TCRAP_Public/161108.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 8, 2016, Vol. 19, No. 221

                            Headlines


A U S T R A L I A

ARRIUM LIMITED: Has Less Than Handful of Bidders for Steelworks
HOME AUSTRALIA: Liquidator to Probe Family First Payments
THINK TANK 2016-1: S&P Assigns 'BB' Rating to Class E Notes


C H I N A

YESTAR INTERNATIONAL: Fitch Assigns BB- Rating to USD200MM Notes


I N D I A

A. K. PIPE: CRISIL Reassigns 'D' Rating to INR40MM Cash Credit
AKLIA EDUCATIONAL: CRISIL Suspends B- Rating on INR45MM Loan
AKSHAYA AUTO: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
ARAVALI INFRAPOWER: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
BANSAL RICE: Ind-Ra Suspends 'B' Long-Term Issuer Rating

BHASIN AND COMPANY: CRISIL Reaffirms B+ Rating on INR80MM Loan
BRAR SEEDS: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
C B RANWADE: CRISIL Suspends 'D' Rating on INR41MM LT Loan
CHINTPURNI STEEL: Ind-Ra Suspends 'BB+' Long-Term Issuer Rating
DEVANGA SANGHA: ICRA Reaffirms B+ Rating on INR11cr Term Loan

DEVARSHEE COMPLEX: CRISIL Suspends D Rating on INR95MM Loan
EAST HOOGHLY: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
ELECTRONICS & CONTROLS: ICRA Suspends D Rating on INR7cr Loan
ENVIROPOL ENGINEERS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
ESS ESS: ICRA Reaffirms B+ Rating on INR31.28cr LT Loan

EVERGREEN FARMHOUSE: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
GOLD SPIN: CRISIL Suspends B+ Rating on INR75MM Cash Loan
GRAND PRIX: Ind-Ra Suspends 'BB+' Long-Term Issuer Rating
HARISONS AND HARLAJ: CRISIL Suspends B+ Rating on INR13.9MM Loan
HIMALAYA KRAFT: CRISIL Suspends 'B' Rating on INR40MM Cash Loan

J J REALTECH: CRISIL Lowers Rating on INR250MM Term Loan to B+
JAWAHAR SAW: CRISIL Assigns B- Rating to INR455MM Cash Loan
K B A INFRASTRUCTURE: Ind-Ra Assigns BB- Long-Term Issuer Rating
K.REMASH BABU: CRISIL Reaffirms B+ Rating on INR30MM Cash Loan
KUKADI SAHAKARI: CRISIL Reaffirms 'B' Rating on INR479.2MM Loan

LASA CERA: ICRA Reaffirms B+ Rating on INR6.24cr Term Loan
LAURENT PACKAGING: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
LILAMANI INFRA: CRISIL Suspends B+ Rating on INR500MM Term Loan
MAA BALA: Ind-Ra Suspends 'B' Long-Term Issuer Rating
MAGNUM INTERGRAFIKS: CRISIL Suspends 'D' Rating on INR180MM Loan

MOTHER LAM: CRISIL Suspends B+ Rating on INR49.8MM LT Loan
NAND ESTATE: ICRA Suspends 'B' Rating on INR24cr Bank Loan
NAVIN AUTOMOBILES: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
NAVKAR WHEELS: CRISIL Suspends B+ Rating on INR49MM Term Loan
OYO CERAMIC: ICRA Reaffirms B+ Rating on INR3.36cr Term Loan

PERSANG ALLOY: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
PIANO PRESITEL: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
PRJ POLYMERS: ICRA Reaffirms B+ Rating on INR8cr Fund Based Loan
RISHIKESH FILAMENTS: Ind-Ra Withdraws BB- Long-Term Issuer Rating
ROSEWOOD LAMINATES: CRISIL Reaffirms B Rating on INR59.1MM Loan

S K PLASTIC: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
SAIKRUPA FIBRES: Ind-Ra Withdraws B- Long-Term Issuer Rating
SATNAAM STONE: ICRA Reaffirms 'B' Rating on INR7.5cr Cash Loan
SHAKTI INDUSTRIES: CRISIL Reaffirms B+ Rating on INR112.5MM Loan
SHANKAR FLOUR: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating

SHINKWANG ELECTRONICS: CRISIL Suspends B+ Rating on INR98.8M Loan
SHREE RADHA: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
SHREE SAIRAM: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
SMITABH INTERCON: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating
SOMA ISOLUX: CRISIL Reaffirms 'D' Rating on INR36.46BB Term Loan

SPARK INSULATORS: CRISIL Suspends B+ Rating on INR40MM Cash Loan
SRI GANESH: CRISIL Suspends B- Rating on INR50MM Cash Loan
SRI RAGHAVENDRA: CRISIL Ups Rating on INR180MM Term Loan to B+
SRI VANGALAMMAN: CRISIL Reaffirms B- Rating on INR100MM Loan
SRIRAMAGIRI SPINNING: CRISIL Suspends 'D' Rating on INR250MM Loan

SSK EXPORTS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
UNI SOURCCE: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
V.R. CONSTRUCTIONS: CRISIL Suspends 'D' Rating on INR99MM Loan
VRAJ PACKAGING: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
WATERLINE HOTELS: ICRA Reaffirms B- Rating on INR27cr Term Loan


J A P A N

TAKATA CORP: Denies Media Reports of Impending Bankruptcy Filing
MITSUI O.S.K.: Unveils Merger Plans with Two Other Container Line


N E W  Z E A L A N D

PUMPKIN PATCH: 145 Jobs to Go as 27 Stores Set to Close


S O U T H  K O R E A

STX OFFSHORE: 4 Parties Express Interest in French Unit's Stake


X X X X X X X X

* BOND PRICING: For the Week Oct. 31 to Nov. 4, 2016


                            - - - - -


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


ARRIUM LIMITED: Has Less Than Handful of Bidders for Steelworks
---------------------------------------------------------------
Australian Financial Review reports that Arrium Ltd has "less
than a handful" of potential bidders left for the rest of its
assets, including the Whyalla steelworks, after a US private
equity firm won the fight for the failed steelmaker's most sought
after business, Moly-Cop.

Contrary to earlier reports, it has emerged South Korea's POSCO
remains a significant player and has submitted a bid through the
steelmaker's venture capital arm, POSCO Capital, AFR says. Both
POSCO and Australian government sources confirmed the Koreans
would be bidders, though it remains unclear which private equity
companies POSCO Capital is working with, AFR relates.

POSCO is one of the world's top five steelmakers. It said on
Nov. 3 the company itself was not a bidder for Arrium, but was
trying to sell technology to the Australian group.

According to the report, South Australian Treasurer Tom
Koutsantonis and federal Industry Minister Greg Hunt flew to
Korea on Nov. 2 for talks with POSCO, the largest steel maker in
Korea as the sale process for the rest of Arrium's assets heads
into the final stages.

AFR relates that Arrium's administrators said Arrium has signed a
sales contract to sell Moly-Cop to US private equity firm
American Industrial Partners for US$1.23 billion (AUD1.6
billion), as Street Talk revealed early on Nov. 4, ahead of the
second creditors' meeting at midday.

Addressing the media after the meeting at the SMC Conference and
Function Centre, Arrium's administrators said there were less
than five potential bidders for its steelworks, according to the
report.

AFR says the potential bidders are understood to be are a mix of
Australian and overseas buyers, including private equity. The
administrators said they are not expecting any run-ins with the
Foreign Investment Review Board, which can stop overseas bids
from going ahead if they are deemed to be against Australia's
public interests.

KordaMentha would not reveal the identity of bidders or the
potential sale price, the report notes.

Creditors voted at the meeting to appoint KordaMentha as "deed
administrators," AFR states. They will be tasked with selling
Arrium's assets and aggregating and distributing the proceeds
once the assets are sold off, adds AFR.

The creditors also had the option of returning the company to the
directors and liquidating the company.

The report notes that the proceeds of the Moly-Cop sale will go
to paying back the company's lenders, who are seeking to recoup
about AUD2.8 billion owed to them.

"The sale of Moly-Cop is a great step forward for all the
creditors of Arrium. It's probably AUD300 million or AUD400
million more than the sale price that was offered last year," AFR
quotes KordaMentha administrator Mark Mentha as saying.

Mr. Mentha said Arrium bought Moly-Cop in 2010 from mining giant
Anglo American and it has "never been integrated" fully into the
rest of Arrium's business, AFR adds.

Arrium Limited (ASX:ARI) -- http://www.arrium.com/-- is an
Australia-based mining and materials company. The Company is
engaged in mining and supply of iron ore and steelmaking raw
materials; manufacture and supply of mining consumable products;
manufacture and distribution of steel products, and recycling of
ferrous and non-ferrous scrap metal. Its segments include Mining,
Mining Consumables, Steel and Recycling. Its Mining segment
exports hematite iron ore and supplies both pelletized magnetite
iron ore and hematite lump iron ore. Its Mining Consumables
segment consists of Moly-Cop grinding media business, Waratah
steel mill and Altasteel steel mill. Its Mining Consumables
segment supplies various mining consumables, such as grinding
media, wire ropes and rail wheels. Its Steel segment manufactures
billet and distributes steel and metal products, including
structural steel selections, steel plate, angels, channels,
reinforcing steel and carbon products. Its Recycling segment
supplies steelmaking raw materials.

Pursuant to orders made by the Federal Court of Australia on
April 12, 2016, Mark Mentha, Bryan Webster, Martin Madden and
Cassandra Mathews of KordaMentha have been appointed Joint and
Several Voluntary Administrators of the Company and its 93
Australian subsidiaries replacing Said Jahani, Paul Billingham,
Michael McCann and Matthew Byrnes of Grant Thornton, who were
appointed earlier in April.


HOME AUSTRALIA: Liquidator to Probe Family First Payments
---------------------------------------------------------
Australian Financial Review reports that McGrath Nicol will
closely examine a $1.5 million payment made to the Family First
political party and other donations by former Senator Bob Day's
businesses.

It will also be scrutinising inter-company transactions from the
profitable South Australian business, Homestead Homes.

AFR relates that Matthew Caddy, who is heading the team from
McGrath Nicol told a meeting of about 60 creditors in Adelaide on
Nov. 4 that it would scrutinise the payments to Family First as
part of its investigations, along with inter-company transactions
made by the profitable Homestead Homes business in South
Australia, to see if any funds could be clawed back.

The Family First transactions would be put under the microscope,
the report says.

"We will get the accounts. We will look at these payments," AFR
quotes Mr. Caddy as saying.

AFR says the liquidator will scrutinize a number of payments and
loans made to Family First in 2013-14 and 2014-15 after Home
Australia made large dividend payments to Mr. Day.

McGrath Nicol will also reconstruct the accounts of Homestead
Homes, the South Australian arm of the Bob Day national home
building empire which collapsed under debts of more than $16
million, according to AFR.  Mr. Day resigned from the Senate on
November 1.

Of particular interest to the liquidators is the fact that
Homestead, which was the original homebuilding business set up by
Mr. Day before an ill-fated expansion into other states through
acquisitions including Huxley Homes in NSW, was profitable before
the entire Home Australia entity collapsed, AFR says.

"Essentially the entity in South Australia was a profitable
entity," Mr. Caddy, as cited by AFR, said.

He said it wasn't hugely profitable, but was in the black.
Mr. Caddy said Mr. Day, who was the sole director of Home
Australia, had obligations to all of the entities in the Home
Australia corporate structure, AFR relays.

They would forensically reconstruct the accounts, which was a
painstaking process.

"It is a process that will take time," the report quotes
Mr. Caddy as saying. This would determine if there were any
breaches of corporate law. Home Australia made combined losses of
about $12 million in the past three years, Mr. Caddy said.

McGrath Nicol has received eight offers from potential buyers for
the remnants of the Homestead Homes business, but he conceded the
price tag wouldn't amount to much.

He reiterated to the Adelaide creditors that they were highly
unlikely to get any return from the collapse of the Bob Day
empire, the report notes.

"No-one wants to hear that they are not going to get paid," Mr.
Caddy said, as he empathised with the trades people and suppliers
in the room. Mr. Caddy said he had two brothers who were both
tradesman and he understood the "dire" situation that the Home
Australia collapse had caused.

The National Australia Bank is owed AUD11.4 million, and
unsecured creditors are owed about AUD4.8 million, notes AFR.

AFR reports that Mr. Caddy said his preliminary investigations
showed that Mr. Day was effectively running the "back end" of
Home Australia when he was a Senator for Family First in the
Federal parliament.

"He was the person who was processing the payments at the back
end," Mr. Caddy, as cited by AFR, said.

When he became a Senator, there was no-one who replaced him at
the head of the company, which in practical terms was a recipe
for difficulties for the state-based building companies.

"They were left to run themselves," Mr. Caddy said.

AFR adds that Mr. Day was responsible for the company failing.

"He's the sole director of the company. The buck stops with him".

Creditor meetings held in Melbourne and Sydney were told that an
attempted rescue of the Home Australia empire by Philippines
company Goshen Capital Resources a few weeks ago was essentially
entered into by Goshen "with a view to extorting money from the
company in relation to transaction fees," reports AFR.

                       About Home Australia

Home Australia is a residential new home building group operating
in five Australian States under the brands Homestead Homes;
Collier Homes; Newstart Homes; Ashford Homes; and Huxley Homes.

On Oct. 17, 2016, Mathew Caddy and Barry Kogan of McGrathNicol
were appointed as joint and several Liquidators of Home Australia
Pty Ltd and wholly owned subsidiaries:

     -- Homestead Homes Pty Ltd
     -- Collier Homes Pty Ltd
     -- Newstart Homes (SE QLD) Pty Ltd
     -- Ashford Homes Pty Ltd
     -- Huxley Homes Pty Ltd
     -- Nationwide Australian Investments Pty Ltd
     -- Smart Road Property Rentals Pty Ltd


THINK TANK 2016-1: S&P Assigns 'BB' Rating to Class E Notes
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to six of the nine
classes of small-ticket commercial mortgage-backed, floating
rate, pass-through notes issued by BNY Trust Co. of Australia
Ltd. as trustee of Think Tank Series 2016-1 Trust.  Think Tank
Series 2016-1 Trust is a securitization of loans to commercial
borrowers, secured by first-registered mortgages over Australian
commercial or residential properties originated by Think Tank
Group Pty Ltd.

The ratings reflect:

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

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

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including an amortizing
      liquidity facility equal to 3.0% of the outstanding balance
      of the rated notes, and principal draws, are sufficient
      under S&P's stress assumptions to ensure timely payment of
      interest.  S&P's cash-flow analysis also reflects that a
      minimum margin will be maintained on the assets.

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

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

                http://www.globalcreditportal.com

RATINGS ASSIGNED

Class        Rating         Amount (mil. A$)
A1           AAA (sf)       182.00
A2           AAA (sf)        23.80
B            AA (sf)         16.24
C            A (sf)          19.60
D            BBB (sf)        19.60
E            BB (sf)          4.76
F            NR               4.76
G            NR               4.48
H            NR               4.76
N.R.--Not rated.



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


YESTAR INTERNATIONAL: Fitch Assigns BB- Rating to USD200MM Notes
----------------------------------------------------------------
Fitch Ratings has assigned Yestar International Holdings Company
Limited's (Yestar; BB-/Stable) USD200 mil. 6.9% senior unsecured
notes due 2021 a final rating of 'BB-'.

The notes are rated at the same level as Yestar's senior
unsecured debt rating as they represent direct, unconditional,
unsecured and unsubordinated obligations of the company.  This
final rating follows the receipt of documents conforming to
information already received and is in line with the expected
rating assigned on Sept. 7, 2016.

                        KEY RATING DRIVERS

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

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

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

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

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

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

                          KEY ASSUMPTIONS

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

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

                       RATING SENSITIVITIES

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

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

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

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



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


A. K. PIPE: CRISIL Reassigns 'D' Rating to INR40MM Cash Credit
--------------------------------------------------------------
CRISIL has downgraded its ratings on long term bank facilities of
A. K. Pipe Fitting Private Limited to 'CRISIL D' from 'CRISIL
B+/Stable' and has assigned its short term rating at 'CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          12.5      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Cash Credit             40.0      CRISIL D (Reassigned)

The downgrade reflects continuous overutilization of the cash
credit facility for over 30 days, mainly owing to weak liquidity,
arising from a stretch in the receivables cycle.

The rating reflects the below-average financial risk profile,
marked by high gearing and weak debt protection metrics. The
rating also factors in modest scale and working capital-intensive
nature of operations, amidst intense competition. These rating
weaknesses are partially offset by extensive experience of
promoters in the pipes and fittings industry and their funding
support.

AKPFL was incorporated in 1997, by promoters, Mr. Anil Kadakia,
Mr. Bakul Kadakia, and Mr. Kalpesh Kadakia. The company
manufactures precision seamless and welded pipe fittings, forged
and screwed fittings flanges, pipe spools, and long radius
induction bends.


AKLIA EDUCATIONAL: CRISIL Suspends B- Rating on INR45MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Aklia
Educational and Research Society.

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

   Proposed Long Term
   Bank Loan Facility      27        CRISIL B-/Stable

   Rupee Term Loan         45        CRISIL B-/Stable

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

AERS, set up in 2003, is managed by its chairman, Mr. Gurtej
Singh Brar, and vice chairman, Mr. Iqbal Singh. The society runs
secondary and senior secondary schools, polytechnic and
engineering colleges, management colleges and arts colleges in
Goniana (Bhatinda, Punjab). AERS's schools are affiliated with
the Central Board of Secondary Education (CBSE); the engineering
and polytechnic institutes with the All India Council for
Technical Education (AICTE); and the teaching and arts colleges
to the Punjabi University, Patiala.


