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        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, December 20, 2016, Vol. 19, No. 251

                            Headlines


A U S T R A L I A

GATEWAY CIVIL: First Creditors' Meeting Set for Dec. 29
GLOBAL RED: First Creditors' Meeting Set for Dec. 29
MESOBLAST LIMITED: Welcomes Passage of 21st Century Cures Act
SAN RONG: First Creditors' Meeting Set for Dec. 29
SYSCORP PTY: First Creditors' Meeting Set for Dec. 29

VALECALL PTY: First Creditors' Meeting Set for Dec. 29


C H I N A

AGFEED INDUSTRIES: Investors' Proofs of Claim Due March 31
BAOXIN AUTO: Fitch Assigns B+ Rating to US$ Perpetual Securities
JIASHILI GROUP: Fitch Affirms Then Withdraws 'B' IDR
YINGDE GASES: Fitch Puts 'B+' IDR on Rating Watch Negative
YINGDE GASES: Shareholders Dispute is Credit Neg., Moody's Says

YINGDE GASES: S&P Lowers CCR to 'B-' on Refinancing Risk


I N D I A

ABHIJEET FERROTECH: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
ABHIMAANI PRAKASHANA: Ind-Ra Assigns 'D' Long-Term Issuer Rating
ACCURATE INFRA: CARE Assigns B+ Rating to INR8.88cr LT Loan
AHUJA AUTOMOBILES: CARE Lowers Rating on INR13.30cr LT Loan to D
ANDHRA PRADESH: ICRA Suspends B/A4 Rating on INR1632cr Loan

APOLLO COMPUTING: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
BHAGAWATI COOLS: CARE Revises Rating on INR9.74cr Loan to B+
BHAGAWATI INDIA: CARE Revises Rating on INR13.97cr Loan to B+
CREATIVE THERMOLITE: ICRA Suspends 'B' Rating on INR54cr Loan
DEETYA PROJECTS: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating

EXCELLENT MOULDERS: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
FOREL LABS: ICRA Suspends B/A4 Rating on INR26.50cr Bank Loan
GAURAV AIRCON: ICRA Suspends B+/A4 Rating on INR7.30cr Loan
GENPACT LIMITED: Moody's Withdraws Ba1 Corporate Family Rating
GSK INFRASTRUCTURES: Ind-Ra Assigns 'BB' Long-Term Issuer Rating

GURU NANAK: CARE Assigns B+ Rating to INR10cr Long Term Loan
GURU RAMDAS: ICRA Suspends 'B' Rating on INR5.68cr Loan
GURUTEK ESTATE: ICRA Withdraws 'B' Rating on INR16cr Loan
JAIN TIMBER: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
JAY SOMNATH: CARE Assigns 'B' Rating to INR10.50cr Long Term Loan

JEEWAN MOTORS: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
JINDAL OVERSEAS: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
JUBILANT ENERGY: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
JUBILANT OFFSHORE: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
JUBILANT OIL: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating

KANAIYA COLD: CARE Assigns 'B' Rating to INR7.50cr Long Term Loan
KVM STEELS: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating
MAHAJAN FABRICS: CARE Reaffirms B+ Rating on INR13.09cr LT Loan
MAHAJAN FABRICS: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
MAHAJYOTI FIBERS: CARE Lowers Rating on INR7.45cr LT Loan to 'D'

MANSINGH HOTELS: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
MARKANDESHWAR FOODS: Ind-Ra Withdraws B+ Long-Term Issuer Rating
MMS STEEL: Ind-Ra Withdraws 'BB+' Rating on Bank Loans
MOHAN GOLDWATER: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
NINEX DEVELOPERS: Ind-Ra Withdraws 'B' Long-Term Issuer Rating

ORBIT METAL: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
PANKAJ C: ICRA Suspends B/A4 Rating on INR5.0cr Loan
PAWAN AUTOWHEELS: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
RIDLEY IFMR: Ind-Ra Prov. Rates Series A2 PTCs 'B+(SO)'
RSI SWITCHGEAR: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating

S.A.AANANDAN: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
SHEETAL INDUSTRIES: ICRA Suspends B+ Rating on INR11cr Loan
SHRI PARASNATH: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
SIDDHI INDUSTRIES: ICRA Suspends B+ Rating on INR6cr Loan
SREE PRAAGNA: CARE Assigns B+ Rating to INR8.0cr Long Term Loan

SRI SEETHARAMA: ICRA Suspends B+ Rating on INR3.0cr Bank Loan
TEESTAVALLEY POWER: ICRA Reaffirms 'D' Rating on INR936.52cr Loan
ULTRA DIMENSIONS: ICRA Reaffirms 'B' Rating on INR15.6cr Loan
VED PRAKASH: CARE Assigns B+ Rating to INR2.50cr Bank Loan
VSK LABORATORIES: Ind-Ra Assigns 'B' Long-Term Issuer Rating

WHITE HOUSE: CARE Assigns 'D' Rating to INR13.30cr LT Loan


M A C A U

MCE FINANCE: Share Purchase No Impact on Moody's Ba3 CFR


M A L A Y S I A

1MALAYSIA DEVELOPMENT: Ex-BSI Banker Seah Gets Jail for Forgery


N E W  Z E A L A N D

FIRE SECURITY: Goes Into Liquidation; 50 Workers Lose Jobs


P A P U A  N E W  G U I N E A

CAPITAL GENERAL: A.M. Best Affirms 'B-' Fin. Strength Rating


S O U T H  K O R E A

* SOUTH KOREA: Shipping Industry Continues to Struggle


X X X X X X X X

* BOND PRICING: For the Week Dec. 12 to Dec. 16, 2016


                            - - - - -


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


GATEWAY CIVIL: First Creditors' Meeting Set for Dec. 29
-------------------------------------------------------
A first meeting of the creditors in the proceedings of
Gateway Civil & Constructions Pty. Ltd. will be held at
The United Sports Club, 2 Joyce Street, in East Ipswhich,
Queensland, on Dec. 29, 2016, at 1:30 p.m.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin on Dec. 15, 2016.


GLOBAL RED: First Creditors' Meeting Set for Dec. 29
----------------------------------------------------
A first meeting of the creditors in the proceedings of
Global Red Australia Pty Ltd will be held at the offices HLB Mann
Judd, Level 19, 207 Kent Street, in Sydney, NSW, on Dec. 29,
2016, at 11:00 a.m.

Todd Andrew Gammel and Barry Anthony of HLB Mann Judd were
appointed as administrators of Global Red on Dec. 16, 2016.


MESOBLAST LIMITED: Welcomes Passage of 21st Century Cures Act
-------------------------------------------------------------
Mesoblast Limited said it welcomed the passage of a bill
approving the 21st Century Cures Act by the United States
Congress which provides an accelerated approval pathway for cell-
based medicines designated as regenerative advanced therapies.

Chief Executive Silviu Itescu said that Mesoblast believes a
number of its cell therapy product candidates meet the Act's
criteria for regenerative advanced therapies based on their
intended use to treat, modify, reverse, or cure a serious or
life-threatening disease or condition.

"We will work closely with the U.S. Food and Drug Administration
on the appropriate regulatory pathways for our product candidates
that could meet the Act's criteria for the new regenerative
advanced therapy designation.

"We believe our regenerative medicine technology platform may be
particularly effective in the most serious segments of major
diseases, including the life-threatening complications of chronic
advanced heart failure.  Over 300 patients have now been enrolled
in our Phase 3 trial of MPC-150-IM in chronic advanced heart
failure.  We look forward to the upcoming interim analysis of the
Phase 3 trial's primary endpoint," Dr. Itescu added.

Designated regenerative advanced therapies will be eligible for
priority review and accelerated approval through, as appropriate,
surrogate or intermediate endpoints reasonably likely to predict
long term clinical benefit, or reliance upon data obtained from a
meaningful number of sites.

For regenerative advanced products receiving accelerated
approval, the post approval requirements may include the
submission of clinical evidence, clinical studies, patient
registries, or other sources of real world evidence, such as
electronic health records, or the collection of larger
confirmatory data sets.

                   About Mesoblast Ltd.

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

Mesoblast reported a loss before income tax of $90.82 million for
the year ended June 30, 2016, compared to a loss before income
tax of $96.24 million for the year ended June 30, 2015.

As of Sept. 30, 2016, Mesoblast had $665.4 million in total
assets, $155.6 million in total liabilities and $509.9 million in
total equity.

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


SAN RONG: First Creditors' Meeting Set for Dec. 29
--------------------------------------------------
A first meeting of the creditors in the proceedings of
San Rong Pty Ltd, formerly traded as "Friendly Grocer Beecroft"
and "Better Home Accessories, will be held at the boardroom of
Chifley Advisory, Level 3, 39 Martin Place, in Sydney, on
Dec. 29, 2016, at 10:00 a.m.

Gavin Moss and Trent McMillen of Chifley Advisory were appointed
as administrators of San Rong on Dec. 15, 2016.


SYSCORP PTY: First Creditors' Meeting Set for Dec. 29
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Syscorp
Pty Ltd will be held at the offices at Farnsworth Shepard,
Level 5, 2 Barrack Street, in Sydney, NSW, on Dec. 29, 2016, at
9:00 a.m.

Benjamin Carson of Farnsworth Shepard was appointed as
administrator of Syscorp Pty on Dec. 15, 2016.


VALECALL PTY: First Creditors' Meeting Set for Dec. 29
------------------------------------------------------
A first meeting of the creditors in the proceedings of
Valecall Pty Ltd ATF the Young Family Trust, trading as
Anastasia's Pearl Gallery, will be held at Mercure Hotel Broome
Weld Street, in Broome, WA, on Dec. 29, 2016, at 11:00 a.m.

Richard Albarran, Brent Kijurina and Cameron Shaw of Hall
Chadwick were appointed as administrators of Valecall Pty on Dec.
15, 2016.



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


AGFEED INDUSTRIES: Investors' Proofs of Claim Due March 31
----------------------------------------------------------
UNITED STATES DISTRICT COURT FOR THE MIDDLE DISTRICT OF TENNESSEE
Securities and Exchange Commission
v.
AgFeed Industries, Inc., et al.
No. 3:14-cv-00663

SUMMARY NOTICE TO AGFEED INDUSTRIES, INC. INVESTORS

If you held shares of AgFeed Common Stock at any time during the
Recovery Period (March 14, 2008 through and including December
19, 2011), and suffered a loss according to the Distribution Plan
you may be eligible for a payment from the Distribution Fund.

PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.  IF YOU
SATISFY THE ELIGIBILITY CRITERIA, YOU MAY BE ENTITLED TO A
RECOVERY FROM THE DISTRIBUTION FUND.  THIS NOTICE CONTAINS
IMPORTANT INFORMATION REGARDING YOUR ELIGIBILITY.

Background

On October 6, 2014, the Commission filed a settled enforcement
action against AgFeed Industries, Inc. ("AgFeed" or "Defendant"),
alleging that the Defendant reported fictitious revenues from its
China operations from 2008 through June 30, 2011 in order to meet
financial targets and prop up the stock price.  The fraud caused
AgFeed's publicly-reported revenues to be inflated by
approximately $239 million during this period.  The Commission
alleged that the Defendants' conduct violated Section 17(a) of
the Securities Act of 1933 ("Securities Act") and Sections 10(b),
13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Securities Exchange
Act of 1934 ("Exchange Act") and Rules 10b-5, 12b-20, 13a-1, 13a-
11, and 13a-13.  Pursuant to the Final Judgment, Defendant was
found liable for disgorgement in the amount of $18,000,000.00,
representing profits gained as a result of the conduct alleged in
the Complaint.  Defendant was obligated to pay (i) $12,500,000.00
pro-rata to holders of Class 5B equity interests, as defined in
AgFeed's July 22, 2014 Second Amended Chapter 11 Plan of
Liquidation Supported by the Official Committee of Equity
Security Holders (the "Proposed Plan") in In re
AgFeed Industries, Inc., Chapter 11 case No. 13-11762 (BLS)
(Bankr. D. Del.) (the "Bankruptcy Case"), and (ii) $5,500,000.00
to the Securities and Exchange Commission, pursuant to a
confirmed Chapter 11 plan of liquidation in the Bankruptcy Case
(the "Confirmed Plan").  On September 28, 2016, the Commission
staff submitted the Distribution Plan to the Court, and it was
approved on October 18, 2016.  Pursuant to the Distribution Plan,
investors who purchased or acquired AgFeed common stock during
the SEC Recovery Period and suffered a loss may be entitled to
receive a distribution from the Distribution Fund.

Who is Eligible?

If you purchased or acquired the common stock of AgFeed from
March 14, 2008, through and including December 19, 2011, and
suffered a loss according to the Distribution Plan you may be
eligible for a payment from the Distribution Fund.  If you
previously submitted a valid claim in the related Class Action
Blitz v. AgFeed Industries, Inc., et al. (Civil Action No. 11-cv-
0992) (D. Tenn.) and your claim has an Eligible Loss Amount
greater than $0.00 under the SEC Distribution Plan you do not
need to file a Proof of Claim Form to share in the distribution
from the Distribution Fund unless you wish to modify your claim.
If you purchased AgFeed common stock during the SEC Recovery
Period and you: (a) did not file a claim in the Class Action; (b)
filed a claim in the Class Action that was denied; or (c) filed a
claim in the Class Action that was approved, but under the terms
of the SEC Distribution Plan has an Eligible Loss Amount less
than or equal to $0.00, you must submit a completed Proof of
Claim Form with the necessary documentation postmarked no later
than March 31, 2017 to be eligible to participate in the
Distribution Fund.

Obtaining a Distribution Plan Notice and Proof of Claim Form

If you believe you may be eligible and have not received a Notice
of Eligibility informing you that you do not need to file a
claim, you must submit a complete Proof of Claim Form to the
Distribution Agent postmarked no later than March 31, 2017 to be
eligible to participate in the Distribution Fund.  Proof of Claim
Forms will be mailed to potentially eligible claimants identified
by the Distribution Agent.  In addition, you may download and
print the Proof of Claim Form from the Distribution Fund Website
at www.SECvAgFeedDistributionFund.com or you may request that the
Distribution Agent send you a Proof of Claim Form by calling
(888) 286-8201, emailing info@SECvAgFeedDistributionFund.com or
writing to SEC v. AgFeed Distribution Fund, Distribution Agent,
P.O. Box 3757, Portland, OR 97208-3757.

                   About AgFeed Industries

AgFeed Industries, Inc., has 21 farms and five feed mills in
China producing more than 250,000 hogs annually.  In the U.S.,
the business included 10 sow farms in three states and two feed
mills producing more than one million hogs a year.  AgFeed's
revenue in 2012 was $244 million.

AgFeed and its affiliates filed voluntary petitions under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Case No. 13-11761) on
July 15, 2013, with a deal to sell most of its subsidiaries to
The Maschhoffs, LLC, for cash proceeds of $79 million, absent
higher and better offers.  The Debtors estimated assets of at
least $100 million and debts of at least $50 million.

Keith A. Maib signed the petition as chief restructuring officer.
Hon. Brendan Linehan Shannon presides over the case.  Donald J.
Bowman, Jr., and Robert S. Brady, Esq., at Young, Conaway,
Stargatt & Taylor, serve as the Debtors' counsel.  BDA Advisors
Inc. acts as the Debtors' financial advisor.  The Debtors' claims
and noticing agent is BMC Group, Inc.

The U.S. Trustee has appointed a five-member official committee
of unsecured creditors to the Chapter 11 cases.  The Creditors'
Committee tapped Lowenstein Sandler as lead bankruptcy counsel
and Greenberg Traurig, LLP, as co-counsel.  CohnReznick LLP
serves as the Creditors' Committee's financial advisor.

An official committee of equity security holders was also
appointed to the Chapter 11 cases.  The Equity Committee tapped
Sugar Felsenthal Grais & Hammer LLP and Elliott Greenleaf as co-
counsel.

Jefferies Leveraged Credit Products and Claims Recovery Group are
represented by Lawrence J. Kotler, Esq., and Catherine B.
Heitzenrater, Esq., at Duane Morris, LLP.

AgFeed USA, LLC, et al., notified the Bankruptcy Court that the
Effective Date of the Revised Second Amended Plan of Liquidation
occurred on Nov. 10, 2014.

As reported in the Troubled Company Reporter on Nov. 7, 2014, the
Court confirmed the revised second amended plan, which was
supported by the Official Committee of Equity Security Holders.


BAOXIN AUTO: Fitch Assigns B+ Rating to US$ Perpetual Securities
----------------------------------------------------------------
Fitch Ratings has assigned Baoxin Auto Finance I Limited's US
dollar-denominated senior perpetual securities a final rating of
'B+' and Recovery Rating of 'RR4'.

Baoxin Finance is 100% owned by Baoxin Auto Group Limited, which
is 75% owned by China Grand Automotive Services Co., Ltd (China
Grand Auto, BB-/Stable).  The securities are unconditionally and
irrevocably guaranteed by China Grand Auto.

The senior perpetual securities are rated one notch below China
Grand Auto's 'BB-' senior unsecured rating in accordance with
Fitch's "Treatment and Notching of Hybrids in Non-Financial
Corporate and REIT Credit Analysis" criteria.  This one-notch
difference reflects the securities' coupon deferral feature.

Fitch expects to accord no equity credit to the securities in its
evaluation of China Grand Auto's capital structure and leverage
as this instrument ranks pari passu with the company's senior
unsecured obligations.  The final rating follows the receipt of
documents conforming to information already received and is in
line with the expected rating assigned on 6 November 2016.

On Dec. 16, 2016, China Grand Auto announced a proposed tap of
the senior perpetual securities.  This does not affect the rating
of the issue.

                        KEY RATING DRIVERS

Large Scale, Strong Market Position: China Grand Auto's ratings
are supported by its large operating scale and leading market
position.  The company is the largest auto dealership in China,
with more than 600 outlets in 27 provinces, covering more than 50
brands.  China Grand Auto has been a consolidator in the market
and the recent of acquisition of Baoxin Auto further expanded
China Grand Auto's offerings in the luxury car segment.  Fitch
expects the auto dealer's strong brand and geographical
diversification to reduce earnings volatility.  In addition, the
large operating scale allows China Grand Auto to more efficiently
use its store network to develop new revenue sources, such as its
used-car sales platform.

Robust Long-Term Prospects: China is the largest passenger
vehicle market in the world.  Despite the deceleration in growth,
the long-term growth drivers for passenger vehicles remain
intact, given low vehicle ownership penetration and density.
Fitch expects passenger vehicle sales to grow in the mid-single-
digit percentages over the medium term, a pace that is healthy
and higher than the developed-market average.

In addition to a solid outlook for new-car sales, Fitch expects
increasing revenue contribution from other segments, including
after-sales services, commission income, leasing, and used-car
sales.  Used-car sales are at a nascent stage in China, but have
substantial growth potential in the next 5-10 years due to
increasing car ownership, changing consumer behaviour, and
favourable policy.

Competitive Industry, Weak Bargaining Power: China's auto
dealership industry is highly fragmented and competitive.
Although China Grand Auto is the largest dealership in China, it
has only 3%-4% market share by sales volume across the country.
Margins are low for the whole industry due to dealers' weak
bargaining power and a regulatory environment that favours
automakers over dealers.  However, we do not expect dealer
margins to substantially deteriorate from current levels because
automakers and dealers are dependent on each other.  Chinese auto
dealers generally have EBITDA margins in the low to mid-single
digits, which is comparable to peers in the US.

High Leverage Constrains Ratings: China Grand Auto's financial
leverage is high after acquiring Baoxin.  The dealer's FFO-
adjusted net leverage was 6x and net debt to EBITDA was 4.7x at
end-2015 (pro-forma Baoxin, excluding leasing subsidiary).  China
Grand Auto's board has approved an equity placement plan to raise
up to CNY8bn, which is still pending regulatory approval.  If the
equity placement is successful, Fitch estimates that FFO-adjusted
net leverage may drop to a healthier level of below 4x.

