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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, February 10, 2015, Vol. 18, No. 028


                            Headlines


A U S T R A L I A

HYDRATECH ENGINEERING: First Creditors' Meeting Set For Feb. 13
IDATA RESOLUTIONS: Placed into Liquidation
JOHNSON MATTHEY: Fined For Failing to File Financial Reports
MISS CHU: ATO Hits Back After Being Blamed For Chain's Demise
TOWNSEND EARTHMOVING: First Creditors' Meeting Set For Feb. 16


C H I N A

CHINA GINSENG: KCG Americas Reports 9.8% Stake as of Dec. 31
CHINA LOGISTICS: To Sell Tianjin Branch
KU6 MEDIA: Incurs $932,000 Net Loss in Third Quarter
LAKELAND INDUSTRIES: Ruihua Acts as Auditors for Chinese Unit
UMEWORLD LTD: AWC (CPA) Ltd. Expresses Going Concern Doubt


I N D I A

ABHISHEK AGRO: ICRA Suspends B- Rating on INR5.65cr LT Loan
AJAB SINGH: ICRA Reaffirms B Rating on INR4.50cr Fund Based Loan
ALPHA TOCOL: ICRA Reaffirms B+ Rating on INR6.96cr LT Loan
AMIT METALIKS: INR599M Loan CRISIL B- Rating on Withdrawal Notice
BAFNA GINNING: ICRA Reaffirms B+ Rating on INR20cr Cash Credit

BSCPL INFRASTRUCTURE: ICRA Suspends D Rating on INR2,000cr Loan
BSL ENGINEERING: ICRA Reaffirms B+ Rating on INR1cr Cash Credit
CHITIZ METALS: CRISIL Assigns B Rating to INR70MM Cash Credit
DANIA ORO: CRISIL Reaffirms B- Rating on INR173.1MM Bank Loan
DYNAMIX CHAINS: CRISIL Reaffirms D Rating on INR351.5MM Loan

EAST HOOGHLY: CRISIL Reaffirms B+ Rating on INR60.2MM Term Loan
ELYSIUM PHARMA: ICRA Suspends D Rating on INR22.07cr Loan
HONOURABLE PACKAGING: CARE Reaffirms B+ Rating on INR2.25cr Loan
JEWEL CAST: CRISIL Assigns B Rating to INR50MM Gold Loan
JIA AUTO: ICRA Reaffirms C+ Rating on INR17cr Cash Credit

K.K. BUILDERS: CRISIL Cuts Rating on INR265MM Bank Loan to D
KAFILA HOSPITALITY: CRISIL Reaffirms B+ Rating on INR400MM Loan
KAILASH COLD: ICRA Assigns B Rating to INR3.83cr Term Loan
KANCHAN VANIJYA: ICRA Reaffirms B Rating on INR5.09cr Term Loan
KANANI POLYFAB ICRA Assigns B+ Rating to INR6.0cr Cash Credit

KREPTON INDIA: CRISIL Assigns B+ Rating to INR5cr Secured Loan
LB COTTON: ICRA Reaffirms B Rating on INR10cr LT Fund Based Loan
MANASA QUALITY: CRISIL Reaffirms B+ Rating on INR250MM Loan
NANO AGRO: ICRA Reaffirms B Rating on INR10cr Working Capital
NAVIN COLD: CRISIL Reaffirms C Rating on INR57.2MM Cash Loan

NCC LTD: CRISIL Ups Rating on INR20BB Cash Credit to B+
NEPTUNE INDUSTRIES: CARE Revises Rating on INR16.19cr Loan to B+
NSL TEXTILES: ICRA Suspends B+ Rating on INR1,295.27cr Bank Loan
OSNAR CHEMICAL: ICRA Ups Rating on INR4cr Fund Based Loan to B-
PARSHWANATH GINNING: CRISIL Puts B Rating on INR40MM Cash Credit

PATEL OSWAL: ICRA Reaffirms B Rating on INR12cr Cash Credit
PCM ALLOYS: ICRA Suspends D Rating on INR4cr Fund Based Loan
PLASTO MANUFACTURING: CRISIL Reaffirms B+ Rating on INR20MM Loan
RDC MOTOR: CRISIL Assigns B Rating to INR80MM Cash Credit
ROGER POWER: ICRA Suspends B+ Rating on INR9.28cr Term Loan

SAKSHI AUTO: CRISIL Reaffirms D Rating on INR44.2MM LT Loan
SANSKAR SYNTHETICS: ICRA Places B+ Rating on INR12.09cr Bank Loan
SHAPE ENGINEERING: CRISIL Cuts Rating on INR85MM Cash Loan to B
SHREE BALAJI: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
SRI GOKUL: CRISIL Assigns B Rating to INR60MM Cash Credit

STANDARD BRICK: ICRA Assigns D Rating to INR30cr Term Loan
SUMETCO ALLOYS: CRISIL Assigns B Rating to INR100MM Cash Credit
SUNFAME CERAMIC: CRISIL Reaffirms B+ Rating on INR31MM Term Loan
VIKAS SANITARY: CRISIL Assigns B Rating to INR32.5MM Cash Loan
ZEN TOBACCO: CARE Revises Rating on INR5.50cr LT Bank Loan to B+


J A P A N

TAKATA CORP: Widens Annual Loss Forecast Due to Air Bag Recall


N E W  Z E A L A N D

CREDIT UNION: Fitch Affirms 'BB+' Insurer Fin'l. Strength Rating


V I E T N A M

VIETNAM: Central Bank Accelerates Bank Restructuring Process


X X X X X X X X

* BOND PRICING: For the Week Feb. 2 to Feb. 6, 2015


                            - - - - -


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


HYDRATECH ENGINEERING: First Creditors' Meeting Set For Feb. 13
---------------------------------------------------------------
Bradd William Morelli and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of Hydratech Engineering Pty
Limited, trading as Newcastle Hydraulics, on Feb. 3, 2015.

A first meeting of the creditors of the Company will be held at
47 Newcomen St, Newcastle NSW 2300, on Feb. 13, 2015, at
10:00 a.m.


IDATA RESOLUTIONS: Placed into Liquidation
------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that iData Resolutions
Pty Ltd has been placed into liquidation in Australia and
New Zealand.  The company's arm in Australia had debts of over
AUD478,000 when it stopped trading.

Richard James Rowley of Woodgate and Co. was appointed liquidator
of the company.

iData reportedly had 4 employees in Australia. All of the
infrastructure of the company is hosted in New Zealand.


JOHNSON MATTHEY: Fined For Failing to File Financial Reports
------------------------------------------------------------
Australian unlisted public companies Johnson Matthey Holdings
Limited and Johnson Matthey (Aust.) Limited have been fined a
total of AUD10,000 for failing to lodge their annual financial
reports.

On Jan. 30, 2015, at the Melbourne Magistrates' Court, the
companies pleaded guilty and were convicted in relation to six
ASIC charges for failing to lodge their annual financial reports
for the years ended March 31, 2008, March 31, 2011, March 31, 2012
and March 31, 2013.

Johnson Matthey Holdings Limited also pleaded guilty and was
convicted of one ASIC charge for failing to comply with a court
order to lodge its March 31, 2011 financial report.

The companies are primarily concerned with the manufacture of
precious metal products and as Australian unlisted public
companies, required to lodge financial reports within 4 months
after the end of their financial years.

ASIC Commissioner Greg Tanzer said, 'Entities required to lodge
annual reports with ASIC must ensure they comply with their
obligations. Annual reports can assist a range of consumers
including investors and creditors to make informed decisions. The
reports are an important part of ensuring the integrity of our
market.'


MISS CHU: ATO Hits Back After Being Blamed For Chain's Demise
-------------------------------------------------------------
Cara Waters at SmartCompany reports that the Australian Tax Office
has fought back against claims by Nahji Chu, the founder of
Vietnamese food chain Miss Chu, that the ATO is to blame for the
collapse of her business.

The Sydney operations of MissChu were placed in voluntary
administration just days before Christmas but Ms. Chu told
SmartCompany MissChu wouldn't have collapsed if the ATO had
granted her request for more time to pay her tax bill.

According to SmartCompany, Ms. Chu asked the ATO to grant her a
three-month extension to her tax bill to allow her to open two new
MissChu outlets in Double Bay and Balmain in Sydney.

"[The new stores] would have allowed me to pay my bills but the
Tax Office didn't see it that way," SmartCompany quotes Ms. Chu as
saying.

But an ATO spokesperson said businesses must comply with their tax
obligations before committing money to ventures such as new
stores, the report relays.

The ATO does not usually comment on individual cases but a
spokesperson for the Tax Office contacted SmartCompany in relation
to Ms. Chu's claims saying taxpayers experiencing difficulty
should contact the ATO.

"Over 95% of Australian taxpayers pay their tax on time or shortly
thereafter," SmartCompany quotes the spokesperson as saying.
"Where some businesses occasionally experience short-term cash
flow issues, we work closely with them to provide support and
assistance to address their issues."

SmartCompany relates that the spokesperson said this can include
organising payment arrangements to address outstanding debts.

The ATO confirmed it has provided payment arrangement support to
MissChu, SmartCompany says.

"From time to time we do see situations where a business withholds
money from employee wages for their taxes, and then chooses to
spend this withheld money elsewhere without fulfilling their tax
obligations," the spokesperson told SmartCompany.
"This creates an uneven playing field and allows that business to
gain an unfair advantage over those businesses that pay their
taxes on time."

Ms. Chu has attracted criticism for hiring a public relations
company after the collapse to run a social media campaign
#weneedchu to attempt to save the business, SmartCompany relays.

Rahul Goyal and Janna Robertson of KordaMentha Restructuring were
appointed Voluntary Administrators of Miss Chu Pty Limited and
Miss Chu Manly Pty Limited (collectively known as 'MissChu') on
Dec. 23, 2014.

Miss Chu operates six retail tuckshops and a catering business in
New South Wales. The Melbourne and London MissChu businesses are
not affected by the Voluntary Administration.


TOWNSEND EARTHMOVING: First Creditors' Meeting Set For Feb. 16
--------------------------------------------------------------
Terrence John Rose and Terry Grant van der Velde of SV Partners
were appointed as administrators of Townsend Earthmoving Pty Ltd
on Feb. 4, 2015.

A first meeting of the creditors of the Company will be held at
SV Partners, 138 Mary Street, in Brisbane, Queensland, on
Feb. 16, 2015, at 2:30 p.m.



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


CHINA GINSENG: KCG Americas Reports 9.8% Stake as of Dec. 31
------------------------------------------------------------
KCG Americas LLC disclosed in an amended Schedule 13G filed with
the U.S. Securities and Exchange Commission that as of Dec. 31,
2014, it beneficially owned 4,376,767 shares of common stock of
China Ginseng Holdings Inc. representing 9.86% based on
outstanding shares reported on the Issuer's 10-Q filed with the
SEC for the period ended Sept. 30, 2014. A copy of the regulatory
filing is available for free at http://is.gd/nouuf6

                       About China Ginseng

Changchun City, China-based China Ginseng Holdings, Inc., conducts
business through its four wholly-owned subsidiaries located in
China. The Company has been granted 20-year land use rights to
3,705 acres of lands by the Chinese government for ginseng
planting and it controls, through lease, approximately 750 acres
of grape vineyards. However, recent harvests of grapes showed poor
quality for wine production which indicates that the vineyards are
no longer suitable for planting grapes for wine
production. Therefore, the Company has decided not to renew its
lease for the vineyards with the Chinese government upon
expiration in 2013 and, going forward, it intends to purchase
grapes from the open market in order to produce grape juice and
wine.

China Ginseng reported a net loss of $4.76 million on $2.61
million of revenue for the year ended June 30, 2014, compared to a
net loss of $3.64 million on $3.56 million of revenue for the year
ended June 30, 2013.

Cowan, Gunteski & Co., P.A., in Tinton Falls, NJ, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2014. The independent auditors noted
that the Company has incurred an accumulated deficit of
$14,169,335 since inception, has a working capital deficit of
$11,616,962, and there are existing uncertain conditions the
Company faces relative to its ability to obtain working capital
and operate successfully. These conditions raise substantial
doubt about its ability to continue as a going concern.


CHINA LOGISTICS: To Sell Tianjin Branch
---------------------------------------
China Logistics Group, Inc., discontinued operations in the
Tianjin Branch of Shandong Jiajia International Freight &
Forwarding Co., Ltd.  Shandong Jiajia and its branches in
Shanghai, Qingdao, Tianjin, Xiamen and Lianyungang are companies
registered in People's Republic of China and majority owned
subsidiaries of the Company.

According to the Company, Tianjin Branch has not been operating
profitably in recent years due to the appreciation of Chinese
dollar, the slowdown in Chinese economy and the decline in Chinese
foreign trade industry. In order to better focus the Company's
working capital and efficiency, the Company has decided to
discontinue the operation of Tianjin branch and hold the asset for
sale. The Company expects to record a loss of approximately
$130,000 related to the disposition of the Tianjin Branch in
fiscal 2015.

                       About China Logistics

Shanghai, China-based China Logistics Group, Inc., is a Florida
corporation and was incorporated on March 19, 1999, under the name
of ValuSALES.com, Inc. The Company changed its name to Video
Without Boundaries, Inc., on Nov. 16, 2001. On Aug. 31, 2006, it
changed its name from Video Without Boundaries, Inc., to
MediaReady, Inc., and on Feb. 14, 2008, it changed its name from
MediaReady, Inc., to China Logistics Group, Inc.

On Dec. 31, 2007, the Company entered into an acquisition
agreement with Shandong Jiajia International Freight and
Forwarding Co., Ltd., and its sole shareholders Messrs. Hui Liu
and Wei Chen, through which the Company acquired a 51% interest in
Shandong Jiajia. The transaction was accounted for as a capital
transaction, implemented through a reverse recapitalization.

Shandong Jiajia, formed in 1999 as a Chinese limited liability
company, is an international freight forwarder and logistics
management company. Headquartered in Qingdao, Shandong Jiajia has
branches in Shanghai, Xiamen, Lianyungang and Tianjin with
additional sales office in Rizhao.

The Company's balance sheet at Sept. 30, 2013, showed
$4.56 million in total assets, $4.44 million in total liabilities
and $120,000 in total stockholders' equity.

The Company has an accumulated deficit of $20.7 million at
Sept. 30, 2013. During the nine months ended Sept. 30, 2013, the
Company used cash in operating activities of $374,000. The Company
has reported net loss of $447,000 and net income of $491,000 for
the nine months ended Sept. 30, 2013 and 2012, respectively. The
Company's ability to continue as a going
concern is dependent upon its ability to increase its revenues to
historic levels, generate profitable operations in the future and
to obtain any necessary financing to meet its obligations and
repay its liabilities arising from normal business operations when
they come due. The outcome of these matters cannot be predicted at
this time. These matters raise substantial doubt about the ability
of the Company to continue as a going concern, the Company said in
the quarterly report on Form 10-Q for the period ended Sept. 30,
2013.


KU6 MEDIA: Incurs $932,000 Net Loss in Third Quarter
----------------------------------------------------
Ku6 Media Co., Ltd., reported unaudited financial results for the
third quarter of fiscal year 2014 ended Sept. 30, 2014.

Net loss was $932,000 on $1.61 million of total revenues in the
third quarter of 2014 compared to a net loss of $3.43 million on
$3.40 million of total revenues for the same period in 2013.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $65.6 million on $31.4 million of total revenue
compared to a net loss of $7.65 million on $9.89 million of total
revenues for the same period last year.

As of Sept. 30, 2014, the Company had $5.10 million in total
assets, $9.42 million in total liabilities and a $4.31 million in
total shareholders' deficit.

Cash and cash equivalents were $2.77 million as of Sept. 30, 2014.

"It's my pleasure to announce Ku6's earnings release for the third
quarter of 2014," Mr. Xudong Xu, chief executive officer of Ku6
Media, commented. "After the reduction of labor and CDN costs in
the second quarter of 2014, we entered into a new advertising
agency agreement with Huzhong in August which allowed us to
realize higher revenue and enjoy better cash collection terms. As
a result, we significantly narrowed our operating cash deficit by
the end of the quarter and we are now forecasting a better
operating cash flow in the next year."

                    Liquidity and Going Concern

"Substantial doubt exists as to the Company's ability to continue
as a going concern, primarily due to uncertainties regarding (1)
the Company's ability to continue to improve operating cash
inflows, which depend on growth in revenues from (i) Huzhong, the
Company's new third party advertising agency since late August
2014, and (ii) two cooperation agreements with related party
Qinhe; (2) the Company's ability to reduce its operating cash
outflows; and (3) the availability and timing of additional
financing with terms acceptable to the Company. Growth in the
Company's operating cash inflows is principally dependent upon
achieving revenue growth from successful cooperation with Huzhong
and Qinhe as well as other efforts to expand sources of revenue."

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

                        http://is.gd/w4xz6Z

                         About Ku6 Media

Ku6 Media Co., Ltd. -- http://ir.ku6.com/-- is an Internet video
company in China focused on User-Generated Content. Through its
premier online brand and online video website, www.ku6.com , Ku6
Media provides online video uploading and sharing service, video
reports, information and entertainment in China.

KU6 Media reported a net loss of $34.4 million in 2013, a net
loss of $9.49 million in 2012 and a net loss of $49.4 million in
2011.

PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's
Republic of China, issued a "going concern" qualification in its
report on the consolidated financial statements for the year ended
Dec. 31, 2013. The independent auditors noted that facts and
circumstances including recurring losses, negative working
capital, net cash outflows, and uncertainties associated with
significant changes planned to be made in respect of the Company's
business model raise substantial doubt about the Company's ability
to continue as a going concern.


LAKELAND INDUSTRIES: Ruihua Acts as Auditors for Chinese Unit
------------------------------------------------------------
Lakeland Industries, Inc., disclosed in a regulatory filing with
the U.S. Securities and Exchange Commission that it has been
informed by RSM China (Shanghai), the auditors of the Company's
China subsidiary Weifang Lakeland Safety Products Co., Ltd., that
RSM China has merged its practice with Ruihua Certified Public
Accountants. As a result of the merger, Ruihua CPA, as the
successor to RSM China, became the auditors for Lakeland China on
whom the Company's independent registered public accounting firm
is expected to express reliance in its report.

During the two most recent fiscal years, and thereafter prior to
the merger, neither the Company, nor anyone on its behalf,
consulted with Ruihua CPA regarding either:

   (i) the application of accounting principles to a specified
       transaction, either completed or proposed; or the type of
       audit opinion that might be rendered on the Company's
       consolidated financial statements or Lakeland China's
       financial statements, in connection with which either a
       written report or oral advice was provided to the Company
       that Ruihua CPA concluded was an important factor
       considered by the Company in reaching a decision as to the
       accounting, auditing or financial reporting issue; or

  (ii) any matter that was either the subject of a "disagreement"
       (as defined in Item 304(a)(1)(iv) of Regulation S-K and
       the related instructions) or a "reportable event" (as
       described in Item 304(a)(1)(iv) of Regulation S-K).

                     About Lakeland Industries

Ronkonkoma, N.Y.-based Lakeland Industries, Inc., manufactures and
sells a comprehensive line of safety garments and accessories for
the industrial protective clothing market.

The Company reported a net loss of $26.3 million on $95.1 million
of net sales for the year ended Jan. 31, 2013, as compared with a
net loss of $377,000 on $96.3 million of sales for the year ended
Jan. 31, 2012.

In their report on the consolidated financial statements for the
year ended Jan. 31, 2013, Warren Averett, LLC, in Birmingham,
Alabama, expressed substantial doubt about Lakeland Industries'
ability to continue as a going concern. The independent auditors
noted that the Company is in default on certain covenants of its
loan agreements at Jan. 31, 2013.

As of Oct. 31, 2014, the Company had $86.8 million in total
assets, $31.8 million in total liabilities and $54.9 million in
total stockholders' equity.


UMEWORLD LTD: AWC (CPA) Ltd. Expresses Going Concern Doubt
----------------------------------------------------------
UMeWorld Limited filed with the U.S. Securities and Exchange
Commission its annual report on Form 20-F for the fiscal year
ended Sept. 30, 2014.

AWC (CPA) Limited expressed substantial doubt about the Company's
ability to continue as a going concern, citing that the Company
has suffered recurring losses from operations and had working
capital deficiency of $40,800 at Sept. 30, 2014, as compared to a
working capital of $594,000 as at Sept. 30, 2013.

The Company reported a net loss of $3.86 million on $nil of total
revenues for the fiscal year ended Sept. 30, 2014, compared with a
net loss of $19.6 million on $760,300 of total revenues in fiscal
2013.

The Company's balance sheet at Sept. 30, 2014, showed $1.37
million in total assets, $2.23 million in total liabilities, and
stockholders' deficit of $856,000.

A copy of the Form 20-F is available at:

                        http://is.gd/RZ3xWS

UMeWorld Limited operates in the digital media business. The
company operates UMeLook, an online video platform that focuses on
bringing foreign video content to China. It deploys UMeLook
through a content delivery network with a range of coverage in
Mainland China, Hong Kong, and Taiwan. The company was formerly
known as AlphaRx, Inc. and changed its name to UMeWorld Limited in
April 2013 to reflect the company's focus and direction. UMeWorld
Limited is based in Causeway Bay, Hong Kong.

Albert Wong & Co. expressed substantial doubt about the
Company's ability to continue as a going concern, citing that the
Company has suffered recurring losses from operations and had
working capital of approximately $594,000 at Sept. 30, 2013, as
compared to a working capital deficiency of $19.02 million at
Sept. 30, 2012.

The Company reported a net loss of $233,000 on $760,000 of total
revenues for the fiscal year ended Sept. 30, 2013, compared with a
net loss of $92,900 on $167,000 of total revenues in fiscal 2012.