AKSHAYA AUTO: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the bank facility of Akshaya Auto Service
(AAS) continue to reflect AAS's below-average financial risk
profile, marked by high total outside liabilities to tangible net
worth (TOLTNW) ratio and weak debt protection metrics.

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

The ratings also factor in the firm's modest scale of operations
in the intensely competitive automobile dealership industry.
These rating weaknesses are partially offset by AAS's established
relationship with its key principal, Bajaj Auto Ltd (BAL; rated
'CRISIL AAA/FAAA/Stable/CRISIL A1+').
Outlook: Stable

CRISIL believes that AAS will continue to benefit over the medium
term from its exclusive dealership contract with its principal,
BAL. The outlook may be revised to 'Positive' if AAS's sales
volumes and operating margin improve substantially, or if there
is any equity infusion from the promoters, thereby improving its
capital structure. Conversely, the outlook may be revised to
'Negative' if AAS records a decline in its sales volumes, thus
significantly impacting its revenues and profitability, or
undertakes any large, debt-funded capital expenditure (capex)
programme, thus weakening its financial risk profile.

Akshaya Auto Service (AAS), established in 1989, is the sole
authorised dealer for BAL's two-wheelers and three-wheelers in
Tumkur and Chitradurga districts (both in Karnataka). AAS is
promoted by Mr. Suresh Babu and his sons, Mr. A S Samith and Mr.
A S Amith.


ARAVALI INFRAPOWER: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Aravali
Infrapower Ltd's (AIPL) 'IND D(suspended)' Long-Term Issuer
Rating.

The ratings have been withdrawn due to lack of adequate
information.  India Ratings will no longer provide ratings or
analytical coverage for AIPL.

Ind-Ra suspended AIPL's ratings on Feb. 19, 2016.

AIPL's ratings:

   -- Long Term Issuer Rating: 'IND D(suspended)'; rating
      withdrawn
   -- INR2533 mil. fund-based working capital facility: Long-
      term/Short-term 'IND D(suspended)'; rating withdrawn
   -- INR3,934 mil. non-fund-based working capital facility:
      Short-term 'IND D(suspended)'; rating withdrawn
   -- INR4,228 mil. long-term bank loan: Long-term
      'IND D(suspended)'; rating withdrawn


BANSAL RICE: Ind-Ra Suspends 'B' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bansal Rice
Mills' (BRM) 'IND B' Long-Term Issuer Rating to the suspended
category.  The Outlook was Stable.  The rating will now appear as
'IND B(suspended)' on the agency's website.

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

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

BRM's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B(suspended)'
      from 'IND B'/Stable
   -- INR120 mil. fund-based working capital limits: migrated to
      Long-term 'IND B(suspended)' from 'IND B' and Short-term
      'IND A4(suspended)' from 'IND A4'
   -- INR24.4 mil. term loans: migrated to Long-term
      'IND B(suspended)' from 'IND B'


BHASIN AND COMPANY: CRISIL Reaffirms B+ Rating on INR80MM Loan
--------------------------------------------------------------
CRISIL's ratings on bank facilities of Bhasin and Company (BAC)
continue to reflect the small scale of operations, average
financial risk profile, because of moderate debt protection
metrics and high gearing, and weak liquidity.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Inland Guarantees       80       CRISIL A4 (Reaffirmed)

   Inland/Import
   Letter of Credit        20       CRISIL A4 (Reaffirmed)

   Overdraft Facility      80       CRISIL B+/Stable (Reaffirmed)

   Proposed Bank
   Guarantee               10       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by extensive
experience of the proprietor in the hosiery garments business,
and established relationships with reputed clients.
Outlook: Stable

CRISIL believes BAC will continue to benefit from extensive
experience of the proprietor and established relationships with
suppliers and customers. The outlook may be revised to 'Positive'
in case of a substantial and sustained improvement in revenue and
profitability, considerable increase in the networth on the back
of capital infusion by the proprietor, or decline in loans and
advances extended to group companies. The outlook may be revised
to 'Negative' if larger-than-expected working capital requirement
or any sizeable, debt-funded capital expenditure, weakens the
capital structure significantly.

BAC was established as a proprietorship firm in 1950 by the late
Mr. Ramlal Bhasin. The firm manufactures hosiery products, and
copper, nickel and silver medals. As sales are only to the Indian
Armed Forces, business is entirely tender-based. Operations are
currently being managed by Mr. Balraj Kumar Bhasin and his son,
Mr. Munish Bhasin.


BRAR SEEDS: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Brar Seeds Pvt.
Ltd.'s 'IND BB-(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 BSPL.

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

BSPL's ratings:

   -- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR60 mil. fund-based limits: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR32 mil. long-term loans: 'IND BB-(suspended)'; rating
      withdrawn


C B RANWADE: CRISIL Suspends 'D' Rating on INR41MM LT Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
C B Ranwade Patil.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             29        CRISIL D

   Proposed Long Term
   Bank Loan Facility      41        CRISIL D

   Term Loan               30        CRISIL D

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

CBRP, based in Pune (Maharashtra), is a proprietorship firm of
Mr. Chaburau B Ranwade. The firm mines and crushes stone
aggregates and has a stone quarry near Pune.


CHINTPURNI STEEL: Ind-Ra Suspends 'BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Chintpurni Steel
Private Limited's 'IND BB+' Long-Term Issuer Rating to the
suspended category.  The Outlook was Stable.  The rating will now
appear as 'IND BB+(suspended)' on the agency's website.

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

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

CSPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
      from 'IND BB+'/Stable
   -- INR150 mil. fund-based limits: migrated to Long-term
      'IND BB+(suspended)' from 'IND BB+' and Short-term
      'IND A4+(suspended)' from 'IND A4+'
   -- INR15 mil. non-fund-based limits: migrated to Short-term
      'IND A4+(suspended)' from 'IND A4+'
   -- INR7.6 mil. term loan: migrated to Long-term
      'IND BB+(suspended)' from 'IND BB+'


DEVANGA SANGHA: ICRA Reaffirms B+ Rating on INR11cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR11.00
crore long-term term loan facilities of Devanga Sangha at
[ICRA]B+.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-term-Term Loan     11.00       [ICRA]B+; Reaffirmed

Rating Rationale
The rating reaffirmation takes into account the reputed and
established presence of the society through its school, pre-
university college, hostel, choultry and commercial complexes for
over three decades and the regular rental income generated from
the commercial complexes and the tower. ICRA also takes comfort
from the demonstrated support from the members of the society
through regular infusion of funds in the form of unsecured loans
for meeting the capital expenditure and operational requirements.
The rating also takes into account the growth in the society's
turnover and operating profitability during FY2016 on account of
additional rentals from the Tower.

The rating is, however, constrained by the society's weak
financial profile with a highly leveraged capital structure as
indicated by gearing of 4.63 times as on March 31, 2016 and weak
coverage indicators, notwithstanding the marginal improvement in
coverage indicators in FY2016. The rating is also constrained by
the society's large debt repayment obligations in near term that
may create pressure on its liquidity position; however, given
that the society is in the advanced stages of discussion with new
tenants for its Tower provides some comfort. The rating also
notes the modest scale of operations of the educational
institutes, reflected by the limited course offerings in the
college and limited occupancy levels in the school.

Going forward, the ability of the society to tie up with new
tenants for the remaining portions of the Tower and its ability
to profitably enhance the scale of operations of its educational
institutions will be the key rating sensitivities.

Established in 1924, the Devanga Sangha Society provides
education facilities to the people of the weaker sections of the
society. It is registered under Karnataka Societies Registration
Act and has around 18000 members in Bangalore, Karnataka. It runs
through an elected body which is elected through open general
body elections held every three years. It started its operations
by providing hostel facilities to poor students and then opened
schools and colleges gradually. Currently, the Sangha has a
school, a pre-university college and first grade college. The
educational institutions are supported through income generated
from the rentals of Choultry (function hall) and commercial
complexes. It has commercial complexes at Avenue Road and S.R
Nagar, Bangalore and has recently started another commercial
complex, Devanga Sangha Tower (Tower), at K.G Road, Bangalore in
November 2015.

Recent Results
During FY2016 (based on provisional numbers), the Sangha reported
a net profit of INR0.60 crore on an operating income of INR1.88
crore, as against a net profit of INR0.04 crore on an operating
income of INR1.45 crore during FY2015.


DEVARSHEE COMPLEX: CRISIL Suspends D Rating on INR95MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Devarshee Complex.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Project Loan             95       CRISIL D
   Proposed Long Term
   Bank Loan Facility       45       CRISIL D

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

DC, based in Pune (Maharashtra) and established in 2012, is a
partnership firm, with Mr. Popat Ranawade and Mr. Avdhoot Raykar
of Pune as partners. The firm is engaged in real estate
development. It is currently undertaking the construction of a
residential project, Devarshee Complex, in Pune.


EAST HOOGHLY: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned East Hooghly
PolyPlast Private Limited a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect Ind-Ra's expectation of an improvement in
EHPPL's credit metrics and scale of operations from FY17 onwards,
on the back of scheduled repayments of term loans and healthy
revenue visibility owing to an increased production capacity to
4,800MTPA in FY16 from 1,200MTPA in FY14 and modernisation of the
existing plant.  FY16 financials indicate revenue of INR403 mil.
(FY15:INR262 mil.), EBITDA interest coverage (operating
EBITDA/Interest) of 2.8x (2.3x), net financial leverage (net
debt/operating EBITDA) of 3.0x (3.3x) and EBITDA margins of 9.4%
(12.9%).  EHPPL achieved revenue of INR262.2 mil. til August 2016
according to interim numbers shared by the management.

The ratings are constrained on account of raw material price
fluctuation risks since the prices of plastic granules which is
the major raw material for the company is volatile in nature and
EHPPL is dependent on a limited number of suppliers such as
Reliance Industries Limited ('IND AAA'/Stable) and Haldia
Petrochemicals Limited for the polypropylene (PP) granules which
are linked to the fluctuations in crude oil prices as PP is a
derivative of crude.

The ratings are, however, supported by more than a decade of
experience of EHPPL's founders in the PP woven fabric and
tarpaulin sheets manufacturing business.  The ratings benefit
from the company's established customer base with repeat orders
from the existing customers.  The ratings are also supported by
the prospects of large orders from new customers during FY17,
which are likely to fuel the company's revenue growth and
mitigate customer concentration risks.

                       RATING SENSITIVITIES

Positive: A positive rating action could result from substantial
improvement in the scale of operations along with improvement in
the credit metrics of the company.

Negative: A negative rating action could result from a decline in
the scale of operations and deterioration in the credit metrics.

COMPANY PROFILE

EHPPL, incorporated in December 2009, is promoted by Mr. Mainak
Mondal, Mr. Bimal Pal, and Mr. Kamal Pal.  The company, based in
Hooghly (West Bengal), has an existing capacity to produce
4,800MTPA of PP fabric and manufactures HDPE tarpaulins and
fabric sheets used in the agriculture and construction
industries, and as truck and container liners, wagon covers,
temporary shelters (tents), poultry shading and packing
materials.  The company sells its products under the brand name
of TARPEX.

EHPPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB+'/Stable
   -- INR76.5 mil. fund-based working capital limits: assigned
      'IND BB+'/Stable
   -- INR38.43 mil. Long-term loans: assigned 'IND BB+'/Stable
   -- INR3.84 mil. non-fund-based working capital limits:
      assigned 'IND A4+'


ELECTRONICS & CONTROLS: ICRA Suspends D Rating on INR7cr Loan
-------------------------------------------------------------
ICRA has suspended the rating of [ICRA]D assigned to INR5.47
crore fund based limits and to INR7.00 crore of non fund based
limits facilities of Electronics & Controls Power Systems Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company. According to its suspension policy, ICRA may
suspend any rating outstanding if in its opinion there is
insufficient information to assess such rating during the
surveillance exercise.


ENVIROPOL ENGINEERS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Enviropol
Engineers Private Limited (EEPL) a Long-Term Issuer Rating of
'IND BB+'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect EEPL's small scale of operations.  According
to FY16 provisional financials its revenue was INR289.10 mil.
(FY15: INR159.21 mil.).

The ratings, however, are supported by EEPL's comfortable EBITDA
margins and strong credit profile.  Margins of EEPL stood at
23.45% in FY16 (FY15: 18.36%), interest coverage (operating
EBITDA/gross interest expense) at 62.49x (FY15: 31.43x) and net
leverage (total adjusted net debt/operating EBITDAR) at 0.16x
(0.76x).

The ratings are also supported by a decade of experience of
EEPL's promoters in the iron and steel industry.  The ratings
factor in EEPL's comfortable liquidity position as evident from
average working capital utilization of around 24% during the six
months ended September 2016.

                      RATING SENSITIVITIES

Negative: Significant decline in EBITDA margins leading to
sustained deterioration in the overall credit metrics could be
negative for the ratings

Positive: Significant improvement in the top-line along with the
current credit metrics being maintained at existing levels could
be positive for the ratings.

COMPANY PROFILE

Enviropol Engineers was established as a proprietorship concern
in 2005 by Mr. Rajesh Kumar Verma.  Subsequently in 2008, the
newly incorporated company EEPL took over the operations of
Enviropol Engineers.  EEPL is engaged in designing, engineering
and manufacturing of pollution control equipment (mainly air
pollution) such as electrostatic precipitators, bag filters, wet
scrubbing, pre-dust collectors and their spare parts.  Its
manufacturing facilities are located in Noida.

EEPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB+'/Stable
   -- INR30 mil. fund-based limits: assigned 'IND BB+'/Stable/
      'IND A4+'
   -- INR65 mil. non-fund-based limit: assigned 'IND A4+'



ESS ESS: ICRA Reaffirms B+ Rating on INR31.28cr LT Loan
-------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR31.28-crore (enhanced from INR27.94 crore) bank facilities and
INR1.47 crore (enhanced from INR0.06 crore) unallocated limits of
Ess Ess Kay Engineering Company Private Limited. ICRA has also
reaffirmed its short-term rating of [ICRA]A4 on the INR0.50-crore
(reduced from INR5.25 crore) non-fund based bank facilities and
INR0.25-crore short-term fund-based facility of the company.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term fund-
   based facilities        31.28      [ICRA]B+; reaffirmed

   Long-term
   unallocated              1.47      [ICRA]B+; reaffirmed

   Short-term fund-
   based facilities         0.25      [ICRA]A4; reaffirmed

   Short-term non-
   fund-based facilities    0.50      [ICRA]A4; reaffirmed

ICRA's ratings reaffirmation takes into account SSKE's healthy
growth in operating income in FY2016, resulting in higher
operating profit and cash accruals. ICRA has also noted the
weakening of liquidity due to significant debtor and inventory
build-up, which have been financed through incremental
borrowings. ICRA's ratings continue to take into account the
intensely competitive market together with the low value-adding
nature of the business. SSKE's profit margins remain subdued due
to its raw-material intensive nature of operations and its low
bargaining power. The ratings are also constrained by the
company's high working capital intensity of operations due to
high inventory levels and weak debt coverage indicators, with
thin DSCR and NCA/TD. However, the ratings positively factor in
the company's long association with the Indian Railways, from
which the company has seen regular order inflow. The rating also
factors in the promoter's extensive experience in the electric
switchgear and control panel industry and the company's well-
established brand name.

Going forward, the company's ability to diversify its revenue
base across clients and improve its working capital intensity of
the operations will be the key rating sensitivity.

SSKE was constituted in 1964 as a private limited company by Mr.
K. S. Khosla. The company manufactures modular switches, regular
switches, board mounting switches, miniature circuit breakers,
changeover switches, distribution boards and panels, power
control panels, heating ventilation and air conditioning units
and LED lights. The company's product range comprises around 600
types of products. The company sells its products under the brand
name 'SSK'. Its manufacturing facilities are at Kapurthala and
Jalandhar in Punjab.

Recent Results
In FY2016, the company incurred a net profit of INR1.21 crore on
an operating income of INR76.64 crore as compared with a net
profit of INR0.22 crore on an operating income of INR58.89 crore
in FY2015.


EVERGREEN FARMHOUSE: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Evergreen
Farmhouse LLP (EF) a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.  The agency has also assigned EF's INR70 mil.
term loan a Long-Term 'IND B+' rating with a Stable Outlook.

                         KEY RATING DRIVERS

The ratings reflect the risk of time and cost overruns in EF's
ongoing residential project, Shree Ganesh Vihar which was 60%
completed as on Aug. 31, 2016, and no duplex was booked/sold.
The ratings are further constrained by the organization's
structure.
The ratings benefit from the promoter's around a decade-long
experience in residential real estate projects.  The ratings also
benefit from the fact that the project is not dependent on
customer payments for completion.

                      RATING SENSITIVITIES

Negative: Time and cost overruns or cancellations of booked units
leading to stressed cash flow could lead to a negative rating
action.

Positive: An improvement in the sales along with the timely
payment from customers, leading to stronger cash flow could lead
to a positive rating action.

COMPANY PROFILE

EF was established in 2014 as a partnership firm and constructs
residential properties.  Its registered office is in Jhansi
(Madhya Pradesh) and its project, Shree Ganesh Vihar, consists of
31 duplexes.


GOLD SPIN: CRISIL Suspends B+ Rating on INR75MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Gold Spin India Private Limited (GSIPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             75         CRISIL B+/Stable
   Term Loan               15.8       CRISIL B+/Stable

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

GSIPL incorporated in 2005 by a Jain family, manufactures polar
fleece fabric used to make polar blankets. The company's
manufacturing facility is located in Panipat (Haryana), with a
total production capacity of 15 tonnes per day.


GRAND PRIX: Ind-Ra Suspends 'BB+' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Grand Prix
Engineering Private Limited's (GPE) 'IND BB+' Long-Term Issuer
Rating to the suspended category.  The Outlook was Stable.  The
rating will now appear as 'IND BB+(suspended)' on the agency's
website.

