TCRAP_Public/161101.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, November 1, 2016, Vol. 19, No. 216

                            Headlines


A U S T R A L I A

A B SAFETY: First Creditors' Meeting Set for Nov. 8
FRANKSTON FOOTBALL: Creditors Accept Partial Payment for Debts
MESOBLAST LIMITED: General Annual Meeting Set for Nov. 22
MISSION NEW ENERGY: Ends Sept. 30 Quarter with AUD824,000 Cash
PLUTON RESOURCES: Liquidators Turn Off Pumps as Funder Backs Out

QUEENSLAND BOILERS: First Creditors' Meeting Scheduled for Nov. 8
SL BHARTI: First Creditors' Meeting Slated for Nov. 8


I N D I A

BANSAL FOODS: ICRA Reaffirms B+ Rating on INR4.50cr Term Loan
CHANDRA PRABHU: Ind-Ra Lowers Long-Term Issuer Rating to BB-
CLIMAX SYNTHETICS: CRISIL Reaffirms B+ Rating on INR120MM Loan
HILLTOP HIRISE: CRISIL Suspends 'B' Rating on INR155MM LT Loan
JEWEL WORLD: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan

JIWANSAAGAAR REALTY: CRISIL Reaffirms B+ Rating on INR140MM Loan
KAYCEE POLYMERS: ICRA Suspends B+/A4 Rating on INR9cr Bank Loan
KHEDUT DECOR: ICRA Raises Rating on INR10cr Cash Loan to BB-
KRAFT LAMINATE: CRISIL Suspends 'B' Rating on INR68MM Term Loan
KRISHIKA FARMS: CRISIL Ups Rating on INR60MM Term Loan to 'B'

MEGA VITRIFIED: ICRA Suspends B+ Rating on INR7cr Cash Loan
MPL CARS: CRISIL Suspends B+ Rating on INR250MM Inventory Fund
PANNALAL MAHESH: ICRA Suspends B+ Rating on INR4.25cr Loan
POLYDRUG LABORATORIES: ICRA Assigns B+ Rating to INR46cr LT Loan
PONNU FOOD: ICRA Assigns 'B' Rating to INR8.9cr LT Loan

PRATHAMESH LAND: Ind-Ra Affirms BB+ Long-Term Issuer Rating
PUSHPAK BULLIONS: ICRA Lowers Rating on INR140cr LT Loan to D
R A PARIKH: Ind-Ra Withdraws BB- Long-Term Issuer Rating
SAI RAGHAVENDRA: CRISIL Raises Rating on INR36.5MM Loan to B+
SHARMA SURGICAL: CRISIL Assigns B+ Rating to INR46MM Term Loan

SHREE GANESH: ICRA Suspends 'B' Rating on INR6.0cr Cash Loan
SHRI VASUDEVA: Ind-Ra Affirms B+ Long-Term Issuer Rating
SIGMA CHEMTRADE: Ind-Ra Assigns BB+ Long-Term Issuer Rating
SRI VASUDEVA: Ind-Ra Lowers Long-Term Issuer Rating to BB+
SUGNA IMPEX: CRISIL Suspends B Rating on INR20.8MM Term Loan

SUN ENERGY: Weak Financial Strength Prompts ICRA 'SP 3D' Grading
SWASTIK TRADERS: ICRA Suspends B+/A4 Rating on INR13cr Loan
TOPMAN EXPORTS: Ind-Ra Withdraws D Long-Term Issuer Rating
V L RAKA: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan


M A L A Y S I A

1MALAYSIA: Trial of Ex-BSI Banker Kicks Off in Singapore


N E W  Z E A L A N D

SOLID ENERGY: Bathurst Resources and Talley's Buy Three Mines
SOLID ENERGY: Creditors to Receive 45 to 55 Cents on Dollar


S I N G A P O R E

LIFEBRANDZ LTD: Auditors Raises Going Concern Doubt


S O U T H  K O R E A

* Conglomerates' Loan Delinquency Rate Hits Record High in Sept.


X X X X X X X X

* BOND PRICING: For the Week Oct. 24 to Oct. 28, 2016


                            - - - - -


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


A B SAFETY: First Creditors' Meeting Set for Nov. 8
---------------------------------------------------
A first meeting of the creditors in the proceedings of A B Safety
Rail Pty Ltd will be held at the offices of BRI Ferrier,
Level 30, Australia Square, 264 George Street, in Sydney, NSW, on
Nov. 8, 2016, at 11:00 a.m.

James Koutsoukos and Peter Krejci of BRI Ferrier were appointed
as administrators of A B Safety on Oct. 28, 2016.


FRANKSTON FOOTBALL: Creditors Accept Partial Payment for Debts
--------------------------------------------------------------
Neil Walker at Bayside News reports that Frankston Football Club,
also known as the Dolphins, will fight on and hope to be
readmitted into the VFL in 2018 after creditors voted to accept
partial payment for outstanding debts.

Bayside News relates that Worrells, the administrators of the
club, met with creditors on Oct. 28 at the club's premises and a
deal to save the 129-year-old footy club from extinction was
accepted by those owed money after the club went into voluntary
administration in August.

According to Bayside News, Worrells Solvency and Forensic
Accountants managing partner Paul Burness said unsecured
creditors voted to accept partial payment of monies owed over
four years with the first payment due to be made in September
next year.

He estimated unsecured creditors will receive between 4.5 and 7.9
cents in the dollar, the report discloses.

Bayside News says the two largest unsecured creditors are Tabcorp
Gaming Solutions and state government appointed regulator the
Victorian Commission for Gambling and Liquor Regulation.

The VCGLR was owed about AUD475,000 and Tabcorp about AUD230,000
for fees associated with 27 pokies machines the football club
removed from its function centre in May, Bayside News discloses.

According to the report, Mr. Burness said he hoped to hand
ownership of the club back to a new board as part of the
agreement with creditors.

"I'm in control until the actual deed of company arrangement is
executed. I hope that will be within days or in a week or two,"
the report quotes Mr. Burness as saying.  "Control will revert to
the board and there are provisions to have a new board be
appointed and I expect that will happen fairly quickly."

Bayside News adds that the administrator said any funds the
Dolphins receive will be placed in a deed fund to be distributed
to creditors.

The club owed about AUD1.5 million to creditors in total before
going into voluntary administration.

The final payment to unsecured creditors will be in
September 2020, Bayside News notes.

He anticipated all players and employees of the club will receive
all money owed to them as priority creditors, relays Bayside
News.

Bayside News says Mr. Burness was unable to give a figure for the
administrator's fees payable to Worrells at this stage but said
part would be paid now with the remainder to follow at a later
date.

Bayside News adds that a new Dolphins board will try to rally
community support to get the club back on to a sound financial
footing to convince the AFL to reinstate the club's VFL licence
in 2018.

The Dolphins will be in limbo on the playing front next year and
will not field a team for the 2017 season in the VFL, Bayside
News reports.


MESOBLAST LIMITED: General Annual Meeting Set for Nov. 22
---------------------------------------------------------
Mesoblast Limited notified its shareholders that an annual
general meeting will be held at Deloitte, Level 11, 550 Bourke
Street, Melbourne, Victoria, Australia on Nov. 22, 2016, at
3 p.m. (Melbourne time) for the purpose of considering and, if
thought fit, passing these resolutions:

(1) Receipt and consideration of financial statements and
     reports;

(2) Re-election of Mr. William Burns and Dr. Eric Rose as
     directors;

(3) Adoption of the remuneration report; and

(4) Approval of employee share option plan for employees for
     the purpose of Listing Rule 7.2.

A full-text copy of the Notice is available for free at:

                       https://is.gd/NRbS4u

                       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.


MISSION NEW ENERGY: Ends Sept. 30 Quarter with AUD824,000 Cash
--------------------------------------------------------------
Mission New Energy Limited filed with the Securities and Exchange
Commission its quarterly report (for entities subject to Listing
Rule 4.7B) disclosing cash and cash equivalents at the beginning
of the quarter of AUD1.40 million for the quarter ended Sept. 30,
2016.

The Company reported net cash used in operating activities of
AUD556,000. As a result, the Company had AUD824,000 cash and cash
equivalents at the end of the quarter. A full-text copy of the
Quarterly Report is available for free at https://is.gd/vxP5Wm

                     About Mission NewEnergy

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

The Company is not operating its biodiesel refining segment. The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.
The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets. The Company intends to cease all Indian
operations.

