TCRAP_Public/161004.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, October 4, 2016, Vol. 19, No. 196

                            Headlines


A U S T R A L I A

MISSION NEWENERGY: Incurs AUD2.32 Million Net Loss in Fiscal 2016


C H I N A

AOXING PHARMACEUTICAL: Delays Filing of Fiscal 2016 Form 10-K
CHINA: To Adopt to Market-Oriented Approach to Bond Defaults
CHINA GINSENG: Delays Filing of Fiscal 2016 Form 10-K
DONGBEI SPECIAL: Creditors Seek Formal Bankruptcy Restructuring
YESTAR INTERNATIONAL: Fitch Releases Amended Press Release


I N D I A

AARKAY FOOD: CRISIL Suspends 'D' Rating on INR28.1MM Term Loan
AARKEE EXTRUSION: CRISIL Suspends B+ Rating on INR40MM Cash Loan
AEROCON BUILDWELL: CRISIL Assigns 'D' Rating to INR145MM Loan
AIRTEC ELECTROVISION: CARE Assigns B+ Rating to INR8cr LT Loan
ANANGOOR TEXTILE: CRISIL Suspends 'B' Rating on INR364.5MM Loan

ARAN KITCHEN: CRISIL Suspends 'D' Rating on INR60MM Cash Loan
ARUPADAI ARULMURUGAN: CRISIL Suspends B- Rating on INR89.7MM Loan
ASIAN VENTURES: CRISIL Assigns 'B' Rating to INR80.2MM Term Loan
ASSRM & CO: CRISIL Suspends 'B+' Rating on INR50MM Cash Loan
AUTOCREATES SERVICES: CRISIL Reaffirms B+ Rating on INR150MM Loan

BALAJI ELECTRICAL: CARE Assigns B+ Rating to INR11.0cr LT Loan
BENTEC INDIA: CRISIL Suspends 'B' Rating on INR150MM Cash Loan
DELTA MSAND: CRISIL Suspends B+ Rating on INR40MM Cash Loan
DIVYA SHREE: CARE Assigns 'B+' Rating to INR7.12cr LT Bank Loan
FLEXICAN BELLOWS: CRISIL Suspends B+ Rating on INR40MM Cash Loan

GIRIN DEKA: CRISIL Assigns 'B+' Rating to INR40MM Cash Loan
GRAND AUTO: CRISIL Assigns B+ Rating to INR73MM Cash Loan
GSR AND KKR: CRISIL Assigns 'B' Rating to INR60MM Long Term Loan
GUPTA SYNTEX: CRISIL Suspends B+ Rating on INR88MM Term Loan
INTERNATIONAL RUBBER: CRISIL Suspends B Rating on INR32.7MM Loan

J.S.M. FORGING: CRISIL Assigns B- Rating to INR13MM Bill Disc.
JARA INFRATECH: CRISIL Assigns B+ Rating to INR85MM Bank Loan
K.M. RAFI: CRISIL Assigns B+ Rating to INR60MM Overdraft Loan
KRANS PROJECTS: CRISIL Cuts Rating on INR74.5MM Loan to B+
LB COTTON: CRISIL Assigns 'B-' Rating to INR50MM Cash Loan

MAHALAXMI INVESTMENT: CRISIL Suspends B Rating on INR100MM Loan
MAHESH VALUE: CRISIL Reaffirms B+ Rating on INR120MM Capital Loan
MARIA RUG: CRISIL Assigns B- Rating to INR16MM Long Term Loan
MARTIN & BROWN: CRISIL Assigns 'B' Rating to INR75MM Cash Loan
MAYUR SEEDS: CRISIL Suspends 'B' Rating on INR40MM Cash Loan

MISHRIBAI AGRO: CRISIL Assigns B+ Rating to INR75MM Term Loan
MOUNT ZION: CRISIL Suspends 'B+' Rating on INR150MM LT Loan
MUTHU PIPES: CRISIL Suspends 'B' Rating on INR88MM LT Loan
NORTHERN INDIA: CRISIL Reaffirms B+ Rating on INR62.5MM Loan
ORBIT AYAS: CRISIL Suspends B+ Rating on INR90MM Cash Loan

PINK STAR: CRISIL Suspends 'D' Rating on INR150MM Loan
PM DIMENSIONS: CRISIL Suspends 'D' Rating on INR90MM Cash Loan
POWER WELFARE: CRISIL Lowers Rating on INR300MM LT Loan to 'D'
PUNJAB MEDICAL: CRISIL Ups Rating on INR114.2MM LT Loan to B+
RAJ JEWELS: CRISIL Suspends B+ Rating on INR60MM Cash Loan

RASHMI YARNS: CRISIL Suspends 'B' Rating on INR180MM Cash Loan
RISE PACKERS: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
SACHIN FIBERS: CRISIL Assigns B+ Rating to INR40MM Term Loan
SATMA INDUSTRIES: CRISIL Assigns B+ Rating to INR70MM Cash Loan
SCIENTIFIC INTERNATIONAL: CRISIL Rates INR68MM Loan at 'B'

SHIV SHANKAR: CRISIL Suspends B+ Rating on INR110MM Cash Loan
SHRI AMBICA: CRISIL Lowers Rating on INR1.10BB Cash Loan to 'D'
SHRIAMAN AGROVET: CRISIL Assigns B+ Rating to INR42.5MM LT Loan
SOLITAIRE FOODS: CRISIL Suspends D Rating on INR130MM Cash Loan
SRI RAJESWARI: CRISIL Suspends B+ Rating on INR10.5MM LT Loan

ST. JOHNS: CRISIL Assigns B+ Rating to INR70MM Cash Loan
TECHNOVAA PLASTIC: CRISIL Assigns B- Rating to INR475MM Loan
VARDHMAN ENTERPRISE: CRISIL Rates INR48MM Cash Loan at 'B+'
VINDEEP DEVELOPERS: CRISIL Suspends 'D' Rating on INR100.6MM Loan


M O N G O L I A

MONGOLIA: Asks IMF for Financial Assistance


S I N G A P O R E

GLOBAL A&T: Fitch Lowers Issuer Default Ratings to 'CCC'


S O U T H  K O R E A

HANJIN SHIPPING: Collapse Hits Businesses in Singapore


X X X X X X X X

* BOND PRICING: For the Week Sept. 26 to Sept. 30, 2016


                            - - - - -


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


MISSION NEWENERGY: Incurs AUD2.32 Million Net Loss in Fiscal 2016
-----------------------------------------------------------------
Mission New Energy reported a net loss of AUD2.32 million on
AUD41,960 of total revenue for the year ended June 30, 2016,
compared to profit of AUD28.4 million on AUD7.27 million of total
revenue for the year ended June 30, 2015.

As of June 30, 2016, the Company had AUD6.17 million in total
assets, AUD1.40 million in total liabilities, all current, and
AUD4.76 million in net assets.

Management controls the capital of the Group in order to maintain
an appropriate debt to equity ratio, provide the shareholders
with adequate returns and ensure that the Group can fund its
operations and continue as a going concern.  Due to the stage
that the business is in, managements preferred approach is to
fund the business with equity, however where equity funding is
not available debt funding is considered.  Management reviews
historic and forecast cash flows on a regular basis in order to
determine funding needs.

The Group has no debt and capital includes ordinary share
capital, supported by financial assets.

A full-text copy of the Annual Report on Form 6-K is available
for free at goo.gl/ZQxvH5

                   About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

"Although we incurred an operating profit for the year ended
June 30, 2015 of AUD28.3 million (2014: AUD1.1 million loss), we
have a history of net losses and there is a substantial doubt
about our ability to continue as a going concern," the Company
stated in its annual report for the year ended June 30, 2015.



=========
C H I N A
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AOXING PHARMACEUTICAL: Delays Filing of Fiscal 2016 Form 10-K
-------------------------------------------------------------
Aoxing Pharmaceutical Company, Inc., disclosed in a regulatory
filing with the Securities and Exchange Commission that its
annual report on Form 10-K could not be filed within the required
time because there was a delay in completing the procedures
necessary to close the books for the year ended June 30, 2016.

                          About Aoxing

Aoxing Pharmaceutical Company, Inc., has one operating
subsidiary, Hebei Aoxing Pharmaceutical Co., Inc., which is
organized under the laws of the People's Republic of China.
Since 2002, Hebei Aoxing has been engaged in developing narcotics
and pain management products.  In 2008 Hebei Aoxing supplemented
its product lines by acquiring Shijiazhuang Lerentang
Pharmaceutical Company, Ltd., a specialty pharmaceutical company
focusing on herbal pain related therapeutics.  The Company owns
95% of the equity in Hebei Aoxing.

Aoxing Pharmaceutical reported net income attributable to
shareholders of the Company of $5.49 million on $25.48 million of
sales for the year ended June 30, 2015, compared to a net loss
attributable to shareholders of the Company of $8.21 million on
$12.7 million of sales for the year ended June 30, 2014.

As of March 31, 2016, Aoxing had $58.92 million in total assets,
$38.37 million in total liabilities and $20.55 million in total
equity.

BDO China Shu Lun Pan Certified Public Accountants LLP, in
Shanghai, People's Republic of China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended June 30, 2015, stating that the Company accumulated a
large deficit and a working capital deficit that raise
substantial doubt about its ability to continue as a going
concern.


CHINA: To Adopt to Market-Oriented Approach to Bond Defaults
------------------------------------------------------------
South China Morning Post reports that China's government appears
to be adopting a more market-oriented approach to bond defaults,
increasingly tolerating bankruptcies

After a long wait for a solution to surging defaults by Chinese
state-owned enterprises (SOEs), some recent cases have started to
shed light on the government's likely approach, according to
SCMP.

SCMP says to the disappointment of those believing that Beijing
would continue its long-held policy of stepping in to rescue
debt-ridden companies on the brink of bankruptcy, it appears to
be switching to a more market-oriented approach.

According to the report, Dongbei Special Steel Group, a state-
owned steel maker in China's northeastern Liaoning province, has
been at the heart of the debt market's troubles this year, having
defaulted on nine separate bonds since March. Its initial missed
payment was a contributor to a widespread selloff in corporate
debt in the mainland.

The report relates that Dongbei's creditors have been stuck in
round after round of negotiations with the company, and still
there is no clear prospect of a solution on the table. The matter
has raised questions about whether the government would accept
bankruptcy as an option, given the significant impact that would
have on local employment and, possibly, social stability.