China Grand Auto is an acquisitive company and has expanded by
acquiring smaller car dealers over the last few years.  The
company views the current market downturn as an opportunity to
consolidate the industry, thus further M&A are possible.
Excluding M&A, Fitch expects China Grand Auto to generate FCF
margin of around 1% over the next few years, which will allow
gradual deleveraging.

Leasing Subsidiary Deconsolidated: China Grand Auto carries out
auto leasing services via its leasing subsidiary, Huitong
Xincheng.  Fitch has deconsolidated Huitong Xincheng for the
purpose of our analysis.  Huitong Xincheng had a debt-to-equity
ratio of 1.5x at the end of 2015, which Fitch views as adequate.

No Linkage to Xinjiang Guanghui: China Grand Auto's largest
shareholder is Xinjiang Guanghui Industry Investment (Group).,
Ltd (Xinjiang Guanghui), which owns a 37% stake.  Although
Xinjiang Guanghui's credit profile is weak, Fitch has not linked
China Grand Auto's ratings to Xinjiang Guanghui for several
reasons:

   -- China Grand Auto is separately listed and Xinjiang Guanghui
      cannot easily access China Grand Auto's cash flows except
      via dividends;

   -- The management team is separate, and only two out of nine
      of China Grand Auto's board members are affiliated with
      Xinjiang Guanghui;

   -- China Grand Auto has many institutional shareholders; and

   -- Xinjiang Guanghui has pledged a large portion of its shares
      in China Grand Auto, further reducing its influence on
      China Grand Auto

                          KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for China Grand
Auto include:

   -- Mid to high single-digit revenue growth in new car sales,
      mainly driven by store additions, over 2016-18
   -- Consolidated EBITDA margin of 4%-5% over 2016-18
   -- Maintenance capex at 1%-1.5% of revenues over 2016-18
   -- No common dividends

                       RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- FFO-adjusted net leverage (excluding leasing subsidiary)
      sustained below 3.5x

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- Sustained decline in market share and/or revenues
   -- FFO-adjusted net leverage (excluding leasing) sustained
      above 5x (2016E: 5.3x)
   -- FFO fixed-charge coverage sustained below 2x (2016E: 2.1x)
   -- EBITDA margin sustained below 3.5% (2016E: 4.5%)


JIASHILI GROUP: Fitch Affirms Then Withdraws 'B' IDR
----------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating on
Jiashili Group Limited at 'B'.  The Outlook is Stable.  Fitch's
ratings on the China-based biscuit maker have simultaneously been
withdrawn for commercial reasons.

                        KEY RATING DRIVERS

Jiashili's ratings are supported by its strong growth prospects,
solid market position and healthy financial profile.  The company
is in a net cash position and redeemed its USD20m of convertible
bonds in September 2016.  The ratings are constrained by
Jiashili's small operating scale and limited product
diversification.

                          KEY ASSUMPTIONS

Fitch's key assumptions within the rating case include:

   -- Mid-teens revenue growth in 2016-2017
   -- 12%-13% EBITDA margin in 2016-2017

                       RATING SENSITIVITIES

No longer relevant as the ratings have been withdrawn.

                    FULL LIST OF RATING ACTIONS

These ratings of Jiashili have been affirmed and withdrawn:

   -- Long-Term Issuer Default Rating at 'B'; Outlook Stable
   -- Senior unsecured rating at 'B' and Recovery Rating of 'RR4'


YINGDE GASES: Fitch Puts 'B+' IDR on Rating Watch Negative
----------------------------------------------------------
Fitch Ratings has placed on Rating Watch Negative (RWN) Yingde
Gases Group Company Limited's Long-Term Issuer Default Rating and
senior unsecured rating of 'B+'.  The RWN follows a delay to its
proposed equity placement that it announced on Nov. 6, 2016,
which raises uncertainties about its ability to repay offshore
bank loans due on Jan. 3, 2017.

At the same time, Fitch has removed the Rating Watch Positive
(RWP) placed on Yingde's ratings on Nov. 8, 2016, due to the
delay in the proposed equity placement, which was due to raise
net proceeds of HKD1.2 bil. (CNY1.1 bil.).  The company planned
to use the proceeds to repay an offshore bank loan of CNY714 mil.

                        KEY RATING DRIVERS

Equity Placement Delayed: Yingde said on Dec. 2, 2016, the plan
to issue new shares to Beijing-based water solution provider
Originwater Hong Kong Environmental Protection Co., Limited a
subsidiary of Beijing OriginWater Technology Co., Ltd., would be
completed within six months rather than the earlier announced
Nov. 30, 2016.  Fitch had placed the ratings on the company on
RWP pending completion of the placement and improvements of its
balance sheet.  The equity placement is subject to the approval
of the Hong Kong Exchange.

An open letter to shareholders on Dec. 12, 2016, by Yingde's
former chairman, Mr. Sun Zhongguo, and former executive director,
Mr. Trevor Raymond Strutt, also made public a dispute between
them and the company.  Fitch believes the dispute is likely to
complicate the process of completing the share placement.

Offshore Liquidity Shortfall: Yingde has a CNY714 mil. offshore
bank loan due Jan. 3, 2017, which the company planned to repay
with the equity placement proceeds.  Yingde has total cash of
CNY850 mil. and unused credit facilities of CNY4.98 bil., which
are more than enough to meet its short-term debt requirements of
around CNY2 bil.  However, most of this liquidity is onshore.
With stringent controls on transfer of capital in China, it is
not clear how Yingde can use these funds to repay its offshore
bank loans without the timely completion of the equity placement.
Yingde's management says it is considering options to resolve its
offshore liquidity deficit.

                           KEY ASSUMPTIONS

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

   -- No further deterioration in working capital
   -- No significant deviation from current business trajectory

                       RATING SENSITIVITIES

Positive: Developments that may, individually or collectively,
lead to positive rating action include:

   -- If the company is able to repay the CNY714 mil. offshore
      bank loan due on Jan. 3, 2017, and there is no further
      deterioration in company's liquidity position, we will
      remove the Rating Watch Negative and affirm Yingde's rating
      at 'B+'.

Negative: Developments that may, individually or collectively,
lead to negative rating action include:

   -- If the company fails to pay the CNY714 mil. offshore bank
      loan, Fitch will downgrade Yingde's ratings by several
      notches.

                    FULL LIST OF RATING ACTIONS

Yingde Gases Group Company Limited

  Long-Term Issuer Default Rating of 'B+' placed on Rating Watch
   Negative
  Senior unsecured rating of 'B+' placed on Rating Watch
Negative;
   with Recovery Rating of 'RR4'

Yingde Gases Investment Limited

  Rating on USD425 mil. 8.125% senior notes due 2018 of 'B+'
   placed on Rating Watch Negative; with Recovery Rating of 'RR4'
  Rating on USD250 mil. 7.25% senior notes due 2020 of 'B+'
placed
   on Rating Watch Negative; with Recovery Rating of 'RR4'

Yingde Gases Investment Limited is wholly owned by Yingde


YINGDE GASES: Shareholders Dispute is Credit Neg., Moody's Says
---------------------------------------------------------------
Moody's Investors Service says that Yingde Gases Group Company
Limited's (B2 review for downgrade) shareholders dispute is
credit negative.

"Yingde Gases' shareholders dispute could negatively impact the
company's ability to address its liquidity risks and operating
challenges," says Gerwin Ho, a Moody's Vice President and Senior
Analyst.

Yingde Gases announced on December 14, 2016, that two
shareholders have requested changes to management, proposed
privatizing the company and complained to the regulators over its
proposed new share issuance.

The dispute could delay Yingde Gases' plans to remedy its weak
liquidity position and, which will, in turn, heighten the risk of
payment default.

The emergence of the dispute does not change Moody's current
review for downgrade on Yingde Gases' ratings.

Moody's points out that rating downgrade pressure has also
increased with this latest development.

The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.
Please see the Rating Methodologies page on www.moodys.com for a
copy of this methodology.

Yingde Gases Group Company Limited is one of the largest players
in the independent onsite industrial gas market in China, with
RMB7.9 billion in revenues in 2015. At end-June 2016, it had a
total of 69 gas production facilities in operation and another 11
under development.


YINGDE GASES: S&P Lowers CCR to 'B-' on Refinancing Risk
--------------------------------------------------------
S&P Global Ratings said that it lowered its long-term corporate
credit rating on Yingde Gases Group Co. Ltd. to 'B-' from 'BB'.
S&P also lowered the issue rating on the outstanding senior
unsecured notes that Yingde guarantees to 'CCC+' from 'BB-'.

In addition, S&P lowered its long-term Greater China regional
scale rating on Yingde to 'cnB-' from 'cnBB+', and on the notes
to 'cnCCC+' from 'cnBB'.  S&P placed all the ratings on
CreditWatch with negative implications.

"We downgraded Yingde and placed the ratings on CreditWatch to
reflect the increased liquidity risk and the potential negative
implications on the company's operations and financing following
a disagreement between shareholders over control of the company,"
said S&P Global Ratings' credit analyst Danny Huang.

S&P believes Yingde faces imminent risk relating to repayment of
its Chinese renminbi (RMB) 700 million offshore loan that is due
on Jan. 3, 2017, because the company has halted a share
placement, the majority of the proceeds of which was to be used
to repay the loan. Yingde's proposal to amend the terms and
conditions for the share placement may take a few months, and S&P
has limited visibility on whether the regulator would approve the
restructured share placement.

Yingde does not have sufficient cash on hand offshore to repay
the loan and could delay payment if the bank refuses to provide
an extension.  S&P believes the bank's willingness to extend the
loan is uncertain.  S&P understands that the loan will first need
to be repaid before a new loan is extended.  The company's
onshore cash and its repatriation overseas may also be subject to
increased control.  S&P understands from the company that this is
not a viable option.

In S&P's view, the shareholders' disagreement over control of the
company will overshadow Yingde's operations and financing.  It
will reduce creditor's confidence on providing long-term funding.
Yingde will therefore have less favorable funding access and
increased refinancing risk.

In S&P's view, Yingde's management and governance has
deficiencies.  S&P believes the company's risk management is
inadequate and control over operations is uncertain.  S&P views
the shareholders' dispute and the lack of a back-up refinancing
plan as unfavorable to creditors.

On Dec. 14, 2016, Mr. Zhongguo Sun and Mr. Trevor Raymond Strutt,
the former executive directors of Yingde, issued an open letter
to all shareholders stating that a previous appointment of new
members on the board of directors was invalid; they requisitioned
a shareholders' meeting to reverse these changes. Mr. Sun and
Mr. Strutt also said that the proposed placing of 378 million
shares of the company to Beijing OriginWater Technology Co. Ltd.
should trigger a general offer for all the shares in the company.

S&P aims to resolve the CreditWatch placement once: (1) Yingde
repays the offshore loan and we reassess the company's liquidity
position after the loan repayment; or (2) Yingde's shareholders'
disagreement is resolved or S&P has increased visibility over
management's stability.

S&P could lower the rating if: (1) Yingde misses the principal
payment on the bank loan; or (2) counterparties, lenders, and
suppliers reduce their support to the company.

S&P could affirm the rating if the company repays the loan and
the management dispute is unlikely to be resolved in the next six
to 12 months.



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


ABHIJEET FERROTECH: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Abhijeet
Ferrotech Limited's 'IND D(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended AFL's ratings on June 7, 2016.

AFL's Ratings:

   -- Long-Term Issuer Rating: 'IND D(suspended)'; rating
      withdrawn
   -- INR6,807.5 million long-term loans: Long-term
      'IND D(suspended)'; rating withdrawn
   -- INR702 million fund-based limits: Long-term
      'IND D(suspended)'; rating withdrawn
   -- INR1,178.1 million non-fund-based limits: Short-term
      'IND D(suspended)'; rating withdrawn


ABHIMAANI PRAKASHANA: Ind-Ra Assigns 'D' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Abhimaani
Prakashana (AP) a Long-Term Issuer Rating of 'IND D'.  The agency
has also assigned AP's INR63.9 million long-term loans a Long-
term 'IND D' rating.

                          KEY RATING DRIVERS

The ratings reflect delays in the repayment of interest on the
term loan by AP over the 12 months ended October 2016.  The
delays were due to the tight liquidity position of the firm.

                       RATING SENSITIVITIES

Positive: Three consecutive months of timely debt-service would
be positive for the ratings.

COMPANY PROFILE

AP was established in 1985 as a proprietorship firm.  The firm is
engaged in text books printing process.  The firm is promoted by
Mr. Venkatesh and has installed capacity to print 100 tonnes of
paper daily.


ACCURATE INFRA: CARE Assigns B+ Rating to INR8.88cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating assigned to the bank facilities of
Accurate Infra Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.88      CARE B+; Stable
                                            Assigned

Rating Rationale

The rating assigned to the bank facilities of Accurate Infra
Industries Private Limited is constrained on account of its small
scale of operations, modest liquidity position, leveraged capital
structure and weak debt coverage indicators during FY16 (refers
to the period April 1 to March 31). The rating is further
constrained on account of its presence in a highly competitive
industry which further exposed to the risks and cyclicality
inherent in the real estate industry.  The rating, however,
derive benefits from over two decades of experience of the
promoters in construction & real estate industry, location
advantage and positive demand outlook for AAC blocks on account
of increasing acceptance of the
product in the India market.

AIIPL's ability to increase the scale of operations, improvement
in profitability along with better working capital management is
the key rating sensitivities.

Incorporated in the year 2012, Ahmedabad-based (Gujarat) Accurate
Infra Industries Private Limited (AIIPL) is promoted by four
promoters namely Mr. Ghanshyam Sondajar, Mr. Jagdish Poriya, Mr.
Mukesh Tank and Mr. Nilesh Chauhan. AIIPL is engaged into the
manufacturing of Aerated Autoclaved Concrete (AAC) blocks with an
annual installed capacity of 105,000 Cubic Meters per Annum
(CMPA) at its plant located at Limbdi (Gujarat). AIIPL had
started the commercial production from August, 2014.

During FY16 (A), AIIPL reported PAT of INR0.02 crore on a TOI of
INR9.40 crore as against net loss of INR0.21 crore on a TOI
of INR3.36 crore during FY15. Till September, 2016, AIIPL has
reported TOI of INR4.98 crore.


AHUJA AUTOMOBILES: CARE Lowers Rating on INR13.30cr LT Loan to D
----------------------------------------------------------------
CARE revises rating assigned to bank facilities of Ahuja
Automobiles.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     13.30      CARE D Revised from
                                            CARE BB-

Rating Rationale

The revision in the rating assigned to the bank facilities of
Ahuja Automobiles takes into account the delays in debt
servicing due to stretched liquidity.

Established in 2008, Ahuja Automobiles is a partnership entity
based in Amritsar, Punjab. The entity is currently being managed
by Mr. Harish Ahuja, Mr. Gagan Ahuja and Mrs. Madhu Ahuja,
sharing profit and loss in an equal proportion. The entity is
operating 3S facilities (Sales, Service and Spares) of Hyundai
Motor India Limited (HMIL), with an authorized dealership of
entire range of passenger vehicles (PV), since 2008. AA operates
through its three showroomscum workshops in Amritsar and Distt.
Tarn Taran, Punjab.


ANDHRA PRADESH: ICRA Suspends B/A4 Rating on INR1632cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B/[ICRA]A4 ratings which were placed on
watch with developing implications for INR1632.00 crore bank
facilities of Andhra Pradesh Central Power Distribution Company
Limited.

ICRA also notes that post enactment of the Andhra Pradesh
Reorganisation Bill, 2014 and formation of the separate state of
Telangana, the entity's name was changed from the Andhra Pradesh
Central Power Distribution Company of limited (APCPDCL) to
Southern Power Distribution Company of Telangana Limited.
Further, the districts of Anantapur and Kurnool which fell within
the jurisdiction of the erstwhile APCPDCL were reassigned to the
Andhra Pradesh South Power Distribution Company Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of 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.


APOLLO COMPUTING: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Apollo
Computing Laboratories Private Limited's (ACL) Long-Term Issuer
Rating to 'IND D' from 'IND BB'.  The Outlook was Stable.

                        KEY RATING DRIVERS

The downgrade reflects delays in the repayment of principle and
interest on the working capital demand loan during the 12 months
ended September 2016.  The working capital demand loan was
sanctioned to recoup a Letter of Credit that had devolved during
December 2015 due to tight liquidity position of ACL.

                        RATING SENSITIVITIES

Positive: Timely repayment of principle and interest for three
months could be positive for the ratings.

COMPANY PROFILE

Incorporated in 1992, ACL is engaged in the manufacturing of
electronic systems with a wide range of around 300 products,
customized according to customer requirements, which find
application in the aerospace industry.  The unit is located in
Hyderabad, Andhra Pradesh.

ACL's ratings:

   -- Long-Term Issuer Rating: downgraded to 'IND D' from
      'IND BB'/Stable
   -- INR30 million long-term loans: assigned Long term 'IND D';
   -- INR100 million fund-based working capital facility
      (increased from INR90 million): downgraded to Long-term
      'IND D' from 'IND BB'/Stable
   -- INR220 million non-fund-based working capital facility
      (increased from INR190 million): downgraded to Short-term
      'IND D' from 'IND A4+'


BHAGAWATI COOLS: CARE Revises Rating on INR9.74cr Loan to B+
------------------------------------------------------------
CARE revises the LT rating and reaffirms the ST rating assigned
to the bank facilities of Bhagawati Cools Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.74      CARE B+; Stable
                                            Revised from CARE BB-

   Short-term Bank Facilities     5.15      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Bhagawati Cools Pvt Ltd. was on account of
significant decline in its total operating income (TOI) coupled
with deterioration in its over financial risk profile marked by
decline in profitability, deterioration in capital structure,
debt coverage indicators and elongation in operating cycle. The
ratings continue to remain constrained on account of its thin
profitability, leveraged capital structure and weak debt
coverage indicators during FY16 (refers to the period April 1 to
March 31) apart from its dependence on original equipment
manufacturer, i.e., Mahindra & Mahindra being into dealership
business.

The ratings, however, continue to derive strength from the wide
experience of the promoters through established presence of the
group in various business segments within Madhya Pradesh (MP) and
presence in various businesses.

The ability of BCPL to improve its scale of operation along with
profitability, capital structure, debt coverage indicators
coupled with efficient management of its working capital
requirements in light of competitive nature of the industry will
remain the key rating sensitivities.

Incorporated in September 2000, BCPL is promoted by Mr. Vikram
Singh Kirar and his family members. BCPL started its business
operations with cold storage. In FY05 (refers to the period
April 1 to March 31), it started distributorship of Mahindra &
Mahindra (M&M) tractors in Gwalior and further expanded to Agra
Mandal and Bhopal region in FY09. BCPL also provides warehousing
facilities and offers finance against warehouse receipt to
farmers. BCPL also undertakes trading of grains and potatoes and
branding of grains in the brand name of 'Uttam'.

Its group concern Bhagawati Development Services Private Limited
(BDSPL; rated 'CARE B+/ CARE A4') is the stockist of Indo Farm
tractors in Bhopal region and is also engaged into the trading
and warehousing of commodities, cold storage like BCPL. Bhagawati
Estate Warehouse (BEW; rated 'CARE B+/CARE A4') is another group
concern which is engaged in the trading of agro commodities and
providing agri-warehousing facilities. Another group entity named
Bhagawati Estate Warehouse, Ashoknagar (BEWA: rated 'CARE B+/CARE
A4') is also engaged in warehousing and trading of
agrocommodities
like potatoes and wheat. The group also manages Bhagawati India
Motorizer Private Limited (BIMPL- rated 'CARE B+') which
undertakes the dealership of Mahindra & Mahindra (M&M) vehicles
and servicing of auto parts in four districts of Madhya Pradesh
(MP), namely, Shahdol, Mandla, Dindori and Anuppur.