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

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

GPE's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
      from 'IND BB+'/Stable
   -- INR100 mil. fund-based working capital limits: migrated
      to 'IND BB+(suspended)' from 'IND BB+' and 'IND
      A4+(suspended)' from 'IND A4+'
   -- INR215 mil. non-fund-based working capital limits: migrated
      to 'IND BB+(suspended)' from 'IND BB+' and
      'IND A4+(suspended)' from 'IND A4+'


HARISONS AND HARLAJ: CRISIL Suspends B+ Rating on INR13.9MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Harisons and Harlaj Limited (Harisons; part of the Harisons
group).

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Bank Guarantee             2        CRISIL A4
   Bill Purchase-
   Discounting Facility      35        CRISIL A4
   Export Packing Credit    115        CRISIL A4
   Term Loan                 13.9      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
Harisons with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL,
Harisons is yet to provide adequate information to enable CRISIL
to assess Harisons'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 Harisons and its associate concern,
Harihar Textiles (Harihar). This is because the two entities,
together referred to as the Harisons group, are in the same line
of business and Harisons owns an 85 per cent stake in Harihar.

Set up in 1979 as a partnership firm, Harisons was reconstituted
as a private limited company in 1995. The company manufactures
carpets, cushion covers, and other home furnishing items, such as
bath mats, door mats, bed covers, and curtains. It exports its
products to Europe, US, and Japan.


HIMALAYA KRAFT: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Himalaya Kraft Private Limited (HKPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL B/Stable
   Term Loan               28.4      CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
HKPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HKPL is yet to
provide adequate information to enable CRISIL to assess HKPL'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 2007, Himalaya Kraft Private Limited, is a Una-
based company that is primarily engaged in the manufacture of
kraft paper.  The company's operations are currently being
managed by Mr. Tarsem Mahajan. The company has its mill based in
Una (Himachal Pradesh).


J J REALTECH: CRISIL Lowers Rating on INR250MM Term Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facility of J J Realtech Private Limited to 'CRISIL B+/Stable'
from 'CRISIL BB+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               250       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB+/Stable')

The downgrade reflects delay in construction and lower-than-
expected customer advances which led to lower cash inflows than
expected. The downgrade also factors in exposure to project risk
associated with its upcoming commercial complex in Chakrata Road,
Dehradun (Uttaranchal. Improved sales and timely project
implementation will drive cash inflows and hence remain key
monitorables.

The rating continues to reflect susceptibility to risks and
cyclicality inherent in India's real estate sector, along with
low construction and revenue visibility for its new project.
These weaknesses are partially offset by the extensive experience
of promoters in the real estate sector and track record of
delivering successful projects in the past.
Outlook: Stable

CRISIL believes JJRPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if the business and financial risk
profiles improve significantly, backed by timely construction and
high saleability of its ongoing project, leading to healthy cash
accrual on a sustainable basis, along with adequate construction
and revenue visibility of its new project. The outlook may be
revised to 'Negative' in case of time and cost overruns in its
ongoing project or if liquidity is significantly constrained by
delays in receiving funds for the projects, leading to
deterioration in its debt-servicing ability.

Established in 2012 by the Dehradun-based Lumba family, JJRPL
undertakes residential and commercial real estate development in
Dehradun. Mr. Raj Lumba, the key promoter, manages operations.
Currently, it is executing a residential project, Shivalik
Emerald, at Rajpur Road, Dehradun.


JAWAHAR SAW: CRISIL Assigns B- Rating to INR455MM Cash Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of Jawahar Saw Mills Private Limited (JSMPL; part
of the Agicha group), and has assigned its 'CRISIL B-/Stable'
rating to its bank loan facility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             455       CRISIL B-/Stable (Assigned;
                                     Suspension Revoked)

CRISIL had suspended the rating on September 30, 2013, as JSMPL
had not provided the necessary information for a rating review.
The company has now shared the requisite information, enabling
CRISIL to assign a rating to its bank facility.

The rating reflects the Agicha group's weak financial risk
profile because of subdued capital structure and debt protection
metrics, its large working capital requirement, and modest scale
of operations in the highly fragmented timber trading business.
These weaknesses are partially offset by the extensive industry
experience of the group's promoters.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Satramdas and Co (SAC) and JSMPL. The
entities, together referred to as the Agicha group, are managed
by the same promoter family, and trade in the same product. There
have been instances of financial transactions between them, and
they share infrastructure, and procurement, finance, and
management teams.
Outlook: Stable

CRISIL believes the Agicha group will maintain its stable
business risk profile over the medium term, backed by its
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if there is a significant
fund infusion by the promoters, resulting in a better capital
structure. The outlook may be revised to 'Negative' in case of
decline in profitability, leading to lower-than-expected cash
accrual and adverse debt protection indicators.

The Agicha group, founded by the Agicha family in 1956, trades in
timber logs. Its operations are managed by Mr. Manohar Agicha.


K B A INFRASTRUCTURE: Ind-Ra Assigns BB- Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned K B A
Infrastructure Private Limited (KBA) a Long-Term Issuer Rating of
'IND BB-'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect KBA's moderate credit profile and weak
revenue base.  The company's revenue decreased 10.2% in FY16 to
INR363 mil. (FY15: INR404 mil.).  This decline was due to fewer
work orders received by the company in FY16 on account of
competitive bidding for government projects.  Credit metrics
deteriorated with net leverage (total Ind-Ra adjusted net
debt/operating EBITDA) increasing to 3.4x in FY16 (FY15: 1.8x)
and EBITDA interest coverage (operating EBITDA/gross interest
expense) decreasing to 2.2x (2.7x).

The credit metrics deteriorated on account of an increase in
debt. While the EBITDA margin declined to 9.3% in FY16 (FY15:
12.2%) due to a higher number of lower-margin subcontracting jobs
undertaken during the year.  The order book stood at INR747m at
end-September 2016 (2x of FY16 revenue) and is to be executed by
2QFY18.  KBA has booked revenue of INR56.2 mil. for 1HFY17.

The company's liquidity remained comfortable with the average
utilization of its working capital limits being 86.1% for the 12
months ended September 2016.  The ratings are supported by the
more than two decades of experience of its promoters in the
engineering, procurement, and construction segment.

                       RATING SENSITIVITIES

Positive: Substantial growth in the revenue and improvement in
profitability leading to a sustained improvement in the credit
metrics will be positive for the ratings.

Negative: Substantial decline in the revenue or profitability and
sustained deterioration in the overall credit metrics will lead
to a negative rating action.

COMPANY PROFILE

Incorporated in 2005, KBA is an an engineering, procurement and
construction contractor.  The firm constructs and repairs roads,
constructs drains, and undertakes beautification of gardens
primarily for the Municipal Corporation of Greater Mumbai.

KBA's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
   -- INR100 mil. fund-based working capital limits: assigned
      'IND BB-'/Stable/'IND A4+'
   -- INR130 mil. non fund-based working capital limits: assigned
      'IND A4+'


K.REMASH BABU: CRISIL Reaffirms B+ Rating on INR30MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings to the bank facilities of K.Remash Babu continue
to reflect KRB's below-average financial risk profile, because of
small net worth and weak debt protection metrics, and small scale
of operations, with geographical concentration in revenue
profile. These rating weaknesses are partially offset by the
extensive experience of the promoters in the civil construction
industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          31       CRISIL A4 (Reaffirmed)
   Cash Credit             30       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KRB will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the if the firm improves
its revenues and profitability while improving its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the firm reports lower than expected accruals or undertakes
higher than expected debt funded capex plans leading to weakening
of financial risk profile.

KRB, incorporated in 2008 by Mr. K. Remash Babu and his family,
undertakes civil construction works for government of Kerala like
construction of engineering colleges, schools and civil stations
etc.


KUKADI SAHAKARI: CRISIL Reaffirms 'B' Rating on INR479.2MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kukadi Sahakari Sakhar
Karkhana Limited continue to reflect KSSKL's weak financial risk
profile, marked by high gearing and subdued debt protection
metrics, driven by large working capital requirements and capital
expenditure amid average profitability.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     479.2      CRISIL B/Stable (Reaffirmed)

   Short Term Loan        150.0      CRISIL A4 (Reaffirmed)

   Term Loan               38.0      CRISIL B/Stable (Reaffirmed)

The ratings also factor in the company's susceptibility to
cyclicality and regulatory risks in the sugar industry. These
rating weaknesses are partially offset by KSSKL's established
regional presence in the sugar industry with long-standing
association with farmers/sugarcane growers and its semi-
integrated operations.
Outlook: Stable

CRISIL believes that KSSKL will benefit over the medium term from
its long-standing presence in the industry and co-generation
power capacity. The outlook may be revised to 'Positive' if the
society reports a substantial increase in its cash accruals while
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' if KSSKL's financial risk profile,
especially its liquidity, weakens, most likely because of low
cash accruals or significant cost or time overrun in its ongoing
project.

KSSKL was incorporated in January 2003. The society manufactures
sugar and has installed crushing capacity of 2500 tonnes per day;
it also has a 12-megawatt co-generation power plant. Its plant is
at Pimpalgaon Pisa in Ahmednagar district of (Maharashtra).


LASA CERA: ICRA Reaffirms B+ Rating on INR6.24cr Term Loan
----------------------------------------------------------
The long-term rating of [ICRA]B+ has been reaffirmed for the
INR4.00 crore cash credit facility and INR6.24 crore term loans
facility of Lasa Cera Private Limited. ICRA has also reaffirmed
the short term rating of [ICRA]A4 for the INR3.00 crore non-fund
based facility of LCPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit              4.00       [ICRA]B+ reaffirmed
   Term Loan                6.24       [ICRA]B+ reaffirmed
   Bank Guarantee           3.00       [ICRA]A4 reaffirmed

The assigned ratings are constrained by risk associated with
product establishment due to the start-up nature of operations
and high competitive intensity in the tile manufacturing industry
with presence of large established organised and unorganised
players in Morbi (Gujarat). The ratings are also constrained by
the weak financial risk profile as evident from net loss, adverse
capital structure and high working capital intensity. Further the
ratings are also constrained by the cyclical nature of the real
estate industry, which is the main consuming sector, and exposure
of the company's profitability to volatility in raw material and
fuel prices.

The ratings, however, favorably considers the past experience of
the promoters' in the ceramics industry and competitive advantage
that company has in raw material procurement on account of its
location in Morbi which is a tile-manufacturing hub in india.

Incorporated in April 2014 by Manvar family along with other
promoters, Lasa Cera Private Limited is engaged in manufacturing
of digital wall tiles at its manufacturing facility located at
Morbi, Gujarat. The company has total installed capacity of
producing around 9,000 boxes per day (~35,000 MTPA) and is
currently engaged in manufacturing of wall tiles in size of
18" X 12" and 12" X 12". The company commenced commercial
production from July 2015.

Recent Results
During the first eight and half months of operations in FY2016,
LCPL has reported an operating income of INR5.96 crore and net
loss of INR0.53 crore.


LAURENT PACKAGING: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Laurent
Packaging Pvt Ltd's (LPPL) 'IND B(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 LPPL.

Ind-Ra suspended LPPL's ratings on March 2, 2016.

LPPL's ratings:

   -- Long-Term Issuer Rating: 'IND B(suspended)'; rating
      withdrawn
   -- INR45 mil. fund-based limits: 'IND B(suspended)'; rating
      withdrawn
   -- INR8.06 mil. long-term loans: 'IND B(suspended)'; rating
      withdrawn


LILAMANI INFRA: CRISIL Suspends B+ Rating on INR500MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Lilamani
Infra (LI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               500       CRISIL B+/Stable

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

Formed in 2012, LI is part of Ahmedabad (Gujarat)-based Lilamani
group, and promoted by Mr. Mahendra Vora and his family. The firm
is developing a residential project of 253 apartments called
River Valley One at Hansole in Ahmedabad. The project is
scheduled for completion in March 2017.


MAA BALA: Ind-Ra Suspends 'B' Long-Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Maa Bala Sundri
Plywood Private Limited's (MBSPPL) 'IND B' Long-Term Issuer
Rating to the suspended category.  The Outlook was Stable.  The
rating will now appear as 'IND B(suspended)' on the agency's
website.

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

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

MBSPPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B(suspended)'
      from 'IND B'/Stable
   -- INR50 mil. fund-based working capital limits: migrated to
      Long-term 'IND B(suspended)' from 'IND B' and Short-term
      'IND A4(suspended)' from 'IND A4'
   -- INR15 mil. non-fund-based limits: migrated to Short-term
      'IND A4(suspended)' from 'IND A4'


MAGNUM INTERGRAFIKS: CRISIL Suspends 'D' Rating on INR180MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Magnum Intergrafiks Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         7.5        CRISIL D
   Cash Credit          180.0        CRISIL D
   Proposed Long Term
   Bank Loan Facility    15.0        CRISIL D
   Term Loan             12.5        CRISIL D

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

MIPL, promoted by Mr. Sudhir Ghate, was established as a
partnership firm in the early 1990s; the firm was reconstituted
as a company in 1994. It is in the advertising and communications
business, offering services across media categories such as
print, radio, television broadcasting, outdoor publicity, and
event management.


MOTHER LAM: CRISIL Suspends B+ Rating on INR49.8MM LT Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mother Lam Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            41.5       CRISIL B+/Stable
   Long Term Loan         49.8       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      0.2       CRISIL B+/Stable

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

Incorporated in 2011, MLPL is promoted by Ahmedabad (Gujarat)
based Mr. Rajesh Gothi; Mr. Nilesh Patel, Mr. Kantilal Patel and
Mr. Mahesh Patel. The company manufactures decorative laminates
used for furnishing especially for doors, veneers and industrial
laminates. The company has a plant at Navavas Village, Taluk
Talod, Gujarat with an installed capacity of 7.20 lakh sheets per
annum.


NAND ESTATE: ICRA Suspends 'B' Rating on INR24cr Bank Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B rating for INR24.00 crore bank
facilities of Nand Estate Developers Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Established in 1978, Nand Estate Developers Pvt. Ltd. is an Agra
based construction company engaged in construction of shopping
complex, residential colonies and hotels. Company's present
operations include sale of land and plots with promoters in the
Agra region.


NAVIN AUTOMOBILES: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Navin
Automobiles' 'IND B(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 Navin.

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

Navin's ratings:

   -- Long-Term Issuer Rating: 'IND B(suspended)'; rating
      withdrawn
   -- INR50 mil. fund-based limits: 'IND B(suspended)'; rating
      withdrawn
   -- INR20 mil. non-fund-based limits: 'IND A4(suspended)';
      rating withdrawn


NAVKAR WHEELS: CRISIL Suspends B+ Rating on INR49MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Navkar Wheels.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             41        CRISIL B+/Stable
   Term Loan               49        CRISIL B+/Stable

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

NW is an authorised and exclusive dealer for all two-wheelers of
Hero Moto Corp in Dhule (Maharashtra). NW operates one 3S (sales-
service-spares) showroom in Dhule. It is also starting dealership
of Hyundai in May 2015.


OYO CERAMIC: ICRA Reaffirms B+ Rating on INR3.36cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR2.50 crore cash credit facility, INR3.36 crore term loan
facility (reduced from INR3.92 crore) and INR1.50 crore
unallocated limits of Oyo Ceramic Private Limited. ICRA has also
reaffirmed the short-term rating of [ICRA]A4 to the INR1.80 crore
short-term non-fund based facility and INR1.25 crore short-term
fund based facility (sub-limit of Cash Credit) of OCPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit              2.50       [ICRA]B+ reaffirmed
   Term Loan                3.36       [ICRA]B+ reaffirmed
   Unallocated Limits       1.50       [ICRA]B+ reaffirmed
   Non-fund based-
   Bank Guarantee           1.80       [ICRA]A4 reaffirmed
   Fund based-Bill
   Discounting             (1.25)      [ICRA]A4 reaffirmed

The reaffirmation of ratings takes into account OCPL's relatively
modest scale of operations and weak financial risk profile,
marked by low profitability in early stage of operations,
stretched capital structure and moderate coverage indicators. The
ratings are further constrained by OCPL's limited product
portfolio, comprising only ceramic wall tiles, which restricts
its sales prospects and dealings with large institutional buyers.
Moreover, the highly fragmented nature of the tiles industry
results in intense competitive pressures. The ratings also take
into account the cyclical nature of the real estate industry,
which is the main consuming sector, and the exposure of the
company's profitability to fluctuations in prices of raw
materials, natural gas and foreign currency exchange rate.

The ratings, however, take comfort from the past experience of
the promoters in the ceramic industry and the marketing support
drawn from the group companies engaged in the similar line of
business. The ratings also take into account the company's
competitive advantage in raw material procurement on account of
its favorable location in Morbi.

Incorporated in February 2014, Oyo Ceramic Private Limited
commenced commercial production of ceramic wall tiles in November
2014. The manufacturing facility of the company is located at
Morbi in Rajkot district of Gujarat and has an installed capacity
of 30,000 Metric Tonnes Per Annum (MTPA). OCPL manufactures
digitally printed ceramic wall tiles of size 12"X18". The
promoters of the company have prior experience in the ceramic
industry by virtue of their association with the group concerns
such as Lexo Ceramic, Blue Lake Ceramic, Wipro Marketing and
Romex Tiles Pvt. Ltd.

Recent Results
During FY2016, OCPL reported an operating income of INR16.89
crore and profit after tax of INR0.24 crore as against the
operating income of INR6.71 crore and net losses of INR0.06 crore
during FY2015 (5 months of operations).