The Company's balance sheet at Sept. 30, 2013, showed $2 million
in total assets, $1.68 million in total liabilities, and
stockholders' equity of $318,000.



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ABHISHEK AGRO: ICRA Suspends B- Rating on INR5.65cr LT Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- outstanding on
the INR5.65 crore long term fund based limits of Abhishek Agro
Industries. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Abhishek Agro Industries is a partnership firm promoted by Mutha &
Karnavat families. The families of the partners have an
experienced background in the business of pulses trading,
fertilisers and commission agents since 3 decades. The families
ventured into cotton ginning business in 2005-06. The firm has a
ginning & pressing unit at Lasur in Aurangabad district implanted
under the Technology Mission on Cotton (TMC) norms as prescribed
by the Central Government. The plant has 2 units with 18 Jumbo DR
Machines with a total annual capacity of 45,000 bales.


AJAB SINGH: ICRA Reaffirms B Rating on INR4.50cr Fund Based Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating for the INR10.5 crore
fund based/non-fund based limits and unallocated limits of Ajab
Singh & Co. (ASC).

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits        4.50      [ICRA]B; reaffirmed
   Non-Fund Based Limits    4.00      [ICRA]B; reaffirmed
   Unallocated Limits       2.00      [ICRA]B; reaffirmed

The reaffirmation of the rating takes into account the experience
of the promoters in the construction business and the strong
order-book position, which provides healthy revenue visibility
over the near term. The rating also factors in healthy net
profitability of 5.95% for FY2014 and return indicators (Return on
Capital Employed of 27% and return on net worth of 51% as on March
31, 2014). The rating however remains constrained by modest scale
of operations of the firm, vulnerability of the profitability to
fluctuations in raw material prices, and high geographical and
client concentration risks. The rating also factors in the high
working capital intensity of business owing to high inventory
levels which exerts pressure on the liquidity position of the
firm. The rating also remains constrained by the risks inherent in
the partnership nature of the firm like withdrawal of partner's
capital, which has been witnessed in ASC.

Going forward, the ability of the firm to maintain its
profitability in addition to improving its working capital
intensity of operations; ability of the firm to diversify its
customer base and scale of projects it undertakes; and further
strengthening of the capital structure by limiting withdrawals
from capital will remain the key rating sensitivities.

Ajab Singh and Company is a partnership firm which was
incorporated in 2006. The firm is engaged in construction of
flats, boundary wall and other such civil engineering projects in
NCR region for DDA. The firm has around 40 permanent employees and
200-250 labourers which are hired on a temporary basis.

Recent Results
During FY2014, ASC reported a profit after tax of INR1.69 crore on
an operating income of INR28.34 crore as against PAT of INR1.34
crore on an operating income of INR21.24 crore during FY2013.


ALPHA TOCOL: ICRA Reaffirms B+ Rating on INR6.96cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR6.96
crore bank facilities of Alpha Tocol Engineering Services Private
Limited (Alpha Tocol) at [ICRA]B+.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long term Fund based      6.96       [ICRA]B+ reaffirmed

The rating reaffirmation takes into account the steady improvement
in Alpha Tocol's capital structure over the last 18 months,
following private equity investment from Elara Capital to the tune
of INR27.65 crore in phases during FY13 and FY14. While these
funds have been partly used towards retiring debt and capital
expenditure, around 40% of the same has been advanced to holding
company Alpha Design Technologies Private Limited. ICRA takes note
of the presence of experienced and well qualified management team,
the company's strong order book position as on November, 2014 (~2
times of FY14 revenue) and its limited exposure to raw material
price risk as the company is primarily a job worker. ICRA also
expects opportunities arising from the offset policy in the
aerospace sector to drive the revenue growth of the company going
forward.

The rating is, however, constrained by Alpha Tocol's modest scale
of operation with operating income of INR11.68 crore during FY14
coupled with thin profitability, modest coverage indicators and
high working capital intensity. The company is exposed to high
client concentration risk as the order book majorly comprises of
orders from two clients, HAL and Tara Aerospace Private Ltd.
Strong financial position of the clients and long term
relationship with them, mitigate the risk to an extent. ICRA notes
that any debt funded capital expenditure in the near future may
put pressure on the liquidity profile of the company.

Going forward, the company's ability to scale up the business
while improving its margins and optimizing the working capital
requirements would remain the key rating sensitivities.

The company was founded in the year 1972 by Mr. A.S. Narasimha
Murthy and has been mainly into fabrication activity since its
inception. It was acquired by Alpha Design Technologies Private
Limited (ADTPL) in December, 2009. Since its acquisition by ADTPL,
the company has been focusing on the manufacturing of precision
machined components, sheet metal components and sub-assemblies for
aircraft structural assemblies. It caters to the defence sector
with HAL and Tara Aerospace Private Ltd. being its key clients.

Alpha Design Technologies Private Limited (ADTPL) was founded in
the year 2003 by Retired colonel H S Shankar (ex- Director
Research & Development of Bharat Electronics Ltd. (BEL)) and
Vasaka Promoters and Developers Pvt Ltd (Vasaka), an SPV founded
by the promoters of Murugappa group and Karvy group for investment
in ADTPL. The company is in the business of manufacturing defence
equipments. ADTPL has a number of subsidiaries and joint ventures
with technology partners; however, most of the group companies
have limited operations at present. During FY14, ADTPL generated a
profit after tax (PAT) of INR7.86 crore on an operating income
(OI) of INR142.27 crore.

Recent results
In FY14, the company reported a net profit (PAT) of INR0.28 crore
on an operating income (OI) of INR11.68 crore as against a net
loss of INR0.65 crore on an OI of INR8.13 crore in FY13. As per
per the provisional figures for the period 8mFY15, the company
reported PAT of INR0.15 crore on an OI of INR7.79 crore.


AMIT METALIKS: INR599M Loan CRISIL B- Rating on Withdrawal Notice
-----------------------------------------------------------------
CRISIL has placed its ratings on the cash credit, letter of
credit, and bank guarantee facilities of Amit Metaliks Ltd (AML)
from State Bank of India on 'Notice of Withdrawal' for a period of
60 days, and its ratings on AML's cash credit facility from Andhra
Bank and Bank of Baroda, and cash credit and letter of credit
facilities from Oriental Bank of Commerce on 'Notice of
Withdrawal' for 180 days, at AML's request. This is in line with
CRISIL's withdrawal policy. The ratings on the above said
facilities will be withdrawn at the end of the notice period.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        25       CRISIL A4 (Placed on Notice of
                                  Withdrawal)

   Cash Credit          599       CRISIL B-/Stable (Reaffirmed;
                                  Placed on Notice of Withdrawal)

   Letter of Credit      50       CRISIL A4 (Placed on Notice of
                                  Withdrawal)

   Term Loan            246       CRISIL B-/Stable (Reaffirmed;
                                  Placed on Notice of Withdrawal)

For arriving at the ratings, CRISIL has treated the unsecured
loans extended to AML by its promoters and group entities as
neither debt nor equity. This is because these loans are interest-
free and cannot be withdrawn during the currency of the existing
bank debt. If the promoters want to withdraw even a part of these
loans, they need to bring in the equivalent amount of equity
capital into the company.

AML manufactures billets and thermo-mechanically treated bars. The
company markets its products under the Trishakti brand in West
Bengal, Bihar, and Uttar Pradesh. Its day-to-day operations are
managed by its promoter-director Mr. Amit Singh.


BAFNA GINNING: ICRA Reaffirms B+ Rating on INR20cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for the
INR20.00 crore fund-based bank facilities of Bafna Ginning and
Pressing Private Limited. ICRA has also reaffirmed the short term
rating of [ICRA]A4 for the INR3.00 crore non fund-based bank
facilities of BGPPL.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund-Based Facilities    20.00       [ICRA]B+ (Reaffirmed)
   Cash Credit

   Non Fund-Based            3.00       [ICRA]A4 (Reaffirmed)
   Facilities

The ratings continue to be constrained due to BGPPL's stretched
financial profile characterized by low profitability, high
leverage and weak liquidity. ICRA notes that limited value
addition in ginning business and high proportion of low margin
trading sales continue to drive low profitability and accruals.
This coupled with weak capitalization and track record of
extending sizeable loans & advances to the group companies limits
long term funds deployed towards core business and hence adversely
impacts the liquidity. Also, given the seasonality in business
activity and peak fund requirements, the company will continue to
depend on debt for funding of working capital requirements which
would keep the leverage high and consequently the debt coverage
and liquidity stretched as reflected in gearing of 3.9 times,
OPBDITA/Interest of 1.7 times and current ratio of 1.0 times for
FY14. Further, cotton being a commodity is exposed to price
variations; thus, ability to limit the inventory levels against
confirmed orders on consistent basis will be critical for avoiding
any inventory losses. Notwithstanding the above concerns, the
ratings continue to factor in the considerable experience of the
promoters in cotton ginning and trading business, and low
counterparty credit risk in trading business as export receivables
are secured by LC backed orders.

Going forward, ability of the company to improve profitability and
infuse long-term funds will be critical to improve its liquidity
profile and debt coverage metrics, and thus would be the key
rating sensitivities besides the extent of incremental loans &
advances extended to the group companies.

Incorporated in 1999, BGPPL is a part of 'Mahima Group', which is
promoted by Doshi family and is engaged in cotton ginning,
spinning and trading activities through various entities;
including BGPPL, Mahima Fibres Private Limited (MFPL, rated
[ICRA]BBB-(Stable)/A3), Delight Cotton Private Limited, Pooja
Cotton, and Pooja Fibres Private Limited.

BGPPL was acquired by the existing promoters from its founders in
FY06. The Company has a ginning unit in Aurangabad (Maharashtra),
which is equipped with 22 ginning machines capable of producing
30,000 quintals of cotton lint per annum. In addition to in-house
ginning, the company is also engaged in trading of cotton lint and
cotton yarn, which accounts for majority of the revenues of the
company.

In FY14, BGPPL achieved an Operating Income (OI) of INR244.6
crore, Operating Profit before Depreciation Interest and Taxes
(OPBDITA) of INR5.3 crore, Profit after Tax (PAT) of INR1.46 crore
against an OI of INR354.8 crore, OPBDITA of INR5.0 crore and PAT
of INR1.5 crore reported in FY13. Subsequently, as per provisional
results for six month period ending Sep'14, the Company has
achieved an OI of INR91.4 crore and OPBDITA of INR2.2 crore.


BSCPL INFRASTRUCTURE: ICRA Suspends D Rating on INR2,000cr Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR590.57 crore
term loans, INR600.00 crore fund based limits, and INR2,000.00
crore non-fund based limits of BSCPL Infrastructure Ltd. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


BSL ENGINEERING: ICRA Reaffirms B+ Rating on INR1cr Cash Credit
---------------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR1.00 crore fund
based bank facilities of BSL Engineering Services Limited (BESL)
at [ICRA]B+.  ICRA has also reaffirmed its short term rating on
the INR4.00 crore non-fund based bank facilities of BESL at
[ICRA]A4.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based bank       1.00         [ICRA]B+; reaffirmed
   Facilities-Cash
   Credit

   Non-fund based bank   4.00         [ICRA]A4; reaffirmed
   facilities

ICRA's ratings continue to remain constrained by the moderate
financial profile of the company owing to high working capital
intensity of operations, modest reserve accretion and limited
equity infusion. The ratings, however, derive strength from the
long track record of the company's promoters in the scaffolding
industry, as well as the company's established relationships with
customers which have enabled it to secure repeat orders. The
rating also factors in the improved order-book position of the
company owing to the increased order inflow in the first nine
months of 2014-15. Notwithstanding the improved revenue
visibility, BESL is however exposed to execution and funding
challenges as evident by the current order-book to OI ratio of
4.07 times of FY2014 revenues (vis-a-vis average residual contract
tenor of 1-1.5 years). ICRA also notes that the company is exposed
to order and client concentration risks, with three clients
accounting for over 90% of the pending order-book The above
mentioned risks apart, the ratings also factor in the
vulnerability of profit margins of the company to fluctuations in
forex rates and raw material prices due to fixed price nature of
contracts.

In ICRA's view, the ability of the company to execute the existing
order-book, mobilize funding for pending orders in a timely
manner, as well as optimally manage its working capital cycle,
would be the key determinants of BESL's liquidity and funding
requirements and hence would be the key rating sensitivities.

Incorporated in 2009, BESL is a part of the BSL group which has an
established presence in scaffolding and formwork manufacturing,
through various subsidiaries. Promoted by the Hans family, BSL
group has a track record of more than 25 years in the scaffolding
industry and has a reputed client base which includes various
large private and public sector clients.

BESL is engaged in the fabrication of heavy steel structures,
supply of structural materials such as iron, steel, MS Pipes, GS
Pipes and trading of LMZ (Leningradsky Metallichesky Zavod)
turbine spares (such as blades, diaphragms, pumps, rotors (which
are imported from Ukraine based player Ukrrosmetall (Poltava
Turbo-mechanical plant)). The client base of the company largely
comprises public sector clients like Engineering Projects (India)
Limited (EPIL), state power utilities etc.

Recent Results
BESL reported a net profit of INR0.31 crore on an operating income
of INR13.99 crore in 2013-14 as against a net profit of INR0.20
crore on an operating income of INR4.99 crore in the previous
year.


CHITIZ METALS: CRISIL Assigns B Rating to INR70MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the bank
facilities of Chitiz Metals & Minerals Trading Pvt Ltd (CMPL).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           70       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    40       CRISIL B/Stable

The ratings reflect CMPL's small scale of operations amid intense
industry competition, and the susceptibility of its profitability
margins to fluctuations in domestic coal prices. The ratings also
take into account the company's below-average financial profile
marked by high total outside liabilities by tangible networth
(TOL/TNW) ratio and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
CMPL's promoters in the coal trading industry.

Outlook: Stable

CRISIL believes that CMPL will benefit over the medium term from
its existing relationship with customers and its promoter's
extensive experience in the coal trading business. The outlook may
be revised to 'Positive' in case of improvement in CMPL's
financial risk profile, most likely backed by improvement in
working capital cycle or substantial equity infusion. Conversely,
the outlook may be revised to 'Negative' if there is deterioration
in CMPL's financial risk profile, particularly liquidity, owing to
a stretch in working capital cycle or low net cash accruals.

CMPL, incorporated in 2010, is based in Kolkata (West Bengal). Mr.
Birendra Krishna Bajaj and Mr. Sumit Sarawagi are the company's
promoters. The company is engaged in coal trading activities.

CMPL reported a profit after tax (PAT) of INR2.6 million on net
sales of INR427.9 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR1.6 million on net sales
of INR385.9 million for 2012-13.


DANIA ORO: CRISIL Reaffirms B- Rating on INR173.1MM Bank Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dania Oro Jewellery Pvt
Ltd (Dania Oro) continue to reflect Dania Oro's weak financial
risk profile, marked by high gearing and weak debt protection
metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Packing Credit          125      CRISIL A4 (Reaffirmed)
   Post Shipment Credit    125      CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      173.1    CRISIL B-/Stable (Reaffirmed)

The ratings also factor in the company's large working capital
requirements resulting in weak liquidity, and geographical
concentration in its revenue profile. These rating weaknesses are
partially offset by Dania Oro's established market position in the
jewellery industry and its sound manufacturing facilities.
Outlook: Stable

CRISIL believes that the Dania Oro will continue to benefit over
the medium term from its sound manufacturing facilities and
established position in the jewellery segment. The outlook may be
revised to 'Positive' if there is a significant improvement in the
company's financial risk profile, particularly its liquidity, most
likely driven by healthy cash accruals and profitability or by
better receivables management. Conversely, the outlook may be
revised to 'Negative' if Dania Oro's financial risk profile
weakens, most likely caused by continued losses or by large debt-
funded capital expenditure.

Dania Oro was incorporated in 2006, promoted by Mr. Pramod Goenka
of Mumbai. The company exports diamond-studded gold jewellery to
the US and UK.

Dania Oro, reported a net loss of INR22 million on net sales of
INR190 million for the nine months ended March 31, 2014#, against
a net loss of INR95 million on net sales of INR506 million for
2012-13 (refers to financial year, July 1 to June 30).


DYNAMIX CHAINS: CRISIL Reaffirms D Rating on INR351.5MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Dynamix Chains
Manufacturing Pvt Ltd (Dynamix) continues to reflect the delays by
Dynamix in meeting its term loan obligations. The delays were
caused by the company's weak liquidity.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Interest Term Loan     49.7      CRISIL D (Reaffirmed)
   Packing Credit         50        CRISIL A4 (Reaffirmed)
   Post Shipment Credit   90        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    351.5      CRISIL D (Reaffirmed)
   Term Loan              28.4      CRISIL D (Reaffirmed)
   Working Capital
   Demand Loan           158.9      CRISIL D (Reaffirmed)

Dynamix has a weak financial risk profile, marked by high gearing
and weak debt protection metrics. Besides, the company has large
working capital requirements, resulting in weak liquidity, and
there is geographical concentration in its revenue profile.
However, Dynamix has an established market position in the
jewellery industry, and sound manufacturing facilities.

Dynamix, established in October 2007, is promoted by Mr. Pramod
Goenka of Mumbai. It manufactures specialised chains and pendants,
which are exported to the US.

Dynamix reported a net loss of INR48 million on net sales of
INR103 million for the nine months ended March 31, 2014#, against
a net loss of INR 18.40 million on net sales of INR466 million INR
for 2012-13 (refers to financial year, July 1 to June 30).


EAST HOOGHLY: CRISIL Reaffirms B+ Rating on INR60.2MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of East Hooghly Polyplast
Pvt Ltd (EHPPL) continue to reflect EHPPL's below-average
financial risk profile, marked by modest networth, high gearing
and weak debt protection metrics, and its modest scale of
operations in a fragmented industry. These rating weaknesses are
partially offset by the experience of the company's promoters in
the high-density polyethylene (HDPE) fabrics and tarpaulins
business.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         5        CRISIL A4 (Reaffirmed)
   Cash Credit           54        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    30.8      CRISIL B+/Stable (Reaffirmed)
   Term Loan             60.2      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that EHPPL will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if the company's scale of operations
increases while it sustains its margins, or if its capital
structure improves, resulting in a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if EHPPL's
financial risk profile, particularly its liquidity, weakens, most
likely because of lengthening of its working capital cycle or
large debt-funded capital expenditure.

EHPPL was incorporated in September 2010, promoted by Mr. Mainak
Mondal, Mr. Bimal Pal, and Mr. Kamal Pal, in Hooghly (West
Bengal). The company manufactures HDPE tarpaulins and fabric
sheets used in the agriculture and construction industries, and as
truck and container liners and wagon covers.


ELYSIUM PHARMA: ICRA Suspends D Rating on INR22.07cr Loan
---------------------------------------------------------
ICRA has suspended the [ICRA] D rating assigned to the INR22.07
crore long term fund based facilities and [ICRA]D rating assigned
to the INR6.20 crore short term non fund based facilities of
Elysium Pharmaceuticals Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Incorporated in 1995, Elysium Pharmaceuticals Limited (EPL) is
engaged in manufacturing of tablets, capsules, liquid orals,
ointment and syrups at its formulation unit situated at Dabhasa
near Vadodara city, Gujarat. EPL markets its products in domestic
as well as export segment. EPL also undertakes contract
manufacturing on loan licensing basis and manufactures products
for reputed domestic pharmaceutical companies. The manufacturing
facility is spread over 25,000 sq mtrs of land comprising of two
plants and is approved by WHO - GMP (World Health Organization -
Good Manufacturing Practise).


HONOURABLE PACKAGING: CARE Reaffirms B+ Rating on INR2.25cr Loan
----------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Honourable
Packaging Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     2.25       CARE B+ Reaffirmed
   Long-term/Short-term Bank     5.50       CARE B+/CARE A4
   Facilities                               Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Honourable
Packaging Private Limited (HPPL) continue to remain constrained
on account of its modest and fluctuating profitability, weak
capital structure and stretched liquidity position.

Furthermore, the ratings are also constrained by its presence in
highly competitive and fragmented industry and high dependence on
the group concerns as its customers. The ratings also take note of
the deterioration in its capital structure, debt coverage
indicators and elongation of working capital cycle during FY14
(refers to the period April 1 to March 31).

The ratings, however, derive strength from the wide experience of
the promoters in the plastic and plastic packaging industry,
operational synergies between the group companies and government
support for technical textiles.

The ability of HPPL to increase its scale of operations in the
highly competitive scenario and improve its profitability while
efficiently managing its working capital requirements are the key
rating sensitivities.

Dhar-based (Madhya Pradesh) HPPL was promoted by the Agarwal
family in 2011. HPPL is engaged in the manufacturing of
reprocessed plastic granules, liner, polyethylene fabric and
tarpaulin. Presently, HPPL sources its key raw material, ie,
plastic waste from its parent company, Shree Tirupati Balajee Agro
Trading Company Private Limited (STB) and its finished product
reprocessed plastic granules is then supplied to STB and other
associate concerns for manufacturing of finished products.

HPPL belongs to the Agarwal group of companies which has been
present in the industry segment for more than a decade and thus
has a long-standing experience in the segment with established
clientele.

During FY14, HPPL reported a total operating income (TOI) of
INR12.53crore and PAT of INR0.23crore as against a TOI of
INR7.03 crore and PAT of INR0.21crore during FY13. As per the
provisional results for 9MFY15, HPPL registered a TOI of
INR19.20crore.