On September 30, Fushun Special Steel, a subsidiary of Dongbei,
said in a statement that a court is reviewing an application from
creditors for a bankruptcy restructuring of its parent company.
Before that, the local government had confirmed that Dongbei
would enter bankruptcy proceedings, according to media reports
that cited a summary of a creditors' meeting, SCMP relays.

Also last month came the bankruptcy of state-owned Guangxi
Nonferrous Metals Group, the country's first interbank bond
issuer to fail, the report states.

Ivan Chung, associate managing director and head of China credit
research at Moody's Investors Service said the cases demonstrate
that bankruptcy restructuring is now an option for distressed
SOEs, SCMP reports.

"It [the bankruptcy] is obviously a good thing, as the debt
problems faced by Chinese SOEs need a fundamental solution such
as liquidation and bankruptcy," the report quotes Xiang Songzuo,
the chief economist at Agricultural Bank of China, the country's
third biggest bank by assets, as saying.

The government's new-found tolerance of bankruptcy means the
implicit guarantee for debt payment that Chinese investors have
been used to for so long is not there any more, SCMP adds.


CHINA GINSENG: Delays Filing of Fiscal 2016 Form 10-K
-----------------------------------------------------
China Ginseng Holdings Inc. was unable, without unreasonable
effort or expense, to file its annual report on Form 10-K for the
fiscal year ended June 30, 2016, by the filing date of Sept. 28,
2016, due to a delay experienced by the Company in completing its
financial statements and other disclosures in the Annual Report.

As a result, the Company is still in the process of compiling the
required information to complete the Annual Report and its
independent registered public accounting firm requires additional
time to complete its audit of the financial statements for the
fiscal year ended June 30, 2016, to be incorporated in the Annual
Report.  The Company anticipates that it will file the Annual
Report no later than the fifteen calendar days following the
prescribed filing date.

It is expected that for the fiscal year ended June 30, 2016, the
Company will report a net loss of approximately $9 million
compared to net loss of $3.90 million for the fiscal year ended
June 30, 2015.

                     About China Ginseng

Changchun City, China-based China Ginseng Holdings, Inc.,
conducts business through its four wholly-owned subsidiaries
located in China.  The Company has been granted 20-year land use
rights to 3,705 acres of lands by the Chinese government for
ginseng planting and it controls, through lease, approximately
750 acres of grape vineyards.  However, recent harvests of grapes
showed poor quality for wine production which indicates that the
vineyards are no longer suitable for planting grapes for wine
production.  Therefore, the Company has decided not to renew its
lease for the vineyards with the Chinese government upon
expiration in 2013 and, going forward, it intends to purchase
grapes from the open market in order to produce grape juice and
wine.

China Ginseng reported a net loss of $3.90 million on $272,600 of
revenue for the year ended June 30, 2015, compared with a net
loss of $4.76 million on $2.61 million of revenue for the year
ended June 30, 2014.

As of March 31, 2016, China Ginseng had $8.66 million in total
assets, $21.40 million in total liabilities and a total
stockholders' deficit of $12.73 million.

Cowan, Gunteski & Co., P.A., in Tinton Falls, NJ, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2015, citing that the Company had net
losses of $3.90 million and $4.76 million for the years ended
June 30, 2015 and 2014, respectively, an accumulated deficit of
$18.1 million at June 30, 2015 and a working capital deficit of
$16.5 million at June 30, 2015, and there are existing uncertain
conditions the Company faces relative to its ability to obtain
working capital and operate successfully.  These conditions raise
substantial doubt about its ability to continue as a going
concern.


DONGBEI SPECIAL: Creditors Seek Formal Bankruptcy Restructuring
---------------------------------------------------------------
Winni Zhou and Nathaniel Taplin at Reuters report that Fushun
Special Steel said on Sept. 30 a court is reviewing an
application from creditors for a bankruptcy restructuring of
parent Dongbei Special Steel Group Co Ltd.

According to Reuters, Fushun Special Steel said in a statement on
the Shanghai stock exchange website that its own operations and
capital flows were normal. State-owned steelmaker Dongbei Special
Steel, an unlisted company, owns 35.22 percent of Fushun.

Reuters says the announcement comes as the corporate bond market,
which suffered a steep sell-off this spring, is again trading
near multi-year highs despite ongoing defaults and rising concern
over the scale of China's corporate debt problems.

Dongbei, which is owned by the Liaoning provincial government in
the country's northeast, has been at the heart of the debt
market's troubles this year. Its first bond default in late March
helped trigger a sharp sell-off in corporate debt as investors
reassessed the likelihood of bailouts for key provincially-owned
state enterprises, especially in coal and steel sectors hobbled
by overcapacity, according to Reuters.

The firm, which has defaulted on nine separate bonds in 2016, has
also been involved in an extended struggle with creditors over
how to restructure its debt, according to Reuters IFR and other
media publications.

Reuters relates that Dongbei had reportedly proposed a debt-to-
equity swap as a partial solution to the problem, but creditors
objected. In July, creditors took the unusual step of urging one
of Dongbei's main underwriters, China Development Bank, to ask
regulators to temporarily bar Liaoning province from further debt
financing.

China Development Bank said later that it would continue to
support the economic development of Liaoning, Reuters relays.

On Sept. 28, the Economic Observer said Dongbei Special Steel had
ironed out a business revival plan and was seeking government
support for its debt restructuring, Reuters recalls.

Reuters notes that with the disclosure that Dongbei creditors are
seeking a bankruptcy restructuring, the status of those plans is
unclear.

Headquartered in Dalian, China, Dongbei Special Steel Group Co.
manufactures carbon structural, alloy, tool, stainless, and
bearing steel; and super alloy products. It offers stainless
steel bars and wire rods; bearing steel bars and wire rods; steel
products for the automotive industry.


YESTAR INTERNATIONAL: Fitch Releases Amended Press Release
----------------------------------------------------------
This announcement replaces the one published on 29 August 2016 to
add the Dodd-Frank Rating Information Disclosure Form that was
missing, and include the name and address for the Fitch office of
the primary analyst:

Fitch Ratings has assigned Yestar International Holdings Company
Limited (Yestar) a Long-Term Issuer Default Rating (IDR) of 'BB-'
and senior unsecured rating of 'BB-'.  The Outlook is Stable.

Yestar's ratings reflects the company's high exposure to China's
rapidly growing in vitro diagnostics (IVD) market, an established
partnership with IVD industry leader Roche Diagnostics, a strong
foothold in IVD distribution across important eastern China
markets, stable profit contribution from its mature imaging
business with Fujifilm, and low FFO net leverage and strong free
cash flow (FCF) generation compared with other 'BB-' peers.

The Stable Outlook reflects Fitch's expectation that Yestar's
profitability in its IVD and imaging businesses will remain
stable and it will maintain low leverage ratios.

                        KEY RATING DRIVERS

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

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

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

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

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

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

                          KEY ASSUMPTIONS

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

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

                       RATING SENSITIVITIES

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

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

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

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



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AARKAY FOOD: CRISIL Suspends 'D' Rating on INR28.1MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Aarkay Food Products Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            27.5       CRISIL D
   Term Loan              28.1       CRISIL D

The suspension of ratings is on account of non-cooperation by
AFPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AFPL is yet to
provide adequate information to enable CRISIL to assess AFPL'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.

AFPL was incorporated in 1983 by Mr. Ravi Kapoor to manufacture
food colouring agents such as caramel colour and annatto colour.
Since then the company has ventured into related domains like
additives that comprise of fruit and vegetable powder and
flavouring ingredients. The manufacturing facility is located at
Ahmedabad and the firm is currently managed by the members of
Kapoor family.


AARKEE EXTRUSION: CRISIL Suspends B+ Rating on INR40MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Aarkee
Extrusion Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL B+/Stable
   Letter of Credit        30        CRISIL A4

The suspension of ratings is on account of non-cooperation by
AEPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AEPL is yet to
provide adequate information to enable CRISIL to assess AEPL'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 in 2008, AEPL is Vadodara, Gujarat based company and
is engaged in manufacturing of Aluminium extrusion. The current
promoter Mr. Piyush Shah took over the company in 2010 and the
company caters to various industries like power, electronic
appliances, real estate, automobile etc.


AEROCON BUILDWELL: CRISIL Assigns 'D' Rating to INR145MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' rating to the bank
facilities of Aerocon Buildwell Private Limited. The rating
reflects instances of delay by ABPL in servicing its term debt;
the delay has been caused by weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              145        CRISIL D
   Letter of Credit         5        CRISIL D
   Bank Guarantee           5        CRISIL D
   Cash Credit             40        CRISIL D

ABPL also has a below-average financial risk profile and modest
scale of operations. However it benefits from the promoters'
experience in the autoclaved aerated concrete (AAC) blocks
industry.

ABPL, set up in April 2012 by Mr. Girish Khemkar, Mr. Anand Goel
and Mr.Anish Khemkar, manufactures AAC blocks in Jalalkhedi,
Madhya Pradesh. It has a manufacturing capacity of 1.5 lakh cubic
meter per annum (CMPA).


AIRTEC ELECTROVISION: CARE Assigns B+ Rating to INR8cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Airtec Electrovision Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       8        CARE B+ Assigned
   Long-term/Short-term Bank       1        CARE B+/CARE A4
   Facilities                               Assigned

Rating Rationale

The rating assigned to the bank facilities of Airtec
Electrovision Private Limited is primarily constrained by its
project execution and stabilization risk. The rating is further
constrained by its presence in the fragmented and competitive
industry.

The ratings, however, draw comfort from experienced promoters in
the electrical goods industry and growing demand fromresidential
& business units.

Going forward, the achievability of envisaged revenue and
profitability shall be the key rating sensitivities.

Delhi-based Airtech Electrovision Private Limited was
incorporated in 2016 by Mr. Manish Nathani and Ms. Varsha
Nathani. AEPL was established to undertake trading and
manufacturing of electrical goods such as LED televisions, DVD
player and speakers etc. The company has already started the
trading of electrical goods such as LED televisions, DVD player,
speakers etc. The company purchases the traded goods from the
local distributers situated in Delhi NCR region.

