TCRAP_Public/161018.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 18, 2016, Vol. 19, No. 206

                            Headlines


A U S T R A L I A

AIRLINE CREWING: First Creditors' Meeting Set for Oct. 25
AUSTRALIAN INSTITUTE: Goes Into Voluntary Administration
BYRON GROUP: First Creditors' Meeting Set for Oct. 25
FAB CLEANING: Owes AUD1.7MM to More than 250 Creditors
G CAPITAL: First Creditors' Meeting Set for Oct. 26

HOME AUSTRALIA: Senator Day Quits After Building Firm Goes Bust
MESOBLAST LTD: Publishes Phase 2 Trial Results of Cell Therapy


C H I N A

CHINA FISHERY: Wants Plan Filing Period Extended to March 30


I N D I A

ABG SHIPYARD: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
AIRVISION TECHNOLOGIES: CRISIL Suspends D Rating on INR62.6M Loan
ALLEVARD IAI: ICRA Reaffirms B+ Rating on INR7.25cr Term Loan
ASTRA DIAMOND: CRISIL Suspends 'D' Rating on INR75MM LT Loan
ATHITHEYA KSHEMA: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating

BABA NAGA: CRISIL Assigns 'B' Rating to INR70MM Proposed Loan
BEMCO HYDRAULICS: CRISIL Reaffirms 'B-' Rating on INR100MM Loan
BURNPUR CEMENT: CRISIL Lowers Rating on INR1.25BB Loan to 'D'
EULOGIA INN: ICRA Suspends 'B' Rating on INR15cr LT Loan
G. A. INDUSTRIES: CRISIL Suspends B- Rating on INR70MM Cash Loan

GANPATI ENTERPRISES: CRISIL Suspends B+ Rating on INR135MM Loan
GOVIND AGRO: CRISIL Reaffirms B+ Rating on INR200MM Cash Loan
HARDIK TEXTILES: ICRA Reaffirms B+ Rating on INR8.60cr Loan
HIMAGIRI HOSPITALS: CRISIL Suspends 'B' Rating on INR60MM Loan
ICON INFOTECH: ICRA Assigns 'B' Rating to INR3.50cr LT Loan

IFMR CAPITAL: ICRA Assigns C+ Rating to INR5.20cr PTC Series A2
INDEXONE INFRACON: Ind-Ra Suspends 'BB+' Long-Term Issuer Rating
J.D. COTTON: ICRA Suspends 'B' Rating on INR6.70cr Loan
JAYSHREE BUILDERS: ICRA Hikes Rating on INR30cr Term Loan to B-
KHUSHI ENTERPRISES: CRISIL Suspends 'B' Rating on INR60MM Loan

MPL AUTOMOBILES: CRISIL Puts B- Rating on Notice of Withdrawal
MTV EXPORTS: CRISIL Suspends 'B' Rating on INR35MM LT Loan
MULTISTONE GRANITO: ICRA Assigns 'B' Rating to INR9.58cr Loan
NANU RAM: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
PATEL COTTON: ICRA Assigns B+ Rating to INR10cr Cash Loan

PLY COM: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
RMP IMPEX: CRISIL Suspends B+ Rating on INR51.6MM LT Loan
S S M FOUNDATION: CRISIL Suspends D Rating on INR45.0MM Loan
SHETKARI MAHILA: CRISIL Suspends B+ Rating on INR265.2MM Loan
SONA AUTOMOTIVES: CRISIL Suspends B+ Rating on INR68.4MM Loan

SRI BALASAI: Ind-Ra Assigns 'B-' Long-Term Issuer Rating
SRI VENKATESWARA: CRISIL Assigns B- Rating to INR105MM Term Loan
TOMAR BUILDERS: Ind-Ra Lowers Long-Term Issuer Rating to 'BB+'
U P BONE: CRISIL Suspends B- Rating on INR51.8MM Cash Loan
VARDHMAN ELECTRO-MECH: CRISIL Suspends B+ Rating on INR40MM Loan

VIJAYATEJ HOSPITALITY: CRISIL Suspends B+ Rating on INR62MM Loan


M A L A Y S I A

PRIME GLOBAL: Hires DCAW (CPA) Limited as Auditors


P H I L I P P I N E S

SAMPAGUITA SAVINGS: PDIC to Take Over Rural Bank


S O U T H  K O R E A

HANJIN SHIPPING: Reaches Out to European Shippers to Sell Ships


X X X X X X X X

* BOND PRICING: For the Week Oct. 10 to Oct. 14, 2016


                            - - - - -


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


AIRLINE CREWING: First Creditors' Meeting Set for Oct. 25
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Airline
Crewing Services Pty Limited will be held at the offices of
Chartered Accountants Australia and New Zealand, Level 32,
Central Plaza One, 345 Queen Street, in Brisbane, Queensland, on
Oct. 25, 2016, at 4:00 p.m.

Ronald John Dean-Willcocks and Cameron Hamish Gray of Dean-
Willcocks Advisory were appointed as administrators of Airline
Crewing on Oct. 13, 2016.


AUSTRALIAN INSTITUTE: Goes Into Voluntary Administration
--------------------------------------------------------
The Sydney Morning Herald reports that one of Australia's largest
private colleges has gone into voluntary administration leaving
up to 16,000 students in limbo, just two days after the federal
government announced it would put an end to the scandal-ridden
VET-FEE HELP scheme.

SMH says the Australian Institute of Professional Education took
in $110 million in public funding in 2014, enrolling 8,000
students that year while graduating only 117 of them at a cost of
close to AUD1 million per diploma.

On Oct. 14, AIPE announced it had appointed insolvency firm
Ferrier Hodgson as administrators, becoming the first college to
go into liquidation in the wake of the government's crackdown on
the industry this week, according to SMH.

SMH relates that former students said they were not surprised by
the company's demise after being frustrated by the lack of
communication for months.

"Yeah good, they deserve everything they get," the report quotes
Matt Reynolds, who was signed up for a diploma of business
management worth tens of thousands of dollars, as saying.

SMH notes that the liquidation could thwart the Australian
Competition and Consumer Commission's efforts to recoup millions
of dollars in taxpayer funding from the Sussex Street institution
as federal Education Minister Simon Birmingham moves to fix the
"fundamentally broken" scheme.

AIPE rose from a one-bedroom flat in Glebe in Sydney's inner-west
to a tower office block in the Sydney CBD in the space of six
years, SMH discloses.

It was run by Sydney radiologist Tej Dugal, a graduate from the
University of Sydney and former doctor at Royal North Shore
Hospital, as well as Ajay Vanju, a real estate mogul who now owns
more than 30 Sydney properties, adds SMH.


BYRON GROUP: First Creditors' Meeting Set for Oct. 25
----------------------------------------------------
A first meeting of the creditors in the proceedings of:

   -- Byron Group Holdings Pty Ltd
   -- Byron Group Services Pty Ltd
   -- Byron Aviation Pty Ltd
   -- DHS Pty Ltd
   -- Emergency Resources Management Pty Ltd
   -- Emergency Transport Technology Pty Ltd

will be held at Wesley Mission, 220 Pitt Street, in Sydney, on
Oct. 25, 2016, at 2:00 p.m.

Daniel Walley and Philip Carter of PPB Advisory were appointed as
administrators of Byron Group on Oct. 14, 2016.


FAB CLEANING: Owes AUD1.7MM to More than 250 Creditors
------------------------------------------------------
Renato Castello at The Advertiser reports that administrators of
FaB Cleaning Services Australia are hopeful of selling the
business as they pursue assets of its director who owes up to
AUD1.7 million to trade creditors.

According to The Advertiser, PKF Kennedy insolvency partner
Robert Spiby said "poor management" was to blame for the Kilburn
company entering voluntary administration with an estimated debt
of between AUD2 million and AUD2.1 million, of which between
AUD1.4-AUD1.7 million is owed to franchisees, suppliers and
contractors.

The Advertiser relates that Mr. Spiby, speaking after a meeting
of 32 creditors on Oct. 5, said his firm would pursue director
Bradley De Luca in a bid to claw back funds for more than 250
creditors nationally, the majority based in SA.

"It's very clear that over the past three years there's been a
very large sum of money that has gone to a related entity of the
director, of which a large sum of that has gone to paying the
previous owner," the report quotes Mr. Spiby as saying.
Mr. Spiby said his firm was still going adjudicating the
creditors proof of debts and investigating and reviewing the
company's information.

"We can confidently say there are more than a dozen of the
suppliers who are owed in excess of AUD25,000," he said, The
Advertiser relays.

Mr. De Luca, of Lewiston, worked with FaB Cleaning Services and
bought the Churchill Rd business from company founder Tim Vorbach
in 2012, the report says.

The report notes that the company had cleaning contracts for
clients including Aldi, the Makris Group, Repco, various hotels
and the Women's and Children's Health Network.  In August, the
Makris Group terminated contracts with FaB after franchisees told
developer Ross Makris they had not been paid for work done on the
company's shopping centres in SA, The Advertiser reported.

Mr. Spiby said that at its peak FaB Cleaning Services was turning
over AUD580,000 a month, relays The Advertiser.  "There's no
doubt that this was a profitable business, that's the only reason
we have traded on, it was just managed poorly," he said.

Mr. Spiby said the cleaners and franchisees who have continued to
work since the company entered administration on September 19
have been paid for work after that date, the report relays.
The Advertiser has reported that some franchisees are owed tens
of thousands of dollars for their work.

According to The Advertiser, Mr. Spiby said his firm is talking
to about "six or seven parties" in relation to the purchase of
the business, proceeds of which would be used to satisfy debts.

Creditors will meet again on October 25, adds The Advertiser.


G CAPITAL: First Creditors' Meeting Set for Oct. 26
---------------------------------------------------
A first meeting of the creditors in the proceedings of G Capital
Holdings Pty Limited will be held at the offices of Talbots,
Level 6, 379 Kent Street, in Sydney, on Oct. 26, 2016, at
10:30 a.m.

Michael Charles Hird of Talbots was appointed as administrator of
G Capital on Oct. 7, 2016.


HOME AUSTRALIA: Senator Day Quits After Building Firm Goes Bust
---------------------------------------------------------------
Matthew Knott at The Sydney Morning Herald reports that Family
First senator Bob Day has made the shock announcement that he
will resign from the Senate after his building company collapsed
into liquidation leaving more than 200 homeowners in the lurch.

SMH relates that Senator Day told his staff on Oct. 17 that he
would stand down from the Senate to devote himself to paying back
his debts, including by selling off his own family home.

Over recent weeks Fairfax Media has reported on a series of
problems with Senator Day's company Huxley Homes, the NSW
subsidiary of his Home Australia company, SMH relays.

Huxley currently has 56 homes under construction while the
Victorian arm of the company, Ashford Homes has 57 in mid-build.

According to SMH, Senator Day announced on Oct. 7 that Home
Australia would be liquidated by insolvency company McGrathNicol.
He has been largely absent from Parliament since the federal
election as he focused on problems in his building company.

Fairfax Media understands the value of Home Australia's collapse
will run into the tens of millions of dollars, with liquidators
urging those affected to seek out builders' insurance, says SMH.

"The Liquidators' immediate objective is to work constructively
with relevant insurers and customers in an effort to facilitate
the orderly recommencement of construction of uncompleted homes
by alternative builders," liquidators Matthew Caddy and Barry
Kogan said, SMH relays.

SMH relates that in a letter to staff Senator Day said he was
"devastated by what has happened and will do whatever I can now
to assist those affected by this closure".

"I am incredibly sorry for the pain, stress and suffering I know
this will cause," he said.

"As I have always agreed to sign personal guarantees to
creditors, this closure also has serious implications for me and
my family.

"Creditor liabilities greatly exceed our assets so we will also
lose our family home.

"As for my role as a Senator, I will of course resign."

Politicians are not allowed to remain in Parliament if they have
been declared bankrupt.

Senator Day, who ran for the Liberal Party at the 2007 election,
has been a strong supporter of the government in the Senate and
was a passionate advocate of workplace deregulation.

He was elected as a Senator for South Australia at the 2013
election and re-elected in July after he crept over the line to
win the state's final Senate spot, SMH discloses.


MESOBLAST LTD: Publishes Phase 2 Trial Results of Cell Therapy
-------------------------------------------------------------
Mesoblast Limited announced the results from the randomized,
placebo-controlled Phase 2 trial of its proprietary allogeneic
Mesenchymal Precursor Cell (MPC) product candidate, MPC-300-IV,
in patients with diabetic kidney disease have been published in
the current issue of the peer-reviewed journal EBioMedicine.

The paper, entitled 'Allogeneic Mesenchymal Precursor Cells (MPC)
in Diabetic Nephropathy: A Randomized, Placebo Controlled, Dose
Escalation Study', concluded that a single intravenous infusion
of MPC-300-IV was well tolerated and had positive effects on
renal function at the 12-week primary endpoint in a Phase 2 trial
in adult patients with type 2 diabetic nephropathy.  The study
was conducted by researchers at the University of Melbourne,
Epworth Medical Centre and Monash Medical Centre in Australia.

The Phase 2, double-blind, randomized, placebo-controlled, dose-
escalating trial evaluated MPC-300-IV in patients with type 2
diabetes and moderate to severe renal impairment, stage 3b-4
chronic kidney disease (CKD), who were already on a stable
regimen of the standard of care therapy for diabetic nephropathy
(renin-angiotensin system inhibition with angiotensin converting
enzyme inhibitors or angiotensin II receptor blockers).  A total
of 30 patients were randomized to receive a single infusion of
150 million MPCs, 300 million MPCs, or saline control on top of
maximal therapy.

The objectives of the trial were to evaluate safety and to
explore potential efficacy signals of MPC-300-IV treatment on
renal function.  The primary efficacy endpoint of decline or
change in glomerular filtration rate (GFR) was in line with the
2012 joint workshop held by the United States Food and Drug
Administration and the National Kidney Foundation, which
recommended that time to 30%-40% decline in GFR is an acceptable
primary endpoint for evaluating potential benefits of new
therapies for this patient population.

Key trial results were:

  * Safety profile for MPC-300-IV treatment was similar to
    placebo, with no treatment-related adverse events.

  * Efficacy testing showed that patients receiving a single MPC
    infusion at either dose had improved renal function relative
    to placebo, as defined by preservation or improvement in GFR
    at 12 weeks.

  * The rate of decline in estimated GFR at 12 weeks was
    significantly reduced in the group receiving a single dose of
    150 million MPCs relative to the placebo group (p=0.05).

  * There was a trend toward more pronounced treatment effects
    relative to placebo in the pre-specified subgroup of patients
    with GFR>30 ml/min/1.73m2 at baseline (p=0.07).

Dr. David Packham, associate professor in the Department of
Medicine at the University of Melbourne, director of the
Melbourne Renal Research Group, and lead author on the
publication said: "The efficacy signal observed with respect to
preservation or improvement in GFR is exciting, especially given
that this trial was not powered to show statistical significance.
Patients receiving a single infusion of MPC-300-IV showed no
evidence of developing an immune response to the administered
cells, suggesting that repeat administration is feasible and may
in the longer term be able to halt or even reverse progressive
chronic kidney disease.  I hope that this very promising
investigational therapy will be advanced to rigorous Phase 3
clinical trials to test this hypothesis as soon as possible."

