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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, August 9, 2016, Vol. 19, No. 156

                            Headlines


A U S T R A L I A

AAA HOLDINGS: First Creditors' Meeting Set For August 15
KLEENMAID: Ex-Director Found Guilty of Fraud, Insolvent Trading
MACQUARIE BANK: Fitch Affirms 'BB' Support Rating Floor
PEPPER RESIDENTIAL: Moody's Hikes Class F Notes Rating to B1(sf)


C H I N A

CAR INC: Proposed Didi, Uber Merger No Impact on Moody's Ba1 CFR
CHINA EVERGRANDE: Moody's Retains B2 CFR on Stake Acquisition
FANTASIA HOLDINGS: Acquisition No Impact on Moody's B2 CFR
TIMES PROPERTY: Moody's Says 1H 2016 Results Supports B1 CFR


H O N G  K O N G

BITFINEX: Clients to Take 36% Loss After Hackers Stole Bitcoin


I N D I A

A P STEEL: CRISIL Suspends B+ Rating on INR35MM Cash Loan
A. R. T. FABRICATION: CRISIL Assigns B+ Rating to INR50MM Loan
AMBICO EXPORTS: CRISIL Reaffirms B+ Rating on INR190MM Loan
BALDVA TEXTILES: CRISIL Reaffirms B+ Rating on INR120MM Loan
BHAGWANDAS METALS: CRISIL Assigns 'B' Rating to INR30MM Loan

BHARATHI RAJAA: CRISIL Suspends B- Rating on INR146.5MM LT Loan
BIRMI IMPEX: CRISIL Assigns 'B' Rating to INR30MM Term Loan
CAVIER BATHFITTINGS: CRISIL Suspends B+ Rating on INR60MM Loan
DELUXE FABRICS: CRISIL Suspends B+ Rating on INR120MM Cash Loan
FARMACHEM LIFE: CRISIL Assigns 'B' Rating to INR22.5MM Cash Loan

GURU NANAK: CRISIL Assigns 'B' Rating to INR65MM Cash Loan
HONEY PROPERTIES: CRISIL Assigns 'B' Rating to INR70.5MM LT Loan
INDUSTRIAL ENGINEERING: CRISIL Reaffirms B+ Rating on INR20M Loan
KABRA BUILDERS: CRISIL Assigns B+ rating to INR37.5MM Term Loan
KNY PROJECTS: CRISIL Assigns B+ Rating to INR42.5MM Cash Loan

KOTKAPURA MUKTSAR: Ind-Ra Lowers Rating on INR750MM Loans to D
KUTTI SPINNERS: CRISIL Reaffirms 'B' Rating on INR120MM LT Loan
LALIT MINING: CRISIL Assigns B- Rating to INR50MM Cash Loan
LEZORA VITRIFIED: CRISIL Suspends 'B' Rating on INR320MM LT Loan
LION TAPES: CRISIL Puts Two 'B' Ratings on Notice of Withdrawal

MAA VAISHNO: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
MALANKARA ORTHODOX: CRISIL Reaffirms B+ Rating on INR308.5MM Loan
MERGE STONES: CRISIL Assigns 'B' Rating to INR50MM Overdraft Loan
MHETRE FOODS: CRISIL Assigns 'D' Rating to INR87.5MM LT Loan
NAMASTE AIRPORT: CRISIL Assigns B+ Rating to INR170MM LT Loan

NANDA GOKULA: CRISIL Assigns B+ Rating to INR55MM Cash Loan
NAVA BHARATH: Ind-Ra Suspends BB+ Rating on INR55.37MM Bank Loans
NEOMETRIX ENGINEERING: CRISIL Rates INR40MM Cash Loan at B-
P. L. ASSOCIATES: CRISIL Reaffirms 'B' Rating on INR50MM Loan
POBJI EMPORIUM: CRISIL Assigns B Rating to INR25MM Bill Disc.

PRERNA COTPRESS: CRISIL Suspends B- Rating on INR57.5MM Loan
R F MOTORS: CRISIL Suspends B+ Rating on INR175.6MM LT Loan
RAGHUVIR BUILDCON: CRISIL Reaffirms B+ Rating on INR100MM Loan
S. I. PATEL: CRISIL Suspends B+ Rating on INR95MM Cash Loan
SABASH ENGINEERING: CRISIL Suspends 'D' Rating on INR105MM Loan

SAMBANDAM SPINNING: CRISIL Cuts Rating on INR532.5MM Loan to B+
SATKAR PAPER: CRISIL Assigns B Rating to INR111.4MM Term Loan
SHIMLA AUTOS: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
SHIV SHAKTI: CRISIL Assigns B+ Rating to INR100MM Bill Disc.
SHREE VENUS: CRISIL Suspends B+ Rating on INR31.6MM LT Loan

SIKAND AND COMPANY: CRISIL Assigns 'B' Rating to INR190MM Loan
SOLAMALAI AUTOMOBILES: CRISIL Puts B+ Rating on Withdrawal Notice
SONIKA ENGINEERING: CRISIL Suspends B Rating on INR116MM LT Loan
STRETCH BANDS: CRISIL Puts Two 'B' Rating on Notice of Withdrawal
SUNSAT INFOTECH: CRISIL Assigns B+ Rating to INR162.5MM Term Loan

SUYASH MART: CRISIL Suspends B+ Rating on INR50MM Term Loan
SVN AGRO: CRISIL Reaffirms B Rating on INR45MM Cash Loan
SVSVS PROJECTS: CRISIL Assigns B- Rating to INR65MM LT Loan
TRIBHUWAN NARAYAN: CRISIL Assigns 'B+' Rating to INR100MM Loan
UNISONN INFRA: CRISIL Assigns 'B' Rating to INR83.8MM Term Loan

USHER AGRO: Ind-Ra Assigns 'IND D' Rating to INR550MM NCD
V R TEXTILES: CRISIL Suspends 'D' Rating on INR400MM Cash Loan
VANASHREE DAIRY: CRISIL Assigns B- Rating to INR57.4MM LT Loan
VIJAY ENGIFAB: CRISIL Suspends B- Rating on INR128MM Term Loan
VISHESH INDUSTRIES: CRISIL Suspends 'B' Rating on INR47.5MM Loan

WRC ENGINEERING: CRISIL Suspends B Rating on INR28MM Cash Loan


I N D O N E S I A

LIPPO KARAWACI: Fitch Rates Proposed US$-Denom. Notes 'BB-(EXP)'


N E W  Z E A L A N D

VIADUCT CAPITAL: Last of Finance Company Trials Underway


S I N G A P O R E

INTERNATIONAL HEALTHWAY: Resists Receivers' Bid to Oust Directors


S O U T H  K O R E A

* KOREA: 32 Firms Need Restructuring, Financial Watchdog Says


X X X X X X X X

* BOND PRICING: For the Week August 1 to August 5, 2016


                            - - - - -


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


AAA HOLDINGS: First Creditors' Meeting Set For August 15
--------------------------------------------------------
Andrew John Spring and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of AAA Holdings Pty. Ltd on Aug.
3, 2016.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland, Level 27, 259 George Street, in Sydney, on
Aug. 15, 2016, at 10:00 a.m.


KLEENMAID: Ex-Director Found Guilty of Fraud, Insolvent Trading
---------------------------------------------------------------
A former director of Kleenmaid, Bradley Wendell Young was found
guilty on 18 charges arising from the collapse of the national
whitegoods distributor, following a 71 day trial.

He was found guilty of:

   -- one count of dishonestly gaining loan facilities from
      Westpac Bank in November 2007 totalling $13 million;
      and

   -- seventeen counts of criminal insolvent trading of debts
      amounting to more than $4 million.

The jury found Mr Young not guilty on one count of criminal
insolvent trading. Bail was refused and he was remanded in
custody pending sentencing on Aug. 12, 2016.

'This is a strong result in an important case, and should send a
signal to all directors and companies that regulators will pursue
them through the courts when they break the law,' ASIC
Commissioner John Price said.

A date is yet to be set for the trial of his fellow former
Director, the founder of Kleenmaid, Andrew Eric Young.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.

                        About Kleenmaid Group

Founded in 1985, Kleenmaid Group -- http://www.kleenmaid.com.au/
-- sells kitchen and laundry appliances.

The Troubled Company Reporter-Asia Pacific reported on April 13,
2009, that Kleenmaid Group has been placed into administration.
The company appointed Deloitte partners John Greig, Richard
Hughes and David Lombe as voluntary administrators.  A TCR-AP
report on May 26, 2009, said the creditors of Kleenmaid Group
voted to wind up the company at a meeting in Brisbane.

The TCR-AP, citing a report posted at news.com.au, said that the
administrators had recommended that Kleenmaid be put into
liquidation, saying the company may have been insolvent as early
as June 2007.  The administrators said Kleenmaid creditors are
owed AUD102 million, which included AUD3 million owed to
Kleenmaid employees.

Liquidators from Deloitte have not yet finished their report on
claims the former Kleenmaid Group may have been trading while
insolvent for up to two years, according to The Sydney Morning
Herald.


MACQUARIE BANK: Fitch Affirms 'BB' Support Rating Floor
-------------------------------------------------------
Fitch Ratings has affirmed the ratings of Macquarie Group Limited
(MGL) and its Australian subsidiaries, Macquarie Bank Limited
(MBL), Macquarie Financial Holdings Pty Limited (MFHL), and
Macquarie International Finance Limited (MIFL).

KEY RATING DRIVERS

IDRs, VRs AND SENIOR DEBT

MBL is the main operating subsidiary of the group; and its IDRs,
VR and senior debt ratings reflect a strong risk-management
framework, sound liquidity, solid capitalisation and a diverse
business mix, both by type of business and geography. These
factors help to offset specialised operations outside Australia,
a greater risk appetite and earnings volatility relative to
Australian retail banks, and a high reliance on wholesale
funding.

MGL is the non-operating holding company of the group; and its
IDRs, VR and senior debt ratings are driven by similar factors.
However, the ratings are notched once from MBL's ratings to
recognise a higher risk profile due to its exposure to
unregulated non-banking operations through MFHL, a greater level
of earnings volatility - again due to MFHL - and limited
standalone liquidity at the holding company.

MGL has a strong risk-management framework in place, which helps
to offset the group's higher risk appetite relative to domestic
retail bank peers. The balance sheet has expanded strongly since
2012, largely through the group's lending and leasing activities
and in part due to acquisitions, particularly in motor vehicle
finance and aircraft-operating leases. Fitch expects MGL to
remain an opportunistic acquirer, with the funding and capital
impact to be offset through management raising new capital and
funding facilities specifically for each transaction - this has
been the group's approach historically.

The Australian mortgage portfolio has also increased strongly -
largely organically - from a low base. This portfolio is less
seasoned than those of many peers, meaning that MBL's asset
quality may be more susceptible to a downturn in the Australian
housing market. This is not Fitch's base case, although macro-
economic risks are increasing - house-price growth has
outstripped wage growth for a sustained period, which is putting
pressure on affordability, while potential oversupply in some
segments of the market could hurt house prices over the next 12-
18 months.

Liquidity management at the operational entities is strong, which
helps offset both a high reliance on wholesale funding and the
increased balance-sheet. MGL's liquidity risk appetite is set so
that it is able to meet all of its obligations over a 12-month
period with no access to funding markets, and a modest reduction
in the group's core businesses. MBL's liquidity risk appetite
varies only in that it assumes constrained access to funding
markets rather than no access. MGL held AUD30.4bn of cash and
liquid assets at 31 March 2016 (FYE16), with AUD28.9bn of this
held by MBL - these balances more than covered FY17 wholesale
debt maturities. In addition, MBL reported that its average Basel
III liquidity coverage ratio for Q1FY17 was 166%. Liquid assets
are held by the operating subsidiaries, leaving limited
standalone liquidity at the holding company.

Fitch expects both MGL and MBL to maintain solid capital buffers,
which helps to counter the group's risk appetite. The group held
a substantial surplus over regulatory requirements at FYE16,
while common equity double leverage was low at 103%. Internal
capital generation has generally been sufficient to meet organic
growth. MBL's Fitch Core Capital ratio was 11.5% at FYE16, while
its Basel III leverage ratio calculated using the Australian
regulator's approach was 5.5%. The regulatory increase in the
minimum average risk-weight for Australian mortgages from 1 July
2016 should have only a modest impact on MBL's capital ratios.

Fitch expects MGL's earnings to remain more volatile than
Australian retail banks due to the group's business mix. The
increase in lending and leasing activities, as well as asset
management, has helped improve the stability of the group's
earnings. However, investment banking and other market-oriented
businesses remain a key part of MGL's franchise - earnings from
these businesses are reliant on market conditions.

The impact of Brexit on MGL's businesses remains uncertain, but
the operating environment has a lower influence on MGL's and
MBL's Viability Ratings relative to other factors.

SUPPORT RATING AND SUPPORT RATING FLOOR

MGL's Support Rating and Support Rating Floor reflect Fitch's
view that support from Australian authorities cannot be relied
upon if needed. The agency believes that if support were provided
to the group it would most likely be through the regulated bank,
MBL. MBL's Support Rating and Support Rating Floor reflect a
moderate probability of support, given its position as
Australia's fifth-largest bank by total assets and a key player
in the domestic financial markets.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

MBL's subordinated debt is notched once from its VR - zero
notches for non-performance risk as this is already captured by
the VR, and one notch for loss severity. The Tier 1 capital
securities of MBL are notched five times from the bank's VR - two
notches for loss severity, and three notches for non-performance
risk to reflect fully discretionary coupon payments.

SUBSIDIARY AND AFFILIATED COMPANY

MFHL is a core subsidiary of MGL, undertaking the group's non-
banking activities. Its IDRs are aligned with those of MGL. MIFL
is a strategically important subsidiary of MBL, providing finance
to Macquarie entities. Its IDRs are notched once from those of
MBL.

RATING SENSITIVITIES

IDRs, VRs AND SENIOR DEBT

A weakening of the group's robust risk-management framework and
solid approach to liquidity and capital would leave both MGL and
MBL susceptible to increased market volatility, and would be
likely to result in a downgrade of the VRs and IDRs of both
entities. Serious reputational issues could also result in
negative rating pressure. There is limited upside rating
potential - given the group's specialised franchise outside
Australia and the earnings volatility inherent in the market-
oriented operations.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Ratings and Support Rating Floors of MGL and MBL are
sensitive to any change in assumptions around the propensity or
ability of Australian authorities to provide timely support. No
change to the propensity of the authorities to provide support
appears imminent despite global moves, although Australia's
membership of the G20 could mean some lessening of support in the
medium term.

A change in the ability of the Australian authorities to provide
support, which is likely to be reflected in a downgrade of the
Australian sovereign (AAA/Stable), may also result in a downgrade
of the Support Ratings and Support Rating Floors. Negative action
on the Support Ratings and Support Rating Floors of MBL will not
have a direct impact on its IDRs, which are currently driven by
its VR.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The ratings of MBL's subordinated debt and Tier 1 capital
securities are sensitive to the same factors that influence its
VR.

SUBSIDIARY AND AFFILIATED COMPANIES

Any change in the propensity and/or ability of the respective
parents to provide support to MFHL and MIFL is likely to result
in changes to each entity's IDRs and Support Rating.

The rating actions are as follows:

Macquarie Group Limited (MGL):

-- Long-Term IDR: affirmed at 'A-'; Outlook Stable;

-- Short-Term IDR: affirmed at 'F2';

-- Viability Rating: affirmed at 'a-';

-- Support Rating: affirmed at '5;

-- Support Rating Floor: affirmed at 'No Floor';

-- Senior unsecured debt: affirmed at 'A-'; and

-- Short-term debt: affirmed at 'F2'.


Macquarie Bank Limited (MBL):

-- Long-Term IDR: affirmed at 'A'; Outlook Stable;

-- Short-Term IDR: affirmed at 'F1';

-- Viability Rating: affirmed at 'a';

-- Support Rating: affirmed at '3';

-- Support Rating Floor: affirmed at 'BB';

-- Senior unsecured debt: affirmed at 'A';

-- Market linked securities: affirmed at 'A(emr)';

-- Short-term debt: affirmed at 'F1';

-- Subordinated debt: affirmed at 'A-'; and

-- Macquarie bank exchangeable capital securities (XS0763122909):
   affirmed at 'BB+'.

Macquarie Financial Holdings Pty Limited (MFHL):

-- Long-Term IDR: affirmed at 'A-'; Outlook Stable;

-- Short-Term IDR: affirmed at 'F2'; and

-- Support Rating: affirmed at '1'.


Macquarie International Finance Limited (MIFL):

-- Long-Term IDR: affirmed at 'A-'; Outlook Stable;

-- Short-Term IDR: affirmed at 'F2'; and

-- Support Rating: affirmed at '1'.


PEPPER RESIDENTIAL: Moody's Hikes Class F Notes Rating to B1(sf)
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of five
classes of notes issued by Pepper Residential Securities Trust
No. 15.

The affected ratings are as follows:

Issuer: Pepper Residential Securities Trust No. 15

-- AUD29,500,000 Class B Notes, Upgraded to Aa1 (sf); previously
    on January 21, 2016 Affirmed Aa2 (sf)

-- AUD5,100,000 Class C Notes, Upgraded to A1 (sf); previously
    on January 21, 2016 Affirmed A2 (sf)

-- AUD6,000,000 Class D Notes, Upgraded to Baa1 (sf); previously
    on January 21, 2016 Affirmed Baa2 (sf)

-- AUD3,900,000 Class E Notes, Upgraded to Ba1 (sf); previously
    on January 21, 2016 Affirmed Ba2 (sf)

-- AUD3,600,000 Class F Notes, Upgraded to B1 (sf); previously
    on January 21, 2016 Affirmed B2 (sf)

RATINGS RATIONALE

The upgrades were prompted by the build-up in credit enhancement
during the sequential pay period, and the fact that loan
performance is in line with Moody's expectations.

--- Increase in available credit enhancement

As of June 2016, the collateral pool of Pepper Residential
Securities Trust No. 15 had been paid down by 29.8%. The fast
pay-down is largely due to obligors prepaying their loans and
refinancing with other lenders.

As a result, credit enhancement has built up significantly.

Since the close of the transaction, the credit enhancement for
the Class B, Class C, Class D, Class E and Class F notes has
increased to 11.4%, 9.0%, 6.1%, 4.2% and 2.6% from 8.0%, 6.3%,
4.3%, 3.0%, and 1.8%, respectively.

The notes will continue to pay down on a sequential basis until
at least the second anniversary of the transaction closing, which
will be in November 2017.

-- Collateral performance

Moody's has (1) decreased its MILAN CE assumption to 16.9% from
17.4% in January 2016 based on the current portfolio
characteristics, and (2) maintained its initial expected loss
assumption in AUD terms.

The decrease in both scheduled and indexed loan to value ratios
since closing has led to a lower MILAN CE for the transaction.

The performance of the mortgage portfolio is within Moody's
expectations. The trust has incurred no losses to date. However,
as at end-June 2016, 3.32% of the outstanding pool was 90-plus
days delinquent. Given the risk of back-loaded losses, Moody's
maintains its initial expected loss assumption in dollar terms,
resulting in an increase to 2.4% of the current portfolio balance
from 1.8% in January 2016.