The company sells its products pan India through its distributor
network. The company is currently setting up manufacturing unit
for manufacturing of electrical goods which comprises of LED
televisions, DVD player, speakers at its manufacturing facility
located in Okhla, Delhi with proposed installed capacity of 300
lakh units per annum. The main raw materials for manufacturing of
LED televisions, DVD player and speakers are panels, motherboard,
speakers, cabinet etc.

AEPL would procure these raw materials from various suppliers
located in Delhi - NCR region and also would import these raw
material from China. The company would initially sell its
products under the brand name of Airtech on PAN India through the
distributorship network. The company has one associate concerns
namely Beston Electrovision Private limited engaged in
manufacturing and trading of electrical goods which comprises of
LED televisions, DVD player, Speakers.

In 4MFY17 (unaudited; refers to the period April 1, 2016 to
July 31, 2016), the company achieved Total Operating Income of
INR7.14 crore.


ANANGOOR TEXTILE: CRISIL Suspends 'B' Rating on INR364.5MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Anangoor Textile Mills Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         25.4       CRISIL A4
   Cash Credit           200.0       CRISIL B/Stable
   Letter of Credit      100.0       CRISIL A4
   Long Term Loan        364.5       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
Anangoor with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL,
Anangoor is yet to provide adequate information to enable CRISIL
to assess Anangoor'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.

Anangoor was established as a partnership firm in 1995 by Mr. K
Ramasamy and Mr. C Palanisamy. The company manufactures cotton
yarn at its manufacturing units located in Kangeyam and Anangoor
(both in Tamil Nadu).


ARAN KITCHEN: CRISIL Suspends 'D' Rating on INR60MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Aran Kitchen World India Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL D
   Letter of Credit        40        CRISIL D

The suspension of ratings is on account of non-cooperation by
AKWIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AKWIPL is yet
to provide adequate information to enable CRISIL to assess
AKWIPL'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.

AKWIPL, incorporated in 2008, is a JV between AW and Bohra
Kitchens Pvt Ltd. AKIPL procures Italian modular kitchens from AW
and sells the products through its franchisees and owned retail
outlets in India. The company's day-to-day operations are managed
by Mr. Rajesh Bohra.


ARUPADAI ARULMURUGAN: CRISIL Suspends B- Rating on INR89.7MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Arupadai Arulmurugan Spinners Private Limited.

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

   Proposed Long Term
   Bank Loan Facility      40.3      CRISIL B-/Stable

   Term Loan               89.7      CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
AASPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AASPL is yet to
provide adequate information to enable CRISIL to assess AASPL'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 July 2006, AASPL primarily manufactures blended yarn
comprising polyester and viscose. It also manufactures polyester
or viscose yarn individually based on customers' needs.


ASIAN VENTURES: CRISIL Assigns 'B' Rating to INR80.2MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Asian ventures. The rating reflects Asian's
exposure to completion risks associated with the ongoing project
coupled with risks and cyclicality inherent in the real estate
sector in India. These rating weaknesses are partially offset by
the extensive experience of the partners of Asian in the real
estate sector.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              80.2       CRISIL B/Stable

Outlook: Stable

CRISIL believes that Asian will continue to benefit from its
partners' vast industry experience and their funding support. The
outlook may be revised to 'Positive' in case of timely completion
of the project along with better-than-expected customer bookings
and advances resulting in improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of pressure on its liquidity stemming from time or cost
overrun in the projects, lower-than-expected advances from
customers leading to low cash inflows, or large debt-funded
expansion of the township.

Asian Ventures (Asian) incorporated in 2011 is engaged in real
estate business. Asian is a Joint Venture between Khurana family
(40%) and Bobinmaker family (60%).  Currently the firm is
developing one residential project in Pune, Maharashtra.


ASSRM & CO: CRISIL Suspends 'B+' Rating on INR50MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of ASSRM
& Co.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Buyer Credit Limit      70       CRISIL A4
   Cash Credit             50       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
ASSRM with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ASSRM is yet to
provide adequate information to enable CRISIL to assess ASSRM'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.

ASSRM, based in Chennai, was set up by Mr. V S Sundaralingam and
his family. The firm trades in agro-commodities, including pulses
such as dal, moong, and lentils. It imports these pulses and
sells them to other group entities, and retailers, in and around
Chennai.


AUTOCREATES SERVICES: CRISIL Reaffirms B+ Rating on INR150MM Loan
-----------------------------------------------------------------
CRISIL's rating to the long-term bank facilities of Autocreates
Services Private Limited continues to reflect ASPL's below-
average financial risk profile, marked by a small net worth and
high gearing; the rating also factors in CRISIL's expectation
that the company's cash flows will remain tightly matched against
its debt repayment obligations over the medium term. These rating
weaknesses are partially offset by ASPL's moderate revenue
visibility because of long-term lease agreements, healthy
occupancy level for its properties, and established relationships
with clients.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Lease Rental
   Discounting Loan        150      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       70      CRISIL B+/Stable Withdrawal


Further CRIISL has withdrawn its rating on the proposed long-term
bank loan facility of INR70.0 million of ASPL. The rating action
is in line with CRISIL's policy on withdrawal of its ratings on
bank loans.
Outlook: Stable

CRISIL believes that ASPL will continue to benefit over the
medium term from the healthy occupancy, and established
relationships with its customers, for its parking yard. The
outlook may be revised to 'Positive' if the company registers
significant improvement in its cash inflows primarily backed by
benefits expected from its ongoing capital expenditure (capex).
Conversely, the outlook may be revised to 'Negative' if ASPL's
liquidity is stretched due to a decline in occupancy of its
property driven by unanticipated termination of lease agreements,
or in case of lower-than-expected ramp-up in revenue from its new
project, or if it extends additional financial support to its
affiliates.

Update
ASPL business performance in terms of accruals and scale remains
in line with expectation in 2015-16 (refer to financial year
ending 31st March). CRISIL believes that ASPL has high revenue
visibility since it has successfully renewed the contract with
key tenant i.e Tata Motors Limited (TML) (rated CRISIL
AA/Stable/CRISIL A1+), and Automotive Manufacturers Private
Limited (AMPL) (Rated CRISIL A-/Stable/CRISIL A2+).

Further payment from tenant realized with a months times . Gross
current asset (GCA) seems at 90 to 100 days high due high current
asset which include tax deducted at source (TDS) and receivable
from government authorities.

ASPL financial risk profile continues to constrain the ratings as
reflected from low net worth resulting in high gearing of around
3 times. Consequently interest coverage at around 1.2 times and
net cash accruals to total debt (NCATD) of 0.05 times. ASPL
liquidity supported by unsecured loan from promoters and debt
service coverage ratio (DSCR) at around 1.0 times.

ASPL, incorporated in 2006, is a subsidiary of Autocreates
(India) Pvt Ltd. AIPL has 90 per cent ownership in ASPL with the
remaining 10 per cent being equally owned by the promoters of
AIPL, Mr. Gurinder Singh Arora and Mrs. Tarvinder Kaur Arora.
ASPL has a dedicated parking yard at Panvel (Maharashtra), on the
Mumbai-Pune highway. The yard is given on lease to various
reputed clients.


BALAJI ELECTRICAL: CARE Assigns B+ Rating to INR11.0cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to bank facilities
of Balaji Electrical and Hardware.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.00      CARE B+ Assigned
   Short-term Bank Facilities     2.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Balaji Electrical
and Hardware are primarily constrained by its weak financial risk
profile characterized by low profitability, leverage capital
structure and weak debt coverage indicators. The ratings are
further constrained by intense competition in the industry due to
low entry barriers and tender driven nature of construction
business.

The ratings, however, draw comfort from experienced proprietor,
growing scale of operations and the firm's moderate operating
cycle.

Going forward, the ability of the firm to profitably scale up its
operations, improve profitability margins and improve the capital
structure will be the key rating sensitivity.

Noida-based (Uttar Pradesh) BEH was incorporated in 2000 by Mr.
Arun Goyal. BEH is engaged in the trading of electrical goods
such as fans, wires, cables, etc. In FY16, the firm has also
entered into civil construction business. The firm procures
traded product from companies such as Nicco Corporation limited,
KEC International, ANP Infratech, etc, and sells the products to
clients in local areas. The firm has got civil construction
contracts from TATA - Aldesa [venture (JV) for construction of a
343-km double track line between Bhaupur (Kanpur) and Khurja].
The JV on this project is between Tata Projects India and Aldesa
of Spain.

In FY15, BEH achieved a total operating income (TOI) of INR93.52
crore with PBILDT and PAT of INR2.08 crore and INR0.38 crore,
respectively. In FY16 (unaudited) (refers to the period April 1
2015 to March 31 2016), the company achieved TOI of INR93.51
crore.


BENTEC INDIA: CRISIL Suspends 'B' Rating on INR150MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Bentec
India Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          420       CRISIL A4
   Cash Credit             150       CRISIL B/Stable
   Letter of Credit         50       CRISIL A4
   Proposed Long Term
   Bank Loan Facility       50       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by BIL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BIL is yet to
provide adequate information to enable CRISIL to assess BIL'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 in 1987, BIL (formerly known as Bentec Electricals
and Electronics Pvt Ltd) manufactures electric meters and
electrical wires. The company is promoted by Mr. Anup Bhartia.
BIL's main customers are various state electricity boards,
corporates such as Damodar Valley Corporation Ltd and National
Hydel Power Corporation Ltd, and various housing cooperatives.
BIL is based in Kolkata.


DELTA MSAND: CRISIL Suspends B+ Rating on INR40MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Delta Msand Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL B+/Stable
   Long Term Loan          25        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
DMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DMPL is yet to
provide adequate information to enable CRISIL to assess DMPL'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 in 2011 and based in Thiruvananthapuram, DMPL
manufactures sand and processes granite. Its day-to-day
operations are managed by its promoter-director Mr. Thomas
Philip.


DIVYA SHREE: CARE Assigns 'B+' Rating to INR7.12cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the long-term bank facilities of
Divya Shree Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.12      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Divya Shree
Industries are constrained by its partnership nature of
constitution, limited experience of partners in similar business,
short track record of operations, volatility in the prices of raw
materials, highly competitive and fragmented industry,
cyclicality inherent to the aluminum industry and high working
capital intensity. The aforesaid constraints are partially offset
by its growing scale of its operations and favorable industry
scenario.

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

Divya Shree Industries, established in February 2012, was
promoted by Agarwal family of Raipur to set up an aluminium
profile and billets manufacturing business. The manufacturing
facility is located at industrial area Rawabhata, Raipur.