                         About Mesoblast

Mesoblast Limited (ASX:MSB; Nasdaq:MESO) is an Australia-based
regenerative medicine company.  The Company has leveraged its
technology platform, which is based on specialized cells known as
mesenchymal lineage adult stem cells, to establish a portfolio of
late-stage product candidates.  Its allogeneic, off-the-shelf
cell product candidates target advanced stages of diseases with
high, unmet medical needs, including cardiovascular conditions,
orthopedic disorders, immunologic and inflammatory disorders and
oncologic/hematologic conditions.  The company is led by Silviu
Itescu, who founded the company in 2004.

Mesoblast reported a net loss before income tax of $90.8 million
for the year ended June 30, 2016, compared to a net loss before
income tax of $96.2 million for the year ended June 30, 2015.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2016, citing that the Company has
suffered recurring losses from operations that raise substantial
doubt about its ability to continue as a going concern.



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


CHINA FISHERY: Wants Plan Filing Period Extended to March 30
------------------------------------------------------------
China Fishery Group Limited (Cayman) and its affiliated Debtors
ask the U.S. Bankruptcy Court for the Southern District of New
York to extend their exclusive periods for filing a chapter 11
plan and soliciting acceptances to the plan, through March 30,
2017 and May 31, 2017, respectively.

The Debtors' Exclusive Filing Period and Exclusive Solicitation
Period are currently set to expire on October 28, 2016 and
December 27, 2016, respectively.

The Debtors relate that certain of their creditors, known as
Adverse Lenders, filed a Motion asking the Court to direct the
appointment of a Chapter 11 Trustee.  The Debtors further relate
that they opposed the Trustee Motion, and that numerous creditors
also filed papers in opposition to the Trustee Motion.

The Debtors contend that since the Trustee Motion, they have
turned their attention to formulating potential plan structures,
including meeting with creditors to ascertain their views, as
well as dealing with various motions, several relating to the
Debtors' ability to formulate, negotiate and confirm a plan.

The Debtors tell the Court that their chapter 11 cases are large
and complex and that is such types of cases, an initial extension
of exclusivity is routinely granted.  The Debtors further tell
the Court that in view of the activities in the cases to date,
especially the Trustee Motion, both before its filing relating to
efforts to resolve the Adverse Lenders' concerns and through
trial and post-trial submissions, it is not realistic to expect
that an appropriate plan could be formulated, let alone
negotiated in such time.

The hearing on the Debtors' Motion is scheduled on Oct. 25, 2016
at 2:00 p.m.  The deadline for the filing of objections to the
Debtors' Motion is set on Oct. 18, 2016 at 4:00 p.m.

           About China Fishery Group Limited

China Fishery Group Limited (Cayman), et al., along with certain
non-debtor affiliated entities, are part of a business group
known as the Pacific Andes Group, which is the 12th largest
seafood company in the world and one of the world's foremost
vertically integrated seafood companies.  Hong Kong based-The
Pacific Andes Group provides seafood products to leading global
wholesalers, processors and food service companies and has
operations across the seafood value chain.

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S. D.
N.Y. Case No. 16-11895) on June 30, 2016.  The petition was
signed by Ng Puay Yee, chief executive officer.

The case is assigned to Judge James L. Garrity Jr.

At the time of the filing, the Debtor estimated its assets at
$500 million to $1 billion and debts at $10 million to $50
million.

Howard B. Kleinberg, Esq., Edward J. LoBello, Esq. and Jil
Mazer-Marino, Esq. of Meyer, Suozzi, English & Klein, P.C. serve
as legal counsel.  The Debtor has tapped Goldin Associates, LLC,
as financial advisor and RSR Consulting LLC as restructuring
consultant.



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


ABG SHIPYARD: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn ABG Shipyard
Limited's Long-Term Issuer Rating of 'IND D'.  The agency has
also withdrawn the company's INR2 bil. non-convertible debenture
(NCD) issue's 'IND D' rating.

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


AIRVISION TECHNOLOGIES: CRISIL Suspends D Rating on INR62.6M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Airvision Technologies Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              5        CRISIL D

   Funded Interest
   Term Loan               26        CRISIL D

   Proposed Long Term
   Bank Loan Facility       6.4      CRISIL D

   Term Loan               62.6      CRISIL D

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

AVTPL, incorporated in 2006, manufactures air terminal
equipments, primarily air handling units and air washers. The
company's manufacturing unit is in at Vasai (Maharashtra).
AVTPL's day-to-day operations are managed by Mr. Anand Shetye.


ALLEVARD IAI: ICRA Reaffirms B+ Rating on INR7.25cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR7.25 crore term loan facility (revised from INR14.0 crore) and
INR2.50 crore cash credit facility of Allevard IAI Suspensions
Private Limited. ICRA has also reaffirmed the short term rating
of [ICRA]A4 to the INR0.19 crore (previously NIL) non fund based
facility of AISPL. Rating of [ICRA]B+/A4 has been reaffirmed for
INR6.56 crore (previously NIL) long term/short term unallocated
limit of AISPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long term, fund
   based limits-
   Term Loans              7.25        [ICRA]B+ Reaffirmed

   Long term, fund
   based limits
   Cash Credit             2.50        [ICRA]B+ Reaffirmed

   Short term, non-
   fund based              0.19        [ICRA]A4 Reaffirmed

   Long term/Short
   term Unallocated        6.56        [ICRA]B+/A4 Reaffirmed

The ratings continue to favorably factor in AISPL's experienced
and professional management and the financial flexibility
provided by the promoters; technological support provided by the
Italy based Sogefi group which is a leading manufacturer of
suspension systems globally and promoters of Imperial Auto group
which is an established Tier I supplier for major original
equipments manufacturer (OEMs) in India. The ratings also
favorably factor in regular equity infusion from promoters to
fund losses and ease liquidity pressure.

The ratings are however constrained by the weak debt coverage
indicators owing to high debt levels and thin accruals. The
company is currently operating at suboptimal capacity utilisation
levels and it's near to medium term performance remains
contingent to its ability to secure new clients and scale up
operations. Though the company in last operated at adequate
capacity utilization levels to have operating breakeven.

The ratings are further constrained by stretched liquidity
position of the company in the backdrop of limited margins and
debt repayment scheduled in near to medium term. ICRA also takes
note of company's highly concentrated customer profile with ~75%
of revenue from M&M; slowdown in sales of OEM can significantly
hamper revenue bookings of the company. The company is also
planning to undertake modest capex in the near to medium term
towards hot bending technology, which will be funded by equity
infusion from promoters and bank borrowings. ICRA expects
promoters will continue to provide financial support in case of
any exigencies.

Going forward, adequate capacity utilization with improvement in
margins and scale of operations remain key rating sensitivities.

Allevard IAI Suspensions Private Limited is a (74.23:25.77) joint
venture between Sogefi Suspensions France S A (Erstwhile Allevard
Rejna Suspensions)- Part of the Italy based Sogefi Group and the
promoters of Imperial Auto Industries Limited - Part of the
Imperial Auto group. AISPL has setup a manufacturing facility at
Chakan, Pune for stabilizer bars with an annual installed
capacity of 600,000 bars. The plant has commenced operations in
March, 2012 and currently caters to domestic automotive players
like Tata Motors Limited [TML], Mahindra & Mahindra Limited [M&M]
and Fiat India Automobile Limited [Fiat].


ASTRA DIAMOND: CRISIL Suspends 'D' Rating on INR75MM LT Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Astra
Diamond Tools Company Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              5        CRISIL D
   Long Term Loan          75        CRISIL D
   Proposed Long Term
   Bank Loan Facility      10        CRISIL D

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

ADTCPL was incorporated in 1981. The company specialises in
manufacturing consumables for the stone cutting tools industry.
It also trades in glass products. The company is promoted by Mr.
Kishore Kamat and Mrs. Chayya Kamat.


ATHITHEYA KSHEMA: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Athitheya Kshema
Hotels Private Limited a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

                        KEY RATING DRIVERS

Compulsory Rent Payment: AKH has entered into a lease agreement
with the BMTC (Bangalore Metropolitan Transport Corporation) to
lease five buildings in Bengaluru with a total leasable area of
571,000 square feet for 12 years (October, 2011 - September,
2023). AKH's total rent expense was INR253 mil. in FY16 (FY15:
INR196 mil.) towards the buildings leased from BMTC.  There is an
annual escalation of 5%.

Risk in Renewal of Lease Contract: By Aug. 31, 2016, 65% of the
area had been occupied while the company claims to have signed
lease agreements for the remaining area also.  This area has not
yet been occupied and thus has not started generating rental
income.  While the lease period ranges between five to 12 years,
the lock-in period ranges from two to five years exposing AKH to
renewal risks.  One of the key tenants (with 18% of the total
area) terminated the lease after the completion of the lock-in
period.

Diversified Business Profile: AKH has two different revenue
segments, namely lease rentals and the hotel business.  The
company generates 18% (INR72 mil. in FY16P (FY15: INR69 mil.) of
its total revenue from its hotel business (room rent, and food &
beverage) and the remaining from lease rentals.  AKH's hotel has
an occupancy rate of around 65%.

Strong Counterparties: AKH has a strong clientele with long lease
tenures.  Its clients include, Reliance Corporate IT Park Ltd,
Government of India, Deccan Chronicle Holding Limited and
Teamlease Services Private Limited.

Locational Advantage: The commercial buildings and the hotel are
situated in the business hubs of Bangalore (Koramangala,
Banashankari (TTMC), Vijayanagar (TTMC), and Shanthinagar) which
the management claims are in demand.

                       RATING SENSITIVITIES

Positive: Renewal of the existing lease agreements or signing of
new agreements covering the entire duration of debt repayment
will be positive for the ratings.

Negative: Failure to renew the lease agreements in time leading
to uncertainty about debt-service will be negative for the
ratings.

                          COMPANY PROFILE

AKH was established by Mr. Ravi and Mrs. Sudha in 1999. AKH
operates the 37th Crescent Road Hotel in Bangalore, Karnataka.
The hotel has 60 rooms with various amenities two banquet/
conference halls, a board room, a health club and a multi cuisine
restaurant.

AKH's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB+'/ Stable
   -- INR103.99 mil. long-term loan: assigned 'IND BB+'/ Stable
   -- INR5 mil. fund-based facilities: assigned 'IND BB+'/ Stable
   -- INR31.70 mil. non-fund-based facilities: assigned 'IND A4+'


BABA NAGA: CRISIL Assigns 'B' Rating to INR70MM Proposed Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Baba Naga Rice and General Mills and has assigned
its 'CRISIL B/Stable' rating to the firm's facilities. CRISIL had
on Dec. 30, 2015, 'Suspended' its ratings on the bank facilities
as BNRGM had not provided necessary information required for the
rating review. BNRGM has now shared the requisite information
enabling CRISIL to assign its ratings to the bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B/Stable (Assigned;
                                     suspension revoked)

   Proposed Working        70        CRISIL B/Stable (Assigned;
   Capital Facility                  suspension revoked)

The rating reflects the firm's weak financial risk profile
because of a high total outside liabilities to tangible networth
ratio, large working capital requirement, and vulnerability of
operating margin to volatility in raw material prices and uneven
monsoon. These weaknesses are partially offset by the extensive
experience of its partners and their funding support.
Outlook: Stable

CRISIL believes BNRGM's financial risk profile will remain weak
over the medium term due to working capital-intensive operations.
The outlook may be revised to 'Positive' in case of a substantial
improvement in capital structure. The outlook may be revised to
'Negative' if capital structure deteriorates or steep decline in
rice prices puts pressure on profitability.

BNRGM was set up as a partnership firm in 1983 by Mr. Rajpal
Chadha,Mr. Sanjeev Chadha, Mr. Sunil Chadha, and Ms. Sureshta
Rani. The firm mills and sorts 1121 variety of basmati rice at
its facility in Amritsar, which has installed capacity of 12
tonne per hour. Operations are managed by Ms Sureshta Rani and
her son, Mr. Sourav Chadha, and daughter-in-law, Ms. Anchal
Chadha.


BEMCO HYDRAULICS: CRISIL Reaffirms 'B-' Rating on INR100MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bemco Hydraulics Ltd
continue to reflect Bemco's weak financial risk profile marked by
a high gearing and weak debt protection metrics. The rating also
factors in Bemco's large working capital requirements, and modest
scale of operations. These rating weaknesses are partially offset
by the company's niche product profile and its promoters'
extensive industry experience.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          105      CRISIL A4 (Reaffirmed)

   Cash Credit             100      CRISIL B-/Stable (Reaffirmed)

   Letter of Credit         40      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       85      CRISIL B-/Stable (Reaffirmed)

   Term Loan                20      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Bemco will continue to benefit over the
medium term from its moderate order book and its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is sustained improvement in the company's
cash accruals, or there is a sustained improvement in its working
capital management. Conversely, the outlook may be revised to
'Negative' if Bemco's profitability margins decline or its
liquidity deteriorates significantly because of large working
capital requirements or large debt-funded capital expenditure
plan.

Update
BEMCO recorded revenues of around INR217.8 million in 2015-16.
The revenues of the company declined from INR371.9 million in
2014-15 on account of recessionary environment in the industry
leading to less orders received during the year. However going
forward the business risk profile of the company is expected to
improve on the back of improvement in the flow of orders. The
profitability of the company declined in 2015-16 on account of
losses due to pile up of inventory on account of delayed orders
received during the period. The profitability of the company
declined to around 2 per cent in 2015-16 as compared to 14 per
cent in 2014-15. BEMCO's working capital requirements continue to
be intensive marked by gross current asset days of around 500
days as on 31st March 2016 driven by the debtor levels at around
167 days as on March 31, 2016, given the nature of operations and
high inventory levels during the period. BEMCO's liquidity
remains adequate marked by high utilization of bank lines with
average utilization of around 90 per cent for the 8 months ending
March 2016. Also the company generates adequate net cash accruals
to meet its term debt obligations. However the liquidity profile
of the company is supported by the promoters infusing funds in
the form of equity and unsecured loans. BEMCO's revenue and
operating margin will remain key rating sensitivity factors
affecting the accretion to reserves and thus the liquidity and
financial profiles.

The financial risk profile of the company continues to remain
weak with low net worth on account of accumulated losses,
leveraged capital structure and weak debt protection metrics.
BEMCO's working capital management, along with capital
expenditure plans and their funding thereof will remain key
rating sensitivity factors affecting the financial profile over
the medium term,

Bemco was incorporated as New Bemco Engineering Products Company
Ltd in 1957; it got its current name in 1976. The company
manufactures hydraulic presses and equipment used in the
automotive, defense, railways, and other heavy engineering
sectors.


BURNPUR CEMENT: CRISIL Lowers Rating on INR1.25BB Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Burnpur Cement Limited to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           15       CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Cash Credit             137       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Letter of Credit         10       CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Proposed Bank            15       CRISIL D (Downgraded from
   Guarantee                         'CRISIL A4+')

   Proposed Cash           113       CRISIL D (Downgraded from
   Credit Limit                      'CRISIL BB-/Stable')

   Proposed Letter          50       CRISIL D (Downgraded from
   of Credit                         'CRISIL A4+')

   Term Loan              1250       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

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

The rating downgrade reflects the recent delays by BCL in meeting
debt obligations on account of liquidity crunch.

The ratings reflect the weak financial risk profile, marked by
weak debt protection metrics, and exposure to project-related
risks. These weaknesses are partially offset by the extensive
experience of its promoters.