The MILAN CE and expected loss assumptions are the two key
parameters used by Moody's to calibrate the loss distribution
curve, which is one of the inputs into the RMBS cash-flow model.

The transaction is an Australian non-conforming RMBS secured by a
portfolio of residential mortgage loans. As at end-June 2016,
45.6% of the pool consisted of loans extended to borrowers with
impaired credit histories, and 37.4% of the loans were made on a
limited documentation basis.



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


CAR INC: Proposed Didi, Uber Merger No Impact on Moody's Ba1 CFR
----------------------------------------------------------------
Moody's Investors Service says that two developments -- the
announcement of the Online Chauffeured Car Services Regulation,
and the proposed merger of Didi Chuxing and Uber China, if it
takes place -- will not immediately affect CAR Inc.'s Ba1
corporate family and senior unsecured debt ratings or its
negative outlook.

On July 28, China's Ministry of Transport announced the Online
Chauffeured Car Services Regulation.  The regulation, effective 1
November, sets guidelines and a regulatory framework for service
providers, vehicles and drivers operating in the online
chauffeured car services industry.  Local governments and local
taxi administrative bureaus will be responsible for fine-tuning
and implementing the regulation.

"The regulation will benefit CAR because it will improve the
sustainability of the revenues it receives from its online
chauffeured car services partner UCAR Inc. (unrated) by enhancing
UCAR's profitability," says Gerwin Ho, a Moody's Vice President
and Senior Analyst.

CAR, which held a 9.4% stake in UCAR at end-2015, leases vehicles
to UCAR on long-term and short-term bases at market prices.  UCAR
operates leased vehicles and employs professional drivers, an
operational model in line with the regulations published on 28
July.  UCAR is a key CAR customer, contributing about 32% of
CAR's revenues in 2015.

UCAR's competitors, however, will need to follow more steps to
comply with the new regulation, given that their services are
mostly provided by individuals operating private vehicles.  Such
adjustments will likely increase their cost structures, and may
lead to rises in prices and narrowing of discounts, both for
UCAR's competitors and the overall online chauffeured car
services sector.  The overall sector's higher prices and narrower
discounts would improve UCAR's profitability.

In addition, on Aug. 1, online chauffeur car services provider
Didi Chuxing announced that it will acquire the assets of Uber
China, another online chauffeur car services provider.  In
exchange for the assets, Uber will receive 5.9% of the combined
company with preferred equity interest which is equal to a 17.7%
economic interest in Didi Chuxing.  China's Ministry of Commerce
indicated on Aug. 2, that it has not received a submission
regarding the merger.

Didi Chuxing and Uber China's potential merger will create a
sizeable competitor with deep resources for UCAR.  It could
challenge the growth potential of the revenues that CAR receives
from UCAR.

"The developments do not immediately affect CAR's ratings as the
benefits from the Online Chauffeured Car Services Regulation to
UCAR and CAR and UCAR's premium service positioning mitigate the
impact of an evolving competitive landscape," adds Ho, who is
also the Lead Analyst for CAR.

UCAR's online chauffeured car service posted a net loss of
RMB3.7 billion in 2015 as a result of its startup nature.
Moody's expects that UCAR will improve profitability by raising
the efficiency of its fleet, and narrowing pricing discounts
offered to customers.

UCAR's successful listing on China's National Equities Exchange
and Quotations stock exchange on July 22, enhances the stability
of the revenue that CAR receives from UCAR because of the greater
financial flexibility afforded by UCAR's stronger capital base
and establishment of a public equity funding channel.

The negative outlook on CAR's Ba1 corporate family and senior
unsecured debt ratings reflects the weakening in its shareholder
structure after the sell-down of The Hertz Corporation's (B1
positive) ownership and the emergence of UCAR Technology Inc.
(unrated) as CAR's largest shareholder.  Moody's notes that UCAR
Technology Inc. does not demonstrate the same track record in
operations and financial capacity as does Hertz.

The negative outlook also reflects the uncertainty over CAR's
business strategy, after UCAR Technology Inc. became its largest
shareholder.

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in December 2014.

CAR Inc., founded in 2007 and headquartered in Beijing, provides
car rental services, including short-term rental, long-term
rental and leasing in China.  CAR listed on the Hong Kong Stock
Exchange in September 2014.

At Dec. 31, 2015, CAR's fleet comprised 91,179 company-owned
cars. It commands a leading position in China's car rental market
in terms of fleet size, revenue and network coverage.  In 2015,
it reported net sales of RMB5.0 billion.


CHINA EVERGRANDE: Moody's Retains B2 CFR on Stake Acquisition
-------------------------------------------------------------
Moody's Investors Service says that China Evergrande Group's
acquisition of a stake in China Vanke Co., Ltd.'s (Baa1 stable)
is credit negative, but will not immediately affect its B2
corporate family rating or B3 senior unsecured bond rating.

The rating outlook remains negative.

On Aug. 4, Evergrande announced that it had acquired 4.68% of the
total issued shares of China Vanke for a total cost of
RMB9.1 billion.

"The share acquisition is credit negative because it will
undermine Evergrande's efforts to control its debt growth and
raise financial and investment risk," says Franco Leung, a
Moody's Vice President and Senior Credit Officer.

Evergrande's pursuit of debt-funded expansion to support its
business growth has resulted in a high level of debt leverage.
The series of investment and acquisitions announced this year
will consume some of Evergrande's cash on hand, which will in
turn constrain its ability to control further debt growth.

Moody's expects Evergrande's debt leverage, as measured by
revenue to debt ratio, will remain elevated at around 40%-45% in
the next 12-18 months, although improved from 35% in 2015.

Moody's believes this acquisition represents a financial
investment that has little strategic value, given the small
shareholding.

The impact on its liquidity profile will be manageable, because
Evergrande has sufficient cash reserves to fund this investment.

In particular, the scale of the investment is manageable,
representing around 5.6% of its RMB164 billion of cash as of end-
2015.  On a pro-forma basis, the company's cash to short-term
debt would weaken to around 98% from 103% as of end-2015.

In addition, Evergrande's strong contracted sales growth will
likely support its liquidity profile.  It recorded contracted
sales of RMB184.8 billion for the first seven months of 2016, up
82.6% year over year from the same period in 2015.

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

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

Founded in 1996 in Guangzhou, the company has rapidly expanded
its business across the country over the past few years.  At
Dec. 31, 2015, its land bank totaled 156 million square meters in
gross floor area across 162 Chinese cities.


FANTASIA HOLDINGS: Acquisition No Impact on Moody's B2 CFR
----------------------------------------------------------
Moody's Investors Service says that Fantasia Holdings Group Co.,
Limited's acquisition of Wanda Property Management (unrated) will
not immediately affect the company's B2 corporate family rating
or B3 senior unsecured rating.

The ratings outlook remains stable.

On 1 August, Fantasia announced that Shenzhen Xingfu Wanxiang
Investment Partnership Co. (Limited Partnership) (unrated) -- in
which it holds a 49.49% effective interest -- and Shenzhen
Qianhai Jianian Investment Fund Management Co., Ltd. (unrated) --
a wholly owned subsidiary of Fantasia -- had agreed to purchase
99% and 1% equity stakes, respectively, in Wanda Property
Management Co., Ltd.

Wanda Property is the platform for property management under
Dalian Wanda Commercial Properties Co., Ltd. (Baa2 negative).

Moody's estimates that after the transaction, Fantasia will hold
around 50% of Wanda Property Management Co., Ltd --

"We estimate that the acquisition will marginally raise
Fantasia's debt and that it will take time for the acquired
entity to upstream cash flow contribution to Fantasia," says
Stephanie Lau, a Moody's Assistant Vice President and Analyst.

Moody's expects that Fantasia's debt level will moderately
increase, with its adjusted EBIT/interest and revenue/adjusted
debt weakening to around 1.9x-2.0x and 50%-51% over the next 12--
18 month, versus Moody's previous projections of 2.0x-2.2x and
52%-54% for the next 12-18 months. Such ratios remain appropriate
for its ratings.

In the first six months of 2016, Fantasia achieved contracted
sales of RMB4.8 billion, up 19% year-on-year. These strong
results provide it with liquidity to partly buffer the increase
in its funding needs.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015. Please
see the Ratings Methodologies page on www.moodys.com for a copy
of this methodology.

Fantasia Holdings Group Co., Limited is a property developer
established in 1996. It listed on the Hong Kong Stock Exchange in
November 2009.

At end-2015, its land bank totaled 15.91 million square meters of
gross floor area -- including lots under framework agreements --
mainly in the Chengdu-Chongqing Economic Zone and the Pearl River
Delta.


TIMES PROPERTY: Moody's Says 1H 2016 Results Supports B1 CFR
-----------------------------------------------------------
Moody's Investors Service says that Times Property Holdings
Limited's 1H 2016 results were in line with Moody's expectations
and continue to support the company's B1 corporate family rating
and B2 senior unsecured debt rating.

The ratings outlook remains stable.

"Times Property's strong sales growth during 1H 2016 has
mitigated the impact of a modest increase in leverage," says
Kaven Tsang, a Moody's Vice President and Senior Credit Officer,
and also the International Lead Analyst for Times Property.

Times Property's revenue in 1H 2016 increased by 41% year-on-
year, backed by its strong sales performance over the last 1-2
years.  In 1H 2016, the company's contracted sales grew by a
strong 75% year-on-year to RMB13.4 billion, a result which should
support revenue growth over the next 1-2 years.

On the other hand, Times Property has been active in debt-funded
land acquisitions.  It purchased five plots of land for a total
cost of RMB11.8 billion in 1H 2016 compared to a total spending
of RMB10.9 billion for all of 2015.

As a result, its reported debt increased to RMB19 billion at end-
June 2016 from RMB16 billion at end-2015, and its debt leverage
-- as measured by revenue/adjusted debt -- weakened to 77% for
the 12 months to June 2016 versus 82% in 2015.

Times Property maintained its gross profit margin at 26.3% in 1H
2016, which led to an increase in EBIT and partly offset the
impact of rising interest expenses.  Consequently, the company's
EBIT interest coverage for the 12 months to June 2016 stayed flat
at 2.9x.

The company has also raised funding at lower cost and over a
longer term -- including onshore bonds -- to refinance its high-
cost trust loans.

As a result, its borrowing cost fell to 8.6% in 1H 2016 from 9.6%
in 2015.

Moody's expects that Times Property's revenue to adjusted debt
will stay at around 75%-80% over the next 12-18 months, and its
EBIT interest coverage at around 2.8x-3.0x over the same period.
These credit metrics position the company within the parameters
of a B1 corporate family rating.

"In addition, the company's liquidity position is strong, despite
its increased land investments," says Cindy Yang, a Moody's
Analyst, and also the Local Market Analyst for Times Property.

Times Property has maintained a strong liquidity position.  Its
cash balance of RMB9.35 billion at end-June 2016 and strong
contracted sales will enable it to meet its short-term debt of
RMB369 million over the next 12 months, as well as committed land
premiums.

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

Times Property Holdings Limited is a small- to mid-sized property
developer based in Guangdong Province.  It focuses on meeting
end-user demand for mass-market housing.

At end-June 2016, it had 45 property projects spread between six
cities in Guangdong Province, as well as in Changsha city in
Hunan Province.  Its land bank totaled around 12.1 million square
meters at end-June 2016.



================
H O N G  K O N G
================


BITFINEX: Clients to Take 36% Loss After Hackers Stole Bitcoin
--------------------------------------------------------------
Clare Baldwin at Reuters reports that crypto-currency exchange
Bitfinex, which lost $72 million to hackers two week ago, told
customers on August 7 they would lose just over 36% of the assets
they had on the platform but would be compensated for these
losses with tokens of credit.

According to Reuters, the Hong Kong-based exchange said losses
from the theft would be shared, or "generalized", across all the
company's clients and assets, widening the group of those
affected announced earlier.

"This is the closest approximation to what would happen in a
liquidation context," the report quoted Bitfinex as saying on its
website early on August 7.  "Upon logging into the platform,
customers will see that they have experienced a generalized loss
percentage of 36.067 percent."

Reuters relates that the company said it would also give all
affected clients a "BFX" token crediting their losses that could
be redeemed by the exchange or for shares in iFinex, the
exchange's parent company.

Bitfinex said it would explain its methodology in a later update
and that it was talking to investors about how to fully
compensate its customers, Reuters relays.

Hackers stole 119,756 bitcoin from Bitfinex two weeks ago in the
second-biggest breach of a crypto-currency exchange ever, in U.S.
dollar terms. The hack accounted for about 0.75% of all bitcoins
in circulation, the report says.

Reuters says the exchange is the world's largest for trading
digital currencies such as bitcoin, litecoin and ether, and is
used for its deep liquidity in U.S. dollar/bitcoin trades.

It is still not clear how the hackers gained access to the
company's customer accounts, Reuters notes.

However, both Bitfinex and outside experts have dismissed
suggestions the breach was due to the security of the blockchain,
the decentralized ledger that tracks every bitcoin transaction,
and which traditional banks are considering adopting to increase
the speed and transparency of their transactions.

According to Reuters, Bitfinex earlier said it expected to
"socialize" its losses across bitcoin balances and active loans
to bitcoin/U.S. dollar positions. Its statement on August 7,
however, indicated a wider application of the losses to all
accounts, which also include other digital currencies.

On August 7, it said customers should be able to log on to its
platform within the next 24 to 48 hours, Reuters notes.

Blockchain analysis company Chainalysis separately confirmed to
Reuters that it is helping track the stolen bitcoins.



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


A P STEEL: CRISIL Suspends B+ Rating on INR35MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
A P Steel Re-Rolling Mill Limited (APS).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            35         CRISIL B+/Stable
   Letter of Credit       26.7       CRISIL A4
   Term Loan               9         CRISIL B+/Stable

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

APS was incorporated in 1992 as a private limited company. It was
founded by Mr. A P Azad along with his brother, Mr. A
Shamsudheen, and business acquaintances: Mr. K. Pankajakshan, Mr.
K. Abdul Latheef and Mr. C P Ali Bhav Haji. The company has semi-
integrated operations; and manufactures ingots, thermo-
mechanically treated (TMT) bars, rounds, flats and angles. APS's
TMT bars are marketed under the AP Suraksha brand. APS has a
manufacturing facility in Palakkad (Kerala).


A. R. T. FABRICATION: CRISIL Assigns B+ Rating to INR50MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of A. R. T. Fabrication Industries Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B+/Stable

The rating reflects ARTFPL's modest scale and working capital
intensity in operations in the industrial machinery and
consumables industry. The rating also factors in average
financial risk profile, because of moderate gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience and funding support of the promoters,
and the company's established customer relationships.
Outlook: Stable

CRISIL believes ARTFPL will continue to benefit over the medium
term from the promoters' extensive experience. The outlook may be
revised to 'Positive' if significant improvement in scale of
operations, stable operating profitability, and efficient working
capital management strengthen credit metrics. Conversely, the
outlook may be revised to 'Negative' if low cash accrual, large
working capital requirement, or any sizeable capital expenditure
weakens financial risk profile.

ARTFPL set up in 1996 as Roto Tech Industry, by Mr. Jatinder
Grover and his brother Mr. Harinder Grover, got its current name
in 2000 after it acquired A.R.T. Fabrication Industries. ARTFPL
manufactures steel fabricated items primarily for cranes,
machineries, JCBs, and four wheelers. The manufacturing facility
is in Faridabad, Haryana.

Profit after tax (PAT) and net sales were estimated at INR1.8
million and INR140.3 million, respectively, in fiscal 2016, as
against INR0.1 million and INR144.9 million in fiscal 2015.


AMBICO EXPORTS: CRISIL Reaffirms B+ Rating on INR190MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Ambico Exports
and Imports Private Limited (Ambico) continues to reflect an
average financial risk profile because of high total outside
liabilities to tangible net worth ratio and average interest
coverage ratio.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Line of Credit          190      CRISIL B+/Stable (Reaffirmed)

The rating also factors in modest profitability and working
capital-intensive operations. These rating weaknesses are partly
offset by an increasing scale of operation, diverse product
portfolio, and the extensive experience of its promoters in the
diamond polishing segment.
Outlook: Stable

CRISIL believes Ambico will continue to benefit over the medium
term from the extensive industry experience its promoters and
established relationship with customers. The outlook may be
revised to 'Positive' in case of substantial improvement in the
financial risk profile, most likely because of fresh equity
infusion or sizeable accretion to reserves. The outlook may be
revised to 'Negative' the company's capital structure and
liquidity weaken further because of an increase in working
capital requirement, higher-than-expected debt-funded capital
expenditure, or a substantial decline in cash accrual.

Ambico was founded by Mr Kalpesh Patel and Mr Harshad Patel in
Mumbai in 2004. The company polishes rough diamonds and trades in
bulk chemicals. It derives most of its revenue from the diamond
polishing segment.

In fiscal 2016, on a provisional basis, profit after tax (PAT)
was INR7.0 million on net sales of INR1.45billion; PAT was INR5.0
million on net sales of INR995.0 million in fiscal2015.


BALDVA TEXTILES: CRISIL Reaffirms B+ Rating on INR120MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Baldva Textiles
Private Limited (BTPL) continues to reflect its weak financial
risk profile because of high gearing and small networth, a modest
scale of operations, and large working capital requirement. These
rating weaknesses are partially offset by the extensive
experience of promoters in the textile industry.

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

Outlook: Stable

CRISIL believes BTPL will maintain its credit risk profile over
the medium term, backed by the extensive experience of promoters,
and their established customer relationships. The outlook may be
revised to 'Positive', in case of better operating margin, while
prudently managing its working capital cycle and improving the
financial risk profile. Conversely, the outlook may be revised to
'Negative', if cash accrual declines, or working capital
requirement increases further, constraining the financial risk
profile, particularly liquidity.

Update
During fiscal 2016, sales is estimated to have grown 16% year-on-
year to INR447 million mainly driven by increased sales volume of
its fabrics for trousers. The company has recovered from a
decline in scale of operations during fiscal 2015 by generating
demand through new customers. Operating margin normalised to 7.1%
in fiscal 2016 (9.1% the previous fiscal) on account of
intensifying competition and increased proportion of jobwork to
total sales. CRISIL expects the business risk profile to remain
moderate over the medium term supported by established customer
relationships and a diverse product mix.

The capital structure, although improved, remains weak as
reflected in gearing estimated at marginally below 3 times as on
March 31, 2016 (4.03 times a year ago), mainly on account of a
small networth of INR34.2 million. Debt protection metrics are
estimated to remain average, with net cash accrual to total debt
and interest coverage ratios at 0.09 time and 1.4 times,
respectively, in fiscal 2016. Liquidity should remain moderate,
supported by adequate cash accrual to meet debt obligation. Cash
accrual should be at INR9-11 million against debt obligation of
INR10-25 million over the medium term. Bank limit utilisation was
high at 98% over the six months through May 2016. Gearing will
likely remain high at around 3 times over the medium term because
of the incremental working capital requirement.

