STATE-OWN    7.88     04/23/19   CNY       63.63
HEFEI XINCHENG STATE-OWN    7.88     04/23/19   CNY       59.00
HEGANG KAIYUAN CITY INVE    6.50     07/19/19   CNY       63.72
HEILONGJIANG HECHENG CON    7.78     11/17/16   CNY       40.04
HENAN JIYUAN CITY CONSTR    7.50     09/25/19   CNY       64.66
HENGYANG CITY CONSTRUCTI    7.06     08/13/19   CNY       59.00
HENGYANG CITY CONSTRUCTI    7.06     08/13/19   CNY       63.96
HUAIAN CITY URBAN ASSET     7.15     12/21/16   CNY       40.21
HUAIAN CITY WATER ASSET     8.25     03/08/19   CNY       64.15
HUAIAN CITY WATER ASSET     8.25     03/08/19   CNY       62.01
HUAI'AN DEVELOPMENT HOLD    7.20     09/06/19   CNY       64.83
HUAI'AN DEVELOPMENT HOLD    6.80     03/24/17   CNY       42.38
HUAI'AN DEVELOPMENT HOLD    7.20     09/06/19   CNY       63.75
HUAIAN QINGHE NEW AREA I    6.79     04/29/17   CNY       40.77
HUAIHUA CITY CONSTRUCTIO    8.00     03/22/18   CNY       52.02
HUAIHUA CITY CONSTRUCTIO    8.00     03/22/18   CNY       51.85
HUZHOU MUNICIPAL CONSTRU    7.02     12/21/17   CNY       72.14
HUZHOU NANXUN STATE-OWNE    8.15     03/31/19   CNY       63.39
HUZHOU WUXING NANTAIHU C    7.71     02/17/18   CNY       72.58
INNER MONGOLIA HIGH-TECH    7.20     09/25/19   CNY       63.38
JIAMUSI NEW ERA INFRASTR    8.25     03/22/19   CNY       63.00
JIAMUSI NEW ERA INFRASTR    8.25     03/22/19   CNY       63.25
JIAN CITY CONSTRUCTION I    7.80     04/20/19   CNY       64.05
JIANAN INVESTMENT HOLDIN    7.68     09/04/19   CNY       63.00
JIANAN INVESTMENT HOLDIN    7.68     09/04/19   CNY       64.61
JIANGDONG HOLDING GROUP     6.90     03/27/19   CNY       62.97
JIANGDU XINYUAN INDUSTRI    8.10     03/23/19   CNY       63.02
JIANGDU XINYUAN INDUSTRI    8.10     03/23/19   CNY       62.95
JIANGSU HUAJING ASSET OP    5.68     09/28/17   CNY       50.56
JIANGSU HUAJING ASSET OP    5.68     09/28/17   CNY       50.16
JIANGSU LIANYUN DEVELOPM    6.10     06/19/19   CNY       62.52
JIANGSU LIANYUN DEVELOPM    6.10     06/19/19   CNY       57.00
JIANGSU TAICANG PORT DEV    7.66     05/16/19   CNY       64.08
JIANGXI HEJI INVESTMENT     8.00     09/04/19   CNY       64.50
JIANGXI HEJI INVESTMENT     8.00     09/04/19   CNY       64.58
JIANGYIN CITY CONSTRUCTI    7.20     06/11/19   CNY       63.83
JIASHAN STATE-OWNED ASSE    6.80     06/06/19   CNY       63.37
JIAXING CULTURE FAMOUS C    8.16     03/08/19   CNY       62.77
JIAXING ECONOMIC&TECHNOL    6.78     06/14/19   CNY       63.33
JIAXING ECONOMIC&TECHNOL    6.78     06/14/19   CNY       59.00
JILIN PROVINCIAL COAL IN    6.00     11/11/16   CNY       70.00
JINAN CITY CONSTRUCTION     6.98     03/26/18   CNY       52.09
JINAN CITY CONSTRUCTION     6.98     03/26/18   CNY       51.01
JINAN XIAOQINGHE DEVELOP    7.15     09/05/19   CNY       64.33
JINAN XIAOQINGHE DEVELOP    7.15     09/05/19   CNY       63.69
JINGZHOU URBAN CONSTRUCT    7.98     04/24/19   CNY       64.38
JINING CITY CONSTRUCTION    8.30     12/31/18   CNY       63.91
JINTAN CONSTRUCTION INVE    8.30     03/14/19   CNY       63.78
JINZHOU CITY INVESTMENT     7.08     06/13/19   CNY       63.42
JINZHOU CITY INVESTMENT     7.08     06/13/19   CNY       60.00
JIUJIANG CITY CONSTRUCTI    8.49     02/23/19   CNY       64.34
KAIFENG DEVELOPMENT INVE    6.47     07/11/19   CNY       63.25
KARAMAY URBAN CONSTRUCTI    7.15     09/04/19   CNY       63.66
KARAMAY URBAN CONSTRUCTI    7.15     09/04/19   CNY       62.40
