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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, May 3, 2016, Vol. 19, No. 86


                            Headlines

A U S T R A L I A

AUSTRALIA: Growing Debt Pile Set to Peak Within 6 Years
SLATER & GORDON: Reaches Deal with Bankers Avoiding Insolvency
ST. BARBARA: Moody's Hikes Corporate Family Rating to 'B3'
VIRGIN AUSTRALIA: To Cut Capacity Amid Expected 2nd Half Loss


B A N G L A D E S H

BANGLADESH: Moody's Says Ba3-Gov't. Bond Rating Reflects Growth


I N D I A

ABHYUDAYA GREEN: ICRA Rates INR7.35cr Term Loan Limits B+
ANDHRA PRADESH: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
BMW LOGISTICS: Ind-Ra Affirms 'IND BB+' Long-Term Issuer Rating
DEORANI DEVI: ICRA Assigns B+ Rating to INR14.13cr Term Loan
DNS ELECTRONICS: Ind-Ra Affirms 'IND B+' Long-Term Issuer Rating

DURGA KRISHNA: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
INSTYLE EXPORTS: ICRA Revises Rating on INR52.75cr Term Loan to D
JAY BHARAT FOOD: ICRA Reaffirms B+ Rating on INR12.29cr Term Loan
JAY BHARAT SPICES: ICRA Reaffirms B+ Rating on INR13cr Loan
JAYALAXMI POLY: ICRA Suspends B Rating on INR2.82cr LT Loans

JJ HOUSE: Ind-Ra Assigns 'IND BBB-' Long-Term Issuer Rating
MAGADH INDUSTRIES: Ind-Ra Assigns IND BB- Rating to INR516MM Loan
MANMATHA NATH: ICRA Cuts Rating on INR7cr Cash Loan to B+
MARIAN PROJECTS: ICRA Suspends B+ Rating on INR8cr LT Loans
METALEX STEEL: ICRA Suspends B+ Rating on INR12.2cr LT Loans

MIM COMPONENTS: ICRA Suspends B- Rating on INR9.34cr LT Loans
M/S MULPURI: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
M/S PEACOCK: Ind-Ra Withdraws 'IND BB+(suspended)' LT IDR
OMKAR INFRATECH: ICRA Assigns B Rating to INR6cr Loan
PITAMBARA FOODS: ICRA Assigns B+ Rating to INR3.5cr Cash Credit

RAM LAL: ICRA Suspends B Rating on INR20cr Fund-Based Limits
RANK SILICON: Ind-Ra Affirms 'IND BB+' Long-Term Issuer Rating
SHANTHI HOSPITAL: ICRA Withdraws B- Rating on INR8.18cr LT Loan
SHREE COAL: Ind-Ra Raises Long-Term Issuer Rating to 'IND BB-'
SIDDHARTH MERCANTILE: Ind-Ra Withdraws 'IND B' LT Issuer Rating

SMIT DEVELOPERS: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
SRI VENKATESWARA: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
TMI HEALTHCARE: ICRA Suspends B Rating on INR13.5cr LT Loan
VRAJ PACKAGING: Ind-Ra Supends 'IND BB+' Long-Term Issuer Rating


J A P A N

MITSUBISHI MOTORS: Brand Battered But Has Cash to Weather Scandal
NISSAN MOTOR: Hit Hardest in Partner's Fuel Economy Testing Fraud
NISSAN MOTOR: Recalls 3.8MM Cars Over Faulty Airbags
SHARP CORP: Plans Stock Incentives to Stop Brain Drain
TAKATA CORP: Vehicles Subject to Air Bag Recall May Reach 100MM


M A C A U

* Macau April Casino Revenue Falls 9.5%, Less Than Estimated


N E W  Z E A L A N D

CAVALIER BREMWORTH: To Cut 65 Jobs in Three Plants


X X X X X X X X

* BOND PRICING: For the Week April 25 to April 29, 2016


                            - - - - -



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


AUSTRALIA: Growing Debt Pile Set to Peak Within 6 Years
-------------------------------------------------------
Benjamin Purvis, writing for Bloomberg News, reports that
Australia's drive to balance the books will see the federal
government's debt pile top out within about five or six years and
then start to shrink again, according to Treasurer Scott Morrison.

Speaking in Canberra just ahead of his first budget, Morrison said
he expects the fiscal deficit to narrow over the government's
four-year forecast horizon and pledged to keep expenditure under
control, says Bloomberg News.

"To start reducing the debt you've got to get the deficit down. To
get the deficit down you've got to get your spending down,"
Morrison said in a Channel Nine television interview, says the
report.  "The deficit will decrease over the budget and forward
estimates and we will see both gross and net debt peak over about
the next five or six years, and then it will start to fall."

Bloomberg News says the Australian budget was last in surplus in
2007-08 and attempts to rein in the deficit have been stymied by a
slump in revenue as commodity prices fell. Morrison's challenge is
to maintain Australia's public finances on a sound footing without
increasing risks to the economy as it reduces its reliance on
mining. He must also contend with the prospect of an upcoming
election, which Prime Minister Malcolm Turnbull is expected to
call for July 2.

Total outstanding federal debt is now more than seven times larger
than it was before the 2008 global crisis and net debt is
predicted to increase to 18.5 percent of gross domestic product in
2016-17, according to the median forecast in a Bloomberg survey of
economists. The underlying cash deficit is expected to reach AUD35
billion ($27 billion) next fiscal year, AUD1.3 billion more than
the government had forecast in its December fiscal update,
according to the survey.

While the government confirmed it would provide an additional
AUD1.2 billion of funding for schools over the forward estimates
period, Morrison said that it was not a time to be throwing money
around, reports Bloomberg News. He said the government was looking
at measures related to retirement savings and also planned to
crack down on tax avoidance by multinational companies, although
he declined to confirm media reports of a possible reduction in
income tax. Any additional spending measures in the budget will be
offset by reductions elsewhere and the tax burden on the economy
won't be increased, he said.

"You don't get a sustainable path back to budget balance by
increasing the tax burden on the Australian economy," the report
quoted Morrison as saying. "That just retards growth over the
longer term and it punishes the economy at a time when we need it
to perform at its best."


SLATER & GORDON: Reaches Deal with Bankers Avoiding Insolvency
--------------------------------------------------------------
Jonathan Shapiro and Sarah Danckert of the Sydney Morning Herald
report that embattled ASX listed law-firm Slater & Gordon has
reached an agreement with its bankers, avoiding insolvency.

In a statement to the stock exchange, notes the report, the
company said it had agreed to amendments to the terms of its
existing facility agreement that ensures loans do not have to be
repaid until May 2018.

Slater & Gordon's share price nearly doubled on the news, jumping
88 per cent by 11:30 a.m. AEST, on to 55 Australian cents; the
shares hit a 52-week high of AUD6.61 on May 5 last year, reports
SMH.

This was a "clear sign of endorsement" for the company's
"improvement program", SMH, citing the statement, said.

Managing director Andrew Grech said management was focused on
"improving profitability and cash flow, and to reduce debt," says
SMH.

Under the new agreement, Slater & Gordon is due to repay AUD480
million of debt in the 2018 financial year and AUD360 million in
2019, which are now in the form of "term loans", the report
relates.

Slater & Gordon has agreed to new financial covenants, more-
frequent reporting to lenders, and said it had agreed not to
declare or pay any dividends, adds SMH.

As part of the agreement Slater & Gordon has agreed to pay an an
"amendment fee" to its banks either in the form of cash, or
performance "warrants," SMH says.  The warrants are structured to
give lenders "upside" in any gain in the market capitalisation of
the firm, ahead of a refinancing or maturity, through the
placement of shares.

According to the report, more than 55 per cent of the lending
group will take the payment in the form of cash, which Slater &
Gordon said would result in a maximum dilution of the share-
register by 6 to 7 per cent.  Slater & Gordon said it did not
require shareholder approval to issue the warrants.

The group has also agreed to a "semi-annual debt amortisation"
program which is expected to see the company pay down a portion of
its debt at different stage throughout the next two years by using
free cash flow, notes SMH.

The law firm had previously said it had until this month to
negotiate new terms with its lenders, led by National Australia
Bank and Westpac, or be forced to repay the debt within 12 months,
tipping it into an inevitable default, SMH recalls.

The once, high-flying personal injury firm has had a tumultuous
year after it agreed to pay AUD1.3 billion to acquire the
professional services division of Quindell, a London listed firm.
That acquisition was funded with AUD890 million of new equity,
with the remainder paid with bank loans, adds SMH.

As reported in the Troubled Company Reporter-Asia Pacific on
March 14, 2016, The Sydney Morning Herald said struggling listed
law firm Slater & Gordon has suffered another blow after the
Australian Securities Exchange dumped the stock from its top 200
list.  SMH said the removal of Slater & Gordon from the ASX 200
is significant because it means some of the index funds which are
required under their self-imposed mandates to hold shares in ASX
200 stocks will exit the stock.  According to the report, the law
firm is in a fight for survival following a horror 2015 that saw
its market capitalisation plummet from more than AUD2.7 billion
to AUD121.6 million on March 11 following an accounting scandal
in its UK arm and weaker-than-expected growth in both its British
business and its Australian arm.  Slater & Gordon has until
April 30 to satisfy its bankers it can remain as a viable
organization, SMH relayed. Its financial advisers from insolvency
firm McGrath Nicol are delivering weekly cash-flow updates to the
firm's bankers, the report stated.

Australia-based Slater & Gordon Limited (ASX:SGH) --
https://www.slatergordon.com.au/ -- is engaged in operating legal
practices in Australia and the United Kingdom. The Company
operates through segments, including Slater and Gordon Australia
(AUS), Slater and Gordon UK (UK) and Slater Gordon Solutions
(SGS). The AUS segment conducts a range of legal services within
a geographical area of Australia. The AUS segment also includes
investments, borrowing and capital rising activities. The
Company's UK segment conducts a range of legal services in in the
United Kingdom. The UK segment also includes the investments in
SGS. The SGS segment offers legal services relating to road
traffic accidents, employee liability and noise, including
hearing loss. The SGS segment also provides complementary
services in health and motor services. The Company's business and
specialized litigation services include commercial, estate and
professional negligence litigation and class actions.


ST. BARBARA: Moody's Hikes Corporate Family Rating to 'B3'
----------------------------------------------------------
Moody's Investors Service has upgraded St. Barbara Limited's
corporate family rating (CFR) and senior secured rating to B3 from
Caa1.

The ratings outlook is stable.

RATINGS RATIONALE

"The upgrade of St. Barbara's ratings to B3 reflects the
significant improvement in the company's financial profile,
underpinned by continued productivity improvements at its Simberi
operation and strong production at the low cost Gwalia mine," says
Matthew Moore, a Moody's Vice President and Senior Credit Officer.

"The upgrade also reflects the significant progress that the
company has made on its debt reduction initiatives," adds Moore.

The track record of improvements at Simberi -- demonstrated by
higher production and lower costs -- has allowed the operations to
be free cash flow generative, which supports the higher ratings.

Moody's had previously stated that any upward movement in St.
Barbara's rating would depend on the sustainability of the
improvements made at the Simberi mine and achieving all in
sustaining cost (AISC) levels that allow for free cash flow
generation from the operation.

The operating improvements at Simberi and solid performance at
Gwalia have allowed the company to generate strong free cash flow
at the group level, which has in turn been largely applied to debt
reduction.

During the first three quarters of fiscal year ending June 2016,
St. Barbara repaid around AUD115 million in debt, while
maintaining strong liquidity, with its cash balance of AUD114
million at 31 March 2016.

The improved earnings and cash generation, combined with the
subsequent debt reduction, resulted in strong credit metrics for
the rating level. The improvement also exceeded Moody's
expectations.

The company's leverage ratio -- as measured by adjusted
debt/EBITDA -- stood at around 1.1x in the 12 months to 31
December 2015 while its cash flow from operations less
dividends/debt improved to around 71.2%.

St. Barbara also continues to benefit from a weakening Australian
dollar over the last several years, despite the volatility in gold
prices. A lower AUD exchange rate has led to gold prices in AUD
terms improving from a low of around AUD1,350 per ounce (oz),
subsequently to range between AUD1,550-1,650/oz.

St. Barbara will also benefit from the hedges in place for 50,000
oz of FY17 production at USD1,260/oz, which should allow for
continued solid cash generation from the Simberi operation. The
Company also has hedging in place for FY16; at 31 March 2016
remaining hedging for FY16 comprised approximately 25,000 ounces
at AUD1,600/oz and 30,000 ounces of gold put and call options at a
strike price of USD1,187/oz and USD1,287/oz, respectively.

St. Barbara has reduced its AISCs at the group level, achieving
around AUD947/oz (USD710/oz) during the quarter ended 31 March
2016, reflecting the improvements at Simberi and the continued
strong contribution from Gwalia. Moody's expects that the group's
AISC will remain comfortably within the company's guidance range
of AUD960-AUD1000/oz for FY16.

However, the ratings remain constrained by the company's: 1)
limited production levels; 2) the profile of its reserve life; 3)
its reliance on a single mine -- Gwalia -- for the majority of its
earnings and cash flow generation; and 4) exposure to volatile
gold prices and foreign exchange rates.

The ratings are also constrained by the potential for a material
increase in capital expenditures and/or lower production levels,
following the conclusion of the strategic review of the Simberi
operations and the outcome of the review of materials handling
options to extend the mine life at Gwalia, which is currently
seven years based on Ore Reserves reported at 30 June 2015.

WHAT COULD CHANGE THE RATINGS

Further upward movement on St. Barbara's ratings and/or ratings
outlook will depend on the outcome of mine development plans at
Gwalia and/or strategic review at Simberi.

Following the outcome of the reviews, if the company can extend
its reserve life without materially increasing leverage to in
excess of 3.5x, and Moody's is comfortable with St. Barbara's
ability to repay or refinance its upcoming bond maturity in 2018,
then the ratings could experience further positive momentum.

On the other hand, the ratings could face negative pressure if St.
Barbara cannot sustain the reductions in AISC at Simberi and/or
experiences operating issues at Gwalia.

