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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, December 8, 2015, Vol. 18, No. 242


                            Headlines


A U S T R A L I A

ADVANCED ALGAL: First Creditors' Meeting Slated For Dec. 14
AGCOR BUSINESS: First Creditors' Meeting Set For Dec. 14
CONSOLIDATED MINERALS: S&P Lowers CCR to 'CCC+'; Outlook Negative
GAP CONSTRUCTIONS: First Creditors' Meeting Set For Dec. 11
MIDLAND HWY: To Be Wound Up Following ASIC Action

NEWLINE PLANT: First Creditors' Meeting Set For Dec. 14
OCTAVIAR: Liquidators Settle Suit v. Fortress for AUD10 Million
PAULDING CONSTRUCTIONS: Director Banned Over Firm's Liquidation
SAPPHIRE (SA): ASIC Accepts EU From South Australian Liquidator


C H I N A

AOXING PHARMACEUTICAL: Wilfred Chow Quits as CFO
CHINA CONSTRUCTION: Moody's Assigns Ba2 Rating on Tier 1 Shares
CHINA CONSTRUCTION: S&P Assigns 'BB' Issue Rating to T1 Shares
EVERGRANDE REAL: Moody's to Retain B1 CFR on Asset Acquisitions
GENERAL STEEL: Fails to Company with NYSE Listing Standard

GOLDEN WHEEL: Moody's Says Bond Issuance Won't Affect B2 CFR
TIANYIN PHARMA: Receives NYSE MKT Listing Non-Compliance Notice


I N D I A

A K LUMBERS: CRISIL Cuts Rating on INR45MM Loan to 'B'
ABIRAMI ELECTRONICS: CRISIL Suspends B+ Rating on INR53MM Loan
BIDESH PLYWOOD: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
BUSTHAN AL: CRISIL Assigns B- Rating to INR50MM Term Loan
EMERALD ALCHYMICUS: ICRA Lowers Rating on INR7.5cr Loan to D

GANPATI MINETECH: CRISIL Assigns B+ Rating to INR62.5MM LT Loan
GLOBAL FARM: CRISIL Reaffirms B Rating on INR157MM Term Loan
GURU GOBIND: CRISIL Ups Rating on INR80MM LT Loan to B-
HANSRAJ AGROFRESH: CRISIL Assigns B+ Rating to INR34.6MM LT Loan
HARI HARA: ICRA Lowers Rating on INR8cr Cash Loan to B+

HEENA ENTERPRISES: CRISIL Reaffirms B+ Rating on INR120MM Loan
HIND HYDRAULICS: CRISIL Ups Rating on INR98.9MM LT Loan to B+
J H V SUGAR: CRISIL Suspends B- Rating on INR500MM Cash Loan
JAI SHIV: ICRA Reaffirms 'B' Rating on INR15.50cr LT Loan
MAHATEJA RICE: ICRA Suspends B+/A4 Ratings on INR19cr Bank Loan

MANASA QUALITY: CRISIL Reaffirms 'B+' Rating on INR450MM Loan
NARAIN PRINTERS: CRISIL Assigns B- Rating to INR62.7MM Term Loan
PATEL OSWAL: ICRA Lowers Rating on INR12cr Cash Loan to D
PICASSO HOME: CRISIL Reaffirms B Rating on INR32.5MM LT Loan
PREMIER CARWORLD: CRISIL Ups Rating on INR375MM Cash Loan to B+

PUNJAB LIGHTING: CRISIL Suspends B+ Rating on INR120MM Cash Loan
RAJ RATAN: ICRA Assigns B/A4 Rating to INR18.5cr Loan
RAJSHREE SUGARS: ICRA Lowers Rating on INR388.13cr Loan to D
RKB GLOBAL: CRISIL Cuts Rating on INR325MM Cash Loan to B+
SCC BUILDERS: CRISIL Cuts Rating on INR535MM Term Loan to 'C'

SHAKTI BREEDING: CRISIL Assigns B+ Rating to INR54.7MM Loan
SHANKU'S BIOSCIENCES: ICRA Ups Rating on INR4.80cr Loan to B+
SHYAM ENTERPRISES: CRISIL Reaffirms B+ Rating on INR228MM Loan
SIDDHARTHA CONSTRUCTION: ICRA Assigns B+ Rating to INR2cr Loan
SRIMANNARAYANA RICE: ICRA Suspends B+ Rating on INR12cr Loan

SRI SIVA: ICRA Suspends B+ Rating on INR5.75cr Bank Loan
TRIDENT INFRA: CRISIL Assigns B+ Rating to INR400MM Term Loan
UNIVERSAL POLYMERS: CRISIL Suspends B Rating on INR20MM Loan
VEERAL CONTROLS: CRISIL Reaffirms B+ Rating on INR40MM Loan


J A P A N

TOSHIBA CORP: Looking to Merge PC Business With Vaio and Fujitsu


N E W  Z E A L A N D

PANAMA ROAD: Springpark Developer Placed in Receivership
PENINSULA ROAD: Asian Investors Lose Legal Bid


S O U T H  K O R E A

DAEWOO SHIPBUILDING: To Repay Maturing Debts as Scheduled
POSCO: Subsidiary Goes Bankrupt


X X X X X X X X

* BOND PRICING: For the Week Nov. 30 to Dec. 4, 2015


                            - - - - -


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


ADVANCED ALGAL: First Creditors' Meeting Slated For Dec. 14
-----------------------------------------------------------
Mitchell Warren Ball of BPS Recovery was appointed as
administrators of Advanced Algal Technologies Limited on Dec. 2,
2015.

A first meeting of the creditors of the Company will be held at
Level 18, 201 Kent Street, in Sydney, on Dec. 14, 2015, at
11:00 a.m.


AGCOR BUSINESS: First Creditors' Meeting Set For Dec. 14
--------------------------------------------------------
Paul Burness and Ivan Glavas of Worrells Solvency and Forensic
Accountants were appointed as administrators of Agcor Business
Consulting Pty Ltd on Dec. 2, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency and Forensic Accountants, Level 15, 114 William
Street, in Melbourne, Victoria, on Dec. 14, 2015, at 2:30 p.m.


CONSOLIDATED MINERALS: S&P Lowers CCR to 'CCC+'; Outlook Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on manganese ore miner
Consolidated Minerals Ltd. (Jersey) (ConsMin) to 'CCC+' from
'B-'. The outlook is negative.

At the same time, S&P lowered its issue rating on the company's
$400 million senior secured notes due 2020 to 'CCC+' from 'B-'.
The recovery rating on these notes remains at '4', indicating
S&P's expectation of recovery in the lower half of the 30%-50%
range.

The downgrade reflects continued pricing pressure on manganese ore
and subsequent deterioration in EBITDA and free cash flows S&P
expects at ConsMin in future quarters.  S&P do not anticipate at
this stage that prices will recover significantly in the short
term, given structural market oversupply.  Therefore, S&P
currently views ConsMin as vulnerable and dependent upon market
developments to meet its future financial commitments, although it
has a fairly long ended maturity profile.  S&P views liquidity as
less than adequate, despite the company's existing cash pile,
owing to the volatility of cash flows and what S&P sees as no
alternative sources of liquidity.

S&P has again cut its EBITDA forecast for 2015 to about
$35 million-$45 million, from $65 million previously.  This
translates adjusted debt to EBITDA above 10x, which S&P views as
unsustainable.  In S&P's base case, it takes into account the
deterioration of manganese ore prices realized, averaging $3.3 per
dry metric ton unit (dmtu) in the third quarter, from $4.65/dmtu
early 2015.  Further, market prices (high grade 44% ore price
including cost, insurance, and freight [CIF]) dropped again to
about $2.4/dmtu or below for December deliveries.  This continues
to reflect the slowdown in the Chinese steel industry, largely
oversupplied markets, intense competition on market shares and
prices(including from South African players), and in S&P's view no
structural capacity rationalization envisaged in the near future.
S&P do not expect a rebound in prices in the near term, although
most industry players are currently loss-making and production
cuts are inevitable.

Production and shipments from ConsMin's Australian mines have also
dropped materially, because the company is transitioning
extraction to new mines with higher stripping ratios and inherent
execution risks.  This was not fully compensated by shipments from
Ghana, although key Chinese customer Ningxia Tianyuan Manganese
Industry (TMI) placed new orders.  A high stripping ratio in the
second half of 2015 will weigh on C1 cash costs that are not fully
compensated by foreign exchange benefits under S&P's base case.
(C1 cash cost is defined by the company as a measure of average
unit cost.  The C1 unit cash cost represents the cash cost
incurred at each processing stage from mining through to ship
loading, excluding government royalties, divided by the total dry
metric ton units of manganese produced).

The company had what we see as a reasonable cash balance on
Sept. 30, 2015, including the recent $51 million cash inflow from
TMI in the second quarter.  Excluding this one-off item and under
S&P's revised base case, it expects free operating cash flow to
turn materially negative in the fourth quarter and in early 2016.
ConsMin continues to keep capital expenditures at the minimum
level, while working capital needs may increase as it builds
inventory.

The negative outlook reflects S&P's view that ConsMin's liquidity
is likely to come under severe pressure from the company's
progressive operating cash burn, unless manganese ore prices
recover.

S&P will likely lower the rating in the coming six-12 months if
prices do not recover to the extent that the company can quench
the current cash burn, the pace of which is mostly determined by
price levels, volume offtake, and working capital consumption.

S&P would most likely revise the outlook to stable if there were a
material rebound in manganese ore prices, so that ConsMin's free
cash flow generation recovered to positive or neutral.


GAP CONSTRUCTIONS: First Creditors' Meeting Set For Dec. 11
-----------------------------------------------------------
Geoffrey Trent Hancock and Paul Gerard Weston of Pitcher Partners
Sydney were appointed as administrators of Gap Constructions Pty
Limited on Dec. 2, 2015.

A first meeting of the creditors of the Company will be held at
Pitcher Partners Sydney, Level 22 MLC Centre, 19 Martin Place, in
Sydney, on Dec. 11, 2015, at 10:30 a.m.


MIDLAND HWY: To Be Wound Up Following ASIC Action
-------------------------------------------------
The Federal Court of Australia has made orders to set aside a
resolution made by creditors of Midland Hwy Pty Ltd on Oct. 21,
2015, to enter into a deed of company arrangement (DOCA) and for
Midland Hwy to be wound up. The DOCA had been proposed by Bilkurra
Investments Pty Ltd.

Nicholas Martin and Craig Crosbie of PPB Advisory have been
appointed as the liquidators of Midland Hwy.

ASIC sought the wind-up orders as it considered it in the public
interest for a proper investigation into the affairs of Midland
Hwy to be conducted by independent liquidators.

In his judgment, his Honour Justice Beach found that the public
interest required the winding up of Midland HWY, "particularly
where there is no intention for any part of the business of
Midland to be salvaged".

His Honour said: 'There is nothing concerning Bilkurra's financial
position or status that would give me or the option holders any
confidence that the project will proceed to completion.  Moreover,
the project appears to now be in the hands of entities and persons
implicated in the very transactions under which AUD24 million of
option holders' funds have been siphoned off in shadowy
circumstances and through the use of phantom like corporate
structures.'

ASIC Commissioner Greg Tanzer said that: 'This outcome
demonstrates ASIC's commitment to ensuring that  DOCA arrangements
proposed to be entered into under the Act are not used as a means
to avoid proper investigation and scrutiny by independent
persons.'

Midland Hwy was the developer of a land banking scheme known as
'Hermitage Bendigo' (formerly 'Acacia Banks'), located just
outside of Bendigo, Victoria and was put into administration on 2
July 2015. At the second creditors' meeting of Midland Hwy held on
21 October 2015, creditors voted in favor of the DOCA despite the
Administrators recommending the company be put into liquidation.

ASIC commenced proceedings in the Federal Court to set aside the
DOCA on Oct. 23, 2015.

ASIC's proceedings are part of ASIC's wider and ongoing
investigation into land banking schemes.

ASIC previously resolved proceedings against Midland Hwy to remove
Mr David Anthony Ross and Mr Richard Albarran of Hall Chadwick as
the administrators.


NEWLINE PLANT: First Creditors' Meeting Set For Dec. 14
-------------------------------------------------------
Anne-Marie Barley of WRA Insolvency was appointed as administrator
of Newline Plant Hire Pty Ltd on Dec. 3, 2015.

A first meeting of the creditors of the Company will be held at
WRA Insolvency, 185 Kelvin Grove Road, in Kelvin Grove,
Queensland, on Dec. 14, 2015, at 10:30 a.m.


OCTAVIAR: Liquidators Settle Suit v. Fortress for AUD10 Million
---------------------------------------------------------------
Ben Butler at The Australian reports that liquidators of failed
Gold Coast finance group Octaviar, formerly known as MFS, have
quietly settled long-running legal claims against US vulture fund
Fortress with a face value of AUD340 million for just AUD10
million.

The Australian says the settlement came as the liquidation entered
its seventh year, with fees charged by liquidators
Kate Barnett and Bill Fletcher of Bentleys reaching AUD23 million
amid hard-fought court battles over where blame for the collapse
lay and who should pay.

Octaviar, which once boasted former Liberal leader Andrew Peacock
as chairman, collapsed after a debt-fuelled buying spree in the
run-up to the global financial crisis left it owing creditors more
than AUD2.5 billion, including Fortress.

Its directors put Octaviar into administration in September 2008
and Mr Fletcher was appointed liquidator a year later.

The following month the Australian Securities & Investments
Commission launched legal action alleging breach of duties to
investors by five former Octaviar executives: chief executive
Michael King, deputy chief executive Craig White, investment chief
Guy Hutchings, chief financial officer David Anderson and fund
manager Marilyn Watts, The Australian relates.

According to the report, ASIC's case went to trial last September
and is now awaiting judgment from the Queensland Supreme Court.

In September, Mr White, Mr Anderson and two other directors of
Kiwi spin-off OPI Pacific Finance were sentenced to community
service in New Zealand after pleading guilty to criminal charges
brought by the country's Financial Markets Authority, the report
recalls.

At the centre of the ASIC and Bentleys' lawsuits are large
payments from Octaviar to Fortress in the months before the
collapse, allegedly to the detriment of other creditors, the
report says.

The Australian notes that Fortress was first sued for AUD40
million by special purpose liquidator David Kerr, who alleged that
a AUD35 million payment to it was made when Octaviar was
insolvent. That case was settled in May by Fortress paying
Octaviar AUD12.5 million.