JEWEL CAST: CRISIL Assigns B Rating to INR50MM Gold Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the long term
bank facilities of Jewel Cast (JC).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Gold Loan             50         CRISIL B/Stable

The rating reflects JC's modest scale of operations in highly
fragmented jewellery industry, subdued financial risk profile
marked by modest net worth, high gearing and weak debt protection
metrics, and working capital intensive operations. These rating
strengths are partially offset by its promoters' extensive
experience in gold jewellery industry.

Outlook: Stable

CRISIL believes that JC will continue to benefit over the medium
term from the extensive experience of the partners in the gold
jewellery business. The outlook may be revised to 'Positive' if
the firm generates significantly higher-than-expected revenues and
profitability leading to overall improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative 'in
case there is significant decline in JC's revenues or
profitability or if its capital structure deteriorates due to
higher-than-expected debt-funding to meet its working capital
requirements.

JC was setup in 1999 as a proprietorship concern of Mr. Manish
Jain in Mumbai (Maharashtra). The concern is engaged in
manufacturing of gold jewellery. The concern does not have its own
manufacturing unit and gets jewellery manufactured on job work
basis.


JC reported a profit after tax (PAT) of INR1.0 million on net
sales of INR166.5 3illion for 2013-14 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.2  million on net
sales of INR158.3 million for 2012-13.


JIA AUTO: ICRA Reaffirms C+ Rating on INR17cr Cash Credit
---------------------------------------------------------
ICRA has reaffirmed the [ICRA]C+ rating of the INR17 crore cash
credit facility and INR9.5 crore term loans of Jia Auto Sales
Private Limited. ICRA has also reaffirmed the [ICRA]A4 rating of
the INR5.5 crore non fund based bank limits of JASPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-
   Cash Credit           17.00        [ICRA]C+ reaffirmed

   Fund Based Limit-
   Term Loans             9.50        [ICRA]C+ reaffirmed

   Non Fund Based Limit   5.50        [ICRA]A4 reaffirmed

The ratings reaffirmation take into account the significant
decline in JASPL's sales volume during the financial year 2013-14
(FY14) as well as during the nine months of the current financial
year(9mFY15); its weak financial risk profile characterised by
operating losses during FY14, aggressive capital structure as
reflected by a high gearing and depressed debt coverage
indicators. Moreover, high working capital intensity of operations
led to stretched liquidity position for JASPL. The ratings further
take into account the company's exposure to the inherent
cyclicality of the Indian passenger car industry, intense
competition from other passenger car dealers given the highly
competitive environment in the passenger car segment with
aggressive launches and expansion of service networks. The
ratings, however, also take into consideration the long standing
experience of the promoters in the passenger vehicles dealership
business and support extended by promoters to JASPL in the form of
periodic fund infusion.

JASPL was taken over by the Kolkata based Modi family, during
FY08. The company is an authorized dealer for the sale of
passenger cars as well as for services and sale of spares in for
Skoda cars within the State of West Bengal. JASPL has one showroom
and a service centre in Kolkata, West Bengal. One of company's
showrooms was shutdown in 2014-15.

Recent Results
JASPL reported a net loss of INR4.01 crore during FY14 on an OI of
INR31.81 crore as against a net loss of INR6.05 crore and an OI of
INR52.11 crore during FY13.


K.K. BUILDERS: CRISIL Cuts Rating on INR265MM Bank Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
K.K. Builders Pvt Ltd (Patna) [KKB] to 'CRISIL D/CRISIL D' from
'CRISIL C/CRISIL A4'. The rating downgrade reflects continuous
delays by KKB in servicing its debt. The delays were driven by the
company's weak liquidity, caused by stretched receivables.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       265        CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit           45        CRISIL D (Downgraded from
                                   'CRISIL C')

KKB has working-capital-intensive operations, and is exposed to
risks related to the highly competitive and fragmented
construction sector. However, the company benefits from the
extensive experience of its promoters in the infrastructure
industry.

KKB was incorporated in 1985. The company, promoted by Mr. Kaushal
Kishore Singh, is a civil contractor undertaking projects for
building roads, bridges, and irrigation segments, mainly in
Jharkhand and Bihar. KKB also undertakes projects for central
government entities such as the National Projects Construction
Corporation Ltd, Central Public Works Department, and Ircon
International Ltd. The company is a Class-1 contractor for
government departments.


KAFILA HOSPITALITY: CRISIL Reaffirms B+ Rating on INR400MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Kafila
Hospitality and Travels Pvt Ltd (KHTPL) continues to reflect
KHTPL's weak financial risk profile, marked by a small net worth,
high total outside liabilities to tangible net worth (TOLTNW)
ratio, and weak interest coverage ratio.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           400        CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit           10        CRISIL B+/Stable (Reaffirmed)

The rating also factors in the company's large working capital
requirements, small scale of operations, the susceptibility of its
revenue and profitability to cyclical demand in the airline
industry, and to regulations of the International Air Transport
Association. These rating weaknesses are partially offset by the
extensive experience of KHTPL's promoter in the travel and tourism
industry.

Outlook: Stable

CRISIL believes that KHTPL will continue to benefit over the
medium term from its established network of agents and healthy
relationships with domestic airlines. The outlook may be revised
to 'Positive' if KHTPL reports substantial revenue while it
maintains its operating profitability, thereby improving its
financial risk profile, and liquidity. Conversely, the outlook may
be revised to 'Negative' if there is considerable increase in
KHTPL's working capital requirements or if its profitability
declines.

Update
KHTPL reported revenue of about INR153.4 million for 2013-14
(refers to financial year, April 1 to March 31), 14 per cent lower
compared with INR178 million for 2012-13. The decline in revenue
was on account of air-fare wars in domestic airlines which led to
subsequent dip in commission coupled with lower incentive income
from trade deposits from airlines. In the near term, on account of
subdued domestic airlines industry, the revenue is expected to
remain at INR150 million to INR160 million.

KHTPL's net profit margins are expected to be sustained in range
of 4 to 5 per cent over the medium term. The financial risk
profile of the company is weak, marked by small net worth of INR78
million, TOLTNW of above 5 times and low interest coverage of
around 1.4 times as on March 31, 2014. With moderate profit
margins and large working capital requirements, the dependence on
external borrowings shall remain high, expected to keep KHTPL's
financial risk profile weak over the medium term.

KHTPL's liquidity, although tightly managed with high bank limit
utilization is supported by the absence of any significant capital
expenditure and incremental working capital requirements.
KHTPL reported a profit after tax (PAT) of INR7.9 million on
operating income of INR153.4 million for 2013-14, against PAT of
INR8.6 million on operating income of INR 178.1 million for 2012-
13.

KHTPL was founded by the Delhi-based Chadda family in 2008. The
company undertakes airline ticket and hotel bookings through the
business-to-business (B2B) and business-to-consumer (B2C) models,
and runs a guest house in Delhi which has 26 rooms.


KAILASH COLD: ICRA Assigns B Rating to INR3.83cr Term Loan
----------------------------------------------------------
The rating of [ICRA]B has been assigned to the INR3.83 crore term
loans and INR2.96 crore cash credit facility of Kailash Cold
Storage (KCS).

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit facility      2.96       [ICRA]B assigned
   Term Loan                 3.83       [ICRA]B assigned

The rating assigned is constrained by the small envisaged scale of
operations of the firm, high working capital intensity of
operations and the exposure of its profitability to any
significant fall in potato prices. Further the rating assigned
also takes into account the high reliance on debt for project
funding thereby exposing the firm to possible stress on debt
servicing capability in case of slower than expected ramp up of
cash flows. Further, ICRA takes into consideration that KCS is a
partnership firm and any significant withdrawals from the capital
account could adversely impact its net worth and thereby the
capital structure.

The rating, however, favourably considers the experience of
partners in potato trading and their association with other cold
storage firms; and the favourable location of the unit in Deesa
(Gujarat), an area with high output of potato.

Incorporated in June 2014, Kailash Cold Storage (KCS) is engaged
in providing cold storage facility to potato farmers and traders
on a rental basis and shall commence commercial operations from
February 2015. The facility of the firm is located at Deesa,
Gujarat having storage capacity of 153,000 bags each weighing 50
Kg (around 7650 MT of potatoes). The firm is promoted by eight
partners who have a long standing experience in potato farming and
trading business.


KANCHAN VANIJYA: ICRA Reaffirms B Rating on INR5.09cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed a long term rating of [ICRA] B to the INR5.09
crore term loans and INR1.11 crore unallocated limits of Kanchan
Vanijya Private Limited.  ICRA has also reaffirmed a short term
rating of [ICRA] A4 to the INR13.8 crore fund based bank limits of
KVPL. The above unallocated limits of INR1.11 crore have also been
rated at [ICRA] A4 on the short term scale.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            5.09         [ICRA]B Reaffirmed
   Fund Based Limits    13.80         [ICRA] A4 Reaffirmed
   Unallocated Limits    1.11         [ICRA]B/[ICRA]A4 Reaffirmed

The ratings take into consideration KVPL's weak financial profile
characterized by nominal profits, adverse capital structure as
reflected by a gearing of more than 9 times as on March 31, 2014;
and weak debt coverage indicators. The ratings further take into
account the company's high working capital intensity of operations
leading to stretched liquidity position, as also reflected by high
utilisation of the bank limits limiting the company's financial
flexibility. ICRA also notes that KVPL's profits have so far been
primarily driven by export related financial benefits from the
Government of India (GoI) in the form of interest rate subvention,
duty drawback and focus product licences and hence are susceptible
to policy changes. With 87% of the total sales to United Kingdom
during 9M 2014-15, KVPL is exposed to geographical concentration
risks. KVPL also remains exposed to high client concentration
risks with the top three clients accounting for 86% of the
company's sales during 9M 2014-15. However, the company is
continuously focussing to mitigate the client/geographical
concentration risk.

The ratings further take into consideration KVPL's exposure to the
risk of adverse movements in foreign currency exchange rates;
however use of foreign currency packing credit mitigates the same
to a large extent. ICRA also notes that significant delays have
been witnessed in the company's plan to set up a new facility at
Bantala, Kolkata. The facility is expected to be operational by
June-July 2015 as against the earlier schedule of January 2015.
While the additional facility is expected to increase the scale of
operations of the company, the debt funded capital expenditure
along with higher working capital requirement is likely to have an
adverse impact, on KVPL's capital structure as well as debt
protection metrics over the short to medium term. The ratings,
however, favourably factor in KVPL's growth in turnover and
profits during the 2013-14 as well as 6M 2014-15, the company's
association with a designer with established position in the
international leather industry and product acceptability as
demonstrated by repeat orders from existing customers. Moreover,
KVPL's registration with Supplier Ethical Data Exchange (SEDEX)
helps in showcasing the company's credentials to existing and
prospective clients.

Established in 1972 by Kolkata based Gupta family, KVPL is
primarily engaged in the manufacture and exports of leather bags
and wallets for both men and women. KVPL's manufacturing unit is
based at Kolkata.


KANANI POLYFAB ICRA Assigns B+ Rating to INR6.0cr Cash Credit
-------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the INR11.10
crore fund based limits of Kanani Polyfab Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based Limit-
   Cash Credit           6.00         [ICRA]B+ assigned

   Fund based Limit-
   Term Loan             5.10         [ICRA]B+ assigned

The assigned ratings are constrained by KPPL's small scale of
operations, weak financial profile characterised by low
profitability, leveraged capital structure and weak debt service
indicators. The ratings also take into account the high
competitive pressures given the fragmented industry structure and
volatility in raw material prices which may further affect the
profit margins. The ratings, however, consider the long experience
of KPPL's promoters in the textile industry and also draw comfort
from the benefit of proximity to suppliers and customers due to
the presence of manufacturing facility in Surat.

Incorporated on 2nd March 2010, Kanani Polyfab Private Limited
(KPPL) was established by Mr. Manoj Pachlangia and Mr. Karan
Kapoor under the name of Padminish Commodities Private Limited. In
July 2010, the company was acquired by Mr. Vimal Kandhari & Mr.
Alpesh Kanani and subsequently changed the company's name was
changed to Kanani Polyfab Private Limited on 1st November 2010.
The company is engaged in the business of yarn processing. The
company has its registered office in Opera House (Mumbai) and
manufacturing facility at Surat with the total installed capacity
of 3600 MTPA.

Recent Results:
KPPL recorded a net profit of INR0.06 crore on an operating income
of INR36.61 crore for the year ending March 31, 2014.


KREPTON INDIA: CRISIL Assigns B+ Rating to INR5cr Secured Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Krepton India Granites (KIG). The ratings
reflect the firm's modest scale of operations and below-average
financial risk profile marked by modest net worth. These rating
weaknesses are partially offset by its promoters' extensive
experience in the construction materials industry.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Secured Overdraft
   Facility               5         CRISIL B+/Stable
   Bill Purchase         35         CRISIL A4
   Packing Credit        50         CRISIL A4

Outlook: Stable

CRISIL believes that KIG will continue to benefit over the medium
term from its promoters' extensive industry experience and
established customer relationships. The outlook may be revised to
'Positive' if KIG records considerable increase in scale of
operations, while it maintains its profitability leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if its cash accruals decline or its
working capital cycle weakens, constraining its financial risk
profile, particularly liquidity.

Set up in 1985, KIG is engaged in the export of granite rough
blocks. The firm's day-to-day operations are being managed by Mr.
Arun Selvaraj.

KIG reported a profit after tax (PAT) of INR2.9 million on net
sales of INR391 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.6 million on net
sales of INR410 million for 2012-13.


LB COTTON: ICRA Reaffirms B Rating on INR10cr LT Fund Based Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the
INR10.00 crore long-term fund based bank facilities of LB Cotton
Industries LLP.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits          10.00        [ICRA]B Reaffirmed

The rating reaffirmation takes into LB Cotton Industries LLP's
(LCIL) adverse capital structure on account of debt-funded capex,
reliance on external borrowings to fund the working capital gap
and weak tangible net worth. The reaffirmation also takes into
account low operating margins on account of limited value addition
and highly competitive and fragmented industry structure due to
low entry barriers. Besides, the profitability is vulnerable to
movement of raw cotton prices, which are subject to seasonality of
crop, global demand-supply indicators and government regulations.
Further, being a partnership firm, any withdrawal from the capital
account can have an adverse impact on the capital structure of the
firm.

The rating, however, draws comfort from the significant experience
of the promoters in the trading of agricultural commodities and
the advantage arising from established relations with farmers
through associate concerns. The ginning facility of LCIL is
located in Nanded, which by virtue of being the cotton producing
belt of India, accords the firm easy access to raw cotton. The
assigned rating also takes into account the healthy revenues
booked by the firm in its first year of operation.

LB Cotton Industries LLP, was established as a partnership firm in
August 2011 and commenced ginning operations from October 2013 and
seed crushing from December 2014. The firm has its processing
facility located at Dharmabad, Nanded and has a seasonal (eight
months) installed input capacity of 28800 MTPA.


MANASA QUALITY: CRISIL Reaffirms B+ Rating on INR250MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its rating on bank facilities of Manasa
Quality Enterprises Limited (MQEL).

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Export Packing Credit    250     CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect MQEL's below-average financial
risk profile, marked weak debt protection metrics, and
susceptibility to adverse regulatory changes and intense
competition in the agri-commodities trading industry. These rating
weaknesses are partially offset by the MQEL promoters' extensive
experience in trading in agri-commodities.

Outlook: Stable

CRISIL believes that MQEL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
higher-than-expected revenues and profitability, leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if MQEL undertakes any large debt-
funded expansions, or if its revenues and profitability decline
substantially, or if the company's working capital deteriorates,
leading to weakening in its financial risk profile.

MQEL, incorporated in 2012, processes rice, maize and broken rice.
The company is promoted by Mr. D. Veerabhadra Reddy and his
family.

MQEL reported profit after tax (PAT) of INR2.2 million on
operating income of INR1.61 billion for 2013-14 (refers to
financial year, April 1 to March 31) against a PAT of INR0.2
million on operating income of INR7 million for 2012-13.


NANO AGRO: ICRA Reaffirms B Rating on INR10cr Working Capital
-------------------------------------------------------------
ICRA has reaffirmed [ICRA]B rating assigned to the INR10.73 crore
long term fund based facilities of Nano Agro Foods Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             0.73         [ICRA]B reaffirmed
   Working Capital      10.00         [ICRA]B reaffirmed

The reaffirmation of rating factors in NAFPL's weak financial
profile as evident from a highly leveraged capital structure,
modest debt coverage indicators and low profitability, coupled
with its small scale of current operations. The rating continues
to remain constrained by the lack of diversification in the
company's product profile; the highly competitive and fragmented
industry structure owing to low entry barriers and the
vulnerability of profitability to raw material prices, which are
subject to seasonality, crop harvest and regulatory risks.
The rating however, continues to positively factors in the past
experience and technical qualification of the promoters; favorable
location of the company's manufacturing facility in Gondal giving
easy access to raw material.

Nano Agro Foods Private Limited (NAFPL) was incorporated in the
year 2007 and is engaged in the business of ginning & pressing of
raw cotton and cotton trading. The company's manufacturing
facility is located at Gondal (Rajkot), Gujarat with a production
capacity of 180 bales per day.

Recent Results
For the financial year 2013-14, the company reported an operating
income of INR51.50 Cr. and profit after tax of INR0.10 Cr. as
against an operating income of INR46.19 Cr. and profit after tax
of INR0.02 Cr. for the financial year 2012-13.


NAVIN COLD: CRISIL Reaffirms C Rating on INR57.2MM Cash Loan
------------------------------------------------------------
CRISIL ratings on the bank facilities of Navin Cold Storage Pvt
Ltd (NCSPL)  reflects the company's weak financial risk profile,
marked by a small net worth, high gearing and weak debt protection
metrics, and its exposure to intense competition in the cold
storage industry in West Bengal. These rating weaknesses are
partially offset by the promoter's extensive experience in the
cold storage business.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          57.2        CRISIL C (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   11.2        CRISIL C (Reaffirmed)

   Term Loan            25.0        CRISIL C (Reaffirmed)

   Working Capital
   Facility             14.3        CRISIL C (Reaffirmed)

Update
In 2013-14 (refers to financial year, April 01 to March 31),
NCSPL's revenue increased by around 17 per cent year-on-year to
reach INR30.9 million in 2013-14 backed by increase in standard
rent per quintal by 15 per cent coupled with increase in revenue
from trading of potatoes. The company has generated revenue of
around INR30 million till December 2014. The company's operating
profitability improved to 30 per cent in 2013-14 from 25 per cent
in 2012-13 on the back of higher capacity utilization levels; its
cash accruals increased to INR1.6 million in 2013-14 from INR0.6
million in 2012-13. CRISIL believes that NCSPL's business risk
profile will remain susceptible to adverse regulatory changes and
the fragmented nature of the West Bengal cold storage industry.

The company has a weak financial risk profile marked by small net
worth, high gearing and weak debt protection metrics. The company
had negative net worth as on March 31, 2013 on account of
accumulated losses; however, the net worth improved to INR5.7
million as on March 31, 2014 backed by an equity infusion of INR7
million in 2013-14. However, the gearing remain high at more than
15 times as on March 31, 2014. The debt protection metrics remains
below-average with net cash accruals to total debt and interest
coverage ratios at 2 per cent and 1.1 times, respectively, for
2013-14. CRISIL believes that NCPL's financial risk profile will
remain weak over the medium term on the back of low accretion to
reserves.

NCPL's liquidity is stretched on account of low cash accruals,
high bank limit utilisation and also small net worth. The company
will have to primarily depend on infusion of promoters' loans or
repayment by farmers to repay the marketing loan. Timely repayment
of obligation or a timely re-schedulement remains a key rating
sensitivity factor.

NCSPL, incorporated in 1977, operates a cold storage for potatoes
in Garbeta (West Bengal) with a capacity of 20,000  tonnes per
annum. The Agarwal family acquired a controlling stake in the
company in the late 1990s. Mr. Sushil Kumar Agarwal oversees the
day-to-day operations of the company.

NCSPL reported a profit after tax (PAT) of INR1.1 million on sales
of INR30.9 million for 2013-14 (refers to financial year, April 1
to March 31), against a PAT of INR0.22 million on sales of
INR26.04 million for 2012-13.


NCC LTD: CRISIL Ups Rating on INR20BB Cash Credit to B+
-------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities and INR0.5-
billion non-convertible debenture (NCD) programme of NCC Ltd (NCC;
part of the NCC group) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Advance Against
   Retention Money     1,000        CRISIL D Withdrawn

   Bank Guarantee     65,000        CRISIL A4 (Upgraded from
                                    'CRISIL D'; Placed on 'Notice
                                    of Withdrawal')

   Cash Credit        20,000        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL D'; Placed on
                                    'Notice of Withdrawal')

   Letter of Credit    5,000        CRISIL A4 (Upgraded from
                                    'CRISIL D'; Placed on 'Notice
                                    of Withdrawal')

   Short Term Loan     2,000        CRISIL D Withdrawn

CRISIL has withdrawn its ratings on NCC's INR1.25-billion
commercial paper and INR1.2-billion NCD programmes, as there is no
amount outstanding against them. Also, CRISIL has placed its
rating on NCC's bank loan facilities on notice of withdrawal for
180 days at the company's request. The ratings will be withdrawn
at the end of the notice period, in line with CRISIL's policy on
withdrawal of its bank loan ratings.

The rating upgrade reflects NCC's timely debt servicing following
the improvement in its liquidity, driven by successful equity
infusion of INR6 billion through a rights issue in October 2014;
CRISIL believes that NCC will sustain the improvement over the
medium term. Additionally, the company has contracted long-term
corporate loans of INR3.0 billion from a consortium of lenders to
be repaid over a period of four years, including a moratorium of
two years; this has significantly reduced the short-term
refinancing risks that the company was earlier exposed to because
of large short-term loans outstanding. CRISIL believes that NCC's
profitability and cash accruals will improve over the medium term,
supported by savings in interest cost on account of significant
reduction in overall debt.