PERSANG ALLOY: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Persang Alloy
Industries Private Limited (PAIPL) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect PAIPL's weak credit metrics, moderate scale
of operation and volatile EBITDA margins.  The company's FY16
financials indicate net leverage (Ind-Ra total adjusted net
debt/operating EBITDAR) of 3.4x (FY15: 3.9x) and interest
coverage (operating EBITDA/gross interest expense) of 1.9x
(1.3x).  Revenue was INR442.3 mil. in FY16 (FY15: INR520.3 mil.).
The decline in revenue was due to moderation of major raw
material prices leading to lower realization.  EBITDA margin of
the company has been volatile and ranged between 5.9% and 8.0%
over FY12-FY16 on account of fluctuation in the prices raw
materials such as lead, silver and steel.  However, the risk
emanating from raw material price fluctuation is mitigated to
some extent due to the company's ability to moderate fluctuations
by revising prices of it supplies monthly.

The company's liquidity remains comfortable as its average peak
use of working capital facilities during the 12 months ended
September 2016 was 85%.

The ratings, however, are supported by more than two decades of
experience of the company's promoters in the solder manufacturing
business leading to established relationship with the customers.
Further its technical collaboration with Shenmao Technology Inc
in Taiwan for manufacturing and distribution of solder paste in
India coupled with low customer concentration risk (as none of
the customer contributed more than 10% to the overall revenue in
FY16) benefits the ratings.

                        RATING SENSITIVITIES

Positive: Substantial revenue growth while maintaining
profitability leading to sustained improvement in the credit
metrics, could lead to a positive rating action.

Negative: A decline in revenue and/or profitability leading to
sustained deterioration in the credit metrics and/or liquidity
could lead to a negative rating action.

COMPANY PROFILE

Established as a partnership firm in 1989 and then converted to a
private limited company in 2007, PAIPL is engaged in
manufacturing of soldering products such as solder bars, solder
wire, solder paste and fluxes.  PAIPL's manufacturing plant is
located at Vadodara in Gujarat.  According to 1HFY17 provisional
results, the company has booked revenue of INR270 mil. (61% of
FY16 revenue).

PAIPL ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'/Stable
   -- INR80 mil. fund-based working capital limits: assigned
      'IND BB'/Stable/'IND A4+'
   -- INR43.48 mil. term loan limits: assigned 'IND BB'/Stable


PIANO PRESITEL: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Piano Presitel's
Long-Term Issuer Rating at 'IND BB'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The rating affirmation reflects the company's small scale of
operations and moderate credit metrics.  FY16 revenue was
INR350 mil. (FY15: INR325 mil.), net leverage was 2.8x (FY15:
2.4x) and interest coverage was 3.2x (3.5x).  The ratings also
take into consideration the improvement in EBITDA margins to
24.9% in FY16 (FY15: 21.3%) on account of favorable raw material
prices. There was no loss on fluctuation in the prices of raw
materials as Piano purchased raw material when the prices were
favorable and increased its inventory holding period.

The ratings are supported by the more than three decade long
experience of the founders in the auto ancillary industry.

                       RATING SENSITIVITIES

Positive: Substantial growth in revenue and profitability leading
to a sustained improvement in the credit metrics will be positive
for the ratings.

Negative: Substantial decline in profitability resulting in a
sustained deterioration in the credit profile will lead to a
negative rating action.

COMPANY PROFILE

Set up in1982, Piano is engaged in the manufacture and supply of
various varieties of auto parts such as washers, clips and allied
stainless steel components.  The company has its manufacturing
facility in Thane, Mumbai.

Piano's ratings:

   -- Long Term Issuer Rating: affirmed at 'IND BB'/Stable
   -- Proposed INR30 mil. long term loans: assigned Provisional
      'IND BB'/Stable; to be withdrawn as the facility no longer
      exists
   -- INR120 mil. (increased from INR70 mil.) fund-based
      facilities: affirmed at 'IND BB'/Stable/'IND A4+'
   -- INR41.7 mil. (reduced from INR54.2 mil.) long term loans:
      affirmed at 'IND BB'/Stable


PRJ POLYMERS: ICRA Reaffirms B+ Rating on INR8cr Fund Based Loan
----------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ and its
short-term rating of [ICRA]A4 to the INR14.00-crore bank
facilities of PRJ Polymers Private Limited.

                              Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Fund-based facilities        8.00      [ICRA]B+; reaffirmed
   Non-fund based facilities    6.00      [ICRA]A4; reaffirmed

The ratings reaffirmation takes into account the extensive
experience of PPPL's promoters in the polymer trading business;
the company's established relationships with its principal and
customers; and its large dealer network that facilitates sales.
The ratings are, however, constrained by the company's high
working capital requirements; moderate customer base; high
geographic and segment concentration risks; and weak financial
profile characterised by low cash accruals and weak debt coverage
indicators. Further, the company's operations are dependent on
the volumes handled for its principal, Indian Oil Corporation
Ltd.

Going forward, the ability of company to increase its scale of
operations in a profitable manner and efficiently manage its
working capital cycle will be the key rating sensitivities.

Incorporated in 2006, PPPL was earlier involved in the business
of distributing chemicals and polymers for GAIL India Ltd,
Reliance Industries Limited, and IOCL etc. In 2009, PPPL applied
to be a distributor of IOCL and got the distributorship for
polymer products in May, 2010. Presently, PPPL is a del-credere
agent (DCA) as well as a consignment stockist (CS) of IOCL for
distribution of polymer products in the National Capital Region.
The company has a rented warehouse in the Kavinagar industrial
area, with a capacity of 350 metric tonnes (MT).

Recent Results
In FY2016, PPPL reported a net profit of INR0.14 crore on an
operating income (OI) of INR34.96 crore, as against a net profit
of INR0.13 crore on an OI of INR26.35 crore in the previous year.


RISHIKESH FILAMENTS: Ind-Ra Withdraws BB- Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Rishikesh
Filaments Pvt Ltd's (RFPL) 'IND BB-(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 RFPL.

Ind-Ra suspended RFPL's ratings on March 2, 2016.

BSPL's ratings:

   -- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR82.50 mil. fund-based limits: 'IND BB-(suspended)';
      rating withdrawn
   -- INR70 mil. long-term loans: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR4.00 mil. non- fund- based limits: 'IND A4+
      (suspended)';  rating withdrawn


ROSEWOOD LAMINATES: CRISIL Reaffirms B Rating on INR59.1MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Rosewood
Laminates Pvt Ltd continues to reflect the company's modest,
albeit improving, scale of operations, and its large working
capital requirement in the intensely competitive laminates
industry, and its below-average debt protection metrics. These
weaknesses are partially offset by its promoters' extensive
industry experience.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       0.9      CRISIL B/Stable (Reaffirmed)

   Term Loan               59.1      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RLPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if continued ramp-up in operations and
profitability leads to higher-than-expected cash accrual and a
stronger financial risk profile. The outlook may be revised to
'Negative' if low revenue or operating margin, large debt-funded
expansion, or a stretch in working capital cycle significantly
weakens the financial risk profile, especially liquidity.

RLPL, incorporated in 2013, is promoted by Mr. Rajesh C Garala,
Mr. Digvijaysinh Padheriya, and others. Based in Morbi, Gujarat,
the company manufactures laminates.


S K PLASTIC: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn S K Plastic
Engineerings' 'IND BB-(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 SKPE.

Ind-Ra suspended SKPE's ratings on Feb. 2016.

SKPE's ratings:

   -- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR40 mil. fund-based limits: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR45 mil. long term loans: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR0.27 mil. non-fund-based limits: 'IND A4+(suspended)';
      rating withdrawn


SAIKRUPA FIBRES: Ind-Ra Withdraws B- Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Saikrupa Fibres
Pvt Ltd's (SFPL) 'IND B-(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 SFPL.

Ind-Ra suspended SFPL's ratings on Feb. 29, 2016.

SFPL's ratings:

   -- Long-Term Issuer Rating: 'IND B-(suspended)'; rating
      withdrawn
   -- INR90 mil. fund-based limits working capital limit:
      'IND B-(suspended)'; rating withdrawn
   -- INR40 mil. long-term loans: 'IND B-(suspended)'; rating
      withdrawn


SATNAAM STONE: ICRA Reaffirms 'B' Rating on INR7.5cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the
INR10.0-crore bank facilities of Satnaam Stone Crushers Private
Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund-based cash
   credit limit            7.50        [ICRA]B; reaffirmed

   Fund-based term
   loan limit              2.40        [ICRA]B; reaffirmed

   Unallocated limit       0.10        [ICRA]B; reaffirmed

ICRA's rating reaffirmation takes into account SSCPL's
performance in FY2016, wherein the company incurred a net profit
of INR0.08 crore on an operating income of INR5.84 crore. While
the company was able to earn an operating margin of 32.5%; its
overall operating scale remained modest. The rating continues to
take into account SSCPL's limited track record of operations, and
its weak financial profile characterised by high gearing levels
and weak debt coverage indicators. The rating also factors in the
company's high working capital because of high inventory holding
and sizeable scheduled debt repayment obligations in relation to
its cash accruals. Further, the rating also factors in the high
competition as well as the regulatory risks associated with
changes in government regulations in the mining and quarrying
industry. However, ICRA draws comfort from the experience of the
promoters and favorable demand for stone grits, given the
increase in activities in the infrastructure industry.

Going forward, the ability of the company to ramp up its scale of
operations, while maintaining its operating profit margins, will
be the key rating sensitivity. Government regulations that impact
mining and quarrying will also be a key monitorable.

SSCPL was established in January 2013, but commenced operations
in February 2014. The company is involved in the business of
crushing and screening of stones/boulders into grits of smaller
sizes. The company is promoted by Mr. Vinay Arora, Mr. Om Prakash
Arora, Mr. Anil Khatri and Mr. Jitendra Kumar. The stone crushing
plant of the company is located at Rampur (Uttar Pradesh).

Recent Results
In FY2016, the company incurred a net profit of INR0.08 crore on
an operating income of INR5.84 crore as compared to a net loss of
INR0.82 crore on an operating income of INR4.06 crore in FY2015.


SHAKTI INDUSTRIES: CRISIL Reaffirms B+ Rating on INR112.5MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shakti
Industries - Jalalabad continues to reflect Shakti's modest scale
of operations in an intensely competitive rice processing
industry, and average financial risk profile, with weak interest
coverage ratio and small networth. These weaknesses are partially
offset by the extensive experience of partners in the rice
processing industry and funding support from them, and moderate
working capital requirement.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit         112.5      CRISIL B+/Stable (Reaffirmed)

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

Outlook: Stable

CRISIL believes that Shakti will continue to benefit over the
medium term from its partners' extensive industry experience and
their funding support. The outlook may be revised to 'Positive'
in case of significantly higher-than-expected cash accrual while
managing its working capital requirement prudently. Conversely,
the outlook may be revised to 'Negative' in case of lower-than-
expected cash accrual, or stretched liquidity, most likely due to
significant increase in working capital requirements or a large,
debt-funded capital expenditure.

Established in 1996, Shakti, a partnership between Mr. Pawan
Bajaj and Mr. Sudhir Kumar, mills and processes rice. The firm is
based in Jalalabad (Punjab).


SHANKAR FLOUR: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shankar Flour
Mill's (SFM) 'IND B-(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 SFM.

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

SFM's ratings:

   -- Long-Term Issuer Rating: 'IND B-(suspended)'; rating
      withdrawn
   -- INR36 mil. fund-based limits: 'IND B-(suspended)'; rating
      withdrawn
   -- INR14 mil. long-term loans: 'IND B-(suspended)'; rating
      withdrawn


SHINKWANG ELECTRONICS: CRISIL Suspends B+ Rating on INR98.8M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shinkwang Electronics Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             15        CRISIL B+/Stable
   Term Loan               98.8      CRISIL B+/Stable

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

Established in 2006 and based in Noida (Uttar Pradesh), SEPL
manufactures plastic parts for electrical and electronic
appliances such as television sets, air conditioners,
refrigerators, and others. The company is promoted by Mr. Kwang
II Lee.


SHREE RADHA: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shree Radha
Govind Agro Industries a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect Radha's moderate credit profile.  Provisional
FY16 financials indicate revenue of INR304 mil. (FY15: INR302
mil.).  EBITDA margin was in the range of 3.9%-1.6% over FY13-
FY16.  EBITDA interest cover (operating EBITDA/gross interest
expense) was 1.7x in FY16 (FY15: 1.3x) and net leverage (total
adjusted net debt/operating EBITDA) was 6.7x (7.8x).  The ratings
factor in the risks associated with agricultural commodity-based
manufacturing business which is fraught with price volatility.
The company has indicated INR177.3 mil. revenue during 1HFY17.

The ratings factor in the partnership form of organization.

The ratings, however, are supported by more than two decades of
experience the firm's promoters in the rice milling industry.

The firm's liquidity was comfortable with the average utilization
of its fund-based facilities of around 76% over the 12 months
ended September 2016.

                         RATING SENSITIVITIES

Positive: A significant increase in the scale and profitability
leading to sustained improvement in the credit metrics, could be
positive for the ratings.

Negative: Substantial decline in revenue and profitability
resulting in a sustained deterioration in the credit metrics
could be negative for the ratings.

COMPANY PROFILE

Ahmedabad-based Radha is a partnership firm established in the
1998. The firm engages in the manufacturing and processing of
rice from paddy at its unit with an annual installed capacity of
converting 13,500MT of paddies into fine rice.

Radha's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'/Stable
   -- INR11.6 mil. term loan: assigned 'IND B+'/Stable
   -- INR70 mil. fund-based working capital limits: assigned
      'IND B+'/Stable/'IND A4'


SHREE SAIRAM: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the long term bank facilities of Shree Sairam
Communications (India) Private Limited continues to reflect
SSCPL's limited track record and modest scale of operations in
the intensely fragmented industry.

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

   Proposed Long Term
   Bank Loan Facility      10       CRISIL B+/Stable (Reaffirmed)

The ratings also factor in SSCPL's below-average financial risk
profile marked by weak debt protection metrics. These rating
weaknesses are mitigated by the extensive industry experience of
the promoters and the company's established relationship with its
principal, Bharti Airtel Limited (CRISIL AA+/Stable/CRISIL A1+).
Outlook: Stable

CRISIL believes that SSCPL will continue to benefit over the
medium term from the promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the firm
significantly scales up its operations while maintains its
operating profitability, or improves its working capital
management, thereby resulting in improvement in its liquidity.
Conversely, the outlook may be revised to 'Negative' if SSCPL's
financial risk profile weakens owing to decline in its cash
accruals or deterioration in its working capital management, or
significant withdrawals by the promoters.

Incorporated in June 2014, Shree Sairam Communications Pvt Ltd
(SSCPL) is an authorized distributor of Airtel sim cards, mobile
handsets, recharge vouchers and Airtel DTH products. Based out of
Chennai, the company caters to 200 retailers in the region. The
company is promoted and managed by Mr. S Ponkarthick and Mr.
Sushil Lalwani.


SMITABH INTERCON: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Smitabh
Intercon Ltd.'s 'IND B-(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 SIL.

Ind-Ra suspended SIL's ratings on Feb. 29, 2016.

SIL's ratings:

   -- Long-Term Issuer Rating: 'IND B-(suspended)'; rating
      withdrawn
   -- INR20 mil. fund-based limits: 'IND B-(suspended)'; rating
      withdrawn
   -- INR30 mil. non-fund-based limits: 'IND A4(suspended)';
      rating withdrawn


SOMA ISOLUX: CRISIL Reaffirms 'D' Rating on INR36.46BB Term Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Soma Isolux
Soma Isolux NH One Tollway Private Limited continues to reflect
weak liquidity because of ongoing delays in interest payment on
the term loan, due to lower-than-expected toll collection. The
project was also impacted due to non-availability of approvals
from National Highways Authority of India (NHAI; rated 'CRISIL
AAA/Stable') and interrupted debt disbursement by the lenders,
leading to significant time and cost overruns.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              36460      CRISIL D (Reaffirmed)

Tolling began on October 1, 2015, with receipt of provisional
completion certificate for 91.03% of the total project. Toll
revenue was around INR400 million per month since commencement of
commercial operations. Nonetheless, lower-than-expected toll
revenue resulted in shortfall in cash flow, adversely impacting
the company's debt servicing ability. The company expects to
receive claims from NHAI pertaining to change of scope of the
project of INR3.89 billion and arbitration claim of INR22 billion
over the medium term.

The Public Sector Pension Investment Board (rated 'AAA/Stable/A-
1+' by S&P Global Ratings) made investments in the Isolux Corsan
group, which holds 50% stake in SIPL, thereby improving the
group's financial risk profile.

CRISIL believes SIPL's ability to meet debt obligation in a
timely manner over the medium term will depend on pick-up in toll
collections and resultant cash flow adequacy, timely receipt of
claim proceeds and financial support from the sponsors.

Toll revenue remains susceptible to fluctuation in traffic
volume. However, the company benefits from strategic location of
the project.

Incorporated in 2008, SIPL is a special-purpose vehicle promoted
by the Isolux Corsan group and Soma Enterprises Ltd in the ratio
of 61:39. SIPL has entered into a concession agreement with NHAI
for execution, operation, and maintenance of the project on a
build-operate-transfer (BOT) basis.

The company has been awarded the right to widen the four-lane
Panipat'Jalandhar section of NH 1 to six lanes, to be executed on
a BOT-toll basis. The concession period is for 15 years, which
includes a construction period of 30 months. The revised project
cost of INR56.90 billion was funded in a debt-equity ratio of
64:36. The project was delayed by 46 months and it achieved
provisional completion certificate on September 30, 2015. SIPL
had high premium payout to NHAI of 26% of revenue earned in
fiscal 2016 prior to debt servicing (premium to be increased by
1% y-o-y till the end of the concession period).

SIPL earned toll revenue of INR2.42 billion and INR1.59 billion
in fiscal 2016 and in the first four months of fiscal 2017,
respectively.