BCL was set up in 1986 as a private limited company, Ashoka
Concrete and Allied Industries Pvt Ltd, by late Mr. Ramawatar
Gutgutia and his son, Mr. Ashok Gutgutia. It was reconstituted as
a limited company with the current name in 2001. It manufactures
portland blast furnace slag cement and has grinding capacity of
1000 tonnes per day (tpd) in Asansol (West Bengal). It is
currently setting up a fully integrated cement facility in
Patratu, Jharkhand with capacity of 1000 tpd.

BCL, reported net loss of INR127.1 million on net sales of
INR879.9 million in fiscal 2016 against a PAT of INR11.7 million
and net sales of INR834.5 million in fiscal 2015. It reported a
net loss of INR103.6 million on net sales of INR285.7 million for
the quarter through June 2016, against net loss of INR17.2
million on net sales of INR119.1 million during the corresponding
period of the previous year.


EULOGIA INN: ICRA Suspends 'B' Rating on INR15cr LT Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR15.00
crore long term - unallocated limits of Eulogia Inn LLP. The
suspension follows ICRAs inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term-
   Unallocated limits      15.00        [ICRA]B; Suspended

Established in November 2014, Eulogia Inn LLP is setting up a
hotel in Gota, Ahmedabad, Gujarat comprising of 45 rooms (suit,
deluxe and luxury rooms). The proposed hotel would also have a
restaurant and two banquet halls with a capacity to accommodate
1000 people. The firm is promoted by Mr. Alpesh Patel who has
more than 15 years' experience in the real estate and
construction sector. Further Mr. Alpesh Patel along with his
three relatives have entered into a partnership with promoters of
Kabir hotel group based at Ahmedabad i.e. Mr. Aheshanali Masi,
Mr. Abbasali Masi, Mr. Kamarali Masi and Mr. Aabidali Masi having
sound experience in restaurants, banquets and hospitality
business by virtue of owning and operating several restaurants,
banquets and few small scale hotels in Ahmedabad city.


G. A. INDUSTRIES: CRISIL Suspends B- Rating on INR70MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
G. A. Industries.

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

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

GAI, set up in 2010, is a proprietorship concern owned by Mr.
Anil Kumar Goyal. It trades in iron and steel products mainly MS
Plates and TMT bars. Mr. Goyal along with his son Mr. Deepak
Goyal, manage the day-to-day operations.


GANPATI ENTERPRISES: CRISIL Suspends B+ Rating on INR135MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Ganpati
Enterprises - Muzaffarnagar.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              20       CRISIL B+/Stable
   Cash Credit/Overdraft   135       CRISIL B+/Stable
   facility

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

Formed in 2002, GE is a partnership firm engaged in retailing of
Indian-made foreign liquor and country liquor through 23 retail
shops across Rajasthan, Haryana, and Uttaranchal.


GOVIND AGRO: CRISIL Reaffirms B+ Rating on INR200MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Govind Agro
Foods continues to reflect GAF's weak financial risk profile,
marked by a small net worth, high gearing, and weak debt
protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            200       CRISIL B+/Stable (Reaffirmed)
   Term Loan               10       CRISIL B+/Stable (Reaffirmed)
   Warehouse Receipts      40       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the firm's large working capital
requirements, small scale of operations, and susceptibility to
changes in government policies and to erratic rainfall. These
rating weaknesses are partially offset by the extensive industry
experience of GAF's promoters and benefits expected from the
healthy growth prospects for the basmati rice industry.
Outlook: Stable

CRISIL believes that GAF will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's capital
structure improves significantly, most likely because of higher
accruals or substantial equity infusion. Conversely, the outlook
may be revised to 'Negative' if GAF's liquidity deteriorates with
an increase in its working capital requirements or larger-than-
expected debt-funded capital expenditure.

GAF was set up in July 2009 as a partnership firm by Mr. Subhash
Chand and his son, Mr. Neeraj Kumar. It processes basmati rice
and sells to domestic companies, most of which export to the
Middle East.


HARDIK TEXTILES: ICRA Reaffirms B+ Rating on INR8.60cr Loan
-----------------------------------------------------------
ICRA has re-affirmed the rating of [ICRA]B+ assigned to the
INR8.60 crore (enhanced from INR4.50 crore) working capital limit
and INR1.40 crore (reduced from INR2.50 crore) proposed long-term
facility of Hardik Textiles Private Limited.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Working Capital Limit      8.60       [ICRA]B+; Re-affirmed
   Proposed Long-term
   Facility                   1.40       [ICRA]B+; Re-affirmed

The re-affirmation of the rating takes into account the y-o-y
increase in HTPL's sales volume in FY 2016 which was partially
offset by the drop in the realizations in line with the industry
trend. Nevertheless, the rating continues to take into account
the moderate scale of HTPL's operations and the low value
additive nature of a trading business that exerts pressure on the
company's profitability. The rating remained constrained by the
stressed capital structure and subdued debt coverage indicators.
The rating is also constrained by high utilisation of working
capital limits on account of the stretched receivables and
stringent payment terms with the suppliers. The rating, however,
positively takes into account the extensive experience of the
promoters in the yarn trading business, its reputed supplier
base, the diversified customer profile and the low inventory
holding of the company that mitigates the commodity price
fluctuation risk. Going forward, the company's ability to
increase its scale of operations, improve its profitability along
with efficient management of working capital requirement will be
the key rating sensitivities.

Established in 2008, HTPL is engaged into the trading of various
types of i.e. nylon, polyester and viscose. The company is an
authorised distributor of yarns for Birla group of companies i.e.
Century Enka Limited, Century Rayon and Aditya Birla Nuvo Limited
in South India. The company is owned and managed by Mr. Rajgopal
Marda and his son. The company's head office is located at
Bangalore with four branches being situated at Salem (Tamil
Nadu), Guledgudd (Karnataka), Hindpur (Andhra Pradesh) and
Belgaum (Karnataka).

Recent Results
During FY 2016, HTPL recorded a net profit of INR0.24 crore on an
operating income of INR53.59 crore as against a net profit of
INR0.24 crore on an operating income of INR50.54 crore in FY
2015.


HIMAGIRI HOSPITALS: CRISIL Suspends 'B' Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Himagiri Hospitals Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          60        CRISIL B/Stable
   Overdraft Facility      22.5      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       7.5      CRISIL B/Stable

The suspension of rating is on account of non-cooperation by HHPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HHPL is yet to
provide adequate information to enable CRISIL to assess HHPL'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 2011, HHPL operates a multi-specialty tertiary care
hospital in Hyderabad. The company is promoted by Mr. P. Shankar
Reddy and his family.


ICON INFOTECH: ICRA Assigns 'B' Rating to INR3.50cr LT Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR3.50
crore working capital facilities and a short term rating of
[ICRA]A4 to the INR3.50 crore short term non fund based facility
of Icon Infotech Pvt. Ltd.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long term, fund
   Based-CC                3.50        [ICRA]B; assigned

   Short term, non
   fund based              3.50        [ICRA]A4; assigned

The assigned ratings take into account the long standing
experience of the promoters in the IT products and services
business, and the favourable relationship enjoyed by the company
with multiple departments in Maharashtra state. The ratings also
takes into account the relatively healthy gearing owing to
reduced working capital borrowing from bank.

The ratings are however, constrained by the thin margins in
supplying computers on rate contract basis, the high dependence
Maharashtra state government departments for major share of
revenues, its stretched receivables position leading to a high
working capital intensity, moderate gearing and coverage
indicators and a small scale of operations. The company is also
exposed to high competition owing to the presence of a large
number of players in the market, thus, affecting the margins
further.

Going forward, the ability of the company to improve its scale of
operations, profitability and capital structure while managing
its liquidity profile will be a key rating consideration.

Icon Infotech Private Limited was established in 1988 and is
currently engaged in supplying office automation products
including desktops, laptops, computer peripherals etc. to all
departments of the Maharashtra state government and central
government. The supply is done at prices fixed by the rate
contract that the company enters into with the state government.
The company also provides electronic security solutions under
their own brand "Orion" to commercial establishments and
cooperative housing societies, homes, government buildings and
industrial/factory buildings, and are also involved in the sales,
after sales service, annual maintenance contracts (AMC), etc. The
company is promoted and managed by the Shah family.

Recent Results
In FY2016 (provisional), Icon has reported a net profit of INR0.3
crore on operating income of INR11.4 crore as against a net
profit of INR0.1 crore on operating income of INR11.1 crore in
FY2015 (audited).


IFMR CAPITAL: ICRA Assigns C+ Rating to INR5.20cr PTC Series A2
---------------------------------------------------------------
Provisional ratings of [ICRA]A(SO) and [ICRA]C+(SO) have been
assigned to PTC Series A1 and PTC Series A2 respectively, issued
by IFMR Capital Mosec Lorenzo 2016, a Special Purpose Vehicle
(SPV). The PTCs are backed by a pool of microfinance loan
receivables, originated by MPower Micro Finance Private Limited
(MPower), Saija Finance Private Limited (Saija), S.M.I.L.E
Microfinance Limited (SMILE) and S V Creditline Private Limited
(SVCL) (collectively referred to as Originators).

                    Amount          Payout
   Facilities     (INR crore)   Maturity Rating    Ratings
   ----------     -----------   ---------------    -------
   PTC Series A1      52.61        July 2018       Provisional
                                                   [ICRA]A(SO)

   PTC Series A2       5.20        July 2018       Provisional
                                                   [ICRA]C+(SO)

The provisional ratings are subject to the fulfillment of all
conditions under the structure, due diligence audit of the pool,
review by ICRA of the documentation pertaining to the transaction
and receipt by ICRA of a legal opinion on the transaction from
the transaction legal counsel.

The provisional ratings are based on the strength of cash flows
from the selected pool of contracts; the credit enhancement
available in the form of (i) First Loss Facility (FLF)2, which
will be available for PTC A1 and PTC A2, (ii) Second Loss
Facility (SLF) of 10.50% of the discounted value of aggregate
pool cashflows, which will be available for PTC A1 only, (iii)
subordination of 9.00% of the discounted value of aggregate pool
cashflows for PTC A1; and the integrity of the legal structure.
The ratings are however constrained by ICRA's view on the credit
quality of the Servicers, given the operations-intensive nature
of the MFI business and the difficulty in instituting an
alternate servicing mechanism.

The selected pool consists of unsecured micro loans (less than
INR50,000 each) given by the Originators, to borrowers with weak
economic profile under a joint liability model3. The share of the
individual sub-pools of MPower, Saija, SMILE and SVCL to the
aggregate pool principal is 17%, 37%, 25% and 21% (in value
terms) respectively. The presence of multiple Originators
provides the overall pool a reasonable geographical diversity,
with the pool spread across 13 states. Moreover, having 4
Servicers in the transaction is more beneficial when compared to
a pool that is being serviced by a single Servicer, where
disruption of the Servicer can have a bearing on the overall pool
collections going ahead. The aggregate pool is characterized by
weekly, fortnightly and monthly repaying contracts with moderate
seasoning, moderate residual tenure of contracts (21 months) and
no overdue on the selected loans as of cut-off date.

According to the transaction structure, the entire pool of
selected contracts will be assigned to a Special Purpose Vehicle
(Trust) at premium. The Trust will issue two series of PTCs
backed by the receivables. The upfront purchase consideration to
be paid by PTC A1 to the Trustee will be 91% of the discounted
pool cashflows i.e. INR52.61 crore, while that payable by PTC A2
to the Trustee will be 9% of the discounted pool cashflows i.e.
INR5.20 crore.

Though the pool would be receiving cashflows on a weekly/
fortnightly/ monthly basis, payouts to the PTCs would be made on
a monthly basis. Every month, only the interest payment is
scheduled to be paid to PTC A1. The principal repayment to PTC A1
is scheduled to be paid on the Final Maturity Date. However, the
balance monthly excess cashflow -- excess of collections from the
loan pool over the scheduled monthly PTC payouts -- will be first
utilized for payment of principal of PTC A1 till it is fully paid
down. After PTC A1 has been fully paid out, all the cashflows
will be passed on to PTC A2 first by way of principal
amortization (till the principal balance falls to INR10,000) and
later by way of yield. On the last payment date, PTC A2 would be
paid the residual interest (such that the target yields is
achieved) and payment of INR10,000 towards PTC A2 principal,
together. Any payment to PTC A2 would be made only after PTC A1
is completely paid out.

Based on the analysis of the past performance of the microfinance
loan portfolio of all the originators and the expected future
performance of the selected pool of loans, ICRA believes that the
credit support provided has been adequately sized to cover the
credit / liquidity risk in the transaction.

About the Originators

MPower Microfinance Private Limited (MPower)
MPower Microfinance Private Limited (MPower) was incorporated in
Nov-09 and received its NBFC license in Apr-10. The company
started its operation in May-10 with its registered office in
Mumbai and corporate office in Vadodara. As on June 2016, MPower
had a portfolio of INR125.91 crore concentrated in 10 districts
of Gujarat. As on March 2016, the 0+ delinquency level for
overall the portfolio of MPower was very low at 0.22%.

Saija Finance Private Limited (Saija)
Saija Finance Private Limited was formed in April 2008 and was
granted the NBFC-MFI license in December 2013 by RBI. As of June
2016, Saija had a portfolio of INR226 crore. The portfolio of
Saija is primarily concentrated in the state of Bihar. Though
Saija has exposure to the states of Jharkhand and UP, their
portfolio is small in these states. As on June 2016, the 0+
delinquency level for the overall portfolio of Saija was 0.65%.
ICRA has a rating outstanding of [ICRA]BBB-(stable) on the long
term debt of the company and has assigned a grading of M2.

S.M.I.L.E Microfinance Limited (SMILE)
SMILE (rated [ICRA]BBB-(Stable) for its long term debt programs
and assigned a microfinance grading of M3+ in March 2016), was
incorporated in the year 2004 to provide credit services to the
urban / rural poor. SMILE was set up as a private limited company
in April 2004 and later converted to a public limited company in
November 2005 and registered as a non-deposit taking Non Banking
Finance Company in January 2006. SMILE is engaged in providing
credit to economically backward women through the Joint Liability
Group (JLG) mechanism. As on June 2016, SMILE had a portfolio
size of INR244 crore across 23 districts of Tamil Nadu and the
Union Territory of Puducherry. The 0+ delinquency level for the
overall portfolio of SMILE was low at 0.09% as on June 2016.

S V Creditline Private Limited (SVCL)
SVCL started its operations in 2010 and was established by the
acquisition of an existing NBFC - Mantrana Finlease Limited,
which was engaged in financing of Commercial Vehicles. Subsequent
to that, the company was acquired in September 2008 and renamed
as SV Creditline Private Limited (SVCL). The company is engaged
in microfinance operations in 8 states with a total portfolio of
INR1,034 crore across more than 121 districts through a network
of 206 branches as on June 2016. The delinquency for the overall
portfolio of SVCL has been low and as on Jun-16 stands at 0.69%.
ICRA has a rating outstanding of [ICRA]BBB-(Stable) on the long
term debt instruments of SVCL.


INDEXONE INFRACON: Ind-Ra Suspends 'BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Indexone
Infracon & Logistics Pvt Ltd's 'IND BB+' Long-Term Issuer Rating
to the suspended category.  The Outlook was Stable.  This rating
will now appear as 'IND BB+(suspended)' on the agency's website.

