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

                      A S I A   P A C I F I C

          Tuesday, December 6, 2016, Vol. 19, No. 241

                            Headlines


A U S T R A L I A

BELL GROUP: AG Brandis to Face Inquiry Over Bell Group Scandal
DAN BRICKLAYING: First Creditors' Meeting Slated for Dec. 12
J W LIU: First Creditors' Meeting Scheduled for Dec. 12
KINGFISHER TRUST: Moody's Assigns Ba2 Rating to Class E Notes
M.V.O. INDUSTRIES: First Creditors' Meeting Set for Dec. 9

VAN TRICHT: First Creditors' Meeting Slated for Dec. 9


C H I N A

SUNAC CHINA: Qindao Calxon Purchase No Impact on Moody's B2 CFR


I N D I A

APEX SURATGARH: CRISIL Reaffirms B+ Rating on INR92.5MM Term Loan
B. R. STEEL: CRISIL Lowers Rating on INR82.6MM Cash Loan to 'D'
BLA INFRASTRUCTURE: Ind-Ra Lowers Long-Term Issuer Rating to BB-
CHINCHWADE AND ASSOCIATES: CRISIL Rates INR22MM LT Loan 'B+'
CONJOINT HEALTHCARE: CRISIL Assigns 'B' Rating to INR70MM Loan

COTTON AND TEXTILE: CRISIL Reaffirms B+ Rating on INR5MM Loan
FIRDOUS GOLD: CRISIL Cuts Rating on INR50MM Cash Loan to B-
G.R. INFRASTRUCTURE: Ind-Ra Lowers Long-Term Issuer Rating to BB
H. SHERUL: CRISIL Lowers Rating on INR250MM Bank Loan to 'D'
HEALTHWAY HOSPITALS: CRISIL Assigns B+ Rating to INR321.1MM Loan

J M MHATRE: Ind-Ra Raises Long-Term Issuer Rating to 'BB+'
JAGABANDHU ENTERPRISERS: CRISIL Suspends B Rating on INR1.1M Loan
JS DESIGNER: Ind-Ra Assigns 'D' Long-Term Issuer Rating
KADAM & KADAM: Ind-Ra Assigns BB- Long-Term Issuer Rating
KESHAVA MEDI: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan

KHADEEJA CASHEW: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
KISHOR SORTEX: CRISIL Suspends B+ Rating on INR30MM Cash Loan
KUN COMMERCIAL: CRISIL Suspends 'D' Rating on INR220MM Term Loan
LAKSHMI ENERGY: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
LAKSHMI VENKATA: CRISIL Assigns 'B' Rating to INR74MM LT Loan

M. G. GOLD: CRISIL Suspends B+ Rating on INR450MM Term Loan
MADRAS FERTILIZERS: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
MANAV AGRI: CRISIL Reaffirms B+ Rating on INR175MM Cash Loan
MANTRAM TECHNOFAB: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
METI COTTON: CRISIL Suspends 'B' Rating on INR42.5MM Term Loan

MILLENIUM STEEL: CRISIL Suspends 'B' Rating on INR42.5MM Loan
MODEST AND PARSONS: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
MORTH INFRASTRUCTURE: CRISIL Reaffirms B+ Cash Credit Rating
NAYAAB JEWELS: CRISIL Suspends 'D' Rating on INR185MM Cash Loan
NITHIN GRAINS: CRISIL Suspends B+ Rating on INR100MM LT Loan

OM SAKTHI: CRISIL Raises Rating on INR95MM Overdraft Loan to B+
ORAGADAM CITY: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
OZONE INFRA: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
OZON VITRIFIED: CRISIL Cuts Rating on INR80MM Cash Loan to B+
PANVELKAR INFRA: CRISIL Cuts Rating on INR200MM Loan to B+

PRECISION INFOMATIC: Ind-Ra Withdraws 'B+' LT Issuer Rating
PRIME INSULATORS: CRISIL Reaffirms 'B' Rating on INR40MM Loan
QUALITY OVERSEAS: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan
R.K. JEWELLERS: CRISIL Suspends 'B' Rating on INR112.5MM LT Loan
R. P. STEEL: CRISIL Reaffirms 'B' Rating on INR70MM Cash Loan

RAJGANGA AGRO: CRISIL Reaffirms B+ Rating on INR45MM Cash Loan
RENNY STRIPS: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
RICHA INDUSTRIES: Ind-Ra Withdraws B- Long-Term Issuer Rating
SANCHETI COTEX: CRISIL Reaffirms 'B' Rating on INR60MM Cash Loan
SANSKAR AGRO: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating

SATYAMEV COT: Ind-Ra Raises Long-Term Issuer Rating to 'BB'
SEGNO CERAMICS: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
SILICON DRUGS: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
SIM AGRO: CRISIL Cuts Rating on INR125MM Term Loan to 'B'
SIVA FOODS: CRISIL Reaffirms 'B+' Rating on INR120MM Cash Loan

SOWBHAGYA ISPAT: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
SRAVANI RAW: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating
SRI NOMULA: CRISIL Assigns 'B' Rating to INR70MM Cash Loan
SRI SARAVANA: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
SRI SRI: CRISIL Reaffirms 'B' Rating on INR240.9MM Term Loan

T & U SYSTEMS: CRISIL Assigns 'B+' Rating to INR135MM LT Loan
TARINI INFRA: CRISIL Reaffirms D Rating on INR223.5MM Loan
TOMCO ENGINEERING: CRISIL Cuts Rating on INR160MM Loan to 'B+'
VIVA MERCHANTS: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
YASIN IMPEX: CRISIL Cuts Rating on INR25MM Cash Loan to B+


I N D O N E S I A

LIPPO KARAWACI: Fitch Affirms 'BB-' LT Issuer Default Ratings


M A C A U

STUDIO CITY: Moody's Rates $350MM Notes B1, Outlook Negative


M A L A Y S I A

1MALAYSIA DEVELOPMENT: StanChart, Coutts Fined Over Breaches


S I N G A P O R E

KARHOO SINGAPORE: 6 Former Workers Sue to Recover CPF Arrears


V I E T N A M

VIETCOMBANK: Moody's Affirms B1 Local Currency LT Deposit Rating


X X X X X X X X

* BOND PRICING: For the Week Nov. 28 to Dec. 2, 2016


                            - - - - -


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


BELL GROUP: AG Brandis to Face Inquiry Over Bell Group Scandal
--------------------------------------------------------------
The Guardian reports that the attorney general for Australia,
George Brandis, will face his second major parliamentary probe in
a matter of months -- this time, an inquiry into his actions in
relation to the Bell Group controversy.

According to the Guardian, the Greens and Labor on Nov. 29 secured
the requisite crossbench numbers to force an inquiry by the
Senate's legal and constitutional affairs references committee --
a move following days of political controversy.

The Guardian relates that the new inquiry will also call the
finance minister, Mathias Cormann, to give evidence.

The report says the investigation will examine conflicting
accounts over whether or not there was a deal between the federal
and West Australian governments in 2015 which would have cost the
Australian Taxation Office AUD300 million.

Mr. Brandis has faced political pressure last month after a report
in the West Australian on Nov. 25 alleged that the attorney
general instructed the then solicitor general, Justin Gleeson, not
to run a particular argument in the high court when a creditor of
the collapsed Bell Group, which is associated with the
controversial businessman Alan Bond, and its liquidator,
challenged the constitutionality of a Western Australian law to
take control of the group's AUD1.8 billion, The Guardian relays.

That report forced the attorney general to make a 30-minute
statement to the Senate on Nov. 28 outlining his actions in
relation to the controversy, according to the report.

The Guardian says Mr. Brandis told the Senate he did not believe
there was a deal between the commonwealth and the Western
Australian government over litigation surrounding the collapsed
Bell Group and if there was any such agreement, he had no
knowledge of it.

The conversations with the WA government had been undertaken by
the former treasurer, Joe Hockey, now Australia's ambassador in
Washington, Mr. Brandis, as cited by the Guardian, said.

Mr. Hockey has declined to comment, according to the Guardian.

Bell Group Limited, formerly known as Western Australian Worsted
and Woollen Mills Limited, was delisted from the Australian
Stock Exchange on August 21, 1991, because of liquidation.  On
July 22, 2003, liquidator Tony Woodings started an action in
the WA Supreme Court against a group of 20 banks -- led by
Westpac -- in relation to their conduct in taking mortgages over
Bell Group assets in January 1990.  It was alleged the banks
knew or should have known that the company could not pay
creditors who were owed more than AUD800 million at the time.