KUNMING CITY CONSTRUCTIO    7.60     04/13/18   CNY       51.91
KUNMING CITY CONSTRUCTIO    7.60     04/13/18   CNY       52.01
KUNMING WUHUA DISTRICT S    8.60     03/15/18   CNY       52.62
KUNMING WUHUA DISTRICT S    8.60     03/15/18   CNY       52.50
LAIWU CITY ECONOMIC DEVE    6.50     03/01/18   CNY       61.77
LEQING CITY STATE OWNED     6.50     06/29/19   CNY       59.00
LEQING CITY STATE OWNED     6.50     06/29/19   CNY       62.50
LESHAN STATE-OWNED ASSET    6.99     03/18/18   CNY       72.71
LESHAN STATE-OWNED ASSET    6.99     03/18/18   CNY       72.58
LIAOYANG CITY ASSETS OPE    6.88     06/13/18   CNY       66.00
LIAOYANG CITY ASSETS OPE    6.88     06/13/18   CNY       67.62
LIAOYUAN STATE-OWNED ASS    7.80     01/26/17   CNY       40.40
LIAOYUAN STATE-OWNED ASS    8.17     03/13/19   CNY       63.27
LIJIANG GUCHENG MANAGEME    6.68     07/26/19   CNY       63.27
LINAN CITY CONSTRUCTION     8.15     03/09/18   CNY       52.10
LINAN CITY CONSTRUCTION     8.15     03/09/18   CNY       46.00
LINHAI CITY INFRASTRUCTU    7.98     11/06/16   CNY       50.23
LINYI ECONOMIC DEVELOPME    8.26     09/24/19   CNY       64.71
LINYI INVESTMENT DEVELOP    8.10     03/27/18   CNY       52.34
LIUZHOU DONGCHENG INVEST    8.30     02/15/19   CNY       63.03
LIUZHOU DONGCHENG INVEST    8.30     02/15/19   CNY       62.51
LIUZHOU INVESTMENT HOLDI    6.98     08/15/19   CNY       63.77
LONGHAI STATE-OWNED ASSE    8.25     12/02/17   CNY       72.30
LONGHAI STATE-OWNED ASSE    8.25     12/02/17   CNY       72.40
LUOHE CITY CONSTRUCTION     6.81     03/30/17   CNY       30.50
LUOHE CITY CONSTRUCTION     6.81     03/30/17   CNY       30.45
MIANYANG SCIENCE & TECHN    7.16     05/15/19   CNY       63.01
MIANYANG SCIENCE & TECHN    7.16     05/15/19   CNY       61.20
MIANYANG SCIENCE & TECHN    6.30     07/22/18   CNY       54.12
MUDANJIANG STATE-OWNED A    7.08     08/30/19   CNY       63.25
MUDANJIANG STATE-OWNED A    7.08     08/30/19   CNY       63.49
NANAN CITY TRADE INDUSTR    8.50     04/25/19   CNY       64.44
NANCHONG CHEMICAL INDUST    8.16     04/26/19   CNY       63.89
NANJING HEXI NEW TOWN AS    6.40     02/03/17   CNY       60.73
NANJING HI-TECH ECONOMIC    6.94     09/07/19   CNY       63.46
NANJING HI-TECH ECONOMIC    6.94     09/07/19   CNY       63.91
NANJING JIANGNING SCIENC    7.29     04/28/19   CNY       63.61
NANTONG CITY TONGZHOU DI    6.80     05/28/19   CNY       62.84
NANTONG CITY TONGZHOU DI    6.80     05/28/19   CNY       63.36
NANTONG STATE-OWNED ASSE    6.72     11/13/16   CNY       40.01
NANTONG STATE-OWNED ASSE    6.72     11/13/16   CNY       40.18
NEIJIANG INVESTMENT HOLD    7.00     07/19/18   CNY       52.89
NEIJIANG INVESTMENT HOLD    7.00     07/19/18   CNY       50.00
NEIMENGGU XINLINGOL XING    7.62     02/25/18   CNY       72.13
NINGBO CITY ZHENHAI INVE    6.48     04/12/17   CNY       40.51
NINGBO URBAN CONSTRUCTIO    7.39     03/01/18   CNY       51.98
NINGBO URBAN CONSTRUCTIO    7.39     03/01/18   CNY       52.15
NINGDE CITY STATE-OWNED     6.25     10/21/17   CNY       40.40
NONGGONGSHANG REAL ESTAT    6.29     10/11/17   CNY       71.12
PANJIN CONSTRUCTION INVE    7.50     05/17/19   CNY       63.58
PANJIN CONSTRUCTION INVE    7.50     05/17/19   CNY       61.60
PANJIN CONSTRUCTION INVE    7.70     12/16/16   CNY       40.20
PANJIN CONSTRUCTION INVE    7.70     12/16/16   CNY       40.21
PINGDINGSHAN CITY DEVELO    7.86     05/08/19   CNY       64.10
PINGDINGSHAN CITY DEVELO    7.86     05/08/19   CNY       64.23