Since its inception, Divya Shree Industries has been engaged in
manufacturing of aluminium profiles & billets. The commercial
operation has been started from April 2014 with an installed
capacity of around 3000 MTPA. The day to day affairs of the firm
are looked after by Mr. Mukesh Agarwal, with adequate support
from other partners and a team of experienced personnel. Client
profile of Divya Shree Industries includes M/s Indian Steel &
Infrastructure Pvt Ltd., M/s Msqaure Furnitech Pvt Ltd., and M/s
Ramnik Vanijya Pvt Ltd. The firm procures its raw materials from
the suppliers like M/s Layon International Private Ltd, M/s JSK
Industries Pvt Ltd. & M/s Khanuja Brothers.

During FY16 Prov. (refers to the period April 1, 2015 to
March 31, 2016), DSI reported a total operating income of
INR15.95 crore (as against INR7.68 crore in FY15) and a profit of
INR0.08 crore (as against INR0.02 crore in FY15). The management
has maintained to have achieved turnover of INR5.50 crore during
the first three months of FY17 (i.e. from April 1, 2016 to
June 30, 2016).


FLEXICAN BELLOWS: CRISIL Suspends B+ Rating on INR40MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Flexican Bellows and Hoses Private Limited.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            40         CRISIL B+/Stable
   Cash Term Loan         10.7       CRISIL B+/Stable
   Inland/Import Letter
   of Credit              60         CRISIL A4

The suspension of ratings is on account of non-cooperation by
FBHPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, FBHPL is yet to
provide adequate information to enable CRISIL to assess FBHPL'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 in 1989, FBHPL is subsidiary of Zaverchand Gaekwas
Ltd. The company manufactures engineering goods such as hoses and
bellows.


GIRIN DEKA: CRISIL Assigns 'B+' Rating to INR40MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Girin Deka.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         100        CRISIL A4
   Cash Credit             40        CRISIL B+/Stable

The ratings reflect the proprietor's extensive experience in the
civil construction industry, and the firm's moderate financial
risk profile, marked by low gearing and healthy debt protection
metrics. The rating also factors in the firm's healthy revenue
visibility for the medium term, from the strong order book. These
rating strengths are offset by the firm's modest scale of
operations and large working capital requirement.
Outlook: Stable

CRISIL believes Girin Deka will benefit over the medium term from
its proprietor's extensive experience. The outlook may be revised
to 'Positive' if significant improvement in scale of operations,
efficient working capital management, and stable profitability
lead to stronger-than expected liquidity. Conversely, the outlook
may be revised to 'Negative' if decline in operating income and
accrual decline, any large debt-funded capital expenditure, or
stretch in working capital cycle weakens financial metrics,
including liquidity.

Established in 1991 and based in Guwahati, Girin Deka is a
proprietorship firm engaged in construction of roads and bridges.
The firm undertakes contracts for government departments in Assam
and is owned and managed by Mr Girin Deka.


GRAND AUTO: CRISIL Assigns B+ Rating to INR73MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank loan facility of Grand Auto Capital.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              73       CRISIL B+/Stable

The rating reflects the firm's exposure to risks related to its
initial stage of operations, and to intense competition in the
automobile dealership business. The rating also factors in its
below-average financial risk profile because of low net worth and
high total outside liabilities to tangible networth ratio. These
weaknesses are partially offset by its promoters' extensive
industry experience, and benefits derived from dealership for
Skoda Auto India Pvt Ltd.

Outlook: Stable

CRISIL believes GAC will benefit from its association with SKODA
and from its promoters' industry experience. The outlook may be
revised to 'Positive' if there is a substantial increase in
revenue and cash accrual, leading to a better financial risk
profile. The outlook may be revised to 'Negative' in case of low
accrual, large working capital requirement, or debt-funded
capital expenditure, weakening the firm's liquidity.

GAC, set up in 2015, is the authorised dealer for sales and
services of SKODA cars, and has a showroom at Pitampura in Delhi.
It commenced operations in May 2016.

GSR AND KKR: CRISIL Assigns 'B' Rating to INR60MM Long Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of GSR and KKR Educational Society.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL B/Stable
   Long Term Loan          60        CRISIL B/Stable

The rating reflect GKS's modest scale of operations, below
average financial risk profile marked by modest net worth and
subdued debt protection metrics, and its susceptibility to
adverse regulatory changes in the education sector. These rating
weaknesses are partially offset by management's experience in
education industry.
Outlook: Stable

CRISIL believes that GSR will continue to benefit over the medium
term from the extensive experience of its promoters in the
education sector and its established regional presence. The
outlook may be revised to 'Positive' if there is significant
improvement in financial risk profile coupled with improvement in
working capital management. Conversely, the outlook may be
revised to 'Negative' if GSR undertakes a larger-than-expected
debt-funded capital expenditure programme, or records a steep
decline in its revenues and surplus, resulting in deterioration
in its financial risk profile.

GSR located in Andhra Pradesh (AP), was established in 2007 under
the Society's Registration Act, 1861. The society operates an
education institute 'KKR & KSR Institute of Technology &
Sciences' in Vinjanampadu near Guntur in Andhra Pradesh. The
college offers undergraduate and post graduate courses in
engineering and business management.


GUPTA SYNTEX: CRISIL Suspends B+ Rating on INR88MM Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Gupta
Syntex Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             25        CRISIL B+/Stable
   Term Loan               88        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
GSPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GSPL is yet to
provide adequate information to enable CRISIL to assess GSPL'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.

Based in Ahmedabad (Gujarat), GSPL dyes and processes cotton
suiting and shirting fabrics. The company commenced commercial
operations in December 2011 and caters majorly to the textile
players in and around Ahmedabad. Mr. Nanak Gupta is the company's
founder and promoter.


INTERNATIONAL RUBBER: CRISIL Suspends B Rating on INR32.7MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
International Rubber Tech Private Limited.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit               10        CRISIL B/Stable
   Export Packing Credit     22.5      CRISIL A4
   Long Term Loan            32.7      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility        32.3      CRISIL B/Stable
   Standby Line of Credit     2.5      CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
IRTPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, IRTPL is yet to
provide adequate information to enable CRISIL to assess IRTPL'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.

IRTPL, established in 2004 by Mr. Sunil Prabhakar, manufactures
fabric re-enforced conveyor belts and rubber sheets. The company
derives around 60 per cent of its revenue from the domestic
market, while the balance is from exports.


J.S.M. FORGING: CRISIL Assigns B- Rating to INR13MM Bill Disc.
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of J.S.M. Forging and Allied Industries. The
ratings reflect the weak financial risk profile because of high
gearing and low debt protection metrics, and large working
capital requirement. These rating weaknesses are partially offset
by the extensive experience of the partners in the steel
industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      11.4      CRISIL B-/Stable
   Cash Credit             10.0      CRISIL B-/Stable
   Bank Guarantee           8.0      CRISIL A4
   Bill Discounting        13.0      CRISIL B-/Stable
   Term Loan               11.6      CRISIL B-/Stable
   Working Capital
   Term Loan               10.0      CRISIL B-/Stable
   Funded Interest
   Term Loan                6.0      CRISIL B-/Stable

Outlook: Stable

CRISIL believes JSMI will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' in case of significant improvement in scale of
operations and profitability, leading to a better financial risk
profile. The outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, deteriorates due
to higher-than-expected working capital requirement or debt-
funded capital expenditure, or lower-than-anticipated cash
accrual.

JSMI was established in 2006 as a partnership firm by Mr. Sarbjit
Singh, Mr. Sant Singh, and Ms. Amarjit Kaur. The firm
manufactures and trades in cold-drawn pipes and various re-rolled
products such as angles, flats, and squares of various grades and
sizes. It has a total installed capacity is 20,000 tonne per
annum at Mandi Gobindgarh, Punjab.


JARA INFRATECH: CRISIL Assigns B+ Rating to INR85MM Bank Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Jara Infratech Ltd.

                                Amount
   Facilities                 (INR Mln)    Ratings
   ----------                 ---------    -------
   Proposed Bank Guarantee        85       CRISIL B+/Stable
   Proposed Cash Credit Limit     35       CRISIL B+/Stable

The rating reflects Jara's modest scale of operations, weak
financial risk profile, and large working capital requirement.
These weaknesses are partially offset by the extensive experience
of the promoters in the electrical engineering industry.
Outlook: Stable

CRISIL believes Jara will continue to benefit over the medium
term from the promoters' extensive experience. The outlook may be
revised to 'Positive' if significant and sustained improvement in
revenue and working capital management strengthens key credit
metrics. Conversely, the outlook may be revised to 'Negative' if
considerable decline in revenues or profitability, stretch in
working capital cycle, or delay in completion of projects weakens
financial risk profile.

Established in August 2015 as a closely held public company, Jara
undertakes civil and electrical contracts, especially turnkey
projects, transmission and distribution projects in the power
sector. The operations are managed by directors, Mr J
Jayachandran and his wife, Mrs Sonia Sharma.


K.M. RAFI: CRISIL Assigns B+ Rating to INR60MM Overdraft Loan
-------------------------------------------------------------
CRISL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of K.M. Rafi & Co.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      60        CRISIL B+/Stable

The rating reflects the benefits derived by KMRC from the
extensive experience of its promoters in the iron and steel
trading business, and its moderate scale of operations. These
rating strengths are partially offset by KMRC's below-average
financial risk profile marked by modest net worth and debt
protection metrics, and exposure to risks related to intense
competition in highly fragmented industry.
Outlook: Stable

CRISIL believes that KMRC will continue to benefit over the
medium term from the extensive trading experience of its
promoters. The outlook may be revised to 'Positive' in case
KMRC's financial risk profile improves significantly, most likely
because of capital infusion by the promoters and better-than-
expected revenues and profitability. Conversely, the outlook may
be revised to 'Negative 'in case the firm's  profitability or
revenues decline or if there is a stretch in the firm's working
capital cycle, resulting in lower-than-expected cash accruals, or
if it undertakes any debt-funded capital expenditure (capex),
leading to deterioration of its financial risk profile.

Set up in 2003 as a proprietorship firm, KMRC is engaged in
trading of iron and steel products such as hot-rolled
coils/sheets, cold-rolled coils/sheets, mild steel plates,
angles, channels, flats. Based out of Tuticorin in Tamil Nadu and
is promoted by Mr.Rafi Ahmed. The firm procures majority of its
raw material from Steel Authority of India Limited (SAIL) and
Rastriya Ispat Nigam Limited (RINL) and other dealers.