On a provisional basis, net profit stood at INR1.8 million on
estimated net sales of INR446.7 million for fiscal 2016 as
against net profit of INR1.5 million on net sales of INR381.5
million for fiscal 2015.

Established in 1987, BTPL, promoted by Mr Anil Baldva,
manufactures trouser fabrics at its plant in Bhilwara, Rajasthan.


BHAGWANDAS METALS: CRISIL Assigns 'B' Rating to INR30MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Bhagwandas Metals Limited (BML).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL B/Stable
   Foreign Letter
   of Credit               55        CRISIL A4

The ratings reflect a modest scale of operations and weak
financial risk profile. These weaknesses are partially offset by
the extensive experience of the company's promoters in the steel
industry.
Outlook: Stable

CRISIL believes BML will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of higher-than-
expected growth in revenue and improvement in profitability,
leading to better cash accrual and liquidity. The outlook may be
revised to 'Negative' in case of decline in revenue or a
stretched working capital cycle, leading to deterioration in the
financial risk profile, particularly liquidity.

BML was incorporated in 1982, promoted by Mr Govind Prasad. The
company trades in steel and steel products such as thermo-
mechanically treated (TMT) bars, sheets, plates, and scrap. It is
based in Chennai and is listed on the Bombay Stock Exchange.

Net profit and sales were INR0.9 million and INR220.9 million,
respectively, for fiscal 2016, vis-a-vis net profit of INR1.6
million on sales of INR462 million for fiscal 2015.


BHARATHI RAJAA: CRISIL Suspends B- Rating on INR146.5MM LT Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Bharathi Rajaa Hospital and Research Centre Private Limited
(BRH).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            12.5      CRISIL B-/Stable
   Long Term Loan         21        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility    146.5      CRISIL B-/Stable

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

Incorporated in 1991, BRH operates a multi-speciality hospital in
Chennai (Tamil Nadu). The day-to-day operations of the hospital
are managed by its promoter, Dr. C Natesan.


BIRMI IMPEX: CRISIL Assigns 'B' Rating to INR30MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Birmi Impex Private Limited (BIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               30        CRISIL B/Stable
   Bank Guarantee           3        CRISIL A4
   Cash Credit             25        CRISIL B/Stable

The ratings reflect the company's nascent and small scale of
operations in the intensely competitive textile industry, and its
subdued financial risk profile because of weak debt protection
metrics. These weaknesses are partially offset by the extensive
industry experience of its promoters.
Outlook: Stable

CRISIL believes BIPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is an improvement in the company's revenue
and profitability, leading to better-than-expected cash accrual.
The outlook may be revised to 'Negative' in case of lower-than-
expected cash accrual, or substantial working capital
requirement, or sizeable debt-funded capital expenditure, leading
to pressure on its financial risk profile.

BIPL, incorporated in 2011, is promoted by Mr. Puneet Bansal and
his cousins. The company commenced operations in March 2016 and
manufactures polyester/polar fabrics used in winter wear. It will
start manufacturing mink blankets in September 2016. It has
installed capacity of 5 tonne per day (tpd), and is increasing
capacity to 12 tpd. Its manufacturing plant is in Panipat,
Haryana.


CAVIER BATHFITTINGS: CRISIL Suspends B+ Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Cavier
Bathfittings Ltd. (CBFL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              60       CRISIL B+/Stable
   Proposed Long Term
    Bank Loan Facility      30       CRISIL B+/Stable

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

CBFL was incorporated in 2008, and is promoted by the Jamnagar-
based Mr. Vrundavan Ajudiya. The company manufactures bath
fittings its production facilities, in Jamnagar (Gujarat) and
sells under brand 'Cavier'.


DELUXE FABRICS: CRISIL Suspends B+ Rating on INR120MM Cash Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facility of Deluxe Fabrics Limited (DFL) and has assigned its
'CRISIL B+/Stable' ratings to these facilities. The ratings had
been suspended by CRISIL on March 28, 2015, as DFL had not
provided the necessary information for taking a rating view. The
company has now shared the requisite information, enabling CRISIL
to assign ratings to the bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             120       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects the company's average financial risk profile,
with subdued debt protection metrics and capital structure, and
working capital-intensive operations. These weaknesses are
partially offset by experience of promoters and established
customer base in the textile industry.
Outlook: Stable

CRISIL believes DFL's business risk profile will remain supported
by the extensive industry experience of partners. The outlook may
be revised to 'Positive' if liquidity improves either because of
significant improvement in profitability and turnover leading to
better-than-expected cash accrual, or effective working capital
management. Outlook may be revised to 'Negative' if liquidity
weakens on account of either a significant increase in working
capital requirement or decline in turnover or any debt-funded
capital expenditure.

Established in 1983, DFL, promoted by Mr Shri Pal Jain along with
his family members and friends, manufactures knitted
fabric/clothes and readymade garments. The company has its
manufacturing facility in Ludhiana, Punjab.


FARMACHEM LIFE: CRISIL Assigns 'B' Rating to INR22.5MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Farmachem Life Private Limited (FLPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Long Term Loan         7.5       CRISIL B/Stable
   Cash Credit           22.5       CRISIL B/Stable
   Letter of Credit      60.0       CRISIL A4

The rating reflects FLPL's below-average financial risk profile
because of a small net worth and high external indebtedness and
modest scale of operations in competitive bulk drugs trading
business. These rating weaknesses are partially offset by
extensive industry experience of promoters and established
clientele.
Outlook: Stable

CRISIL believes that FLPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the
company records better-than-expected revenues and profitability,
leading to higher-than-expected cash accruals. The outlook may be
revised to 'Negative' in case FLPL registers lower cash accrual,
or in case its working capital cycle lengthens, leading to
further deterioration in its financial risk profile especially
liquidity.

FLPL, incorporated in 2008 in Mumbai, trades bulk drugs and
pharmaceutical intermediaries. The company's operations are
managed by Mr. Narendra Zota and his daughter, Ms Bhoomi Zota.


GURU NANAK: CRISIL Assigns 'B' Rating to INR65MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facility of Guru Nanak Milk Products (GNMP).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              65       CRISIL B/Stable


The rating reflects the firm's below-average financial risk
profile, with weak debt protection metrics, and low operating
profitability and return on capital employed. These weaknesses
are partially offset by extensive experience of the partners in
and its modest scale of operations.
Outlook: Stable

CRISIL believes GNMP will continue to benefit from its
established regional and the extensive industry experience of its
partners. The outlook may be revised to 'Positive' if scale of
operations and operating profitability improve sustainably.
Conversely, the outlook may be revised to 'Negative' if decline
in revenue and operating profitability, or any large debt-funded
capital expenditure weakens financial risk profile.

GNMP is a partnership concern established in April 2003. The firm
started its commercial operations in May 2003 through its
registered office and storage facility located at Ferozpur,
Punjab. Mr Kashmira Singh and his son, Mr Gurmeet Singh are the
partners, and have equal shares in profits or losses. The firm
trades in milk. It procures milk from the nearby villages and
stores it in the chilling centers. The milk is then sold to
manufacturers of milk products in Delhi, Jammu & Kashmir, and
Punjab.


HONEY PROPERTIES: CRISIL Assigns 'B' Rating to INR70.5MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Honey Properties (HP).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          70.5      CRISIL B/Stable

The rating reflects HP's susceptibility to risks related to the
completion and salability of its ongoing real estate residential
project in Bengaluru and to cyclicality in the real estate
industry. These weaknesses are partially offset by the extensive
industry experience of the promoters in the residential real
estate development business and the strategic location of the
project.
Outlook: Stable

CRISIL believes HP will benefit over the medium term from the
promoters' extensive experience in the residential real estate
development segment. The outlook may be revised to 'Positive' if
the company completes its projects earlier than expected or in
case of more-than-expected sales realizations from ongoing
projects, leading to substantial cash flow. Conversely, the
outlook may be revised to 'Negative' if there is any delay in
project completion, in the receipt of advances from customers, or
if HP undertakes a large, debt-funded project.

Established in 2014, HP is engaged in real estate development.
The company is promoted by Mr. K.S. Sameeulla and Mr. K.S. Suna
Miandad.


INDUSTRIAL ENGINEERING: CRISIL Reaffirms B+ Rating on INR20M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Industrial Engineering
Corporation (IEC) continue to reflect IEC's modest scale of
operations in the intensely competitive steel industry and below-
average financial risk profile because of modest networth. These
weaknesses are partially offset by the extensive experience of
promoters and their strong relationships with customers and
suppliers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         100       CRISIL A4 (Reaffirmed)
   Cash Credit             20       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes IEC will continue to benefit over the medium term
from its promoters' extensive experience in the industry. The
outlook may be revised to 'Positive' if scale of operations or
profitability significantly improves leading to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if a significant decline in revenue or profitability
margin or a stretch in the working capital cycle or large, debt-
funded capital expenditure, results in deterioration in the
financial risk profile.

Established in 1997, IEC manufactures, supplies, and exports a
wide range of mild-steel drums and barrels. The firm, based in
Kochi (Kerala), is managed by Mr Biju Nair.


KABRA BUILDERS: CRISIL Assigns B+ rating to INR37.5MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Kabra Builders Private Limited (KBPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               37.5      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      31.5      CRISIL B+/Stable
   Bank Guarantee          10.0      CRISIL A4
   Cash Credit              5.0      CRISIL B+/Stable

The ratings reflect KBPL's below average financial risk profile
due to small networth and moderate capital structure. The ratings
also factor in modest scale of operations in a highly fragmented
industry and susceptibility to adverse regulatory changes or
volatility in raw material prices. These weaknesses are partially
offset by the extensive industry experience of the promoter and
the favourable location of its warehouse and sortex plant.
Outlook: Stable

CRISIL believes KBPL will maintain a stable business risk profile
over the medium term backed by the extensive industry experience
of its promoter and advantageous location of the unit. The
outlook may be revised to 'Positive' in case of a significant and
sustained improvement in revenue and profitability leading to
higher accruals, or significant infusion of equity by promoters,
while working capital management remains stable, leading to a
better financial risk profile. The outlook may be revised to
'Negative' if low operating income or accrual, stretched working
capital cycle, or any debt- funded capital expenditure plan
weakens the financial risk profile, particularly liquidity.

Incorporated in July 2007 by Mr Om Prakash Kabra from Mandsaur
(Uttar Pradesh), KBPL provides warehousing services (with
weighing and cleaning facilities) for agricultural commodities,
primarily food grains and spices. It also has a sorting machine
installed to provide grading and sorting services on job-work
basis and also trades in agricultural commodities. Mr Om Prakash
Kabra and Mrs Pratima Kabra are the directors of the company.


KNY PROJECTS: CRISIL Assigns B+ Rating to INR42.5MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to
the bank facilities of KNY Projects Private Limited (KNY).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          70        CRISIL A4
   Cash Credit             42.5      CRISIL B+/Stable

The rating reflects KNY's modest scale of operations, and
exposure to inherent risks in its tender-based business and to
intense competition. These weaknesses are partially offset by its
promoters' extensive experience in the consulting and civil
construction industry, and its comfortable financial risk
profile.
Outlook: Stable

CRISIL believes KNY will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is a sustainable growth in the company's
revenue and profitability, and improvement in its working capital
management, enhancing its financial risk profile. The outlook may
be revised to 'Negative' if its revenue and operating margin
decline due to a delay in execution of projects, or if stretch in
receivables constrains its liquidity, or if the company
undertakes large debt-funded capital expenditure, weakening its
financial risk profile.

KNY provides consultancy services such as architectural designs,
including validating and amending designs, budgeting for
construction, and supervising the construction activity, and
undertakes construction contracts. The company is managed by Mr
Ravi Yadav, its managing director and chief executive officer. He
is supported by his family members.

For fiscal 2016, on a provisional basis, KNY's profit after tax
(PAT) was INR6.9 million on revenue of INR125.1 million, against
a PAT of INR5.5 million on revenue of INR106.9 million for fiscal
2015.


KOTKAPURA MUKTSAR: Ind-Ra Lowers Rating on INR750MM Loans to D
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Kotkapura
Muktsar Tollways Private Limited's (KMTPL) INR750 mil. senior
project bank loans to 'IND D' from 'IND BB+'.  The Outlook was
Stable.

                         KEY RATING DRIVERS

The downgrade reflects the delays in KMTPL's debt servicing, as
seen in the auditor's report accompanying its FY16 financials, as
well as slippages in project completion (scheduled commercial
operations date - COD - of July 31, 2016, has passed).
Management also expects cost overruns of INR120 mil.

The rating also factors in the sponsor's weak credit profile,
which has constrained the sponsor's ability to arrange funding
for cost overruns.

                         RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months
could result in a positive rating action.

                          COMPANY PROFILE

KMTPL is a special purpose vehicle (SPV) promoted by Supreme
Infrastructure BOT Holdings Private Limited (48%), Supreme
Infrastructure India Limited (SIIL; 'IND D'; 26%) and SPML Infra
Limited (26%).  It has been set up to build, operate and maintain
a 30 km. stretch on State Highway 16.  The corridor connects
Faridkot Wala chowk in Kotkapura town with Kher Singh Sidhu Chowk
in Muktsar in Punjab.

The project is under a concession from the Public Works
Department, Government of Punjab.  The project cost of INR1,030
mil. is being funded by INR280 mil. equity (100% infused) and
INR750 mil. debt (INR694 mil. disbursed as at July 15, 2016).
The company recently stated that the project has undergone cost
overruns of INR120 mil.


KUTTI SPINNERS: CRISIL Reaffirms 'B' Rating on INR120MM LT Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kutti
Spinners Private Limited (KSPL) continues to reflect the
company's modest scale of operations and below-average financial
risk profile. These weaknesses are partially offset by promoters'
extensive experience in the textile industry.

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

   Long Term Loan          120       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       87       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KSPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' in case of considerable increase in
revenue and profitability, while improving capital structure. The
outlook may be revised to 'Negative' if low cash accrual due to
considerable decline in yarn realisations; stretched liquidity
because of inefficient working capital management; or any large,
debt-funded capital expenditure further weakens financial risk
profile.

Update
As expected, revenue increased 9.1% year-on-year to INR447
million for fiscal 2015. Turnover reduced marginally to INR429
million for fiscal 2016, while operating margin improved to 10%
from 6.7% because of efficient management of raw material costs
and better realisations.

Working capital cycle will remain moderate over the medium term
with stable inventory (about 2 months) and average receivables.
However, financial risk profile remains weak because of erosion
in networth and resultant weakening of capital structure. Debt
protection metrics, though, were strong, with net cash accrual to
total debt and interest coverage ratios of 25% and 2.39 times,
respectively, for fiscal 2016.

Liquidity is strong, reflected in sufficient cash accrual against
debt obligation. Also, bank limit utilisation was moderate over
the 12 months ended March 2016.

Incorporated in 1990, KSPL manufactures cotton yarn at its unit
in Namakkal district, Tamil Nadu, which has installed capacity of
20,160 spindles. The company also operates windmills in
Kanyakumari with total capacity of 5 megawatt, which meets its
entire power requirement. The company is promoted by Mr. T
Gunasekharan.


LALIT MINING: CRISIL Assigns B- Rating to INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Lalit Mining And Petrochemicals Private
Limited (LMPPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B-/Stable
   Letter of Credit        20        CRISIL A4

The ratings reflect below-average financial risk profile, because
of high gearing, low networth and highly working capital-
intensive operations. These weaknesses are mitigated by the
promoters' extensive experience in the trading industry and their
established relationship with customers and suppliers.
Outlook: Stable

CRISIL believes LMPPL will continue to benefit from the
promoters' over a decade of industry experience as well as from
established relationship with customers and suppliers and
widespread network all across the country. The outlook may be
revised to 'Positive' if financial risk profile improves with
improvement in capital structure along with efficient working
capital management and liquidity. Conversely, the outlook may be
revised to 'Negative' in case of constrained liquidity resulting
from lower-than-expected cash accrual or large working capital
requirement or debt-funded capital expenditure.

LMPPL, is a Faridabad-based company established in and promoted
since 2001 by Mr. Subhash Gupta, Mr. Lalit Gupta and Ms. Veena
Gupta. The company trades in spare parts for all types of heavy
earthmoving machines along with oil lubricants and supplies these
to domestic customers across local geographies.

LMPPL's net profit was INR2.4 million on net sales of INR244.7
million in 2014-15 (refers to financial year, April 1 to March
31) against net profit of INR2.5 million on net sales of INR236.8
million in 2013-14.


LEZORA VITRIFIED: CRISIL Suspends 'B' Rating on INR320MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Lezora
Vitrified Private Limited (LVPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      320       CRISIL B/Stable
   Proposed Short Term
   Bank Loan Facility       30       CRISIL A4

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

Established in 2014, LVPL is promoted by Mr. Vindobhai Bhorania,
Mr. Anil Bavarva, Mr. Shaileshbhai Shirvi and Mr. Rajnikant
Chikani. The firm, based in Morbi (Gujarat), is setting up a
plant to manufacture glazed vitrified tiles of various sizes at
its production facilities in Morbi. It is expected to commence
commercial operations in April 2015.


LION TAPES: CRISIL Puts Two 'B' Ratings on Notice of Withdrawal
---------------------------------------------------------------
CRISIL's rating on the cash credit, letter of credit and proposed
long term bank facilities of Lion Tapes Private Limited (LTPL) is
placed on 'Notice of Withdrawal' of 180 days at the client's
request. This rating action is in line with CRISIL's withdrawal
policy and the ratings will be withdrawn at the end of notice
period. The rating on the term loan bank facilities has been
reaffirmed at 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             35.5      CRISIL B/Stable (Notice
                                     of Withdrawal)

   Inland/Import            5.0      CRISIL A4 (Notice of
   Letter of Credit                  Withdrawal)

   Proposed Long Term      21.8      CRISIL B/Stable (Notice of
   Bank Loan Facility                Withdrawal)

   Term Loan               37.7      CRISIL B/Stable (Reaffirmed)


The ratings continues to reflect LTPL's large working capital
requirement, small scale of operations, and average financial
risk profile because of high gearing and subdued debt protection
metrics. These weaknesses are partially offset by the extensive
experience of promoters in the elastic and fasteners
manufacturing industry and healthy profitability.
Outlook: Stable

CRISIL believes LTPL will continue to benefit over the medium
term from the extensive industry experience of promoters. The
outlook may be revised to 'Positive' if revenue increases
significantly and sustainably while maintaining healthy operating
margin, leading to a sizable cash accrual. Conversely, the
outlook may be revised to 'Negative' if financial risk profile,
particularly liquidity, weakens because of lower cash accrual,
stretched working capital cycle or any large, unanticipated
capital expenditure.

Set up in 1996, LTPL manufactures elastics and fasteners. Its
manufacturing facility is in Bhavnagar (Gujarat). The company is
promoted and managed by Mr S D Mody and Mr R D Mehta.