PINGHU CITY DEVELOPMENT     7.20     09/18/19   CNY       64.17
PIZHOU RUNCHENG ASSET OP    7.55     09/25/19   CNY       84.92
PUER CITY STATE OWNED AS    7.38     06/20/19   CNY       63.04
PUTIAN STATE-OWNED ASSET    8.10     03/21/19   CNY       64.20
PUTIAN STATE-OWNED ASSET    8.10     03/21/19   CNY       63.90
QIANAN XINGYUAN WATER IN    6.45     07/11/18   CNY       51.76
QIANDONG NANZHOU DEVELOP    8.80     04/27/19   CNY       64.00
QINGDAO CITY CONSTRUCTIO    6.89     02/16/19   CNY       62.71
QINGDAO CITY CONSTRUCTIO    6.89     02/16/19   CNY       62.76
QINGDAO CITY CONSTRUCTIO    6.19     02/16/17   CNY       40.43
QINGDAO CITY CONSTRUCTIO    6.19     02/16/17   CNY       40.45
QINGDAO HUATONG STATE-OW    7.30     04/18/19   CNY       63.45
QINGZHOU HONGYUAN PUBLIC    6.50     05/22/19   CNY       31.23
QINGZHOU HONGYUAN PUBLIC    6.50     05/22/19   CNY       31.00
QINZHOU CITY DEVELOPMENT    6.72     04/30/17   CNY       51.02
QUANZHOU QUANGANG PETROC    8.40     04/16/19   CNY       63.66
QUANZHOU QUANGANG PETROC    8.40     04/16/19   CNY       62.92
QUJING DEVELOPMENT INVES    7.25     09/06/19   CNY       64.03
QUJING DEVELOPMENT INVES    7.25     09/06/19   CNY       63.57
QUNSHAN HUAQIAO INTERNAT    7.98     12/30/18   CNY       63.45
RUDONG COUNTY DONGTAI SO    7.45     09/24/19   CNY       64.57
SANMING STATE-OWNED ASSE    6.99     06/14/18   CNY       73.33
SHANGHAI CHENGTOU CORP      4.63     07/30/19   CNY       61.77
SHANGHAI REAL ESTATE GRO    6.12     05/17/17   CNY       40.82
SHANGHAI SONGJIANG TOWN     6.28     08/15/18   CNY       52.00
SHANGHAI SONGJIANG TOWN     6.28     08/15/18   CNY       52.13
SHANGRAO CITY CONSTRUCTI    7.30     09/10/19   CNY       64.49
SHANGYU COMMUNICATIONS I    6.70     09/11/19   CNY       63.98
SHANGYU COMMUNICATIONS I    6.70     09/11/19   CNY       64.00
SHAOXING CHENGBEI XINCHE    6.21     06/11/18   CNY       51.73
SHAOXING CHENGBEI XINCHE    6.21     06/11/18   CNY       48.00
SHAOYANG CITY CONSTRUCTI    7.40     09/11/18   CNY       50.01
SHAOYANG CITY CONSTRUCTI    7.40     09/11/18   CNY       52.75
SHISHI STATE OWNED INVES    7.40     09/13/19   CNY       64.28
SHISHI STATE OWNED INVES    7.40     09/13/19   CNY       82.87
SHIYAN CITY INFRASTRUCTU    7.98     04/20/19   CNY       64.22
SICHUAN COAL INDUSTRY GR    7.45     12/25/16   CNY       34.63
SICHUAN COAL INDUSTRY GR    7.70     01/09/18   CNY       34.63
SICHUAN COAL INDUSTRY GR    5.94     05/15/17   CNY       34.59
SICHUAN COAL INDUSTRY GR    7.80     09/27/17   CNY       34.63
SICHUAN DEVELOPMENT HOLD    5.40     11/10/17   CNY       70.79
SONGYUAN URBAN DEVELOPME    7.30     08/29/19   CNY       63.47
SUIZHOU CITY INVESTMENT     7.50     08/22/19   CNY       64.35
SUQIAN ECONOMIC DEVELOPM    7.50     03/26/19   CNY       63.50
SUQIAN ECONOMIC DEVELOPM    7.50     03/26/19   CNY       63.75
SUZHOU CONSTRUCTION INVE    7.45     03/12/19   CNY       63.24
SUZHOU INDUSTRIAL PARK T    5.79     05/30/19   CNY       60.52
SUZHOU INDUSTRIAL PARK T    5.79     05/30/19   CNY       62.67
SUZHOU XIANGCHENG URBAN     6.95     09/03/19   CNY       63.93
SUZHOU XIANGCHENG URBAN     6.95     09/03/19   CNY       60.00
TAIXING ZHONGXING STATE-    8.29     03/27/18   CNY       52.48
TAIXING ZHONGXING STATE-    8.29     03/27/18   CNY       53.20
TAIYUAN LONGCHENG DEVELO    6.50     09/25/19   CNY       63.44
TAIZHOU CITY CONSTRUCTIO    6.90     01/25/17   CNY       40.35