Mission New Energy reported a net loss of AUD2.32 million on
AUD41,960 of total revenue for the year ended June 30, 2016,
compared to profit of AUD28.4 million on AUD7.27 million of total
revenue for the year ended June 30, 2015.


PLUTON RESOURCES: Liquidators Turn Off Pumps as Funder Backs Out
----------------------------------------------------------------
Nick Evans at The West Australian reports that the sea wall
separating a mothballed iron ore mine on Cockatoo Island from
environmentally sensitive waters off north-west WA is at risk of
collapse, after the liquidators of Pluton Resources had to turn
off the pumps that keep the pit from filling with sea water.

It is understood Pluton liquidators Pitcher Partners, which is in
talks with potential buyers of the mine, stopped pumping on
October 16, after Hong Kong-based General Nice Resources backed
away from a commitment to provide funding, the report relates.

The West Australian says the pumping is believed to cost at least
AUD500,000 a month on the island in the Buccaneer Archipelago off
Derby.

According to the report, Pitcher Partners' decision means the
pit, which mines high-grade ore from the side of Cockatoo Island,
is likely to fill with sea water from Yampi Sound by the end of
this week.

It is understood the insolvency firm earlier advised the
Department of Mines and Petroleum the pumps would be turned off,
while also warning the sea wall could fail if the pit fully
filled with water, The West Australian says.

The West Australian adds that the Department of Mines and
Petroleum confirmed last week it had no immediate plans to
intervene in the situation.

Environment director of operations Marnie Leybourne said in a
statement the DMP was "working with the company, its liquidators
and other government departments to ensure all safety, financial
and environmental risks are well understood and managed
appropriately".

The West Australian relates that DMP said it was aware potential
buyers had been considering offers for the mine, and said it
believed mining would eventually resume on Cockatoo Island.

The West Australian says that in addition to the environmental
risks, the decision could make it far more difficult for Pitcher
Partners to find a buyer, given industry sources estimate it
could cost up to AUD10 million to pump out the pit even if the
sea wall is not compromised.

However, Pitcher Partners' Bryan Hughes said the firm was
discussing a potential sale with some "very credible parties" who
were looking at exploring alternative means of tapping the
Cockatoo Island deposit, reports The West Australian.

According to The West Australian, the latest development is
likely to again put the State Government's Mining Rehabilitation
Fund under scrutiny, given Pluton was one of the first companies
to reclaim its environmental bonds when the scheme opened in mid-
2013.

The West Australian relates that the company scooped up
AUD19 million from the bonds, only 18 months before it collapsed
for a third time in late 2015 as the iron ore price tumbled.

The mine was put on the market last month after the WA Supreme
Court scuttled a proposed deed of company arrangement designed to
rescue Pluton, adds The West Australian.

                      About Pluton Resources

Pluton Resources Limited was engaged the exploration and
production of mineral assets within Australia. The Company's
interests focused on Cockatoo Island and Irvine Island-two of the
three islands that make up the Kimberley Iron Ore Hub (KIOH) in
Yampi Sound, Western Australia, as well as four tenements in
Collier Bay. The Irvine Island Project is situated immediately
adjacent to Pluton's Cockatoo Island hematite mining operation
and is located approximately 140 kilometers north of Derby in
Yampi Sound, located off the northern Kimberley coast of Western
Australia. The Cockatoo Island operation is located approximately
140 kilometers north of Derby in Yampi Sound, located off the
northern Kimberley coast of Western Australia.

Vincent Smith and Samuel Freeman of Ernst & Young were appointed
as administrators of Pluton Resources Limited on Sept. 8, 2015.

Major shareholder and senior secured creditor General Nice
Resources subsequently appointed Pitcher Partners as receivers
and managers of the Company.



QUEENSLAND BOILERS: First Creditors' Meeting Scheduled for Nov. 8
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Queensland
Boilers Pty Ltd will be held at Servcorp Services Offices,
Level 19, 10 Eagle Street, in Brisbane, Queensland, on Nov. 8,
2016, at 11:30 a.m.

Ozem Kassem and Jason Tang of Cor Cordis were appointed as
administrators of Queensland Boilers on Oct. 27, 2016.


SL BHARTI: First Creditors' Meeting Slated for Nov. 8
-----------------------------------------------------
A first meeting of the creditors in the proceedings of SL Bharti
Pty Ltd will be held at the offices of SV Partners, 138 Mary
Street, in Brisbane, Queensland, on Nov. 8, 2016, at 10:30 a.m.

Terrence John Rose and Anne Meagher of SV Partners were appointed
as administrators of SL Bharti on Oct. 27, 2016.



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


BANSAL FOODS: ICRA Reaffirms B+ Rating on INR4.50cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed its [ICRA]B+ rating on the INR9.0 crore fund-
based facilities of Bansal Foods (India).

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit              4.50       [ICRA]B+; (reaffirmed)
   Term Loan                4.50       [ICRA]B+; (reaffirmed)

The rating reaffirmation positively factors in the increase in
BNF's sales volume in FY2016, which helped it to achieve a
turnover growth of 31% despite a decline in realisations. The
rating also takes into account the improvement in the firm's debt
coverage indicators as evident in the interest coverage of 1.83x,
DSCR3 of 1.23x and NCA/TD4 of 12% in FY2016, however remain
moderate. ICRA notes the proximity of BNF's mill to a major rice
growing area, resulting in easy availability of paddy, and the
stable demand outlook for the rice industry.

The rating is, however, constrained by the limited track record
of the firm and its weak net profitability (net margins of 0.25%
in FY2016), though it improved from the previous year. The rating
also takes into account the high working capital intensity of the
business as the company has to maintain high paddy inventory
because of inherent seasonality and agro climatic risks to which
the firm is exposed. However, in FY2016, due to the price risk,
the firm maintained overall low inventory levels thereby reducing
the firm's working capital intensity to 17.65% from 20.64% in
FY2015. The rating also takes cognizance of the proprietorship
nature of the firm, making it vulnerable to the risk of capital
withdrawals and dependent on the proprietor. The rating is
further constrained by the highly fragmented and intensely
competitive nature of the industry.

Going forward, the firm's ability to increase the scale of
operations; efficiently manage its working capital cycle; and
bring about a sustained improvement in its profitability and
coverage indicators, will be the key rating sensitivity.

BNF was set up in December, 2013 as a proprietorship firm by Mr
Jodha Ram Bansal at Samana in Punjab. The firm is involved in the
milling of paddy into rice (basmati), and gets bran and husk as
byproducts. The firm's plant, which has a capacity of four metric
tonnes per hour, commenced commercial operations on September 29,
2014 and caters entirely to the export market. Mr Bansal is
assisted by his two sons in this business.

Recent Results
In FY2016, the firm reported a net profit of INR0.09 crore on an
operating income of INR36.64 crore as compared to a net profit of
INR0.01 crore on an operating income of INR27.99 crore in the
previous year.


CHANDRA PRABHU: Ind-Ra Lowers Long-Term Issuer Rating to BB-
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Chandra Prabhu
International Limited's Long-Term Issuer Rating to 'IND BB-' from
'IND BB'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The downgrade reflects CPIL's consistent decline in the topline
and operating EBITDA margins, leading to deterioration in the
credit metrics.

In FY16, revenue declined further to INR355 mil. (FY15: INR486
mil., FY14: INR1,028.06 mil.) primarily on account of decline in
contribution from coal trading business. Operating margins
remained thin at 1.21% in FY16 (FY15: 0.94%; FY14: 3.21%) on
account of trading nature of business coupled with volatility in
synthetic rubber prices.  Subsequently the credit metrics
deteriorated with interest coverage (operating EBITDA/gross
interest expense) of 1.08x in FY16 (FY15: 1.11x; FY14:4.91x) and
net leverage (total adjusted net debt/operating EBITDAR) of 1.27x
(9.31x, 1.15x).

Further, liquidity of the company remained stressed with
instances of overutilization of working capital facilities during
the 12 months October 2016.

The ratings, however, are supported by more than three decades of
promoters' experience in trading business.

                        RATING SENSITIVITIES

Positive: Diversification/Expansion of business leading to growth
in the topline while improvement in the overall credit metrics
could be positive for the ratings.