In 2012, Bentleys launched a far more ambitious lawsuit, claiming
more than AUD300 million from Fortress.

According to The Australian, the liquidators told the Queensland
Supreme Court that Fortress knew or ought to have known Octaviar
was insolvent when it accepted a AUD190 million repayment in
February 2008, and also sought to claw back AUD20 million paid in
December 2008 after the company had gone into administration. The
repayments were funded from the sale of Octaviar's tourism
business Stella, to private equity group CVC.

The Australian recalls that the Bentleys' lawsuit was settled in
late May, three weeks into its trial. Terms of the settlement were
confidential, but it is believed Bentleys paid Fortress AUD2.35
million, bringing net proceeds from Fortress to AUD10 million.

It is also believed that as part of the settlement Fortress
released its hold over all other securities involved in the
liquidation, meaning it will not share in the spoils of potential
actions against Octaviar's executives or auditors KPMG, estimated
to be worth more than AUD55 million, The Australian says.

Octaviar had about AUD132 million in cash when it collapsed, but
has so far only paid creditors AUD55.9 million, adds The
Australian.


PAULDING CONSTRUCTIONS: Director Banned Over Firm's Liquidation
---------------------------------------------------------------
Australian Securities and Investments Commission banned
John Stephen Paulding of Melbourne from managing corporations for
five years following his involvement in the failure of three
companies. The ban follows an ASIC investigation which found Mr
Paulding breached his duties as a director.

Mr Paulding was the director of Paulding Constructions Pty Ltd, a
construction company based in Victoria from 4th July 1991 until it
went into liquidation on Nov. 30, 2009.  Mr Paulding was also the
director of Port Phillip Property Group Pty Ltd and Kingtoun Pty
Ltd which were both placed into liquidation in May 2010. The
failures resulted in deficiencies owed to creditors across the
three companies which totalled over AUD3.5 million.

ASIC found that Mr Paulding:

   * Failed to exercise his duty to act in good faith in the best
     interest of Paulding Constructions or for a proper purpose;

   * On winding up Paulding Constructions did not produce books
     to its current liquidators as he was required to do; and

   * Concealed and removed assets of Paulding Constructions so
     that they were not readily realisable by the current
     liquidators.

'The position of company director is a privilege that comes with
certain responsibilities and when those responsibilities are
breached, such as in this instance, ASIC will take steps to remove
directors from managing companies,' ASIC Commissioner Greg Tanzer
said.


SAPPHIRE (SA): ASIC Accepts EU From South Australian Liquidator
---------------------------------------------------------------
Australian Securities and Investments Commission has accepted an
enforceable undertaking (EU) from Adelaide-based registered
liquidator, Anthony Christopher Matthews, of accounting firm,
Anthony Matthews & Associates.

ASIC reviewed Mr Matthews' conduct as voluntary administrator of
Sapphire (SA) Pty Ltd formerly trading as River City Grain Co. and
formed the view that that he had failed to:

  * identify possible insolvent trading claims against Sapphire's
    holding company and/or ultimate holding company;

  * investigate a deed of settlement compromising debts;

  * investigate unrelated debts assigned for one cent in the
    dollar;

  * investigate differences in the value of stock as at key
    dates; and

  * investigate the attempted assignment of two sales contracts.

ASIC also found that Mr Matthews did not properly and adequately
document his investigations, provide an adequate report to
creditors and report possible director misconduct to ASIC.

The EU prevents Mr Matthews from accepting any new appointments
for two months, with the exception of one matter where, prior to
commencement of the EU, he had filed a consent to act with the
Court.

The EU also requires Mr Matthews to appoint an independent expert
at his own cost to review his insolvency practice.  The expert
will report to ASIC, and ASIC may publish the results of the
reports.

Following ASIC's intervention, Mr Matthews has taken steps which
include:

   * undertaking public examinations of Sapphire's director and
     other parties;

   * updating practice systems and procedures, including
     investigation checklists; and

   * engaging an external consultant to provide bi-monthly staff
     training sessions.

ASIC Commissioner John Price said, 'Registered liquidators must
fully meet their duty to creditors to adequately investigate and
document investigations and report alleged offences to ASIC.  This
very much goes to ensuring confidence in the insolvency market and
ASIC's supervision of that market.'

'ASIC continues to work with practitioners to uphold the high
standards the law imposes on them.'

ASIC acknowledges Mr Matthews' cooperation in resolving this
matter.

Sapphire traded in agricultural commodities (grains) domestically
and overseas.

In March 2014, Mr Matthews was appointed as voluntary
administrator of Sapphire. Sapphire ceased trading at the time of
appointment with unsecured debts in excess of AUD10 million.

In May 2014, creditors resolved to accept a Deed of Company
Arrangement that proposed 20c in the dollar on ordinary unsecured
debts.

Based on reports of misconduct, ASIC reviewed and investigated Mr
Matthews' conduct concerning the administration of Sapphire.

In November 2015, Mr Matthews conducted examinations in the
Federal Court of Sapphire's Director and other parties.   ASIC
continues to liaise with Mr Matthews regarding his administration
of Sapphire.



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C H I N A
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AOXING PHARMACEUTICAL: Wilfred Chow Quits as CFO
------------------------------------------------
Wilfred Chow resigned from his position as Aoxing Pharmaceutical
Company Inc.'s chief financial officer, the Company disclosed in a
Form 8-K report filed with the Securities and Exchange Commission.

On Nov. 30, 2015, the Board of Directors appointed Guoan Zhang to
serve as the Company's chief financial officer. Mr. Zhang has been
the Company's senior vice president of Finance since June 2010 and
chief accounting officer since March 2010. Mr. Zhang also served
as the Company's acting chief financial officer from July 2012 to
December 2014.

                            About Aoxing

Aoxing Pharmaceutical Company, Inc., has one operating subsidiary,
Hebei Aoxing Pharmaceutical Co., Inc., which is organized under
the laws of the People's Republic of China. Since 2002, Hebei
Aoxing has been engaged in developing narcotics and pain
management products. In 2008 Hebei Aoxing supplemented its product
lines by acquiring Shijiazhuang Lerentang Pharmaceutical Company,
Ltd., a specialty pharmaceutical company focusing on herbal pain
related therapeutics. The Company owns 95% of the equity in Hebei
Aoxing.

Aoxing Pharmaceutical reported net income attributable to
shareholders of the Company of $5.49 million on $25.48 million of
sales for the year ended June 30, 2015, compared to a net loss
attributable to shareholders of the Company of $8.21 million on
$12.7 million of sales for the year ended June 30, 2014.
As of Sept. 30, 2015, the Company had $55.0 million in total
assets, $41.4 million in total liabilities and $13.6 million in
total equity.

BDO China Shu Lun Pan Certified Public Accountants LLP, in
Shanghai, People's Republic of China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended June 30, 2015, stating that the Company accumulated a
large deficit and a working capital deficit that raise substantial
doubt about its ability to continue as a going concern.


CHINA CONSTRUCTION: Moody's Assigns Ba2 Rating on Tier 1 Shares
---------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 (hyb) rating to China
Construction Bank Corporation's (CCB) proposed USD-denominated
Additional Tier 1 (AT1) capital qualifying offshore preference
shares (securities).

The proposed AT1 securities are subject to full or partial
compulsory H-share conversion upon the occurrence of a trigger
event.  The rating is three notches below CCB's baa2 adjusted
baseline credit assessment (BCA), which starts with the bank's BCA
and adds parental support, if any.

CCB's adjusted BCA is the same as its BCA.

RATINGS RATIONALE

The Ba2 (hyb) rating is three notches below CCB's baa2 adjusted
BCA, reflecting the structure of the proposed issuance and the
fact that investors in these securities face the risk of full or
partial compulsory H-share conversion upon the occurrence of a
trigger event.  The rating also incorporates the probability of
impairment associated with the cancellation of the dividends.
Such an impairment could occur before the bank reaches the point
of non-viability.

While CCB is majority owned by the Chinese government (Aa3
stable), Moody's does not assume that the AT1 securities -- which
are designed to absorb losses -- will receive extraordinary
government support.

Under the terms and conditions of the proposed securities, a
compulsory H-share conversion will be triggered if:

  (1) An AT1 capital trigger event occurs; namely, if CCB's common
equity Tier 1 capital adequacy ratio falls to 5.125% or less.  In
such a situation, all or some of the AT1 securities will be
converted into H-shares so that the AT1 capital trigger event
ceases to continue; or

  (2) A non-viability trigger event occurs, in which case all AT1
securities will be converted into H-shares.

A non-viability trigger event will occur upon the earlier of: (1)
the China Banking Regulatory Commission having concluded that
without a conversion, the bank would become non-viable; and (2)
the relevant authorities having concluded that without a public
sector injection of capital or equivalent support, the bank would
become non-viable.

Claims on the AT1 securities are senior to the claims of ordinary
shareholders, and rank pari passu with other preference
shareholders, but are subordinate to the claims of depositors, the
bank's general creditors, and holders of subordinated liabilities.

The AT1 securities will pay fixed-rate annual dividends.  However,
CCB may choose not to pay dividends on a non-cumulative basis.
The distributions on the capital securities are fully
discretionary, but in priority to any distributions made to
ordinary shareholders.

PRINCIPAL METHODOLOGIES

The principal methodology used in this rating was Banks published
in March 2015.

China Construction Bank Corporation is headquartered in Beijing.
The bank reported total assets of RMB18.32 trillion (approximately
USD2.87 trillion) as of Sept. 30, 2015.


CHINA CONSTRUCTION: S&P Assigns 'BB' Issue Rating to T1 Shares
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
issue rating to the proposed issuance of additional Tier-1 non-
cumulative perpetual offshore preference shares by China
Construction Bank Corp. (CCB: A/Stable/A-1; cnAA+/cnA-1).  At the
same time, S&P also assigned its 'cnBBB' Greater China scale
rating to the preference shares.  The issue rating is subject to
S&P's review of the final issuance documentation.

S&P has classified the instruments as having "intermediate" equity
content, according to its rating criteria.  The issue is part of
CCB's plan to raise up to US$3.2 billion (or not exceeding Chinese
renminbi [RMB] 20 billion in equivalent) in offshore preference
shares.  The Basel III-compliant issue qualifies as regulatory
additional Tier-1 capital.

The rating is four notches lower than CCB's stand-alone credit
profile of 'bbb+'.  S&P made a one-notch downward adjustment for
subordination, a two-notch downward adjustment for the risk of
coupon nonpayment for a Tier-1 instrument, and a one-notch
downward adjustment for the issue's common equity conversion
feature.

Based on the criteria, the starting point for notching is the
bank's stand-alone credit profile (SACP) of 'bbb+'.  S&P considers
CCB's SACP as the starting point rather than the issuer credit
rating on the bank because S&P believes financial support from the
government to prevent nonpayment on the hybrid capital instrument
is uncertain.  This is despite the bank being a government-related
entity for which S&P believes there is a "very high" likelihood of
extraordinary government support in case of distress.

The rating on this preference share is dependent on the bank's
SACP, which could come under pressure if credit risks in the
Chinese economy continue to deteriorate with other things
remaining equal.

S&P's view of these notes as having "intermediate" equity content
is based on several factors.  In particular, the issue will be
regulatory additional Tier 1 capital instruments and will have no
coupon step-up.  In addition, the notes can absorb losses on a
going-concern basis through the principal conversion feature and
the non-payment of coupons, which are fully discretionary.


EVERGRANDE REAL: Moody's to Retain B1 CFR on Asset Acquisitions
---------------------------------------------------------------
Moody's Investors Service says that Evergrande Real Estate Group
Limited's (B1 negative) announced acquisitions of various project
companies for a total consideration of RMB13.5 billion -- if
successful -- are credit negative.

However, the acquisitions would have no immediate impact on its B1
corporate family rating and B2 senior unsecured debt rating and
negative outlook.

On Dec. 2, 2015, Evergrande announced that it plans to acquire
equity and loan interests in property project companies from New
World Development (China) Limited (unrated).

These project companies develop properties in Hainan, Huizhou and
Wuhan in China (Aa3 stable).  Their portfolios of projects span a
total gross floor area of around 6.2 million square meters.

Evergrande will pay the consideration of RMB13.5 billion in
instalments over 24 months starting Jan. 5, 2016, which is also
the expected closing date for the transactions.

The proposed acquisitions are still subject to a number of
conditions, including approval by the shareholders of the project
companies.

"Evergrande's acquisitive appetite puts pressure on its weak
liquidity profile and will keep its debt leverage elevated," says
Franco Leung, a Moody's Vice President and Senior Analyst, adding,
"A sustained high level of debt leverage will pressure its
ratings".

The proposed acquisition of the property projects follows the
company's earlier announcements of its proposed acquisition of (1)
projects in Chongqing and Chengdu; (2) an investment property in
Hong Kong; and (3) a 50% equity interest in a life insurance
company.

Since July 2015, the company has announced acquisitions for a
total combined consideration of RMB39 billion, with payments
spread over the next two to six years.  Over the next 12 months
the company would be required to pay RMB15-20 billion.

Moody's expects that Evergrande will fund part of the acquisition
payments with surplus cash flow from property presales from its
current portfolio.

Evergrande achieved strong contracted property sales of RMB172.4
billion during January-November 2015, representing year-on-year
growth of about 42.8% and approximately 95.8% of its adjusted
full-year target of RMB180 billion.

The balance of the acquisition payments will come from its cash
holdings.  Consequently, Evergrande's liquidity position -- as
measured by cash/short-term debt -- will further deteriorate from
the level of 80.9% at end-June 2015.

Nonetheless, Moody's expects the company to raise further debt,
such as privately placed domestic bonds, to fund its short-term
debt and operations.

Its ability to raise further debt is reflected in its issuance of
a total of RMB40 billion in public and non-public domestic bonds
since June 2015.

Moody's also expects the debt of the projects companies to be
acquired will not be material relative to the total adjusted debt
(including perpetual securities) of Evergrande, which was RMB 238
billion as of end-June 2015.

As such, the company's debt leverage will remain high.  Moody's
expects Evergrande's debt leverage -- as measured by
revenue/adjusted debt -- will remain between 52% and 57% over the
next 12-18 months from 53% as of end- June 2015, which is weak for
its B1 rating and underpins the negative rating outlook.