KRANS PROJECTS: CRISIL Cuts Rating on INR74.5MM Loan to B+
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Krans Projects Pvt Ltd to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB/Stable/CRISIL A4+'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           70       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit              65       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Proposed Long Term       74.5     CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB/Stable')

The downgrade reflects the deterioration in Krans' liquidity
because of a significant stretch in its working capital cycle,
reflected in an increase in its gross current assets to an
estimated 697 days of sales as on March 31, 2016, from 157 days
as on March 31, 2015. The stretch in the working capital cycle
resulted in high bank line utilisation.

The rating continues to reflect the company's modest scale of
operations, high geographic and customer concentration in its
revenue profile, its modest networth limiting financial
flexibility, and exposure to intense competition in the
construction sector. These weaknesses are partially offset by the
extensive industry experience of its promoter.
Outlook: Stable

CRISIL believes Krans will continue to benefit from its
promoter's extensive industry experience and its established
customer relationships. The outlook may be revised to 'Positive'
if there is a substantial and sustained increase in its revenue
while profitability remains stable, or if there is a sizeable
rise in its networth, supported by equity infusion. The outlook
may be revised to 'Negative' in case of a steep decline in
profitability, or deterioration in capital structure because of
large, debt-funded capital expenditure or a stretch in working
capital cycle.

Krans, incorporated in 2008 and based in Hyderabad, acquired the
business of K Ranga Rao, the sole proprietorship firm of its
promoter Mr K Ranga Rao. Krans primarily executes construction
projects for the South Central Railway, and for the roads and
buildings departments of the Government of Telangana and Andhra
Pradesh.


LB COTTON: CRISIL Assigns 'B-' Rating to INR50MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of LB Cotton Industries LLP.

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

The rating reflects the firm's below-average financial risk
profile because of a below-average capital structure, and it's
stretched liquidity due to large working capital requirement. The
rating also factors in its modest scale of operations in the
highly fragmented cotton ginning and pressing industry. These
weaknesses are partially offset by its partners' extensive
industry experience and their funding support.

For arriving at the rating, CRISIL has treated unsecured loans of
INR88.7 million extended to LBCIL by its partners and associates
as on March 31, 2016, as neither debt nor equity, as the loans
will be retained in the business over the medium term.
Outlook: Stable

CRISIL believes LBCIL will benefit over the medium term from its
partners' extensive industry experience. The outlook may be
revised to 'Positive' if there is a significant increase in
revenue and cash accrual, and better working capital management,
resulting in improved liquidity. The outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
weakens because of low cash accrual or stretched working capital
cycle or major capital expenditure or capital withdrawal.

LBCIL was set up as a limited liability partnership firm by Mr
Dharmendra Pande and his family in 2011. It gins and presses
cotton, and extracts oil from cotton seeds. The firm also trades
in de-oiled cakes, cotton seeds, and cotton seed oil. Its unit is
at Dharmabad in Nanded, Maharashtra, and has ginning and pressing
capacity of 200 bales per day.


MAHALAXMI INVESTMENT: CRISIL Suspends B Rating on INR100MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mahalaxmi Investment and Trading Private Limited.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           50       CRISIL A4
   Bill Purchase-
   Discounting Facility     30      CRISIL A4
   Cash Credit             100      CRISIL B/Stable
   Letter of Credit         50      CRISIL A4
   Proposed Long Term
   Bank Loan Facility        5      CRISIL B/Stable
   Term Loan                25      CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
MITPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MITPL is yet to
provide adequate information to enable CRISIL to assess MITPL'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.

MITPL, promoted by the Jhalani family of Ratlam (Madhya Pradesh)
in 1986, manufactures metal components used in electrical items
such as transformers, meter boxes, feeder pillars, distribution
boxes, and junction boxes used in the distribution of power. Its
manufacturing units are located in Ratlam and Akola
(Maharashtra).


MAHESH VALUE: CRISIL Reaffirms B+ Rating on INR120MM Capital Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mahesh Value Products
Private Limited continue to reflect the company's below-average
financial risk profile because of modest networth and weak debt
protection metrics, and its large working capital requirement.
These weaknesses are partially offset by its promoters' extensive
experience and its established brand in the sports goods and
asafoetida segments in Tamil Nadu.

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

   Letter of Credit        40       CRISIL A4 (Reaffirmed)

   Long Term Loan          34.5     CRISIL B+/Stable (Reaffirmed)

   Proposed Working
   Capital Facility       120.0     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MVPL will continue to benefit from its
established brand in the sports goods and asafoetida segments.
The outlook may be revised to 'Positive' if its scale of
operations and operating profitability increase, leading to a
better financial risk profile. The outlook may be revised to
'Negative' in case of a stretch in working capital cycle,
substantially low cash accrual, or sizeable, debt-funded capital
expenditure, resulting in deterioration in the financial risk
profile.

MVPL, incorporated in 2000 and based in Chennai, manufactures
sports goods, and processes spices, mainly asafoetida. Its
manufacturing facilities are in Madurai, Tamil Nadu. Its
operations are managed by promoters Mr S Nagarajan and Ms N
Parameswari.


MARIA RUG: CRISIL Assigns B- Rating to INR16MM Long Term Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Maria Rug International and has assigned its
'CRISIL B-/Stable/CRISIL A4' rating to the facilities. CRISIL had
suspended the ratings on April 14, 2016, as MRI had not provided
information required for a rating review. It has now shared the
requisite information, enabling CRISIL to assign ratings to its
bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Purchase           34        CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Packing Credit          20        CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Proposed Long Term      16        CRISIL B-/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

The ratings reflect MRI's small scale of operations in the
intensely competitive home furnishing industry, and its large
working capital requirement. The ratings also factor in the
firm's weak financial risk profile because of high leverage and
small networth. These weaknesses are partially offset by its
promoters' extensive industry experience.
Outlook: Stable

CRISIL believes MRI will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the firm's capital structure improves because of a
substantial increase in its cash accrual backed by revenue growth
and efficient working capital management, or equity infusion. The
outlook may be revised to 'Negative' if the financial risk
profile, particularly liquidity, deteriorates, on account of a
decline in revenue and profitability, or large debt-funded
capital expenditure, or an increase in working capital
requirement.

MRI, set up in 2005 as a partnership firm, is owned and managed
by Mr. Zakir Husain Ansari and his brothers, Mr. Shabir Ahmad and
Mr. Abdul Quadir. The firm manufactures and exports rugs,
carpets, and home furnishing products made of wool, cotton, and
leather, under the MRI brand. Its products include hand-tufted,
hand-knotted, leather wall-to-wall carpets, and bath rugs.


MARTIN & BROWN: CRISIL Assigns 'B' Rating to INR75MM Cash Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of Martin & Brown Bio-Sciences and has assigned its
'CRISIL B/Stable' ratings to these facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              75       CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

The ratings had been suspended by CRISIL on April 27, 2016, as
MBBS had not provided the necessary information for taking a
rating view. The company has now shared the requisite
information, enabling CRISIL to assign ratings to the bank
facilities.

The rating reflects declining operating profitability, working
capital-intensive nature and small scale of operations, and
exposure to intense competition in the fragmented pharmaceutical
industry. The rating also factors in an average financial risk
profile driven by weak debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of the firm's promoters and its established
relationship with customers.
Outlook: Stable

CRISIL believes MBBS will continue to benefit over the medium
term from the industry experience of its promoters, established
relationship with customers, and strong distributor network. The
outlook may be revised to 'Positive' in case of an improvement in
the financial risk profile, better working capital management,
and stable operating margin. The outlook may be revised to
'Negative' if profitability declines further, or in case of
higher-than-expected increase in working capital requirement,
leading to deterioration in the financial risk profile.

Established in 2008, MBBS manufactures pharmaceutical products in
the form of tablets, capsules, injections, and cough syrups both
under its own brand as well as on job-work basis. Its
manufacturing unit is in Baddi, Himachal Pradesh. Operations are
managed by Mr. Vineet Maini and Mr. Puneet Maini.

Net sales are estimated at INR305.35 million and net profit at
INR3.28 million for fiscal 2016. Net sales and net profit were
INR256.45 million and INR2.19 million, respectively, for fiscal
2015.


MAYUR SEEDS: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mayur Seeds and Agritech.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          90        CRISIL A4
   Cash Credit             40        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
Mayur with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Mayur is yet to
provide adequate information to enable CRISIL to assess Mayur'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.

MSA was set up as a proprietorship firm by Mr. Jagdish Chandra
Khandelwal in Indore (Madhya Pradesh) in 2002. The firm was
reconstituted as a partnership in 2004 with the appointment of
the promoter's nephew, Mr. Rajesh Khandelwal, as a partner. MSA
processes breeder seeds in to certified seeds, mainly of wheat
and soybean seeds.


MISHRIBAI AGRO: CRISIL Assigns B+ Rating to INR75MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Mishribai Agro Tech Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             50       CRISIL B+/Stable
   Term Loan               75       CRISIL B+/Stable

The rating reflects exposure to funding, implementation, and
demand risks associated with an ongoing project. This rating
weakness is partially offset by the entrepreneurial experience of
the promoters in agriculture-related industries.
Outlook: Stable

CRISIL believes Mishribai will commence commercial operations as
scheduled without any cost overrun. The outlook may be revised to
'Positive' in case of more than expected revenue and profit after
operations stabilise. The outlook may be revised to 'Negative' in
case of additional debt-funded capital expenditure, leading to
deterioration in the financial risk profile.

Mishribai was incorporated in 2011, promoted by Mr. Mahendhra
Omkar Agarwal, its director, and  Mr. Subhash Omkar Agarwal. The
company is in the process of setting up a unit for manufacturing
cattle feed with total capacity of about 200 tonne per day.
Commercial operation is expected to start from April 2017.


MOUNT ZION: CRISIL Suspends 'B+' Rating on INR150MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mount
Zion Medical College (part of the MZMCH group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          70        CRISIL A4
   Long Term Loan         150        CRISIL B+/Stable
   Overdraft Facility      12.5      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
MZMC with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MZMC is yet to
provide adequate information to enable CRISIL to assess MZMC'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.