The ratings could also face negative pressure if the company
materially increases its debt levels to fund capital expenditures.
Specifically, the ratings could be downgraded if debt/EBITDA
registers in excess of 4.5x and St. Barbara is substantially free
cash flow negative.

The ratings could also face negative pressure if there is a
material weakening in gold market fundamentals, with Australian
dollar denominated gold prices falling materially from current
levels.

St. Barbara Limited is an Australian ASX listed gold producer and
explorer. The company is headquartered in Melbourne, Australia and
its flagship operations are located in Leonora, Western Australia,
240km north of Kalgoorlie.


VIRGIN AUSTRALIA: To Cut Capacity Amid Expected 2nd Half Loss
-------------------------------------------------------------
Jamie Freed of the Sydney Morning Herald reports that Virgin
Australia will reduce its capacity by 5.1 per cent in the June
quarter after forecasting a loss in the second half of the
financial year.

The airline reported an underlying loss before tax of AUD18.6
million in the March quarter, better than the AUD22 million loss
in the year-earlier period, says SMH.

But Virgin now expects to report a total underlying profit before
tax of AUD30 million to AUD60 million this financial year, having
reported an underlying profit before tax of AUD81.5 million in the
first half, SMH relates.  That would not meet its prior target of
reporting a return on invested capital in line with its cost of
capital this financial year, says the report.

Before the guidance was released, SMH recalls, analysts had
expected Virgin to report a full-year underlying pretax profit of
AUD84 million, a figure that had already been reduced since the
start of the financial year.  Virgin chief executive John
Borghetti said the operating environment was challenging and had
been impacted by weak consumer demand and sentiment, uncertainty
around the federal election and the resources downturn.

Virgin said its statutory loss more than doubled to AUD58.8
million from AUD28.3 million in the year-earlier period because of
restructuring charges including the removal of surplus ATR72
turboprop capacity due to the resources downturn, says SMH.

"The fleet restructure charges . . . along with further
initiatives to come, will provide us with significant cost savings
going forward," the report quoted Mr. Borghetti as saying.

Virgin had previously announced it would place all eight of its
Fokker 50 aircraft up for sale and would also dispose of five of
its 18 E190 aircraft, notes SMH. It is understood the airline now
also plans to sell three of its 14 ATR72s. It will cut the number
of flights in regional Queensland and switch some of its flights
within Western Australia to F100s from larger Boeing 737s.
The overall capacity cuts also include changes to international
services. Its 777 aircraft flown to Los Angeles and Abu Dhabi are
being outfitted with new business-class seats that result in a 6
per cent fall in seat numbers. It has halted Abu Dhabi flights
while the refurbishments are being completed.

According to the report, domestic capacity is expected to fall by
around 3 per cent in the June quarter, with the remainder of the
5.1 per cent cut coming from the international business.

Virgin in March tapped its major shareholders for a AUD425 million
loan to help repair its ailing balance sheet. Shortly afterward,
Air New Zealand said it would seek to sell all or part of its 25.9
per cent stake in Virgin, says SMH.

Qantas last month said it had revised plans to add seat capacity
in the June quarter because of softness in demand related to the
upcoming election and a recent drop in consumer confidence, SMH
relates.

Like Qantas, Virgin said it had been affected in the March quarter
by the difference in the timing of Easter and school holidays in
some states. The year-earlier results had also been buoyed by
people attending the Cricket World Cup, SMH says.

The first half of the financial year is typically stronger for
airlines, but Qantas is forecast to report a profit in the second
half, albeit less than in the first half, reports SMH.

Virgin's operating statistics for the March quarter showed the
airline had raised its domestic mainline capacity by 1.6 per cent
and Tigerair's capacity had increased by 14.1 per cent, says the
report. Virgin's international capacity fell by 2.2 per cent
during the same period.  However, Virgin did manage to increase
the percentage of domestic mainline seats filled to 75.4 per cent
from 74.3 per cent a year ago.

SMH says Virgin did not comment on domestic yields, or average
airfare prices, but there are signs they have been under pressure.
A report by consultancy groups CAPA and 4th Dimension released
last month found the average price of domestic airfares had fallen
by 5.77 per cent in the March quarter after having risen by 8 per
cent to 9 per cent last year, when demand was stronger.  Macquarie
Equities analyst Sam Dobson said Virgin's "swift, rational
response" to demand weakness highlighted its focus on
profitability.

"Both Qantas and Virgin will benefit from [capacity] cuts, which
will support load factors and stimulate yield growth," he said,
notes the report.

As reported in the Troubled Company Reporter-Asia Pacific on
April 6, 2016, Moody's Investors Service has placed the B2
corporate family rating and the B3 senior unsecured rating of
Virgin Australia Holdings Limited on review for downgrade. The
review for downgrade reflects Moody's view of the uncertainty
which has emerged over the outcome of Virgin Australia's capital
structure review and the level of shareholder support given Air
New Zealand's announcement that it is exploring options with
respect to its shareholding in Virgin Australia, including a
possible sale of all or part of its about 26% stake, says Ian
Chitterer, a Moody's Vice President and Senior Analyst.  The
review also reflects the slower-than-expected momentum now
evident in the deleveraging of the business and the deterioration
in its liquidity profile, as reported for July-December 2015,
adds Chitterer.



===================
B A N G L A D E S H
===================


BANGLADESH: Moody's Says Ba3-Gov't. Bond Rating Reflects Growth
---------------------------------------------------------------
Moody's Investors Service says that Bangladesh's Ba3 government
bond rating is supported by the country's stable and strong growth
performance and modest debt burden. However, its very low per
capita income, persistent fiscal deficits and a factious political
environment pose credit constraints.

Moody's conclusions were contained in its just-released credit
analysis, 'Bangladesh' which examines the sovereign in four
categories: economic strength, which is assessed as "moderate";
institutional strength "very low (+)"; fiscal strength "low (+)";
and susceptibility to event risk "moderate".

The report constitutes an annual update to investors and is not a
rating action.

Moody's report points out that for the fiscal year ended June 30,
2015 (FY2015), Bangladesh's GDP growth edged higher to 6.5% and
the government projects a 7.1% expansion in FY2016, supported by
industrial activity and backed by a track record of macroeconomic
stability.

However, weak infrastructure constrains potential growth.

Exports have remained in positive territory, despite subdued
levels of global trade. But, the undiversified nature of the
export basket -- skewed towards textiles -- presents risks because
Bangladesh could lose its export share to other emerging
competitors over time.

As a net oil importer, Bangladesh is a beneficiary of lower oil
prices. However, continued contraction in remittances -- due to
slowing growth in the Gulf Cooperation Council economies, the
primary source of remittances -- is likely to dent the external
benefits of lower oil prices.

The government's weak revenue base also represents a credit
constraint, resulting in persistent fiscal deficits. Such deficits
would be higher were it not for Bangladesh's low development
spending, which in turn limits the provision of public services.

Fiscal risks are mitigated by government debt ratios that remain
modest, with debt primarily from concessional sources.

Moody's assessment of Bangladesh's vulnerability to event risks as
"Moderate" is driven by political risks.



=========
I N D I A
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ABHYUDAYA GREEN: ICRA Rates INR7.35cr Term Loan Limits B+
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the Rs 7.35
crore fund-based limits of Abhyudaya Green Economic Zones Private
Limited (AGEZPL/ The Company).


                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan Limits     7.35          [ICRA]B+ Assigned

The assigned rating is constrained by high debt-equity of 3.00
times for the 4MW solar power plant; insufficiency of cash
accruals for debt servicing given the short debt repayment tenure;
and higher cost per MW of Rs. 7.12 crore owing to higher land and
steel costs incurred for elevated placement of the panels for
better sun reception.  The rating is further constrained by high
counter party credit risk arising out of exposure to state utility
with weak financial position and sensitivity of solar power
generation to any adverse variations in weather conditions as well
as to panel degradation which would negatively impact the cash
flows of the company.  ICRA also notes that the management plans
to sell 13 units of 200KWp modules each out of total 20 units to
third parties and use the proceeds either for repayment of term
loans or invest in similar projects in future with the approval of
the banks; the company to generate power from balance units and
sell the same to Telangana State Southern Power Distribution
Company Limited (TSSPDCL) as per the terms of Power Purchase
Agreement (PPA).

The assigned rating, however positively factors in the presence of
PPA with TSSPDCL at a competitive rate of Rs. 6.49/ unit for
entire generation of 4 MW for a period of 20 years; low
implementation risk with expected Commercial Operation Date (COD)
in March 2016; and lower variation in solar power irradiation when
compared to wind power plant thus resulting in comparatively less
variability in the cash flows.  The rating also considers the
crystalline photovoltaic technology selected for the modules,
which are relatively stable and internationally proven technology.

Going forward, the ability of the company to commence the power
generation from solar units within the scheduled timeline and
timely refinancing of the loan, in case the units are not sold,
remains key rating sensitivity from credit perspective.

Incorporated in 2013, Abhyudaya Green Economic Zones Private
Limited is setting up a 4.00 MW (AC) grid connected solar PV power
plant in Chevella Village, Ranga Reddy District, Telangana.  The
operations are being managed by Dr. Vijay Kolaventy, who has more
than 25 years of experience in Information Technology, Information
Technology Enabled Services, Renewable Energy and Energy
Efficiency services.  AGEZPL has signed PPA with TSSPDCL at a
tariff rate of Rs. 6.49/- valid for 20 years.  The total cost of
solar power plant is Rs. 29.37 crore which is funded by Rs 7.34
crore of equity, Rs 7.35 crore of term loan and Rs 14.68 crore by
IFCI in the form of Optionally Convertible Debentures (OCD).  The
expected COD of the plant is March 2016.


ANDHRA PRADESH: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Andhra Pradesh
Fibres Limited's (APFL) 'IND BB(suspended)' Long-Term Issuer
Rating. A full list of rating actions is at the end of this
commentary.

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

Ind-Ra suspended APFL's ratings on 10th August 2015.

APFL's ratings:

-- Long-Term Issuer Rating: 'IND BB(suspended)'; rating withdrawn
-- INR5m non-fund-based working capital limits 'IND
    A4+(suspended)'; rating withdrawn
-- INR70m fund-based working capital limits: 'IND
    BB(suspended)'/'IND A4+(suspended)'; rating withdrawn
-- INR100m term loan: 'IND BB(suspended)'; rating withdrawn


BMW LOGISTICS: Ind-Ra Affirms 'IND BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed BMW Logistics
Private Limited's (BMWL) Long-Term Issuer Rating and its INR110m
fund-based limits at 'IND BB+'. The Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects BMWL's moderate credit profile with
EBITDA interest coverage of 1.7x in FY15 (FY14: 1.9x) and net
leverage of 4.6x (4.6x). The ratings continue to benefit from
BMWL's position as the sole dealer of International Tractors
Limited's Sonalika tractors in its designated districts in central
and eastern Uttar Pradesh and the support extended by the BMW
group in the form of corporate guarantees and unsecured loans
through the flagship entity BMW Ventures Ltd.

The ratings however remain constrained by BMWL's trading nature of
business resulting in low EBITDA margins of 2% during FY15 (FY14:
1.7%).

RATING SENSITIVITIES

Positive: A sustained improvement in the EBITDA interest coverage
would lead to a positive rating action.

Negative: Sustained deterioration in the EBITDA interest coverage
would lead to a negative rating action.


COMPANY PROFILE

Incorporated in 2005, BMWL is an authorised distributor of
International Tractor's Sonalika tractors in parts of central and
eastern Uttar Pradesh. Its registered and corporate offices are
located in Kolkata and branch office is located in Lucknow. The
company was earlier engaged in the trading of gems and jewellery
under the name of BMW Gems & Jewels Pvt Ltd, but changed its
business to the current profile in 2012. The company also provides
transportation services to its group companies in Bihar through
its own fleet of trucks.


DEORANI DEVI: ICRA Assigns B+ Rating to INR14.13cr Term Loan
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the Rs. 14.13
crore term loan of Deorani Devi Memorial Trust (DDMT / the trust).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit
   Term Loan            14.13        [ICRA]B+ assigned

   Fund Based /
   Non-Fund Based Limit-
   Untied Limit          0.87         [ICRA]B+/ICRA]A4 assigned


ICRA has also assigned a long term rating of [ICRA]B+ and a short
term rating of [ICRA]A4 to an untied limit of Rs. 0.87 crore of
DDMT.

The assigned ratings take into account the highly competitive
school education segment with other CBSEaffiliated
schools running in close proximity; attracting students and
increasing the fee per student -- likely to remain a challenge.
Further, the trust has already witnessed delays in completion of
the ongoing capital expenditure (capex) programme for setting up
of the new school building and other amenities; a further delay
might lead to time as well as a cost overrun and also impact the
overall business risk profile of the trust.  ICRA also notes that
the debt-funded capital expenditure programme is likely to affect
the capital structure of the trust, going forward.  This is also
likely to keep the future cash flows in the near to medium term
under pressure.  The ratings also note that the timely completion
of the new project in progress and the increase in future
enrolments would remain a key challenge for the school in
servicing its debt obligations in a timely manner.

The ratings, however, derive comfort from the experience of the
promoters in the field of education and the established brand
image of the Birla group in the field of education, with
successful franchisee models active in several states.  It also
considers the consistent growth in operating income for the last
five years, led by increasing enrolments, which has witnessed
healthy profitability.

Deorani Devi Memorial Trust is a public charitable trust formed in
March 2010. It currently runs a school in the name of "Open
Minds - a Birla K-12 School" in Patna, Bihar.  It is in a
franchisee agreement with Birla Edutech Limited, which has other
similar ventures like Shloka School, Globe Tot'ers (Preschool),
SPEED (for sports and physical education of children), Birla
Institute for Teacher Training, in the sphere of education.  The
school commenced its operations from the academic session 2010-11.

Recent Results
The trust has achieved a turnover of Rs. 6.50 crore during the
first eleven months of 2015-16 (provisional).  It reported a net
profit of Rs. 1.33 crore on an operating income of Rs. 6.01 crore
in 2014-15.