If Evergrande is unable to reduce its debt leverage over the next
12 months, its ratings could come under pressure for downgrade.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Evergrande Real Estate Group Limited is one of the major
residential developers in China.  It has a standardized operating
model.

Founded in 1996 in Guangzhou, the company has rapidly expanded its
business across the country over the past few years.  At
June 30, 2015, its land bank totaled 144 million square meters in
gross floor area across 154 Chinese cities.


GENERAL STEEL: Fails to Company with NYSE Listing Standard
----------------------------------------------------------
General Steel Holdings, Inc., received a notice from the New York
Stock Exchange on Nov. 24, 2015, indicating that the Company is
not in compliance with the NYSE's continued listing requirements
under the timely filing criteria established in Section 802.01E of
the NYSE Listed Company Manual as a result of its failure to
timely file its quarterly report on Form 10-Q for the quarter
ended Sept. 30, 2015.

As previously disclosed in its Notification of Late Filing on Form
12b-25 filed with the SEC on Nov. 16, 2015, the Company has
delayed filing its Quarterly Report on Form 10-Q for the quarter
ended Sept. 30, 2015, because the Company requires additional time
to complete the preparation of its consolidated financial
statements and the accompanying footnotes, in connection with its
restructuring plan for the Company's steel business.

Currently the Company is working diligently with its auditor to
compile and disseminate the information required to be included in
the Form 10-Q, as well as the required review of the Company's
financial information. The Company expects to file the Form 10-Q
as soon as possible in the coming weeks and before the deadline
set by the NYSE.

The NYSE informed the Company that, under the NYSE's rules, the
Company will have six months from Nov. 24, 2015, to file the Form
10-Q with the SEC. The Company can regain compliance with the NYSE
listing standards at any time before that date by filing the Form
10-Q with the SEC. If the Company fails to file the Form 10-Q
before the NYSE's compliance deadline, the NYSE may grant, at its
discretion, an extension of up to six additional months for the
Company to regain compliance, depending on the specific
circumstances. Under NYSE rules, until the Company files the Form
10-Q, its common stock will continue to be subject to the ".LF"
indicator to signify its late filing status and will remain on the
list of NYSE noncompliant issuers at www.nyse.com.

                   About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe. General Steel --
http://www.gshi-steel.com/-- has operations in China's Shaanxi
and Guangdong provinces, Inner Mongolia Autonomous Region and
Tianjin municipality with seven million metric tons of crude steel
production capacity under management.

General Steel reported a net loss of $78.3 million on $1.9 billion
of sales for the year ended Dec. 31, 2014, compared with a net
loss of $42.6 million on $2 billion of sales for the year ended
Dec. 31, 2013.

As of March 31, 2015, the Company had $2.5 billion in total
assets, $3.14 billion in total liabilities and a $637 million
total deficiency.

Friedman LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014, citing that the Company has an accumulated deficit,
has incurred a gross loss from operations, and has a working
capital deficiency at Dec. 31, 2014. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


GOLDEN WHEEL: Moody's Says Bond Issuance Won't Affect B2 CFR
------------------------------------------------------------
Moody's Investors Service says that Golden Wheel Tiandi Holdings
Company Limited's proposed offshore bond issuance is credit
positive, but will not immediately affect the company's B2
corporate family and senior unsecured debt ratings and stable
outlook.

The proceeds from the proposed US dollar bonds will be used for
refinancing, funding new property projects and other general
corporate purposes.

"Golden Wheel's proposed USD bond issuance will strengthen its
liquidity position and alleviate refinancing concerns, in turn
providing greater financial flexibility for its property
development business," says Dylan Yeo, a Moody's Analyst.

The proposed bonds are issued in addition to the company's
previously announced plan to issue HKD500 million of senior notes
in two tranches in October 2015 and December 2015.

The two bond issuances, together with its RMB837 million of cash
on hand at 30 June 2015, will be sufficient to address Golden
Wheel's cash needs, including upcoming debt maturities, committed
land payments and dividend payments.

The proposed bond issuance is credit positive because it will
reduce the refinancing risk on its RMB600 million offshore senior
notes maturing in April 2016.

Listed on the Hong Kong Exchange in January 2013, Golden Wheel
Tiandi Holdings Company Limited is an integrated commercial and
residential developer in Jiangsu and Hunan provinces.

Golden Wheel focuses on projects that are connected or close to
metro stations and transportation hubs. It also engages in the
leasing and operational management of shopping malls owned by
third parties.

At 30 June 2015, the company's land bank totaled 956,316 square
meters in gross floor area, located in Nanjing, Yangzhou,
Changsha, Wuxi and Zhuzhou, including investment properties of
247,961 square meters in gross floor area.


TIANYIN PHARMA: Receives NYSE MKT Listing Non-Compliance Notice
---------------------------------------------------------------
Tianyin Pharmaceutical Inc. received notice on October 16, 2015
from the NYSE MKT LLC indicating that the Company is below certain
of the Exchange's continued listing standards, as set forth in
Sections 134 and 1101 of the NYSE MKT Company Guide, due to the
delay in filing of its Annual Report on Form 10-K for the year
ended June 30, 2015. Under NYSE MKT rules, until the Company files
the Form 10-K, its common stock will remain listed on the NYSE MKT
under the symbol "TPI," but will be assigned an ".LF" indicator to
signify late filing status. Five business days following the
receipt of the noncompliance letter, the Company will be added to
the list of NYSE MKT noncompliant issuers on the website and the
indicator will be disseminated with the Company's ticker symbol.

The indicator will be removed when the Company has regained
compliance with all applicable continued listing standards.
In order to maintain its listing, the Company must submit a plan
of compliance by November 15, 2015 addressing how it intends to
regain compliance with Sections 134 and 1101 of the NYSE MKT
Company Guide by April 15, 2016. If the plan is accepted, the
Company may be able to continue its listing but will be subject to
periodic reviews by the Exchange. If the plan is not accepted or
if it is accepted but the Company is not in compliance with the
continued listing standards by April 15, 2016, or if the Company
does not make progress consistent with the plan, the Exchange will
initiate delisting procedures as appropriate. The Company intends
to submit a compliance plan on or before the deadline set by the
Exchange.

Currently the Company is working diligently to compile and
disseminate the information required to be included in the Form
10-K. The Company expects to file the Form 10-K before the
deadline set by the Exchange.

                            About TPI

Headquartered at Chengdu, China, TPI (NYSE Amex: TPI) --
http://www.tianyinpharma.com-- is a pharmaceutical company that
specializes in the development, manufacturing, marketing and sales
of patented biopharmaceutical, mTCM, branded generics and API. TPI
currently manufactures a comprehensive portfolio of 58 products,
24 of which are listed in the highly selective national medicine
reimbursement list, 10 are included in the essential drug list
(EDL) of China. TPI's pipeline targets various high incidence
healthcare indications.



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


A K LUMBERS: CRISIL Cuts Rating on INR45MM Loan to 'B'
------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of A K Lumbers Ltd to 'CRISIL B/Stable' from 'CRISIL B+/Stable'
while reaffirming the short-term rating at CRISIL A4.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          2       CRISIL A4 (Reaffirmed)

   Cash Credit            45       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Letter of Credit       90       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      8       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The downgrade reflects CRISIL's belief that AKLL's liquidity will
remain under pressure because of build-up in inventory, and
slowdown in debtor realizations due to subdued market sentiments.
The debtors have increased to 224 days as on March 31, 2015 from
116 days as on March, 2014; these are expected to remain high at
150-180 days over the medium term. The downgrade also factors in
CRISIL's belief that expected cash accrual of around INR5 million
in 2015-16 (refers to financial year, April 1 to March 31) will be
tightly matched against debt obligations of around INR4 million.

The ratings continue to reflect modest scale of operations,
intense competition in the timber industry, and weak financial
risk profile, because of high total outside liabilities to
tangible net worth ratio and weak debt protection metrics, and
stretched liquidity owing to working capital-intensive operations.
These rating weaknesses are partially offset by the extensive
experience of its promoters.

For arriving at its ratings, CRISIL has now de-consolidated the
business and financial risk profiles of AKLL, Punjab Metal Works
Pvt Ltd (Punjab Metal; CRISIL B+/Stable/CRISIL A4), and Jindal
Wood Products (P) Ltd (Jindal Wood; CRISIL B+/Stable/CRISIL A4).
This is because although the three entities are in the same line
of operations and are managed and promoted by the same family,
AKLL has stopped furnishing corporate guarantees for the bank
facilities of its group companies from March 2015. Also the
companies have minimal business transactions which happen at an
arm's length.
Outlook: Stable

CRISIL believes AKLL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of higher cash accrual driven by
significant increase in operations and profitability, or equity
infusion, resulting in better liquidity. Conversely, the outlook
may be revised to 'Negative' in case the capital structure and
liquidity weakens because of stretch in working capital cycle or a
steep decline in profitability or a large debt-funded capital
expenditure.

AKLL (formerly, AK Traders), set up in 1987 as a proprietary firm,
was reconstituted as a public limited company in 2000. The company
trades in and processes timber logs, mainly teak and hard wood.


ABIRAMI ELECTRONICS: CRISIL Suspends B+ Rating on INR53MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Abirami Electronics Pvt. Ltd (Abirami; part of the Abirami group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            30       CRISIL B+/Stable
   Long Term Loan         12       CRISIL B+/Stable
   Packing Credit          5       CRISIL A4
   Proposed Long Term
   Bank Loan Facility     53       CRISIL B+/Stable

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Abirami, Gayathri Enterprises (GE), and
United Technologies (UT). This is because the three entities,
together referred to as the Abirami group, are in the same line of
business and under the same management.

Incorporated in 1980 and based in Coimbatore (Tamil Nadu), Abirami
manufactures sheet metal enclosures. Its day-to-day operations are
managed by managing director Mr. S Othiappan.

GE is based in Hosur (Tamil Nadu) and UT is based in Solan
(Himachal Pradesh); both entities manufacture sheet metal
enclosures.


BIDESH PLYWOOD: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bidesh Plywood Factory
Private Limited (BPFL) reflect the company's supplier
concentration risk, along with the susceptibility of its operating
margin to risks related to volatility in foreign exchange (forex)
rates, intense market competition and adverse impact of regulatory
changes.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          5       CRISIL A4 (Reaffirmed)
   Cash Credit            40       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      180       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     37       CRISIL B+/Stable (Reaffirmed)
   Standby Letter of
   Credit                 18       CRISIL A4 (Reaffirmed)

The ratings also factor in BPFL's working-capital-intensive
operations. These rating weaknesses are partially offset by the
promoter's extensive experience in the plywood industry, the
established presence of Raffel brand, large dealer network, and
proximity to forest, enabling seamless supply.
Outlook: Stable

CRISIL believes that BPFL will continue to benefit from its
promoter's extensive experience in the plywood segment. The
outlook may be revised to 'Positive' if the company improves its
financial risk profile and liquidity with an enhanced working
capital cycle, and maintains its scale of operations and net cash
accruals. Conversely, the outlook may be revised to 'Negative' if
BPFL's capital structure and liquidity are adversely affected by
its stretched working capital cycle, or significantly low revenue
and profitability, or sizeable debt-funded capital expenditure
(capex).

BPFL was established in 1992, by Mr. Roshan Lal Agarwal. The
company has a unit near Dhupguri in Siliguri (West Bengal) and
manufactures plywood, block board, and veneers.


BUSTHAN AL: CRISIL Assigns B- Rating to INR50MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Busthan Al Wathaniya (BAW).

                              Amount
   Facilities               (INR Mln)    Ratings
   ----------               ---------    -------
   Term Loan                    50       CRISIL B-/Stable
   Export Packing Credit        20       CRISIL A4
   Foreign Bill Negotiation     30       CRISIL A4

The ratings reflect BAW's modest scale and start-up phase of
operations, and susceptibility to volatility in raw material
prices and fluctuations in foreign exchange rates. The ratings
also factor in below-average financial risk profile because of
small net worth, high gearing, and weak debt protection metrics.
These weaknesses are partially offset by promoters' extensive
experience and strong track record in the distribution of
processed food products and other fast-moving consumer goods
(FMCG).

Outlook: Stable

CRISIL believes BAW will benefit from promoters' extensive
industry experience. The outlook may be revised to 'Positive' in
case of significant increase in scale of operations and
profitability, and if there is significant improvement in net
worth. Conversely, the outlook may be revised to 'Negative' if
capital structure deteriorates because of larger-than-expected
debt-funded capital expenditure (capex) or delay in ramp-up of
sales.

Set up in 2103, BAW manufactures and exports processed food such
as vegetables, pickles, spices, chocolates, and canned and frozen
food. The firm is promoted by Mr. K V Ismail and Mr. Nassry
Ismail, and is based in Kerala.


EMERALD ALCHYMICUS: ICRA Lowers Rating on INR7.5cr Loan to D
------------------------------------------------------------
ICRA has revised the rating assigned to the INR7.5 crore fund
based limits and INR5.75 crore non-fund based facilities of
Emerald Alchymicus Private Limited (EAPL) from [ICRA]B-/[ICRA]A4
to [ICRA] D.

The revised rating take into account delays in debt servicing by
the company following cash flow mismatches. The rating is further
constrained by EAPL's tight liquidity position owing to high
working capital intensity of operations leading to regular
instances of overutilization in the sanctioned working capital
facilities. The ratings also factor in company's modest scale of
operations, intense competitive business environment and weak
financial risk profile characterized by high total outside
liabilities to tangible networth, weak debt-coverage indicators
and low profitability margins. ICRA further notes that with
increased focus on the Stock & Sell business segment,
vulnerability of profitability margins to any adverse fluctuations
in the prices of imported chemicals remains high. The ability of
the company to effectively manage the working capital cycle so as
to ensure timely debt-servicing remains crucial from a credit
perspective. The ratings however favourably take into account the
longstanding experience of the promoters in the chemical trading
business, established relationships with its suppliers, wide
customer base, and its diversified product portfolio that
mitigates demand risks associated with any single product.

Incorporated in 2003, Emerald Alchymicus P Limited (EAPL) is
involved in trading of chemicals. The company derives its revenue
from two segments viz. Stock & Sell and Commercial segment. In
case of Stock & Sell, the company imports specialty chemicals from
various overseas suppliers and maintains an inventory of the same
whereas in the case of Commercial segment, the customers place
bulk orders with EAPL for various chemicals and based on these
orders, EAPL procures the materials from the suppliers and
supplies directly to the customers.