TAIZHOU HAILING ASSETS M    8.52     03/21/19   CNY       64.00
TAIZHOU XINTAI GROUP CO     6.85     08/14/18   CNY       52.44
TAIZHOU XINTAI GROUP CO     6.85     08/14/18   CNY       52.05
TIANJIN BINHAI NEW AREA     5.00     03/13/18   CNY       71.39
TIANJIN BINHAI NEW AREA     5.00     03/13/18   CNY       71.47
TIANJIN ECO-CITY INVESTM    6.76     08/14/19   CNY       63.46
TIANJIN ECO-CITY INVESTM    6.76     08/14/19   CNY       66.00
TIANJIN HANBIN INVESTMEN    8.39     03/22/19   CNY       62.98
TIANJIN HI-TECH INDUSTRY    7.80     03/27/19   CNY       63.70
TIANJIN HI-TECH INDUSTRY    7.80     03/27/19   CNY       63.49
TIANJIN JINNAN CITY CONS    6.95     06/18/19   CNY       59.00
TIANJIN JINNAN CITY CONS    6.95     06/18/19   CNY       63.54
TIELING PUBLIC ASSETS IN    7.34     05/29/18   CNY       48.00
TIELING PUBLIC ASSETS IN    7.34     05/29/18   CNY       51.76
TIGER FOREST & PAPER GRO    5.38     06/14/17   CNY       57.47
TONGCHUAN DEVELOPMENT IN    7.50     07/17/19   CNY       63.38
TONGLIAO CITY INVESTMENT    5.98     09/01/17   CNY       39.50
TONGLIAO CITY INVESTMENT    5.98     09/01/17   CNY       40.90
TONGLIAO TIANCHENG URBAN    7.75     09/24/19   CNY       64.20
TONGREN FANJINGSHAN INVE    6.89     08/02/19   CNY       63.72
TONGREN FANJINGSHAN INVE    6.89     08/02/19   CNY       61.01
URUMQI CITY CONSTRUCTION    6.35     07/09/19   CNY       59.00
URUMQI CITY CONSTRUCTION    6.35     07/09/19   CNY       63.13
URUMQI STATE-OWNED ASSET    6.48     04/28/18   CNY       51.49
VANZIP INVESTMENT GROUP     7.92     02/04/19   CNY       64.66
WAFANGDIAN STATE-OWNED A    8.55     04/19/19   CNY       63.85
WENLING CITY STATE OWNED    7.18     09/18/19   CNY       64.17
WENZHOU ANJUFANG CITY DE    7.65     04/24/19   CNY       63.51
WUHAI CITY CONSTRUCTION     8.20     03/31/19   CNY       63.01
WUHAI CITY CONSTRUCTION     8.20     03/31/19   CNY       63.65
WUHU ECONOMIC TECHNOLOGY    6.70     06/08/18   CNY       52.04
WUHU ECONOMIC TECHNOLOGY    6.70     06/08/18   CNY       51.00
WUXI MUNICIPAL CONSTRUCT    6.60     09/17/19   CNY       63.56
WUXI MUNICIPAL CONSTRUCT    6.60     09/17/19   CNY       63.43
WUXI TAIHU INTERNATIONAL    7.60     09/17/19   CNY       64.45
WUZHOU DONGTAI STATE-OWN    7.40     09/03/19   CNY       64.16
XIAN CHANBAHE DEVELOPMEN    6.89     08/03/19   CNY       63.17
XIANGTAN CITY CONSTRUCTI    8.00     03/16/19   CNY       63.91
XIANGTAN CITY CONSTRUCTI    8.00     03/16/19   CNY       61.55
XIANGTAN JIUHUA ECONOMIC    7.43     08/29/19   CNY       64.19
XIANGTAN JIUHUA ECONOMIC    6.93     12/16/16   CNY       40.33
XIANGYANG CITY CONSTRUCT    8.12     01/12/19   CNY       63.50
XIANGYANG CITY CONSTRUCT    8.12     01/12/19   CNY       63.65
XIANNING CITY CONSTRUCTI    7.50     08/31/18   CNY       52.65
XIANNING CITY CONSTRUCTI    7.50     08/31/18   CNY       78.00
XIANYANG CITY CONSTRUCTI    7.90     12/09/17   CNY       71.01
XIAOGAN URBAN CONSTRUCTI    8.12     03/26/19   CNY       64.08
XINING CITY INVESTMENT M    7.70     04/27/19   CNY       64.00
XINING CITY INVESTMENT M    7.70     04/27/19   CNY       59.00
XINJIANG SHIHEZI DEVELOP    7.50     08/29/18   CNY       48.92
XINJIANG UYGUR AR HAMI Z    6.25     07/17/18   CNY       51.85
XINXIANG INVESTMENT GROU    6.80     01/18/18   CNY       71.84
XINYANG HUAXIN INVESTMEN    6.95     06/14/19   CNY       63.63
XINYANG HUAXIN INVESTMEN    6.95     06/14/19   CNY       59.01