Negative: Further deterioration in the credit metrics and/or
stress on liquidity could be negative for the ratings.

COMPANY PROFILE

Incorporated in 1984, CPIL is a trading company and it is broadly
engaged in the trading of coal and synthetic rubber.  The company
is promoted by Mr. Gajraj Jain.  The company has its presence all
over India with head office in New Delhi and branch offices at
Chandasi in Mughal Sarai (Uttar Pradesh), Guwahati (Assam),
Bhatinda (Punjab) and Gurgaon (Haryana).

CPIL's ratings:

   -- Long-Term Issuer Ratings: downgraded to 'IND BB-' from
     'IND BB'; Outlook Stable
   -- INR10 mil. fund-based working capital limit: downgraded to
     'IND BB-'/Stable from 'IND BB'/Stable and affirmed at
      'IND A4+'
   -- INR170 mil. non-fund based limits: affirmed at 'IND A4+'


CLIMAX SYNTHETICS: CRISIL Reaffirms B+ Rating on INR120MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Climax Synthetics
Private Limited continues to reflect the small scale of
operations, and average financial risk profile, marked by modest
networth, moderate gearing and average debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          38       CRISIL A4 (Reaffirmed)

   Cash Credit            120       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        80       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      32       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by extensive
experience of promoters in the polymer manufacturing and trading
segment and funding support received from them.
Outlook: Stable

CRISIL believes CSPL will continue to benefit from extensive
experience of promoters. The outlook may be revised to 'Positive'
if substantial growth in revenue and better profitability lead to
stronger debt protection metrics. The outlook may be revised to
'Negative' if CSPL increases its exposure to equity investments,
or if large debt-funded capital expenditure or stretch in working
capital cycle, weakens the financial risk profile.

CSPL was incorporated in 1974 by promoters, Mr. KR Mundra and his
brother. The company manufactures high and low-density
polyethylene sheets, geo-membranes, pipes and fittings, at its
facility in Vadodara. The company is also an authorised Del-
Credere agent for GAIL (India) Ltd, and has been dealing in
plastic granules, since fiscal 1997. The company has recently
received National Thermal Power Corporation (NTPC) vendor
approval.

For fiscal 2016, net loss stood at INR3.52 million on operating
income of INR525.3 million vis-a-vis Net loss of INR5.87 million
on operating income of INR681.6 million in fiscal 2015.


HILLTOP HIRISE: CRISIL Suspends 'B' Rating on INR155MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Hilltop Hirise Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          85        CRISIL A4
   Cash Credit             80        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     155        CRISIL B/Stable

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

HHPL was incorporated in 2010, promoted by Jharkhand-based Mr.
Aloke Agarwalla and Mr. Navin Kumar Tulsyan. The company is a
mining service provider; it undertakes excavation, loading, and
transportation of coal to either a railway siding or a warehouse
within the mining belt.


JEWEL WORLD: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Jewel World
continues to reflect average financial risk profile because of
high working capital requirement, moderate scale of operations
and geographical concentration in revenue profile. These
weaknesses are mitigated by extensive experience of partners.

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

Outlook: Stable

CRISIL believes JW will continue to benefit over the medium term
from the extensive experience of partners. The outlook may be
revised to 'Positive' if significant improvement in scale of
operations and profitability leads to sizeable cash accrual.
Conversely, the outlook may be revised to 'Negative' if revenue
or profitability declines, capital structure or debt protection
metrics weaken, or working capital cycle gets stretched.

Update
Operating income increased to about INR328 million in fiscal 2016
from INR219 million in fiscal 2015 owing to opening of a new
showroom, which has been operational for about five months in
fiscal 2016. Operating margin also improved in fiscal 2016 due to
increase in average realisation as the stone-studded jewellery
(core product of the firm) carries high margins; however cash
accrual remained small with no term debt repayment obligation.
While inventory also augmented in fiscal 2016 backed by opening
of the new two-storey showroom, it increased further during the
year end due to a strike by the jewellery association. Inventory
is expected to remain high over the medium term but moderate from
the levels of fiscal 2016. High inventory requirement led to
enhanced reliance on the bank debt with about 92% utilisation
over the 11 months through July 2016. Financial risk profile
remains moderate despite equity infusion of INR28.9 million in
fiscal 2016 with comfortable gearing and modest debt protection
metrics.

Set up in 2013 as a partnership firm, JW is promoted by
Ahmedabad-based Soni and Patel families. It retails gold
jewellery and has two showroom in Ahmedabad.


JIWANSAAGAAR REALTY: CRISIL Reaffirms B+ Rating on INR140MM Loan
----------------------------------------------------------------
CRISIL's rating continue to reflect Jiwansaagaar Realty Private
Limited exposure to risks related to implementation of its on-
going projects and vulnerability to cyclicality in demand
inherent in the real estate sector. These weaknesses are
partially offset by the extensive entrepreneurial experience of
its promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              140       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes JRPL will continue to benefit from the extensive
entrepreneurial experience of its promoters. The outlook may be
revised to 'Positive' if on-time completion of the project and
better-than-expected customer bookings improve liquidity. The
outlook may be revised to 'Negative' if time or cost overrun in
the project or low customer bookings, adversely impact liquidity.

Incorporated in 2013, JRPL is currently executing a residential
real estate project in Bhagalpur (Bihar) - Garden Heights. Mr
Anil Kishorepuria manages the operations.


KAYCEE POLYMERS: ICRA Suspends B+/A4 Rating on INR9cr Bank Loan
---------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ and short-
term rating of [ICRA]A4 assigned to the INR9.00 crore bank
facilities of Kaycee Polymers Pvt. Ltd. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


KHEDUT DECOR: ICRA Raises Rating on INR10cr Cash Loan to BB-
------------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]BB- from [ICRA]B+
of the INR10.00-crore (enhanced from INR5.00 crore) cash credit
facility of Khedut Decor Private Limited. The outlook on the
long-term rating is stable.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit Limit       10.00      Upgraded to [ICRA]BB-
                                      (Stable) from [ICRA]B+

The ratings upgrade, favourably factors in the steady growth rate
of over 100% in OI on a YoY basis over the last two years
supported by the launch of new products and additions to the sub-
distributors and dealers network in the operational geographic
area. Further, the rating also draws comfort from the positive
demand outlook for patanjali products as well as the company's
sole distribution rights to the products of Patanjali Ayurvedic
Ltd and Divya Pharmacy in 12 out of 33 districts of Gujarat.
The ratings, however, continue to be constrained by KDPL's thin
margins owing to distribution nature of the business; pricing
flexibility is limited as the same is governed by the principal
companies as well as the competition faced from other established
brands and large organised players in the FMCG segment although
favourable pricing and positioning of the products as natural and
chemical free has led to strong consumer following for its
products.

ICRA expects KDPL's turnover to improve substantially in FY2017
in anticipation of the huge orders for Patanjali products. The
profitability is expected to remain low owing to trading nature
of business and the gearing levels expected to remain high due to
low net worth. Further, the company is expected to benefit from
the positive demand outlook owing to the perceived health
benefits of ayurvedic products. Patanjali products are typically
priced 15-30% lower than the competing brands. While there is a
strong linkage of the 'Patanjali' brand with PAL's key promoters
Aacharya Balkrishna and Baba Ramdev, the brand value is
vulnerable to any decline in the followership of these
individuals. Any provisions of violation of food regulators can
also adversely affect the demand for Patanjali products. Further,
factors like appointment of another institutional distributor or
direct tie-ups of e-commerce clients/retail chains with PAL pose
a threat and will be a key monitorable.

Khedut Decor Pvt Ltd. was incorporated in 1997. The company is
promoted and managed primarily by Mr. Laxman Hirpara and Mr.
Nilesh Hirpara. The company was initially involved in trading in
multiple products like various electronic appliances, home
appliances, kitchen appliances, FMCG goods, etc of varied brands.
From June 2014, in order to expand its scale of operations, the
company diversified its business and was awarded as the
authorised distributor for "Patanjali products". It has entered
into a Super Distributor Agreement with "Patanjali Ayurved
Limited" for FMCG goods and with "Divya Pharmacy" for ayurvedic
medicine for 12 districts in the Gujarat region. The registered
office of the company is located in Gondal.

