TCRAP_Public/161025.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 25, 2016, Vol. 19, No. 211

                            Headlines


A U S T R A L I A

ALTERNATE DWELLINGS: First Creditors' Meeting Set for Nov. 2
FORTRUS RESOURCES: First Creditors' Meeting Set for Nov. 1
HOME AUSTRALIA: Newstart Homes Staff Owed AUD160K in Entitlements
MESOBLAST LIMITED: Named 2016 Cell Therapy Company of the Year
NXGEN EPOXY: First Creditors' Meeting Slated for Nov. 1

OPAL SECURITY: First Creditors' Meeting Set for Oct. 31
THE HUB @ MERMAID: Court Issues Wind Up Order


H O N G  K O N G

CHINA CITIC: Moody's Affirms Ba2 Preferred Stock Rating


I N D I A

ALANG METAL: CRISIL Suspends 'D' Rating on INR195MM Cash Loan
ANNAKOOT PROPERTIES: CRISIL Raises Rating on INR500MM Loan to BB
ANTILLA BREWERIES: CRISIL Suspends 'B' Rating on INR65MM Loan
APOLLO ZIPPER: CARE Revises INR162.19cr Loan Rating to BB+ (SO)
ARIHANTH JEWELLERS: CRISIL Suspends B+ Rating on INR100MM Loan

AZAD ISPAT: ICRA Assigns B+ Rating to INR12cr Cash Loan
BAPASITARAM CERAMIC: CRISIL Cuts Rating on INR30MM Loan to 'B'
BE BE RUBBER: CRISIL Assigns B- Rating to INR48.5MM Cash Loan
BHADORA INDUSTRIES: CRISIL Assigns 'B+' Rating to INR32MM Loan
BHARAT HOTELS: CARE Hikes Rating on INR912.25cr LT Loan to BB+

CAUVERY TIMBER: CRISIL Assigns 'B' Rating to INR20MM Cash Loan
CEEBUILD COMPANY: CRISIL Suspends 'D' Rating on INR240MM Loan
CHANDRA ENGINEERS: CRISIL Assigns B+ Rating to INR75.5MM Loan
DEBJYOTI PULP: CRISIL Suspends B- Rating on INR65.8MM Term Loan
DHARESHWAR GINNING: ICRA Suspends B+ Rating on INR6cr Cash Loan

GREAT EASTERN: CARE Lowers Rating on INR513cr Bank Loan to D
IBD UNIVERSAL: ICRA Lowers Rating on INR27cr Unalloc. Loan to D
JAYNIL ENTERPRISES: CRISIL Suspends 'B' Rating on INR122.5MM Loan
KANDLA PACKAGING: CRISIL Suspends 'B' Rating on INR120MM Loan
KRISHNA GINNING: ICRA Suspends 'B' Rating on INR8.0cr Cash Loan

KUFRI FUN: CRISIL Assigns 'D' Rating to INR120MM Term Loan
KUJJAL BUILDERS: CARE Ups Rating on INR140.55cr Loan to BB+(SO)
LATA FIBRES: CRISIL Assigns B+ Rating to INR60MM Cash Loan
MAHAVIR TRANSMISSION: CRISIL Reaffirms B Rating on INR100MM Loan
MARUTI KNIT: CARE Assigns 'B' Rating to INR3.76cr Long Term Loan

MOHAN CHARITABLE: ICRA Suspends B- Rating on INR55cr Bank Loan
MULTISTONE GRANITO: ICRA Assigns 'B' Rating to INR32.40cr Loan
PREET JNC: CRISIL Suspends B+ Rating on INR54.5MM Term Loan
PRESTIGIOUS SCORS: CRISIL Raises Rating on INR25MM Loan to BB-
PRIME INSULATORS: CRISIL Reaffirms 'B' Rating on INR40MM Loan

RATTANINDIA NASIK: CARE Lowers Rating on INR4240cr Loan to 'D'
RATTANINDIA POWER: CARE Withdraws D Rating on INR7,692.14cr Loan
RUTTONPORE PLANTATIONS: CRISIL Ups Rating on INR65MM Loan to C
SAKTHI STEEL: CRISIL Lowers Rating on INR100MM Cash Loan to 'B'
SARAVANA TEXTILES: ICRA Suspends B+/A4 Rating on INR18.82cr Loan

SEGAM TILES: CARE Assigns B+ Rating to INR40cr Long Term Loan
SHREE SHAKTI: CARE Assigns B+ Rating to INR8.50cr Long Term Loan
SHREE SHIV: CRISIL Suspends 'D' Rating on INR147.9MM Term Loan
SHRISHTI ELECTROMECH: CRISIL Reaffirms 'B' INR108.5MM Loan Rating
SIDDESHWAR MULTIPURPOSE: CRISIL Suspends B- INR53.5MM Loan Rating

TIRUPATI COTEX: ICRA Ups Rating on INR6cr Cash Loan to 'B'
U G CONSTRUCTIONS: CRISIL Suspends 'B' Rating on INR50MM Loan
USHA PRABHA: CARE Reaffirms B+ Rating on INR4.86cr Long Term Loan
VERSANT ONLINE: CARE Assigns 'B' Rating to INR2.95cr LT Loan
ZEN EXIM: CRISIL Cuts Rating on INR200MM Cash Loan to B+


J A P A N

MITSUBISHI MOTORS: Nissan CEO Carlos Ghosn to Become Chairman
MITSUBISHI MOTORS: Nissan Completes $2.3BB Stake Acquisition


N E W  Z E A L A N D

PUMPKIN PATCH: Says Uncertainty Over Future "Remains Ongoing"


S I N G A P O R E

ASL MARINE: Seeks to Issue Shares as Debt Strains Mount
PRECISION CAPITAL: Moody's Assigns B2 Corporate Family Rating
SWISSCO HOLDINGS: Receives Default Notice from Notes Trustee


S O U T H  K O R E A

HANJIN SHIPPING: Seeking to Close European Operations


X X X X X X X X

* BOND PRICING: For the Week Oct. 17 to Oct. 21, 2016


                            - - - - -


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


ALTERNATE DWELLINGS: First Creditors' Meeting Set for Nov. 2
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Alternate
Dwellings Pty Ltd will be held at the offices of Vince &
Associates, 51 Robinson Street, in Dandenong, Victoria, on
Nov. 2, 2016, at 11:00 a.m.

Peter Robert Vince and Paul William Langdon of Vince & Associates
were appointed as administrators of Alternate Dwellings on Oct.
21, 2016.


FORTRUS RESOURCES: First Creditors' Meeting Set for Nov. 1
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Fortrus
Resources Pty Ltd will be held at the offices of David Clout &
Associates, 105A Bowen Street, in Spring Hill, Queensland, on
Nov. 1, 2016, at 11:00 a.m.

David Clout and Patricia Talty of David Clout & Associates were
appointed as administrators of Fortrus Resources on Oct. 20,
2016.


HOME AUSTRALIA: Newstart Homes Staff Owed AUD160K in Entitlements
-----------------------------------------------------------------
Kathleen Skene at Gold Coast Bulletin reports that after weeks of
being assured they were insulated from the problems faced by
interstate branches of Home Australia, staff of Gold Coast firm
Newstart Homes were called into a meeting room while their boss
took a mystery phone called from then-Senator Bob Day.

An hour later, they were shocked, crying and unemployed, the
Bulletin relates.

Some of the 13 permanent staff members are owed more than
$160,000 in entitlements which they fear they may never see,
according to the report.

The Bulletin relates that sales consultants are unsure if they
are eligible to claim under legislated employee entitlement
schemes as the company insisted on hiring them as contractors --
meaning they may instead have to join the queue of creditors
hoping to make back some of what they're owed.

Bosses had assured staff since June they would not be affected by
trouble in other branches of Mr. Day's Home Australia group,
notes the Bulletin.  But at 11am on Oct. 18, their manager called
them together.

"Something's happening," he told them, the report relates.  "I
don't know what's going on." But then he took the call from Mr.
Day; staff were to forbidden from leaving; liquidators from
McGrathNicol arrived and took over.

"The liquidators came and stripped us of any Newstart assets we
had -- keys to the place, things like that," the report quotes
one consultant, who did not want to be named, as saying.  "They
interviewed us individually - then we were terminated at 12.  It
was pretty sombre -- the admin staff burst into tears."

Mr. Day announced his resignation from the Senate on Oct. 17 as
Home Australia went into liquidation.


MESOBLAST LIMITED: Named 2016 Cell Therapy Company of the Year
--------------------------------------------------------------
Mesoblast Limited announced it received the Frost & Sullivan Asia
Pacific 2016 Cell Therapy Company of the Year Award.  The Frost &
Sullivan Awards identify and honor the best-in-class companies
that have demonstrated excellence in their industry.

According to Rhenu Bhuller, senior vice president & partner,
Transformational Health, Frost & Sullivan, Mesoblast's strong
overall performance and its achievements throughout the last
financial year had earned the 2016 award.

"This award recognizes Mesoblast's global achievements and its
focus on clinical development of innovative cellular medicines in
under-served therapy areas such as cardiovascular and
degenerative diseases," she said.

"Cell therapy will revolutionize how patients will be medicated
in the future in areas with high unmet need such as
cardiovascular and oncology among others.  An increasing number
of late-stage hybrid therapies such as cell-gene or stem cell-
gene therapies are promising and can hit the mainstream market,
which Frost & Sullivan projects to reach US$10 billion by 2020."

The selection of this award was based on interviews, primary
market analysis and extensive secondary research conducted by
Frost & Sullivan's industry analyst team.  Key criteria used were
visionary innovation and performance; addressing unmet needs;
visionary scenarios through mega trends; implementation of best
practices; blue ocean strategy; impact; price/performance value
and brand equity.  The Award is made to the company that received
the number one industry rank.

Previously, the Mesoblast Group received the 2009 Frost &
Sullivan North America Emerging Company Award in the Soft Tissue
Repair Market, and the 2008 Frost & Sullivan United States Stem
Cell Market Technology Innovation of the Year.

                      About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, enables clients
to accelerate growth and achieve best in class positions in
growth, innovation and leadership.  Frost & Sullivan --
http://www.frost.com/-- leverages over 50 years of experience in
partnering with Global 1000 companies, emerging businesses and
the investment community from more than 40 offices on six
continents.

Frost & Sullivan's Best Practices Awards recognize companies
throughout a range of regional and global markets for superior
leadership, technological innovation, customer service, and
strategic product development.  Frost & Sullivan's industry
analyst team benchmarks market participants and measures their
performance through independent, primary interviews, and
secondary industry research in order to evaluate and identify
best practices.

                      About Mesoblast Ltd.

Melbourne, Australia-based Mesoblast Limited (ASX:MSB;
Nasdaq:MESO) is a global leader in developing innovative cell-
based medicines.  The Company has leveraged its proprietary
technology platform, which is based on specialized cells known as
mesenchymal lineage adult stem cells, to establish a broad
portfolio of late-stage product candidates.  Mesoblast's
allogeneic, 'off-the-shelf' cell product candidates target
advanced stages of diseases with high, unmet medical needs
including cardiovascular diseases, immune-mediated and
inflammatory disorders, orthopedic disorders, and
oncologic/hematologic conditions.

As of June 30, 2016, Mesoblast had $684.0 million in total
assets, $155.9 million in total liabilities and $528.2 million in
total equity.

Mesoblast reported a loss before income tax of $90.82 million for
the year ended June 30, 2016, compared to a loss before income
tax of $96.24 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.


NXGEN EPOXY: First Creditors' Meeting Slated for Nov. 1
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Nxgen
Epoxy Pty Limited will be held at the offices of BCR Advisory,
Level 10, 10 Spring Street, in Sydney, NSW, on Nov. 1, 2016, at
10:00 a.m.

Geoffrey Davis and John Morgan of BCR Advisory were appointed as
administrators of Nxgen Epoxy on Oct. 22, 2016.


OPAL SECURITY: First Creditors' Meeting Set for Oct. 31
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Opal
Security Australia Pty Ltd will be held at Level 40, 140 William,
in Melbourne, Victoria, on Oct. 31, 2016, at 12:15 p.m.

Travis Pullen of TJP Advisory was appointed as administrator of
Opal Security on Oct. 21, 2016.


THE HUB @ MERMAID: Court Issues Wind Up Order
---------------------------------------------
Ryan Keen at Gold Coast Bulletin reports that the Fair Work
Ombudsman has obtained a court order to wind up a company behind
a Gold Coast restaurant and tapas bar accused of underpaying
staff.

According to the Bulletin, Queensland's Federal Circuit Court
issued the wind-up order for the The Hub @ Mermaid Pty Ltd, which
traded as The Hub @ Varsity Lakes.

The Bulletin relates that the Fair Work Ombudsman won the court
order two months ago after the company failed to pay an $84,500
penalty dished out last year. It related to underpaid staff
claims dating back to December 2011.

A Fair Work Ombudsman spokeswoman told the Bulletin: "In
February, 2015, the Fair Work Ombudsman secured a penalty of
$84,500 against The Hub @ Mermaid Pty Ltd, operating as The Hub @
Varsity Lakes, and its manager and part-owner Graham John Bell
for engaging in conduct aimed at avoiding having to back-pay nine
employees almost $17,000."

The Fair Work Ombudsman revealed it obtained the wind-up order on
August 19. The workers were originally found to have been
underpaid $16,881 between December 2011 and December 2012, the
Bulletin adds.



================
H O N G  K O N G
================


CHINA CITIC: Moody's Affirms Ba2 Preferred Stock Rating
-------------------------------------------------------
Moody's Investors Service has taken the following rating actions
on two Hong Kong subsidiaries of mid-sized Mainland Chinese
banks:

   -- Affirmed Wing Lung Bank Limited's baa1 Baseline Credit
      Assessment (BCA) and adjusted BCA, A3/P-2 deposit ratings,
      and all other ratings and Counterparty Risk Assessments
      (CRA). At the same time, revised to stable from negative
      the outlook on the ratings of Wing Lung Bank.

   -- Affirmed China CITIC Bank International Limited's baa2 BCA
      and adjusted BCA, Baa1/P-2 deposit ratings, and all other
      ratings and CRA. Its ratings outlook remains negative.

The rating actions follow Moody's rating actions on Wing Lung
Bank Limited's and China CITIC Bank International Limited's
parents - China Merchants Bank Co., Ltd. (Baa1 stable, ba1) and
China CITIC Bank Corporation Limited (Baa2 stable, ba2) - as
announced on Oct. 17, 2016.

Outlooks, which provide an opinion on likely rating directions
over the medium term, are assigned only to a bank's long-term
deposit, issuer and senior unsecured debt ratings.

RATINGS RATIONALE

Although there is now a widening differential to three-notch
between the BCAs of the Mainland banks and their Hong Kong
subsidiaries, Moody's believes the difference in their credit
profiles justify their different standalone assessments.

Wing Lung Bank's and China CITIC Bank International's financial
metrics remain within the parameters of their BCAs, resulting in
the affirmation of their BCAs. Moody's notes that the two Hong
Kong banks demonstrate resilient asset quality and sound capital
and liquidity metrics, despite their challenging operating
environment.

Wing Lung Bank's gross loans - including trade bills - fell 10%
at end-June 2016 from the levels seen at end-2015, due mainly to
a fall in trade bills. Lending to Mainland customers fell 22% at
end-June 2016, and accounted for 28% of gross loans excluding
trade bills.

Wing Lung Bank's asset quality metrics are sound, with an
impaired loan ratio of 0.23% at end-June 2016. The bank's
capitalization is adequate, with a Common Equity Tier 1 (CET 1)
ratio of 12.4% at end-June 2016. The bank has also maintained a
sound liquidity profile, with a loan-to-deposit ratio - including
trade bills - of 76% at end-June 2016, down from 81% at end-2015.

Like Wing Lung Bank, China CITIC Bank International has also
experienced slower loan growth. Its gross loans - including trade
bills - rose 4% at end-June 2016 from the level seen at end-2015
compared with an average annual growth of 17% between 2012 and
2015. The bank's CET 1 ratio improved to 11.1% at end-June 2016
from 10.5% at end-2015, following the equity injection of HKD1.8
billion from its parent bank in January 2016.

China CITIC Bank International reported an impaired loan ratio of
0.86% at end-June 2016, down slightly from 0.89% at end-2015, but
up 39 basis points when compared with the 0.47% registered at
end-2014.

The negative ratings outlook for China CITIC Bank International
takes into account the likely pressure on its asset quality,
given the weakness in macroeconomic conditions.

By contrast, the change of Wing Lung Bank's outlook to stable
from negative reflects the bank's stable performance in recent
quarters, a situation which provides the bank with a strong
buffer to withstand the stresses arising from a potentially more
challenging operating environment during 2016-17. The bank's
impaired loan ratio compares favorably with most Moody's-rated
Hong Kong banks, despite its strong loan growth early this
decade.

As for China CITIC Bank International's and Wing Lung Bank's
deposit ratings, Moody's continues to incorporate one notch of
support in the ratings, due to a moderate likelihood of indirect
support from the Government of China (Aa3 negative) to the banks
in times of need, through the banks' parents.

WHAT COULD CHANGE THE RATING UP/DOWN

For Wing Lung Bank, the bank's ratings could be upgraded if it
maintains strong capitalization and sound asset quality, while
improving its franchise and market position. For China CITIC Bank
International, given its negative ratings outlook, its ratings
are not likely to be upgraded. Its outlook could be revised to
stable if operating conditions in China and Hong Kong improve.

The Hong Kong banks' deposit ratings and standalone BCA could be
adjusted downwards if: (1) Moody's assesses that government
support for these banks has diminished, (2) operating conditions
deteriorate further in Hong Kong and China, resulting in a
worsening of the banks' capitalization and/or asset quality,
and/or (3) there is a strong increase in the banks' overall loans
or Mainland exposures.

LIST OF AFFECTED RATINGS

Wing Lung Bank Limited

   -- Baseline Credit Assessment (BCA) and Adjusted BCA affirmed
      at baa1

   -- Bank deposit ratings affirmed at A3/P-2

   -- Senior unsecured MTN programme rating affirmed at (P)A3

   -- Subordinate MTN programme rating affirmed at (P)Baa2

   -- Subordinate debt rating affirmed at Baa2

   -- Counterparty Risk Assessment affirmed at A2(cr)/P-1(cr)

   -- Outlook revised to stable from negative

China CITIC Bank International Limited

   -- Baseline Credit Assessment (BCA) and Adjusted BCA affirmed
      at baa2

   -- Bank deposit ratings affirmed at Baa1/P-2

   -- Deposit Note/CD programme rating affirmed at (P)Baa1/(P)P-2

   -- Senior unsecured MTN programme rating affirmed at (P)Baa1

   -- Subordinate MTN programme rating affirmed at (P)Baa3

   -- Junior subordinate MTN programme rating affirmed at (P)Ba1

   -- Subordinate debt rating affirmed at Baa3

   -- Non-cumulative pref. stock rating affirmed at Ba2(hyb)

   -- Counterparty Risk Assessment affirmed at A3(cr)/P-2(cr)

   -- Outlook remains negative

The principal methodology used in these ratings was Banks
published in January 2016.