The ratings reflect the NCC group's weak financial risk profile
marked by weak debt protection indicators and high working capital
requirements, and its exposure to intense competition in the
construction sector. These rating weaknesses are partially offset
by the group's established market position across diverse
construction segments and its healthy order book.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of NCC and its subsidiaries, NCC Urban
Infrastructure Ltd, NCC Vizag Urban Infrastructure Ltd, Nagarjuna
Contracting Company LLC, and NCC International LLC, collectively
referred to as the NCC group. CRISIL has not combined the business
and financial risk profiles of the NCC group's project special
purpose vehicles (SPVs), as the project debt is non-recourse in
nature and the group's management has stated that NCC will not
extend any additional support to these SPVs. CRISIL has, however,
factored in the NCC group's support for funding the equity
component of the investment in these project SPVs, in addition to
support for funding cost overruns. The structuring of, and any
change in management policy regarding support to, these SPVs will
be key rating sensitivity factors.
Outlook: Stable

CRISIL believes that the NCC group will maintain a stable business
risk profile over the medium term, supported by its established
market position and healthy order book. The outlook may be revised
to 'Positive' in case of sustained improvement in the group's
profitability, driven most likely by a better working capital
cycle, or if its capital structure improves. Conversely, the
outlook may be revised to 'Negative' in case of large-scale order
cancellations or delays in order execution, leading to a
significant stretch in the NCC group's working capital cycle.
About the Group

NCC, established by Mr. A V S Raju in 1978, provides construction
services across diversified sectors, including industrial
structures, transportation, water and environment, electrical
installations, irrigation, power, real estate, and property
development. NCC has formed several joint ventures with Indian and
overseas construction companies for civil construction projects.

For 2013-14 (refers to financial year, April 1 to March 31), NCC,
on a standalone basis, reported a profit after tax (PAT) of INR405
million on a total operating income of INR61.2 billion, against a
PAT of INR627 million on a total operating income of INR57.2
billion for 2012-13. For the six months ended September 30, 2014,
NCC, on a standalone basis, reported a PAT of INR191 million on a
total operating income of INR37.4 billion, against a PAT of INR157
million on a total operating income of INR27.2 billion for the
corresponding period of the previous year.


NEPTUNE INDUSTRIES: CARE Revises Rating on INR16.19cr Loan to B+
----------------------------------------------------------------
CARE revises/reaffirms ratings assigned to bank facilities of
Neptune Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     16.19      CARE B+ Revised from
                                            CARE B

   Short-term Bank Facilities     8.18      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Neptune Industries Ltd (NIL) was on account of the
increase in its scale of operations during FY14 (refers to the
period April 1 to March 31), improvement in profitability,
capital structure and debt coverage indicators.

The ratings continue to remain constrained on account of its
working capital-intensive nature of operations, long operating
cycle resulting in stressed liquidity position and low bargaining
power against its reputed clientele.

However, the ratings continue to derive strength from the
promoters' long experience in the turnkey project development and
moderate order book on hand.

The ability of NIL to increase its scale of operations, sustain
profitability and improve its liquidity position by way of timely
receipt of payment from its clients will be the key rating
sensitivities.

NIL was incorporated by its promoters Mr Rajendra V Panchal, Mr
Hareshkumar V Panchal, Mr Navinbhai VPanchal and Mr Sandipbhai J
Dave in June 1999 as Neptune Automation Pvt. Ltd. Subsequently,
the promoters changed the name to NIL in December 2005 and started
executing turnkey projects for developing the manufacturing plants
for sanitary wares, table wares, insulators, heavy clay, red
bricks, blocks, extruded tiles, technical ceramic and crockery,
fly ash bricks, paver etc. NIL is also engaged in trading of
engineering goods.

During FY14, NIL registered a total operating income (TOI) of
INR32.72 crore with a PAT of INR0.68 crore as against TOI of
INR24.72 crore with a PAT of INR0.08 core during FY13.
Furthermore, during 9MFY15 (provisional), NIL reported TOI of
INR26.03 crore.


NSL TEXTILES: ICRA Suspends B+ Rating on INR1,295.27cr Bank Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ rating
assigned to INR1295.27 crore bank facilities of NSL Textiles
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


OSNAR CHEMICAL: ICRA Ups Rating on INR4cr Fund Based Loan to B-
---------------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B- from [ICRA]D
and the short-term rating to [ICRA]A4 from [ICRA]D for the long-
term and short-term bank facilities of Osnar Chemical Private
Limited (OCPL/the company)* aggregating to INR8.0 crore.

                 Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund-based limits     4.00         [ICRA]B- upgraded from
                                      [ICRA]D

   Non-fund based limits 4.00         [ICRA]A4 upgraded from
                                      [ICRA]D

The upgrade in rating takes into account the regularization in
debt servicing. The ratings continue to favorably factor in the
long track record and the favorable demand outlook on road
construction projects in the long-term.

The ratings, however, continue to be constrained by the weak
financial profile of the company, with modest size of operations
and weak profitability indicators. The ratings are also
constrained by the high working capital intensive nature of
operations; and elongated receivables position, leading to
stretched liquidity position as evidenced from high utilization of
working capital limits. The ratings are further constrained by the
exposure of the company's profitability to adverse movements in
polymer prices due to 'fixed-price' nature of contracts with
customers and exposure to delays in the execution of road
projects.

Osnar Chemical Private Limited (OCPL) was incorporated in 1972,
with its headquarters in Mumbai. The company was promoted by Osnar
Paints & Contracts Pvt. Ltd., with the objective of venturing into
the manufacturing sector. OCPL was initially involved in
manufacturing several bituminous products and waterproofing
activities, but since 1994 it shifted its focus towards the road
sector. At present it is involved in manufacturing numerous
bituminous products that are mainly used for road construction.
The company installed its Polymer Modified Bitumen (PMB) plant in
1994 with technical know-how from Central Road Research Institute
(CRRI). The company sells PMB under the brand name 'Polybit'.
Other products in the sales mix of the company include Crumb
Rubber Modified Bitumen (CRMB), emulsions, mastic, paving mat and
glass grid.
In FY 2014, the company reported a profit after tax (PAT) of
INR0.81 crore on an operating income of INR25.35 crore. In FY
2013, the company had reported a PAT of INR0.48 crore on an
operating income of INR21.96 crore.


PARSHWANATH GINNING: CRISIL Puts B Rating on INR40MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank loan
facilities of Parshwanath Ginning & Oil Industries (PGOI). The
rating reflects PGOI's modest scale of operations in a highly
fragmented industry, and its large working capital requirements.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               9.8        CRISIL B/Stable
   Cash Credit            40          CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     15.2       CRISIL B/Stable

These rating weaknesses are partially offset by the extensive
experience of PGOI's promoters in the cotton industry and its
proximity to the cotton growing belt in Gujarat.

Outlook: Stable

CRISIL believes that PGOI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial and
sustained growth in the firm's revenue leading to considerably
large accruals and improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if PGOI's
liquidity weakens significantly, most likely because of
significantly low cash accruals or large working capital
requirements.

PGOI was established in 2008. It is engaged in ginning and
pressing of cotton. It recently set up an expeller for extracting
oil. The business is owned and managed by Mr. Dadubhai Chavda and
Mr. Ganeshbhai Chavda. Its factory is in Surendranagar (Gujarat).


PATEL OSWAL: ICRA Reaffirms B Rating on INR12cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to the INR12.00 crore Cash
Credit facility of Patel Oswal Housing (POH).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit          12.00         [ICRA]B reaffirmed

The rating continues to factor in experience of the promoters in
real estate development in Pune and their association with other
well know developers in Pune. ICRA notes that the project has
already received booking for ~40% of the residential area
providing some comfort to project funding. The rating is however
constrained by execution risks associated with a typical real
estate project considering the work for residential area of the
project is not yet completed. On the other hand, the commercial
area work has not yet started considering subdued market
conditions. Further, the firm has reduced the planned commercial
area in the project and the more residential area will be
developed as compared to earlier plans. The funding structure
considers ~40% of the funds to be received from customer advances
and the current position of customer advances remains
comparatively modest. Some comfort can be derived from the fact
that the project has received sanction for complete area and hence
cap on debt disbursement has been removed. Going forward, timely
completion of the project remains crucial for customer advances
position. The firm's ability to tie up the sales at adequate rates
in timely manner will remain a key rating sensitivity factor.

POH is a partnership firm and part of Anjani Group based out of
Pune. It is engaged in real estate development in Pune city. The
firm has been established for developing a residential cum
commercial real estate project 'Anjani Amores' at Kondhwa Budruk
in Pune. The promoter has been involved in development of few real
estate projects in association with some well known developers in
Pune. The promoters also have interests in businesses like
software development, paint manufacturing, wind power generation
etc.


PCM ALLOYS: ICRA Suspends D Rating on INR4cr Fund Based Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR1.20 crore term loan and INR4.00 crore fund based working
capital facilities, and the short term rating of [ICRA]D assigned
to the INR0.80 crore non-fund based bank facilities of PCM Alloys
Steels Private Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


PLASTO MANUFACTURING: CRISIL Reaffirms B+ Rating on INR20MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Plasto Manufacturing Co
(PMC) continue to reflect PMC's modest scale of operations and its
below-average financial risk profile marked by a small net worth
and moderate gearing. These rating weaknesses are partially offset
by extensive experience of the promoters in the packaging industry
and their established relationships with customers and suppliers.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           20        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      20        CRISIL A4 (Reaffirmed)
   Term Loan             15        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PMC will continue to benefit over the medium
term from its partners' extensive industry experience and their
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if the firm records a
significant and sustained improvement in its revenue and margins,
while improving its capital structure. Conversely, the outlook may
be revised to 'Negative' in case of a significant decline in PMC's
revenue and margins, or if its working capital cycle stretches, or
if the firm undertakes any large debt-funded capital expenditure
programme, thereby deteriorating its financial risk profile.

Update
For 2013-14 (refers to financial year, April 1 to March 31), PMC's
revenue of INR523 million saw a steady year-on-year increase of
close to 28 per cent supported by increasing demand coupled with
capacity addition. The firm registered revenue of INR400 million
for the eight months through November 2014 and is expected to see
a healthy growth of around 18 per cent in 2014-15 to INR620
million. PMC's operating margin is susceptible to volatility in
raw material prices and hence is expected to remain constrained
between 3.5 and 4.0 per cent over the medium term.

PMC's financial risk profile is below average, marked by a small
net worth and moderate gearing, though partly supported by average
debt protection metrics. The firm had a net worth of INR27 million
and gearing of 1.4 times as on March 31, 2014. Its liquidity is
less than adequate owing to its modest cash accruals, resulting in
high reliance on bank debt to fund its working capital
requirements. PMC's bank lines were utilised at 93 per cent on
average over the 12 months through September 2014. While the firm
is expected to generate modest cash accruals of close to INR10
million in 2014-15, it has repayments of only INR3 million.
Additionally, unsecured loans of INR21 million from the promoters
have supported PMC's liquidity. Continued timely support from the
promoters will be the key driver of the firm's liquidity over the
medium term.

Established as a partnership firm in 2005, PMC manufactures
plastic bags, plastic rolls, and plastic sheets. These products
find application in the pharmaceutical, chemical, pesticide, and
household appliances industries. The firm's business operations
are managed by Mr. Mohammed Ashfaq and Mr. Riyaz Ahmed.

PMC reported a profit after tax (PAT) of INR3.2 million on net
sales of INR515.4 million for 2013-14, as against a PAT of INR2.8
million on net sales of INR404.8 million for 2012-13.


RDC MOTOR: CRISIL Assigns B Rating to INR80MM Cash Credit
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of RDC Motor Pvt Ltd (RDC).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Working Capital      17.5        CRISIL B/Stable

   Demand Loan          80.0        CRISIL B/Stable
   Cash Credit
   Proposed Term Loan    2.5        CRISIL B/Stable

The rating reflects RDC's below-average financial risk profile,
marked by weak debt protection metrics and exposure to intense
competition in the automobile industry. These rating weaknesses
are partially offset by the extensive experience of the company's
promoters in the automobile dealership segment, established
relationship with its principal, Fiat India Automobiles Ltd
(FIAL), and need-based funding support from the promoters.

Outlook: Stable

CRISIL believes that RDC will continue to benefit over the medium
term from its established relationship with FIAL and the funding
support of promoters. The outlook may be revised to 'Positive' if
substantial improvement in revenue and profitability and
therefore, cash accruals, strengthens RDC's financial risk
profile, particularly liquidity. Conversely the outlook may be
revised to 'Negative' if RDC's financial risk profile,
particularly liquidity, weakens, most likely because of low cash
accruals, stretch in working capital management, or any large
debt-funded capital expenditure.

RDC, incorporated in 2012, is a dealer for FIAL's four wheelers.
The company's operations are managed by Mr. Chandrasekhar.

RDC reported a loss of INR5.3 million on total revenue of INR463
million for 2013-14 (refers to financial year, April 1 to
March 31).


ROGER POWER: ICRA Suspends B+ Rating on INR9.28cr Term Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR9.28,
crore term loan, INR5.00 crore working capital and INR5.72 crore
proposed fund based bank facilities of Roger Power Technologies
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


SAKSHI AUTO: CRISIL Reaffirms D Rating on INR44.2MM LT Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sakshi Auto
Parts Pvt Ltd (SAPL) continues to reflect instances of delay by
SAPL in regularisation of its overdrawn cash credit limit and in
servicing its term debt; the delays have been caused by the
company's weak liquidity.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           20        CRISIL D (Reaffirmed)
   Long Term Loan        44.2      CRISIL D (Reaffirmed)
   Proposed Term Loan    35.8      CRISIL D (Reaffirmed)

SAPL has a weak financial risk profile marred by a weak capital
structure and inadequate debt protection metrics; it also has a
small scale of operations. However, the company benefits from its
promoters' extensive industry experience and their continued
funding support.

Update
SAPL has almost doubled its operating revenue in 2013-14 (refers
to financial year, April 1 to March 31) to INR132.0 million from
INR69.5 million reported in 2012-13; however, the company's
operating profitability has declined significantly in 2013-14 to
27.9 per cent from 39.6 per cent in 2012-13 mainly on account of
the rise in material costs. SAPL's operations remain exposed to
its heavy reliance on Exide Industries Ltd, which is both its
principal supplier and customer; this restricts substantial growth
in the company's revenue over the medium term. However, its
operating profit margin is expected to remain around the current
level over this period.

SAPL's capital structure remains aggressive, marked by a small net
worth of INR31.7 million, and high gearing of 3.48 times, as on
March 31, 2014. Also, the company's debt protection metrics are
inadequate, with net cash accruals to the current portion of long-
term debt ratio at just 1 time for 2013-14. Moreover, SAPL's
liquidity is weak because of its low cash accruals, resulting from
its small scale of its operations against its large term-debt
repayments. Further, company's debtor recovery is slow, it has
high incremental working capital requirements and its working
capital bank line was utilised at an average of over 100 per cent
over the 12 months through December 2014. Although SAPL's
operations are supported by fund infusion by its promoters, with
addition of capital of INR20 million in 2013-14 in the form of
share application money, this was not adequate to meet its
incremental working capital requirements and large debt service
obligations on time.

SAPL was incorporated in October 2011, promoted by Mr. Jitendra
Gupta and Mrs. Premsheela Gupta. The company is engaged in
smelting and refining of battery scrap to recover lead. It has its
manufacturing facility in Shikrapur (Maharashtra) with an
installed capacity of 3000 tonnes per month.


SANSKAR SYNTHETICS: ICRA Places B+ Rating on INR12.09cr Bank Loan
-----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR1.79
crore enhanced fund-based bank facilities of Sanskar Synthetics
Private Limited. ICRA also has assigned a short term rating of
[ICRA]A4 to the INR0.80 crore fund based bank facilities of SSPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based bank
   facilities            12.09        [ICRA]B+; assigned

   Fund based bank
   facilities             0.80        [ICRA]A4; assigned

The assigned ratings draw comfort from the long track record of
the promoters in the textile industry as well as the favourable
location of SSPL weaving facilities, which provides easy
accessibility to raw materials and processing houses. While the
company enhanced its manufacturing capacity in FY2014, increased
capacities were however available only for part of the year (1
month), consequent to which the revenue and profitability metrics
of the company remained subdued in FY2014. Highly competitive
nature of the weaving industry, limited value additive nature of
work as well as continued high proportion of fabric trading
activities, additionally stressed the profitability levels.

Further given the working capital intensive nature of operations
and marginal equity infusion by promoters, SSPL's reliance on debt
remained high, which also resulted in subdued debt coverage
indicators.

With commencement of production of the enhanced capacity, while
the sale of manufactured products are expected to increase, the
ability of the company to improve profitability and reduce its
working capital cycle will be a key determinant for its debt
coverage indicators and liquidity and hence would be the key
rating sensitivities going forward.

Based out of Bhilwara (Rajasthan), Sanskar Synthetics Pvt. Ltd.
(SSPL) is engaged in manufacturing of processed finished fabric
for sales under its own brand as well as for private labelling.
SSPL is promoted by three brothers namely Mr. Yogesh Biyani, Mr.
Naresh Biyani, and Mr. Ashish Biyani who have been in this line of
business for more than two decades. Prior to SSPL, the promoters
were primarily engaged in trading of synthetic fabrics through a
partnership firm held by them.

Recent Results
SSPL reported net profit of INR0.27 crore on an operating income
of INR49.89 crore in 2013-14 as against net profit of INR0.32
crore on an operating income of INR45.25 crore in the previous
year.


SHAPE ENGINEERING: CRISIL Cuts Rating on INR85MM Cash Loan to B
---------------------------------------------------------------
CRISIL had downgraded its ratings on the bank facilities of Shape
Engineering Company Pvt Ltd (SECPL) to 'CRISIL B/Stable/CRISIL A4'
from 'CRISIL BB/Negative/CRISIL A4+'.


                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         10         CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit            85         CRISIL B/Stable (Downgraded
                                     from 'CRISIL BB/Negative')

   Letter of Credit       10         CRISIL A4 (Downgraded from
                                     'CRISIL A4+')
   Proposed Long Term
   Bank Loan Facility     55         CRISIL B/Stable (Downgraded
                                     from 'CRISIL BB/Negative')

   Term Loan              15         CRISIL B/Stable (Downgraded
                                     from 'CRISIL BB/Negative')

The rating downgrade reflects CRISIL's belief that SECPL's
financial risk profile, particularly liquidity, will remain under
pressure over the medium term. This is primarily on account of its
stretched working capital cycle and tightly matched cash accruals
against repayment obligations. Also the company's business risk
profile has deteriorated, with low operating revenue and operating
profitability estimated for 2014-15 (refers to financial year,
April 1 to March 31). The stretch in liquidity is attributable to
the slower execution of orders on account of delay in getting
necessary approvals from the clients, leading to inventory pile-
up; inventory increased to 238 days as on March 31, 2014, from 76
days a year earlier. Moreover, the company had capital expenditure
(capex) of around INR72 million over the two years through 2013-14
towards purchase of equipment. This coupled with a decline in
earnings before interest, taxes, depreciation, and amortisation
margin led to an increase in reliance on external debt. SECPL's
cash accruals of INR32 million over the past two years have been
adequate to meet only 45 per cent of its total capex and
incremental working capital requirements over the same period;
this resulted in high reliance on debt, leading to deterioration
in the company's interest coverage ratio to around 0.73 times in
2013-14 from around 3.40 times in 2012-13.

CRISIL believes that, over the medium term, SECPL's liquidity will
remain stretched on account of tightly matched expected cash
accruals against repayment obligations, and large working capital
requirements, while its revenue will remain under pressure given
its low order book. Also, despite the addition of some new
customers, the company's revenue remains exposed to high customer
concentration risks.

The ratings reflect customer concentration in SECPL's revenue
profile, its weak debt protection metrics, its small scale of
operations, and its susceptibility to risks related to economic
cycles. These rating weaknesses are partially offset by extensive
industry experience of the company's promoters, and its moderate
gearing and net worth.
Outlook: Stable

CRISIL believes that SECPL will continue to benefit from its
promoters' extensive experience in the engineering and capital
goods industry over the medium term. The outlook may be revised to
'Positive' if there is a substantial and sustained improvement in
the company's revenue and profitability margins or if it improves
its working capital management. Conversely, the outlook may be
revised to 'Negative' in case of low revenue and profitability,
further weakening SECPL's liquidity.

SECPL was incorporated in 1984 in Haridwar (Uttarakhand). The
company is promoted by Mr. Sudhir Jain and his family members. It
manufactures various components of turbines, generators, and heat
exchangers made from carbon steel, alloy steel, stainless steel,
and other materials. Around 90 per cent of the components are made
up of carbon steel. The company has an installed capacity of 2400
tonnes per annum.


SHREE BALAJI: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on bank facilities of Shree Balaji Ethnicity
Retail Limited (SBERL's) reflects exposure to risks related to its
presence in the highly competitive ready-made garment retailing
industry and its working-capital-intensive operations.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          110       CRISIL B+/Stable (Reaffirmed)
   Proposed Cash
   Credit Limit          70       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    56.4     CRISIL B+/Stable (Reaffirmed)
   Term Loan             63.6     CRISIL B+/Stable (Reaffirmed)

The rating is also constrained by the company's weak financial
risk profile, marked by a high total outside liabilities to
tangible net worth ratio and a low interest coverage ratio. These
rating weaknesses are partially offset by the extensive industry
experience of the company's promoters, its increasing number of
showrooms across India, and the established brands showcased in
its stores.