DAN BRICKLAYING: First Creditors' Meeting Slated for Dec. 12
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Dan
Bricklaying Pty Ltd will be held at the offices of Deloitte, Level
19, 60 Station Street, in Parramatta, NSW, on Dec. 12, 2016, at
11:00 a.m.

David Ian Mansfield and Neil Robert Cussen of Deloitte were
appointed as administrators of Dan Bricklaying on Nov. 30, 2016.


J W LIU: First Creditors' Meeting Scheduled for Dec. 12
-------------------------------------------------------
A first meeting of the creditors in the proceedings of
J W Liu Trading Pty Limited will be held at Level 12, 88 Pitt
Street, in Sydney, NSW, on Dec. 12, 2016, at 11:00 a.m.

David Iannuzzi and Steve Naidenov of Veritas Advisory were
appointed as administrators of J W Liu on Dec. 1, 2016.


KINGFISHER TRUST: Moody's Assigns Ba2 Rating to Class E Notes
-------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
long-term ratings to notes issued by Perpetual Corporate Trust
Limited as trustee of Kingfisher Trust 2016-1.

Issuer: Perpetual Corporate Trust Limited as trustee of Kingfisher
Trust 2016-1

   -- AUD 1,840.00 million Class A1 Notes, Assigned Aaa (sf)

   -- AUD 70.00 million Class A2 Notes, Assigned Aaa (sf)

   -- AUD 48.00 million Class B Notes, Assigned Aa2 (sf)

   -- AUD 14.00 million Class C Notes, Assigned A2 (sf)

   -- AUD 12.00 million Class D Notes, Assigned Baa2 (sf)

   -- AUD 8.00 million Class E Notes, Assigned Ba2 (sf)

The AUD 8.00 million Class F Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal with respect to the
Class A1, Class A2, Class B, Class C, Class D and Class E Notes by
the legal final maturity. In the case of the Class B, Class C,
Class D, Class E and Class F Notes, the coupon margin will
decrease to 2.00% after the call option date. The difference
between the relevant note margin and the step-down margin is the
residual interest for each respective note. The residual interest
amounts are subordinated in the interest waterfall. Moody's
ratings do not address the timely payment of these residual
interest amounts for the Class B, Class C, Class D and Class E
Notes.

RATINGS RATIONALE

The subject transaction is an Australian prime RMBS. It is a cash
securitisation of prime mortgage loans secured by residential
properties. All receivables were originated and are serviced by
Australia and New Zealand Banking Grp. Ltd. (ANZ, Aa2/P-
1/Aa1(cr)/P-1(cr)). Lenders Mortgage Insurance provided by ANZ
Lenders Mortgage Insurance Pty Limited (ANZ LMI, unrated) covers
12.00% of the loans in the pool. We give no benefit to mortgage
insurance in our analysis as ANZ LMI is not rated by Moody's.

The definitive ratings take account of, among other factors:

   -- The 8.00% and 4.50% initial subordination provided to the
      Class A1 and Class A2 Notes by the junior Notes is in
      excess of the 4.00% Moody's MILAN credit enhancement (MILAN
      CE).  Moody's portfolio expected loss (Portfolio EL) for
      this transaction is 0.40%. The excess subordination
      provides additional rating stability if the underlying pool
      performance is worse than initially expected.

   -- A liquidity facility, provided by ANZ, equal to the greater
      of: (1) 1.0% of the aggregate outstanding principal of all
      loans at that time; and (2) AUD 2,000,000.

If the facility provider loses its P-1(cr) rating, it must within
30 days either: (1) Procure a replacement facility provider; or
(2) make a collateral advance request for an amount equal to the
liquidity limit minus the liquidity principal outstanding on that
day.

   -- The experience of ANZ in servicing residential mortgage
      portfolios. This is the bank's first public term RMBS
      transaction since 2004. ANZ is a regular issuer under its
      USD 30 billion residential covered bond program established
      in 2011. As of 30 September 2016, ANZ has an AUD246 billion
      portfolio of Australian mortgage assets.

   -- A fixed rate swap provided by ANZ to hedge any mismatch
      between the interest rates charged on the fixed rate loans
      and payable on the floating rate notes. Under the fixed
      rate swap agreement, the Trustee will pay the fixed rate
      received under the receivables to the swap provider and
      will receive an amount equal to the 30-day BBSW plus
      weighted average margin on the notes plus a margin.

   -- A basis swap provided by ANZ to hedge any interest rate
      mismatch that arises when the movements of 30-day BBSW are
      not (simultaneously) passed on to the variable rate
      mortgage loans. Under the basis swap agreement, the Trustee
      will pay the swap provider the variable rate received under
      the mortgage loans, and will receive an amount equal to the
      30-day BBSW, plus weighted average margin on the notes plus
      a margin.

The key transactional and pool features are as follows:

   -- The notes will initially be repaid on a sequential basis
      until, amongst other pro-rata criteria, the latter of: (1)
      the second anniversary from closing; or (2) the Class A1
      subordination is at least 16%. After that point and subject
      to other pro-rata criteria, the Class A1, Class A2,
      Class B, Class C, Class D, Class E and Class F Notes will
      receive a pro-rata share of principal payments (subject to
      additional conditions). The principal pay-down switches
      back to sequential pay, once the aggregate loan amount
      falls below 10% of the aggregate loan amount at closing or
      upon any unreimbursed charge-offs or if the three month
      average of arrears greater than 60 days is greater than 4%.

   -- The transaction allows for permitted further advances to be
      funded within the trust, which could lead to a
      deterioration in the credit quality of the pool. Permitted
      further advances are subject to certain conditions. They
      will be funded through principal collections, and if these
      are insufficient, through the issuance of redraw notes.
      These notes will sit senior to Class A1 Notes for principal
      payments and pari passu to Class A1 Notes for interest
      payments and charge-offs.

   -- The pool has a low weighted average scheduled LTV of 56.92%
      and only 7.44% of the loans have a scheduled LTV above 80%.

   -- The pool is well seasoned. Weighted average seasoning is
      45.1 months.

   -- The portfolio has a relatively low exposure to investment
      loans (18.85%) and interest-only loans (11.67%), which is
      well below Australian mortgage market averages of 35.4% and
      39.3% respectively as of June 2016.

   -- The mortgage portfolio is well diversified across
      geographical regions due to ANZ's wide distribution
      network.

   -- The portfolio has a high proportion of non-purchase loans
      (58.9%). This includes loans to obligors refinancing
      existing ANZ debt (35.0%).

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2016.

Factors that would lead to an upgrade or downgrade of the ratings:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are
primary drivers of performance.

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral performance. Other reasons for worse
performance than Moody's expects include poor servicing, error on
the part of transaction parties, a deterioration in credit quality
of transaction counterparties, lack of transactional governance
and fraud.

Moody's Parameter Sensitivities:

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here the Milan CE
and Portfolio EL - differed. The analysis assumes that the deal
has not aged. Parameter Sensitivities only reflect the ratings
impact of each scenario from a quantitative/model-indicated
standpoint.

Based on the current structure, if the MILAN CE were to increase
to 8.00% from 4.00%, and the Portfolio EL were to increase to
0.80% from 0.40%, the model-indicated rating for the Class A2
Notes would drop two notches to Aa2. The excess subordination at
closing reduces the probability of ratings migration. Using these
same assumptions, the ratings on the Class B and Class D Notes
drop four notches to A3 and Ba3 respectively, whilst the Class C
and Class E Notes drop five notches to Ba1 and Caa1 respectively.
The Class A1 Notes are not sensitive to any rating migration using
these same assumptions.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at our absolute discretion. The ratings are expressions of
opinion and not recommendations to purchase, sell or hold
securities.


M.V.O. INDUSTRIES: First Creditors' Meeting Set for Dec. 9
----------------------------------------------------------
A first meeting of the creditors in the proceedings of
M.V.O. Industries Pty Ltd will be held at the offices of
Hotel Grand Chancellor Townsville, 334 Flinders Street, in
Townsville, Queensland, on Dec. 9, 2016, at 2:30 p.m.

