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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 31, 2016, Vol. 19, No. 106


                            Headlines


A U S T R A L I A

BENSIMON RETAIL: First Creditors' Meeting Set For June 7
CONTINENTAL COAL: Court Appoints McGrathNicol as Liquidators
HAMPIC PTY: First Creditors' Meeting Slated For June 7
MAN TO MAN: Falls Into Liquidation
OAKVILLE PRODUCE: First Creditors' Meeting Set For June 6

ONSITE RENTAL: S&P Lowers CCR to 'B-'; Outlook Negative
SA RENOVATIONS: Clifton Hall Appointed as Liquidators


C H I N A

CHINA: Default Chain Reaction Threatens Products Worth 35% of GDP
CHINA ORIENTAL: Moody's Withdraws B2 CFR & Negative Outlook
YANZHOU COAL: Moody's Lowers CFR to B2; Outlook Negative


I N D I A

AEGIS BUSINESS: ICRA Assigns 'D' Rating to INR8.72MM Term Loan
ALL SERVICES: Ind-Ra Withdraws 'IND BB+' Long-Term Issuer Rating
AMBANI ORGANICS: ICRA Suspends 'B' Rating on INR7cr Loan
AMBRISH KUMAR: ICRA Suspends B Rating on INR6.10cr Loan
ARUNODAY CONSTRUCTION: Ind-Ra Assigns 'IND BB-' LT Issuer Rating

ATIBIR HI-TECH: Ind-Ra Cuts Long-Term Issuer Rating to 'IND BB+'
BAJRANG PULSES: ICRA Suspends B+ Rating on INR10cr LT Loan
BHAVYA ENTERPRISES: ICRA Assigns B Rating to INR3.0cr LT Loan
BIR STEELS: Ind-Ra Downgrades Long-Term Issuer Rating to 'IND BB'
BVL GRANITES: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating

CORAL ASSOCIATES: ICRA Suspends B Rating on INR28.88cr Loan
DARPAN INFRASTRUCTURE: ICRA Reaffirms B+ Rating on INR2.25cr Loan
DIVYALAKSHMI TEXTILES: ICRA Suspends B- Rating on INR9cr Loan
EAST COAST: ICRA Suspends 'D' Rating on INR224cr Loan
GDJD EXPORTS: ICRA Reaffirms B+ Rating on INR8.0cr LT Loan

GENERAL PETROCHEMICALS: ICRA Cuts Rating on INR8cr Loan to B+
GENERAL POLYTEX: ICRA Reaffirms 'B' Rating on INR58.34cr Loan
GENERAL RUBBERS: Ind-Ra Withdraws 'IND BB+' LT Issuer Rating
GOA SPONGE: ICRA Reaffirms 'D' Rating on INR46cr LT Loan
GREEN INFRATECH: Ind-Ra Withdraws IND BB- Long-Term Issuer Rating

HABIB TEXTILE: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
HILTON INFRASTRUCTURE: CARE Assigns B+ Rating to INR50cr LT Loan
IC INDIA: ICRA Assigns B+ Rating to INR2.5cr Cash Loan
INDIC EMS: Ind-Ra Withdraws IND BB-' Long-Term Issuer Rating
JASBIR SINGH: CARE Assigns 'B+' Rating to INR8cr LT Loan

JAYALAKSHMI TEXTILES: ICRA Suspends B+ Rating on INR14cr Loan
JAYMALA INFRASTRUCTURE: ICRA Assigns B+ Rating to INR27cr Loan
KAMLESHKUMAR BALUBHAI: ICRA Suspends B+/A4 INR11.5cr Loan Rating
KESHAV MADHAV: ICRA Suspends 'B' Rating on INR5.10cr Term Loan
LATHA RICE: CARE Assigns 'B' Rating to INR9.60cr LT Loan

LAXMI COTTON: ICRA Reaffirms B+ Rating on INR8.0cr LT Loan
LEGEND CERAMIC: ICRA Reaffirms 'B' Rating on INR8.75cr Loan
M. VENKATARAMA: ICRA Suspends B+/A4 Rating on INR18cr Loan
MAHALAKSHMI PROFILES: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
MAHI FORMALINE: ICRA Assigns 'B' Rating to INR5.0cr Cash Loan

MEERA AND COMPANY: ICRA Raises Rating on INR9.5cr Loan to C+
MSE INDUSTRIES: CARE Assigns B+ Rating to INR3.05cr LT Loan
NEERAJAKSHA IRON: Ind-Ra Withdraws 'IND D' LT Issuer Rating
OSHIYA INDUSTRIES: ICRA Lowers Rating on INR22cr Loan to 'D'
PLASTIMBER IMPEX: ICRA Assigns 'B' Rating to INR4.40cr Loan

PLUTO CERAMIC: CARE Lowers Rating on INR4.30cr LT Loan to D
PREMIER EXPORTS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
RIZON LAMINATES: ICRA Lowers Rating on INR6.0cr Loan to D
RANA SUGARS: ICRA Reaffirms 'D' Rating on INR502.20cr Loan
ROLTA INDIA: Fitch Cuts Issuer Default Ratings to 'CC'

SAI SRUSHTI: ICRA Suspends B+ Rating on INR25cr Fund Based Loan
SARDAR COTTON: ICRA Reaffirms B Rating on INR10.5cr Cash Loan
SHIV SHAKTI: CARE Assigns B+ Rating to INR2.5cr LT Bank Loan
SHREE MADHAV: ICRA Suspends D Rating on INR17cr Loan
SHREE OSHIYA: ICRA Lowers Rating on INR21cr Loan to 'D'

SHRI RAMSWAROOP: CARE Assigns B+ Rating to INR97.17cr LT Loan
SHUNTY BUNTY: ICRA Assigns 'B' Rating to INR10cr Bank Loan
SIDDHIVINAYAK AGRO: CARE Assigns B+ Rating to INR12cr LT Loan
SONERI MARINE: ICRA Reaffirms B+ Rating on INR0.32cr LT Loan
SR BREWERIES: ICRA Suspends 'D' Rating on INR39.51cr Term Loan

SREE KARPAGAMBAL: ICRA Suspends 'B+' Rating on INR27.5cr Loan
SRINIVASA CIVIL: ICRA Suspends 'D' Rating on INR18.5cr Loan
SUNSTAR OVERSEAS: ICRA Assigns 'D' Rating to INR568.45cr Loan
SWASHTHIK CAPS: ICRA Suspends B Rating on INR2.29cr Term Loan
TIRUPATI COTTEX: ICRA Lowers Rating on INR8cr Cash Loan to D


S O U T H  K O R E A

HYUNDAI MERCHANT: In Last-Ditch Effort to Cut Charter Rates


X X X X X X X X

* BOND PRICING: For the Week May 23 to May 27, 2016


                            - - - - -


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


BENSIMON RETAIL: First Creditors' Meeting Set For June 7
--------------------------------------------------------
Shane Justin Cremin, Shane Cremin & Gary Fettes of Rodgers Reidy
were appointed as administrators of Bensimon Retail Group Pty
Ltd, Bensimon Pty Ltd, and RR Fine Jewels Pty Ltd on May 26,
2016.

A first meeting of the creditors of the Company will be held at
the offices of Rodgers Reidy, Level 3, 326 William Street, in
Melbourne, on June 7, 2016, at 9:30 a.m.


CONTINENTAL COAL: Court Appoints McGrathNicol as Liquidators
------------------------------------------------------------
Following a successful application made by Australian Securities
and Investment Commission, the Federal Court of Australia has
made orders winding up publicly-listed company, Continental Coal
Limited (CCC), on just and equitable grounds and appointing Mr
Robert Kirman of McGrathNicol, as official liquidator of CCC.

In its application, ASIC alleged that CCC is not being properly
managed and that the company has been involved in multiple
contraventions of the corporations legislation, including:

   * a failure to comply with its continuous disclosure
     obligations;

   * a failure to lodge its audited accounts and convene its
     annual general meeting;

   * a failure to appoint a second Australian resident director;

   * a failure to hold application monies received under a Rights
     Issue on trust; and insolvency.

ASIC made the application to protect the interests of
shareholders, investors and creditors.

ASIC Commissioner John Price said, 'This case confirms that
listed companies which are not properly managed and are failing
to meet the requirements under the Corporations Act, risk winding
up action by ASIC'.

ASIC's investigation into the affairs of CCC is continuing.
Background

A Western Australia-based director of CCC, Mr Peter Neil Landau,
has consented to interim asset preservation orders over his
personal assets, and the assets of Okap Ventures Pty Ltd and
Doull Holdings Pty Ltd (of which companies Mr Landau is sole
director), following an application by ASIC to the Federal Court.
Mr Landau consented to the orders on the basis that the
Defendants' rights are reserved and that they do not accept the
orders should have been made.

ASIC's winding up application follows action to restrict CCC from
issuing a reduced content prospectus until Feb. 26, 2017.

ASIC earlier successfully applied to the Federal Court for the
appointment of a provisional liquidator to CCC. The Federal Court
held that "all the evidence suggests that the company lacks any
proper governance or management at this point", and appointed Mr
Robert Michael Kirman, McGrathNicol, as provisional liquidator of
CCC.


HAMPIC PTY: First Creditors' Meeting Slated For June 7
------------------------------------------------------
Ozem Kassem and Jason Tang of Cor Cordis were appointed as
administrators of Hampic Pty Ltd on May 26, 2016.

A first meeting of the creditors of the Company will be held at
at the offices of Cor Cordis Chartered Accountants, Level 6, 55
Clarence Street, in Sydney, on June 7, 2016, at 11:00 a.m.


MAN TO MAN: Falls Into Liquidation
----------------------------------
Broede Carmody at SmartCompany reports that Man to Man has called
in liquidators, just over a year since it emerged from voluntary
administration under new owners.

Man to Man appointed voluntary administrators back in 2014.

At the time, the 35-year-old retailer citied tough trading
conditions as well as a failed investment, the report says.

According to SmartCompany, Man to Man later emerged from the
administration in February 2015, with a group of unnamed local
and international investors purchasing all of the company's 62
retail outlets for an undisclosed amount.

However, the business is once again in the hands of external
managers, with Peter Vince from Vince & Associates appointed
liquidator last week, SmartCompany discloses.

The business has 24 stores across New South Wales, Queensland,
South Australia, Victoria, and WA, according to its website.
Those stores have now ceased trading, according to Fairfax, with
130 staff losing their jobs, SmartCompany.


OAKVILLE PRODUCE: First Creditors' Meeting Set For June 6
---------------------------------------------------------
Barry Frederic Kogan, Jason Preston, and Thea Eszenyi of
McGrathNicol were appointed as administrators of Oakville Produce
Export Pty Ltd on May 11, 2016.

A first meeting of the creditors of the Company will be held at
Level 12, 20 Martin Place, in Sydney, on June 6, 2016, at
10:00 a.m.


ONSITE RENTAL: S&P Lowers CCR to 'B-'; Outlook Negative
-------------------------------------------------------
S&P Global Ratings said that it had lowered its corporate credit
rating on Australia-based equipment rental company Onsite Rental
Group Pty Ltd. to 'B-', from 'B'.  S&P also lowered the issue
rating to 'B-', from 'B', on Onsite's US$320 million, first-lien,
senior secured, term loan B issue.  The outlook is negative.  The
recovery rating on the senior secured debt issue remains at '3'.

"The downgrades reflect our view that the continued decline in
resource construction activity will reduce Onsite's earnings for
the year ending June 30, 2016," said S&P Global Ratings credit
analyst Sam Heffernan.  "In line with peers, Onsite's credit
metrics will be lower than what we previously forecast, and any
further underperformance would tighten the company's covenant
headroom."

S&P believes revenue from other sources would merely offset the
decline and significant growth is likely to be modest over the
near term.

Industrywide "de-fleeting" and opportunities in infrastructure
construction may improve Onsite's operating performance.
However, resource construction projects are tailing off over the
next 12-24 months, signaling the prospect that other sources of
rental revenue are likely to remain competitively contested, and
that the ability of equipment rental services companies to
materially improve revenues and margins will likely remain
challenging.

S&P's assessment of Onsite's business risk reflects the company's
small size versus global peers, and its participation in the
highly competitive, cyclical, and fragmented equipment-rental
industry.  Despite the tough conditions, the company maintains a
relatively diversified end-market exposure to resources,
nonresources, nonresidential, and residential construction and
maintenance.

The negative outlook reflects S&P's view that challenging market
conditions are likely to prevail and place pressure on equipment
rental services companies' earnings and margins.  Any further
underperformance will likely tighten Onsite's covenant headroom.

Mr. Heffernan added: "We could lower the ratings if growth in
other rental revenue streams did not offset a continued decline
in project construction work for the resource industry.  Such a
scenario could lead to further deterioration in the company's
credit metrics and diminishing covenant headroom."

S&P could revise the outlook to stable if the company can arrest
the downward trend in earnings and maintain adequate covenant
headroom.  Evidence of this improvement will be the company
sustaining a debt-to-EBITDA ratio of about 4x.


SA RENOVATIONS: Clifton Hall Appointed as Liquidators
-----------------------------------------------------
Timothy Clifton of Clifton Hall was appointed Official Liquidator
of SA Renovations & Restoration Pty Ltd on May 18, 2016, by Order
of the Federal Court of Australia.


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


CHINA: Default Chain Reaction Threatens Products Worth 35% of GDP
-----------------------------------------------------------------
Bloomberg News reports that the risk of a default chain reaction
is looming over the $3.6 trillion market for wealth management
products in China.

WMPs, which traditionally funneled money from Chinese individuals
into assets from corporate bonds to stocks and derivatives, are
now increasingly investing in each other, Bloomberg says.  Such
holdings may have swelled to as much as CNY2.6 trillion ($396
billion) last year, based on estimates from Autonomous Research
this month.

According to Bloomberg, the trend has China watchers worried. For
starters, it means that bad investments by one WMP could infect
others, causing a loss of confidence in products that play an
important role in bank funding. It also suggests WMPs are
struggling to find enough good assets to meet their return
targets. In the event of widespread losses, cross-ownership will
create more uncertainty over who's vulnerable -- a key source of
panic in 2008 when soured U.S. mortgage securities triggered a
global financial crisis, according to Bloomberg.

Bloomberg relates that those concerns have become more pressing
this year after at least 10 Chinese companies defaulted on
onshore bonds, the Shanghai Composite Index sank 20% and China's
economy showed few signs of recovery from the weakest expansion
in a quarter century.

"There's abundant liquidity in the financial system, but a
scarcity of high-yielding assets to invest in," Bloomberg quotes
Harrison Hu, the chief Greater China economist at Royal Bank of
Scotland Plc in Singapore, as saying. "All the risks are
accumulating in an overcrowded financial system."

Bloomberg notes that issuance of WMPs, which are sold by banks
but often reside off their balance sheets, exploded over the past
three years as lenders competed for funds and fees while savers
sought returns above those offered on deposits. The products,
which offer varying levels of explicit guarantees, are regarded
by many as having the implicit backing of banks or local
governments.

The outstanding value of WMPs rose to CNY23.5 trillion, or
35% of China's gross domestic product, at the end of 2015 from
CNY7.1 trillion three years earlier, Bloomberg discloses citing
China Central Depository & Clearing Co. An average 3,500 WMPs
were issued every week last year, with some mid-tier banks, such
as China Merchants Bank Co. and China Everbright Bank Co.,
especially dependent on the products for funding, Bloomberg
notes.

Interbank holdings of WMPs swelled to CNY3 trillion as of
December from CNY496 billion a year earlier, Bloomberg discloses
citing figures released by the clearing agency last month. As
much as 85% of those products may have been bought by other WMPs,
according to Autonomous Research, which based its estimate on
lenders' public disclosures and data on interbank transactions.
The firm speculates that in some cases the products are being
"churned" to generate fees for banks, Bloomberg relays.

"We're starting to see layers of liabilities built upon the same
underlying assets, much like we did with subprime asset-backed
securities, collateralized debt obligations, and CDOs-squared in
the U.S.," Charlene Chu, a partner at Autonomous who rose to
prominence in her former role at Fitch Ratings by warning of the
risks of bad debt in China, said in an interview on May 17,
Bloomberg recalls.

Most WMPs have a duration of less than six months and some can be
as short as one month, Bloomberg notes. A search of 1,300
products listed on the website of government-run
Chinawealth.com.cn showed the highest annual yield on offer was
8%, compared with a one-year deposit rate of 1.5%. Typical yields
range from 3 to 5%.

While individual products don't disclose their underlying assets,
bonds represent the largest exposure for WMPs as a whole,
clearing agency data show, Bloomberg relays. WMPs are now the
biggest investors in Chinese corporate debt, according to China
International Capital Corp. That market suffered its biggest
losses in 16 months in April after a wave of defaults at state-
owned enterprises spooked investors, Bloomberg states.

"My concern is that bond defaults might trigger some losses that
will lead to WMP impairments or WMP investors being unwilling or
unable to roll over the funding, which then leads the bank to
take some of these assets back onto the balance sheet," Bloomberg
quotes Matthew Phan, credit analyst at CreditSights in Singapore,
as saying. "If this happens in a large scale, it could cause some
issues, given the mismatch between the duration of the WMPs and
the bonds."

Bloomberg relates that some WMPs have already encountered
trouble. Dozens of investors in a product sold through a former
employee of Beijing-based Huaxia Bank Co. protested in 2012 after
losing money when the issuer, a private-equity firm, defaulted.

It was the first failure of such a product, and investors said
they believed Huaxia was the distributor and affiliated with the
issuer, according to Bloomberg. The principal was repaid in full
after regulators stepped in and a guarantee firm bought the
assets. Seven months after that episode, Bank of Communications
Co. compensated investors for a WMP whose value had dropped 20%
in two years, the report notes.

Still, a vast majority of WMPs have been profitable for both
investors and the institutions who manage them. Chinese lenders
earned CNY117 billion from the products last year, according to
the nation's clearing agency, Bloomberg relays. Demand for WMPs
has remained buoyant after this year's stock market crash and a
wave of failures at peer-to-peer lenders made the products look
safer by comparison, Shujin Chen, a banking analyst at DBS
Vickers Hong Kong Ltd said.