Recent Results
For the year ended March 31, 2016, the company reported an
operating income of INR71.0 crore with profit after tax (PAT) of
INR0.2 crore.


KRAFT LAMINATE: CRISIL Suspends 'B' Rating on INR68MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Kraft
Laminate.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B/Stable
   Term Loan               68        CRISIL B/Stable

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

KL was established in 2013 as a partnership firm by Ahmedabad
(Gujarat)-based Mr. Amit Patel, Mr. Kirit Patel, Mr. Sandip
Patel, and Mr. Vishram Patel. The firm manufactures decorative
laminates used for furnishing, especially for doors, and also
veneers and industrial laminates. Its manufacturing unit is at
Narol, Ahmedabad.


KRISHIKA FARMS: CRISIL Ups Rating on INR60MM Term Loan to 'B'
-------------------------------------------------------------
CRISIL's has upgraded its ratings on the bank facilities of
Krishika Farms Private Limited (part of the Mayuri Group) to
'CRISIL B/Stable' from 'CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Term Loan               60        CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

The upgrade reflects timely servicing of debt by Mayuri group
over the six months through September 2016. The upgrade also
factors in CRISIL's belief that the company will continue to
service its debt obligation in a timely manner backed by larger
than expected improvement in cash accruals and continued need
based funding support from promoters.

The rating continues to reflect the Mayuri group's stretched
liquidity marked by tightly matched cash accruals and term debt
obligations. The rating also factors in susceptibility of
profitability margins to volatility in raw material prices,
exposure to intense competition and to inherent risks in the
poultry industry, and below-average financial risk profile marked
by modest net worth, high gearing, and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of the group's promoter in the poultry
industry and the need based fund support from promoters.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KFPL, Mayuri Broiler Breeding Farms
Pvt Ltd and Lakshmi Venkat Farms Limited; these companies are
together referred to as the Mayuri group. This is because the
three companies, collectively referred to as the Mayuri group,
have operational synergies being in the same line of business,
and have a common promoter and fungible cash flows.
Outlook: Stable

CRISIL believes that the Mayuri group will continue to benefit
over the medium term from its promoter's extensive industry
experience and its need based fund support from promoters. The
outlook may be revised to 'Positive' in case of a substantial and
sustained improvement in revenue and profitability margins, or in
capital structure or net worth backed by sizeable equity infusion
by promoter. Conversely, the outlook may be revised to 'Negative'
in case of a steep decline in profitability margins, or
significant deterioration in capital structure, caused most
likely by large debt-funded capital expenditure or stretch in
working capital cycle.

LVFL, incorporated in 1995 by Mr. V. Harshvardhan Reddy, produces
hatching eggs and day-old chicks. MBFPL, incorporated in 2006 by
Mr. V Harshvardhan Reddy, produces hatching eggs and broiler
birds. KFPL, incorporated in 2010, produces table eggs. The group
is based in Hyderabad, Telangana


MEGA VITRIFIED: ICRA Suspends B+ Rating on INR7cr Cash Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ to the
INR11.10 crore fund based bank facilities of Mega Vitrified
Private Limited. ICRA has also suspended the rating for short
term non fund based limits of INR3.60 crore at [ICRA]A4 for the
bank limits of MVPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan               4.10       [ICRA]B+;suspended
   Cash Credit             7.00       [ICRA]B+ ; suspended
   Bank Guarantee          2.60       [ICRA]A4; suspended
   Letter of Credit        1.00       [ICRA]A4; suspended

Mega Vitrified Pvt Ltd was incorporated in March 2007 and is
engaged in manufacturing of vitrified tiles. The company started
commercial production from March 2008. The company has its
production facilities at Morbi, Gujarat with a total
manufacturing capacity of 49900 MTPA.


MPL CARS: CRISIL Suspends B+ Rating on INR250MM Inventory Fund
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
MPL Cars Private Limited (a part of the MPL group).

                               Amount
   Facilities                 (INR Mln)     Ratings
   ----------                 ---------     -------
   Inventory Funding Facility     250       CRISIL B+/Stable
   Overdraft Facility             200       CRISIL A4

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MCPL and Malayalam Cars and Services
Pvt Ltd. This is because the two entities, together referred to
as the MPL group, are managed by the same promoters, have
fungible funds, and are in the same line of business.

MCPL was set up in 1998 by Mr. Ravindranathan and his family; it
is an authorised dealer for Ford's cars in Tamil Nadu and
Puducherry. MCSPL is an authorised dealer for Ford in Kerala
under the trade name Malayalam Ford; it has one showroom in
Kundanoor (Kerala). The operations of both showrooms are managed
by Managing Director Mr. S Ravindranathan.


PANNALAL MAHESH: ICRA Suspends B+ Rating on INR4.25cr Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ assigned to
the INR4.25 crore and short term rating of [ICRA]A4 assigned to
the INR25.15 crore bank facilities of Pannalal Mahesh Chandra
Jewellers. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


POLYDRUG LABORATORIES: ICRA Assigns B+ Rating to INR46cr LT Loan
----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR46.00
crore working capital facilities and to the INR27.00 crore long
term interchangeable limits and has also assigned a short term
rating of [ICRA]A4 to the INR9.00 crore non fund based facility
and INR6.00 crore short term interchangeable facilities of
Polydrug Laboratories Private Limited. The long term and short
term interchangeable limits are a sub limit of the working
capital facilities.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term, fund
   based - CC              46.00        [ICRA]B+; assigned

   Long term,
   Interchangeable        (27.00)       [ICRA]B+; assigned

   Short term,
   non fund based           9.00        [ICRA]A4; assigned

   Short term,
   Interchangeable         (6.00)       [ICRA]A4; assigned

While arriving at the ratings, ICRA has consolidated the
financials of Polydrug Laboratories Private Limited and its group
concern Gemini exports (GE), given common promoters, similar line
of business and proposed gradual shift of trading business from
PLPL to GE in future.

The assigned rating takes into account the long standing
experience of the promoters in the API industry, its established
relations with its diversified customer base and limited
borrowing levels restricted to working capital requirements at
present.

The rating, however, is constrained by the working capital
intensive nature of operations, arising out of elongated
receivable periods, leading to delays in export bills
realizations, reflecting stress on the liquidity position. The
rating is further constrained by the product and therapeutic
segment concentration risk with the company manufacturing about 7
products at present and the antihypertensive segment accounting
for about 46% of the total revenues in FY2016. Also, the margins
of the company are exposed to fluctuation in the foreign currency
and the raw material price movements given the limited ability of
the company to pass on the price increase to their customers
owing to the competitive pressures in the industry. Apart from
this, the company is also exposed to any regulatory risk in terms
of approvals, with import alert in recent past from US FDA
remains an area of concern for its entry in the regulated
markets.

Going forward efficient management of working capital, so as to
improve its collection efficiency, thus ensuring timely
realization of bills, so as to improve its overall liquidity
position remains a key rating sensitivity.

Polydrug Laboratories Private Limited was incorporated in 2004
and is engaged in the manufacture and export of Active
Pharmaceutical Ingredients (APIs). The company is also engaged in
trading of APIs and has an in-house R&D facility at its
manufacturing location.

The sister concern of PLPL, Gemini Exports is a partnership firm
started in 1996 and is engaged in trading of APIs. The trading
operations are carried out from their head office located at
Sewri, Mumbai and over 300 APIs are traded by the firm while the
manufacturing is carried out at the facility located at
Ambernath, Maharashtra which has four plants within the facility.
The plant is audited & approved by Korean FDA, Mexican FDA, WHO-
GMP Certified, ISO 9001:2008 certified by ISOQAR, ISO 14001:2004
certified by ISOQAR, OHSAS 18001:2007 certified by ISOQAR and
HALAL certified. The company is also expecting an approval from
EDQM (European Directorate for the Quality of Medicines &
HealthCare) for exporting to European countries.

Recent Results
In FY2016 (provisional), PLPL has reported a net profit of
INR12.45 crore (tax not provided for in provisional results) on
operating income of INR129.00 crore as against a net profit of
INR5.01 crore on operating income of INR124.57 crore in FY2015
(audited).