Michael Brennan and Dennis Offermans of Offermans Partners were
appointed as administrators of M.V.O. Industries on Nov. 29, 2016.


VAN TRICHT: First Creditors' Meeting Slated for Dec. 9
------------------------------------------------------
A first meeting of the creditors in the proceedings of
Van Tricht Enterprises Pty Ltd and VT Geebung Pty Ltd will be held
at the offices of SV Partners, SV House, 138 Mary Street, in
Brisbane Queensland, on Dec. 9, 2016, at 10:30 a.m.

Anne Meagher and Terry Grant van der Velde of SV Partners were
appointed as administrators of Van Tricht on Nov. 29, 2016.



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C H I N A
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SUNAC CHINA: Qindao Calxon Purchase No Impact on Moody's B2 CFR
---------------------------------------------------------------
Moody's Investors Service said Sunac China Holdings Limited's B2
corporate family rating and stable ratings outlook are not
immediately affected by its proposed acquisition of a project
company from Calxon Group (Shanghai) Limited Company (unrated).

On November 29, Sunac announced that it had succeeded in its bid
to acquire the entire equity interest in Qingdao Calxon Real
Estate Development Company Limited (unrated) from Calxon Group for
a total consideration of RMB3.662 billion.

In addition to the acquisition consideration, the target company
had outstanding loans of RMB1.85 billion and shareholder loans of
RMB2.347 billion, respectively, as of 30 September 2016, which
will be consolidated into Sunac's financial statements upon the
completion of the equity transfer.

"We expect that Sunac will have sufficient liquidity to support
its planned acquisitions, partly because of its strong contracted
property sales so far in 2016," says Franco Leung, a Moody's Vice
President and Senior Credit Officer, also the Lead Analyst for
Sunac.

The company achieved strong contracted sales of RMB102.68 billion
in the first 10 months of 2016, representing about 97% year-on-
year growth, and approximately 93% of its adjusted full-year
target of RMB110 billion.

The proposed acquisition is moderate in size when compared to
Sunac's liquidity position, with the total consideration
representing 9% of the company's cash holdings of RMB40 billion at
30 June 2016.

Sunac has indicated that 50% of the consideration and repayment of
the shareholder loans will be spread over the next 12 months,
which also alleviates liquidity pressure.

The newly acquired project should start bringing additional cash
inflow to Sunac from 2017.

"Nevertheless, Sunac's acquisitive appetite will keep its debt
leverage elevated," says Cindy Yang, a Moody's Analyst.

The proposed acquisition follows Sunac's earlier announcements in
2016 of its acquisition of (1) various projects from Top Spring
International Holdings Limited (unrated); (2) equity and loan
interests in 42 property projects from Legend Holdings Corporation
(unrated); and (3) a 20% stake in Jinke Property Group Co., Ltd.
(unrated).

Sunac's adjusted revenue/debt -- including adjustments for its
shares in joint ventures and associates -- deteriorated to around
43% for the 12 months to June 2016 from 64% in 2015, driven in
part by its active land and projects acquisition. Moody's expects
the company's debt leverage will remain weak at the end of 2016,
as reflected in Moody's decision on 14 October 2016 to downgrade
its corporate family rating to B2 from B1.

The proposed acquired project is located in Qingdao in China (Aa3
negative), with a total unsold area of approximately 980,000
square meters, mainly for residential and commercial purposes.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in April 2015.

Listed on the Hong Kong Stock Exchange on October 7, 2010, Sunac
China Holdings Limited is an integrated residential and commercial
property developer with projects in China's main economic regions
of Beijing, Tianjin, Shanghai, Chongqing, Chengdu and Hangzhou. At
end-June 2016, its gross land bank totaled 37.8 million square
meters and its attributable land bank totaled approximately 24.7
million square meters.



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APEX SURATGARH: CRISIL Reaffirms B+ Rating on INR92.5MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Apex Suratgarh
Multispeciality Hospital Private Limited (AMHPL) continues to
reflect the company's exposure to risks related to timely
implementation and successful ramp-up of its project.

                      Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Term Loan            92.5     CRISIL B+/Stable (Reaffirmed)

The rating also factors in its expected small scale of operations
and susceptibility to risks of competition arising from hospitals
in nearby cities. These weaknesses are partially offset by the
extensive experience of promoters in the healthcare industry and
low funding risk for its hospital project.

Outlook: Stable

CRISIL believes AMHPL will continue to benefit over the medium
term from the considerable experience of its promoters. The
outlook may be revised to 'Positive' if the company implements its
hospital project within the envisaged time and cost, and
successfully commences commercial operations. Conversely, any
significant time or cost overrun in project implementation may
result in outlook revision to 'Negative'.

Incorporated in 2014, AMHPL is setting up a multi-speciality
hospital at Suratgarh (Rajasthan). It is promoted mainly by five
doctors: Dr Sachin Jhawar, Dr Rajendra Kumar Chhabra, Dr Sanjay
Bajaj, Dr Arvind Bansal, and Dr Vijay Prakash Beniwal. These
doctors have been practicing in different fields in Suratgarh for
many years. AMHPL is expected to start operations from December
2016.


B. R. STEEL: CRISIL Lowers Rating on INR82.6MM Cash Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on bank loan facilities of B. R.
Steel Products Private Limited to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            82.6       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Pre Shipment Credit    60.0       CRISIL D (Downgraded from
                                     'CRISIL A4')

The downgrade reflects continuous overdrawn packing credit limit
for more than 30 days. This was due to weakening of liquidity
driven by a stretched working capital cycle and depressed cash
accrual. The company's working capital cycle is expected to remain
stretched because of sluggish demand for its product over the
medium term.

The company has a modest scale, and working capital intensive
nature, of operations. However, it benefits from the extensive
experience of the promoters in the manufacture of ceramic tile
colours, and established relationship with customers and
suppliers.

During March 2004, BRSPPL was acquired by Mr. J K Dholakia.The
company manufactures ceramic colours at its unit in Navi Mumbai.
It has a manufacturing capacity of 3000 tonne per annum.


BLA INFRASTRUCTURE: Ind-Ra Lowers Long-Term Issuer Rating to BB-
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded BLA
Infrastructure Pvt. Ltd.'s (BLA) Long-Term Issuer Rating to
'IND BB-' from 'IND BB'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The downgrade reflects deterioration in the scale of operations
and credit metrics of BLA.  In FY16, BLA's revenue was INR375 mil.
(FY15: INR595 mil.), interest coverage (operating EBITDAR/gross
interest expense + rents) was 2.1x (2.5x) and net leverage (total
adjusted net debt/operating EBITDAR) was 2.7x (1.4x).  BLA's
operating EBITDA margin was high at 21.6% in FY16 (FY15: 15.3%).
The decline in revenue was due to low orders in hand.

The liquidity profile of the company remains tight, with the
average maximum use of its working capital limits standing at 99%
for the 12 months ended October 2016.

However, the ratings are supported by over 10 years of experience
of BLA's promoters in transportation and civil construction.

                        RATING SENSITIVITIES

Positive: Any improvement in the liquidity position will be
positive for the ratings.

Negative: Any decline in revenue and profitability leading to a
sustained deterioration in the credit profile will be negative for
the ratings.

COMPANY PROFILE

Incorporated in July 2005, BLA's registered office is in Kolkata.
The company undertakes transportation, mining and allied, highway
(national and state) construction and civil construction jobs.  It
is promoted by Sanjay Agarwal, Pratik Agarwal, Indrajit Roy Sarker
and Maina Devi Agarwal.

BLA's ratings:

   -- Long-Term Issuer Rating: downgraded to 'IND BB-'/Stable
      from 'IND BB'/Stable
   -- INR70 mil. fund-based working capital limits: downgraded to
      'IND BB-'/Stable from 'IND BB'
   -- INR140 mil. non-fund-based working capital limits: affirmed
      at 'IND A4+'


CHINCHWADE AND ASSOCIATES: CRISIL Rates INR22MM LT Loan 'B+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Chinchwade and Associates.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               15        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      22        CRISIL B+/Stable
   Bank Guarantee          10        CRISIL A4
   Cash Credit             12.5      CRISIL B+/Stable

The rating reflects the firm's small scale of operations, its
susceptibility to volatility in raw material prices, and its
below-average debt protection metrics. These weaknesses are
partially offset by the extensive experience of its partners in
the sugar mill machinery industry, its established clientele, and
comfortable capital structure.
Outlook: Stable

CRISIL believes CAA will continue to benefit from its partners'
industry experience. The outlook may be revised to 'Positive' if
cash accrual increases significantly, driven by substantial ramp-
up in revenue and profitability. The outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
weakens because of low cash accrual due to fall in revenue and
profitability, or stretch in working capital cycle, or capital
withdrawal.