MAA VAISHNO: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Maa
Vaishno Edibles Pvt. Ltd. (MVEPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            40         CRISIL B/Stable
   Long Term Loan         17.8       CRISIL B/Stable

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

MVEPL was incorporated in 2014, by Mr. Vishwanath Gupta and his
family. The company processes and sells basmati rice of the PUSA-
1121 and PL-11 varieties in India. Its manufacturing facility is
located at Gorakhpur, Uttar Pradesh.


MALANKARA ORTHODOX: CRISIL Reaffirms B+ Rating on INR308.5MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Malankara Orthodox
Syrian Church Medical Mission (MOSCMM) continues to reflect the
society's below-average financial risk profile because of high
gearing and a modest networth, and susceptibility to any adverse
impact of regulatory changes in the education sector. These
rating strengths are partially offset by an established market
position in the healthcare business in Kerala.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         70        CRISIL A4 (Reaffirmed)

   Cash Credit            50        CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        7.5      CRISIL A4 (Reaffirmed)

   Long Term Loan        308.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     49.0      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MOSCMM will continue to benefit over the medium
term from its established market position in Kerala. The outlook
may be revised to 'Positive' in case of a significant improvement
in scale of operations and profitability, leading to much better
cash accrual and capital structure. The outlook may be revised to
'Negative' in case of larger-than-expected debt-funded capital
expenditure, or disruptions in operations because of any adverse
impact of regulatory changes, leading to lower-than-expected cash
accrual and hence to further weakening of the financial risk
profile.

Registered in 1968 as a charitable society under the Travancore
Cochin Literary Scientific and Charitable Societies Registration
Act, 1955, MOSCMM's operates a multi-specialty hospital in
Kerala. The society also runs a medical institute offering an
MBBS course.


MERGE STONES: CRISIL Assigns 'B' Rating to INR50MM Overdraft Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Merge Stones (MS).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Secured Overdraft
   Facility                 50       CRISIL B/Stable
   Foreign Letter of
   Credit                   20       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       30       CRISIL B/Stable

The rating reflects a weak financial risk profile because of a
high total outside liabilities to tangible net worth ratio, a
modest networth, and below-average debt protection metrics. The
rating also factors in a modest scale of operations in the highly
competitive granite export business, and susceptibility to any
adverse impact of government regulations and to volatility in
foreign exchange rates. These rating weaknesses are partially
offset by the extensive entrepreneurial experience of the firm's
partners.
Outlook: Stable

CRISIL believes MS will continue to benefit over the medium term
from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' in case of significant
improvement in the financial risk profile, supported by an
increase in scale of operations and a much better operating
margin, along with infusion of capital. The outlook may be
revised to 'Negative' if the financial risk profile, especially
liquidity, weakens, due to a decline in scale of operations and
operating margin, or a stretched working capital cycle.

Established in 2015 and promoted by Mr Vamshi Ram Krishna and Mr.
Krishna, MS trades in marble slabs.


MHETRE FOODS: CRISIL Assigns 'D' Rating to INR87.5MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' ratings to the long-term bank
facilities of Mhetre Foods Private Limited (MFPL). The ratings
reflect instances of delay by MFPL in servicing its debt due to
weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     17.5       CRISIL D
   Cash Credit            10.0       CRISIL D
   Long Term Loan         87.5       CRISIL D

MFPL has a modest scale of operations in the food processing
industry and large working capital requirements. The company,
however, benefits from the extensive industry experience of its
promoters.

Incorporated in 2011, MFPL processes vegetables, and started its
operations in September 2015. The company is promoted by Mr Dilip
Mhetre, Mr Prakash Mhetre and Mr Vikas Mhetre and is based in
Daund (Maharashtra).


NAMASTE AIRPORT: CRISIL Assigns B+ Rating to INR170MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Namaste Airport Services Private Limited
(NASPL). The rating reflects NASPL's exposure to project risk and
increase in gearing. These rating weaknesses are partially offset
by the established position in rural tourism, and stable and
healthy lease rental income from food joint.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     170        CRISIL B+/Stable

Outlook: Stable

CRISIL believes NASPL will maintain its business risk profile
over the medium term, backed by the extensive experience of
promoters. However, the financial flexibility is expected to
remain constrained with increase in debt. The outlook may be
revised to 'Positive' if an increase in scale of operations leads
to considerably higher cash accrual, which will be sufficient for
payment of its debt obligation. Conversely, the outlook may be
revised to 'Negative' if liquidity deteriorates further on
account of lower-than-expected cash accrual or any large, debt-
funded capital expenditure.

Established in 2009, NASPL, promoted by Mr Arvind Rathi and Ms
Charu Rathi, is primarily engaged in providing rural tourism
services in Uttar Pradesh. NASPL also operates a food court
joint, Namaste Midway, on National Highway-58 (Delhi-Haridwar
Highway) near Mansurpur, Uttar Pradesh.


NANDA GOKULA: CRISIL Assigns B+ Rating to INR55MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' ratings to the long
term bank facility of Nanda Gokula Industries (NGI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              55       CRISIL B+/Stable

The rating reflects NGI's modest scale of operations in an
intensely competitive cashew processing industry, its weak
financial risk profile, marked by a weak capital structure and
debt protection metrics, and its highly working capital intensive
operation.  These rating weaknesses are partially offset by the
promoter's extensive experience in the cashew industry and its
longstanding customer relationships.
Outlook: Stable

CRISIL believes that NGI will continue to benefit over the medium
term from its promoter extensive experience in the cashew
processing industry. The outlook may be revised to 'Positive' in
case there is significant and sustained improvement in the firm's
revenues and profitability, while improving its capital structure
and debt protection metrics. Conversely, the outlook may be
revised to 'Negative' in case of a significant decline in the
firm's revenues or profitability margins or an elongation of its
working capital cycle or larger than expected debt funded capex
resulting in a weakening in its financial risk profile.

Nanda Gokula Industries (NGI) is a proprietorship firm
established in 2012 by Mrs. Chandravathi Shetty. NGI is engaged
in the business of processing raw cashew nuts and selling of
cashew kernels. The day to-day operations are being managed by
Mr. Premananda Shetty.


NAVA BHARATH: Ind-Ra Suspends BB+ Rating on INR55.37MM Bank Loans
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Nava Bharath
Educational Trust's (NBET) INR55.37 mil. bank loans and INR30
mil. fund-based working capital limits to 'IND BB+ (suspended)'
from 'IND BB+'.  The Outlook was Stable.

The rating has been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage for NBET's bank facilities.

The rating 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 the
six-month period, the rating could be reinstated and will be
communicated through a rating action commentary.


NEOMETRIX ENGINEERING: CRISIL Rates INR40MM Cash Loan at B-
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Neometrix Engineering Private Limited
(NEPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          30        CRISIL A4
   Cash Credit             40        CRISIL B-/Stable

The ratings reflect the small scale of operations, high working
capital requirement and below average financial risk profile
marked by high gearing. These weaknesses are mitigated by the
extensive experience of the promoters in the defence and aviation
equipment industry.
Outlook: Stable

CRISIL expects NEPL to benefit from the experience of the
promoters in defence testing equipment manufacturing industry.
The outlook may be revised to 'Positive' if expansion in scale of
operations or efficient working capital management leads to
improvement in cash flows and liquidity profile and thus the
financial risk profile. The outlook may be revised to 'Negative'
in case of a stretch in receivables or weakening of capital
structure or debt protection indicators.

Established in 2005 by Mr Shailendra Pratap Singh, NEPL
manufactures and installs test equipment for defence mainly the
Indian Air Force. Based in Noida, the company also caters to the
Indian Railways and automotive segment occasionally.


P. L. ASSOCIATES: CRISIL Reaffirms 'B' Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of P. L.
Associates (PL) continues to reflect the firm's below-average
financial risk profile because of high total outside liabilities
to tangible networth (TOLTNW) ratio and modest debt protection
metrics. This weakness is partially offset by the extensive
experience of its promoter in the timber trading business.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              15       CRISIL B/Stable (Reaffirmed)
   Foreign Letter of
   Credit                   50       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes PL will continue to benefit from its promoter's
industry experience. The outlook may be revised to 'Positive' in
case of significant increase in the firm's revenue and
profitability, resulting in healthy cash accrual, and improvement
in its capital structure driven by equity infusion or reduction
in working capital cycle. The outlook may be revised to
'Negative' if the financial risk profile weakens due to stretch
in working capital cycle or decline in profitability.

Update
PL's operating income increased to INR141.4 million for fiscal
2016 from INR112.1 million in fiscal 2015 driven by higher sales
volume. CRISIL expects the sales growth at 5-7% over the medium
term on account of the firm's established presence in the timber
trading business. Its operating margin, at 3.2% for fiscal 2016,
will remain at a similar level because of its established market
position.

The financial risk profile remains below average because of high
TOLTNW ratio of 6.7 times as on March 31, 2016. The firm's large
working capital requirement is indicated by gross current assets
of 170-180 days as on March 31, 2016, driven by substantial
receivables of 90-100 days and inventory of 45-60 days.

Its liquidity is adequate because of healthy cash accrual against
nil debt obligation. The cash credit facility was utilised at an
average of 58% over the 12 months through March 2016.

PL, set up in 2010 in Gandhidham, is promoted by Mr Salabh Kumar
Agarwal. It processes and trades in pine wood logs and lumbers.


POBJI EMPORIUM: CRISIL Assigns B Rating to INR25MM Bill Disc.
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Pobji Emporium (Pobji).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility       2        CRISIL B/Stable
   Packing Credit          21        CRISIL A4
   Bill Discounting        25        CRISIL B/Stable
   Long Term Loan           9        CRISIL B/Stable

The ratings reflect modest scale of operations and below-average
financial risk profile, with low networth and weak debt
protection metrics. However these rating weakness are partially
offset by the partners' extensive experience in the home
decorative industry.
Outlook: Stable

CRISIL believes Pobji will continue to benefit over the medium
term from the partners' extensive experience. The outlook may be
revised to 'Positive' if substantial ramp-up in scale of
operations, and improving profitability and working capital
management strengthen key credit metrics. Conversely, the outlook
may be revised to 'Negative' if financial risk profile,
particularly liquidity, weakens most likely on account of decline
in scale of operations or profitability, or stretch in working
capital cycle.

Pobji is based in Alappuzha, Kerala, and exports natural rubber
and manufactures home furnishing articles such as doormats and
coir. Key partner, Mr K S Christy manages operations.


PRERNA COTPRESS: CRISIL Suspends B- Rating on INR57.5MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Prerna
Cotpress Private Limited (PCPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             57.5      CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      22.5      CRISIL B-/Stable

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

Incorporated in 2006 and promoted by Mr. Rasik Patel, PCPL is
engaged in cotton ginning and pressing in Himmatnagar (Gujarat).


R F MOTORS: CRISIL Suspends B+ Rating on INR175.6MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
R F Motors Private Limited (RF Motors).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B+/Stable
   Inventory Funding
   Facility                40        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    175.6       CRISIL B+/Stable


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

RF Motors, set up in 2004, is a dealer of TML's passenger cars in
Central Kerala. The company is promoted by Mr. M M Farook and his
family members.


RAGHUVIR BUILDCON: CRISIL Reaffirms B+ Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Raghuvir Buildcon
Private Limited (RBPL) continues to reflect the company's
exposure to intense competition in the fragmented civil
construction industry and large working capital requirements.
These rating weaknesses are partially offset by the extensive
experience of RBPL's promoters in the civil construction business
and moderate financial risk profile marked by moderate gearing
and average debt protection metrics, despite its small networth.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          100      CRISIL A4 (Reaffirmed)

   Overdraft Facility      100      CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Term Loan               100      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RBPL will benefit over the medium term from
its promoters' industry experience improved profitability and
comfortable capital structure. The outlook may be revised to
'Positive' if the company's working capital cycle improves
leading to an improvement in capital structure, or its revenues
increase while maintaining its profitability. Conversely, the
outlook may be revised to 'Negative' if RBPL records lower-than-
expected profitability or if its capital structure and debt
protection metrics weaken, most likely due to stretch its working
capital cycle management or higher-than-expected debt-funded
capital expenditure.

Incorporated in 1990, RBPL is engaged in undertaking civil
construction works such as construction of canals, cement
concrete roads, dams, and bridges for state governments. The
company is engaged in civil construction activity mainly in
Gujarat and Andhra Pradesh.


S. I. PATEL: CRISIL Suspends B+ Rating on INR95MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
S. I. Patel Industries (SIP).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              95       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        5       CRISIL B+/Stable


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

Started in 2005, SIP is engaged in cotton ginning activity along
with the production of crude cotton oil. Located in Vijapur
(Gujarat), SIP is promoted and managed by Mr. Prakash Chandra
Patel.


SABASH ENGINEERING: CRISIL Suspends 'D' Rating on INR105MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sabash Engineering (Chennai) Private Limited (SEPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          60        CRISIL D
   Cash Credit             30        CRISIL D
   Letter of Credit        60        CRISIL D
   Long Term Loan          45        CRISIL D
   Proposed Long Term
   Bank Loan Facility     105        CRISIL D

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

Incorporated in 2005 by Mr. Ramakrishnan, Chennai-based SEPL
designs, manufactures, supplies, erects, and commissions
pneumatic conveying systems (primarily material handling). The
company derives majority of its revenues from supplies of
pneumatic conveying system for the cement industry.


SAMBANDAM SPINNING: CRISIL Cuts Rating on INR532.5MM Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sambandam Spinning Mills Ltd (SSML) to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB+/Stable/CRISIL A4+' and reaffirmed its rating
on the company's fixed deposits at 'FB+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          35        CRISIL A4 (Notice of
                                     Withdrawal)
   Cash Credit            430        CRISIL B+/Stable (Notice of
                                     Withdrawal)
   Letter of Credit       170        CRISIL A4 (Notice of
                                     Withdrawal)
   Term Loan              532.5      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB+/Stable')

Furthermore, the ratings on the cash credit, letter of credit and
bank guarantee have been placed on 'Notice of Withdrawal' for 180
days on the company's request. The ratings will be withdrawn at
the end of the notice period in line with CRISIL's policy on
withdrawal of its bank loan ratings. The rating action is based
solely on information available in the public domain as SSML has
not cooperated with CRISIL in its surveillance process.

The rating downgrade reflects weakening in SSML's financial risk
profile, especially the liquidity, owing to lower-than-expected
cash accruals and large repayment obligations. The company's cash
accruals at INR111 million is significantly lower than CRISIL's
earlier estimates of INR281 million, primarily on account of
declining sales and profitability. SSML's operating income has
declined to INR2.05 billion in fiscal 2016 from INR 2.42 billion
in fiscal 2015; operating margins have contracted to 11.1 per
cent in fiscal 2016 and have steadily declined from 15.6 per cent
reported in fiscal 2014. Declining profitability and high debt
levels have resulted in subdued debt protection metrics; the
company's interest coverage has weakened to about 2 times in
fiscal 2016. CRISIL believes that SSML's liquidity will remain
under pressure over the medium term, due to the large repayment
obligations and subdued cash generation from business.

The ratings also reflect SSML's below-average financial risk
profile marked by its high external indebtedness and the
susceptibility of its profitability to volatility in raw material
prices. These rating strengths are partially offset by the
extensive industry experience of SSML's promoters.
Outlook: Stable

CRISIL believes that SSML will continue to benefit, over the
medium term, from the promoters extensive industry experience.
The outlook may be revised to 'Positive' if the company's cash
accruals increase substantially or in case a sizeable equity
infusion resulting in sizeable reduction in debt thereby
improving the debt protection metrics. Conversely, the outlook
may be revised to 'Negative' if cash accruals decline, on account
of decline in its revenue or profitability, or deterioration in
working capital management or due to debt-funded capex, leading
to further weakening of the liquidity.

SSML, incorporated in Salem (Tamil Nadu) in 1973 as a private
limited company, is promoted by Mr. S P Ratnam, Mr. S P
Sambandam, Mr. S P Rajendran, and Mr. Y Jagannathan. The firm was
reconstituted as a public limited company in 1994. SSML
manufactures cotton yarn.

SSML reported a profit after tax (PAT) of INR1.29 million on
total revenue of INR515.7 million in Fiscal 2016, as against net
loss of INR14.6 million on total revenue of INR468.3 billion for
Fiscal 2015.


SATKAR PAPER: CRISIL Assigns B Rating to INR111.4MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Satkar Paper Mills Private Limited (SPMPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL B/Stable
   Term Loan              111.4      CRISIL B/Stable

The rating reflects the company's exposure to project
implementation and stabilisation risks for its upcoming kraft
paper plant. The rating also factors in modest scale of
operations and below-average financial risk profile. These
weaknesses are partially offset by promoters' extensive industry
experience, established relationship with targeted customer base
and need-based financial support extended to the company.
Outlook: Stable

CRISIL believes SPMPL will continue to benefit over the medium
term from the extensive experience of its promoters, and strong
relationship with clientele. The outlook may be revised to
'Positive' in case of timely implementation of ongoing project
within envisaged cost and generation of higher-than-expected
revenue and cash accrual. The outlook may be revised to
'Negative' if significant time and cost overrun in project
completion, lower-than-expected capacity utilisation, or
substantial stretch in working capital requirement further
weakens financial risk profile, particularly liquidity.

Incorporated in May 1989 and promoted by Mr. Gurmit Singh, Mr.
Gagandeep Singh, and Mr. Avnit Singh, SPMPL manufactures kraft
paper at its existing unit in Ludhiana and is setting up another
kraft paper plant for enhancing its production capacities.


SHIMLA AUTOS: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Shimla Autos Private Limited (SAPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               21        CRISIL B/Stable
   Bank Guarantee          10        CRISIL A4
   Cash Credit             50        CRISIL B/Stable

The ratings reflect the company's below-average financial risk
profile because of small net worth and high total outside
liabilities to tangible net worth ratio, its limited bargaining
power with principal Force Motors Ltd (FML), and exposure to
intense competition in the automotive dealership business. These
weaknesses are partially offset by its established regional
presence backed by the extensive industry experience of its
promoters.
Outlook: Stable

CRISIL believes SAPL will benefit over the medium term from its
promoters' industry experience. The outlook may be revised to
'Positive' if the company's cash accrual increases substantially,
or if its financial risk profile and capital structure improve
because of sizeable equity infusion. The outlook may be revised
to 'Negative' in case of decline in revenue and profitability, or
large debt-funded capital expenditure, or increase in working
capital requirement, resulting in pressure on its liquidity.

SAPL was incorporated in April 2012 and commenced operations in
January 2014. The company has exclusive dealership of FML in
Shimla, Ponta Sahib, and Rampur Bushahr in Himachal Pradesh. It
has three showroom with 3s (sales, service and spares) facilities
for tractors, utility vehicles, and light commercial vehicles.
The company is managed by Mr Sandeepni Bhardwaj and Ms Bhumika
Bhardwaj.

SAPL's profit after tax (PAT) and net sales are estimated at
INR0.4 million and INR131.5 million, respectively, for fiscal
2016, against a PAT of INR0.5 million on net sales of INR125.6
million for fiscal 2015.