China CITIC Bank International Limited is based in Hong Kong, and
reported total assets of HKD296 billion at end-June 2016.

Wing Lung Bank Limited is based in Hong Kong, and reported total
assets of HKD238 billion at end-June 2016.



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


ALANG METAL: CRISIL Suspends 'D' Rating on INR195MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Alang
Metal Exim Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             195       CRISIL D
   Letter of Credit        100       CRISIL D
   Proposed Long Term
   Bank Loan Facility        5       CRISIL D

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

AMEPL was incorporated in 2003, promoted by Mr. Billal Lakhadia,
in Mumbai. The company trades in scrap, including metal sheets,
pipes, rounds, structures, angles, and channels.


ANNAKOOT PROPERTIES: CRISIL Raises Rating on INR500MM Loan to BB
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Annakoot Properties Private Limited to 'CRISIL BB/Stable' from
'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      500       CRISIL BB/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

The upgrade reflects expected strong financial and operational
support that APPL derived from the parent, Trishul Buildtech and
Infrastructure Pvt Ltd (TBIPL). The upgrade also reflects
improvement in operational performance following rebranding the
hotel to 'Goldfinch', the group's hospitality brand.

With the rebranding to 'Goldfinch', occupancy rates improved to
91% in fiscal 2016 from 61% in fiscal 2015 and operating
profitability improved to 22.9% from 10%. While cash accrual is
expected to remain insufficient to meet debt obligation over the
medium term, despite improved performance, timely support is
expected to be provided by TBIPL. TBIPL also provided an
undertaking to support the debt repayment of APPL in a timely
manner.

The rating reflects strong operational and financial support from
TBIPL and improving operational performance supported by
strategic location and rebranding to 'Goldfinch - Mumbai'. These
strengths are partially offset by weak financial risk profile
because of high gearing and weak debt protection metrics, and
susceptibility to intense competition and cyclicality in the
hospitality sector.
Outlook: Stable

CRISIL believes that APPL will continue to benefit from improving
operational metrics and strong support from promoters. The
outlook may be revised to 'Positive' if sizeable cash accrual
supports debt repayment obligation. Conversely, the outlook may
be revised to 'Negative' if decline in revenue and profitability
leads to low cash accrual, or any large debt-funded capital
expenditure weakens debt protection metrics.

APPL, a 100% subsidiary of TBIPL, operates a four-star hotel with
94 rooms in Andheri, Mumbai. APPL is currently managed by the
Bengaluru-based MRG group. The hotel has been rebranded,
Goldfinch ' Mumbai, since October 2015.

APPL was incorporated in November 2003, by the Mumbai-based Joshi
and Hendre family. In fiscal 2014, assets and liabilities were
taken over by asset reconstruction company, J M Financial
Services (JMF). APPL was then taken over from JMF by the TBIPL as
on April 1, 2015


ANTILLA BREWERIES: CRISIL Suspends 'B' Rating on INR65MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Antilla Breweries Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2         CRISIL A4
   Term Loan              48.5       CRISIL B/Stable
   Working Capital
   Facility               65.0       CRISIL B/Stable

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

ABPL was set up in 2012 by the Agarwal family of Siliguri (West
Bengal). The company has set up a rice-milling unit in Maynaguri
(West Bengal) with a milling capacity of 6 tonnes per hour.


APOLLO ZIPPER: CARE Revises INR162.19cr Loan Rating to BB+ (SO)
---------------------------------------------------------------
CARE revises the LT ratings and assigns ST rating to the bank
facilities of Apollo Zipper India Ltd.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities     162.19    CARE BB+ (SO) Revised
                                           from CARE B (SO)

   Short-term Bank Facilities      5.00    CARE A4+ (SO) Assigned

Rating Rationale

The rating of Appollo Zipper India Limited is based on credit
enhancement in the form of unconditional and irrevocable
corporate guarantee and letter of comfort provided by BHL towards
bank facilities of AZIL.

The revision in the ratings of the bank facilities of Bharat
Hotels Ltd takes into account the improvement in operational
performance of the company. Furthermore, the ratings continue to
draw comfort from experienced promoters and long track record of
operations in the hospitality business and diversified customer
portfolio.

However, the ratings remain constrained by high overall gearing
and weak debt coverage indicators, competition from other hotels
and cyclical nature of the hotel industry.

Going forward, the ability of BHL to further improve its
operational performance and cash flows, timely realization from
envisaged sale of non-core assets would remain the key rating
sensitivities.

Apollo Zipper India Limited is a subsidiary (90% stake of BHL and
10% of West Bengal Government) of Bharat Hotels Limited (BHL,
rated CARE BB+/CARE A4+). AZIL has developed a 244 rooms 5 star
hotel in Kolkatta under the brand name of 'Lalit'. AZIL has
commenced commercial operations from Q4FY14.


ARIHANTH JEWELLERS: CRISIL Suspends B+ Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Arihanth
Jewellers Private Limited.

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

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

AJPL, incorporated in 2013-14 (refers to financial year, April 1
to March 31), is engaged in the wholesaling of gold jewellery.
The company is promoted by Chennai-based Bokadia family.


AZAD ISPAT: ICRA Assigns B+ Rating to INR12cr Cash Loan
-------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR12.00
crore long-term fund based limits of Azad Ispat India Private
Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-term Fund
   Based-Cash Credit       12.00       [ICRA]B+ Assigned

Rating Rationale
The assigned rating is constrained by de-growth in AIIPL's scale
of operations during the last two years on account of sub-optimal
capacity utilization of its TMT bars facility, net losses due to
high interest burden for the last five years, leveraged capital
structure and weak coverage indicators. The rating is further
constrained by AIIPL's exposure to price volatility given the
cyclicality inherent in the steel industry and the vulnerability
of the domestic industry to global demand-supply mismatches and
international price trends. The operations are highly working
capital intensive, primarily driven by elevated inventory days
leading to high utilization of the working capital limits availed
from the bank. ICRA notes that AIIPL's capital expenditure plan
towards maintenance of its manufacturing plants will necessitate
additional borrowing from the promoters and impact its capital
structure in the near term.

The rating, however, favorably takes into account AIIPL's
established track record of operations in the TMT bars industry
along with its reputed client and supplier base and lower cost of
manufacturing as compared to the standalone rolling mills due to
backward integration into manufacturing of ingots. In the near
term, although domestic steel prices are expected to be supported
by the protective measures taken by the Government of India, but
ICRA does not expect a significant increase in prices due to the
domestic oversupply situation with slow-moving construction
activities and continued contraction in the capital goods sector
posing significant challenges to the domestic steel industry.
Going forward, AIIPL's ability to improve its profitability,
maintain its capital structure and optimally manage its working
capital requirements while increasing its scale of operations
will be the key rating sensitivities.

Incorporated in February 2008, Azad Ispat India Private Limited,
an ISO 9001:2008 certified company, manufactures Thermo
Mechanically Treated (TMT) bars, with a capacity to produce 31360
tonnes per annum (TPA). AIIPL sells its product to the dealers
who further supply to the housing segment of the construction
industry, under the brand name "AZAD TMT". It manufactures TMT
bars of Fe 500 grade. It also has facilities to produce mild
steel (MS) ingots (14400 TPA) which are used for captive
consumption. Its manufacturing facility is located in Hindupur
(Andhra Pradesh). AIIPL is promoted by Mr. Ameer Azad, Mr. Sumeer
Ather Azad, Mr. Tanveer Azad and Mr. Muneer Azad. The promoter
Group has prior experience in this industry since 1990 through
another group entity called, Azad Steels, which does trading of
iron and steel scrap, TMT bars, ferrous and non ferrous
machineries etc in Bangalore, Karnataka. Azad Steels is a
proprietorship firm under the ownership of Mr. Ameer Azad. AIIPL
sells TMT bars to Azad Steels and in-turn procures scrap from it.

Recent Results
During FY2016 (based on provisional figures), AIIPL reported a
net loss of INR0.48 crore on an operating income of INR63.40
crore, as against a net loss of INR1.22 crore on an operating
income of INR77.15 crore during FY2015.


BAPASITARAM CERAMIC: CRISIL Cuts Rating on INR30MM Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Bapasitaram Ceramic to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             25        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Term Loan               30        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects lower-than-expected scale up of operations
in fiscal 2016 as reflected by revenues of INR54 million. Though
the company's scale of operation is expected to improve in fiscal
2017, the same will be lower-than-expectations. Further liquidity
is expected to stretch because cash accruals are expected to
tightly match the maturing term debt repayment obligation in
fiscal 2017. Liquidity is also expected to be stretched on
account of high working capital requirements as seen by gross
current asset days of 368 days as on March 31, 2016. With
increase in scale of operations, the firm's working capital
requirements is also expected to increase which is expected to
result in full utilization of its bank limits

The ratings reflect BSC's modest scale of operations in the
highly competitive ceramics industry, and large working capital
requirement. The rating also factors in below average financial
risk profile because of a small net worth, high gearing and weak
debt protection metrics. These rating weaknesses are partially
offset by the extensive industry experience of the firm's
partners and favorable location of its plant ensuring
availability of raw material and labor.
Outlook: Stable

CRISIL believes that BSC will continue to benefit over the medium
term from the extensive industry experience of its partners and
its established relationships with customers. The outlook may be
revised to 'Positive' in case of a significant increase in scale
of operations and profitability, leading to larger-than-expected
cash accruals or improvement in capital structure mostly on
account of infusion of partners' capital. Conversely, the outlook
may be revised to 'Negative' in case of lower-than-anticipated
revenue or profitability, or deterioration in the financial risk
profile, most likely because of a stretched working capital cycle
or substantial debt-funded capital expenditure.

Set up in 2014, BSC is a partnership firm, engaged in
manufacturing of red ceramic body clay with total production
capacity of 120,000 MT per annum. The firm has its manufacturing
unit in Morbi-Gujarat.


BE BE RUBBER: CRISIL Assigns B- Rating to INR48.5MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of The Be Be Rubber Estates Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      3.8       CRISIL B-/Stable
   Cash Credit            48.5       CRISIL B-/Stable
   Long Term Loan         20.0       CRISIL B-/Stable

The rating reflects a modest scale of operations and weak
financial risk profile, with small networth, high gearing, and
weak debt protection metrics. These weaknesses are partially
offset by the extensive experience of promoters in rubber
plantation industry.
Outlook: Stable

CRISIL believes TBBREL will benefit over the medium term from the
extensive experience of the promoters and their established
relationships with suppliers and customers. The outlook may be
revised to 'Positive' if substantial increase in revenue and
operating margin leads to improvement in liquidity or in case of
equity infusion by promoters. Conversely, the outlook may be
revised to 'Negative' if liquidity or financial risk profile
deteriorates due to further decline in revenue or profitability.

Established in 1937, TBBREL produces latex from rubber trees. The
company owns 650 acres of land in Kollam, Kerala, where it
carries out rubber tree plantation. Also, it has 147 acres of
land in Coimbatore, Kerala district for plantation of cardamom
and coffee. TBBREL has recently planted 2000 cocoa trees. The
company is promoted by the Oommen family.


BHADORA INDUSTRIES: CRISIL Assigns 'B+' Rating to INR32MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
bank facilities of Bhadora Industries Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               9.2       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     14.3       CRISIL B+/Stable
   Bank Guarantee         75.0       CRISIL A4
   Cash Credit            32.0       CRISIL B+/Stable

The ratings reflect the modest scale of operations in the highly
competitive cable manufacturing segment, working capital
intensity in operations, mainly higher receivables, and weak
financial risk profile. These weaknesses are partially offset by
moderate profitability and a comfortable return on capital
employed, and extensive experience of promoters.
Outlook: Stable

CRISIL believes BIPL will benefit from extensive experience of
its promoters in the cables industry. The outlook may be revised
to 'Positive' if case of significant improvement in revenue,
profitability and cash accrual, or if a capital infusion by
promoters strengthens the capital structure. The outlook may be
revised to 'Negative' if a large, debt-funded capital
expenditure, decline in profitability or stretch in the working
capital cycle, weakens the financial risk profile, particularly
liquidity.

BIPL, incorporated in 1988, manufactures various industrial
insulated wires and cables, at its facility in Tikamgarh, Madhya
Pradesh. Operations are managed by Mr Pradeeep Bhadora.

The company reported an estimated net profit of INR3.4 million on
net sales of INR150.3 million in fiscal 2016, as against INR2.4
million and INR164.8 million, respectively reported for fiscal
2015.


BHARAT HOTELS: CARE Hikes Rating on INR912.25cr LT Loan to BB+
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Bharat Hotels Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     912.25     CARE BB+ Revised from
                                            CARE B

   Short-term Bank Facilities     55.00     CARE A4+ Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings of the bank facilities of Bharat
Hotels Ltd takes into account the improvement in operational
performance of the company. Furthermore, the ratings continue to
draw comfort from experienced promoters and long track record of
operations in the hospitality business and diversified customer
portfolio.

However, the ratings remain constrained by high overall gearing
and weak debt coverage indicators, competition from other hotels
and cyclical nature of the hotel industry.

Going forward, the ability of BHL to further improve its
operational performance and cash flows, timely realization from
envisaged sale of non-core assets would remain the key rating
sensitivities.

BHL, incorporated in 1981, was founded by Late Mr. Lalit Suri and
his family members. Presently, the operations are being managed
by Dr. Jyotsna Suri (wife of LateMr Lalit Suri). BHL is operating
eleven 5-star hotels at Delhi, Mumbai, Bangalore, Udaipur, Goa,
Khajurao, Jaipur, Kolkata, Chandigarh, Srinagar and Bekal
(Kerala), of these, properties at Kolkata and Chandigarh had
commenced commercial operations in FY14 (refers to the period
April 1 to March 31). The total room inventory as on March 31,
2016, stood at 2,256 rooms. The company has 51 banquet halls with
a total capacity of over 10,000 guests and over 35 Restaurants &
Bars, leisure and business services as on March 31, 2016. The
hotels are run under the brand 'The Lalit' and the operations are
managed by the company itself.

Apollo Zipper India Ltd is a 90% subsidiary of BHL and owns the
Kolkata property. Kujjal Builders Pvt Ltd is 50% JV for operating
Chandigarh property.

During FY16 (refers to the period April 01 to March 31), BHL on a
consolidated basis, reported a total income of INR602 crore with
a net loss of INR40.44 crore against total income of INR532 crore
with a net loss of INR57 crore in FY15.

During April to July 2017 BHL on a consolidated basis, reported a
total income of INR193 crore with a net loss of INR15 crore
against total income of INR164 crore with a net loss of INR34
crore for corresponding previous year period.


CAUVERY TIMBER: CRISIL Assigns 'B' Rating to INR20MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Cauvery Timber and Saw Mill.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B/Stable
   Letter of Credit        40        CRISIL A4

The ratings reflect its modest scale of operations in the highly
fragmented timber industry and working capital-intensive
operations. The ratings also factor in a below-average financial
risk profile, with a small networth and weak debt protection
metrics. These weaknesses are partially offset by the extensive
experience of promoters in the timber trading industry.
Outlook: Stable

CRISIL believes CT will maintain its business risk profile over
the medium term, backed by its partners' extensive experience in
the timber trading industry. The outlook may be revised to
'Positive' if increase in scale of operations, along with better
profitability, leads to higher-than-expected accrual and an
improved financial risk profile. Conversely, the outlook may be
revised to 'Negative', if the financial risk profile deteriorates
due to increased working capital borrowings or any large, debt-
funded capital expenditure or any unfavourable regulatory change.

Established in 2004 as a partnership concern, CT trades in
timber, mainly in Tamil Nadu. The firm has established
relationships with timber depots and saw mills spread across
Tamil Nadu, and has a stockyard in Toothukudi, Tamil Nadu.


CEEBUILD COMPANY: CRISIL Suspends 'D' Rating on INR240MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ceebuild Company Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting        90        CRISIL D
   Cash Credit            240        CRISIL D

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

CCPL, set up in 1986 as a partnership firm, was reconstituted as
a private limited company in 1994. CCPL is promoted by Mr.
Sandeep Kabra and his brother, Mr. Sanjiv Kabra. The company
trades in and manufactures power transmission equipment such as
galvanised iron (GI) wires, stay sets, GI pins, cross arms,
earthing coils, and disc hard wares.


CHANDRA ENGINEERS: CRISIL Assigns B+ Rating to INR75.5MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Chandra Engineers.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit/Overdraft
   facility                  44.5      CRISIL B+/Stable
   Rupee Term Loan           75.5      CRISIL B+/Stable

The ratings are constrained by CE's average financial risk
profile and improving albeit modest scale of operations amid
intense competition. The firm, however, benefits from the
extensive experience of its proprietor and established
relationship with clients.
Outlook: Stable

CRISIL believes CE will benefit from the extensive experience of
its proprietor in the manufacture of electronic and metal sheet
components and established association with customers. The
outlook may be revised to 'Positive' if there is significant
increase in revenue and cash accrual. The outlook may be revised
to 'Negative' if lower-than-expected cash accrual or large
working capital requirement exert pressure on liquidity.

Set up as a proprietorship firm in 1967, CE is promoted by Mr
Satish Chandra. The firm manufactures various electrical and
metal sheet stamping components, which majorly find application
in the automotive, engineering and electronics industries. CE has
manufacturing facilities at Manesar, Haryana and Alwar,
Rajasthan.


DEBJYOTI PULP: CRISIL Suspends B- Rating on INR65.8MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Debjyoti Pulp and Paper Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          5         CRISIL A4
   Cash Credit            11         CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      9         CRISIL B-/Stable
   Term Loan              65.8       CRISIL B-/Stable

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

DPPL was incorporated in 2007-08 by Mr. Joydeb Mondal and his
wife Mrs. Alpana Mondal to set up a kraft paper plant in Asansol
(West Bengal). The plant, which commenced operations during 2010-
11, has capacity of around 50 tonnes per day.


DHARESHWAR GINNING: ICRA Suspends B+ Rating on INR6cr Cash Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR6.00 crore
working capital facilities & INR1.59 crore term loan facility of
Dhareshwar Ginning Industries. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit              6.00       [ICRA]B+ suspended
   Term Loan                1.59       [ICRA]B+ suspended

Established in 2013, Dhareshwar Ginning Industries was set up as
a partnership firm and is involved in cotton ginning and
pressing. At present it has 24 ginning machine and 1 pressing
machine, having capacity to produce ~100 cotton bales per day.
The unit is located near Rajkot in Gujarat. The firm commenced
commercial operations from April 2014.