SPARK INSULATORS: CRISIL Suspends B+ Rating on INR40MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Spark Insulators Pvt. Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         15         CRISIL A4
   Cash Credit            40         CRISIL B+/Stable
   Letter of Credit       15         CRISIL A4
   Long Term Loan         25.8       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      4.2       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.

Established in 2009 by Mr. P Bheemudu and Mr. Padala Sanjeeva
Kumar, SIPL manufactures polymer insulators in the range of 11
kilovolt amperes (kVA) to 765 kVA. The company is based in
Hyderabad (Telangana) and its day-to-day operations are managed
by Mr. Bheemudu.


SRI GANESH: CRISIL Suspends B- Rating on INR50MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Ganesh Rice Mills - Taraori (SGR).

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

   Letter of credit &
   Bank Guarantee            5       CRISIL A4

   Proposed Cash
   Credit Limit             25       CRISIL B-/Stable

   Term Loan                15       CRISIL B-/Stable

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

SGR was established as a partnership firm by Mr. Vinod Kumar and
Mrs. Lalita Devi in 2012 in Taraori (Haryana). The firm mills and
sorts basmati rice for sales in the domestic and export markets.


SRI RAGHAVENDRA: CRISIL Ups Rating on INR180MM Term Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Sri Raghavendra Ferro Alloys Pvt Ltd to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

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

   Proposed Long Term      115       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan               180       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects improvement in SRFAPL's liquidity, backed by
higher cash accrual and reduced dependence on bank limits. The
upgrade also factors in its strengthening capital structure, low
gearing, and debt protection metrics. Cash accrual increased to
INR78 million in fiscal 2016 from INR17 million in fiscal 2014.
Bank limit utilisation for the 12 months through August 2016 was
78% as against 96% for the 12 months through March 2015. CRISIL
believes that SRFAPL's liquidity will be adequate on the back
moderate accretion and reserves, and continuity of reduced
reliance on bank limits. Net worth remained healthy at INR322
million as on March 31, 2016, growing 9% from INR295 million as
on March 31, 2015. Gearing reduced to 0.8 time as on March 31,
2016, from 1.0 time the previous year. The ratio is expected to
reduce further to 0.6 time by March 31, 2017, supported by
continued growth in networth and nil large, debt-funded capital
expenditure.

CRISIL's rating on the long-term bank facilities of SRFAPL
continues to reflect working capital-intensive operations, high
degree of customer concentration in revenue, and susceptibility
to volatility in raw material prices. These weaknesses are
partially offset by the extensive experience of promoter in the
ferroalloys industry, and above-average financial risk profile
with moderate networth, low gearing, and robust debt protection
metrics.
Outlook: Stable

CRISIL believes SRFAPL will continue to benefit over the medium
term from its promoter's extensive experience. The outlook may be
revised to 'Positive' in case of a substantial and sustained
increase in revenue while maintaining profitability margins, or
sustained improvement in working capital cycle. Conversely, the
outlook may be revised to 'Negative' if profitability margins
decline steeply, or capital structure weakens significantly, most
likely due to a stretch in the working capital cycle.

SRFA was set up in 2004 by Mr. K Srinivasa Reddy. The company
manufactures ferroalloys, with silico-manganese being its main
product. Its manufacturing unit is in Nalgonda, Telangana.


SRI VANGALAMMAN: CRISIL Reaffirms B- Rating on INR100MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri
Vangalamman Farms India Private Limited continue to reflect
SVFIPL's small scale of operations in the fragmented poultry
industry, its low operating margins and its weak financial risk
profile marked by weak debt protection metrics and net worth.
These rating weaknesses are partially offset by the benefits
derived from the extensive experience of SVFIPL's promoters in
the poultry industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            35        CRISIL B-/Stable (Reaffirmed)
   Long Term Loan        100        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SVFIPL will continue to benefit over the
medium term from promoter's extensive experience in the poultry
industry. The outlook may be revised to 'Positive' if the company
completes ongoing capacity addition within stipulated time and
cost resulting in larger scale of operations, while sustaining
profitability levels. Conversely, the outlook may be revised to
'Negative' if SVFIPL's profitability is significantly low or
there are delays or cost overrun in ongoing capacity expansion,
resulting in deterioration in financial risk profile.

Established in 2006 and based in Namakkal (Tamil Nadu), SVFIPL is
engaged in the poultry business and produces eggs. The company is
promoted by Mr. K Jayaprakash.


SRIRAMAGIRI SPINNING: CRISIL Suspends 'D' Rating on INR250MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sriramagiri Spinning Mills Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            120        CRISIL D
   Letter of Credit        10        CRISIL D
   Long Term Loan          250       CRISIL D

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

SSML was set up in 2006 by Mr. S Ramachandra Rao and his family
members. The company manufactures cotton yarn, and its spinning
unit is located in Nalgonda district in Andhra Pradesh.


SSK EXPORTS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned SSK Exports
Limited a Long-Term Issuer Rating of 'IND BB+'.  The Outlook is
Stable.  The agency has also assigned the company's INR750 mil.
fund-based working capital limit an 'IND BB+' rating with a
Stable Outlook.

                          KEY RATING DRIVERS

The ratings reflect SSK's moderate credit metrics.  According to
FY16 provisional financials its gross interest coverage
(operating EBITDA/gross interest expenses) was 1.8x (FY15: 1.8x)
and net financial leverage (adjusted net debt/operating EBITDAR)
was 2.8x (3x).

The ratings reflect the company's moderate net cash cycle which
deteriorated to 82 days in FY16 from 79 days in FY15.  This was
mainly due to high inventory holding.  The ratings factor in
SSK's moderate liquidity position as indicated by 92.7% average
utilization of its fund-based limits during the 12 months ended
September 2016.

The ratings, however, are supported by two and a half decades of
experience of the company's owners in trading of tea.  The
ratings also factor in the company's improved scale of operations
and strong operating margins.  Its revenue increased to INR1,644
mil. during FY16 from INR1,155m in FY15 and EBITDA margins were
6.6% (7.1%).

RATING SENSITIVITIES

Positive: An improvement in EBITDA interest coverage on a
sustained basis could lead to a positive rating action.

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

COMPANY PROFILE

SSK, incorporated in 1993, is a Kolkata-based company promoted by
Mr. Anoop Kumar.  The company has its own tea garden- The
Boisahabi Tea Estate - at Selenghat in Jorhat (Assam).  Total
area of the garden is 809.59 hectares and the area under
cultivation is 498.28 hectares.  The company presently is engaged
in cultivation, manufacturing, trading and export of tea.  The
annual production capacity of SSK is 1,500,000 kg.

Presently the company earns its revenue mostly from trading.

The company also runs business operations from its offices in
Coimbatore (Tamil Nadu), Cochin (Kerela) and Jorhat (Assam).


UNI SOURCCE: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Uni Sourcce
Treend India's (USTI) 'IND BB+(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 USTI.

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

USTI's ratings:

   -- Long-Term Issuer Rating: 'IND BB+(suspended)'; rating
      withdrawn
   -- INR170 mil. fund-based limits: 'IND A4+(suspended)'; rating
      withdrawn
   -- INR46.08 mil. long term loans: 'IND BB+(suspended)'; rating
      withdrawn


V.R. CONSTRUCTIONS: CRISIL Suspends 'D' Rating on INR99MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
V.R. Constructions.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit/
   Overdraft facility      99        CRISIL D

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

VRC was set up as a partnership firm in August 2011 by Mr. Velu B
Pethi and his wife, Mrs. Reshma Velu. The firm has a commercial
real estate project at Rajaji Nagar in Bengaluru.


VRAJ PACKAGING: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Vraj Packaging
Private Limited's 'IND BB+(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended Vraj's ratings on May 2, 2016.

Vraj's ratings:

   -- Long-Term Issuer Rating: 'IND BB+(suspended)'; rating
      withdrawn
   -- INR74.7 mil. term loan: 'IND BB+(suspended)'; rating
      withdrawn
   -- INR200 mil. fund-based working capital limits:
      'IND BB+(suspended)'/'IND A4+(suspended)'; ratings
      withdrawn
   -- INR20 mil. non-fund-based working capital limits:
      'IND A4+(suspended)'; rating withdrawn


WATERLINE HOTELS: ICRA Reaffirms B- Rating on INR27cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR27.0
crore fund based term loan limits of Waterline Hotels Private
Limited at [ICRA]B-.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term-Term Loan      27.0       [ICRA]B- reaffirmed

The reaffirmation of the rating considers the continuous losses
reported by the company owing to the high fixed costs incurred
for the hotel, which has resulted in negative cash accruals and
led to further erosion of net worth (negative net worth of
Rs.7.79 crore as on March 31, 2016) . The rating also factors in
the delays in execution of the real estate project 'Miraya Rose'
as per the schedule (initial expected date of completion was June
2016); with the bookings in the real estate project remaining
stagnant at 71% since Dec 2015. Also, the real estate project,
being partly debt funded, has resulted in sizable repayment
obligations falling due in the short to medium term, which render
vulnerability to debt servicing ability. Further, the company
remains exposed to execution risk, given intermediate stage of
completion of project, while it continues to face competition
from the ongoing projects of reputed large scale developers in
the vicinity of upcoming project. The hotel operations also
remain susceptible to inherent cyclicality of the hotel industry
and high competitive intensity in the hotel location (Whitefield,
Bangalore). The rating, however, derives comfort from the strong
management tie-up of the hotel, group support and promoter
background with presence in hospitality and real estate and the
high collect efficiency of 90% as on July, 2016.

Going forward, the ability of the company to execute the Miraya
Rose project in a timely manner, to improve sales velocity and to
maintain healthy collection efficiency; coupled with
stabilization of hotel operations will be the key rating
sensitivities.

Incorporated in 2008, Waterline Hotels Private Limited owns a
122-room 5-star hotel "Holiday Inn Bangalore" (erstwhile Alila)
at Whitefield in Bangalore, which is currently operated under a
management contract with Intercontinental Hotels Group (India)
Ltd. The hotel has been operational since August, 2011. WHPL is
currently also constructing a residential cum commercial project
at Whitefield (Bangalore) under the name of Miraya Rose in a
60:40 joint development agreement with the land owners. The cost
of the project is INR120.12 Crore; expected to be completed by
July 2017. As on July 31, 2016 the project has achieved 71% of
bookings with 90% collection efficiency and the company has
incurred 62% of the project cost reflecting intermediate stage of
completion.
WHPL is a part of the UKN Group of companies with ~62.05% stake
in the company held by UKN Properties Private Limited (UPPL). The
Group is primarily engaged in real estate development and has
till date developed over 1.5 million square feet of commercial,
residential and hospitality projects. Mr. Gautam U Nambisan, who
specializes in hotel management, remains the Managing Director of
the Group since 2003.

Recent Results
During FY2016 the company reported a net loss of INR4.30 crore on
an operating income of INR76.05 crore as against a net loss of
INR9.97 crore on an operating income of INR13.95 crore during
FY2015.



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


TAKATA CORP: Denies Media Reports of Impending Bankruptcy Filing
----------------------------------------------------------------
Takata Corporation acknowledged on Nov. 4 that certain media have
reported that TK HOLDINGS INC., its U.S. subsidiary, is
considering filing for Chapter 11 bankruptcy proceedings under
the U.S. Federal Bankruptcy Code and that Takata is considering
voluntary liquidation in Japan.

Takata said these media reports are not based on any announcement
by the Company.  Takata said it has not made any such decisions
and has no information to disclose concerning these matters.

Takata said it has set up an external Steering Committee and
commissioned it to develop a comprehensive restructuring plan to
address the various issues related to airbag recalls.  As part of
its activities this committee is seeking new investors in Takata,
but there are no new decisions to report since the press release
issued by Takata on October 11, 2016 titled "Regarding certain
media reports."

Any information that requires disclosure will be announced
promptly as it arises.

On Oct. 11, Takata also denied certain media reports of a looming
bankruptcy filing for TK Holdings.  Takata at that time also said
the reports were not based on any announcement made by the
Company, and that it has not made any decision nor has facts to
be disclosed concerning this matter.

According to the Oct. 11 statement by the Company, "Takata has
set up a Steering Committee and commissioned it to develop a
comprehensive restructuring plan to address the various issues
related to airbag recall. As a corporate citizen, Takata has
called on the Steering Committee to develop a restructuring plan
that considers all of its stakeholders. At the same time,
Takata's most important operational commitment remains to ensure
a stable and uninterrupted supply to automaker customers of high
quality replacement parts and general production components.
Takata works toward operational stability over the medium to long
term with the understanding from all relevant parties."

Takata's understanding is that as part of the restructuring
plan, the Steering Committee is currently considering a number of
measures, including seeking new investors, and has received
various proposals, and discussions with relevant parties will
start. Any information that requires disclosure will be announced
promptly as it arises, says the Company statement.

The Troubled Company Reporter and Troubled Company Reporter-Asia
Pacific, citing a report by the Asia Nikkei Review, said Takata
is preparing for a possible bankruptcy protection filing in the
U.S. amid the mounting costs related to the company's defective
air bags, which have been linked to some deaths.  According to
the Nikkei report, the move could help the Tokyo-based company
find a financial backer to ensure its parts-supplying operations
remain ongoing as it seeks an out-of-court reorganization -- an
important consideration for its automaker customers.

According to Nikkei, Takata's financial adviser has urged would-
be sponsors to propose turnaround plans based on the assumption
that the U.S. unit would file for bankruptcy protection. Global
air bag leader Autoliv of Sweden, U.S. private equity funds and
other potential backers have submitted proposals on this premise,
the report noted.

Honda Motor, Toyota Motor and other customers that have
shouldered some of the recall costs for Takata are also believed
to be leaning in favor of TK Holdings entering bankruptcy
protection, according to Nikkei. The automakers are expected to
seek repayment of recall costs and other claims, but not to the
extent that it would compromise Takata's ability to supply parts,
Nikkei said.

Citing an October report by Bloomberg News, the Troubled Company
Reporter-Asia Pacific said Takata reportedly hired law firm Weil
Gotshal & Manges LLP to help it weigh options that could include
bankruptcy or a sale, according to people with knowledge of the
matter.  Bloomberg said Takata is evaluating at least five bids
as it confronts the potentially massive cost of recalling 100
million faulty airbag inflators worldwide and lawsuits tied to at
least 16 deaths and numerous injuries.

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts. The Company
has subsidiaries located in Japan, the United States, Brazil,
Germany, Thailand, Philippines, Romania, Singapore, Korea, China
and other countries.


MITSUI O.S.K.: Unveils Merger Plans with Two Other Container Line
-----------------------------------------------------------------
Nikkei Asian Review reports that three Japanese marine shipping
companies, Nippon Yusen, Mitsui O.S.K. Lines and Kawasaki Kisen
Kaisha, jointly announced on Oct. 31 plans to consolidate their
container shipping operations, in the face of silent pressure
from financial markets.

"Shareholders' equity accumulated over the years disappeared in
an instant," the report quotes Nippon Yusen President Tadaaki
Naito as saying.

When the three shipping lines announced the merger of their
container businesses on Nov. 7, Nippon Yusen said it expects its
group net loss to hit JPY245 billion ($2.37 billion) in the
fiscal year ending March 2017. As a result, the company's capital
ratio fell to 24% from 34% at the end of the previous fiscal
year, Nikkei relates.

Capital ratio of Mitsui O.S.K. Lines is 22% and that of Kawasaki
Kisen is around 23%, far below 40%, the average of financially
stable listed companies that are unlikely to go bankrupt,
according to Nikkei.

Nikkei relates that the three shipping lines logged net losses in
five years out of the nine years from the global financial crisis
through the current fiscal year, mainly due to slumping container
line business, which is the subject of the merger. Over the
period, Kawasaki Kisen's container line business logged a net
loss six times, compared with Nippon Yusen's seven times and
Mitsui O.S.K. Lines' eight times, the report notes.

In addition to business fluctuations, "it took shippers a long
time to notice the structural change," Nikkei quotes Ryota
Himeno, an analyst at Citigroup Global Markets Japan, as saying.
Shipping lines continued to pump money into new ships even when
the global trade volume began a constant stagnation due to
China's economic slowdown. That created an oversupply, making it
increasingly difficult to continue the business, the report
states.

Nikkei says that while a ship's service life is 20-30 years and
it takes about three years from order to delivery, container line
contracts are normally one year. Freight rates are determined by
market conditions.

The container line business has been hit hard by market
conditions, compared with bulk shipping, which has long-term,
stable contracts with large customers, such as steel and car
makers. The benchmark freight rates for the U.S. are about half
of the level of before the global financial crisis, adds Nikkei.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 7, 2016, Moody's Japan K.K. said the announcement of the
merger of the container shipping businesses of Mitsui O.S.K.
Lines, Ltd. (MOL, Ba1 corporate family rating, negative), Nippon
Yusen Kabushiki Kaisha (Baa3 negative) and Kawasaki Kisen Kaisha,
Ltd. (unrated) has no immediate impact on MOL's Ba1 rating and
negative outlook.

"The move highlights the very negative market conditions that
continue to plague the containership industry," says Mariko
Semetko, a Moody's Vice President and Senior Analyst.

Moody's expects the integration of the three businesses could
prove credit positive over time if it leads to more discipline in
managing capacity. However, the potential cash flow synergies and
balance sheet impact remain uncertain for now, including (1)
whether the companies will transfer their vessels to a new joint
venture and (2) the capital structure.

Headquartered in Tokyo, Japan, Mitsui O.S.K. Lines Ltd., is one
of the world's largest shipping companies by fleet size with
about 900 vessels including spot-chartered ships and vessels
owned through joint ventures.