SHIV SHAKTI: CRISIL Assigns B+ Rating to INR100MM Bill Disc.
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Shiv Shakti Exports (SSE) and has assigned its
'CRISIL B+/Stable/CRISIL A4' ratings to the facilities. CRISIL
had, on April 1, 2016, suspended the ratings as SSE had not
provided the necessary information required for a rating review.
The firm has now shared the requisite information, enabling
CRISIL to assign ratings to its bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting        100       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Packing Credit          100       CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Proposed Long Term       53       CRISIL B+/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

The ratings reflect SSE's subdued financial risk profile because
of high gearing and weak debt protection metrics, its large
working capital requirement, and small scale of operations. These
weaknesses are partially offset by the extensive experience of
its promoters in the rugs and bath mats industry, and their
funding support to the firm.
Outlook: Stable

CRISIL believes SSE will continue to benefit from its established
customer base, and its promoters' industry experience. The
outlook may be revised to 'Positive' if there is a substantial
ramp-up of operations without significant deterioration in the
firm's financial risk profile, or in case of efficient working
capital management, or significant capital infusion. The outlook
may be revised to 'Negative' in case of larger-than-expected
working capital debt or sizeable debt-funded capital expenditure,
leading to deterioration in its financial risk profile.

SSE is a partnership firm promoted by Mr. Sunil Mittal and his
family members in 2000. The firm manufactures rugs, bath mats,
and carpets. Its manufacturing unit is in Panipat, Haryana.

For fiscal 2016, SSE had a book profit of INR8.3 million on sales
of INR506.7 million, against a book profit of INR4.9 million on
sales of INR362.2 million for fiscal 2015.


SHREE VENUS: CRISIL Suspends B+ Rating on INR31.6MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shree
Venus Energy System Private Limited (SVESPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL A4
   Cash Credit             32        CRISIL B+/Stable
   Letter of Credit        10        CRISIL A4
   Proposed Long Term
   Bank Loan Facility      31.6      CRISIL B+/Stable
   Standby Line of
   Contract                 6.4      CRISIL A4

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

SVESPL was set up by Mr. C Palaniappan as a partnership firm in
1993, in Chennai (Tamil Nadu) and was reconstituted as a private
limited company in 1999. The company began operations by trading
insulation materials. Subsequently, SVESPL commenced executing
turnkey projects for Larsen & Toubro Ltd for insulation in
buildings. In 2000, the company diversified into manufacturing of
ducts and pipes used for insulation. Currently, SVESPL derives
around 70 per cent of its income from the sale of manufactured
items, such as ducts and pipes used for insulation and the
remaining revenue is from projects and trading operations.


SIKAND AND COMPANY: CRISIL Assigns 'B' Rating to INR190MM Loan
--------------------------------------------------------------
CRISIL has assigned its long term rating of 'CRISIL B/Stable' to
the bank facility of Sikand and Company (SC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Inventory Funding
   Facility                190       CRISIL B/Stable

The rating reflects SC's below-average financial risk profile,
marked by small net worth, moderate total outside liabilities to
tangible networth, and weak debt protection metrics. The rating
also factors in the firm's moderate working capital requirements
coupled with low profitability, and susceptibility to intense
competition in the automotive dealership market. These rating
weaknesses are partially offset by SC's established presence in
the automotive dealership and its long standing relationship with
the principal supplier.
Outlook: Stable

CRISIL expects SC to maintain its business risk profile backed by
its established market position in Himachal Pradesh and
neighbouring areas. The outlook may be revised to 'Positive' if
the firm's scale of operations and profitability improves or if
capital structure improves on account of equity infusion by
partners. Conversely, the outlook may be revised to 'Negative' if
SC's financial risk profile deteriorates due to lower-than-
expected revenues and profitability or if its financial risk
profile deteriorates further on account of high debt-funded
capital expenditure stretch in working capital requirements.

SC is a partnership firm set up in 1962 by Mr. H.D. Sikand. The
current partners of the firm are, Ms. Indira Sikand and Ms.
Sabnam Sikand. The company is engaged in auto dealership of Tata
Motors Limited (CRISIL AA/Stable/ CRISIL A1+) Commercial vehicles
(from 0.5 tonnes carrying capacity to 40 tonnes carrying
capacity).


SOLAMALAI AUTOMOBILES: CRISIL Puts B+ Rating on Withdrawal Notice
-----------------------------------------------------------------
CRISIL has placed its rating on the long-term bank facilities of
Solamalai Automobiles Private Limited (SAPL) on 'Notice of
Withdrawal' for 180 days at the company's request.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Inventory Funding      77.5       CRISIL B+/Stable (Notice
   Facility                          of Withdrawal)

   Proposed Long Term     14.0       CRISIL B+/Stable (Notice
   Bank Loan Facility                of Withdrawal)

   Working Capital       108.5       CRISIL B+/Stable (Notice
   Term Loan                         of Withdrawal)

The rating will be withdrawn at the end of the notice period, in
line with CRISIL's policy on withdrawal of ratings on bank
facilities.
Outlook: Stable

CRISIL believes that SAPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company reports
significant improvement in its scale of operations and operating
profitability, leading to a substantial increase in its cash
accruals and improvement in liquidity. Conversely, the outlook
may be revised to 'Negative' if SAPL's revenue and profitability
margins decline, or if it undertakes a large debt-funded capital
expenditure programme, thereby weakening its financial risk
profile.

SAPL was incorporated in 2003, promoted by Mr K Mani, Mr
Karthikeyan, and Mr K Vikrant. The company was a dealer for
Maruti Suzuki passenger cars in Tamil Nadu till 2015.


SONIKA ENGINEERING: CRISIL Suspends B Rating on INR116MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sonika
Engineering and Construction Ltd (SECL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             49       CRISIL B/Stable
   Long Term Loan          35       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     116       CRISIL B/Stable

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

Incorporated in 2009, SECL is engaged in real estate development
and warehouse construction in Madhya Pradesh. The company is
promoted by Mr. Ajay Dubey, Mrs. Sonika Dubey, and Mr. K P
Sharma. The promoters have been engaged in the land development
and real estate business in Bhopal and Indore for over two
decades through their proprietorship firm Sonika Estates and
Colonisers.


STRETCH BANDS: CRISIL Puts Two 'B' Rating on Notice of Withdrawal
-----------------------------------------------------------------
CRISIL's rating on the cash credit, proposed long term bank loan
facilities, foreign exchange forward limit and letter of credit
facilities of Stretch Bands (Gujarat) Pvt Ltd (SBPL) is placed on
'Notice of Withdrawal' of 180 days at the client's request. This
rating action is in line with CRISIL's withdrawal policy and the
ratings will be withdrawn at the end of notice period. The rating
on the term loan and corporate loan bank facilities has been
reaffirmed at 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             45       CRISIL B/Stable (Notice
                                    of Withdrawal)

   Corporate Loan          12.5     CRISIL B/Stable (Reaffirmed)

   Foreign Exchange         0.4     CRISIL A4 (Notice
   Forward                          of Withdrawal)

   Letter of Credit         5.0     CRISIL A4 (Notice of
                                    Withdrawal)

   Proposed Long Term      24.6     CRISIL B/Stable (Notice
   Bank Loan Facility               of Withdrawal)

   Term Loan               12.5     CRISIL B/Stable (Reaffirmed)

The ratings continues to reflect SBPL's small scale of
operations, large working capital requirement and average
financial risk profile because of high gearing and modest debt
protection metrics. These weaknesses are partially offset by the
extensive experience of promoters in the elastic manufacturing
industry and healthy profitability.
Outlook: Stable

CRISIL believes SBPL will continue to benefit over the medium
term from the extensive industry experience of promoters. The
outlook may be revised to 'Positive' if revenue increases
significantly while maintaining healthy operating margin, leading
to a sizable cash accrual. Conversely, the outlook may be revised
to 'Negative' if the financial risk profile, particularly
liquidity, weakens because of lower cash accrual, any large
unanticipated capital expenditure or stretched working capital
cycle.

Set up in 1976, SBPL manufactures elastics. Its manufacturing
facility is located in Bhavnagar, Gujarat. The company is
promoted and managed by Mr D V Modi.


SUNSAT INFOTECH: CRISIL Assigns B+ Rating to INR162.5MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facility of Sunsat Infotech Private Limited (SIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              162.5      CRISIL B+/Stable

The rating reflects the company's nascent stage of operations and
its average financial risk profile, marked by a leveraged capital
structure and average debt protection metrics.. These rating
weaknesses are partially offset by revenue visibility over the
medium term supported by a long-term agreement with its customer
and funding support from its promoter.
Outlook: Stable

CRISIL believes SIPL will continue to benefit over the medium
term from the long-term agreement with its customer and funding
support from its promoter. The outlook may be revised to
'Positive' in case of significant improvement in the financial
risk profile, particularly capital structure and debt protection
metrics, supported by timely cash flows from its tenants. The
outlook may be revised to 'Negative' in case of delay in receipt
of rental income or substantial debt-funded capital expenditure
leading to stretch in liquidity.

SIPL, based in Delhi, was incorporated in 2008. The company's
operations are managed by its director, Mr Satpal Singh. It has
set up a warehouse facility, which has been rented out for e-
retailing. Commercial operation is expected to start from August
2016.


SUYASH MART: CRISIL Suspends B+ Rating on INR50MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Suyash
Mart Private Limited (SMPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              8.5      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       1.5      CRISIL B+/Stable
   Term Loan               50.0      CRISIL B+/Stable

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

Set up in 2002 as Suyash Enterprises, SMPL was reconstituted as a
private limited company, in March 2011. The company is engaged in
the business of retail stores exclusively for kids. Currently,
the company has six stores: two in Pune; three in Nagpur, and one
in Raipur. The company operates under the brand, Bonsaii.


SVN AGRO: CRISIL Reaffirms B Rating on INR45MM Cash Loan
--------------------------------------------------------
CRISIL's ratings on the bank facilities of SVN Agro Refineries
(SVN) continue to reflect the firm's below-average financial risk
profile, and vulnerability to volatility in raw material prices
and foreign exchange rates. These weaknesses are partially offset
by the extensive experience of partners in the edible oil
industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             45        CRISIL B/Stable (Reaffirmed)

   Letter of Credit       300        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       5        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SVN will continue to benefit over the medium term
from the extensive experience of its partners. The outlook may be
revised to 'Positive' if high cash accrual due to increase in
operating profitability results in better financial risk profile.
The outlook may be revised to 'Negative' if lower-than-expected
revenue or operating margin, weakening of working capital cycle,
any large, debt-funded capital expenditure, or sizeable
withdrawal further weakens capital structure.

Update
As expected, revenue increased 34% year-on-year to INR995 million
for fiscal 2016 due to higher volume of sunflower oil and
increase in trading of refined palmolein oil. Turnover will
continue to grow over the medium term, backed by capacity
addition of INR35 million, which is being funded with term debt
of INR25 million and the balance through partners' funds.
Operating margin was low at 3.3% in fiscal 2016 and is expected
to remain under pressure over the medium term due to exposure to
likely changes in duty structure and volatility in raw material
prices. Margin will be 2.5-3% post completion of ongoing capital
expansion.

Working capital cycle is expected to remain efficient over the
medium term with moderate inventory (about 2 months) and low
receivables. Gross current assets were better than expected at 81
days as on March 31, 2016.

However, financial risk profile is average because of modest
networth and a weak interest coverage ratio of 1.58 times for
fiscal 2016. However, gearing was healthy at about 0.55 time as
on March 31, 2016. Liquidity will remain adequate over the medium
term due to steady cash accrual against term debt obligation.
Bank limit utilisation will remain moderate.

Set up in 2000 as partnership firm, in Vengaivasal, Tamil Nadu,
by Mr. S V Natesan and his family, SVN refines sunflower oil and
trades in refined palmolein oil. Operations are managed by Mr.
SVN Ravi Varma.


SVSVS PROJECTS: CRISIL Assigns B- Rating to INR65MM LT Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of SVSVS Projects Pvt Ltd (SVSVS) and has assigned its
'CRISIL B-/Stable/CRISIL A4' ratings to the bank facilities.
CRISIL had, on March 31, 2015, suspended the ratings as SVSVS had
not provided the necessary information required for a rating
review. The company has now shared the requisite information,
enabling CRISIL to assign a rating.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          480       CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Cash Credit              25       CRISIL B-/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Long Term       65       CRISIL B-/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

The ratings reflect the modest scale of operations and high
degree of geographic concentration in revenue profile, its large
working capital requirements resulting in weak liquidity. These
weaknesses are partially offset by the company's moderate gearing
and the promoter's extensive experience in construction industry.
Outlook: Stable

CRISIL believes that SVSVS will continue to benefit over the
medium term from its established market position, and its
promoter's extensive experience, in the construction industry.
The outlook may be revised to 'Positive' if there is a
substantial and sustained increase in the company's cash
accruals, and an improvement in its working capital management
resulting in improvement in liquidity. Conversely, the outlook
may be revised to 'Negative' in case of a steep decline in
SVSVS's revenues or profitability or further weakening in its
liquidity, most likely because of larger-than-expected working
capital requirements or large, debt-funded capital expenditure.

Incorporated in 2007, SVSVS undertakes construction of roads,
bridges, dams, buildings, and irrigation works. SVSVS is promoted
by Mr. V Rama Mohan Rao and his family and is based in Hyderabad.


TRIBHUWAN NARAYAN: CRISIL Assigns 'B+' Rating to INR100MM Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on bank
facilities of Tribhuwan Narayan Singh (TNS) and has assigned its
'CRISIL B+/Stable/CRISIL A4' ratings to the facilities. CRISIL
had suspended the ratings on March 31, 2016, as TNS had not
provided information required for a rating review. TNS has now
shared the requisite information, enabling CRISIL to assign
ratings to the bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          100       CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Cash Credit             100       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

The ratings reflect the below-average financial risk profile,
marked by high gearing and weak debt-protection metrics, and
modest scale of operations in the highly fragmented civil
construction industry. These rating weaknesses are partially
offset by extensive industry experience of the proprietor.
Outlook: Stable

CRISIL believes TNS will continue to benefit from extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' if significant increase in cash accrual or
substantial capital infusion, amidst efficient working capital
management, strengthens the financial risk profile. The outlook
may be revised to 'Negative' if lower-than-expected cash accrual,
large working capital requirement, or any debt-funded capital
expenditure programme, weakens liquidity.

TNS was established in 1991 as a proprietorship firm by Mr
Tribhuwan Narayan Singh and is currently being managed by his
son, Mr Abhishek Singh. The firm, based in Ghazipur (Uttar
Pradesh [UP]), constructs roads and bridges for government
departments in UP and Jharkhand.


UNISONN INFRA: CRISIL Assigns 'B' Rating to INR83.8MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Unisonn Infrastructures (UI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     83.8       CRISIL B/Stable
   Long Term Loan          1.2       CRISIL B/Stable
   Overdraft Facility     15.0       CRISIL A4

The ratings reflect UI's small scale of operations in the
fragmented civil construction industry and exposure to risks
related to tender-based business. The rating also factors in its
below-average financial risk profile marked by high gearing,
modest debt protection metrics and networth. These rating
weaknesses are partially offset by the benefits that the firm
derives from extensive experience of partners in the civil
construction industry.
Outlook: Stable

CRISIL believes that UI will benefit over the medium term from
the extensive experience of its partners in the civil
construction industry. The outlook may be revised to 'Positive'
if UI's revenues and profitability continue to improve while
maintaining its capital structure. Conversely, the outlook may be
revised to 'Negative' if UI's revenue and profitability
deteriorates or if there is a delay in receipt of bills from
various principal contractors leading to deterioration in
financial risk profile.

Established in 2009 as a partnership firm, UI is engaged in
diversified industrial civil construction activities primarily in
construction & retrofitting of cooling towers. Based in
Vishakhapatnam (Andhra Pradesh), the firm is promoted and managed
by Mr.K Vaishnav and Mr.A Vaishnav.

For 2015-16, UI is estimated to report profit after tax (PAT) of
INR0.3 million on net sales of INR62 million against PAT of
INR0.4 million on net sales of INR32 million for 2014-15.


USHER AGRO: Ind-Ra Assigns 'IND D' Rating to INR550MM NCD
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Usher Agro
Limited's (UAL) INR550m non-convertible debentures (NCD) a long-
term rating of 'IND D'.

FMO Entrepreneurial Development Bank subscribed to the NCDs at an
interest rate of 11% on 23 December 2015. The debentures have a
tenor of 5.5 years. The interests are to be paid semi-annually on
15 April and 15 October. The proceeds of the NCDs are to be fully
submitted in the form of (quasi) equity to its subsidiary (Usher
Eco Power Limited). Usher Eco Power will use the proceeds to
expand the capacity of its rice husked based power plant to 34MW
from 16MW in India and for setting up a 50TPD extraction facility
to generate silica from rice husk ash.

KEY RATING DRIVERS

The rating is based on UAL's announcement to undertake a
strategic debt restructuring (SDR) programme as the lenders
invoked their right of SDR due to the company's inability to
service its debts. The company is facing liquidity issues.

RATING SENSITIVITIES

Positive: Recovery from the SDR scheme and sustainable
profitability, along with timely debt servicing, would lead to a
positive rating action.

COMPANY PROFILE

UAL is primarily engaged in the processing of non-basmati rice,
basmati rice and wheat products. The company sells its products
to wholesalers and big organised retailers etc. under the brand
'Rasoi Raja', which is a registered trademark. UAL mainly
operates in Uttar Pradesh and Bihar, which are among the main
rice and wheat growing regions in India. According to the
management, it is the largest rice miller in the states of Uttar
Pradesh and Bihar.

UAL is promoted by Mr. Vinod Kumar Chaturvedi and his brother
Mr. Manoj Pathak. Mr. Chaturvedi has over 21 years of operating
experience in the finance and food processing industries.


V R TEXTILES: CRISIL Suspends 'D' Rating on INR400MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
V R Textiles Private Limited (VRT).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         25.2       CRISIL D
   Cash Credit           400         CRISIL D
   Proposed Long Term
   Bank Loan Facility     39.4       CRISIL D
   Term Loan             165.4       CRISIL D

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

VRT, promoted by Mr. V Rangasamy Naidu in 1956, manufactures
cotton yarn, primarily in counts of 20s to 40s. The company is
presently managed by Mr. Naidu's grandson, Mr. V Radha Krishnan.
Its manufacturing unit is in Erode (Tamil Nadu).


VANASHREE DAIRY: CRISIL Assigns B- Rating to INR57.4MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Vanashree Dairy Farm (VDF).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          57.4      CRISIL B-/Stable
   Overdraft Facility       7.6      CRISIL A4

The ratings reflect a modest financial risk profile because of a
small net worth, weak debt protection metrics, and stretched
liquidity. This rating weakness is partially offset by a moderate
market profile and fund support from the firm's proprietor.
Outlook: Stable

CRISIL believes VDF will continue to benefit over the medium term
from the experience of its proprietor in the dairy product
industry; however, its financial risk profile will remain
constrained over this period by low cash accrual and a weak
capital structure. The outlook may be revised to 'Positive' in
case of a considerable increase in scale of operations along with
better profitability, leading to better-than-expected cash
accrual and an improved capital structure. The outlook may be
revised to 'Negative' if the financial risk profile deteriorates
further due to increased working capital borrowing, or if a
change in government policy has a negative impact on operations.