XINZHOU CITY ASSET MANAG    7.39     08/08/18   CNY       52.70
XUCHANG GENERAL INVESTME    7.78     04/27/19   CNY       63.77
XUZHOU ECONOMIC TECHNOLO    8.20     03/07/19   CNY       63.89
XUZHOU ECONOMIC TECHNOLO    8.20     03/07/19   CNY       63.89
XUZHOU XINSHENG CONSTRUC    7.48     05/08/18   CNY       49.00
XUZHOU XINSHENG CONSTRUC    7.48     05/08/18   CNY       52.18
YAAN STATE-OWNED ASSET O    7.39     07/04/19   CNY       63.19
YANCHENG ORIENTAL INVEST    5.75     06/08/17   CNY       50.90
YANGZHONG URBAN CONSTRUC    7.10     03/26/18   CNY       72.55
YANGZHOU URBAN CONSTRUCT    6.30     07/26/19   CNY       60.00
YANGZHOU URBAN CONSTRUCT    6.30     07/26/19   CNY       63.30
YANZHOU HUIMIN URBAN CON    8.50     12/28/17   CNY       51.73
YIBIN STATE-OWNED ASSET     5.80     05/23/18   CNY       72.17
YICHUN CITY CONSTRUCTION    7.35     07/24/19   CNY       60.98
YIJINHUOLUOQI HONGTAI CI    8.35     03/19/19   CNY       59.00
YIJINHUOLUOQI HONGTAI CI    8.35     03/19/19   CNY       57.50
YINCHUAN URBAN CONSTRUCT    6.28     03/09/17   CNY       25.15
YIYANG CITY CONSTRUCTION    7.36     08/24/19   CNY       64.02
YIYANG CITY CONSTRUCTION    8.20     11/19/16   CNY       40.23
YIZHENG CITY CONSTRUCTIO    7.78     06/14/19   CNY       76.00
YIZHENG CITY CONSTRUCTIO    7.78     06/14/19   CNY       64.33
YUNNAN PROVINCIAL INVEST    5.25     08/24/17   CNY       40.64
YUNNAN PROVINCIAL INVEST    5.25     08/24/17   CNY       40.70
ZHANGJIAGANG JINCHENG IN    6.23     01/06/18   CNY       61.38
ZHANGJIAKOU TONGTAI HOLD    6.90     07/05/18   CNY       73.30
ZHEJIANG PROVINCE DEQING    6.90     04/12/18   CNY       72.24
ZHENJIANG CULTURE AND TO    5.86     05/06/17   CNY       50.49
ZHENJIANG CULTURE AND TO    5.86     05/06/17   CNY       50.50
ZHENJIANG NEW AREA ECONO    8.16     03/01/19   CNY       62.91
ZHENJIANG NEW AREA ECONO    8.16     03/01/19   CNY       63.00
ZHENJIANG TRANSPORTATION    7.29     05/08/19   CNY       63.20
ZHENJIANG TRANSPORTATION    7.29     05/08/19   CNY       62.52
ZHONGSHAN TRANSPORTATION    6.65     08/28/18   CNY       52.12
ZHONGSHAN TRANSPORTATION    6.65     08/28/18   CNY       51.93
ZHUCHENG ECONOMIC DEVELO    6.40     04/26/18   CNY       41.43
ZHUCHENG ECONOMIC DEVELO    6.40     04/26/18   CNY       41.24
ZHUCHENG ECONOMIC DEVELO    7.50     08/25/18   CNY       31.74
ZHUHAI HUAFA GROUP CO LT    8.43     02/16/18   CNY       52.29
ZHUHAI HUAFA GROUP CO LT    8.43     02/16/18   CNY       52.16
ZHUHAI ZHONGFU ENTERPRIS    5.28     05/28/15   CNY       70.63
ZHUJI CITY CONSTRUCTION     6.92     07/05/18   CNY       73.40
ZHUJI CITY CONSTRUCTION     6.92     07/05/18   CNY       73.55
ZHUZHOU GECKOR GROUP CO     7.82     08/18/18   CNY       70.81
ZHUZHOU GECKOR GROUP CO     7.82     08/18/18   CNY       74.66
ZHUZHOU GECKOR GROUP CO     7.50     09/10/19   CNY       64.74
ZHUZHOU GECKOR GROUP CO     7.50     09/10/19   CNY       64.26
ZIBO CITY PROPERTY CO LT    6.83     08/22/19   CNY       63.82
ZIBO CITY PROPERTY CO LT    5.45     04/27/19   CNY       37.32
ZIGONG STATE-OWNED ASSET    6.86     06/17/18   CNY       72.75
ZOUCHENG CITY ASSET OPER    7.02     01/12/18   CNY       41.03
ZOUPING COUNTY STATE-OWN    6.98     04/27/18   CNY       72.81
ZOUPING COUNTY STATE-OWN    6.98     04/27/18   CNY       72.01
ZUNYI CITY INVESTMENT GR    8.53     03/13/19   CNY       63.66
ZUNYI CITY INVESTMENT GR    8.53     03/13/19   CNY       63.83