DNS ELECTRONICS: Ind-Ra Affirms 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed DNS Electronics
Private Limited's (DEPL) Long-Term Issuer Rating at 'IND B+'. The
Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects DEPL's weak credit metrics and tight
liquidity. Its gross interest coverage (operating EBITDA/gross
interest expense) stood at 1.25x in FY15 (FY14: 1.24x) and net
leverage (total adjusted net debt/operating EBITDAR) was 8.88x
(5.58x).

The ratings are constrained by DEPL's tight liquidity, as seen in
the 99% average utilisation of its working capital limits during
the 12 months ended March 2016. The agency expects similar credit
metrics in FY16-FY17 due to continuously intense competition in
the consumer electronics market.

However, the ratings are supported by DEPL's moderate scale of
operations, with revenue of INR 1279.93 in FY15 (FY14:
INR922.15m), its founders' experience of 30 years in the trading
business and DEPL's well-established market presence as an
electronics and home appliance distributor in Delhi. For FY16, the
company recorded revenue of about INR1,460.59m as at February
2016.

RATING SENSITIVITIES

Negative: A decline in operating profitability, resulting in
deterioration in interest coverage, will be negative for the
ratings.

Positive:  An improvement in profitability, leading to improvement
in the interest coverage, shall lead to a positive rating action.

COMPANY PROFILE

DEPL is an exclusive distributor of products such as mobile
phones, home appliances, water geysers, lubricants and tyres for
companies such as LG Electronics Limited, VIP Industries Limited,
Shell Lubricants India Private Limited, Ceat Tyres Limited,
Philips India Limited, Samsung India Electronics Private Limited,
Sony India Private Limited and Lenovo (India) Private Limited. It
was incorporated in 2006 by Mr. Rajan Dhingra and Mr. Vikas
Dhingra, and supplies to several wholesalers in the Delhi area.


DURGA KRISHNA: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Durga Krishna
Store Private Limited (DKSPL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable.

KEY RATING DRIVERS

DKSPL's ratings reflect its moderate scale of operations, with
revenue of INR775m in FY15 (FY14: INR575m) along with strong
credit metrics, with net leverage (total adjusted net
debt/operating EBITDAR) of negative 1.3x ( negative 2.2x) and
interest coverage (operating EBITDA/gross interest expense) of
5.9x (5.2x).

The company's strong liquidity position is reflected in the 68.40%
average utilisation of its working capital limits during the 12
months ended April 2015.

The ratings are constrained by the company's high geographical
concentration and customer concentration, since DKSPL executes
contracts majorly for railways in the eastern part of India.

However, the ratings are supported by the four decade long
experience of the directors in the construction business.

RATING SENSITIVITIES

Positive: An increase in revenue, along with the maintenance of
its credit metrics, could be positive for the ratings.

Negative: A decline in profitability, resulting in deterioration
of the credit metrics, could be negative for the ratings.

COMPANY PROFILE

DKSPL is an area Class 1 (A) registered contractor company
incorporated under the Indian Companies Act 1956 and its head
office is located in Cachar (Assam).


INSTYLE EXPORTS: ICRA Revises Rating on INR52.75cr Term Loan to D
-----------------------------------------------------------------
ICRA has revised its long-term rating on Rs 58.25 crore fund based
limits of Instyle Exports Private Limited (IEPL) to [ICRA]D from
[ICRA]BB- (Stable).  ICRA has also revised its short term rating
on the company's Rs. 3.75 crore non fund based limits to [ICRA]D
from [ICRA]A4.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based Limits -
   EPC/FBD/FBP           52.75        [ICRA]D; Revised

   Fund based Limits -
   Term Loans             5.50        [ICRA]D; Revised

   Non- fund based
   limits - LC/BG         3.75         [ICRA]D; Revised

   Total                 62.00

ICRA's rating action is driven by the delays in debt servicing by
IEPL due to its stretched liquidity position.  ICRA notes the high
competitive intensity in the garment exports industry due to
competition from players located in both India and abroad,
including China and Bangladesh; high geographic and customer
concentration risk as majority of the company's export sales are
to customers located in Europe, and the susceptibility of export
sales to foreign exchange fluctuation risk.  However, ICRA takes
note of over three decades of experience of IEPL's promoters in
garment business.

Going forward, the ability of the company to demonstrate a track
record of timely debt servicing will be the key rating
sensitivity.  This in turn will hinge on a sustained improvement
in IEPL's profitability and optimal management of the working
capital cycle.

Instyle Exports Private Limited (IEPL) was incorporated in 1981
for manufacturing and exports of garments.  IEPL supplies women's
garments primarily blouses, skirts, jackets, trousers, etc. IEPL
has two manufacturing facilities, both located in Gurgaon,
Haryana, with a collective manufacturing capacity of 4 Lakh pieces
per month.  The company primarily exports to European countries
like Germany, France, Denmark, Netherlands, and Turkey.


JAY BHARAT FOOD: ICRA Reaffirms B+ Rating on INR12.29cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the Rs. 12.29 crore term loan and Rs. 3.00 crore cash credit
facilities of Jay Bharat Food Process Private Limited (JBFPPL).


                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit --
   Cash Credit           3.00         [ICRA]B+ reaffirmed

   Fund Based Limit --
    Term Loan           12.29         [ICRA]B+ reaffirmed

The reaffirmation of the rating takes into consideration JBFPPL's
weak financial profile with nominal profits, high gearing and
subdued debt coverage indicators, along with the high utilization
of working capital limits, restricting its financial flexibility.
ICRA also notes the risks associated with JBFPPL's operations
being entirely dependent on agricultural commodities, exposing it
to agro-climatic risks.  The rating also focuses on the highly
competitive nature of the industry characterized by a large number
of organized and unorganized players.  The rating, however,
favorably factors in the experience of the promoters in the food
processing business and a consistent growth in the top-line of the
company over the past few years, further aided by revenue
generated from pasta manufacturing unit set up in 2012-13.

JBFPPL was incorporated in 2007 by the Panda family, based in
Cuttack, Odisha.  The company processes various agricultural
products to manufacture atta, besan, papad, sattu, tadaka,
vermicelli, chuda powder, soyabadhi, etc.  The company is also
engaged in pasta manufacturing since 2012-13.

Recent Results
The company has achieved a turnover of around Rs. 26.93 crore
during the first nine months of 2015-16 (provisional). It reported
a net profit of Rs. 0.19 crore on an operating income of Rs. 35.74
crore in 2014-15.


JAY BHARAT SPICES: ICRA Reaffirms B+ Rating on INR13cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the Rs. 1.95 crore term loan and Rs. 13.00 crore cash credit
facilities of Jay Bharat Spices Private Limited (JBSPL).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit -
   Cash Credit          13.00         [ICRA]B+ reaffirmed

   Fund Based Limit -
   Term Loan             1.95         [ICRA]B+ reaffirmed

The rating reaffirmation takes into account JBSPL's weak financial
profile with nominal profits and cash accruals, high gearing and
depressed level of debt coverage indicators.  Its stretched
liquidity position, in view of high utilization of working capital
limits, also restricts financial flexibility.  ICRA also notes the
risks associated with JBSPL's operations being entirely dependent
on agricultural commodities, exposing it to agro-climatic risks.
The ratings also consider the highly competitive nature of the
industry characterized by several organized and unorganized
players.  The ratings, however, derive comfort from the experience
of the promoters in the spices procurement and grinding business,
and bank on the established brand name of its products, leading to
a steady growth in turnover over the past few years.

JBSPL was incorporated in 2003 by the Panda family based in
Cuttack, Odisha. The company procures whole spices and grinds them
into powder.  The produce is marketed by JBSPL under the brand
name -- Bharat.

JBSPL's product portfolio includes spices like haldi, mirchi,
jeera, dhania, garam masala, etc. JBSPL is also engaged in selling
products manufactured by its group company 'Jay Bharat Food
Process Private Limited' outside Odisha.

Recent Results

The company has achieved a turnover of Rs. 91.28 crore during the
first nine months of 2015-16 (provisional).  It reported a net
profit of Rs. 0.58 crore on an operating income of Rs. 143.28
crore in 2014-15.


JAYALAXMI POLY: ICRA Suspends B Rating on INR2.82cr LT Loans
------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B assigned to the
Rs. 4.32 crore, long-term term loan and fund based facilities of
Jayalaxmi Poly Packs Private Limited.  ICRA has also suspended the
short-term rating of [ICRA]A4  assigned to the Rs. 3 crore, short-
term non-fund based facilities of the company.  The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term - Fund
   based facilities     1.50         [ICRA]B Suspended

   Long term -
   Term Loans           2.82         [ICRA]B Suspended

   Short term -
   Non Fund based
   facilities           3.00         [ICRA]A4 Suspended


Company Profile

Incorporated in January 2010, Jayalaxmi Poly Packs Private Limited
is engaged in the manufacture of specialty plastic films and
packaging products like Plastic Stretch Film and Plastic Bubble
Film with variations like Manual Wrap, Machine Wrap, Pre Stretch
Film Wrap, UV Inhibitor Film, Anti Corrosion Inhibitor Film and
Anti Static Wrap films under Plastic Stretch Film and Plain, Anti-
Static, UVI-Air and Foam varieties under Bubble Film.  JPPPL was
started by Mr.V Srinivasa, and was a result of him identifying a
gap in the area of plastic packaging while conducting research for
his earlier business venture, Jayalaxmi Polychem, which was
engaged in the manufacture of polythene bags from 2007-2010.  The
company is currently in the process of acquiring requisite
machinery and expanding its product offering to include PE Blown
Film varieties like PE Shrink Film and PE VCI Film, apart from a
unique "air cushion film" developed by the company's in house
team.  JPPPL operates out of Bangalore and its areas of sales
primarily include South India viz. Karnataka, Andhra Pradesh,
Kerala and Tamil Nadu.


JJ HOUSE: Ind-Ra Assigns 'IND BBB-' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned J.J. House
Private Limited (JJH) a Long-Term Issuer Rating of 'IND BBB-'.
The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect JJH's comfortable credit profile and its
established track record of over 50 years in gold trading.  The
company's EBITDA interest coverage improved to 2x in 11MFY16
(FY15: 1.6x) while the net leverage (net debt/EBITDA) improved to
2.5x (5.1x) due to a reduction in working capital requirements
from a lower inventory.

JJH's revenue declined to INR18.8 bil. according to the
provisional results of FY16 (FY15: INR22 bil.), after growing at a
CAGR of around 12% over FY13-FY15, as its operations remained
closed from March 2, 2016, to 10 April 2016.  This was due to the
nation-wide strike of the jewellery industry against the
imposition of excise duty in the current year's budget.
Operations recommenced from April 11, 2016, and Ind-Ra expects
JJH's revenue to recover in FY17 while the credit profile is
likely to remain comfortable.

The company's liquidity is comfortable with an average utilization
of around 50% of its fund-based limits in the 12 months ended
March 2016.

The ratings are constrained by JJH's low EBITDA margin of 0.1% in
11MFY16 (FY15: 0.1%) due to its commoditized trading nature of
business and its susceptibility to volatility in gold prices.
However, the price volatility risk is largely mitigated by the
company's back-to-back procurement for most of its orders and a
short inventory holding period of around 2 days.

                       RATING SENSITIVITIES

Positive: A sustained improvement in the EBITDA interest coverage
above 2x could lead to a positive rating action.

Negative: A sustained decline in the EBITDA interest coverage
below 1.6x could lead to a negative rating action.

                          COMPANY PROFILE

JJH, incorporated in 2009 by Mr. Harshad Ajmera, trades in gold
and silver bullion mostly in West Bengal.  The company was earlier
a proprietorship concern of Mr Harshad Ajmera under the name JJ
Gold House and was taken over by JJH effective from April 2010.

JJH's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BBB-'; Outlook Stable
   -- INR99 mil. fund-based limits: assigned 'IND BBB-'/Stable
   -- Proposed INR36 mil. fund-based limits: assigned 'Provisional
      IND BBB-'/Stable


MAGADH INDUSTRIES: Ind-Ra Assigns IND BB- Rating to INR516MM Loan
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Magadh Industries
Private Limited's (MIND) INR516.5 mil. fund-based working capital
limits an 'IND BB-' rating.  The Outlook is Stable.

MIND's outstanding ratings (including the above) are:

   -- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable
   -- INR230.48 mil. long-term loans: 'IND BB-'; Outlook Stable
   -- INR1,110 mil. fund-based limits: 'IND BB-'; Outlook Stable


MANMATHA NATH: ICRA Cuts Rating on INR7cr Cash Loan to B+
---------------------------------------------------------
ICRA has revised downwards the long-term rating assigned to the
Rs. 7.00 crore cash credit facility of Manmatha Nath Kundu & Sons
Construction Company Private Limited (MNKSCCPL) from [ICRA]BB-
to [ICRA]B+ (pronounced ICRA B plus). ICRA has re-affirmed the
shortterm rating of [ICRA]A4 assigned to the Rs. 7.00 crore bank
guarantee facility of MNKSCCPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit -
   Cash Credit          7.00          [ICRA]B+ downgraded

   Non Fund Based
   Limit -
   Bank Guarantee       7.00          [ICRA]A4 reaffirmed

The ratings primarily take into account the significant decline in
the order book position as in February 2016, compared to the
previous fiscal, leading to weak revenue visibility in the near
term at least and the stretched liquidity position of the company,
as reflected by the high utilization of working capital limits,
which also restricts its financial flexibility.  The ratings are
also constrained by the company's high dependence on external
borrowings, which continue to result in a leveraged capital
structure, leading to a deterioration of coverage indicators in
2014-15.  ICRA also factors in the highly competitive industry,
given the low complexity of work involved and the low entry
barriers.  The company also faces a high geographical
concentration risk, executing contracts primarily in West Bengal.
The company's exposure to the volatile raw material prices is also
a cause for concern, though the risk gets mitigated with the
presence of the price escalation clause in government contracts.