During FY16, BCPL reported a total operating income (TOI) of
INR38.82 crore with PAT of INR0.23 crore as against TOI of
Rs.84.80 crore with PAT of INR0.38 crore in FY15. BCPL has
achieved TOI of INR15.42 crore during 7MFY17 (Provisional).


BHAGAWATI INDIA: CARE Revises Rating on INR13.97cr Loan to B+
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Bhagawati India Motorizer Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.97      CARE B+; Stable
                                            Revised from CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Bhagawati India Motorizer Private Limited (BIMPL) was on
account of increase in its scale of operation coupled with
improvement in its financial risk profile marked by improvement
in profitability, cash accruals, capital structure and debt
coverage indicators during FY16 (refers to the period April 1 to
March 31). The rating continues to derive strength from the wide
experience of the promoters and established presence of the group
in various business segments within Madhya Pradesh (MP).

However, the rating continue to remain constrained on account of
its financial risk profile marked by thin profit margins,
leveraged capital structure, weak debt coverage indicators and
moderate liquidity position. Furthermore, the rating continues to
remain constrained on account of competition from other dealers
in the region along with subdued performance of Mahindra &
Mahindra (M&M) in the passenger vehicle segment during FY16.

The ability of BIMPL to increase its scale of operations, improve
its profitability and capital structure along with efficient
management of its working capital requirements in light of
competitive nature of the industry remains the key rating
sensitivities.

BIMPL was incorporated in October 2013 to take up the dealership
of Mahindra & Mahindra (M&M) vehicles and servicing of auto parts
in four districts of Madhya Pradesh (MP), namely, Shahdol,
Mandla, Dindori and Anuppur. BIMPL is a part of Gwalior-based
Bhagawati group which has varied business interests in the state
of MP.
The group is engaged in dealership of Mahindra & Mahindra and
Indo farm tractors through Bhagawati Cools Private Limited (BCPL;
rated 'CARE B+/CARE A4') and Bhagawati Development Services
Private Limited (BDSPL: rated 'CARE B+/CARE A4'). The group also
extends warehousing facilities through Bhagawati Estate
Warehouse, Kolaras (BEWK: rated 'CARE B+/CARE A4'). BCPL and
BDSPL are also engaged in trading of agro-commodities like wheat,
potato, soya, etc.
Another group entity named Bhagawati Estate Warehouse, Ashoknagar
(BEWA: rated 'CARE B+/CARE A4') is also engaged in warehousing
and trading of agro-commodities like potatoes and wheat.

During FY16, BIMPL reported a total operating income (TOI) of
INR66.90 crore with a PAT of INR0.14 crore as against TOI of
INR42.11 crore with a PAT of INR0.12 crore in FY15. BIMPL has
achieved TOI of INR48.35 crore during 7.5MFY17 (Provisional).


CREATIVE THERMOLITE: ICRA Suspends 'B' Rating on INR54cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B rating for the INR54.00 crore bank
facilities of Creative Thermolite Power Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


DEETYA PROJECTS: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Deetya Projects
(DP) Long-Term Issuer Rating at 'IND BB-'.  The Outlook is
Stable.

                         KEY RATING DRIVERS

The ratings reflect DP's small size of operations and moderate
credit metrics.  In FY16, revenue was INR257 million (FY15:
INR304 million), net leverage was 2.3x (FY15: 0.9x) and EBITDA
interest coverage was 4.6x (8.6x).  The firm has an order book of
INR595.2 million for FY17. DP recorded revenue of INR130 million
during 1HFY17.

The ratings factor in DP's volatile profitability margins, which
were in the range of 7.4%-8.9% over FY14-FY16 on account of raw
material price fluctuations.

The ratings also factor in DP's comfortable liquidity with the
fund-based facilities being utilized at an average of 85.7% over
the 12 months ended October 2016 and the founder's experience of
six years in the engineering, procurement, and construction
segment.

The ratings are constrained by the commodity nature of the raw
material used by the company and the partnership structure of the
firm.

                       RATING SENSITIVITIES

Positive: Substantial growth in the top line and improvement in
the EBITDA margins leading to a sustained improvement in credit
metrics will result in a positive rating action.

Negative: Any decline in the EBITDA margins resulting in a
further stress on the liquidity position and sustained
deterioration in the credit profile will lead to a negative
rating action.

COMPANY PROFILE

Incorporated in 2012, DP is an engineering, procurement, and
construction contractor, engaged in government projects.  The
firm undertakes civil construction of roads, buildings and
bridges besides irrigation work and transmission line & water
pipelines work contracts.  DP operates in Andhra Pradesh and
Telangana.

DP's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB-'; Outlook Stable
   -- INR30 million fund-based working capital limits: assigned
      'IND BB-'; Outlook Stable and 'IND A4+'
   -- INR20 million non-fund-based working capital limits:
       assigned 'IND A4+'


EXCELLENT MOULDERS: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Excellent
Moulders (EM) a Long-Term Issuer Rating of 'IND BB'.  The Outlook
is Stable.

Ind-Ra has taken a consolidated view of EM and Tenty Marketing
Company Private Limited ('IND BBB-'; Outlook Stable) while
assigning the ratings.  This is because of the strong operational
linkages between them in terms of the same line of business and
common promoters.

                         KEY RATING DRIVERS

The ratings reflect the consolidated group's moderate scale of
operations with steady revenue growth and moderate credit
metrics. According to FY16 financials the group recorded revenue
of around INR1,465 million (FY15: INR1,342 million), interest
coverage (operating EBITDA/gross interest expense) of 2.1x
(1.8x), net financial leverage (total adjusted net debt/operating
EBITDAR) of 3.4x (3.7x) and  EBITDA margin of 11.9% (12.4%).  Net
working capital cycle of the group improved to 97 days in FY16
(FY15: 112 days).

On a standalone basis, EM's credit metrics was moderate according
to FY16 financials with the interest coverage of 1.5x (FY15:
1.0x) and net financial leverage of 4.6x (5.0x). EBITDA margin of
the firm was 12.2% in FY16 (FY15: 10.4%).  Its liquidity profile
is also moderate with around 83% average utilization of the
working capital limits during the 12 months ended October 2016.

The ratings, however, are supported by more than three decades of
experience of the promoters in manufacturing of plastic molded
products.

                        RATING SENSITIVITIES

Positive: Improvement in the scale of operations along with
improvement in the overall credit metrics, or a change in the
organizational constitution, could be positive for the ratings.

Negative: Any decline in the revenue and profitability leading to
sustained deterioration in the credit profile could be negative
for the ratings.

COMPANY PROFILE

Incorporated in 1979, EM is engaged in manufacturing of plastic
parts of fan (e.g. blade, show cap, body cap, body ring, etc.),
plastic packaging materials and other plastic components.  It
procures raw material (plastic granules) mainly from Haldia
Petrochemicals Ltd, Reliance Industries Ltd (IND AAA; Outlook
Stable) and Indian Petrochemicals Corporation.  The firm is
managed by Mr Ashok Goyal, Mr Anil Kamoj and Mr Giriraj Ratan
Kothari.

EM's Ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB; Outlook Stable
   -- INR85 million non-fund-based working capital facilities:
      assigned 'IND A4+'
   -- INR60 million fund-based working capital facilities:
      assigned 'IND BB'; Outlook Stable


FOREL LABS: ICRA Suspends B/A4 Rating on INR26.50cr Bank Loan
-------------------------------------------------------------
ICRA has suspended ratings of [ICRA]B/[ICRA]A4 assigned to the
INR26.50 crore bank facilities of Forel Labs Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


GAURAV AIRCON: ICRA Suspends B+/A4 Rating on INR7.30cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+/A4 rating for the INR7.30 crore
bank facilities of Gaurav Aircon Computers Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


GENPACT LIMITED: Moody's Withdraws Ba1 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service assigned an issuer rating of Baa3 to
Genpact Limited. This is the first time Moody's has assigned an
investment grade rating to Genpact.

Moody's has also assigned a Baa3 rating to the company's senior
unsecured credit facilities issued by Genpact International, Inc.

The outlook on all ratings is stable.

At the same time, Moody's has withdrawn Genpact's Ba1 Corporate
Family Rating (CFR).

Moody's has also withdrawn the ratings previously assigned to the
Genpact International, Inc.'s $800 million senior secured term
loan due 2020 and a $350 million senior secured revolving credit
facility due 2020. These ratings were assigned due to an internal
administrative error.

RATINGS RATIONALE

"The upgrade into investment grade from Ba1 reflects Genpact's
strong financial metrics that continue to outperform our upward
rating triggers, in turn supported by its diversified business
profile and prudent and well-articulated financial policies,"
says Kaustubh Chaubal, a Moody's Vice President and Senior
analyst.

For the 12 months ended September 2016, Genpact reported
debt/EBITDA of 2.3x, EBITA/interest expense of 10.4x and free
cash flow/debt of 20%. The upgrade reflects the company's
consistently strong performance and Moody's expectation that its
key credit metrics will remain comfortably positioned for its
Baa3 rating.

Genpact's origins as part of General Electric Company (GE, A1
stable) have contributed to its rigorous management and process
organization culture. At the same time, earnings growth from non-
GE clients has improved Genpact's business diversification and
steadily reduced its exposure to GE to 17% as of September 2016
from 30% in 2011.

The company caters to a diverse pool of over 800 clients from
over 70 delivery centers spread across 25 countries. Furthermore,
91 clients now contribute revenue of USD5-25 million, up from 85
in December 2015.

Genpact's businesses are also diversified across the verticals
of: (1) banking, financial services and insurance (42% of revenue
for the 12 months to September 2016); (2) manufacturing,
pharmaceutical and medical equipment (37%); and (3) technology
and health care (21%).

While Genpact derives 80% of its revenue from business process
outsourcing (BPO) -- a segment that typically yields relatively
low margins -- its complete solution centric approach and the
increasing use of digital technology has ensured stability in
profitability. Genpact's EBITDA and EBITA margins have
consistently remained in the high-teens and mid-teens,
respectively.

Looking ahead, Moody's expects Genpact's revenue to grow at
around 7% over the next few years, on the back of organic growth
from non-GE businesses and some small bolt on acquisitions.

Genpact's growth thus far has been a combination of organic and
small bolt on acquisitions while maintaining conservative
financial policies. Similar to its industry peers, Moody's
expects that Genpact will continue to explore M&A targets.

"While we do not expect large or transformational acquisitions
over the next 12-18 months, the company's prudent financial
discipline, large cash balances and low net leverage levels of
1.4x provide it with the flexibility to explore suitable
acquisition targets," adds Chaubal, who is also Moody's lead
analyst for Genpact.

In the absence of any transformative acquisitions, Moody's
expects Genpact to exercise financial discipline to keep net
leverage at current levels, even as it continues to return
surplus cash flows to shareholders in the form of share
repurchases

Moody's notes that Bain Capital (unrated), a private equity
investor, holds a 27% stake in Genpact and is its single-largest
shareholder. Since investing in 2012, Bain Capital has not
extracted any cash dividends pressuring Genpact's operating or
credit profile. However shareholder returns in the form of share
buybacks averaging USD280 million per annum have been a recurring
trend over the past three years. In the absence of acquisition
activity, Moody's expects such buybacks to continue.

The stable outlook reflects Moody's expectation that Genpact will
continue to grow steadily while maintaining a prudent financial
profile, and generate a steady stream of positive free cash flow
of USD270-300 million each year. The stable outlook incorporates
Moody's view that while share repurchases could continue, credit
metrics will remain well within the rating parameters.

The outlook also reflects Moody's expectation that any changes
in, or exit of, its main shareholders will not result in elevated
financial or operational risk for the company; and that any exit
will be through a smooth transfer of ownership and that Genpact's
long-term corporate strategy will remain intact.

Following today's rating action, Moody's does not anticipate
another rating action over the next 12-18 months.

Over a longer term, upward rating pressure could build if the
company continues its organic and inorganic growth while
maintaining prudent financial metrics results with revenues of at
least around USD5 billion.

A shift in the business mix such that digital revenues account
for a higher portion of total revenue and/or new contract wins
with higher margins translating into EBITA margins in the high
teens will also be key for a higher rating.

Specific credit metrics to support an upgrade include: (1)
adjusted debt/EBITDA below 1.5x-2.0x; and (2) free cash
flow/total debt in excess of 35%, on a sustained basis.

The ratings could be downgraded if overly aggressive business
acquisitions or higher than expected shareholder distributions
causes gross leverage to exceed 2.5x on a sustained basis. At the
same time, any departure from the company's current well-
articulated financial policies or a change in shareholding
resulting in a weakening in Genpact's financial profile, would
also pressure the ratings.

The principal methodology used in these ratings was Business and
Consumer Service Industry, published in October 2016. Please see
the Rating Methodologies page on www.moodys.com for a copy of
this methodology.

Genpact Limited is a Bermuda-incorporated company that provides
business process management as well as analytics and technology
services for the banking, financial services and insurance,
manufacturing, pharmaceuticals, medical equipment, technology and
healthcare sectors.

Spun off from General Electric Capital in 2004, it was listed on
NYSE in 2007. GE remains its largest customer accounting for
about 17% of Genpact's revenue in the nine months ended September
2016. The company employs some 76,800 employees worldwide, with
the majority based in India (Baa3 positive), and serves over 800
clients from 72 delivery centers in 25 countries. Genpact
reported revenues of USD2.5 billion with a net profit of USD246
million in the 12 months ended September 2016.


GSK INFRASTRUCTURES: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned GSK
Infrastructures (GSK) a Long-Term Issuer Rating of 'IND BB'.  The
Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect GSK's moderate credit profile.  FY16 audited
financials indicate a revenue of INR421 million (FY15: INR283
million), a net leverage of 0.4x (-0.9x) and an EBITDA interest
coverage of 22.4x (26x).  GSK reported a revenue of INR238
million and an order book of INR570.9 million for 1HFY17.
Liquidity remained moderate, with fund-based facilities being
utilized at an average of 94.7% over the 12 months ended
September 2016.  GSK plans to foray into the manufacturing of
mild steel pipes, with commercial operations expected to start
January 2017.  GSK has an outstanding order book of about INR15
million.

The ratings factor in the partnership form.  In addition, the
ratings reflect an improvement in EBITDA margin to 10% in FY16
(FY15: 9.6%).  Over FY12-FY16, EBITDA margin was in the range of
7.5%-10.1%.  Moreover, the ratings benefit from the founder's
experience of over 10 years in the engineering, procurement and
construction (EPC) business.

                          RATING SENSITIVITIES

Positive: Substantial growth in the top line and an improvement
in EBITDA margin leading to a sustained improvement in credit
metrics will lead to a positive rating action.

Negative: Any decline in EBITDA margin resulting in further
stress on the liquidity position and sustained deterioration in
the credit profile will lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2007, GSK is an EPC contractor that undertakes
government projects.  The firm undertakes civil construction of
sewage and water pipelines.  GSK operates in Andhra Pradesh,
Karnataka and Telangana.

GSK's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
   -- INR10 million fund-based working capital facilities:
      assigned 'IND BB'; Outlook Stable and 'IND A4+'
   -- INR60 million non-fund-based working capital facilities:
      assigned 'IND A4+'


GURU NANAK: CARE Assigns B+ Rating to INR10cr Long Term Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Guru Nanak
Rice & General Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       10       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Guru Nanak Rice and
Gen. Mills is constrained by its weak financial risk profile
characterised by small & fluctuating scale of operations along
with low profitability margins, leveraged capital structure and
weak debt coverage indicators. The rating is further constrained
by the susceptibility to fluctuations in raw material prices &
monsoon dependant operations and fragmented nature of industry
coupled with high level of government regulation. The rating,
however, favorably takes into account the experienced partners &
long track record of operations, moderate operating cycle and
favourable manufacturing location.


The ability of the firm to increase the scale of operations while
improving its profitability margins and overall solvency
position would be the key rating sensitivities.

GNR was established in 1981 as a partnership firm by Mr. Biahari
Lal Garg and relatives. The firm is currently being managed by
Mr. Pardeep Garg and Mr. Purushotam Garg as its partners (sons of
Mr. Biahari Lal Garg) sharing profit and loss equally. The firm
is engaged in processing of paddy to manufacture basmati and non-
basmati rice at its manufacturing facility located in Fazilka,
Punjab, with an installed capacity of 36,000 tonnes per annum as
on October 15, 2016. GNR sells rice primarily to various rice
wholesalers through brokers and dealers based in Delhi, Uttar
Pradesh, Rajasthan, etc. Furthermore, the firm is also engaged in
the grading & sorting and processing of unfinished rice which is
procured locally from various rice millers The raw material,
primarily paddy, is procured through brokers and commission
agents based in Haryana.

In FY16 (refers to the period April 01 to March 31), GNR has
achieved a total operating income of INR44.87 crore with PAT
of INR0.01 crore, as against the total operating income of
INR51.69 crore with PAT of INR0.01 crore in FY15.


GURU RAMDAS: ICRA Suspends 'B' Rating on INR5.68cr Loan
-------------------------------------------------------
ICRA has suspended the [ICRA]B rating for the INR5.68 crore bank
facilities of Guru Ramdas Ji Stone Crusher. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the firm.


GURUTEK ESTATE: ICRA Withdraws 'B' Rating on INR16cr Loan
---------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B assigned to
the long term facility of INR16.0 crore line of Gurutek Estate
Private Limited, as the company has paid fully the long term
credit facilities. There is no amount outstanding against the
long term rated instrument. ICRA has suspended the short term
rating of [ICRA] A4 assigned to the INR4 crore, non fund based
bank guarantee facilities of Gurutek Estate Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


JAIN TIMBER: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Jain Timber Co.
Pvt. Ltd.'s (JTCPL) 'IND B(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended JTCPL's ratings on June 14, 2016.

JTCPL's Ratings:

   -- Long-Term Issuer Rating: 'IND B(suspended)'; rating
      withdrawn
   -- INR22.5 million fund-based limit: Long-term
      'IND B(suspended)' and Short-term 'IND A4(suspended)';
      ratings withdrawn
   -- INR50 million non-fund-based limit: 'IND A4(suspended)';
      rating withdrawn


JAY SOMNATH: CARE Assigns 'B' Rating to INR10.50cr Long Term Loan
-----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Jay
Somnath Paper Mill.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities    10.50      CARE B; Stable
Assigned

Rating Rationale

The rating assigned to the bank facilities of Jay Somnath Paper
Mill is constrained on account of implementation and
stabilization risk associated with ongoing project along with
JSPM's presence into highly competitive paper industry along with
susceptibility to volatility in prices of raw material. The
rating is also constrained due to its partnership nature of
constitution.

The rating, however, derives strength due to experienced partners
along with stable outlook of the kraft paper industry.

JSPM's ability to complete project within envisaged timeline and
quick stabilization of operations along with achieving envisaged
level of sales and profitability will remain the key rating
sensitivities.

Rajkot-based (Gujarat), JSPM was established in January 2016 by
Mr. Rasmin Viradiya, Mr. Bakulbhai Viradiya, Mr. Girishbhai
Kathiriya, Mr. Vijaybhai Kathiriya, Mr. Jayraj Kathiriya, Mr.
Kanthibhai Vagasiya and Mr. Mayurbhai Movaliya to carry out
business of manufacturing kraft paper. JSPM is currently
undertaking a green-field project to manufacture kraft paper with
a proposed installed capacity of 21,000 MT per annum at its
manufacturing facilities located at Rajkot, Gujarat.

The total project cost is estimated at INR12.24 crore (including
margin for working capital of INR1.28 crore) which is to be
funded through partner's capital of INR5.50 crore, term loan of
INR5.50 crore and balance INR1.24 crore by way of unsecured loan.
JSPM is planning to commence operations from January 2017
onwards.


JEEWAN MOTORS: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jeewan Motors
Private Limited (JMPL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect JMPL's moderate scale of operations and
credit profile on account of the distributorship nature of
business.  In FY16, JMPL achieved revenue of INR1,536.9 million
(FY15: INR1,531.6 million), gross interest coverage (operating
EBITDA/net interest expenses) of 1.3x (1.2x), net financial
leverage (total adjusted net debt/ operating EBITDA) of 6.3x
(7x), and operating EBITDA margin was 3.6% (3.3%).