PONNU FOOD: ICRA Assigns 'B' Rating to INR8.9cr LT Loan
-------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR0.9
crore fund based facilities and INR0.1 crore unallocated funds of
Ponnu Food Products. ICRA also has a long-term rating of [ICRA]B
outstanding on the INR8.00 crore fund-based facilities of Ponnus.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Long term: Fund-
   Based facilities       8.9      [ICRA]B; assigned/outstanding

   Long term:
   Unallocated funds      0.1      [ICRA]B; assigned

The rating continues to factor in the small scale of operations
of the firm, which coupled with low value addition in the
business and high competition in the industry has led to low
profitability and weak debt coverage indicators. Though there
have been steps taken by the firm towards diversification of the
customer base, the rating continues to be constrained by the high
customer concentration with SUPPLYCO (Kerala State Civil Supplies
Corporation, a Kerala Government undertaking) which entails risk
of order volatility and limits the bargaining power of the firm.
The rating also takes into account the working capital intensive
nature of the business, arising out of the need to maintain
substantial inventories in line with the industry trends.

ICRA, however, draws comfort from the longstanding experience of
the promoters in supplying to SUPPLYCO outlets across Kerala
coupled with a wide product portfolio which besides helping in
supporting in customer diversification, supports the entity's
margins to an extent. Going forward the sustained growth and
effective management of working capital cycle will be critical
for improvement in the financial profile of the entity.

Ponnu Food Products was formerly established as a proprietary
concern by Ms Suja Shajilal in August 1999 at Aylara in Kollam
District of Kerala which was later converted into a partnership
firm in December 2012. The firm is engaged in the business of
manufacturing, milling, grading and packaging of various cooking
ingredients and spices. The firm's product portfolio consists of
around 120 items, which includes rice products, wheat products,
curry powders, cereals, packaged flours, spices etc. Most of the
products are sold under Ponnus own brand "Ponnus", except for
specific orders where it sells under private label of the retail
chains. The firm procures its raw materials predominantly from
traders in Tamil Nadu and Andhra Pradesh. Ponnus majorly supplies
to around 1300 outlets of Supplyco (The Kerala State Civil
Supplies Corporation Limited, a Govt. of Kerala undertaking)
located across Kerala.

Recent Results
For the year ended FY2016, Ponnus achieved a net profit
(provisional) of INR0.1 crore on a total operating income of
INR35.1 crore as compared to net profit of INR0.1 crore on a
total operating income of INR33.5 crore during the previous
financial year.


PRATHAMESH LAND: Ind-Ra Affirms BB+ Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Prathamesh Land
Developers' Long-Term Issuer Rating at 'IND BB+'.  The Outlook is
Stable.  The agency has also affirmed the company's INR512.60
mil. (reduced from INR600 mil.) long-term loan at
'IND BB+'/Stable.

                          KEY RATING DRIVERS

The rating affirmation reflects the low risk of time and cost
overruns in PLD's three ongoing residential projects, Sethia Sea
View, Sethia Green View and Sethia Link View, as 94.11% of the
total construction of all the three projects has been completed.
The partners expect Sethia Sea View to be completed by March
2017, while the remaining two projects have been completed.  The
ratings continue to be constrained due to the partnership
structure of the firm.

The ratings however continue to benefit from the promoter's over-
a-decade long experience in the real estate sector and the
projects' strategic location in Goregaon West, a suburb in
Mumbai, close to schools, colleges, and markets.  The ratings
also benefit from the fact that 362 flats (79.21%) have been
already sold out of a total of 450 flats from all the three
projects.

                       RATING SENSITIVITIES

Positive: The timely completion of the projects within the
projected cost outlay will be positive for the ratings.

Negative: Any slowing down in bookings leading to a cash flow
shortfall will be negative for the ratings.

COMPANY PROFILE

PLD is a registered partnership firm which was founded in 2004.
The firm is promoted by Basantraj Meghraj Sethia.  Sethia has
completed several residential and commercial projects in the past
under the Sethia Group.

The construction of the firm's residential projects started in
2014.  The total area of the projects is 362305 sq. ft.  The
project land belongs to Adivasi Sahakari Ghar Bandhakam Sanstha
Maryadit.


PUSHPAK BULLIONS: ICRA Lowers Rating on INR140cr LT Loan to D
-------------------------------------------------------------
ICRA has downgraded the long term rating on the INR140.0 crore
fund based bank facilities and the INR10.00 crore unallocated
limits of Pushpak Bullions Private Limited to [ICRA]D from
[ICRA]B+.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term, Fund Based     140.0       [ICRA]D/downgraded from
                                         [ICRA]B+

   Long-term, Unallocated     10.00      [ICRA]D/downgraded from
                                         [ICRA]B+

The rating revision takes into account the ongoing delays in debt
servicing by the company due to its stretched liquidity position
owing to overdue receivables. ICRA also notes the highly
competitive nature of the industry and PBPL's exposure towards
regulatory risks, wherein any change in the market dynamics and
regulatory environment may impact its revenues as well as
profitability.

Incorporated on Dec. 17, 1999, and promoted by Mr. Chandrakant
Patel, Pushpak Bullions Private Limitedis engaged in trading of
gold and silver bullion. The company is also involved in
manufacturing and wholesale trading and export of plain gold
jewellery, diamond studded jewellery, gold and silver coins,
medallions, bullion bars and precious stones.


R A PARIKH: Ind-Ra Withdraws BB- Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn R A Parikh
Jewellers' 'IND BB-(suspended)' Long-Term Issuer Rating. The
agency has also withdrawn the 'IND BB-(Suspended)' rating on the
company's INR60 mil. fund-based limits.

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

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


SAI RAGHAVENDRA: CRISIL Raises Rating on INR36.5MM Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Sai Raghavendra Rice Industries to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             36.5      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Long Term Loan          21.7      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term      19.3      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   SME Credit               2.5      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects improvement in business risk profile, driven
primarily by increase in revenue over the past three years'at a
compound annual growth rate of about 65%. The growth in cash
generation, along with moderate working capital cycle, has led to
improved liquidity. Working capital management and extent of
capital expenditure undertaken will, nevertheless, remain key
rating sensitivity factors over the medium term.

The rating continues to reflect the firm's modest scale of
operations in the intensely competitive rice milling industry,
and susceptibility to changes in government regulations and paddy
prices. The rating also factors in average financial risk
profile, marked by modest networth, low gearing, and average debt
protection metrics. These rating weaknesses are partially offset
by benefits derived from the promoters' extensive experience.
Outlook: Stable

CRISIL believes Sai Raghavendra will continue to benefit over the
medium term from the promoters' extensive experience. The outlook
may be revised to 'Positive' if a substantial and sustained
increase in revenue, stable profitability, and sizeable equity
infusion by the promoters strengthen financial risk profile.
Conversely, the outlook may be revised to 'Negative' if a steep
decline in profitability, or stretch in working capital cycle,
weakens the financial metrics.

Incorporated in 2011 as a partnership firm, Sai Raghavendra
operates a rice mill for undertaking milling and processing of
paddy into rice, rice bran, broken rice, and husk. The firm
commenced commercial operations in fiscal 2013 and is based in
Kolkulpally, Andhra Pradesh. The managing partners, Mr. V Jagan
and Mr. V Srinivas, have around 30 years of experience in similar
lines of business.


SHARMA SURGICAL: CRISIL Assigns B+ Rating to INR46MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sharma Surgical and Engineering Private
Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               46        CRISIL B+/Stable
   Cash Credit             30        CRISIL B+/Stable
   Inland/Import Letter
   of Credit               13.5      CRISIL A4

The ratings reflect the modest scale of, and working capital
intensity in, SSEPL's operations in the competitive orthopedic
implants and equipment industry, and the sizeable debt funded
capital expenditure, which constrains financial risk profile.
These weaknesses are partially offset by the extensive experience
of the promoters and SSEPL's healthy operating profitability.

Outlook: Stable

CRISIL believes SSEPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if early stabilisation of operations
and higher revenue from new unit, and healthy operating margin
lead to sizeable cash accrual. Conversely, the outlook may be
revised to 'Negative', if the financial risk profile deteriorates
on account of low cash accrual, stretch in working capital
requirement, or any large capital expenditure.

Incorporated in 1994, in Vadodara, SSEPL manufactures medical
products primarily orthopedic implants and its allied equipment.
Mr. Anand Sharma and his family are the promoters.