CRISIL, January 13, 2015 had upgraded its rating on the long-term
bank facilities of SBERL to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'. The rating upgrade reflects sustained improvement in
SBERL's business risk profile, marked by a sharp increase in its
turnover and its cash generation from business while maintaining
its working capital management. The company's turnover increased
by more than 50 per cent year-on-year to INR736 million in 2013-14
(refers to financial year, April 1 to March 31), and is expected
to increase to over INR1.2 billion in 2014-15. Its cash generation
from business has doubled to INR19.8 million in 2013-14 from INR9
million in 2012-13. The upgrade also factors in the funding
support from its promoters, with equity infusion of INR40 million
in 2013-14 and INR30 million in the current year; this has
resulted in a comfortable overall financial risk profile. CRISIL
believes that SBERL will maintain its stable business risk
profile, while its promoters funding support will ensure
continuation of the sharp growth in its business without pressure
on its liquidity, over the medium term.

Outlook: Stable

CRISIL believes that SBERL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its increasing number of showrooms across India. The outlook may
be revised to 'Positive' in case of sustained increase in the
company's topline and profitability, or an improvement in its
working capital cycle, leading to better liquidity. Conversely,
the outlook may be revised to 'Negative' if SBERL's financial risk
profile, particularly its liquidity, weakens, most likely because
of large working capital requirements or debt-funded capital
expenditure, or low cash accruals.

Incorporated in September 2011 as S.J. Retail Pvt Ltd, the
company's name was changed to SBERL in 2014-15. The company
retails ethnic wear (for women, men, and children) under the
retail chain, Ethnicity; it has a presence across Maharashtra,
Gujarat, Tamil Nadu, Andhra Pradesh and Karnataka. The company's
operations are managed by Mr. Sunil Biyani.

SBERL reported a profit after tax (PAT) of INR5.1 million on net
sales of INR738.8 million for 2013-14, as against a PAT of INR2.7
million on net sales of INR487.9 million for 2012-13.


SRI GOKUL: CRISIL Assigns B Rating to INR60MM Cash Credit
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Sri Gokul Kannan Modern Rice Mill (SGK).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Rupee Term Loan       15         CRISIL B/Stable
   Cash Credit           60         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    15         CRISIL B/Stable

The rating reflects SGK's small scale of operations in the
intensely competitive rice milling industry and its below-average
financial risk profile, marked by high gearing. These rating
strengths are partially offset by the extensive experience of
SGK's proprietor in the rice milling business.

Outlook: Stable

CRISIL believes that SGK will continue to benefit over the medium
term from the extensive industry experience of its management. The
outlook may be revised to 'Positive' if the firm's revenue and
profitability increase substantially, leading to improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if the firm undertakes aggressive, debt-funded
expansions, or if its revenue and profitability decline
significantly, leading to deterioration in its financial risk
profile.

Set up in 2007, SGK mills and processes paddy. The firm is managed
by Mr. S A Ramar. For 2013-14 (refers to financial year, April 1
to March 31), SGK reported a net profit of INR0.8 million on gross
turnover of INR180 million, against a net profit of INR0.8 million
on gross turnover of INR140 million for 2012-13.


STANDARD BRICK: ICRA Assigns D Rating to INR30cr Term Loan
----------------------------------------------------------
ICRA has assigned a [ICRA]D rating to the INR30.00 crore term loan
facilities of The Standard Brick and Tile Company (Yelahanka)
Private Limited (SBTCPL).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Fund
   Based-Term Loan       30.00        [ICRA]D (assigned)

The rating takes into account the recent delays in servicing of
interest payments by the company arising on account of delay in
project completion by the JD partner, RMZ group, which has
resulted in a cash flow mismatch. The servicing of interest
payments is for the project loan availed by the company for
interior and technical up gradation work for their share in the
project. SBTCPL also faces high concentration risk as the debt is
secured against cash flows from a single property. Moreover, the
marketing risk is also high as the office space of 0.3 million
sqft under company's share is yet to be leased out.

The rating, however, positively factors in the promoter's
experience in the clay tile industry. The rating takes into
account the experience and track record of the RMZ group in the
area of real estate development. In addition the rating also
derives comfort from the stable and predictable cash flows arising
from the minimum monthly guaranteed rent in the retail portion of
the project in which the company has 38% revenue share. ICRA takes
note of the high market value of property holdings by the company
which provides financial flexibility to an extent.

Given the high dependence on lease rentals from customers, ICRA
notes that the company's cash flows and debt servicing capability
will be driven by the timely completion of the project and the
ability of the entity to effectively tie up with tenants for the
office space.

The Standard Brick and Tiles Company (Yelahanka) Private Limited
(SBTPL) was incorporated on 28th July, 1939 and is engaged in
manufacturing of clay tiles, bricks and other decorative items
which has usage in commercial as well as domestic buildings. The
company was started by Mr. VS Natarajan and is now being run by
three directors, Mr. VS Shanumugam, Mr. VS Surendar and Mr. VS
Guatam. The company has its manufacturing facility in Tumkur,
Karnataka with an installed capacity to manufacture 40 lakh tiles
per annum.

The company has entered into a joint development agreement with
RMZ Galleria India Private Limited in October, 2014 to develop
11.5 acres of land owned by the company. The project comprises of
development of residential unit, service apartment, a retail mall
and office space.

Recent Results
The company reported a net loss of INR0.01 crore on an operating
income of INR2.5 crore in FY 2013 and a net profit of INR37.4
crore on an operating income of INR3.0 crore in FY 2014.


SUMETCO ALLOYS: CRISIL Assigns B Rating to INR100MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Sumetco Alloys Pvt Ltd (SAPL).

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Cash Credit               100        CRISIL B/Stable
   Proposed Cash Credit
   Limit                       20       CRISIL B/Stable

The ratings reflect SAPL's below-average financial risk profile,
marked by high gearing and small net worth. The rating also
factors in SAPL's working-capital-intensive operations in the
highly fragmented lead industry. These rating weaknesses are
partially offset by the extensive industry experience of the
company's promoters in the lead recycling industry.

Outlook: Stable

CRISIL believes that SAPL will continue to benefit from the
extensive experience of its promoters in the lead recycling
industry. The outlook may be revised to 'Positive' in case of
higher-than-expected cash accruals, or improvement in the
company's capital structure supported by capital infusion by the
promoters leading to improvement in the financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in SAPL's profitability, resulting in low accruals, or
lengthening of the working capital cycle, or large debt-funded
capital expenditure leading to pressure on liquidity.

SAPL, incorporated in 1996 by Delhi-based Bhandari family,
manufactures and trades in lead alloys and pure lead. The company
has manufacturing capacity of 27,000 tonnes per annum located in
Bhiwadi (Rajasthan). The day-to-day operations of the company are
managed by Mr. Priyank Bhandari.


SUNFAME CERAMIC: CRISIL Reaffirms B+ Rating on INR31MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Sunfame Ceramic
Pvt Ltd (SCPL) continue to reflect SCPL's below-average financial
risk profile, marked by high gearing and moderate debt protection
metrics, and its susceptibility to intense competition in the
ceramic tiles industry. These rating weaknesses are partially
offset by the extensive industry experience of SCPL's promoters
and the favourable location of its plant.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        6        CRISIL A4 (Reaffirmed)
   Cash Credit          15        CRISIL B+/Stable (Reaffirmed)
   Term Loan            31        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the medium
term from its promoters' experience in the ceramic tiles industry.
The outlook may be revised to 'Positive' if SCPL reports a
substantial increase in its revenue and profitability, while
improving its capital structure, most likely through reduction in
its working capital cycle or equity infusion. Conversely, the
outlook may be revised to 'Negative' if SCPL's liquidity
deteriorates, driven by a decline in profitability, or a stretch
in its working capital cycle, or large debt-funded capital
expenditure (capex).

Update
SCPL reported net sales of INR141.5 million for 2013-14 (refers to
financial year, April 1 to March 31), as against INR161.3 million
for 2012-13, a decline of 11 per cent. The company has executed
capex of around INR29.8 million in 2013-14, mainly towards
increasing its installed capacities, which got operational post
March 2014. In 2014-15, with additional capacities being
operational, SCPL is expected to report healthy sales growth of 50
per cent year-on-year.

The company's operating margin improved to 9.9 per cent in 2013-14
from 8.2 per cent in 2012-13, and is expected to improve further
over the medium term. Its operations, however, remained working
capital intensive, with gross current assets of 216 days as on
March 31, 2014. SCPL's financial risk profile is marked by high
gearing of 2.25 times as on March 31, 2014, and moderate debt
protection metrics, with interest coverage and net cash accruals
to total debt ratios of 2.7 times and 0.12 times, respectively, in
2013-14.

SCPL is expected to generate accruals of INR14 million to INR16
million annually, against its scheduled annual repayment
obligations of around INR8 million, over the medium term. Its
liquidity is also supported by its promoters; the promoters
infused equity of INR9 million and extended unsecured loans of
INR3 million in 2013-14. CRISIL expects SCPL's promoters will
continue to support its liquidity through timely infusion of funds
over medium term.

SCPL reported a profit after tax (PAT) of INR1.41 million on net
sales of INR141.59 million for 2013-14, against a PAT INR0.03
million on net sales of INR161.26 million for 2012-13.

Incorporated in March 2011, SCPL is manufactures non-vitrified
ceramic wall tiles. The company is promoted by Mr. Kirtikumar J
Ughreja and his family members. It began commercial operations in
November 2011 at its facilities in Morbi (Gujarat).


VIKAS SANITARY: CRISIL Assigns B Rating to INR32.5MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Vikas Sanitary Wares (VSW).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             29         CRISIL B/Stable
   Bank Guarantee        10         CRISIL A4
   Cash Credit           32.5       CRISIL B/Stable

The ratings reflect VSW's modest scale of operations in the highly
competitive ceramics industry, and its large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of VSW's promoters in the ceramics industry
and the proximity of its manufacturing facilities to raw material
and labour sources.

Outlook: Stable

significantly increases its scale of operations and profitability,
leading to larger-than-expected cash accruals and hence
improvement in its net worth. Conversely, the outlook maybe
revised to 'Negative' if the firm's accruals are lower than
expectations due to reduced profitability, or if it's financial
risk profile deteriorates, most likely because of a stretch in its
working capital cycle or substantial debt-funded capital
expenditure.

VSW, established in 1995, is promoted by the Morbi (Gujarat)-based
Mr. Bhavesh Patel, Mr. Harjivanbhai Patel, and Mr. Priteshbhai
Patel. The company is engaged in the manufacturing of ceramic wall
and floor tiles with a production capacity of 36500 MT per annum.


ZEN TOBACCO: CARE Revises Rating on INR5.50cr LT Bank Loan to B+
----------------------------------------------------------------
CARE revises rating assigned to the bank facilities of Zen Tobacco
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.50       CARE B+ Revised from
                                            CARE BB-

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Zen Tobacco Private Limited (ZTPL) is primarily on
account of net losses coupled with decline in operating income,
deterioration in capital structure and debt coverage indicators
along with elongation of working capital cycle during FY14 (refers
to the period April 1 to March 31). The rating continues to remain
constrained on account of its modest scale of operations,
leveraged capital structure, weak debt coverage indicators and
working capital intensive nature of operations. The rating is
further constrained due to the susceptibility of business
operations to adverse changes in government regulations and
seasonality associated with the raw material availability and
susceptibility of its profitability to volatility in the raw
material prices.

The rating, however, derives strength from the established
operational track record of over a decade and the vast
experience of the promoters in the tobacco industry, established
sourcing arrangements with tobacco vendors for the procurement of
raw materials and wide distribution network for its products.
Increase in the scale of operations along with an improvement in
profitability while mitigating the fluctuation in raw material
prices and better working capital management are the key rating
sensitivities.

Ahmedabad-based ZTPL was established in the year 2003. The main
products of ZTPL are chewing tobacco (zarda). Mr Rashmin
Manjithia, managing director, manages the day-to-day operations of
ZTPL. The company markets its products under the brand 'Mazaa',
'Hero' and 'Eagle" across India. Its plant, located at Ahmedabad
had a total installed capacity of 1,400 metric tonnes per annum
(MTPA) of chewing tobacco as on March 31, 2014.

As per the audited results for FY14, ZTPL reported net loss of
INR2.49 crore on a total operating income (TOI) of INR23.56
crore as against net profit of INR0.98 crore on a total operating
income of INR32.54 crore. As per the provisional results for
9MFY15, ZTPL registered a turnover of INR16.71 crore.



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


TAKATA CORP: Widens Annual Loss Forecast Due to Air Bag Recall
--------------------------------------------------------------
Bloomberg New reports that Takata Corp., the Japanese air-bag
maker at the center of a safety crisis, widened its loss forecast
for this fiscal year as automakers led by Honda Motor Co. expanded
recalls to investigate the cause of malfunctions.

The net loss will probably be JPY31 billion ($264 million) in the
year ending March, the Tokyo-based company said Feb. 5, Bloomberg
relays. In November, Takata had widened its loss forecast to JPY25
billion and said that it's difficult to estimate the amount of
damage claims it has received in the U.S.

Bloomberg recalls that Honda, Takata's biggest customer, last
month said it's investigating a fatal crash in Houston related to
air bags, the fifth U.S. death linked to the safety devices. The
woes for Takata are mounting after last year's massive 10-
automaker recall of inflators that could explode with deadly
results, Bloomberg notes.

"There still remains uncertainty because of risks of future loss
from investigative recalls and class actions," the report quotes
Akio Kamimura, an analyst at Japan Credit Rating Agency in Tokyo,
as saying. "We need to continue watching Takata closely."

The company has set aside JPY50.6 billion in the nine months ended
December in recall reserves, compared with JPY47.6 billion in the
first six months of the fiscal year, Bloomberg relays. Takata said
the number may swell if the company's products were proved faulty
in carmakers' investigative recalls, for which Takata hasn't set
aside any provision, add Bloomberg.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 24, 2014, 24/7 Wall St. said Takata Corporation faces huge
fines, and almost certainly lawsuits (which have already begun),
over its defective airbags.  The report related that some experts
believe that the Japanese company was not forthcoming about the
technical failure that caused several serious accidents and
deaths. If Takata goes bankrupt, which could certainly happen,
claims against the company would be in limbo, 24/7 Wall St. said.
According to the report, Takata's revenue in the first half of its
fiscal 2015 was just above $2.5 billion. It would barely make the
Fortune 500, said 24/7 Wall St.  Due to its modest size, hundreds
of millions of dollars in repairs and recalls and billions of
dollars in liabilities for drivers harmed by its airbags could
easily render it insolvent, according to
24/7 Wall St.

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



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


CREDIT UNION: Fitch Affirms 'BB+' Insurer Fin'l. Strength Rating
----------------------------------------------------------------
Fitch Ratings has affirmed New Zealand-based Credit Union
Insurance Limited (trading as Co-op Insurance NZ) at Insurer
Financial Strength (IFS) rating of 'BB+'. The Outlook is Stable.

KEY RATING DRIVERS

Co-op Insurance NZ's rating reflects a sound business profile,
adequate capital position, strong financial performance,
conservative investment and liquidity positions and net retentions
that are well managed through a solid reinsurance treaty.
Constraining the rating is its small size and market position and
limited financial flexibility.

The company offers simple, short-tail insurance products tailored
to the needs of its credit union members. It benefits from the
strong financial institution distribution channel of its credit
union owners, and access to a large member base of around 185,000.
The level of sales of life and consumer credit products into its
member base has been very strong, and given the low relative level
of member motor policyholders, future growth is likely to come
through the motor portfolio. Co-op Insurance NZ's market share is
modest at less than 1% in the classes that it underwrites.

Co-op Insurance NZ's capital adequacy is very strong based on a
purely technical risk-based calculation with current risk
exposures modest relative to minimum regulatory capital
requirements. However, the company's regulatory capital base of
NZD5.7m at the end of the financial year to 30 June 2014 (FYE14)
is low on an absolute basis and this leaves the company more
exposed to larger operational risks, or changes in the external
operating environment. Operational risks appear to be well
managed, and Co-op Insurance NZ's high degree of integration with
the New Zealand Association of Credit Unions (Long-Term Issuer
Default Rating: BB+/Stable) is positive in mitigating these risks.
The association trades as Co-op Money NZ.

The company's financial performance has been very strong following
the remediation of the motor portfolio and the transfer of a
profitable life and consumer credit business from Co-op Money NZ.
Excluding the discretionary profit rebates paid to the credit
unions, the company generated a ROAE and ROAA of 30% and 15%,
respectively in FY14.

A conservative investment approach is reflected in a 100%
allocation to on-call cash or short-term deposits. Co-op Insurance
NZ does have a large related-party exposure in the form of its on-
call cash deposits with Co-op Money NZ. However, Co-op Money NZ
adopts a low-risk approach to investments as it uses these funds
to manage member credit unions' liquidity, which helps mitigate
this counterparty risk.

Reinsurance cover is purchased to protect the motor portfolio
against large single losses or from an accumulation of losses, and
limits Co-op Insurance NZ's maximum retention to NZD100,000. Fitch
considers the level of protection held above this retention to be
adequate given the size and geographic spread of the motor
portfolio.

RATING SENSITIVITIES

Triggers for a downgrade: The company could be downgraded should
it fail to maintain solid solvency margins above the regulatory
requirement of NZD5m. A breach of prudential solvency requirements
would likely have serious implications and could result in the
withdrawal of the company's license.

An unexpected weakening in the value of Co-op Insurance NZ's
franchise -- from a reduction in its importance to its ultimate
shareholders -- would place negative pressure on the rating.

Triggers for an upgrade: Fitch considers this unlikely over the
rating horizon given the company's small size and limited market
position. Co-op Insurance NZ would need to significantly
strengthen its franchise and standalone financial flexibility,
while maintaining strong capital ratios and a conservative risk
appetite.



=============
V I E T N A M
=============


VIETNAM: Central Bank Accelerates Bank Restructuring Process
------------------------------------------------------------
The Wall Street Journal Frontiers blog reports that Vietnam's
central bank appears to be fulfilling its recent promise to
accelerate the restructuring of the country's banking system,
which is burdened with non-performing loans.

The Journal says the central bank announced last week it had taken
over the unlisted Vietnam Construction Bank, which has reportedly
been losing money, and put it under the management of the Bank for
Foreign Trade of Vietnam -- known as Vietcombank -- which is more
than 90% state-owned.

According to the report, Central bank deputy governor Nguyen Phuoc
Thanh explained the unprecedented move: "When a bank is suffering
from losses and losing liquidity, its owners and shareholders will
lose their interests and have to move out to give way for the
management of the central bank."

The Journal relates that the central bank said that it has
forcibly bought all shares of the Vietnam Construction Bank at a
price of VND0 per share.

Vietnam's Prime Minister in early 2012 approved a plan to
restructure the banking system. Under the initiative, which was
scheduled to run through 2015, Vietnam would speed up the
privatization of state-owned financial institutions and encourage
or force the merger or acquisition of weak banks. However,
progress has been sluggish, the report recalls.

In an interview with the Wall Street Journal in December, central
bank deputy governor Nguyen Thi Hong said 2015 would see an
acceleration of the banking restructuring plan. The bank is hoping
to deal with between six and eight weak banks in the first half of
the year, the Journal reports.

According to the Journal, Le Tham Duong, an economist with the
Banking University of Ho Chi Minh City, said the central bank's
move to take over the Vietnam Construction Bank is a "time's up"
warning note for the remaining weak banks.

"We expect to see more weak banks . . . taken over in the coming
months and then put under the management of stronger ones," Mr.
Duong told The Wall Street Journal.

Mr. Duong rules out the possibility that the central bank will
force any of the weak banks to go bankrupt, saying that such a
move would hurt depositors while the banking system still remains
fragile, the report adds.

The Journal relates that Deputy governor Thanh said the Vietnam
Construction Bank hasn't been merged into a strong bank because
its heavy losses may affect the operations of the strong bank. He
said it can be merged into or sold to another bank "after it
regains stability."

"The central bank's target is to ensure the society's confidence
in the banking system," the Journal quotes Mr. Thanh as saying.

Vietnam's banking system has been burdened with high levels of bad
debt following a surge in lending 5-7 years ago, mostly to real-
estate projects, the report discloses.  The central bank said it
is aiming to bring down the rate of bad debt on total outstanding
loans to 3.0% by the end of this year from 4.17% at the end of
June last year.