GREAT EASTERN: CARE Lowers Rating on INR513cr Bank Loan to D
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities and NCDs
of Great Eastern Energy Corporation Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      513       CARE D Revised from
                                            CARE BBB+

   Non Convertible Debentures     101       CARE C Revised from
                                            CARE BBB+

Rating Rationale

The revision in the long-term ratings assigned to the bank
facilities of Great Eastern Energy Corporation Limited takes into
consideration the delays in debt servicing of bank facilities on
account of tightening of liquidity.

The revision in the rating assigned to Non-Convertible Debenture
takes into consideration deterioration in financial risk profile,
stretched liquidity position and competition from other players
in the catchment area.

Going forward, the ability of the company to improve its
liquidity position would remain key rating sensitivity.

GEECL, erstwhile Modi Mckenzie Limited, was incorporated in India
in 1992 to explore, develop, distribute and market Coal
BedMethane (CBM) gas. GEECL was the first company to commercially
produce CBM gas in India at its Raniganj CBM Block, near Kolkata.
The company originally entered into a MoU and license agreement
in 1993 with Coal India Limited (CIL) for the exploration and
development of CBMfor the Raniganj CBMBlock.

GEECL has been promoted by Mr. YK Modi (Executive Chairman) and
is supported by his son, Mr. Prashant Modi (MD & CEO) in the
business.

The company has also been awarded Mannargudi block (covering an
area of 691 km2, located in Tamil Nadu) in 2011, under fourth
round of CBM policy. The company has received the environment
clearance, however, final approval from the Government of Tamil
Nadu has currently been deferred.

During FY16 (refers to the period April 1 to March 31), GEECL
reported PAT of INR4.14 crore on total operating income INR191.30
crore as against PAT of INR57.06 crore on total operating income
INR227.33 crore during FY15.


IBD UNIVERSAL: ICRA Lowers Rating on INR27cr Unalloc. Loan to D
---------------------------------------------------------------
ICRA has downgraded the INR54.00-crore bank facility rating of
IBD Universal Pvt Ltd to [ICRA]D from [ICRA]B.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund-based Limits       27.00      [ICRA]D; Revised
   Unallocated             27.00      [ICRA]D; Revised

The key driver of the downgrade is the delay in servicing the
company's obligations due to cash flow mismatches. Given the
moderate sales velocity and collection efficiency of its
projects, notwithstanding the satisfactory overall bookings, IBDU
remains dependent on timely support from promoters to meet its
obligations. Additionally, IBDU has been regularly deploying
funds for land purchases and equity commitments in subsidiaries,
further straining the cash flow. The rating is also constrained
by the geographic concentration risk as all its projects are in
Bhopal.

ICRA, however, takes comfort from the promoter's execution track
record of more than 15 years, the established brand name of IBD
Group in central India, and the negligible approval risks in the
ongoing projects.

Timely debt servicing and adequate promoter support to meet the
committed outflows along with improvement in bookings and
collection efficiency will be the key rating sensitivities going
forward. Moreover, the extent of additional investments in land
and other group companies will also remain a rating sensitivity.

IBDU was incorporated on July 15, 1999 and is the flagship
company of the IBD Group of central India. IBDU is headed by Lt.
Vinay Bhadauria and Mr. Anil Kumar Nigam, who hold ~31% and 33%
stakes, respectively. Currently, the company is developing four
projects in Bhopal, which are in various stages of execution. The
phase IV of Hallmark Citii, the company's affordable housing
project, is currently under construction; IBD Emporia is the
commercial phase in Hallmark Citii. Other than this, IBDU is
developing a high-end residential apartment project called Kings
Park and a villa project called Queens Court in a joint
development agreement with the land owners.

Recent Results
The company reported an operating income (OI) of INR52.1 crore
and a profit after tax (PAT) of INR0.9 crore in FY2015, as
compared to an OI of INR64.2 crore and a PAT of INR3.0 crore in
the previous year.


JAYNIL ENTERPRISES: CRISIL Suspends 'B' Rating on INR122.5MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Jaynil
Enterprises.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              122.5      CRISIL B/Stable

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

JE was set up in 2009 as a sole proprietorship concern of Mr.
Anil Mehta. Mr. Mehta has experience of around a decade in the
real estate sector. JE is currently developing a commercial
project in Andheri East in Mumbai.


KANDLA PACKAGING: CRISIL Suspends 'B' Rating on INR120MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Kandla
Packaging Private Limited.

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

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

KPPL was set up in 2005. The company was taken over by the
current promoters Mr. Raj Kangad and Mr. Kaushik Kinera in 2013.
KPPL manufactures corrugated boxes using kraft paper and is based
in Gandhidham (Gujarat).


KRISHNA GINNING: ICRA Suspends 'B' Rating on INR8.0cr Cash Loan
---------------------------------------------------------------
ICRA has suspended the '[ICRA] B' rating assigned to the INR9.80
crore long term fund based limits of Krishna Ginning Pressing and
Oil Industries. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the co-
operation/requisite information from the firm.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based-Cash
   Credit                  8.00       [ICRA]B suspended

   Fund Based-Term
   Loan                    1.80       [ICRA]B suspended

Established in 2012, Krishna Ginning Pressing and Oil Industries
is engaged in ginning, pressing as well as crushing operations.
The business is owned and managed by Mr. Dalpatbhai and other
family members. The firm's manufacturing facility is located in
Jamnagar, Gujarat. The firm has 24 ginning machines and 1
pressing machine having a cumulative processing capacity of 125
TPD of raw cotton. The firm is also equipped with 6 expellers for
cottonseed crushing to produce cottonseed oil as well as
cottonseed oil cakes with production capacity of 7500 kgs of
cottonseed oil per day. The firm commenced commercial operations
from March 2013.


KUFRI FUN: CRISIL Assigns 'D' Rating to INR120MM Term Loan
----------------------------------------------------------
CRISIL has assigned 'CRISIL D' to Kufri Fun Campus Private
Limited. The ratings reflect instances of delays in servicing
term debt repayment obligation owing to stretched liquidity
resulting from cash flow mismatches.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               120       CRISIL D

Further, KFCPL has modest scale of operations and weak financial
risk profile, driven by high gearing, low networth and weak debt
protection metrics. However, the company benefits from the
promoters' experience and efficient working capital management.

Shimla-based KFCPL was established and promoted by Mr. Baldev
Thakur. It runs an amusement park with amenities such as
amusement rides, adventure sports and a restaurant.


KUJJAL BUILDERS: CARE Ups Rating on INR140.55cr Loan to BB+(SO)
---------------------------------------------------------------
CARE revises the LT ratings and assigns ST rating to the bank
facilities of Kujjal Builders Pvt. Ltd.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities    140.55     CARE BB+ (SO) Revised
                                           from CARE B (SO)

   Short-term Bank Facilities    11.50     CARE A4+ (SO) Assigned

Rating Rationale
The ratings are based on credit enhancement in the form of
unconditional and irrevocable corporate guarantee provided
by BHL towards bank facilities of Kujjal Builders Private
Limited.

The revision in the ratings of the bank facilities of Bharat
Hotels Ltd takes into account the improvement in operational
performance of the company. Furthermore, the ratings continue to
draw comfort from experienced promoters and long track record of
operations in the hospitality business and diversified customer
portfolio.

However, the ratings remain constrained by high overall gearing
and weak debt coverage indicators, competition from other hotels
and cyclical nature of the hotel industry.

Going forward, the ability of BHL to further improve its
operational performance and cash flows, timely realization from
envisaged sale of non-core assets would remain the key rating
sensitivities.

KBPL is a step-down subsidiary (Prime Cellular Limited, a 100%
subsidiary of BHL holds 50% shares of KBPL) of BHL with
remaining 50% shares of KBPL being held by other group company of
BHL. KBPL has developed a 179 rooms 5-star hotel in Chandigarh
under the brand name of 'The Lalit'. The total cost of project
was INR410 crore financed through debt of INR155 crore and equity
of INR80 crore and unsecured loans of INR175 crore. KBPL had
commenced its commercial operations from Q4FY14.


LATA FIBRES: CRISIL Assigns B+ Rating to INR60MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' ratings to the long-
term bank facilities of Lata Fibres Private Limited.

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

The ratings reflect the LFPL's modest scale of operations and
susceptibility to intense competition in textile industry and
below-average financial risk profile, constrained by modest net
worth. These weaknesses are partially offset by long standing
experience of the promoters.
Outlook: Stable

CRISIL believes LFPL will benefit over the medium term from its
promoters' longstanding experience in textiles industry. The
outlook may be revised to 'Positive' if ALFPL significantly
increases its scale of operations and operating profitability,
resulting in an improvement in its cash accruals and liquidity.
Conversely, the outlook may be revised to 'Negative' if the
company's profitability margins decline resulting in further
deterioration in its liquidity profile or if it undertakes a
larger-than-expected debt-funded capex programme, leading to
deterioration in its financial risk profile.

LFPL was incorporated in the year 2000 and the company started
its activities in 2001-02. Its business is in the manufacturing
of texturized yarn, knitted fabrics and weaved fabrics.


MAHAVIR TRANSMISSION: CRISIL Reaffirms B Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mahavir Transmission
Udyog Private Limited continue to reflect MTUPL's weak financial
risk profile and modest operating profitability. These rating
weaknesses are partially offset by the extensive experience of
MTUPL's promoters and the company's established customer base in
the aluminium conductors business.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         60         CRISIL A4 (Reaffirmed)
   Cash Credit           100         CRISIL B/Stable(Reaffirmed)
   Letter of Credit       40         CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that MTUPL will maintain a stable business risk
profile over the medium term on the back of its established
presence in the domestic aluminum conductor business. However,
the company's financial risk profile will remain constrained,
marked by leveraged capital structure and weak debt protection
measures, over the period. The outlook may be revised to
'Positive' if MTUPL's margins increases significantly resulting
in improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the company reports
significant decline in operating income or margins or undertakes
any large debt-funded capital expenditure.

MTUPL was set up in 1995 by Mr. Rakesh Jain and his family
members as a partnership firm, Class Time Trading and later
renamed and reconstituted in 2004 as a private limited company.
The company commenced operations in 2004 with a manufacturing
facility in Dehradun, Uttarakhand. It is engaged in manufacturing
of Aluminium Conductor Steel Reinforced and All Aluminium Alloy.


MARUTI KNIT: CARE Assigns 'B' Rating to INR3.76cr Long Term Loan
----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Maruti
Knit Tex.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      3.76      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Maruti Knit Tex is
constrained on account of its moderate scale of operations,
moderate profit margins, leveraged capital structure, moderate
debt coverage indicators, modest liquidity position and working
capital intensive operations. The rating is further constrained
on account of risk associated with raw material price volatility,
fragmented nature of industry with high degree of competition and
supplier concentration risk.

The rating, however, derive benefit from experienced promoters
and location benefit.

The ability of MKT to increase its scale of operations along with
improving capital structure amidst competitive nature of industry
and moderate profit margins are the key rating sensitivities.

Maruti Knit Tex is a partnership firm established by Mr.
Leeladhar Suneja and Mr. Tarun Gulati in the year 2013. The firm
is engaged into the manufacturing of knitted cotton fabrics for
reputed players in Surat and across Gujarat. The main raw
materials used by the firm are polyester yarn which it procures
from domestic players across Gujarat and Pune. MKT is carrying
out its operations from its facilities located at Surat which is
spread across 1800 square meters. The unit uses approximately 100
KVA of electricity monthly and has five machines installed with
each having a capacity of producing 4500 kg of knitted fabric
material per annum. MKT produces knitted fabrics and sells to its
client across Surat. The products manufactured by MKT are used in
sarees and dress materials. The firm also has sister concerns
namely G.D.Knit Tex, B.R. Knit Tex (engaged in manufacturing of
fabrics).

As per the provisional results for FY16 (refers to the period
April 1 to March 31), MKT reported a Profit after Tax (PAT) of
INR0.36 crore on a total operating income (TOI) of INR9.81 crore
as against a net loss of INR0.12 crore on a TOI of INR9.12
crore during FY15 (Audited). Till June 30, 2016, the company had
clocked a turnover of INR3 crore.


MOHAN CHARITABLE: ICRA Suspends B- Rating on INR55cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B- rating for the INR55.00 Crore
bank facilities of Mohan Charitable Educational Trust. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


MULTISTONE GRANITO: ICRA Assigns 'B' Rating to INR32.40cr Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR32.40
crore (enhanced from INR9.58 crore) term loans and the Rs.12.00
crore cash credit facility of Multistone Granito (P) Limited.
ICRA also has a short-term rating of [ICRA]A4 outstanding on the
INR4.42 crore non fund based facilities of MGPL.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Term Loan            32.40      [ICRA]B assigned/outstanding
   Cash Credit          12.00      [ICRA]B assigned
   Bank Guarantee        4.00      [ICRA]A4 assigned/outstanding
   Credit Exposure
   Limit                 0.42      [ICRA]A4 assigned/outstanding

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.


PREET JNC: CRISIL Suspends B+ Rating on INR54.5MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Preet
JNC.

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

   Proposed Long Term
   Bank Loan Facility      34        CRISIL B+/Stable

   Term Loan               54.5      CRISIL B+/Stable

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

Preet was established in Surat (Gujarat) in 2010-11. The firm
carries out job works and sales for digital printing on fabric.
Mr. Rajesh Juneja oversees the overall operations of the firm.


PRESTIGIOUS SCORS: CRISIL Raises Rating on INR25MM Loan to BB-
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Prestigious Scors Private Limited to 'CRISIL BB-/Stable/CRISIL
A4+' from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           35       CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Secured Overdraft        25       CRISIL BB-/Stable (Upgraded
   Facility                          from 'CRISIL B+/Stable')


The upgrade reflects improvement in its business risk profile,
primarily driven by increase in scale of operations over the past
three years at a compound annual growth rate of about 15 percent.
This growth in cash generation, along with moderate working
capital cycle, has led to improved liquidity. The working capital
management and extent of capital expenditure, will remain key
rating sensitivity factors over the medium term.

The ratings continue to reflect the extensive experience of
promoter in the civil construction industry. The ratings also
factor in above average financial risk profile, owing to adequate
debt protection metrics, healthy gearing, while constrained by a
modest networth. These rating strengths are partially offset by
modest scale of operations in a highly fragmented industry, and
geographical concentration in the revenue profile and large
working capital requirements.
Outlook: Stable

CRISIL believes PSPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if ramp-up in scale of
operations and profitability, enhanced geographical diversity in
revenue profile, and prudent working capital management result in
stronger cash accrual, liquidity, and networth. Conversely, the
outlook may be revised to 'Negative' if the scale of operations
reduces significantly, constraining cash accrual, or if liquidity
weakens, most likely because of large working capital requirement
or debt-funded capital expenditure.

PSPL was incorporated in December 1996. It constructs roads
through road surfacing techniques and takes up other contract
work. PSPL is based in Madhya Pradesh (MP) and works on the
projects in MP only.


PRIME INSULATORS: CRISIL Reaffirms 'B' Rating on INR40MM Loan
-------------------------------------------------------------
CRISIL ratings on the bank facilities of Prime Insulators Private
Limited continue to reflect the company's modest scale of
operations in the intensively competitive polymer insulator
industry, its small networth, and subdued capital structure
because of debt-funded capital expenditure (capex) and large
working capital requirement. These weaknesses are partially
offset by the extensive experience of its promoters in the
insulator industry, and its longstanding relationships with
suppliers and customers.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          50        CRISIL A4 (Reaffirmed)
   Cash Credit             40        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes PIPL will continue to benefit from its promoters'
industry experience. The outlook may be revised to 'Positive' in
case of a significant increase in revenue and profitability, or
substantial equity infusion, leading to a better capital
structure. The outlook may be revised to 'Negative' if lower-
than-expected revenue and cash accrual, or sizeable working
capital requirement weakens the financial risk profile and
liquidity.

Update
For fiscal 2016, PIPL's sales are estimated at INR149 million and
operating margin at 5.6%, against INR160 million and 7.9%,
respectively, in the previous fiscal. Operations remained working
capital intensive, indicated by gross current assets of 142 days
as on March 31, 2016, in line with expectation, driven by
receivables of over 80 days.

The financial risk profile remained weak. Gearing and adjusted
networth are estimated at 2.0 times and INR29.5 million,
respectively, as on March 31, 2016. Debt protection metrics were
subdued, with estimated interest coverage and net cash accrual to
total debt ratios of 1.5 times and 0.15 time, respectively, in
fiscal 2016. The company has undertaken capex of INR50 million
(to manufacture different type of insulators) in fiscal 2017,
which is to be funded largely through debt. The new capacity is
expected to be operational in the last quarter of the fiscal.
Liquidity remains stretched, because of low cash accrual and high
bank limit utilisation.

PIPL, incorporated in 2006 and based in Himatnagar, Gujarat,
produces electro porcelain disc insulators for high extension
wires. It has capacity of 6500 tonne per annum. Promoted by the
Patel family, the company is managed by Mr Nareshkumar Patel and
Mr Mahendrakumar Patel.


RATTANINDIA NASIK: CARE Lowers Rating on INR4240cr Loan to 'D'
--------------------------------------------------------------
CARE revises the rating assigned to bank facilities of
Rattanindia Nasik Power Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4240      CARE D Revised from
                                            CARE BB

Rating Rationale

The revision in the ratings assigned to the bank facilities of
RattanIndia Nasik Power Limited takes into consideration the
delays in servicing of its debt obligations by the company. Going
forward, the ability of the company to improve its liquidity
position would remain the key rating sensitivity.

Incorporated in January 2007 as a Special Purpose Vehicle (SPV),
RattanIndia Nasik Power Limited formerly known as Indiabulls
Realtech Limited; is a wholly-owned subsidiary of RattanIndia
Power Limited to develop two thermal power plants (TPPs) each
with capacity of 1,350 MW (5 units of 270MW) in Nashik district,
Maharashtra named as Nashik Power Project-I (NPP-I) and Nashik
Power Project-II (NPP-II).

Till August 31, 2016, RNPL had incurred around 82% of total cost
(i.e. INR9,818.33 crore), funded through debt of INR5,929.11
crore and equity of INR2,111.13 crore. Phase-II of NPP continues
to remain on hold and the company has incurred 11% of the project
cost in NPP-II (total cost: INR 6,515 crore) till August 31,
2016.


RATTANINDIA POWER: CARE Withdraws D Rating on INR7,692.14cr Loan
----------------------------------------------------------------
CARE revises and withdraws ratings assigned to bank facilities of
Rattanindia Power Limited.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long term Bank Facilities    7692.14    Revised from CARE BBB-
                                           to CARE D and
                                           Withdrawn

   Short term Bank Facilities    250.00    Revised from CARE A3
                                           to CARE D and
                                            Withdrawn


Rating Rationale
The revision in the ratings assigned to the bank facilities of
RattanIndia Power Limited takes into consideration the delays in
servicing of its debt obligations by the company.