The ratings, however, favorably consider the experience of the
promoters in the road construction business and the status of
MNKSCCPL as a registered construction agency with PWD in
Chhattisgarh and West Bengal, enabling the company to bid for
large contracts across the states.  The ratings also consider the
healthy profit margins maintained by the company over the last few
years, although the net profit margin has witnessed a
declining trend over the last two years.

Manmatha Nath Kundu & Sons, a partnership firm, was established in
1996.  The firm was promoted by Mr.Subrata Kundu and his family
members.  In April 2011, the firm was converted into a private
limited company and subsequently, the name was changed to Manmatha
Nath Kundu & Sons Construction Company Private Limited (MNKSCCPL).
The company is engaged in the construction and maintenance of
roads.

Recent Results
The company has achieved a turnover of Rs. 15.47 crore during the
first nine months of 2015-16 (provisional).  It reported a net
profit of Rs. 1.29 crore on an operating income of Rs.32.20 crore
in 2014-15.


MARIAN PROJECTS: ICRA Suspends B+ Rating on INR8cr LT Loans
-----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the Rs. 8.00 crore, long-term term loan facilities of Marian
Projects Private Limited.  The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term --
   Term Loans           8.00          [ICRA]B+ Suspended

Marian Projects Private Limited (MPPL) was incorporated in 2011
and is involved in the field of real estate development in the
city of Mangalore. The operations of the company are managed by
the two directors -- Mr. Ujwal D'Souza and Mr. Naveen Cardoza.
The promoters are civil engineers by profession and have a long
standing experience in the field of real estate development.
Earlier the business was being undertaken in the partnership
firm -- Marian Infrastructures.  However after incorporation of
MPPL, all real estate development activities are being carried out
in the private limited company.  The group has successfully
executed several residential projects in Mangalore.


METALEX STEEL: ICRA Suspends B+ Rating on INR12.2cr LT Loans
------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the Rs. 12.20 crore
long term fund based facilities and [ICRA]A4 rating assigned to
the Rs. 5.00 short-term nonfund based facilities of Metalex Steel
Strips Private Limited.  ICRA has also suspended [ICRA]B+/[ICRA]A4
rating assigned to the Rs. 2.00 crore unallocated facilities of
Metalex Steel Strips Private Limited.  The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

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


MIM COMPONENTS: ICRA Suspends B- Rating on INR9.34cr LT Loans
-------------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to the Rs. 9.34 crore
long term fund based facilities and [ICRA]A4 rating assigned to
Rs. 0.66 crore short-term nonfund based facilities of MIM
Components (Bangalore) Private Limited.  The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

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


M/S MULPURI: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn M/s Mulpuri
Poultries' (MP) 'IND BB-(suspended)' Long-Term Issuer Rating. The
agency has also withdrawn the 'IND BB-(suspended)'/'IND
A4+(suspended)' rating on MP's INR182m fund-based working capital
limits.

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

Ind-Ra suspended MP's ratings on 3 September 2015.


M/S PEACOCK: Ind-Ra Withdraws 'IND BB+(suspended)' LT IDR
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn M/s Peacock
Communications' (Peacock) 'IND BB+(suspended)' Long-Term Issuer
Rating. The agency has also withdrawn the 'IND
BB+(suspended)'/'IND A4+(suspended)' ratings on Peacock's INR60m
fund-based working capital limits.

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

Ind-Ra suspended Peacock's ratings on July 1, 2015.


OMKAR INFRATECH: ICRA Assigns B Rating to INR6cr Loan
-----------------------------------------------------
ICRA has assigned its rating of [ICRA] B to the Rs. 8.00 crore
long term bank facilities of Omkar Infratech Limited (Omkar).


                         Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit          6.00         [ICRA] B; assigned
   Term Loan            2.00         [ICRA] B; assigned

The assigned rating takes into consideration the company's limited
track record of operations, its weak financial profile
characterized by high gearing levels and net losses for FY15 owing
to the initial stage of operations and the high competitive
intensity and fragmented nature of the stone crushing industry.
The rating also factors in the high working capital intensity of
operations on account of high inventory holding.  This is
characteristic of the industry wherein stone mining and thus raw
material purchase is not being allowed due to regulatory reasons
for around four months in a year, putting pressure on the interim
cash flow position of the company.

However, ICRA draws comfort from experience of promoters in this
industry, improvement in operations in YTD FY16 which is expected
to result in the first year of net profits for the company,
importance of stone grits in the construction and real estate
industries and the track record of timely support from the
promoter. Going forward, improvement in profitability along with
periodic enhancement in limits to meet increasing scale of
operations would be the key rating sensitivity.  Further impact of
any regulatory developments with respect to sand mining would also
be a key rating sensitivity.

Omkar is engaged in the crushing stones into grits of sizes 10, 20
and 40 mm in size and operates one stone crushing plant with a
total capacity of 4.4 lakh MT (Metric Tonne) per year (~1400 MT
per day) at Bazpur (Uttarakhand). Omkar, which was originally
established in 2009, had its first full year of operations only in
FY15.  The company is promoted by Mr. Ankur Aggarwal who has been
associated with this industry for the last five years and also
owns a rice mill, steel plant, petrol pump and hotel at Kashipur
Bazpur along with significant land holdings.



PITAMBARA FOODS: ICRA Assigns B+ Rating to INR3.5cr Cash Credit
---------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the Rs. 3.5
crore cash credit facility of Pitambara Foods (PF / the firm).
ICRA has also assigned a short term rating of [ICRA]A4 to the Rs.
2.5 crore bank guarantee facility of PF.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit -
   Cash Credit           3.5          [ICRA]B+ Assigned

   Non-Fund Based
   Limit - Bank
    Guarantee            2.5           [ICRA]A4 Assigned

The assigned ratings take into account PF's weak financial risk
profile as reflected by an unfavorable capital structure and weak
debt coverage indicators, and the intensely competitive nature of
the industry characterized by a large number of small players
along with the low value additive business that keeps margins
under check.  The ratings take note of PF's vulnerability to
adverse changes in Government policies towards agro-based
commodities like rice, its status as a partnership firm that makes
it vulnerable to the risks of capital withdrawal, and the high
working capital intensity of business operations adversely
impacting its liquidity position, as reflected by full utilization
of its working capital limits.  The ratings also take into account
the experience of the promoters in the industry, the entity's
presence in a major paddy growing area, resulting in easy
availability of raw material, and the consistent growth in
revenues over the last three years.  The ratings further
consideration the favorable demand prospects of the industry, with
rice being a staple food in India.  In ICRA's opinion, the
ability of the firm, to improve its capacity utilization levels
and profitability, while managing its working capital
requirements efficiently, and improving its capital structure
would be the key rating sensitivities, going forward.

Established in 2004, Pitambara Foods is engaged in the milling of
raw rice and trading of broken rice, rice and paddy.  It has an
installed production capacity of 9,600 MTPA of rice.

Recent Results
PF reported a profit before depreciation of Rs. 0.39 crore in 9M
FY2016 (provisional) on an OI of Rs. 16.26 crore, as compared to a
net profit of Rs. 0.28 crore on an OI of Rs. 17.34 crore during
FY2015.


RAM LAL: ICRA Suspends B Rating on INR20cr Fund-Based Limits
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the Rs. 20.0 crore fund based limits of Ram Lal Aneja Foods
Private Limited.  The suspension follows ICRA's inability to carry
out rating surveillance in the absence of requisite information
from the company.


RANK SILICON: Ind-Ra Affirms 'IND BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Rank Silicon and
Industries Private Limited's (Rank) Long-Term Issuer Rating at
'IND BB+'. The Outlook is Stable. The agency has also affirmed its
INR90m fund-based limits at 'IND BB+' with a Stable Outlook.

KEY RATING DRIVERS

The affirmation reflects Rank's continued moderate scale of
operations, with revenue of INR928m in FY15 (FY14: INR868m), and
continued strong credit metrics, with interest coverage of 3.5x
(3.2x) and net financial leverage of 2.1x (2x). Its liquidity
profile is tight, as reflected in the 93% average use of its
working capital limits during the 12 months ended March 2016.

The ratings are constrained by the year-on-year decline in its
operating EBITDA margin, due to decreasing operating income.


However, the ratings are supported by its directors' experience of
over a decade in the construction business.

RATING SENSITIVITIES

Positive: An improvement in the company's overall credit profile
will be positive for the ratings.

Negative: Deterioration in the company's credit metrics will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 2002, Rank provides ready-mix concrete and
aggregates to several construction companies and real estate
developers. The company is an organised supplier of rock sand and
aggregates in Telangana, Maharashtra and Andhra Pradesh. It has
five offices in Hyderabad and two in Mumbai.  It is managed by Mr.
S.A.N. Raju and its registered office is located in Hyderabad,
Telangana.


SHANTHI HOSPITAL: ICRA Withdraws B- Rating on INR8.18cr LT Loan
---------------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B- assigned to
the Rs 8.18 crore long-term term loan facilities of Shanthi
Hospital & Research Centre Private Limited.  The rating has been
withdrawn as the term loan facility has been closed by the
company.  There is no amount outstanding against the rated
instrument.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term
   Term Loan            8.18          [ICRA]B- Withdrawn

Shanthi Hospital & Research Centre Private Limited (SHRC) was
incorporated in the year 2003 by Dr. Sanjay Gururaj, a third
generation physician to run a multi speciality hospital in South
Bangalore at 8th Block, Jayanagar which commissioned operations in
June 2010.  SHRC is a multi-specialty hospital providing medical
services in the field of General Surgery, Obstetrics Gynaecology
(OBG), Orthopedics, Urology, and Pediatrics.  The hospital also
receives funding support by an investor belonging to Nadathur
Group.  The hospital is a comprehensive primary and secondary
healthcare unit with a built-up area of 37,000sft and has a total
of 40 beds, which includes 6 ICU beds and 3 operation theatres.

The Nadathur group was founded in the year 2000 by Mr. N. S.
Raghavan -- cofounder Infosys Technologies.  Nadathur group is a
family backed private investment fund with an investment portfolio
of over USD600 million across several asset classes -- more than
$50 million has been invested in the Life-sciences and Healthcare
platform.


SHREE COAL: Ind-Ra Raises Long-Term Issuer Rating to 'IND BB-'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Shree Coal
Carrier's (SCC) Long-Term Issuer Rating to 'IND BB-' from
'IND B+'.  The Outlook is Stable.


                        KEY RATING DRIVERS

The upgrade reflects SCC's significantly improved scale of
operations with revenue growing 34.2% yoy to INR241.8 mil. in
FY15, because of an increase in demand for its products.  The
upgrade also factors in SCC's continued comfortable credit profile
as reflected in its interest coverage (operating EBITDA/gross
interest expense) of 1.6x in FY15 (FY14: 2.8x) and net financial
leverage (total adjusted net debt/operating EBITDAR) of 1.7x
(3.8x).  The operating margin also improved to 5.3% in FY15 from
3.9% in FY14 on account of price variations in coal.

The ratings continue to be constrained by the company's
proprietorship nature of business.  The ratings are also
constrained by SCC's continued tight liquidity as reflected by its
near-full working capital use during the 12 months ended March
2016.

                       RATING SENSITIVITIES

Positive: A sustained improvement in the operating profitability
and credit metrics will be positive for ratings.

Negative: Sustained deterioration in the credit metrics will lead
to a negative rating action.

                         COMPANY PROFILE

Based in Bhopal, SCC supplies Indian coal as well as coal of
Indonesian, Switzerland, Singapore and South African origin to
customers based in Madhya Pradesh and Gujarat.

SCC's ratings:

   -- Long-Term Issuer Rating: upgraded to 'IND BB-' from
      'IND B+'; Outlook Stable
   -- INR25 mil. fund-based working capital limit: assigned
      'IND BB-'/Stable
   -- INR65 mil. non-fund-based working capital limit: upgraded
      to 'IND A4+' from 'IND A4'


SIDDHARTH MERCANTILE: Ind-Ra Withdraws 'IND B' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Siddharth
Mercantile Private Limited's (SMPL) 'IND B(suspended)' Long-Term
Issuer Rating.

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

Ind-Ra suspended SMPL's ratings on 11 August 2015.

SMPL's ratings:

-- Long-Term Issuer Rating: 'IND B(suspended)'; rating withdrawn

-- INR30m non-fund-based working capital limits: 'IND
    A4(suspended)'; rating withdrawn

-- INR70m fund-based working capital limits: 'IND
    B(suspended)'/'IND A4(suspended)'; ratings withdrawn


SMIT DEVELOPERS: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Smit Developers
(Smit) a Long-Term Issuer Rating of 'IND B'. The Outlook is
Stable. The agency has also assigned Smit's INR70.0m long-term
loan an 'IND B' with a Stable Outlook.

KEY RATING DRIVERS

The ratings reflect the execution and saleability risks associated
with Smit's ongoing project - Tankar Residency Phase III.
According to management, the project is expected to be completed
by end-FY18. Furthermore, only 20% of the project has been sold
against the completion status of 50% which exposes the firm to the
risk of cash flow mismatches as customer advances are the major
source of funds.

The ratings are supported by the decade-long operating experience
of Smit's promoters in the real estate business though this
company has completed only two projects so far.

RATING SENSITIVITIES

Positive: Sale of flats as planned, leading to strong cash flow
visibility will be positive for the ratings.

Negative: Further leveraging of the existing business for new
projects and/or time and cost overruns stressing cash flows for
debt service will lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2008, Ahmedabad-based Smit is a partnership firm
engaged in residential real estate development. Smit has purchased
a land parcel to construct residential and commercial units in
Ahmedabad. The firm will construct 241 units consisting of 231
residential flats and 10 commercial shops out of which 50 units
have been sold in the past two years.


SRI VENKATESWARA: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sri Venkateswara
Poultry Farm's (SVPF) 'IND BB-(suspended)' Long-Term Issuer
Rating. The agency has also withdrawn the 'IND BB-
(suspended)'/'IND A4+(suspended)' ratings on SVPF's INR187m fund-
based working capital limits.

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

Ind-Ra suspended SVPF's ratings on 3 September 2015.