SHREE GANESH: ICRA Suspends 'B' Rating on INR6.0cr Cash Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR6.00 crore
working capital facilities & INR2.00 crore term loan facility of
Shree Ganesh Cotton 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               2.00       [ICRA]B suspended

Established in 2015, Shree Ganesh Cotton Industries has set up a
cotton ginning and crushing unit at Rajkot in Gujarat. The plant
is equipped with 36 ginning machines and 1 pressing machine with
a manufacturing capacity of producing 180 bales per day. The firm
has also installed 6 expellers for cotton seed crushing having
processing capacity of 60 tonnes of cottonseeds per day. Shree
Ganesh Cotton Industries is a partnership firm with the partners
having extensive experience in the cotton industry through its
concern - KK Cotex.


SHRI VASUDEVA: Ind-Ra Affirms B+ Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shri Vasudeva
Weaving Mills Private Limited's Long-Term Issuer Rating at
'IND B+'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The affirmation reflects the successful commencement of
Vasudeva's commercial operations and an improvement in revenue.
The company started commercial operations in February 2015.
Provisional financials for FY16 indicate revenue of INR360 mil.
(FY15: INR28 mil.) with EBITDA margin of 14.8% (FY15: negative
4.8%).  The company's tight liquidity position is reflected by
its around 98% utilization of the cash credit limits during the
12 months ended September 2016

The ratings continue to factor in the company's founders'
experience of over five decades in manufacturing cotton yarn.

                       RATING SENSITIVITIES

Positive: A significant and sustained growth in the revenue and
EBITDA margins leading to an improvement in the credit metrics
will result in a rating upgrade.

Negative: A sustained decline in the revenue and EBITDA margins
leading to a sustained deterioration in the credit metrics could
lead to a negative rating action.

COMPANY PROFILE

Vasudeva was incorporated in 2012 and started operations in
February 2015. It is engaged in the business of weaving,
knitting, manufacturing and dealing of cloth and fabrics.

Vasudeva's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND B+', Outlook
      Stable
   -- INR136.7 mil. long term loans (increased from
      INR159.43 mil.): affirmed at 'IND B+'/ Stable
   -- INR130 mil. fund-based facilities (increased from
      INR105 mil.): affirmed at 'IND B+'/ Stable and 'INDA4'
   -- INR3.30 mil. non-fund based facilities (decreased from
      INR5.57 mil.): affirmed at 'IND A4'


SIGMA CHEMTRADE: Ind-Ra Assigns BB+ Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sigma Chemtrade
Pvt. Ltd. a Long-Term Issuer Rating of 'IND BB+'.  The Outlook is
Stable.

                        KEY RATING DRIVERS

The ratings reflect SCPL's moderate scale of operations and weak
operating margins as reflected in its revenue of INR907 mil.
during FY16 (FY15: INR684 mil.) and EBITDA margins of 1.92%
(1.87%).  The operating margins were weak mainly due to trading
nature of its business.

The ratings, however, are supported by SCPL's strong credit
metrics as reflected in its gross interest coverage (operating
EBITDA/gross interest expense) of 2.2x in FY16 (FY15: 2.1x) and
net financial leverage (total adjusted net debt/operating
EBITDAR) of 1.4x (2.3x).  Credit metrics improved on account of
improvement in operating EBITDA due to increase in revenue.

The ratings are further supported by the company's strong
liquidity position as indicated by the average utilization of its
working capital being 72.30% during the 12 months ended September
2016.  The ratings benefit from its promoters' around three
decades of experience in the chemical trading industry.

                        RATING SENSITIVITIES

Positive: Consistent revenue growth along with the growth in
profitability and maintenance of the credit metrics could lead to
positive rating action.

Negative: Any deterioration in EBITDA interest coverage on a
sustained basis could lead to a negative rating action.

COMPANY PROFILE

SCPL, set up in 2007 in Indore (Madhya Pradesh), is engaged in
the trading of polymers and plastic raw materials such as high
density poly ethylene, low density poly ethylene, polypropylene
and chemicals.  The company imports polymers and plastic raw
materials from countries such as Abu Dhabi, Malaysia, Dubai etc.
The company sells the imported raw materials in the domestic
market.

Additionally, the company is a consignment agent of Finolex
Industries Limited (IND AA-/ Stable) for polyvinyl chloride resin
and NOCIL Limited for rubber chemicals in Madhya Pradesh.  SCPL
receives commission for the consignment work.

Mr. Sanjay Goyal, Mr. Vijay Goyal and Mrs. Nina Goyal are the
main promoters of the company.

SCPL's ratings:

   -- Long-Term Issuer Rating: assigned at 'IND BB+'/ Stable
   -- INR12.5 mil. fund-based working capital limits: assigned
      'IND BB+'/Stable
   -- INR130 mil. non-fund-based working capital limits: assigned
      at 'IND A4+'


SRI VASUDEVA: Ind-Ra Lowers Long-Term Issuer Rating to BB+
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sri Vasudeva
Textiles Private Limited's Long-Term Issuer Rating to 'IND BB+'
from 'IND BBB-'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The downgrade reflects sustained deterioration in SVTPL's credit
profile.  According to FY16 provisional financials net leverage
deteriorated to 6.0x (FY15: 3.78x; FY14: 3.5x) and EBITDA
interest coverage (operating EBITDA/gross interest expense)
decreased to 1.5x (1.8x, 2.0x) on account of debt-funded capex.
EBITDA margin declined to 11.1% in FY16 (FY15: 12.8%; FY14:
14.5%) on account of cotton and yarn price fluctuations. Revenue
declined to INR910 mil. in FY16 (FY15: INR906 mil.; FY14; INR966
mil.) on reduced order-flow and industry slowdown.

The company's tight liquidity position is reflected by its around
98% utilization of the cash credit limits during the 12 months
September 2016.

45% increase in cotton price during the first quarter of FY17
could lead to possible stress on Vasudeva's profitability in
FY17. The company indicated revenue of INR290m in 1QFY17.

The ratings, however, continue to factor in the company's
founders' experience of over five decades in the cotton yarn
manufacturing.

                        RATING SENSITIVITIES

Positive: Significant and sustained growth in revenue and EBITDA
margins leading to improvement in the credit metrics could result
in a rating upgrade.

Negative: A sustained decline in revenue and EBITDA margins
leading to sustained deterioration in the credit metrics could
lead to a negative rating action.

COMPANY PROFILE

Incorporated in 1956, Vasudeva is a cotton and melange yarn
manufacturer.  The company has also invested in an 8MW windmill
which subsidizes its power bill.  FY16 provisional financials
indicate EBITDA of INR101 mil. (INR116 mil.).  The company had
utilized its fund-based facilities at an average of 99.7% during
the 12 months ended August 2016.

Vasudeva's ratings:

   -- Long-Term Issuer Rating: downgraded to 'IND BB+'/Stable
      from 'IND BBB-'/Stable
   -- INR300 mil. fund-based working capital facilities
      (increased from INR285 mil.): downgraded to 'IND
       BB+'/Stable from 'IND BBB-'/Stable and 'IND A4+' from
      'IND A3'
   -- INR270 mil. term loans (increased from INR133.1 mil.):
      downgraded to 'IND BB+'/Stable from 'IND BBB-'/Stable


SUGNA IMPEX: CRISIL Suspends B Rating on INR20.8MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sugna Impex Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2.2       CRISIL A4
   Letter of Credit       27.0       CRISIL A4
   Term Loan              20.8       CRISIL B/Stable
   Working Capital
   Facility               20.0       CRISIL B/Stable

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

Incorporated in 2008, SIPL by Mr. Govind Daliya and his family
members. The company trades in marbles and granites and
manufactures artificial marble stones. The company's
manufacturing facility is located at Saigram (Gujarat).


SUN ENERGY: Weak Financial Strength Prompts ICRA 'SP 3D' Grading
----------------------------------------------------------------
ICRA has revised the grading assigned to Sun Energy Solar
Solutions to 'SP 2D' indicating 'High Performance Capability' and
'Weak Financial Strength' from 'SP 3D' indicating 'Moderate
Performance Capability' and 'Weak Financial Strength' of the
channel partner to undertake off-grid solar projects. The grading
is valid till Feb. 22, 2017, after which it will be kept under
surveillance.