Recent Results
In FY 2014, the company has reported PAT of INR0.83 crore on an
operating income of INR70.9 crore.


GANPATI MINETECH: CRISIL Assigns B+ Rating to INR62.5MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Ganpati Minetech Private Limited (GMPL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term       62.5     CRISIL B+/Stable
   Bank Loan Facility
   Bank Guarantee            2.5     CRISIL A4
   Cash Credit              10.0     CRISIL B+/Stable

The ratings reflect the company's modest scale of operations and
geographical and customer concentration in its revenue profile.
The ratings also factor in susceptibility of revenue to offtake by
key user sectors such as mining and construction. These rating
strengths are partially offset by the extensive experience of the
company's promoters in the spare parts trading business and
established relationship with customers and suppliers.
Outlook: Stable

CRISIL believes GMPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a substantial and sustained
increase in operating income and cash accrual along with better
working capital management. Conversely, the outlook may be revised
to 'Negative' in case of low operating income and cash accrual,
stretched working capital cycle, or debt-funded capital
expenditure, leading to weakening of the company's financial risk
profile, particularly liquidity.

GMPL was incorporated in 2004. The company is a distributor for
Sandvik Asia Ltd's spare parts for earthmoving, mining, and
construction equipment in Jharkhand. It is also a dealer for ESAB
India Ltd and undertakes some civil construction work for
government as well as private entities. Mr. Pravin Kumar Agarwal,
Mr. Chandra Sekhar Agarwal, Mr. Ajay Sharma, and Ms. Preeti
Agarwal are the company's directors. Operations are, however,
primarily managed by Mr. Pravin Kumar Agarwal.


GLOBAL FARM: CRISIL Reaffirms B Rating on INR157MM Term Loan
------------------------------------------------------------
CRISIL ratings on the bank facilities of Global Farm Fresh Private
Limited (GFFPL) continues to reflect GFFPL's modest scale of
operations in the intensely competitive food-processing industry,
the susceptibility of its profitability margins to volatility in
raw material prices and to variations in fruit yields, and its
small networth, limiting its financial flexibility. These rating
weaknesses are partially offset by the extensive experience of
GFFPL's promoters in the food-processing industry and established
customer relationships.


                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          5       CRISIL A4 (Reaffirmed)

   Cash Credit            55       CRISIL B/Stable (Reaffirmed)

   Letter of Credit        5       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      8       CRISIL B/Stable (Reaffirmed)

   Term Loan             157       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GFFPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is substantial and
sustained improvement in the company's scale of operations and
profitability margins, or a significant increase in its net-worth
on the back of sizeable equity infusion by its promoters,
resulting in improved cash accruals. Conversely, the outlook may
be revised to 'Negative' in case of a steep decline in the
company's profitability margins, or significant deterioration in
its capital structure, caused most likely by large debt-funded
capital expenditure or a stretch in its working capital cycle.

GFFPL was set up in 2010 by Mr. Sukesh Reddy, Mr. Premachandar
Reddy, Mr. Vallivedu  Umapathi, Mr. Srinivas Kaushik, and Mr.
RameshNaidu. The company processes mango, guava, and banana pulp,
and tomato paste.



GURU GOBIND: CRISIL Ups Rating on INR80MM LT Loan to B-
-------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Guru Gobind Food & Agro Private Limited (GGFA) to 'CRISIL B-
/Stable' from 'CRISIL D'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            50       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Long Term Loan          80      CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The upgrade reflects prepayment of term loan obligations
(principal and interest) for the three months ending January 31,
2016, backed by financial support from promoter. Moreover, with
the company now being operational for more than six months and
with start of the peak season from October, liquidity is expected
to improve, which will help meet term debt obligations on time.
Its net profit was INR0.02 million on net sales of INR21.8 million
for 2014-15 (refers to financial year, April 1 to March 31).

The rating reflects small scale of operations, large working
capital requirement, and weak financial risk profile because of
high gearing and subdued debt protection metrics. These weaknesses
are partially offset by promoter's extensive experience in the
rice industry.
Outlook: Stable

CRISIL believes GGFA will benefit from its promoter's extensive
industry experience. The outlook may be revised to 'Positive' in
case of more-than-expected increase in sales and profitability
leading to higher cash accrual, or significant fund infusion by
promoter. Conversely, the outlook may be revised to 'Negative' in
case of significantly lower-than-expected revenue or
profitability, or weaker working capital management resulting in
pressure on liquidity, or large debt-funded capital expenditure
resulting in deterioration in financial risk profile.

GGFA was incorporated in 2014 by Mr. Shaminderjeet Singh Sandhu in
Muktsar (Punjab). The company commenced operations in March 2015.
It processes basmati and non-basmati rice, and has milling and
sorting capacity of 8 tonne per hour each.

HANSRAJ AGROFRESH: CRISIL Assigns B+ Rating to INR34.6MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Hansraj Agrofresh Pvt Ltd (HAFPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           20.1      CRISIL B+/Stable
   Long Term Loan        34.6      CRISIL B+/Stable

The rating reflects HAFPL's small scale because of start-up phase
of operations in the intensely competitive juice processing
industry, large working capital requirement, and below-average
financial risk profile because of small networth and subdued debt
protection metrics. These weaknesses are partially offset by
promoters' extensive industry experience and funding support.
Outlook: Stable

CRISIL believes HAFPL will continue to benefit from promoters'
extensive industry experience. The outlook may be revised to
'Positive' if HAFPL reports more-than-expected increase in sales
and profitability, and improvement in working capital management,
resulting in higher cash accrual. Conversely, the outlook may be
revised to 'Negative' in case of stretch in working capital cycle
or larger-than-expected debt-funded capital expenditure, leading
to deterioration in financial risk profile.

HAFPL, a private limited company incorporated in August 2014,
manufactures fruit juice under its Hansraj brand. HAFPL's
registered office is in Varanasi, Uttar Pradesh, and manufacturing
unit is in Jalpaiguri, West Bengal.


HARI HARA: ICRA Lowers Rating on INR8cr Cash Loan to B+
-------------------------------------------------------
ICRA has revised the long term rating assigned to INR08.00 crore
cash credit limits of Hari Hara Traders to [ICRA]B+ from [ICRA]BB-
. ICRA has reaffirmed the short term rating of [ICRA]A4 to INR4.00
crore letter of credit limits of HHT.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           8.00         [ICRA]B+ revised from
                                      [ICRA]BB-(Stable)
   Letter of Credit      4.00         [ICRA]A4; reaffirmed

The rating revision takes into account deterioration in the
liquidity position of the firm as indicated by consistent
overutilization of working capital limits owing to increase in
debtor and inventory levels of the firm in the past 12 months and
stagnated revenue growth resulting from slowdown in the steel
industry. The ratings are further constrained by the weak
financial profile of the firm as reflected by operating margin of
1.26% in FY15, gearing of 1.39 times, NCA-to-Total Debt of 6% and
OPBITDA-to-Interest & Finance Charges of 1.79 times as on 31st
March, 2015; high geographic concentration risk faced by the firm
with 90% of the sales only in the states of Andhra Pradesh, Tamil
Nadu and Karnataka; and small scale of operations in a highly
fragmented and competitive industry as well the trading nature of
the business coupled with limited value addition which exerts
pressure on the margins. The ratings, however, favourably factors
in the experience of promoters in the steel trading business; and
established relationship with suppliers as evident from MoUs with
reputed manufacturers such as Steel Exchange India Limited,
Narayana Steels, etc.

Going forward, the ability of the firm to improve its revenues
while managing its working capital requirements will be the key
rating sensitivities.

Hari Hara Traders (HHT), setup in July 2012 is engaged in trading
of steel and allied products such as Mild Steel (MS) Ingots,
Billets, MS Bars, MS Angles, MS Flats, Scrap, Sponge Iron etc. The
sizes range from 8mm to 25 mm. The firm was promoted by Mr. Ravi
Kiran (Managing Partner) and Mr. D.Venu (Partner). Although, the
operations of the firm commenced in October 2012, the promoters
have been engaged in similar business for a decade.

Recent Results
According to provisional FY15 financials, the firm registered an
operating income of INR246.82 crore and net profit of INR0.94
crore as compared to operating income of INR238.23 crore and net
profit of INR0.68 crore during FY14.


HEENA ENTERPRISES: CRISIL Reaffirms B+ Rating on INR120MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Heena Enterprises (HE)
continues to reflect HE's moderate scale of operations in highly
competitive steel trading industry and its below-average financial
risk profile, marked by modest net worth, high gearing and subdued
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of HE's promoters in the iron
and steel trading business.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           120       CRISIL B+/Stable (Reaffirmed)
   Channel Financing      70       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HE will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm registers
significant and sustained improvement in its scale of operations
and profitability, while improving its capital structure and
interest coverage. Conversely, the outlook may be revised to
'Negative' if HE's revenue and profitability decline significantly
or if its financial risk profile deteriorates because of a stretch
in working capital cycle or significant capital withdrawal by the
promoter.

HE was set up as a proprietorship concern in 1978 in Mumbai by Mr.
Bharat Kumar Bhuta. The firm trades in long steel product such as
thermo-mechanically treated bars. Its day-to-day operations are
managed by Mr. Bharat kumar Bhuta and his son, Mr. Bhavin Bhuta.


HIND HYDRAULICS: CRISIL Ups Rating on INR98.9MM LT Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Hind Hydraulics and Engineers (Prop. Hind Fluid Power Private
Limited) (HHE) to 'CRISIL B+/Stable' from 'CRISIL B/Stable', and
reaffirmed its rating on the short-term facility at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         50       CRISIL A4 (Reaffirmed)

   Cash Credit            45       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term     98.9     CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Term Loan               6.1     CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that HHE's financial/business
risk profile will improve over the medium term, driven by increase
in cash accrual. Higher revenue and sustained healthy operating
margin driven by customised product offerings, and expected
funding support from promoter by way of unsecured loans will
result in improved liquidity. CRISIL believes HHE's financial risk
profile will improve over the medium term in the absence of major
debt-funded capacity expansion plan.

The ratings reflect HHE's small scale of operations in the highly
fragmented press tooling industry, modest financial risk profile
because of high gearing and small networth, and large working
capital requirement. These weaknesses are partially offset by
promoter's extensive industry experience.
Outlook: Stable

CRISIL believes HHE will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' in case of substantial increase in cash
accrual and improvement in working capital management. Conversely,
the outlook may be revised to 'Negative' if financial risk
profile, particularly liquidity, deteriorates, because of low
accrual, large debt-funded capital expenditure, or stretch in
working capital cycle.

HHE was established in 1973 as a proprietorship firm by Mr. Sucha
Singh. The firm manufactures presses, special purpose presses,
tools, and automation products for press-based machines. These
machines are used by various industries, including automotive
components, defence, energy, and rubber, and in railways. HHE's
manufacturing facility is in Faridabad (Haryana).


J H V SUGAR: CRISIL Suspends B- Rating on INR500MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
J H V Sugar Limited (JHV).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            500      CRISIL B-/Stable

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

JHV Sugar Ltd (JHV) was incorporated in 1997 by Mr. Jawahar Lal
Jaiswal to set up a sugar manufacturing unit in Uttar Pradesh. The
company commenced operations in 2000, with a capacity of 2500
tonne crushed per day (tcd). The capacity was later increased to
4500 tcd in 2006. The company's manufacturing unit is at
Maharajganj (Uttar Pradesh). JHV is also implementing 20-MW
cogeneration power plant, which is expected to begin operations in
December 2014.


JAI SHIV: ICRA Reaffirms 'B' Rating on INR15.50cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the
INR15.50 crore fund-based bank facilities and its short term
rating of [ICRA]A4 on the the INR0.50 crore fund based facility
and INR0.01 crore non-fund based bank facilities of Jai Shiv Food
Products Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Fund
   Based Limits         15.50         [ICRA]B; reaffirmed

   Short-Term Non-
   Fund Based Limits     0.01         [ICRA]A4; reaffirmed

   Short-Term Fund
   Based Limits          0.50         [ICRA]A4; reaffirmed

ICRA's rating factor in X% decline in JSF's operating income
during FY2015 and increase in operating margin to XX% relative to
the previous year. The operating income of the copany is likely to
decline further in FY2016 on account of decline in realisations.
ICRA's ratings continue to reflect JSF's weak profitability and
modest cash accruals in relation to its scheduled debt repayments.
The capital structure of the company remains stretched total
gearing of 4.10x as on March 31, 2015. Further high working
capital requirements along with low marginshave kept the debt
coverage indicators at modest levels. The liquidity of the company
is likely to remain stretched given the scheduled repayments. The
ratings are further constrained by the high competitive intensity
resulting from the fragmented nature of the rice industry and
exposure to agro climatic and raw material price fluctuation
risks. However, the ratings derive comfort from the extensive
experience of the promoters in the rice milling industry and the
favorable location of the company's milling plant in Gwalior
district of Madhya Pradesh, enabling easy availability of paddy.
Going forward, the ability of the company to improve its
profitability and optimally manage its working capital cycle will
remain the key rating sensitivities.

Incorporated in April, 2012, JSF is engaged in milling and
processing of parboiled basmati rice of Pusa 1121 variety. The
manufacturing facilities of the company are located at Dabra
(district Gwalior), Madhya Pradesh, and commenced operations in
February, 2013. The company has an installed capacity of
processing 51,840 metric tonnes per annum (MTPA) of paddy and rice
processing capacity of 40,000 MTPA.

Recent Results
During FY-2015, the company reported a Profit After Tax (PAT) of
INR0.6 crore on an Operating Income (OI) of INR80.1 crore as
compared to After Tax (PAT) of INR0.6 crore on an Operating Income
(OI) of INR97.9 crore in FY-2014.


MAHATEJA RICE: ICRA Suspends B+/A4 Ratings on INR19cr Bank Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]B+/[ICRA]A4 ratings assigned to
INR19.00 crore bank facilities of Mahateja Rice Mills Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of requisite information from
the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


MANASA QUALITY: CRISIL Reaffirms 'B+' Rating on INR450MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on bank facilities of
Manasa Quality Enterprises Limited (MQEL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Export Packing
   Credit                 450      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      30      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 and moderate scale of
operations.
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 INR1 million on operating
income of INR1.15 billion for 2014-15 (refers to financial year,
April 1 to March 31) against a PAT of INR2.2 million on operating
income of INR1.61 billion for 2013-14.