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


* BOND PRICING: For the Week Feb. 2 to Feb. 6, 2015
---------------------------------------------------

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


  AUSTRALIA
  ---------

ANTARES ENERGY LT   10.00     10/30/23      AUD     1.96
BOART LONGYEAR MA    7.00     04/01/21      USD    70.00
BOART LONGYEAR MA    7.00     04/01/21      USD    70.00
CML GROUP LTD        9.00     01/29/20      AUD     1.00
CRATER GOLD MININ   10.00     08/18/17      AUD    25.25
EMECO PTY LTD        9.88     03/15/19      USD    72.75
EMECO PTY LTD        9.88     03/15/19      USD    73.00
GRIFFIN COAL MINI    9.50     12/01/16      USD    74.00
GRIFFIN COAL MINI    9.50     12/01/16      USD    74.00
KBL MINING LTD      10.00     02/16/17      AUD     0.24
MIDWEST VANADIUM    11.50     02/15/18      USD     8.00
MIDWEST VANADIUM    11.50     02/15/18      USD    11.00
RESOLUTE MINING L   10.00     12/04/17      AUD     1.00
STOKES LTD          10.00     06/30/17      AUD     0.46
TREASURY CORP OF     0.50     11/12/30      AUD    66.18


CHINA
-----

CHANGCHUN CITY DE    6.08     03/09/16      CNY    70.46
CHANGCHUN CITY DE    6.08     03/09/16      CNY    69.50
CHANGZHOU INVESTM    5.80     07/01/16      CNY    70.00
CHANGZHOU INVESTM    5.80     07/01/16      CNY    70.24
CHINA GOVERNMENT     1.64     12/15/33      CNY    71.57
CHINA NATIONAL ER    5.65     09/26/17      CNY    63.00
DANYANG INVESTMEN    6.30     06/03/16      CNY    70.34
HANGZHOU XIAOSHAN    6.90     11/22/16      CNY    70.85
HANGZHOU XIAOSHAN    6.90     11/22/16      CNY    71.55
HEILONGJIANG HECH    7.78     11/17/16      CNY    70.20
HEILONGJIANG HECH    7.78     11/17/16      CNY    71.30
HUAIAN CITY URBAN    7.15     12/21/16      CNY    70.21
HUNAN CHANGDE REG    5.90     01/29/16      CNY    69.00
JIANGSU HUAJING A    5.68     09/28/17      CNY    73.58
JIANGSU LIANYUN D    7.85     07/22/15      CNY    70.70
KUNSHAN ENTREPREN    4.70     03/30/16      CNY    68.96
KUNSHAN ENTREPREN    4.70     03/30/16      CNY    69.84
LIAOYUAN STATE-OW    7.80     01/26/17      CNY    71.26
LIAOYUAN STATE-OW    7.80     01/26/17      CNY    71.35
NANJING PUBLIC HO    5.85     08/08/17      CNY    65.02
NANTONG STATE-OWN    6.72     11/13/16      CNY    70.07
NANTONG STATE-OWN    6.72     11/13/16      CNY    71.22
NINGDE CITY STATE    6.25     10/21/17      CNY    60.44
PANJIN CONSTRUCTI    7.70     12/16/16      CNY    71.86
PANJIN CONSTRUCTI    7.70     12/16/16      CNY    71.41
QINGZHOU HONGYUAN    6.50     05/22/19      CNY    50.55
QINGZHOU HONGYUAN    6.50     05/22/19      CNY    50.33
TAIZHOU CITY CONS    6.90     01/25/17      CNY    70.19
WUXI COMMUNICATIO    5.58     07/08/16      CNY    50.11
WUXI COMMUNICATIO    5.58     07/08/16      CNY    50.01
XIANGTAN JIUHUA E    6.93     12/16/16      CNY    69.99
XIANGTAN JIUHUA E    6.93     12/16/16      CNY    70.67
YANGZHOU URBAN CO    5.94     07/23/16      CNY    70.42
YANGZHOU URBAN CO    5.94     07/23/16      CNY    69.09
YIYANG CITY CONST    8.20     11/19/16      CNY    71.86
ZHENJIANG CITY CO    5.85     03/30/15      CNY    70.01
ZHENJIANG CITY CO    5.85     03/30/15      CNY    69.94
ZHUCHENG ECONOMIC    7.50     08/25/18      CNY    49.12
ZIBO CITY PROPERT    5.45     04/27/19      CNY    60.33
ZOUCHENG CITY ASS    7.02     01/12/18      CNY    61.55


INDONESIA
---------

BERAU COAL ENERGY    7.25     03/13/17      USD    65.25
BERAU COAL ENERGY    7.25     03/13/17      USD    61.93
DAVOMAS INTERNATI   11.00     12/08/14      USD    18.75
PERUSAHAAN PENERB    6.75     04/15/43      IDR    72.71
PERUSAHAAN PENERB    6.10     02/15/37      IDR    70.66


INDIA
-----

3I INFOTECH LTD      5.00     04/26/17      USD    30.00
BLUE DART EXPRESS    9.30     11/20/17      INR    10.10
BLUE DART EXPRESS    9.50     11/20/19      INR    10.23
BLUE DART EXPRESS    9.40     11/20/18      INR    10.17
CORE EDUCATION &     7.00     05/07/15      USD    10.00
COROMANDEL INTERN    9.00     07/23/16      INR    15.75
GTL INFRASTRUCTUR    3.03     11/09/17      USD    28.25
INCLINE REALTY PV   10.85     08/21/17      INR    15.59
INCLINE REALTY PV   10.85     04/21/17      INR    12.44
INDIA GOVERNMENT     7.64     01/25/35      INR    24.00
JAIPRAKASH ASSOCI    5.75     09/08/17      USD    74.52
JCT LTD              2.50     04/08/11      USD    22.50
MASCON GLOBAL LTD    2.00     12/28/12      USD     3.68
ORIENTAL HOTELS L    2.00     11/21/19      INR    72.24
PRAKASH INDUSTRIE    5.25     04/30/15      USD    67.00
PYRAMID SAIMIRA T    1.75     07/04/12      USD     1.00
REI AGRO LTD         5.50     11/13/14      USD    55.88
REI AGRO LTD         5.50     11/13/14      USD    55.88
SHIV-VANI OIL & G    5.00     08/17/15      USD    26.13


JAPAN
-----

AVANSTRATE INC       3.02     11/05/15      JPY    35.25
AVANSTRATE INC       5.00     11/05/17      JPY    30.25
ELPIDA MEMORY INC    0.70     08/01/16      JPY    17.00
ELPIDA MEMORY INC    0.50     10/26/15      JPY    12.50
ELPIDA MEMORY INC    2.10     11/29/12      JPY    17.00
ELPIDA MEMORY INC    2.03     03/22/12      JPY    17.00
ELPIDA MEMORY INC    2.29     12/07/12      JPY    17.00


KOREA
-----

2014 KODIT CREATI    5.00     12/25/17      KRW    27.40
2014 KODIT CREATI    5.00     12/25/17      KRW    27.40
DONGBU CORP          8.95     02/28/15      KRW    44.21
DONGBU CORP          4.00     06/29/15      KRW    41.27
DONGBU METAL CO L    5.20     09/12/19      KRW    53.80
EXPORT-IMPORT BAN    0.50     12/22/17      BRL    71.64
EXPORT-IMPORT BAN    0.50     11/21/17      BRL    73.00
HYUNDAI HEAVY IND    4.90     12/15/44      KRW    57.73
HYUNDAI HEAVY IND    4.80     12/15/44      KRW    58.80
HYUNDAI MERCHANT     7.05     12/27/42      KRW    37.54
KIBO ABS SPECIALT   10.00     02/19/17      KRW    31.31
KIBO ABS SPECIALT   10.00     09/04/16      KRW    32.78
KIBO ABS SPECIALT    5.00     01/31/17      KRW    29.19
KIBO ABS SPECIALT    5.00     03/29/18      KRW    26.53
KIBO ABS SPECIALT   10.00     08/22/17      KRW    30.27
KIBO GREEN HI-TEC   10.00     12/21/15      KRW    33.67
LSMTRON DONGBANGS    4.53     11/22/17      KRW    27.13
POSCO ENERGY CORP    4.72     08/29/43      KRW    70.72
POSCO ENERGY CORP    4.72     08/29/43      KRW    70.44
POSCO ENERGY CORP    4.66     08/29/43      KRW    71.27
SINBO SECURITIZAT    5.00     01/29/17      KRW    29.91
SINBO SECURITIZAT    5.00     09/28/15      KRW    31.83
SINBO SECURITIZAT    5.00     08/31/16      KRW    30.64
SINBO SECURITIZAT    5.00     08/31/16      KRW    31.28
SINBO SECURITIZAT    5.00     01/19/16      KRW    20.40
SINBO SECURITIZAT   10.00     12/27/15      KRW    32.77
SINBO SECURITIZAT    5.00     05/27/16      KRW    31.34
SINBO SECURITIZAT    5.00     12/07/15      KRW    29.88
SINBO SECURITIZAT    5.00     05/27/16      KRW    31.34
SINBO SECURITIZAT    5.00     07/08/17      KRW    28.77
SINBO SECURITIZAT    5.00     07/08/17      KRW    28.77
SINBO SECURITIZAT    5.00     08/24/15      KRW    32.03
SINBO SECURITIZAT    5.00     12/13/16      KRW    30.20
SINBO SECURITIZAT    5.00     07/19/15      KRW    35.00
SINBO SECURITIZAT    5.00     07/26/16      KRW    31.67
SINBO SECURITIZAT    5.00     07/26/16      KRW    30.86
SINBO SECURITIZAT    5.00     02/21/17      KRW    29.50
SINBO SECURITIZAT    5.00     10/05/16      KRW    30.54
SINBO SECURITIZAT    5.00     10/05/16      KRW    27.49
SINBO SECURITIZAT    5.00     06/07/17      KRW    24.68
SINBO SECURITIZAT    5.00     06/07/17      KRW    24.68
SINBO SECURITIZAT    4.60     06/29/15      KRW    39.58
SINBO SECURITIZAT    4.60     06/29/15      KRW    39.58
SINBO SECURITIZAT    9.00     07/27/15      KRW    39.31
SINBO SECURITIZAT    5.00     06/29/16      KRW    31.09
SINBO SECURITIZAT    5.00     02/11/18      KRW    26.83
SINBO SECURITIZAT    5.00     02/11/18      KRW    26.83
SINBO SECURITIZAT    5.00     03/12/18      KRW    26.66
SINBO SECURITIZAT    5.00     03/12/18      KRW    26.66
SINBO SECURITIZAT    5.00     10/01/17      KRW    27.82
SINBO SECURITIZAT    5.00     10/01/17      KRW    27.82
SINBO SECURITIZAT    5.00     10/01/17      KRW    27.82
SINBO SECURITIZAT    5.00     08/16/16      KRW    30.79
SINBO SECURITIZAT    5.00     08/16/17      KRW    28.38
SINBO SECURITIZAT    5.00     08/16/17      KRW    28.38
SINBO SECURITIZAT    5.00     01/15/18      KRW    27.24
SINBO SECURITIZAT    5.00     01/15/18      KRW    27.24
SINBO SECURITIZAT    5.00     12/25/16      KRW    29.62
SINBO SECURITIZAT    5.00     02/21/17      KRW    29.50
SINBO SECURITIZAT    5.00     02/02/16      KRW    19.90
SINBO SECURITIZAT    8.00     02/02/16      KRW    32.05
SINBO SECURITIZAT    5.00     03/14/16      KRW    29.55
SINBO SECURITIZAT    5.00     09/13/15      KRW    31.32
SINBO SECURITIZAT    5.00     09/13/15      KRW    29.47
SINBO SECURITIZAT    5.00     03/13/17      KRW    29.28
SINBO SECURITIZAT    5.00     03/13/17      KRW    29.28
SK TELECOM CO LTD    4.21     06/07/73      KRW    68.41
STX OFFSHORE & SH    3.00     09/06/15      KRW    71.60
STX OFFSHORE & SH    6.90     04/09/15      KRW    73.15
TONGYANG CEMENT &    7.50     04/20/14      KRW    70.00
TONGYANG CEMENT &    7.30     04/12/15      KRW    70.00
TONGYANG CEMENT &    7.30     06/26/15      KRW    70.00
TONGYANG CEMENT &    7.50     07/20/14      KRW    70.00
TONGYANG CEMENT &    7.50     09/10/14      KRW    70.00
U-BEST SECURITIZA    5.50     11/16/17      KRW    28.00
WOONGJIN ENERGY C    2.00     12/19/16      KRW    64.77


MALAYSIA
--------

BANDAR MALAYSIA S    0.35     12/29/23      MYR    69.51
BANDAR MALAYSIA S    0.35     02/20/24      MYR    68.93
BIMB HOLDINGS BHD    1.50     12/12/23      MYR    69.97
BRIGHT FOCUS BHD     2.50     01/22/31      MYR    62.03
BRIGHT FOCUS BHD     2.50     01/24/30      MYR    63.92
LAND & GENERAL BH    1.00     09/24/18      MYR     0.40
SENAI-DESARU EXPR    0.50     12/31/38      MYR    62.92
SENAI-DESARU EXPR    0.50     12/31/40      MYR    65.58
SENAI-DESARU EXPR    0.50     12/31/46      MYR    72.58
SENAI-DESARU EXPR    0.50     12/30/39      MYR    64.50
SENAI-DESARU EXPR    0.50     12/31/47      MYR    73.48
SENAI-DESARU EXPR    0.50     12/31/43      MYR    69.65
SENAI-DESARU EXPR    0.50     12/31/42      MYR    68.20
SENAI-DESARU EXPR    0.50     12/31/41      MYR    66.70
SENAI-DESARU EXPR    0.50     12/30/44      MYR    70.52
SENAI-DESARU EXPR    0.50     12/29/45      MYR    71.46
SENAI-DESARU EXPR    1.15     12/29/23      MYR    66.23
SENAI-DESARU EXPR    1.35     06/29/29      MYR    53.74
SENAI-DESARU EXPR    1.10     12/31/21      MYR    72.04
SENAI-DESARU EXPR    1.10     06/30/22      MYR    70.43
SENAI-DESARU EXPR    1.15     06/30/23      MYR    67.68
SENAI-DESARU EXPR    1.15     12/31/24      MYR    63.40
SENAI-DESARU EXPR    1.35     12/31/27      MYR    57.17
SENAI-DESARU EXPR    1.35     06/28/30      MYR    51.65
SENAI-DESARU EXPR    1.35     12/31/30      MYR    50.70
SENAI-DESARU EXPR    1.35     12/29/28      MYR    54.86
SENAI-DESARU EXPR    1.15     06/28/24      MYR    64.81
SENAI-DESARU EXPR    1.35     12/31/26      MYR    59.58
SENAI-DESARU EXPR    1.35     12/31/29      MYR    52.63
SENAI-DESARU EXPR    1.35     06/30/31      MYR    49.97
SENAI-DESARU EXPR    1.10     06/30/21      MYR    73.84
SENAI-DESARU EXPR    1.15     12/30/22      MYR    69.17
SENAI-DESARU EXPR    1.15     06/30/25      MYR    61.98
SENAI-DESARU EXPR    1.35     12/31/25      MYR    62.17
SENAI-DESARU EXPR    1.35     06/30/26      MYR    60.85
SENAI-DESARU EXPR    1.35     06/30/27      MYR    58.37
SENAI-DESARU EXPR    1.35     06/30/28      MYR    56.01
UNIMECH GROUP BHD    5.00     09/18/18      MYR     1.25


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

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


SINGAPORE
---------

AXIS OFFSHORE PTE    7.49     05/18/18      USD    59.53
BAKRIE TELECOM PT   11.50     05/07/15      USD     6.85
BAKRIE TELECOM PT   11.50     05/07/15      USD     7.00
BERAU CAPITAL RES   12.50     07/08/15      USD    64.75
BERAU CAPITAL RES   12.50     07/08/15      USD    65.13
BLD INVESTMENTS P    8.63     03/23/15      USD    12.75
BUMI CAPITAL PTE    12.00     11/10/16      USD    30.00
BUMI CAPITAL PTE    12.00     11/10/16      USD    21.50
BUMI INVESTMENT P   10.75     10/06/17      USD    30.00
BUMI INVESTMENT P   10.75     10/06/17      USD    26.00
ENERCOAL RESOURCE    6.00     04/07/18      USD    23.75
INDO INFRASTRUCTU    2.00     07/30/10      USD     1.88
ORO NEGRO DRILLIN    7.50     01/24/19      USD    74.97
OSA GOLIATH PTE L   12.00     10/09/18      USD    72.75