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

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

IILPL ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
      from 'IND BB+'
   -- Proposed INR50 mil. fund-based limits: 'Provisional IND
      BB+'; rating withdrawn as the company did not proceed with
      the instrument as envisaged
   -- INR200 mil. non-fund-based limits: migrated to
      'IND A4+(suspended)' from 'IND A4+
   -- Proposed INR100 mil. non-fund-based limits: 'Provisional
      IND A4+'; rating withdrawn as the company did not proceed
      with the instrument as envisaged


J.D. COTTON: ICRA Suspends 'B' Rating on INR6.70cr Loan
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR6.70 crore fund based limits of J.D. Cotton Industry. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


JAYSHREE BUILDERS: ICRA Hikes Rating on INR30cr Term Loan to B-
---------------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B- and has also
upgraded the short-term rating to [ICRA]A4 to the INR75.00 crore
fund based and non-fund based bank facilities of Jayshree
Builders.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term-Term loan     30.00      [ICRA]B-; Upgraded from
                                      [ICRA]D

   Short-term-Standby       3.80      [ICRA]A4; Upgraded from
   letter of credit                   [ICRA]D

   Long-term & Short-      41.20      [ICRA]B-/[ICRA]A4;
   Term-Unallocated                   Upgraded from
   limits                             [ICRA]D/[ICRA]D

The rating upgrade primarily takes into account regularization of
debt servicing by the firm during the last six months. The
ratings also favorably factor in the long standing experience of
the partners in the real estate construction business and the
diversified geographical locations of its ongoing projects which
offset market risk of the firm to some extent. ICRA also take a
note on land bank of the firm providing visibility for
development of projects in future.

The rating, however, remains constrained by the relatively high
execution and residual regulatory risk of the project, given the
early stages of construction of the redevelopment with completion
date targeted for March 2019 and residual construction in
township project with completion date targeted for March 2018.
The rating also factors in the risks inherent in re-development
projects can adversely impact the project progress.

ICRA also takes into consideration the relatively high funding
risk as a substantial part of the project funding and debt
servicing are planned to be met from customer advances, which are
contingent on timing of bookings and efficiency of collections
from customers while the pace of bookings has been sluggish given
the ongoing slowdown and weak consumer sentiment existing in the
real estate industry. The ratings also factor in the exposure of
firm's revenue to the falling property prices, inherent
cyclicality in the real estate sector and the competition from
other ongoing projects from established developers in the
surrounding areas. ICRA also takes note of the firm's stretched
capital structure given the high dependence on external
borrowings to fund the ongoing construction activities.

Delays in receipt of requisite approvals for further construction
of its projects shall lead to time overrun for the project and
in-turn cost overrun for the project. Since significant portion
of estimated pending cost, probable cost overrun and debt
servicing need to be funded through customer advances, the
ability of the firm to achieve the sales of unsold inventory in
timely manner and have strong collection efficiency from the same
remains the key rating sensitivity. Also the extent of support
from partners and fungibility of cash between the projects so as
to ensure timely debt repayments will remain the critical rating
determinants.

Jayshree Builders was incorporated in the year 1980 by Mr. Ramesh
Mehta along with his other family members as partners for
undertaking real estate development in Mumbai. The firm is a part
of the Mehta Group which consists of various firms namely Amrut
Builders, Shree Ram Builders, Deep Construction Company and Lubex
Petro Chem Private Limited which are engaged in the business of
real estate development in Thane and Kalyan since 1978. They
together have a strong history of executing more than 40 projects
in past 30 years.

M/s Jayshree Builders is currently undertaking the development of
Amrut Siddhi project at Titwala in proximity to Titwala railway
station and a redevelopment project - Saket, in Santacruz,
Mumbai.


KHUSHI ENTERPRISES: CRISIL Suspends 'B' Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Khushi
Enterprises - Vapi (KE).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit          60        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       5        CRISIL B/Stable

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

KE is a proprietorship concern of Mr. Gautam Jain formed in 2010.
It trades in polyester yarn waste which is mainly used as a raw
material for making polyester fibre. KE is based in Vapi
(Gujarat).


MPL AUTOMOBILES: CRISIL Puts B- Rating on Notice of Withdrawal
--------------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of MPL
Automobiles Agency Private Limited on 'Notice of Withdrawal' for
a period of 180 days on MAAPL's request. The ratings will be
withdrawn at the end of the notice period. The rating action is
in line with CRISIL's policy on withdrawal of its ratings on bank
loans.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Inventory Funding       125      CRISIL B-/Stable (Notice
   Facility                         of Withdrawal)

   Proposed Long Term       75      CRISIL B-/Stable (Withdrawal)
   Bank Loan Facility

   Secured Overdraft       250      CRISIL B-/Stable (Notice
   Facility                         of Withdrawal)

Outlook: Stable

CRISIL believes that the MAAPL will continue to benefit over the
medium term from the extensive experience of its promoters in the
auto dealership segment and need-based funding support from them.
The outlook may be revised to 'Positive' if the company
significantly increases its sales volumes and operating
profitability, leading to a substantial increase in its cash
accruals and hence to an improvement in its capital structure and
debt protection metrics. Conversely, the outlook may be revised
to 'Negative' if MAAPL's revenue or operating profitability
declines further, or there are delays in receipt of funding
support from its promoters or associate entities, leading to
weakening of its financial risk profile.

MAAPL, incorporated in 2000, is an authorised dealer for
passenger vehicles of M&M in Chennai. MMPL, incorporated in 1998,
is an authorised dealer for commercial vehicles of M&M in
Chennai. The group is promoted by Mr. S. Ashok and his family.

The promoters own other entities, which are managed independently
and are engaged in dealership activity for various original
equipment manufacturers, such as Ashok Leyland Ltd, Honda Motors
Pvt Ltd, and Ford India Pvt Ltd.


MTV EXPORTS: CRISIL Suspends 'B' Rating on INR35MM LT Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of MTV
Exports.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B/Stable
   Packing Credit          20        CRISIL A4
   Proposed Long Term
   Bank Loan Facility      35        CRISIL B/Stable

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

MTVE, established in 1999, manufactures and exports uniforms for
corporate entities, schools, hospitals, and hotels, besides other
ready-made garments. The firm generates 30 per cent of its total
revenue through exports mainly to the US, Portugal, Bahrain, and
Israel.


MULTISTONE GRANITO: ICRA Assigns 'B' Rating to INR9.58cr Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR9.58
crore1 term loans of Multistone Granito (P) Limited. ICRA has
also assigned a short-term rating of [ICRA]A4 to the INR4.42
crore non fund based facilities of MGPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan               9.58       [ICRA]B assigned
   Bank Guarantee          4.00       [ICRA]A4 assigned
   Credit Exposure Limit   0.42       [ICRA]A4 assigned

The assigned ratings are constrained by the start up nature of
operations as the same is still in the project phase and the risk
associated with stabilization of the plant as per the expected
operating parameters. The ratings also remain constrained by the
highly fragmented nature of the tiles industry which results in
intense competitive pressures, the cyclical nature of the real
estate industry which is the main consuming sector, and exposure
of the company's profitability to volatility in raw material and
gas prices as well as to adverse foreign exchange fluctuations.
Further, the assigned ratings take into account the financial
profile of the company which is expected to remain stretched in
the near term given the debt funded nature of project and
impending debt repayment.

The assigned ratings, however, favorably factor in the experience
of the promoters in the ceramic industry, the locational
advantage of the company for raw material procurement by virtue
of its presence in Wankaner (Gujarat) and the benefits derived
from its established group concerns in terms of marketing and
distribution.

Multistone Granito (P) Limited, incorporated in May 2016, is
setting up a greenfield project at Wankaner in Gujarat for
manufacture of medium sized double charged vitrified tiles of
600X600mm and 800X800mm. The unit has an estimated installed
capacity of producing 32.10 lakh square meters of tiles per
annum. The commercial operations are expected to commission from
March 2017. The promoters have longstanding experience in the
ceramic industry vide their association with Vardhman Vitrified
Private Limited and New Vardhman Vitrified Private Limited by the
virtue of being directors.


NANU RAM: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nanu Ram Goyal &
Co. a Long-Term Issuer Rating of 'IND BB-'.  The Outlook is
Stable.

                         KEY RATING DRIVERS

The ratings reflect NRG's declining top-line as evident from
revenue of INR301.50 mil. in FY16 (FY15: INR329.92 mil., FY14:
INR823.15 mil.).  The revenue dipped because projects were held
up due to delays in obtaining governmental clearances.  The
ratings also factor in the proprietorship nature of the business.
FY16 numbers are provisional in nature.

The ratings however are supported by NRG's satisfactory EBITDA
margins and comfortable credit metrics.  The company's operating
EBITDA margin was 12.33% in FY16 (FY15: 11.68%; FY14: 7.43%);
interest coverage (operating EBITDA/gross interest expense) was
2.81x (2.85x; 5.07x) and net leverage (total adjusted net
debt/operating EBITDAR) was 2.45x (2.25x; 0.96x).

The ratings are also supported by the company's strong order
book, established relations with reputed clientele, and
comfortable liquidity position as evident from the average 82.11%
utilization of its working capital limits during the 12 months
ended August 2016.

                       RATING SENSITIVITIES

Positive: A substantial growth in the top-line along with
sustained improvement in the credit metrics will lead to a
positive rating action.

Negative: Any further dip in the top-line or inability to garner
new orders along with deterioration in the credit metrics will be
negative for the rating.

                          COMPANY PROFILE

Established in 2002, NRG is a proprietorship firm managed by
Dwarka Dass Goyal of New Delhi.  The entity is a Delhi-based
contractor for residential projects.

NRG's Rating

   -- Long-Term Issuer Rating: 'IND BB-'/Outlook Stable
   -- INR47.5 mil. fund-based limits: assigned
      'IND BB-';Stable/'IND A4+'
   -- INR200 mil. non-fund-based limits: assigned 'IND A4+'


PATEL COTTON: ICRA Assigns B+ Rating to INR10cr Cash Loan
---------------------------------------------------------
The rating of [ICRA]B+ has been assigned to the INR10.00 crore
fund based long term facility of Patel Cotton Industries.

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

The assigned rating is constrained by the weak financial profile
of Patel Cotton Industries, characterised by thin profitability
margins, stretched capital structure and weak coverage
indicators. The rating also takes into account the limited value
addition in the cotton ginning business, the commoditised nature
of products and the vulnerability of the firm's profitability to
adverse movements in cotton prices subject to seasonality and
crop harvest. The firm's operations are also exposed to
regulations governing the industry such as restrictions on cotton
exports and minimum support price (MSP). ICRA also notes the
highly fragmented nature of the industry, due to a large number
of manufacturers, which coupled with low-entry barriers have led
to high competitive intensity of the sector. Further, the rating
considers the potential adverse impact on net worth and gearing
levels in case of any substantial withdrawal from capital
accounts given the company's constitution as a partnership firm.

The rating, however, takes comfort from the long experience of
its promoters in the cotton ginning industry and the proximity of
the firm's manufacturing unit to raw materials, easing
procurement.

In ICRA's view the ability of the firm to manage the impact of
raw material price fluctuations on its profitability in a highly
competitive business environment and improve its capital
structure by managing working capital requirements will remain
the key rating sensitivities.

Established in 1997 as a partnership firm, Patel Cotton
Industries (PCI) is involved in the business of cotton ginning
and pressing to produce cotton bales and cottonseeds. Its
manufacturing facility is located at Veraval in Gujarat. The firm
is equipped with 48 ginning machines and 2 automatic pressing
machines, with an installed capacity of producing ~300 bales per
day or 51 MTPD. The promoters of the firm have over 25 years of
experience in the cotton ginning business.

Recent Results
During FY2016, PCI reported an operating income of INR187.67
crore and profit after tax of INR0.49 crore as against an
operating income of INR169.61 crore and profit after tax of
INR0.67 crore in FY2015.


PLY COM: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Ply Com Private
Limited continue to reflect PCPL's below-average financial risk
profile because of small net worth, high total outside
liabilities to tangible net worth ratio, and average debt
protection metrics.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              50       CRISIL B/Stable (Reaffirmed)
   Letter of Credit         50       CRISIL A4 (Reaffirmed)

The ratings are also constrained on account of modest scale of
operations, large working capital requirement, and exposure to
intense competition in the steel trading business resulting in
low profitability margin. These rating weaknesses are mitigated
by the benefit derived from its promoters' extensive experience
in the steel and timber industries.
Outlook: Stable

CRISIL believes PCPL will continue to benefit over the medium
term, from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the revenue and
profitability margin improve substantially, or the net worth
increases considerably backed by sizeable equity infusion from
promoters. Conversely, the outlook may be revised to 'Negative'
in case of a decline in the profitability margin, or significant
deterioration in the capital structure caused by a large, debt-
funded capital expenditure programme or a stretched working
capital cycle.

PCPL was incorporated in 2004 by Ms. Buji Devi Agarwal and
family. The company trades in steel products and timber and is
headquartered in Visakhapatnam (Andhra Pradesh) and has a branch
office in Bengaluru.


RMP IMPEX: CRISIL Suspends B+ Rating on INR51.6MM LT Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of RMP
Impex.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Foreign Bill
   Discounting             5.0        CRISIL B+/Stable
   Letter Of Guarantee     0.1        CRISIL A4
   Packing Credit         25.0        CRISIL A4
   Proposed Long Term
   Bank Loan Facility     51.6        CRISIL B+/Stable
   Term Loan              18.3        CRISIL B+/Stable

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

RMP, established as a proprietor firm in 2006 by Mr. R Murugasamy
and based in Tamil Nadu, manufactures hosiery garments for men,
women, and children.


S S M FOUNDATION: CRISIL Suspends D Rating on INR45.0MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of S S M
Foundation Trust For Educational and Social Development.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility     16         CRISIL D
   Proposed Long Term
   Bank Loan Facility     14.1       CRISIL D
   Term Loan              45.0       CRISIL D

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

SSM, set up in 1998, operates SSM College of Engineering, an
engineering under-graduation and post-graduation college, at
Komarapalayam (Tamil Nadu). The trust is recognised by the All
India Council for Technical Education and is affiliated to Anna
University, Tamil Nadu.


SHETKARI MAHILA: CRISIL Suspends B+ Rating on INR265.2MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Shetkari
Mahila Sahakari Vastranirman Soot Girni Maryadit.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              265.2      CRISIL B+/Stable

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

SMSV, a women-focused society, spins cotton yarn. The society,
based in Solapur (Maharashtra), commenced operations in 2006. It
was set up under the guidance of Mr. Ganpatrao Deshmukh, former
minister in GoM.


SONA AUTOMOTIVES: CRISIL Suspends B+ Rating on INR68.4MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sona Automotives Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10.0      CRISIL B+/Stable
   Term Loan               68.4      CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by SAPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SAPL is yet to
provide adequate information to enable CRISIL to assess SAPL'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 2012, SAPL is a private limited company set up
and managed by Mr. Bal Kishan Saini and his brother, Mr. Suber
Singh Saini. The company manufactures shafts, rotors, and
compressed natural gas (CNG) kits for the automotive sector.
SAPL's manufacturing plant is in Rohtak (Haryana).


SRI BALASAI: Ind-Ra Assigns 'B-' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sri Balasai
Ginning Industries a Long-Term Issuer Rating of 'IND B-'. The
Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect completion risk for the firm given the
construction phase of its cotton ginning and pressing plant.
Although there are uncertainties regarding the time and receipt
of requisite regulatory approvals, the project is progressing on
schedule.