VDF was set up as a proprietorship concern in 2010 by Mrs
Sanyukta Bandi. It operates a dairy farm in Gadag, Karnataka, and
also sells unprocessed milk and vermi compost.


VIJAY ENGIFAB: CRISIL Suspends B- Rating on INR128MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Vijay
Engifab India Private Limited (VEIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             15        CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility      12.4      CRISIL B-/Stable

   Term Loan              128.0      CRISIL B-/Stable

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

Incorporated in 2013, VEIPL is a Pune-based company that
manufactures fabricated items for the power, mining and
construction equipment sectors.


VISHESH INDUSTRIES: CRISIL Suspends 'B' Rating on INR47.5MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vishesh Industries (VI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              25       CRISIL B/Stable
   Inland/Import Letter
   of Credit                15       CRISIL A4
   Term Loan                47.5     CRISIL B/Stable

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

Incorporated in 1992 by Mr. Ghanshyam Gupta as a proprietorship
firm, VI manufactures glass products like tumblers, bottles and
tubing. The firm's manufacturing facility is located at Firozabad
(Uttar Pradesh) with total capacity of 21 tonnes per day.


WRC ENGINEERING: CRISIL Suspends B Rating on INR28MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
WRC Engineering Company Private Limited (WRC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          40        CRISIL A4
   Cash Credit             28        CRISIL B/Stable
   Corporate Loan           6.5      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      26.3      CRISIL B/Stable
   Standby Line of Credit   4.0      CRISIL B/Stable
   Term Loan                5.2      CRISIL B/Stable

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

WRC, incorporated in 2007, manufactures dust control systems and
dust suppressor systems that find application in industrial
plants. The company's facility is located in Anand (Gujarat) and
the day-to-day operations are managed by Mr. Hemant Amin.



=================
I N D O N E S I A
=================


LIPPO KARAWACI: Fitch Rates Proposed US$-Denom. Notes 'BB-(EXP)'
---------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based PT Lippo Karawaci
Tbk's (Lippo, BB-/A+(idn)/Stable) proposed US dollar-denominated
7% senior unsecured notes due in 2022 an expected rating of 'BB-
(EXP)'. The notes will be issued by Lippo's wholly owned
subsidiary Theta Capital Pte Ltd and guaranteed by Lippo and its
subsidiaries.

The notes are rated at the same level as Lippo's senior unsecured
rating as they represent unconditional, unsecured and
unsubordinated obligations of the company. The final rating on
the notes is contingent upon the receipt of final documents
conforming to information already received.

The proposed notes will form a part of the same series as the
existing USD150m 7% senior unsecured notes due in 2022, which are
also rated 'BB-'. Lippo expects to use the proceeds to refinance
its outstanding USD250m 7% senior unsecured notes, which are due
in 2019.

KEY RATING DRIVERS

Slower Presales, Asset Sales: Lippo sold IDR328bn of residential
property in 1Q16 - a sharp decline from IDR1.4trn in 1Q15. The
company postponed launches in 1H16 until after the government's
tax-amnesty ruling was passed. We now expect Lippo to sell around
IDR3trn of residential property for 2016, which is about
IDR1.5trn lower than our previous expectations. We still expect
Lippo to inject IDR1.7trn of mature malls and hospitals to its
Singapore-listed real estate investment trusts in 2016, although
there has been some delay in this process as well.

Significant Flexibility on Capex: Lippo has significant
flexibility to defer its capex during times of weak presales,
which supports its ratings. The company has significantly
curtailed its capex this year to around IDR3.3trn, which is less
than half of its initial budget. This is because much of its
capex included discretionary land banking and construction costs
contingent on selling a minimum value of new projects. Fitch
believes that this will allow Lippo to conserve its cash flows
and manage its leverage within its rating parameters in 2016.

Strong Recurring Cash Flows: Lippo owns a large portfolio of
assets that generated recurring operating EBITDAR (before
operating lease rents) of IDR1.9trn during the 12 months to end-
March 2016 (LTM 1Q16). Over 60% of these recurring cash flows
stem from one of Indonesia's largest private hospital networks
which Lippo owns, for which there is stable demand. The remainder
comprises of one of the largest retail mall franchises in
Indonesia, several hotels and educational institutions, and
dividend income from its REITs. Recurring EBITDAR covered Lippo's
consolidated interest and operating lease payments by 1.2x in LTM
1Q16, which underpins its ratings.

Limited Rating Headroom: Lippo's leverage stood at 45% at end-
March 2016, lower than the 48% at end-2015 supported by cash
collected on presales made in prior years, capex cuts, as well as
a strengthening of the Indonesian rupiah. However Lippo's
leverage is close to the 50% threshold beyond which the ratings
may be negatively affected.

KEY ASSUMPTIONS

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

   -- Residential presales of IDR3trn in 2016
   -- Asset sales to REITs of IDR1.7trn in 2016
   -- Capex of IDR3.3trn in 2016

RATING SENSITIVITIES

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

   -- A sustained increase in leverage to more than 50%

   -- A sustained weakening in the ratio of EBITDAR from
recurring
      sources to interest cost and operating lease rent to below
      1.2x

   -- Inability to pre-fund capex

Positive: A rating upgrade is not expected in the medium term
given Lippo's smaller operating scale and recurring income base
compared with higher-rated international peers. We also expect
Lippo's leverage to remain high over the medium term as it
executes its expansion plans.



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


VIADUCT CAPITAL: Last of Finance Company Trials Underway
--------------------------------------------------------
The New Zealand Herald reports that a property developer's plan
to buy a finance company and transfer assets to it was "from the
beginning a conspiracy to commit criminal offences", the High
Court heard August 8.

The Herald says Paul Bublitz and his co-accused, the court heard,
allegedly stole or permitted the theft of capital from two now-
failed finance companies -- Viaduct Capital and Mutual Finance.

These companies went into receivership in 2010, owing investors a
total of NZ$17 million.

Mr. Bublitz -- with co-defendants Bruce McKay, Richard Blackwood
and Lance Morrison -- on are trial in Auckland and have pleaded
not guilty to the charges they face, the Herald says.

According to the report, Messrs. Bublitz, McKay and Blackwood
have denied charges of theft by a person in a special
relationship, making false statements in a prospectus and making
false statements to a trustee.

Messrs. Morrison, Bublitz's long-time accountant, has denied
charges of theft by a person in a special relationship and making
false statements in a prospectus, the Herald says.

The Herald relates that Messrs. McKay and Blackwood served as
directors of Viaduct Capital while Morrison and Bublitz were on
Mutual's board.

According to the report, Crown prosecutor David Johnstone alleged
during the trial's opening on August 8 that Mr. Bublitz bought
and used the two finance companies to support his property
investments.

The other defendants in the case allegedly helped him, the Crown
lawyer told Justice Mark Woolford, the Herald relays.

The men deliberately misled investors and potential investors of
Viaduct and Mutual by failing to disclose a series of related
party transactions entered into for their benefit rather than the
benefit of the finance company, Mr. Johnstone, as cited by the
Herald, alleged.

The defendants, Mr. Johnstone alleged, each either stole or
permitted the theft of a substantial part of finance companies'
capital, adds the Herald.

Viaduct Capital Ltd. is a New Zealand-based finance company.

As reported in the Troubled Company Reporter-Asia Pacific on
May 17, 2010, Viaduct Capital Ltd. has been placed into
receivership with debts of NZ$7.8 million.  Prince and Partners
Trustee Company Limited on May 13 appointed Iain McLennan and
Boris van Delden from McDonald Vague as receivers of Viaduct
Capital.  Colin Wilson of Prince and Partners Trustee Company
Limited said the action is "to protect the interests of investors
through an orderly realization of the company's assets."

Viaduct Capital has NZ$7.8 million of secured debentures held by
approximately 110 investors.  Viaduct said in a statement posted
in its Web site that NZ$7.3 million is covered by the Government
Guarantee, with the balance of NZ$500,000 unguaranteed.



=================
S I N G A P O R E
=================


INTERNATIONAL HEALTHWAY: Resists Receivers' Bid to Oust Directors
-----------------------------------------------------------------
Rachael Boon at The Straits Times reports that healthcare
services provider International Healthway Corporation (IHC) said
on Aug. 8 in a filing to the Singapore Exchange that attempts by
receivers to remove Dr Jong Hee Sen and Ms Lim Beng Choo from its
units have been resisted.

Ms Lim, 46, was appointed an executive director of IHC in
January 2016, while Dr Jong is IHC's chairman.

They are also directors of IHC's investment holding subsidiaries
IHC Medical, IHC Management, and IHCM Australia.

According to the report, Funds Enterprise Fund III, Value
Monetization III and VMF3 had given loans to IHC and IHC Medical
in 2015, and alleged they are owed debts -- with the amount being
disputed.

The Straits Times relates that the funds appointed receivers over
the share capital of those units, and told IHC on April 26.

On May 6, IHC said it applied to suspend the appointment of the
receivers, and to stop them from selling, transferring or
disposing any shares in the share capital of the three units, the
report recalls.

The Straits Times relates that IHC also said on Aug 5, the group
received a summons to stop it from removing nominated directors
or appointing new directors in the units, giving instructions to
the trustee of IHC Healthcare Reit and to the trustee of
Australia First Trust (Australia) and IHC Australia Second Trust
(Australia).

IHC said on Aug. 8 that these will be resisted "vigorously", "as
the validity of the appointment of the receivers is being
disputed," according to The Straits Times.



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


* KOREA: 32 Firms Need Restructuring, Financial Watchdog Says
-------------------------------------------------------------
Yonhap News Agency reports that South Korea's financial watchdog
on Aug. 7 said 32 big local firms should carry out restructuring,
a move that could be aimed at keeping financially troubled
companies from further hurting Asia's fourth-largest economy.

According to Yonhap, the Financial Supervisory Service (FSS) made
the announcement after conducting a credit risk analysis on 602
companies, which were selected out of 1,973 owing over
KRW50 billion (US$44 million) to banks and showed signs of
financial health problems.

Yonhap relates that the FSS rated the 602 firms in a category
ranging from A to D, with A and B being considered financially
healthy. It put 19 companies in group D, meaning they should be
placed on court receivership, says Yonhap.

Still, the FSS said it put the country's three big shipyards --
Daewoo Shipbuilding & Marine Engineering, Samsung Heavy
Industries and Hyundai Heavy Industries -- in category B, citing
their self-rescue plans and their largest shareholders'
commitments to normalizing their businesses.

The three shipyards have been implementing massive restructuring
programs to tide over mounting losses, the report states.

Yonhap relates that the FSS said the firms facing corporate
restructuring included cash-strapped Hanjin Shipping Co.;
financially troubled Hyundai Merchant Marine Co.; STX Heavy
Industries Co., a manufacturer of vessel engines and plants; and
STX Offshore & Shipbuilding Co.

The four companies have already begun restructuring, says Yonhap.

Earlier this month, the Seoul Central District Court began a
rehabilitation process for STX Heavy Industries to prevent the
company from being driven into insolvency, the report recalls.

STX Offshore & Shipbuilding also went into court receivership in
May.

Yonhap says South Korea's major exporters, such as shipbuilders
and shipping lines, were hit hard by the 2009 financial crisis
and their businesses are still at rock-bottom levels.

It put Hanjin Shipping and Hyundai Merchant Marine in category C,
along with 11 firms, meaning the companies should pursue business
normalization by signing workout programs with creditors,
according to Yonhap.

Yonhap adds that the FSS said the combined borrowings by the 32 C
and D category companies came to KRW19.5 trillion (US$17.4
billion), up KRW12.4 trillion from a year earlier.



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


* BOND PRICING: For the Week August 1 to August 5, 2016
-------------------------------------------------------

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


  AUSTRALIA
  ---------

BOART LONGYEAR MANAGEME    10.00     10/1/2018   USD       64.50
EMECO PTY LTD               9.88     3/15/2019   USD       54.50
CROWN RESORTS LTD           6.02     4/23/2075   AUD       66.50
EMECO PTY LTD               9.88     3/15/2019   USD       55.00
BOART LONGYEAR MANAGEME     7.00      4/1/2021   USD       19.00
BOART LONGYEAR MANAGEME    10.00     10/1/2018   USD       64.50
BOART LONGYEAR MANAGEME     7.00      4/1/2021   USD       19.30
CML GROUP LTD               9.00     1/29/2020   AUD        0.96
CRATER GOLD MINING LTD     10.00     8/18/2017   AUD       23.00
DBCT FINANCE PTY LTD        2.31    12/12/2022   AUD       73.81
DBCT FINANCE PTY LTD        2.40      6/9/2026   AUD       60.36
IMF BENTHAM LTD             6.16     6/30/2019   AUD       58.50
KBL MINING LTD             12.00     2/16/2017   AUD        0.09
KEYBRIDGE CAPITAL LTD       7.00     7/31/2020   AUD        0.68
LAKES OIL NL               10.00     3/31/2017   AUD        6.00
MIDWEST VANADIUM PTY LT    11.50     2/15/2018   USD        7.63
MIDWEST VANADIUM PTY LT    11.50     2/15/2018   USD        7.63
RELIANCE RAIL FINANCE P     2.28     9/26/2023   AUD       68.23
RELIANCE RAIL FINANCE P     2.28     9/26/2023   AUD       68.23
STOKES LTD                 10.00     6/30/2017   AUD        0.35