The ratings also factor in the company's moderate liquidity
position as reflected by its around 84% use of the working
capital limits on average during the 12 months ended October
2016.

The ratings, however, are supported by JMPL being the dealer of
some renowned auto manufacturers such as Maruti Suzuki India
Limited, VE Commercial Vehicles Limited in Madhya Pradesh and its
diversified product portfolio of passenger and commercial
vehicles.  The ratings are also supported by over four decades of
the experience of the company's promoters in the auto dealership
business.

                        RATING SENSITIVITIES

Positive: A substantial improvement in profitability margins
along with improvement in credit metrics will positive for the
ratings.

Negative: A decline in the profitability margins leading to
deterioration in the credit profile and liquidity will be
negative for the ratings.

COMPANY PROFILE

JMPL was incorporated in 1998 in Bhopal, Madhya Pradesh.  The
company is an authorized dealer of Maruti Suzuki India and VE
Commercial Vehicles.  The company operates three showrooms and
seven workshops.

JMPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
   -- INR300 million fund-based working capital facilities:
      assigned 'IND BB'; Outlook Stable
   -- INR10 million non-fund based working capital facilities:
      assigned 'IND A4+'


JINDAL OVERSEAS: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Jindal Overseas
Corporation's (JOC) Long-Term Issuer Rating at 'IND BB'.  The
Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect JOC's weak credit metrics and low EBITDA
margins due to the inherent risks in the trading nature of its
business.

In FY16, gross interest coverage (operating EBITDA/gross interest
expense) was 2.2x (FY15: 2.4x), net financial leverage (total
adjusted net debt/operating EBITDA) 17.7x (9.6x) and EBITDA
margins were 1.2% (0.9%).  The deterioration in the net financial
leverage was due to delayed shipment of pulses in March 2016,
which inflated the buyer's credit outstanding to INR510 million
(March 2015: INR96 million).  In April 2016, the excess buyer's
credit outstanding was normalized to INR192 million through
revenue proceeds, thus bringing down the leverage (calculated at
the debt level of April 2016) to 8.6x.  The buyer's credit
outstanding stood at INR192 million, INR230 million and
INR120 million for April, June and September 2016, respectively.
The margins, although low, are supported by interest income
earned from bank fixed deposits, delayed payments from buyers and
loans given to related parties.

The ratings also factor in the firm's exposure to forex losses
and its proprietorship structure.

However, the ratings are supported by JOC's comfortable liquidity
position as reflected in its average working capital utilization
of 69% during the 12 months ended October 2016.  The ratings also
benefit from the founders' over 20 years of experience in the
commodity business.  The ratings are further supported by JOC's
total interest income, which largely offsets its interest
obligations.

                        RATING SENSITIVITIES

Positive: An improvement in the EBITDA margins leading to an
improvement in its credit metrics will be positive for the
ratings.

Negative: Any further stress on the EBITDA margins leading to
deterioration in the overall credit metrics could be negative for
the ratings.

COMPANY PROFILE

Established as a partnership firm in 1986, JOC is engaged in
trading of pulses.  It imports pulses through brokers and
directly from companies in Singapore, Canada, the USA, the
Netherlands, etc. and sells them directly to traders/brokers in
India.  In 2007, JOC was constituted as a proprietorship firm.

JOC' Ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB'; Outlook
      Stable
   -- INR 100 million fund-based limits: affirmed at 'IND BB'/;
      Outlook Stable and /'IND A4+'
   -- INR750 million (increased from INR 550 million) non-fund
      fund-based limits: affirmed at 'IND A4+'


JUBILANT ENERGY: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Jubilant Energy
(Kharsang) Private Limited's (JEKPL) 'IND BB(suspended)' Long-
Term Issuer Rating.  The agency has also withdrawn the
'IND BB(suspended)' rating on JEKPL's INR5,850 mil. long-term
bank loans.

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

Ind-Ra suspended JEKPL's ratings on June 3, 2016.


JUBILANT OFFSHORE: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Jubilant
Offshore Drilling Private Ltd's (JODPL) 'IND BB(suspended)' Long-
Term Issuer Rating.  The agency has also withdrawn the
'IND BB(suspended)' rating on JODPL's INR13,400million long-term
bank loans.

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


JUBILANT OIL: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Jubilant Oil &
Gas Private Limited's (JOGPL) 'IND BB(suspended)' Long-Term
Issuer Rating.  The agency has also withdrawn the rating on
JOGPL's INR760 mil. non-fund-based bank limits.

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

Ind-Ra suspended JOGPL's ratings on June 3, 2016.


KANAIYA COLD: CARE Assigns 'B' Rating to INR7.50cr Long Term Loan
-----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Kanaiya
Cold Storage.

                              Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
  Long-term Bank Facilities    7.50      CARE B; Stable Assigned

Rating Rationale

The rating assigned to the bank facilities of Kanaiya Cold
Storage is constrained on account of its implementation risk
associated with new project. The rating is further constrained on
account of partnership nature of its constitution, competition
from local players, seasonality of business and risk of
delinquency in loans extended to farmers.  The rating, however,
derives benefit from experience of the promoters, proximity of
the firm in potato growing region and other fiscal benefits from
the government.

The ability of KCS to complete the project within stipulated time
and budget and achieving the envisaged scale of operations and
profitability along with maintaining moderate capital structure
are the key rating sensitivities.

Deesa-based (Gujarat), KCS was formed in April, 2016 by 5
partners namely Mr. Moti Rabari, Mr. Nagji Rabari, Mr. Sartan
Rabari, Mr. Kamlesh Desai and Mr. Babu Desai. The firm is setting
up a green field project for providing cold storage facility for
storing potatoes and seeds on rental basis and expects to start
the commercial production from February, 2017. The firm will
operate with a proposed installed capacity of 7,800 metric ton
per annum.

Total proposed project cost is INR6.43 crore which is proposed to
be funded through term loan of INR4.50 crore, venture capital
finance of INR0.40 crore and balance by partners' capital. Total
project cost incurred as on October 12, 2016 was INR3.08 crore
(47.87% of the project cost) which was financed through term loan
of INR1.15 crore and capital contribution of INR1.93 crore.


KVM STEELS: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn KVM Steels Pvt
Ltd's 'IND B-(suspended)' Long-Term Issuer Rating.  The agency
has also withdrawn the 'IND B-(suspended)' and 'IND
A4(suspended)' ratings on the company's INR100 million fund-based
working capital facilities.

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

Ind-Ra suspended the company's ratings on Feb. 17, 2016.


MAHAJAN FABRICS: CARE Reaffirms B+ Rating on INR13.09cr LT Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Mahajan Fabrics Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     13.09      CARE B+; Stable
                                            Reaffirmed

   Long term Bank Facilities/
   Short term Bank Facilities     0.21      CARE B+; Stable/
                                            CARE A4 Reaffirmed

   Short term Bank Facilities     4.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Mahajan Fabrics
Private Limited continue to be constrained by its modest scale of
operation, low profitability margin, leveraged capital structure,
and working capital intensive nature of business. The ratings are
further constrained by foreign exchange fluctuation risk and
presence of the company in a highly competitive and fragmented
industry. The ratings, however, derive strength from the
experienced management, long track record of entity and favorable
location of operations.

Going forward, the ability of MFPL to increase its scale of
operations while improving its profitability margins and overall
solvency position will be the key rating sensitivities.

Initially established as a sole proprietorship, in 1993, MFPL was
reconstituted as a private limited company, in 2008. MFPL is
currently being managed by Mr. Rajesh Mahajan and Mr. Nikhil
Mahajan.  The company is engaged in the manufacturing of fabric
and readymade garments at its manufacturing facility located in
Ludhiana, Punjab, with total installed capacity of 55 lakh pieces
of readymade garments per annum. The fabric manufactured by MFPL
is used as captive consumption for the manufacturing of readymade
garments. The product profile of the company includes sweaters,
trousers, shirts, t-shirts, lowers, etc, which are sold under its
own brand name 'Mahajan' to 6 states and over 200 retailers
located in Delhi, Andhra Pradesh, Bangalore, Hyderabad, etc. The
company is also engaged in export of readymade garments to
retailers based in Dubai. The raw material primarily used by the
company includes various types of yarns like cotton yarn, acrylic
yarn and polyester yarn which are procured from local agents
based in Punjab and Maharashtra. The promoters of the company are
also associated with RMH Hosiery Private Limited which is engaged
in the similar line of business.

In FY16 (refers to the period April 1 to March 31), MFPL has
achieved a total operating income of INR89.77 crore with PAT of
INR0.68 crore, as against the total operating income of INR62.12
crore with PAT of INR0.68 crore in FY15. In 7MFY17 (Provisional),
the company has achieved total operating income of INR50.00
crore.


MAHAJAN FABRICS: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Mahajan Fabrics
Private Limited's (MFPL) 'IND B+(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended MFPL's ratings on June 14, 2016.

MFPL' Ratings:

   -- Long-Term Issuer Rating: 'IND B+(suspended)'; rating
      withdrawn
   -- INR30 million term loan: Long-term 'IND B+(suspended)';
      rating withdrawn
   -- INR120 million fund based working capital limits: Long-term
      'IND B+(suspended)' and Short-term 'IND A4(suspended)';
      ratings withdrawn


MAHAJYOTI FIBERS: CARE Lowers Rating on INR7.45cr LT Loan to 'D'
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Mahajyoti Fibers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.45      CARE D Revised from
                                            CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of
Mahajyoti Fibers Private Limited is primarily due to irregularity
in servicing of its debt obligations due to weak liquidity
position.

Establishing a clear debt servicing track record with an
improvement in the liquidity position is the key rating
sensitivity.

Sendhwa-based (Madhya Pradesh), MFPL was promoted by Agrawal
family in 2008. MFPL is currently managed by Mr. Sanjay Agrawal,
Mr. Mukeshkumar Agrawal, Mr. Sachin Joshi and  Mr. Dwarkaprasad
Agrawal. The company is engaged in trading of ginned cotton and
cotton seeds and also produces cotton bales by ginning and
pressing of raw cotton. The ginning facility is located at
Prakasha (Maharashtra) with an installed capacity of 31,500
Metric tonnes per annum (MTPA) as on March 31, 2016.


MANSINGH HOTELS: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Mansingh Hotels
& Resorts Limited's (MHRL) '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 MHRL.

Ind-Ra suspended MHRL's ratings on June 14, 2016.

MHRL's Ratings:

   -- Long-Term Issuer Rating: 'IND BB+(suspended)'; rating
      withdrawn
   -- INR135 million term loans: 'IND BB+(suspended)'; rating
      withdrawn
   -- INR50 million fund based working capital limits: Long-term
      'IND BB+(suspended)' and Short-term 'IND A4+(suspended)';
      ratings withdrawn
   -- INR15 million non-fund based working capital limits: Long-
      term 'IND BB+(suspended)' and Short-term
      'IND A4+(suspended)'; ratings withdrawn


MARKANDESHWAR FOODS: Ind-Ra Withdraws B+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Markandeshwar
Foods & Allied Products Limited's (MFAPL) 'IND B+(suspended)'
Long-Term Issuer Rating.  The agency has also withdrawn the
'IND B+(suspended)'/'IND A4(suspended)' ratings on the company's
INR182.5 million fund-based working capital limit.

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

Ind-Ra suspended MFAPL's ratings on June 14, 2016.


MMS STEEL: Ind-Ra Withdraws 'BB+' Rating on Bank Loans
------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the 'IND BB+'
ratings on MMS Steel & Power Pvt Ltd's (MMSPL) bank loans.  The
Outlook was Stable.

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

MMSPL's ratings:

   -- INR180 million working capital loan: 'IND BB+'; Outlook
      Stable; rating withdrawn
   -- INR10 million bank guarantee: 'IND BB+'; Outlook Stable;
      rating withdrawn
   -- INR30 million letter of credit: 'IND BB+'; Outlook Stable;
      rating withdrawn


MOHAN GOLDWATER: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned The Mohan
Goldwater Breweries Limited (MGWB) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.

                         KEY RATING DRIVERS

MGWB has a small scale of operations, minuscule operating profit
margins and weak credit profile.  Ind-Ra, however, expects a
significant improvement in MGWB's profitability and credit
profile starting FYE17 based on the strong revenue visibility
coming from its fixed-price agreement with Carlsberg India Pvt
Ltd (CIPL).  In FY16, revenue was INE144.06 million (FY15:
INR77.90 million), operating EBITDA margin was 0.6% (39.88%),
interest coverage ratio (operating EBITDAR/gross interest expense
+ rents) was 0.01x (FY15: not applicable) and debt to equity was
2.36x (FY15: 1.29x). Debt to equity deteriorated in FY16 on
account of the term loan taken by the company for shifting its
plant with an annual capacity of seven million cases in Unnao,
Uttar Pradesh.

According to the agreement, MGWB packages five million cases of
beer for CIPL, in 330ml and 650ml of cans and bottles,
respectively, under the brand names Tuborg and Carlsberg and any
other brand as CIPL deems fit.  CIPL has guaranteed to pay MGWB a
minimum of INR400 mil. every year.  MGWB will sell remaining two
million cases of beer in Delhi from December 2016 for which it
will pay royalty charges to CIPL.  This shall further boost its
top line over FY17 and beyond.  The ratings also factor in the
strong brand recall of CIPL in the beer category and high demand
for alcoholic beverages in the Indian markets.

The ratings factor in high customer concentration, as MGWB cannot
bottle any other brand's beverage from its plant.  However, this
is offset by the tenure of the contract term, which is 10 years.

The ratings are further supported by more than two decades
experience of MGWB's directors in the alcohol industry.

For the first 7MFY17, MGWB has indicated revenue of
INR233.19 million from the packaging of beer for CIPL.  Revenue
from the supply of beer to the Delhi market by MGWB will be
reflected in FY17 revenue.  Ind-Ra expects the credit metrics to
improve during FY17 and beyond with interest coverage in the
range of 2.4x-3x and leverage in the range of 3.5x-4x.

                       RATING SENSITIVITIES

Positive: Stabilization of the business operations leading to a
more-than-expected improvement in credit profile will be positive
for the ratings.

Negative: Non-fulfillment of terms of the contract and/or lower-
than-expected cash flows will lead to a negative rating action.

COMPANY PROFILE

MGWB was incorporated in 1969 by Mohan Meakin Breweries.  In June
2010, the company was acquired by Mr. Tilak Raj Sharma and
undertook the manufacturing of beer under the brand name
Kingfisher for United Breweries Limited at its plant located in
Lucknow (Uttar Pradesh).  In 2015, the company shifted its
production facility to Unnao (Uttar Pradesh) and has tied up with
CIPL for the bottling of beer.

MGWB's Ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
   -- INR730 million term loan: assigned 'IND BB'; Outlook Stable
   -- INR50 million fund-based limits: assigned 'IND BB'; Outlook
      Stable and 'IND A4+'


NINEX DEVELOPERS: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Ninex
Developers Limited's (NDL) 'IND B(suspended)' Long-Term Issuer
Rating.  The agency has also withdrawn the 'IND
B(suspended)'rating on the company's INR286 million term loans.

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

Ind-Ra suspended NDL's ratings on June 14, 2016.


ORBIT METAL: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Orbit Metal
Industries (Unit II)'s (OMI) 'IND B+(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended OMI's ratings on June 14, 2016.

OMI's ratings:

   -- Long-Term Issuer Rating: 'IND B+(suspended)'; rating
      withdrawn
   -- INR19.1 million term loan: 'IND B+(suspended)'; rating
      withdrawn
   -- INR45 million fund based working capital limits
      'IND B+(suspended) and  'IND A4(suspended)'; ratings
      withdrawn
   -- INR45 million non-fund based limits: 'IND A4(suspended)';
      rating withdrawn


PANKAJ C: ICRA Suspends B/A4 Rating on INR5.0cr Loan
----------------------------------------------------
ICRA has suspended the [ICRA]B and [ICRA]A4 ratings assigned to
the INR5.00 crore limits of Pankaj C. Patel. The suspension
follows ICRAs inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Nadiad (Gujarat) based Pankaj C. Patel (PCP) was established as a
partnership firm by the Patel family in November 1979. The firm
is engaged in civil construction work, mainly road construction
work for government and semi-government departments in Gujarat.
The firm operates largely in the state of Gujarat, with specific
focus on the Anand, Nadiad and Kheda regions. The firm is an
approved 'AA' class contractor with the Government of Gujarat.


PAWAN AUTOWHEELS: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Pawan
Autowheels Private Limited's (PAPL) 'IND B+(suspended)' Long-Term
Issuer Rating.

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

Ind-Ra suspended PAPL's ratings on June 14, 2016.

PAPL's ratings:

   -- Long-Term Issuer Rating: 'IND B+(suspended)'; rating
      withdrawn
   -- INR36.58 million term loan: 'IND B+(suspended)'; rating
      withdrawn
   -- INR60 million fund-based limits: 'IND B+(suspended)' and
      'IND A4(suspended)'; ratings withdrawn


RIDLEY IFMR: Ind-Ra Prov. Rates Series A2 PTCs 'B+(SO)'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ridley IFMR
Capital 2016 (an ABS transaction) provisional ratings:

   -- INR958.43 mil. Series A1 PTCs: 'Provisional IND A-(SO)';
      Outlook Stable
   -- INR132.19 mil. Series A2 PTCs: 'Provisional IND B+(SO)';
      Outlook Stable

The final ratings are contingent upon the receipt of final
documents conforming to the information already received.

The microfinance loan pool to be assigned to the trust is
originated by Disha Microfin Private Limited (Disha).

                         KEY RATING DRIVERS

The provisional ratings are based on the origination, servicing,
collection and recovery expertise of Disha, the legal and
financial structure of the transaction and the credit enhancement
(CE) provided in the transaction.  The provisional rating of
Series A1 PTCs addresses the timely payment of interest on
monthly payment dates and the ultimate payment of principal by
the final maturity date of Sept. 19, 2018, in accordance with
transaction documentation.

The provisional rating of Series A2 PTCs addresses the timely
payment of interest on monthly payment dates only after the
complete redemption of Series A1 PTCs and the ultimate payment of
principal by the final maturity date of Sept. 19, 2018, in
accordance with transaction documentation.

The transaction benefits from the internal CE on account of
excess interest spread, subordination and over-collateralisation.
The levels of over-collateralisation available to Series A1 and
Series A2 PTCs are 13% and 1% of the initial pool principal
outstanding (POS), respectively.  Total excess cash flow or
internal CE available to Series A1 and A2 PTCs is 30.09% and
15.14%, respectively, of the initial POS.  The transaction
benefits from the external CE of 4.0% of the initial POS in the
form of fixed deposits in the name of the originator with a lien
marked in favor of the trustee.  The collateral pool to be
assigned to the trust at par had an initial POS of INR1,101.65,
as of the pool cutoff date of 11 November 2016.

The external CE will be used in case of a shortfall in a) the
complete redemption of all Series of PTCs on the final maturity
date, b) the monthly interest payment to Series A1 investors c)
the monthly interest payment of Series A2 investors after the
complete redemption of Series A1 investors and d) any shortfall
in Series A2 maximum payout on the Series A2 final maturity date.

                       RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model
based on the transaction's financial structure.  The agency
analysed historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction. The base values of the default rate, recovery
rate, time to recovery, collection efficiency, prepayment rate
and pool yield were stressed to assess whether the level of CE
was sufficient for the current rating levels.

Ind-Ra also conducted rating sensitivity tests.  If the
assumptions about the base case default rate worsen by 30%, the
model-implied rating sensitivity suggests that the ratings of
Series A1 and Series A2 PTCs will be downgraded by two notches.