The ratings, however, are supported by the project's locational
advantage as it is being set up in Asifabad district of Telangana
where raw cotton is in abundance.  The ratings are further
supported by the partner's more than a decade of experience in
the cotton ginning and pressing and cotton trading business.

                        RATING SENSITIVITIES

Positive:  Scheduled completion of the project enabling
generation of revenue and cash flow required for debt servicing
as projected by the management could lead to a positive rating
action.

Negative: Time and cost overruns due to delays in meeting project
completion deadlines and availing necessary regulatory approvals
could lead to a negative rating action.

                          COMPANY PROFILE

Incorporated in April 2016, SBGI is a Telangana-based partnership
firm engaged in cotton ginning and pressing.  The firm's plant
(equipped with 36 ginning machines and one pressing machine) is
being set up in the Jankapur village of Asifabad district.  Total
cost of the project is INR54.7 mil. with a debt equity ratio of
3.3:1.  The commercial operation is expected to start from
Novembers 2016.

SBGI's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B-'/Stable
   -- INR20 mil. fund-based working capital limits: assigned
      'IND B-'/Stable and 'IND A4'
   -- INR37 mil. term loan limits: assigned 'IND B-'/Stable


SRI VENKATESWARA: CRISIL Assigns B- Rating to INR105MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long
term bank facilities of Sri Venkateswara Educational Trust.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               105       CRISIL B-/Stable
   Overdraft Facility       15       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility       10       CRISIL B-/Stable

The rating reflects SVET's expected modest business risk profile
because of start-up phase of operations in the education services
industry, below average financial risk profile and stretched
liquidity marked by low cash accrual against high debt repayment
obligation from fiscal 2018. These weaknesses are partially
offset by moderate occupancy levels witnessed in the first year
of operations.
Outlook: Stable

CRISIL believes SVET will benefit from its moderate occupancy
levels in the initial years of operations. The outlook may be
revised to 'Positive' if more-than-expected revenue and operating
profitability is generated after stabilising operations with
higher-than-expected occupancy levels. The outlook may be revised
to 'Negative' if delay in commissioning of project or larger than
expected debt-funded capital expenditure weakens the financial
risk profile, especially liquidity.

Set up in 2014, SVET has two schools named 'Sri Venkateswara
Matriculation School' and Sri Venkateswara Public (CBSE) School.
The operations are managed by Mr. G Venkatesan.

Two separate buildings are being constructed in Veppur region in
the Perambalur district of Tamil Nadu for the two schools at a
total estimated cost of around INR155 million funded by a debt of
INR105 million and corpus of INR50 million. The schools have
started operations in a separate premises owned by promoters in
June 2016. The schools will be operational in the new buildings
from academic session 2017-18.


TOMAR BUILDERS: Ind-Ra Lowers Long-Term Issuer Rating to 'BB+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Tomar Builders
& Contractors Private Limited's Long-Term Issuer Rating to 'IND
BB+' from 'IND BBB-'.  The Outlook is Stable.  The agency has
also downgraded TBCPL's INR300 mil. non-fund-based working
capital limits to short-term 'IND A4+' from 'IND A3'.

                        KEY RATING DRIVERS

The downgrade reflects the deterioration in TBCPL's scale of
operations and its credit metrics.  FY16 financials indicate that
revenue dipped to INR598.8 mil. (FY15: INR1,429 mil.) on account
of a drop in the number of work orders received.  The net
leverage (total adjusted net debt/ operating EBITDA) also
deteriorated to 1.3x in FY16 (FY15: 0.2x) on account of an
increase in the total debt and EBITDA interest coverage
(operating EBITDA/gross interest expense) declined to 5.3x
(10.5x).

Liquidity remained moderate with average utilisation of the
working capital facilities being around 59.9% during the 12
months ended August 2016.  The operating margin also increased to
16.7% during FY16 (FY15: 7.5%) due to a decrease in the operating
cost.

The ratings take into account TBCPL's promoters' track record of
over three decades in the construction of roads and bridges.

                        RATING SENSITIVITIES

Positive: A significant improvement in the scale of operations
while maintaining the credit metrics would be positive for the
ratings.

Negative: A decline in the order book position and revenue
resulting in significant deterioration in the credit metrics will
be negative for the ratings.

                          COMPANY PROFILE

Incorporated in May 1994 and promoted by Pratap Singh and Amar
Singh, TBCPL constructs roads and bridges for state/ National
Highways Authority of India ('IND AAA'/Stable) projects in Madhya
Pradesh.

TBCPL has established one asphalt batch mix plant and four hot
mix plants in Chhatarpur, Gwalior, Shivpuri, Sheopur and
Ashoknagar, respectively.  It owns all the machinery required for
construction and also provides its machinery on lease to other
construction companies.

The company is registered as a class 1A contractor with the
Public Works Department in Madhya Pradesh.


U P BONE: CRISIL Suspends B- Rating on INR51.8MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of U P Bone
Mills Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             51.8      CRISIL B-/Stable

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

UPBML was incorporated in 2004, promoted by Mr. Shah Nawaz Rana.
The company manufactures mild steel ingots. It has a
manufacturing unit at Roorkee (Uttarakhand) with a capacity of
40,000 tonnes per annum, which is being utilised at 40 to 50 per
cent. Its day-to-day operations are managed by Mr. Ajay Agarwal
(director).


VARDHMAN ELECTRO-MECH: CRISIL Suspends B+ Rating on INR40MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vardhman Electro-Mech Private Limited.

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

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

VEMPL was set up in 1997 by Mr. S L Jain along with his sons, Mr.
Rahul Jain and Mr. Anand Jain. The company manufactures power
distribution transformers. It has its manufacturing facility in
Jaipur (Rajasthan).


VIJAYATEJ HOSPITALITY: CRISIL Suspends B+ Rating on INR62MM Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Vijayatej Hospitality Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     21.1       CRISIL B+/Stable

   Term Loan              62.0       CRISIL B+/Stable

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

VHPL was incorporated in 2010 by Mr. Prakash Jha and his family.
The company is in the hospitality business and operates a hotel
and banquet hall 'Clarks Inn' at P&M Mall in Patna (Bihar). The
hotel has around 30 rooms and started operations in January 2013.
The company's business operations are managed by its CEO, Mr.
Sunil Agarwal.



===============
M A L A Y S I A
===============


PRIME GLOBAL: Hires DCAW (CPA) Limited as Auditors
--------------------------------------------------
Prime Global Capital Group Incorporated retained the services of
DCAW (CPA) Limited to audit the Company's consolidated financial
statements for its fiscal year ending Oct. 31, 2016.  It is the
Company's understanding that the director formerly responsible
for the Company's account at Crowe Horwath (HK) CPA Limited, the
Company's prior independent registered public accounting firm,
has joined DCAW and will be the director responsible for the
Company's account at DCAW.

During the fiscal years ended Oct. 31, 2015, and 2014, and
through Oct. 10, 2016, neither the Company nor anyone acting on
its behalf consulted DCAW regarding (1) the application of
accounting principles to a specified transaction, either
completed or proposed, or the type of audit opinion that might be
rendered on the Company's consolidated financial statements, and
DCAW did not provide either a written report or oral advice to
the Company that was an important factor considered by the
Company in reaching a decision as to any accounting, auditing, or
financial reporting issue, (2) any matter that was either the
subject of a disagreement or a "reportable event" as described in
Item 304(a)(1)(v) )(A)-(D) of Regulation S-K of the SEC's rules
and regulations.

                       About Prime Global

Kuala Lumpur, Malaysia-based Prime Global Capital Group operated
in the following three business segments during fiscal year 2014:
(i) software business (the provision of IT consulting,
programming and website development services); (ii) plantation
business (including oilseeds and castor seeds business); and
(iii) its real estate business.  In the fourth quarter of fiscal
2014, the Company discontinued its castor seeds business in
China, and in December 2014 it discontinued the software business
(the provision of IT consulting, programming and website
services) in Malaysia.  As a result, the Company no longer
conduct business operations in China and anticipate winding down
or otherwise selling its interests in the following entities:
Power Green Investments Limited; Max Trend International Limited
and Shenzhen Max Trend Green Energy Co Ltd.

Prime Global reported a net loss US$1.59 million for the year
ended Oct. 31, 2015, compared to a net loss of US$1.33 million
for the year ended Oct. 31, 2014.

As of July 31, 2016, the Company had US$48.2 million in total
assets, U$18.3 million in total liabilities and US$29.8 million
in total equity.

Crowe Horwath (HK) CPA Limited, in Hong Kong, China, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Oct. 31, 2015, citing that the
Company has a working capital deficiency, accumulated deficit
from recurring net losses and significant short-term debt
obligations maturing in less than one year as of Oct. 31, 2015.
All these factors raise substantial doubt about its ability to
continue as a going concern.



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


SAMPAGUITA SAVINGS: PDIC to Take Over Rural Bank
------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Sampaguita Savings Bank, Inc. from doing business in
the Philippines. Under MB Resolution No. 1808.A dated Oct. 13,
2016, it directed the Philippine Deposit Insurance Corporation
(PDIC) as Receiver to proceed with the takeover and liquidation
of the bank. PDIC took over the bank on October 14, 2016.

Sampaguita Savings Bank is a two-unit thrift bank with head
office located on #10 J. Luna St., Brgy. Poblacion, San Pedro
City, Laguna. Its lone branch is located in Bi┬žan City, Laguna.
Based on the Bank Information Sheet filed by the bank with the
PDIC as of Dec. 31, 2015, Sampaguita Savings Bank is owned by Fe
L. Almendrala (34%), Alfredo L. Almendrala, Jr. (8%), Alfredo A.
Antonio (8%), Generoso A. Espeleta (8%), Maria Felicidad A.
Espeleta (8%), Victoria A. Espeleta (7%), Rosa T. Ramirez (7%),
Amparo A. Nofuente (6%), Maria Remedios A. Antonio (4%), Trinidad
S. Velayo (3%), Dioscora C. Amante (2%), and Allan Edison A.
Rogelio (2%). The Bank's President is Maria Felicidad A. Espeleta
and its Chairman is Amparo A. Nofuente.

Latest available records show that as of June 30, 2016,
Sampaguita Savings Bank had 341 accounts with total deposit
liabilities of PHP11.4 million. Total insured deposits amounted
to PHP11.1 million involving 97.5% of total deposit accounts.

PDIC said that during the takeover, all bank records shall be
gathered, verified and validated. The state deposit insurer
assured depositors that all valid deposits shall be paid up to
the maximum deposit insurance coverage of PHP500,000.00.

Depositors with valid deposit accounts with balances of
PHP100,000.00 and below shall be eligible for early payment and
need not file deposit insurance claims, except accounts
maintained by business entities, or when they have outstanding
obligations with Sampaguita Savings Bank or acted as co-makers of
these obligations. Depositors have to ensure that they have
complete and updated addresses with the bank. PDIC will start
mailing payments to concerned depositors at their addresses
recorded in the bank by the last week of October 2016.

Depositors may update their addresses until Oct. 24, 2016 using
the Mailing Address Update Forms to be distributed by PDIC
representatives at the bank premises.

For depositors that are required to file deposit insurance
claims, the PDIC will start claims settlement operations for
these accounts by the second week of November 2016. Depositors
are advised to be ready to present the original copy of their
evidence of deposit such as savings passbook, certificate of time
deposit, unused checks or latest bank statement; and two (2)
original valid photo-bearing identification documents (IDs) which
are basic requirements in filing deposit insurance claims. PDIC
may require additional documents in the course of claims
processing.

All depositors, borrowers and creditors of the bank are enjoined
to visit the bank's Head Office and communicate with the PDIC
Public Assistance personnel to inquire about their deposits or
loans.

The schedule of the claims settlement operations, as well as the
requirements and procedures for filing claims will be announced
through notices to be posted in the bank premises, other public
places and the PDIC website.

Sampaguita Savings Bank is the sixth bank to be ordered closed by
the MB following the effectivity on June 11, 2016 of Republic Act
No. 10846 that amended the PDIC Charter.



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


HANJIN SHIPPING: Reaches Out to European Shippers to Sell Ships
---------------------------------------------------------------
Costas Paris at The Wall Street Journal reports that debt-ridden
Hanjin Shipping Co. will reach out to major European shipping
companies as early as this week to tap interest for at least five
of its vessels as it tries to raise funds to unload stranded
cargo, pay off creditors and re-emerge as an Asia regional
carrier, people involved in the matter said.

"The sale sign is up," the Journal quotes one of those people as
saying. "They will reach out to Maersk Line, Mediterranean
Shipping Co. and others to sell some of their biggest ships that
can go for up to $90 million each."

According to the Journal, the South Korean bankruptcy court
handling Hanjin's insolvency proceedings said on Oct. 13 it plans
to dispose of the firm's sales and marketing network for its
Asia-U.S. route as well as some ships. Hanjin said it would
receive letters of interest from potential bidders by Oct. 28 and
binding bids by Nov. 7.

A.P. Moller Maersk A/S, the Danish conglomerate that owns Maersk
Line, the world's biggest container operator, said last month it
is looking for acquisitions to grow its market share, the Journal
relates. Geneva-based MSC is the second biggest operator and is
also looking for acquisition opportunities.

But another person said Korean peer Hyundai Merchant Marine Co.
will be first in line to cherry-pick on Hanjin's ships, which
include five 13,000-container ships. Both the Korean government
and Hanjin's main creditor, Korea Development Bank, have said
they would back HMM in buying Hanjin assets, provided such a move
would help it stay competitive. KDB is also HMM's main creditor,
according to the Journal.

The Journal says HMM is looking to secure Hanjin's slice of
moving Korea's exports to Western markets, but would need more
capacity to achieve it and keep bigger competitors like Maersk
and MSC from winning major shipping contacts from electronics
behemoths like Samsung Electronics Co. and LG Electronics Corp.

HMM is negotiating to join the 2M Alliance, comprising Maersk and
MSC, the Journal notes. This puts the two European giants into a
dilemma: Buy Hanjin's ships and grow their capacity, or stay put
and allow HMM to make the move and reap the benefits of a partner
becoming a major player in trans-Pacific routes. Alliance
partners share ships and port calls that save them millions of
dollars in operating costs.

According to the Journal, the Port of Long Beach said on Oct. 12
that container volumes in September fell 16.6% from a year ago,
as the effects of the Hanjin bankruptcy reached West Coast ports.

Hanjin Shipping accounted for about 12.3% of the port's total
containerized volume, notes the report.  Hanjin filed for
bankruptcy protection in August. At the end of the second
quarter, Hanjin had total debts of $4.2 billion.

Hanjin has until December to submit a rehabilitation plan to the
bankruptcy court, which will then decide whether it can continue
operating or be liquidated, the Journal notes.

The Journal says Hanjin hopes the court will accept the plan
which will see it continue operating as in intra-Asia operator.
Before the bankruptcy protection filing, Hanjin was the world's
seventh-largest operator in terms of capacity serving major trade
routes across the Pacific and Atlantic Oceans.

But with much of its fleet now idle and many of its chartered
ships returned to owners, it has slipped to 17th place.

"The court's decision will largely depend on whether KDB and
other creditors will extend Hanjin a lifeline to operate as a
regional carrier," the Journal quotes Lars Jensen, chief
executive SeaIntelligence Consulting in Copenhagen, as saying.
"The choice is liquidate Hanjin and take significant losses or
keep it alive as a small operator, hoping its assets will
appreciate in the future."