INDONESIA
---------
BERAU COAL ENERGY TBK PT    7.25     03/13/17   USD       19.50
BERAU COAL ENERGY TBK PT    7.25     03/13/17   USD       22.44


INDIA
-----

3I INFOTECH LTD             5.00     04/26/17   USD       13.13
BLUE DART EXPRESS LTD       9.30     11/20/17   INR       10.17
BLUE DART EXPRESS LTD       9.50     11/20/19   INR       10.45
BLUE DART EXPRESS LTD       9.40     11/20/18   INR       10.31
GTL INFRASTRUCTURE LTD      4.53     11/09/17   USD       29.63
JAIPRAKASH ASSOCIATES LT    5.75     09/08/17   USD       41.38
JCT LTD                     2.50     04/08/11   USD       23.13
PRAKASH INDUSTRIES LTD      5.25     04/30/15   USD       20.63
PYRAMID SAIMIRA THEATRE     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 & ENERGY L    5.00     08/17/15   USD        0.51

JAPAN
-----

AVANSTRATE INC              5.55     10/31/17   JPY       33.25
AVANSTRATE INC              5.55     10/31/17   JPY       37.00
MICRON MEMORY JAPAN INC     0.50     10/26/15   JPY        4.99
MICRON MEMORY JAPAN INC     0.70     08/01/16   JPY        4.99
MICRON MEMORY JAPAN INC     2.03     03/22/12   JPY        4.99
MICRON MEMORY JAPAN INC     2.29     12/07/12   JPY        4.99
MICRON MEMORY JAPAN INC     2.10     11/29/12   JPY        4.99
TAKATA CORP                 0.58     03/26/21   JPY       61.63
TAKATA CORP                 0.85     03/06/19   JPY       75.02