COMPANY PROFILE

Incorporated in 1995, Disha is registered with the Reserve Bank
of India (RBI) as a non-banking financial company - microfinance
institution (MFI).  In September 2015, it received in-principle
approval from the RBI to start operations as a small-finance
bank. It is a part of Fincare group, which comprises Disha,
Future Financial Services Pvt. Ltd, Lok Management Services Pvt.
Ltd., India Finserve Advisors Pvt. Ltd. and Fincare Business
Services Pvt. Ltd.


RSI SWITCHGEAR: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn RSI Switchgear
Private Limited's (RSI) 'IND B+(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended RSI's ratings on June 14, 2016.

RSI's Ratings:

   -- Long-Term Issuer Rating: 'IND+(suspended)'; rating
withdrawn
   -- INR70 million fund-based working capital limit: Long-term
      'IND B+(suspended)' and Short-term 'IND A4(suspended)';
      ratings withdrawn
   -- INR50 million non-fund-based bank guarantee:
      'IND A4(suspended)'; rating withdrawn


S.A.AANANDAN: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned S.A.Aanandan
Spinning Mills Private Limited (SASMPL) a Long-Term Issuer Rating
of 'IND BB'.  The Outlook is Stable.

                          KEY RATING DRIVERS

The ratings reflect SASMPL's modest scale of operations and
moderate credit profile.  The company reported revenue of
INR796 million in 1HFY17 (FY16: INR1,392 million; FY15: INR1,387
million).  Revenue grew at a CAGR of 7.66% over FY12-FY15 owing
to an increase in orders from regular customers.  SASMPL's has
INR150 million worth of orders in hand to be executed in the next
two months.  The company's interest coverage (operating
EBITDA/interest) was 1.4x in FY16 (FY15: 1.1x) and net financial
leverage (adjusted net debt/operating EBITDA) was 7.6x (6.4x).
Operating EBITDA margins remained narrow and ranged between 3.1%
and 6.5% over FY13-FY16 on account of raw material price
fluctuations.

SASMPL's liquidity was moderate as an average utilization of the
fund-based working capital limits was around 97.7% for the 12
months ended October 2016.

The ratings are supported by the promoter's more than two-decade-
long experience in the cotton yarn manufacturing business.

                       RATING SENSITIVITIES

Positive: A substantial growth in top line and profitability
margins leading to a sustained improvement in the overall credit
metrics will lead to a positive rating action.

Negative: A substantial decline in the profitability margins
resulting in a sustained deterioration in the overall credit
metrics will lead to a negative rating action.

COMPANY PROFILE

Incorporated in 1996, SASMPL manufactures cotton yarn in the
count range from 20s to 100s, with an installed capacity of
21,264 spindles.

SASMPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
   -- INR113.7 million long-term loans: assigned 'IND BB';
      Outlook Stable
   -- INR450 million fund-based facilities: assigned 'IND BB';
      Outlook Stable and 'IND A4+'
   -- INR67 million non-fund-based facilities: assigned 'IND A4+'


SHEETAL INDUSTRIES: ICRA Suspends B+ Rating on INR11cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating for the INR11.00 crore
bank facilities of Sheetal Industries. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the firm.


SHRI PARASNATH: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shri Parasnath
Alloys Private Limited's (SPAPL) 'IND BB-(suspended)' Long-Term
Issuer Rating.

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

Ind-Ra suspended SPAPL's ratings on June 14, 2016.

SPAPL's Ratings:

   -- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR45 million fund-based working capital limit: Long-term
      'IND BB-(suspended)' and Short-term 'IND A4+(suspended)';
      ratings withdrawn
   -- INR10.9 million term loans: Long-term 'IND BB-(suspended)';
      rating withdrawn


SIDDHI INDUSTRIES: ICRA Suspends B+ Rating on INR6cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ rating
assigned to the INR6.00 crore working capital facilities &
INR0.26 crore term loan facility. ICRA has also suspended the
short term rating of [ICRA]A4 rating assigned to the INR2.50
crore short term facilities of Siddhi Industries. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             6.00        [ICRA]B+; suspended
   Term Loan               0.26        [ICRA]B+; suspended
   Demand Loan             2.50        [ICRA]A4; suspended

Siddhi Industries (SI) was established as a proprietorship
concern in 2007 by Mr. Rajesh Thakkar having a long experience in
cotton industry. The operations of the firm were commenced in
2008. Later in FY 11, the concern was converted into partnership
firm by adding family members as partners. It is engaged in
ginning & pressing of raw cotton to produce cotton seeds & cotton
bales and extraction of cotton seed oil. The firm is located at
Harij, Dist. Patan, Gujarat.


SREE PRAAGNA: CARE Assigns B+ Rating to INR8.0cr Long Term Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sree
Praagna Hospitals Private Limited.

                              Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
   Long-term Bank Facilities      8      CARE B+; Stable Assigned

Rating Rationale

The rating assigned to the bank facilities of Sree Praagna
Hospitals Private Limited is constrained by project
implementation risk and highly fragmented industry with high
competition
from existing and upcoming hospitals. However, the rating is
underpinned by the experience of the promoters for more than one
decade in the healthcare industry, statutory approvals in place
and stable demand outlook for the healthcare industry.

Ability of the company to complete the project without any cost
or time over run, stabilize the operations and generate the
revenue and profit levels as envisaged in the competitive
healthcare industry are the key rating sensitivities.

Sree Praagna Hospitals Private Limited was incorporated in 2015
with trade name as 'S V American Hospitals', promoted by Dr B.J
Prasad (Managing Director), an ENT specialist and Dr Syamala
Sridevi (Director), an Oncology specialist. The company is
planning to set up a hospital at Anantapur (A.P) having
specialization in 'Cancer and ENT' treatment. The hospital will
provide diagnostic, outpatient, surgery and inpatient services to
the customers. SPHPL has got approvals from DM&HO (District
Medical & Health Officers) for setting up the hospitals and also
planning to empanel for 'Aarogyasri Scheme', sponsored by
Government of Andhra Pradesh. SPHPL is expected to start
commercial operations from April 2017. SPHPL is planning to be
managed by a team of experts from all related fields like
Oncology, ENT and Cancer treatment with all types of surgeries.


SRI SEETHARAMA: ICRA Suspends B+ Rating on INR3.0cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the long term ratings of [ICRA]B+ assigned to
the INR3.00 crore fund based limits and [ICRA]A4 assigned to the
INR6.90 crore non-fund based limits of Sri Seetharama
Constructions. ICRA has also suspended [ICRA]B+/[ICRA]A4 assigned
to the INR0.10 crore unallocated limits of the firm. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Sri Seetharama Constructions was registered in 1999 as a
partnership firm and undertakes civil construction projects in
Andhra Pradesh. The firm is being operated by three partners Mr.
CV Jagannadha Swamy, Mr. Rambabu and Mr. Ranganayakulu who has
over 3 decades of experience in construction industry.


TEESTAVALLEY POWER: ICRA Reaffirms 'D' Rating on INR936.52cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the
INR936.52 crore (enhanced from INR666.7 crore) long term loans of
Teestavalley Power Transmission Limited at [ICRA]D.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loans             936.52       [ICRA]D reaffirmed

The rating reaffirmation takes into the weak credit profile of
TPTL, which is developing a transmission line project for
evacuation of power generated by the 1200 MW Teesta III hydro
electric project (HEP) project being developed in Sikkim by
Teesta Urja Limited. Although the delays in debt servicing have
been rectified, the likelihood of further delays in debt
servicing is high on account of delay in sanction of cost overrun
borrowings and also delays in equity infusion. The funds
pertaining to earlier approved project cost of INR1032.5 crore
have been deployed, while the sanction for revised project cost
of INR1450.36 crore is yet to be approved. Delays in debt and
equity tie-ups for the project raises concerns on timely
commissioning of the line scheduled to commission by March 2017.
Further, more than 40% of stringing is yet to be completed,
therefore, the company will have to complete on an average
stringing of ~15 km length every month to achieve scheduled COD,
the same looks extremely difficult to achieve considering the
progress the line has made so far. The project is yet to receive
final forest clearance for West Bengal and remains vulnerable to
potential right of way (RoW) issues, one such RoW issue has led
to delay in commissioning of the priority line of length 36km
from Teesta III substation to Rangpo which was scheduled to
commission in September 2016. Delay in achieving scheduled COD
will result in cost overrun on account of interest during
construction (IDC) and increase the project cost further.

The project has faced multiple time and cost overruns. Time
overruns have followed delay in obtaining forest clearance, RoW
issues, Gorkhaland movements impacting the project execution,
earthquake in September 2011 and non performance of contract by
the transmission line contractor (Abir Infrastructure Pvt Ltd),
which was subsequently cancelled by TPTL and re-awarded to Tata
Projects. On the other hand, cost overruns have arisen owing to
increase in hard costs due to increase in length of line as the
substation has been shifted to Kishanganj and price variation in
contracts as well as significant increase in the IDC element of
the project cost because of hardening in the interest rates and
also on account of time overrun. Moreover, with the project
funding tied up in a debt: equity of 3:1, the financial risk
profile is also high. The high project cost (Rs. 6.75 crore per
km) will have to be approved by CERC for recovery of costs
through transmission tariffs for regulated sales. While the
expected commissioning of the priority line of length 36km from
Teesta III substation to Rangpo in November 2016 is a positive,
CERC has allowed less than half the transmission charges
petitioned by the company (for the priority section) till the
complete review of costs is completed. The petition for the
entire line is yet to filed.

ICRA has taken note of the Transmission Service Agreement (TSA)
and Revenue Sharing Agreement (RSA) signed with Powergrid
Corporation of India Limited (PGCIL) acting as Central
Transmission Utility (CTU) which significantly reduces off-take
and counterparty risks for the project. PGCIL will now be
responsible for billing and collection of transmission charges on
behalf of TPTL as per the PoC (Point of Connection) mechanism.
Timely tie-up of debt and equity funds, achieving scheduled COD
and approval of tariff by CERC for entire project cost will be
crucial for the project's ability to service debt and realize
reasonable returns. Government of Sikkim has acquired a majority
stake in TUL (74% stake in TPTL), therefore the ability of TPTL
to secure equity funds for cost overrun has improved, however the
timing of the same will remain critical considering only 5 months
remain for scheduled COD.


ULTRA DIMENSIONS: ICRA Reaffirms 'B' Rating on INR15.6cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term ratings at [ICRA]B to INR15.00
crore (revised from INR18.00 crore) fund based limits and
INR15.60 crore (revised from 20.00 crore) non fund based limits
of Ultra Dimensions Private Limited. ICRA has also reaffirmed the
long term ratings at [ICRA]B assigned to the INR9.40 crore
(revised from INR2.00 crore) unallocated limits of the company.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long term Fund based    15.00      [ICRA]B; Reaffirmed
   Long term Non Fund

   Based                   15.60      [ICRA]B; Reaffirmed

   Long term Unallocated    9.40      [ICRA]B; Reaffirmed

The rating reaffirmation factors in the continuous de-growth in
revenues observed in the past few years with year on year revenue
de-growth of ~18% in FY2016 on account of weak order inflow. The
revenue visibility remains limited over the medium term with
unexecuted orderbook of ~Rs. 30.62 crore as on October 31, 2016
translating to Order book to Operating Income ratio of less than
1 times. The ratings are also constrained by high gearing of 1.96
times as on March 31,2016, and high working capital intensity
with average working capital utilisation of ~92% during past 12
months. The rating also factors in the significant levels of
advances extended by UDPL to its group companies to support their
operations.

However assigned ratings positively factor in the significant
levels of expertise gained by the company over the past in
reverse engineering, fabrication works, ship repair works etc.
The ratings also positively factor in the longstanding
relationship the company enjoys with its clients namely Naval
Dockyard Vishakapatnam (NDV), Shipbuilding Centre (SBC), Defence
Machinery Development Establishment (DMDE) etc reflected in
recurring orders over the years.

Going forward, the ability of the company to scale up its
operations and improve profitability while effectively managing
its working capital requirements would be key rating
sensitivities.

Ultra Dimensions Private Limited, promoted by Mr.L.G.T Rao and
his wife Mrs. L. Navya is headquartered in Vishakapatnam and
undertakes contracts works for manufacturing Titanium valves,
setting up Sewerage Treatment Plants (STP) on a turnkey basis,
online fittings and other items in addition to Civil, Electrical,
Hull fabrication, Engineering and equipment supplies. It has
branch offices at Hyderabad and Port Blair (Andaman and Nicobar
Islands). The workshop at Hyderabad undertakes manufacturing of
its key product- Titanium valves while Port Blair office
undertakes repair works for ships. While the contracts for
manufacturing valves and setting up STP's are contract driven,
ship repair carried out at the Port Blair branch are
miscellaneous in nature and are not contract driven service. As
on October 31, 2016 the unexecuted orderbook stood at ~Rs. 30.61
crore and majority of the orders are related to the fabrication
of pipes, titanium valves, ship repair works etc.

Recent results
As per audited statements for FY2016, UDPL registered PAT levels
of INR0.94 Crore on an Operating Income of INR30.97 Crore as
against PAT levels of INR1.02 Crore on an Operating Income of
INR37.81 Crore in FY2015.


VED PRAKASH: CARE Assigns B+ Rating to INR2.50cr Bank Loan
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Ved Prakash and Sons Lumbers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     2.50       CARE B+ Assigned
   Short-term Bank Facilities   12.50       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Ved Prakash and
Sons Lumbers Private Limited are primarily constrained by small &
fluctuating scale of operations coupled with low net worth base,
low profitability margins and leveraged capital structure. The
ratings are further constrained by susceptibility to fluctuation
in log prices and government regulations, foreign exchange
fluctuation risk and presence in a highly fragmented timber
sector with low entry barriers and high competition. The ratings,
however, draw comfort from experienced management and moderate
operating cycle.

Going forward, the ability of the company to increase its scale
of operations with improvement of the profitability margin,
registering improvement in its capital structure and ability to
manage exchange rate fluctuations shall be the key rating
sensitivities.

Haryana-based VSPL was incorporated in 2009 by Mr. Amit Kamboj
and Mr. Shailesh Kamboj. VSPL is engaged trading of wooden
products such as timber. The company imports the traded product
i.e. timber mainly from Singapore and sale the same to traders,
wholesalers, civil engineering companies and construction
companies located in Gujarat, Punjab and Haryana.

In FY16 (refers to the period April 1 to March 31), VSPL achieved
a total operating income (TOI) of INR32.10 crore with PAT of
INR0.17 crore as against TOI of INR33.83 crore with PAT of
INR0.16 crore in FY15. The company achieved TOI of INR24.40 crore
in 7MFY17 (refers to the period April 01 to October 31; based on
provisional results).


VSK LABORATORIES: Ind-Ra Assigns 'B' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned VSK Laboratories
Private Limited (VSK) a Long-Term Issuer Rating of 'IND B'.  The
Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect VSK's lack of operational track record and
small scale of operations.  VSK commenced operations in
April 2016.  The company has indicated INR66.96 million of
revenue in 1HFY17 and it has an order book of INR33 million which
will be executed by the end of December 2016.

The ratings, however, are supported by the promoter's experience
of 7 years in the pharmaceutical business and addition of three
new products to its product portfolio in November 2016.

VSK has comfortable liquidity position with fund-based facility
being utilized at an average of 47% during the nine months ended
October 2016.

                       RATING SENSITIVITIES

Positive: Addition new products to the manufacturing portfolio
leading to growth in revenue, customer base, profitability, and
sustained improvement in credit metrics could be positive for the
ratings.

Negative: Failure to scale up operations leading to stress on
liquidity position could be negative for the ratings

COMPANY PROFILE

VSK was incorporated in 2006 to manufacture active pharmaceutical
ingredients and intermediaries and sell to generic drug
manufactures.

VSK's ratings:

   -- Long-Term Issuer Rating: assigned at 'IND B'; Outlook
      Stable
   -- INR161.5 million term loans: assigned 'IND B'; Outlook
      Stable
   -- INR55 million fund-based facilities: assigned 'IND B';
      Outlook Stable and 'IND A4'
   -- INR25 million non-fund-based facilities: assigned 'IND A4'


WHITE HOUSE: CARE Assigns 'D' Rating to INR13.30cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE D' ratings to the bank facilities of White
House Tiles Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.30      CARE D Assigned
   Short-term Bank Facilities     0.75      CARE D Assigned

Rating Rationale

The ratings assigned to the bank facilities of White House Tiles
Private Limited is primarily constrained on account of delay in
debt servicing in recent past due to weak liquidity position.
Establishing a clear track record of timely servicing of debt
obligations along with improvement in the liquidity position is
the key rating sensitivity.

Morbi-based (Gujarat) White House Tiles Private Limited, is a
private limited company established in 2007 by four promoters led
by Mr. Vimal Patel and Mr. Chunilal Bhanvadia. Mr. Vimal Patel
and Mr. Chunilal Bhanvadia have 20 years and 30 years of industry
experience, respectively. WHTPL is engaged in the manufacturing
of vitrified floor tiles. WHTPL operates from its manufacturing
facility located in the ceramic cluster (Morbi) and has an
installed capacity to manufacture 18 lakh boxes per annum of
floor tiles as on March 31, 2016. WHTPL is selling its product
under brand name of "White House".

As per the audited results for FY15, WHTPL reported net profit of
INR0.09 crore on a total operating income (TOI) of INR47.39 crore
as against net loss of INR1.07 crore on a TOI of INR40.86 crore
during FY14 (Audited).


=========
M A C A U
=========


MCE FINANCE: Share Purchase No Impact on Moody's Ba3 CFR
---------------------------------------------------------
Moody's Investors Service says that MCE Finance Limited's Ba3
corporate family rating and stable rating outlook are unaffected
by the share purchase transaction announced on 15 December 2016
involving other Melco group companies.

"Moody's believes that any financing to facilitate the share
purchase will be done outside of MCE Finance Limited or its
parent Melco Crown Entertainment Limited," says Stephanie Lau, a
Moody's Assistant Vice President and Analyst.

In addition, the share purchase transaction will not trigger any
change of control provisions within MCE Finance Limited's senior
unsecured notes. The change of control clause requires the
sponsors -- namely Melco International Development Limited
(unrated) and Crown Resorts Limited (Baa2 stable) -- to
collectively own at least 30% of the outstanding capital stock of
Melco Crown Entertainment Limited (unrated).

Melco International Development's potentially higher debt
leverage after the share purchase could lead to higher cash
dividend upstreams from Melco Crown Entertainment, which in turn
could imply a higher need for MCE Finance to upstream dividends
to its parent.

Nevertheless, this concern is mitigated by MCE Finance's adequate
financial flexibility, as highlighted by its cash and deposits of
around USD1.2 billion and undrawn banking facilities of USD1.25
billion at end-September 2016.

On December 15, Melco Crown Entertainment Limited announced that
its major shareholder, Melco Leisure & Entertainment Group
Limited (unrated), had agreed to acquire 13.42% of the current
shares outstanding of Melco Crown Entertainment Limited.

The shares will be purchased from Crown Asia Investments Pty. Ltd
(unrated) for a consideration of about USD1.2 billion and Moody's
expects the share purchase to be partly debt funded.

Melco Leisure & Entertainment Group Limited, the purchaser, is a
wholly owned subsidiary of Melco International Development
Limited.

Crown Asia Investments Pty. Ltd, the seller, is a wholly owned
subsidiary of Crown Resorts Limited.

On the same date, Crown Asia announced the launch of an
underwritten secondary public offering of Melco Crown
Entertainment's American depositary shares (ADSs), each
representing three ordinary shares.

Under this transaction, Crown Asia has agreed to sell an
additional 2.77% of the current shares outstanding of Melco Crown
Entertainment to the underwriters, which will in turn resell
these shares in the form of ADSs in a public offering.

In addition, Crown Asia also entered into cash-settled swap
transactions relating to a fixed number of Melco Crown
Entertainment's ADSs with dealers which are affiliates of each of
the underwriters.