Further, CARE has withdrawn the ratings assigned to the bank
facilities of RPL, with immediate effect, at the request of
the company and receipt of no objection certificates from the
financial institutions and banks for withdrawal of ratings
assigned by CARE.


RUTTONPORE PLANTATIONS: CRISIL Ups Rating on INR65MM Loan to C
--------------------------------------------------------------
CRISIL has upgraded its rating on long-term bank facilities of
Ruttonpore Plantations Pvt Ltd (part of Mantri Group) to 'CRISIL
C' from 'CRISIL D'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           65       CRISIL C (Upgraded from
                                  'CRISIL D')

   Proposed Long Term     8.7     CRISIL C (Upgraded from
   Bank Loan Facility             'CRISIL D')

The upgrade reflects timely servicing of debt repayments over the
six months through September 2016. The upgrade also factors in
CRISIL's expectation that debt obligation will continue to be
serviced in a timely manner, backed by need-based funding support
from promoters.

The rating continues to reflect the modest scale of, and working
capital intensity in, the group's operations, and exposure to
risks related to seasonality in tea production. Moreover, the
group has limited bargaining power and remains susceptible to
volatility in domestic and international tea prices. These
weaknesses are partially offset by extensive experience of
promoters in the tea industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RPPL, Derby Plantation Pvt Ltd, Mantri
Tea Company Pvt Ltd and Manipur Tea Company Pvt Ltd, together
referred to as the Mantri group. This is because the entities
have a common management, and are in the same line of business,
with operational and financial fungibility.

The Mantri group was formed in 1948 by Mr Govind Prasad Mantri.
The Manipur Tea Estate, located in Assam, was the group's first
acquisition in 1954. Subsequently, the group acquired three more
tea gardens in Assam: Ruttonpore Tea Estate in 1986, Derby Tea
Estate in 2005, and Pathini Tea Estate (MTCPL) in 2006. Daily
operations are now overseen by the second and third-generation
members of the promoter's family, along with a professional
management team.

RPPL reported a net loss of INR13.1 million on net sales of
INR110.3 million for fiscal 2016, as against a PAT of INR12.5
million on net sales of INR156.4 million in fiscal 2015.


SAKTHI STEEL: CRISIL Lowers Rating on INR100MM Cash Loan to 'B'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sakthi Steel Industries Limited to 'CRISIL B/Stable' from
'CRISIL B+/Stable', and reaffirmed its rating on the short-term
facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             100       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit        200       CRISIL A4 (Reaffirmed)

   Proposed Long Term       40       CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The downgrade reflects CRISIL's belief that SSIL's operating
performance would remain weak over the medium term due to
shutdown of manufacturing unit. The company had shut-down its
manufacturing unit in fiscal 2016 and is currently into trading
of steel billets. Shutdown of manufacturing unit led to operating
income of Rs.519 million for fiscal 2016 as compared to Rs.2.19
billion for fiscal 2015.  Weakening of operating performance
would also impact the company's financial risk profile with
TOLTNW estimated at more than 5 times as on March 31, 2017.

The ratings reflect SSIL's modest scale of operations and below-
average financial risk profile marked by high TOLTNW and weak
debt protection metrics. These weaknesses are partially offset by
the extensive experience of its promoter
Outlook: Stable

CRISIL believes SSIL will continue to benefit over the medium
term from the extensive experience of its promoter. The outlook
may be revised to 'Positive' in case of significant increase in
scale of operations and profitability, leading to improved net
cash accrual and capital structure. The outlook may be revised to
'Negative' if cash accrual is considerably low, working capital
management weakens, or business risk profile deteriorates due to
continued losses and decrease in orders.

Established in 2010 by Mr. K A Anandh, SSIL trades in steel
billets.


SARAVANA TEXTILES: ICRA Suspends B+/A4 Rating on INR18.82cr Loan
----------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ and the short
term rating of [ICRA]A4 assigned to the INR18.82 crore bank
facilities of Saravana Textiles Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the Company.


SEGAM TILES: CARE Assigns B+ Rating to INR40cr Long Term Loan
-------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Segam Tiles Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       40       CARE B+ Assigned
   Short-term Bank Facilities       3       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Segam Tiles
Private Limited (STPL) are primarily constrained on account of
implementation and stabilization risk associated with its on-
going debt funded capex. The ratings are further constrained on
account of susceptibility of its profitability to volatility in
raw material prices and presence in the highly competitive
ceramic industry and fortune linked with demand from the real
estate sector.

The above constraints far offset the benefits derived from the
experience of the promoters in the ceramic industry along with
location advantage which results into easy access of raw material
and established marketing network of associate concern.

The ability of STPL to successfully complete the project without
any delay and stabilize operations by achieving envisaged
capacity utilization and scale of operations would remain the key
rating sensitivity.

Wankaner-based (Gujarat), STPL was incorporated in February, 2016
by Mr. Kamlesh Rajkotiya and Mr. Mahesh Rugnath to setup green
field project for manufacturing of vitrified tiles with a
proposed installed capacity of 93,000 MTPA. Total cost of the
project is estimated at INR53.36 crore, which is proposed to be
funded through a term loan of INR30 crore, promoters'
contribution of INR18 crore and remaining through unsecured loan
of INR5.36 crore.

The commercial operations are expected to start from April, 2017.
STPL will sell the tiles through brand name of "Segam".

Promoters have decade long experience in the ceramics industry
and have promoted Segal Ceramic Private Limited (SCPL; started in
2010) and Antique Marbonite Private Limited (AMPL; started in
2003) which are engaged in a similar line of business.


SHREE SHAKTI: CARE Assigns B+ Rating to INR8.50cr Long Term Loan
----------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Shree Shakti Construction.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.50      CARE B+ Assigned
   Short-term Bank Facilities     5.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shree Shakti
Construction are constrained on account of its modest scale of
operations, moderate profitability, leveraged capital structure,
weak debt coverage indicators, modest liquidity position, working
capital intensive operations and moderate order book position in
FY16 (refers to the period April 1 to March 31). The ratings are
further constrained on account of proprietorship nature of its
constitution and presence in the competitive construction
industry.

The ratings, however, derive benefit from established track
record of operations and experience of the proprietor in the
construction industry.

The ability of SSC to execute the existing orders on time and
successful bidding of new road construction contracts are the
key rating sensitivities.

Ahmedabad-based (Gujarat) SSC is a proprietorship firm
established by Mr. Merabhai Bharwad in the year 2008. Mr.
Merabhai Bharwad has an experience of 22 years in the
construction industry. SSC undertakes construction work of roads
for the Ahmedabad Municipal Corporation and Road and Buildings
Department (R&B), Government of Gujarat. SSC is 'AA' class rated
contractor with Road and
Buildings Department, Government of Gujarat.

As per the audited results for FY16 (refers to the period April 1
to March 31), SSC reported a Profit after Tax (PAT) of INR0.45
crore on a total operating income (TOI) of INR20.75 crore as
against a PAT of INR0.24 crore on a TOI of INR17.99 crore during
FY15 (Audited). Till September 20, 2016, the company had clocked
a turnover of INR5.25 crore.


SHREE SHIV: CRISIL Suspends 'D' Rating on INR147.9MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shree
Shiv Sai Steel Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          35        CRISIL D
   Cash Credit             41        CRISIL D
   Funded Interest
   Term Loan               20.4      CRISIL D
   Proposed Long Term
   Bank Loan Facility       5.7      CRISIL D
   Working Capital
   Term Loan              147.9      CRISIL D

The suspension of ratings is on account of non-cooperation by SIL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SIL is yet to
provide adequate information to enable CRISIL to assess SIL'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 2005, SIL is engaged in manufacturing of billets in
Guwahati (Assam). The day to day operations of the firm is being
managed by Mr Jai Prakash Jaiswal.


SHRISHTI ELECTROMECH: CRISIL Reaffirms 'B' INR108.5MM Loan Rating
-----------------------------------------------------------------
CRISIL ratings on the bank facilities of Shrishti Electromech
Private Limited continue to reflect SEPL's below-average
financial risk profile, with a small networth and weak debt
protection metrics, and a modest scale of operations in the
fragmented fan manufacturing industry. These weaknesses are
partially offset by established relationships with key customers
and the promoters' extensive industry experience.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting        30        CRISIL B/Stable (Reaffirmed)

   Foreign Letter of
   Credit                  10        CRISIL A4 (Reaffirmed)

   Open Cash Credit        51.5      CRISIL B/Stable (Reaffirmed)

   Proposed Fund-Based
   Bank Limits            108.5      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SEPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is a substantial and sustained improvement in
revenue and profitability, or in working capital management. The
outlook may be revised to 'Negative' in case of steep decline in
profitability, or significant deterioration in capital structure
because of large debt-funded capital expenditure or stretch in
working capital cycle.

Set up in 2002 as a private limited company by Mr Suresh
Tibrewala and his family at Hyderabad, SEPL manufactures various
types of fans.


SIDDESHWAR MULTIPURPOSE: CRISIL Suspends B- INR53.5MM Loan Rating
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Siddeshwar Multipurpose Heemghar Pvt Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          1.2      CRISIL A4
   Cash Credit            53.5      CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     50.9      CRISIL B-/Stable
   Term Loan              35.9      CRISIL B-/Stable
   Working Capital Loan    8.5      CRISIL B-/Stable

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

Incorporated in 2011, SMHPL provides cold storage facilities for
potatoes. Its facilities are in Chandrakona (West Bengal). The
company's day-to-day operations are managed by three brothers:
Mr. Bhaskar Ghosh, Mr. Dipankar Ghosh, and Mr. Sasanka Ghosh.


TIRUPATI COTEX: ICRA Ups Rating on INR6cr Cash Loan to 'B'
----------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR7.00
crore fund based facilities of Tirupati Cotex to [ICRA]B from
[ICRA]B-.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             6.00       [ICRA]B; upgraded from
                                      [ICRA]B-

   Term Loan               1.00       [ICRA]B; upgraded from
                                      [ICRA]B-

The upgrade in rating factors in the improvement in operating
margins for FY2016 and gradual improvement in gearing and
coverage indicators over a period of time. The rating continues
to derive 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, resulting in ease in
procurement of quality raw material.

The rating, however, remains constrained by the weak financial
profile of Tirupati Cotex, characterised by relatively small
scale of operations and thin profitability margins, though the
margins have witnessed improvement in FY2016. The rating
continues to take 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.

Incorporated in 2011, Tirupati Cotex is a partnership firm
engaged in the ginning and pressing of raw cotton. The firm
commenced commercial operations in February 2012 at its
manufacturing facility located in Jamnagar, Gujarat. The facility
is equipped with 24 ginning machines and 1 pressing machine
having a production capacity of 200 bales per day. The partners
of Tirupati Cotex have longstanding experience of over a decade
in cotton cultivation and cotton ginning vide their association
with other ginning firms.


U G CONSTRUCTIONS: CRISIL Suspends 'B' Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
U G Constructions Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B/Stable
   Term Loan               20        CRISIL B/Stable

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

UG, set up in 2010, is engaged in residential real estate
development and civil construction. The company is based in
Chennai (Tamil Nadu); its operations are managed by Mr. P Ramesh
and Mr. P S Ganesan.


USHA PRABHA: CARE Reaffirms B+ Rating on INR4.86cr Long Term Loan
-----------------------------------------------------------------
CARE revokes suspension and reaffirms the ratings assigned to the
bank facilities of Usha Prabha Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.86      CARE B+ Suspension
                                            revoked and rating
                                            reaffirmed

   Short-term Bank Facilities     0.20      CARE A4 Suspension
                                            revoked and rating
                                            reaffirmed

Rating Rationale

The reaffirmation of the ratings assigned to the bank facilities
of Usha Prabha Industries continues to factor in the modest scale
of operations, low profit margins, weak debt coverage indicators
and stressed liquidity position.

The ratings are further constrained by the customer concentration
risk, presence in the highly fragmented industry, susceptibility
of margins to raw material prices and the partnership nature of
constitution.

The ratings, however, continue to derive strength from the
experience of the partners in the auto component industry and
association with reputed customer and moderate solvency position.

The ability of the company to increase its scale of operations,
improve profitability margins and solvency position while
managing its working capital requirement efficiently remain the
key rating sensitivity.

UPI was established in 2011. The firm is promoted by Mr. Prasanna
Kulkarni and his brother Mr. Parag Kulkarni and is engaged in the
business of casting of auto components for commercial vehicles.
The major raw materials used for manufacturing the said products
are M.S. scrap and pig iron. The products offered by the firm are
clutch housing and
hydraulic lift housing of different ranges for tractors which are
mainly supplied to Mahindra and Mahindra Limited.

The firm has purchased new machinery for manufacturing longer
clutches resulting in increase in its installed capacity by
5000 number per annum. The manufacturing facility of the firm is
located at Kolhapur with an installed capacity to manufacture
63000 longer clutches per annum and 7200 cover hydraulic per
annum.

During FY16 (prov.) (refers to the period April 1 to March 31),
UPI reported a PAT of INR0.15 crore on a total income of INR24.07
crore as against a PAT of INR0.13 and total income of INR25.71
crore for FY15 (A).


VERSANT ONLINE: CARE Assigns 'B' Rating to INR2.95cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Versant
Online Solutions Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      2.95      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Versant Online
Solutions Private Limited (VOSPL) is constrained by small scale
of operations, operational and cash losses during the review
period, weak financial risk profile and highly fragmented e-
commerce industry. However, the rating is underpinned by the
experience of the promoter for more than a decade in e-commerce,
growth in total operating income and stable outlook of the e-
commerce industry.

Ability of the company to increase the scale of operations and
turnaround from loss to profit, improve the capital structure and
debt coverage indicators and cope up with rapid changes in
technology are the key rating sensitivity factors.

Versant Online Solutions Private Limited was incorporated on
March 30, 2012 by Mr. Darapaneni Naidu Chennapa and Ms Sailaja
Patharlapalli. The company provides e- booking services for
events (Professional, Sports, Trainings, Entertainment, and
Spiritual) all over India by web portal www.meraevents.com.

During FY16 (refers to the period April 1 to March 31), VOSPL
reported a net loss of INR4.58 crore on a total operating income
of INR2.30 crore as against net loss of INR2.78 crore on a total
operating income of INR1.06 crore in FY15.


ZEN EXIM: CRISIL Cuts Rating on INR200MM Cash Loan to B+
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Zen Exim Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL BB-
/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Buyer Credit Limit      100       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Cash Credit             200       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Standby Letter of        30       CRISIL B+/Stable (Downgraded
   Credit                            from 'CRISIL BB-/Stable')

The downgrade reflects the weakening in the financial risk
profile of the company marked by higher total outside liabilities
to total net worth ratio driven by the increasing creditor levels
to support the business growth and increased receivables, in the
absence of any equity infusion and increased LC repayments on
account of the same. Although the revenues of the company
increased to Rs.844 million in 2015-16 as compared to Rs.627
million in 2014-15, the same led to higher receivables of 130
days as on March 31, 2016 which was mainly funded by stretching
of creditors. Thus, the TOLTNW ratio of the company has
deteriorated to 2.58 times (treating unsecured loans of Rs.116.5
million as neither debt nor equity) as on March 31, 2016 and is
expected to remain at similar levels. Liquidity of the company
remains weak with large LC obligations and working capital
intensive operations.

The rating reflects ZEPL's large working capital requirement,
aggressive capital structure, and modest scale of operations in
the wireless solutions industry. These weaknesses are partially
offset by established relationship with key suppliers and
geographically diverse and strong customer profile.
Outlook: Stable

CRISIL believes ZEPL will continue to benefit over the medium
term from its established relationship with suppliers and
customers. The outlook may be revised to 'Positive' if
significant improvement in working capital management and
profitability results in better financial risk profile,
particularly liquidity. The outlook may be revised to 'Negative'
if increase in working capital requirement further weakens
financial risk profile or if decline in revenue or profitability
leads to substantially low cash accrual.

Incorporated in 2002, ZEPL imports and installs routers, closed-
circuit television sets, and other wireless networking equipment.
Operations are managed by Mr. Mukesh Majithia.



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


MITSUBISHI MOTORS: Nissan CEO Carlos Ghosn to Become Chairman
-------------------------------------------------------------
Elaine Kurtenbach at the Associated Press reports that Carlos
Ghosn, who heads Japan's Nissan Motor and Renault of France, will
become chairman of Mitsubishi Motors, working to restore faith in
the troubled automaker after a devastating mileage scandal.

AP relates that Mr. Ghosn, who presided over Nissan's revival
from the brink of bankruptcy in the early 2000s after it formed
an alliance with Renault, said he expected it would be difficult
to restore Mitsubishi's shattered reputation.

"I can tell you we will not spare anything to support Mitsubishi.
I think it's possible. It is going to be difficult. It will
require tough decisions," AP quotes Mr. Ghosn as saying.

But the Brazilian-born Frenchman said he believed it was
possible. Earlier, Mr. Ghosn had described Nissan's purchase,
announced in May, of a 34 percent stake in Mitsubishi Motors
Corp. for JPY237 billion ($2.3 billion) as a "bargain." With the
purchase, Nissan has become the biggest shareholder in
Mitsubishi, and Mitsubishi becomes a member of the Nissan-Renault
alliance, the report says.

"We are sending a clear message we believe in the underlying
strength of Japanese car making," Mr. Ghosn, as cited by AP,
said.

AP says Nissan agreed to take charge at Mitsubishi after the
company acknowledged in April that it cheated to inflate mileage
for two of its minicar models, the eK wagon and eK Space, and
mini-vehicles it made for Nissan. No overseas models are
affected.

Mitsubishi's current chairman and CEO, Osamu Masuko, said he only
reluctantly agreed to stay on as CEO, at Mr. Ghosn's urging,
relates AP.

                       About Mitsubishi Motors

Japan-based Mitsubishi Motors Corporation (TYO:7211) --
http://www.mitsubishi-motors.com/index.html-- manufactures
automobile.  The Company, along with its subsidiaries and
associated companies, is engaged in the development, production,
purchase, sale, import and export of general and small-sized
passenger vehicles, mini-vehicles, sport utility vehicles (SUVs),
vans, trucks and automobile parts, as well as industrial
machines. It is also engaged in the checking and maintenance of
new vehicles, as well as the provision of automobile sales
financing and leasing services.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 5, 2016, S&P Global Ratings said it has maintained its 'BB-'
long-term corporate credit rating on Japan-based automaker
Mitsubishi Motors Corp. on CreditWatch with negative implications
based on its view that the company's business operations and
performance will remain under downward pressure because of its
fuel-consumption data falsification.  S&P placed the rating on
CreditWatch on April 22, 2016, when the company revealed it has
falsified fuel-consumption test data.  S&P kept the rating on
CreditWatch when it lowered it two notches on May 16, 2016, to
reflect S&P's view of serious deficiencies in the company's risk
management regime and internal governance.