CHINA ORIENTAL: Moody's Withdraws B2 CFR & Negative Outlook
-----------------------------------------------------------
Moody's Investors Service has withdrawn the B2 corporate family
rating and its negative outlook on China Oriental Group Company
Limited.

At the same time, Moody's has withdrawn the B3 senior unsecured
rating on the company's USD bond.

                         RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.

China Oriental Group Company Limited, with total steel output
capacity of 11 million tonnes per annum, mainly manufactures H-
section steel products and hot rolled strips/strip products at
its steel mills in Hebei Province.  The company listed on the
Hong Kong Stock Exchange in 2004.  It is 45%-owned by its
founder, Mr. Han Jingyuan, and 47% by ArcelorMittal (Ba2
negative).

The Local Market analyst for this rating is Jiming Zou, +86 (21)
2057 4018.



YANZHOU COAL: Moody's Lowers CFR to B2; Outlook Negative
--------------------------------------------------------
Moody's Investors Service has downgraded to B2 from Ba3 the
corporate family rating of Yanzhou Coal Mining Co. Ltd.

At the same time, Moody's has downgraded to B2 from Ba3 the
senior unsecured debt ratings of the bonds issued by Yancoal
International Resources Development Co., Ltd and the senior
unsecured debt rating of the perpetual bonds issued by Yancoal
International Trading Co., Limited.

The senior unsecured bonds and the senior unsecured perpetual
bonds are guaranteed by Yanzhou Coal.

Moody's has changed the ratings outlook to negative from rating
under view.

This rating actions conclude the rating review initiated on
Jan. 22, 2016.

The rating review was triggered by Moody's view that there has
been a fundamental downward shift in the mining sector with the
downturn being deeper and prospects for a recovery extended,
resulting in increased credit risk and weaker metrics for Yanzhou
as well as the global mining sector.  Consequently, ratings need
to be recalibrated to reflect expected performance over a more
protracted challenging operating environment.

                         RATINGS RATIONALE

"The downgrade of Yanzhou Coal's corporate family rating to B2
reflects the higher financial risk arising from an expected rise
in the company's debt as it increases capital spending over the
next 2 years when coal prices will likely remain low," says Dylan
Yeo, a Moody's Analyst.

Moody's estimates that the company will spend RMB6 billion to
RMB9 billion per annum in the next 2 years, and such amounts are
large relative to Moody's estimate of annual operating cash flow
of RMB2.5 billion to RMB3.0 billion.

As a result, Moody's expects Yanzhou Coal to increase borrowings
which will in turn -- as indicated -- raise its financial risk.
Net debt/EBITDA will exceed 9x over the next 2 years from 6.9x in
December 2015.

The expectation of higher spending and debt occurs against the
backdrop of Yanzhou Coal's commitment to continue investing and
ramping up its cost-competitive coal mines in Inner Mongolia and
Australia.

"The downgrade is also based on the consideration that Yanzhou
Coal's liquidity position will weaken as its levels of short-term
debt and capital expenditure increase," says Yeo who is also the
Lead Analyst for Yanzhou Coal.

Yanzhou Coal's short-term debt increased to RMB23.9 billion in
December 2015 from RMB10.9 billion in December 2014. Its cash and
deposit balances totaled RMB23.6 billion at end-2015 -- and
together with internally generated operating cash flow -- will be
inadequate to fund its cash needs in 2016.

Moody's also notes a level of refinancing risk.

The company's USD300 million senior unsecured perpetual debt has
a call-able option in June 2016 when interest rates will step-up.
In addition, its USD450 million senior unsecured bond is due May
2017.

However, Moody's believes that the refinancing risk of these
bonds could be partly mitigated by the company's good access to
the bank finance and capital markets in China, by virtue of its
status as a state-owned enterprise (SOE) and significant scale.

In addition, the downgrade reflects the expectation that Yanzhou
Coal will continue to generate low profit margins -- against the
backdrop of low coal prices -- over the next 12 -- 18 months.

Moody's expects EBIT margin will stay low at around 5.5% over the
next two years because average coal prices will decline from
levels seen in 2015, when the margin improved to 9.18% from 4.64%
in 2014 due to cost cuts and a reduction in the low-margin
business of coal purchases from third parties.

Moody's further says that the downgrade reflects Yanzhou Coal's
plan to increase its investments in the finance sector to
diversify from the coal industry.

Such a strategy will increase execution and financial risks
because the company has limited track record of investing and
managing such businesses.  It will also keep its debt level high
as it has to arrange further funding for such investments.

Yanzhou Coal's B2 corporate family rating reflects its standalone
credit profile and a two-notch uplift for parental support from
Yankuang Group Corporation Limited (unrated).  Yankuang Group is
a large provincial state-owned mining enterprise that accounts
for almost one quarter of total coal production in Shandong.
Yankuang Group is 70%-owned by the Shandong Provincial State-
Owned Assets Supervision and Administration Commission.

The uplift factors in Yanzhou Coal's dominant position and
strategic importance as Yankuang's flagship company and the
continued support from the provincial government to both Yanzhou
and Yankuang Group.  Yankuang Group has a track record of
providing financial support to Yanzhou Coal.

Yanzhou Coal's underlying credit strength reflects: (1) its high-
quality coal mines, with diversified mining assets in China and
Australia, and good related infrastructure; (2) the competitive
costs at its mines in Shandong; and (3) the company's state-owned
status and significant scale that enable good access to the bank
finance and capital markets in China.

On the other hand, its standalone credit profile also considers
challenges, such as (1) the prolonged weakness in coal prices;
(2) the operating and financial risks from Yancoal Australia
(unrated) which was loss-making from 2013 to 2015; (3) execution
and financial risks from investments in financial institutions;
(4) high debt leverage; and (5) weaker liquidity position.

The negative rating outlook reflects the consideration that
Yanzhou Coal's credit metrics will remain under pressure over the
next 12-18 months due to expected weak coal prices and the
company's high capital expenditures.  It also reflects the
uncertainty over the timing and extent of any turnaround of the
operating loss position at its subsidiary, Yancoal Australia, and
the future of the current waiver in respect of certain financial
covenant breaches by Yancoal Australia.

Upward rating pressure is limited, given the negative rating
outlook.  However, its outlook could return to stable if the
company: (1) improves its liquidity position; and (2)
successfully turns around its Australian operations.

Downward rating pressure could emerge if Yanzhou Coal's liquidity
and credit profile deteriorates due to (1) further substantial
increases in short-term debt; (2) further declines in coal prices
or disruptions in operations; or (3) its failure to turn around
its Australian operations or further obtain waivers for covenant
breaches.

Any material reduction in the Yankuang Group's ownership in
Yanzhou Coal would be negative to the ratings.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

Yanzhou Coal Mining Co. Ltd. listed on the Shanghai, Hong Kong
and New York stock exchanges in 1998.  It is 56.59%-owned by
Yankuang Group Corporation Limited, an SOE that is 70% owned by
the Shandong Provincial State-Owned Assets Supervision and
Administration Commission.

At Dec. 31, 2015, Yanzhou Coal owned and operated 20 coal mines
across China and Australia.  It also owned abundant coal
resources, including in China's Shandong and Shanxi provinces,
and the Inner Mongolia Autonomous Region, as well as in the
Australian states of Queensland, New South Wales and Western
Australia.



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


AEGIS BUSINESS: ICRA Assigns 'D' Rating to INR8.72MM Term Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]D to the USD 8.72
million external commercial borrowing (term loan) facility and
USD 0.28 million unallocated limits of Aegis Business Limited.
The above unallocated limits of USD 0.28 million have also been
rated at [ICRA]D on the short term scale. Though the USD9 Million
facility of the company is denominated in foreign currency,
ICRA's rating for the same is on national rating scale, as
distinct from an international rating scale

                            Amount
   Facilities           (USD Million)      Ratings
   ----------           -------------      -------
   Fund Based Limit
   External Commercial
   Borrowing (Term Loan)     8.72          [ICRA]D assigned

   Unallocated Limit         0.28          [ICRA]D/[ICRA]D
                                           Assigned

The ratings take into account the recent delays in timely
servicing of debt obligations due to its stretched liquidity
position. ICRA notes that significant debt repayment obligations
and the dry docking expenses in the near future are likely to
keep cash flows under stress, notwithstanding the favourable
payment terms with customers and suppliers. The ratings take note
of the adverse financial risk profile characterised by the low
scale of current operations and cash losses from core operations
in the last two years, resulting in weak coverage indicators. The
ratings are further constrained by ABL's exposure to the
cyclicality inherent in the shipping industry and the lack of any
long term time charter agreement of the company at present, which
exposes ABL to revenue risks. ICRA notes that ABL's overall
business returns from the shipping segment would remain sensitive
to charter rates as well as asset utilisation levels.

The ratings factor in the management's experience in the shipping
and maritime business, having held senior management positions in
the container freight division of Century Plyboards (I) Limited
(CPIL). Its foray into operating vessels segment is likely to
support profits, going forward.

Going forward, the company's ability to service its debt
obligations in a timely manner and improving profitability, while
managing its liquidity profile, would be the key rating
sensitivities.

Incorporated in 2007, Aegis Business Limited (ABL) was promoted
to trade in measurement and monitoring devices for the steel
industry. Subsequently, the company diversified into the ship-
chartering business in 2010-11. It acquired a supramax vessel in
March 2013, at a total acquisition cost of USD 16.66 million,
funded at a debt-to-equity ratio of 3:1. In FY2016, ABL started
the business of operating vessels to support its profitability.
Moreover, it also exports products used in steel plants and has
recently undertaken a real estate project. The company has also
promoted a 100% subsidiary, Aegis Overseas Ltd (AOL), based out
of Dubai, which trades in dolomite. ABL was a 51% subsidiary of
Century Plyboards (I) Limited (CPIL) till August 2014. Currently,
around 49.2% of the shares of ABL are held by the directors of
CPIL.

Recent Results
ABL reported a net loss of INR14.66 crore (provisional) in 2015-
16 on an operating income of INR30.16 crore, as compared to a net
profit of INR0.11 crore on an operating income of INR23.72 crore
during 2014-15.


ALL SERVICES: Ind-Ra Withdraws 'IND BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn All Services
Global Pvt Limited's (ASGPL) '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 ASGPL.

Ind-Ra suspended ASGPL's ratings on 20 August 2015.

ASGPL's ratings are as follows:
-- Long-Term Issuer Rating: 'IND BB+(suspended)'; rating
    withdrawn
-- INR120 million non-fund-based working capital limits: 'IND
    A4+(suspended)'; rating withdrawn
-- INR270 million fund-based working capital limits: 'IND
    BB+(suspended)'; rating withdrawn
-- INR64.7 million term loan: 'IND BB+(suspended)'; rating
    withdrawn


AMBANI ORGANICS: ICRA Suspends 'B' Rating on INR7cr Loan
--------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B assigned to
the INR7.00 crore fund-based limits and INR2.70 crore term loan
facilities of Ambani Organics Private Limited. ICRA has also
suspended the short term rating of [ICRA]A4 assigned to the non-
fund based facilities of AOPL aggregating to INR5.00 crore (sub
limit of fund based facilities). The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

Incorporated in 1991, Ambani Organics Private Limited (AOPL) is
engaged in manufacturing chemicals. These products find wide
applications in diverse industries such as Lamination, Paint,
Paper, Textile Finishing, and Textile Printing. The company also
manufactures compounds used as adhesives in cello tapes and
various paper & textile related products. The company has its
manufacturing unit at Tarapur, Maharashtra and the current
production capacity is ~10,800 MTPA.


AMBRISH KUMAR: ICRA Suspends B Rating on INR6.10cr Loan
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR6.10 crore fund based and non fund based facilities of
Ambrish Kumar Tripathi. The suspension follows ICRA's inability
to carry out rating surveillance in the absence of requisite
information from the company.


ARUNODAY CONSTRUCTION: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Arunoday
Construction Company Private Limited (ACCPL) a Long-Term Issuer
Rating of 'IND BB-'. The Outlook is Stable. A full list of rating
actions is at the end of this commentary.

KEY RATING DRIVERS

The ratings reflect ACCPL's moderate scale of operations and
moderate credit profile. In FY15, the company's revenue was
INR537 million (FY14: INR580 million), net leverage (Ind-Ra total
adjusted net debt/operating EBITDAR) was 3.4x (3.2x) and EBITDA
interest cover was 1.6x (1.6x). EBITDA margin has been in the
range of 4.9%-6.6% since FY13. ACCPL recorded revenue of INR295m
for FY16.

The ratings are supported by the company's director's four
decades of operating experience in the civil contracting
business. The ratings are further supported by the company's
comfortable liquidity position, with around 50% average
utilisation of its fund-based working capital limits during the
12 months ended March 2016.

RATING SENSITIVITIES

Positive: An increase in the revenue along with the maintenance
of the credit metrics could result in a positive rating action.


Negative: A sustained deterioration in the credit metrics could
result in a negative rating action.

COMPANY PROFILE

ACCPL, incorporated in 1980 by Mr. Om Prakash Lahoty, constructs
government buildings, hostels, hospitals, etc. in Assam.
Additionally, the company manufactures concrete sleepers used in
railway tracks.

ACCPL's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
-- INR140 million fund-based working capital limits: assigned
    'IND BB-'/Stable
-- INR150 million non-fund-based working capital limits:
    assigned 'IND A4+'


ATIBIR HI-TECH: Ind-Ra Cuts Long-Term Issuer Rating to 'IND BB+'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Atibir Hi-Tech
Private Limited's (AHPL) Long-Term Issuer Rating and INR91
million fund based working capital limits to 'IND BB+' from 'IND
BBB-'. Outlook is Stable.

KEY RATING DRIVERS

The downgrade reflects AHPL's actual financial performance in
FY15 being not in line with its provisional financials for the
year. Revenue was INR937 million, EBITDA margins were 1.6%,
interest coverage was 3.4x, and net leverage (debt net of
cash/EBITDA) was 6.3x in FY15, compared to the provisional
financials of INR1,053 million, 2.2%, 6.5x and 3.95x,
respectively.

Ind-Ra expects that the financial profile to not have improved
significantly in FY16 due to the downturn in the iron and steel
industry.

The ratings are constrained by AHPL's susceptibility to price
volatility in raw materials and finished goods and its presence
in the highly competitive and fragmented steel products
manufacturing business.

The ratings factor in operational support from a strong group
companyAtibir Industries Company Limited (AICL, 'IND BBB'/Stable)
which meets AHPL's 100% raw material requirements and provides an
extended credit period. This leads to comfortable liquidity,
which is reflected in AHPL's low average maximum working capital
utilisation of 50% for the 12 months ended April 2016. Ind-Ra
expects the support to continue in FY16 and liquidity to remain
comfortable. AHPL also has locational advantages as its factory
is located close to that of AICL, resulting in savings in
transportation cost.

The ratings also reflect over two-decade-long experience of the
group's founders in the iron and steel industry.

RATING SENSITIVITIES

Positive: An improvement in the revenue and EBITDA margins
leading to an improvement in the credit metrics could result in a
positive rating action.

Negative: Any weakening in support from AICL and/or a further
decline in the revenue and EBITDA margin leading to deterioration
in the credit metrics could result in a negative rating action.

COMPANY PROFILE

Incorporated in 1994, AHPL manufactures mild steel ingots, mild
steel bars, and mild steel rod. It has a 48,000mtpa induction
furnace and a 40,000mtpa re-rolling mill. The company markets
bars and rods under the brand name SRIBIR, which contributes
almost 90% to its total revenue. Provisional FY16 financials
indicate revenue of INR660 million due to a decline in sales
volume coupled with a decline in sales realisation.


BAJRANG PULSES: ICRA Suspends B+ Rating on INR10cr LT Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the rating
assigned to the INR10.00 crore long term fund based
facilities,Rs.1.67 crore term loans and INR0.83 long term fund
based unallocated limits of Bajrang Pulses and Agro Products
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, fund
   based limits
   Cash Credit          10.00         [ICRA]B+ suspended

   Long term, fund
   based limits
   Term Loans            1.67         [ICRA]B+ suspended

   Long term, fund
   based unallocated
   limits                0.83         [ICRA]B+ suspended

Incorporated in 2007 with operations commencing in 2010, BPAPPL
is involved in processing of pigeon pea (toor) and green gram
(moong). The company has its unit located at Jalna, Maharashtra
which currently has a processing capacity of 100 tons per day
each for toor and moong. The company markets its products under
registered brand 'DOUBLE BAJRANG'.


BHAVYA ENTERPRISES: ICRA Assigns B Rating to INR3.0cr LT Loan
-------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B and the short
term rating of [ICRA]A4 to the INR7.00 crore Line of Credit of
Bhavya Enterprises.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based, Rated
   on Long-Term Scale
   Cash Credit            3.00        [ICRA]B Assigned

   Non-Fund Based,
   Rated on Short-
   Term Scale Bank
   Guarantee              2.50        [ICRA]A4 Assigned

   Fund Based, Rated
   on Long-term and
   Short-term scale       1.50        [ICRA]B/[ICRA]A4

The assigned ratings were constrained by high client and
geographic concentration risks with 74% its orders originating
from a single client - Municipal Corporation of Greater Mumbai
(MCGM). The rating also takes into account BE's small scale of
operations limiting the bidding capacity of the firm; high
competitive intensity due to the presence of a large number of
players in the construction industry, with a competitive bidding
process for awarding contracts; the firm's exposure to raw
material price risk due to the fixed price nature of its
contracts.

The assigned ratings, however, favourably takes into account the
experience of BE's promoters in the Civil Construction business
supported by the entity's status as AA class contractor and the
firm's moderate order book which provides revenue visibility for
near term.

ICRA expects BE's revenues to witness moderate growth given the
orders in hand which are expected to be completed over next 12-15
months. BE's operating profits would remain vulnerable to adverse
movements in prices of key input materials like cement and fuel.
BE's capital structure is likely to remain leveraged on account
of working capital intensive nature of operations. Thus, the
ability of firm to timely execute projects on hand and manage
working capital effectively would remain important from credit
perspective. ICRA also notes that BE is a proprietorship concern
and any significant withdrawals from the capital account would
affect its net worth and thereby have an adverse impact on the
capital structure.