THAILAND
--------

G STEEL PCL          3.00     10/04/15      USD     3.63
MDX PCL              4.75     09/17/03      USD    26.50


TAIWAN
-------

ADVANCED SEMICOND    1.45     08/19/16      TWD     1.30
ADVANCED SEMICOND    1.45     08/19/16      TWD     1.50
ADVANCED SEMICOND    1.45     08/19/16      TWD     1.30
ADVANCED SEMICOND    1.45     08/19/16      TWD     1.05
ADVANCED SEMICOND    1.45     08/19/16      TWD     1.10
AGRICULTURAL BANK    3.28     06/30/15      TWD     3.28
AGRICULTURAL BANK    1.43     10/17/19      TWD     1.53
AGRICULTURAL BANK    1.53     10/17/22      TWD     1.53
ASIA CEMENT CORP     1.36     05/23/19      TWD     1.45
BANK OF KAOHSIUNG    3.40     01/20/16      TWD     1.89
BANK OF PANHSIN      3.00     12/02/17      TWD     3.00
BANK OF PANHSIN      3.00     03/21/18      TWD     3.00
BANK OF PANHSIN      3.00     06/06/20      TWD     3.00
BANK OF PANHSIN      3.00     11/12/18      TWD     3.00
BANK OF PANHSIN      3.25     11/05/16      TWD     3.25
BANK OF TAIWAN       1.70     06/27/24      TWD     1.70
BANK SINOPAC         2.18     08/18/21      TWD     2.18
BANK SINOPAC         3.20     03/25/15      TWD     2.32
BANK SINOPAC         2.80     04/29/16      TWD     2.80
BANK SINOPAC         1.85     11/04/18      TWD     1.45
BANK SINOPAC         2.05     09/30/24      TWD     2.05
BANK SINOPAC         1.92     03/11/18      TWD     1.92
BANK SINOPAC         1.80     12/09/17      TWD     1.38
BANK SINOPAC         2.70     06/23/15      TWD     1.30
BANK SINOPAC         2.90     06/23/17      TWD     2.90
BANK SINOPAC         1.65     09/18/22      TWD     1.65
BANK SINOPAC         1.95     08/18/18      TWD     1.46
BANK SINOPAC         1.53     09/18/19      TWD     1.68
CATHAY FINANCIAL     3.10     12/24/15      TWD     1.00
CATHAY FINANCIAL     2.65     10/08/16      TWD     1.21
CATHAY UNITED BAN    1.70     04/24/23      TWD     1.90
CATHAY UNITED BAN    1.85     05/19/24      TWD     1.85
CATHAY UNITED BAN    1.55     04/24/20      TWD     1.55
CATHAY UNITED BAN    1.70     05/19/21      TWD     1.70
CATHAY UNITED BAN    1.65     08/07/22      TWD     1.60
CATHAY UNITED BAN    1.48     06/06/19      TWD     1.48
CHAILEASE FINANCE    2.05     10/30/21      TWD     2.05
CHAILEASE FINANCE    2.30     10/30/24      TWD     2.30
CHAILEASE FINANCE    1.50     06/16/19      TWD     1.50
CHAILEASE FINANCE    1.60     07/22/18      TWD     1.40
CHAILEASE FINANCE    1.50     06/05/17      TWD     1.29
CHANG HWA COMMERC    3.10     05/19/15      TWD     0.89
CHANG HWA COMMERC    3.05     12/15/15      TWD     3.05
CHANG HWA COMMERC    2.30     09/15/16      TWD     1.26
CHANG HWA COMMERC    1.85     04/16/24      TWD     1.85
CHANG HWA COMMERC    1.65     03/11/18      TWD     1.64
CHANG HWA COMMERC    1.72     03/11/21      TWD     1.72
CHANG HWA COMMERC    1.70     04/16/21      TWD     1.70
CHENG SHIN RUBBER    1.40     07/18/19      TWD     1.43
CHENG SHIN RUBBER    1.55     08/19/18      TWD     1.40
CHENG SHIN RUBBER    1.38     09/03/15      TWD     0.88
CHENG SHIN RUBBER    1.38     09/03/15      TWD     1.32
CHENG SHIN RUBBER    1.38     09/03/15      TWD     1.32
CHENG SHIN RUBBER    1.38     09/03/15      TWD     0.88
CHENG SHIN RUBBER    1.38     09/03/15      TWD     0.88
CHINA AIRLINES LT    1.35     05/20/16      TWD     1.28
CHINA AIRLINES LT    1.60     01/17/18      TWD     1.60
CHINA AIRLINES LT    1.85     01/17/20      TWD     1.85
CHINA AIRLINES LT    1.35     05/20/16      TWD     1.39
CHINA AIRLINES LT    1.35     05/20/16      TWD     1.35
CHINA DEVELOPMENT    1.37     05/23/18      TWD     1.37
CHINA DEVELOPMENT    1.80     03/01/15      TWD     1.13
CHINA DEVELOPMENT    2.00     03/01/17      TWD     1.45
CHINA DEVELOPMENT    3.40     06/18/15      TWD     3.40
CHINA DEVELOPMENT    1.32     03/07/17      TWD     1.19
CHINA DEVELOPMENT    1.42     03/07/19      TWD     1.39
CHINA STEEL CORP     2.30     12/29/15      TWD     0.81
CHINA STEEL CORP     1.36     10/19/16      TWD     0.98
CHINA STEEL CORP     2.15     01/23/29      TWD     2.16
CHINA STEEL CORP     1.50     08/03/22      TWD     1.65
CHINA STEEL CORP     1.75     01/23/21      TWD     1.58
CHINA STEEL CORP     1.88     07/12/28      TWD     1.89
CHINA STEEL CORP     1.57     10/19/18      TWD   101.12
CHINA STEEL CORP     1.37     08/10/19      TWD     1.66
CHINA STEEL CORP     1.95     01/23/24      TWD     1.90
CHINA STEEL CORP     1.60     07/12/23      TWD     1.84
CHINA STEEL CORP     1.44     07/12/20      TWD     1.56
CHINESE MARITIME     1.40     06/08/17      TWD     1.40
CHINESE MARITIME     1.40     06/08/17      TWD     1.35
CHINESE MARITIME     1.40     06/08/17      TWD     1.39
CHINESE MARITIME     1.40     06/08/17      TWD     1.40
COTA COMMERCIAL B    3.20     03/29/18      TWD     3.20
CPC CORP/TAIWAN      1.29     11/01/17      TWD     1.06
CPC CORP/TAIWAN      1.41     12/22/19      TWD     1.36
CPC CORP/TAIWAN      1.49     06/11/22      TWD     1.63
CPC CORP/TAIWAN      2.60     12/15/15      TWD     0.60
CPC CORP/TAIWAN      1.22     06/07/17      TWD     1.12
CPC CORP/TAIWAN      1.40     12/03/16      TWD     0.91
CPC CORP/TAIWAN      1.85     09/12/24      TWD     1.85
CPC CORP/TAIWAN      1.08     10/29/15      TWD     0.56
CPC CORP/TAIWAN      1.88     12/24/24      TWD     1.87
CPC CORP/TAIWAN      1.41     09/12/19      TWD     1.32
CPC CORP/TAIWAN      1.43     10/27/20      TWD     1.51
CPC CORP/TAIWAN      1.40     09/19/16      TWD     0.93
CPC CORP/TAIWAN      1.30     07/25/18      TWD     1.13
CPC CORP/TAIWAN      1.65     09/12/21      TWD     1.65
CPC CORP/TAIWAN      1.18     09/19/17      TWD     1.00
CPC CORP/TAIWAN      1.75     10/28/20      TWD     1.56
CPC CORP/TAIWAN      1.85     10/25/23      TWD     1.86
CPC CORP/TAIWAN      1.68     12/23/21      TWD     1.60
CPC CORP/TAIWAN      1.65     12/04/19      TWD     1.36
CPC CORP/TAIWAN      1.29     09/21/19      TWD     1.40
CPC CORP/TAIWAN      1.42     09/20/22      TWD     1.70
CPC CORP/TAIWAN      1.70     09/21/21      TWD     1.60
CPC CORP/TAIWAN      1.46     07/19/20      TWD     1.45
CPC CORP/TAIWAN      1.68     07/22/23      TWD     1.69
CPC CORP/TAIWAN      1.36     06/08/19      TWD     1.28
CTBC BANK CO LTD     3.49     04/10/23      TWD     1.80
CTBC BANK CO LTD     2.00     06/26/29      TWD     2.00
CTBC BANK CO LTD     1.80     09/27/18      TWD     1.49
CTBC BANK CO LTD     3.10     04/25/15      TWD     0.92
CTBC FINANCIAL HO    1.66     02/20/19      TWD     1.58
CTBC FINANCIAL HO    1.80     02/20/22      TWD     1.80
DA-LI CONSTRUCTIO    1.42     06/23/19      TWD     1.42
DRAGON STEEL CORP    1.40     06/10/19      TWD     1.45
DRAGON STEEL CORP    1.75     06/10/21      TWD     1.72
E.SUN COMMERCIAL     1.70     05/24/23      TWD     1.70
E.SUN COMMERCIAL     1.80     10/28/18      TWD     1.50
E.SUN COMMERCIAL     3.10     02/15/15      TWD     2.30
E.SUN COMMERCIAL     1.95     03/07/24      TWD     1.95
E.SUN COMMERCIAL     2.35     10/20/16      TWD     1.34
E.SUN COMMERCIAL     1.62     08/27/22      TWD     1.62
E.SUN COMMERCIAL     1.75     08/28/20      TWD     1.75
E.SUN COMMERCIAL     3.15     10/24/15      TWD     3.15
E.SUN COMMERCIAL     2.50     04/03/16      TWD     2.50
E.SUN COMMERCIAL     1.50     08/27/19      TWD     1.57
E.SUN COMMERCIAL     2.20     05/28/17      TWD     1.45
E.SUN COMMERCIAL     2.20     07/13/17      TWD     2.20
E.SUN COMMERCIAL     1.68     06/28/22      TWD     1.88
E.SUN COMMERCIAL     1.85     12/19/20      TWD     1.85
E.SUN COMMERCIAL     1.80     03/07/21      TWD     1.70
E.SUN COMMERCIAL     1.55     05/24/20      TWD     1.55
E.SUN COMMERCIAL     1.58     04/27/19      TWD     1.58
E.SUN FINANCIAL H    2.70     04/28/17      TWD     1.87
E.SUN FINANCIAL H    1.75     06/29/19      TWD     1.65
ENTIE COMMERCIAL     3.25     08/23/17      TWD     1.97
ENTIE COMMERCIAL     3.25     12/16/17      TWD     3.25
EVA AIRWAYS CORP     1.15     06/14/18      TWD     1.25
EVA AIRWAYS CORP     1.44     08/31/16      TWD     0.90
EVA AIRWAYS CORP     1.15     06/14/18      TWD     1.20
EVA AIRWAYS CORP     1.15     06/14/18      TWD     1.20
EVA AIRWAYS CORP     1.15     06/14/18      TWD     1.20
EVA AIRWAYS CORP     1.15     06/14/18      TWD     1.20
EVA AIRWAYS CORP     1.22     05/31/17      TWD     1.18
EVA AIRWAYS CORP     1.44     08/31/16      TWD     1.06
EVA AIRWAYS CORP     1.44     08/31/16      TWD     1.28
EVA AIRWAYS CORP     1.44     08/31/16      TWD     1.28
EVA AIRWAYS CORP     1.44     08/31/16      TWD     1.28
EVA AIRWAYS CORP     1.44     08/31/16      TWD     1.01
EVA AIRWAYS CORP     1.22     05/31/17      TWD     1.18
EVA AIRWAYS CORP     1.22     05/31/17      TWD     1.27
EVA AIRWAYS CORP     1.22     05/31/17      TWD     1.29
EVA AIRWAYS CORP     1.22     05/31/17      TWD     1.18
EVA AIRWAYS CORP     1.22     05/31/17      TWD     1.27
EVA AIRWAYS CORP     1.22     05/31/17      TWD     1.27
EVA AIRWAYS CORP     1.22     05/31/17      TWD     1.27
EVERGREEN MARINE     1.28     04/26/17      TWD     1.18
EVERGREEN MARINE     1.28     04/26/17      TWD     1.31
EXPORT-IMPORT BAN    0.88     02/12/16      TWD     0.74
EXPORT-IMPORT BAN    0.68     06/20/16      TWD     0.68
EXPORT-IMPORT BAN    0.90     01/28/16      TWD     0.82
EXPORT-IMPORT BAN    0.80     10/16/16      TWD     0.80
EXPORT-IMPORT BAN    0.90     06/24/17      TWD     0.90
EXPORT-IMPORT BAN    1.25     05/30/17      TWD     1.25
FAR EASTERN DEPAR    1.38     09/07/15      TWD     1.16
FAR EASTERN INTER    2.05     12/23/21      TWD     2.05
FAR EASTERN INTER    2.10     11/06/20      TWD     1.81
FAR EASTERN INTER    1.95     11/10/18      TWD     1.80
FAR EASTERN INTER    2.10     09/29/17      TWD     1.47
FAR EASTERN INTER    2.98     05/18/17      TWD     2.98
FAR EASTERN INTER    1.75     06/27/19      TWD     1.70
FAR EASTERN NEW C    1.38     02/06/20      TWD     1.38
FAR EASTERN NEW C    1.47     12/04/19      TWD     1.40
FAR EASTERN NEW C    1.68     05/27/15      TWD     0.80
FAR EASTERN NEW C    1.45     12/23/18      TWD     1.44
FAR EASTERN NEW C    1.36     02/15/17      TWD     1.08
FAR EASTERN NEW C    1.59     09/16/15      TWD     0.80
FAR EASTERN NEW C    1.55     09/29/16      TWD     1.03
FAR EASTERN NEW C    1.30     11/26/17      TWD     1.21
FAR EASTERN NEW C    1.35     06/07/17      TWD     1.21
FAR EASTERN NEW C    1.47     08/21/19      TWD     1.41
FAR EASTONE TELEC    1.58     10/15/18      TWD     1.61
FAR EASTONE TELEC    1.27     12/24/17      TWD     1.16
FAR EASTONE TELEC    1.33     06/27/20      TWD     1.47
FAR EASTONE TELEC    1.58     12/24/19      TWD     1.37
FAR EASTONE TELEC    1.17     12/24/16      TWD     1.17
FAR EASTONE TELEC    1.46     10/15/17      TWD     1.38
FIRST COMMERCIAL     3.02     10/21/15      TWD     1.20
FIRST COMMERCIAL     3.10     06/23/15      TWD     2.95
FIRST COMMERCIAL     1.47     09/25/19      TWD     1.44
FIRST COMMERCIAL     1.59     09/25/22      TWD     1.56
FIRST COMMERCIAL     1.50     09/28/17      TWD     1.36
FIRST COMMERCIAL     1.72     03/30/21      TWD     1.72
FIRST COMMERCIAL     3.00     12/24/15      TWD     3.00
FIRST COMMERCIAL     1.65     03/30/18      TWD     1.26
FIRST COMMERCIAL     1.92     09/28/17      TWD     1.59
FIRST COMMERCIAL     1.65     06/24/18      TWD     1.65
FIRST COMMERCIAL     1.72     06/24/21      TWD     1.72
FIRST COMMERCIAL     3.16     12/24/17      TWD     3.16
FIRST COMMERCIAL     1.43     12/27/19      TWD     1.57
FIRST FINANCIAL H    2.25     07/22/17      TWD     1.41
FIRST FINANCIAL H    1.60     07/22/15      TWD     0.90
FORMOSA CHEMICALS    1.52     07/29/15      TWD     0.59
FORMOSA CHEMICALS    1.24     07/08/18      TWD     1.29
FORMOSA CHEMICALS    1.29     07/26/17      TWD     1.16
FORMOSA CHEMICALS    1.23     12/07/17      TWD   100.06
FORMOSA CHEMICALS    1.44     06/10/16      TWD     0.91
FORMOSA CHEMICALS    1.56     06/29/15      TWD     0.77
FORMOSA CHEMICALS    1.38     10/31/16      TWD     1.16
FORMOSA CHEMICALS    1.51     12/07/22      TWD     1.53
FORMOSA CHEMICALS    1.40     07/26/19      TWD     1.47
FORMOSA CHEMICALS    1.52     07/08/23      TWD     1.54
FORMOSA CHEMICALS    1.36     12/07/19      TWD     1.40
FORMOSA CHEMICALS    1.81     07/04/24      TWD     1.84
FORMOSA CHEMICALS    2.03     07/04/29      TWD     2.04
FORMOSA CHEMICALS    1.50     01/22/23      TWD     1.80
FORMOSA PETROCHEM    1.33     10/14/15      TWD     0.69
FORMOSA PETROCHEM    1.28     06/26/18      TWD     1.23
FORMOSA PETROCHEM    1.30     06/20/17      TWD     1.14
FORMOSA PETROCHEM    1.54     05/25/15      TWD     0.72
FORMOSA PETROCHEM    1.55     04/27/15      TWD     0.76
FORMOSA PETROCHEM    1.25     03/12/18      TWD     1.31
FORMOSA PETROCHEM    1.54     07/15/15      TWD     0.72
FORMOSA PETROCHEM    1.35     07/27/17      TWD     1.11
FORMOSA PETROCHEM    1.40     04/20/16      TWD     0.93
FORMOSA PETROCHEM    1.44     07/27/19      TWD     1.47
FORMOSA PETROCHEM    1.42     05/25/16      TWD     0.82
FORMOSA PETROCHEM    1.37     03/12/20      TWD     1.41
FORMOSA PETROCHEM    1.41     06/26/20      TWD     1.53
FORMOSA PETROCHEM    1.43     09/12/19      TWD     1.42
FORMOSA PETROCHEM    1.90     09/12/24      TWD     1.90
FORMOSA PETROCHEM    1.99     09/12/26      TWD     1.99
FORMOSA PETROCHEM    1.44     06/20/19      TWD     1.58
FORMOSA PLASTICS     1.35     12/15/16      TWD     0.93
FORMOSA PLASTICS     1.42     11/08/18      TWD     1.47
FORMOSA PLASTICS     1.53     11/05/22      TWD     1.55
FORMOSA PLASTICS     1.40     09/12/19      TWD     1.45
FORMOSA PLASTICS     1.92     05/21/26      TWD     1.94
FORMOSA PLASTICS     1.55     06/21/15      TWD     0.73
FORMOSA PLASTICS     1.28     09/12/17      TWD     1.15
FORMOSA PLASTICS     1.94     11/08/23      TWD     1.96
FORMOSA PLASTICS     1.52     06/10/23      TWD     1.54
FORMOSA PLASTICS     1.83     05/21/24      TWD     1.86
FORMOSA PLASTICS     1.26     05/22/17      TWD     1.24
FORMOSA PLASTICS     1.42     05/22/19      TWD     1.49
FORMOSA PLASTICS     1.25     11/05/17      TWD     1.23
FORMOSA PLASTICS     1.39     11/05/19      TWD     1.44
FORMOSA PLASTICS     1.34     11/16/16      TWD     0.73
FORMOSA PLASTICS     1.23     06/10/17      TWD     1.30
FUBON FINANCIAL H    1.56     08/23/15      TWD     0.85
FUBON FINANCIAL H    1.72     07/21/21      TWD     1.72
FUBON FINANCIAL H    1.42     12/18/18      TWD     1.45
FUBON FINANCIAL H    1.60     12/18/20      TWD     1.65
FUBON FINANCIAL H    2.60     01/27/17      TWD     1.32
FUBON FINANCIAL H    1.58     08/28/20      TWD     1.58
FUBON FINANCIAL H    1.45     08/15/19      TWD     1.47
FUBON FINANCIAL H    1.90     01/28/17      TWD     1.40
FUBON FINANCIAL H    2.60     01/28/17      TWD     1.46
FUBON FINANCIAL H    1.40     11/15/16      TWD     0.72
FUBON FINANCIAL H    1.45     08/28/18      TWD     1.36
FUBON FINANCIAL H    1.35     08/15/17      TWD     1.06
GOLDSUN DEVELOPME    1.40     12/25/19      TWD     1.40
GTM HOLDINGS CORP    1.30     07/24/18      TWD     1.31
HIYES INTERNATION    1.40     09/23/17      TWD     1.40
HON HAI PRECISION    1.35     12/17/16      TWD     1.07
HON HAI PRECISION    1.37     05/21/19      TWD     1.37
HON HAI PRECISION    1.43     12/27/15      TWD     0.90
HON HAI PRECISION    1.45     01/14/20      TWD     1.45
HON HAI PRECISION    1.33     01/30/18      TWD     1.20
HON HAI PRECISION    1.18     08/06/15      TWD     1.20
HON HAI PRECISION    1.45     10/08/19      TWD     1.45
HON HAI PRECISION    1.80     01/14/22      TWD     1.80
HON HAI PRECISION    1.23     03/18/17      TWD     1.12
HON HAI PRECISION    1.50     12/17/18      TWD     1.50
HON HAI PRECISION    1.17     05/21/17      TWD     1.14
HON HAI PRECISION    1.66     06/14/18      TWD     1.32
HON HAI PRECISION    1.23     01/14/18      TWD     1.23
HON HAI PRECISION    1.47     03/08/16      TWD     0.89
HON HAI PRECISION    1.43     05/23/17      TWD     1.12
HON HAI PRECISION    2.02     10/08/24      TWD     2.02
HON HAI PRECISION    2.15     10/08/26      TWD     2.15
HON HAI PRECISION    1.51     07/18/16      TWD     0.98
HON HAI PRECISION    1.40     03/18/19      TWD     1.40
HON HAI PRECISION    1.45     10/18/16      TWD     1.07
HON HAI PRECISION    1.80     10/08/21      TWD     1.80
HON HAI PRECISION    1.70     05/21/21      TWD     1.70
HON HAI PRECISION    1.85     12/17/20      TWD     1.70
HON HAI PRECISION    1.95     07/08/24      TWD     1.95
HON HAI PRECISION    1.43     06/14/16      TWD     1.25
HON HAI PRECISION    1.82     06/14/21      TWD     1.78
HON HAI PRECISION    1.35     10/11/17      TWD     1.50
HON HAI PRECISION    1.75     03/18/21      TWD     1.74
HON HAI PRECISION    2.00     03/18/24      TWD     2.00
HON HAI PRECISION    1.95     05/21/24      TWD     1.95
HON HAI PRECISION    1.70     07/08/21      TWD     1.70
HSBC BANK TAIWAN     1.40     03/10/15      TWD     0.71
HSBC BANK TAIWAN     1.48     02/05/23      TWD     1.48
HSBC BANK TAIWAN     1.25     01/31/17      TWD     1.11
HSBC BANK TAIWAN     1.40     01/31/19      TWD     1.27
HSBC BANK TAIWAN     1.23     02/05/18      TWD     1.20
HSBC BANK TAIWAN     1.55     03/10/16      TWD     0.60
HSBC BANK TAIWAN     1.34     02/05/20      TWD     1.47
HUA NAN COMMERCIA    1.43     11/06/19      TWD     1.41
HUA NAN COMMERCIA    3.10     04/18/15      TWD     0.88
HUA NAN COMMERCIA    1.98     09/26/24      TWD     1.98
HUA NAN COMMERCIA    1.65     11/23/20      TWD     1.65
HUA NAN COMMERCIA    1.85     03/28/24      TWD     1.85
HUA NAN COMMERCIA    1.63     12/06/18      TWD     1.52
HUA NAN COMMERCIA    1.83     09/26/21      TWD     1.83
HUA NAN COMMERCIA    2.60     04/24/17      TWD     2.60
HUA NAN COMMERCIA    2.60     12/29/19      TWD     2.60
HUA NAN COMMERCIA    2.45     07/16/17      TWD     1.62
HUA NAN COMMERCIA    3.20     05/16/16      TWD     3.20
HUA NAN COMMERCIA    3.08     01/16/18      TWD     3.08
HUA NAN COMMERCIA    1.55     11/06/22      TWD     1.55
HUA NAN COMMERCIA    1.83     12/19/21      TWD     1.83
HUA NAN COMMERCIA    1.98     12/19/24      TWD     1.98
HUA NAN FINANCIAL    1.55     01/21/20      TWD     1.56
HUA NAN FINANCIAL    1.23     01/21/18      TWD     1.33
HWATAI BANK LTD      2.70     11/15/19      TWD     2.70
INDUSTRIAL BANK O    1.95     05/30/20      TWD     1.85
INDUSTRIAL BANK O    1.95     03/27/21      TWD     1.94
INDUSTRIAL BANK O    2.30     10/28/18      TWD     1.80
INDUSTRIAL BANK O    1.85     08/17/19      TWD     1.83
INDUSTRIAL BANK O    1.85     06/26/21      TWD     1.85
INDUSTRIAL BANK O    3.20     12/28/16      TWD     2.24
INDUSTRIAL BANK O    2.30     08/26/18      TWD     1.59
INDUSTRIAL BANK O    3.00     04/12/17      TWD     3.00