MITSUBISHI MOTORS: Nissan Completes $2.3BB Stake Acquisition
-------------------------------------------------------------
Jie Ma and Masatsugu Horie at Bloomberg News report that Nissan
Motor Co. completed its acquisition of a $2.3 billion stake in
Mitsubishi Motors Corp., clearing the way for Carlos Ghosn to
take over as chairman of a scandal-plagued partner and embark on
his bid to turn around a third major automaker.

Mr. Ghosn, already chairman and chief executive officer at Nissan
and Renault SA, promoted Chief Competitive Officer Hiroto Saikawa
as co-CEO of Nissan. The move allows Mr. Ghosn to dedicate more
time to repairing trust in Mitsubishi Motors after a months-long
fuel economy scandal that may lead to the carmaker's first annual
loss in eight years.

"I know my limits," Ghosn, 62, said on Oct. 21 in an interview
with Bloomberg Television from Nissan's headquarters in Yokohama,
Japan. "Obviously, this move is taking into consideration short-
term needs but also it is in the perspective of continuous
development of our alliance."

Bloomberg notes that Nissan is coming to the rescue after
Mitsubishi Motors' admissions to improperly measuring fuel
economy and manipulating test data. A push toward electrification
and autonomous-driving technology is leading smaller carmakers to
join with bigger rivals to share resources and save costs,
exemplified by Suzuki Motor Corp.'s talks to form an alliance
with Toyota Motor Corp.

Bloomberg relates that Mitsubishi Motors and Nissan have agreed
to share plug-in hybrid and autonomous-driving technology,
finance company resources and a multipurpose vehicle model for
Southeast Asian markets.

Mitsubishi Motors sees the alliance with Nissan leading to 25
billion yen ($241 million) in synergies for the fiscal year
ending in March, said Osamu Masuko, who will remain president
while ceding the chairman role to Mr. Ghosn. Nissan estimates
JPY60 billion in savings next fiscal year, Bloomberg discloses.

"With time we are going to develop much more synergy," Bloomberg
quotes Mr. Ghosn as saying at a press conference on Oct. 20.
"What we see today is low-hanging fruit."

                    About Mitsubishi Motors

Japan-based Mitsubishi Motors Corporation (TYO:7211) --
http://www.mitsubishi-motors.com/index.html-- manufactures
automobile.  The Company, along with its subsidiaries and
associated companies, is engaged in the development, production,
purchase, sale, import and export of general and small-sized
passenger vehicles, mini-vehicles, sport utility vehicles (SUVs),
vans, trucks and automobile parts, as well as industrial
machines. It is also engaged in the checking and maintenance of
new vehicles, as well as the provision of automobile sales
financing and leasing services.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 5, 2016, S&P Global Ratings said it has maintained its 'BB-'
long-term corporate credit rating on Japan-based automaker
Mitsubishi Motors Corp. on CreditWatch with negative implications
based on its view that the company's business operations and
performance will remain under downward pressure because of its
fuel-consumption data falsification.  S&P placed the rating on
CreditWatch on April 22, 2016, when the company revealed it has
falsified fuel-consumption test data.  S&P kept the rating on
CreditWatch when it lowered it two notches on May 16, 2016, to
reflect S&P's view of serious deficiencies in the company's risk
management regime and internal governance.



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


PUMPKIN PATCH: Says Uncertainty Over Future "Remains Ongoing"
-------------------------------------------------------------
Emma Koehn at SmartCompany reports that children's clothing
retailer Pumpkin Patch has hit another rocky chapter after it was
placed in a trading halt on the New Zealand stock exchange last
week, as retail analysts observe the brand hasn't been able to
pinpoint what it stands for in a market dictated by parents'
hunger for value.

SmartCompany relates that the 26-year-old kid's clothing business
has operated in several different formats since it was launched
as a mail order catalogue in 1990, including as a chain of
bricks-and-mortar stores in Australia, New Zealand and the US as
well as online channels across the globe.

Since the early 2000s the brand has also formed franchise
partnerships with department stores like Nordstrom in the US, as
well as inking deals in regions including the UK, Russia, India,
Pakistan, China, Lebanon, Mexico and Malaysia.

But last week, the company told the market it was "highly
unlikely that there is any residual value in the company's
equity", and after years of falling sales and a comprehensive
four-year turnaround plan, shareholders should know the
uncertainty over the company's future "remains ongoing,"
according to SmartCompany. Pumpkin Patch has a meeting with its
bank on October 31 to consider its options to resolve its
"capital constraints," SmartCompany relays.

In 2015 the company put itself up for sale, but a deal was never
completed, recalls SmartCompany. The business reported a
NZ$15.5 million ($20.3 million) loss for financial year 2016,
digging itself deeper into trouble after a NZ$9 million loss in
2015.

SmartCompany says Pumpkin Patch has had bricks-and-mortar stores
in a number of international locations, but faced challenges over
the past five years, including stores being placed in
administration in the UK in 2012.

The listed company has over NZ$46 million in debts that it is now
struggling to service, SmartCompany notes.

According to the report, Gary Mortimer, retail expert and
association professor at QUT Business School, said the
childrenswear landscape has been disrupted by low-cost operators,
and this hasn't just been by the big local chains.

"We've also seen brands like Zara move in with Zara Child," he
told SmartCompany.  "Children's clothing tends to be highly
disposable, and with the evolution of discount department stores
offering a range of children's clothing, there's a lot."

"I guess Pumpkin Patch was known for very good quality and very
good style - now we have stores like Target and Kmart - and
clothes that are similarly designed at very low prices," Mr.
Mortimer added, says the report.

                       About Pumpkin Patch

Based in New Zealand, Pumpkin Patch Limited (NZE:PPL) --
http://www.pumpkinpatch.biz/-- is a designer, marketer, retailer
and wholesaler of children's clothing.  The Company's product
range encompasses all stages of a child's growth, from baby to
toddler, primary school kid to pre and early teen, including
clothing, nightwear, accessories, rainwear, footwear and teddy
collection.  Pumpkin Patch also caters for mums-to-be with a
maternity collection.  The Company also has a fashion mini-brand
for discerning pre and early-teen girls, Urban Angel Girls.  The
Company's collections are available in numerous countries and
regions, including New Zealand, Australia, the United Kingdom,
the United States, South Africa and the Middle East.  Pumpkin
Patch predominantly sells through its own store network in
New Zealand, Australia, the United Kingdom and the United States.
The Company's subsidiaries include Torquay Enterprises Limited,
Pumpkin Patch Originals Limited, Pumpkin Patch LLC, Pumpkin Patch
Direct Limited, Patch Kids Limited and Urban Angel Girls Limited.



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


ASL MARINE: Seeks to Issue Shares as Debt Strains Mount
-------------------------------------------------------
Bloomberg News reports that strains are spreading in Singapore's
debt market as more firms in the maritime sector with borrowings
coming due grapple with the slump in global trade and energy
prices.

Bloomberg relates that Singapore-listed shipbuilder and repairer
ASL Marine Holdings on Oct. 21 proposed to raise SGD25 million by
offering stock to existing shareholders and said it may seek
additional loans to repay Singapore dollar notes due in March.
Swissco Holdings Ltd, which supplies rigs and support vessels to
oil and gas explorers, on the same day received a notice from its
notes trustee stating that a potential event of default had
occurred due to the firm's failure to pay interest due earlier
this month, according to Bloomberg.

Bloomberg notes that more companies in Singapore's shipping and
oil and gas services industries are facing difficulty meeting
debt obligations. Bloomberg says shipping trust Rickmers Maritime
said earlier this month that it received a letter from lawyers
representing some investors that are seeking to enforce
repayment. Container throughput in Singapore shrank 8.7 per cent
in 2015 and the slide in crude prices over the past two years has
hit city's firms that service offshore oil and gas rigs.

According to Bloomberg, S&P Global Ratings said that it doesn't
see any earnings "upside potential" for companies within
Singapore's oil and gas sector.

"Since we don't expect any marked rebound in commodity prices,
oil services will remain under pressure," Bloomberg quotes
Mr. Bertrand Jabouley, a Singapore-based director for corporate
ratings for Asia Pacific at the ratings firm, as saying.

ASL Marine, which started operations as a trader of scrapped
steel material in 1974 and operates a shipyard in Batam in
Indonesia that repairs rigs and other offshore vessels, said in
its Oct. 21 filing that it "believes that its bankers will
continue to support the company and grant the company's request
for the additional facility loans," Bloomberg relays.

It also said that it's of the view that the net proceeds raised
from the rights issue "will be sufficient to meet the present
funding requirements," reports Bloomberg.

ASL Marine's SGD100 million bonds maturing in March 2017 have
slumped 22 cents since June 1 to 70 cents on the Singapore
dollar, the lowest since issuance in 2013, Bloomberg discloses
citing DBS Group Holdings' prices.

The company had SGD21.6 million of cash and cash equivalents as
of June 30 and SGD592.2 million of total debt repayable,
according to a previous filing. ASL Marine's managing director
Ang Kok Tian couldn't be reached when a call was placed to his
office, adds Bloomberg.

Headquartered in Singapore, ASL Marine Holdings Ltd. --
http://aslmarine.infinitesparks.com/-- provides marine services
primarily in the Asia Pacific, South Asia, Europe, Australia, and
the Middle East.


PRECISION CAPITAL: Moody's Assigns B2 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family
rating (CFR) to Precision Capital Private Ltd.

At the same time, Moody's have assigned a provisional (P)B2
rating to the proposed senior secured notes to be issued by MMI
International Ltd. (MMI), and fully and unconditionally
guaranteed by PCPL and some of its subsidiaries.

The outlook is stable.

PCPL is a pure holding company with 100% ownership of MMI, a
leading supplier of precision-engineered components for the hard
disk drive (HDD) sector.

The proceeds from the notes will be used to partly refinance
existing senior secured bank debt at MMI.

The provisional rating on the proposed notes will be removed upon
completion of the issuance and satisfactory review of the final
terms and conditions.

RATINGS RATIONALE.

"The B2 ratings reflect MMI's established position in the HDD
components market, which is supported by high barriers to entry
and long-term, strategic relationships with major original
equipment manufacturers (OEMs)," says Annalisa DiChiara, a
Moody's Vice President and Senior Credit Officer.

MMI is a leading supplier of precision-engineered components --
primarily structural enclosure components, including base plates
and top covers, and voice coil motor assembly (VCMA) systems --
which are essential in the production of HDDs by leading OEMs
such as Seagate Technology HDD Holdings (unrated, although
wholly-owned subsidiary Seagate HDD Cayman is rated Baa3,
negative) and Western Digital Corporation (Ba1, stable).

Seagate and Western Digital represented around 40% and 43%,
respectively, of global HDD shipments in 2015, according to
TRENDFOCUS, global provider of market intelligence on the
technology industries. Seagate, in turn, accounted for around 80%
of MMI's total revenues for year-end June 2016.

"MMI's long-term interdependent relationships with the two
leading players -- Seagate (around 27 years) and Western Digital
(around 17 years) -- provide significant barriers to entry and
ensure a defensible market position, and is thus a key anchor to
the company's CFR B2 rating," adds DiChiara.

As such, any change in this relationship -- such as a loss of
market share, or a reduction in revenue share -- will have a
significant impact on MMI's cash flows.

The rating also considers structural changes in HDD demand
drivers - including a slowdown in PC demand, penetration of solid
state drives (SSDs) and a market shift to higher capacity HDDs --
which are expected to drive a continued contraction in unit sales
of HDDs year-over-year.

At the same time, the ongoing proliferation of smartphones will
continue to increase the need for the mass storage of data,
driving a significant rise in exabyte growth and higher average
selling prices (ASPs) for HDDs, therefore supporting industry
profits.

"While we expect OEMs will benefit directly from higher ASPs, we
believe revenues of component suppliers such as MMI will remain
highly correlated to the actual number of HDD units shipped. This
is because we do not expect a commensurate increase in the number
of components per drive produced, even as HDD capacity expands."
Moody's said.

"Although MMI's products are essential to the production of HDDs,
on aggregate, the products are a small portion of the bill of
materials for OEMs, so the company remains exposed to pricing
pressures and delays in orders, as HDD OEMs have the power to
negotiate prices in their favor," added DiChiara.

"As a result, we do not expect a significant expansion in MMI's
revenues, nor operating profit over the next 12-24 months, given
the expected contraction in HDD shipments globally." Moody's
said.

"However, we expect EBITDA over the next two years will remain at
least commensurate with year-end June 2016's level, aided in part
additional cost savings initiatives." Moody's said. At the same
time capex is likely to remain in the $30 million range. No
dividends are expected.

'We also expect MMI to delever as the remaining $180 million
senior secured bank loan (pro forma for the proposed bond
issuance), will continue amortizing through 2020. In addition,
the company will be subject to a mandatory cash flow sweep which
will help expedite absolute debt reduction. As a result, we
expect leverage -- as measured by adjusted debt/EBITDA of 4.8x at
year-end June 2016 -- will trend towards 4.5x over the next 18
months." Moody's said.

"Finally, we expect that PCPL will maintain a solid liquidity
profile. As of 30 June 2016, the company had cash and cash
equivalents of $42 million. It also has a $60 million committed
revolving credit facility with $50 million available as of 30
June 2016." Moody's said.

The stable outlook reflects PCPL's defendable market position and
its strong customer relationships with the leading HDD OEM,
especially Seagate and Western Digital.

Upwards ratings pressure is unlikely over the near term, given
the continued contraction in units of HDDs shipped globally by
OEMs. Over the longer term, positive ratings pressure could arise
if (1) HDD demand picks up resulting in sustained EBITDA
expansion into the $130 million range, and (2) PCPL's debt/EBITDA
trends into the 3.0x-3.5x range through EBITDA growth and
absolute debt reduction.

On the other hand, the rating could come under downward pressure
if market conditions continue to deteriorate and HDD demand
further falls beyond our expectations.

Credit metrics that would indicate some negative ratings pressure
include debt/EBITDA rising above 5.0x-5.25x over an extended
period, EBITDA falling below $95 million, or cash on balance
sheet falling below $30 million. Debt-funded acquisitions would
also be credit negative.

The principal methodology used in these ratings was Diversified
Technology Rating Methodology, published in December 2015.

PCPL is majority-owned by Kohlberg Kravis Roberts (unrated), with
a total controlling interest of 73%, while the remaining 27%
interest is held by the management of MMI.

PCPL and its subsidiaries together represent a market-leading
precision manufacturing technology company with a key focus on
producing mechanical and electro-mechanical components for the
HDD industry.


SWISSCO HOLDINGS: Receives Default Notice from Notes Trustee
------------------------------------------------------------
Offshore Shipping Online reports that the board of directors of
Swissco Holdings Limited said that on Oct. 20, 2016, the company
received a notice from DB International Trust (Singapore)
Limited, in its capacity as Notes Trustee), stating that a
Potential Event of Default has occurred pursuant to Condition
9(a) due to the failure of the company to pay interest due and
payable on the Notes on Oct. 16, 2016.

The report relates that the company said the trustee has reserved
all rights to take whatever remedial actions it deems necessary
at any time following the occurrence of the potential event of
default. The company has not received any notice from the Trustee
that the Notes are immediately due and payable.

The company will provide an update if there are further
developments, the report says. In the meantime, shareholders,
noteholders and the investing public are advised to exercise
caution before making any decision in respect of their dealings
in the company's shares and the notes.

Swissco Holdings Limited (SGX:ADP), along with its subsidiaries
-- http://swissco.net/html/index.php-- is a Singapore-based
integrated oil and gas service provider. The Company provides
drilling rigs, accommodation jackups and vessel chartering
services for the oil and gas industry. The Company's segments are
Drilling, which includes drilling rig chartering; Offshore
support vessels (OSV), which includes vessel chartering (such as
sale of out-port-limit services), ship repair and maintenance
services, maritime related services (such as sale of vessels) and
OSV related investment activities; Service assets, which includes
accommodation and service rig chartering, and Others segment,
which includes corporate activities. Its OSV segment owns and
operates a fleet of over 40 offshore support vessels that provide
a range of offshore chartering services for the marine, offshore
oil and gas, and civil construction industries. Its subsidiaries
include Swissco Energy Services Pte Ltd, Swissco Offshore (Pte)
Ltd and Seawell Drilling Pte Ltd.



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


HANJIN SHIPPING: Seeking to Close European Operations
-----------------------------------------------------
Yonhap News Agency reports that cash-strapped Hanjin Shipping Co.
is seeking to close its European operations, raising speculation
that the country's No. 1 shipper is preparing for a liquidation
process, industry sources said on Oct. 24.

According to the report, sources said Hanjin Shipping, currently
under court receivership, has asked a local court to allow it to
sell and liquidate its European operations.

It is unclear whether the court will give the nod to the shipper
to proceed with the plan, Yonhap notes.

Last week, the shipper also said it would sell its stake in a
U.S. affiliate that operates a terminal in the Port of Long
Beach, California, as part of efforts to raise cash needed to
stay afloat, relates Yonhap.

Yonhap says the move came as the country's No. 1 shipper is
seeking to sell its vessels on its Asia-U.S. route and 10
overseas operations.

Hanjin Shipping was put under court receivership early last month
as its creditors, led by the state-run Korea Development Bank,
rejected its last self-rescue package worth KRW500 billion
(US$440 million), which fell short of the KRW700 billion demanded
by its creditors.

Its court receivership sent ripples through the global shipping
network and left more than half of its ships stranded at sea.

Hanjin Shipping badly needs cash to repay debts and meet unpaid
service bills. At the end of June, its debt reached KRW6
trillion, Yonhap discloses.