Bhavya Enterprises (BE) was formed in 1997 as a proprietorship
firm and is registered as a class AA contractor awarded by Brihan
Mumbai Mahanagar Palika (BMC). In the past, the firm has executed
civil contracts for Municipal Corporation of Greater Mumbai
(MCGM) and other private companies. Its area of operation
includes construction of buildings, roads, pipe line laying, land
development, sewerage repairs, storm water drainage repairs,
widening of roads etc. The firm operates in Mumbai and suburban
areas of Mumbai.

The firm is promoted by Mr. Hitesh Shah who has an experience of
around more than a decade in civil construction.


BIR STEELS: Ind-Ra Downgrades Long-Term Issuer Rating to 'IND BB'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Bir Steels
Private Limited's (BSPL) Long-Term Issuer Rating to 'IND BB' from
'IND BB+'. Outlook is Stable. A full list of rating actions is at
the end of this commentary.

KEY RATING DRIVERS

The downgrade reflects BSPL's actual financial performance in
FY15 being not in line with its provisional financials for the
year. Revenue was INR314.6 million, EBITDA margins were 1.2%,
interest coverage was 2.0x, and net leverage (debt net of
cash/EBITDA) was 4.7x in FY15, compared to the provisional
financials of INR354 million, 2.1%, 5.6x and 2.3x, respectively.

Ind-Ra expects that the financial profile to not have improved
significantly in FY16 due to the downturn in the iron and steel
industry.

The ratings are constrained by BSPL's susceptibility to price
volatility in raw materials and finished goods and its presence
in the highly competitive and fragmented steel products
manufacturing business.

The ratings factor in operational support from a strong group
companyAtibir Hi-Tech Private Limited (AHPL, 'IND BB+'/Stable)
which meets BSPL's 80% raw material requirements and provides an
extended credit period. This leads to comfortable liquidity,
which is reflected in BSPL's low average maximum working capital
utilisation of 48% for the 12 months ended April 2016. Ind-Ra
expects the support to continue in FY16 and liquidity to remain
comfortable. BSPL also has locational advantages as its factory
is located close to that of AHPL, resulting in savings in
transportation cost.

The ratings also reflect over two-decade-long experience of the
group's founders in the iron and steel industry.

RATING SENSITIVITIES

Positive: An improvement in the revenue and EBITDA margins
leading to an improvement in the credit metrics could result in a
positive rating action.

Negative: Any weakening in support from AHPL and/or a further
decline in the revenue and EBITDA margin leading to deterioration
in the credit metrics could result in a negative rating action.

COMPANY PROFILE

Incorporated in 1989, BSPL manufactures mild steel wires, mild
steel nails, galvanised wires and barbed wires among others,
which it sells to hardware stores across India. The products are
marketed under the brand name 'TRISHUL'. Provisional FY16
financials indicate revenue of INR264m due to a decline in sales
volume coupled with a decline in sales realisation.

BSPL's ratings:
-- Long-Term Issuer Rating: downgraded to 'IND BB' from 'IND
    BB+'; Outlook Stable
-- INR20 million fund-based working capital limits: downgraded
    to 'IND BB' from 'IND BB+'; Outlook Stable
-- INR15 million non-fund-based limits: affirmed at 'IND A4+'


BVL GRANITES: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn BVL Granites'
(BVL) '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 BVL.

Ind-Ra suspended BVL's ratings on 13 August 2015.

BVL's ratings:
-- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
    withdrawn
-- INR10 million non-fund-based working capital limits: 'IND
    A4+(suspended)'; rating withdrawn
-- INR250 million fund-based working capital limits: 'IND BB-
    (suspended)'/'IND A4+(suspended)'; ratings withdrawn
-- INR137.9 million term loan: 'IND BB-(suspended)'; rating
    withdrawn


CORAL ASSOCIATES: ICRA Suspends B Rating on INR28.88cr Loan
-----------------------------------------------------------
ICRA has suspended long term Rating of [ICRA]B assigned to the
INR28.88 Crore bank facilities of Coral Associates. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Promoted by Mr. Mahendra Kumar Tak, his family members and
business associates in 2013, Coral Associates is a Udaipur
(Rajasthan) based partnership firm. The firm undertakes contracts
for royalty collection for marble mining in Rajasthan. The
promoters have a track record, through other group entities, of
undertaking similar contracts of royalty collection, toll
collection, etc for government departments.


DARPAN INFRASTRUCTURE: ICRA Reaffirms B+ Rating on INR2.25cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR2.25 crore overdraft facility of Darpan Infrastructure Private
Limited. ICRA has also reaffirmed the short term rating of
[ICRA]A4 to the INR3.00 crore non-fund based bank guarantee
facility of DIPL.

    Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based-Overdraft      2.25       [ICRA]B+ reaffirmed
   Non Fund Based Bank
   Guarantee                 3.00       [ICRA]A4 reaffirmed

The reaffirmation of ratings continues to be constrained by
DIPL's modest scale of operation characterized by decline
revenues in FY2015 owing to lower order flow. The working capital
intensity also rose substantially from 17% as on March 31, 2014
to 23% as on March 31, 2015 on account of higher debtor days
emanating from delay in receivables. Further, the profitability
of the company is exposed to fluctuations in raw materials albeit
mitigated to an extent by order backed procurement. Further the
ability of the company to maintain execution timelines and
performance parameters because of the Liquidated Damages (LD)
clause present in the contract remains critical.

The ratings, however, favourably takes into account the
experience of DIPL's key managerial personnel in the construction
sector and the company's reputed customer base. The company's
capital structure has also strengthened in FY2015 owing to fresh
infusion of equity at a premium.

As a result of this, DIPPL's gearing declined to 0.48 times in
FY2015.

ICRA expects the operating income of the company to witness
growth in FY2016 owing to higher order from pipe suppliers
including a large order of INR19.91 crore from Ratnamani Metals &
Tubes Limited in February 2016. ICRA further expects revenues to
grow at a moderate pace over the next two fiscals. However, the
capital structure of DIPL is expected to stretch owing to debt
funded capex undertaken in FY2016 although the same still remains
comfortable.

Darpan Infrastructure Private Limited (DIPL) was established in
the year 1996 as a proprietary concern by Mr. Nimesh Vashi. Later
in 2006, DIPL was converted into a private limited company
promoted by Mr. Nimesh Vashi and Mrs. Bijal Vashi. The company is
managed by two directors Mr. Nimesh Vashi and Mr. Vinodrai Mehta.
DIPL is primarily engaged in sand blasting, coating and painting
of MS pipes and fabrication work of renowned pipe suppliers and
Wind Energy Company.

Recent Results
In FY2015, DIPL reported an operating income of INR17.83 crore
and net profit of INR0.53 crore against an operating income of
INR24.95 crore and net profit of INR0.71 crore in FY2014.


DIVYALAKSHMI TEXTILES: ICRA Suspends B- Rating on INR9cr Loan
-------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B- assigned to
the INR9.00 crore term loan facilities, INR10.50 crore fund based
facilities and INR26.40 crore proposed facilities of Divyalakshmi
Textiles 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.

Incorporated in 2005, Divyalakshmi Textiles Private Limited has
been engaged in the business of spinning 100% cotton in the range
of 31s to 160s. The Company has capacity to produce single,
doubled and cabled yarns. The spinning plant for the Company is
located at Arupukottai (Tamil Nadu) with total installed capacity
of 27,200 spindles. The Company is part of Jayajothi Group,
wherein other major entities in the Group are Sri Jayajothi & Co.
Limited and Jayalakshmi Textiles Private Limited, which are also
involved in the same line of business.


EAST COAST: ICRA Suspends 'D' Rating on INR224cr Loan
-----------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D rating
assigned to the INR2.5 crore term loan and the INR224.0 crore
fund based limits of East Coast Constructions & Industries
Limited. ICRA has also suspended the short term rating of [ICRA]D
assigned to the INR282.0 crore non-fund based limits 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.


GDJD EXPORTS: ICRA Reaffirms B+ Rating on INR8.0cr LT Loan
----------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ outstanding
on the INR8.00 crore fund based facilities of GDJD Exports. ICRA
has also re-affirmed the short-term rating of [ICRA]A4
outstanding on the INR1.40 crore fund based facilities of the
firm.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term Fund
   based facilities       8.00        [ICRA]B+ re-affirmed

   Short-term Fund
   based facilities       1.40        [ICRA]A4 re-affirmed

The ratings factor in the longstanding experience of the
promoters, and the firm's established supplier base spread across
India, which enables steady supply of high quality yarn. ICRA
notes GDJD's negligible inventory levels and its consequent
positive impact on the holding costs and working capital
intensity. The ratings are, however, constrained by the firm's
financial profile, characterised by thin profit margins owing to
the trading nature of the business. However, margins improved in
FY2016 owing to acceptance of only high margin orders, stretched
capitalisation and coverage indicators, as well as by the decline
in revenues during FY2015. The revenues, however, recovered
during FY2016 owing to the initiatives taken by the partners. Due
to the small scale of operations in a highly fragmented industry
and the limited value additive nature of its trading business,
the firm has limited pricing flexibility. It remains susceptible
to volatility in yarn prices and is vulnerable to foreign
exchange fluctuations. GDJD also remains exposed to demand
volatility in key importing regions and has high customer churn
rates, although its ability to add new customers and enter new
geographies year on year, provides some comfort.

GDJD Exports, which was established in 1990 as an offshoot of
Gocooldoss Jumnadoss and Co., is primarily engaged in the trading
of various varieties of yarn such as cotton yarn, polycot yarn,
polyester yarn and viscose yarn, apart from small quantities of
fabrics. Cotton yarn constitutes over 80% of GDJD's sales. The
firm procures raw material from spinning mills across India and
supplies the yarn to customers in several overseas markets,
including China, Bangladesh, Sudan, and Korea to name a few. GDJD
currently has about eleven employees and is managed by the three
partners -- Mr. Bharat Kumar Shah, Mrs. Hema Bharat Shah and Mr.
Tapan Tanmay B Shah.


GENERAL PETROCHEMICALS: ICRA Cuts Rating on INR8cr Loan to B+
-------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to
INR8.00 crore (reduced from INR10.00 crore) cash credit facility
and INR1.76 crore (reduced from INR2.50 crore) term loan facility
of General Petrochemicals Limited from [ICRA]BB- to [ICRA]B+.
ICRA has also assigned the long term rating of [ICRA]B+ and the
short term rating of [ICRA]A4 to the INR2.74 crore unallocated
facilities of General Petrochemicals Limited (GPL).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term loans             1.76       Revised to [ICRA]B+
                                     from [ICRA]BB- (stable)

   Cash Credit            8.00       Revised to [ICRA]B+
                                     from [ICRA]BB- (stable)

   Unallocated limits     2.74       [ICRA]B+/[ICRA]A4; Assigned

The revision of rating takes into account the weakened financial
profile of the company resulted from weak demand leading to lower
than anticipated sales in FY2015-16 as well ashigh TOL/TNW of 11
times as on March 31, 2016 on account of debt funded capex
undertaken and high reliance on creditors for funding its working
capital requirements which limits its financial flexibility. The
company's liquidity position remained stretched emanating from
elongated receivables and inventory pile up. Further the working
capital intensity increased significantly to 70.8% in FY2015-16
from that of 36.5% in FY2014-15. The debt levels also rose
substantially from INR22.2 crore as on March 31, 2015 to INR31.5
crore as on March 31, 2016 on account of additional term loans
availed for undertaking capex accompanied with higher working
capital requirement. GPL's capital structure improved as
reflected in gearing at 2.0 times as on March 31, 2016, as
against 3.1 times as on March 31, 2015 mainly on account of
substantial equity infusion to the tune of INR8.5 crore in
FY2015-16. The company however had weak coverage indicators
during FY2015-16. The company also witnesses intense competition
by virtue of the highly fragmented industry structure and low
product differentiation.
The ratings, however, consider the experience of GPL's promoters
in the fabric manufacturing business, location advantages by
virtue of GPL being close to raw material sources and customers
and operational synergies from group concerns engaged in similar
line of business.

ICRA expects GPL's revenues to show growth of about 35% during
FY2016-17 supported by increase in capacity levels in its group
companies which undertakes job work for GPL. Further, GPL's
operating profits would remain vulnerable to adverse movements in
prices of key input materials like polyester yarn, which are
linked to price of crude oils and fuel. Further, the relatively
higher depreciation and interest expenses as a consequence of the
capex are expected to subdue the net profits in the near term.
GPL's capital structure is likely to remain stretched over the
medium term, though the same is expected improvement with term
loan repayments and increase in accruals.

General Petrochemicals Limited (GPL) was incorporated in 1995 as
Jigar Projects Limited and the company acquired its present name
in November 2009. GPL commenced operations from February 2012.
GPL manufactures polyester greige fabric; the fabric produced is
then used to make women's wear, dress materials, suiting,
shirting and curtains.

GPL is a part of the Surat-based General Group which has presence
in trading of food products, construction activity and fabric
manufacturing industries. In the textile industry, the group has
presence through ten group companies which manufacture polyester
greige fabrics on job-work basis for GPL and General Polytex
Private Limited (rated at B/A4 by ICRA). GPL has a common
processing facility along with its ten group companies in Pipodra
village (Surat) in which 132 water jet looms with a combined
installed capacity of 144 lakh meters per annum have been
installed. General Polytex Private Limited is also into
manufacturing of polyester greige fabrics. Both the entities have
manufacturing facilities located at different locations in Surat.
The companies are managed by Mr. Mohd Umar Mohd Amin alongwith
with other family members.

Recent Results
For the year ended 31st March, 2015, the company reported an
operating income of INR40.0 crore with profit after tax (PAT) of
INR0.6 crore. Further FY 2015-16 as per unaudited numbers the
company reported operating income of INR29.8 crore with profit
after taxes of INR0.4 crore.


GENERAL POLYTEX: ICRA Reaffirms 'B' Rating on INR58.34cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to the INR58.34 crore
fund-based term loan facilities and INR18.00 crore fund-based
cash credit facilities of General Polytex Private Limited. ICRA
has also reaffirmed an [ICRA]A4 rating to INR2.30 crore short
term non fund based facility of GPPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            58.34        [ICRA]B; Reaffirmed
   Cash Credit           18.00        [ICRA]B; Reaffirmed
   Bank Guarantee         2.30        [ICRA]A4; Reaffirmed

The reaffirmation of ratings takes into account GPPL's weak
financial risk profile characterized by modest scale of
operations, lower revenue as against anticipated levels,
leveraged capital structure and weak coverage ratios. The
company's liquidity position remained stretched emanating from
elongated receivables and high inventory levels which in turn
entailed high utilization of working capital limits. The debt
levels also rose substantially from INR31.6 crore as on March 31,
2015 to INR70.1 crore as on March 31, 2016 on account of
significant debt funded capex undertaken by GPPL. GPPL's gearing
stood at 2.3 times as on March 31, 2016, as against 1.4 times as
on March 31, 2015. The capital structure and covreage metrics is
further expected to remain stretched due to impending debt funded
capex. he company also witnesses intense competition by virtue of
the highly fragmented industry structure and low product
differentiation.
The ratings, however, consider the experience of GPPL's promoters
in the fabric manufacturing business, location advantages by
virtue of GPPL being close to raw material sources and customers
and operational support from group concerns engaged in similar
line of business.

ICRA expects GPPL's revenues to show substantial growth of above
50% from FY2016-17 resulting from enhancement in installed
capacity levels. However, GPPL's operating profits would remain
vulnerable to adverse movements in prices of key input materials
like polyester yarn, which are linked to price of crude oils and
fuel. Further, relatively higher depreciation and interest
expenses as a consequence of the capex are expected to report
subdued net profits in near term. GPPL's capital structure and
credit metrics is likely to remain stretched over the medium
term.

General Polytex Private Limited (GPPL) was incorporated in 2004
as Bam Basuki Tradelink Private Limited and the company acquired
its present name in August 2012. GPPL's commercial operations
started from March 2015. GPPL manufactures polyester greige
fabric; the fabric produced is then used to make women's wear,
dress materials, suiting, shirting and curtains.

GPPL is a part of the Surat-based General Group which has
presence in trading of food products, construction activity and
fabric manufacturing. In the textile industry, the group has
presence through ten group companies which manufacture polyester
greige fabrics on job-work basis for General Petrochemicals
Limited. The companies are managed by Mr. Mohd Umar Mohd Amin
alongwith with other family members.

The manufacturing facility of GPPL is being set up in two phases
for 300 jet looms to manufacture polyester grey fabrics with an
installed capacity of ~396 lakh meters per annum. Further till
February 2016, the company has installed 216 looms in its
manufacturing facility.

Recent Results
During FY 2015-16 as per unaudited financials, the company
reported an operating income of INR36.1 crore with profit after
tax (PAT) of INR0.2 crore.


GENERAL RUBBERS: Ind-Ra Withdraws 'IND BB+' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn General
Rubbers' (GR) 'IND BB+(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended GR's ratings on 13 August 2015.

GR's ratings:

-- Long-Term Issuer Rating: 'IND BB+ (suspended)'; rating
    withdrawn
-- INR50 million non-fund-based working capital limits: 'IND
    A4+(suspended)'; rating withdrawn
-- INR100 million fund-based working capital limits: 'IND
    BB+(suspended)'/'IND A4+(suspended)'; ratings withdrawn


GOA SPONGE: ICRA Reaffirms 'D' Rating on INR46cr LT Loan
--------------------------------------------------------
ICRA has reaffirmed the long-term and short-term ratings of
[ICRA]D to the INR120.83 crore fund-based and non-fund based bank
facilities of Goa Sponge & Power Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term fund
   based                 46.00        [ICRA]D; reaffirmed

   Long Term Fund
   Based Term Loan       30.83        [ICRA]D; reaffirmed

   Short Term Fund
   Based                  5.00        [ICRA]D; reaffirmed

   Short Term  Non
   Fund Based            39.00        [ICRA]D; reaffirmed

The rating reaffirmation takes into account the continued delays
in debt servicing by the company.