TMI HEALTHCARE: ICRA Suspends B Rating on INR13.5cr LT Loan
-----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B assigned to the
Rs. 15.00 crore, long-term term loan and fund based facilities of
TMI Healthcare Private Limited. ICRA has also suspended the short-
term rating of [ICRA]A4 assigned to the Rs. 6.00 crore, short-term
non-fund based interchangeable facilities of the company.  The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term --
   Fund based
   facilities           13.50         [ICRA]B suspended

   Long term --
   Term Loans            1.50         [ICRA]B suspended

   Short term --
   Non Fund based
   facilities           (6.00)         [ICRA]A4 suspended

TMI Healthcare Private Limited -- promoted by group of medical
professionals in 2011 has set up a multispecialty hospital under
the name "People Tree Hospital" -- at Yeshwantpur which commenced
operations from October, 2013 with Out Patient Department (OPD)
followed by In-Patient Department (IPD) from February, 2014
onwards. Facilities such as pharmacy, diagnostic and emergency
units are also offered by the hospital.  The hospital offers
treatment in Orthopaedics, Paedritics, Neuro-sciences, and
Obstetrics & Gynaecology among others.


VRAJ PACKAGING: Ind-Ra Supends 'IND BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vraj Packaging
Private Limited's (Vraj) 'IND BB+' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND BB+(suspended)' on the agency's website. A full
list of rating actions is at the end of this commentary.

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

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

Vraj's ratings:

-- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)' from
    'IND BB+'
-- INR74.7m term-loan: migrated to 'IND BB+(suspended)' from 'IND
    BB+'
-- INR200m fund-based working capital limits: migrated to 'IND
    BB+(suspended)' from 'IND BB+' and 'INDA4+(suspended)' from
    'IND A4+'
-- INR20m non-fund-based working capital limits: migrated to
    'INDA4+(suspended)' from 'IND A4+'



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


MITSUBISHI MOTORS: Brand Battered But Has Cash to Weather Scandal
-----------------------------------------------------------------
Naomi Tajitsu, writing for Japan Today, reports, that Mitsubishi
Motors' (MMC) market value and Japanese orders have halved since
it admitted last week to rigging fuel economy tests, but with more
than $4 billion in cash and low debt, the automaker should contain
the potential damages.

The scope of its cheating also now seems more limited than at
first feared, improving the prospects that one of Japan's smaller
automakers can survive a third scandal in recent years, says the
report.  That history of scandals though, could put its longer
term survival at risk given the latest battering to its branding.
In 2004, it was saved from collapse by other Mitsubishi companies.

"The firm has repeated the same kind of wrongdoing, so the
situation is not good," the report quoted a government source, who
didn't want to be named due to the sensitivity of the issue, as
saying.

The survival of companies like MMC highlights the difficulty of
shaking out weak players in a cut-throat industry if management
avoids tough decisions to downsize, merge or liquidate, industry
observers say, notes Japan Today.

"This creates an environment where inertia is the norm, which
allows automakers which may otherwise disappear to continue to
survive for decades," said James Chao, Asia-Pacific managing
director of research at IHS Automotive in Shanghai, the report
relates.

Demand for Mitsubishi cars has weakened, particularly at home,
where the maker of the Outlander SUV and Delica mini-van sold just
102,000 vehicles in the year through March, half the number it
sold less than a decade ago, notes Japan Today. With annual sales
of around 1 million vehicles, MMC is a minnow in the global
market, and has surrendered market share to rivals including
Honda, Mazda and Hyundai, says the report.

According to Japan Today, shares in MMC rose more than 6% on April
28 ahead of the Golden Week holidays, but are down 48% since the
company said it manipulated mileage test data on four mini-vehicle
models, wiping $3.7 billion off its market value.

A nagging concern for investors had been whether MMC also rigged
data for cars sold in the United States, says the report. While
MMC sold fewer than 100,000 cars there last year, it's a more
litigious marketplace and could have meant significantly higher
damages, notes Japan Today. MMC says mileage ratings on its U.S.
vehicles were correct.

Japan Today notes that Mitsubishi's balance sheet shows it has
cash -- JPY453.4 billion ($4.23 billion) -- to cover potential
costs, and with debts of just JPY27 billion and no outstanding
term loans, it has room to borrow if necessary. Its shareholder
equity to assets ratio, at 48%, has grown steadily.

"We've been building up our finances over the past 2-3 years," the
report quoted Managing Director Yutaka Tabata as saying.  "Our
financial structure is strong."

MMC has prioritised bolstering its finances since previous
scandals involving hiding customer complaints and secret recalls
led to the arrest of former executives, and its bail-out, Japan
Today recalls. That may have seen governance and compliance take a
back seat, it notes.

S&P analysts, who placed MMC's credit rating on negative watch,
said they had thought the company's restructuring and improved
governance following previous scandals had helped its performance,
says Japan Today. "However, we recognize that the fraudulent
testing is evidence of a significant problem in the company's
management and governance," they said.

Analysts estimate MMC could have to pay close to $1 billion to
compensate Japanese mini-vehicle customers for 'eco-car' taxes and
extra fuel costs, notes the report.

And, Nomura Securities analysts say, costs associated with the
non-compliant Japanese testing system may add an additional JPY24
billion ($224 million) to the bill, resulting in a possible JPY150
billion in extraordinary losses in the year to next March, the
report relates.

A slump in new car orders will be an additional hit, and halting
production of the eK Wagon and eK Space mini-vehicles, along with
the Nissan Dayz and Dayz Roox will also bite, says Japan Today.
Making cars for Nissan has been a driver for domestic sales as
MMC's branded vehicles have lost market share.

The report says Mitsubishi Motors produced 202,000 mini-vehicles
in the year to March 31, of which around 144,000 were for Nissan.
MMC has said it has stopped making the four models affected by its
test rigging. A year's production halt could cost it up to JPY250
billion, analysts estimate, in addition to any compensation
payments to Nissan for lost sales, Japan Today relays.

The next question MMC needs to answer is whether its fuel economy
claims for cars sold elsewhere in Asia -- accounting for a third
of its total -- were legitimate, says Japan Today. Asia, ex-Japan,
sales have risen from around a fifth four years ago as MMC focused
on selling SUVs and trucks in emerging markets, it notes.

The company has said it is checking to see if its vehicles sold in
Asia and in Europe were compliant, the report further relays.

                     About Mitsubishi Motors

Japan-based Mitsubishi Motors Corporation (TYO:7211) --
http://www.mitsubishi-motors.com/index.html-- manufactures
automobile.  The Company, along with its subsidiaries and
associated companies, is engaged in the development, production,
purchase, sale, import and export of general and small-sized
passenger vehicles, mini-vehicles, sport utility vehicles (SUVs),
vans, trucks and automobile parts, as well as industrial
machines. It is also engaged in the checking and maintenance of
new vehicles, as well as the provision of automobile sales
financing and leasing services.

As reported in the Troubled Company Reporter-Asia Pacific on
April 29, 2016, The Japan Times said Mitsubishi abstained from
releasing a forecast for fiscal 2016 on on April 27 as a scandal
involving falsified fuel efficiency figures threatened to be a
road wreck for the automaker.

On April 26, 2016, Standard & Poor's Ratings Services said that it
has placed its 'BB+' long-term corporate credit rating on Japan-
based automaker Mitsubishi Motors Corp. on CreditWatch with
negative implications following the company's announcement that
fuel-consumption test data for four of its mini-vehicle models
was deliberately falsified.  This testing fraud is highly likely
to depress unit sales, and damage to business performance and the
company's financial profile over the next year or two may exceed
tolerances for the current rating, in S&P's view.

On April 20, 2016, Mitsubishi Motors announced confirmation of
the deliberate falsification of data for fuel-consumption testing
on four models of its mini-vehicles that sold 625,000 units in
total. Because the focus of the company's automotive lineup is
mini-vehicles and sports utility vehicles (SUVs), the success or
failure of any one model has a significant impact on earnings.
It remains difficult to immediately estimate the impact of the
fraudulent testing on vehicle unit sales in Japan and abroad.
However, given that Mitsubishi Motors' original equipment
manufacturing (OEM) partner Nissan Motor revealed the
falsification and that Mitsubishi Motors has admitted to two
recall coverups in the past, S&P thinks the fraud is likely to
lead to a decline in unit sales.  In addition, this incident may
hurt the company's business results significantly over the mid-
to long-term if it reduces Mitsubishi Motors' OEM supplies to
other automakers or weakens its brand recognition in Southeast
Asian markets, which contributes to companywide sales and
profits. Meanwhile, the company has relatively ample cash and
deposits at hand, which will absorb the financial impact of the
incident to some extent if the fraud affects only mini-vehicles
in Japan.


NISSAN MOTOR: Hit Hardest in Partner's Fuel Economy Testing Fraud
-----------------------------------------------------------------
Masatsugu Horie, writing for Bloomberg News, reports that
Mitsubishi Motors Corp.'s fuel economy testing fraud has hit its
partner Nissan Motor Co. hardest in Japan showrooms, with the
latter automaker posting a steeper plunge in April minicar sales
and overall market share.

According to Bloomberg, Nissan's minicar deliveries tumbled 51
percent last month, as Japan's second-largest automaker stopped
sales of the Dayz models supplied by Mitsubishi Motors after its
April 20 admission to manipulating fuel economy test data.

Nissan's sales of both mini and standard vehicles fell 22 percent,
reports Bloomberg News. Mitsubishi Motors posted declines of 45
percent for minicars and 15 percent for total vehicles.

Bloomberg News relates that the impact that Mitsubishi Motors'
misconduct is already having on Nissan's domestic sales adds
urgency to the smaller automaker's investigation of data
manipulation and fuel economy testing that hasn't complied with
the nation's standards since 1991.  Nissan Chief Executive Officer
Carlos Ghosn said last week he'll wait until all facts are on the
table before deciding on the future of the joint venture the two
carmakers formed in 2010.

                          Share Decline

The report says the stop sale of Nissan's Dayz and Mitsubishi
Motors' eK models cost both automakers market share. Nissan's
portion of minicar segment sales fell to 5 percent last month from
11 percent in March, while Mitsubishi Motors' dropped to 1.3
percent from 4.2 percent, adds Bloomberg News.

Industrywide total sales of standard and mini vehicles gained 1.6
percent to 324,748 units, the first increase in 16 months,
according to combined figures from the Japan Auto Dealers
Association and the minicar association, Bloomberg relates. Nissan
lost 3.2 percentage points of total market share, while Mitsubishi
gave up 0.6 percentage point.

Mitsubishi Motors has said its data manipulation and improper
testing may result in the company having to compensate customers,
Japan's government and minicar partner Nissan, the report relates.
The fuel efficiency of about 625,000 Dayz and eK model minicars
were exaggerated by as much as 10 percent.

The automaker avoided issuing a profit forecast for the current
fiscal year, saying it's assessing the impact from testing
irregularities involving an untold number of additional models for
the last 25 years, Bloomberg News relays.

Nissan Motor Company Ltd, usually shortened to Nissan, is a
Japanese multinational automobile manufacturer headquartered in
Nishi-ku, Yokohama, Japan.


NISSAN MOTOR: Recalls 3.8MM Cars Over Faulty Airbags
----------------------------------------------------
Japan Today reports that Nissan will recall more than 3.8 million
vehicles, mostly in North America, because the passenger-side
airbag may not deploy in a crash due to a defect in the seat
sensor.

The Japanese automaker said the global recall would cover 2013-
2017 including some Nissan Altima, Leaf, Maxima, Murano,
Pathfinder, Sentra and Rogue models, notes the report.

"This recall will affect approximately 3.5 million Nissan vehicles
and approximately 381,000 Infiniti vehicles globally," the report
cited the company as saying in a statement on
April 29, adding that more than 80 percent of them were sold in
North America.

It said a fault in the sensor not properly registering when the
passenger seat was occupied could lead to failure to deploy the
airbag in the event of a collision, the report relates.  The firm
said it was developing a fix and would notify dealers in late May.

According to Japan Today, it was not immediately clear if the
recall involves auto parts giant Takata, which was hammered by an
exploding air bag defect blamed for at least 11 deaths.

Nissan Motor Company Ltd, usually shortened to Nissan, is a
Japanese multinational automobile manufacturer headquartered in
Nishi-ku, Yokohama, Japan.


SHARP CORP: Plans Stock Incentives to Stop Brain Drain
------------------------------------------------------
Nikkei Asian Review reports that Sharp plans to offer a stock-
based incentive program to retain talented workers, as it grapples
with an exodus of personnel amid deteriorating earnings.

The report says the embattled consumer electronics maker plans to
submit the proposal to a board meeting May 12. Details have yet to
be finalized, but stock options are among the suggested programs.
Sharp has never offered such an incentive before, notes Bloomberg
News.

Bloomberg relays that Sharp is mulling job cuts totaling around
1,000 people as it prepares to rebuild itself as a subsidiary of
Taiwan's Hon Hai Precision Industry. At the same time, the company
also needs to block valuable talent from jumping ship. Prominent
defectors include former Executive Vice President Tetsuo Onishi,
who is scheduled to become an adviser at Nidec, adds the report.

The company also said that it has agreed with Japan Industrial
Solutions to buy back JPY25 billion (US$233 million) in preferred
shares that the company issued to the investment fund. Sharp will
also pay dividends on the shares and the redemption premium, says
the report.

Bloomberg says the date of the buyback is not set, but the company
wants to complete the transaction soon. Sharp said in late
February that Hon Hai, known as Foxconn, would purchase the
preferred shares held by Japan Industrial Solutions.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in the Troubled Company Reporter-Asia Pacific on
April 29, 2016, Nikkei Asian Review said that under pressure to
reduce costs after another year in the red, Sharp is considering
eliminating about 1,000 more jobs ahead of its takeover by
Taiwan's Hon Hai Precision Industry.