KOREA
-----

2014 KODIT CREATIVE THE     5.00     12/25/17   KRW       33.55
2014 KODIT CREATIVE THE     5.00     12/25/17   KRW       33.55
2016 KIBO 1ST SECURITIZA    5.00     09/13/18   KRW       29.45
DOOSAN CAPITAL SECURITIZ   20.00     04/22/19   KRW       46.95
HANJIN SHIPPING CO LTD      5.90     06/07/17   KRW       10.48
HANJIN SHIPPING CO LTD      2.00     05/23/17   KRW       10.69
HYUNDAI MERCHANT MARINE     1.00     04/07/21   KRW       65.13
HYUNDAI MERCHANT MARINE     1.00     07/07/21   KRW       63.63
KIBO ABS SPECIALTY CO LT    5.00     01/31/17   KRW       39.02
KIBO ABS SPECIALTY CO LT   10.00     08/22/17   KRW       18.99
KIBO ABS SPECIALTY CO LT   10.00     02/19/17   KRW       44.19
KIBO ABS SPECIALTY CO LT    5.00     03/29/18   KRW       32.41
KIBO ABS SPECIALTY CO LT    5.00     12/25/17   KRW       32.03
LSMTRON DONGBANGSEONGJAN    4.53     11/22/17   KRW       32.99
OKC SECURITIZATION SPECI   10.00     01/03/20   KRW       27.00
SINBO SECURITIZATION SPE    5.00     08/16/17   KRW       34.54
SINBO SECURITIZATION SPE    5.00     01/29/17   KRW       41.00
SINBO SECURITIZATION SPE    5.00     07/08/17   KRW       34.93
SINBO SECURITIZATION SPE    5.00     09/30/19   KRW       27.14
SINBO SECURITIZATION SPE    5.00     03/18/19   KRW       29.15
SINBO SECURITIZATION SPE    5.00     03/18/19   KRW       29.15
SINBO SECURITIZATION SPE    5.00     05/26/18   KRW       30.53
SINBO SECURITIZATION SPE    5.00     01/15/18   KRW       33.34
SINBO SECURITIZATION SPE    5.00     10/05/16   KRW       74.96
SINBO SECURITIZATION SPE    5.00     12/25/16   KRW       44.08
SINBO SECURITIZATION SPE    5.00     10/05/16   KRW       74.96
SINBO SECURITIZATION SPE    5.00     12/13/16   KRW       48.11
SINBO SECURITIZATION SPE    5.00     02/11/18   KRW       32.82
SINBO SECURITIZATION SPE    5.00     02/11/18   KRW       32.82
SINBO SECURITIZATION SPE    5.00     08/27/19   KRW       27.53
SINBO SECURITIZATION SPE    5.00     02/27/19   KRW       29.38
SINBO SECURITIZATION SPE    5.00     02/27/19   KRW       29.38
SINBO SECURITIZATION SPE    5.00     08/16/17   KRW       34.54
SINBO SECURITIZATION SPE    5.00     03/13/17   KRW       36.77
SINBO SECURITIZATION SPE    5.00     03/13/17   KRW       36.77
SINBO SECURITIZATION SPE    5.00     07/24/18   KRW       31.63
SINBO SECURITIZATION SPE    5.00     06/25/18   KRW       30.26
SINBO SECURITIZATION SPE    5.00     02/21/17   KRW       38.58
SINBO SECURITIZATION SPE    5.00     02/21/17   KRW       38.58
SINBO SECURITIZATION SPE    5.00     06/27/18   KRW       31.86
SINBO SECURITIZATION SPE    5.00     06/27/18   KRW       31.86
SINBO SECURITIZATION SPE    5.00     07/24/17   KRW       33.53
SINBO SECURITIZATION SPE    5.00     07/24/18   KRW       31.63
SINBO SECURITIZATION SPE    5.00     06/25/19   KRW       28.12
SINBO SECURITIZATION SPE    5.00     10/01/17   KRW       34.17
SINBO SECURITIZATION SPE    5.00     10/01/17   KRW       34.17
SINBO SECURITIZATION SPE    5.00     10/01/17   KRW       34.17
SINBO SECURITIZATION SPE    5.00     08/29/18   KRW       31.09
SINBO SECURITIZATION SPE    5.00     08/29/18   KRW       31.09
SINBO SECURITIZATION SPE    5.00     09/26/18   KRW       30.86
SINBO SECURITIZATION SPE    5.00     09/26/18   KRW       30.86
SINBO SECURITIZATION SPE    5.00     09/26/18   KRW       30.86
SINBO SECURITIZATION SPE    5.00     06/07/17   KRW       19.53
SINBO SECURITIZATION SPE    5.00     06/07/17   KRW       19.53
SINBO SECURITIZATION SPE    5.00     07/08/17   KRW       34.93
SINBO SECURITIZATION SPE    5.00     01/15/18   KRW       33.34
SINBO SECURITIZATION SPE    5.00     03/12/18   KRW       32.56
SINBO SECURITIZATION SPE    5.00     03/12/18   KRW       32.56
SINBO SECURITIZATION SPE    5.00     01/30/19   KRW       29.59
SINBO SECURITIZATION SPE    5.00     10/30/19   KRW       20.44
SINBO SECURITIZATION SPE    5.00     01/30/19   KRW       29.59
SINBO SECURITIZATION SPE    5.00     12/23/18   KRW       29.94
SINBO SECURITIZATION SPE    5.00     12/23/18   KRW       29.94
SINBO SECURITIZATION SPE    5.00     12/23/17   KRW       32.05
SINBO SECURITIZATION SPE    5.00     07/29/19   KRW       27.79
SINBO SECURITIZATION SPE    5.00     07/29/18   KRW       29.93
TONGYANG CEMENT & ENERGY    7.50     04/20/14   KRW       70.00
TONGYANG CEMENT & ENERGY    7.50     07/20/14   KRW       70.00
TONGYANG CEMENT & ENERGY    7.50     09/10/14   KRW       70.00
TONGYANG CEMENT & ENERGY    7.30     06/26/15   KRW       70.00
TONGYANG CEMENT & ENERGY    7.30     04/12/15   KRW       70.00
U-BEST SECURITIZATION SP    5.50     11/16/17   KRW       34.46
WOONGJIN ENERGY CO LTD      3.00     12/19/19   KRW       56.32
WOORI BANK                  5.21     12/12/44   KRW      387.71


SRI LANKA
---------

HATTON NATIONAL BANK PLC    8.00     08/29/23   LKR       67.00
SRI LANKA GOVERNMENT BON    6.00     12/01/24   LKR       70.36
SRI LANKA GOVERNMENT BON    8.00     01/01/32   LKR       71.23
SRI LANKA GOVERNMENT BON    9.00     06/01/43   LKR       72.93
SRI LANKA GOVERNMENT BON    5.35     03/01/26   LKR       63.80