                      About Hanjin Shipping

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

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

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

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

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

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



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


* BOND PRICING: For the Week Oct. 17 to Oct. 21, 2016
-----------------------------------------------------

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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD          11.50    04/01/19     USD       0.45
ARTSONIG PTY LTD          11.50    04/01/19     USD       0.45
BOART LONGYEAR MANAGEME    7.00    04/01/21     USD      11.75
BOART LONGYEAR MANAGEME   10.00    10/01/18     USD      72.25
BOART LONGYEAR MANAGEME    7.00    04/01/21     USD      15.13
BOART LONGYEAR MANAGEME   10.00    10/01/18     USD      69.88
CML GROUP LTD              9.00    01/29/20     AUD       1.02
DBCT FINANCE PTY LTD       2.10    06/09/26     AUD      73.89
EMECO PTY LTD              9.88    03/15/19     USD      66.50
EMECO PTY LTD              9.88    03/15/19     USD      66.50
IMF BENTHAM LTD            5.93    06/30/19     AUD      63.25
KEYBRIDGE CAPITAL LTD      7.00    07/31/20     AUD       0.69
LAKES OIL NL              10.00    05/31/18     AUD       5.07
LAKES OIL NL              10.00    03/31/17     AUD       4.75
MIDWEST VANADIUM PTY LT   11.50    02/15/18     USD       1.45
MIDWEST VANADIUM PTY LT   11.50    02/15/18     USD       1.45
RELIANCE RAIL FINANCE P    2.08    09/26/23     AUD      63.14
RELIANCE RAIL FINANCE P    2.08    09/26/23     AUD      63.14
STOKES LTD                10.00    06/30/17     AUD       0.35
TREASURY CORP OF VICTOR    0.50    11/12/30     AUD      72.54