MZMC was established in 2014 at Adoor in Pathanamthitta(Kerala)
by Dr. K J Abraham Kalamannil, who is the founder chairman of
CEWS. MZMC runs a medical college. The institute has an annual
intake of 100 MBBS students and the first academic batch started
from 2014-15. Mount Zion Medical College Hospital, established in
2012 runs a 300 bedded multi-specialty hospital. Both these
institutes are governed and managed by CEWS.


MUTHU PIPES: CRISIL Suspends 'B' Rating on INR88MM LT Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Muthu Pipes Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL A4
   Cash Credit             30        CRISIL B/Stable
   Letter of Credit        20        CRISIL A4
   Proposed Long Term
   Bank Loan Facility      88        CRISIL B/Stable
   Standby Line of Credit   5        CRISIL B/Stable
   Term Loan                2        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
MPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MPPL is yet to
provide adequate information to enable CRISIL to assess MPPL'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.

MPPL, incorporated in 1999, is promoted by Mr. M Palanivelu and
his family. The company manufactures polyvinyl chloride pipes
under the Muthu brand. MPPL's manufacturing facility is at
Tanjavur (Tamil Nadu) and its registered office is in Chennai.


NORTHERN INDIA: CRISIL Reaffirms B+ Rating on INR62.5MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Northern India Trading
Co. continue to reflect the firm's weak financial risk profile
because of small networth, high leverage, and weak debt
protection metrics. The ratings also factor in its large working
capital requirement and small scale of operations in a highly
fragmented industry. These weaknesses are partially offset by the
extensive experience of its partners in the ready-made garments
industry, and its established clientele.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit-Book
   Debt                    20       CRISIL B+/Stable (Reaffirmed)

   Export Packing
   Credit                  62.5     CRISIL B+/Stable (Reaffirmed)

   Letter of Credit         5.0     CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       2.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes NITC will continue to benefit from its partners'
extensive industry experience, but its financial risk profile
will remain constrained because of large working capital
requirements. The outlook may be revised to 'Positive' if the
firm scales up operations and sustains its profitability, leading
to better-than-expected cash accrual, or if its capital structure
improves due to equity infusion. The outlook may be revised to
'Negative' in case of decline in topline, or lower-than-expected
profitability, or large capital withdrawal, weakening the
liquidity.

NITC, set up in 1979, manufactures and exports ready-made
garments for women and children, such as skirts, blouses, and
trousers. The firm largely sells directly to branded retail
outlets in Europe and the US. Its manufacturing unit in
Faridabad, Haryana, has capacity of 2000-3000 garments per day.


ORBIT AYAS: CRISIL Suspends B+ Rating on INR90MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Orbit
Ayas Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             90        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
OAPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, OAPL is yet to
provide adequate information to enable CRISIL to assess OAPL'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.

OAPL, set up in 2012 by Mr. Rajendra Choksi and his family, is
based in Mumbai. It took over the business of a partnership firm
- Raju Steel Corporation - which was set up in 1968 by the same
promoters. OAPL trades in steel products, such as angles,
channels, coils, and sheets.


PINK STAR: CRISIL Suspends 'D' Rating on INR150MM Loan
------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Pink
Star.

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Export Packing Credit      40        CRISIL D
   Post Shipment Credit      150        CRISIL D
   Proposed Long Term
   Bank Loan Facility         53.8      CRISIL D

The suspension of ratings is on account of non-cooperation by
Pink Star with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Pink
Star is yet to provide adequate information to enable CRISIL to
assess Pink Star'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.

Pink Star was set up in 1977 by Mr. Pravin Shah and Mr. Pratik
Shah. The firm is engaged in cutting and polishing of diamonds.
It is based in Mumbai (Maharashtra) and its manufacturing unit is
in Surat (Gujarat).


PM DIMENSIONS: CRISIL Suspends 'D' Rating on INR90MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of PM
Dimensions Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             90        CRISIL D

The suspension of ratings is on account of non-cooperation by
PDPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PDPL is yet to
provide adequate information to enable CRISIL to assess PDPL'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.

PDPL, incorporated in 2007 and promoted by Mr. Makarand
Rajadhyaksha, provides high-end engineering services as well as
training to students in niche engineering courses. The company
has its training institute at Gandhinagar and administrative
office in Mumbai.


POWER WELFARE: CRISIL Lowers Rating on INR300MM LT Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Power Welfare Society to 'CRISIL D' from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          300       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating reflects instances of delay by PWS in servicing its
debt obligations because of weak liquidity.

The rating continues to reflect the lack of experience of PWS's
board members in the real estate business, and the society's
vulnerability to cyclicality in the Indian real estate industry.
These rating weaknesses are partially offset by the advance stage
of completion of the society's project.

PWS was set up in 2005 as a non-profit organisation under the
Andhra Pradesh Societies Act, 2001, to build an 853-flat
residential complex for its members, at Gachibowli in Hyderabad.


PUNJAB MEDICAL: CRISIL Ups Rating on INR114.2MM LT Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Punjab Medical Foundation Charitable Trust to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

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

   Proposed Long Term     114.2      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that the company will
sustain the improvement in its liquidity over the medium term as
cash accrual would be adequate to meet the declining debt
obligation. Cash accrual is estimated at INR14-15 million,
against repayment of around INR4.5 million for fiscal 2017.
Dependence on fund-based bank limits was low, at an average of
around 65% for the 12 months through March 2016. Liquidity is
further supported by need-based funding by promoters in the form
of unsecured loans. Liquidity would remain adequate in the
absence of any significant capital expenditure requirement, over
the medium term.

The upgrade also factors in CRISIL's believe that the scale of
operations of the trust will improve over this period due to
addition of capacities to its existing departments. Revenue is
expected to grow by around 10% to INR250-280 million over the
medium term, while a moderate surplus level would be sustained.

The rating reflects a modest scale of operations and geographical
concentration in revenue. These ratings weaknesses are partially
offset by the extensive experience of the promoters in the
healthcare industry and an established regional market position.
The rating also factors in an above-average financial risk
profile because of a low gearing and a moderate networth.
Outlook: Stable

CRISIL believes PMFCT will continue to benefit over the medium
term from the industry experience of its promoters and an
established regional market position. The outlook may be revised
to 'Positive' in case of significant improvement in operating
surplus, supported by better-than-expected occupancy. The outlook
may be revised to 'Negative' in case of considerable time or cost
overrun in completion of the new unit of the trust, a stretched
working capital cycle, or a decline in occupancy, leading to
weakening of liquidity.

PMFCT was set up in 1990 by Mr Balbir Singh, who is one of the
nine trustees. The trust has been operating the Kidney Hospital &
Lifeline Medical Institution (KHLM) since fiscal 1989, and K H
Medicos, a pharmacy, since 2006; both the ventures are in
Jalandhar, Punjab. KHLM is a multi-speciality hospital with 110
beds.


RAJ JEWELS: CRISIL Suspends B+ Rating on INR60MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Raj
Jewels.

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

The suspension of ratings is on account of non-cooperation by RJ
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RJ is yet to
provide adequate information to enable CRISIL to assess RJ'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.

RJ was set up in 1999 by Mr. Shailesh Gadhecha as a proprietary
firm. It is engaged in wholesale trading and manufacturing of
gold jewellery. It owns one store in Ahmedabad (Gujarat).


RASHMI YARNS: CRISIL Suspends 'B' Rating on INR180MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Rashmi
Yarns Limited.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             180       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       20       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by RYL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RYL is yet to
provide adequate information to enable CRISIL to assess RYL'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.

RYL, set up as a private limited company in 1997, became a public
limited company in 2006 and is engaged in texturising and
twisting of polyester partially oriented yarn. The company's
registered office is in Mumbai and its manufacturing units in
Silvassa and Surat (Gujarat). RYL's day-to-day operations are
managed by its directors, Mr. Pankaj Mehta and Mr. Lakhabhai
Wagh.


RISE PACKERS: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Rise
Packers Pvt. Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B/Stable
   Long Term Loan          29.6      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       0.4      CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
RPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RPPL is yet to
provide adequate information to enable CRISIL to assess RPPL'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 in 2014, RPPL has set up a unit for manufacturing
corrugated boxes, with a capacity of 18,600 tonnes per annum, at
Kadi, in Mehasana (Gujarat). The plant has commenced commercial
production from January 2015. The company is promoted by Mr.
Ranjitsinh K Rathod, who has more than seven years of experience
in the packaging industry.


SACHIN FIBERS: CRISIL Assigns B+ Rating to INR40MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities Sachin Fibers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan               40       CRISIL B+/Stable
   Working Capital
   Demand Loan             40       CRISIL B+/Stable

The rating reflects the firm's exposure to implementation and
demand risks associated with ongoing project and early stage of
implementation. These weaknesses are partially offset by the
extensive experience of its promoters in the ginning industry.
Outlook: Stable

CRISIL expects SF to commence commercial operations without any
time or cost overruns. The outlook may be revised to 'Positive'
in case of more-than-expected revenue and profit after operations
stabilise. The outlook may be revised to 'Negative' if
additional, debt-funded capital expenditure weakens financial
risk profile.

Set up in 2016 in Wardha, Maharashtra, as a partnership firm by
Mr. Vijay Goyanka and Ms. Kalpana Goyanka, SF is setting up a
cotton ginning unit that is expected to start commercial
operations from November 2016.


SATMA INDUSTRIES: CRISIL Assigns B+ Rating to INR70MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to bank
facilities of Satma Industries Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               10        CRISIL B+/Stable
   Cash Credit             70        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      48.5      CRISIL B+/Stable

The rating reflects extensive experience of promoters in the tyre
trading industry and the moderate risk management policies,
followed by the management. These rating strengths are partially
offset by modest scale of operations and working capital
intensity in operations.
Outlook: Stable

CRISIL believes that SIPL will benefit over the medium term from
extensive experience of promoters. The outlook may be revised to
'Positive' if the company reports higher revenue and maintains
profitability and capital structure. The outlook may be revised
to 'Negative' if decline in profitability or revenue, significant
stretch in working capital cycle, or large debt-funded capital
expenditure, weakens the financial risk profile, especially
liquidity.

SIPL, incorporated in 2013 in Lucknow, is an authorised dealer of
tyres manufactured by Michelin, Bridgestone, MRF, Apollo, Ceat
and Birla Tyres and Tubes. Operations are managed by Mr. Naveen
Kumar Jain and his wife, Mrs Shikha Jain. The company also trades
in ophthalmic lenses, and has two showrooms, one each for both
businesses.