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


PUMPKIN PATCH: 145 Jobs to Go as 27 Stores Set to Close
-------------------------------------------------------
Having advised the affected staff, the receivers of Pumpkin Patch
Originals Limited, have confirmed the closure of 27 Pumpkin Patch
and Charlie & Me stores across Australia. 52 employees will be
redeployed to other Pumpkin Patch stores and there will be a loss
of up to 145 jobs.

The stores are:

Belrose Clearance
Bendigo
Charlie & Me Booragoon
Charlie & Me Carousel
Charlie & Me Chatswood Chase
Chatswood Chase
Colonnades Rockingham
Claremont
Docklands Clearance
Forest Hill Chase
Frankston
Indooroopilly
Logan Dubbo
Melton Tuggerah
Mt Ommaney
Northlakes
Nunawading Outlet
Orange
Rundle Mall
ShellHarbour NSW
Shepparton
Sunbury
Top Ryde
Wagga Wagga

Receiver, Brendon Gibson said the likely closure of some Pumpkin
Patch stores in both Australia and New Zealand had been signalled
when the business was placed in receivership on October 26.

"We have already moved to close some stores in New Zealand.
Having now had time to assess the financial viability of the
Australian retail footprint, unfortunately it is necessary to
also close some stores in an effort to stabilise the broader
business.

"Staff have been advised of their store closure and the
receivers' intention to pay all entitlements. They have also been
given access to EAP support services. We acknowledge this is a
difficult time for all Pumpkin Patch employees and we would ask
the media to please respect this situation," Mr. Gibson said.

The receivers noted that work is continuing to identify viable
sale options for the business.

The stores will close on or before Nov. 15, 2016.

                       About Pumpkin Patch

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

On Oct. 26, the Board of Pumpkin Patch has placed the company
into Voluntary Administration under Part 15A of the Companies Act
1993.

The board has therefore appointed Andrew Grenfell and Conor
McElhinney of McGrathNicol as administrators for Pumpkin Patch
and a number of its subsidiaries. Pumpkin Patch's bank has
appointed Neale Jackson and Brendon Gibson of KordaMentha as
receivers.



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


STX OFFSHORE: 4 Parties Express Interest in French Unit's Stake
---------------------------------------------------------------
Joyce Lee at Reuters reports that four parties have expressed
interest in buying one or both of South Korea's STX Offshore &
Shipbuilding Co Ltd. and a controlling stake in STX France SA, a
spokesman for the Seoul court overseeing STX Offshore's
receivership said on Nov. 4.

The Seoul Central District Court spokesman declined to comment on
the names of the parties, Reuters notes.

The South Korean court in October decided to allow the two units
of the collapsed STX shipbuilding group to be sold either
separately or together, Reuters recounts.

Initial bids were due on Nov. 4 for all of STX Offshore &
Shipbuilding Co Ltd. and a 66.7% stake in STX France SA that is
held by STX Europe AS, Reuters states.

South Korean M&A publication Market Insight reported earlier on
Nov. 4, citing unnamed investment banking sources, the four
parties that entered non-binding bids in the sale were France's
DCNS Group, Italy's Fincantieri SpA and Netherlands' Damen
Shipyards, and a fourth non-Korean bidder, Reuters relays.

France's Industry Minister Christophe Sirugue confirmed to
Reuters that there had been four offers, including at least two
from Europe.

According to Reuters, the Korean media report said there isn't a
high chance that both will be sold together as potential buyers
are only interested in STX France.

STX Offshore & Shipbuilding Co. Ltd. is a Korea-based company
mainly engaged in the shipbuilding and offshore business.  The
company operates its business through five segments: merchant
vessel, cruise, offshore and specialized vessel (OSV), vessel
apparatus and other segment.

As reported by the Troubled Company Reporter-Asia Pacific on
Oct. 21, 2016, STX Offshore & Shipbuilding Co., Ltd., filed a
Chapter 15 petition in the U.S. Bankruptcy Court for the Southern
District of Texas in an attempt to block creditors from seizing
control of its assets in the United States.

Mr. Yoon Keun Jang, the court-appointed administrator of the
Company, seeks recognition in the United States of the Company's
legal proceedings (case number 2016 hoehap 100109 Rehabilitation)
under the Republic of Korea's Debtor Rehabilitation and
Bankruptcy Act currently pending before the Republic of Korea's
Seoul Central District Court, Third Bankruptcy Division.

Contemporaneously with the petition, Mr. Jang asks the U.S.
Bankruptcy Court to enter a preliminary injunction and temporary
restraining order prohibiting the initiation or continuation of
any collection actions against the Company in the United States
pending a hearing on the Company's petition for recognition of a
foreign proceeding pursuant to Chapter 15 of the Bankruptcy Code.

On May 27, 2016, the Company applied for a commencement of
Rehabilitation Procedure under the DRBA which initiated the
Korean Bankruptcy Proceeding.  On June 7, 2016, the Korean
Bankruptcy Court issued its decision commencing rehabilitation
proceedings under the DRBA and appointing the then CEO of the
Company, Mr. Byung Mo Lee, as the Company's administrator.  Mr.
Lee was later replaced by Mr. Jang pursuant to a June 28, 2016,
order of the Korean Bankruptcy Court.



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


* BOND PRICING: For the Week Oct. 31 to Nov. 4, 2016
----------------------------------------------------

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


  AUSTRALIA
  ---------

BOART LONGYEAR MANAGE    10.00    10/01/18       USD     70.00
BOART LONGYEAR MANAGE     7.00    04/01/21       USD     11.75
BOART LONGYEAR MANAGE    10.00    10/01/18       USD     69.88
BOART LONGYEAR MANAGE     7.00    04/01/21       USD     22.03
CML GROUP LTD             9.00    01/29/20       AUD      1.00
CRATER GOLD MINING LT    10.00    08/18/17       AUD     23.89
CROWN RESORTS LTD         5.73    04/23/75       AUD     72.86
DBCT FINANCE PTY LTD      2.10    06/09/26       AUD     64.45
EMECO PTY LTD             9.88    03/15/19       USD     60.00
EMECO PTY LTD             9.88    03/15/19       USD     61.00
IMF BENTHAM LTD           6.16    06/30/19       AUD     60.13
KEYBRIDGE CAPITAL LTD     7.00    07/31/20       AUD      0.67
LAKES OIL NL             10.00    03/31/17       AUD      4.00
MIDWEST VANADIUM PTY     11.50    02/15/18       USD      1.37
MIDWEST VANADIUM PTY     11.50    02/15/18       USD      1.37
RELIANCE RAIL FINANCE     2.28    09/26/23       AUD     64.76
RELIANCE RAIL FINANCE     2.28    09/26/23       AUD     64.76
STOKES LTD               10.00    06/30/17       AUD      0.35
TREASURY CORP OF VICT     0.50    11/12/30       AUD     73.93