NARAIN PRINTERS: CRISIL Assigns B- Rating to INR62.7MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Narain Printers and Binders (NPB). The
ratings reflect the firm's modest scale of operations in a highly
fragmented industry and below-average financial risk profile
because of high gearing and weak debt protection metrics. These
weaknesses are mitigated by the partners' extensive experience in
the printing industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             62.7      CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     2.3      CRISIL B-/Stable
   Letter of Credit      32.5      CRISIL A4
   Cash Credit           30.0      CRISIL B-/Stable
   Inland Guarantees      2.5      CRISIL A4

Outlook: Stable

CRISIL believes NPB will continue to benefit over the medium term
from its partners' extensive experience in the industry. The
outlook may be revised to 'Positive' if the firm records a
considerable increase in revenue, while maintaining its
profitability, resulting in improvement in the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
NPB reports low revenue and profitability resulting in
deterioration in the financial risk profile or if there is any
significant cost or time overrun in its planned capital
expenditure.

NPB established in 1993 as a partnership firm by Mr. Prashant
Mittal and his mother, Ms. Nirmal Mittal. The firm mainly prints
and binds colored books for central and state governments as well
as for private publication houses. NPB's printing facility is in
Noida (Uttar Pradesh) and has installed capacity of around 50,000
books per day. The operations are managed by Mr. Mittal's father,
Mr. I N Mittal.

NPB's profit after tax (PAT) was INR4.0 million on operating
income of INR142.4 million in 2014-15 (refers to financial year,
April 1 to March 31) against PAT of INR3.1 million on operating
income of INR137.1 million in 2013-14.


PATEL OSWAL: ICRA Lowers Rating on INR12cr Cash Loan to D
---------------------------------------------------------
ICRA has revised the long term rating assigned to the INR12.00
crore Cash Credit facility of Patel Oswal Housing (POH) from
[ICRA]B to [ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund        12.00       [ICRA]D revised from
   Based-Cash Credit                 [ICRA]B

The rating revision takes into account the delays in debt
servicing by POH on account of stretched liquidity position
arising due to slow growth in sale bookings and delays in project
execution which together have impacted the customer advances
position. The rating is also constrained by execution risks
associated with a typical real estate project considering ~25% of
the work for residential area is incomplete and the commercial
area work has not yet commenced considering subdued market
conditions. Approximately 40% of the project cost had been planned
to be funded by customer advances and the current position remains
modest which might result in further delays in execution. Going
forward, regularizing debt servicing, timely completion of the
project and ability to tie up the sales at adequate rates in
timely manner will remain key rating sensitivities.

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.


PICASSO HOME: CRISIL Reaffirms B Rating on INR32.5MM LT Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Picasso Home
Products Pvt Ltd (PHPL) reflects the company's modest scale of
operations and its large working capital requirements.

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

   Foreign Letter
   of Credit              20       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     32.5     CRISIL B/Stable (Reaffirmed)

The ratings also factor PHPL's average financial risk profile,
marked by modest networth, moderate gearing and average debt
protection metrics. These rating weaknesses are partially offset
by PHPL's promoters' extensive experience in the home appliance
industry.
Outlook: Stable

CRISIL believes that PHPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' in case of a substantial and
sustainable growth in its revenues and profitability or if is an
improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' if there is a steep decline
in the company's profitability margins from the current levels or
if there is a significant deterioration in its capital structure
on account of larger-than-expected working capital requirements or
large debt-funded capex

PHPL was incorporated in 2003, by Mr. Bhavesh Patel and Mr.
Jayantilal Jain. The company took over the business of partnership
firm 'Picasso Home Products' which was operational since 1996. The
company is engaged in manufacturing of home cookware products. The
company's manufacturing facility is located in Daman.


PREMIER CARWORLD: CRISIL Ups Rating on INR375MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the bank facility of
Premier Carworld Private Limited (PCPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            375      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects improvement in PCPL's business risk profile,
reflected in healthy growth in the turnover on year-on-year basis.
Revenue improved by 69 percent and stood at INR2,690 million in
2014-15 (refers to financial year, April 1 to March 31) as against
INR1.59 billion in 2013-14. The upgrade also factors improvement
in liquidity because of healthy cash accrual and prudent working
capital management, reflected in gross current assets of 37 days
as on March 31, 2015. Liquidity is also supported by the funding
support provided by the promoter through unsecured loans.

The rating also reflects weak capital structure constraining
overall financial risk profile, low profitability, and exposure to
intense competition in the automotive dealership business. These
weaknesses are mitigated by prudent working capital management.
Outlook: Stable

CRISIL believes PCPL will benefit over the medium term from its
established relationship with Maruti Suzuki India Ltd (MSIL; rated
'CRISIL AAA/Stable/CRISIL A1+'). The outlook may be revised to
'Positive' if higher-than-expected accrual or substantial capital
infusion by promoter, improves financial risk profile,
particularly capital structure and liquidity. Conversely, the
outlook may be revised to 'Negative' if lower-than-expected
accrual, weak working capital cycle, or any large, debt-funded
capital expenditure degrades financial risk profile, especially
liquidity.

PCPL, incorporated in 2010, and promoted by the Kolkata-based Mr.
Ramesh Chandra Agarwal, is an authorised dealer of MSIL's
passenger cars across Kolkata.


PUNJAB LIGHTING: CRISIL Suspends B+ Rating on INR120MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Punjab Lighting Industries Limited (PLI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         50       CRISIL A4
   Cash Credit           120       CRISIL B+/Stable
   Term Loan               3       CRISIL B+/Stable

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

Incorporated in 1992, PLI is promoted by the Mohali (Punjab)-based
Mr. Vinay Gupta and his family. The company manufactures lead-in
wires (electrodes) and caps used in lamps, bright annealed wires,
and various ferrous/non-ferrous alloy-plated wires used in
electrical items.


RAJ RATAN: ICRA Assigns B/A4 Rating to INR18.5cr Loan
-----------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B and short term
rating of [ICRA]A4 to the INR18.50 crore bank facilities of Raj
Ratan Smelters Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term/Short       18.50       [ICRA]B/A4; assigned
   Term-Fund based/
   Non Fund Based

ICRA rating continues to take into account the company's modest
financial risk profile characterised by modest capital structure
and weak debt coverage indicators as reflected in a total gearing
of 4.9x and interest coverage ratio of less than 1x; and high
working capital intensity. ICRA's rating continues to be
constrained by the exposure to commodity price cycles associated
with the steel industry and highly competitive industry. Given the
regulatory framework, the brokerage income of the company may get
adversely impacted going forward, thus weakening the cash flows.

The rating, however, favourably factors in the long experience of
promoters in steel business and satisfactory plant capacity
utilistaion of over 80% in the last three years.

RRSL was incorporated by Khatri Family in 2007 and is engaged in
the manufacturing and sale of thermo mechanically treated (TMT)
bars with plant capacity of 36,000 metric tonnes (MT) per annum at
its plant in Kanpur, Uttar Pradesh.

Recent Results
RRSL reported an Operating Income (OI) of INR113.31 crore and a
net profit of INR1.1 crore in FY15, as against an OI of INR105.98
crore and a net profit of INR0.64 crore in the previous year.


RAJSHREE SUGARS: ICRA Lowers Rating on INR388.13cr Loan to D
------------------------------------------------------------
ICRA has revised the long term rating to [ICRA]D from [ICRA]B to
INR388.13 crore term loans, INR191.00 crore cash credit facilities
and INR40.69 crore long term unallocated limits of Rajshree Sugars
and Chemicals Limited. ICRA has also revised the short term rating
to [ICRA]D from [ICRA]A4 to INR30.00 crore short term unallocated
limits of RSCL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan            388.13        [ICRA]D; Revised from
                                      [ICRA]B

   Cash Credit          191.00        [ICRA]D; Revised from
                                      [ICRA]B

   Long Term             40.69        [ICRA]D; Revised from
   Unallocated Limits                 [ICRA]B

   Short Term            30.00        [ICRA]D; Revised from
   Unallocated Limits                 [ICRA]A4

The ratings revision factors in instances of delays in the debt
servicing obligations following pressures on the liquidity
position of RSCL. RSCL's liquidity has come under pressure during
FY15 and FY16 ytd because of a sharp deterioration in its
financial profile as reflected in the losses incurred during FY15
and H1FY16 driven by low sugar realizations coupled with
relatively high sugarcane costs. The ratings continue to be
constrained by the exposure of the company's business to agro-
climatic risks and regulatory intensity of the sugar industry,
high gearing and weak debt coverage indicators. ICRA has taken a
consolidated view on RSCL, together with its wholly subsidiary
Trident Sugars Limited.

ICRA however, notes the strengths of the company including RSCL's
long track record in the sugar business and its experienced
management, company's large sugarcane crushing capacity, high
yields and longer crushing period in its command area, and
proximity to ports. Commissioning of a distillery in unit III of
the company to process molasses from both unit II and unit III of
the company would enhance its forward integration profile, and
provide cushion to profitability to an extent in case of sugar
downturn.

Ability to improve liquidity and ensure timely servicing of debt
will be the key rating drivers going forward.

Rajshree Sugars & Chemicals Limited (RSCL), founded in 1985 by
Late Shri. G. Varadaraj, is an integrated sugar company with units
at Theni, Villupuram, and Gingee in Tamil Nadu. It also has a
subsidiary sugar mill namely Trident Sugars (TSL) at Zaheerabad in
Medak District of Andhra Pradesh. The company has a combined
(including TSL) crushing capacity of 14000 TCD (Tons Crushing Per
Day). It also has a distillery of 125 klpd (80 klpd of which was
commissioned last year) and a total cogeneration capacity of 54.5
MW.

Recent Results
At a consolidated level, the company reported operating income of
INR710.64 crore and net loss of INR65.68 crore in FY15. According
to the standalone provisional financials of RSCL during H1 FY16,
the company reported an operating income of INR267.84 crore and
net loss of INR27.92 crore.


RKB GLOBAL: CRISIL Cuts Rating on INR325MM Cash Loan to B+
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
RKB Global Pvt Ltd (RKBGPL) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            325      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Letter of Credit      1150      CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Packing Credit         250      CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

The rating downgrade reflects CRISIL's belief that RKBGPL's
business risk profile will remain subdued over the medium term on
the back of a sluggish environment in the domestic steel sector,
marked by weak demand and declining prices, and uncertainties
pertaining to the demand of iron-ore in China. Revenue declined by
around 9% year-on-year to INR2.58 billion in 2014-15 (refers to
financial year, April 1 to March 31) on the back of a steep
decline in revenue from iron-ore (driven by weak demand in China).
Operating profitability declined to 2.7% in 2014-15 from 4.4% in
2013-14 owing to a steep decline in steel prices in 2014-15
(especially in the second half of the year) resulting in inventory
losses. The company reported cash accrual of INR26.5 million in
2014-15 (INR32.8 million in 2013-14). While, the company reported
healthy revenue in the first half of 2015-16 on the back of an
uptick in steel demand, CRISIL expects the operating environment
to remain tough for players in the steel industry.

Despite a marginal decline, the TOLTNW ratio was high at 5.7 times
as on March 31, 2015. Networth was moderate at INR184 million at
the end of 2014-15. CRISIL expects the financial risk profile of
the company to marginally deteriorate over the medium term on the
back of relatively lower accretion to reserves and an increase in
working capital debt. The debt protection metrics were weak, with
interest coverage and net cash accrual to total debt ratios at 0.9
time and 1.4 times, respectively, in 2014-15 due to a decline in
operating profitability.

The ratings reflect RKBGPL's below-average financial risk profile
because of a high TOLTNW ratio and weak debt-protection metrics,
and the susceptibility of its operating margin to volatility in
forex rates and steel prices. These weaknesses are partially
offset by the company's well-diversified product mix and customer
profile and the extensive experience of the promoters in the
trading industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of RKBGPL and RKB Mining & Infrastructure
(RKB) till January 21, 2014, when RKB was merged with RKBGPL. This
is because the two entities, together referred to as the
Rajankumar group, were in the same business and had a common
management.
Outlook: Stable

CRISIL believes RKBGPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of sustainable
improvement in the company's capital structure and debt protection
metrics, supported by healthy growth in accrual, prudent working
capital management, or sizeable equity infusion. Conversely, the
outlook may be revised to 'Negative' if RKBGPL's financial risk
profile, including its liquidity, weakens further, most likely
because of a decline in accrual or an increase in working capital
requirements or any large, debt-funded capital expenditure.

RKBGPL was originally established as a partnership firm,
Rajankumar & Bros (Impex), in 1978. This firm was reconstituted as
a private limited company in December 2013. The company trades in
various commodities, such as steel plates and hot-rolled coils,
and undertakes construction activity on a contract basis. It also
has a mining division in Maharashtra, where it undertakes iron ore
mining. RKBGPL's operations are managed by Mr. Virat Shah and his
son, Mr. Alok V Shah.

RKB, established in 2007 as a partnership firm, was engaged in
trading of steel products such as boiler-quality steel plates and
checkered steel coils. It was merged with RKBGPL on January 21,
2014.

RKBGPL reported profit after tax (PAT) of INR 0.73 million on net
sales of INR2.6 billion for 2014-15. The Rajankumar group had
reported PAT of INR22.1 million on net sales of INR2.84 billion
for 2013-14.


SCC BUILDERS: CRISIL Cuts Rating on INR535MM Term Loan to 'C'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of SCC Builders Pvt Ltd (SCC) to 'CRISIL C' from 'CRISIL B-
/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility      15      CRISIL C (Downgraded from
                                   'CRISIL B-/Stable')

   Term Loan              535      CRISIL C (Downgraded from
                                   'CRISIL B-/Stable')

   Working Capital
   Demand Loan            250      CRISIL C (Downgraded from
                                   'CRISIL B-/Stable')

The rating downgrade reflects SCC's stretched liquidity due to
sizeable debt obligation in 2015-16 (refers to financial year,
April 1 to March 31) against slowdown in customer advances.
Consequently, the company may have to resort to additional bank
borrowing, leading to debt refinancing risk.

SCC also has a weak financial risk profile because of high gearing
and below-average debt protection metrics, geographical
concentration in revenue profile, and exposure to project
implementation risks. These weaknesses are partially offset by
promoters' experience in the real estate industry.