CHINA
-----

ANSHAN CITY CONSTRUCTIO     8.25      3/5/2019   CNY       63.10
ANSHAN CITY CONSTRUCTIO     8.25      3/5/2019   CNY       63.79
ANYANG INVESTMENT GROUP     8.00     4/17/2019   CNY       64.35
BAISHAN URBAN CONSTRUCT     7.00     7/31/2019   CNY       62.26
BANGBU CITY INVESTMENT      5.78     8/10/2017   CNY       55.75
BEIJING CAPITAL DEVELOP     5.95     5/29/2019   CNY       62.56
BEIJING CONSTRUCTION EN     5.95      7/5/2019   CNY       56.53
BEIJING CONSTRUCTION EN     5.95      7/5/2019   CNY       62.74
BEIJING ECONOMIC TECHNO     5.29      3/6/2018   CNY       71.52
BINZHOU BINCHENG DISTRI     6.50      7/5/2019   CNY       75.00
BINZHOU BINCHENG DISTRI     6.50      7/5/2019   CNY       63.26
CHANGSHA CITY CONSTRUCT     6.95     4/24/2019   CNY       63.28
CHANGSHA CITY CONSTRUCT     6.95     4/24/2019   CNY       63.28
CHANGSHA COUNTY XINGCHE     8.35      4/6/2019   CNY       63.59
CHANGSHA COUNTY XINGCHE     8.35      4/6/2019   CNY       64.22
CHANGSHA HIGH TECHNOLOG     7.30    11/22/2017   CNY       71.31
CHANGSHU BINJIANG URBAN     6.85     4/27/2019   CNY       62.96
CHANGSHU BINJIANG URBAN     6.85     4/27/2019   CNY       62.60
CHANGSHU CITY OPERATION     8.00     1/16/2019   CNY       63.91
CHANGSHU CITY OPERATION     8.00     1/16/2019   CNY       63.01
CHANGZHOU WUJIN CITY CO     6.22      6/8/2018   CNY       50.10
CHANGZHOU WUJIN CITY CO     6.22      6/8/2018   CNY       51.85
CHAOYANG CONSTRUCTION I     7.30     5/25/2019   CNY       63.20
CHENGDU ECONOMIC&TECHNO     6.55     7/17/2019   CNY       83.00
CHENGDU ECONOMIC&TECHNO     6.50     7/17/2018   CNY       51.77
CHENGDU ECONOMIC&TECHNO     6.55     7/17/2019   CNY       63.60
CHENGDU ECONOMIC&TECHNO     6.50     7/17/2018   CNY       52.11
CHENGDU XINCHENG XICHEN     8.35     3/19/2019   CNY       65.54
CHENGDU XINCHENG XICHEN     8.35     3/19/2019   CNY       64.52
CHIFENG CITY HONGSHAN I     7.20     7/25/2019   CNY       63.14
CHIFENG CITY INFRASTRUC     6.18     5/18/2017   CNY       50.20
CHIFENG CITY INFRASTRUC     6.18     5/18/2017   CNY       51.57
CHONGQING HECHUAN RURAL     8.28     4/10/2018   CNY       52.71
CHONGQING HECHUAN RURAL     8.28     4/10/2018   CNY       52.75
CHONGQING HECHUAN URBAN     6.95      1/6/2018   CNY       72.36
CHONGQING HECHUAN URBAN     6.95      1/6/2018   CNY       71.50
CHONGQING JIANGJIN HUAX     6.95      1/6/2018   CNY       70.00
CHONGQING JIANGJIN HUAX     6.95      1/6/2018   CNY       71.99
CHONGQING JINYUN ASSET      6.75     6/18/2019   CNY       83.20
CHONGQING JINYUN ASSET      6.75     6/18/2019   CNY       63.12
CHONGQING LAND PROPERTI     7.35     4/25/2019   CNY       64.30
CHONGQING LAND PROPERTI     7.35     4/25/2019   CNY       64.09
CHONGQING NAN'AN URBAN      8.20      4/9/2019   CNY       64.50
CHONGQING NAN'AN URBAN      6.29    12/24/2017   CNY       61.89
CHONGQING XINGRONG HOLD     8.35     4/19/2019   CNY       64.26
CHONGQING XIYONG MICRO-     6.76     7/25/2019   CNY       63.85
CHONGQING XIYONG MICRO-     6.76     7/25/2019   CNY       83.80
CHONGQING YONGCHUAN HUI     7.49     3/14/2018   CNY       73.36
CHONGQING YONGCHUAN HUI     7.49     3/14/2018   CNY       72.40
CHONGQING YULONG ASSET      6.87     5/31/2019   CNY       63.20
CHONGQING YUXING CONSTR     7.29     12/8/2017   CNY       72.16
DALI ECONOMIC DEVELOPME     8.80     4/24/2019   CNY       64.85
DALIAN LVSHUN CONSTRUCT     6.78      7/2/2019   CNY       63.03
DALIAN LVSHUN CONSTRUCT     6.78      7/2/2019   CNY       63.55
DANDONG CITY DEVELOPMEN     6.21      9/6/2017   CNY       70.78
DANYANG INVESTMENT GROU     8.10      3/6/2019   CNY       64.10
DANYANG INVESTMENT GROU     8.10      3/6/2019   CNY       63.91
DATONG ECONOMIC CONSTRU     6.50      6/1/2017   CNY       40.76
DATONG ECONOMIC CONSTRU     6.50      6/1/2017   CNY       40.21
DONGBEI SPECIAL STEEL G     6.50     3/27/2016   CNY       40.00
DONGBEI SPECIAL STEEL G     6.10     1/15/2018   CNY       40.00
DONGBEI SPECIAL STEEL G     5.63     4/12/2018   CNY       40.00
DONGBEI SPECIAL STEEL G     7.00     7/10/2016   CNY       40.00
DONGBEI SPECIAL STEEL G     6.30     9/24/2016   CNY       40.00
DONGBEI SPECIAL STEEL G     8.20      6/6/2016   CNY       40.00
DONGBEI SPECIAL STEEL G     5.88      5/5/2016   CNY       40.00
DONGBEI SPECIAL STEEL G     7.40     7/17/2017   CNY       40.00
DONGBEI SPECIAL STEEL G     8.30      9/6/2016   CNY       40.00
DONGTAI COMMUNICATION I     7.39      7/5/2018   CNY       52.40
DONGTAI COMMUNICATION I     7.39      7/5/2018   CNY       52.38
DRILL RIGS HOLDINGS INC     6.50     10/1/2017   USD       41.25
DRILL RIGS HOLDINGS INC     6.50     10/1/2017   USD       47.13
ERDOS DONGSHENG CITY DE     8.40     2/28/2018   CNY       49.04
ERDOS DONGSHENG CITY DE     8.40     2/28/2018   CNY       49.57
EZHOU CITY CONSTRUCTION     7.08     6/19/2019   CNY       63.76
FUSHUN URBAN INVESTMENT     5.95     5/11/2018   CNY       72.00
GANZHOU CITY DEVELOPMEN     6.40     7/10/2018   CNY       50.30
GANZHOU CITY DEVELOPMEN     6.40     7/10/2018   CNY       52.30
GUANGAN INVESTMENT HOLD     8.18     4/25/2019   CNY       63.52
GUANGAN INVESTMENT HOLD     8.18     4/25/2019   CNY       64.42
GUANGXI BAISE DEVELOPME     6.50      7/4/2019   CNY       62.71
GUANGXI BAISE DEVELOPME     6.50      7/4/2019   CNY       63.22
GUILIN ECONOMIC CONSTRU     6.90      5/9/2018   CNY       51.99
GUIYANG ECO&TECH DEVELO     8.42     3/27/2019   CNY       64.77
GUOAO INVESTMENT DEVELO     6.89    10/29/2018   CNY       69.90
HAIAN COUNTY CITY CONST     8.35     3/28/2018   CNY       52.82
HAIAN COUNTY CITY CONST     8.35     3/28/2018   CNY       52.66
HAIMEN CITY DEVELOPMENT     8.35     3/20/2019   CNY       64.38
HAIMEN CITY DEVELOPMENT     8.35     3/20/2019   CNY       62.50
HANGZHOU MUNICIPAL CONS     5.90     4/25/2018   CNY       51.85
HANGZHOU MUNICIPAL CONS     5.90     4/25/2018   CNY       51.86
HANGZHOU XIAOSHAN STATE     6.90    11/22/2016   CNY       40.40
HANGZHOU XIAOSHAN STATE     6.90    11/22/2016   CNY       40.34
HANGZHOU YUHANG CITY CO     7.55     3/29/2019   CNY       64.10
HANGZHOU YUHANG CITY CO     7.55     3/29/2019   CNY       63.59
HANZHONG CITY CONSTRUCT     7.48     3/14/2018   CNY       73.16
HEFEI HAIHENG INVESTMEN     7.30     6/12/2019   CNY       63.94
HEFEI HAIHENG INVESTMEN     7.30     6/12/2019   CNY       60.00
HEFEI TAOHUA INDUSTRIAL     8.79     3/27/2019   CNY       63.87
HEFEI XINCHENG STATE-OW     7.88     4/23/2019   CNY       64.12
HEFEI XINCHENG STATE-OW     7.88     4/23/2019   CNY       57.84
HEGANG KAIYUAN CITY INV     6.50     7/19/2019   CNY       62.76
HEILONGJIANG HECHENG CO     7.78    11/17/2016   CNY       36.57
HEILONGJIANG HECHENG CO     7.78    11/17/2016   CNY       40.43
HUAIAN CITY URBAN ASSET     7.15    12/21/2016   CNY       40.63
HUAIAN CITY WATER ASSET     8.25      3/8/2019   CNY       64.69
HUAIAN CITY WATER ASSET     8.25      3/8/2019   CNY       62.51
HUAI'AN DEVELOPMENT HOL     6.80     3/24/2017   CNY       42.63
HUAIAN QINGHE NEW AREA      6.79     4/29/2017   CNY       40.53
HUAIHUA CITY CONSTRUCTI     8.00     3/22/2018   CNY       51.60
HUAIHUA CITY CONSTRUCTI     8.00     3/22/2018   CNY       52.30
HUZHOU MUNICIPAL CONSTR     7.02    12/21/2017   CNY       72.39
HUZHOU NANXUN STATE-OWN     8.15     3/31/2019   CNY       63.53
HUZHOU WUXING NANTAIHU      7.71     2/17/2018   CNY       72.82
JIAMUSI NEW ERA INFRAST     8.25     3/22/2019   CNY       63.25
JIAMUSI NEW ERA INFRAST     8.25     3/22/2019   CNY       63.85
JIAN CITY CONSTRUCTION      7.80     4/20/2019   CNY       64.03
JIAN CITY CONSTRUCTION      7.80     4/20/2019   CNY       57.79
JIANGDONG HOLDING GROUP     6.90     3/27/2019   CNY       62.55
JIANGDU XINYUAN INDUSTR     8.10     3/23/2019   CNY       63.51
JIANGDU XINYUAN INDUSTR     8.10     3/23/2019   CNY       63.76
JIANGSU HUAJING ASSET O     5.68     9/28/2017   CNY       50.20
JIANGSU HUAJING ASSET O     5.68     9/28/2017   CNY       50.71
JIANGSU LIANYUN DEVELOP     6.10     6/19/2019   CNY       63.00
JIANGSU LIANYUN DEVELOP     6.10     6/19/2019   CNY       62.24
JIANGSU TAICANG PORT DE     7.66     5/16/2019   CNY       64.46
JIANGYIN CITY CONSTRUCT     7.20     6/11/2019   CNY       64.20
JIANGYIN CITY CONSTRUCT     7.20     6/11/2019   CNY       64.03
JIASHAN STATE-OWNED ASS     6.80      6/6/2019   CNY       63.50
JIAXING CULTURE FAMOUS      8.16      3/8/2019   CNY       64.62
JIAXING ECONOMIC&TECHNO     6.78     6/14/2019   CNY       63.07
JIAXING ECONOMIC&TECHNO     6.78     6/14/2019   CNY       63.57
JINAN CITY CONSTRUCTION     6.98     3/26/2018   CNY       51.80
JINAN CITY CONSTRUCTION     6.98     3/26/2018   CNY       51.74
JINGZHOU URBAN CONSTRUC     7.98     4/24/2019   CNY       64.69
JINING CITY CONSTRUCTIO     8.30    12/31/2018   CNY       64.12
JINTAN CONSTRUCTION INV     8.30     3/14/2019   CNY       64.48
JINTAN CONSTRUCTION INV     8.30     3/14/2019   CNY    #N/A N/A
JINZHOU CITY INVESTMENT     7.08     6/13/2019   CNY       63.52
JINZHOU CITY INVESTMENT     7.08     6/13/2019   CNY       63.25
JIUJIANG CITY CONSTRUCT     8.49     2/23/2019   CNY       64.86
JIUJIANG CITY CONSTRUCT     8.49     2/23/2019   CNY       64.10
KAIFENG DEVELOPMENT INV     6.47     7/11/2019   CNY       62.36
KUNMING CITY CONSTRUCTI     7.60     4/13/2018   CNY       52.03
KUNMING CITY CONSTRUCTI     7.60     4/13/2018   CNY       52.41
KUNMING WUHUA DISTRICT      8.60     3/15/2018   CNY       52.95
KUNMING WUHUA DISTRICT      8.60     3/15/2018   CNY       52.83
LAIWU CITY ECONOMIC DEV     6.50      3/1/2018   CNY       61.93
LEQING CITY STATE OWNED     6.50     6/29/2019   CNY       79.00
LEQING CITY STATE OWNED     6.50     6/29/2019   CNY       63.59
LESHAN STATE-OWNED ASSE     6.99     3/18/2018   CNY       72.98
LESHAN STATE-OWNED ASSE     6.99     3/18/2018   CNY       73.17
LIAOYANG CITY ASSETS OP     6.88     6/13/2018   CNY       67.64
LIAOYANG CITY ASSETS OP     6.88     6/13/2018   CNY       66.30
LIAOYUAN STATE-OWNED AS     8.17     3/13/2019   CNY       63.16
LIAOYUAN STATE-OWNED AS     8.17     3/13/2019   CNY       61.00
LIAOYUAN STATE-OWNED AS     7.80     1/26/2017   CNY       40.50
LIAOYUAN STATE-OWNED AS     7.80     1/26/2017   CNY       40.58
LIJIANG GUCHENG MANAGEM     6.68     7/26/2019   CNY       63.74
LINAN CITY CONSTRUCTION     8.15      3/9/2018   CNY       52.20
LINAN CITY CONSTRUCTION     8.15      3/9/2018   CNY       52.46
LINHAI CITY INFRASTRUCT     7.98     11/6/2016   CNY       45.60
LINHAI CITY INFRASTRUCT     7.98     11/6/2016   CNY       50.53
LINYI INVESTMENT DEVELO     8.10     3/27/2018   CNY       52.53
LIUZHOU DONGCHENG INVES     8.30     2/15/2019   CNY       62.25
LIUZHOU DONGCHENG INVES     8.30     2/15/2019   CNY       63.20
LONGHAI STATE-OWNED ASS     8.25     12/2/2017   CNY       72.79
LUOHE CITY CONSTRUCTION     6.81     3/30/2017   CNY       30.66
LUOHE CITY CONSTRUCTION     6.81     3/30/2017   CNY       30.56
MIANYANG SCIENCE & TECH     6.30     7/22/2018   CNY       54.38
MIANYANG SCIENCE & TECH     7.16     5/15/2019   CNY       60.51
MIANYANG SCIENCE & TECH     7.16     5/15/2019   CNY       63.20
NANAN CITY TRADE INDUST     8.50     4/25/2019   CNY       64.65
NANCHONG CHEMICAL INDUS     8.16     4/26/2019   CNY       64.05
NANJING HEXI NEW TOWN A     6.40      2/3/2017   CNY       61.02
NANJING JIANGNING SCIEN     7.29     4/28/2019   CNY       61.50
NANJING JIANGNING SCIEN     7.29     4/28/2019   CNY       63.49
NANTONG CITY TONGZHOU D     6.80     5/28/2019   CNY       81.00
NANTONG CITY TONGZHOU D     6.80     5/28/2019   CNY       63.67
NANTONG STATE-OWNED ASS     6.72    11/13/2016   CNY       40.10
NANTONG STATE-OWNED ASS     6.72    11/13/2016   CNY       40.38
NEIJIANG INVESTMENT HOL     7.00     7/19/2018   CNY       52.14
NEIJIANG INVESTMENT HOL     7.00     7/19/2018   CNY       52.19
NEIMENGGU XINLINGOL XIN     7.62     2/25/2018   CNY       72.34
NINGBO CITY ZHENHAI INV     6.48     4/12/2017   CNY       40.72
NINGBO URBAN CONSTRUCTI     7.39      3/1/2018   CNY       52.19
NINGBO URBAN CONSTRUCTI     7.39      3/1/2018   CNY       50.76
NINGDE CITY STATE-OWNED     6.25    10/21/2017   CNY       40.54
NONGGONGSHANG REAL ESTA     6.29    10/11/2017   CNY       71.19
PANJIN CONSTRUCTION INV     7.50     5/17/2019   CNY       61.10
PANJIN CONSTRUCTION INV     7.50     5/17/2019   CNY       63.60
PANJIN CONSTRUCTION INV     7.70    12/16/2016   CNY       40.32
PANJIN CONSTRUCTION INV     7.70    12/16/2016   CNY       40.64
PINGDINGSHAN CITY DEVEL     7.86      5/8/2019   CNY       64.28
PINGDINGSHAN CITY DEVEL     7.86      5/8/2019   CNY       64.14
PUER CITY STATE OWNED A     7.38     6/20/2019   CNY       63.04
PUTIAN STATE-OWNED ASSE     8.10     3/21/2019   CNY       64.39
PUTIAN STATE-OWNED ASSE     8.10     3/21/2019   CNY       64.20
QIANAN XINGYUAN WATER I     6.45     7/11/2018   CNY       51.76
QIANDONG NANZHOU DEVELO     8.80     4/27/2019   CNY       63.77
QINGDAO CITY CONSTRUCTI     6.89     2/16/2019   CNY       63.06
QINGDAO CITY CONSTRUCTI     6.19     2/16/2017   CNY       40.68
QINGDAO CITY CONSTRUCTI     6.89     2/16/2019   CNY       62.89
QINGDAO CITY CONSTRUCTI     6.19     2/16/2017   CNY       40.58
QINGDAO HUATONG STATE-O     7.30     4/18/2019   CNY       63.81
QINGDAO HUATONG STATE-O     7.30     4/18/2019   CNY       63.60
QINGZHOU HONGYUAN PUBLI     6.50     5/22/2019   CNY       32.00
QINGZHOU HONGYUAN PUBLI     6.50     5/22/2019   CNY       31.48
QINZHOU CITY DEVELOPMEN     6.72     4/30/2017   CNY       51.23
QUANZHOU QUANGANG PETRO     8.40     4/16/2019   CNY       65.53
QUANZHOU QUANGANG PETRO     8.40     4/16/2019   CNY       64.25
QUNSHAN HUAQIAO INTERNA     7.98    12/30/2018   CNY       63.50
SANMING STATE-OWNED ASS     6.99     6/14/2018   CNY       70.08
SANMING STATE-OWNED ASS     6.99     6/14/2018   CNY       73.77
SHANGHAI CHENGTOU CORP      4.63     7/30/2019   CNY       61.64
SHANGHAI REAL ESTATE GR     6.12     5/17/2017   CNY       40.99
SHANGHAI SONGJIANG TOWN     6.28     8/15/2018   CNY       69.75
SHAOXING CHENGBEI XINCH     6.21     6/11/2018   CNY       51.35
SHAOXING CHENGBEI XINCH     6.21     6/11/2018   CNY       76.75
SHIYAN CITY INFRASTRUCT     7.98     4/20/2019   CNY       64.46
SICHUAN COAL INDUSTRY G     5.94     5/15/2017   CNY       35.00
SICHUAN COAL INDUSTRY G     7.45    12/25/2016   CNY       35.00
SICHUAN COAL INDUSTRY G     7.70      1/9/2018   CNY       35.00
SICHUAN COAL INDUSTRY G     7.80     9/27/2017   CNY       35.00
SICHUAN DEVELOPMENT HOL     5.40    11/10/2017   CNY       70.91
SUQIAN ECONOMIC DEVELOP     7.50     3/26/2019   CNY       63.39
SUQIAN ECONOMIC DEVELOP     7.50     3/26/2019   CNY       63.98
SUZHOU CONSTRUCTION INV     7.45     3/12/2019   CNY       63.70
SUZHOU INDUSTRIAL PARK      5.79     5/30/2019   CNY       61.71
SUZHOU INDUSTRIAL PARK      5.79     5/30/2019   CNY       62.77
TAIAN CITY TAISHAN INVE     5.79      3/2/2018   CNY       71.00
TAIXING ZHONGXING STATE     8.29     3/27/2018   CNY       52.55
TAIXING ZHONGXING STATE     8.29     3/27/2018   CNY       53.73
TAIZHOU CITY CONSTRUCTI     6.90     1/25/2017   CNY       40.72
TAIZHOU HAILING ASSETS      8.52     3/21/2019   CNY       64.54
TAIZHOU HAILING ASSETS      8.52     3/21/2019   CNY       64.42
TIANJIN BINHAI NEW AREA     5.00     3/13/2018   CNY       71.78
TIANJIN BINHAI NEW AREA     5.00     3/13/2018   CNY       71.54
TIANJIN HANBIN INVESTME     8.39     3/22/2019   CNY       63.98
TIANJIN HI-TECH INDUSTR     7.80     3/27/2019   CNY       63.75
TIANJIN HI-TECH INDUSTR     7.80     3/27/2019   CNY       63.71
TIANJIN JINNAN CITY CON     6.95     6/18/2019   CNY       63.59
TIELING PUBLIC ASSETS I     7.34     5/29/2018   CNY       51.83
TIELING PUBLIC ASSETS I     7.34     5/29/2018   CNY       47.06
TIGER FOREST & PAPER GR     5.38     6/14/2017   CNY       57.96
TONGCHUAN DEVELOPMENT I     7.50     7/17/2019   CNY       62.97
TONGLIAO CITY INVESTMEN     5.98      9/1/2017   CNY       70.66
TONGLIAO CITY INVESTMEN     5.98      9/1/2017   CNY       71.02
TONGREN FANJINGSHAN INV     6.89      8/2/2019   CNY       62.84
URUMQI CITY CONSTRUCTIO     6.35      7/9/2019   CNY       63.39
URUMQI STATE-OWNED ASSE     6.48     4/28/2018   CNY       51.51
URUMQI STATE-OWNED ASSE     6.48     4/28/2018   CNY       51.61
VANZIP INVESTMENT GROUP     7.92      2/4/2019   CNY       65.54
WAFANGDIAN STATE-OWNED      8.55     4/19/2019   CNY       64.17
WENZHOU ANJUFANG CITY D     7.65     4/24/2019   CNY       63.71
WUHAI CITY CONSTRUCTION     8.20     3/31/2019   CNY       64.01
WUHAI CITY CONSTRUCTION     8.20     3/31/2019   CNY       63.56
WUHU ECONOMIC TECHNOLOG     6.70      6/8/2018   CNY       51.00
WUHU ECONOMIC TECHNOLOG     6.70      6/8/2018   CNY       52.34
XIAN CHANBAHE DEVELOPME     6.89      8/3/2019   CNY       63.22
XIANGTAN CITY CONSTRUCT     8.00     3/16/2019   CNY       64.14
XIANGTAN CITY CONSTRUCT     8.00     3/16/2019   CNY       61.50
XIANGTAN JIUHUA ECONOMI     6.93    12/16/2016   CNY    #N/A N/A
XIANGTAN JIUHUA ECONOMI     6.93    12/16/2016   CNY       40.52
XIANGYANG CITY CONSTRUC     8.12     1/12/2019   CNY       63.94
XIANGYANG CITY CONSTRUC     8.12     1/12/2019   CNY       63.79
XIANYANG CITY CONSTRUCT     7.90     12/9/2017   CNY       72.01
XIAOGAN URBAN CONSTRUCT     8.12     3/26/2019   CNY       64.41
XINING CITY INVESTMENT      7.70     4/27/2019   CNY       57.61
XINING CITY INVESTMENT      7.70     4/27/2019   CNY       64.33
XINJIANG SHIHEZI DEVELO     7.50     8/29/2018   CNY       72.27
XINJIANG UYGUR AR HAMI      6.25     7/17/2018   CNY       52.11
XINXIANG INVESTMENT GRO     6.80     1/18/2018   CNY       72.15
XINYANG HUAXIN INVESTME     6.95     6/14/2019   CNY       63.87
XINYANG HUAXIN INVESTME     6.95     6/14/2019   CNY       60.00
XINZHOU CITY ASSET MANA     7.39      8/8/2018   CNY       78.06
XUCHANG GENERAL INVESTM     7.78     4/27/2019   CNY       64.32
XUZHOU ECONOMIC TECHNOL     8.20      3/7/2019   CNY       64.60
XUZHOU ECONOMIC TECHNOL     8.20      3/7/2019   CNY       65.15
XUZHOU XINSHENG CONSTRU     7.48      5/8/2018   CNY       52.40
XUZHOU XINSHENG CONSTRU     7.48      5/8/2018   CNY       52.47
YAAN STATE-OWNED ASSET      7.39      7/4/2019   CNY       62.87
YANCHENG ORIENTAL INVES     5.75      6/8/2017   CNY       51.10
YANCHENG ORIENTAL INVES     5.75      6/8/2017   CNY       50.31
YANGZHONG URBAN CONSTRU     7.10     3/26/2018   CNY       73.23
YANGZHOU URBAN CONSTRUC     6.30     7/26/2019   CNY       63.54
YANZHOU HUIMIN URBAN CO     8.50    12/28/2017   CNY       52.05
YIBIN STATE-OWNED ASSET     5.80     5/23/2018   CNY       72.23
YICHUN CITY CONSTRUCTIO     7.35     7/24/2019   CNY       61.00
YICHUN CITY CONSTRUCTIO     7.35     7/24/2019   CNY       61.46
YIJINHUOLUOQI HONGTAI C     8.35     3/19/2019   CNY       59.55
YIJINHUOLUOQI HONGTAI C     8.35     3/19/2019   CNY       59.03
YINCHUAN URBAN CONSTRUC     6.28      3/9/2017   CNY       25.17
YINGTAN INVESTMENT FINA     8.15     2/23/2017   CNY       51.34
YIYANG CITY CONSTRUCTIO     8.20    11/19/2016   CNY       40.54
YIZHENG CITY CONSTRUCTI     7.78     6/14/2019   CNY       76.00
YIZHENG CITY CONSTRUCTI     7.78     6/14/2019   CNY       64.60
YUNNAN PROVINCIAL INVES     5.25     8/24/2017   CNY       70.70
YUNNAN PROVINCIAL INVES     5.25     8/24/2017   CNY       70.48
ZHANGJIAGANG JINCHENG I     6.23      1/6/2018   CNY       61.54
ZHANGJIAKOU TONGTAI HOL     6.90      7/5/2018   CNY       73.62
ZHEJIANG PROVINCE DEQIN     6.90     4/12/2018   CNY       72.66
ZHENJIANG CULTURE AND T     5.86      5/6/2017   CNY       50.11
ZHENJIANG CULTURE AND T     5.86      5/6/2017   CNY       50.63
ZHENJIANG NEW AREA ECON     8.16      3/1/2019   CNY       63.10
ZHENJIANG NEW AREA ECON     8.16      3/1/2019   CNY       62.84
ZHENJIANG TRANSPORTATIO     7.29      5/8/2019   CNY       63.31
ZHENJIANG TRANSPORTATIO     7.29      5/8/2019   CNY       62.61
ZHUCHENG ECONOMIC DEVEL     6.40     4/26/2018   CNY       41.55
ZHUCHENG ECONOMIC DEVEL     6.40     4/26/2018   CNY       39.00
ZHUCHENG ECONOMIC DEVEL     7.50     8/25/2018   CNY       40.68
ZHUHAI HUAFA GROUP CO L     8.43     2/16/2018   CNY       52.69
ZHUHAI HUAFA GROUP CO L     8.43     2/16/2018   CNY       52.08
ZHUHAI ZHONGFU ENTERPRI     5.28     5/28/2015   CNY       54.25
ZHUHAI ZHONGFU ENTERPRI     6.60     3/28/2017   CNY       54.25
ZHUJI CITY CONSTRUCTION     6.92      7/5/2018   CNY      103.70
ZHUJI CITY CONSTRUCTION     6.92      7/5/2018   CNY       73.82
ZIBO CITY PROPERTY CO L     5.45     4/27/2019   CNY       37.35
ZIGONG STATE-OWNED ASSE     6.86     6/17/2018   CNY       72.90
ZOUCHENG CITY ASSET OPE     7.02     1/12/2018   CNY       41.22
ZOUPING COUNTY STATE-OW     6.98     4/27/2018   CNY       72.95
ZUNYI CITY INVESTMENT G     8.53     3/13/2019   CNY       64.83
ZUNYI CITY INVESTMENT G     8.53     3/13/2019   CNY       64.12