CHINA
-----

ANHUI PROVINCE WANBEI     5.32    06/28/17       CNY     70.00
ANSHAN CITY CONSTRUCT     8.25    03/05/19       CNY     63.38
ANSHAN CITY CONSTRUCT     8.25    03/05/19       CNY     63.73
ANYANG INVESTMENT GRO     8.00    04/17/19       CNY     64.23
BAISHAN URBAN CONSTRU     7.00    07/31/19       CNY     62.17
BAISHAN URBAN CONSTRU     7.00    07/31/19       CNY     60.50
BANGBU CITY INVESTMEN     5.78    08/10/17       CNY     30.67
BEIJING CAPITAL DEVEL     5.95    05/29/19       CNY     62.76
BEIJING CONSTRUCTION      5.95    07/05/19       CNY     62.73
BEIJING CONSTRUCTION      5.95    07/05/19       CNY     60.00
BEIJING ECONOMIC TECH     5.29    03/06/18       CNY     71.71
BEIJING XINGZHAN STAT     6.48    08/31/19       CNY     63.86
BEIJING XINGZHAN STAT     6.48    08/31/19       CNY     83.00
BIJIE XINTAI INVESTME     7.15    08/20/19       CNY     63.86
BIJIE XINTAI INVESTME     7.15    08/20/19       CNY     61.50
BINZHOU BINCHENG DIST     6.50    07/05/19       CNY     63.29
BINZHOU BINCHENG DIST     6.50    07/05/19       CNY     75.00
CHANGDE ECONOMIC DEVE     7.19    09/12/19       CNY     84.63
CHANGDE ECONOMIC DEVE     7.19    09/12/19       CNY     64.05
CHANGSHA CITY CONSTRU     6.95    04/24/19       CNY     63.19
CHANGSHA CITY CONSTRU     6.95    04/24/19       CNY     60.01
CHANGSHA COUNTY XINGC     8.35    04/06/19       CNY     63.64
CHANGSHA COUNTY XINGC     8.35    04/06/19       CNY     64.31
CHANGSHA HIGH TECHNOL     7.30    11/22/17       CNY     71.10
CHANGSHU BINJIANG URB     6.85    04/27/19       CNY     63.35
CHANGSHU BINJIANG URB     6.85    04/27/19       CNY     60.00
CHANGSHU CITY OPERATI     8.00    01/16/19       CNY     63.70
CHANGSHU CITY OPERATI     8.00    01/16/19       CNY     63.00
CHANGZHOU WUJIN CITY      6.22    06/08/18       CNY     51.67
CHANGZHOU WUJIN CITY      6.22    06/08/18       CNY     51.70
CHAOYANG CONSTRUCTION     7.30    05/25/19       CNY     63.42
CHENGDU ECONOMIC&TECH     6.55    07/17/19       CNY     63.40
CHENGDU ECONOMIC&TECH     6.50    07/17/18       CNY     51.74
CHENGDU ECONOMIC&TECH     6.55    07/17/19       CNY     60.00
CHENGDU ECONOMIC&TECH     6.50    07/17/18       CNY     52.17
CHENGDU XINCHENG XICH     8.35    03/19/19       CNY     64.45
CHENGDU XINCHENG XICH     8.35    03/19/19       CNY     65.30
CHIFENG CITY HONGSHAN     7.20    07/25/19       CNY     63.26
CHIFENG CITY INFRASTR     6.18    05/18/17       CNY     51.34
CHIFENG CITY INFRASTR     6.18    05/18/17       CNY     50.25
CHONGQING DASHENG ASS     6.78    06/02/17       CNY     51.23
CHONGQING HECHUAN RUR     8.28    04/10/18       CNY     52.44
CHONGQING HECHUAN RUR     8.28    04/10/18       CNY     52.20
CHONGQING HECHUAN URB     6.95    01/06/18       CNY     72.67
CHONGQING HECHUAN URB     6.95    01/06/18       CNY     71.38
CHONGQING JIANGJIN HU     6.95    01/06/18       CNY     71.67
CHONGQING JIANGJIN HU     6.95    01/06/18       CNY     71.00
CHONGQING JINYUN ASSE     6.75    06/18/19       CNY     63.41
CHONGQING JINYUN ASSE     6.75    06/18/19       CNY     83.20
CHONGQING LAND PROPER     7.35    04/25/19       CNY     64.10
CHONGQING LAND PROPER     7.35    04/25/19       CNY     63.90
CHONGQING MAIRUI CITY     6.82    08/17/19       CNY     63.95
CHONGQING NAN'AN URBA     8.20    04/09/19       CNY     64.40
CHONGQING NAN'AN URBA     6.29    12/24/17       CNY     61.78
CHONGQING NANCHUAN DI     7.35    09/06/19       CNY     63.42
CHONGQING NANCHUAN DI     7.35    09/06/19       CNY     63.92
CHONGQING XINGRONG HO     8.35    04/19/19       CNY     64.05
CHONGQING XINGRONG HO     8.35    04/19/19       CNY     64.30
CHONGQING XIYONG MICR     6.76    07/25/19       CNY     64.23
CHONGQING XIYONG MICR     6.76    07/25/19       CNY     60.00
CHONGQING YONGCHUAN H     7.49    03/14/18       CNY     73.00
CHONGQING YONGCHUAN H     7.49    03/14/18       CNY     71.00
CHONGQING YUFU ASSET      6.50    09/04/19       CNY     63.90
CHONGQING YUFU ASSET      6.50    09/04/19       CNY     64.12
CHONGQING YULONG ASSE     6.87    05/31/19       CNY     63.21
CHONGQING YUXING CONS     7.29    12/08/17       CNY     71.99
DALI ECONOMIC DEVELOP     8.80    04/24/19       CNY     64.75
DALIAN LVSHUN CONSTRU     6.78    07/02/19       CNY     63.43
DANDONG CITY DEVELOPM     5.84    09/06/17       CNY     40.55
DANYANG INVESTMENT GR     8.10    03/06/19       CNY     63.89
DANYANG INVESTMENT GR     8.10    03/06/19       CNY     62.50
DATONG ECONOMIC CONST     6.50    06/01/17       CNY     40.80
DATONG ECONOMIC CONST     6.50    06/01/17       CNY     40.84
DAXING ANLING FORESTR     7.08    10/23/19       CNY     79.90
DONGBEI SPECIAL STEEL     6.50    03/27/16       CNY     40.00
DONGBEI SPECIAL STEEL     5.63    04/12/18       CNY     40.00
DONGBEI SPECIAL STEEL     6.10    01/15/18       CNY     40.00
DONGBEI SPECIAL STEEL     7.00    07/10/16       CNY     40.00
DONGBEI SPECIAL STEEL     5.88    05/05/16       CNY     40.00
DONGBEI SPECIAL STEEL     7.40    07/17/17       CNY     40.00
DONGBEI SPECIAL STEEL     8.20    06/06/16       CNY     40.00
DONGBEI SPECIAL STEEL     6.30    09/24/16       CNY     36.13
DONGTAI COMMUNICATION     7.39    07/05/18       CNY     52.38
DONGTAI COMMUNICATION     7.39    07/05/18       CNY     51.01
DRILL RIGS HOLDINGS I     6.50    10/01/17       USD     32.13
DRILL RIGS HOLDINGS I     6.50    10/01/17       USD     32.38
ERDOS DONGSHENG CITY      8.40    02/28/18       CNY     50.26
ERDOS DONGSHENG CITY      8.40    02/28/18       CNY     49.37
EZHOU CITY CONSTRUCTI     7.08    06/19/19       CNY     63.64
FEICHENG CITY ASSET O     7.10    08/14/18       CNY     52.61
FEICHENG CITY ASSET O     7.10    08/14/18       CNY     52.50
FUJIAN LONGYAN CITY C     7.45    08/14/19       CNY     64.29
FUSHUN URBAN INVESTME     5.95    05/11/18       CNY     71.87
GANZHOU CITY DEVELOPM     6.40    07/10/18       CNY     51.00
GANZHOU CITY DEVELOPM     6.40    07/10/18       CNY     52.11
GUANGAN INVESTMENT HO     8.18    04/25/19       CNY     64.31
GUANGAN INVESTMENT HO     8.18    04/25/19       CNY     62.72
GUANGXI BAISE DEVELOP     6.50    07/04/19       CNY     62.92
GUANGXI BAISE DEVELOP     6.50    07/04/19       CNY     62.73
GUILIN ECONOMIC CONST     6.90    05/09/18       CNY     52.12
GUILIN ECONOMIC CONST     6.90    05/09/18       CNY     52.00
GUIYANG ECO&TECH DEVE     8.42    03/27/19       CNY     64.41
GUOAO INVESTMENT DEVE     6.89    10/29/18       CNY     70.84
HAIAN COUNTY CITY CON     8.35    03/28/18       CNY     52.52
HAIAN COUNTY CITY CON     8.35    03/28/18       CNY     52.45
HAIMEN CITY DEVELOPME     8.35    03/20/19       CNY     62.00
HAIMEN CITY DEVELOPME     8.35    03/20/19       CNY     63.96
HANGZHOU MUNICIPAL CO     5.90    04/25/18       CNY     51.25
HANGZHOU MUNICIPAL CO     5.90    04/25/18       CNY     51.49
HANGZHOU XIAOSHAN STA     6.90    11/22/16       CNY     40.02
HANGZHOU XIAOSHAN STA     6.90    11/22/16       CNY     40.21
HANGZHOU YUHANG CITY      7.55    03/29/19       CNY     64.10
HANGZHOU YUHANG CITY      7.55    03/29/19       CNY     63.55
HANZHONG CITY CONSTRU     7.48    03/14/18       CNY     73.25
HEFEI CONSTRUCTION IN     5.23    08/28/18       CNY     71.82
HEFEI HAIHENG INVESTM     7.30    06/12/19       CNY     63.67
HEFEI HAIHENG INVESTM     7.30    06/12/19       CNY     60.00
HEFEI TAOHUA INDUSTRI     8.79    03/27/19       CNY     64.34
HEFEI TAOHUA INDUSTRI     8.79    03/27/19       CNY     61.90
HEFEI XINCHENG STATE-     7.88    04/23/19       CNY     63.77
HEFEI XINCHENG STATE-     7.88    04/23/19       CNY     60.00
HEGANG KAIYUAN CITY I     6.50    07/19/19       CNY     63.90
HEILONGJIANG HECHENG      7.78    11/17/16       CNY     40.29
HENGYANG CITY CONSTRU     7.06    08/13/19       CNY     64.20
HENGYANG CITY CONSTRU     7.06    08/13/19       CNY     64.35
HUAIAN CITY URBAN ASS     7.15    12/21/16       CNY     40.25
HUAIAN CITY WATER ASS     8.25    03/08/19       CNY     64.38
HUAIAN CITY WATER ASS     8.25    03/08/19       CNY     62.01
HUAI'AN DEVELOPMENT H     7.20    09/06/19       CNY     64.19
HUAI'AN DEVELOPMENT H     6.80    03/24/17       CNY     42.46
HUAI'AN DEVELOPMENT H     7.20    09/06/19       CNY     63.81
HUAIAN QINGHE NEW ARE     6.79    04/29/17       CNY     40.82
HUAIHUA CITY CONSTRUC     8.00    03/22/18       CNY     51.81
HUAIHUA CITY CONSTRUC     8.00    03/22/18       CNY     53.00
HUZHOU MUNICIPAL CONS     7.02    12/21/17       CNY     72.25
HUZHOU NANXUN STATE-O     8.15    03/31/19       CNY     63.53
HUZHOU WUXING NANTAIH     7.71    02/17/18       CNY     72.68
JIAMUSI NEW ERA INFRA     8.25    03/22/19       CNY     63.01
JIAMUSI NEW ERA INFRA     8.25    03/22/19       CNY     63.34
JIAN CITY CONSTRUCTIO     7.80    04/20/19       CNY     63.94
JIAN CITY CONSTRUCTIO     7.80    04/20/19       CNY     60.00
JIANAN INVESTMENT HOL     7.68    09/04/19       CNY     64.62
JIANGDONG HOLDING GRO     6.90    03/27/19       CNY     62.99
JIANGDU XINYUAN INDUS     8.10    03/23/19       CNY     63.04
JIANGDU XINYUAN INDUS     8.10    03/23/19       CNY     63.11
JIANGSU HUAJING ASSET     5.68    09/28/17       CNY     50.00
JIANGSU HUAJING ASSET     5.68    09/28/17       CNY     50.60
JIANGSU LIANYUN DEVEL     6.10    06/19/19       CNY     62.86
JIANGSU LIANYUN DEVEL     6.10    06/19/19       CNY     62.28
JIANGSU TAICANG PORT      7.66    05/16/19       CNY     64.10
JIANGXI HEJI INVESTME     8.00    09/04/19       CNY     64.55
JIANGXI HEJI INVESTME     8.00    09/04/19       CNY     64.66
JIANGYIN CITY CONSTRU     7.20    06/11/19       CNY     63.99
JIANGYIN CITY CONSTRU     7.20    06/11/19       CNY     60.00
JIASHAN STATE-OWNED A     6.80    06/06/19       CNY     63.45
JIAXING CULTURE FAMOU     8.16    03/08/19       CNY     64.21
JIAXING ECONOMIC&TECH     6.78    06/14/19       CNY     63.36
JIAXING ECONOMIC&TECH     6.78    06/14/19       CNY     60.00
JILIN PROVINCIAL COAL     6.00    11/11/16       CNY     74.00
JINAN CITY CONSTRUCTI     6.98    03/26/18       CNY     50.00
JINAN CITY CONSTRUCTI     6.98    03/26/18       CNY     52.03
JINAN XIAOQINGHE DEVE     7.15    09/05/19       CNY     64.42
JINAN XIAOQINGHE DEVE     7.15    09/05/19       CNY     63.74
JINGZHOU URBAN CONSTR     7.98    04/24/19       CNY     64.61
JINING CITY CONSTRUCT     8.30    12/31/18       CNY     63.94
JINTAN CONSTRUCTION I     8.30    03/14/19       CNY     63.62
JINZHOU CITY INVESTME     7.08    06/13/19       CNY     63.49
JINZHOU CITY INVESTME     7.08    06/13/19       CNY     63.24
JIUJIANG CITY CONSTRU     8.49    02/23/19       CNY     64.00
JIUJIANG CITY CONSTRU     8.49    02/23/19       CNY     64.56
KAIFENG DEVELOPMENT I     6.47    07/11/19       CNY     63.22
KARAMAY URBAN CONSTRU     7.15    09/04/19       CNY     62.40
KARAMAY URBAN CONSTRU     7.15    09/04/19       CNY     63.73
KUNMING CITY CONSTRUC     7.60    04/13/18       CNY     52.13
KUNMING CITY CONSTRUC     7.60    04/13/18       CNY     52.02
KUNMING WUHUA DISTRIC     8.60    03/15/18       CNY     52.62
KUNMING WUHUA DISTRIC     8.60    03/15/18       CNY     52.74
LAIWU CITY ECONOMIC D     6.50    03/01/18       CNY     61.91
LEQING CITY STATE OWN     6.50    06/29/19       CNY     62.44
LEQING CITY STATE OWN     6.50    06/29/19       CNY     60.00
LESHAN STATE-OWNED AS     6.99    03/18/18       CNY     72.82
LESHAN STATE-OWNED AS     6.99    03/18/18       CNY     72.70
LIAOYANG CITY ASSETS      6.88    06/13/18       CNY     67.75
LIAOYANG CITY ASSETS      6.88    06/13/18       CNY     66.00
LIAOYUAN STATE-OWNED      7.80    01/26/17       CNY     40.49
LIAOYUAN STATE-OWNED      7.80    01/26/17       CNY #N/A N/A
LIAOYUAN STATE-OWNED      8.17    03/13/19       CNY     63.40
LIAOYUAN STATE-OWNED      8.17    03/13/19       CNY #N/A N/A
LIJIANG GUCHENG MANAG     6.68    07/26/19       CNY     63.33
LINAN CITY CONSTRUCTI     8.15    03/09/18       CNY     49.88
LINAN CITY CONSTRUCTI     8.15    03/09/18       CNY     52.32
LINHAI CITY INFRASTRU     7.98    11/06/16       CNY     50.37
LINHAI CITY INFRASTRU     7.98    11/06/16       CNY     50.28
LINYI INVESTMENT DEVE     8.10    03/27/18       CNY     53.50
LIUZHOU DONGCHENG INV     8.30    02/15/19       CNY     62.02
LIUZHOU DONGCHENG INV     8.30    02/15/19       CNY     63.05
LIUZHOU INVESTMENT HO     6.98    08/15/19       CNY     63.74
LONGHAI STATE-OWNED A     8.25    12/02/17       CNY     72.50
LUOHE CITY CONSTRUCTI     6.81    03/30/17       CNY     30.53
LUOHE CITY CONSTRUCTI     6.81    03/30/17       CNY     30.49
MIANYANG SCIENCE & TE     7.16    05/15/19       CNY     63.07
MIANYANG SCIENCE & TE     7.16    05/15/19       CNY     60.51
MIANYANG SCIENCE & TE     6.30    07/22/18       CNY     54.15
MUDANJIANG STATE-OWNE     7.08    08/30/19       CNY     63.57
MUDANJIANG STATE-OWNE     7.08    08/30/19       CNY     62.94
NANAN CITY TRADE INDU     8.50    04/25/19       CNY     65.60
NANCHONG CHEMICAL IND     8.16    04/26/19       CNY     63.97
NANJING HEXI NEW TOWN     6.40    02/03/17       CNY     60.79
NANJING HI-TECH ECONO     6.94    09/07/19       CNY     64.11
NANJING HI-TECH ECONO     6.94    09/07/19       CNY     62.52
NANJING JIANGNING SCI     7.29    04/28/19       CNY     62.15
NANJING JIANGNING SCI     7.29    04/28/19       CNY     63.77
NANTONG CITY TONGZHOU     6.80    05/28/19       CNY     60.00
NANTONG CITY TONGZHOU     6.80    05/28/19       CNY     63.46
NANTONG STATE-OWNED A     6.72    11/13/16       CNY     40.02
NANTONG STATE-OWNED A     6.72    11/13/16       CNY     40.23
NEIJIANG INVESTMENT H     7.00    07/19/18       CNY     53.00
NEIJIANG INVESTMENT H     7.00    07/19/18       CNY     51.91
NEIMENGGU XINLINGOL X     7.62    02/25/18       CNY     72.23
NINGBO CITY ZHENHAI I     6.48    04/12/17       CNY     40.55
NINGBO URBAN CONSTRUC     7.39    03/01/18       CNY     52.03
NINGBO URBAN CONSTRUC     7.39    03/01/18       CNY     51.16
NINGDE CITY STATE-OWN     6.25    10/21/17       CNY     40.30
NINGHAI COUNTY CITY C     8.60    12/31/17       CNY     73.34
NONGGONGSHANG REAL ES     6.29    10/11/17       CNY     71.11
PANJIN CONSTRUCTION I     7.70    12/16/16       CNY     40.30
PANJIN CONSTRUCTION I     7.70    12/16/16       CNY     40.24
PANJIN CONSTRUCTION I     7.50    05/17/19       CNY     63.71
PANJIN CONSTRUCTION I     7.50    05/17/19       CNY     61.00
PINGDINGSHAN CITY DEV     7.86    05/08/19       CNY     64.35
PINGDINGSHAN CITY DEV     7.86    05/08/19       CNY     60.00
PUER CITY STATE OWNED     7.38    06/20/19       CNY     63.08
PUTIAN STATE-OWNED AS     8.10    03/21/19       CNY     64.20
PUTIAN STATE-OWNED AS     8.10    03/21/19       CNY     60.00
QIANAN XINGYUAN WATER     6.45    07/11/18       CNY     51.82
QIANAN XINGYUAN WATER     6.45    07/11/18       CNY     50.00
QIANDONG NANZHOU DEVE     8.80    04/27/19       CNY     64.10
QINGDAO CITY CONSTRUC     6.19    02/16/17       CNY     40.48
QINGDAO CITY CONSTRUC     6.19    02/16/17       CNY     40.46
QINGDAO CITY CONSTRUC     6.89    02/16/19       CNY     62.78
QINGDAO CITY CONSTRUC     6.89    02/16/19       CNY     63.11
QINGDAO HUATONG STATE     7.30    04/18/19       CNY     63.71
QINGDAO HUATONG STATE     7.30    04/18/19       CNY     60.00
QINGZHOU HONGYUAN PUB     6.50    05/22/19       CNY     31.29
QINGZHOU HONGYUAN PUB     6.50    05/22/19       CNY     31.51
QINZHOU CITY DEVELOPM     6.72    04/30/17       CNY     51.13
QUANZHOU QUANGANG PET     8.40    04/16/19       CNY     63.04
QUANZHOU QUANGANG PET     8.40    04/16/19       CNY     63.80
QUJING DEVELOPMENT IN     7.25    09/06/19       CNY     63.68
QUJING DEVELOPMENT IN     7.25    09/06/19       CNY     64.16
QUNSHAN HUAQIAO INTER     7.98    12/30/18       CNY     63.33
SANMING STATE-OWNED A     6.99    06/14/18       CNY     73.39
SANMING STATE-OWNED A     6.99    06/14/18       CNY     70.08
SHANGHAI CHENGTOU COR     4.63    07/30/19       CNY     61.66
SHANGHAI REAL ESTATE      6.12    05/17/17       CNY     40.86
SHANGHAI SONGJIANG TO     6.28    08/15/18       CNY     50.00
SHANGHAI SONGJIANG TO     6.28    08/15/18       CNY     52.21
SHANGYU COMMUNICATION     6.70    09/11/19       CNY     84.14
SHAOXING CHENGBEI XIN     6.21    06/11/18       CNY     51.78
SHAOXING CHENGBEI XIN     6.21    06/11/18       CNY     50.00
SHAOYANG CITY CONSTRU     7.40    09/11/18       CNY     52.81
SHIYAN CITY INFRASTRU     7.98    04/20/19       CNY     64.34
SICHUAN COAL INDUSTRY     7.80    09/27/17       CNY     35.00
SICHUAN COAL INDUSTRY     5.94    05/15/17       CNY     35.00
SICHUAN COAL INDUSTRY     7.45    12/25/16       CNY     35.00
SICHUAN COAL INDUSTRY     7.70    01/09/18       CNY     35.00
SICHUAN DEVELOPMENT H     5.40    11/10/17       CNY     70.82
SONGYUAN URBAN DEVELO     7.30    08/29/19       CNY     63.33
SONGYUAN URBAN DEVELO     7.30    08/29/19       CNY     60.00
SUIZHOU CITY INVESTME     7.50    08/22/19       CNY     64.38
SUQIAN ECONOMIC DEVEL     7.50    03/26/19       CNY     60.00
SUQIAN ECONOMIC DEVEL     7.50    03/26/19       CNY     63.88
SUZHOU CONSTRUCTION I     7.45    03/12/19       CNY     63.32
SUZHOU INDUSTRIAL PAR     5.79    05/30/19       CNY     60.01
SUZHOU INDUSTRIAL PAR     5.79    05/30/19       CNY     62.78
SUZHOU XIANGCHENG URB     6.95    09/03/19       CNY     63.51
SUZHOU XIANGCHENG URB     6.95    09/03/19       CNY     64.00
TAIAN CITY TAISHAN IN     5.79    03/02/18       CNY     71.00
TAIXING ZHONGXING STA     8.29    03/27/18       CNY     53.33
TAIXING ZHONGXING STA     8.29    03/27/18       CNY     52.51
TAIZHOU CITY CONSTRUC     6.90    01/25/17       CNY     40.40
TAIZHOU HAILING ASSET     8.52    03/21/19       CNY     64.11
TAIZHOU HAILING ASSET     8.52    03/21/19       CNY     64.16
TAIZHOU XINTAI GROUP      6.85    08/14/18       CNY     52.10
TAIZHOU XINTAI GROUP      6.85    08/14/18       CNY     52.23
TENGZHOU CITY STATE-O     6.45    05/24/18       CNY     60.00
TIANJIN BINHAI NEW AR     5.00    03/13/18       CNY     71.50
TIANJIN BINHAI NEW AR     5.00    03/13/18       CNY     71.78
TIANJIN ECO-CITY INVE     6.76    08/14/19       CNY     63.62
TIANJIN ECO-CITY INVE     6.76    08/14/19       CNY     66.00
TIANJIN HANBIN INVEST     8.39    03/22/19       CNY     63.88
TIANJIN HI-TECH INDUS     7.80    03/27/19       CNY     59.60
TIANJIN HI-TECH INDUS     7.80    03/27/19       CNY     63.85
TIANJIN JINNAN CITY C     6.95    06/18/19       CNY     63.43
TIELING PUBLIC ASSETS     7.34    05/29/18       CNY     51.81
TIELING PUBLIC ASSETS     7.34    05/29/18       CNY     50.00
TIGER FOREST & PAPER      5.38    06/14/17       CNY     57.39
TONGCHUAN DEVELOPMENT     7.50    07/17/19       CNY     62.73
TONGLIAO CITY INVESTM     5.98    09/01/17       CNY     40.97
TONGLIAO CITY INVESTM     5.98    09/01/17       CNY     40.22
TONGREN FANJINGSHAN I     6.89    08/02/19       CNY     63.83
TONGREN FANJINGSHAN I     6.89    08/02/19       CNY     61.02
URUMQI CITY CONSTRUCT     6.35    07/09/19       CNY     63.40
URUMQI CITY CONSTRUCT     6.35    07/09/19       CNY     63.30
URUMQI STATE-OWNED AS     6.48    04/28/18       CNY     51.47
URUMQI STATE-OWNED AS     6.48    04/28/18       CNY     51.55
WAFANGDIAN STATE-OWNE     8.55    04/19/19       CNY     63.99
WENZHOU ANJUFANG CITY     7.65    04/24/19       CNY     63.60
WUHAI CITY CONSTRUCTI     8.20    03/31/19       CNY     63.74
WUHAI CITY CONSTRUCTI     8.20    03/31/19       CNY     63.00
WUHU ECONOMIC TECHNOL     6.70    06/08/18       CNY     52.11
WUHU ECONOMIC TECHNOL     6.70    06/08/18       CNY     51.00
WUZHOU DONGTAI STATE-     7.40    09/03/19       CNY     63.13
XIAN CHANBAHE DEVELOP     6.89    08/03/19       CNY     63.30
XIANGTAN CITY CONSTRU     8.00    03/16/19       CNY     61.00
XIANGTAN CITY CONSTRU     8.00    03/16/19       CNY     64.01
XIANGTAN JIUHUA ECONO     7.43    08/29/19       CNY     64.34
XIANGTAN JIUHUA ECONO     6.93    12/16/16       CNY     40.42
XIANGYANG CITY CONSTR     8.12    01/12/19       CNY     63.79
XIANGYANG CITY CONSTR     8.12    01/12/19       CNY     63.63
XIANNING CITY CONSTRU     7.50    08/31/18       CNY     78.00
XIANNING CITY CONSTRU     7.50    08/31/18       CNY     52.69
XIANYANG CITY CONSTRU     7.90    12/09/17       CNY     71.00
XIAOGAN URBAN CONSTRU     8.12    03/26/19       CNY     64.22
XINING CITY INVESTMEN     7.70    04/27/19       CNY     64.07
XINING CITY INVESTMEN     7.70    04/27/19       CNY     60.00
XINJIANG SHIHEZI DEVE     7.50    08/29/18       CNY     49.09
XINJIANG UYGUR AR HAM     6.25    07/17/18       CNY     51.98
XINXIANG INVESTMENT G     6.80    01/18/18       CNY     71.99
XINYANG HUAXIN INVEST     6.95    06/14/19       CNY     63.72
XINYANG HUAXIN INVEST     6.95    06/14/19       CNY     63.60
XINZHOU CITY ASSET MA     7.39    08/08/18       CNY     52.74
XUCHANG GENERAL INVES     7.78    04/27/19       CNY     64.20
XUZHOU ECONOMIC TECHN     8.20    03/07/19       CNY     60.60
XUZHOU ECONOMIC TECHN     8.20    03/07/19       CNY     64.00
XUZHOU XINSHENG CONST     7.48    05/08/18       CNY     50.00
XUZHOU XINSHENG CONST     7.48    05/08/18       CNY     52.35
YAAN STATE-OWNED ASSE     7.39    07/04/19       CNY     63.49
YANCHENG ORIENTAL INV     5.75    06/08/17       CNY     50.00
YANCHENG ORIENTAL INV     5.75    06/08/17       CNY     50.97
YANGZHONG URBAN CONST     7.10    03/26/18       CNY     72.98
YANGZHOU URBAN CONSTR     6.30    07/26/19       CNY     60.00
YANGZHOU URBAN CONSTR     6.30    07/26/19       CNY     63.38
YANZHOU HUIMIN URBAN      8.50    12/28/17       CNY     51.86
YIBIN STATE-OWNED ASS     5.80    05/23/18       CNY     72.48
YICHUN CITY CONSTRUCT     7.35    07/24/19       CNY #N/A N/A
YICHUN CITY CONSTRUCT     7.35    07/24/19       CNY     61.12
YIJINHUOLUOQI HONGTAI     8.35    03/19/19       CNY     58.59
YIJINHUOLUOQI HONGTAI     8.35    03/19/19       CNY     59.15
YINCHUAN URBAN CONSTR     6.28    03/09/17       CNY     25.15
YIYANG CITY CONSTRUCT     8.20    11/19/16       CNY     40.39
YIYANG CITY CONSTRUCT     7.36    08/24/19       CNY     64.22
YIYANG CITY CONSTRUCT     7.36    08/24/19       CNY #N/A N/A
YIZHENG CITY CONSTRUC     7.78    06/14/19       CNY     64.51
YIZHENG CITY CONSTRUC     7.78    06/14/19       CNY     76.00
YUNNAN PROVINCIAL INV     5.25    08/24/17       CNY     40.40
YUNNAN PROVINCIAL INV     5.25    08/24/17       CNY     40.71
ZHANGJIAGANG JINCHENG     6.23    01/06/18       CNY     61.42
ZHANGJIAKOU TONGTAI H     6.90    07/05/18       CNY     73.40
ZHEJIANG PROVINCE DEQ     6.90    04/12/18       CNY     72.81
ZHENJIANG CULTURE AND     5.86    05/06/17       CNY     50.12
ZHENJIANG CULTURE AND     5.86    05/06/17       CNY     50.52
ZHENJIANG NEW AREA EC     8.16    03/01/19       CNY     62.83
ZHENJIANG NEW AREA EC     8.16    03/01/19       CNY     62.99
ZHENJIANG TRANSPORTAT     7.29    05/08/19       CNY     63.27
ZHENJIANG TRANSPORTAT     7.29    05/08/19       CNY     62.49
ZHONGSHAN TRANSPORTAT     6.65    08/28/18       CNY     51.98
ZHONGSHAN TRANSPORTAT     6.65    08/28/18       CNY     52.39
ZHUCHENG ECONOMIC DEV     7.50    08/25/18       CNY     31.75
ZHUCHENG ECONOMIC DEV     6.40    04/26/18       CNY     39.00
ZHUCHENG ECONOMIC DEV     6.40    04/26/18       CNY     41.45
ZHUHAI HUAFA GROUP CO     8.43    02/16/18       CNY     52.29
ZHUHAI HUAFA GROUP CO     8.43    02/16/18       CNY     52.30
ZHUHAI ZHONGFU ENTERP     6.60    03/28/17       CNY     57.25
ZHUHAI ZHONGFU ENTERP     5.28    05/28/15       CNY     57.25
ZHUJI CITY CONSTRUCTI     6.92    07/05/18       CNY     73.50
ZHUJI CITY CONSTRUCTI     6.92    07/05/18       CNY     73.55
ZHUZHOU GECKOR GROUP      7.82    08/18/18       CNY     74.73
ZHUZHOU GECKOR GROUP      7.50    09/10/19       CNY     84.86
ZIBO CITY PROPERTY CO     6.83    08/22/19       CNY     63.89
ZIBO CITY PROPERTY CO     6.83    08/22/19       CNY #N/A N/A
ZIBO CITY PROPERTY CO     5.45    04/27/19       CNY     37.36
ZIGONG STATE-OWNED AS     6.86    06/17/18       CNY     72.85
ZOUCHENG CITY ASSET O     7.02    01/12/18       CNY     41.08
ZOUPING COUNTY STATE-     6.98    04/27/18       CNY     71.00
ZOUPING COUNTY STATE-     6.98    04/27/18       CNY     72.93
ZUNYI CITY INVESTMENT     8.53    03/13/19       CNY     64.54
ZUNYI CITY INVESTMENT     8.53    03/13/19       CNY     62.52