SCC was incorporated in 2005-06 and is promoted by Mr. Vinod
Goswami and Mr. Vipul Giiri. The company undertakes real estate
development in the National Capital Region, mainly Ghaziabad
(Uttar Pradesh).


SHAKTI BREEDING: CRISIL Assigns B+ Rating to INR54.7MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shakti Breeding India Pvt Ltd (SBIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             54.7      CRISIL B+/Stable
   Cash Credit           14.0      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    18.3      CRISIL B+/Stable

The rating reflects the small scale of operations in the poultry
industry and below-average financial risk profile because of high
gearing. These rating weaknesses are partially offset by the
extensive experience of promoters in the poultry industry.

Outlook: Stable

CRISIL believes SBIPL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial
revenue growth and sustainability of operating profitability
leading to considerably large cash accrual, along with prudent
working capital management leading to improved financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of low cash accrual or any large, debt-funded capital
expenditure or an increase in working capital requirement,
constraining the liquidity.

Incorporated in 2011, SBIPL commenced commercial operations from
October 2012. It sells day-old chicks to farms and farmers across
India. SBIPL is promoted by Mr. Sunil Kumar, Mr. Azad Singh, Mr.
Balwinder Singh, and Mr. Amit Kumar.


SHANKU'S BIOSCIENCES: ICRA Ups Rating on INR4.80cr Loan to B+
-------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR4.80
crore cash credit facility, the INR1.19 crore term loans and the
INR2.00 crore unallocated limits of Shanku's Biosciences Private
Limited to [ICRA]B+ from [ICRA]B. Also, ICRA has reaffirmed the
short term rating of [ICRA]A4 to the INR0.12 crore short-term non-
fund based facility of SBPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.80        Upgraded to [ICRA]B+
                                     from [ICRA]B

   Term Loan             1.19        Upgraded to [ICRA]B+
                                     from [ICRA]B

   Proposed Long         2.00        Upgraded to [ICRA]B+
   Term Limits                       from [ICRA]B

   Credit Exposure
   Limits                0.12        Reaffirmed at [ICRA]A4

The rating upgrade primarily takes into account the improvement in
SBPL's financial profile as reflected by healthy revenue growth
following the favorable excise classification order passed and
improvement in gearing levels as well as debt coverage indicators
in FY 15. The ratings also continue to draw comfort from the track
record of the promoter group in the chemical industry as well as
demonstrated financial support from the group. Moreover, SBPL's
well established customer relationships with reputed dairies based
out of Gujarat result in stable business and limited counter party
credit risk.

The ratings continue to remain constrained by the exposure to high
competitive intensity in the business due to low entry barriers
and inherently low complexity of work involved. Further, the
ratings continue to be constrained by the vulnerability of
contribution levels and thus profitability margins to any adverse
fluctuations in the prices of key inputs viz. rock phosphate,
limestone, hydrated lime as well as to the quality of materials.
Further the significant corporate guarantee exposure (1.95 times
net worth of SBPL as on FY15 end) to two group companies also
constrains the ratings.

Shanku's Biosciences Private Limited (SBPL) was incorporated in
March 2007 and is promoted by the members of the Chaudhary family
who own and operate various entities forming part of the Shanku's
group in Mehsana, Gujarat. The group is involved in several
businesses spread across the hospitality, chemicals and education
segments. SBPL is engaged in the business of production, sale and
marketing of Di Calcium Phosphate (DCP) and mineral mixture of
animal feed grade. Mineral mixtures and DCP manufactured by the
company are used as food/dietary supplements for cattle and
poultry. Prior to July 2009, SBPL was involved in the business of
contract manufacturing of chemicals following which it shifted
these operations under its group concern, Shanku's Chemscience
Private Limited.

Recent Results
For the year ended March 31, 2015 the company reported an
operating income of INR23.34 crore and profit after tax of INR1.76
crore as against an operating income of INR12.04 crore and profit
after tax of INR0.55 crore for the year ended March 31, 2014.


SHYAM ENTERPRISES: CRISIL Reaffirms B+ Rating on INR228MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Shyam Enterprises (SE)
continues to reflect SE's weak financial flexibility because of
large working capital requirements; and susceptibility to
regulatory changes, risk of epidemics, and volatility in prices of
raw milk and end products. These weaknesses are partially offset
by strong procurement network and established market position in
the dairy products industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            228      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     155      CRISIL B+/Stable (Reaffirmed)

CRISIL had downgraded its long term rating on SE's bank facilities
to 'CRISIL B+/Stable' on October 10, 2015. The rating downgrade
reflected significant deterioration in SE's business risk profile
following decline in operating revenue during 2014-15 (refers to
financial year, April 1 to March 31) because of a fall in the
price of skimmed milk powder (SMP), leading to a cash loss.
Although expected recovery in SMP price will lead to moderate
improvement in revenue and profitability; working-capital-
intensive operations will lead to a stretch in liquidity, and
hence, to weak financial risk profile over the medium term.
Outlook: Stable

CRISIL believes SE's operating income will increase over the
medium term because of expected recovery in prices and established
position in the dairy industry, but financial risk profile will
remain constrained by large working capital requirements during
the peak season. The outlook may be revised to 'Positive' in case
of more-than-expected increase in scale of operations and cash
accrual, and better working capital management, leading to
improvement in capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of
large debt-funded capital expenditure or significant pressure on
profitability, leading to weakening of capital structure.

SE was set up as a partnership firm in 1992 by Mr. Shyama Charan
and family members. The firm manufactures dairy products, such as
SMP, ghee, milk, and butter, which it markets under the Shyam
brand.


SIDDHARTHA CONSTRUCTION: ICRA Assigns B+ Rating to INR2cr Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR2 crore
cash credit facility and a short term rating of [ICRA]A4 to the
INR5 crore bank guarantee facility of M/s. Siddhartha
Construction. ICRA has also assigned a long term rating of
[ICRA]B+ and a short term rating of [ICRA]A4 to the untied limit
of INR7 crore of SC.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based
   (Cash Credit)          2         [ICRA]B+ assigned

   Non Fund Based
   (Bank Guarantee)       5         [ICRA]A4 assigned

   Untied                 7         [ICRA]B+/[ICRA]A4 assigned

The assigned ratings take into account SC's small scale of
operations at present, its exposure to high client and geographic
concentration risks since majority of the revenues and the current
order book outstanding are contributed by a few clients in
Jharkhand. Moreover, the sectoral concentration risk remains high,
with operations being limited to the construction of roads and
bridges. ICRA notes that the operating income has been fluctuating
over the last five years with significant decline witnessed in
FY15 on account of limited work orders received from the clients.
The ratings further incorporate the risks associated with the
entity's status as a partnership firm, including the risk of
capital withdrawal by the partners. The highly fragmented and
competitive nature of the industry, which coupled with tender
based contract awarding system, keeps a check on the entity's
profitability. The ratings also factor in the vulnerability of its
profitability to the movement in the raw material prices because
of the absence of price escalation clause in around half of the
order book outstanding. The ratings take note of the established
track record of the firm in the civil construction business, with
an experience of around three decades, reputed client profile
leading to low counterparty risks, and moderate order book
position of INR47.1 crore, provides revenue visibility in the near
term. The ratings also take into account the favourable financial
profile as reflected by conservative capital structure, healthy
debt coverage indicators and comfortable liquidity position of the
firm. In ICRA's opinion, the ability of the entity to scale-up its
execution capabilities to achieve revenue growth and profitability
while maintaining a conservative capital structure would remain
key rating sensitivities going forward.

Established in 1988 as a partnership firm, SC is engaged in
construction and maintenance of roads and bridges in the state of
Jharkhand. The firm is a registered Class IA category contractor
under Road Construction Department and Rural Works Department of
Jharkhand.

Recent Results
During FY15, SC reported a net profit of INR1.53 crore on an OI of
INR18.04 crore as against a net profit of INR2.12 crore and OI of
INR33.31 crore during FY14.


SRIMANNARAYANA RICE: ICRA Suspends B+ Rating on INR12cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to INR12.00 crore
bank facilities of Srimannarayana Rice Industries. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of requisite information from the company.
According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


SRI SIVA: ICRA Suspends B+ Rating on INR5.75cr Bank Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to INR5.75 crore
bank facilities of Sri Siva Rama Modern Raw & Boiled Rice Mill.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.
According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


TRIDENT INFRA: CRISIL Assigns B+ Rating to INR400MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Trident Infra Homes Pvt Ltd (Trident Infra).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              400      CRISIL B+/Stable

The rating reflects Trident Infra's exposure to funding and
implementation risks associated with its ongoing residential
project, and susceptibility to cyclicality inherent in the real
estate industry. These weaknesses are partially offset by the
promoters' extensive experience in real-estate industry.
Outlook: Stable

CRISIL believes Trident Infra will continue to benefit over the
medium term from promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's business and financial risk profiles
backed by higher-than-expected customer advances and timely
implementation of the ongoing project leading to healthy cash
accrual. Conversely, the outlook may be revised to 'Negative' if
there is a time or cost overrun in the project, or significant
pressure on Trident Infra's liquidity because of delays in
receiving customer advances, leading to pressure on revenue and
profitability.

Trident Infra was set up in 2010 by Mr. S K Narvar. The company
develops residential and commercial real estate projects. It is
currently developing a residential project, Trident Embassy, at
Noida Extension (Uttar Pradesh).


UNIVERSAL POLYMERS: CRISIL Suspends B Rating on INR20MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Universal Polymers Pvt Ltd (UPPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            20       CRISIL B/Stable
   Letter of Credit       60       CRISIL A4

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

Established in 2010 and based in Kanpur (Uttar Pradesh), UPPL
trades in PVC resins, panels and calcite powder. The company
started operations in January 2012. Its day-to-day operations are
being managed by Mr. Sandeep Agarwal. The management is setting up
Unplasticised Poly Vinyl Chloride (UPVC) windows and door
manufacturing unit and is expected to start full production from
May 2014.


VEERAL CONTROLS: CRISIL Reaffirms B+ Rating on INR40MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Veeral Controls Private
Limited (VCPL) continue to reflect a small scale of operations,
vulnerability to investment cycles, and working capital-intensive
operations. These rating weaknesses are partially offset by the
extensive experience of VCPL's promoters in the automation and
instrumentation industry.

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

   Inland Guarantees       20      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      25      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VCPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a substantial increase in
scale of operations and profitability, leading to larger-than-
expected cash accrual. Conversely, the outlook may be revised to
'Negative' in case of a decline in revenue and profitability,
resulting in lower-than-expected cash accrual, or a stretched
working capital cycle, or substantial debt-funded capital
expenditure, leading to weakening of the company's financial risk
profile .

Update
Sales in 2014-15 (refers to financial year, April 1 to March 31)
were about INR373.3 million. Operations have remained working
capital intensive  as indicated by gross current assets of 100
days as on March 31, 2015.

The financial risk profile has remained average with gearing of
1.8 times and adjusted net worth of about INR34.4 million as on
March 31, 2015. Debt protection metrics too were average with
interest coverage and net cash accrual to total debt ratios of 1.5
times and 0.1 time, respectively, in 2014-15. The financial risk
profile is expected to improve over the medium term most likely
due to increase in scale of operations and sustained margins,
leading to better cash accrual. Liquidity is expected to remain
adequate with sufficient cushion between cash accrual and
repayment obligations as well as support from promoters through
unsecured loans.

VCPL was originally established as a partnership firm in 1981; the
firm was reconstituted as a private limited company with the
current name in 1993. It has four directors, with the key director
being Mr. Varuneshkumar Prasad, an electrical engineer from IIT-
Kanpur who looks after overall operations. The company
manufactures instrumentation drives, power controllers, precision
power supplies, and is also engaged in OEM activities and
providing customised products and services. Its manufacturing
facility is in Gandhinagar, Gujarat.


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


TOSHIBA CORP: Looking to Merge PC Business With Vaio and Fujitsu
----------------------------------------------------------------
Nikkei Asian Review reports that a merger of Toshiba Corp.'s
personal computer operations with those of two industry peers
would mark significant progress in the company's restructuring
efforts necessitated by a massive accounting scandal.

According to Nikkei, Toshiba, Vaio and Fujitsu are considering
consolidating PC operations. Toshiba looks to keep its stake in
the combined company fairly low, thus removing the PC business
from consolidated accounting, the report says.

Nikkei says inflated profits, unreported losses and other
irregularities let Toshiba's unprofitable businesses go unnoticed
for years.  The report notes that new management, installed in
September, announced a slate of restructuring measures, including
the sale of image sensor production facilities to competitor Sony
and the delegation of Chinese appliance sales to partners in that
country.

Nikkei notes that Toshiba had already announced restructuring
plans for its PC operations in September 2014. According to the
report, the company has since pared its 32 sales affiliates
worldwide down to 13 and exited the consumer computer business in
emerging nations. More than 20% of non-production staff, or around
900 employees, have been removed from the payroll. But the
business has stayed stubbornly in the red, with sales slipping
around 10% to JPY666.3 billion ($5.36 billion) for the year ended
March, the report discloses.

According to Nikkei, Toshiba's PC business was once the industry
leader. Its release of the first-ever notebook computer in 1985
took the world by storm, enabling it to corner the market. The
upstart division was nevertheless long considered secondary, as
infrastructure operations remained the core of Toshiba's business.
But that began to change in 2005, when Atsutoshi Nishida, a
veteran of the PC division, became president.

Nikkei relates that the PC division also then became a breeding
ground for accounting fraud, improperly booking profits on parts
transactions with suppliers. Profit from the business was padded
to a tune of JPY57.8 billion from fiscal 2008 through April-
December 2014.

Nikkei says President Masashi Muromachi, responsible for
rehabilitating the scandal-stricken company, has made
restructuring the PC division a priority, alongside a portion of
the semiconductor business, television operations and the major
appliance division. The computer business's scandalous past makes
reform all the more important, Nikkei states.

Nikkei relates that Toshiba will need to set a path for a
turnaround for its PC operations in order to start integration
talks with Fujitsu and Vaio. A development center in Ome, Tokyo,
production plants in China and other facilities remain to be dealt
with, as do a number of overseas sales units. Consolidating
facilities and otherwise trimming fat will be essential to opening
a way forward for the business, Nikkei adds.

                       About Toshiba Corp.

The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on July 22, 2015, that an independent investigation said
in a report on July 21 that Toshiba Corp. overstated its operating
profit by JPY151.8 billion ($1.22 billion) over several years in
accounting irregularities involving top management.