Incorporated in 2002, GSPL manufactures sponge iron and mild
steel billets from its manufacturing unit at Sanguem, Goa. The
company has an installed capacity 90,000 MTPA for sponge iron and
72,000 MTPA for MS billets. GSPL also has a captive power plant
(CPP) of 12 megawatt (MW).


GREEN INFRATECH: Ind-Ra Withdraws IND BB- Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Green
Infratech's (GI) 'IND BB-(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended GI's ratings on 13 August 2015.


HABIB TEXTILE: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Habib Textile
Private Limited's (HTPL) 'IND B+' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND B+(suspended)' on the agency's website. 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 HTPL.

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.

HTPL's Ratings:

-- Long-Term Issuer Rating: migrated to 'IND B+(suspended)' from
    'IND B+'/Stable
-- INR96 million fund-based working capital limit: migrated to
    'IND B+(suspended)' from 'IND B+'
-- INR8.27 million term loan: migrated to 'IND B+(suspended)'
    from 'IND B+'


HILTON INFRASTRUCTURE: CARE Assigns B+ Rating to INR50cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Hilton
Infrastructure.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       50       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Hilton
Infrastructure (HI) is constrained by project execution and
marketing risk with low booking status. The rating is further
constrained by the cyclical nature of the real estate industry
and
constitution of the entity as a partnership firm.

The rating derives benefit from the promoters experience and past
track record of execution in the real estate industry. Ability of
HI to timely complete the project without any major cost overrun
along with timely booking of flats at envisaged prices and
receipt of customer advances are the key rating sensitivities.

Established in 2009, Hilton Infrastructure (HI) is engaged into
development of residential and commercial projects in Mumbai. HI
is currently developing a redevelopment residential (13 storey)
and commercial (8 storey) project in Grant Road East, Mumbai.
Furthermore in the same locality, the entity is developing a
single tower (21 storey) under the name of 'Fuego' solely for the
purpose of sale. The entire project is spread across 55,518
square meters.


IC INDIA: ICRA Assigns B+ Rating to INR2.5cr Cash Loan
------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR2.50
crore fund based cash credit facility and the INR0.80 crore fund
based term loan facility of IC India Pvt. Ltd. ICRA has also
assigned a short term rating of [ICRA]A4 to the INR3.0 crore non-
fund based Bank Guarantee facility of ICIPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash credit           2.50         [ICRA]B+ (assigned)
   Term Loan             0.80         [ICRA]B+ (assigned)
   Bank Guarantee        3.00         [ICRA]A4 (assigned)

The assigned ratings are constrained by the high repayment
obligations in the near term for the short term loans availed
during FY 2015-16 and term loans, resulting in weak debt
protection metrics. The ratings take into account the major
dependency of order flow on tender based contract award system
followed by the government authorities, which exposes the company
to intense competition and consequently keeps margins under check
in such contracts. The low pending order book position of ~Rs.
17.1 crore (0.30x of FY16 revenues) provides limited revenue
visibility, however, ICRA notes that the short durations of
projects lead to limited order book build up. The ratings also
consider the susceptibility of the company's margins to
volatility in prices of raw materials in absence of price
escalation clause in majority of contracts and the high
geographical concentration risk as the operations have been
solely concentrated in the state of Karnataka which exposes the
company to economic and political risks of a single state. The
ratings, however, positively factors in the significant
experience of the promoters with a long track record of close to
two decades in execution of interior decoration and designing
contracts. The ratings also take into account the ICIPL's status
as an approved Class I contractor for interior designing works
and also approved Class III contractor for civil and electrical
contracts with the Government of Karnataka and the low
counterparty risk of the company as the client base majorly
consists of Government authorities.

IC India Pvt. Ltd. is an ISO 9001:2008 certified entity which was
established in the year 2013 and currently the directors of the
company are Mr. Naveen Kumar and Mrs. Sangeetha Naveen Kumar.
However the company has took over the business of the
proprietorship firm M/s. Image Creations established in the year
2000. The company is engaged in the business of civil and
commercial interior decoration and undertakes work contract
projects for interiors and allied works. The company also offers
civil construction works like flooring, plastering, false
ceiling, etc as well as job work services to their clients. IC
India Private Limited is a registered Class I contractor for
interior designing and Class III contractor for civil and
electrical contracts with the Government of Karnataka. It
undertakes projects for interior decoration and furnishing and
caters to Karnataka State Public Works Department, Karnataka
Power Transmission Corporation Limited, Bangalore Electricity
Supply Company Limited, Karnataka State Commercial Tax
Department, etc. Apart from this, the company is also an
authorized distributor for Godrej & Boyce Mfg. Co. Ltd.

Recent Results
During FY15 the company reported a net profit of INR1.76 crore on
an operating income of INR58.78 crore as against a net profit of
INR1.31 crore on an operating income of INR24.97 crore during 4
months FY14.


INDIC EMS: Ind-Ra Withdraws IND BB-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Indic EMS
Electronics Private Limited's (Indic) '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 Indic.

Ind-Ra suspended Indic's ratings on 14 August 2015.

Indic's ratings are as follows:
-- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
    withdrawn
-- INR24.0 million non-fund-based working capital limits: 'IND
    A4+(suspended)'; rating withdrawn
-- INR50 million fund-based working capital limits: 'IND BB-
    (suspended)'/'IND A4+(suspended)'; ratings withdrawn


JASBIR SINGH: CARE Assigns 'B+' Rating to INR8cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Jasbir
Singh & Company.

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

Rating Rationale

The rating assigned to the bank facilities Jasbir Singh & Company
(JSC) is primarily constrained by its low profitability margins
coupled with leveraged capital structure, working capital
intensive nature of operations, high and inconsistent duty
structure and susceptibility to regularity risk. The rating is,
further constrained due to geographical concentration risk and
partnership nature of its constitution. The rating, however,
draws comfort from experience of the partners, favorable
prospects for the Indian alcohol industry and stabilization of
operations.

Going forward, the ability of the firm to increase its scale of
operations while improving its profitability margins and
effective working capital management shall be the key rating
sensitivities.

Gurgaon-based (Haryana), Jasbir Singh & Company (JSC) established
in April 2015 as partnership concern by six partners namely Mr
Deepak Chaudhary, Mrs Jasbir Singh, Mr Rajender Singh, Mr Dhiraj
Sehrawat, Mr Pankaj Chaudhary andMr Jai Prakash. They
collectively look after the overall operations of the firm.

The firm is engaged in retail sales of Indian made foreign liquor
(IMFL), country liquor and all kinds of wine and beer. Apart from
retail sales, the firm also sells the traded product to various
hotels and bars in Gurgaon. The firm holds L1 and L2 license, the
former license is for wholesale and latter for retail sales of
liquor. It also holds L13 and L14 license for sales of country
liquor. All these above mentioned licenses are awarded through
bidding every year. Currently it has 15 retail outlets in Gurgaon
(Haryana).

The firm sells liquor of various brands which it procures
directly from companies like United Spirit, United Breweries and
Pernod Ricard India Limited etc.

During the 11MFY16 (provisional) (refers to the period April 2015
to February 2016) the firm has achieved total Operating Income of
Rs.60 crore.


JAYALAKSHMI TEXTILES: ICRA Suspends B+ Rating on INR14cr Loan
-------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR6.75 crore term loan facilities, INR14.00 crore fund based
facilities and INR2.00 crore fund based (sub-limit) facilities of
Jayalakshmi Textiles Private Limited. ICRA has also suspended the
short-term rating of [ICRA]A4 assigned to the INR1.50 crore fund
based facilities and INR3.75 crore 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.

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.

Incorporated in 1995, Jayalakshmi Textiles Private Limited is
engaged in the business of spinning 100% cotton in the range of
51s to 130s. The Company has the capacity of producing single,
doubled and cabled yarns without knots. The spinning plant of the
Company is located at Aruppukottai (Tamil Nadu) with total
installed capacity of 38,316 spindles. The Company is part of
Jayajothi Group, wherein other major entities in the Group are
Sri Jayajothi & Co. Limited and Divyalakshmi Textiles Private
Limited, which are also involved in the same line of business.


JAYMALA INFRASTRUCTURE: ICRA Assigns B+ Rating to INR27cr Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR27.00
crore1 long term fund based facilities of Jaymala Infrastructure
Private Limited.


                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term, fund
   based limits
   LRD Loan               27.00       [ICRA] B+ assigned


The assigned rating favourably factors in the established track
record of promoters in real estate development though limited
experience in hotel business; favourable site location of hotel
project and steady revenue source in the form of lease rentals
along with long term lease and licensing agreement in place which
provides revenue visibility. ICRA takes comfort from the DSRA
mechanism present in LRD loan where the company need to maintain
an amount equals to 3 months EMI as DSRA in the form of fixed
deposit. The hotel constructed by the company will be managed
through a management agreement with Marriott Hotels (India)
Private Limited for the brand courtyard which imparts strong
brand recognition, management expertise and access to global
marketing channel.

The rating however, is constrained by high counterparty risk in
lease rental business as the entire facility has been leased out
to a single tenant though strong tenant's profile along with
sizeable investment made by the tenant reduces the risk to some
extent. The rating is further constrained by the leveraged
funding structure of hotel project with majority of funding
through bank debt which limits the flexibility in case of delays
in project execution. The rating continues to be constrained by
the high execution risk involved in hotel project with majority
of the bank debts are yet to be tied up and more than ~50% of
project cost is yet to be incurred. Also the competition in hotel
industry is expected to increase given the continuous increase in
room inventory expected in next few years which can impact
pricing power and profitability. Going forward, eligibility of
proposed LRD loan and extent of loan amount to be sanctioned will
remain to be seen given the moderate cover of lease rentals over
current debt obligations. Also completion of hotel project in
time and within the estimated cost will remain the key rating
sensitivity factor as majority of bank funds are yet to be tied
up.

Jaymala Infrastructure Private Limited was incorporated in 2010
in order to undertake activities in hospitality (hotel chain
facility) and renting of immovable properties. JIPL owns a land
area at Chakan MIDC in Pune where the company has developed
1,22,112 sq ft of production facility and had let out the same to
Benteler Automotive India Private Limited. Also, the company is
setting up a 150-room 4-star category hotel in Navi Mumbai. While
JIPL would develop the hotel, it will be operated through
management agreement with Marriott Hotels (India) Private Limited
which is a leading global hospitality chain.


KAMLESHKUMAR BALUBHAI: ICRA Suspends B+/A4 INR11.5cr Loan Rating
----------------------------------------------------------------
ICRA has suspended the [ICRA]B+/[ICRA]A4 ratings assigned to the
INR11.50 crore limits of Kamleshkumar Balubhai Lad. 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.

Kamleshkumar Balubhai Lad (KBL) was promoted by Mr. Kamlesh B.
Lad in the year 1981 and is engaged in road construction work for
government and semi government department/bodies of Gujarat. The
firm has two hot mix plants situated in Kharel and Dharampur near
Navsari in Gujarat. KBL is a registered "AA" class contractor
with the Government of Gujarat.


KESHAV MADHAV: ICRA Suspends 'B' Rating on INR5.10cr Term Loan
--------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B assigned to
the INR5.10 crore term loan and INR3.30 crore long term fund
based limit of Keshav Madhav Agro Enterprises Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
Company.


LATHA RICE: CARE Assigns 'B' Rating to INR9.60cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Latha Rice
Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      9.60      CARE B Assigned

Rating Rationale

The ratings assigned to the bank facilities of Latha Rice
Industries (LRI) are constrained by project execution risk
emanating from ability to timely commence operations, presence in
highly fragmented and regulated rice milling industry and
susceptibility of margins due to seasonal nature of operations
and volatility in raw material (paddy) prices.

The above weaknesses are partially offset by the promoter's
extensive experience of over two decades in the rice milling
industry and financial closure attained by the company.

The ability of the firm to complete the envisaged project within
the scheduled time frame, without any cost and time overruns and
derive benefits there from the key rating sensitivity.

LRI was was initially set up as a proprietorship by Mr. Mahendra
Muppavarappu on May 01, 2015 and was reconstituted as a
partnership by current partners on October 01, 2015 with Mr.
Nagayya Muppavarappu as the second partner.

The firm is setting up a fully automated rice mill in Nagpur,
(Maharashtra) with a projected capacity of rice mill is 48,000
tonnes per annum (TPA). The major raw material for the firm is
paddy, which will be partly procured from farmers in the Vidarbha
Region in Maharashtra, Chhattisgarh, Madhya Pradesh and Andhra
Pradesh. The finished product of LRI will be sold under the brand
name 'Bahubali Rice' which would include rice, broken rice, and
by products like rice bran, raw rice and paddy husk.

The total cost of the project is estimated at Rs. 11.22 crore
(including margin for working capital) which will be partly
funded by partners' equity of Rs. 3.62 crore and term loan of Rs.
7.60 crore at a debt equity ratio of 2.10x. The project is
expected to commence operations by May, 2016.


LAXMI COTTON: ICRA Reaffirms B+ Rating on INR8.0cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR8.00 crore fund based limits of Laxmi Cotton.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   based Limits           8.00        [ICRA]B+; reaffirmed

The rating reaffirmation factors in the modest scale of
operations of the firm and weak financial profile characterized
by low profitability on account of low value addition, high
gearing and modest coverage indicators. The rating is also
constrained by steep de-growth of ~40% in Operating Income of the
company during FY2015 on account of decreased capacity
utilization levels. The rating continues to factor in highly
fragmented and competitive nature of industry limiting the
ability of the firm to pass on any adverse movement in input
costs and also susceptibility of raw material availability to
climatic conditions.

However, the assigned rating positively factors in the
established track record of managing partner with more than two
decades of experience in cotton ginning industry; location of
ginning unit in the cotton growing areas of Telangana helping in
easy procurement of Kappas (raw cotton).

Going forward, the ability of the firm to improve the scale of
operations while maintaining healthy margins would be key rating
sensitivities.

Laxmi Cotton was established in the year 2003 as a partnership
firm. Mr. Babaiah is the current Managing Partner. The firm is
engaged in ginning and pressing of kappas and trading of cotton
lint and seed. The ginning unit is located in Jammikunta,
Karimnagar district of Telangana and has 24 gins with one
pressing unit.

Recent results
As per the audited FY15 financials, the firm registered PAT of
INR0.08 crore on an operating income of INR45.82 crore as against
PAT of INR0.31 crore on an operating income of INR77.03 crore in
FY14.


LEGEND CERAMIC: ICRA Reaffirms 'B' Rating on INR8.75cr Loan
-----------------------------------------------------------
The long term rating of [ICRA]B has been reaffirmed to the
INR4.00 crore cash credit facility and the INR8.75 crore term
loans of Legend Ceramic Private Limited. The short term rating of
[ICRA]A4 has also been reaffirmed to the INR1.00 crore non fund
based facilities of LCPL.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit Facility      4.00       Reaffirmed at [ICRA]B
   Term Loans                8.75       Reaffirmed at [ICRA]B
   Bank Guarantee            1.00       Reaffirmed at [ICRA]A4

The reaffirmation of ratings takes into account the company's
financial profile characterized by modest scale of operations,
highly leveraged capital structure and modest coverage
indicators. The ratings continue to remain constrained by the
highly fragmented nature of the tiles industry which results in
intense competitive pressures, the cyclical nature of the real
estate industry which is the main consuming sector, and exposure
of the company's profitability to volatility in raw material and
gas prices as well as to adverse foreign exchange fluctuations.
The ratings, however, continue to favourably factor in the
experience of the promoters in the ceramic industry and the
locational advantage of the company for raw material procurement
by virtue of its presence in Morbi (Gujarat).

Incorporated in July 2011, Legend Ceramic Private Limited (LCPL)
commenced commercial production in June 2012 with its product
portfolio comprising of ceramic floor tiles of a single size
16"x16". In April 2013, the company incorporated digitally
printed tiles to its portfolio. LCPL is promoted by Mr.
Dharmendra Aghara along with his relatives. The promoters have a
long standing experience in the ceramic tiles industry by the
virtue of their association with other ceramic products oriented
firms.


M. VENKATARAMA: ICRA Suspends B+/A4 Rating on INR18cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 rating assigned to
the INR18.00 crore long term and short term fund based facilities
of M. Venkatarama Reddy. 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.


MAHALAKSHMI PROFILES: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Mahalakshmi
Profiles Private Limited's (MPPL) 'IND BB-(suspended)' Long-Term
Issuer Rating.

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

Ind-Ra suspended MPPL's ratings on 18 August 2015.

MPPL's ratings:

-- Long-Term Issuer Rating: 'IND BB- (suspended)'; rating
    withdrawn
-- INR5 million non-fund-based working capital limits: 'IND
    A4+(suspended)'; rating withdrawn
-- INR240 million fund-based working capital limits: 'IND BB-
    (suspended)'/'IND A4+(suspended); ratings withdrawn


MAHI FORMALINE: ICRA Assigns 'B' Rating to INR5.0cr Cash Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR5.00
crore1 cash credit facility and the INR3.50 crore term loans of
Mahi Formaline.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit Facility      5.00       [ICRA]B assigned
   Term Loans                3.50       [ICRA]B assigned

The assigned rating is constrained by the lack of track record of
Mahi Formaline's operations as the same is still in the project
phase, the risk associated with the stabilization of the plant as
per the expected operating parameters and the relatively small
envisaged scale of operations. The rating also remain constrained
by the exposure of the company's profitability to volatility in
raw material prices as well as to the financial profile of the
firm, which is expected to remain stretched in the near term
given the debt-funded nature of project and impending debt
repayment. Further, the assigned rating takes into account the
risks associated with being a partnership firm with respect to
withdrawals and its impact on net worth and thereby the gearing
levels.

The assigned rating, however, favourably factor in the experience
of the promoters in the particle board manufacturing industry,
the benefits derived from its established group concern in terms
of sales and distribution and the favourable outlook for the
firm's products driven by the large scale development of
commercial and residential real estate in India leading to
increasing demand for wood based panels and laminates; consumer
preference shifting from plywood to particle boards/ medium
density fibreboards.