Beyond the five 13,000-container vessels, the remaining of
Hanjin's 37-ship fleet are mostly Panamaxes, which carry fewer
than 10,000 containers, the Journal notes. Such vessels are
becoming obsolete in the wake of the widening of the Panama Canal
earlier this year. That expansion allows ships moving 12,000
containers or more to pass through the isthmus.



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


* BOND PRICING: For the Week Oct. 10 to Oct. 14, 2016
-----------------------------------------------------

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


  AUSTRALIA
  ---------

EMECO PTY LTD           9.88      3/15/2019      USD      66.50
ARTSONIG PTY LTD       11.50       4/1/2019      USD       2.00
ARTSONIG PTY LTD       11.50       4/1/2019      USD       0.98
BOART LONGYEAR M       10.00      10/1/2018      USD      72.25
BOART LONGYEAR M        7.00       4/1/2021      USD      11.75
BOART LONGYEAR M        7.00       4/1/2021      USD      15.00
BOART LONGYEAR M       10.00      10/1/2018      USD      69.88
CML GROUP LTD           9.00      1/29/2020      AUD       1.02
CROWN RESORTS LT        5.74      4/23/2075      AUD      74.48
DBCT FINANCE PTY        2.10       6/9/2026      AUD      74.10
EMECO PTY LTD           9.88      3/15/2019      USD      66.50
IMF BENTHAM LTD         5.93      6/30/2019      AUD      62.63
KEYBRIDGE CAPITA        7.00      7/31/2020      AUD       0.68
LAKES OIL NL           10.00      5/31/2018      AUD       5.15
LAKES OIL NL           10.00      3/31/2017      AUD       4.65
MIDWEST VANADIUM       11.50      2/15/2018      USD       1.45
MIDWEST VANADIUM       11.50      2/15/2018      USD       1.45
RELIANCE RAIL FI        2.08      9/26/2023      AUD      62.70
RELIANCE RAIL FI        2.08      9/26/2023      AUD      62.70
STOKES LTD             10.00      6/30/2017      AUD       0.35
TREASURY CORP OF        0.50     11/12/2030      AUD      73.14