Grading Drivers

Strengths
    * Backward integrated business model with presence in
      manufacturing of solar panels and other Solar PV products

    * Established relationships with diverse clientele which has
      resulted in repeated orders

    * Increasing awareness and support from both central and
      state governments for the promotion of solar power
      resulting in good demand in off-grid segment

Challenges
    * Small scale of operations with revenues of INR5.95 crore in
      FY2015 and INR6.00 crore in (10m) FY2016

    * Order book of INR27.85 crore as on September 30, 2016 date
      provides revenue visibility in medium term

    * Financial profile of the firm is characterized by high
      gearing of 6.10 times and total outstanding liabilities/
      tangible net worth of 6.49 times as on March 31, 2015 owing
      to low net worth of the firm

    * Risks arising from partnership nature of the firm

    * Limited operating & maintenance (O&M) network of the firm
      with presence in Kerala

    * Large number of organized and unorganized players in solar
      PV space indicating high level of competition leading to
       pressure on margins

SI Related Business - High Performance Capability

    * Promoter's Track Record: The managing partner of the firm,
      Mr. Ravi Kulangara has more than 25 years of experience in
      electronics engineering field. SESS has executed solar
      projects of cumulative capacity 3.54 MW in the last two
      years. The company has an order book of INR27.85 crore for
      supply of solar power systems as on August 31, 2016 to be
      completed over next 12 months.

    * Technical competence and adequacy of manpower: SESS has a
      team of 12 technical personnel which includes skilled and
      semi-skilled people providing competence in executing the
      projects. SESS's products conform to the specifications of
      MNRE. The employed manpower has been adequate for the
      limited number of projects undertaken so far; however the
      same would need to be increased for scaling up of
      operations.

    * Quality of suppliers and tie ups: SESS has technical tie up
      with Sahaj Solar Pvt Ltd and also is an authorized
      distributor of their products in Kerala. Sahaj Solar Pvt.
      Ltd supplies solar materials for the installation. SESS has
      established relationship with various suppliers and they
      regularly supply materials on demand basis.

    * Customer and O&M Network: The customer profile of SESS
      mainly includes educational institutions, hospitals and
      households. The customers are located mainly in the
      southern part of India, particularly in Kerala. The
      customers are satisfied with the firm's services. The firm
      provides 25 years warranty for the panels and also provides
      after sales support for maintenance along with Sahaj Solar
      Pvt Ltd. O&M is provided by the technical team for its
      customers on need basis.

Financial Strength - Weak

Revenues
The firm has reported revenue of INR5.95 crore for the year
FY2015

Return on Capital Employed (RoCE)
High at 21.29% for FY2015

Total Outside Liabilities / Tangible Net worth
High at 6.49 times as on March 31, 2015

Interest Coverage Ratio
Moderate at 1.78 times for FY2015

Net-Worth
Net worth of the SESS and its promoters is INR13.34 crore as on
March 31, 2015

Current Ratio
Moderate at 1.55 times for FY2015

Relationship with bankers
Bankers are satisfied with the company

The overall financial profile of the company is Weak.


SWASTIK TRADERS: ICRA Suspends B+/A4 Rating on INR13cr Loan
-----------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ and short-
term rating of [ICRA]A4 assigned to the INR13.00 crore bank
facilities of Swastik Traders. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


TOPMAN EXPORTS: Ind-Ra Withdraws D Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Topman Exports
Limited's 'IND D(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended TEL's ratings on April 26, 2016.

TEL's ratings:

   -- Long-Term Issuer Rating: 'IND D(suspended)'; rating
      withdrawn
   -- INR277.4 mil. term loan: Long-term 'IND D(suspended)';
      rating withdrawn
   -- INR375 mil. fund-based cash credits limits: Long-term
      'IND D(suspended)'; rating withdrawn
   -- INR50 mil. non-fund-based working capital limits: Short-
      term 'IND D(suspended)'; rating withdrawn


V L RAKA: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
---------------------------------------------------------
CRISIL's rating on the bank facilities of V L Raka Jewellers
Private Limited continues to reflect the company's modest scale
of operations in the jewellery industry and its working capital
intensive operation. The rating also factors in below-average
financial risk profile marked by small networth and average debt
protection metrics. These rating weakness are partially offset by
the extensive experience of the promoters' in the jewellery
industry and low total outside liabilities to tangible networth.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             50       CRISIL B+/Stable (Reaffirmed)
   Proposed Cash
   Credit Limit            40       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VLRJPL will continue to benefit over the
medium term from its promoters extensive industry experience and
its established relations with customers. The outlook may be
revised to 'Positive' if there is a substantial and sustained
increase in the company's scale of operations, while it maintains
its profitability margins, or there is a substantial improvement
in the company's networth on the back of sizeable equity infusion
from its promoters. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in the company's
profitability margins, or significant deterioration in its
capital structure caused most likely by a stretch in its working
capital cycle.

VLRJPL was set up in 2008 by Mr. Valchand Raka and Mr. Pradip
Raka. Prior to this, the promoters had presence in the retail
jewellery business through its proprietorship firm. VLRJPL sells
gold, silver, and diamond studded jewellery through its retail
store in Bhiwandi (Maharashtra). This store was started in 1975.



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


1MALAYSIA: Trial of Ex-BSI Banker Kicks Off in Singapore
--------------------------------------------------------
Grace Leong at The Strait Times reports that a trial of four
witness-tampering charges started on Oct. 31 against former BSI
banker Yeo Jiawei, who is alleged to have played a key role in a
money-laundering operation linked to scandal-hit 1Malaysia
Development Berhad (1MDB) fund.

The report says the trial, which was to begin at 9:30 a.m. to an
already packed courtroom, was adjourned to 2:30 p.m.

The Strait Times relates that Yeo, 33, is accused of facilitating
illicit transactions involving 1MDB that led to the shutdown of
Swiss private bank BSI's operations in Singapore. He faces a
total of 11 charges ranging from money laundering and cheating to
forgery and obstruction of justice.

According to the report, the trial on the four charges is set to
run through Nov. 11, except for Nov. 4, with District Judge Ng
Peng Hong presiding.

Mr. Philip Fong of the law firm of Harry Elias is representing
Yeo.

Among the four witness tampering charges, he was accused of
"intentionally perverting the course of justice" in March when he
told Pinto Jose Renato Carvalho to dispose of his laptop, which
would likely contain evidence of Yeo's dealings with Amicorp
Group, which provides legal and corporate secretarial support
services, according to The Strait Times.

The Strait Times relates that Yeo allegedly told Mr. Carvalho
"not to travel to Singapore to avoid being interviewed" by the
Commercial Affairs Department.

In other witness tampering charges, Yeo allegedly asked Mr. Kevin
Swampillai, BSI's head of wealth management services, on March 27
to lie to police that money Mr. Samuel Goh Sze-wei transferred to
Bridgerock Investment, a firm Yeo controlled, was Mr Goh's
investment, relays The Strait Times.

The Strait Times adds that prosecutors earlier said Yeo tampered
with at least five witnesses on at least five occasions,
including asking one to destroy evidence.

Besides Yeo, two other former BSI employees are also facing
charges. On Oct. 10, Yak Yew Chee and Yvonne Seah, were charged
with carrying out suspicious money transfers for their client Low
Taek Jho, better known as Jho Low, The Strait Times reports.

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015.  The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported last month that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.



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


SOLID ENERGY: Bathurst Resources and Talley's Buy Three Mines
-------------------------------------------------------------
Hamish Rutherford at Stuff.co.nz reports that one of
New Zealand's leading food companies has joined forces with a
mining company to buy three mines from collapsed state mining
company Solid Energy.

Stuff.co.nz relates that more than a year after the state-owned
mining company was placed into voluntary administration to
protect it from collapse, the sale of its assets was released on
Oct. 31.

According to Stuff.co.nz, the most notable purchase sees Talley's
-- a major Motueka-headquartered food producer, partner with
Wellington-based Bathurst Resources in buying the Stockton mine
on the West Coast, as well as the Rotowaro and Maramarua mines in
the Waikato.

Stuff.co.nz says the purchase is in a joint venture, Phoenix
Coal, with Talley's Group, which will own 35 per cent of the
project.

Elsewhere, Greenbriar, owned by the Palmer MH Group, a private
South Island resources company, has bought the New Vale and Ohai
coal mines in Southland, Stuff.co.nz relays.