The investigating committee said in a report filed by Toshiba to
the Tokyo Stock Exchange that Toshiba President and Chief
Executive Hisao Tanaka and his predecessor, Vice Chairman Norio
Sasaki, were aware of the overstatement of profits and delay in
reporting losses in a corporate culture that "avoided going
against superiors' wishes," according to Reuters.

The TCR-AP, citing Bloomberg News, reported on July 22, 2015, that
Toshiba Corp. President Hisao Tanaka and two other executives quit
to take responsibility for a $1.2 billion accounting scandal that
caused the maker of nuclear reactors and household appliances to
restate earnings for more than six years.

Norio Sasaki, the vice chairman, and Atsutoshi Nishida, a former
president who was serving as adviser, also resigned, the Tokyo-
based company said July 21, more than two months after announcing
it was investigating possible accounting irregularities, according
to Bloomberg.

On Nov. 12, 2015, the TCR-AP reported that Moody's Japan K.K. has
downgraded the issuer rating and long-term senior unsecured bond
ratings of Toshiba Corporation to Baa3 from Baa2, as well as its
subordinated debt rating to Ba2 from Ba1. Moody's has also changed
the rating outlook to negative from stable. At the same time,
Moody's has downgraded Toshiba's short-term rating to Prime-3 from
Prime-2.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.



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


PANAMA ROAD: Springpark Developer Placed in Receivership
--------------------------------------------------------
nzherald.co.nz reports  that the developer behind one of
Auckland's largest new housing estates has gone into receivership.

According to the report, receiver Dave Ruscoe confirmed on Dec. 4
that he and Richard Simpson have been appointed receivers and
managers of Panama Road Developments Trust. The trust is behind
the 10.5ha Springpark development in Mt Wellington.

nzherald.co.nz says developer Tony Gapes, of Redwood Group,
revealed plans in 2013 for 420 terraced homes with three- to four-
storey apartments, but the project has been affected by delays.

Auckland man Mark Seales is among those affected by the
receivership, the report states.

nzherald.co.nz relates that Mr. Seales and a friend bought a four-
bedroom property at Springpark off the plans in June 2013, paying
a deposit of NZ$53,000. They had spent another NZ$5,000 since on
chattels, such as a granite bench top, and NZ$1,500 on valuations.

"I'm not very happy. I want to know that [my investment] is
secure," the report quotes Mr. Sealas as saying.

The report says the development has been beset with delays, and he
had been concerned the project could collapse. He and his friend -
- who bought together because neither could afford to buy a home
on their own -- stuck with their purchase because they did not
want to miss out on soaring capital gains in Auckland since 2013.

"We would only have got our deposit back."

He met with Springpark developer Tony Gapes in August and there
was no indication receivership was looming, the report says. A
development update emailed last month also gave no hint,
Mr. Seales, as cited by nzherald.co.nz, said.


PENINSULA ROAD: Asian Investors Lose Legal Bid
----------------------------------------------
Joyce Lim at The Straits Times reports that a group of 109 mostly
Singaporean and Malaysian investors who bought apartments in
New Zealand lost a total of NZ$10 million (SGD9.2 million) in
deposits when the developer went bankrupt in the wake of the
global financial crisis.

Not only did the investors fail in a legal bid to recover their
deposits, they have now been stung for another NZ$36 million
(SGD33 million) in a counter-claim by the firm run by the
receivers, to recover losses during the global financial crisis in
Queenstown, according to the report. In February, the
High Court of New Zealand ruled that Kawarau Village Holdings was
entitled to deposits and the NZ$36 million from the group of Asian
investors, The Straits Times says.

This group -- none New Zealanders -- invested in the failed NZ$2
billion (SGD1.8 billion) Kawarau Falls development in the South
Island between 2006 and 2009, the report discloses.

According to The Straits Times, court documents said the investors
bought off the plan units in Lakeside West and Kingston West, to
be constructed on the shores of Lake Wakatipu, near Queenstown.

The report relates that the buildings were to be Stage 1 of a
three-stage integrated lakeside resort development known as
Kawarau Falls Station, set to become a world-class resort with 13
hotels and serviced apartment complexes.

Conceived in 2005, the buildings were part of Auckland developer
Nigel McKenna's ambitious project during a buoyant period for
property development there. The units were marketed for sale in
Asia by Austpac Investment Consultancy, the report notes.

Singaporean Alex and wife Lisa went to Austpac's Collyer Quay
sales launch in 2006. Under two weeks later they opted to buy a
one-bedder Kingston West serviced unit for NZ$369,000. The pair,
who asked to be known by only their first names, told The Straits
Times they paid NZ$70,000 in deposits by 2007.

The Straits Times relates that housewife Lisa, 48, said: "We were
promised a guaranteed rental yield of 6 per cent a year after
completion. And we were told that we would be able to stay in the
apartment for two to three days a year."

Businessman Alex, 50, added: "We wanted to own a second property
but we could not afford one here. So we looked for one overseas
. . . we thought the worst-case scenario would be to lose our
deposits."

The Straits Times relates that another Singaporean who declined to
be named said he travelled to Queenstown before sinking about
NZ$150,000 in deposit for a two-bedroom apartment at Lakeside
View, costing over NZ$1 million. He faces about NZ$700,000 in
damages, and says he has already spent $30,000 in legal fees.

In 2009, the original developer Peninsula Road was bankrupted by
the global financial crisis and placed in receivership in 2010,
the report recalls.

The Straits Times says that some time in 2011, the group of
investors were served settlement notices by the receivers for
their purchases -- to pay up the full amount. But none of them
settled, alleging that Kawarau Village has breached the contract
they had signed, the report relates.

In March 2012, Kawarau Village proceeded to cancel all of the
sales and purchase agreements and forfeited the deposits. The
group of investors jointly sought a court order for the return of
their deposits. Last March, Kawarau Village started legal
proceedings against Mr David Yuen who runs Austpac over a
guarantee to buy the units if buyers defaulted, The Straits Times
recalls.

Lawyer Phil Creagh of Anderson Creagh Lai, representing over 30
investors, told The Straits Times in an e-mail that fewer than 10
of them have come to a settlement with Kawarau Village. The rest
have proceeded with a joint appeal against the judgment to be
heard next August.



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


DAEWOO SHIPBUILDING: To Repay Maturing Debts as Scheduled
---------------------------------------------------------
Yonhap News Agency reports that Daewoo Shipbuilding & Marine
Engineering Co., a troubled local shipyard, said on Dec. 7 that it
will be able to repay debts maturing next year as scheduled.

The news agency relates that the shipbuilder said KRW300 billion
(US$257 million) in debt is due by April next year, with an
additional KRW400 billion set to mature in September.

"There will be no problem in repaying maturing debts next year, as
we are set to deliver some 80 percent of offshore facilities worth
$20 billion next year," Yonhap quotes Daewoo Shipbuilding as
saying.

According to Yonhap, the shipbuilder logged operating losses of
KRW4.5 trillion in the first three quarters, raising concerns that
it may face a liquidity shortage.

Last month, its creditors, led by state-run Korea Development
Bank, pledged to provide KRW4.2 trillion worth of financial aid to
the shipbuilder, Yonhap recalls.

In return, Daewoo Shipbuilding is seeking to cut costs and sell
some affiliates and its headquarters office building in Seoul,
saving KRW1.85 trillion in cash, the report relates.

The shipyard paid back KRW300 billion worth of debt last month,
following the repayment of KRW200 billion worth of debts in July,
Yonhap reports.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.


POSCO: Subsidiary Goes Bankrupt
-------------------------------
Korea IT Times reports that a subsidiary of POSCO is set to go
bankrupt as part of chairman Kwon Oh-joon's willingness to have
intense restructuring on the group's money-losing subsidiaries.

According to the report, the steel maker said in a regulatory
filing on Dec. 3 that the group decided to remove the revival
process of its alumina supplier Pos-HiaL.

Pos-HiaL will undergo a bankruptcy procedure led by the court
after disposing its assets and allocating its shares to creditors,
Korea IT Times relates.

"While we were proceeding with the sale, we decided to go through
a bankruptcy process because there was no buyer," the report
quotes a POSCO official as saying.

Pos-HiaL was set up in 2012 in a bid to produce ultrapure alumina,
key materials for LED.  POSCO predicted that the demand on the
alumina rose by more than 30 percent a year, but the market lost
its vigor and has seen weakening profitability, the report says.

According to the report, the company started out with
KRW1.2 billion in operating loss first year and the figure
continued to rise to KRW2.5 billion in 2013 and KRW5.7 billion
last year.

The bankruptcy of its subsidiary is the first since POSCO set up
in 1968. The steel maker is also reportedly pushing ahead with
sales of an urban mine of POSCO M-Tech, steel raw materials and
packing materials provider, says Korea IT Times.

Chairman Kwon Oh-joon announced that the company would reduce 30
percent of overseas branches and 50 percent of domestic business
during the press briefing in July, the report adds.

Headquartered in Pohang, South Korea, POSCO (ADR)(NYSE:PKX) is an
integrated steel producer. The Company operates in four segments:
steel segment, trading segment, construction segment and others
segment. The steel segment includes production of steel products
and sale of such products. The trading segment consists of global
trading activities of Daewoo International, exporting and
importing a range of steel products that are both obtained from
and supplied to POSCO, as well as between other suppliers and
purchasers in Korea and overseas. The construction segment
includes planning, designing and construction of industrial
plants, civil engineering projects and commercial and residential
buildings, both in Korea and overseas. The others segment includes
power generation, Liquefied Natural Gas (LNG) logistics, and
network and system integration. The Company is engaged in
businesses that complements its steel manufacturing operations, as
well as seeks out investment opportunities to diversify its
businesses both vertically and horizontally.



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


* BOND PRICING: For the Week Nov. 30 to Dec. 4, 2015
----------------------------------------------------

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


  AUSTRALIA
  ---------

AUSDRILL FINANCE PTY      6.88     11/1/2019   USD      71.00
AUSDRILL FINANCE PTY      6.88     11/1/2019   USD      73.00
BOART LONGYEAR MANAG      7.00      4/1/2021   USD      40.00
BOART LONGYEAR MANAG      7.00      4/1/2021   USD      41.25
CML GROUP LTD             9.00     1/29/2020   AUD       0.96
CRATER GOLD MINING L     10.00     8/18/2017   AUD      35.00
EMECO PTY LTD             9.88     3/15/2019   USD      58.00
EMECO PTY LTD             9.88     3/15/2019   USD      59.00
FMG RESOURCES AUGUST      6.88      4/1/2022   USD      69.77
FMG RESOURCES AUGUST      6.88      4/1/2022   USD      70.23
IMF BENTHAM LTD           6.38     6/30/2019   AUD      71.75
KBL MINING LTD           12.00     2/16/2017   AUD       0.32
KEYBRIDGE CAPITAL LT      7.00     7/31/2020   AUD       0.69
LAKES OIL NL             10.00     3/31/2017   AUD       6.50
MIDWEST VANADIUM PTY     11.50     2/15/2018   USD       5.38
MIDWEST VANADIUM PTY     11.50     2/15/2018   USD       4.56
STOKES LTD               10.00     6/30/2017   AUD       0.40
TREASURY CORP OF VIC      0.50    11/12/2030   AUD      62.69


CHINA
-----

CHANGCHUN CITY DEVEL      6.08      3/9/2016   CNY      40.11
CHANGSHA HIGH TECHNO      7.30    11/22/2017   CNY      73.00
CHANGZHOU INVESTMENT      5.80      7/1/2016   CNY      40.34
CHANGZHOU WUJIN CITY      5.42      6/9/2016   CNY      50.49
CHINA GOVERNMENT BON      1.64    12/15/2033   CNY      74.47
DANDONG CITY DEVELOP      6.21      9/6/2017   CNY      70.46
DATONG ECONOMIC CONS      6.50      6/1/2017   CNY      71.50
DRILL RIGS HOLDINGS       6.50     10/1/2017   USD      68.25
DRILL RIGS HOLDINGS       6.50     10/1/2017   USD      69.80
ERDOS DONGSHENG CITY      8.40     2/28/2018   CNY      66.70
GRANDBLUE ENVIRONMEN      6.40      7/7/2016   CNY      70.41
GUOAO INVESTMENT DEV      6.89    10/29/2018   CNY      67.42
HANGZHOU XIAOSHAN ST      6.90    11/22/2016   CNY      41.03
HEBEI RONG TOU HOLDI      6.76      7/8/2021   CNY      74.34
HEILONGJIANG HECHENG      7.78    11/17/2016   CNY      41.25
HUAIAN CITY URBAN AS      7.15    12/21/2016   CNY      70.46
JIANGSU HUAJING ASSE      5.68     9/28/2017   CNY      50.90
JINAN CITY CONSTRUCT      6.98     3/26/2018   CNY      74.20
KUNSHAN ENTREPRENEUR      4.70     3/30/2016   CNY      40.06
LONGHAI STATE-OWNED       8.25     12/2/2017   CNY      73.00
NANJING NANGANG IRON      6.13     2/27/2016   CNY      50.10
OCEAN RIG UDW INC         7.25      4/1/2019   USD      49.00
OCEAN RIG UDW INC         7.25      4/1/2019   USD      42.31
PANJIN CONSTRUCTION       7.70    12/16/2016   CNY      71.02
QINGZHOU HONGYUAN PU      6.50     5/22/2019   CNY      40.35
SHANGHAI REAL ESTATE      6.12     5/17/2017   CNY      71.77
SHENGZHOU HOTEL CO L      9.20     2/26/2016   CNY     100.00
TAIZHOU CITY CONSTRU      6.90     1/25/2017   CNY      70.45
TONGLIAO CITY INVEST      5.98      9/1/2017   CNY      71.50
WUXI COMMUNICATIONS       5.58      7/8/2016   CNY      50.10
XIANGTAN JIUHUA ECON      6.93    12/16/2016   CNY      71.16
YANGZHOU ECONOMIC DE      6.10      7/7/2016   CNY      50.30
YANGZHOU URBAN CONST      5.94     7/23/2016   CNY      40.50
YIJINHUOLUOQI HONGTA      8.35     3/19/2019   CNY      71.50
YULIN CITY INVESTMEN      6.81     12/4/2018   CNY     103.50
YUNNAN INVESTMENT GR      5.25     8/24/2017   CNY      70.50
ZHENJIANG CULTURE AN      5.86      5/6/2017   CNY      74.01
ZHUCHENG ECONOMIC DE      7.50     8/25/2018   CNY      41.13
ZOUCHENG CITY ASSET       7.02     1/12/2018   CNY      61.86