Mahi Formaline (MF) was established on 15th November 2014 with
the objective to set up a Greenfield project to manufacture
methanol based organic chemical such as Formaldehyde and its
derivatives such as Urea Formaldehyde, Melamine Formaldehyde,
Phenolic resin and Hexamine. Most of the resins find application
in the furniture industry for manufacture of Plywood, Particle
Boards, and Laminates whereas few find application in
pharmaceuticals and paints industry. The firm has a proposed
installed capacity of 2400 tonnes per month of Formaldehyde. The
promoters have a long standing experience in the particle board
manufacturing industry by the virtue of their association with
other particle board oriented firms.


MEERA AND COMPANY: ICRA Raises Rating on INR9.5cr Loan to C+
------------------------------------------------------------
ICRA has upgraded its ratings on the INR9.60 crore (enhanced from
INR7.00 crore) bank limits of Meera and Company limited to
[ICRA]C+ from [ICRA]D on the long term scale, and [ICRA]A4 from
[ICRA]D on the short term scale.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits
   Cash Credit            9.50        [ICRA]C+; (Upgraded)

   Non-Fund based
   facilities             0.10        [ICRA]A4; (Upgraded)

The rating upgrade is driven by MACL's recent track record of
timely debt servicing. The ratings derive comfort from the long
standing experience of the promoters in the DG set industry. ICRA
also notes the favourable growth prospects for DG sets in the
Indian market, primarily driven by power shortages across the
country, impacting several industries -- including
infrastructure, telecommunications and information technology.
The rating revision also factors in the company's improved
operating profit margins. However, the ratings are constrained by
the stretched liquidity position of the company as evidenced by
full utilization of working capital limits and high working
capital intensity. The rating is further constrained by strong
competition from other reputed players in the industry which has
resulted in a decline in operating income in the past.

Going forward, a sustained improvement in liquidity and
profitability will be the key rating sensitivities.

MACL manufactures Diesel Generating Sets for various
applications. Till 2010 the company was operating as an OEM1 for
DG sets for Mahindra and Leyland. However, in 2010 the company
has set up its own engine manufacturing unit and is selling the
DG sets in the brand name of 'Meeraco'. The company is fully
owned by Mr Rajen Gupta and his family members and has a presence
mainly in Punjab. The company has two manufacturing unit located
at Jammu and Ludhiana.

Recent Results
MACL reported a net profit of INR0.04 crore on an operating
income of INR19.85 crore in FY2015 as compared to a net profit of
INR0.01 crore on an operating income of INR19.92 crore in the
previous year. The company, on a provisional basis, reported an
operating income of INR19 crore for FY2016.


MSE INDUSTRIES: CARE Assigns B+ Rating to INR3.05cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
MSE Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     3.05       CARE B+ Assigned
   Short term Bank Facilities    2.10       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of MSE Industries
(MSE) are constrained by small size of operations with
fluctuating total income and profit margins along with elongated
operating cycle. The ratings are further constrained by the
constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital and limited access to funding.

The ratings, however, derive strength from long experience of the
partner in the fabrication industry, reputed clientele and good
relationship with clients for nearly a decade along with
improvement in the gearing and debt coverage indicators.

Going forward, the ability of the firm to increase its scale of
operations with improvement in financial risk profile will be the
key rating sensitivities.

MSE Industries (MSE) is a partnership firm established in the
year 2006 by Mr K.B. Mahesh Kumar and his wife Mrs Sreelatha with
equal profit sharing ratio. The commercial operations of the firm
started from the year 2007. Based in Coimbatore, the firm is
engaged in the manufacturing of Hangers & Suspensions, Load
hangers, namely, Constant load hangers and Variable load hangers
(patented design manufactured based on "Lisega Technology",
Germany), Conveyor systems, Coal handling systems & Bunkers,
ducts and Pre-Engineered Building (steel structures). The firm
has also
obtained certification of ISO 9001:2008 from TUV NORD, India to
ensure the quality products.

As per the Audited results, the firm has earned PAT of Rs.0.21
crore on total operating income of Rs.4.01 crore in FY15 (refers
to the period April 01 to March 31) as against PAT of Rs.0.21
crore on total operating income of Rs.4.85 crore in FY14. The
firm has achieved sales of around Rs.5.00 crore in FY16
(Provisional).


NEERAJAKSHA IRON: Ind-Ra Withdraws 'IND D' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Neerajaksha
Iron and Steel Private Limited's (NISPL) 'IND D(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 NISPL.

Ind-Ra suspended NISPL's ratings on 14 August 2015.

NISPL's ratings:
-- Long-Term Issuer Rating: 'IND D(suspended)'; rating withdrawn
-- INR60 million fund-based working capital limits: 'IND
    C(suspended)'/'IND A4(suspended)'; ratings withdrawn
-- INR86.45 million term loan: 'IND D(suspended)'; rating
    withdrawn


OSHIYA INDUSTRIES: ICRA Lowers Rating on INR22cr Loan to 'D'
------------------------------------------------------------
ICRA has downgraded the long term rating to [ICRA]D from
[ICRA]BB- (pronounced ICRA double B) for the INR10 crore cash
credit facility of Oshiya Industries Private Limited.  ICRA has
also downgraded the short term rating to [ICRA]D from [ICRA]A4
for the INR22.00 crore non fund based facility of OIPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based Limits
   Cash Credit           10.00        [ICRA]D

   Fund based Limits
   Letter of Credit      22.00        [ICRA]D

The ratings downgraded reflects the company's stretched liquidity
position resulting in devolvement of letter of credit (LC) owing
to high working capital requirements and the unfavourable
domestic demand outlook for iron & steel products alongwith bleak
outlook on realizations.

Incorporated in June 2007, OIPL is primarily engaged in trading
of various iron and steel products such as Hot Rolled (HR) coils,
Mild Steel (MS) sheets, steel plates/rods, Cold Rolled (CR)
coils, sheets, bars, galvanized pipes, beams and ferrous metal
scrap. The name of the company was changed to Oshiya Industries
Private Limited in March 2012 from Kuber Steel Traders Private
Limited. The company is part of Shree Oshiya group of industries
which refers to a consortium of companies promoted and managed by
the Ranka Family.


PLASTIMBER IMPEX: ICRA Assigns 'B' Rating to INR4.40cr Loan
-----------------------------------------------------------
ICRA has assigned the rating of [ICRA]B to the INR1.50 crore cash
credit facility and INR4.40 crore term loan facility of
Plastimber Impex.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            1.50        [ICRA]B assigned
   Term loan              4.40        [ICRA]B assigned

The assigned rating is constrained by the risks associated with
start up nature of the firm and the uncertainty related its
product establishment and stabilization of operations. The rating
is further constrained by possible stretch on financial profile
given the debt funded nature of project capex and high debt
repayments scheduled in near term as the commercial operations
are yet to start. The rating also take into account the possible
threat from new entrants due to relatively less complex
manufacturing process as well as competition from imports of
wood-plastic composite (WPC) sheets and substitutes like plywood.
ICRA also notes that PI is a partnership firm and any significant
withdrawals from the capital account would affect its net worth
and thereby its capital structure.

The rating, however, favorably factors in the longstanding
experience of the promoters in manufacturing plastic products and
allied businesses and expected marketing support from group
concerns.

Established in May 2015, Plastimber Impex (PI) is setting up a
green field project to manufacture wood-plastic composite (WPC)
sheets and Polyvinyl chloride (PVC) foam boards. The
manufacturing facility of the firm is located in Rajkot district
of Gujarat and has an installed capacity of manufacturing ~43
Lakh square feet of WPC sheets per annum. The firm is promoted by
the Surani family and two other partners, who are also engaged in
manufacturing of plastic products and allied businesses.


PLUTO CERAMIC: CARE Lowers Rating on INR4.30cr LT Loan to D
-----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Pluto
Ceramic.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.30      CARE D Revised from
                                            CARE B+

   Short-term Bank Facilities     1.25      CARE D Revised from
                                            CARE A4

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Pluto Ceramic (PTC) is primarily due to irregularity in servicing
its debt obligations due to weak liquidity position.

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

Wankaner-based (Gujarat) PTC was established as a partnership
firm by its key partners Mr Sandipbhai Arjanbhai Chikhaliya, Mr
Arvindbhai Keshavjibhai Metaliya, Mr Jayeshhai Dineshbhai Ranipa,
Mr Gautam Ramjibhai Patel along with other partners in December
2010. The commercial production for manufacturing of Ceramic wall
tiles, Ceramic wall glazed tiles and Ceramic digital wall tiles
commenced in November 2011.

Currently, PTC operates out of its sole manufacturing unit in
Wankaner, with an installed capacity of 22.8 lakh boxes (tile
size of 8" X 12" and 12" X 12") per annum. PTC exports
approximately 2-10% of its products through merchant exporter,
who in turn primarily exports to United Arab Emirates (UAE) and
other African countries.


PREMIER EXPORTS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Premier Exports
International (PEI) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. The agency has also assigned PEI's INR50
million fund-based working capital limits a Long-term 'IND BB'
rating with a Stable Outlook and a Short-term 'IND A4+' rating.

KEY RATING DRIVERS

The ratings reflect PEI's small scale of operations and the year-
on-year deterioration in its credit metrics. The company's
revenues stood at INR475 million in FY15 and INR378 million in
FY14. However provisional (P) FY16 financials indicate that
revenue dipped to INR445 million on account of poor sales
realisations of marine products such as squid and cuttlefish.
PEI's interest coverage (operating EBITDA/gross interest expense)
was 2.37x in FY16(P) (FY15:2.51x; FY14: 2.80x) and financial
leverage (total adjusted debt/operating EBITDAR) was 1.11x
(0.36x; 1.22x).

The ratings further reflect PEI's volatile working capital cycle,
which is highly vulnerable to the company's inventory management
policy and substantially deteriorated to 33 days in FY16(P) after
being at 20-28 days during FY13-FY15. The ratings are further
constrained by the company's partnership structure.

However, the ratings draw some comfort from PEI's stable
operating margins, which were at 4%-5% during FY13-FY16(P),
supported by duty drawbacks on exports. Additionally, the ratings
are supported by the company's comfortable liquidity position, as
reflected in the 68% average utilisation of its working capital
facilities during the 12 months ended April 2016.

RATING SENSITIVITIES

Positive: A substantial growth in revenue and improvement in
operating margins, leading to credit metrics being sustained at
current levels or improving, will lead to a positive rating
action.

Negative: Deterioration in operating margins and further
elongation of its net working capital cycle will lead to a
negative rating action.

COMPANY PROFILE

Established in 1980 as partnership firm, PEI is engaged in the
processing and export of frozen marine products such as shrimps,
squid, cuttlefish, etc. Currently, the company is managed by four
partners: K. M. Abdulla, A. Musthafa, K. A. Salim and M. Nizam.


RIZON LAMINATES: ICRA Lowers Rating on INR6.0cr Loan to D
---------------------------------------------------------
ICRA has revised the long term rating assigned to the INR6.00
crore1 of cash credit, INR4.68 crore of term loan facility and
INR2.77 crore of unallocated limits of Rizon Laminates Private
Limited from [ICRA]B- to [ICRA]D.


                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            6.00        Revised to [ICRA]D from
                                      [ICRA]B-

   Term Loan              4.68        Revised to [ICRA]D from
                                      [ICRA]B-

   Unallocated Limits     2.77        Revised to [ICRA]D from
                                      [ICRA]B-


The revision in rating takes into account RLPL's recent delays in
debt servicing emanating from lower than anticipated revenues due
to sub-optimal capacity utilization levels given the stiff
competition and depressed real estate industry coupled with high
working capital intensity of operations driven by elongated
receivables. The rating also takes in to account weak financial
risk profile characterized by cash losses, high gearing levels
and inadequate debt protection metrics; the high competitive
intensity in the laminates business which limits pricing
flexibility and profitability; and vulnerability of profitability
to adverse fluctuations in the prices of the key raw material.
The company, however, benefits from the experience of the
company's promoters and their long association with related
business.
Going forward, the revenue growth of the company would remain
contingent upon the company's ability to generate the demand for
its products. The profitability of the company would remain
vulnerable to fluctuation in the prices of raw materials and its
ability to pass on the same to its customers in a timely manner
given competitive scenario pressurizing the margins. The gearing
levels are expected to be high in the near to medium term.
Further RLPL's ability to regularize its debt repayment
obligations and fulfil the shortfalls by timely infusion of
promoter's funds and manage working capital cycle effectively
would remain critical from credit perspective.

Incorporated in 2012, Rizon Laminates Private Limited is engaged
in manufacturing decorative laminates sheets of 0.8 mm and 1.0 mm
thickness. The manufacturing unit is located at Morbi, (District:
Rajkot) in Gujarat and has a production capacity of 1,150,000
sheets per annum. The company is promoted by Mr. Dharamsingh Boda
and Mr. Savji Boda who have more than two decades of experience
in the industry. In March 2015, Mr. Vipul Detroja acquired 50%
stake in the company and currently the entire operations are
handled by him.

Recent Results
For the year ended on March 31, 2015, the company reported an
operating income of INR3.78 crore and net loss of INR2.09 crore
as against an operating income of INR3.91 crore and net loss of
INR1.70 crore for the year ended March 31, 2014. Further, for the
financial year ended March 31, 2016, the company reported an
operating income of INR3.79 crore and net loss of INR0.54 crore
(unaudited provisional financials).


RANA SUGARS: ICRA Reaffirms 'D' Rating on INR502.20cr Loan
----------------------------------------------------------
ICRA has reaffirmed its long term and short term rating of
[ICRA]D on the INR720.00 crore bank lines of Rana Sugars Ltd.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Term Loans              146.54        [ICRA]D (Reaffirmed)
   Fund Based Limits       502.20        [ICRA]D (Reaffirmed)
   Unallocated              31.80        [ICRA]D (Reaffirmed)
   Non Fund Based Limits    39.46        [ICRA]D (Reaffirmed)

The rating reaffirmation takes into account the stretched
liquidity position, inadequate accruals and high interest &
repayment burden of RSL which has led to delays in debt
servicing. The rating is also constrained by further weakening of
the financial profile of RSL, as reflected by cash losses
reported in FY16, increase in gearing (largely on account of net
worth erosion) and deterioration in debt coverage indicators.
Sugar prices continue to remain substantially lower than the cost
of production which has dampened the profitability of the company
substantially in FY15 and YTD FY16. Cane prices in Punjab and
Uttar Pradesh continue to be delinked from sugar prices in the
domestic market, which result in volatility in operating margins
of sugar operations. The rating also takes into account agro-
climatic risks and inherent cyclicality in the sugar business.
ICRA has taken note long track record of the company and its
forward integration into cogeneration and distillery business.
The company is expected to benefit from soft loans which have
been taken for payment of cane dues as well as increase in sugar
realisations, benefits from which is expected to come in the near
term. However, the assigned ratings continue to be constrained by
the delays in debt servicing by the company.

RSL is engaged in the business of manufacturing sugar and
undertaking the allied businesses of cogeneration and distillery.
Incorporated in July 1991, RSL was promoted by Rana Gurjeet Singh
and Rana Ranjit Singh as a joint venture with Punjab Agro
Industrial Corporation Ltd.(PAIC). At present, the company is
being managed under the Chairmanship of Rana Ranjit Singh. PAIC
divested its stake in Rana Sugars during FY 05 by selling its
stake to the promoters, as per the provisions of the Financial
Collaboration Agreement.

RSL's facilities consist of a combined crushing capacity of
15,000 tonnes crushed per day (TCD) including a 5,000 TCD mill
located at Buttar (Punjab) and two capacitates of 5,000 TCD each
located at Moradabad and Rampur (Uttar Pradesh). The company also
generates power using bagasse (a by-product of sugar) and
currently has a total generation capacity of 87.5 MW. RSL is also
forward integrated to manufacture alcohol and has an alcohol
manufacturing capacity of 60 KLPD located in Punjab.

Recent Results
In 2014-15, RSL reported a net loss of INR54.98 crore on an
operating income of INR706.31 crore, as against a net loss of
INR23.94 crore on an operating income of INR646.17 crore in the
previous year. For 9M 2015-16, RSL has reported a net loss of
29.5 crore on an operating income of 401.5 crore as against a net
loss of 46.6 crore on an operating income of 333.3 crore for 9M
2014-15.


ROLTA INDIA: Fitch Cuts Issuer Default Ratings to 'CC'
------------------------------------------------------
Fitch Ratings has downgraded Rolta India Limited's (Rolta) Long-
Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
and senior unsecured class rating to 'CC' from 'B'.
Simultaneously, Fitch has downgraded the ratings on the Rolta,
LLC's $US127 million 10.75% senior unsecured notes due 2018 and
Rolta Americas LLC's $US367 million 8.875% senior unsecured notes
due 2019 to 'CC' with Recovery Rating of 'RR4' from 'B' with
Recovery Rating of 'RR4'. The notes are guaranteed by Rolta.

KEY RATING DRIVERS

The rating action reflects Fitch's assessment that short-term
liquidity has deteriorated to a position where credit risk is
very high.

RATING SENSITIVITIES
Negative: Future developments that may lead to a downgrade
include deterioration in liquidity such that:
-- default is imminent or inevitable, or the issuer is in
    standstill
-- in Fitch's opinion, the company has experienced an uncured
    payment default

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

-- improvement in liquidity position


SAI SRUSHTI: ICRA Suspends B+ Rating on INR25cr Fund Based Loan
---------------------------------------------------------------
ICRA has suspended the rating of [ICRA]B+ assigned to the INR25
crore bank facilities of Sai Srushti Infrastructure Pvt Ltd
(SSIPL).

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund based facilities       25.0     [ICRA]B+ suspended

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.

Incorporated in 2008 SSIPL is the group entity of Sai Srushti
group closely held by promoters with Mr. N Sreenadha Reddy, Mr. B
Sumanth Kumar Reddy and Ms. Haritha Reddy. The company is into
real estate development and was undertaking the development of a
commercial project, QUBE, on Outer Ring Road, Bangalore.