On April 4, 2016, Standard & Poor's Ratings Services revised to
positive from negative the CreditWatch implications on its 'CCC'
long-term and 'C' short-term corporate credit ratings, 'CCC+'
long-term debt ratings, and 'C' commercial paper program ratings
on Japan-based electronics maker Sharp Corp.  At the same time,
S&P also revised to positive from negative the CreditWatch
implications on the 'CCC' long-term and 'C' short-term corporate
credit ratings and 'C' commercial paper program ratings on
overseas Sharp subsidiary Sharp International Finance (U.K.) PLC.

The CreditWatch revision to positive from negative follows
Sharp's announcement on March 30 that it will issue new shares
through third-party allocations totaling JPY388.8 billion to
Taiwan's Hon Hai Precision Industry Co. Ltd. (A-/Stable/--) and
its group companies by Oct. 5, 2016.  On March 30, Hon Hai also
announced it would acquire Sharp's shares.  Despite significant
deterioration of Sharp's earnings, if the plan to increase
Sharp's capital proceeds as planned, S&P thinks its financial
standing would improve materially and it could to some degree
stabilize its main liquid crystal display (LCD) business, which
experiences wide swings in profitability, using Hon Hai's
customer base and supply chain.

The TCR-AP reported on April 15, 2016, that Egan-Jones Ratings
Company lowered the foreign currency senior unsecured rating on
debt issued by Sharp Corp. Japan to CCC+ from B- on March 30,
2016.


TAKATA CORP: Vehicles Subject to Air Bag Recall May Reach 100MM
---------------------------------------------------------------
The Japan Times report that more than 100 million vehicles are
likely to be subject to global recalls linked to faulty air bags
made by Takata Corp., up from the current 60 million units,
sources close to the matter said.

The National Highway Traffic Safety Administration (NHTSA), the
U.S. road safety regulator, is leaning toward a decision to expand
vehicles to be covered by the recalls, probably in May, says the
report. If the move is carried out, the total recall costs are
estimated to exceed JPY1 trillion ($9.3 billion), the sources
said, notes Japan Times.

The report says such a move will deliver another blow to the
Japanese auto parts supplier, as automakers have been recalling
numerous cars globally since 2008 due to fears Takata air bag
inflators could explode with too much force, spraying metal
fragments at drivers or passengers.

According to the sources, says the report, the NHTSA has so far
only sought recalls of some Takata air bags using ammonium nitrate
inflators without a drying agent. But it is considering seeking
recalls for all of them.

Japan Times says the NHTSA is expected to react stringently
against the use of the chemical compound without a moisture-
absorbing desiccant, because it is seen to have played a role in
the violent ruptures of the air bags.

Takata and Japanese automakers are in talks over how the recall
costs should be shared, relates the report. But the talks are
showing little progress and observers believe it will become even
more difficult to reach an agreement if the number of vehicles
subject to recalls increases, it notes.

The move may also lead Honda Motor Corp. and other carmakers to
book massive losses, Japan Times relates.

Mazda Motor Corp. said April 27 it booked an extraordinary loss of
JPY40.7 billion in the business year ended March 31 for air bag
recall costs, apparently taking into account that the recalled
vehicles could increase, Japan Times relates.

As reported in the Troubled Company Reporter-Asia Pacific on April
14, 2016, Nikkei Asian Review said that Takata Corp, mired in a
deepening air bag scandal, hopes to select a sponsor by August to
pursue restructuring under new management.  A third-party
committee of outside attorneys and others had briefed automakers
and banks on the plan by April 19, Nikkei said.  Takata hopes to
select a sponsor by the end of August and draw up fresh
rehabilitation plans. It likely will accept a management team from
the sponsor.

On Nov. 24, 2014, 24/7 Wall St. said Takata Corporation faces huge
fines, and almost certainly lawsuits (which have already begun),
over its defective airbags.  The report related that some experts
believe that the Japanese company was not forthcoming about the
technical failure that caused several serious accidents and
deaths. If Takata goes bankrupt, which could certainly happen,
claims against the company would be in limbo, 24/7 Wall St. said.

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



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


* Macau April Casino Revenue Falls 9.5%, Less Than Estimated
------------------------------------------------------------
Daniela Wei and Jill Mao, writing for Bloomberg News, report that
Macau's April casino revenue dropped less than analysts estimated
in a sign of stabilization as casinos shift their focus to
attracting more casual gamblers and tourists.

Gross gaming revenue decreased 9.5 percent to 17.3 billion patacas
($2.2 billion), according to data from Macau's Gaming Inspection
and Coordination Bureau, marking 23 consecutive months of
declines, notes the report. That compares with a median estimate
of a 13.5 percent drop by seven analysts in a Bloomberg survey and
a 16.3 percent decrease in March.

Bloomberg News recalls that Macau casinos have been in a downturn
since mid-2014 as China's anti-corruption campaign and a slowing
economy kept the country's high rollers away from the world's
largest gambling hub. Still, the industry's mass market revenue
has started to bottom out since last year with narrowing revenue
declines. Operators such as Galaxy Entertainment Group Ltd., Wynn
Macau Ltd. and Melco Crown Entertainment Ltd. are strategically
focusing on the more profitable mass-market segment of tourists
and recreational gamblers with new resorts.

"The casinos produced another reasonable monthly revenue
performance in what is a seasonally slower shoulder month," Tim
Craighead, a Bloomberg Intelligence analyst, said in an e-mail
after the report. "It still looks to us that the business is
stabilizing and the next big catalysts to watch for are the summer
travel season and the new resorts from Wynn Macau and Sands
China."

The Cotai strip in Macau is home to about a dozen casino resorts.
The Macau government has encouraged casino operators to diversify
their businesses and forecasts an increase in the proportion of
casinos' non-gaming revenue to 9 percent by 2020 from 6.6 percent
in 2014, Teledifusao de Macau reported, citing the city's five-
year development plan, reports Bloomberg News.

Other casino operators are also looking for new ideas to diversify
their business from high-end gambling, the report relays. The $4.1
billion Wynn Palace will offer air-conditioned cable car rides and
Sands China Ltd.'s Parisian will feature a half-size Eiffel Tower
replica when they open later this year.

Bloomberg Intelligence's index of Macau gaming stocks rose 16
percent in the first quarter after about $46 billion of market
value was wiped out last year from the city's six gambling houses.
Still, the rally may be unsustainable, said Paul Chan, Invesco
Ltd.'s chief investment officer for Asia excluding Japan. The
index dropped 3 percent last week, relays the report.

While the mass market has seen some recovery signs, Macau casino
operators are still exposed to the debt-ridden gaming promoters,
who lend to high-stakes gamblers, as the local government
continues to tighten its regulation on the industry, according to
Hong Kong-based Daiwa analyst Jamie Soo, notes Bloomberg News.
Junkets are still under significant operating pressure with at
least HK$30 billion in bad debt still outstanding at conservative
estimates, he wrote.



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


CAVALIER BREMWORTH: To Cut 65 Jobs in Three Plants
--------------------------------------------------
nzherald.co.nz reports that carpet maker Cavalier Bremworth will
cut around 65 jobs across its three plants in Whanganui, Napier
and Christchurch.

The announcement has just been made and staff are being told by
management, says the Herald.

A downturn in demand for woollen carpets means the company will
shut down its operations in Christchurch, moving them to a bigger
plant in Whanganui, according to the report.  The wool spinning
operations in Whanganui will move to Napier.

Cavalier Bremworth Limited provides broadloom carpets for
residential and commercial applications. The company was founded
in 1959 and is based in Auckland, New Zealand with a network of
sales offices in New Zealand and Australia.



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


* BOND PRICING: For the Week April 25 to April 29, 2016
-------------------------------------------------------

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


  AUSTRALIA
  ---------

BARMINCO FINANCE PT    9.00     6/1/2018     USD      76.83
BOART LONGYEAR MANA    7.00     4/1/2021     USD      36.75
BOART LONGYEAR MANA    7.00     4/1/2021     USD      36.75
CBL CORP LTD           8.25    4/17/2019     AUD      70.38
CML GROUP LTD          9.00    1/29/2020     AUD       1.00
CML GROUP LTD          7.49    5/18/2021     AUD      71.03
CRATER GOLD MINING    10.00    8/18/2017     AUD      35.00
CROWN RESORTS LTD      6.33    4/23/2075     AUD      69.92
EMECO PTY LTD          9.88    3/15/2019     USD      53.56
EMECO PTY LTD          9.88    3/15/2019     USD      53.00
IMF BENTHAM LTD        6.48    6/30/2019     AUD      59.13
KBL MINING LTD        12.00    2/16/2017     AUD       0.05
KEYBRIDGE CAPITAL L    7.00    7/31/2020     AUD       0.70
LAKES OIL NL          10.00    3/31/2017     AUD       6.50
MIDWEST VANADIUM PT   11.50    2/15/2018     USD       6.50
MIDWEST VANADIUM PT   11.50    2/15/2018     USD       6.00
RESOLUTE MINING LTD   10.00    12/4/2017     AUD       1.00
STOKES LTD            10.00    6/30/2017     AUD       0.35
TREASURY CORP OF VI    0.50   11/12/2030     AUD      68.58