The report says Birchfield Coal Mines, a West Coast mining
company, has bought the Strongman and Liverpool mines on the West
Coast.

Stuff.co.nz relates that in a statement, Solid Energy's incoming
chief executive Tony King said staff had been briefed on the
process, and that most would find jobs under the new owners.

"Our expectation is that a good majority of staff will be
employed by the new owners, an outcome that Solid Energy has
worked hard to achieve," the report quotes Mr. King as saying.

The deal is also expected to see the banks which lent hundreds of
millions of dollars recover significantly more than expected a
year ago, adds Stuff.co.nz.

                        About Solid Energy

Solid Energy New Zealand Ltd is New Zealand's largest coal mining
company and an investor in research and commercialisation of
sustainable forms of energy that use coal, coal seam gas,
biomass, biodiesel and solar. Solid Energy's core mining business
includes hard coking coal, primarily for export to steel mills
throughout Asia, and thermal coal for the Huntly power station
and other domestic customers in the steel, dairy and cement
industries.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 13, 2015, the Board of Solid Energy New Zealand Limited
(SENZ) has placed the company and all associated companies into
voluntary administration, a process which allows the company to
continue trading while creditors consider the best way forward.

KordaMentha partners, Brendon Gibson and Grant Graham have been
appointed Administrators.

Creditors of the Solid Energy Group on September 17 approved a
Deed of Company Arrangement (DOCA) with the Group.


SOLID ENERGY: Creditors to Receive 45 to 55 Cents on Dollar
-----------------------------------------------------------
KordaMentha partners and Solid Energy New Zealand Limited (SENZ)
Deed Administrators, Brendon Gibson and Grant Graham, on Oct. 31
assessed creditor returns to be between 45 and 55 cents,
resulting from the successful conclusion to the SENZ assets' sale
process.

Messrs. Gibson and Graham were originally appointed Voluntary
Administrators to the SENZ group of companies by the SENZ board
in August 2015.

In September 2015, having completed their assessment, they
recommended that creditors accept the Deed of Company Arrangement
(DOCA) which restructured the debt and allowed for an orderly and
managed sale of assets. They noted that, in liquidation, the
assets were likely to only raise between 15 and 20 cents in the
dollar and 35 to 40 cents via a managed sale of assets under the
DOCA.

"When these sales settle, it now appears creditors will receive
between 45 and 55 cents in the dollar. It took some time, but
this is a very positive outcome for the SENZ board, staff and
creditors. With key mining assets sold as going concerns, SENZ
anticipates a good majority of the jobs will transfer to the new
owners.

"Not only does this demonstrate that voluntary administration can
work when all parties pull together, but the process can provide
creditors with a far better outcome than liquidation.

"This is great news for the staff and communities where SENZ
operates. It's a significant achievement and the Board and
management team are to be congratulated," Mr. Gibson said.

The sales of Solid Energy's Stockton, Rotowaro, Maramarua, New
Vale, Ohai, Strongman and Liverpool mines are conditional and
expected to settle in the first half of 2017.

                        About Solid Energy

Solid Energy New Zealand Ltd is New Zealand's largest coal mining
company and an investor in research and commercialisation of
sustainable forms of energy that use coal, coal seam gas,
biomass, biodiesel and solar. Solid Energy's core mining business
includes hard coking coal, primarily for export to steel mills
throughout Asia, and thermal coal for the Huntly power station
and other domestic customers in the steel, dairy and cement
industries.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 13, 2015, the Board of Solid Energy New Zealand Limited
(SENZ) has placed the company and all associated companies into
voluntary administration, a process which allows the company to
continue trading while creditors consider the best way forward.

KordaMentha partners, Brendon Gibson and Grant Graham have been
appointed Administrators.

Creditors of the Solid Energy Group on September 17 approved a
Deed of Company Arrangement (DOCA) with the Group.



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


LIFEBRANDZ LTD: Auditors Raises Going Concern Doubt
---------------------------------------------------
Ann Williams at The Strait Times reports that auditors for
Lifebrandz Ltd have flagged concern over the company's ability to
continue as a going concern.

According to the report, Mazars LLP noted that the Catalist-
listed company had a net current liability of SGD164,000 and net
total liability of SGD158,000 as at July 31. It also incurred a
net loss of SGD1.07 million and net operating cash outflows of
SGD987,000 for the financial year ended July 31, 2016.

"These conditions indicate the existence of a material
uncertainty which may cast significant doubt on the group's and
the company's abilities to continue as going concerns," said the
auditors.

The Strait Times relates that Mazars noted that LifeBrandz had
assumed it will be able to raise SGD1.5 million prior to the
completion of its proposed reverse takeover of Three Crystals
Hong Kong by the end of the next financial year ending July 31,
2017, which could then be used to fund the group's operating
activities.

Lifebrandz is also assuming it can raise additional funds after
announcing the proposed acquisition, The Strait Times relays.

But Mazars noted: "If the above funds are not forthcoming, the
group and the company may be unable to continue in operational
existence for the foreseeable future," adds The Strait Times.

LifeBrandz Limited (SGX:L20) -- http://www.lifebrandz.com/-- is
a Singapore-based investment holding company. Through its
subsidiaries, the Company is engaged in the provision of
corporate services to related companies; provision of leasing,
licensing and consultancy services to related companies;
lifestyle and entertainment businesses; investment holding, and
intellectual property licensing and management. It is engaged in
brand development and management with focus on lifestyle and
entertainment sectors. It manages brands, such as Hopdog, which
is an American diner bar; Aquanova, which is a live music
restaurant and bar; Dream, which is a dance club; Fenix Room,
which is a very important person (VIP) nightclub in Singapore;
Mulligan's is an Irish concept bar, and Play House, which is a
nightclub. The Company's subsidiaries include Brandz+ Pte. Ltd.,
Orientstar Group Limited, Luminox Pte. Ltd., Balcony Pte. Ltd.,
Palms Development Pte. Ltd. and Cannery Holding Pte. Ltd., among
others.



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


* Conglomerates' Loan Delinquency Rate Hits Record High in Sept.
----------------------------------------------------------------
Yonhap News Agency reports that the delinquency rate of South
Korean banks' won-denominated loans to large companies hit a new
all-time high in September after the nation's No. 1 shipper was
put under court receivership, government data showed.

The rate rose to 2.67 percent during the month, up 0.08
percentage point from a month earlier, Yonhap relates citing data
compiled by the Financial Supervisory Service (FSS).

It marks the highest since the related data were first complied
in 2008, Yonhap notes.

"Newly delinquent loans increased, as Hanjin Shipping Co. filed
for court receivership (in August), and this contributed to the
rise of the delinquency rate of loans to large companies," the
report quotes the FSS as saying.

In May, leading shipbuilder STX Offshore & Shipbuilding Co. was
also placed under court receivership, Yonhap recalls.

But the delinquency rate of loans to small and medium-sized firms
and households dropped 0.14 percentage point and 0.04 percentage
point on-month to 0.79 percent and 0.3 percent, respectively,
adds Yonhap.



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


* BOND PRICING: For the Week Oct. 24 to Oct. 28, 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      11.65
BOART LONGYEAR MANAGEME   10.00    10/01/18     USD      71.50
BOART LONGYEAR MANAGEME    7.00    04/01/21     USD      15.00
BOART LONGYEAR MANAGEME   10.00    10/01/18     USD      69.58
CML GROUP LTD              9.00    01/29/20     AUD       1.00
DBCT FINANCE PTY LTD       2.10    06/09/26     AUD      73.90
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      52.62
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
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      22.92
BERAU COAL ENERGY TBK P    7.25    03/13/17     USD      23.72


INDIA
-----

3I INFOTECH LTD            5.00    04/26/17     USD      18.13
BLUE DART EXPRESS LTD      9.30    11/20/17     INR      11.30
BLUE DART EXPRESS LTD      9.40    11/20/18     INR      10.60
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      72.27
LAND & GENERAL BHD         1.00    09/24/18     MYR       0.56
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      68.73
AUSGROUP LTD               7.45    10/20/18     SGD      66.58
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      66.50
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      36.50
SWIBER CAPITAL PTE LTD     6.50    08/02/18     SGD      10.50
SWIBER CAPITAL PTE LTD     6.25    10/30/17     SGD      10.50
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       3.64
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.



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