CAA was established by Mr. J D Chinchwade and his family members
as a partnership firm in 1992. Based in Sangli, Maharashtra, the
firm manufactures machinery used in sugar mills.


CONJOINT HEALTHCARE: CRISIL Assigns 'B' Rating to INR70MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Conjoint Healthcare Private Limited (CHPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             4        CRISIL B/Stable
   Term Loan              70        CRISIL B/Stable

The rating reflects the company's exposure to risks relating to
timely stabilisation and ramp-up of operations, and its
susceptibility to competition. These weaknesses are partially
offset by its promoter's extensive experience in the healthcare
industry.

Outlook: Stable

CRISIL believes CHPL will benefit from its promoter's industry
experience. The outlook may be revised to 'Positive' if topline
and profitability are better than expected, backed by timely
stabilisation of operations, leading to a healthy financial risk
profile. The outlook may be revised to 'Negative' if there is a
delay in commissioning of the company's hospital, or in
stabilising its operations, leading to lower-than-expected cash
accrual.

CHPL, incorporated in 2014, is setting up 70-bed multi-specialty
hospital in Ludhiana, Punjab. The company is promoted by Dr Sunil
Mittal.


COTTON AND TEXTILE: CRISIL Reaffirms B+ Rating on INR5MM Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of The Cotton and Textile
Corp continues to reflect CTC's small scale of operations in the
fragmented ready-made industry, large working capital requirements
and the susceptibility of its operating margin to volatility in
foreign exchange rates. These rating weaknesses are partially
offset by the extensive industry experience of the firm's partners
and its moderate financial risk profile.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Foreign Documentary
   Bills Purchase         20         CRISIL A4 (Reaffirmed)

   Letter of Credit        5         CRISIL A4 (Reaffirmed)

   Packing Credit in
   Foreign Currency       60         CRISIL A4 (Reaffirmed)

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

Outlook: Stable

CRISIL believes that CTC will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm reports significant
improvement in its revenues and profitability on a sustainable
basis, while improving its working capital cycle. Conversely, the
outlook may be revised to 'Negative' if there is a considerable
deterioration in CTC's accruals, or its working capital cycle is
stretchedor substantial capital withdrawals by the partners
resulting in deterioration in the firm's financial risk profile
especially liquidity.

Setup in 1971 by Mr. Dilip B Trivedi CTC manufactures ready-made
garments, targeted primarily at the export market. The firm's day-
to-day operations are being managed by Mr. Chirag Trivedi. Its
manufacturing unit is at Tirupur (Tamil Nadu).


FIRDOUS GOLD: CRISIL Cuts Rating on INR50MM Cash Loan to B-
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Firdous Gold Pattambi LLP to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'.

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

The rating downgrade reflects deterioration in FGP's liquidity on
the back of subdued net cash accruals and capital withdrawal by
partners. This is because the operating profitability remained
weak over the two years through fiscal 2016 due to slower than
expected ramp up in revenues amid high fixed costs. Also the
partners have withdrawn capital of INR4.6 million in fiscal 2016.
This has led to negative cash accruals over the two years through
fiscal 2016. The firm's net cash accruals are likely to remain
subdued due to low operating profitability over the medium term
resulting in stretched liquidity.

The rating reflects FGP's modest scale of operations in the
intensely competitive gold jewellery segment, susceptibility to
volatility in gold prices, and its subdued debt protection
metrics. These weaknesses are partially offset by its promoters'
extensive industry experience.
Outlook: Stable

CRISIL believes FGP will benefit from its promoters' industry
experience. The outlook may be revised to 'Positive' if
significant and sustained growth in revenue and profitability
leads to sizeable cash accrual. The outlook may be revised to
'Negative' if cash accruals further reduce due to lower-than-
expected ramp-up in sales or profitability, stretch in working
capital cycle, or further capital withdrawal, weakens the
financial risk profile, particularly liquidity.

FGP, set up in 2012, retails gold jewellery at its showroom in
Pattambi, Kerala. The firm is promoted by Mr. Benseer P P and Mr.
Mohammed Ali.


G.R. INFRASTRUCTURE: Ind-Ra Lowers Long-Term Issuer Rating to BB
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded G.R.
Infrastructure Private Ltd's (GRIPL) Long-Term Issuer Rating to
'IND BB' from 'IND BBB'.  The Outlook has been revised to Negative
from Stable.

                        KEY RATING DRIVERS

The downgrade reflects a breach of the negative rating trigger of
net debt/EBITDA exceeding 3.5x on a sustained basis due to lower-
than-expected revenue and profitability.  GRIPL's credit metrics
deteriorated, with net debt/EBITDA falling to 4.3x in FY16 from
10.3x in FY15 and 4.1x in FY14 and EBITDA/interest coverage
reducing to 2x (0.8x and 3.3x).

GRIPL reported INR245 mil. in revenue for FY16 (FY15: INR219 mil.;
FY14: INR297 mil.).  The decline in revenue in FY15 was due to a
subdued order book and cranes remaining idle for the majority of
the year.  GRIPL's EBITDA margin stood at 35.8% in FY16 (FY15:
20.9% and FY14: 47.5%).  The deployment of additional cranes,
along with a fall in mobilization expenses, enabled the company to
recover EBITDA margin in FY16.

The ratings reflect low revenue visibility, given most ongoing
contracts expire by December 2016.  The renewal of existing
contracts or the receipt of new contracts remains crucial for the
company.

GRIPL's liquidity was tight, indicated by a maximum average
utilization of fund-based limits of 94.9% for the 12 months ended
October 2016.

The ratings are supported by the promoters' experience of over two
decades in the crane rental business.  Furthermore, the management
plans to merge GRIPL with G. R. Engineering Private Limited (the
parent) in the medium term.

                     RATING SENSITIVITIES

Negative: A fall in order book from the level recorded for FY16
leading to a decline in profitability or a further deterioration
in credit metrics would lead to a negative rating action.

Positive: A sharp increase in order book providing revenue
visibility will lead to an Outlook revision to Stable.

COMPANY PROFILE

Established in 2005, GRIPL provides crane and equipment on a
rental basis in India.

GRIPL's ratings:

   -- Long-Term Issuer Rating: downgraded to 'IND BB'/Negative
      from 'IND BBB'/Stable

   -- INR418.3 mil. long-term loans (including a buyer's credit
      of INR278 mil.): downgraded to 'IND BB'/Negative from
      'IND BBB'

   -- INR40 mil. cash credit limit: downgraded to
      'IND BB'/Negative from 'IND BBB'

   -- INR25 mil. non-fund-based limit: downgraded to
      'IND BB'/Negative from 'IND BBB'; downgraded to 'IND A4+'
      from 'IND A2'


H. SHERUL: CRISIL Lowers Rating on INR250MM Bank Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
H. Sherul and Co. to 'CRISIL D' from 'CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Foreign Bill            185       CRISIL D (Downgraded from
   Discounting                       'CRISIL A4+')

   Packing Credit in       215       CRISIL D (Downgraded from
   Foreign Currency                  'CRISIL A4+')

   Pre Shipment Credit     100       CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Proposed Short Term     250       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL A4+')

The rating downgrade reflects weakening of HSC's liquidity along
with a sustained stretch in its working capital cycle, resulting
in full utilisation of its bank limits. There have been instances
of overdues in the company's bank limits' the overdues are for
more than 30 days.

HSC has large working capital requirements, exposure to intense
competition in the diamond industry, and its profitability is
susceptible to volatility in diamond prices. It however benefits
from the extensive experience of promoters in the diamond-
processing industry and established relationships with customers.

HSC, established as a partnership firm in 2000, is engaged in
cutting and polishing of diamonds. The firm has its manufacturing
facilities in Mumbai (Maharashtra) and Surat (Gujarat). The firm
currently has two partners Mr. Bhupatbhai Lukhi, and Mr.
Rameshbhai Lukhi.