CHINA
-----

ANSHAN CITY CONSTRU    8.25     3/5/2019     CNY      63.00
ANSHAN CITY CONSTRU    8.25     3/5/2019     CNY      63.51
ANYANG INVESTMENT G    8.00    4/17/2019     CNY      64.85
BANGBU CITY INVESTM    5.78    8/10/2017     CNY      54.99
BEIJING ECONOMIC TE    5.29     3/6/2018     CNY      72.00
CHANGSHA CITY CONST    6.95    4/24/2019     CNY      63.36
CHANGSHA CITY CONST    6.95    4/24/2019     CNY      84.80
CHANGSHA COUNTY XIN    8.35     4/6/2019     CNY      64.96
CHANGSHA COUNTY XIN    8.35     4/6/2019     CNY      64.31
CHANGSHA HIGH TECHN    7.30   11/22/2017     CNY      71.00
CHANGSHU BINJIANG U    6.85    4/27/2019     CNY      62.19
CHANGSHU CITY OPERA    8.00    1/16/2019     CNY      64.06
CHANGSHU CITY OPERA    8.00    1/16/2019     CNY      63.02
CHANGZHOU INVESTMEN    5.80     7/1/2016     CNY      40.13
CHANGZHOU INVESTMEN    5.80     7/1/2016     CNY      40.18
CHANGZHOU WUJIN CIT    5.42     6/9/2016     CNY      50.09
CHANGZHOU WUJIN CIT    5.42     6/9/2016     CNY      49.86
CHENGDU XINCHENG XI    8.35    3/19/2019     CNY      64.81
CHENGDU XINCHENG XI    8.35    3/19/2019     CNY      66.32
CHONGQING HECHUAN R    8.28    4/10/2018     CNY      52.14
CHONGQING HECHUAN R    8.28    4/10/2018     CNY      51.31
CHONGQING HECHUAN U    6.95     1/6/2018     CNY      72.62
CHONGQING HECHUAN U    6.95     1/6/2018     CNY      72.25
CHONGQING JIANGJIN     6.95     1/6/2018     CNY      71.60
CHONGQING JIANGJIN     6.95     1/6/2018     CNY      63.64
CHONGQING LAND PROP    7.35    4/25/2019     CNY      64.20
CHONGQING LAND PROP    7.35    4/25/2019     CNY      64.35
CHONGQING NAN'AN DI    8.20     4/9/2019     CNY      64.71
CHONGQING NAN'AN DI    6.29   12/24/2017     CNY      60.00
CHONGQING NAN'AN DI    6.29   12/24/2017     CNY      61.77
CHONGQING XINGRONG     8.35    4/19/2019     CNY      63.50
CHONGQING XINGRONG     8.35    4/19/2019     CNY      64.27
CHONGQING YONGCHUAN    7.49    3/14/2018     CNY      72.86
CHONGQING YONGCHUAN    7.49    3/14/2018     CNY      72.10
CHONGQING YUXING CO    7.29    12/8/2017     CNY      72.33
DALI ECONOMIC DEVEL    8.80    4/24/2019     CNY      65.31
DANDONG CITY DEVELO    6.21     9/6/2017     CNY      70.21
DANYANG INVESTMENT     8.10     3/6/2019     CNY      63.55
DANYANG INVESTMENT     8.10     3/6/2019     CNY      85.38
DANYANG INVESTMENT     6.30     6/3/2016     CNY      40.08
DATONG ECONOMIC CON    6.50     6/1/2017     CNY      70.93
DATONG ECONOMIC CON    6.50     6/1/2017     CNY      70.20
DRILL RIGS HOLDINGS    6.50    10/1/2017     USD      61.81
DRILL RIGS HOLDINGS    6.50    10/1/2017     USD      59.75
ERDOS DONGSHENG CIT    8.40    2/28/2018     CNY      47.79
ERDOS DONGSHENG CIT    8.40    2/28/2018     CNY      50.11
GRANDBLUE ENVIRONME    6.40     7/7/2016     CNY      70.36
GUANGAN INVESTMENT     8.18    4/25/2019     CNY      64.68
GUANGAN INVESTMENT     8.18    4/25/2019     CNY      63.03
GUIYANG ECO&TECH DE    8.42    3/27/2019     CNY      64.30
GUOAO INVESTMENT DE    6.89   10/29/2018     CNY      68.31
HAIAN COUNTY CITY C    8.35    3/28/2018     CNY      52.48
HAIAN COUNTY CITY C    8.35    3/28/2018     CNY      52.78
HAIMEN CITY DEVELOP    8.35    3/20/2019     CNY      63.28
HAIMEN CITY DEVELOP    8.35    3/20/2019     CNY      61.51
HANGZHOU MUNICIPAL     5.90    4/25/2018     CNY      51.70
HANGZHOU MUNICIPAL     5.90    4/25/2018     CNY      51.39
HANGZHOU XIAOSHAN S    6.90   11/22/2016     CNY      40.15
HANGZHOU XIAOSHAN S    6.90   11/22/2016     CNY      40.88
HANGZHOU YUHANG CIT    7.55    3/29/2019     CNY      63.75
HANGZHOU YUHANG CIT    7.55    3/29/2019     CNY      57.73
HANZHONG CITY CONST    7.48    3/14/2018     CNY      65.39
HANZHONG CITY CONST    7.48    3/14/2018     CNY      72.81
HEFEI TAOHUA INDUST    8.79    3/27/2019     CNY      66.10
HEFEI TAOHUA INDUST    8.79    3/27/2019     CNY      61.78
HEFEI XINCHENG STAT    7.88    4/23/2019     CNY      62.20
HEFEI XINCHENG STAT    7.88    4/23/2019     CNY      62.26
HEILONGJIANG HECHEN    7.78   11/17/2016     CNY      40.30
HEILONGJIANG HECHEN    7.78   11/17/2016     CNY      39.78
HUAIAN CITY URBAN A    7.15   12/21/2016     CNY      40.66
HUAIAN CITY WATER A    8.25     3/8/2019     CNY      64.51
HUAIAN CITY WATER A    8.25     3/8/2019     CNY      62.01
HUAIAN DEVELOPMENT     6.80    3/24/2017     CNY      42.34
HUAIAN QINGHE NEW A    6.79    4/29/2017     CNY      41.68
HUAIHUA CITY CONSTR    8.00    3/22/2018     CNY      52.11
HUAIHUA CITY CONSTR    8.00    3/22/2018     CNY      51.11
HUNAN ZHAOSHAN ECON    7.00   12/12/2018     CNY      75.00
HUZHOU MUNICIPAL CO    7.02   12/21/2017     CNY      72.61
HUZHOU NANXUN STATE    8.15    3/31/2019     CNY      64.02
HUZHOU WUXING NANTA    7.71    2/17/2018     CNY      72.79
JIAMUSI NEW ERA INF    8.25    3/22/2019     CNY      62.81
JIAMUSI NEW ERA INF    8.25    3/22/2019     CNY      62.44
JIAN CITY CONSTRUCT    7.80    4/20/2019     CNY      84.04
JIAN CITY CONSTRUCT    7.80    4/20/2019     CNY      64.33
JIANGDONG HOLDING G    6.90    3/27/2019     CNY      61.53
JIANGDU XINYUAN IND    8.10    3/23/2019     CNY      63.92
JIANGDU XINYUAN IND    8.10    3/23/2019     CNY      62.51
JIANGSU HUAJING ASS    5.68    9/28/2017     CNY      49.87
JIANGSU HUAJING ASS    5.68    9/28/2017     CNY      50.60
JIAXING CULTURE FAM    8.16     3/8/2019     CNY      65.70
JINAN CITY CONSTRUC    6.98    3/26/2018     CNY      51.50
JINAN CITY CONSTRUC    6.98    3/26/2018     CNY      51.73
JINGJIANG BINJIANG     6.80   10/23/2018     CNY      68.88
JINGZHOU URBAN CONS    7.98    4/24/2019     CNY      64.17
JINING CITY CONSTRU    8.30   12/31/2018     CNY      64.02
JINTAN CONSTRUCTION    8.30    3/14/2019     CNY      64.82
JINTAN CONSTRUCTION    8.30    3/14/2019     CNY      65.00
JIUJIANG CITY CONST    8.49    2/23/2019     CNY      63.85
JIUJIANG CITY CONST    8.49    2/23/2019     CNY      66.00
KUNMING CITY CONSTR    7.60    4/13/2018     CNY      52.34
KUNMING CITY CONSTR    7.60    4/13/2018     CNY      52.33
KUNMING WUHUA DISTR    8.60    3/15/2018     CNY      53.31
KUNMING WUHUA DISTR    8.60    3/15/2018     CNY      53.10
LAIWU CITY ECONOMIC    6.50     3/1/2018     CNY      61.46
LESHAN STATE-OWNED     6.99    3/18/2018     CNY      72.26
LESHAN STATE-OWNED     6.99    3/18/2018     CNY      73.33
LIAOYUAN STATE-OWNE    7.80    1/26/2017     CNY      40.01
LIAOYUAN STATE-OWNE    8.17    3/13/2019     CNY      63.29
LIAOYUAN STATE-OWNE    7.80    1/26/2017     CNY      40.81
LIAOYUAN STATE-OWNE    8.17    3/13/2019     CNY      62.00
LINAN CITY CONSTRUC    8.15     3/9/2018     CNY      53.19
LINAN CITY CONSTRUC    8.15     3/9/2018     CNY      52.43
LINHAI CITY INFRAST    7.98    11/6/2016     CNY      50.05
LINHAI CITY INFRAST    7.98    11/6/2016     CNY      50.93
LINYI INVESTMENT DE    8.10    3/27/2018     CNY      52.92
LIUZHOU DONGCHENG I    8.30    2/15/2019     CNY      64.61
LIUZHOU DONGCHENG I    8.30    2/15/2019     CNY      62.81
LONGHAI STATE-OWNED    8.25    12/2/2017     CNY      72.20
LONGHAI STATE-OWNED    8.25    12/2/2017     CNY      72.57
LUOHE CITY CONSTRUC    6.81    3/30/2017     CNY      30.84
LUOHE CITY CONSTRUC    6.81    3/30/2017     CNY      30.67
NANCHONG CHEMICAL I    8.16    4/26/2019     CNY      64.27
NANJING HEXI NEW TO    6.40     2/3/2017     CNY      61.39
NANJING JIANGNING S    7.29    4/28/2019     CNY      83.73
NANTONG STATE-OWNED    6.72   11/13/2016     CNY      37.07
NANTONG STATE-OWNED    6.72   11/13/2016     CNY      40.76
NEIMENGGU XINLINGOL    7.62    2/25/2018     CNY      71.91
NINGBO CITY ZHENHAI    6.48    4/12/2017     CNY      41.51
NINGBO URBAN CONSTR    7.39     3/1/2018     CNY      52.59
NINGBO URBAN CONSTR    7.39     3/1/2018     CNY      52.73
NINGDE CITY STATE-O    6.25   10/21/2017     CNY      40.80
NINGHAI COUNTY CITY    8.60   12/31/2017     CNY      73.82
NONGGONGSHANG REAL     6.29   10/11/2017     CNY      71.05
PANJIN CONSTRUCTION    7.70   12/16/2016     CNY      40.42
PANJIN CONSTRUCTION    7.70   12/16/2016     CNY      40.08
PUTIAN STATE-OWNED     8.10    3/21/2019     CNY      64.82
PUTIAN STATE-OWNED     8.10    3/21/2019     CNY      63.30
QIANDONG NANZHOU DE    8.80    4/27/2019     CNY      62.39
QINGDAO CITY CONSTR    6.89    2/16/2019     CNY      62.99
QINGDAO CITY CONSTR    6.19    2/16/2017     CNY      40.21
QINGDAO CITY CONSTR    6.19    2/16/2017     CNY      40.74
QINGDAO CITY CONSTR    6.89    2/16/2019     CNY      63.61
QINGDAO HUATONG STA    7.30    4/18/2019     CNY      63.80
QINGDAO HUATONG STA    7.30    4/18/2019     CNY      63.67
QINGZHOU HONGYUAN P    6.50    5/22/2019     CNY      40.71
QINGZHOU HONGYUAN P    6.50    5/22/2019     CNY      40.33
QUANZHOU QUANGANG P    8.40    4/16/2019     CNY      65.44
QUANZHOU QUANGANG P    8.40    4/16/2019     CNY      63.69
QUNSHAN HUAQIAO INT    7.98   12/30/2018     CNY      63.64
SHANDONG TAIFENG HO    5.80    3/12/2020     CNY      72.07
SHANDONG TAIFENG HO    5.80    3/12/2020     CNY      74.14
SHANGHAI BUND GROUP    6.35    4/24/2020     CNY      43.00
SHANGHAI REAL ESTAT    6.12    5/17/2017     CNY      71.21
SHAOYANG CITY CONST    7.40    9/11/2018     CNY      76.01
SHIYAN CITY INFRAST    7.98    4/20/2019     CNY      64.31
SICHUAN DEVELOPMENT    5.40   11/10/2017     CNY      71.39
SUQIAN ECONOMIC DEV    7.50    3/26/2019     CNY      64.62
SUQIAN ECONOMIC DEV    7.50    3/26/2019     CNY      84.60
SUZHOU CONSTRUCTION    7.45    3/12/2019     CNY      63.69
TAIAN CITY TAISHAN     5.79     3/2/2018     CNY      71.80
TAIXING ZHONGXING S    8.29    3/27/2018     CNY      52.89
TAIXING ZHONGXING S    8.29    3/27/2018     CNY      52.71
TAIZHOU CITY CONSTR    6.90    1/25/2017     CNY      40.81
TAIZHOU HAILING ASS    8.52    3/21/2019     CNY      64.34
TAIZHOU HAILING ASS    8.52    3/21/2019     CNY      63.65
TIANJIN BINHAI NEW     5.00    3/13/2018     CNY      92.20
TIANJIN BINHAI NEW     5.00    3/13/2018     CNY      71.46
TIANJIN HI-TECH IND    7.80    3/27/2019     CNY      62.93
TIANJIN HI-TECH IND    7.80    3/27/2019     CNY      63.86
TIANJING HANBIN INV    8.39    3/22/2019     CNY      64.28
TIGER FOREST & PAPE    5.38    6/14/2017     CNY      72.78
TONGHUA FENGYUAN IN    8.36   12/13/2021     CNY      65.02
TONGLIAO CITY INVES    5.98     9/1/2017     CNY      71.77
TONGLIAO CITY INVES    5.98     9/1/2017     CNY      70.30
TRI-CONTROL AUTOMAT    8.75   12/11/2018     USD      55.25
URUMQI STATE-OWNED     6.48    4/28/2018     CNY      50.99
VANZIP INVESTMENT G    7.92     2/4/2019     CNY      67.32
WAFANGDIAN STATE-OW    8.55    4/19/2019     CNY      65.10
WENZHOU ANJUFANG CI    7.65    4/24/2019     CNY      63.64
WUHAI CITY CONSTRUC    8.20    3/31/2019     CNY      64.41
WUHAI CITY CONSTRUC    8.20    3/31/2019     CNY      64.01
WUHU ECONOMIC TECHN    6.70     6/8/2018     CNY      68.83
WUXI COMMUNICATIONS    5.58     7/8/2016     CNY      49.93
WUXI COMMUNICATIONS    5.58     7/8/2016     CNY      49.62
XIANGTAN CITY CONST    8.00    3/16/2019     CNY      61.00
XIANGTAN CITY CONST    8.00    3/16/2019     CNY      64.72
XIANGTAN JIUHUA ECO    6.93   12/16/2016     CNY      40.83
XIANGTAN JIUHUA ECO    6.93   12/16/2016     CNY      40.60
XIANGYANG CITY CONS    8.12    1/12/2019     CNY      64.54
XIANGYANG CITY CONS    8.12    1/12/2019     CNY      63.75
XIAOGAN URBAN CONST    8.12    3/26/2019     CNY      64.20
XINJIANG SHIHEZI DE    7.50    8/29/2018     CNY      72.39
XINXIANG INVESTMENT    6.80    1/18/2018     CNY      72.41
XUCHANG GENERAL INV    7.78    4/27/2019     CNY      64.59
XUZHOU ECONOMIC TEC    8.20     3/7/2019     CNY      63.69
XUZHOU ECONOMIC TEC    8.20     3/7/2019     CNY      64.60
YANGZHONG URBAN CON    7.10    3/26/2018     CNY      72.87
YANGZHOU ECONOMIC D    5.80    5/12/2016     CNY      50.01
YANGZHOU ECONOMIC D    6.10     7/7/2016     CNY      50.00
YANGZHOU ECONOMIC D    6.10     7/7/2016     CNY      50.22
YANGZHOU URBAN CONS    5.94    7/23/2016     CNY      40.19
YANGZHOU URBAN CONS    5.94    7/23/2016     CNY      40.04
YANZHOU HUIMIN URBA    8.50   12/28/2017     CNY      52.91
YIJINHUOLUOQI HONGT    8.35    3/19/2019     CNY      59.00
YIJINHUOLUOQI HONGT    8.35    3/19/2019     CNY      60.10
YINCHUAN URBAN CONS    6.28     3/9/2017     CNY      25.52
YINGKOU CITY CONSTR    7.98    4/18/2020     CNY      72.65
YIYANG CITY CONSTRU    8.20   11/19/2016     CNY      39.97
YUNNAN PROVINCIAL I    5.25    8/24/2017     CNY      70.37
YUNNAN PROVINCIAL I    5.25    8/24/2017     CNY      70.50
ZHANGJIAGANG JINCHE    6.23     1/6/2018     CNY      61.59
ZHEJIANG PROVINCE D    6.90    4/12/2018     CNY      73.87
ZHENJIANG NEW AREA     8.16     3/1/2019     CNY      62.32
ZHENJIANG NEW AREA     8.16     3/1/2019     CNY      63.47
ZHUCHENG ECONOMIC D    7.50    8/25/2018     CNY      41.73
ZHUCHENG ECONOMIC D    6.40    4/26/2018     CNY      62.03
ZHUCHENG ECONOMIC D    6.40    4/26/2018     CNY      41.35
ZHUHAI HUAFA GROUP     8.43    2/16/2018     CNY      52.99
ZHUHAI HUAFA GROUP     8.43    2/16/2018     CNY      52.65
ZHUHAI ZHONGFU ENTE    6.60    3/28/2017     CNY      56.80
ZIBO CITY PROPERTY     5.45    4/27/2019     CNY      49.09
ZOUCHENG CITY ASSET    7.02    1/12/2018     CNY      41.75
ZOUPING COUNTY STAT    6.98    4/27/2018     CNY      72.01
ZOUPING COUNTY STAT    6.98    4/27/2018     CNY     103.07
ZUNYI CITY INVESTME    8.53    3/13/2019     CNY      66.48
ZUNYI CITY INVESTME    8.53    3/13/2019     CNY      62.01