CHINA
-----

AKESU XINCHENG ASSET IN    7.50    10/10/18     CNY      52.92
ANSHAN CITY CONSTRUCTIO    8.25    03/05/19     CNY      63.00
ANSHAN CITY CONSTRUCTIO    8.25    03/05/19     CNY      63.30
ANYANG INVESTMENT GROUP    8.00    04/17/19     CNY      63.80
BAISHAN URBAN CONSTRUCT    7.00    07/31/19     CNY      61.96
BANGBU CITY INVESTMENT     5.78    08/10/17     CNY      30.55
BAOTOU STATE OWNED ASSE    7.03    09/17/19     CNY      64.01
BAYINGUOLENG INNER MONG    7.48    09/10/18     CNY      52.83
BAYINGUOLENG INNER MONG    7.48    09/10/18     CNY      51.01
BEIJING CAPITAL DEVELOP    5.95    05/29/19     CNY      62.68
BEIJING CONSTRUCTION EN    5.95    07/05/19     CNY      62.56
BEIJING ECONOMIC TECHNO    5.29    03/06/18     CNY      71.43
BEIJING XINGZHAN STATE     6.48    08/31/19     CNY      63.79
BEIJING XINGZHAN STATE     6.48    08/31/19     CNY      83.00
BIJIE XINTAI INVESTMENT    7.15    08/20/19     CNY      62.50
BIJIE XINTAI INVESTMENT    7.15    08/20/19     CNY      64.00
BINZHOU BINCHENG DISTRI    6.50    07/05/19     CNY      61.00
BINZHOU BINCHENG DISTRI    6.50    07/05/19     CNY      63.07
CHANGDE ECONOMIC DEVELO    7.19    09/12/19     CNY      64.32
CHANGDE ECONOMIC DEVELO    7.19    09/12/19     CNY      60.00
CHANGSHA CITY CONSTRUCT    6.95    04/24/19     CNY      62.95
CHANGSHA CITY CONSTRUCT    6.95    04/24/19     CNY      62.96
CHANGSHA COUNTY XINGCHE    8.35    04/06/19     CNY      64.20
CHANGSHA COUNTY XINGCHE    8.35    04/06/19     CNY      63.56
CHANGSHA HIGH TECHNOLOG    7.30    11/22/17     CNY      67.07
CHANGSHU BINJIANG URBAN    6.85    04/27/19     CNY      63.07
CHANGSHU CITY OPERATION    8.00    01/16/19     CNY      63.25
CHANGSHU CITY OPERATION    8.00    01/16/19     CNY      62.51
CHANGZHOU WUJIN CITY CO    6.22    06/08/18     CNY      51.30
CHANGZHOU WUJIN CITY CO    6.22    06/08/18     CNY      51.70
CHAOYANG CONSTRUCTION I    7.30    05/25/19     CNY      62.85
CHENGDU ECONOMIC&TECHNO    6.55    07/17/19     CNY      63.20
CHENGDU ECONOMIC&TECHNO    6.55    07/17/19     CNY      62.00
CHENGDU ECONOMIC&TECHNO    6.50    07/17/18     CNY      51.62
CHENGDU ECONOMIC&TECHNO    6.50    07/17/18     CNY      51.98
CHENGDU XINCHENG XICHEN    8.35    03/19/19     CNY      63.51
CHENGDU XINCHENG XICHEN    8.35    03/19/19     CNY      64.76
CHENZHOU URBAN CONSTRUC    7.34    09/13/19     CNY      60.00
CHENZHOU URBAN CONSTRUC    7.34    09/13/19     CNY      64.43
CHIFENG CITY HONGSHAN I    7.20    07/25/19     CNY      63.02
CHIFENG CITY INFRASTRUC    6.18    05/18/17     CNY      51.13
CHIFENG CITY INFRASTRUC    6.18    05/18/17     CNY      50.15
CHIZHOU CITY MANAGEMENT    7.17    10/17/19     CNY      84.50
CHIZHOU CITY MANAGEMENT    7.17    10/17/19     CNY      64.25
CHONGQING CHANGSHOU DEV    7.45    09/25/19     CNY      64.00
CHONGQING CHANGSHOU DEV    7.45    09/25/19     CNY      64.53
CHONGQING HECHUAN RURAL    8.28    04/10/18     CNY      52.30
CHONGQING HECHUAN RURAL    8.28    04/10/18     CNY      51.88
CHONGQING HECHUAN URBAN    6.95    01/06/18     CNY      71.00
CHONGQING HECHUAN URBAN    6.95    01/06/18     CNY      72.00
CHONGQING JIANGBEI STAT    7.20    10/16/19     CNY      83.47
CHONGQING JIANGBEI STAT    7.20    10/16/19     CNY      60.20
CHONGQING JIANGJIN HUAX    7.46    09/21/19     CNY      63.99
CHONGQING JIANGJIN HUAX    7.46    09/21/19     CNY      64.26
CHONGQING JIANGJIN HUAX    6.95    01/06/18     CNY      71.69
CHONGQING JIANGJIN HUAX    6.95    01/06/18     CNY      71.00
CHONGQING JINYUN ASSET     6.75    06/18/19     CNY      63.16
CHONGQING JINYUN ASSET     6.75    06/18/19     CNY      62.78
CHONGQING LAND PROPERTI    7.35    04/25/19     CNY      63.64
CHONGQING LAND PROPERTI    7.35    04/25/19     CNY      63.71
CHONGQING MAIRUI CITY I    6.82    08/17/19     CNY      63.61
CHONGQING NAN'AN URBAN     6.29    12/24/17     CNY      61.51
CHONGQING NAN'AN URBAN     8.20    04/09/19     CNY      64.01
CHONGQING NANCHUAN DIST    7.35    09/06/19     CNY      63.29
CHONGQING NANCHUAN DIST    7.35    09/06/19     CNY      63.73
CHONGQING XINGRONG HOLD    8.35    04/19/19     CNY      63.95
CHONGQING XIYONG MICRO-    6.76    07/25/19     CNY      63.50
CHONGQING YONGCHUAN HUI    7.33    10/16/19     CNY      59.00
CHONGQING YONGCHUAN HUI    7.49    03/14/18     CNY      71.33
CHONGQING YONGCHUAN HUI    7.33    10/16/19     CNY      64.17
CHONGQING YONGCHUAN HUI    7.49    03/14/18     CNY      72.78
CHONGQING YUFU ASSET MA    6.50    09/04/19     CNY      63.56
CHONGQING YUFU ASSET MA    6.50    09/04/19     CNY      63.03
CHONGQING YULONG ASSET     6.87    05/31/19     CNY      63.13
CHONGQING YUXING CONSTR    7.29    12/08/17     CNY      71.74
CHUXIONG AUTONOMOUS DEV    6.08    10/18/17     CNY      81.39
CHUXIONG AUTONOMOUS DEV    6.08    10/18/17     CNY      50.60
CIXI STATE OWNED ASSET     6.60    09/20/19     CNY      60.20
CIXI STATE OWNED ASSET     6.60    09/20/19     CNY      63.29
DALI ECONOMIC DEVELOPME    8.80    04/24/19     CNY      64.44
DALIAN LVSHUN CONSTRUCT    6.78    07/02/19     CNY      63.08
DALIAN LVSHUN CONSTRUCT    6.78    07/02/19     CNY      63.23
DANDONG CITY DEVELOPMEN    5.84    09/06/17     CNY      40.16
DANYANG INVESTMENT GROU    8.10    03/06/19     CNY      63.21
DANYANG INVESTMENT GROU    8.10    03/06/19     CNY      62.71
DAQING URBAN CONSTRUCTI    6.55    10/23/19     CNY      63.29
DATONG ECONOMIC CONSTRU    6.50    06/01/17     CNY      40.57
DATONG ECONOMIC CONSTRU    6.50    06/01/17     CNY      40.36
DAXING ANLING FORESTRY     7.08    10/23/19     CNY      80.12
DEZHOU DEDA URBAN CONST    7.14    10/18/19     CNY      64.84
DONGBEI SPECIAL STEEL G    6.10    01/15/18     CNY      40.00
DONGBEI SPECIAL STEEL G    6.50    03/27/16     CNY      40.00
DONGBEI SPECIAL STEEL G    6.30    09/24/16     CNY      40.00
DONGBEI SPECIAL STEEL G    5.63    04/12/18     CNY      40.00
DONGBEI SPECIAL STEEL G    8.30    09/06/16     CNY      40.00
DONGBEI SPECIAL STEEL G    7.40    07/17/17     CNY      40.00
DONGBEI SPECIAL STEEL G    5.88    05/05/16     CNY      40.00
DONGBEI SPECIAL STEEL G    7.00    07/10/16     CNY      40.00
DONGBEI SPECIAL STEEL G    8.20    06/06/16     CNY      40.00
DONGTAI COMMUNICATION I    7.39    07/05/18     CNY      52.20
DONGTAI COMMUNICATION I    7.39    07/05/18     CNY      51.01
DRILL RIGS HOLDINGS INC    6.50    10/01/17     USD      31.50
DRILL RIGS HOLDINGS INC    6.50    10/01/17     USD      29.75
ENSHI URBAN CONSTRUCTIO    7.55    10/22/19     CNY      82.14
ERDOS DONGSHENG CITY DE    8.40    02/28/18     CNY      49.37
ERDOS DONGSHENG CITY DE    8.40    02/28/18     CNY      49.81
EZHOU CITY CONSTRUCTION    7.08    06/19/19     CNY      63.41
FEICHENG CITY ASSET OPE    7.10    08/14/18     CNY      52.00
FEICHENG CITY ASSET OPE    7.10    08/14/18     CNY      52.50
FENGHUA CITY INVESTMENT    7.45    09/24/19     CNY      83.50
FENGHUA CITY INVESTMENT    7.45    09/24/19     CNY      64.38
FUJIAN LONGYAN CITY CON    7.45    08/14/19     CNY      64.35
FUSHUN URBAN INVESTMENT    5.95    05/11/18     CNY      71.32
FUXIN INFRASTRUCTURE CO    7.55    10/10/19     CNY      63.33
FUXIN INFRASTRUCTURE CO    7.55    10/10/19     CNY      63.45
FUZHOU URBAN AND RURAL     6.35    09/25/18     CNY      50.20
FUZHOU URBAN AND RURAL     6.35    09/25/18     CNY      52.19
GANSU PROVINCIAL HIGHWA    7.20    09/19/18     CNY      74.03
GANZHOU CITY DEVELOPMEN    6.40    07/10/18     CNY      52.00
GANZHOU CITY DEVELOPMEN    6.40    07/10/18     CNY      51.96
GUANGAN INVESTMENT HOLD    8.18    04/25/19     CNY      64.01
GUANGAN INVESTMENT HOLD    8.18    04/25/19     CNY      62.53
GUANGXI BAISE DEVELOPME    6.50    07/04/19     CNY      62.70
GUANGXI BAISE DEVELOPME    6.50    07/04/19     CNY      62.59
GUILIN ECONOMIC CONSTRU    6.90    05/09/18     CNY      52.00
GUILIN ECONOMIC CONSTRU    6.90    05/09/18     CNY      51.89
GUIYANG ECO&TECH DEVELO    8.42    03/27/19     CNY      64.28
GUIYANG JINYANG CONSTRU    6.70    10/24/18     CNY      52.37
GUOAO INVESTMENT DEVELO    6.89    10/29/18     CNY      71.69
HAIAN COUNTY CITY CONST    8.35    03/28/18     CNY      52.25
HAIAN COUNTY CITY CONST    8.35    03/28/18     CNY      52.11
HAIMEN CITY DEVELOPMENT    8.35    03/20/19     CNY      62.50
HAIMEN CITY DEVELOPMENT    8.35    03/20/19     CNY      63.69
HAINING CITY ASSET MANA    7.80    09/20/18     CNY      74.17
HAINING CITY ASSET MANA    7.80    09/20/18     CNY      74.48
HANGZHOU MUNICIPAL CONS    5.90    04/25/18     CNY      51.38
HANGZHOU MUNICIPAL CONS    5.90    04/25/18     CNY      51.17
HANGZHOU XIAOSHAN STATE    6.90    11/22/16     CNY      40.02
HANGZHOU XIAOSHAN STATE    6.90    11/22/16     CNY      39.94
HANGZHOU YUHANG CITY CO    7.55    03/29/19     CNY      63.11
HANGZHOU YUHANG CITY CO    7.55    03/29/19     CNY      63.22
HANZHONG CITY CONSTRUCT    7.48    03/14/18     CNY      72.79
HARBIN HELI INVESTMENT     7.48    09/26/18     CNY      74.22
HARBIN HELI INVESTMENT     7.48    09/26/18     CNY      70.00
HEFEI CONSTRUCTION INVE    5.23    08/28/18     CNY      72.12
HEFEI HAIHENG INVESTMEN    7.30    06/12/19     CNY      63.85
HEFEI HAIHENG INVESTMEN    7.30    06/12/19     CNY      63.00
HEFEI TAOHUA INDUSTRIAL    8.79    03/27/19     CNY      64.31
HEFEI XINCHENG STATE-OW    7.88    04/23/19     CNY      65.55
HEGANG KAIYUAN CITY INV    6.50    07/19/19     CNY      62.70
HEILONGJIANG HECHENG CO    7.78    11/17/16     CNY      40.12
HENAN JIYUAN CITY CONST    7.50    09/25/19     CNY      64.67
HENGYANG CITY CONSTRUCT    7.06    08/13/19     CNY      64.13
HUAIAN CITY URBAN ASSET    7.15    12/21/16     CNY      40.10
HUAIAN CITY WATER ASSET    8.25    03/08/19     CNY      62.01
HUAIAN CITY WATER ASSET    8.25    03/08/19     CNY      63.92
HUAI'AN DEVELOPMENT HOL    7.20    09/06/19     CNY      59.00
HUAI'AN DEVELOPMENT HOL    7.20    09/06/19     CNY      64.73
HUAI'AN DEVELOPMENT HOL    6.80    03/24/17     CNY      42.25
HUAIAN QINGHE NEW AREA     6.79    04/29/17     CNY      40.75
HUAIHUA CITY CONSTRUCTI    8.00    03/22/18     CNY      51.82
HUAIHUA CITY CONSTRUCTI    8.00    03/22/18     CNY      51.84
HUANGGANG CITY CONSTRUC    7.10    10/19/19     CNY      64.65
HUANGGANG CITY CONSTRUC    7.10    10/19/19     CNY      63.67
HUIAN STATE ASSETS INVE    7.50    10/15/19     CNY      64.67
HUNAN CHANGDE DEYUAN IN    7.18    10/18/18     CNY      52.46
HUNAN CHANGDE DEYUAN IN    7.18    10/18/18     CNY      52.86
HUNAN CHENGLINGJI HARBO    7.70    10/15/18     CNY      78.06
HUNAN CHENGLINGJI HARBO    7.70    10/15/18     CNY      52.82
HUZHOU MUNICIPAL CONSTR    7.02    12/21/17     CNY      71.95
HUZHOU NANXUN STATE-OWN    8.15    03/31/19     CNY      63.24
HUZHOU WUXING NANTAIHU     7.71    02/17/18     CNY      72.66
INNER MONGOLIA HIGH-TEC    7.20    09/25/19     CNY      63.57
INNER MONGOLIA HIGH-TEC    7.20    09/25/19     CNY      62.20
JIAMUSI NEW ERA INFRAST    8.25    03/22/19     CNY      63.01
JIAMUSI NEW ERA INFRAST    8.25    03/22/19     CNY      63.40
JIAN CITY CONSTRUCTION     7.80    04/20/19     CNY      64.00
JIAN CITY CONSTRUCTION     7.80    04/20/19     CNY      62.50
JIANAN INVESTMENT HOLDI    7.68    09/04/19     CNY      63.50
JIANAN INVESTMENT HOLDI    7.68    09/04/19     CNY      65.15
JIANGDONG HOLDING GROUP    6.90    03/27/19     CNY      62.94
JIANGDU XINYUAN INDUSTR    8.10    03/23/19     CNY      63.01
JIANGDU XINYUAN INDUSTR    8.10    03/23/19     CNY      62.87
JIANGSU HUAJING ASSET O    5.68    09/28/17     CNY      25.66
JIANGSU HUAJING ASSET O    5.68    09/28/17     CNY      25.53
JIANGSU LIANYUN DEVELOP    6.10    06/19/19     CNY      62.75
JIANGSU LIANYUN DEVELOP    6.10    06/19/19     CNY      62.17
JIANGSU NANJING PUKOU E    7.10    10/08/19     CNY      60.00
JIANGSU NANJING PUKOU E    7.10    10/08/19     CNY      64.43
JIANGSU TAICANG PORT DE    7.66    05/16/19     CNY      63.97
JIANGXI HEJI INVESTMENT    8.00    09/04/19     CNY      64.87
JIANGXI HEJI INVESTMENT    8.00    09/04/19     CNY      64.43
JIANGYIN CITY CONSTRUCT    7.20    06/11/19     CNY      63.85
JIASHAN STATE-OWNED ASS    6.80    06/06/19     CNY      63.22
JIAXING CULTURE FAMOUS     8.16    03/08/19     CNY      62.53
JIAXING ECONOMIC&TECHNO    6.78    06/14/19     CNY      62.83
JIAXING ECONOMIC&TECHNO    6.78    06/14/19     CNY      63.43
JINAN CITY CONSTRUCTION    6.98    03/26/18     CNY      50.50
JINAN CITY CONSTRUCTION    6.98    03/26/18     CNY      50.95
JINAN XIAOQINGHE DEVELO    7.15    09/05/19     CNY      63.56
JINAN XIAOQINGHE DEVELO    7.15    09/05/19     CNY      64.37
JINGZHOU URBAN CONSTRUC    7.98    04/24/19     CNY      64.43
JINING CITY CONSTRUCTIO    8.30    12/31/18     CNY      63.64
JINTAN CONSTRUCTION INV    8.30    03/14/19     CNY      63.95
JINZHOU CITY INVESTMENT    7.08    06/13/19     CNY      63.06
JINZHOU CITY INVESTMENT    7.08    06/13/19     CNY      63.06
JIUJIANG CITY CONSTRUCT    8.49    02/23/19     CNY      64.00
JIUJIANG CITY CONSTRUCT    8.49    02/23/19     CNY      64.38
KAIFENG DEVELOPMENT INV    6.47    07/11/19     CNY      62.98
KARAMAY URBAN CONSTRUCT    7.15    09/04/19     CNY      59.00
KARAMAY URBAN CONSTRUCT    7.15    09/04/19     CNY      63.51
KUNMING CITY CONSTRUCTI    7.60    04/13/18     CNY      51.88
KUNMING CITY CONSTRUCTI    7.60    04/13/18     CNY      51.70
KUNMING INDUSTRIAL DEVE    6.46    10/23/19     CNY      82.41
KUNMING WUHUA DISTRICT     8.60    03/15/18     CNY      52.16
KUNMING WUHUA DISTRICT     8.60    03/15/18     CNY      52.40
LAIWU CITY ECONOMIC DEV    6.50    03/01/18     CNY      61.47
LEQING CITY STATE OWNED    6.50    06/29/19     CNY      63.17
LESHAN STATE-OWNED ASSE    6.99    03/18/18     CNY      72.60
LESHAN STATE-OWNED ASSE    6.99    03/18/18     CNY      72.52
LIAOYANG CITY ASSETS OP    6.88    06/13/18     CNY      67.35
LIAOYANG CITY ASSETS OP    6.88    06/13/18     CNY      67.63
LIAOYUAN STATE-OWNED AS    8.17    03/13/19     CNY      62.50
LIAOYUAN STATE-OWNED AS    8.17    03/13/19     CNY      63.45
LIAOYUAN STATE-OWNED AS    7.80    01/26/17     CNY      40.32
LIJIANG GUCHENG MANAGEM    6.68    07/26/19     CNY      63.19
LINAN CITY CONSTRUCTION    8.15    03/09/18     CNY      51.95
LINAN CITY CONSTRUCTION    8.15    03/09/18     CNY      51.85
LINHAI CITY INFRASTRUCT    7.98    11/06/16     CNY      50.08
LINYI ECONOMIC DEVELOPM    8.26    09/24/19     CNY      64.82
LINYI INVESTMENT DEVELO    8.10    03/27/18     CNY      52.30
LIUZHOU DONGCHENG INVES    8.30    02/15/19     CNY      63.55
LIUZHOU DONGCHENG INVES    8.30    02/15/19     CNY      62.51
LIUZHOU INVESTMENT HOLD    6.98    08/15/19     CNY      63.65
LONGHAI STATE-OWNED ASS    8.25    12/02/17     CNY      72.00
LONGHAI STATE-OWNED ASS    8.25    12/02/17     CNY      72.09
LOUDI CITY CONSTRUCTION    7.28    10/19/18     CNY      52.70
LOUDI CITY CONSTRUCTION    7.28    10/19/18     CNY      52.50
LUOHE CITY CONSTRUCTION    6.81    03/30/17     CNY      30.40
LUOHE CITY CONSTRUCTION    6.81    03/30/17     CNY      30.43
MIANYANG SCIENCE & TECH    7.16    05/15/19     CNY      63.25
MIANYANG SCIENCE & TECH    7.16    05/15/19     CNY      61.51
MIANYANG SCIENCE & TECH    6.30    07/22/18     CNY      54.05
MUDANJIANG STATE-OWNED     7.08    08/30/19     CNY      62.85
MUDANJIANG STATE-OWNED     7.08    08/30/19     CNY      62.85
NANAN CITY TRADE INDUST    8.50    04/25/19     CNY      64.53
NANCHONG CHEMICAL INDUS    8.16    04/26/19     CNY      63.96
NANJING HEXI NEW TOWN A    6.40    02/03/17     CNY      60.57
NANJING HI-TECH ECONOMI    6.94    09/07/19     CNY      63.60
NANJING HI-TECH ECONOMI    6.94    09/07/19     CNY      59.00
NANJING JIANGNING SCIEN    7.29    04/28/19     CNY      62.00
NANJING JIANGNING SCIEN    7.29    04/28/19     CNY      63.42
NANTONG CITY TONGZHOU D    6.80    05/28/19     CNY      62.71
NANTONG CITY TONGZHOU D    6.80    05/28/19     CNY      63.28
NANTONG STATE-OWNED ASS    6.72    11/13/16     CNY      39.96
NANTONG STATE-OWNED ASS    6.72    11/13/16     CNY      40.02
NEIJIANG INVESTMENT HOL    7.00    07/19/18     CNY      52.32
NEIJIANG INVESTMENT HOL    7.00    07/19/18     CNY      51.98
NEIMENGGU XINLINGOL XIN    7.62    02/25/18     CNY      72.02
NINGBO CITY ZHENHAI INV    6.48    04/12/17     CNY      40.45
NINGBO URBAN CONSTRUCTI    7.39    03/01/18     CNY      52.15
NINGBO URBAN CONSTRUCTI    7.39    03/01/18     CNY      51.78
NINGDE CITY STATE-OWNED    6.25    10/21/17     CNY      10.30
NONGGONGSHANG REAL ESTA    6.29    10/11/17     CNY      40.97
PANJIN CONSTRUCTION INV    7.50    05/17/19     CNY      63.49
PANJIN CONSTRUCTION INV    7.50    05/17/19     CNY      62.00
PANJIN CONSTRUCTION INV    7.70    12/16/16     CNY      40.15
PANJIN CONSTRUCTION INV    7.70    12/16/16     CNY      40.22
PINGDINGSHAN CITY DEVEL    7.86    05/08/19     CNY      64.12
PINGDINGSHAN CITY DEVEL    7.86    05/08/19     CNY      63.85
PINGHU CITY DEVELOPMENT    7.20    09/18/19     CNY      60.00
PINGHU CITY DEVELOPMENT    7.20    09/18/19     CNY      64.70
PIZHOU RUNCHENG ASSET O    7.55    09/25/19     CNY      64.34
PIZHOU RUNCHENG ASSET O    7.55    09/25/19     CNY      62.55
PUER CITY STATE OWNED A    7.38    06/20/19     CNY      62.94
PUTIAN STATE-OWNED ASSE    8.10    03/21/19     CNY      63.44
QIANAN XINGYUAN WATER I    6.45    07/11/18     CNY      51.85
QIANDONG NANZHOU DEVELO    8.80    04/27/19     CNY      64.08
QINGDAO CITY CONSTRUCTI    6.89    02/16/19     CNY      62.55
QINGDAO CITY CONSTRUCTI    6.19    02/16/17     CNY      40.31
QINGDAO CITY CONSTRUCTI    6.19    02/16/17     CNY      40.36
QINGDAO CITY CONSTRUCTI    6.89    02/16/19     CNY      62.56
QINGDAO HUATONG STATE-O    7.30    04/18/19     CNY      63.55
QINGDAO HUATONG STATE-O    7.30    04/18/19     CNY      62.98
QINGZHOU HONGYUAN PUBLI    7.25    10/19/18     CNY      52.70
QINGZHOU HONGYUAN PUBLI    7.35    10/19/19     CNY      64.29
QINGZHOU HONGYUAN PUBLI    7.35    10/19/19     CNY      63.97
QINGZHOU HONGYUAN PUBLI    7.25    10/19/18     CNY      52.46
QINGZHOU HONGYUAN PUBLI    6.50    05/22/19     CNY      31.34
QINGZHOU HONGYUAN PUBLI    6.50    05/22/19     CNY      31.00
QINHUANGDAO DEVELOPMENT    7.46    10/17/19     CNY      83.45
QINHUANGDAO DEVELOPMENT    7.46    10/17/19     CNY      63.94
QINZHOU CITY DEVELOPMEN    6.72    04/30/17     CNY      50.69
QITAIHE CITY CONSTRUCTI    7.30    10/18/19     CNY      83.80
QITAIHE CITY CONSTRUCTI    7.30    10/18/19     CNY      63.35
QUANZHOU QUANGANG PETRO    8.40    04/16/19     CNY      62.84
QUANZHOU QUANGANG PETRO    8.40    04/16/19     CNY      63.86
QUJING DEVELOPMENT INVE    7.25    09/06/19     CNY      59.00
QUJING DEVELOPMENT INVE    7.25    09/06/19     CNY      63.26
QUNSHAN HUAQIAO INTERNA    7.98    12/30/18     CNY      63.23
RUDONG COUNTY DONGTAI S    7.45    09/24/19     CNY      64.38
RUDONG COUNTY DONGTAI S    7.45    09/24/19     CNY      59.00
SANMING STATE-OWNED ASS    6.99    06/14/18     CNY      72.84
SHANGHAI CHENGTOU CORP     4.63    07/30/19     CNY      62.11
SHANGHAI JIADING INDUST    6.71    10/10/18     CNY      51.86
SHANGHAI JIADING INDUST    6.71    10/10/18     CNY      49.20
SHANGHAI MINHANG URBAN     6.48    10/23/19     CNY      64.10
SHANGHAI REAL ESTATE GR    6.12    05/17/17     CNY      40.71
SHANGHAI SONGJIANG TOWN    6.28    08/15/18     CNY      52.00
SHANGHAI SONGJIANG TOWN    6.28    08/15/18     CNY      52.00
SHANGRAO CITY CONSTRUCT    7.30    09/10/19     CNY      64.30
SHANGRAO CITY CONSTRUCT    7.30    09/10/19     CNY      60.00
SHANGYU COMMUNICATIONS     6.70    09/11/19     CNY      61.30
SHANGYU COMMUNICATIONS     6.70    09/11/19     CNY      63.80
SHAOGUAN JINYE DEVELOPM    7.30    10/18/19     CNY      64.58
SHAOGUAN JINYE DEVELOPM    7.30    10/18/19     CNY      84.00
SHAOXING CHENGBEI XINCH    6.21    06/11/18     CNY      51.35
SHAOXING CHENGBEI XINCH    6.21    06/11/18     CNY      51.69
SHAOYANG CITY CONSTRUCT    7.40    09/11/18     CNY      50.21
SHAOYANG CITY CONSTRUCT    7.40    09/11/18     CNY      52.57
SHENYANG COAL INDUSTRY     6.75    12/21/17     CNY      50.00
SHISHI STATE OWNED INVE    7.40    09/13/19     CNY      64.25
SHIYAN CITY INFRASTRUCT    7.98    04/20/19     CNY      64.06
SHOUGUANG JINCAI STATE-    6.70    10/23/19     CNY      63.75
SICHUAN COAL INDUSTRY G    7.70    01/09/18     CNY      34.63
SICHUAN COAL INDUSTRY G    7.45    12/25/16     CNY      34.63
SICHUAN COAL INDUSTRY G    7.80    09/27/17     CNY      34.63
SICHUAN COAL INDUSTRY G    5.94    05/15/17     CNY      67.99
SICHUAN DEVELOPMENT HOL    5.40    11/10/17     CNY      70.67
SONGYUAN URBAN DEVELOPM    7.30    08/29/19     CNY      62.98
SONGYUAN URBAN DEVELOPM    7.30    08/29/19     CNY      59.00
SUIZHOU CITY INVESTMENT    7.50    08/22/19     CNY      64.23
SUQIAN ECONOMIC DEVELOP    7.50    03/26/19     CNY      63.50
SUQIAN ECONOMIC DEVELOP    7.50    03/26/19     CNY      63.56
SUZHOU CONSTRUCTION INV    7.45    03/12/19     CNY      63.16
SUZHOU FENHU INVESTMENT    7.00    10/22/17     CNY      51.63
SUZHOU INDUSTRIAL PARK     5.79    05/30/19     CNY      62.43
SUZHOU XIANGCHENG URBAN    6.95    09/03/19     CNY      63.34
SUZHOU XIANGCHENG URBAN    6.95    09/03/19     CNY      63.77
TAIAN CITY TAISHAN INVE    5.79    03/02/18     CNY      71.00
TAIXING ZHONGXING STATE    8.29    03/27/18     CNY      52.11
TAIXING ZHONGXING STATE    8.29    03/27/18     CNY      52.98
TAIYUAN LONGCHENG DEVEL    6.50    09/25/19     CNY      63.25
TAIYUAN LONGCHENG DEVEL    6.50    09/25/19     CNY      60.00
TAIZHOU CITY CONSTRUCTI    6.90    01/25/17     CNY      40.28
TAIZHOU HAILING ASSETS     8.52    03/21/19     CNY      63.22
TAIZHOU HAILING ASSETS     8.52    03/21/19     CNY      63.78
TAIZHOU XINTAI GROUP CO    6.85    08/14/18     CNY      52.28
TAIZHOU XINTAI GROUP CO    6.85    08/14/18     CNY      51.96
TANGSHAN NANHU ECO CITY    7.08    10/16/19     CNY      64.15
TANGSHAN NANHU ECO CITY    7.08    10/16/19     CNY      60.00
TIANJIN BINHAI NEW AREA    5.00    03/13/18     CNY      71.26
TIANJIN BINHAI NEW AREA    5.00    03/13/18     CNY      71.47
TIANJIN ECO-CITY INVEST    6.76    08/14/19     CNY      60.00
TIANJIN ECO-CITY INVEST    6.76    08/14/19     CNY      63.52
TIANJIN HANBIN INVESTME    8.39    03/22/19     CNY      63.67
TIANJIN HI-TECH INDUSTR    7.80    03/27/19     CNY      63.33
TIANJIN HI-TECH INDUSTR    7.80    03/27/19     CNY      63.76
TIANJIN JINNAN CITY CON    6.95    06/18/19     CNY      64.50
TIANJIN JINNAN CITY CON    6.95    06/18/19     CNY      63.42
TIELING PUBLIC ASSETS I    7.34    05/29/18     CNY      52.12
TIELING PUBLIC ASSETS I    7.34    05/29/18     CNY      51.68
TIGER FOREST & PAPER GR    5.38    06/14/17     CNY      57.69
TONGCHUAN DEVELOPMENT I    7.50    07/17/19     CNY      63.21
TONGLIAO CITY INVESTMEN    5.98    09/01/17     CNY      40.80
TONGLIAO CITY INVESTMEN    5.98    09/01/17     CNY      40.10
TONGLIAO TIANCHENG URBA    7.75    09/24/19     CNY      63.11
TONGLIAO TIANCHENG URBA    7.75    09/24/19     CNY      64.03
TONGREN FANJINGSHAN INV    6.89    08/02/19     CNY      62.94
TONGREN FANJINGSHAN INV    6.89    08/02/19     CNY      61.01
URUMQI CITY CONSTRUCTIO    6.35    07/09/19     CNY      63.40
URUMQI CITY CONSTRUCTIO    6.35    07/09/19     CNY      62.88
URUMQI STATE-OWNED ASSE    6.48    04/28/18     CNY      51.60
URUMQI STATE-OWNED ASSE    6.48    04/28/18     CNY      51.41
VANZIP INVESTMENT GROUP    7.92    02/04/19     CNY      66.20
WAFANGDIAN STATE-OWNED     8.55    04/19/19     CNY      63.00
WENLING CITY STATE OWNE    7.18    09/18/19     CNY      64.01
WENLING CITY STATE OWNE    7.18    09/18/19     CNY      59.00
WENZHOU ANJUFANG CITY D    7.65    04/24/19     CNY      63.34
WUHAI CITY CONSTRUCTION    8.20    03/31/19     CNY      63.01
WUHAI CITY CONSTRUCTION    8.20    03/31/19     CNY      63.47
WUHU ECONOMIC TECHNOLOG    6.70    06/08/18     CNY      51.91
WUHU ECONOMIC TECHNOLOG    6.70    06/08/18     CNY      51.00
WUXI MUNICIPAL CONSTRUC    6.60    09/17/19     CNY      63.32
WUXI MUNICIPAL CONSTRUC    6.60    09/17/19     CNY      63.33
WUXI TAIHU INTERNATIONA    7.60    09/17/19     CNY      64.29
WUXI TAIHU INTERNATIONA    7.60    09/17/19     CNY      60.35
WUZHOU DONGTAI STATE-OW    7.40    09/03/19     CNY      64.21
XIAN CHANBAHE DEVELOPME    6.89    08/03/19     CNY      63.05
XIANGTAN CITY CONSTRUCT    8.00    03/16/19     CNY      62.00
XIANGTAN CITY CONSTRUCT    8.00    03/16/19     CNY      63.72
XIANGTAN JIUHUA ECONOMI    7.43    08/29/19     CNY      64.37
XIANGTAN JIUHUA ECONOMI    6.93    12/16/16     CNY      40.25
XIANGYANG CITY CONSTRUC    8.12    01/12/19     CNY      63.46
XIANGYANG CITY CONSTRUC    8.12    01/12/19     CNY      63.33
XIANNING CITY CONSTRUCT    7.50    08/31/18     CNY      78.00
XIANNING CITY CONSTRUCT    7.50    08/31/18     CNY      52.72
XIANYANG CITY CONSTRUCT    7.90    12/09/17     CNY      71.01
XIAOGAN URBAN CONSTRUCT    8.12    03/26/19     CNY      64.03
XINING CITY INVESTMENT     7.70    04/27/19     CNY      62.00
XINING CITY INVESTMENT     7.70    04/27/19     CNY      63.78
XINJIANG SHIHEZI DEVELO    7.50    08/29/18     CNY      49.52
XINJIANG UYGUR AR HAMI     6.25    07/17/18     CNY      51.87
XINXIANG INVESTMENT GRO    6.80    01/18/18     CNY      71.70
XINYANG HUAXIN INVESTME    6.95    06/14/19     CNY      63.47
XINZHOU CITY ASSET MANA    7.39    08/08/18     CNY      52.52
XUCHANG GENERAL INVESTM    7.78    04/27/19     CNY      63.95
XUZHOU ECONOMIC TECHNOL    8.20    03/07/19     CNY      63.79
XUZHOU ECONOMIC TECHNOL    8.20    03/07/19     CNY      63.80
XUZHOU XINSHENG CONSTRU    7.48    05/08/18     CNY      51.99
YAAN STATE-OWNED ASSET     7.39    07/04/19     CNY      63.18
YANCHENG ORIENTAL INVES    5.75    06/08/17     CNY      50.10
YANCHENG ORIENTAL INVES    5.75    06/08/17     CNY      50.85
YANGZHONG URBAN CONSTRU    7.10    03/26/18     CNY      72.46
YANGZHOU URBAN CONSTRUC    6.30    07/26/19     CNY      63.05
YANZHOU HUIMIN URBAN CO    8.50    12/28/17     CNY      51.57
YIBIN STATE-OWNED ASSET    5.80    05/23/18     CNY      72.00
YICHANG MUNICIPAL FINAN    7.12    10/16/19     CNY      63.70
YICHANG MUNICIPAL FINAN    7.12    10/16/19     CNY      59.30
YICHUN CITY CONSTRUCTIO    7.35    07/24/19     CNY      62.17
YIJINHUOLUOQI HONGTAI C    8.35    03/19/19     CNY      58.95
YIJINHUOLUOQI HONGTAI C    8.35    03/19/19     CNY      59.50
YINCHUAN URBAN CONSTRUC    6.28    03/09/17     CNY      25.14
YIXING CITY DEVELOPMENT    6.90    10/10/19     CNY      64.16
YIXING CITY DEVELOPMENT    6.90    10/10/19     CNY      63.55
YIYANG CITY CONSTRUCTIO    7.36    08/24/19     CNY      60.00
YIYANG CITY CONSTRUCTIO    7.36    08/24/19     CNY      64.19
YIYANG CITY CONSTRUCTIO    8.20    11/19/16     CNY      40.13
YIZHENG CITY CONSTRUCTI    7.78    06/14/19     CNY      64.21
YUHUAN COUNTY COMMUNICA    7.15    10/12/19     CNY      64.20
YUHUAN COUNTY COMMUNICA    7.15    10/12/19     CNY      60.00
YUNCHENG URBAN CONSTRUC    7.48    10/15/19     CNY      64.51
YUNNAN PROVINCIAL INVES    5.25    08/24/17     CNY      40.51
YUNNAN PROVINCIAL INVES    5.25    08/24/17     CNY      40.22
YUYAO WATER RESOURCE IN    7.20    10/16/19     CNY      84.55
ZHANGJIAGANG JINCHENG I    6.23    01/06/18     CNY      61.22
ZHANGJIAJIE ECONOMIC DE    7.40    10/18/19     CNY      64.71
ZHANGJIAKOU TONGTAI HOL    6.90    07/05/18     CNY      73.10
ZHEJIANG PROVINCE DEQIN    6.90    04/12/18     CNY      72.51
ZHENJIANG CULTURE AND T    5.86    05/06/17     CNY      50.64
ZHENJIANG CULTURE AND T    5.86    05/06/17     CNY      50.15
ZHENJIANG NEW AREA ECON    8.16    03/01/19     CNY      62.76
ZHENJIANG NEW AREA ECON    8.16    03/01/19     CNY      62.80
ZHENJIANG TRANSPORTATIO    7.29    05/08/19     CNY      63.08
ZHENJIANG TRANSPORTATIO    7.29    05/08/19     CNY      62.54
ZHONGSHAN TRANSPORTATIO    6.65    08/28/18     CNY      52.00
ZHONGSHAN TRANSPORTATIO    6.65    08/28/18     CNY      51.85
ZHUCHENG ECONOMIC DEVEL    6.40    04/26/18     CNY      41.29
ZHUCHENG ECONOMIC DEVEL    7.50    08/25/18     CNY      31.71
ZHUCHENG ECONOMIC DEVEL    6.40    04/26/18     CNY      41.13
ZHUHAI HUAFA GROUP CO L    8.43    02/16/18     CNY      51.99
ZHUHAI HUAFA GROUP CO L    8.43    02/16/18     CNY      52.06
ZHUJI CITY CONSTRUCTION    6.92    07/05/18     CNY      73.25
ZHUJI CITY CONSTRUCTION    6.92    07/05/18     CNY      73.55
ZHUMADIAN INVESTMENT CO    6.95    11/26/19     CNY      71.00
ZHUZHOU GECKOR GROUP CO    7.50    09/10/19     CNY      60.00
ZHUZHOU GECKOR GROUP CO    7.50    09/10/19     CNY      64.52
ZHUZHOU GECKOR GROUP CO    7.82    08/18/18     CNY      72.00
ZHUZHOU GECKOR GROUP CO    7.82    08/18/18     CNY      74.47
ZIBO CITY PROPERTY CO L    6.83    08/22/19     CNY      63.66
ZIBO CITY PROPERTY CO L    5.45    04/27/19     CNY      37.10
ZIGONG STATE-OWNED ASSE    6.86    06/17/18     CNY      72.89
ZOUCHENG CITY ASSET OPE    7.02    01/12/18     CNY      40.94
ZOUPING COUNTY STATE-OW    6.98    04/27/18     CNY      72.65
ZOUPING COUNTY STATE-OW    6.98    04/27/18     CNY      71.43
ZUNYI CITY INVESTMENT G    8.53    03/13/19     CNY      63.51
ZUNYI CITY INVESTMENT G    8.53    03/13/19     CNY      64.22