SCIENTIFIC INTERNATIONAL: CRISIL Rates INR68MM Loan at 'B'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Scientific International Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Drop Line Overdraft
   Facility                68        CRISIL B/Stable
   Term Loan               52        CRISIL B/Stable

The rating reflects the company's working capital-intensive, and
modest scale of, operations, and weak financial risk profile
because of a high total outside liabilities to tangible networth
ratio and muted debt protection metrics. These weaknesses are
partially offset by the extensive experience of its promoters in
the textbook distribution and publishing industry and established
relationship with suppliers and customers.

Unsecured loans of INR19.6 million as on March 31, 2016, from
promoters have been treated as neither debt nor equity as they
are interest-free and will remain in business over the medium
term.
Outlook: Stable

CRISIL believes SIPL will continue to benefit over the medium
term from the extensive experience of its promoters and
established relationship with suppliers and customers. The
outlook may be revised to 'Positive' if better working capital
management and significant ramp-up in operations, while improving
profitability, leads to a strong financial risk profile. The
outlook may be revised to 'Negative' if inefficient working
capital management or lower-than-expected cash accrual due to
decline in profitability further weakens financial risk profile.

Established in 1993 in New Delhi by Mr. Rajan Jain and family,
SIPL publishes and trades in engineering, medical, science,
geology, and other higher educational textbooks. Operations
primarily involve distribution of books published by foreign
publishers.

Net profit was INR0.74 million on sales of INR681.83 million in
fiscal 2016, against INR0.072 million on sales of INR424.42
million for fiscal 2015.


SHIV SHANKAR: CRISIL Suspends B+ Rating on INR110MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shiv Shankar Oil Industries Private Limited (part of the Sonpal
group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           40       CRISIL A4

   Cash Credit             110       CRISIL B+/Stable

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

The suspension of ratings is on account of non-cooperation by
SSOIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SSOIPL is yet
to provide adequate information to enable CRISIL to assess
SSOIPL'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.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SSOIPL, Sonpal Exports Pvt Ltd (SEPL),
and Hanuman Industries (HI). This is because all these entities,
together referred to as the Sonpal group, are engaged in similar
lines of business and have a common promoter and fungible cash
flows.

SEPL, incorporated in 2004, hulls natural sesame seeds for the
export market. HI was set up in 2003 as a proprietorship concern;
it was reconstituted as a partnership firm in 2007. Apart from
sorting, the firm trades in sesame seeds and other agricultural
products in the export market. SSOIPL was incorporated in 2011
and is in the same line of business. The group is promoted by Mr.
Manojkumar Sonpal.


SHRI AMBICA: CRISIL Lowers Rating on INR1.10BB Cash Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Shri Ambica International Food Company Pvt Ltd to 'CRISIL
D/CRISIL D' from 'CRISIL BB/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             1100      CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Export Packing Credit    700      CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Term Loan                110.6    CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

The downgrade reflects SAIFCO's recent instances of delay in
servicing its debt. Also, its cash credit facility is over
utilised on account of weak liquidity because of stretched
working capital cycle.

SAIFCO has a subdued financial risk profile because of high
gearing and weak debt protection metrics, has large working
capital requirement, and is susceptible to volatility in raw
material prices, fluctuations in rainfall, and regulatory
changes. However, it benefits from its established position in
the domestic rice market, increasing export, geographically
diversified and large clientele, and its promoters' extensive
industry experience and their support through regular equity
infusion.

SAIFCO was set up by Mr Ishwar Chand Goel in 1983 as a
proprietorship firm, and was reconstituted as a private limited
company in November 2006. It mills and processes basmati rice.
Its plant is at Taraori in Karnal, Haryana. The company also
purchases semi-processed rice from smaller mills in the area, and
sorts and exports it.


SHRIAMAN AGROVET: CRISIL Assigns B+ Rating to INR42.5MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Shriaman Agrovet Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      20        CRISIL B+/Stable
   Cash Credit             17.5      CRISIL B+/Stable
   Long Term Loan          42.5      CRISIL B+/Stable

The ratings reflect the company's vulnerability to risks inherent
in poultry industry and intense competition. These rating
weaknesses are partially offset by the promoter's extensive
experience in the poultry industry.
Outlook: Stable

CRISIL believes that SAPL will benefit from extensive industry
experience of its promoters in the poultry business. The outlook
may be revised to 'Positive' in case of sustainable increase in
the firm's scale of operations and profitability consequently
resulting in an improving financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of lower-than
expected accruals or in case of a large debt funded capital
expenditure resulting in a weaker financial risk profile.

Set up in 2014, Surguja (Chattisgarh) based SAPL manufactures
poultry and cattle feed. The operations of the firm are managed
by the Mr. Gopal Agrawal and his family.

On a provisional basis, SAPL reported profit after tax (PAT) of
INR1.3 million on total revenue of INR120 million for 2015-16
(refers to financial year, April 1 to March 31).


SOLITAIRE FOODS: CRISIL Suspends D Rating on INR130MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Solitaire Foods Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             130       CRISIL D

   Proposed Long Term
   Bank Loan Facility       10       CRISIL D

   Term Loan               100       CRISIL D

The suspension of ratings is on account of non-cooperation by
Solitaire with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL,
Solitaire is yet to provide adequate information to enable CRISIL
to assess Solitaire'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.

Solitaire was promoted by Mr. Sandeep Nagar and three of his
business associates, Mr. Luv Ojha, Mr. Shakti Chabra, and Mr.
Rajeev, in 2008 to trade in raw milk. In 2010-11 (refers to
financial year, April 1 to March 31), the company started
manufacturing pasteurised milk. Its manufacturing facility is in
Ghaziabad (Uttar Pradesh).


SRI RAJESWARI: CRISIL Suspends B+ Rating on INR10.5MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sri Rajeswari Fireworks.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B+/Stable
   Long Term Loan           4.5      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      10.5      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by SRF
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SRF is yet to
provide adequate information to enable CRISIL to assess SRF'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.

SRF, a partnership firm set up in 1979, manufactures
pyrotechnics. The firm is based in Sivakasi (Tamil Nadu) and is
managed by Mr. G Kathiresan and his son, Mr. K Prithviraj.


ST. JOHNS: CRISIL Assigns B+ Rating to INR70MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of St. Johns Cashew Company.

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

The rating reflects a small scale and working capital-intensive
operations, and exposure to intense competition in the cashew
industry. These strengths are partially offset by the extensive
experience of promoter in the cashew industry.
Outlook: Stable

CRISIL believes SJCC will continue to benefit from the promoter's
extensive experience. The outlook may be revised to 'Positive',
if scaling up of revenue and profitability result in better-than-
expected cash accrual. Conversely, the outlook may be revised to
'Negative' if lower-than-expected accrual or larger-than-
expected, debt-funded capital expenditure or a stretch in working
capital cycle weakens liquidity.

Set up as a proprietorship firm in 2001, SJCC processes raw
cashew nuts and sells cashew kernels. The firm, based in Kollam,
Kerala, is promoted by Mr. Sajan P Y.


TECHNOVAA PLASTIC: CRISIL Assigns B- Rating to INR475MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Technovaa Plastic Industries Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             180       CRISIL B-/Stable
   Term Loan               475       CRISIL B-/Stable

The rating reflects TPIPL's weak financial risk profile, because
of initial stage of operations, operational losses, large working
capital requirement, and exposure to volatility in raw material
prices and intense competition. These rating weaknesses are
partially offset by the promoters' extensive experience and
funding support and the company's growing scale of operations.
Outlook: Stable

CRISIL believes TPIPL will continue to benefit over the medium
term from the promoters' experience and funding support. The
outlook may be revised to 'Positive' if higher-than-expected
sales, improved profitability, or sizeable equity infusion by the
promoters alleviates pressure on liquidity. Conversely, the
outlook may be revised to 'Negative' if higher than anticipated
losses, and stretch in working capital cycle further constrains
liquidity and debt servicing ability.

Incorporated in 2010, TPIPL is part of the Darvesh group. The
group, based in the United Arab Emirates, has interests in
diverse businesses such as plastic packaging, paper core
manufacturing, construction equipment, trading of building
materials, and real estate. TPIPL manufactures plastic packaging
products such as cast polypropylene films and stretch wrap films
at its facility at Gujarat.


VARDHMAN ENTERPRISE: CRISIL Rates INR48MM Cash Loan at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' ratings to the long-
term bank facility of Vardhman Enterprise - Ahmedabad.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              48       CRISIL B+/Stable
   Drop Line Overdraft
   Facility                 44.5     CRISIL B+/Stable

The rating reflects average financial risk profile marked by
subdued debt protection metrics, low profitability and exposure
to competition in a fragmented sugar trading industry. These
rating weaknesses are partially offset by the extensive industry
experience of the partners, and an established relationship with
customers and suppliers.
Outlook: Stable

CRISIL believes VE will continue to benefit over the medium term
backed by the industry experience of its partners. The outlook
may be revised to 'Positive' in case of a substantial and
sustained increase in operating income and cash accrual, along
with continued efficient working capital management, leading to
an improvement in the debt protection metrics. The outlook may be
revised to 'Negative' in case of lower-than-expected operating
income or cash accrual, or a stretched working-capital cycle,
weakening the financial risk profile and liquidity.

Established in 2008, VE is an Ahmedabad-based partnership
firmpromoted by Mr Pannalal Jain and his family. It trades in
sugar in the domestic market. Operations aremanaged by Mr
Mahavirprasad Jain, who has an industry experience of more than
three decades.


VINDEEP DEVELOPERS: CRISIL Suspends 'D' Rating on INR100.6MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Vindeep
Developers Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      5         CRISIL D
   Proposed Long Term
   Bank Loan Facility      4.4       CRISIL D
   Term Loan             100.6       CRISIL D

The suspension of ratings is on account of non-cooperation by
VDPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VDPL is yet to
provide adequate information to enable CRISIL to assess VDPL'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.

VDPL was incorporated in 2006, promoted by Mr. Raj Advani, a
Nigeria-based non-resident Indian. The company operates a service
apartments building with 32 service apartments at Hinjewadi in
Pune (Maharashtra). It commenced operations in June 2012. VDPL's
registered office is in Mumbai.