MALAYSIA
--------

BRIGHT FOCUS BHD            2.50     01/22/31   MYR       72.77
LAND & GENERAL BHD          1.00     09/24/18   MYR        0.28
SENAI-DESARU EXPRESSWAY     0.50     12/31/46   MYR       74.37
SENAI-DESARU EXPRESSWAY     0.50     12/31/38   MYR       67.48
SENAI-DESARU EXPRESSWAY     0.50     12/29/45   MYR       73.62
SENAI-DESARU EXPRESSWAY     0.50     12/31/42   MYR       71.42
SENAI-DESARU EXPRESSWAY     0.50     12/30/39   MYR       68.77
SENAI-DESARU EXPRESSWAY     0.50     12/30/44   MYR       72.93
SENAI-DESARU EXPRESSWAY     0.50     12/31/41   MYR       70.44
SENAI-DESARU EXPRESSWAY     0.50     12/31/43   MYR       72.24
SENAI-DESARU EXPRESSWAY     0.50     12/31/40   MYR       69.62
SENAI-DESARU EXPRESSWAY     1.15     12/29/23   MYR       73.01
SENAI-DESARU EXPRESSWAY     1.35     06/30/27   MYR       64.72
SENAI-DESARU EXPRESSWAY     1.35     06/29/29   MYR       59.61
SENAI-DESARU EXPRESSWAY     1.15     06/30/23   MYR       74.54
SENAI-DESARU EXPRESSWAY     1.35     12/31/27   MYR       63.49
SENAI-DESARU EXPRESSWAY     1.35     06/30/28   MYR       62.24
SENAI-DESARU EXPRESSWAY     1.35     06/30/26   MYR       67.26
SENAI-DESARU EXPRESSWAY     1.35     06/28/30   MYR       56.94
SENAI-DESARU EXPRESSWAY     1.35     06/30/31   MYR       54.19
SENAI-DESARU EXPRESSWAY     1.35     12/29/28   MYR       60.93
SENAI-DESARU EXPRESSWAY     1.15     12/31/24   MYR       70.03
SENAI-DESARU EXPRESSWAY     1.35     12/31/26   MYR       65.97
SENAI-DESARU EXPRESSWAY     1.35     12/31/25   MYR       68.61
SENAI-DESARU EXPRESSWAY     1.35     12/31/29   MYR       58.27
SENAI-DESARU EXPRESSWAY     1.15     06/30/25   MYR       68.60
SENAI-DESARU EXPRESSWAY     1.35     12/31/30   MYR       55.56
SENAI-DESARU EXPRESSWAY     1.15     06/28/24   MYR       71.52
UNIMECH GROUP BHD           5.00     09/18/18   MYR        1.06


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

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


SINGAPORE
---------

ASL MARINE HOLDINGS LTD     5.35     10/01/18   SGD       67.00
AUSGROUP LTD                7.45     10/20/16   SGD       65.75
AXIS OFFSHORE PTE LTD       8.11     05/18/18   USD       59.00
BAKRIE TELECOM PTE LTD     11.50     05/07/15   USD        1.62
BAKRIE TELECOM PTE LTD     11.50     05/07/15   USD        1.62
BERAU CAPITAL RESOURCES    12.50     07/08/15   USD       22.00
BERAU CAPITAL RESOURCES    12.50     07/08/15   USD       22.25
BLD INVESTMENTS PTE LTD     8.63     03/23/15   USD        8.88
BUMI CAPITAL PTE LTD       12.00     11/10/16   USD       21.75
BUMI CAPITAL PTE LTD       12.00     11/10/16   USD       21.75
BUMI INVESTMENT PTE LTD    10.75     10/06/17   USD       21.39
BUMI INVESTMENT PTE LTD    10.75     10/06/17   USD       21.75
ENERCOAL RESOURCES PTE L    6.00     04/07/18   USD        8.63
EZION HOLDINGS LTD          4.88     06/11/21   SGD       65.88
EZRA HOLDINGS LTD           4.88     04/24/18   SGD       60.00
GEO ENERGY RESOURCES LTD    7.00     01/18/18   SGD       74.00
GOLIATH OFFSHORE HOLDING   12.00     06/11/17   USD        5.06
INDO INFRASTRUCTURE GROU    2.00     07/30/10   USD        1.88
INTERNATIONAL HEALTHWAY     6.00     02/06/18   SGD       63.00
NEPTUNE ORIENT LINES LTD    4.40     06/22/21   SGD       60.00
NEPTUNE ORIENT LINES LTD    4.65     09/09/20   SGD       65.00
ORO NEGRO DRILLING PTE L    7.50     01/24/19   USD       43.38
OSA GOLIATH PTE LTD        12.00     10/09/18   USD       62.63
OTTAWA HOLDINGS PTE LTD     5.88     05/16/18   USD       66.85
OTTAWA HOLDINGS PTE LTD     5.88     05/16/18   USD       69.17
PACIFIC RADIANCE LTD        4.30     08/29/18   SGD       53.00
RICKMERS MARITIME           8.45     05/15/17   SGD       72.49
SWIBER CAPITAL PTE LTD      6.50     08/02/18   SGD       10.00
SWIBER CAPITAL PTE LTD      6.25     10/30/17   SGD       10.00
SWIBER HOLDINGS LTD         7.13     04/18/17   SGD       11.38
SWIBER HOLDINGS LTD         7.75     09/18/17   CNY       13.88
SWIBER HOLDINGS LTD         5.55     10/10/16   SGD       11.50
SWISSCO HOLDINGS LTD        5.70     04/16/18   SGD       67.25
TRIKOMSEL PTE LTD           5.25     05/10/16   SGD       17.00
TRIKOMSEL PTE LTD           7.88     06/05/17   SGD       18.75


THAILAND
--------

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


VIETNAM
-------

DEBT AND ASSET TRADING C    1.00     10/10/25   USD       57.06
DEBT AND ASSET TRADING C    1.00     10/10/25   USD       56.53



                             *********

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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