INDONESIA
---------

BERAU COAL ENERGY TBK     7.25    03/13/17       USD     22.12
BERAU COAL ENERGY TBK     7.25    03/13/17       USD     22.47


INDIA
-----

3I INFOTECH LTD           5.00    04/26/17       USD     13.13
BLUE DART EXPRESS LTD     9.30    11/20/17       INR     10.14
BLUE DART EXPRESS LTD     9.50    11/20/19       INR     10.36
BLUE DART EXPRESS LTD     9.40    11/20/18       INR     10.25
EXPORT-IMPORT BANK OF     8.18    12/07/25       INR      7.52
GTL INFRASTRUCTURE LT     4.53    11/09/17       USD     24.38
JAIPRAKASH ASSOCIATES     5.75    09/08/17       USD     41.63
JCT LTD                   2.50    04/08/11       USD     22.50
PRAKASH INDUSTRIES LT     5.25    04/30/15       USD     20.63
PYRAMID SAIMIRA THEAT     1.75    07/04/12       USD      1.00
REI AGRO LTD              5.50    11/13/14       USD      6.50
REI AGRO LTD              5.50    11/13/14       USD      6.50
SVOGL OIL GAS & ENERG     5.00    08/17/15       USD     20.00


JAPAN
-----

AVANSTRATE INC            5.55    10/31/17       JPY     33.25
AVANSTRATE INC            5.55    10/31/17       JPY     37.00
MICRON MEMORY JAPAN I     0.50    10/26/15       JPY      4.99
MICRON MEMORY JAPAN I     0.70    08/01/16       JPY      4.99
MICRON MEMORY JAPAN I     2.03    03/22/12       JPY      4.99
MICRON MEMORY JAPAN I     2.10    11/29/12       JPY      4.99
MICRON MEMORY JAPAN I     2.29    12/07/12       JPY      4.99
TAKATA CORP               0.58    03/26/21       JPY     69.25


KOREA
-----

2014 KODIT CREATIVE T     5.00    12/25/17       KRW     33.41
2014 KODIT CREATIVE T     5.00    12/25/17       KRW     33.41
2016 KIBO 1ST SECURIT     5.00    09/13/18       KRW     29.36
DAEWOO SHIPBUILDING &     3.79    04/21/19       KRW     74.89
DOOSAN CAPITAL SECURI    20.00    04/22/19       KRW     46.56
HANA FINANCIAL GROUP      3.95    05/29/45       KRW    435.73
HANJIN SHIPPING CO LT     5.90    06/07/17       KRW     14.69
HANJIN SHIPPING CO LT     2.00    05/23/17       KRW     62.42
KIBO ABS SPECIALTY CO     5.00    01/31/17       KRW     37.58
KIBO ABS SPECIALTY CO    10.00    02/19/17       KRW     42.73
KIBO ABS SPECIALTY CO     5.00    03/29/18       KRW     32.28
KIBO ABS SPECIALTY CO    10.00    08/22/17       KRW     18.57
KIBO ABS SPECIALTY CO     5.00    12/25/17       KRW     31.90
LSMTRON DONGBANGSEONG     4.53    11/22/17       KRW     32.86
OKC SECURITIZATION SP    10.00    01/03/20       KRW     26.78
SINBO SECURITIZATION      5.00    06/25/18       KRW     30.13
SINBO SECURITIZATION      5.00    06/25/19       KRW     27.98
SINBO SECURITIZATION      5.00    02/11/18       KRW     32.68
SINBO SECURITIZATION      5.00    02/11/18       KRW     32.68
SINBO SECURITIZATION      5.00    01/15/18       KRW     33.20
SINBO SECURITIZATION      5.00    01/15/18       KRW     33.20
SINBO SECURITIZATION      5.00    09/30/19       KRW     27.01
SINBO SECURITIZATION      5.00    12/25/16       KRW     41.98
SINBO SECURITIZATION      5.00    02/21/17       KRW     37.32
SINBO SECURITIZATION      5.00    02/21/17       KRW     37.32
SINBO SECURITIZATION      5.00    03/13/17       KRW     35.82
SINBO SECURITIZATION      5.00    03/13/17       KRW     35.82
SINBO SECURITIZATION      5.00    01/29/17       KRW     39.47
SINBO SECURITIZATION      5.00    03/12/18       KRW     32.43
SINBO SECURITIZATION      5.00    03/12/18       KRW     32.43
SINBO SECURITIZATION      5.00    07/29/18       KRW     29.79
SINBO SECURITIZATION      5.00    07/08/17       KRW     34.80
SINBO SECURITIZATION      5.00    07/08/17       KRW     34.80
SINBO SECURITIZATION      5.00    08/16/17       KRW     34.40
SINBO SECURITIZATION      5.00    08/16/17       KRW     34.40
SINBO SECURITIZATION      5.00    06/07/17       KRW     19.27
SINBO SECURITIZATION      5.00    06/07/17       KRW     19.27
SINBO SECURITIZATION      5.00    10/01/17       KRW     34.00
SINBO SECURITIZATION      5.00    10/01/17       KRW     34.00
SINBO SECURITIZATION      5.00    10/01/17       KRW     34.00
SINBO SECURITIZATION      5.00    10/05/16       KRW     65.43
SINBO SECURITIZATION      5.00    10/05/16       KRW     65.43
SINBO SECURITIZATION      5.00    12/13/16       KRW     45.58
SINBO SECURITIZATION      5.00    07/29/19       KRW     27.65
SINBO SECURITIZATION      5.00    07/24/17       KRW     33.40
SINBO SECURITIZATION      5.00    07/24/18       KRW     31.49
SINBO SECURITIZATION      5.00    07/24/18       KRW     31.49
SINBO SECURITIZATION      5.00    06/27/18       KRW     31.72
SINBO SECURITIZATION      5.00    06/27/18       KRW     31.72
SINBO SECURITIZATION      5.00    08/29/18       KRW     30.96
SINBO SECURITIZATION      5.00    08/29/18       KRW     30.96
SINBO SECURITIZATION      5.00    05/26/18       KRW     30.40
SINBO SECURITIZATION      5.00    08/27/19       KRW     27.39
SINBO SECURITIZATION      5.00    09/26/18       KRW     30.76
SINBO SECURITIZATION      5.00    09/26/18       KRW     30.76
SINBO SECURITIZATION      5.00    09/26/18       KRW     30.76
SINBO SECURITIZATION      5.00    02/27/19       KRW     29.24
SINBO SECURITIZATION      5.00    01/30/19       KRW     29.45
SINBO SECURITIZATION      5.00    01/30/19       KRW     29.45
SINBO SECURITIZATION      5.00    10/30/19       KRW     20.36
SINBO SECURITIZATION      5.00    12/23/18       KRW     29.80
SINBO SECURITIZATION      5.00    02/27/19       KRW     29.24
SINBO SECURITIZATION      5.00    12/23/17       KRW     31.92
SINBO SECURITIZATION      5.00    12/23/18       KRW     29.80
SINBO SECURITIZATION      5.00    03/18/19       KRW     29.01
SINBO SECURITIZATION      5.00    03/18/19       KRW     29.01
TONGYANG CEMENT & ENE     7.50    04/20/14       KRW     70.00
TONGYANG CEMENT & ENE     7.50    07/20/14       KRW     70.00
TONGYANG CEMENT & ENE     7.50    09/10/14       KRW     70.00
TONGYANG CEMENT & ENE     7.30    04/12/15       KRW     70.00
TONGYANG CEMENT & ENE     7.30    06/26/15       KRW     70.00
U-BEST SECURITIZATION     5.50    11/16/17       KRW     34.31
WOONGJIN ENERGY CO LT     3.00    12/19/19       KRW     56.56
WOORI BANK                5.21    12/12/44       KRW    403.32


SRI LANKA
---------

HATTON NATIONAL BANK      8.00    08/29/23       LKR     67.00
SRI LANKA GOVERNMENT      5.35    03/01/26       LKR     63.31
SRI LANKA GOVERNMENT      6.00    12/01/24       LKR     69.93
SRI LANKA GOVERNMENT      8.00    01/01/32       LKR     70.44
SRI LANKA GOVERNMENT      9.00    06/01/43       LKR     72.22


MALAYSIA
--------

BRIGHT FOCUS BHD          2.50    01/22/31       MYR     72.77
LAND & GENERAL BHD        1.00    09/24/18       MYR      0.29
SENAI-DESARU EXPRESSW     0.50    12/31/38       MYR     66.30
SENAI-DESARU EXPRESSW     0.50    12/30/44       MYR     71.43
SENAI-DESARU EXPRESSW     0.50    12/29/45       MYR     72.06
SENAI-DESARU EXPRESSW     0.50    12/31/40       MYR     68.20
SENAI-DESARU EXPRESSW     0.50    12/30/39       MYR     67.48
SENAI-DESARU EXPRESSW     0.50    12/31/46       MYR     72.82
SENAI-DESARU EXPRESSW     0.50    12/31/47       MYR     73.47
SENAI-DESARU EXPRESSW     0.50    12/31/41       MYR     68.94
SENAI-DESARU EXPRESSW     0.50    12/31/42       MYR     69.93
SENAI-DESARU EXPRESSW     0.50    12/31/43       MYR     70.73
SENAI-DESARU EXPRESSW     1.35    12/29/28       MYR     60.70
SENAI-DESARU EXPRESSW     1.15    12/29/23       MYR     73.13
SENAI-DESARU EXPRESSW     1.15    06/28/24       MYR     71.62
SENAI-DESARU EXPRESSW     1.15    12/31/24       MYR     70.09
SENAI-DESARU EXPRESSW     1.15    06/30/25       MYR     68.63
SENAI-DESARU EXPRESSW     1.35    12/31/25       MYR     68.62
SENAI-DESARU EXPRESSW     1.35    06/30/26       MYR     67.23
SENAI-DESARU EXPRESSW     1.35    06/29/29       MYR     59.32
SENAI-DESARU EXPRESSW     1.35    12/31/29       MYR     57.92
SENAI-DESARU EXPRESSW     1.35    06/28/30       MYR     56.54
SENAI-DESARU EXPRESSW     1.35    12/31/30       MYR     55.12
SENAI-DESARU EXPRESSW     1.35    06/30/28       MYR     62.07
SENAI-DESARU EXPRESSW     1.15    06/30/23       MYR     74.67
SENAI-DESARU EXPRESSW     1.35    12/31/26       MYR     65.93
SENAI-DESARU EXPRESSW     1.35    06/30/27       MYR     64.66
SENAI-DESARU EXPRESSW     1.35    12/31/27       MYR     63.39
SENAI-DESARU EXPRESSW     1.35    06/30/31       MYR     53.71
UNIMECH GROUP BHD         5.00    09/18/18       MYR      1.03


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

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


SINGAPORE
---------

ASL MARINE HOLDINGS L     5.35    10/01/18       SGD     65.63
AUSGROUP LTD              7.45    10/20/16       SGD     65.75
AXIS OFFSHORE PTE LTD     7.90    05/18/18       USD     59.00
BAKRIE TELECOM PTE LT    11.50    05/07/15       USD      2.17
BAKRIE TELECOM PTE LT    11.50    05/07/15       USD      2.17
BERAU CAPITAL RESOURC    12.50    07/08/15       USD     21.98
BERAU CAPITAL RESOURC    12.50    07/08/15       USD     22.00
BLD INVESTMENTS PTE L     8.63    03/23/15       USD      8.25
BUMI CAPITAL PTE LTD     12.00    11/10/16       USD     20.60
BUMI CAPITAL PTE LTD     12.00    11/10/16       USD     19.88
BUMI INVESTMENT PTE L    10.75    10/06/17       USD     20.38
BUMI INVESTMENT PTE L    10.75    10/06/17       USD     20.25
ENERCOAL RESOURCES PT     6.00    04/07/18       USD      7.75
EZION HOLDINGS LTD        4.88    06/11/21       SGD     70.25
EZRA HOLDINGS LTD         4.88    04/24/18       SGD     58.00
GOLIATH OFFSHORE HOLD    12.00    06/11/17       USD      5.06
INDO INFRASTRUCTURE G     2.00    07/30/10       USD      1.88
INTERNATIONAL HEALTHW     6.00    02/06/18       SGD     65.50
NEPTUNE ORIENT LINES      4.40    06/22/21       SGD     64.00
NEPTUNE ORIENT LINES      4.65    09/09/20       SGD     71.61
ORO NEGRO DRILLING PT     7.50    01/24/19       USD     44.00
OSA GOLIATH PTE LTD      12.00    10/09/18       USD     62.50
OTTAWA HOLDINGS PTE L     5.88    05/16/18       USD     66.85
OTTAWA HOLDINGS PTE L     5.88    05/16/18       USD     65.14
PACIFIC RADIANCE LTD      4.30    08/29/18       SGD     52.38
RICKMERS MARITIME         8.45    05/15/17       SGD     72.00
SWIBER CAPITAL PTE LT     6.50    08/02/18       SGD     14.50
SWIBER CAPITAL PTE LT     6.25    10/30/17       SGD     13.25
SWIBER HOLDINGS LTD       7.13    04/18/17       SGD     13.88
SWIBER HOLDINGS LTD       7.75    09/18/17       CNY     15.02
SWIBER HOLDINGS LTD       5.55    10/10/16       SGD     13.88
SWISSCO HOLDINGS LTD      5.70    04/16/18       SGD     65.75
TRIKOMSEL PTE LTD         5.25    05/10/16       SGD     17.00
TRIKOMSEL PTE LTD         7.88    06/05/17       SGD     17.75


THAILAND
--------

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


VIETNAM
-------


DEBT AND ASSET TRADIN     1.00    10/10/25       USD     51.03
DEBT AND ASSET TRADIN     1.00    10/10/25       USD     57.19



                             *********

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

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

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


                            *********


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

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

Copyright 2016.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552.



                 *** End of Transmission ***