SARDAR COTTON: ICRA Reaffirms B Rating on INR10.5cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B) to the
INR10.50 crore cash credit facility and INR0.80 crore term loan
facility of Sardar Cotton.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           10.50        [ICRA]B; reaffirmed
   Term Loan              0.80        [ICRA]B; reaffirmed

The reaffirmation of rating continues to be constrained by modest
scale of operations. The rating also takes into account weak
financial profile as reflected by low profitability, leveraged
capital structure and weak coverage indicators. The ratings also
take into account the low value additive nature of operations and
intense competition on account of fragmented industry structure
leading to thin profit margins and vulnerability of profitability
to adverse fluctuations in raw material prices which are subject
to seasonal availability of raw cotton and government regulations
on MSP for procurement of raw cotton. ICRA further notes that SC
is a partnership concern and any substantial withdrawal from
capital account in future could adversely impact the credit
profile of the firm.

The ratings, however, favourably take into account past
experience of the promoters in the cotton industry and the
favourable location of the firm's manufacturing facility giving
it easy access to raw material.

Established in 2012, Sardar Cotton (SC) is a partnership firm
with Mr Pravin Patel and two other partners. The firm is engaged
in ginning and pressing of raw cotton to produce cotton bales and
cottonseeds. SC possesses set of 24 cotton ginning machines with
an installed capacity of manufacturing 100 bales per day,
equipments being operational for 12 hours.

Recent Results
For the year ended 31st March 2015, the firm reported an
operating income of INR56.53 crore and profit after tax of
INR0.20 crore.


SHIV SHAKTI: CARE Assigns B+ Rating to INR2.5cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank
facilities of Shiv Shakti Fibre Udyog.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      2.50      CARE B+ Assigned
   Short term Bank Facilities     5.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to Shiv Shakti Fibre Udyog (SSFU) are
primarily constrained by small scale of operations, weak
financial profile marked by low profitability margins, leveraged
capital structure and weak coverage indicators, high
inventory holding period and susceptibility of profitability
margins to volatility in raw material prices. The rating is
further constrained by the stiff competition in the industry due
to low entry barriers and partnership nature of constitution. The
ratings, however, draw comfort from experience of the partners.
Going forward, the ability of the firm to increase its scale of
operations while improving its profitability margins and
capital structure shall be the key rating sensitivities.

Haryana based Shiv Shakti Fibre Udyog (SSFU) was established in
2001 as a proprietorship concern by Mr. Vinay Bansal. It was
later converted into partnership firm in 2007 with inclusion of
Mr. Rajesh Prasad as a partner. SSFU is engaged in manufacturing
of Fibre Reinforced Plastic (FRP) sheets under the brand name
"Rooffit". The product profile largely comprises FRP roofing
sheets, turbo ventilators, water gutters, doors frames etc. The
firm has two manufacturing facilities located in Faridabad and
Sampla in Haryana. The main raw material of the firm includes
plastic sheet, iron sheet, steel sheet, razor, cobalt,
unsaturated polymers and glass fiber which the firm procures
mainly from various dealers as well as manufacturers based in
Haryana and Gujarat.

In FY15 (refers to the period April 1 to March 31), SSFU has
achieved a total operating income (TOI) of Rs.24.48 crore with
PBILDT and PAT of Rs.1.20 crore and Rs.0.12 crore as against
total operating income (TOI) of Rs.23.99 crore with PBILDT and
PAT of Rs.1.21 crore and Rs.0.13 crore in FY14. Furthermore, the
firm achieved total operating income of Rs.17 crore during
10MFY16 (refers to the period April 1 to January 31) (as per
unaudited results).


SHREE MADHAV: ICRA Suspends D Rating on INR17cr Loan
----------------------------------------------------
ICRA has suspended the rating of [ICRA]D assigned to the INR17
crore line of credit of Shree Madhav Ispat Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
entity.


SHREE OSHIYA: ICRA Lowers Rating on INR21cr Loan to 'D'
-------------------------------------------------------
ICRA has downgraded the long term rating to [ICRA]D from
[ICRA]BB- for the INR6.00 crore cash credit facility of Shree
Oshiya Strips Impex Private Limited. ICRA has also downgraded the
short term rating to [ICRA]D from [ICRA]A4 for the INR21.00 crore
non fund based facility of the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based Limits
   Cash Credit           6.00         [ICRA]D

   Fund based Limits
   Letter of Credit     21.00         [ICRA]D

The ratings downgraded reflects the company's stretched liquidity
position resulting in devolvement of letter of credit (LC) owing
to high working capital requirements and the unfavourable
domestic demand outlook for iron & steel products alongwith bleak
outlook on realizations.

Incorporated in April 2010, Shree Oshiya Strips Impex Private
Limited is primarily engaged in trading of various iron and steel
products such as Hot Rolled (HR) coils, Mild Steel (MS) sheets,
steel plates/rods, Cold Rolled (CR) coils, sheets,
bars,galvanized pipes, beams and ferrous metal scrap. The company
started its trading operations in February 2011. The company is
part of Shree Oshiya group of industries which refers to a
consortium of companies promoted and managed by the Ranka Family.


SHRI RAMSWAROOP: CARE Assigns B+ Rating to INR97.17cr LT Loan
-------------------------------------------------------------
CARE ASSIGNS 'CARE B+' RATING TO THE BANK FACILITIES OF
SHRI RAMSWAROOP MEMORIAL CHARITABLE TRUST.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     97.17      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Shri Ramswaroop
Memorial Charitable Trust (SRMCT) takes into consideration
the short operational track record of the trust and its moderate
scale of operations. The rating further factors in the
moderate capital structure and debt coverage indicators of the
trust and increasing competition from other universities and
colleges offering higher education.

The rating, however, draws strength from the experienced
promoters of the trust, presence of established infrastructure
facilities and experienced faculty members and continuous
improvement in the operating performance over the past 3 years.

Going forward, the ability of SRMCT to attract and enrol students
as envisaged and maintain its surplus margin would remain the key
rating sensitivities.

SRMCT was established in September 2010 by Mr Pankaj Agarwal and
his wife Mrs Pooja Agarwal. SRMCT is operating one university,
Shri Ramswaroop Memorial University (SRMU), in Lucknow, U.P. The
university was established in 2012 as a state private university
under UP state government Act 1 of 2012 and is recognized by UGC.
SRMU includes seven institutes and offers different programs
including Engineering, Management, Computer applications,
Journalism, Mass communication, Legal studies, Basic sciences and
Commerce. Total student strength of SRMU stood at 4,877 students
for the academic year 2015-2016 as against the total intake
capacity of 5,675 students for the year.

Mr Pankaj Agarwal is also the executive director of Shri
Ramswaroop Memorial Group of Professional Colleges (SRMGPC)
which is also based in Lucknow and offers a range of
undergraduate and post graduate programmes in Engineering,
Computer application and Management. SRMGPC is managed by Shri
Ramswaroop Memorial Institute of Management & Computer
Application (SRMIMCA).

During FY16 (provisional; refers to the period April 1 to
March 31), SRMCT reported total income of Rs.56.86 crore and
surplus of Rs.9.65 crore as against total income of Rs.42.87
crore and surplus of Rs.5.92 crore during FY15.


SHUNTY BUNTY: ICRA Assigns 'B' Rating to INR10cr Bank Loan
----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR10.00
crore bank facilities of Shunty Bunty Automobiles Private
Limited.

ICRA's assigned rating takes into account the continuous decline
in the operating income of the company from INR293.53 crore in
FY2012 to INR100.12 crore in FY2015 driven by sluggish demand
observed in the commercial vehicle industry; stretched liquidity
position of SBAPL reflected in almost fully utilised bank
facilities due to considerably high inventory holding period.
While assigning the rating, ICRA also factors in the modest
profitability of the dealership business, highly leveraged
capital structure and modest coverage indicators, the increasing
competitive intensity with the rise in number of TML dealers
leading to pressure on growth. However, the rating derives
comfort from long experience of the promoter group in the
automobile dealership business with group company acting as
dealer of two wheelers for TVS Motors and Cars for Maruti Suzuki
India Limited (MSIL); the market leadership position of Tata
Motors Limited (TML) in the Commercial vehicle segment in India
and favourable demand outlook for commercial vehicles in the near
term given the healthy level of investment from the government as
well as the corporate sector towards improving the infrastructure
in the country.

Going forward, the company's ability to ramp up its operations
and maintain an optimal working capital cycle will be the key
rating sensitivities.

Incorporated in 2004, S.B. Automobiles Private Limited (part of
the S.B. group) is an authorized dealer of medium and heavy
commercial vehicles of Tata Motors Limited in Kanpur. The company
is promoted by Oberoi family. The company owns one 3S (Showroom
Spares Services) showroom in Chakarpur, Kanpur (U.P.).

Additionally, the company is also opening two service centres in
the Kanpur district, land for which has been purchased, work is
in progress and the centres are expected to be operational in
FY2017.

S.B. Cars Private Limited [ICRA]BB-(Stable) was incorporated in
March 2008 and has been operating as an authorised dealer for
vehicles of Maruti Suzuki India Limited (MSIL).The company owns
one 3S (Showroom Spares Serives) showroom in Kanpur and one sales
showroom each at Unnao (Uttar Pradesh), Orai (Uttar Pradesh) and
Kalyanpur (Uttar Pradesh). Also, the company commenced a hotel --
SB Castle in FY2014, which has 38 rooms and banquet hall.

Recent Results
For 2014-15, SBAPL reported a net profit of INR0.07 crore on an
operating income (OI) of INR100.12 crore, as against a net loss
of INR0.10 crore on an OI of INR119.86 crore in the previous
year.


SIDDHIVINAYAK AGRO: CARE Assigns B+ Rating to INR12cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Siddhivinayak Agro Indsutries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.00      CARE B+ Assigned
   Short-term Bank Facilities     0.20      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Siddhivinayak Agro
Industries (SVAI) are primarily constrained on account of
its low profitability, moderate debt coverage indicators and
liquidity position along with its presence in highly fragmented
and seasonal agro-based industry and partnership nature of
constitution.

The ratings, however, derive benefits from experience of the
promoters in the agro processing industry coupled with
established track record of operations. The ratings also factor
in SVAI's comfortable capital structure.

The ability to increase its scale of operations with improvement
in profitability and efficient working capital management is the
key rating sensitivity.

SVAI is a partnership firm established in 2005 by Mr Mehul
Ramwani, Mr Pradip Ramwani, Mr Dishant Ramwani, Mrs Kalpnaben
Ramwani andMrs Rajniben Ramwani. SVAI is engaged into processing
of rice and wheat. Its plant is situated at Sanand, Gujarat,
having installed capacity of 22,500 MTPA. SVAI exports rice to
Turkey and South African countries which consists of 10-15% of
its total operating income.

During FY15 (refers to the period April 1 to March 31), SVAI
reported a PAT of Rs.0.13 crore on a TOI of Rs.53.74 crore as
against PAT of Rs.0.11 crore on a TOI of Rs.51.64 crore during
FY14. As per the provisional results for 11MFY16 (Prov.) (refers
to the period April 1 to February 29), SVAI registered a TOI of
Rs.41.02 crore.


SONERI MARINE: ICRA Reaffirms B+ Rating on INR0.32cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR0.32 crore
(reduced from INR0.50 crore) term loan facility of Soneri Marine
Foods. ICRA has also reaffirmed the short term rating of [ICRA]A4
to the INR6.00 crore fund based EPC/FBD/FBP/PCFC/EBR and INR0.40
crore non fund based credit exposure limit (CEL) of SMF.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Term
   Loan                  0.32         [ICRA]B+ reaffirmed

   Fund Based- EPC/FBD/
   FBP/PCFC/EBR          6.00         [ICRA]A4 reaffirmed

   Non Fund Based-CEL    0.40         [ICRA]A4 reaffirmed

The reaffirmation of ratings continues to be constrained by SMF's
weak financial risk profile characterised by low profitability,
stretched capital structure and moderate coverage indicators;
intense competition in the seafood industry entailing low net
profitability. The profitability is further exposed to
fluctuations in raw material prices as well as availability owing
to a change in climatic conditions and disease outbreaks.
Further, SMF is a partnership concern and any significant
withdrawals from the capital account could adversely affect its
net worth and thereby its capital structure.

The ratings, however, favourably factor in the long standing
experience of the promoter in the seafood industry. The ratings
also consider the favourable location of the plant in Veraval,
Gujarat in proximity to the fishing belt on the coast of Gujarat,
giving it easy access to raw materials. The ratings, also
favourably considers the geographically diversified clientele
with the growing demand of Indian seafood in overseas market.

ICRA expects the operating income of the firm to witness de-
growth in FY2016 owing to lower volume off take, however from
FY2017 onwards revenue is expected to show growth at a moderate
pace driven by increasing demand. The profitability of the firm
however will continue to remain exposed to adverse fluctuations
in raw material prices given the firm's limited bargaining power
with customers. In ICRA's view, the ability of the firm to
efficiently manage the impact of raw material price changes on
its profitability thereby improving the margins and improve its
capital structure by managing working capital requirements will
remain the key rating sensitivities.

Soneri Marine Foods was established in the year 2007 as a
partnership firm and is engaged in processing and export of
seafood mainly frozen fish products such as Croaker Fish, Cuttle
Fish, Ribbon Fish, Indian Mackerel and Horse Mackeral among
others and value added products of frozen crabs i.e. Blue
Swimming Crab and Three Spotted Crab. The firm is own and managed
by Mr. Prakash Soneri and other family members.

The processing unit of SMF is located at Veraval, Gujarat with an
installed capacity to process 70 tonnes per day (TPD) and storage
capacity of 750 tonnes of seafood products.

Recent Results
In FY2015 (unaudited provisional numbers), SMF reported an
operating income of INR27.26 crore and net profit of INR0.29
crore against an operating income of INR40.33 crore and net
profit of INR0.31 crore in FY2014.


SR BREWERIES: ICRA Suspends 'D' Rating on INR39.51cr Term Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR39.51 crore
term loans and INR11.00 crore cash credit limits of SR Breweries
Private Limited. The suspension follows lack of co-operation from
the company.

Incorporated in the financial year 2008-09, SR Breweries Private
Limited (SRBPL) is engaged in the business of brewing beer and
has an installed capacity capable of producing 32.05 lakh cases2
per annum. The company is a contract bottler for SAB Miller India
(SKOL Breweries Pvt. Ltd; SKOL) and has tied up to supply 20 lakh
cases of beer per annum for a period of three years in SKOL's
brand Haywards 5000 and Knockout. In addition to the tie up with
SKOL, SRBPL also brews and markets its own brand 'Concord' and
'Hunk' in the state of Orissa. The company has been promoted by
Mr. Ranjan Kumar Padhi who is also the Director of the company.
The operations of the company commenced in November 2011.


SREE KARPAGAMBAL: ICRA Suspends 'B+' Rating on INR27.5cr Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR27.50 crore
fund based facilities of Sree Karpagambal Mills 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.


SRINIVASA CIVIL: ICRA Suspends 'D' Rating on INR18.5cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR18.50
crore long term and short term fund based facilities of Srinivasa
Civil Works 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.


SUNSTAR OVERSEAS: ICRA Assigns 'D' Rating to INR568.45cr Loan
-------------------------------------------------------------
ICRA has assigned a rating of [ICRA]D for the INR568.45 crore
fund based limits, INR211.44 crore term loans and INR45.11 crore
unallocated limits of Sunstar Overseas Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits      568.45       Assigned [ICRA]D

   Term Loans             211.44       Assigned [ICRA]D

   Unallocated Limits      45.11       Assigned [ICRA]D

The assigned ratings take into account the delays in the debt
servicing of the company due to stressed liquidity profile given
decline in scale of operations and sizeable inventory losses
owing to decline in prices. This follows from SOL being under the
Corporate Debt Restructuring (CDR) scheme during FY2016. The
company has been involved in sale milling and sale of basmati
rice for a long period of time; however the weak international
demand and significant decline in paddy prices over last two
years impacted SOL's revenues. The company witnessed decline in
its scale of operations, faced difficulty in recovering dues form
debtors and had to book sizeable inventory loss.

Nevertheless, ICRA has taken note of the long track record of
company in the basmati rice industry and the steps taken by the
management to improve its financial profile and liquidity
position. These include limiting its stock acquisition, focus on
timely recovery of funds from debtors and various cost-control
measures.

Sunstar Overseas Limited was started as a partnership firm in
1989, by the founder promoters Mr. Man Mohan Sarup Aggarwal,
Navita Aggarwal, Rama Rani and Sadhna Aggarwal. It was converted
into a public limited company in the year 1995 with the original
promoters as well as three new promoters, namely Mr. Naresh
Aggarwal, Mr. Rakesh Aggarwal and Mr. Kapil Aggarwal.
Sunstar Overseas Limited is an integrated rice milling company,
with non basmati rice forming a very negligible portion. The
company is not engaged in further processing of the by-products
like husk and the bran. They are all sold in the market except
for husk of which 35-40% is used for the steaming process (par
boiling activity and to reduce moisture content in paddy).
The company has two plants located in Bahalgarh (Haryana) and
Amritsar (Punjab) with total milling capacity of 73 tonnes per
hour (TPH).

Recent Results
In FY2015, the company reported a net loss after tax of INR11.4
crore on an operating income of INR1224.9 crore vis-Ö-vis net
profit of INR26.0 crore on an operating income of INR1,644.1
crore in FY2014. In FY2016, company has reported net sales of
INR867.9 crore as per the provisional numbers.


SWASHTHIK CAPS: ICRA Suspends B Rating on INR2.29cr Term Loan
-------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B outstanding on
the INR2.29 crore term-loans, the INR3.00 crore fund based limits
and on the INR4.71 crore proposed facilities of Swashthik Caps
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.