INDONESIA
---------


BERAU COAL ENERGY TB      7.25     3/13/2017   USD      31.50
BERAU COAL ENERGY TB      7.25     3/13/2017   USD      29.79
GAJAH TUNGGAL TBK PT      7.75      2/6/2018   USD      60.72
GAJAH TUNGGAL TBK PT      7.75      2/6/2018   USD      59.00
INDONESIA TREASURY B      6.38     4/15/2042   IDR      72.97


INDIA
-----

3I INFOTECH LTD           5.00     4/26/2017   USD      14.63
BLUE DART EXPRESS LT      9.30    11/20/2017   INR      10.12
BLUE DART EXPRESS LT      9.50    11/20/2019   INR      10.25
BLUE DART EXPRESS LT      9.40    11/20/2018   INR      10.18
COROMANDEL INTERNATI      9.00     7/23/2016   INR      15.55
GTL INFRASTRUCTURE L      4.03     11/9/2017   USD      27.00
INCLINE REALTY PVT L     10.85     8/21/2017   INR       7.74
JAIPRAKASH ASSOCIATE      5.75      9/8/2017   USD      71.16
JCT LTD                   2.50      4/8/2011   USD      29.25
PRAKASH INDUSTRIES L      5.25     4/30/2015   USD      20.00
PYRAMID SAIMIRA THEA      1.75      7/4/2012   USD       1.00
REI AGRO LTD              5.50    11/13/2014   USD       4.25
REI AGRO LTD              5.50    11/13/2014   USD       4.25
SVOGL OIL GAS & ENER      5.00     8/17/2015   USD      21.13


JAPAN
-----

AVANSTRATE INC            5.55    10/31/2017   JPY      31.00
AVANSTRATE INC            5.55    10/31/2017   JPY      37.00
ELPIDA MEMORY INC         0.70      8/1/2016   JPY       8.25
ELPIDA MEMORY INC         0.50    10/26/2015   JPY       8.38
ELPIDA MEMORY INC         2.29     12/7/2012   JPY       8.25
ELPIDA MEMORY INC         2.03     3/22/2012   JPY       8.25
ELPIDA MEMORY INC         2.10    11/29/2012   JPY       8.25
SHARP CORP/JAPAN          1.60     9/13/2019   JPY      61.38
TAKATA CORP               0.58     3/26/2021   JPY      65.75


KOREA
-----

2014 KODIT CREATIVE       5.00    12/25/2017   KRW      30.30
2014 KODIT CREATIVE       5.00    12/25/2017   KRW      30.30
DOOSAN CAPITAL SECUR     20.00     4/22/2019   KRW      38.96
HYUNDAI HEAVY INDUST      4.90    12/15/2044   KRW      54.78
HYUNDAI HEAVY INDUST      4.80    12/15/2044   KRW      55.70
HYUNDAI MERCHANT MAR      7.05    12/27/2042   KRW      30.96
KIBO ABS SPECIALTY C     10.00     8/22/2017   KRW      25.67
KIBO ABS SPECIALTY C      5.00     1/31/2017   KRW      32.14
KIBO ABS SPECIALTY C      5.00     3/29/2018   KRW      29.22
KIBO ABS SPECIALTY C     10.00     2/19/2017   KRW      36.58
KIBO ABS SPECIALTY C     10.00      9/4/2016   KRW      38.97
KIBO ABS SPECIALTY C      5.00    12/25/2017   KRW      29.04
LSMTRON DONGBANGSEON      4.53    11/22/2017   KRW      29.88
POSCO ENERGY CORP         4.72     8/29/2043   KRW      66.55
POSCO ENERGY CORP         4.72     8/29/2043   KRW      66.54
POSCO ENERGY CORP         4.66     8/29/2043   KRW      67.11
PULMUONE CO LTD           2.50      8/6/2045   KRW      59.91
SINBO SECURITIZATION      5.00     2/27/2019   KRW      26.31
SINBO SECURITIZATION      5.00     1/30/2019   KRW      26.48
SINBO SECURITIZATION      5.00    10/30/2019   KRW      19.46
SINBO SECURITIZATION      5.00     2/27/2019   KRW      26.31
SINBO SECURITIZATION      5.00     1/30/2019   KRW      26.48
SINBO SECURITIZATION      5.00     6/27/2018   KRW      28.67
SINBO SECURITIZATION      5.00     6/27/2018   KRW      28.67
SINBO SECURITIZATION      5.00     5/27/2016   KRW      36.46
SINBO SECURITIZATION      5.00     5/27/2016   KRW      36.46
SINBO SECURITIZATION      5.00     3/14/2016   KRW      44.60
SINBO SECURITIZATION      5.00      7/8/2017   KRW      31.76
SINBO SECURITIZATION      5.00      7/8/2017   KRW      31.76
SINBO SECURITIZATION      5.00     10/1/2017   KRW      30.79
SINBO SECURITIZATION      5.00     10/1/2017   KRW      30.79
SINBO SECURITIZATION      5.00     10/1/2017   KRW      30.79
SINBO SECURITIZATION      5.00     6/29/2016   KRW      35.46
SINBO SECURITIZATION      5.00    12/25/2016   KRW      32.64
SINBO SECURITIZATION      5.00     1/15/2018   KRW      30.10
SINBO SECURITIZATION      5.00     1/15/2018   KRW      30.10
SINBO SECURITIZATION      5.00     2/11/2018   KRW      29.61
SINBO SECURITIZATION      5.00     2/11/2018   KRW      29.61
SINBO SECURITIZATION      5.00    12/13/2016   KRW      33.71
SINBO SECURITIZATION      5.00     3/12/2018   KRW      29.37
SINBO SECURITIZATION      5.00     3/12/2018   KRW      29.37
SINBO SECURITIZATION      5.00     1/29/2017   KRW      33.11
SINBO SECURITIZATION      5.00     2/21/2017   KRW      32.82
SINBO SECURITIZATION      5.00     2/21/2017   KRW      32.82
SINBO SECURITIZATION      5.00     8/16/2016   KRW      33.73
SINBO SECURITIZATION      5.00     8/16/2017   KRW      31.34
SINBO SECURITIZATION      5.00     8/16/2017   KRW      31.34
SINBO SECURITIZATION      5.00     9/26/2018   KRW      27.73
SINBO SECURITIZATION      5.00     9/26/2018   KRW      27.73
SINBO SECURITIZATION      5.00     9/26/2018   KRW      27.73
SINBO SECURITIZATION      5.00     7/26/2016   KRW      35.13
SINBO SECURITIZATION      5.00     7/26/2016   KRW      35.13
SINBO SECURITIZATION      5.00     8/31/2016   KRW      34.72
SINBO SECURITIZATION      5.00     8/31/2016   KRW      34.72
SINBO SECURITIZATION      5.00     10/5/2016   KRW      34.35
SINBO SECURITIZATION      5.00     10/5/2016   KRW      32.72
SINBO SECURITIZATION      5.00     7/24/2017   KRW      30.61
SINBO SECURITIZATION      5.00     7/24/2018   KRW      28.45
SINBO SECURITIZATION      5.00     7/24/2018   KRW      28.45
SINBO SECURITIZATION      5.00     8/29/2018   KRW      27.96
SINBO SECURITIZATION      5.00     8/29/2018   KRW      27.96
SINBO SECURITIZATION      5.00     3/13/2017   KRW      32.58
SINBO SECURITIZATION      5.00      6/7/2017   KRW      22.95
SINBO SECURITIZATION      5.00      6/7/2017   KRW      22.95
SINBO SECURITIZATION     10.00    12/27/2015   KRW      76.38
SINBO SECURITIZATION      5.00     1/19/2016   KRW      57.07
SINBO SECURITIZATION      5.00      2/2/2016   KRW      53.30
SINBO SECURITIZATION      8.00      2/2/2016   KRW      58.41
SINBO SECURITIZATION      5.00    12/23/2018   KRW      26.81
SINBO SECURITIZATION      5.00    12/23/2017   KRW      29.06
SINBO SECURITIZATION      5.00    12/23/2018   KRW      26.81
SINBO SECURITIZATION      5.00     3/13/2017   KRW      32.58
SK TELECOM CO LTD         4.21      6/7/2073   KRW      65.89
TONGYANG CEMENT & EN      7.50     4/20/2014   KRW      70.00
TONGYANG CEMENT & EN      7.30     4/12/2015   KRW      70.00
TONGYANG CEMENT & EN      7.30     6/26/2015   KRW      70.00
TONGYANG CEMENT & EN      7.50     7/20/2014   KRW      70.00
TONGYANG CEMENT & EN      7.50     9/10/2014   KRW      70.00
U-BEST SECURITIZATIO      5.50    11/16/2017   KRW      31.03


SRI LANKA
---------

SRI LANKA GOVERNMENT      5.35      3/1/2026   LKR      74.29


MALAYSIA
--------

BANDAR MALAYSIA SDN       0.35     2/20/2024   MYR      70.26
BANDAR MALAYSIA SDN       0.35    12/29/2023   MYR      70.77
BIMB HOLDINGS BHD         1.50    12/12/2023   MYR      71.43
BRIGHT FOCUS BHD          2.50     1/22/2031   MYR      66.26
BRIGHT FOCUS BHD          2.50     1/24/2030   MYR      68.61
LAND & GENERAL BHD        1.00     9/24/2018   MYR       0.25
SENAI-DESARU EXPRESS      0.50    12/31/2040   MYR      68.81
SENAI-DESARU EXPRESS      0.50    12/29/2045   MYR      74.19
SENAI-DESARU EXPRESS      0.50    12/31/2047   MYR      76.14
SENAI-DESARU EXPRESS      0.50    12/31/2046   MYR      75.24
SENAI-DESARU EXPRESS      0.50    12/31/2043   MYR      72.39
SENAI-DESARU EXPRESS      0.50    12/31/2038   MYR      65.77
SENAI-DESARU EXPRESS      0.50    12/31/2041   MYR      69.98
SENAI-DESARU EXPRESS      0.50    12/31/2042   MYR      71.28
SENAI-DESARU EXPRESS      0.50    12/30/2044   MYR      73.31
SENAI-DESARU EXPRESS      0.50    12/30/2039   MYR      67.51
SENAI-DESARU EXPRESS      1.35    12/29/2028   MYR      57.22
SENAI-DESARU EXPRESS      1.15    12/29/2023   MYR      68.39
SENAI-DESARU EXPRESS      1.15     6/30/2023   MYR      69.98
SENAI-DESARU EXPRESS      1.15    12/30/2022   MYR      71.61
SENAI-DESARU EXPRESS      1.35     6/28/2030   MYR      53.96
SENAI-DESARU EXPRESS      1.35    12/31/2030   MYR      52.90
SENAI-DESARU EXPRESS      1.15    12/31/2024   MYR      65.36
SENAI-DESARU EXPRESS      1.10     6/30/2022   MYR      73.02
SENAI-DESARU EXPRESS      1.15     6/30/2025   MYR      63.91
SENAI-DESARU EXPRESS      1.10    12/31/2021   MYR      74.74
SENAI-DESARU EXPRESS      1.35     6/30/2026   MYR      62.84
SENAI-DESARU EXPRESS      1.15     6/28/2024   MYR      66.87
SENAI-DESARU EXPRESS      1.35    12/31/2029   MYR      55.01
SENAI-DESARU EXPRESS      1.35     6/30/2031   MYR      51.85
SENAI-DESARU EXPRESS      1.35    12/31/2025   MYR      64.02
SENAI-DESARU EXPRESS      1.35     6/30/2027   MYR      60.56
SENAI-DESARU EXPRESS      1.35     6/29/2029   MYR      56.10
SENAI-DESARU EXPRESS      1.35     6/30/2028   MYR      58.34
SENAI-DESARU EXPRESS      1.35    12/31/2026   MYR      61.71
SENAI-DESARU EXPRESS      1.35    12/31/2027   MYR      59.47
UNIMECH GROUP BHD         5.00     9/18/2018   MYR       1.18


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

BAYAN TELECOMMUNICAT     13.50     7/15/2006   USD      22.75
BAYAN TELECOMMUNICAT     13.50     7/15/2006   USD      22.75


SINGAPORE
---------

AXIS OFFSHORE PTE LT      7.59     5/18/2018   USD      54.26
BAKRIE TELECOM PTE L     11.50      5/7/2015   USD       3.00
BAKRIE TELECOM PTE L     11.50      5/7/2015   USD       3.66
BERAU CAPITAL RESOUR     12.50      7/8/2015   USD      30.00
BERAU CAPITAL RESOUR     12.50      7/8/2015   USD      74.78
BLD INVESTMENTS PTE       8.63     3/23/2015   USD       8.38
BUMI CAPITAL PTE LTD     12.00    11/10/2016   USD      18.70
BUMI CAPITAL PTE LTD     12.00    11/10/2016   USD      18.18
BUMI INVESTMENT PTE      10.75     10/6/2017   USD      18.70
BUMI INVESTMENT PTE      10.75     10/6/2017   USD      18.14
ENERCOAL RESOURCES P      6.00      4/7/2018   USD      10.00
GOLIATH OFFSHORE HOL     12.00     6/11/2017   USD      17.05
INDO INFRASTRUCTURE       2.00     7/30/2010   USD       1.88
ORO NEGRO DRILLING P      7.50     1/24/2019   USD      67.00
OSA GOLIATH PTE LTD      12.00     10/9/2018   USD      62.00
OTTAWA HOLDINGS PTE       5.88     5/16/2018   USD      53.00
OTTAWA HOLDINGS PTE       5.88     5/16/2018   USD      50.92
SWIBER HOLDINGS LTD       7.13     4/18/2017   SGD      65.25
TRIKOMSEL PTE LTD         5.25     5/10/2016   SGD      20.00
TRIKOMSEL PTE LTD         7.88      6/5/2017   SGD      24.00


THAILAND
--------

G STEEL PCL               3.00     10/4/2015   USD       3.74
MDX PCL                   4.75     9/17/2003   USD      37.50


VIETNAM
-------

DEBT AND ASSET TRADI      1.00    10/10/2025   USD      49.69
DEBT AND ASSET TRADI      1.00    10/10/2025   USD      49.50



                             *********

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.


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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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