HEALTHWAY HOSPITALS: CRISIL Assigns B+ Rating to INR321.1MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Healthway Hospitals Private Limited.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Long Term Loan          321.1       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      128.9       CRISIL B+/Stable

The rating reflects HHPL's exposure to demand risk and risks
related to stabilisation of operations in the project hospital and
stretched liquidity because of barely sufficient cash accrual to
meet debt obligation. These weaknesses are partially offset by the
extensive experience of promoters, and their funding support as
reflected in favourable funding mix for the project.
Outlook: Stable

CRISIL believes HHPL will maintain its credit profile over the
medium term on back of extensive experience of its promoters. The
outlook may be revised to 'Positive' if strong revenue and
profitability lead to higher-than-expected cash accrual, easing
liquidity. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile gets adversely impacted on account of
lower-than-expected demand or delays in stabilisation of the
project hospital, leading to lower-than-expected revenue or
profitability.

HHPL was incorporated in April 2013, as a 99.94% subsidiary of Goa
Doctors Alliance Pvt Ltd. HHPL is setting up a multi-specialty,
tertiary care hospital in Goa. GDAPL is an investment arm promoted
by 33 doctors with equal shareholding. The company is currently
operating a leased 50-bed hospital in Panaji, while the main
hospital in North Goa is expected to become operational from
December 2016.


J M MHATRE: Ind-Ra Raises Long-Term Issuer Rating to 'BB+'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded J M Mhatre Infra
Pvt. Ltd.'s (JMMIPL) Long-Term Issuer Rating to 'IND BB+' from
'IND BB'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The upgrade reflects the improvement in JMMIPL's credit metrics in
FY16 driven by improved EBITDA.  Interest coverage (operating
EBITDA/gross interest expenses) was 4.3x in FY16 (FY15: 3.4x), net
leverage (total adjusted debt/operating EBITDAR) was 1.3x (2.19x)
and EBITDA was INR990 mil. (INR526 mil.) including share of profit
in JV's of INR246 mil.  The improvement in EBITDA was brought
about by an increase in the company's revenue to INR4,456 mil. in
FY16 (FY15: INR3,778 mil.), including  share in the profit of
joint ventures of INR246 mil.  Also, EBITDA margins increased to
17.7% in FY16 (FY15: 13.9%), excluding the share of profit in JVs,
because of lower operating costs.

The ratings are supported by JMMIPL's healthy order book worth
INR13.97 bil. and the three-decade-long experience of its
promoters in the infrastructure business.  The ratings are also
supported by the company's strong presence in Maharashtra as well
as its high scale of operations.

The ratings, however, are constrained by JMMIPL's liquidity
position, as evident from its around 96% average maximum
utilization of the fund-based limits during the 13 months ended
September 2016.  The ratings also factor in the company's working
capital intensity, with a high level of debtors and high capital
expenditure (about 14.01% of revenue in FY16; FY15: 7%).
Furthermore, the company faces customer concentration with around
80% of the revenue coming from the top three customers, and
geographic concentration as the entire order book comprises
projects in Maharashtra.

                        RATING SENSITIVITIES

Positive: Financial performance sustained at the current levels,
improvement in liquidity, reflected in better working capital
management, could lead to a positive rating action.

Negative: Deterioration in liquidity as well as in credit metrics
could lead to a negative rating action.

COMPANY PROFILE

JMMIPL began operations in 1985 as a partnership firm and was
converted to a private limited company in 2010.  It is engaged in
the construction of roads water supply systems, storm water
management systems, sewage works, railway over bridges, etc.  It
is registered as an AA Class contractor with the Maharashtra State
Public Works Department.

JMMIPL's ratings:

   -- Long-Term Issuer Rating: upgraded to 'IND BB+'; Outlook
      Stable from 'IND BB'; Outlook Stable

   -- INR700 mil. fund-based limits: upgraded to 'IND BB+';
      Outlook Stable from 'IND BB'; Outlook Stable

   -- INR1,550 mil. non-fund-based limits: affirmed at 'IND A4+'


JAGABANDHU ENTERPRISERS: CRISIL Suspends B Rating on INR1.1M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jagabandhu Enterprisers Private Limited (JEPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         78.0       CRISIL A4
   Overdraft Facility     25.0       CRISIL A4
   Term Loan               1.1       CRISIL B/Stable

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

JEPL was originally set up in 1994 as partnership firm, which was
reconstituted as a private limited company with the current name
in 2000. The company is engaged in testing, construction,
erection, and commissioning of sub-transmission lines /switching
stations, and other allied works. The company also owns petrol
pump in Odisha. The day-to-day operations of the company is being
managed by Mr. Jagabandhu Muduli.


JS DESIGNER: Ind-Ra Assigns 'D' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned JS Designer
Limited (JSDL) a Long-Term Issuer Rating of 'IND D'.

                        KEY RATING DRIVERS

The ratings reflect instances of delays in servicing of term loans
by JSDL during the three months ended November 2016, due to its
stressed liquidity position.

                        RATING SENSITIVITIES

Positive: Timely debt servicing and the use of working capital
facilities within the limits for at least three consecutive months
could be positive for the ratings.

COMPANY PROFILE

Set up in 1997, JSDL is engaged in manufacturing of garments and
export of designed apparels, which includes women's wear, kids
wear, and fabric, digital print etc.

JSDL's ratings:

   -- Long Term Issuer Rating: assigned 'IND D'

   -- INR610.3 mil. fund-based limit: assigned long-term 'IND D'
      and short-term 'IND D'

   -- INR356.5 mil. term loans: assigned long-term 'IND D'

   -- INR47.5 non-fund-based limits: assigned short-term 'IND D'


KADAM & KADAM: Ind-Ra Assigns BB- Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kadam & Kadam
Jewellers Private Limited (KKJPL) a Long-Term Issuer Rating of
'IND BB-'.  The Outlook is Stable.  The agency has also assigned
KKJPL's INR600 mil. fund-based working capital facilities an
'IND BB-' rating with a Stable Outlook and 'IND A4+'.

                         KEY RATING DRIVERS

The ratings reflect KKJPL's weak credit metrics, with net leverage
(Ind-Ra adjusted net debt/operating EBITDA) of 8.1x in FY16
(FY15: 7.1x) and EBITDA interest cover of 1.2x (1.2x).  High
working capital debt and low profitability (FY16 EBITDA margin:
2%) has led to stretched credit metrics.  In addition, the
company's liquidity is stretched with almost full utilization of
its sanctioned working capital loan for the 12 months ended
October 2016, having working capital cycle of 70 days in FY16 and
consistent negative operating cash flow over FY12-FY16.  The
ratings are further constrained by the significant reliance on
related party transactions for sales and purchases and
susceptibility of profits due to the volatility in gold prices.

The ratings are however, supported by the promoter's two-decade-
long experience in the industry and steady growth in revenues over
the years.

                      RATING SENSITIVITIES

Negative: Any deterioration in profitability or any sustained
increase in working capital cycle, leading to deterioration in
EBITDA interest coverage on a sustained basis will lead to a
negative rating action.

Positive: Significant improvement in the EBITDA interest coverage
on a sustained basis will lead to a positive rating action.

COMPANY PROFILE

Founded in 2000, KKJPL supplies jewelry to retailers, wholesalers,
and traders across India.  The company is situated in Zaveri Bazar
and is promoted by Mr Nitin Kadam, one of the founder directors of
The All India Gems & Jewellery Trade Federation.


KESHAVA MEDI: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Keshava Medi Devices
Pvt Ltd continue to reflect the company's modest scale of
operations, and vulnerability of its operating margin to
volatility in raw material prices.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         10        CRISIL A4 (Reaffirmed)
   Cash Credit            60        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       15        CRISIL A4 (Reaffirmed)
   Long Term Loan         38.6      CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by its promoters' extensive
industry experience, and its moderate financial risk profilemarked
by moderate capital structure and debt protection metrics.

For arriving at its ratings, CRISIL has considered KMDPL's
standalone business and financial risk profiles. CRISIL had
earlier combined the business and financial risk profiles of KMDPL
and Keshava Fabrics Pvt Ltd. The change in analytical approach is
on account of the management's decision to operate KFPL
independently: transactions between KMDPL and KFPL will now be on
an arm's length basis.
Outlook: Stable

CRISIL believes KMDPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the group substantially increases revenue while
maintaining profitability, leading to significant improvement in
cash accrual and capital structure. The outlook may be revised to
'Negative' if cash accrual declines, of if the company undertakes
large, debt-funded capital expenditure, or if its working capital
requirement increases considerably, weakening the financial risk
profile.