TIRUPATI COTTEX: ICRA Lowers Rating on INR8cr Cash Loan to D
------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR8.00 crore
cash credit facility and INR0.51 crore term loan facility of
Tirupati Cottex from [ICRA]B+ to [ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           8.00        Revised to [ICRA]D
                                     from [ICRA]B+

   Term Loan             0.51        Revised to [ICRA]D
                                     from [ICRA]B+

The rating revision reflects delays in debt servicing by the firm
on its borrowings due to stretched liquidity conditions arising
out of discontinued operations.

Tirupati Cottex (TC) was established as a partnership firm in
March 2011 and is engaged in the business of ginning and pressing
of raw cotton. The firm's manufacturing facility is located at
Jasdan, Rajkot in Gujarat and is equipped with fourteen ginning
machines and one pressing machine. The firm is currently promoted
by Mr. Divyeshbhai Rasikbhai Padaliya, Mr. Kanakbhai Karamshibhai
Bodar, Mr. Bharatbhai Jadavbhai Limbasiya and Mr. Maheshbhai
Dhanjibhai Ramani who have long-standing experience in the cotton
industry.



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


HYUNDAI MERCHANT: In Last-Ditch Effort to Cut Charter Rates
-----------------------------------------------------------
Yonhap News Agency reports that financially troubled Hyundai
Merchant Marine Co. is in its last-ditch effort to trim the
leasing rates for its chartered ships, its main creditor said on
May 30, as the country's No. 2 shipper has made some progress in
the negotiations.

Since February, Hyundai Merchant, the country's No. 2 shipper,
has been in talks with the ship owners of its chartered vessels
to slash its leasing rates, one of the key prerequisites demanded
by its creditors, led by the state-run Korea Development Bank
(KDB), to stay afloat, Yonhap relates.

High charter rates, the creditors and the government believe, are
worsening the shipper's financial health, and a cut in the
leasing rates is one of the key preconditions for the survival of
the shipper, according to Yonhap.

Yonhap notes that Hyundai Merchant paid a total of KRW1.9
trillion (US$1.6 billion) to 22 owners of chartered ships last
year, which accounted for 32% of its annual sales of KRW5.8
trillion.

"Hyundai Merchant has made 'considerable' progress in the
negotiations with the owners of its chartered ships," the KDB
said in a statement, Yonhap relays. "Hyundai Merchant has made
its final offer to container ship owners, and it's making efforts
to complete the deal at an earlier date," it said.

According to Yonhap, Financial Services Commission (FSC) Chairman
Yim Jong-yong said the shipper and the ship owners are working to
narrow differences on details for the rate cut. "It is important
that there have been significant progress in the negotiations,
and the final results may not come today," Yonhap quotes the
chief financial regulator as saying.

But the FSC chief said that the rate cut, if any, would be lower
than the 30% level sought after by the shipper, Yonhap notes.

If the shipper succeeds in cutting the leasing rates for its
chartered ships, it would clear one of the major hurdles to its
survival, the news agency notes.

According to Yonhap, the creditors and the government have been
pressing the shipper to cut the rates by mid-May, threatening
that Hyundai Merchant will be put under court receivership if it
fails to produce "meaningful results" from the negotiations.

Last week, its creditors agreed to swap KRW680 billion worth of
debt for the shipper's stocks, as part an effort to salvage the
shipper, Yonhap recalls. Hyundai Merchant had debts of about
KRW5.2 trillion as of the end of March.

Yonhap notes that Hyundai Merchant and other local shipping lines
have been grappling with a glut of ships and the subsequent falls
in freight rates.

But even after a charter rate cut, the shipper is faced with a
few more challenges to overcome -- a debt recast and inclusion
into a global shipping alliance, says Yonhap.

Yonhap relates that the move came one week after its bondholders
rejected a proposal to extend the maturity of KRW120 billion
worth of debt. Hyundai Merchant plans to hold another round of
bondholder meetings later this week to extend maturing debts
worth KRW800 billion, the report states.

Also, Hyundai Merchant should join a global shipping alliance to
survive after its charter rates are cut and its debt is recast,
adds Yonhap.

Hyundai Heavy Industries builds ships for commercial, and
military purposes. The Company manufactures oil tankers, cargo
and passenger vessels, and warships. Hyundai Heavy Industries
also produces heavy industrial machineries, wind turbines, solar
panels, electrical components for engines and power trains, and
industrial vehicles, such as cranes and bulldozers.



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


* BOND PRICING: For the Week May 23 to May 27, 2016
---------------------------------------------------

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


  AUSTRALIA
  ---------

BARMINCO FINANCE PTY    9.00     6/1/2018     USD       73.75
BARMINCO FINANCE PTY    9.00     6/1/2018     USD       76.83
BARMINCO FINANCE PTY    9.00     6/1/2018     USD       71.00
BOART LONGYEAR MANAG    7.00     4/1/2021     USD       36.75
BOART LONGYEAR MANAG    7.00     4/1/2021     USD       36.75
CBL CORP LTD            8.25    4/17/2019     AUD       70.00
CML GROUP LTD           9.00    1/29/2020     AUD        1.00
CML GROUP LTD           7.49    5/18/2021     AUD       70.90
CRATER GOLD MINING L   10.00    8/18/2017     AUD       35.00
CROWN RESORTS LTD       6.33    4/23/2075     AUD       69.89
EMECO PTY LTD           9.88    3/15/2019     USD       48.50
EMECO PTY LTD           9.88    3/15/2019     USD       47.75
IMF BENTHAM LTD         6.48    6/30/2019     AUD       62.25
KBL MINING LTD         12.00    2/16/2017     AUD        0.25
KEYBRIDGE CAPITAL LT    7.00    7/31/2020     AUD        0.70
MCPHERSON'S LTD         7.10    3/31/2021     AUD       74.00
MIDWEST VANADIUM PTY   11.50    2/15/2018     USD        6.50
MIDWEST VANADIUM PTY   11.50    2/15/2018     USD        6.00
STOKES LTD             10.00    6/30/2017     AUD        0.35
TREASURY CORP OF VIC    0.50   11/12/2030     AUD       68.84


CHINA
-----

ANSHAN CITY CONSTRUC    8.25     3/5/2019     CNY       64.50
ANSHAN CITY CONSTRUC    8.25     3/5/2019     CNY       64.82
ANYANG INVESTMENT GR    8.00    4/17/2019     CNY       64.86
BAICHENG ZHONGXING U    7.00   12/18/2019     CNY       72.75
BANGBU CITY INVESTME    5.78    8/10/2017     CNY       55.92
BEIJING ECONOMIC TEC    5.29     3/6/2018     CNY       72.00
CHANGSHA COUNTY XING    8.35     4/6/2019     CNY       85.46
CHANGSHA COUNTY XING    8.35     4/6/2019     CNY       64.16
CHANGSHA HIGH TECHNO    7.30   11/22/2017     CNY       74.60
CHANGSHU CITY OPERAT    8.00    1/16/2019     CNY       64.78
CHANGSHU CITY OPERAT    8.00    1/16/2019     CNY       64.37
CHANGZHOU INVESTMENT    5.80     7/1/2016     CNY       40.18
CHANGZHOU INVESTMENT    5.80     7/1/2016     CNY       40.16
CHANGZHOU WUJIN CITY    5.42     6/9/2016     CNY       49.70
CHANGZHOU WUJIN CITY    5.42     6/9/2016     CNY       50.13
CHENGDU XINCHENG XIC    8.35    3/19/2019     CNY       65.55
CHENGDU XINCHENG XIC    8.35    3/19/2019     CNY       66.82
CHONGQING HECHUAN RU    8.28    4/10/2018     CNY       52.40
CHONGQING HECHUAN RU    8.28    4/10/2018     CNY       51.01
CHONGQING HECHUAN UR    6.95     1/6/2018     CNY       73.15
CHONGQING HECHUAN UR    6.95     1/6/2018     CNY       72.70
CHONGQING JIANGJIN H    6.95     1/6/2018     CNY       72.16
CHONGQING JIANGJIN H    6.95     1/6/2018     CNY       72.55
CHONGQING NAN'AN DIS    8.20     4/9/2019     CNY       64.95
CHONGQING NAN'AN DIS    6.29   12/24/2017     CNY       61.88
CHONGQING NAN'AN DIS    6.29   12/24/2017     CNY       62.00
CHONGQING YONGCHUAN     7.49    3/14/2018     CNY       73.41
CHONGQING YONGCHUAN     7.49    3/14/2018     CNY       73.58
CHONGQING YUXING CON    7.29    12/8/2017     CNY       72.63
DANDONG CITY DEVELOP    6.21     9/6/2017     CNY       70.61
DANYANG INVESTMENT G    8.10     3/6/2019     CNY       85.38
DANYANG INVESTMENT G    8.10     3/6/2019     CNY       64.47
DANYANG INVESTMENT G    6.30     6/3/2016     CNY       40.11
DATONG ECONOMIC CONS    6.50     6/1/2017     CNY       71.43
DATONG ECONOMIC CONS    6.50     6/1/2017     CNY       71.20
DONGBEI SPECIAL STEE    5.88     5/5/2016     CNY       33.23
DRILL RIGS HOLDINGS     6.50    10/1/2017     USD       60.00
DRILL RIGS HOLDINGS     6.50    10/1/2017     USD       60.38
ERDOS DONGSHENG CITY    8.40    2/28/2018     CNY       47.82
ERDOS DONGSHENG CITY    8.40    2/28/2018     CNY       50.11
GRANDBLUE ENVIRONMEN    6.40     7/7/2016     CNY       70.41
GUIYANG ECO&TECH DEV    8.42    3/27/2019     CNY       64.72
GUOAO INVESTMENT DEV    6.89   10/29/2018     CNY       68.11
HAIAN COUNTY CITY CO    8.35    3/28/2018     CNY       53.45
HAIAN COUNTY CITY CO    8.35    3/28/2018     CNY       52.97
HAIMEN CITY DEVELOPM    8.35    3/20/2019     CNY       65.25
HAIMEN CITY DEVELOPM    8.35    3/20/2019     CNY       64.63
HANGZHOU XIAOSHAN ST    6.90   11/22/2016     CNY       39.00
HANGZHOU XIAOSHAN ST    6.90   11/22/2016     CNY       40.93
HANGZHOU YUHANG CITY    7.55    3/29/2019     CNY       65.50
HANGZHOU YUHANG CITY    7.55    3/29/2019     CNY       64.16
HANZHONG CITY CONSTR    7.48    3/14/2018     CNY       73.76
HEFEI TAOHUA INDUSTR    8.79    3/27/2019     CNY       65.76
HEFEI TAOHUA INDUSTR    8.79    3/27/2019     CNY       64.64
HEILONGJIANG HECHENG    7.78   11/17/2016     CNY       40.95
HEILONGJIANG HECHENG    7.78   11/17/2016     CNY       40.67
HUAIAN CITY URBAN AS    7.15   12/21/2016     CNY       40.80
HUAIAN CITY WATER AS    8.25     3/8/2019     CNY       65.13
HUAIAN CITY WATER AS    8.25     3/8/2019     CNY       64.70
HUAIAN DEVELOPMENT H    6.80    3/24/2017     CNY       42.93
HUAIAN QINGHE NEW AR    6.79    4/29/2017     CNY       72.03
HUAIHUA CITY CONSTRU    8.00    3/22/2018     CNY       52.21
HUAIHUA CITY CONSTRU    8.00    3/22/2018     CNY       52.76
HUZHOU MUNICIPAL CON    7.02   12/21/2017     CNY       72.95
HUZHOU NANXUN STATE-    8.15    3/31/2019     CNY       64.44
HUZHOU WUXING NANTAI    7.71    2/17/2018     CNY       73.57
JIAMUSI NEW ERA INFR    8.25    3/22/2019     CNY       62.71
JIAMUSI NEW ERA INFR    8.25    3/22/2019     CNY       63.78
JIANGDONG HOLDING GR    6.90    3/27/2019     CNY       62.53
JIANGDU XINYUAN INDU    8.10    3/23/2019     CNY       63.80
JIANGDU XINYUAN INDU    8.10    3/23/2019     CNY       64.33
JIANGSU HUAJING ASSE    5.68    9/28/2017     CNY       50.78
JIANGSU HUAJING ASSE    5.68    9/28/2017     CNY       50.50
JIAXING CULTURE FAMO    8.16     3/8/2019     CNY       66.16
JINAN CITY CONSTRUCT    6.98    3/26/2018     CNY       52.00
JINAN CITY CONSTRUCT    6.98    3/26/2018     CNY       52.44
JINGJIANG BINJIANG X    6.80   10/23/2018     CNY       66.03
JINING CITY CONSTRUC    8.30   12/31/2018     CNY       64.99
JINTAN CONSTRUCTION     8.30    3/14/2019     CNY       65.00
JINTAN CONSTRUCTION     8.30    3/14/2019     CNY       65.34
JIUJIANG CITY CONSTR    8.49    2/23/2019     CNY       65.22
JIUJIANG CITY CONSTR    8.49    2/23/2019     CNY       61.01
KUNMING CITY CONSTRU    7.60    4/13/2018     CNY       52.00
KUNMING CITY CONSTRU    7.60    4/13/2018     CNY       52.58
KUNMING WUHUA DISTRI    8.60    3/15/2018     CNY       53.41
KUNMING WUHUA DISTRI    8.60    3/15/2018     CNY       53.32
LAIWU CITY ECONOMIC     6.50     3/1/2018     CNY       62.64
LESHAN STATE-OWNED A    6.99    3/18/2018     CNY       73.76
LESHAN STATE-OWNED A    6.99    3/18/2018     CNY       73.74
LIAOYUAN STATE-OWNED    7.80    1/26/2017     CNY       41.00
LIAOYUAN STATE-OWNED    8.17    3/13/2019     CNY       63.00
LIAOYUAN STATE-OWNED    7.80    1/26/2017     CNY       41.02
LIAOYUAN STATE-OWNED    8.17    3/13/2019     CNY       64.01
LINAN CITY CONSTRUCT    8.15     3/9/2018     CNY       48.00
LINAN CITY CONSTRUCT    8.15     3/9/2018     CNY       53.27
LINHAI CITY INFRASTR    7.98    11/6/2016     CNY       51.12
LINHAI CITY INFRASTR    7.98    11/6/2016     CNY       51.40
LINYI INVESTMENT DEV    8.10    3/27/2018     CNY       52.69
LIUZHOU DONGCHENG IN    8.30    2/15/2019     CNY       60.00
LIUZHOU DONGCHENG IN    8.30    2/15/2019     CNY       65.09
LONGHAI STATE-OWNED     8.25    12/2/2017     CNY       73.32
LONGHAI STATE-OWNED     8.25    12/2/2017     CNY       73.20
LUOHE CITY CONSTRUCT    6.81    3/30/2017     CNY       30.98
LUOHE CITY CONSTRUCT    6.81    3/30/2017     CNY       30.77
NANJING HEXI NEW TOW    6.40     2/3/2017     CNY       61.58
NANTONG STATE-OWNED     6.72   11/13/2016     CNY       33.36
NANTONG STATE-OWNED     6.72   11/13/2016     CNY       40.86
NEIMENGGU XINLINGOL     7.62    2/25/2018     CNY       72.86
NINGBO CITY ZHENHAI     6.48    4/12/2017     CNY       41.03
NINGBO URBAN CONSTRU    7.39     3/1/2018     CNY       51.08
NINGBO URBAN CONSTRU    7.39     3/1/2018     CNY       52.73
NINGDE CITY STATE-OW    6.25   10/21/2017     CNY       40.94
NINGHAI COUNTY CITY     8.60   12/31/2017     CNY       74.00
NINGHAI COUNTY CITY     8.60   12/31/2017     CNY       74.30
NONGGONGSHANG REAL E    6.29   10/11/2017     CNY       72.00
PANJIN CONSTRUCTION     7.70   12/16/2016     CNY       41.04
PANJIN CONSTRUCTION     7.70   12/16/2016     CNY       40.80
PUTIAN STATE-OWNED A    8.10    3/21/2019     CNY       60.00
PUTIAN STATE-OWNED A    8.10    3/21/2019     CNY       64.80
QINGDAO CITY CONSTRU    6.89    2/16/2019     CNY       63.45
QINGDAO CITY CONSTRU    6.19    2/16/2017     CNY       40.89
QINGDAO CITY CONSTRU    6.19    2/16/2017     CNY       40.32
QINGDAO CITY CONSTRU    6.89    2/16/2019     CNY       62.97
QINGDAO HUATONG STAT    7.30    4/18/2019     CNY       84.44
QINGZHOU HONGYUAN PU    6.50    5/22/2019     CNY       41.08
QINGZHOU HONGYUAN PU    6.50    5/22/2019     CNY       40.10
QUANZHOU QUANGANG PE    8.40    4/16/2019     CNY       83.11
QUNSHAN HUAQIAO INTE    7.98   12/30/2018     CNY       64.25
SHANDONG SHANSHUI CE    6.10    2/27/2017     CNY       35.01
SHANDONG TAIFENG MIN    5.80    3/12/2020     CNY       73.25
SHANDONG TAIFENG MIN    5.80    3/12/2020     CNY       72.49
SHANGHAI REAL ESTATE    6.12    5/17/2017     CNY       71.24
SICHUAN DEVELOPMENT     5.40   11/10/2017     CNY       71.69
SUQIAN ECONOMIC DEVE    7.50    3/26/2019     CNY       64.71
SUQIAN ECONOMIC DEVE    7.50    3/26/2019     CNY       60.10
SUZHOU CONSTRUCTION     7.45    3/12/2019     CNY       64.51
TAIAN CITY TAISHAN I    5.79     3/2/2018     CNY       72.29
TAIXING ZHONGXING ST    8.29    3/27/2018     CNY       53.02
TAIXING ZHONGXING ST    8.29    3/27/2018     CNY       53.15
TAIZHOU CITY CONSTRU    6.90    1/25/2017     CNY       41.00
TAIZHOU HAILING ASSE    8.52    3/21/2019     CNY       64.60
TAIZHOU HAILING ASSE    8.52    3/21/2019     CNY       64.76
TIANJIN BINHAI NEW A    5.00    3/13/2018     CNY       92.20
TIANJIN BINHAI NEW A    5.00    3/13/2018     CNY       71.89
TIANJIN ECONOMIC TEC    6.20    12/3/2019     CNY       73.93
TIANJIN HI-TECH INDU    7.80    3/27/2019     CNY       64.37
TIANJIN HI-TECH INDU    7.80    3/27/2019     CNY       64.27
TIANJING HANBIN INVE    8.39    3/22/2019     CNY       64.91
TIGER FOREST & PAPER    5.38    6/14/2017     CNY       73.38
TONGLIAO CITY INVEST    5.98     9/1/2017     CNY       72.02
TONGLIAO CITY INVEST    5.98     9/1/2017     CNY       68.00
TRI-CONTROL AUTOMATI    8.75   12/11/2018     USD       53.50
VANZIP INVESTMENT GR    7.92     2/4/2019     CNY       67.14
WUHAI CITY CONSTRUCT    8.20    3/31/2019     CNY       64.75
WUHAI CITY CONSTRUCT    8.20    3/31/2019     CNY       64.00
WUXI COMMUNICATIONS     5.58     7/8/2016     CNY       50.05
WUXI COMMUNICATIONS     5.58     7/8/2016     CNY       50.18
XIANGTAN CITY CONSTR    8.00    3/16/2019     CNY       64.50
XIANGTAN CITY CONSTR    8.00    3/16/2019     CNY       64.61
XIANGTAN JIUHUA ECON    6.93   12/16/2016     CNY       40.99
XIANGTAN JIUHUA ECON    6.93   12/16/2016     CNY       41.05
XIANGYANG CITY CONST    8.12    1/12/2019     CNY       64.36
XIANGYANG CITY CONST    8.12    1/12/2019     CNY       63.93
XIAOGAN URBAN CONSTR    8.12    3/26/2019     CNY       65.39
XINXIANG INVESTMENT     6.80    1/18/2018     CNY       73.16
XUZHOU ECONOMIC TECH    8.20     3/7/2019     CNY       64.70
XUZHOU ECONOMIC TECH    8.20     3/7/2019     CNY       64.60
YANGZHONG URBAN CONS    7.10    3/26/2018     CNY       73.07
YANGZHOU ECONOMIC DE    6.10     7/7/2016     CNY       50.29
YANGZHOU ECONOMIC DE    5.80    5/12/2016     CNY       50.04
YANGZHOU ECONOMIC DE    6.10     7/7/2016     CNY       50.13
YANGZHOU URBAN CONST    5.94    7/23/2016     CNY       40.12
YANGZHOU URBAN CONST    5.94    7/23/2016     CNY       40.25
YANZHOU HUIMIN URBAN    8.50   12/28/2017     CNY       53.15
YIJINHUOLUOQI HONGTA    8.35    3/19/2019     CNY       56.30
YIJINHUOLUOQI HONGTA    8.35    3/19/2019     CNY       60.01
YINCHUAN URBAN CONST    6.28     3/9/2017     CNY       25.54
YINGTAN INVESTMENT F    8.15    2/23/2017     CNY       52.65
YIYANG CITY CONSTRUC    8.20   11/19/2016     CNY       41.01
YUNNAN PROVINCIAL IN    5.25    8/24/2017     CNY       70.60
YUNNAN PROVINCIAL IN    5.25    8/24/2017     CNY       71.10
ZHANGJIAGANG JINCHEN    6.23     1/6/2018     CNY       61.90
ZHEJIANG PROVINCE DE    6.90    4/12/2018     CNY       72.96
ZHENJIANG NEW AREA E    8.16     3/1/2019     CNY       60.00
ZHENJIANG NEW AREA E    8.16     3/1/2019     CNY       63.82
ZHUCHENG ECONOMIC DE    6.40    4/26/2018     CNY       62.03
ZHUCHENG ECONOMIC DE    7.50    8/25/2018     CNY       42.14
ZHUCHENG ECONOMIC DE    6.40    4/26/2018     CNY       63.25
ZHUHAI HUAFA GROUP C    8.43    2/16/2018     CNY       53.50
ZHUHAI HUAFA GROUP C    8.43    2/16/2018     CNY       53.03
ZIBO CITY PROPERTY C    5.45    4/27/2019     CNY       49.05
ZOUCHENG CITY ASSET     7.02    1/12/2018     CNY       41.85
ZUNYI CITY INVESTMEN    8.53    3/13/2019     CNY       63.13
ZUNYI CITY INVESTMEN    8.53    3/13/2019     CNY       66.50
INDIA
-----