CHINA
-----

ANHUI PROVINCE W        5.32      6/28/2017      CNY      71.60
ANSHAN CITY CONS        8.25       3/5/2019      CNY      64.00
ANSHAN CITY CONS        8.25       3/5/2019      CNY      63.80
ANYANG INVESTMEN        8.00      4/17/2019      CNY      63.85
BAISHAN URBAN CO        7.00      7/31/2019      CNY      61.71
BANGBU CITY INVE        5.78      8/10/2017      CNY      30.62
BAOTOU STATE OWN        7.03      9/17/2019      CNY      64.10
BAYINGUOLENG INN        7.48      9/10/2018      CNY      52.83
BEIJING CAPITAL         5.95      5/29/2019      CNY      62.63
BEIJING CONSTRUC        5.95       7/5/2019      CNY      62.60
BEIJING ECONOMIC        5.29       3/6/2018      CNY      71.53
BEIJING XINGZHAN        6.48      8/31/2019      CNY      83.00
BEIJING XINGZHAN        6.48      8/31/2019      CNY      63.62
BIJIE XINTAI INV        7.15      8/20/2019      CNY      64.05
BIJIE XINTAI INV        7.15      8/20/2019      CNY      61.51
BINZHOU BINCHENG        6.50       7/5/2019      CNY      75.00
BINZHOU BINCHENG        6.50       7/5/2019      CNY      63.13
CHANGDE ECONOMIC        7.19      9/12/2019      CNY      63.74
CHANGDE ECONOMIC        7.19      9/12/2019      CNY      64.22
CHANGSHA CITY CO        6.95      4/24/2019      CNY      63.15
CHANGSHA CITY CO        6.95      4/24/2019      CNY      63.16
CHANGSHA COUNTY         8.35       4/6/2019      CNY      63.53
CHANGSHU BINJIAN        6.85      4/27/2019      CNY      63.14
CHANGSHU BINJIAN        6.85      4/27/2019      CNY      62.70
CHANGSHU CITY OP        8.00      1/16/2019      CNY      63.30
CHANGSHU CITY OP        8.00      1/16/2019      CNY      60.00
CHANGZHOU WUJIN         6.22       6/8/2018      CNY      51.41
CHAOYANG CONSTRU        7.30      5/25/2019      CNY      63.57
CHENGDU ECONOMIC        6.55      7/17/2019      CNY      62.01
CHENGDU ECONOMIC        6.55      7/17/2019      CNY      63.26
CHENGDU ECONOMIC        6.50      7/17/2018      CNY      52.02
CHENGDU ECONOMIC        6.50      7/17/2018      CNY      51.63
CHENGDU XINCHENG        8.35      3/19/2019      CNY      64.42
CHENGDU XINCHENG        8.35      3/19/2019      CNY      64.86
CHENZHOU URBAN C        7.34      9/13/2019      CNY      64.52
CHIFENG CITY HON        7.20      7/25/2019      CNY      63.10
CHIFENG CITY INF        6.18      5/18/2017      CNY      51.17
CHIFENG CITY INF        6.18      5/18/2017      CNY      50.02
CHONGQING CHANGS        7.45      9/25/2019      CNY      64.46
CHONGQING CHANGS        7.45      9/25/2019      CNY      64.04
CHONGQING HECHUA        8.28      4/10/2018      CNY      52.08
CHONGQING HECHUA        8.28      4/10/2018      CNY      52.02
CHONGQING HECHUA        6.95       1/6/2018      CNY      72.02
CHONGQING HECHUA        6.95       1/6/2018      CNY      70.50
CHONGQING JIANGJ        7.46      9/21/2019      CNY      64.03
CHONGQING JIANGJ        7.46      9/21/2019      CNY      64.32
CHONGQING JIANGJ        6.95       1/6/2018      CNY      71.89
CHONGQING JIANGJ        6.95       1/6/2018      CNY      71.00
CHONGQING JINYUN        6.75      6/18/2019      CNY      63.21
CHONGQING JINYUN        6.75      6/18/2019      CNY      62.81
CHONGQING LAND P        7.35      4/25/2019      CNY      63.81
CHONGQING LAND P        7.35      4/25/2019      CNY      63.76
CHONGQING MAIRUI        6.82      8/17/2019      CNY      63.79
CHONGQING NAN'AN        6.29     12/24/2017      CNY      61.62
CHONGQING NAN'AN        8.20       4/9/2019      CNY      64.06
CHONGQING NAN'AN        6.29     12/24/2017      CNY      64.01
CHONGQING NANCHU        7.35       9/6/2019      CNY      63.32
CHONGQING NANCHU        7.35       9/6/2019      CNY      63.77
CHONGQING XINGRO        8.35      4/19/2019      CNY      64.28
CHONGQING XIYONG        6.76      7/25/2019      CNY      63.53
CHONGQING YONGCH        7.49      3/14/2018      CNY      71.00
CHONGQING YONGCH        7.49      3/14/2018      CNY      72.80
CHONGQING YUFU A        6.50       9/4/2019      CNY      64.07
CHONGQING YULONG        6.87      5/31/2019      CNY      63.29
CHONGQING YUXING        7.29      12/8/2017      CNY      71.80
CIXI STATE OWNED        6.60      9/20/2019      CNY      63.52
CIXI STATE OWNED        6.60      9/20/2019      CNY      84.10
DALI ECONOMIC DE        8.80      4/24/2019      CNY      64.52
DALIAN LVSHUN CO        6.78       7/2/2019      CNY      63.23
DALIAN LVSHUN CO        6.78       7/2/2019      CNY      63.26
DANDONG CITY DEV        5.84       9/6/2017      CNY      40.36
DANDONG CITY DEV        5.84       9/6/2017      CNY      40.50
DANYANG INVESTME        8.10       3/6/2019      CNY      63.31
DANYANG INVESTME        8.10       3/6/2019      CNY      63.62
DATONG ECONOMIC         6.50       6/1/2017      CNY      40.59
DONGBEI SPECIAL         6.50      3/27/2016      CNY      40.00
DONGBEI SPECIAL         6.30      9/24/2016      CNY      40.00
DONGBEI SPECIAL         8.30       9/6/2016      CNY      40.00
DONGBEI SPECIAL         5.88       5/5/2016      CNY      40.00
DONGBEI SPECIAL         6.10      1/15/2018      CNY      40.00
DONGBEI SPECIAL         5.63      4/12/2018      CNY      40.00
DONGBEI SPECIAL         7.40      7/17/2017      CNY      40.00
DONGBEI SPECIAL         8.20       6/6/2016      CNY      40.00
DONGBEI SPECIAL         7.00      7/10/2016      CNY      40.00
DONGTAI COMMUNIC        7.39       7/5/2018      CNY      52.24
DRILL RIGS HOLDI        6.50      10/1/2017      USD      31.00
DRILL RIGS HOLDI        6.50      10/1/2017      USD      32.38
ERDOS DONGSHENG         8.40      2/28/2018      CNY      50.03
ERDOS DONGSHENG         8.40      2/28/2018      CNY      49.70
EZHOU CITY CONST        7.08      6/19/2019      CNY      63.47
FEICHENG CITY AS        7.10      8/14/2018      CNY      52.33
FEICHENG CITY AS        7.10      8/14/2018      CNY      52.50
FENGHUA CITY INV        7.45      9/24/2019      CNY      59.00
FENGHUA CITY INV        7.45      9/24/2019      CNY      64.17
FUJIAN LONGYAN C        7.45      8/14/2019      CNY      64.10
FUSHUN URBAN INV        5.95      5/11/2018      CNY      71.67
FUZHOU URBAN AND        6.35      9/25/2018      CNY      52.22
FUZHOU URBAN AND        6.35      9/25/2018      CNY      77.28
GANSU PROVINCIAL        7.20      9/19/2018      CNY      74.22
GANZHOU CITY DEV        6.40      7/10/2018      CNY      51.97
GANZHOU CITY DEV        6.40      7/10/2018      CNY      51.08
GUANGAN INVESTME        8.18      4/25/2019      CNY      64.08
GUANGAN INVESTME        8.18      4/25/2019      CNY      62.71
GUANGXI BAISE DE        6.50       7/4/2019      CNY      62.73
GUANGXI BAISE DE        6.50       7/4/2019      CNY      62.61
GUILIN ECONOMIC         6.90       5/9/2018      CNY      51.97
GUIYANG ECO&TECH        8.42      3/27/2019      CNY      63.89
GUOAO INVESTMENT        6.89     10/29/2018      CNY      71.38
HAIAN COUNTY CIT        8.35      3/28/2018      CNY      52.23
HAIAN COUNTY CIT        8.35      3/28/2018      CNY      52.57
HAIMEN CITY DEVE        8.35      3/20/2019      CNY      62.30
HAIMEN CITY DEVE        8.35      3/20/2019      CNY      63.75
HAINING CITY ASS        7.80      9/20/2018      CNY      74.60
HAINING CITY ASS        7.80      9/20/2018      CNY      74.20
HANGZHOU MUNICIP        5.90      4/25/2018      CNY      51.40
HANGZHOU XIAOSHA        6.90     11/22/2016      CNY      39.91
HANGZHOU XIAOSHA        6.90     11/22/2016      CNY      40.01
HANGZHOU YUHANG         7.55      3/29/2019      CNY      63.25
HANGZHOU YUHANG         7.55      3/29/2019      CNY      64.10
HANZHONG CITY CO        7.48      3/14/2018      CNY      72.85
HARBIN HELI INVE        7.48      9/26/2018      CNY      73.89
HARBIN HELI INVE        7.48      9/26/2018      CNY      73.51
HEFEI CONSTRUCTI        5.23      8/28/2018      CNY      71.72
HEFEI HAIHENG IN        7.30      6/12/2019      CNY      63.56
HEFEI HAIHENG IN        7.30      6/12/2019      CNY      60.00
HEFEI TAOHUA IND        8.79      3/27/2019      CNY      64.62
HEFEI XINCHENG S        7.88      4/23/2019      CNY      65.69
HEGANG KAIYUAN C        6.50      7/19/2019      CNY      63.61
HEILONGJIANG HEC        7.78     11/17/2016      CNY      40.06
HENAN JIYUAN CIT        7.50      9/25/2019      CNY      64.80
HENGYANG CITY CO        7.06      8/13/2019      CNY      63.74
HUAIAN CITY URBA        7.15     12/21/2016      CNY      40.15
HUAIAN CITY WATE        8.25       3/8/2019      CNY      64.03
HUAI'AN DEVELOPM        7.20       9/6/2019      CNY      64.50
HUAI'AN DEVELOPM        7.20       9/6/2019      CNY      63.66
HUAI'AN DEVELOPM        6.80      3/24/2017      CNY      42.32
HUAIAN QINGHE NE        6.79      4/29/2017      CNY      40.85
HUAIBEI CITY CON        6.68     12/17/2018      CNY      74.30
HUAIHUA CITY CON        8.00      3/22/2018      CNY      51.85
HUAIHUA CITY CON        8.00      3/22/2018      CNY      51.80
HUZHOU MUNICIPAL        7.02     12/21/2017      CNY      72.02
HUZHOU NANXUN ST        8.15      3/31/2019      CNY      63.26
HUZHOU WUXING NA        7.71      2/17/2018      CNY      72.47
INNER MONGOLIA H        7.20      9/25/2019      CNY      63.13
INNER MONGOLIA H        7.20      9/25/2019      CNY      61.33
JIAMUSI NEW ERA         8.25      3/22/2019      CNY      63.17
JIAMUSI NEW ERA         8.25      3/22/2019      CNY      63.00
JIAN CITY CONSTR        7.80      4/20/2019      CNY      63.99
JIAN CITY CONSTR        7.80      4/20/2019      CNY      62.01
JIANAN INVESTMEN        7.68       9/4/2019      CNY      65.44
JIANGDONG HOLDIN        6.90      3/27/2019      CNY      62.85
JIANGDU XINYUAN         8.10      3/23/2019      CNY      62.88
JIANGDU XINYUAN         8.10      3/23/2019      CNY      63.01
JIANGSU HUAJING         5.68      9/28/2017      CNY      25.52
JIANGSU LIANYUN         6.10      6/19/2019      CNY      62.36
JIANGSU LIANYUN         6.10      6/19/2019      CNY      62.18
JIANGSU NANJING         7.10      10/8/2019      CNY      64.23
JIANGSU TAICANG         7.66      5/16/2019      CNY      63.97
JIANGXI HEJI INV        8.00       9/4/2019      CNY      64.40
JIANGXI HEJI INV        8.00       9/4/2019      CNY      64.48
JIANGYIN CITY CO        7.20      6/11/2019      CNY      63.68
JIASHAN STATE-OW        6.80       6/6/2019      CNY      63.28
JIAXING CULTURE         8.16       3/8/2019      CNY      63.85
JIAXING ECONOMIC        6.78      6/14/2019      CNY      63.20
JIAXING ECONOMIC        6.78      6/14/2019      CNY      62.82
JINAN CITY CONST        6.98      3/26/2018      CNY      52.09
JINAN CITY CONST        6.98      3/26/2018      CNY      51.04
JINAN XIAOQINGHE        7.15       9/5/2019      CNY      64.22
JINAN XIAOQINGHE        7.15       9/5/2019      CNY      63.60
JINGZHOU URBAN C        7.98      4/24/2019      CNY      64.52
JINING CITY CONS        8.30     12/31/2018      CNY      63.50
JINTAN CONSTRUCT        8.30      3/14/2019      CNY      64.15
JINZHOU CITY INV        7.08      6/13/2019      CNY      62.90
JINZHOU CITY INV        7.08      6/13/2019      CNY      63.09
JIUJIANG CITY CO        8.49      2/23/2019      CNY      64.00
JIUJIANG CITY CO        8.49      2/23/2019      CNY      64.67
KAIFENG DEVELOPM        6.47      7/11/2019      CNY      63.17
KARAMAY URBAN CO        7.15       9/4/2019      CNY      62.40
KARAMAY URBAN CO        7.15       9/4/2019      CNY      64.27
KUNMING CITY CON        7.60      4/13/2018      CNY      51.94
KUNMING CITY CON        7.60      4/13/2018      CNY      52.18
KUNMING WUHUA DI        8.60      3/15/2018      CNY      52.60
KUNMING WUHUA DI        8.60      3/15/2018      CNY      52.51
LAIWU CITY ECONO        6.50       3/1/2018      CNY      61.66
LEQING CITY STAT        6.50      6/29/2019      CNY      62.40
LEQING CITY STAT        6.50      6/29/2019      CNY      60.00
LESHAN STATE-OWN        6.99      3/18/2018      CNY      72.40
LESHAN STATE-OWN        6.99      3/18/2018      CNY      72.59
LIAOYANG CITY AS        6.88      6/13/2018      CNY      67.53
LIAOYUAN STATE-O        8.17      3/13/2019      CNY      63.73
LIAOYUAN STATE-O        7.80      1/26/2017      CNY      40.36
LIJIANG GUCHENG         6.68      7/26/2019      CNY      63.16
LINAN CITY CONST        8.15       3/9/2018      CNY      52.01
LINAN CITY CONST        8.15       3/9/2018      CNY      51.89
LINHAI CITY INFR        7.98      11/6/2016      CNY      50.16
LINHAI CITY INFR        7.98      11/6/2016      CNY      50.00
LINYI ECONOMIC D        8.26      9/24/2019      CNY      65.53
LINYI INVESTMENT        8.10      3/27/2018      CNY      51.84
LIUZHOU DONGCHEN        8.30      2/15/2019      CNY      62.96
LIUZHOU INVESTME        6.98      8/15/2019      CNY      63.75
LONGHAI STATE-OW        8.25      12/2/2017      CNY      72.23
LUOHE CITY CONST        6.81      3/30/2017      CNY      30.46
LUOHE CITY CONST        6.81      3/30/2017      CNY      30.41
MIANYANG SCIENCE        7.16      5/15/2019      CNY      62.96
MIANYANG SCIENCE        7.16      5/15/2019      CNY      61.20
MIANYANG SCIENCE        6.30      7/22/2018      CNY      54.07
MUDANJIANG STATE        7.08      8/30/2019      CNY      62.94
MUDANJIANG STATE        7.08      8/30/2019      CNY      62.90
NANAN CITY TRADE        8.50      4/25/2019      CNY      64.32
NANCHONG CHEMICA        8.16      4/26/2019      CNY      63.78
NANJING HEXI NEW        6.40       2/3/2017      CNY      60.66
NANJING HI-TECH         6.94       9/7/2019      CNY      63.61
NANJING HI-TECH         6.94       9/7/2019      CNY      63.38
NANJING JIANGNIN        7.29      4/28/2019      CNY      63.50
NANJING JIANGNIN        7.29      4/28/2019      CNY      63.46
NANTONG CITY TON        6.80      5/28/2019      CNY      62.71
NANTONG CITY TON        6.80      5/28/2019      CNY      63.29
NANTONG STATE-OW        6.72     11/13/2016      CNY      40.00
NEIJIANG INVESTM        7.00      7/19/2018      CNY      52.79
NEIJIANG INVESTM        7.00      7/19/2018      CNY      52.10
NEIMENGGU XINLIN        7.62      2/25/2018      CNY      72.05
NINGBO CITY ZHEN        6.48      4/12/2017      CNY      40.49
NINGBO URBAN CON        7.39       3/1/2018      CNY      52.15
NINGBO URBAN CON        7.39       3/1/2018      CNY      51.92
NINGDE CITY STAT        6.25     10/21/2017      CNY      40.38
NONGGONGSHANG RE        6.29     10/11/2017      CNY      41.05
PANJIN CONSTRUCT        7.70     12/16/2016      CNY      40.05
PANJIN CONSTRUCT        7.50      5/17/2019      CNY      63.55
PANJIN CONSTRUCT        7.70     12/16/2016      CNY      40.18
PINGDINGSHAN CIT        7.86       5/8/2019      CNY      64.11
PINGDINGSHAN CIT        7.86       5/8/2019      CNY      64.06
PINGHU CITY DEVE        7.20      9/18/2019      CNY      64.07
PINGHU CITY DEVE        7.20      9/18/2019      CNY      60.00
PIZHOU RUNCHENG         7.55      9/25/2019      CNY      64.00
PIZHOU RUNCHENG         7.55      9/25/2019      CNY      64.23
PUER CITY STATE         7.38      6/20/2019      CNY      62.97
PUTIAN STATE-OWN        8.10      3/21/2019      CNY      63.57
PUTIAN STATE-OWN        8.10      3/21/2019      CNY      64.20
QIANAN XINGYUAN         6.45      7/11/2018      CNY      51.64
QIANDONG NANZHOU        8.80      4/27/2019      CNY      63.76
QINGDAO CITY CON        6.89      2/16/2019      CNY      62.63
QINGDAO CITY CON        6.19      2/16/2017      CNY      40.41
QINGDAO CITY CON        6.89      2/16/2019      CNY      62.74
QINGDAO CITY CON        6.19      2/16/2017      CNY      40.40
QINGDAO HUATONG         7.30      4/18/2019      CNY      63.37
QINGZHOU HONGYUA        6.50      5/22/2019      CNY      31.10
QINGZHOU HONGYUA        6.50      5/22/2019      CNY      31.48
QINZHOU CITY DEV        6.72      4/30/2017      CNY      50.81
QUANZHOU QUANGAN        8.40      4/16/2019      CNY      62.84
QUANZHOU QUANGAN        8.40      4/16/2019      CNY      64.14
QUJING DEVELOPME        7.25       9/6/2019      CNY      63.47
QUJING DEVELOPME        7.25       9/6/2019      CNY      64.51
QUNSHAN HUAQIAO         7.98     12/30/2018      CNY      63.34
RUDONG COUNTY DO        7.45      9/24/2019      CNY      63.93
RUDONG COUNTY DO        7.45      9/24/2019      CNY      64.46
SANMING STATE-OW        6.99      6/14/2018      CNY      73.23
SHANGHAI CHENGTO        4.63      7/30/2019      CNY      61.72
SHANGHAI REAL ES        6.12      5/17/2017      CNY      40.78
SHANGHAI SONGJIA        6.28      8/15/2018      CNY      52.00
SHANGHAI SONGJIA        6.28      8/15/2018      CNY      52.06
SHANGRAO CITY CO        7.30      9/10/2019      CNY      64.38
SHANGRAO CITY CO        7.30      9/10/2019      CNY      63.77
SHANGYU COMMUNIC        6.70      9/11/2019      CNY      63.90
SHAOXING CHENGBE        6.21      6/11/2018      CNY      51.36
SHAOXING CHENGBE        6.21      6/11/2018      CNY      51.66
SHAOYANG CITY CO        7.40      9/11/2018      CNY      52.61
SHISHI STATE OWN        7.40      9/13/2019      CNY      82.87
SHISHI STATE OWN        7.40      9/13/2019      CNY      64.19
SHIYAN CITY INFR        7.98      4/20/2019      CNY      64.10
SICHUAN COAL IND        7.45     12/25/2016      CNY      34.63
SICHUAN COAL IND        5.94      5/15/2017      CNY      34.63
SICHUAN COAL IND        7.80      9/27/2017      CNY      34.63
SICHUAN COAL IND        7.70       1/9/2018      CNY      34.63
SICHUAN DEVELOPM        5.40     11/10/2017      CNY      70.75
SONGYUAN URBAN D        7.30      8/29/2019      CNY      62.99
SUIZHOU CITY INV        7.50      8/22/2019      CNY      64.24
SUQIAN ECONOMIC         7.50      3/26/2019      CNY      63.65
SUQIAN ECONOMIC         7.50      3/26/2019      CNY      63.50
SUZHOU CONSTRUCT        7.45      3/12/2019      CNY      63.24
SUZHOU INDUSTRIA        5.79      5/30/2019      CNY      62.61
SUZHOU XIANGCHEN        6.95       9/3/2019      CNY      63.37
SUZHOU XIANGCHEN        6.95       9/3/2019      CNY      63.83
TAIXING ZHONGXIN        8.29      3/27/2018      CNY      52.46
TAIXING ZHONGXIN        8.29      3/27/2018      CNY      53.06
TAIYUAN LONGCHEN        6.50      9/25/2019      CNY      63.36
TAIYUAN LONGCHEN        6.50      9/25/2019      CNY      83.90
TAIZHOU CITY CON        6.90      1/25/2017      CNY      40.30
TAIZHOU HAILING         8.52      3/21/2019      CNY      63.98
TAIZHOU HAILING         8.52      3/21/2019      CNY      64.25
TAIZHOU XINTAI G        6.85      8/14/2018      CNY      51.98
TAIZHOU XINTAI G        6.85      8/14/2018      CNY      52.35
TIANJIN BINHAI N        5.00      3/13/2018      CNY      71.43
TIANJIN BINHAI N        5.00      3/13/2018      CNY      71.47
TIANJIN ECO-CITY        6.76      8/14/2019      CNY      63.32
TIANJIN ECO-CITY        6.76      8/14/2019      CNY      66.00
TIANJIN HANBIN I        8.39      3/22/2019      CNY      63.87
TIANJIN HI-TECH         7.80      3/27/2019      CNY      63.35
TIANJIN HI-TECH         7.80      3/27/2019      CNY      63.52
TIANJIN JINNAN C        6.95      6/18/2019      CNY      63.30
TIANJIN JINNAN C        6.95      6/18/2019      CNY      63.45
TIELING PUBLIC A        7.34      5/29/2018      CNY      51.70
TIELING PUBLIC A        7.34      5/29/2018      CNY      52.12
TIGER FOREST & P        5.38      6/14/2017      CNY      57.61
TONGCHUAN DEVELO        7.50      7/17/2019      CNY      63.29
TONGLIAO CITY IN        5.98       9/1/2017      CNY      40.90
TONGLIAO TIANCHE        7.75      9/24/2019      CNY      64.08
TONGLIAO TIANCHE        7.75      9/24/2019      CNY      62.51
TONGREN FANJINGS        6.89       8/2/2019      CNY      63.03
URUMQI CITY CONS        6.35       7/9/2019      CNY      63.40
URUMQI CITY CONS        6.35       7/9/2019      CNY      62.90
URUMQI STATE-OWN        6.48      4/28/2018      CNY      51.36
URUMQI STATE-OWN        6.48      4/28/2018      CNY      51.44
VANZIP INVESTMEN        7.92       2/4/2019      CNY      64.88
WAFANGDIAN STATE        8.55      4/19/2019      CNY      63.71
WENLING CITY STA        7.18      9/18/2019      CNY      62.50
WENLING CITY STA        7.18      9/18/2019      CNY      83.50
WENZHOU ANJUFANG        7.65      4/24/2019      CNY      63.43
WUHAI CITY CONST        8.20      3/31/2019      CNY      63.95
WUHAI CITY CONST        8.20      3/31/2019      CNY      63.00
WUHU ECONOMIC TE        6.70       6/8/2018      CNY      51.00
WUHU ECONOMIC TE        6.70       6/8/2018      CNY      51.96
WUXI MUNICIPAL C        6.60      9/17/2019      CNY      63.32
WUXI MUNICIPAL C        6.60      9/17/2019      CNY      63.56
WUXI TAIHU INTER        7.60      9/17/2019      CNY      64.36
WUZHOU DONGTAI S        7.40       9/3/2019      CNY      64.11
XIAN CHANBAHE DE        6.89       8/3/2019      CNY      63.05
XIANGTAN CITY CO        8.00      3/16/2019      CNY      63.79
XIANGTAN CITY CO        8.00      3/16/2019      CNY      63.90
XIANGTAN JIUHUA         7.43      8/29/2019      CNY      64.14
XIANGTAN JIUHUA         6.93     12/16/2016      CNY      40.27
XIANGYANG CITY C        8.12      1/12/2019      CNY      63.38
XIANGYANG CITY C        8.12      1/12/2019      CNY      63.53
XIANNING CITY CO        7.50      8/31/2018      CNY      52.58
XIANNING CITY CO        7.50      8/31/2018      CNY      78.00
XIAOGAN URBAN CO        8.12      3/26/2019      CNY      63.96
XINING CITY INVE        7.70      4/27/2019      CNY      63.88
XINJIANG SHIHEZI        7.50      8/29/2018      CNY      49.01
XINJIANG UYGUR A        6.25      7/17/2018      CNY      51.78
XINXIANG INVESTM        6.80      1/18/2018      CNY      71.74
XINYANG HUAXIN I        6.95      6/14/2019      CNY      62.00
XINYANG HUAXIN I        6.95      6/14/2019      CNY      63.53
XINZHOU CITY ASS        7.39       8/8/2018      CNY      52.67
XUCHANG GENERAL         7.78      4/27/2019      CNY      64.06
XUZHOU ECONOMIC         8.20       3/7/2019      CNY      63.80
XUZHOU ECONOMIC         8.20       3/7/2019      CNY      63.80
XUZHOU XINSHENG         7.48       5/8/2018      CNY      52.11
YAAN STATE-OWNED        7.39       7/4/2019      CNY      62.27
YANCHENG ORIENTA        5.75       6/8/2017      CNY      50.86
YANGZHONG URBAN         7.10      3/26/2018      CNY      72.47
YANGZHOU URBAN C        6.30      7/26/2019      CNY      63.08
YANGZHOU URBAN C        6.30      7/26/2019      CNY      60.00
YANZHOU HUIMIN U        8.50     12/28/2017      CNY      51.62
YIBIN STATE-OWNE        5.80      5/23/2018      CNY      72.08
YICHUN CITY CONS        7.35      7/24/2019      CNY      62.34
YIJINHUOLUOQI HO        8.35      3/19/2019      CNY      58.99
YIJINHUOLUOQI HO        8.35      3/19/2019      CNY      57.50
YINCHUAN URBAN C        6.28       3/9/2017      CNY      25.13
YIYANG CITY CONS        8.20     11/19/2016      CNY      40.20
YIYANG CITY CONS        7.36      8/24/2019      CNY      63.89
YIZHENG CITY CON        7.78      6/14/2019      CNY      76.00
YIZHENG CITY CON        7.78      6/14/2019      CNY      64.17
YUNNAN PROVINCIA        5.25      8/24/2017      CNY      40.51
YUNNAN PROVINCIA        5.25      8/24/2017      CNY      40.25
ZHANGJIAGANG JIN        6.23       1/6/2018      CNY      61.34
ZHANGJIAKOU TONG        6.90       7/5/2018      CNY      73.19
ZHEJIANG PROVINC        6.90      4/12/2018      CNY      72.60
ZHENJIANG CULTUR        5.86       5/6/2017      CNY      50.00
ZHENJIANG NEW AR        8.16       3/1/2019      CNY      62.83
ZHENJIANG NEW AR        8.16       3/1/2019      CNY      62.51
ZHENJIANG TRANSP        7.29       5/8/2019      CNY      63.12
ZHENJIANG TRANSP        7.29       5/8/2019      CNY      62.38
ZHONGSHAN TRANSP        6.65      8/28/2018      CNY      51.87
ZHONGSHAN TRANSP        6.65      8/28/2018      CNY      52.06
ZHUCHENG ECONOMI        6.40      4/26/2018      CNY      41.22
ZHUCHENG ECONOMI        7.50      8/25/2018      CNY      31.69
ZHUCHENG ECONOMI        6.40      4/26/2018      CNY      41.40
ZHUHAI HUAFA GRO        8.43      2/16/2018      CNY      52.16
ZHUHAI HUAFA GRO        8.43      2/16/2018      CNY      52.05
ZHUJI CITY CONST        6.92       7/5/2018      CNY      73.28
ZHUJI CITY CONST        6.92       7/5/2018      CNY      73.55
ZHUZHOU GECKOR G        7.50      9/10/2019      CNY      64.62
ZHUZHOU GECKOR G        7.82      8/18/2018      CNY      71.56
ZHUZHOU GECKOR G        7.50      9/10/2019      CNY      64.10
ZHUZHOU GECKOR G        7.82      8/18/2018      CNY      74.35
ZIBO CITY PROPER        6.83      8/22/2019      CNY      63.74
ZIBO CITY PROPER        5.45      4/27/2019      CNY      37.27
ZIGONG STATE-OWN        6.86      6/17/2018      CNY      72.64
ZOUCHENG CITY AS        7.02      1/12/2018      CNY      41.14
ZOUPING COUNTY S        6.98      4/27/2018      CNY      71.01
ZOUPING COUNTY S        6.98      4/27/2018      CNY      72.71
ZUNYI CITY INVES        8.53      3/13/2019      CNY      63.68
ZUNYI CITY INVES        8.53      3/13/2019      CNY      63.03