INDONESIA
---------

BERAU COAL ENERGY T    7.25    3/13/2017     USD      15.25
BERAU COAL ENERGY T    7.25    3/13/2017     USD      15.00


INDIA
-----

3I INFOTECH LTD        5.00    4/26/2017     USD      11.50
BLUE DART EXPRESS L    9.30   11/20/2017     INR      10.18
BLUE DART EXPRESS L    9.40   11/20/2018     INR      10.27
BLUE DART EXPRESS L    9.50   11/20/2019     INR      10.35
COROMANDEL INTERNAT    9.00    7/23/2016     INR      16.06
GTL INFRASTRUCTURE     4.03    11/9/2017     USD      31.00
JAIPRAKASH ASSOCIAT    5.75     9/8/2017     USD      65.19
JAIPRAKASH POWER VE    7.00    5/26/2016     USD      71.50
JCT LTD                2.50     4/8/2011     USD      22.50
PRAKASH INDUSTRIES     5.25    4/30/2015     USD      20.38
PYRAMID SAIMIRA THE    1.75     7/4/2012     USD       1.00
REI AGRO LTD           5.50   11/13/2014     USD       1.75
REI AGRO LTD           5.50   11/13/2014     USD       1.75
SVOGL OIL GAS & ENE    5.00    8/17/2015     USD      19.88

JAPAN
-----

AVANSTRATE INC         5.55   10/31/2017     JPY      33.25
AVANSTRATE INC         5.55   10/31/2017     JPY      37.00
MICRON MEMORY JAPAN    0.70     8/1/2016     JPY       8.63
MICRON MEMORY JAPAN    0.50   10/26/2015     JPY       8.75
MICRON MEMORY JAPAN    2.03    3/22/2012     JPY       8.63
MICRON MEMORY JAPAN    2.10   11/29/2012     JPY       8.63
MICRON MEMORY JAPAN    2.29    12/7/2012     JPY       8.63
TAKATA CORP            0.58    3/26/2021     JPY      73.50


KOREA
-----

2014 KODIT CREATIVE    5.00   12/25/2017     KRW      31.91
2014 KODIT CREATIVE    5.00   12/25/2017     KRW      31.91
DOOSAN CAPITAL SECU   20.00    4/22/2019     KRW      42.74
HANA FINANCIAL GROU    3.59    5/29/2045     KRW     101.78
HYUNDAI MERCHANT MA    5.80     7/7/2016     KRW      45.37
HYUNDAI MERCHANT MA    5.30     7/3/2017     KRW      45.54
HYUNDAI MERCHANT MA    6.20    3/28/2017     KRW      45.81
KIBO ABS SPECIALTY    10.00    2/19/2017     KRW      38.69
KIBO ABS SPECIALTY    10.00     9/4/2016     KRW      46.20
KIBO ABS SPECIALTY     5.00   12/25/2017     KRW      30.52
KIBO ABS SPECIALTY     5.00    1/31/2017     KRW      33.53
KIBO ABS SPECIALTY     5.00    3/29/2018     KRW      30.81
KIBO ABS SPECIALTY    10.00    8/22/2017     KRW      26.21
LSMTRON DONGBANGSEO    4.53   11/22/2017     KRW      31.43
PULMUONE CO LTD        2.50     8/6/2045     KRW      58.71
PULMUONE CO LTD        2.50     8/6/2045     KRW      58.80
SINBO SECURITIZATIO    5.00    6/25/2019     KRW      26.65
SINBO SECURITIZATIO    5.00    6/25/2018     KRW      28.78
SINBO SECURITIZATIO    5.00    10/1/2017     KRW      32.43
SINBO SECURITIZATIO    5.00    6/29/2016     KRW      51.64
SINBO SECURITIZATIO    5.00    7/26/2016     KRW      46.08
SINBO SECURITIZATIO    5.00    7/26/2016     KRW      46.08
SINBO SECURITIZATIO    5.00    5/27/2016     KRW      62.51
SINBO SECURITIZATIO    5.00    5/27/2016     KRW      62.51
SINBO SECURITIZATIO    5.00    10/1/2017     KRW      32.43
SINBO SECURITIZATIO    5.00    10/1/2017     KRW      32.43
SINBO SECURITIZATIO    5.00   12/25/2016     KRW      33.99
SINBO SECURITIZATIO    5.00    5/26/2018     KRW      29.05
SINBO SECURITIZATIO    5.00    2/21/2017     KRW      34.46
SINBO SECURITIZATIO    5.00    2/21/2017     KRW      34.46
SINBO SECURITIZATIO    5.00    1/29/2017     KRW      34.72
SINBO SECURITIZATIO    5.00   12/13/2016     KRW      35.24
SINBO SECURITIZATIO    5.00    3/13/2017     KRW      34.23
SINBO SECURITIZATIO    5.00    3/13/2017     KRW      34.23
SINBO SECURITIZATIO    5.00    10/5/2016     KRW      37.47
SINBO SECURITIZATIO    5.00    10/5/2016     KRW      37.47
SINBO SECURITIZATIO    5.00    8/31/2016     KRW      40.99
SINBO SECURITIZATIO    5.00    8/31/2016     KRW      40.99
SINBO SECURITIZATIO    5.00    9/26/2018     KRW      29.34
SINBO SECURITIZATIO    5.00    9/26/2018     KRW      29.34
SINBO SECURITIZATIO    5.00    9/26/2018     KRW      29.34
SINBO SECURITIZATIO    5.00    3/18/2019     KRW      27.61
SINBO SECURITIZATIO    5.00    3/18/2019     KRW      27.61
SINBO SECURITIZATIO    5.00     7/8/2017     KRW      33.39
SINBO SECURITIZATIO    5.00     7/8/2017     KRW      33.39
SINBO SECURITIZATIO    5.00     6/7/2017     KRW      20.67
SINBO SECURITIZATIO    5.00     6/7/2017     KRW      20.67
SINBO SECURITIZATIO    5.00   12/23/2018     KRW      28.39
SINBO SECURITIZATIO    5.00   12/23/2018     KRW      28.39
SINBO SECURITIZATIO    5.00   12/23/2017     KRW      30.54
SINBO SECURITIZATIO    5.00    2/11/2018     KRW      31.21
SINBO SECURITIZATIO    5.00    2/11/2018     KRW      31.21
SINBO SECURITIZATIO    5.00    1/15/2018     KRW      31.71
SINBO SECURITIZATIO    5.00    1/15/2018     KRW      31.71
SINBO SECURITIZATIO    5.00    3/12/2018     KRW      30.96
SINBO SECURITIZATIO    5.00    3/12/2018     KRW      30.96
SINBO SECURITIZATIO    5.00    8/16/2016     KRW      41.04
SINBO SECURITIZATIO    5.00    8/16/2017     KRW      32.97
SINBO SECURITIZATIO    5.00    8/16/2017     KRW      32.97
SINBO SECURITIZATIO    5.00    7/24/2017     KRW      32.11
SINBO SECURITIZATIO    5.00    7/24/2018     KRW      30.08
SINBO SECURITIZATIO    5.00    6/27/2018     KRW      30.30
SINBO SECURITIZATIO    5.00    7/24/2018     KRW      30.08
SINBO SECURITIZATIO    5.00    6/27/2018     KRW      30.30
SINBO SECURITIZATIO    5.00    1/30/2019     KRW      28.04
SINBO SECURITIZATIO    5.00    1/30/2019     KRW      28.04
SINBO SECURITIZATIO    5.00   10/30/2019     KRW      19.62
SINBO SECURITIZATIO    5.00    2/27/2019     KRW      27.84
SINBO SECURITIZATIO    5.00    2/27/2019     KRW      27.84
SINBO SECURITIZATIO    5.00    8/29/2018     KRW      29.57
SINBO SECURITIZATIO    5.00    8/29/2018     KRW      29.57
TONGYANG CEMENT & E    7.30    4/12/2015     KRW      70.00
TONGYANG CEMENT & E    7.50    7/20/2014     KRW      70.00
TONGYANG CEMENT & E    7.50    4/20/2014     KRW      70.00
TONGYANG CEMENT & E    7.30    6/26/2015     KRW      70.00
TONGYANG CEMENT & E    7.50    9/10/2014     KRW      70.00
U-BEST SECURITIZATI    5.50   11/16/2017     KRW      32.73
WOONGJIN ENERGY CO     3.00   12/19/2019     KRW      69.97
WOORI BANK             5.21   12/12/2044     KRW     437.75


SRI LANKA
---------

SRI LANKA GOVERNMEN    9.00     6/1/2043     LKR      67.38
SRI LANKA GOVERNMEN    5.35     3/1/2026     LKR      58.15
SRI LANKA GOVERNMEN    8.00     1/1/2032     LKR      65.64
SRI LANKA GOVERNMEN    7.00    10/1/2023     LKR      73.62
SRI LANKA GOVERNMEN    9.00    10/1/2032     LKR      71.59
SRI LANKA GOVERNMEN    6.00    12/1/2024     LKR      65.05
SRI LANKA GOVERNMEN    9.00     6/1/2033     LKR      71.09
SRI LANKA GOVERNMEN    9.00    11/1/2033     LKR      70.60


MALAYSIA
--------

BANDAR MALAYSIA SDN    0.35    2/20/2024     MYR      72.96
BANDAR MALAYSIA SDN    0.35   12/29/2023     MYR      73.47
BIMB HOLDINGS BHD      1.50   12/12/2023     MYR      72.45
BRIGHT FOCUS BHD       2.50    1/24/2030     MYR      73.15
BRIGHT FOCUS BHD       2.50    1/22/2031     MYR      69.73
LAND & GENERAL BHD     1.00    9/24/2018     MYR       0.21
SENAI-DESARU EXPRES    0.50   12/31/2038     MYR      65.56
SENAI-DESARU EXPRES    0.50   12/30/2044     MYR      72.25
SENAI-DESARU EXPRES    0.50   12/31/2043     MYR      71.25
SENAI-DESARU EXPRES    0.50   12/30/2039     MYR      67.01
SENAI-DESARU EXPRES    0.50   12/31/2040     MYR      68.04
SENAI-DESARU EXPRES    0.50   12/31/2046     MYR      74.03
SENAI-DESARU EXPRES    1.15   12/29/2023     MYR      70.71
SENAI-DESARU EXPRES    0.50   12/31/2041     MYR      69.06
SENAI-DESARU EXPRES    0.50   12/31/2042     MYR      70.23
SENAI-DESARU EXPRES    0.50   12/29/2045     MYR      72.74
SENAI-DESARU EXPRES    1.35   12/31/2026     MYR      63.59
SENAI-DESARU EXPRES    1.15   12/30/2022     MYR      73.90
SENAI-DESARU EXPRES    1.15    6/30/2023     MYR      72.28
SENAI-DESARU EXPRES    1.15    6/28/2024     MYR      69.16
SENAI-DESARU EXPRES    1.15   12/31/2024     MYR      67.61
SENAI-DESARU EXPRES    1.15    6/30/2025     MYR      66.13
SENAI-DESARU EXPRES    1.35   12/31/2025     MYR      66.14
SENAI-DESARU EXPRES    1.35    6/30/2026     MYR      64.80
SENAI-DESARU EXPRES    1.35    6/30/2027     MYR      62.38
SENAI-DESARU EXPRES    1.35   12/31/2027     MYR      61.17
SENAI-DESARU EXPRES    1.35    6/29/2029     MYR      57.60
SENAI-DESARU EXPRES    1.35   12/31/2029     MYR      56.44
SENAI-DESARU EXPRES    1.35    6/30/2028     MYR      59.98
SENAI-DESARU EXPRES    1.35   12/29/2028     MYR      58.77
SENAI-DESARU EXPRES    1.35   12/31/2030     MYR      54.17
SENAI-DESARU EXPRES    1.35    6/28/2030     MYR      55.32
SENAI-DESARU EXPRES    1.35    6/30/2031     MYR      53.05
UNIMECH GROUP BHD      5.00    9/18/2018     MYR       1.14


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

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

SINGAPORE
---------

AXIS OFFSHORE PTE L    7.89    5/18/2018     USD      62.73
BAKRIE TELECOM PTE    11.50     5/7/2015     USD       3.03
BAKRIE TELECOM PTE    11.50     5/7/2015     USD       3.03
BERAU CAPITAL RESOU   12.50     7/8/2015     USD      20.75
BERAU CAPITAL RESOU   12.50     7/8/2015     USD      19.68
BLD INVESTMENTS PTE    8.63    3/23/2015     USD       8.38
BUMI CAPITAL PTE LT   12.00   11/10/2016     USD      15.60
BUMI CAPITAL PTE LT   12.00   11/10/2016     USD      16.61
BUMI INVESTMENT PTE   10.75    10/6/2017     USD      15.90
BUMI INVESTMENT PTE   10.75    10/6/2017     USD      16.85
ENERCOAL RESOURCES     6.00     4/7/2018     USD      10.13
GOLIATH OFFSHORE HO   12.00    6/11/2017     USD       5.12
INDO INFRASTRUCTURE    2.00    7/30/2010     USD       1.88
ORO NEGRO DRILLING     7.50    1/24/2019     USD      45.00
OSA GOLIATH PTE LTD   12.00    10/9/2018     USD      62.00
OTTAWA HOLDINGS PTE    5.88    5/16/2018     USD      72.50
OTTAWA HOLDINGS PTE    5.88    5/16/2018     USD      48.00
PACIFIC RADIANCE LT    4.30    8/29/2018     SGD      73.50
SWIBER CAPITAL PTE     6.50     8/2/2018     SGD      46.25
SWIBER CAPITAL PTE     6.25   10/30/2017     SGD      59.25
SWIBER HOLDINGS LTD    7.13    4/18/2017     SGD      60.13
TRIKOMSEL PTE LTD      5.25    5/10/2016     SGD      17.75
TRIKOMSEL PTE LTD      7.88     6/5/2017     SGD      15.00


THAILAND
--------

G STEEL PCL            3.00    10/4/2015     USD       3.74
MDX PCL                4.75    9/17/2003     USD      37.75


VIETNAM
-------

DEBT AND ASSET TRAD    1.00   10/10/2025     USD      50.25
DEBT AND ASSET TRAD    1.00   10/10/2025     USD      50.15



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***