In connection with the hedging of their exposures under these
swap transactions, the dealers or their affiliates will borrow an
aggregate of 27,331,933 ADSs of Melco Crown Entertainment from
Melco Leisure & Entertainment Group. The dealers will in turn
sell, or cause their affiliates to sell, the borrowed ADSs
through the underwriters in the same underwritten offering.

Upon the closure of the share purchase and the public offering,
Melco Leisure & Entertainment's shareholding in Melco Crown
Entertainment -- which owns 100% of MCE Finance -- will rise from
37.89% to 51.31%.

Concurrently, Crown Asia's shareholding will fall from 27.4% to
11.21%.

The share purchase is subject to Macau regulatory approval,
finalization of financing arrangements and other customary
closing conditions.

The public offering and swap underwritten offering are expected
to occur on or about December 20, 2016, subject to customary
closing conditions. Melco Crown Entertainment will not receive
any of the proceeds from these transactions, nor will it issue
any new shares in connection with these transactions.

The principal methodology used in these ratings was Global Gaming
Industry published in June 2014. Please see the Rating
Methodologies page on www.moodys.com for a copy of this
methodology.

MCE Finance Limited is a subsidiary of Melco Crown Entertainment
Limited (unrated), which is in turn majority-owned by the Hong
Kong-listed Melco International Development Limited (unrated) and
the Australian-based gaming operator, Crown Resorts Limited (Baa2
stable). Currently, the two companies collectively hold an
approximate 65.3% equity stake in Melco Crown Entertainment
Limited.

Through Melco Crown (Macau) Limited, MCE Finance Limited holds
one of six gaming concessions/sub-concessions in Macao and
operates two casinos in the territory; namely, Altira Macau and
City of Dreams, as well as approximately 1,300 slot machines in
Macao through its Mocha Clubs.



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


1MALAYSIA DEVELOPMENT: Ex-BSI Banker Seah Gets Jail for Forgery
---------------------------------------------------------------
Andrea Tan and Melissa Cheok at Bloomberg News report that
Yvonne Seah Yew Foong, a former BSI SA private banker, became the
second person to be convicted in Singapore's investigation into
alleged money laundering linked to 1Malaysia Development Bhd.

Bloomberg relates that Judge Salina Ishak sentenced Seah, 45, to
two weeks in jail for aiding in forging documents and imposed a
fine of SGD10,000 ($6,937) for failing to report suspicious
transactions allegedly related to Malaysian financier Low Taek
Jho.

Levying a fine on the "well-heeled" like Seah isn't a sufficient
deterrent, prosecutor Nathaniel Khng said in seeking the prison
term, Bloomberg relays. Seah's lawyer Peter Low had sought a fine
instead.

Seah's supervisor Yak Yew Chee is serving an 18-week jail term
after being convicted in November for similar offenses, Bloomberg
notes.  According to the report, BSI was ordered in May to shut
after authorities found serious anti-money laundering breaches.
The Malaysian Low, also known as Jho Low, has been identified by
Singapore authorities as a key person of interest in its 1MDB-
linked probe and previously described his work with 1MDB as
informal consulting work that didn't break any laws.

Efforts to reach Low haven't been successful. Both 1MDB and
Malaysian Prime Minister Najib Razak, who formerly chaired 1MDB's
advisory board, have consistently denied any wrongdoing, says
Bloomberg.

Seah earned SGD$4.1 million including bonuses from 2010 to 2015
while at BSI, the court heard, Bloomberg relays. The court will
not allow errant bankers to harm Singapore's reputation, and
neither should bankers be compromised by the lure of big bonuses,
the judge said.

Both Yak and Seah serviced the accounts of Low, 1MDB and related
entities and were among six BSI employees referred to prosecutors
by the central bank, according to Bloomberg.

There was no evidence backing Seah's claim that she found it
"practically impossible" to disobey Yak's instructions,
prosecutor Khng said. Both Yak and Seah had worked together for
17 years including at Commerzbank AG, Coutts & Co. and BSI, he
said.

Bloomberg says the verdict for another former BSI banker, Yeo
Jiawei, is scheduled to be delivered Dec. 21. Yeo was charged
with obstructing justice by seeking to tamper with witnesses in
the probe, Bloomberg relates.

The case is Public Prosecutor v Yvonne Seah Yew Foong, Singapore
State Courts, Bloomberg notes.

                             About 1MDB

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

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

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

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

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

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

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.



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


FIRE SECURITY: Goes Into Liquidation; 50 Workers Lose Jobs
----------------------------------------------------------
Rachel Clayton at Stuff.co.nz reports that Fire Security Services
has gone into liquidation with the loss of about 50 jobs.

Liquidator Colin McCloy was appointed by Fire Security Services'
owner and founder, David Nathan, who has more than 30 years'
industry experience, Stuff.co.nz discloses.

According to Stuff.co.nz, Mr. McCloy said the company had
recently changed its name to ABC Installation before the
liquidation, and had sold its service business to new owners.

The service business has been renamed Fire Security Services
2016, which has shareholders based in Wellington, Tauranga and
one company from California, United States.

Fire Security Services had 10 branches throughout New Zealand and
one branch in Australia.

Stuff.co.nz relates that a former worker who did not want to be
named said he received a letter on December 9 ending his
employment contract.

He said about 50 of the company's 215 staff around the country
had lost their jobs.

"I've got a letter. It says it's gone into liquidation, you might
get your pay but it's not going to happen overnight," he said.

Established in 1976, Fire Security sold and serviced fire
protection products such as sprinkler systems, fire alarms,
portable fire equipment.



=============================
P A P U A  N E W  G U I N E A
=============================


CAPITAL GENERAL: A.M. Best Affirms 'B-' Fin. Strength Rating
------------------------------------------------------------
A.M. Best has affirmed the Financial Strength Rating (FSR) of B-
(Fair) and the Long-Term Issuer Credit Rating (Long-Term ICR) of
"bb-" of Capital General Insurance Company Limited (CGI) (Papua
New Guinea). The outlook of these Credit Ratings (ratings) is
stable. Concurrently, A.M. Best has affirmed the FSR of B- (Fair)
and the Long-Term ICR of "bb-" of Capital Life Insurance Company
Limited (CLI) (Papua New Guinea). The outlook of these ratings is
positive.

The rating affirmations reflect CGI's adequate risk-adjusted
capitalization, very strong operating performance and good
profile in its domestic insurance market.

Benefiting from the strong reputation of its shareholders, CGI
has some competitive advantages in its domestic general insurance
market. In addition, the company tends to differentiate itself
from its competitors in service quality, such as quicker response
times and more prompt claim settlements. Nevertheless, A.M. Best
remains cautious of CGI's inherent distribution concentration
risk, in which the company is wholly reliant on a very limited
number of international brokers to generate the majority of its
premiums.

Partially offsetting these positive rating factors is CGI's large
gross catastrophe exposure. This condition arises mainly because
the company offers very high insurance limits, which in many
cases significantly exceed its capital size. Another offsetting
rating factor is CGI's enterprise risk management (ERM), which
A.M. Best considers to be relatively underdeveloped. Although
some controls and guidelines are in place, the company lacks a
proper foundation for measuring risks and results against
tolerances.

Upward rating movement could occur if CGI can maintain favorable
technical earnings and more supportive risk-adjusted
capitalization on a catastrophe stress-tested basis, while
demonstrating significant developments in its ERM. Any
significant deterioration in CGI's operating performance or
erosion in its risk-adjusted capitalization could place negative
pressure on the ratings.

The rating affirmations of CLI reflect its excellent risk-
adjusted capitalization and good operating performance. Over a
five-year period, the company's average return on premium revenue
was close to 15%.

The positive outlooks reflect A.M. Best's expectation that CLI's
good operating performance will continue over the near term.

Partially offsetting these positive rating factors are CLI's
volatile claims experience, inherent distribution concentration
risk, and weak ERM. In addition, the company has a significant
amount of premiums receivable on its balance sheet, which
represented over 30% of its premium revenue. This leaves the
company's profitability highly dependent on premiums due from
policyholders.

Upward rating movement could occur if CLI can continue to meet
its strategic objectives and planned operating performance, while
demonstrating significant developments in its ERM. Any
significant deterioration in CLI's operating performance or
erosion in its risk-adjusted capitalization could place negative
pressure on the ratings.



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


* SOUTH KOREA: Shipping Industry Continues to Struggle
------------------------------------------------------
The Korea Times reports that Korea's shipping industry, which
once boasted the world's fifth-largest market share, is still
struggling despite efforts from financial firms to salvage it.

Hanjin Shipping, once the nation's largest container line, is
likely to face liquidation, while another shipping giant, Hyundai
Merchant Marine (HMM), failed to become a full-fledged member of
global shipping alliance 2M.

The Korea Times, citing a report Samil PricewaterhouseCoopers
(PwC) submitted to the Seoul Central District Court, on Dec. 13,
says liquidating Hanjin Shipping is a better option than letting
it continue doing business. The court had been handling Hanjin
Shipping's insolvency measures and appointed Samil PwC in
September to assess the ailing container line's financial status
after it filed for court receivership in August.

The court will soon make a final decision based on Samil PwC's
assessment, The Korea Times says.

The Korea Times relates that an industry insider said the fall of
the world's former seventh-largest shipping company has signaled
a crisis in Korea's shipping industry.

"Hanjin Shipping's court receivership caused a massive logistics
disturbance in the global shipping network with more than half of
its ships stranded at sea out of fears they may be seized by
creditors. It was a huge blow to the credibility of the nation's
shipping industry," the report quotes an industry insider as
saying.  "Shippers now do not want to take such risks anymore.
This was the prime reason why 2M did not accept HMM's membership
request."

HMM has put its utmost efforts over the last six months into
joining 2M as a full-fledged member, the report says. Joining a
global shipping alliance was one of the key conditions set by its
creditors for its rehabilitation program and debt rescheduling.

The Korea Times notes that Maersk Line, the world's largest
container line under the 2M alliance, said Dec. 18, however, that
it and Mediterranean Shipping Company (MSC) have instead entered
into a strategic cooperative agreement with HMM, a cooperation
"outside the scope of MSC and Maersk Line's 2M vessel-sharing
agreement through membership in the alliance."

Due to HMM's high market shares on Asia-to-North America shipping
routes, Maersk Line and MSC had considered grant HMM membership
in the alliance, but shifted their position as they have already
increased market shares on the routes after the fall of Hanjin
Shipping, adds The Korea Times.



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


* BOND PRICING: For the Week Dec. 12 to Dec. 16, 2016
-----------------------------------------------------

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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD          11.50    04/01/19     USD       0.45
ARTSONIG PTY LTD          11.50    04/01/19     USD       0.45
BOART LONGYEAR MANAGEME    7.00    04/01/21     USD      11.65
BOART LONGYEAR MANAGEME   10.00    10/01/18     USD      71.50
BOART LONGYEAR MANAGEME    7.00    04/01/21     USD      15.00
BOART LONGYEAR MANAGEME   10.00    10/01/18     USD      69.58
CML GROUP LTD              9.00    01/29/20     AUD       1.00
DBCT FINANCE PTY LTD       2.10    06/09/26     AUD      73.90
EMECO PTY LTD              9.88    03/15/19     USD      66.50
EMECO PTY LTD              9.88    03/15/19     USD      66.50
IMF BENTHAM LTD            5.93    06/30/19     AUD      63.25
KEYBRIDGE CAPITAL LTD      7.00    07/31/20     AUD       0.69
LAKES OIL NL              10.00    05/31/18     AUD       5.07
LAKES OIL NL              10.00    03/31/17     AUD       4.75
MIDWEST VANADIUM PTY LT   11.50    02/15/18     USD       1.45
MIDWEST VANADIUM PTY LT   11.50    02/15/18     USD       1.45
RELIANCE RAIL FINANCE P    2.08    09/26/23     AUD      63.14
RELIANCE RAIL FINANCE P    2.08    09/26/23     AUD      63.14
STOKES LTD                10.00    06/30/17     AUD       0.35
TREASURY CORP OF VICTOR    0.50    11/12/30     AUD      72.54