INDONESIA
---------

BERAU COAL ENERGY TBK P    7.25    03/13/17     USD      23.72
BERAU COAL ENERGY TBK P    7.25    03/13/17     USD      23.72


INDIA
-----

3I INFOTECH LTD            5.00    04/26/17     USD      19.13
BLUE DART EXPRESS LTD      9.30    11/20/17     INR      10.13
BLUE DART EXPRESS LTD      9.40    11/20/18     INR      10.26
BLUE DART EXPRESS LTD      9.50    11/20/19     INR      10.40
GTL INFRASTRUCTURE LTD     4.53    11/09/17     USD      37.13
JAIPRAKASH ASSOCIATES L    5.75    09/08/17     USD      43.75
JAIPRAKASH POWER VENTUR    7.00    02/13/49     USD      20.00
JCT LTD                    2.50    04/08/11     USD      27.00
PRAKASH INDUSTRIES LTD     5.25    04/30/15     USD      20.50
PYRAMID SAIMIRA THEATRE    1.75    07/04/12     USD       1.00
REI AGRO LTD               5.50    11/13/14     USD       4.95
REI AGRO LTD               5.50    11/13/14     USD       4.95
SVOGL OIL GAS & ENERGY     5.00    08/17/15     USD       0.21


JAPAN
-----

AVANSTRATE INC             5.55    10/31/17     JPY      33.25
AVANSTRATE INC             5.55    10/31/17     JPY      37.00
MICRON MEMORY JAPAN INC    0.50    10/26/15     JPY       5.38
MICRON MEMORY JAPAN INC    0.70    08/01/16     JPY       5.38
MICRON MEMORY JAPAN INC    2.03    03/22/12     JPY       5.38
MICRON MEMORY JAPAN INC    2.10    11/29/12     JPY       5.38
MICRON MEMORY JAPAN INC    2.29    12/07/12     JPY       5.38
TAKATA CORP                0.58    03/26/21     JPY      62.25
TAKATA CORP                0.85    03/06/19     JPY      75.00


KOREA
-----

2014 KODIT CREATIVE THE    5.00    12/25/17     KRW      33.81
2014 KODIT CREATIVE THE    5.00    12/25/17     KRW      33.81
2016 KIBO 1ST SECURITIZ    5.00    09/13/18     KRW      29.65
DOOSAN CAPITAL SECURITI   20.00    04/22/19     KRW      47.53
HANA FINANCIAL GROUP IN    3.95    05/29/45     KRW     440.36
HANJIN SHIPPING CO LTD     5.90    06/07/17     KRW      11.67
HANJIN SHIPPING CO LTD     2.00    05/23/17     KRW      11.33
HYUNDAI MERCHANT MARINE    1.00    04/07/21     KRW      60.13
HYUNDAI MERCHANT MARINE    1.00    07/07/21     KRW      58.38
KIBO ABS SPECIALTY CO L    5.00    01/31/17     KRW      42.56
KIBO ABS SPECIALTY CO L    5.00    12/25/17     KRW      32.26
KIBO ABS SPECIALTY CO L    5.00    03/29/18     KRW      32.64
KIBO ABS SPECIALTY CO L   10.00    08/22/17     KRW      20.22
KIBO ABS SPECIALTY CO L   10.00    02/19/17     KRW      47.69
LSMTRON DONGBANGSEONGJA    4.53    11/22/17     KRW      33.25
MERITZ CAPITAL CO LTD      5.44    09/29/46     KRW      33.56
OKC SECURITIZATION SPEC   10.00    01/03/20     KRW      27.27
SINBO SECURITIZATION SP    5.00    07/29/18     KRW      30.13
SINBO SECURITIZATION SP    5.00    01/29/17     KRW      44.78
SINBO SECURITIZATION SP    5.00    03/13/17     KRW      39.31
SINBO SECURITIZATION SP    5.00    03/13/17     KRW      39.31
SINBO SECURITIZATION SP    5.00    08/27/19     KRW      27.68
SINBO SECURITIZATION SP    5.00    07/29/19     KRW      27.95
SINBO SECURITIZATION SP    5.00    09/30/19     KRW      27.27
SINBO SECURITIZATION SP    5.00    03/12/18     KRW      32.80
SINBO SECURITIZATION SP    5.00    10/01/17     KRW      34.28
SINBO SECURITIZATION SP    5.00    10/01/17     KRW      34.28
SINBO SECURITIZATION SP    5.00    10/01/17     KRW      34.28
SINBO SECURITIZATION SP    5.00    03/12/18     KRW      32.80
SINBO SECURITIZATION SP    5.00    02/11/18     KRW      33.06
SINBO SECURITIZATION SP    5.00    02/11/18     KRW      33.06
SINBO SECURITIZATION SP    5.00    01/30/19     KRW      29.78
SINBO SECURITIZATION SP    5.00    12/23/18     KRW      30.14
SINBO SECURITIZATION SP    5.00    12/23/18     KRW      30.14
SINBO SECURITIZATION SP    5.00    12/23/17     KRW      32.28
SINBO SECURITIZATION SP    5.00    01/30/19     KRW      29.78
SINBO SECURITIZATION SP    5.00    10/30/19     KRW      20.52
SINBO SECURITIZATION SP    5.00    09/26/18     KRW      31.06
SINBO SECURITIZATION SP    5.00    09/26/18     KRW      31.06
SINBO SECURITIZATION SP    5.00    09/26/18     KRW      31.06
SINBO SECURITIZATION SP    5.00    08/29/18     KRW      31.30
SINBO SECURITIZATION SP    5.00    02/27/19     KRW      29.57
SINBO SECURITIZATION SP    5.00    02/27/19     KRW      29.57
SINBO SECURITIZATION SP    5.00    08/29/18     KRW      31.30
SINBO SECURITIZATION SP    5.00    07/08/17     KRW      35.20
SINBO SECURITIZATION SP    5.00    07/08/17     KRW      35.20
SINBO SECURITIZATION SP    5.00    08/16/17     KRW      34.80
SINBO SECURITIZATION SP    5.00    08/16/17     KRW      34.80
SINBO SECURITIZATION SP    5.00    02/21/17     KRW      41.59
SINBO SECURITIZATION SP    5.00    02/21/17     KRW      41.59
SINBO SECURITIZATION SP    5.00    06/07/17     KRW      20.39
SINBO SECURITIZATION SP    5.00    06/07/17     KRW      20.39
SINBO SECURITIZATION SP    5.00    06/27/18     KRW      32.08
SINBO SECURITIZATION SP    5.00    05/26/18     KRW      30.74
SINBO SECURITIZATION SP    5.00    06/27/18     KRW      32.08
SINBO SECURITIZATION SP    5.00    07/24/18     KRW      31.84
SINBO SECURITIZATION SP    5.00    12/13/16     KRW      54.89
SINBO SECURITIZATION SP    5.00    07/24/18     KRW      31.84
SINBO SECURITIZATION SP    5.00    07/24/17     KRW      33.77
SINBO SECURITIZATION SP    5.00    12/30/19     KRW      26.47
SINBO SECURITIZATION SP    5.00    01/15/18     KRW      33.60
SINBO SECURITIZATION SP    5.00    01/15/18     KRW      33.60
SINBO SECURITIZATION SP    5.00    12/25/16     KRW      49.57
SINBO SECURITIZATION SP    5.00    03/18/19     KRW      29.34
SINBO SECURITIZATION SP    5.00    03/18/19     KRW      29.34
SINBO SECURITIZATION SP    5.00    06/25/19     KRW      28.29
SINBO SECURITIZATION SP    5.00    06/25/18     KRW      30.47
TONGYANG CEMENT & ENERG    7.50    04/20/14     KRW      70.00
TONGYANG CEMENT & ENERG    7.50    07/20/14     KRW      70.00
TONGYANG CEMENT & ENERG    7.50    09/10/14     KRW      70.00
TONGYANG CEMENT & ENERG    7.30    04/12/15     KRW      70.00
TONGYANG CEMENT & ENERG    7.30    06/26/15     KRW      70.00
U-BEST SECURITIZATION S    5.50    11/16/17     KRW      34.75
WOONGJIN ENERGY CO LTD     3.00    12/19/19     KRW      57.35
WOORI BANK                 5.21    12/12/44     KRW     375.47


MALAYSIA
--------






BRIGHT FOCUS BHD           2.50    01/22/31     MYR      72.77
LAND & GENERAL BHD         1.00    09/24/18     MYR       0.26
SENAI-DESARU EXPRESSWAY    0.50    12/31/43     MYR      74.07
SENAI-DESARU EXPRESSWAY    0.50    12/31/38     MYR      68.62
SENAI-DESARU EXPRESSWAY    0.50    12/30/39     MYR      70.00
SENAI-DESARU EXPRESSWAY    0.50    12/31/40     MYR      71.00
SENAI-DESARU EXPRESSWAY    0.50    12/31/41     MYR      71.98
SENAI-DESARU EXPRESSWAY    0.50    12/31/42     MYR      73.06
SENAI-DESARU EXPRESSWAY    0.50    12/30/44     MYR      74.73
SENAI-DESARU EXPRESSWAY    1.15    12/29/23     MYR      73.59
SENAI-DESARU EXPRESSWAY    1.15    06/30/25     MYR      69.10
SENAI-DESARU EXPRESSWAY    1.35    06/30/28     MYR      62.52
SENAI-DESARU EXPRESSWAY    1.35    12/29/28     MYR      61.23
SENAI-DESARU EXPRESSWAY    1.15    06/28/24     MYR      72.09
SENAI-DESARU EXPRESSWAY    1.15    12/31/24     MYR      70.58
SENAI-DESARU EXPRESSWAY    1.35    12/31/25     MYR      69.06
SENAI-DESARU EXPRESSWAY    1.35    06/30/26     MYR      67.62
SENAI-DESARU EXPRESSWAY    1.35    12/31/26     MYR      66.27
SENAI-DESARU EXPRESSWAY    1.35    06/30/27     MYR      65.01
SENAI-DESARU EXPRESSWAY    1.35    12/31/27     MYR      63.78
SENAI-DESARU EXPRESSWAY    1.35    06/29/29     MYR      59.92
SENAI-DESARU EXPRESSWAY    1.35    12/31/29     MYR      58.59
SENAI-DESARU EXPRESSWAY    1.35    06/28/30     MYR      57.23
SENAI-DESARU EXPRESSWAY    1.35    12/31/30     MYR      55.82
SENAI-DESARU EXPRESSWAY    1.35    06/30/31     MYR      54.39
UNIMECH GROUP BHD          5.00    09/18/18     MYR       1.06


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

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


SINGAPORE
---------

ASL MARINE HOLDINGS LTD    5.35    10/01/18     SGD      69.13
AUSGROUP LTD               7.45    10/20/18     SGD      65.88
BAKRIE TELECOM PTE LTD    11.50    05/07/15     USD       1.76
BAKRIE TELECOM PTE LTD    11.50    05/07/15     USD       1.76
BERAU CAPITAL RESOURCES   12.50    07/08/15     USD      25.19
BERAU CAPITAL RESOURCES   12.50    07/08/15     USD      24.75
BLD INVESTMENTS PTE LTD    8.63    03/23/15     USD       8.00
BUMI CAPITAL PTE LTD      12.00    11/10/16     USD      26.75
BUMI CAPITAL PTE LTD      12.00    11/10/16     USD      26.75
BUMI INVESTMENT PTE LTD   10.75    10/06/17     USD      27.00
BUMI INVESTMENT PTE LTD   10.75    10/06/17     USD      26.75
ENERCOAL RESOURCES PTE     6.00    04/07/18     USD       8.25
EZRA HOLDINGS LTD          4.88    04/24/18     SGD      40.00
GEO ENERGY RESOURCES LT    7.00    01/18/18     SGD      73.88
GOLIATH OFFSHORE HOLDIN   12.00    06/11/17     USD       4.25
INDO INFRASTRUCTURE GRO    2.00    07/30/10     USD       1.00
INTERNATIONAL HEALTHWAY    6.00    02/06/18     SGD      65.50
NEPTUNE ORIENT LINES LT    4.40    11/08/19     SGD      73.50
NEPTUNE ORIENT LINES LT    4.40    06/22/21     SGD      55.34
NEPTUNE ORIENT LINES LT    4.65    09/09/20     SGD      61.38
ORO NEGRO DRILLING PTE     7.50    01/24/19     USD      39.34
OSA GOLIATH PTE LTD       12.00    10/09/18     USD      61.75
OTTAWA HOLDINGS PTE LTD    5.88    05/16/18     USD      70.00
OTTAWA HOLDINGS PTE LTD    5.88    05/16/18     USD      69.16
PACIFIC INTERNATIONAL L    7.25    11/16/18     SGD      70.50
PACIFIC RADIANCE LTD       4.30    08/29/18     SGD      42.50
RICKMERS MARITIME          8.45    05/15/17     SGD      37.50
SWIBER CAPITAL PTE LTD     6.50    08/02/18     SGD      10.00
SWIBER CAPITAL PTE LTD     6.25    10/30/17     SGD      10.00
SWIBER HOLDINGS LTD        7.13    04/18/17     SGD      12.00
SWIBER HOLDINGS LTD        7.75    09/18/17     CNY      12.13
SWIBER HOLDINGS LTD        5.55    10/10/16     SGD      11.63
TRIKOMSEL PTE LTD          7.88    06/05/17     SGD      17.00
TRIKOMSEL PTE LTD          5.25    05/10/16     SGD      17.00


SRI LANKA
---------

HATTON NATIONAL BANK PL    8.00    08/29/23     LKR      67.00
SRI LANKA GOVERNMENT BO    5.35    03/01/26     LKR      63.89
SRI LANKA GOVERNMENT BO    8.00    01/01/32     LKR      71.62
SRI LANKA GOVERNMENT BO    6.00    12/01/24     LKR      70.52
SRI LANKA GOVERNMENT BO    9.00    06/01/43     LKR      73.33


THAILAND
--------

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


VIETNAM
-------

DEBT AND ASSET TRADING     1.00    10/10/25     USD      58.25
DEBT AND ASSET TRADING     1.00    10/10/25     USD      57.38
HO CHI MINH CITY INFRAS   12.00    06/23/19     VND      20.00



                             *********

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 ***