===============
M O N G O L I A
===============


MONGOLIA: Asks IMF for Financial Assistance
-------------------------------------------
The Financial Times reports that Mongolia has requested a rescue
loan from the International Monetary Fund as it battles to plug
the gap in its public finances while keeping its giant neighbour,
China, at arm's length.

According to the FT, the IMF said on Sept. 30 that the central
Asian nation submitted a formal request for financial assistance
from the fund to support its economy and address balance of
payments pressures.

The FT relates that a team from the IMF will visit Ulan Bator,
Mongolia's capital, for discussions with the government. Mongolia
has struggled to control its budget deficit, make its
international payments and curb a severe depreciation in its
currency following the global commodity price rout.

The FT says the request for assistance was widely expected and
will probably trigger offers of support from other international
donors, including the Asian Development Bank and Japan. It comes
after a week of conference calls in which Mongolia's ministry of
finance sought to assure international bond investors that belt-
tightening measures already under way would be sufficient to
improve the country's medium-term outlook, the FT relays.

By turning to the IMF, Mongolia is staving off a slide into
greater dependence on China, which has been supporting its
currency through a central bank swap agreement, the report
states.  Mongolia discussed an extension of that swap at a
central Asian bankers' meeting this month in western China, amid
an intense public debate over how much the country should be in
hock to its much larger neighbour.

The FT adds that Western investors had expressed confidence in
Mongolia's bonds in expectation that the IMF would step in. Prime
Minister Erdenebat Jargaltulga, who formerly served as finance
minister, is hoping that the country will soon issue new
international bonds at lower rates, thus paying down high
interest-rate bonds issued earlier. But finance ministry
officials dismissed speculation this week that Mongolia would
renegotiate existing bonds as "false information," the FT relays.

According to the FT, Mongolia's economy is reliant on mining
coal, copper and gold -- most of which it sells to China. It has
been one of the worst-hit economies in the world by the fall in
prices for natural resources, following a spending spree on
roads, civil servant salaries and subsidised mortgages for its
citizens during the boom years.

The country's budget deficit has climbed to 20% of gross domestic
product this year and it faces about $2 billion in public and
private debt payments due in next year, the report notes. Total
external debt is estimated at about $23.5 billion, nearly twice
the size of its $12 billion economy. Of that, government debt is
about $8.4 billion.



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


GLOBAL A&T: Fitch Lowers Issuer Default Ratings to 'CCC'
--------------------------------------------------------
Fitch Ratings has downgraded Singapore-based Global A&T
Electronics Ltd's (GATE) Long-Term Foreign- and Local-Currency
Issuer Default Ratings to 'CCC' from 'B-'.

The downgrade reflects our expectations of GATE's continued FCF
deficit and the ensuing liquidity stress and refinancing risk as
its 2019 bond maturity draws near.  Fitch believes GATE's
liquidity will deteriorate further in the absence of a meaningful
recovery in EBITDA or a successful sale of non-core assets.

                        KEY RATING DRIVERS

Negative FCF: Fitch estimates GATE's cash reserves will deplete
by USD60m-90m each year, which is likely to place considerable
stress on its liquidity position in 2H17.  Fitch's forecast
assumes EBITDA of USD150m in 2016 will be insufficient to fund
annual interest and finance lease payments (of around USD115
mil.), taxes (USD10 mil.) and capex (USD100 mil.).  This is
despite the company's cost-reduction plan implemented in 1H16 to
trim USD13m in expenses this year.

Limited Financial Flexibility: GATE's access to external
financing is limited, leading to uncertainties regarding its
ability to redeem the secured notes when they become due in
February 2019. Management is considering options, which include
selling non-core assets and moving USD40m-50m of cash from GATE's
sister company, UTAC Manufacturing Services Limited, to boost
liquidity.

There is limited visibility on the timing and extent of cash
proceeds; Fitch has not included these sources of cash until any
transactions are completed.  Fitch expects these options to ease
liquidity pressure slightly, but substantial credit risk remains
and may necessitate debt restructuring.

Weak Business Prospects: Fitch expects GATE's EBITDA to remain
flat at around USD150m-155m in 2016-2017, due to a slow recovery
in global demand for semiconductors and the increasing pressure
of customers to shift integrated circuit (IC) packaging in-house.
Gartner, Inc. revised its sales forecast for semiconductors,
expecting a decline of 3.0%, compared with a previously forecast
fall of 0.6%, due to weak demand for electronic equipment and
high inventory levels; but it anticipates growth of 4.7% in 2017.

Ongoing Bond Dispute: Fitch believes the company's ongoing
dispute with holders of the first tranche of its first-lien bond
is likely to remain unresolved in the medium term.  GATE filed an
appeal in June 2016 with the New York Supreme Court following the
reinstatement of certain claims by the bondholders against the
company in May 2016.  A dispute resolution by payment of damages
or through any court judgment that requires significant funds
would increase the likelihood of default and lead to a downgrade,
which may not be limited to one notch.

                        KEY ASSUMPTIONS

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

   -- Revenue to stay flat in 2016-2017 then grow at low-single-
      digit percentages, reflecting the slow recovery in the
      semiconductor market.
   -- Operating EBITDA margin of 22%-23% in 2016-2018 (2015:
      22.7%).
   -- Annual capex of USD90 mil.-100 mil. in 2016-2018.
   -- Annual cash taxes of around USD10 mil., and cash interest
      and finance lease payments of around USD115 mil.
   -- Cash payment of USD12 mil. in aggregate over 2017-2019 as
      settlement for a litigation suit relating to technology
      license agreements.
   -- No asset sales or capital injection.

                       RATING SENSITIVITIES

Negative: Future developments that may lead to negative rating
action include weakening liquidity, such that default becomes
probable (downgrade to CC), imminent or inevitable (downgrade to
C).

Positive: Future developments that may lead to a positive rating
action include an improved liquidity position.

                            LIQUIDITY

Liquidity to Worsen: Fitch expects liquidity stress to increase
in the next 12-24 months, based on a cash balance of USD136m at
end-June 2016 and sustained negative FCF in the medium term.
Continuing weak business prospects would place considerable
pressure on GATE to meet its interest commitments starting 2H17.
In addition, another USD12m of cash payment will become due in
2017-2019 as part of a litigation settlement.  Access to external
financing is limited; GATE only had USD12 mil. of undrawn credit
and banking facilities available for working capital purposes at
end-June 2016.



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


HANJIN SHIPPING: Collapse Hits Businesses in Singapore
------------------------------------------------------
Tang See Kit at Channel NewsAsia reports that with nine
containers of goods stranded at sea following the sudden collapse
of South Korean behemoth Hanjin Shipping, the past three weeks
have been both chaotic and frustrating for employees at the
logistics department of Yong Wen Food Industries.

While most of the company's stranded goods are non-perishable
items such as canned food, the firm does have two containers
carrying 3,600 cartons of fresh milk from Italy. Employees at the
Singapore-based food group have thus far received little detail
regarding the whereabouts of most of its containers. Daily
queries made to Hanjin's Singapore office have also gone
unanswered since the shipping giant filed for court receivership
last month.

"It's like they purposely ignore your calls and emails," said a
female employee at Yong Wen Food Industries who declined to be
named. "It is very frustrating because I just want to know how I
can get to my cargo, especially the two 40-foot containers with
milk that cannot be (left) under the sun. It is a huge amount and
it will affect our sales."

For the time being, the local food importer and distributor is
relying on other shipments to make up for the stranded goods
meant to be distributed to local supermarkets, bakeries and
retailers. With updates from Hanjin Shipping being slow and
scarce, the company has decided to engage freight forwarders to
try to locate and retrieve its goods.

While that will incur additional costs, the employee told Channel
NewsAsia that her team does not have much of a choice. "(There's)
no point sitting around and wait for information . . . might as
well look for external help and these forwarders may have more
information than we do."

Channel NewsAsia notes that Yong Wen Food Industries is not the
only one in Singapore caught up in the global supply-chain mess
triggered by the demise of the world's seventh-largest container
line, which has left more than 100 ships and their cargo in limbo
at sea.

When Channel NewsAsia visited Hanjin's Singapore office at the
PSA Building on Sept. 28 morning, at least 10 representatives
from various segments of the supply chain were seen in a queue at
the reception area.

This has become a common sight for the past month, according to
these representatives whose businesses have been impacted by the
shipping giant's sudden bankruptcy. Since news of the collapse
emerged, frustrated shippers and cargo owners have been turning
up at Hanjin's office demanding updates and more recently, making
relevant payments for the retrieval of their goods.

Jasico Express Services' manager Neo Kang Wei, for one, has made
several trips to Hanjin's office over the past few weeks. "They
wouldn't answer the phone so I have to come down personally," he
said.

The Singapore-based freight forwarder has "hundreds of
containers" stranded on Hanjin's vessels, with most of them bound
for delivery to various countries in the world, said Mr Neo. With
the Singapore port being declared as one of the "safe havens" for
Hanjin Shipping, following a High Court ruling to suspend "any
enforcement or execution against any asset" of the South Korean
firm and its local subsidiaries, the freight forwarder is hoping
to unload all of its containers on board Hanjin's ships in
Singapore before transferring them to alternative container
lines.

But the process has been far from smooth-sailing. "It's been very
bad and messy," said Mr Neo. "The sudden collapse created a lot
of confusion . . . no one knows what was happening and it was
mainly because of a communication problem (on) Hanjin's (part)."

                      About Hanjin Shipping

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

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

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

As a result of the severe lack of liquidity, Hanjin applied to
the Seoul Central District Court 6th Bench of Bankruptcy Division
for the commencement of rehabilitation under the Debtor
Rehabilitation and Bankruptcy Act on Aug. 31, 2016.  On the same
day, it requested and was granted a general injunction and the
preservation of disposition of the Company's assets.  The Korean
Court's decision to commence the rehabilitation was made on
Sept. 1, 2016.  Tai-Soo Suk was appointed as the Debtor's
custodian.

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

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



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


* BOND PRICING: For the Week Sept. 26 to Sept. 30, 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       11.50
BOART LONGYEAR MANAGEMEN   10.00     10/01/18   USD       69.87
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
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       70.97
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
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       63.17
CHANGSHA CITY CONSTRUCTI    6.95     04/24/19   CNY       63.17
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       64.42
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       72.72
ZOUPING COUNTY STATE-OWN    6.98     04/27/18   CNY       72.72


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       33.52
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       17.50
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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