CHINA
-----

AKESU XINCHENG ASSET IN    7.50    10/10/18     CNY      52.62
ANSHAN CITY CONSTRUCTIO    8.25    03/05/19     CNY      63.00
ANSHAN CITY CONSTRUCTIO    8.25    03/05/19     CNY      63.30
ANYANG INVESTMENT GROUP    8.00    04/17/19     CNY      63.80
BAISHAN URBAN CONSTRUCT    7.00    07/31/19     CNY      61.96
BANGBU CITY INVESTMENT     5.78    08/10/17     CNY      30.55
BAOTOU STATE OWNED ASSE    7.03    09/17/19     CNY      64.01
BAYINGUOLENG INNER MONG    7.48    09/10/18     CNY      52.83
BAYINGUOLENG INNER MONG    7.48    09/10/18     CNY      51.01
BEIJING CAPITAL DEVELOP    5.95    05/29/19     CNY      62.68
BEIJING CONSTRUCTION EN    5.95    07/05/19     CNY      62.56
BEIJING ECONOMIC TECHNO    5.29    03/06/18     CNY      71.43
BEIJING XINGZHAN STATE     6.48    08/31/19     CNY      63.79
BEIJING XINGZHAN STATE     6.48    08/31/19     CNY      83.00
BIJIE XINTAI INVESTMENT    7.15    08/20/19     CNY      62.50
BIJIE XINTAI INVESTMENT    7.15    08/20/19     CNY      64.00
BINZHOU BINCHENG DISTRI    6.50    07/05/19     CNY      61.00
BINZHOU BINCHENG DISTRI    6.50    07/05/19     CNY      63.07
CHANGDE ECONOMIC DEVELO    7.19    09/12/19     CNY      64.32
CHANGDE ECONOMIC DEVELO    7.19    09/12/19     CNY      60.00
CHANGSHA CITY CONSTRUCT    6.95    04/24/19     CNY      62.95
CHANGSHA CITY CONSTRUCT    6.95    04/24/19     CNY      62.96
CHANGSHA COUNTY XINGCHE    8.35    04/06/19     CNY      64.20
CHANGSHA COUNTY XINGCHE    8.35    04/06/19     CNY      63.56
CHANGSHA HIGH TECHNOLOG    7.30    11/22/17     CNY      67.07
CHANGSHU BINJIANG URBAN    6.85    04/27/19     CNY      63.07
CHANGSHU CITY OPERATION    8.00    01/16/19     CNY      63.25
CHANGSHU CITY OPERATION    8.00    01/16/19     CNY      62.51
CHANGZHOU WUJIN CITY CO    6.22    06/08/18     CNY      51.30
CHANGZHOU WUJIN CITY CO    6.22    06/08/18     CNY      51.70
CHAOYANG CONSTRUCTION I    7.30    05/25/19     CNY      62.85
CHENGDU ECONOMIC&TECHNO    6.55    07/17/19     CNY      63.20
CHENGDU ECONOMIC&TECHNO    6.55    07/17/19     CNY      62.00
CHENGDU ECONOMIC&TECHNO    6.50    07/17/18     CNY      51.62
CHENGDU ECONOMIC&TECHNO    6.50    07/17/18     CNY      51.98
CHENGDU XINCHENG XICHEN    8.35    03/19/19     CNY      63.51
CHENGDU XINCHENG XICHEN    8.35    03/19/19     CNY      64.76
CHENZHOU URBAN CONSTRUC    7.34    09/13/19     CNY      60.00
CHENZHOU URBAN CONSTRUC    7.34    09/13/19     CNY      64.43
CHIFENG CITY HONGSHAN I    7.20    07/25/19     CNY      63.02
CHIFENG CITY INFRASTRUC    6.18    05/18/17     CNY      51.13
CHIFENG CITY INFRASTRUC    6.18    05/18/17     CNY      50.15
CHIZHOU CITY MANAGEMENT    7.17    10/17/19     CNY      84.50
CHIZHOU CITY MANAGEMENT    7.17    10/17/19     CNY      64.25
CHONGQING CHANGSHOU DEV    7.45    09/25/19     CNY      64.00
CHONGQING CHANGSHOU DEV    7.45    09/25/19     CNY      64.53
CHONGQING HECHUAN RURAL    8.28    04/10/18     CNY      52.30
CHONGQING HECHUAN RURAL    8.28    04/10/18     CNY      51.88
CHONGQING HECHUAN URBAN    6.95    01/06/18     CNY      71.00
CHONGQING HECHUAN URBAN    6.95    01/06/18     CNY      72.00
CHONGQING JIANGBEI STAT    7.20    10/16/19     CNY      83.47
CHONGQING JIANGBEI STAT    7.20    10/16/19     CNY      60.20
CHONGQING JIANGJIN HUAX    7.46    09/21/19     CNY      63.99
CHONGQING JIANGJIN HUAX    7.46    09/21/19     CNY      64.26
CHONGQING JIANGJIN HUAX    6.95    01/06/18     CNY      71.69
CHONGQING JIANGJIN HUAX    6.95    01/06/18     CNY      71.00
CHONGQING JINYUN ASSET     6.75    06/18/19     CNY      63.16
CHONGQING JINYUN ASSET     6.75    06/18/19     CNY      62.78
CHONGQING LAND PROPERTI    7.35    04/25/19     CNY      63.64
CHONGQING LAND PROPERTI    7.35    04/25/19     CNY      63.71
CHONGQING MAIRUI CITY I    6.82    08/17/19     CNY      63.61
CHONGQING NAN'AN URBAN     6.29    12/24/17     CNY      61.51
CHONGQING NAN'AN URBAN     8.20    04/09/19     CNY      64.01
CHONGQING NANCHUAN DIST    7.35    09/06/19     CNY      63.29
CHONGQING NANCHUAN DIST    7.35    09/06/19     CNY      63.73
CHONGQING XINGRONG HOLD    8.35    04/19/19     CNY      63.95
CHONGQING XIYONG MICRO-    6.76    07/25/19     CNY      63.50
CHONGQING YONGCHUAN HUI    7.33    10/16/19     CNY      59.00
CHONGQING YONGCHUAN HUI    7.49    03/14/18     CNY      71.33
CHONGQING YONGCHUAN HUI    7.33    10/16/19     CNY      64.17
CHONGQING YONGCHUAN HUI    7.49    03/14/18     CNY      72.78
CHONGQING YUFU ASSET MA    6.50    09/04/19     CNY      63.56
CHONGQING YUFU ASSET MA    6.50    09/04/19     CNY      63.03
CHONGQING YULONG ASSET     6.87    05/31/19     CNY      63.13
CHONGQING YUXING CONSTR    7.29    12/08/17     CNY      71.74
CHUXIONG AUTONOMOUS DEV    6.08    10/18/17     CNY      81.39
CHUXIONG AUTONOMOUS DEV    6.08    10/18/17     CNY      50.60
CIXI STATE OWNED ASSET     6.60    09/20/19     CNY      60.20
CIXI STATE OWNED ASSET     6.60    09/20/19     CNY      63.29
DALI ECONOMIC DEVELOPME    8.80    04/24/19     CNY      64.44
DALIAN LVSHUN CONSTRUCT    6.78    07/02/19     CNY      63.08
DALIAN LVSHUN CONSTRUCT    6.78    07/02/19     CNY      63.23
DANDONG CITY DEVELOPMEN    5.84    09/06/17     CNY      40.16
DANYANG INVESTMENT GROU    8.10    03/06/19     CNY      63.21
DANYANG INVESTMENT GROU    8.10    03/06/19     CNY      62.71
DAQING URBAN CONSTRUCTI    6.55    10/23/19     CNY      63.29
DATONG ECONOMIC CONSTRU    6.50    06/01/17     CNY      40.57
DATONG ECONOMIC CONSTRU    6.50    06/01/17     CNY      40.36
DAXING ANLING FORESTRY     7.08    10/23/19     CNY      80.12
DEZHOU DEDA URBAN CONST    7.14    10/18/19     CNY      64.84
DONGBEI SPECIAL STEEL G    6.10    01/15/18     CNY      40.00
DONGBEI SPECIAL STEEL G    6.50    03/27/16     CNY      40.00
DONGBEI SPECIAL STEEL G    6.30    09/24/16     CNY      40.00
DONGBEI SPECIAL STEEL G    5.63    04/12/18     CNY      40.00
DONGBEI SPECIAL STEEL G    8.30    09/06/16     CNY      40.00
DONGBEI SPECIAL STEEL G    7.40    07/17/17     CNY      40.00
DONGBEI SPECIAL STEEL G    5.88    05/05/16     CNY      40.00
DONGBEI SPECIAL STEEL G    7.00    07/10/16     CNY      40.00
DONGBEI SPECIAL STEEL G    8.20    06/06/16     CNY      40.00
DONGTAI COMMUNICATION I    7.39    07/05/18     CNY      52.20
DONGTAI COMMUNICATION I    7.39    07/05/18     CNY      51.01
DRILL RIGS HOLDINGS INC    6.50    10/01/17     USD      31.50
DRILL RIGS HOLDINGS INC    6.50    10/01/17     USD      29.75
ENSHI URBAN CONSTRUCTIO    7.55    10/22/19     CNY      82.14
ERDOS DONGSHENG CITY DE    8.40    02/28/18     CNY      49.37
ERDOS DONGSHENG CITY DE    8.40    02/28/18     CNY      49.81
EZHOU CITY CONSTRUCTION    7.08    06/19/19     CNY      63.41
FEICHENG CITY ASSET OPE    7.10    08/14/18     CNY      52.00
FEICHENG CITY ASSET OPE    7.10    08/14/18     CNY      52.50
FENGHUA CITY INVESTMENT    7.45    09/24/19     CNY      83.50
FENGHUA CITY INVESTMENT    7.45    09/24/19     CNY      64.38
FUJIAN LONGYAN CITY CON    7.45    08/14/19     CNY      64.35
FUSHUN URBAN INVESTMENT    5.95    05/11/18     CNY      71.32
FUXIN INFRASTRUCTURE CO    7.55    10/10/19     CNY      63.33
FUXIN INFRASTRUCTURE CO    7.55    10/10/19     CNY      63.45
FUZHOU URBAN AND RURAL     6.35    09/25/18     CNY      50.20
FUZHOU URBAN AND RURAL     6.35    09/25/18     CNY      52.19
GANSU PROVINCIAL HIGHWA    7.20    09/19/18     CNY      74.03
GANZHOU CITY DEVELOPMEN    6.40    07/10/18     CNY      52.00
GANZHOU CITY DEVELOPMEN    6.40    07/10/18     CNY      51.96
GUANGAN INVESTMENT HOLD    8.18    04/25/19     CNY      64.01
GUANGAN INVESTMENT HOLD    8.18    04/25/19     CNY      62.53
GUANGXI BAISE DEVELOPME    6.50    07/04/19     CNY      62.70
GUANGXI BAISE DEVELOPME    6.50    07/04/19     CNY      62.59
GUILIN ECONOMIC CONSTRU    6.90    05/09/18     CNY      52.00
GUILIN ECONOMIC CONSTRU    6.90    05/09/18     CNY      51.89
GUIYANG ECO&TECH DEVELO    8.42    03/27/19     CNY      64.28
GUIYANG JINYANG CONSTRU    6.70    10/24/18     CNY      52.37
GUOAO INVESTMENT DEVELO    6.89    10/29/18     CNY      71.69
HAIAN COUNTY CITY CONST    8.35    03/28/18     CNY      52.25
HAIAN COUNTY CITY CONST    8.35    03/28/18     CNY      52.11
HAIMEN CITY DEVELOPMENT    8.35    03/20/19     CNY      62.50
HAIMEN CITY DEVELOPMENT    8.35    03/20/19     CNY      63.69
HAINING CITY ASSET MANA    7.80    09/20/18     CNY      74.17
HAINING CITY ASSET MANA    7.80    09/20/18     CNY      74.48
HANGZHOU MUNICIPAL CONS    5.90    04/25/18     CNY      51.38
HANGZHOU MUNICIPAL CONS    5.90    04/25/18     CNY      51.17
HANGZHOU XIAOSHAN STATE    6.90    11/22/16     CNY      40.02
HANGZHOU XIAOSHAN STATE    6.90    11/22/16     CNY      39.94
HANGZHOU YUHANG CITY CO    7.55    03/29/19     CNY      63.11
HANGZHOU YUHANG CITY CO    7.55    03/29/19     CNY      63.22
HANZHONG CITY CONSTRUCT    7.48    03/14/18     CNY      72.79
HARBIN HELI INVESTMENT     7.48    09/26/18     CNY      74.22
HARBIN HELI INVESTMENT     7.48    09/26/18     CNY      70.00
HEFEI CONSTRUCTION INVE    5.23    08/28/18     CNY      72.12
HEFEI HAIHENG INVESTMEN    7.30    06/12/19     CNY      63.85
HEFEI HAIHENG INVESTMEN    7.30    06/12/19     CNY      63.00
HEFEI TAOHUA INDUSTRIAL    8.79    03/27/19     CNY      64.31
HEFEI XINCHENG STATE-OW    7.88    04/23/19     CNY      65.55
HEGANG KAIYUAN CITY INV    6.50    07/19/19     CNY      62.70
HEILONGJIANG HECHENG CO    7.78    11/17/16     CNY      40.12
HENAN JIYUAN CITY CONST    7.50    09/25/19     CNY      64.67
HENGYANG CITY CONSTRUCT    7.06    08/13/19     CNY      64.13
HUAIAN CITY URBAN ASSET    7.15    12/21/16     CNY      40.10
HUAIAN CITY WATER ASSET    8.25    03/08/19     CNY      62.01
HUAIAN CITY WATER ASSET    8.25    03/08/19     CNY      63.92
HUAI'AN DEVELOPMENT HOL    7.20    09/06/19     CNY      59.00
HUAI'AN DEVELOPMENT HOL    7.20    09/06/19     CNY      64.73
HUAI'AN DEVELOPMENT HOL    6.80    03/24/17     CNY      42.25
HUAIAN QINGHE NEW AREA     6.79    04/29/17     CNY      40.75
HUAIHUA CITY CONSTRUCTI    8.00    03/22/18     CNY      51.82
HUAIHUA CITY CONSTRUCTI    8.00    03/22/18     CNY      51.84
HUANGGANG CITY CONSTRUC    7.10    10/19/19     CNY      64.65
HUANGGANG CITY CONSTRUC    7.10    10/19/19     CNY      63.67
HUIAN STATE ASSETS INVE    7.50    10/15/19     CNY      64.67
HUNAN CHANGDE DEYUAN IN    7.18    10/18/18     CNY      52.46
HUNAN CHANGDE DEYUAN IN    7.18    10/18/18     CNY      52.86
HUNAN CHENGLINGJI HARBO    7.70    10/15/18     CNY      78.06
HUNAN CHENGLINGJI HARBO    7.70    10/15/18     CNY      52.82
HUZHOU MUNICIPAL CONSTR    7.02    12/21/17     CNY      71.95
HUZHOU NANXUN STATE-OWN    8.15    03/31/19     CNY      63.24
HUZHOU WUXING NANTAIHU     7.71    02/17/18     CNY      72.66
INNER MONGOLIA HIGH-TEC    7.20    09/25/19     CNY      63.57
INNER MONGOLIA HIGH-TEC    7.20    09/25/19     CNY      62.20
JIAMUSI NEW ERA INFRAST    8.25    03/22/19     CNY      63.01
JIAMUSI NEW ERA INFRAST    8.25    03/22/19     CNY      63.40
JIAN CITY CONSTRUCTION     7.80    04/20/19     CNY      64.00
JIAN CITY CONSTRUCTION     7.80    04/20/19     CNY      62.50
JIANAN INVESTMENT HOLDI    7.68    09/04/19     CNY      63.50
JIANAN INVESTMENT HOLDI    7.68    09/04/19     CNY      65.15
JIANGDONG HOLDING GROUP    6.90    03/27/19     CNY      62.94
JIANGDU XINYUAN INDUSTR    8.10    03/23/19     CNY      63.01
JIANGDU XINYUAN INDUSTR    8.10    03/23/19     CNY      62.87
JIANGSU HUAJING ASSET O    5.68    09/28/17     CNY      25.66
JIANGSU HUAJING ASSET O    5.68    09/28/17     CNY      25.53
JIANGSU LIANYUN DEVELOP    6.10    06/19/19     CNY      62.75
JIANGSU LIANYUN DEVELOP    6.10    06/19/19     CNY      62.17
JIANGSU NANJING PUKOU E    7.10    10/08/19     CNY      60.00
JIANGSU NANJING PUKOU E    7.10    10/08/19     CNY      64.43
JIANGSU TAICANG PORT DE    7.66    05/16/19     CNY      63.97
JIANGXI HEJI INVESTMENT    8.00    09/04/19     CNY      64.87
JIANGXI HEJI INVESTMENT    8.00    09/04/19     CNY      64.43
JIANGYIN CITY CONSTRUCT    7.20    06/11/19     CNY      63.85
JIASHAN STATE-OWNED ASS    6.80    06/06/19     CNY      63.22
JIAXING CULTURE FAMOUS     8.16    03/08/19     CNY      62.53
JIAXING ECONOMIC&TECHNO    6.78    06/14/19     CNY      62.83
JIAXING ECONOMIC&TECHNO    6.78    06/14/19     CNY      63.43
JINAN CITY CONSTRUCTION    6.98    03/26/18     CNY      50.50
JINAN CITY CONSTRUCTION    6.98    03/26/18     CNY      50.95
JINAN XIAOQINGHE DEVELO    7.15    09/05/19     CNY      63.56
JINAN XIAOQINGHE DEVELO    7.15    09/05/19     CNY      64.37
JINGZHOU URBAN CONSTRUC    7.98    04/24/19     CNY      64.43
JINING CITY CONSTRUCTIO    8.30    12/31/18     CNY      63.64
JINTAN CONSTRUCTION INV    8.30    03/14/19     CNY      63.95
JINZHOU CITY INVESTMENT    7.08    06/13/19     CNY      63.06
JINZHOU CITY INVESTMENT    7.08    06/13/19     CNY      63.06
JIUJIANG CITY CONSTRUCT    8.49    02/23/19     CNY      64.00
JIUJIANG CITY CONSTRUCT    8.49    02/23/19     CNY      64.38
KAIFENG DEVELOPMENT INV    6.47    07/11/19     CNY      62.98
KARAMAY URBAN CONSTRUCT    7.15    09/04/19     CNY      59.00
KARAMAY URBAN CONSTRUCT    7.15    09/04/19     CNY      63.51
KUNMING CITY CONSTRUCTI    7.60    04/13/18     CNY      51.88
KUNMING CITY CONSTRUCTI    7.60    04/13/18     CNY      51.70
KUNMING INDUSTRIAL DEVE    6.46    10/23/19     CNY      82.41
KUNMING WUHUA DISTRICT     8.60    03/15/18     CNY      52.16
KUNMING WUHUA DISTRICT     8.60    03/15/18     CNY      52.40
LAIWU CITY ECONOMIC DEV    6.50    03/01/18     CNY      61.47
LEQING CITY STATE OWNED    6.50    06/29/19     CNY      63.17
LESHAN STATE-OWNED ASSE    6.99    03/18/18     CNY      72.60
LESHAN STATE-OWNED ASSE    6.99    03/18/18     CNY      72.52
LIAOYANG CITY ASSETS OP    6.88    06/13/18     CNY      67.35
LIAOYANG CITY ASSETS OP    6.88    06/13/18     CNY      67.63
LIAOYUAN STATE-OWNED AS    8.17    03/13/19     CNY      62.50
LIAOYUAN STATE-OWNED AS    8.17    03/13/19     CNY      63.45
LIAOYUAN STATE-OWNED AS    7.80    01/26/17     CNY      40.32
LIJIANG GUCHENG MANAGEM    6.68    07/26/19     CNY      63.19
LINAN CITY CONSTRUCTION    8.15    03/09/18     CNY      51.95
LINAN CITY CONSTRUCTION    8.15    03/09/18     CNY      51.85
LINHAI CITY INFRASTRUCT    7.98    11/06/16     CNY      50.08
LINYI ECONOMIC DEVELOPM    8.26    09/24/19     CNY      64.82
LINYI INVESTMENT DEVELO    8.10    03/27/18     CNY      52.30
LIUZHOU DONGCHENG INVES    8.30    02/15/19     CNY      63.55
LIUZHOU DONGCHENG INVES    8.30    02/15/19     CNY      62.51
LIUZHOU INVESTMENT HOLD    6.98    08/15/19     CNY      63.65
LONGHAI STATE-OWNED ASS    8.25    12/02/17     CNY      72.00
LONGHAI STATE-OWNED ASS    8.25    12/02/17     CNY      72.09
LOUDI CITY CONSTRUCTION    7.28    10/19/18     CNY      52.70
LOUDI CITY CONSTRUCTION    7.28    10/19/18     CNY      52.50
LUOHE CITY CONSTRUCTION    6.81    03/30/17     CNY      30.40
LUOHE CITY CONSTRUCTION    6.81    03/30/17     CNY      30.43
MIANYANG SCIENCE & TECH    7.16    05/15/19     CNY      63.25
MIANYANG SCIENCE & TECH    7.16    05/15/19     CNY      61.51
MIANYANG SCIENCE & TECH    6.30    07/22/18     CNY      54.05
MUDANJIANG STATE-OWNED     7.08    08/30/19     CNY      62.85
MUDANJIANG STATE-OWNED     7.08    08/30/19     CNY      62.85
NANAN CITY TRADE INDUST    8.50    04/25/19     CNY      64.53
NANCHONG CHEMICAL INDUS    8.16    04/26/19     CNY      63.96
NANJING HEXI NEW TOWN A    6.40    02/03/17     CNY      60.57
NANJING HI-TECH ECONOMI    6.94    09/07/19     CNY      63.60
NANJING HI-TECH ECONOMI    6.94    09/07/19     CNY      59.00
NANJING JIANGNING SCIEN    7.29    04/28/19     CNY      62.00
NANJING JIANGNING SCIEN    7.29    04/28/19     CNY      63.42
NANTONG CITY TONGZHOU D    6.80    05/28/19     CNY      62.71
NANTONG CITY TONGZHOU D    6.80    05/28/19     CNY      63.28
NANTONG STATE-OWNED ASS    6.72    11/13/16     CNY      39.96
NANTONG STATE-OWNED ASS    6.72    11/13/16     CNY      40.02
NEIJIANG INVESTMENT HOL    7.00    07/19/18     CNY      52.32
NEIJIANG INVESTMENT HOL    7.00    07/19/18     CNY      51.98
NEIMENGGU XINLINGOL XIN    7.62    02/25/18     CNY      72.02
NINGBO CITY ZHENHAI INV    6.48    04/12/17     CNY      40.45
NINGBO URBAN CONSTRUCTI    7.39    03/01/18     CNY      52.15
NINGBO URBAN CONSTRUCTI    7.39    03/01/18     CNY      51.78
NINGDE CITY STATE-OWNED    6.25    10/21/17     CNY      10.30
NONGGONGSHANG REAL ESTA    6.29    10/11/17     CNY      40.97
PANJIN CONSTRUCTION INV    7.50    05/17/19     CNY      63.49
PANJIN CONSTRUCTION INV    7.50    05/17/19     CNY      62.00
PANJIN CONSTRUCTION INV    7.70    12/16/16     CNY      40.15
PANJIN CONSTRUCTION INV    7.70    12/16/16     CNY      40.22
PINGDINGSHAN CITY DEVEL    7.86    05/08/19     CNY      64.12
PINGDINGSHAN CITY DEVEL    7.86    05/08/19     CNY      63.85
PINGHU CITY DEVELOPMENT    7.20    09/18/19     CNY      60.00
PINGHU CITY DEVELOPMENT    7.20    09/18/19     CNY      64.70
PIZHOU RUNCHENG ASSET O    7.55    09/25/19     CNY      64.34
PIZHOU RUNCHENG ASSET O    7.55    09/25/19     CNY      62.55
PUER CITY STATE OWNED A    7.38    06/20/19     CNY      62.94
PUTIAN STATE-OWNED ASSE    8.10    03/21/19     CNY      63.44
QIANAN XINGYUAN WATER I    6.45    07/11/18     CNY      51.85
QIANDONG NANZHOU DEVELO    8.80    04/27/19     CNY      64.08
QINGDAO CITY CONSTRUCTI    6.89    02/16/19     CNY      62.55
QINGDAO CITY CONSTRUCTI    6.19    02/16/17     CNY      40.31
QINGDAO CITY CONSTRUCTI    6.19    02/16/17     CNY      40.36
QINGDAO CITY CONSTRUCTI    6.89    02/16/19     CNY      62.56
QINGDAO HUATONG STATE-O    7.30    04/18/19     CNY      63.55
QINGDAO HUATONG STATE-O    7.30    04/18/19     CNY      62.98
QINGZHOU HONGYUAN PUBLI    7.25    10/19/18     CNY      52.70
QINGZHOU HONGYUAN PUBLI    7.35    10/19/19     CNY      64.29
QINGZHOU HONGYUAN PUBLI    7.35    10/19/19     CNY      63.97
QINGZHOU HONGYUAN PUBLI    7.25    10/19/18     CNY      52.46
QINGZHOU HONGYUAN PUBLI    6.50    05/22/19     CNY      31.34
QINGZHOU HONGYUAN PUBLI    6.50    05/22/19     CNY      31.00
QINHUANGDAO DEVELOPMENT    7.46    10/17/19     CNY      83.45
QINHUANGDAO DEVELOPMENT    7.46    10/17/19     CNY      63.94
QINZHOU CITY DEVELOPMEN    6.72    04/30/17     CNY      50.69
QITAIHE CITY CONSTRUCTI    7.30    10/18/19     CNY      83.80
QITAIHE CITY CONSTRUCTI    7.30    10/18/19     CNY      63.35
QUANZHOU QUANGANG PETRO    8.40    04/16/19     CNY      62.84
QUANZHOU QUANGANG PETRO    8.40    04/16/19     CNY      63.86
QUJING DEVELOPMENT INVE    7.25    09/06/19     CNY      59.00
QUJING DEVELOPMENT INVE    7.25    09/06/19     CNY      63.26
QUNSHAN HUAQIAO INTERNA    7.98    12/30/18     CNY      63.23
RUDONG COUNTY DONGTAI S    7.45    09/24/19     CNY      64.38
RUDONG COUNTY DONGTAI S    7.45    09/24/19     CNY      59.00
SANMING STATE-OWNED ASS    6.99    06/14/18     CNY      72.84
SHANGHAI CHENGTOU CORP     4.63    07/30/19     CNY      62.11
SHANGHAI JIADING INDUST    6.71    10/10/18     CNY      51.86
SHANGHAI JIADING INDUST    6.71    10/10/18     CNY      49.20
SHANGHAI MINHANG URBAN     6.48    10/23/19     CNY      64.10
SHANGHAI REAL ESTATE GR    6.12    05/17/17     CNY      40.71
SHANGHAI SONGJIANG TOWN    6.28    08/15/18     CNY      52.00
SHANGHAI SONGJIANG TOWN    6.28    08/15/18     CNY      52.00
SHANGRAO CITY CONSTRUCT    7.30    09/10/19     CNY      64.30
SHANGRAO CITY CONSTRUCT    7.30    09/10/19     CNY      60.00
SHANGYU COMMUNICATIONS     6.70    09/11/19     CNY      61.30
SHANGYU COMMUNICATIONS     6.70    09/11/19     CNY      63.80
SHAOGUAN JINYE DEVELOPM    7.30    10/18/19     CNY      64.58
SHAOGUAN JINYE DEVELOPM    7.30    10/18/19     CNY      84.00
SHAOXING CHENGBEI XINCH    6.21    06/11/18     CNY      51.35
SHAOXING CHENGBEI XINCH    6.21    06/11/18     CNY      51.69
SHAOYANG CITY CONSTRUCT    7.40    09/11/18     CNY      50.21
SHAOYANG CITY CONSTRUCT    7.40    09/11/18     CNY      52.57
SHENYANG COAL INDUSTRY     6.75    12/21/17     CNY      50.00
SHISHI STATE OWNED INVE    7.40    09/13/19     CNY      64.25
SHIYAN CITY INFRASTRUCT    7.98    04/20/19     CNY      64.06
SHOUGUANG JINCAI STATE-    6.70    10/23/19     CNY      63.75
SICHUAN COAL INDUSTRY G    7.70    01/09/18     CNY      34.63
SICHUAN COAL INDUSTRY G    7.45    12/25/16     CNY      34.63
SICHUAN COAL INDUSTRY G    7.80    09/27/17     CNY      34.63
SICHUAN COAL INDUSTRY G    5.94    05/15/17     CNY      67.99
SICHUAN DEVELOPMENT HOL    5.40    11/10/17     CNY      70.67
SONGYUAN URBAN DEVELOPM    7.30    08/29/19     CNY      62.98
SONGYUAN URBAN DEVELOPM    7.30    08/29/19     CNY      59.00
SUIZHOU CITY INVESTMENT    7.50    08/22/19     CNY      64.23
SUQIAN ECONOMIC DEVELOP    7.50    03/26/19     CNY      63.50
SUQIAN ECONOMIC DEVELOP    7.50    03/26/19     CNY      63.56
SUZHOU CONSTRUCTION INV    7.45    03/12/19     CNY      63.16
SUZHOU FENHU INVESTMENT    7.00    10/22/17     CNY      51.63
SUZHOU INDUSTRIAL PARK     5.79    05/30/19     CNY      62.43
SUZHOU XIANGCHENG URBAN    6.95    09/03/19     CNY      63.34
SUZHOU XIANGCHENG URBAN    6.95    09/03/19     CNY      63.77
TAIAN CITY TAISHAN INVE    5.79    03/02/18     CNY      71.00
TAIXING ZHONGXING STATE    8.29    03/27/18     CNY      52.11
TAIXING ZHONGXING STATE    8.29    03/27/18     CNY      52.98
TAIYUAN LONGCHENG DEVEL    6.50    09/25/19     CNY      63.25
TAIYUAN LONGCHENG DEVEL    6.50    09/25/19     CNY      60.00
TAIZHOU CITY CONSTRUCTI    6.90    01/25/17     CNY      40.28
TAIZHOU HAILING ASSETS     8.52    03/21/19     CNY      63.22
TAIZHOU HAILING ASSETS     8.52    03/21/19     CNY      63.78
TAIZHOU XINTAI GROUP CO    6.85    08/14/18     CNY      52.28
TAIZHOU XINTAI GROUP CO    6.85    08/14/18     CNY      51.96
TANGSHAN NANHU ECO CITY    7.08    10/16/19     CNY      64.15
TANGSHAN NANHU ECO CITY    7.08    10/16/19     CNY      60.00
TIANJIN BINHAI NEW AREA    5.00    03/13/18     CNY      71.26
TIANJIN BINHAI NEW AREA    5.00    03/13/18     CNY      71.47
TIANJIN ECO-CITY INVEST    6.76    08/14/19     CNY      60.00
TIANJIN ECO-CITY INVEST    6.76    08/14/19     CNY      63.52
TIANJIN HANBIN INVESTME    8.39    03/22/19     CNY      63.67
TIANJIN HI-TECH INDUSTR    7.80    03/27/19     CNY      63.33
TIANJIN HI-TECH INDUSTR    7.80    03/27/19     CNY      63.76
TIANJIN JINNAN CITY CON    6.95    06/18/19     CNY      64.50
TIANJIN JINNAN CITY CON    6.95    06/18/19     CNY      63.42
TIELING PUBLIC ASSETS I    7.34    05/29/18     CNY      52.12
TIELING PUBLIC ASSETS I    7.34    05/29/18     CNY      51.68
TIGER FOREST & PAPER GR    5.38    06/14/17     CNY      57.69
TONGCHUAN DEVELOPMENT I    7.50    07/17/19     CNY      63.21
TONGLIAO CITY INVESTMEN    5.98    09/01/17     CNY      40.80
TONGLIAO CITY INVESTMEN    5.98    09/01/17     CNY      40.10
TONGLIAO TIANCHENG URBA    7.75    09/24/19     CNY      63.11
TONGLIAO TIANCHENG URBA    7.75    09/24/19     CNY      64.03
TONGREN FANJINGSHAN INV    6.89    08/02/19     CNY      62.94
TONGREN FANJINGSHAN INV    6.89    08/02/19     CNY      61.01
URUMQI CITY CONSTRUCTIO    6.35    07/09/19     CNY      63.40
URUMQI CITY CONSTRUCTIO    6.35    07/09/19     CNY      62.88
URUMQI STATE-OWNED ASSE    6.48    04/28/18     CNY      51.60
URUMQI STATE-OWNED ASSE    6.48    04/28/18     CNY      51.41
VANZIP INVESTMENT GROUP    7.92    02/04/19     CNY      66.20
WAFANGDIAN STATE-OWNED     8.55    04/19/19     CNY      63.00
WENLING CITY STATE OWNE    7.18    09/18/19     CNY      64.01
WENLING CITY STATE OWNE    7.18    09/18/19     CNY      59.00
WENZHOU ANJUFANG CITY D    7.65    04/24/19     CNY      63.34
WUHAI CITY CONSTRUCTION    8.20    03/31/19     CNY      63.01
WUHAI CITY CONSTRUCTION    8.20    03/31/19     CNY      63.47
WUHU ECONOMIC TECHNOLOG    6.70    06/08/18     CNY      51.91
WUHU ECONOMIC TECHNOLOG    6.70    06/08/18     CNY      51.00
WUXI MUNICIPAL CONSTRUC    6.60    09/17/19     CNY      63.32
WUXI MUNICIPAL CONSTRUC    6.60    09/17/19     CNY      63.33
WUXI TAIHU INTERNATIONA    7.60    09/17/19     CNY      64.29
WUXI TAIHU INTERNATIONA    7.60    09/17/19     CNY      60.35
WUZHOU DONGTAI STATE-OW    7.40    09/03/19     CNY      64.21
XIAN CHANBAHE DEVELOPME    6.89    08/03/19     CNY      63.05
XIANGTAN CITY CONSTRUCT    8.00    03/16/19     CNY      62.00
XIANGTAN CITY CONSTRUCT    8.00    03/16/19     CNY      63.72
XIANGTAN JIUHUA ECONOMI    7.43    08/29/19     CNY      64.37
XIANGTAN JIUHUA ECONOMI    6.93    12/16/16     CNY      40.25
XIANGYANG CITY CONSTRUC    8.12    01/12/19     CNY      63.46
XIANGYANG CITY CONSTRUC    8.12    01/12/19     CNY      63.33
XIANNING CITY CONSTRUCT    7.50    08/31/18     CNY      78.00
XIANNING CITY CONSTRUCT    7.50    08/31/18     CNY      52.72
XIANYANG CITY CONSTRUCT    7.90    12/09/17     CNY      71.01
XIAOGAN URBAN CONSTRUCT    8.12    03/26/19     CNY      64.03
XINING CITY INVESTMENT     7.70    04/27/19     CNY      62.00
XINING CITY INVESTMENT     7.70    04/27/19     CNY      63.78
XINJIANG SHIHEZI DEVELO    7.50    08/29/18     CNY      49.52
XINJIANG UYGUR AR HAMI     6.25    07/17/18     CNY      51.87
XINXIANG INVESTMENT GRO    6.80    01/18/18     CNY      71.70
XINYANG HUAXIN INVESTME    6.95    06/14/19     CNY      63.47
XINZHOU CITY ASSET MANA    7.39    08/08/18     CNY      52.52
XUCHANG GENERAL INVESTM    7.78    04/27/19     CNY      63.95
XUZHOU ECONOMIC TECHNOL    8.20    03/07/19     CNY      63.79
XUZHOU ECONOMIC TECHNOL    8.20    03/07/19     CNY      63.80
XUZHOU XINSHENG CONSTRU    7.48    05/08/18     CNY      51.99
YAAN STATE-OWNED ASSET     7.39    07/04/19     CNY      63.18
YANCHENG ORIENTAL INVES    5.75    06/08/17     CNY      50.10
YANCHENG ORIENTAL INVES    5.75    06/08/17     CNY      50.85
YANGZHONG URBAN CONSTRU    7.10    03/26/18     CNY      72.46
YANGZHOU URBAN CONSTRUC    6.30    07/26/19     CNY      63.05
YANZHOU HUIMIN URBAN CO    8.50    12/28/17     CNY      51.57
YIBIN STATE-OWNED ASSET    5.80    05/23/18     CNY      72.00
YICHANG MUNICIPAL FINAN    7.12    10/16/19     CNY      63.70
YICHANG MUNICIPAL FINAN    7.12    10/16/19     CNY      59.30
YICHUN CITY CONSTRUCTIO    7.35    07/24/19     CNY      62.17
YIJINHUOLUOQI HONGTAI C    8.35    03/19/19     CNY      58.95
YIJINHUOLUOQI HONGTAI C    8.35    03/19/19     CNY      59.50
YINCHUAN URBAN CONSTRUC    6.28    03/09/17     CNY      25.14
YIXING CITY DEVELOPMENT    6.90    10/10/19     CNY      64.16
YIXING CITY DEVELOPMENT    6.90    10/10/19     CNY      63.55
YIYANG CITY CONSTRUCTIO    7.36    08/24/19     CNY      60.00
YIYANG CITY CONSTRUCTIO    7.36    08/24/19     CNY      64.19
YIYANG CITY CONSTRUCTIO    8.20    11/19/16     CNY      40.13
YIZHENG CITY CONSTRUCTI    7.78    06/14/19     CNY      64.21
YUHUAN COUNTY COMMUNICA    7.15    10/12/19     CNY      64.20
YUHUAN COUNTY COMMUNICA    7.15    10/12/19     CNY      60.00
YUNCHENG URBAN CONSTRUC    7.48    10/15/19     CNY      64.51
YUNNAN PROVINCIAL INVES    5.25    08/24/17     CNY      40.51
YUNNAN PROVINCIAL INVES    5.25    08/24/17     CNY      40.22
YUYAO WATER RESOURCE IN    7.20    10/16/19     CNY      84.55
ZHANGJIAGANG JINCHENG I    6.23    01/06/18     CNY      61.22
ZHANGJIAJIE ECONOMIC DE    7.40    10/18/19     CNY      64.71
ZHANGJIAKOU TONGTAI HOL    6.90    07/05/18     CNY      73.10
ZHEJIANG PROVINCE DEQIN    6.90    04/12/18     CNY      72.51
ZHENJIANG CULTURE AND T    5.86    05/06/17     CNY      50.64
ZHENJIANG CULTURE AND T    5.86    05/06/17     CNY      50.15
ZHENJIANG NEW AREA ECON    8.16    03/01/19     CNY      62.76
ZHENJIANG NEW AREA ECON    8.16    03/01/19     CNY      62.80
ZHENJIANG TRANSPORTATIO    7.29    05/08/19     CNY      63.08
ZHENJIANG TRANSPORTATIO    7.29    05/08/19     CNY      62.54
ZHONGSHAN TRANSPORTATIO    6.65    08/28/18     CNY      52.00
ZHONGSHAN TRANSPORTATIO    6.65    08/28/18     CNY      51.85
ZHUCHENG ECONOMIC DEVEL    6.40    04/26/18     CNY      41.29
ZHUCHENG ECONOMIC DEVEL    7.50    08/25/18     CNY      31.71
ZHUCHENG ECONOMIC DEVEL    6.40    04/26/18     CNY      41.13
ZHUHAI HUAFA GROUP CO L    8.43    02/16/18     CNY      51.99
ZHUHAI HUAFA GROUP CO L    8.43    02/16/18     CNY      52.06
ZHUJI CITY CONSTRUCTION    6.92    07/05/18     CNY      73.25
ZHUJI CITY CONSTRUCTION    6.92    07/05/18     CNY      73.55
ZHUMADIAN INVESTMENT CO    6.95    11/26/19     CNY      71.00
ZHUZHOU GECKOR GROUP CO    7.50    09/10/19     CNY      60.00
ZHUZHOU GECKOR GROUP CO    7.50    09/10/19     CNY      64.52
ZHUZHOU GECKOR GROUP CO    7.82    08/18/18     CNY      72.00
ZHUZHOU GECKOR GROUP CO    7.82    08/18/18     CNY      74.47
ZIGONG STATE-OWNED ASSE    6.86    06/17/18     CNY      72.89
ZOUCHENG CITY ASSET OPE    7.02    01/12/18     CNY      40.94
ZOUPING COUNTY STATE-OW    6.98    04/27/18     CNY      72.65
ZOUPING COUNTY STATE-OW    6.98    04/27/18     CNY      71.43
ZUNYI CITY INVESTMENT G    8.53    03/13/19     CNY      63.51
ZUNYI CITY INVESTMENT G    8.53    03/13/19     CNY      64.22