KMDPL manufactures disposable syringes. Its promoters, Ms
Tanikonda Latha and Mr. Tanikonda Kesavulu Naidu, have experience
of over two decades in the business.


KHADEEJA CASHEW: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Khadeeja
Cashew Traders.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL B/Stable
   Long Term Loan          15        CRISIL B/Stable

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

Set up in 1998 by Mr. Niyas T, KCT trades in raw cashew nuts and
processes cashew kernels. KCT has its processing facilities in
Kollam (Kerala).


KISHOR SORTEX: CRISIL Suspends B+ Rating on INR30MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kishor
Sortex and Rice Mill Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          60        CRISIL A4
   Cash Credit             30        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      20        CRISIL B+/Stable

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

Incorporated in 2005, KRPL is promoted by Mr. Krishna Kumar
Agarwal and Mr. Bishwanath Agrawal. The company mills and
processes non-basmati rice at its unit in Durg (Chhattisgarh).


KUN COMMERCIAL: CRISIL Suspends 'D' Rating on INR220MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Kun Commercial Vehicles Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Inventory Funding
   Facility                 50       CRISIL D

   Proposed Long Term
   Bank Loan Facility       30       CRISIL D

   Term Loan               220       CRISIL D

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

Set up in 2011, KCVPL is an authorised dealer of commercial
vehicles of Daimler India Commercial Vehicles Pvt Ltd (rated
'CRISIL AAA/Stable/CRISIL A1+').


LAKSHMI ENERGY: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Lakshmi Energy
and Foods Limited's (LEFL) 'IND BB(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended LEFL's ratings on Jan. 19, 2016.

LEFL's ratings:

   -- Long-Term Issuer Rating: 'IND BB(suspended)'; rating
      withdrawn
   -- INR400 mil. term loans: 'IND BB(suspended)'; rating
      withdrawn
   -- INR8,250 mil. fund-based limits: 'IND BB(suspended)' and
      'IND A4+(suspended)'; ratings withdrawn
   -- INR250 mil. non-fund-based limits: 'IND BB(suspended)' and
      'IND A4+(suspended)'; rating withdrawn


LAKSHMI VENKATA: CRISIL Assigns 'B' Rating to INR74MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Lakshmi Venkata Ramana Publishers.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility       16       CRISIL B/Stable

   Cash Credit              10       CRISIL B/Stable

   Long Term Loan           74       CRISIL B/Stable

The rating reflects its nascent stage of operations in a highly
competitive offset printing segment and 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 derived from the extensive
industry experience of its partners and its established customer
relationships.
Outlook: Stable

CRISIL believes that LVRP will continue to benefit over the medium
term from its partner's extensive industry experience. The outlook
may be revised to 'Positive', if the firm records considerable
increase in revenues while maintaining its profitability resulting
in improvement in financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of a steep decline in revenue
or profitability margins, or significant weakening in capital
structure caused most likely by a stretch in working capital cycle
or withdrawals by partners.

Established in 2015 as a partnership firm, LVRP is engaged in
offset printing and book manufacturing business. Based in
Vijaywada, Andhra Pradesh, the firm is promoted by Mr.P Srinivasa
Rao.


M. G. GOLD: CRISIL Suspends B+ Rating on INR450MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of M. G.
Gold Realators Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     200        CRISIL B+/Stable
   Term Loan              450        CRISIL B+/Stable

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

MG Gold, incorporated in 2011, is promoted by Mr. Vinod Kumar and
Mr. Hakam Chand. The company is developing a commercial complex
(comprising retail space and offices) in Mandi Gobindgarh
(Punjab). There are no other projects currently planned by the
company.


MADRAS FERTILIZERS: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Madras
Fertilizers Limited's (MFL) 'IND D' Long-Term Issuer Rating.

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

MFL's ratings:

   -- Long-Term Issuer Rating: 'IND D'; rating withdrawn
   -- INR1,914 mil. fund-based working capital limits: 'IND C'
      and 'IND A4'; ratings withdrawn
   -- INR1,328 mil. fund-based working capital limits: 'IND C'
      and 'IND A4'; ratings withdrawn


MANAV AGRI: CRISIL Reaffirms B+ Rating on INR175MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Manav Agri
Foods Private Limited continues to reflect a small scale of
operations in the highly fragmented and intensely competitive
basmati rice industry. The rating also factors in susceptibility
to monsoon and to changes in government policies, and a weak
financial risk profile. These rating weaknesses are partially
offset by the extensive industry experience of the promoters and
the healthy growth prospects for the industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          175        CRISIL B+/Stable (Reaffirmed)
   Term Loan             55        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MAFPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if the scale of operations increases while the
financial risk profile improves. The outlook may be revised to
'Negative' if the financial risk profile deteriorates because of a
decline in profits, or a delay in execution of capital expenditure
(capex) plans, leading to a cost overrun.

Update
On a provisional basis, profit after tax (PAT) was INR3.8 million
on net sales of INR499.5 million in fiscal 2016; PAT was INR4.4
million on net sales of INR556.7 million in fiscal 2015. The
decline in net sales was mainly due to lower basmati rice prices.
Based on the current price trend and enhanced capacity, a revenue
growth of 10-15% per fiscal is expected over the near term.
Capacity has been enhanced to 10 tonne per day (tpd) from 4 tpd,
which will lead to revenue growth in fiscals 2017 and 2018.
Operating profitability was low, at 2-3% over the four fiscals
through fiscal 2016, but is expected to improve marginally over
the medium term backed by the increasing trend in rice prices.

Liquidity profile is constrained because cash accrual is barely
sufficient to meet term debt obligation. MAFPL is expected to
receive funding support from its promoters. Working capital is
efficiently managed, as indicated by gross current assets of
around 47 days as on March 31, 2016, comprising debtors of around
16 days and inventory of 28 days.

MAFPL was established in 2007, promoted by Mr. Ashok Gheek to
process rice. The company started commercial production in April
2012. It has a paddy processing plant at Holambi, Delhi.


MANTRAM TECHNOFAB: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mantram Technofab
Pvt. Ltd.'s (MTPL) Long-Term Issuer Rating at 'IND BB-'.  The
Outlook is Stable.

                         KEY RATING DRIVERS

The affirmation reflects the continued moderate scale of
operations and credit metrics of MTPL.  In FY16, MTPL's revenue
was INR641 mil. (FY15: INR651 mil.), interest coverage (operating
EBITDAR/gross interest expense + rents) was 1.6x (1.7x) and net
leverage (total adjusted net debt/operating EBITDAR) was 4.4x
(4x).  Its operating EBITDA margin was high at 11.7% in FY16
(FY15: 10.9%).

The liquidity profile of MTPL remains moderate, with the average
maximum use of working capital limits standing at 77.34% for the
12 months ended October 2016.

However, the ratings are supported by over two decades of
experience of the company's promoter in the manufacture and supply
of polypropylene/high-density polyethylene woven sack bags, leno
bags, multi-colored, biaxially oriented polypropylene laminated
bags and other regular woven sack bags.

                      RATING SENSITIVITIES

Positive: A sustained improvement in the scale of operations and
overall credit metrics will be positive for the ratings.

Negative: Deterioration in the overall credit metrics will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 2010, Madhya Pradesh-based MTPL manufactures and
supplies polypropylene/high-density polyethylene woven sack bags,
leno bags, multicoloured BOPP laminated bags and other regular
woven sack Bags.  Its major raw material is plastic granules,
which are procured from Hindustan Petroleum Corporation Limited
(HPCL; 'IND AAA'/Outlook), Reliance Industries Limited (RIL;
'IND AAA'/Stable) and GAIL (India) Limited (GAIL;
'IND AAA'/Stable).

MTPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB-'/Stable
   -- INR89.52 mil. long-term loan (reduced from INR145.6 mil.):
      affirmed at 'IND BB-'/Stable
   -- INR200 mil. fund-based working capital limit: affirmed at
      'IND BB-'/Stable
   -- INR2.5 mil. non-fund-based working capital limit: affirmed
      at 'IND A4+'


METI COTTON: CRISIL Suspends 'B' Rating on INR42.5MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Meti
Cotton Ginning and Pressing Factory.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            27.5       CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility     30.0       CRISIL B/Stable

   Term Loan              42.5       CRISIL B/Stable

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

Meti was established as a partnership firm by Mr. Pundlik, Mr.
Prakash, Mr. Basappa and Mr. S. Meti. The firm is setting up a
cotton ginning plant in Gokak in Belgaum (Karnataka) with a
capacity of 100 bales per day.


MILLENIUM STEEL: CRISIL Suspends 'B' Rating on INR42.5MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Millenium Steel India Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            42.5       CRISIL B/Stable
   Letter of Credit       82.5       CRISIL A4

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

MSIPL, set up in 2005, trades in various steel products and coal.
The company's day-to-day operations are managed by Mr. Hariprasad
Reddy Duvurru.


MODEST AND PARSONS: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Modest and
Parsons International Private Limited's (Modest and Parsons)
'IND BB(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended Modest and Parsons' ratings on Feb. 19, 2016.

Modest and Parsons' ratings:

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

   -- INR39.5 mil. fund-based limits: Long-term
      'IND BB(suspended)'; rating withdrawn

   -- INR44.9 mil. long-term loan: Long-term 'IND BB(suspended)';
      rating withdrawn

   -- Proposed INR31.9 mil. fund-based limits: Long-term
      'Provisional IND BB(suspended)'; rating withdrawn


MORTH INFRASTRUCTURE: CRISIL Reaffirms B+ Cash Credit Rating
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Morth Infrastructure
Private Limited continue to reflect a modest scale of operations
in the fragmented civil construction industry, and high customer
and geographical concentration in revenue.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         75        CRISIL A4 (Reaffirmed)

   Cash Credit            65.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      9.5      CRISIL B+/Stable (Reaffirmed)

The ratings also factor in an average financial risk profile
because of a modest networth and debt protection metrics. These
rating weaknesses are mitigated by the extensive industry
experience of the promoters and their funding support.
Outlook: Stable

CRISIL believes that MIPL will continue to benefit from its
promoters' extensive industry experience and their funding
support. The outlook may be revised to 'Positive' in case the
company significantly increases its scale of operations and
profitability, and demonstrates efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
in case MIPL generates significantly low cash accruals, or if its
working capital requirements are large, or if it undertakes a
debt-funded capital expenditure programme.

Incorporated in 2010 and headquartered in Mathura, Uttar Pradesh,
MIPL is promoted by Mr. Om Veer Singh and his family. It
undertakes civil construction. The company primarily executes road
construction projects for various government departments in Uttar
Pradesh.


NAYAAB JEWELS: CRISIL Suspends 'D' Rating on INR185MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Nayaab
Jewels.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             185       CRISIL D
   Proposed Long Term
   Bank Loan Facility       50       CRISIL D

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

CRISIL has suspended its rating on the bank facilities of Nayaab
Jewels. The suspension of ratings is on account of non-cooperation
by Nayaab with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Nayaab
is yet to provide adequate information to enable CRISIL to assess
Nayaab's ability to service its debt. The suspension reflects
CRISIL's inability to maintain a valid rating in the absence of
adequate information. CRISIL views information availability risk
as a key factor in its assessment of credit risk.


NITHIN GRAINS: CRISIL Suspends B+ Rating on INR100MM LT Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Nithin
Grains & Mills Pvt. Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          100       CRISIL B+/Stable

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

Established in 2014, NGMPL is setting up a fully automated wheat
processing unit in Tirupati, Andhra Pradesh. The company is
expected to start full-fledged commercial operations from August
2015. NGMPL is promoted by Mr.O.Nithin and his family.


OM SAKTHI: CRISIL Raises Rating on INR95MM Overdraft Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Om Sakthi Constructions to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', and reaffirmed the short-term bank facility at 'CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          25        CRISIL A4 (Reaffirmed)
   Overdraft Facility      95        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects improvement in OSC's liquidity, backed by
higher-than-expected cash accruals, need-based fund support from
promoters, better working capital management leading to
improvement in utilisation of working capital bank lines. Revenue
grew to INR175 million in fiscal 2016 from INR137 million the
previous fiscal, while sustaining the operating margin, leading to
higher cash accrual. Cash accrual is expected to be at INR73-80
million in fiscal 2017 against corresponding debt obligation of
around INR1.2 million. Steady improvement in collection cycle to
42 days in fiscal 2016 from 83 days in fiscal 2014 and timely
infusion of unsecured loans have resulted in improvement in
liquidity. Fund support from the promoters is also likely to be
available whenever necessary, underpinning liquidity over the
medium term. Prudent working capital management will likely
sustain liquidity over the medium term.

The ratings continue to reflect susceptibility of OSC's operations
to intense competition in the civil construction industry due to
the tender-based nature of operations. The rating weakness is
partially offset by the extensive industry experience of the
promoters and a moderate financial risk profile because of
moderate gearing and debt protection metrics.
Outlook: Stable

CRISIL believes OSC will continue to benefit over the medium term
from its healthy order book and the extensive industry experience
of its promoters. The outlook may be revised to 'Positive' in case
of a further improvement in working capital management, leading to
better liquidity. Conversely, the outlook may be revised to
'Negative' if there is substantial debt-funded capital
expenditure, or revenue or profitability declines, or promoters
withdraw substantial capital, leading to deterioration in the
financial risk profile.

Set up in 2011 as a partnership firm, OSC undertakes civil
construction in the roads segment in Tamil Nadu and Puducherry.
The firm is promoted by Mr. V Kannan along with his family
members.


ORAGADAM CITY: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Oragadam City
Developers Pvt Ltd's 'IND D(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended Oragadam City Developers' ratings on Feb. 17,
2016.

Oragadam City Developers' ratings:

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

   -- INR120 million long term loan: Long-term 'IND D(suspended)';
      rating withdrawn

   -- INR100 mil. non-fund-based working capital limits: Short-
      term 'IND D(suspended)'; rating withdrawn


OZONE INFRA: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ozone Infra
Projects' Long-Term Issuer Rating at 'IND BB-'.  The Outlook is
Stable.  The agency has also affirmed the company's INR75 mil.
fund-based working capital facilities at Long-term 'IND BB-'
rating with a Stable Outlook and Short-term 'IND A4+' rating.

                        KEY RATING DRIVERS

The affirmation reflects Ozone's continued small scale of
operations and moderate credit metrics.  FY16 financials indicate
revenue of INR469 mil. (FY15: INR431 mil.).  Interest coverage
(Operating EBITDA/Gross interest expense) for FY16 was 3.4x
(FY15: 48.5x) and leverage (Total adjusted net debt/Operating
EBITDAR) was 4.7x (3.2x).  Profitability was thin in the range of
2%-4% over FY13-FY16.  The ratings factor in the partnership
nature of the business.  Liquidity remained tight with the fund-
based facilities being utilized at an average 86% over the 12
months ended October 2016.

The ratings, however, are supported by the company's strong order-
book position (INR4.7 bil., 12.4x of FY16 revenue) and the
partners' experience of more than a decade in the EPC segment.

                        RATING SENSITIVITIES

Positive: Substantial growth in the top-line and order book
leading to a sustained improvement in the overall credit profile
could lead positive rating action.

Negative: A substantial decline in the profitability resulting in
sustained deterioration in the overall credit metrics could lead
to a negative rating action

COMPANY PROFILE

Ozone was set up in 2008 as a partnership firm engaged in
engineering, procurement and construction for government projects
such as roads, bridges, canals and civil construction projects.


OZON VITRIFIED: CRISIL Cuts Rating on INR80MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Ozon Vitrified Private Limited to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/ CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          28        CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit             80        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Term Loan               67        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in the business risk profile
as indicated by a decline in cash accrual to INR24.2 million in
fiscal 2016 from INR27.4 million in fiscal 2015. This was driven
by a reduction in revenue to INR246 million from INR351 million.
Though the cash accrual is expected to improve in fiscal 2017, it
will be barely sufficient to meet repayment obligation of INR28.5
million during the year.