INDUSTRIAL BANK O    1.95     09/26/21      TWD     1.95
JIH SUN INTERNATI    2.20     01/30/22      TWD     2.20
JIH SUN INTERNATI    2.18     04/30/19      TWD     2.18
KGI SECURITIES CO    1.15     03/15/15      TWD     0.72
KINDOM CONSTRUCTI    1.30     06/18/18      TWD     1.30
KINDOM CONSTRUCTI    1.60     09/26/18      TWD     1.60
KINDOM CONSTRUCTI    1.41     06/25/17      TWD     1.41
KINDOM CONSTRUCTI    1.40     12/15/16      TWD     1.28
KINDOM CONSTRUCTI    1.40     10/28/16      TWD     1.40
KINDOM CONSTRUCTI    1.55     08/28/19      TWD     1.55
LAND BANK OF TAIW    3.00     04/15/15      TWD     0.87
LAND BANK OF TAIW    1.98     12/25/24      TWD     1.98
LAND BANK OF TAIW    2.80     12/29/15      TWD     1.00
LAND BANK OF TAIW    2.00     06/29/17      TWD     1.61
LAND BANK OF TAIW    1.72     12/26/20      TWD     1.72
LAND BANK OF TAIW    1.55     12/26/22      TWD     1.55
LAND BANK OF TAIW    1.60     12/29/18      TWD     1.54
LAND BANK OF TAIW    1.53     12/15/17      TWD     1.38
LAND BANK OF TAIW    1.50     06/26/19      TWD     1.45
LAND BANK OF TAIW    1.43     10/22/19      TWD     1.43
LAND BANK OF TAIW    1.64     10/20/18      TWD     1.42
LAND BANK OF TAIW    1.55     04/13/19      TWD     1.60
LAND BANK OF TAIW    1.43     12/26/19      TWD     1.47
MAI-LIAO POWER CO    1.25     12/19/17      TWD     1.25
MAYWUFA CO LTD       1.43     07/17/19      TWD     1.43
MEGA FINANCIAL HO    3.26     12/26/15      TWD     1.46
MEGA INTERNATIONA    1.65     06/24/21      TWD     1.64
MEGA INTERNATIONA    1.53     12/24/17      TWD     1.36
MEGA INTERNATIONA    2.90     03/20/15      TWD     2.90
MEGA INTERNATIONA    1.48     05/18/19      TWD     1.48
MEGA INTERNATIONA    3.00     09/29/15      TWD     0.95
MEGA INTERNATIONA    1.65     04/15/18      TWD     1.40
MEGA INTERNATIONA    3.00     12/23/15      TWD     1.18
MEGA INTERNATIONA    3.10     06/26/15      TWD     0.90
MEGA INTERNATIONA    1.70     03/28/21      TWD     1.70
MEGA INTERNATIONA    1.62     11/24/18      TWD     1.38
NAN YA PLASTICS C    1.56     06/25/15      TWD     0.90
NAN YA PLASTICS C    1.45     08/05/18      TWD     1.24
NAN YA PLASTICS C    1.36     07/04/17      TWD     1.15
NAN YA PLASTICS C    1.37     09/07/19      TWD     1.33
NAN YA PLASTICS C    1.35     11/07/16      TWD     1.00
NAN YA PLASTICS C    1.36     02/25/20      TWD     1.51
NAN YA PLASTICS C    1.25     09/07/17      TWD     1.17
NAN YA PLASTICS C    1.56     08/30/15      TWD     0.68
NAN YA PLASTICS C    1.50     02/25/23      TWD     1.52
NAN YA PLASTICS C    2.08     12/18/25      TWD     2.10
NAN YA PLASTICS C    2.04     06/24/29      TWD     2.04
NAN YA PLASTICS C    1.98     12/18/23      TWD     1.94
NAN YA PLASTICS C    1.40     08/05/17      TWD     1.21
NAN YA PLASTICS C    1.55     08/05/20      TWD     1.54
NAN YA PLASTICS C    1.45     07/04/19      TWD     1.38
NAN YA PLASTICS C    1.93     11/11/24      TWD     1.93
NAN YA PLASTICS C    1.45     11/11/19      TWD     1.45
PACIFIC CONSTRUCT    1.50     05/06/16      TWD     1.50
PRINCE HOUSING &     1.55     11/21/18      TWD     1.55
PRINCE HOUSING &     1.33     07/12/17      TWD     1.33
RUN LONG CONSTRUC    1.70     05/07/19      TWD     1.37
RUN LONG CONSTRUC    1.60     08/01/19      TWD     1.37
SAN FAR PROPERTY     1.55     10/23/18      TWD     1.58
SHANGHAI COMMERCI    3.05     12/26/15      TWD     3.05
SHANGHAI COMMERCI    1.83     11/25/21      TWD     1.83
SHANGHAI COMMERCI    1.70     03/25/21      TWD     1.65
SHANGHAI COMMERCI    1.50     12/15/17      TWD     1.50
SHANGHAI COMMERCI    3.15     06/10/15      TWD     0.90
SHANGHAI COMMERCI    1.54     05/22/19      TWD     1.60
SHANGHAI COMMERCI    1.43     11/15/19      TWD     1.43
SHANGHAI COMMERCI    1.55     11/15/22      TWD     1.55
SHANGHAI COMMERCI    1.85     03/25/24      TWD     1.85
SHANGHAI COMMERCI    1.48     04/10/19      TWD     1.45
SHANGHAI COMMERCI    1.43     12/27/19      TWD     1.57
SHIHLIN DEVELOPME    1.60     07/31/19      TWD     1.33
SHIN KONG FINANCI    3.65     09/29/15      TWD     0.96
SHINING BUILDING     1.60     11/10/17      TWD     1.60
SINYI REALTY INC     1.48     06/27/19      TWD     1.48
SOLAR APPLIED MAT    1.75     11/10/15      TWD     1.80
SUNNY BANK LTD       2.45     12/30/21      TWD     2.45
SUNNY BANK LTD       2.35     08/26/21      TWD     2.35
SUNNY BANK LTD       3.25     10/29/17      TWD     3.25
SUNNY BANK LTD       2.35     03/31/21      TWD     2.35
SUNNY BANK LTD       2.45     04/30/20      TWD     2.45
SUNNY BANK LTD       3.25     04/30/17      TWD     3.25
SUNNY BANK LTD       2.85     06/27/18      TWD     2.85
SUNNY BANK LTD       2.45     05/30/19      TWD     2.45
TA CHONG BANK LTD    2.05     03/21/21      TWD     2.05
TA CHONG BANK LTD    2.00     11/19/21      TWD     2.00
TA CHONG BANK LTD    2.15     03/30/19      TWD     2.15
TA CHONG BANK LTD    3.25     01/05/17      TWD     3.25
TA CHONG BANK LTD    3.50     02/26/17      TWD     3.50
TA CHONG BANK LTD    3.00     03/09/18      TWD     1.92
TA CHONG BANK LTD    3.75     03/05/17      TWD     3.75
TA CHONG BANK LTD    2.05     06/22/19      TWD     2.05
TA CHONG BANK LTD    2.00     09/26/21      TWD     2.00
TA CHONG BANK LTD    1.90     12/27/19      TWD     1.90
TAIPEI FUBON COMM    1.60     05/20/15      TWD     1.14
TAIPEI FUBON COMM    1.60     03/01/15      TWD     0.70
TAIPEI FUBON COMM    1.50     11/15/17      TWD     1.38
TAIPEI FUBON COMM    1.70     05/20/17      TWD     1.70
TAIPEI FUBON COMM    1.95     08/20/17      TWD     1.60
TAIPEI FUBON COMM    3.05     03/28/15      TWD     3.05
TAIPEI FUBON COMM    2.20     01/25/17      TWD     1.14
TAIPEI FUBON COMM    3.14     06/20/15      TWD     3.15
TAIPEI FUBON COMM    1.65     12/01/18      TWD     1.46
TAIPEI FUBON COMM    1.85     05/15/24      TWD     1.85
TAIPEI FUBON COMM    2.20     12/22/16      TWD     1.17
TAIPEI FUBON COMM    1.70     08/05/18      TWD     1.45
TAIPEI FUBON COMM    1.68     05/25/22      TWD     1.83
TAIPEI FUBON COMM    2.50     01/25/20      TWD     2.50
TAIPEI FUBON COMM    1.80     03/01/17      TWD     1.48
TAIPEI FUBON COMM    1.70     08/01/23      TWD     1.70
TAIPEI FUBON COMM    1.48     04/05/19      TWD     1.48
TAIPEI FUBON COMM    1.98     09/25/24      TWD     1.98
TAIPEI FUBON COMM    1.55     10/15/20      TWD     1.55
TAIPEI FUBON COMM    2.30     01/29/17      TWD     2.30
TAIPEI FUBON COMM    2.50     03/02/20      TWD     2.50
TAIPEI FUBON COMM    2.05     08/20/20      TWD     2.05
TAIPEI FUBON COMM    3.09     05/30/15      TWD     3.10
TAIPEI FUBON COMM    1.65     03/18/18      TWD     1.65
TAIPEI FUBON COMM    1.52     08/01/20      TWD     1.52
TAIPEI FUBON COMM    1.70     05/15/21      TWD     1.70
TAISHIN FINANCIAL    2.30     12/17/17      TWD     1.65
TAISHIN FINANCIAL    2.20     08/05/18      TWD     1.61
TAISHIN FINANCIAL    2.20     10/05/18      TWD     2.20
TAISHIN FINANCIAL    2.00     05/15/19      TWD     1.85
TAISHIN INTERNATI    1.95     05/16/24      TWD     1.95
TAISHIN INTERNATI    2.65     04/12/17      TWD     2.65
TAISHIN INTERNATI    1.53     12/14/19      TWD     1.53
TAISHIN INTERNATI    1.65     10/19/22      TWD     1.65
TAISHIN INTERNATI    1.53     10/19/19      TWD     1.53
TAISHIN INTERNATI    1.65     12/14/22      TWD     1.65
TAIWAN ACCEPTANCE    1.25     10/17/17      TWD     1.25
TAIWAN ACCEPTANCE    1.12     06/20/17      TWD     1.16
TAIWAN BUSINESS B    1.92     09/02/17      TWD     1.45
TAIWAN BUSINESS B    1.92     11/25/20      TWD     1.82
TAIWAN BUSINESS B    1.68     03/25/20      TWD     1.71
TAIWAN BUSINESS B    2.50     12/18/16      TWD     1.36
TAIWAN BUSINESS B    2.32     03/05/17      TWD     2.32
TAIWAN BUSINESS B    2.35     08/27/15      TWD     1.98
TAIWAN COOPERATIV    1.85     05/26/24      TWD     1.85
TAIWAN COOPERATIV    1.70     07/28/18      TWD     1.41
TAIWAN COOPERATIV    1.55     12/25/22      TWD     1.55
TAIWAN COOPERATIV    1.45     10/25/17      TWD     1.28
TAIWAN COOPERATIV    1.70     05/26/21      TWD     1.70
TAIWAN COOPERATIV    3.00     05/28/15      TWD     0.89
TAIWAN COOPERATIV    1.65     06/28/22      TWD     1.60
TAIWAN COOPERATIV    1.48     03/28/20      TWD     1.58
TAIWAN COOPERATIV    1.72     12/25/20      TWD     1.72
TAIWAN COOPERATIV    1.43     12/25/19      TWD     1.43
TAIWAN LAND DEVEL    1.36     04/25/17      TWD     1.36
TAIWAN MOBILE CO     1.29     04/25/18      TWD     1.21
TAIWAN MOBILE CO     1.34     12/20/19      TWD     1.44
TAIWAN POWER CO      1.37     08/20/15      TWD     0.63
TAIWAN POWER CO      1.10     03/18/17      TWD     1.05
TAIWAN POWER CO      1.10     05/30/17      TWD     1.04
TAIWAN POWER CO      1.24     11/21/16      TWD     0.85
TAIWAN POWER CO      1.30     06/17/18      TWD     1.20
TAIWAN POWER CO      1.38     06/01/15      TWD     0.70
TAIWAN POWER CO      1.40     03/17/19      TWD     1.36
TAIWAN POWER CO      1.32     12/19/16      TWD     0.92
TAIWAN POWER CO      1.55     11/20/16      TWD     0.90
TAIWAN POWER CO      1.33     06/28/16      TWD     0.90
TAIWAN POWER CO      1.28     05/06/18      TWD     1.30
TAIWAN POWER CO      1.38     04/21/15      TWD     0.54
TAIWAN POWER CO      1.39     07/21/15      TWD     0.56
TAIWAN POWER CO      1.64     06/28/21      TWD     1.52
TAIWAN POWER CO      1.87     04/28/16      TWD     0.89
TAIWAN POWER CO      1.35     09/26/16      TWD     0.89
TAIWAN POWER CO      1.49     08/15/22      TWD     1.84
TAIWAN POWER CO      1.95     10/22/19      TWD     1.40
TAIWAN POWER CO      1.78     11/20/19      TWD     1.36
TAIWAN POWER CO      2.15     12/28/19      TWD     1.42
TAIWAN POWER CO      1.10     12/15/17      TWD     1.10
TAIWAN POWER CO      1.23     12/27/16      TWD     0.95
TAIWAN POWER CO      1.50     11/22/18      TWD     1.28
TAIWAN POWER CO      1.77     10/16/21      TWD     1.77
TAIWAN POWER CO      2.62     11/25/15      TWD     0.63
TAIWAN POWER CO      2.75     04/18/15      TWD     0.51
TAIWAN POWER CO      1.48     11/21/18      TWD     1.32
TAIWAN POWER CO      1.39     08/16/19      TWD     1.42
TAIWAN POWER CO      1.64     08/20/17      TWD     1.10
TAIWAN POWER CO      2.84     04/18/18      TWD     1.25
TAIWAN POWER CO      1.39     05/06/20      TWD     1.46
TAIWAN POWER CO      1.65     07/19/17      TWD     1.10
TAIWAN POWER CO      1.99     10/16/24      TWD     1.99
TAIWAN POWER CO      1.45     06/17/20      TWD     1.55
TAIWAN POWER CO      1.29     06/15/17      TWD     0.94
TAIWAN POWER CO      1.46     12/15/19      TWD     1.43
TAIWAN POWER CO      1.40     05/30/19      TWD     1.42
TAIWAN POWER CO      1.75     06/01/17      TWD     1.10
TAIWAN POWER CO      1.75     04/23/17      TWD     1.20
TAIWAN POWER CO      2.02     12/15/24      TWD     2.02
TAIWAN POWER CO      1.60     12/15/20      TWD     1.52
TAIWAN POWER CO      1.47     09/23/17      TWD     1.08
TAIWAN POWER CO      1.71     08/23/20      TWD     1.56
TAIWAN POWER CO      1.65     07/19/18      TWD     1.25
TAIWAN POWER CO      1.95     12/30/23      TWD     1.88
TAIWAN POWER CO      1.23     04/23/17      TWD     1.44
TAIWAN POWER CO      1.37     04/23/19      TWD     1.50
TAIWAN POWER CO      1.75     05/30/21      TWD     1.69
TAIWAN POWER CO      2.99     09/17/15      TWD     0.65
TAIWAN POWER CO      1.64     09/21/20      TWD     1.61
TAIWAN POWER CO      1.43     10/31/22      TWD     1.42
TAIWAN POWER CO      1.53     05/03/23      TWD     1.96
TAIWAN POWER CO      1.30     11/17/16      TWD     0.98
TAIWAN POWER CO      1.77     12/17/21      TWD     1.77
TAIWAN POWER CO      1.46     12/17/17      TWD     1.02
TAIWAN POWER CO      1.55     06/28/18      TWD     1.23
TAIWAN POWER CO      2.74     06/16/15      TWD     0.53
TAIWAN POWER CO      1.85     04/22/20      TWD     1.50
TAIWAN POWER CO      1.65     10/20/21      TWD     1.57
TAIWAN POWER CO      1.79     07/21/20      TWD     1.48
TAIWAN POWER CO      1.10     10/16/17      TWD     1.10
TAIWAN POWER CO      1.42     10/16/19      TWD     1.42
TAIWAN POWER CO      1.58     12/21/21      TWD     1.41
TAIWAN POWER CO      1.55     07/22/20      TWD     1.42
TAIWAN POWER CO      2.85     11/04/15      TWD     0.60
TAIWAN POWER CO      2.99     07/21/15      TWD     0.58
TAIWAN POWER CO      1.27     11/30/19      TWD     1.43
TAIWAN POWER CO      1.41     11/28/22      TWD     1.41
TAIWAN POWER CO      1.31     10/31/19      TWD     1.44
TAIWAN POWER CO      1.83     06/01/20      TWD     1.43
TAIWAN POWER CO      1.75     07/21/21      TWD     1.67
TAIWAN POWER CO      1.51     10/21/18      TWD     1.29
TAIWAN POWER CO      1.60     04/22/18      TWD     1.36
TAIWAN POWER CO      1.69     04/22/21      TWD     1.50
TAIWAN POWER CO      2.35     12/30/18      TWD     1.27
TAIWAN POWER CO      1.46     12/30/18      TWD     1.35
TAIWAN POWER CO      1.94     11/22/23      TWD     1.89
TAIWAN POWER CO      1.75     07/23/23      TWD     1.76
TAIWAN POWER CO      1.75     12/30/20      TWD     1.66
TAIWAN POWER CO      1.43     06/15/19      TWD     1.41
TAIWAN POWER CO      1.52     06/15/22      TWD     1.52
TAIWAN POWER CO      1.50     04/24/22      TWD     1.75
TAIWAN POWER CO      1.98     07/21/24      TWD     1.99
TAIWAN POWER CO      1.42     07/21/19      TWD     1.44
TAIWAN POWER CO      1.39     12/26/22      TWD     1.49
TAIWAN POWER CO      1.74     03/17/21      TWD     1.74
TAIWAN POWER CO      1.92     03/17/24      TWD     1.93
TAIWAN POWER CO      1.95     05/28/24      TWD     1.96
TAIWAN SEMICONDUC    1.50     07/16/20      TWD     1.40
TAIWAN SEMICONDUC    1.40     09/28/16      TWD     0.81
TAIWAN SEMICONDUC    1.23     02/06/18      TWD     1.11
TAIWAN SEMICONDUC    1.23     01/04/18      TWD     1.11
TAIWAN SEMICONDUC    1.35     01/04/20      TWD     1.37
TAIWAN SEMICONDUC    1.63     09/28/18      TWD   101.63
TAIWAN SEMICONDUC    1.28     09/26/17      TWD   100.60
TAIWAN SEMICONDUC    1.29     01/11/17      TWD     1.05
TAIWAN SEMICONDUC    1.28     08/02/17      TWD     1.06
TAIWAN SEMICONDUC    2.10     09/25/23      TWD     2.03
TAIWAN SEMICONDUC    1.35     09/25/16      TWD     1.38
TAIWAN SEMICONDUC    1.45     09/25/17      TWD     1.47
TAIWAN SEMICONDUC    1.50     02/06/23      TWD     1.91
TAIWAN SEMICONDUC    1.53     10/09/22      TWD     1.53
TAIWAN SEMICONDUC    1.46     01/11/19      TWD     1.46
TAIWAN SEMICONDUC    1.34     08/09/17      TWD     1.34
TAIWAN SEMICONDUC    1.52     08/09/19      TWD     1.52
TAIWAN SHIN KONG     2.50     12/18/16      TWD     1.45
TAIWAN SHIN KONG     2.10     12/15/24      TWD     2.10
TAIWAN SHIN KONG     1.85     03/30/18      TWD     1.85
TAIWAN SHIN KONG     1.95     09/26/21      TWD     1.55
TAIWAN SHIN KONG     1.80     09/26/18      TWD     1.80
TAIWAN SHIN KONG     1.51     12/28/19      TWD     1.51
TAIWAN SHIN KONG     1.63     12/28/22      TWD     1.63
TONG YANG INDUSTR    1.35     01/28/20      TWD     1.35
TONG YANG INDUSTR    1.35     01/28/20      TWD     1.35
TONG YANG INDUSTR    1.35     01/28/20      TWD     1.35
U-MING MARINE TRA    1.32     08/22/17      TWD     1.32
UNION BANK OF TAI    2.32     03/01/19      TWD     2.32
UNION BANK OF TAI    2.78     06/15/18      TWD     2.78
UNION BANK OF TAI    2.10     12/19/20      TWD     2.10
UNI-PRESIDENT ENT    1.57     06/25/15      TWD     0.90
UNI-PRESIDENT ENT    1.28     10/29/17      TWD     1.20
UNI-PRESIDENT ENT    1.23     10/27/15      TWD     1.28
UNI-PRESIDENT ENT    1.39     02/18/19      TWD     1.41
UNI-PRESIDENT ENT    1.35     06/18/17      TWD     1.11
UNI-PRESIDENT ENT    1.29     06/23/19      TWD     1.34
UNI-PRESIDENT ENT    1.43     06/17/16      TWD     1.01
UNI-PRESIDENT ENT    1.62     06/23/21      TWD     1.58
UNI-PRESIDENT ENT    1.22     02/26/18      TWD     1.17
UNI-PRESIDENT ENT    1.78     06/23/24      TWD     1.81
UNI-PRESIDENT ENT    1.39     10/29/19      TWD     1.53
UNITED MICROELECT    1.35     03/15/18      TWD   100.36
UNITED MICROELECT    1.43     06/07/17      TWD     1.20
UNITED MICROELECT    1.50     03/15/20      TWD     1.58
UNITED MICROELECT    1.95     06/18/24      TWD     1.95
UNITED MICROELECT    1.63     06/07/19      TWD     1.50
UNITED MICROELECT    1.70     06/18/21      TWD     1.71
USI CORP             1.55     06/24/16      TWD     1.34
WAN HAI LINES LTD    1.65     08/14/19      TWD     1.65
WAN HAI LINES LTD    1.95     08/14/21      TWD     1.95
WAN HAI LINES LTD    1.65     06/22/16      TWD     1.25
WAN HAI LINES LTD    1.85     06/24/18      TWD     1.55
YANG MING MARINE     2.20     11/01/18      TWD     1.90
YANG MING MARINE     1.42     05/20/15      TWD     1.45
YANG MING MARINE     2.45     11/01/20      TWD     2.45
YANG MING MARINE     1.30     12/27/16      TWD     1.16
YANG MING MARINE     1.30     12/27/16      TWD     1.15
YANG MING MARINE     1.42     05/20/15      TWD     1.35
YANG MING MARINE     1.42     05/20/15      TWD     1.23
YANG MING MARINE     1.42     05/20/15      TWD     1.42
YANG MING MARINE     1.42     05/20/15      TWD     1.46
YANG MING MARINE     1.42     05/20/15      TWD     1.31
YANG MING MARINE     1.42     05/20/15      TWD     1.31
YANG MING MARINE     1.42     05/20/15      TWD     1.38
YANG MING MARINE     1.30     12/27/16      TWD     1.34
YANG MING MARINE     1.30     12/27/16      TWD     1.26
YANG MING MARINE     1.30     12/27/16      TWD     1.14
YANG MING MARINE     1.30     12/27/16      TWD     1.11
YANG MING MARINE     1.30     12/27/16      TWD     1.15
YANG MING MARINE     1.30     12/27/16      TWD     1.05
YFY INC              1.40     06/28/15      TWD     0.95
YFY INC              1.40     06/28/15      TWD     1.40
YUAN DING INVESTM    1.35     05/26/19      TWD     1.43
YUAN DING INVESTM    1.25     08/06/15      TWD     1.30
YUAN DING INVESTM    1.40     08/06/17      TWD     1.20
YUAN DING INVESTM    1.62     07/19/15      TWD     1.45
YUAN DING INVESTM    1.50     07/20/16      TWD     1.27
YUAN DING INVESTM    1.35     11/25/16      TWD     1.14
YUAN DING INVESTM    1.45     12/15/16      TWD     1.40
YUANTA COMMERCIAL    2.00     09/04/24      TWD     2.00
YUANTA COMMERCIAL    2.30     06/10/17      TWD     1.38
YUANTA COMMERCIAL    1.95     10/27/21      TWD     1.95
YUANTA COMMERCIAL    1.80     10/27/18      TWD     1.80
YUANTA COMMERCIAL    1.75     06/27/18      TWD     1.53
YUANTA COMMERCIAL    1.85     08/22/18      TWD     1.55
YUANTA COMMERCIAL    1.80     09/04/21      TWD     1.80
YUANTA COMMERCIAL    1.85     10/29/21      TWD     1.85
YUANTA FINANCIAL     1.50     06/29/16      TWD     1.15



                             *********

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 2015.  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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