INDONESIA
---------

BERAU COAL ENERGY TBK P    7.25    03/13/17     USD      22.92
BERAU COAL ENERGY TBK P    7.25    03/13/17     USD      23.72


INDIA
-----

3I INFOTECH LTD            5.00    04/26/17     USD      18.13
BLUE DART EXPRESS LTD      9.30    11/20/17     INR      11.30
BLUE DART EXPRESS LTD      9.40    11/20/18     INR      10.60
BLUE DART EXPRESS LTD      9.50    11/20/19     INR      10.40
GTL INFRASTRUCTURE LTD     4.53    11/09/17     USD      37.13
JAIPRAKASH ASSOCIATES L    5.75    09/08/17     USD      43.75
JAIPRAKASH POWER VENTUR    7.00    02/13/49     USD      20.00
JCT LTD                    2.50    04/08/11     USD      27.00
PRAKASH INDUSTRIES LTD     5.25    04/30/15     USD      20.50
PYRAMID SAIMIRA THEATRE    1.75    07/04/12     USD       1.00
REI AGRO LTD               5.50    11/13/14     USD       4.95
REI AGRO LTD               5.50    11/13/14     USD       4.95
SVOGL OIL GAS & ENERGY     5.00    08/17/15     USD       0.21


JAPAN
-----

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


KOREA
-----

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


MALAYSIA
--------

BRIGHT FOCUS BHD           2.50    01/22/31     MYR      72.27
LAND & GENERAL BHD         1.00    09/24/18     MYR       0.56
SENAI-DESARU EXPRESSWAY    0.50    12/31/43     MYR      74.07
SENAI-DESARU EXPRESSWAY    0.50    12/31/38     MYR      68.62
SENAI-DESARU EXPRESSWAY    0.50    12/30/39     MYR      70.00
SENAI-DESARU EXPRESSWAY    0.50    12/31/40     MYR      71.00
SENAI-DESARU EXPRESSWAY    0.50    12/31/41     MYR      71.98
SENAI-DESARU EXPRESSWAY    0.50    12/31/42     MYR      73.06
SENAI-DESARU EXPRESSWAY    0.50    12/30/44     MYR      74.73
SENAI-DESARU EXPRESSWAY    1.15    12/29/23     MYR      73.59
SENAI-DESARU EXPRESSWAY    1.15    06/30/25     MYR      69.10
SENAI-DESARU EXPRESSWAY    1.35    06/30/28     MYR      62.52
SENAI-DESARU EXPRESSWAY    1.35    12/29/28     MYR      61.23
SENAI-DESARU EXPRESSWAY    1.15    06/28/24     MYR      72.09
SENAI-DESARU EXPRESSWAY    1.15    12/31/24     MYR      70.58
SENAI-DESARU EXPRESSWAY    1.35    12/31/25     MYR      69.06
SENAI-DESARU EXPRESSWAY    1.35    06/30/26     MYR      67.62
SENAI-DESARU EXPRESSWAY    1.35    12/31/26     MYR      66.27
SENAI-DESARU EXPRESSWAY    1.35    06/30/27     MYR      65.01
SENAI-DESARU EXPRESSWAY    1.35    12/31/27     MYR      63.78
SENAI-DESARU EXPRESSWAY    1.35    06/29/29     MYR      59.92
SENAI-DESARU EXPRESSWAY    1.35    12/31/29     MYR      58.59
SENAI-DESARU EXPRESSWAY    1.35    06/28/30     MYR      57.23
SENAI-DESARU EXPRESSWAY    1.35    12/31/30     MYR      55.82
SENAI-DESARU EXPRESSWAY    1.35    06/30/31     MYR      54.39
UNIMECH GROUP BHD          5.00    09/18/18     MYR       1.06


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

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


SINGAPORE
---------

ASL MARINE HOLDINGS LTD    5.35    10/01/18     SGD      68.73
AUSGROUP LTD               7.45    10/20/18     SGD      66.58
BAKRIE TELECOM PTE LTD    11.50    05/07/15     USD       1.76
BAKRIE TELECOM PTE LTD    11.50    05/07/15     USD       1.76
BERAU CAPITAL RESOURCES   12.50    07/08/15     USD      25.19
BERAU CAPITAL RESOURCES   12.50    07/08/15     USD      24.75
BLD INVESTMENTS PTE LTD    8.63    03/23/15     USD       8.00
BUMI CAPITAL PTE LTD      12.00    11/10/16     USD      26.75
BUMI CAPITAL PTE LTD      12.00    11/10/16     USD      26.75
BUMI INVESTMENT PTE LTD   10.75    10/06/17     USD      27.00
BUMI INVESTMENT PTE LTD   10.75    10/06/17     USD      26.75
ENERCOAL RESOURCES PTE     6.00    04/07/18     USD       8.25
EZRA HOLDINGS LTD          4.88    04/24/18     SGD      40.00
GEO ENERGY RESOURCES LT    7.00    01/18/18     SGD      73.88
GOLIATH OFFSHORE HOLDIN   12.00    06/11/17     USD       4.25
INDO INFRASTRUCTURE GRO    2.00    07/30/10     USD       1.00
INTERNATIONAL HEALTHWAY    6.00    02/06/18     SGD      66.50
NEPTUNE ORIENT LINES LT    4.40    11/08/19     SGD      73.50
NEPTUNE ORIENT LINES LT    4.40    06/22/21     SGD      55.34
NEPTUNE ORIENT LINES LT    4.65    09/09/20     SGD      61.38
ORO NEGRO DRILLING PTE     7.50    01/24/19     USD      39.34
OSA GOLIATH PTE LTD       12.00    10/09/18     USD      61.75
OTTAWA HOLDINGS PTE LTD    5.88    05/16/18     USD      70.00
OTTAWA HOLDINGS PTE LTD    5.88    05/16/18     USD      69.16
PACIFIC INTERNATIONAL L    7.25    11/16/18     SGD      70.50
PACIFIC RADIANCE LTD       4.30    08/29/18     SGD      42.50
RICKMERS MARITIME          8.45    05/15/17     SGD      36.50
SWIBER CAPITAL PTE LTD     6.50    08/02/18     SGD      10.50
SWIBER CAPITAL PTE LTD     6.25    10/30/17     SGD      10.50
SWIBER HOLDINGS LTD        7.13    04/18/17     SGD      12.00
SWIBER HOLDINGS LTD        7.75    09/18/17     CNY      12.13
SWIBER HOLDINGS LTD        5.55    10/10/16     SGD      11.63
TRIKOMSEL PTE LTD          7.88    06/05/17     SGD      17.00
TRIKOMSEL PTE LTD          5.25    05/10/16     SGD      17.00


SRI LANKA
---------

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


THAILAND
--------

G STEEL PCL                3.00    10/04/15     USD       3.64
MDX PCL                    4.75    09/17/03     USD      37.75


VIETNAM
-------

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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