3I INFOTECH LTD         5.00    4/26/2017     USD       11.00
BLUE DART EXPRESS LT    9.30   11/20/2017     INR       10.17
BLUE DART EXPRESS LT    9.40   11/20/2018     INR       10.26
BLUE DART EXPRESS LT    9.50   11/20/2019     INR       10.33
COROMANDEL INTERNATI    9.00    7/23/2016     INR       16.03
GTL INFRASTRUCTURE L    4.03    11/9/2017     USD       30.88
JAIPRAKASH ASSOCIATE    5.75     9/8/2017     USD       65.19
JAIPRAKASH POWER VEN    7.00    5/26/2016     USD       71.50
JCT LTD                 2.50     4/8/2011     USD       22.50
PRAKASH INDUSTRIES L    5.25    4/30/2015     USD       20.38
PYRAMID SAIMIRA THEA    1.75     7/4/2012     USD        1.00
REI AGRO LTD            5.50   11/13/2014     USD        1.69
REI AGRO LTD            5.50   11/13/2014     USD        1.69
SVOGL OIL GAS & ENER    5.00    8/17/2015     USD       19.88


INDONESIA
---------

BERAU COAL ENERGY TB    7.25    3/13/2017     USD       20.00
BERAU COAL ENERGY TB    7.25    3/13/2017     USD       20.24
PERUSAHAAN PENERBIT     6.75    4/15/2043     IDR       73.40
PERUSAHAAN PENERBIT     6.10    2/15/2037     IDR       73.00


JAPAN
-----

AVANSTRATE INC          5.55   10/31/2017     JPY       33.25
AVANSTRATE INC          5.55   10/31/2017     JPY       37.00
ELPIDA MEMORY INC       0.70     8/1/2016     JPY        8.63
ELPIDA MEMORY INC       0.50   10/26/2015     JPY        8.75
ELPIDA MEMORY INC       2.03    3/22/2012     JPY        8.63
ELPIDA MEMORY INC       2.29    12/7/2012     JPY        8.63
ELPIDA MEMORY INC       2.10   11/29/2012     JPY        8.63
TAKATA CORP             0.58    3/26/2021     JPY       72.75


KOREA
-----

2014 KODIT CREATIVE     5.00   12/25/2017     KRW       31.79
2014 KODIT CREATIVE     5.00   12/25/2017     KRW       31.79
DOOSAN CAPITAL SECUR   20.00    4/22/2019     KRW       42.48
HYUNDAI MERCHANT MAR    5.80     7/7/2016     KRW       84.49
HYUNDAI MERCHANT MAR    6.20    3/28/2017     KRW       68.51
HYUNDAI MERCHANT MAR    5.30     7/3/2017     KRW       66.56
KIBO ABS SPECIALTY C    5.00    1/31/2017     KRW       33.43
KIBO ABS SPECIALTY C    5.00    3/29/2018     KRW       30.70
KIBO ABS SPECIALTY C   10.00    2/19/2017     KRW       38.54
KIBO ABS SPECIALTY C    5.00   12/25/2017     KRW       30.41
KIBO ABS SPECIALTY C   10.00    8/22/2017     KRW       26.03
KIBO ABS SPECIALTY C   10.00     9/4/2016     KRW       44.97
LSMTRON DONGBANGSEON    4.53   11/22/2017     KRW       31.31
PULMUONE CO LTD         2.50     8/6/2045     KRW       57.03
PULMUONE CO LTD         2.50     8/6/2045     KRW       56.99
SINBO SECURITIZATION    5.00    6/25/2019     KRW       26.53
SINBO SECURITIZATION    5.00    6/25/2018     KRW       28.67
SINBO SECURITIZATION    5.00    5/27/2016     KRW       58.49
SINBO SECURITIZATION    5.00    6/29/2016     KRW       49.34
SINBO SECURITIZATION    5.00   12/13/2016     KRW       35.12
SINBO SECURITIZATION    5.00     6/7/2017     KRW       21.06
SINBO SECURITIZATION    5.00     6/7/2017     KRW       21.06
SINBO SECURITIZATION    5.00    5/27/2016     KRW       58.49
SINBO SECURITIZATION    5.00    1/29/2017     KRW       34.60
SINBO SECURITIZATION    5.00    1/30/2019     KRW       27.92
SINBO SECURITIZATION    5.00    1/30/2019     KRW       27.92
SINBO SECURITIZATION    5.00   10/30/2019     KRW       19.55
SINBO SECURITIZATION    5.00    7/26/2016     KRW       44.46
SINBO SECURITIZATION    5.00    7/26/2016     KRW       44.46
SINBO SECURITIZATION    5.00     7/8/2017     KRW       33.27
SINBO SECURITIZATION    5.00     7/8/2017     KRW       33.27
SINBO SECURITIZATION    5.00    2/11/2018     KRW       31.09
SINBO SECURITIZATION    5.00    2/11/2018     KRW       31.09
SINBO SECURITIZATION    5.00    3/12/2018     KRW       30.85
SINBO SECURITIZATION    5.00    3/12/2018     KRW       30.85
SINBO SECURITIZATION    5.00   12/25/2016     KRW       33.89
SINBO SECURITIZATION    5.00    9/26/2018     KRW       29.22
SINBO SECURITIZATION    5.00    9/26/2018     KRW       29.22
SINBO SECURITIZATION    5.00    9/26/2018     KRW       29.22
SINBO SECURITIZATION    5.00    10/1/2017     KRW       32.31
SINBO SECURITIZATION    5.00    10/1/2017     KRW       32.31
SINBO SECURITIZATION    5.00    3/13/2017     KRW       34.11
SINBO SECURITIZATION    5.00    3/13/2017     KRW       34.11
SINBO SECURITIZATION    5.00    2/21/2017     KRW       34.34
SINBO SECURITIZATION    5.00    2/21/2017     KRW       34.34
SINBO SECURITIZATION    5.00    1/15/2018     KRW       31.59
SINBO SECURITIZATION    5.00    1/15/2018     KRW       31.59
SINBO SECURITIZATION    5.00   12/23/2018     KRW       28.26
SINBO SECURITIZATION    5.00   12/23/2018     KRW       28.26
SINBO SECURITIZATION    5.00   12/23/2017     KRW       30.43
SINBO SECURITIZATION    5.00    5/26/2018     KRW       28.94
SINBO SECURITIZATION    5.00    2/27/2019     KRW       27.72
SINBO SECURITIZATION    5.00    2/27/2019     KRW       27.72
SINBO SECURITIZATION    5.00    8/29/2018     KRW       29.45
SINBO SECURITIZATION    5.00    8/29/2018     KRW       29.45
SINBO SECURITIZATION    5.00    10/1/2017     KRW       32.31
SINBO SECURITIZATION    5.00    3/18/2019     KRW       27.49
SINBO SECURITIZATION    5.00    3/18/2019     KRW       27.49
SINBO SECURITIZATION    5.00    6/27/2018     KRW       30.18
SINBO SECURITIZATION    5.00    6/27/2018     KRW       30.18
SINBO SECURITIZATION    5.00    8/16/2016     KRW       39.80
SINBO SECURITIZATION    5.00    8/16/2017     KRW       32.85
SINBO SECURITIZATION    5.00    8/16/2017     KRW       32.85
SINBO SECURITIZATION    5.00    10/5/2016     KRW       36.64
SINBO SECURITIZATION    5.00    10/5/2016     KRW       36.64
SINBO SECURITIZATION    5.00    8/31/2016     KRW       39.87
SINBO SECURITIZATION    5.00    8/31/2016     KRW       39.87
SINBO SECURITIZATION    5.00    7/24/2017     KRW       32.00
SINBO SECURITIZATION    5.00    7/24/2018     KRW       29.96
SINBO SECURITIZATION    5.00    7/24/2018     KRW       29.96
TONGYANG CEMENT & EN    7.50    4/20/2014     KRW       70.00
TONGYANG CEMENT & EN    7.50    7/20/2014     KRW       70.00
TONGYANG CEMENT & EN    7.30    6/26/2015     KRW       70.00
TONGYANG CEMENT & EN    7.30    4/12/2015     KRW       70.00
TONGYANG CEMENT & EN    7.50    9/10/2014     KRW       70.00
U-BEST SECURITIZATIO    5.50   11/16/2017     KRW       32.61
WOONGJIN ENERGY CO L    3.00   12/19/2019     KRW       72.89
WOORI BANK              5.21   12/12/2044     KRW       67.37


SRI LANKA
---------

SRI LANKA GOVERNMENT    5.35     3/1/2026     LKR       58.07
SRI LANKA GOVERNMENT    9.00     6/1/2043     LKR       68.64
SRI LANKA GOVERNMENT    9.00    10/1/2032     LKR       71.58
SRI LANKA GOVERNMENT    6.00    12/1/2024     LKR       64.96
SRI LANKA GOVERNMENT    7.00    10/1/2023     LKR       73.00
SRI LANKA GOVERNMENT    9.00    11/1/2033     LKR       70.58
SRI LANKA GOVERNMENT    8.00     1/1/2032     LKR       65.62
SRI LANKA GOVERNMENT    9.00     6/1/2033     LKR       71.06


MALAYSIA
--------

BANDAR MALAYSIA SDN     0.35    2/20/2024     MYR       72.74
BANDAR MALAYSIA SDN     0.35   12/29/2023     MYR       73.21
BIMB HOLDINGS BHD       1.50   12/12/2023     MYR       72.28
BRIGHT FOCUS BHD        2.50    1/24/2030     MYR       72.89
BRIGHT FOCUS BHD        2.50    1/22/2031     MYR       69.60
LAND & GENERAL BHD      1.00    9/24/2018     MYR        0.22
SENAI-DESARU EXPRESS    0.50   12/31/2038     MYR       66.99
SENAI-DESARU EXPRESS    0.50   12/31/2040     MYR       69.95
SENAI-DESARU EXPRESS    0.50   12/30/2039     MYR       68.71
SENAI-DESARU EXPRESS    0.50   12/31/2041     MYR       71.09
SENAI-DESARU EXPRESS    0.50   12/31/2042     MYR       72.41
SENAI-DESARU EXPRESS    0.50   12/31/2043     MYR       73.56
SENAI-DESARU EXPRESS    0.50   12/30/2044     MYR       74.45
SENAI-DESARU EXPRESS    1.35    6/30/2028     MYR       59.77
SENAI-DESARU EXPRESS    1.35   12/31/2026     MYR       63.47
SENAI-DESARU EXPRESS    1.35   12/29/2028     MYR       58.54
SENAI-DESARU EXPRESS    1.15   12/29/2023     MYR       70.66
SENAI-DESARU EXPRESS    1.35    6/30/2027     MYR       62.21
SENAI-DESARU EXPRESS    1.15   12/30/2022     MYR       73.80
SENAI-DESARU EXPRESS    1.35   12/31/2029     MYR       56.21
SENAI-DESARU EXPRESS    1.35    6/30/2031     MYR       52.91
SENAI-DESARU EXPRESS    1.15   12/31/2024     MYR       67.60
SENAI-DESARU EXPRESS    1.35   12/31/2025     MYR       66.09
SENAI-DESARU EXPRESS    1.35   12/31/2030     MYR       54.01
SENAI-DESARU EXPRESS    1.15    6/28/2024     MYR       69.14
SENAI-DESARU EXPRESS    1.35   12/31/2027     MYR       60.99
SENAI-DESARU EXPRESS    1.35    6/28/2030     MYR       55.11
SENAI-DESARU EXPRESS    1.35    6/30/2026     MYR       64.73
SENAI-DESARU EXPRESS    1.35    6/29/2029     MYR       57.36
SENAI-DESARU EXPRESS    1.15    6/30/2023     MYR       72.21
SENAI-DESARU EXPRESS    1.15    6/30/2025     MYR       66.11
UNIMECH GROUP BHD       5.00    9/18/2018     MYR        1.12


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

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


SINGAPORE
---------

AXIS OFFSHORE PTE LT    7.89    5/18/2018     USD       60.86
BAKRIE TELECOM PTE L   11.50     5/7/2015     USD        3.02
BAKRIE TELECOM PTE L   11.50     5/7/2015     USD        1.00
BERAU CAPITAL RESOUR   12.50     7/8/2015     USD       20.40
BERAU CAPITAL RESOUR   12.50     7/8/2015     USD       20.50
BLD INVESTMENTS PTE     8.63    3/23/2015     USD        8.25
BUMI CAPITAL PTE LTD   12.00   11/10/2016     USD       17.38
BUMI CAPITAL PTE LTD   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       16.36
ENERCOAL RESOURCES P    6.00     4/7/2018     USD       10.13
GOLIATH OFFSHORE HOL   12.00    6/11/2017     USD        5.04
INDO INFRASTRUCTURE     2.00    7/30/2010     USD        1.88
NEPTUNE ORIENT LINES    4.40    6/22/2021     SGD       71.05
ORO NEGRO DRILLING P    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       70.00
OTTAWA HOLDINGS PTE     5.88    5/16/2018     USD       48.00
PACIFIC RADIANCE LTD    4.30    8/29/2018     SGD       72.88
SWIBER CAPITAL PTE L    6.50     8/2/2018     SGD       45.25
SWIBER CAPITAL PTE L    6.25   10/30/2017     SGD       58.00
SWIBER HOLDINGS LTD     7.13    4/18/2017     SGD       64.33
TRIKOMSEL PTE LTD       5.25    5/10/2016     SGD       20.00
TRIKOMSEL PTE LTD       7.88     6/5/2017     SGD       20.00


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 TRADI    1.00   10/10/2025     USD       50.50
DEBT AND ASSET TRADI    1.00   10/10/2025     USD       50.50



                             *********

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

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

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


                            *********


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

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

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

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

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



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