INDONESIA
---------

BERAU COAL ENERG        7.25      3/13/2017      USD      22.55
BERAU COAL ENERG        7.25      3/13/2017      USD      22.72


INDIA
-----

3I INFOTECH LTD         5.00      4/26/2017      USD      13.13
BLUE DART EXPRES        9.30     11/20/2017      INR      10.14
BLUE DART EXPRES        9.40     11/20/2018      INR      10.27
BLUE DART EXPRES        9.50     11/20/2019      INR      10.40
GTL INFRASTRUCTU        4.53      11/9/2017      USD      32.50
JAIPRAKASH ASSOC        5.75       9/8/2017      USD      43.25
JCT LTD                 2.50       4/8/2011      USD      25.25
PRAKASH INDUSTRI        5.25      4/30/2015      USD      20.50
PYRAMID SAIMIRA         1.75       7/4/2012      USD       1.00
REI AGRO LTD            5.50     11/13/2014      USD       4.95
REI AGRO LTD            5.50     11/13/2014      USD       4.95
SVOGL OIL GAS &         5.00      8/17/2015      USD       0.41


JAPAN
-----

AVANSTRATE INC          5.55     10/31/2017      JPY      33.25
AVANSTRATE INC          5.55     10/31/2017      JPY      37.00
MICRON MEMORY JA        0.50     10/26/2015      JPY       5.38
MICRON MEMORY JA        0.70       8/1/2016      JPY       5.38
MICRON MEMORY JA        2.03      3/22/2012      JPY       5.38
MICRON MEMORY JA        2.10     11/29/2012      JPY       5.38
MICRON MEMORY JA        2.29      12/7/2012      JPY       5.38
TAKATA CORP             0.58      3/26/2021      JPY      68.50
TAKATA CORP             0.85       3/6/2019      JPY      75.00


KOREA
-----

2014 KODIT CREAT        5.00     12/25/2017      KRW      33.68
2014 KODIT CREAT        5.00     12/25/2017      KRW      33.68
2016 KIBO 1ST SE        5.00      9/13/2018      KRW      29.57
DOOSAN CAPITAL S       20.00      4/22/2019      KRW      47.27
HANA FINANCIAL G        3.95      5/29/2045      KRW     423.75
HANJIN SHIPPING         5.90       6/7/2017      KRW      11.95
HANJIN SHIPPING         2.00      5/23/2017      KRW      11.86
HYUNDAI MERCHANT        1.00       4/7/2021      KRW      62.13
HYUNDAI MERCHANT        1.00       7/7/2021      KRW      60.50
KIBO ABS SPECIAL       10.00      2/19/2017      KRW      45.83
KIBO ABS SPECIAL        5.00     12/25/2017      KRW      32.15
KIBO ABS SPECIAL       10.00      8/22/2017      KRW      19.53
KIBO ABS SPECIAL        5.00      1/31/2017      KRW      40.66
KIBO ABS SPECIAL        5.00      3/29/2018      KRW      32.54
LSMTRON DONGBANG        4.53     11/22/2017      KRW      33.13
MERITZ CAPITAL C        5.44      9/29/2046      KRW      33.62
OKC SECURITIZATI       10.00       1/3/2020      KRW      27.16
SINBO SECURITIZA        5.00      1/29/2017      KRW      42.75
SINBO SECURITIZA        5.00      8/16/2017      KRW      34.67
SINBO SECURITIZA        5.00     12/30/2019      KRW      26.42
SINBO SECURITIZA        5.00       7/8/2017      KRW      35.07
SINBO SECURITIZA        5.00      9/30/2019      KRW      27.21
SINBO SECURITIZA        5.00      8/27/2019      KRW      27.62
SINBO SECURITIZA        5.00       7/8/2017      KRW      35.07
SINBO SECURITIZA        5.00      3/18/2019      KRW      29.26
SINBO SECURITIZA        5.00      3/18/2019      KRW      29.26
SINBO SECURITIZA        5.00      8/29/2018      KRW      31.21
SINBO SECURITIZA        5.00      8/29/2018      KRW      31.21
SINBO SECURITIZA        5.00      9/26/2018      KRW      30.98
SINBO SECURITIZA        5.00      10/1/2017      KRW      34.16
SINBO SECURITIZA        5.00      10/1/2017      KRW      34.16
SINBO SECURITIZA        5.00      10/1/2017      KRW      34.16
SINBO SECURITIZA        5.00      2/21/2017      KRW      39.99
SINBO SECURITIZA        5.00      2/21/2017      KRW      39.99
SINBO SECURITIZA        5.00      7/24/2018      KRW      31.75
SINBO SECURITIZA        5.00      7/24/2017      KRW      33.65
SINBO SECURITIZA        5.00      7/24/2018      KRW      31.75
SINBO SECURITIZA        5.00     12/23/2018      KRW      30.06
SINBO SECURITIZA        5.00     12/23/2018      KRW      30.06
SINBO SECURITIZA        5.00     12/23/2017      KRW      32.17
SINBO SECURITIZA        5.00      6/25/2019      KRW      28.22
SINBO SECURITIZA        5.00      6/25/2018      KRW      30.38
SINBO SECURITIZA        5.00      5/26/2018      KRW      30.65
SINBO SECURITIZA        5.00      9/26/2018      KRW      30.98
SINBO SECURITIZA        5.00      3/13/2017      KRW      37.97
SINBO SECURITIZA        5.00     12/13/2016      KRW      51.15
SINBO SECURITIZA        5.00     12/25/2016      KRW      46.57
SINBO SECURITIZA        5.00       6/7/2017      KRW      19.89
SINBO SECURITIZA        5.00       6/7/2017      KRW      19.89
SINBO SECURITIZA        5.00      6/27/2018      KRW      31.98
SINBO SECURITIZA        5.00      6/27/2018      KRW      31.98
SINBO SECURITIZA        5.00      8/16/2017      KRW      34.67
SINBO SECURITIZA        5.00      2/27/2019      KRW      29.49
SINBO SECURITIZA        5.00      2/27/2019      KRW      29.49
SINBO SECURITIZA        5.00      1/15/2018      KRW      33.48
SINBO SECURITIZA        5.00      1/15/2018      KRW      33.48
SINBO SECURITIZA        5.00     10/30/2019      KRW      20.49
SINBO SECURITIZA        5.00      1/30/2019      KRW      29.71
SINBO SECURITIZA        5.00      1/30/2019      KRW      29.71
SINBO SECURITIZA        5.00      2/11/2018      KRW      32.95
SINBO SECURITIZA        5.00      2/11/2018      KRW      32.95
SINBO SECURITIZA        5.00      3/12/2018      KRW      32.69
SINBO SECURITIZA        5.00      7/29/2019      KRW      27.88
SINBO SECURITIZA        5.00      7/29/2018      KRW      30.04
SINBO SECURITIZA        5.00      3/13/2017      KRW      37.97
SINBO SECURITIZA        5.00      9/26/2018      KRW      30.98
SINBO SECURITIZA        5.00      3/12/2018      KRW      32.69
TONGYANG CEMENT         7.50      4/20/2014      KRW      70.00
TONGYANG CEMENT         7.50      9/10/2014      KRW      70.00
TONGYANG CEMENT         7.30      6/26/2015      KRW      70.00
TONGYANG CEMENT         7.30      4/12/2015      KRW      70.00
TONGYANG CEMENT         7.50      7/20/2014      KRW      70.00
U-BEST SECURITIZ        5.50     11/16/2017      KRW      34.61
WOONGJIN ENERGY         3.00     12/19/2019      KRW      56.52
WOORI BANK              5.21     12/12/2044      KRW     388.68


SRI LANKA
---------

SRI LANKA GOVERN        5.35       3/1/2026      LKR      64.66
SRI LANKA GOVERN        6.00      12/1/2024      LKR      71.32
SRI LANKA GOVERN        8.00       1/1/2032      LKR      72.41
SRI LANKA GOVERN        9.00       6/1/2043      LKR      74.10
HATTON NATIONAL         8.00      8/29/2023      LKR      67.00


MALAYSIA
--------

BRIGHT FOCUS BHD        2.50      1/22/2031      MYR      72.77
LAND & GENERAL B        1.00      9/24/2018      MYR       0.27
SENAI-DESARU EXP        0.50     12/31/2038      MYR      68.49
SENAI-DESARU EXP        0.50     12/30/2039      MYR      69.82
SENAI-DESARU EXP        0.50     12/31/2040      MYR      70.76
SENAI-DESARU EXP        0.50     12/30/2044      MYR      74.41
SENAI-DESARU EXP        0.50     12/31/2043      MYR      73.64
SENAI-DESARU EXP        0.50     12/31/2041      MYR      71.60
SENAI-DESARU EXP        0.50     12/31/2042      MYR      72.71
SENAI-DESARU EXP        1.15      6/30/2023      MYR      74.95
SENAI-DESARU EXP        1.15      6/30/2025      MYR      69.03
SENAI-DESARU EXP        1.35     12/31/2026      MYR      66.27
SENAI-DESARU EXP        1.35      6/30/2027      MYR      65.02
SENAI-DESARU EXP        1.35     12/31/2027      MYR      63.78
SENAI-DESARU EXP        1.35      6/29/2029      MYR      59.85
SENAI-DESARU EXP        1.35      6/30/2028      MYR      62.49
SENAI-DESARU EXP        1.35     12/29/2028      MYR      61.18
SENAI-DESARU EXP        1.15     12/29/2023      MYR      73.46
SENAI-DESARU EXP        1.15      6/28/2024      MYR      71.98
SENAI-DESARU EXP        1.15     12/31/2024      MYR      70.48
SENAI-DESARU EXP        1.35     12/31/2025      MYR      69.02
SENAI-DESARU EXP        1.35      6/30/2026      MYR      67.60
SENAI-DESARU EXP        1.35     12/31/2029      MYR      58.51
SENAI-DESARU EXP        1.35      6/28/2030      MYR      57.17
SENAI-DESARU EXP        1.35     12/31/2030      MYR      55.79
SENAI-DESARU EXP        1.35      6/30/2031      MYR      54.40
UNIMECH GROUP BH        5.00      9/18/2018      MYR       1.08


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

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


SINGAPORE
---------

ASL MARINE HOLDI        5.35      10/1/2018      SGD      68.00
AUSGROUP LTD            7.45     10/20/2016      SGD      65.88
BAKRIE TELECOM P       11.50       5/7/2015      USD       1.77
BAKRIE TELECOM P       11.50       5/7/2015      USD       1.77
BERAU CAPITAL RE       12.50       7/8/2015      USD      22.54
BERAU CAPITAL RE       12.50       7/8/2015      USD      22.88
BLD INVESTMENTS         8.63      3/23/2015      USD       7.25
BUMI CAPITAL PTE       12.00     11/10/2016      USD      22.38
BUMI CAPITAL PTE       12.00     11/10/2016      USD      22.38
BUMI INVESTMENT        10.75      10/6/2017      USD      27.00
BUMI INVESTMENT        10.75      10/6/2017      USD      26.88
ENERCOAL RESOURC        6.00       4/7/2018      USD       8.63
EZRA HOLDINGS LT        4.88      4/24/2018      SGD      51.63
GOLIATH OFFSHORE       12.00      6/11/2017      USD       4.25
INDO INFRASTRUCT        2.00      7/30/2010      USD       1.00
INTERNATIONAL HE        6.00       2/6/2018      SGD      64.00
NEPTUNE ORIENT L        4.40      11/8/2019      SGD      74.25
NEPTUNE ORIENT L        4.40      6/22/2021      SGD      57.00
NEPTUNE ORIENT L        4.65       9/9/2020      SGD      60.00
ORO NEGRO DRILLI        7.50      1/24/2019      USD      39.75
OSA GOLIATH PTE        12.00      10/9/2018      USD      62.75
OTTAWA HOLDINGS         5.88      5/16/2018      USD      69.00
OTTAWA HOLDINGS         5.88      5/16/2018      USD      68.84
PACIFIC INTERNAT        7.25     11/16/2018      SGD      74.88
PACIFIC RADIANCE        4.30      8/29/2018      SGD      58.00
RICKMERS MARITIM        8.45      5/15/2017      SGD      25.50
SWIBER CAPITAL P        6.50       8/2/2018      SGD      10.00
SWIBER CAPITAL P        6.25     10/30/2017      SGD      10.00
SWIBER HOLDINGS         7.13      4/18/2017      SGD      11.38
SWIBER HOLDINGS         7.75      9/18/2017      CNY      11.88
SWIBER HOLDINGS         5.55     10/10/2016      SGD      11.63
SWISSCO HOLDINGS        5.70      4/16/2018      SGD      57.75
TA CORP LTD             5.50      3/29/2018      SGD      66.75
TRIKOMSEL PTE LT        7.88       6/5/2017      SGD      18.00
TRIKOMSEL PTE LT        5.25      5/10/2016      SGD      17.00


THAILAND
--------

G STEEL PCL             3.00      10/4/2015      USD       3.74
MDX PCL                 4.75      9/17/2003      USD      37.75


VIETNAM
-------

DEBT AND ASSET T        1.00     10/10/2025      USD      57.35
DEBT AND ASSET T        1.00     10/10/2025      USD      57.19



                             *********

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

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

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


                            *********


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

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



                 *** End of Transmission ***