INDONESIA
---------

BERAU COAL ENERGY TBK P     7.25     3/13/2017   USD       19.50
BERAU COAL ENERGY TBK P     7.25     3/13/2017   USD       20.02


INDIA
-----

3I INFOTECH LTD             5.00     4/26/2017   USD        9.75
BLUE DART EXPRESS LTD       9.30    11/20/2017   INR       10.14
BLUE DART EXPRESS LTD       9.50    11/20/2019   INR       10.32
BLUE DART EXPRESS LTD       9.40    11/20/2018   INR       10.24
GTL INFRASTRUCTURE LTD      4.53     11/9/2017   USD       24.25
JAIPRAKASH ASSOCIATES L     5.75      9/8/2017   USD       44.13
JCT LTD                     2.50      4/8/2011   USD       22.38
PRAKASH INDUSTRIES LTD      5.25     4/30/2015   USD       20.25
PYRAMID SAIMIRA THEATRE     1.75      7/4/2012   USD        1.00
REI AGRO LTD                5.50    11/13/2014   USD        6.50
REI AGRO LTD                5.50    11/13/2014   USD        6.50
SVOGL OIL GAS & ENERGY      5.00     8/17/2015   USD       20.00


JAPAN
-----

AVANSTRATE INC              5.55    10/31/2017   JPY       37.00
AVANSTRATE INC              5.55    10/31/2017   JPY       33.25
MICRON MEMORY JAPAN INC     0.70      8/1/2016   JPY        5.00
MICRON MEMORY JAPAN INC     0.50    10/26/2015   JPY        5.00
MICRON MEMORY JAPAN INC     2.03     3/22/2012   JPY        5.00
MICRON MEMORY JAPAN INC     2.10    11/29/2012   JPY        5.00
MICRON MEMORY JAPAN INC     2.29     12/7/2012   JPY        5.00
TAKATA CORP                 0.58     3/26/2021   JPY       68.75


KOREA
-----

2014 KODIT CREATIVE THE     5.00    12/25/2017   KRW       33.08
2014 KODIT CREATIVE THE     5.00    12/25/2017   KRW       33.08
2016 KIBO 1ST SECURITIZ     5.00     9/13/2018   KRW       29.08
DOOSAN CAPITAL SECURITI    20.00     4/22/2019   KRW       45.73
HANJIN SHIPPING CO LTD      5.90      6/7/2017   KRW       65.99
KIBO ABS SPECIALTY CO L     5.00     3/29/2018   KRW       31.97
KIBO ABS SPECIALTY CO L    10.00     8/22/2017   KRW       21.67
KIBO ABS SPECIALTY CO L     5.00     1/31/2017   KRW       34.64
KIBO ABS SPECIALTY CO L     5.00    12/25/2017   KRW       31.60
KIBO ABS SPECIALTY CO L    10.00     2/19/2017   KRW       40.25
KIBO ABS SPECIALTY CO L    10.00      9/4/2016   KRW       72.34
LSMTRON DONGBANGSEONGJA     4.53    11/22/2017   KRW       32.54
OKC SECURITIZATION SPEC    10.00      1/3/2020   KRW       26.36
SINBO SECURITIZATION SP     5.00     7/29/2018   KRW       29.52
SINBO SECURITIZATION SP     5.00     2/11/2018   KRW       32.37
SINBO SECURITIZATION SP     5.00     2/11/2018   KRW       32.37
SINBO SECURITIZATION SP     5.00    12/25/2016   KRW       37.89
SINBO SECURITIZATION SP     5.00     8/29/2018   KRW       30.71
SINBO SECURITIZATION SP     5.00     8/29/2018   KRW       30.71
SINBO SECURITIZATION SP     5.00     3/12/2018   KRW       32.12
SINBO SECURITIZATION SP     5.00     3/12/2018   KRW       32.12
SINBO SECURITIZATION SP     5.00     1/30/2019   KRW       29.19
SINBO SECURITIZATION SP     5.00     1/30/2019   KRW       29.19
SINBO SECURITIZATION SP     5.00    10/30/2019   KRW       20.25
SINBO SECURITIZATION SP     5.00     8/27/2019   KRW       27.18
SINBO SECURITIZATION SP     5.00     8/16/2017   KRW       34.20
SINBO SECURITIZATION SP     5.00     8/16/2017   KRW       34.20
SINBO SECURITIZATION SP     5.00     1/15/2018   KRW       32.88
SINBO SECURITIZATION SP     5.00     1/15/2018   KRW       32.88
SINBO SECURITIZATION SP     5.00     8/16/2016   KRW       72.73
SINBO SECURITIZATION SP     5.00     9/26/2018   KRW       30.48
SINBO SECURITIZATION SP     5.00     9/26/2018   KRW       30.48
SINBO SECURITIZATION SP     5.00     9/26/2018   KRW       30.48
SINBO SECURITIZATION SP     5.00    12/23/2018   KRW       29.54
SINBO SECURITIZATION SP     5.00    12/23/2017   KRW       31.62
SINBO SECURITIZATION SP     5.00    12/23/2018   KRW       29.54
SINBO SECURITIZATION SP     5.00     10/1/2017   KRW       33.62
SINBO SECURITIZATION SP     5.00     10/1/2017   KRW       33.62
SINBO SECURITIZATION SP     5.00     10/1/2017   KRW       33.62
SINBO SECURITIZATION SP     5.00     2/21/2017   KRW       35.66
SINBO SECURITIZATION SP     5.00     2/27/2019   KRW       28.99
SINBO SECURITIZATION SP     5.00     2/27/2019   KRW       28.99
SINBO SECURITIZATION SP     5.00     2/21/2017   KRW       35.66
SINBO SECURITIZATION SP     5.00     3/13/2017   KRW       35.43
SINBO SECURITIZATION SP     5.00     3/13/2017   KRW       35.43
SINBO SECURITIZATION SP     5.00     1/29/2017   KRW       36.35
SINBO SECURITIZATION SP     5.00     7/29/2019   KRW       27.41
SINBO SECURITIZATION SP     5.00    12/13/2016   KRW       40.77
SINBO SECURITIZATION SP     5.00     10/5/2016   KRW       52.66
SINBO SECURITIZATION SP     5.00     10/5/2016   KRW       52.66
SINBO SECURITIZATION SP     5.00     8/31/2016   KRW       65.43
SINBO SECURITIZATION SP     5.00     6/25/2018   KRW       29.85
SINBO SECURITIZATION SP     5.00     6/25/2019   KRW       27.73
SINBO SECURITIZATION SP     5.00      7/8/2017   KRW       34.46
SINBO SECURITIZATION SP     5.00      7/8/2017   KRW       34.46
SINBO SECURITIZATION SP     5.00      6/7/2017   KRW       18.53
SINBO SECURITIZATION SP     5.00     5/26/2018   KRW       30.12
SINBO SECURITIZATION SP     5.00     3/18/2019   KRW       28.75
SINBO SECURITIZATION SP     5.00     3/18/2019   KRW       28.75
SINBO SECURITIZATION SP     5.00      6/7/2017   KRW       18.53
SINBO SECURITIZATION SP     5.00     8/31/2016   KRW       65.43
SINBO SECURITIZATION SP     5.00     7/24/2017   KRW       33.10
SINBO SECURITIZATION SP     5.00     7/24/2018   KRW       31.21
SINBO SECURITIZATION SP     5.00     7/24/2018   KRW       31.21
SINBO SECURITIZATION SP     5.00     6/27/2018   KRW       31.43
SINBO SECURITIZATION SP     5.00     6/27/2018   KRW       31.43
SINBO SECURITIZATION SP     5.00     9/30/2019   KRW       26.78
TONGYANG CEMENT & ENERG     7.50     4/20/2014   KRW       70.00
TONGYANG CEMENT & ENERG     7.30     6/26/2015   KRW       70.00
TONGYANG CEMENT & ENERG     7.30     4/12/2015   KRW       70.00
TONGYANG CEMENT & ENERG     7.50     9/10/2014   KRW       70.00
TONGYANG CEMENT & ENERG     7.50     7/20/2014   KRW       70.00
U-BEST SECURITIZATION S     5.50    11/16/2017   KRW       33.95
WOONGJIN ENERGY CO LTD      3.00    12/19/2019   KRW       64.27
WOORI BANK                  5.21    12/12/2044   KRW      400.82


SRI LANKA
---------

HATTON NATIONAL BANK PL     8.00     8/29/2023   LKR       68.00
SRI LANKA GOVERNMENT BO     5.35      3/1/2026   LKR       60.32
SRI LANKA GOVERNMENT BO     6.00     12/1/2024   LKR       67.06
SRI LANKA GOVERNMENT BO     8.00      1/1/2032   LKR       67.96
SRI LANKA GOVERNMENT BO     9.00      6/1/2043   LKR       69.62
SRI LANKA GOVERNMENT BO     9.00      6/1/2033   LKR       73.58
SRI LANKA GOVERNMENT BO     9.00     10/1/2032   LKR       74.06
SRI LANKA GOVERNMENT BO     9.00     11/1/2033   LKR       73.02


MALAYSIA
--------

BIMB HOLDINGS BHD           1.50    12/12/2023   MYR       74.59
BRIGHT FOCUS BHD            2.50     1/22/2031   MYR       72.43
BRIGHT FOCUS BHD            2.50     1/24/2030   MYR       72.52
LAND & GENERAL BHD          1.00     9/24/2018   MYR        0.26
SENAI-DESARU EXPRESSWAY     0.50    12/31/2047   MYR       67.32
SENAI-DESARU EXPRESSWAY     0.50    12/30/2044   MYR       65.66
SENAI-DESARU EXPRESSWAY     0.50    12/31/2040   MYR       62.73
SENAI-DESARU EXPRESSWAY     0.50    12/31/2038   MYR       60.95
SENAI-DESARU EXPRESSWAY     0.50    12/31/2042   MYR       64.34
SENAI-DESARU EXPRESSWAY     0.50    12/31/2043   MYR       65.09
SENAI-DESARU EXPRESSWAY     0.50    12/29/2045   MYR       66.16
SENAI-DESARU EXPRESSWAY     0.50    12/30/2039   MYR       62.01
SENAI-DESARU EXPRESSWAY     0.50    12/31/2041   MYR       63.43
SENAI-DESARU EXPRESSWAY     0.50    12/31/2046   MYR       66.79
SENAI-DESARU EXPRESSWAY     1.35     6/30/2031   MYR       50.93
SENAI-DESARU EXPRESSWAY     1.15    12/29/2023   MYR       71.50
SENAI-DESARU EXPRESSWAY     1.15     6/28/2024   MYR       69.85
SENAI-DESARU EXPRESSWAY     1.35    12/31/2029   MYR       55.12
SENAI-DESARU EXPRESSWAY     1.35     6/29/2029   MYR       56.54
SENAI-DESARU EXPRESSWAY     1.35    12/31/2030   MYR       52.33
SENAI-DESARU EXPRESSWAY     1.15     6/30/2023   MYR       73.18
SENAI-DESARU EXPRESSWAY     1.35    12/31/2025   MYR       66.35
SENAI-DESARU EXPRESSWAY     1.35     6/30/2026   MYR       64.81
SENAI-DESARU EXPRESSWAY     1.35    12/31/2026   MYR       63.39
SENAI-DESARU EXPRESSWAY     1.35     6/28/2030   MYR       53.75
SENAI-DESARU EXPRESSWAY     1.15     6/30/2025   MYR       66.54
SENAI-DESARU EXPRESSWAY     1.15    12/30/2022   MYR       74.86
SENAI-DESARU EXPRESSWAY     1.15    12/31/2024   MYR       68.16
SENAI-DESARU EXPRESSWAY     1.35     6/30/2028   MYR       59.31
SENAI-DESARU EXPRESSWAY     1.35    12/31/2027   MYR       60.66
SENAI-DESARU EXPRESSWAY     1.35     6/30/2027   MYR       62.01
SENAI-DESARU EXPRESSWAY     1.35    12/29/2028   MYR       57.91
UNIMECH GROUP BHD           5.00     9/18/2018   MYR        1.02


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

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

SINGAPORE
---------

ASL MARINE HOLDINGS LTD     5.35     10/1/2018   SGD       70.00
AUSGROUP LTD                7.45    10/20/2016   SGD       71.50
AXIS OFFSHORE PTE LTD       7.90     5/18/2018   USD       59.25
BAKRIE TELECOM PTE LTD     11.50      5/7/2015   USD        1.42
BAKRIE TELECOM PTE LTD     11.50      5/7/2015   USD        1.42
BERAU CAPITAL RESOURCES    12.50      7/8/2015   USD       19.31
BERAU CAPITAL RESOURCES    12.50      7/8/2015   USD       19.38
BLD INVESTMENTS PTE LTD     8.63     3/23/2015   USD        8.00
BUMI CAPITAL PTE LTD       12.00    11/10/2016   USD       19.75
BUMI CAPITAL PTE LTD       12.00    11/10/2016   USD       20.25
BUMI INVESTMENT PTE LTD    10.75     10/6/2017   USD       17.25
BUMI INVESTMENT PTE LTD    10.75     10/6/2017   USD       17.40
ENERCOAL RESOURCES PTE      6.00      4/7/2018   USD       10.88
EZRA HOLDINGS LTD           4.88     4/24/2018   SGD       71.00
GOLIATH OFFSHORE HOLDIN    12.00     6/11/2017   USD        5.05
INDO INFRASTRUCTURE GRO     2.00     7/30/2010   USD        1.88
NEPTUNE ORIENT LINES LT     4.65      9/9/2020   SGD       71.98
NEPTUNE ORIENT LINES LT     4.40     6/22/2021   SGD       66.98
ORO NEGRO DRILLING PTE      7.50     1/24/2019   USD       44.00
OSA GOLIATH PTE LTD        12.00     10/9/2018   USD       62.00
OTTAWA HOLDINGS PTE LTD     5.88     5/16/2018   USD       73.75
OTTAWA HOLDINGS PTE LTD     5.88     5/16/2018   USD       69.12
PACIFIC RADIANCE LTD        4.30     8/29/2018   SGD       59.50
SWIBER HOLDINGS LTD         7.13     4/18/2017   SGD       10.00
SWIBER HOLDINGS LTD         5.55    10/10/2016   SGD       10.00
TRIKOMSEL PTE LTD           5.25     5/10/2016   SGD       18.25
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 TRADING      1.00    10/10/2025   USD       51.03
DEBT AND ASSET TRADING      1.00    10/10/2025   USD       55.24



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***