The ratings reflect large working capital requirement and a modest
scale of operations in the intensely competitive ceramics
industry. These rating weaknesses are partially offset by the
extensive industry experience of the promoters, a strong
distribution network with a presence across India, and the
favorable location of the plant.
Outlook: Stable

CRISIL believes Ozon will continue to benefit from the extensive
industry experience of its promoters and its established
relationship with customers and suppliers. The outlook may be
revised to 'Positive' in case of substantial cash accrual, leading
to improvement in liquidity. The outlook may be revised to
'Negative' in case of a significant decline in cash accrual,
deterioration in working capital management, or any large, debt-
funded, capital expenditure, weakening the financial risk profile.

Ozon, established in 2010, manufactures vitrified tiles at its
plant in Morbi, Gujarat. The company's tiles are among the premium
brands because of nano polish technology. It has also started
manufacturing digitally printed tiles from fiscal 2016. The
company has an installed capacity of 43,000 tonne per annum.


PANVELKAR INFRA: CRISIL Cuts Rating on INR200MM Loan to B+
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Panvelkar Infrastructures Pvt Ltd to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              200       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in PIPL's liquidity on
account of increase in debt, as well as slow booking progress at
11% in new project-Panvelkar Estate. Hence, slow offtake for the
ongoing project led to lower cash inflows than expected against
debt obligations. Improved off-take and timely implementation of
project will drive cash inflows and hence remain key monitorables.
The commencement of any new project and its funding pattern will
remain a key rating sensitivity factor.

The rating continues to reflect PIPL's susceptibility to risks
related to funding and off-take of its ongoing project and to
cyclicality in the domestic real estate industry. These weaknesses
are partially offset by the extensive experience of its promoters
in the real estate industry.
Outlook: Stable

CRISIL believes PIPL will maintain a stable business risk profile
over the medium term on the back of extensive industry experience
of its promoters. The outlook may be revised to 'Positive' if high
bookings and timely receipt of advances lead to sizeable cash
inflows. The outlook may be revised to 'Negative' if there is
delay in execution of, or sustained off-take pressure for ongoing
project, or if larger-than-expected funding requirements constrain
debt repayment ability.

PIPL, incorporated in 2010 by Mr. Rahul Panvelkar and Mr. Vijay
Panvelkar, is engaged in the development of residential projects
in Badlapur and Ambernath, Thane district. PIPL currently has one
residential project under development, namely Panvelkar Estate, in
Badlapur.


PRECISION INFOMATIC: Ind-Ra Withdraws 'B+' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Precision
Infomatic (M) Private Limited's 'IND B+(suspended)' Long-Term
Issuer Rating.

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

Ind-Ra suspended Precision's ratings on March 10, 2016.

Precision's ratings:

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

   -- INR190 mil. fund-based working capital limits:
      'IND B+(suspended)'/'IND A4(suspended)'; ratings withdrawn

   -- INR60 mil. non-fund-based working capital limits:
      'IND B+(suspended)'/'IND A4(suspended)'; ratings withdrawn


PRIME INSULATORS: CRISIL Reaffirms 'B' Rating on INR40MM Loan
-------------------------------------------------------------
CRISIL ratings on the bank facilities of Prime Insulators Pvt Ltd
continue to reflect the company's modest scale of operations in
the intensively competitive polymer insulator industry, its small
networth, and subdued capital structure because of debt-funded
capital expenditure (capex) and large working capital requirement.
These weaknesses are partially offset by the extensive experience
of its promoters in the insulator industry, and its longstanding
relationships with suppliers and customers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          50       CRISIL A4 (Reaffirmed)
   Cash Credit             40       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes PIPL will continue to benefit from its promoters'
industry experience. The outlook may be revised to 'Positive' in
case of a significant increase in revenue and profitability, or
substantial equity infusion, leading to a better capital
structure. The outlook may be revised to 'Negative' if lower-than-
expected revenue and cash accrual, or sizeable working capital
requirement weakens the financial risk profile and liquidity.

Update
For fiscal 2016, PIPL's sales are estimated at INR149 million and
operating margin at 5.6%, against INR160 million and 7.9%,
respectively, in the previous fiscal. Operations remained working
capital intensive, indicated by gross current assets of 142 days
as on March 31, 2016, in line with expectation, driven by
receivables of over 80 days.

The financial risk profile remained weak. Gearing and adjusted
networth are estimated at 2.0 times and INR29.5 million,
respectively, as on March 31, 2016. Debt protection metrics were
subdued, with estimated interest coverage and net cash accrual to
total debt ratios of 1.5 times and 0.15 time, respectively, in
fiscal 2016. The company has undertaken capex of INR50 million (to
manufacture different type of insulators) in fiscal 2017, which is
to be funded largely through debt. The new capacity is expected to
be operational in the last quarter of the fiscal. Liquidity
remains stretched, because of low cash accrual and high bank limit
utilisation.

PIPL, incorporated in 2006 and based in Himatnagar, Gujarat,
produces electro porcelain disc insulators for high extension
wires. It has capacity of 6500 tonne per annum. Promoted by the
Patel family, the company is managed by Mr. Nareshkumar Patel and
Mr. Mahendrakumar Patel.


QUALITY OVERSEAS: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Quality
Overseas Pvt Ltd reflects large working capital requirement and
average financial risk profile because of modest networth and weak
gearing. These weaknesses are partially offset by moderate
operating efficiencies and the extensive experience of promoters
in the rice-milling industry and their funding support.

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

   Proposed Cash
   Credit Limit            20       CRISIL B+/Stable (Reaffirmed)

   Warehouse Financing     30       CRISIL B+/Stable (Reaffirmed)

   Proposed Term Loan       5       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes QOPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if increase in revenue and profitability improves
financial risk profile, and if working capital management is
efficient. The outlook may be revised to 'Negative' if inefficient
working capital management leading to stretched receivables and
large inventory, or decline in profitability weakens financial
risk profile, especially liquidity.

Update
Operating revenue declined 26% to INR340 million in fiscal 2016
from INR251 million in fiscal 2015, on account of a fall in sales
volume and rice prices. CRISIL expects a modest revenue growth of
5-10% over the medium term backed by promoter's long standing
industry experience. Operating profit margin'4.76% for fiscal
2016'is expected to remain at similar levels over the medium term.

Average financial risk profile as reflected in modest networth of
INR48.3 million as on March 31, 2016, limits its financial
flexibility to meet any exigency. Total outside liability to
tangible networth ratio--3.02 times as on March 31, 2016'is
expected to be at 3.0-3.20 times over the medium term, due to
considerable reliance on external borrowings, despite the absence
of any debt-funded capital expenditure plans. Interest coverage
ratio'1.64 times for fiscal 2016'is expected to remain moderate at
1.75-1.80 times over the medium term.

Operations are working capital-intensive as indicated by gross
current assets of about 251 days as on March 31, 2016, driven by
high debtors of 147 days. Liquidity is supported by unsecured
loans of INR25.9 million as on March 31, 2016, from promoters and
net cash accrual, which is expected to remain at INR4.6-4.9
million per annum over the medium term, against nil term-debt
repayment obligation.

QOPL was incorporated in 1998 as JJ Solvents Pvt Ltd, and got its
present name in 2009. Its promoters are Mr. Vinod Khanna, Mr.
Naresh Mittal, Mr. Rajinder Mittal, and Mr. Manpreet Makkar. It
processes paddy. Its unit is in Amritsar and has installed
capacity of 6 tonne per hour.


R.K. JEWELLERS: CRISIL Suspends 'B' Rating on INR112.5MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of R. K.
Jewellers.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             7.5       CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility    112.5       CRISIL B/Stable

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

RKJ was set up in 2000 as a proprietorship concern by Mr.
Rajkapoor Gupta. It manufactures gold jewellery, and sells them to
wholesalers and retailers in Mumbai (Maharashtra) and Lucknow
(Uttar Pradesh).


R. P. STEEL: CRISIL Reaffirms 'B' Rating on INR70MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of R. P. Steel Industries
continue to reflect the firm's below-average financial risk
profile because of small networth, its low operating margin,
moderate working capital requirement, small scale of operations,
and vulnerability to volatility in steel prices. These weaknesses
are partially offset by the extensive experience of its proprietor
in the steel trading business.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             70        CRISIL B/Stable (Reaffirmed)
   Letter of Credit       100        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that RP Steel will continue to benefit from its
proprietor's extensive experience in steel trading. The outlook
may be revised to 'Positive' if the firm's financial risk profile
strengthens, primarily because of improvement in the capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of further deterioration in the firm's profitability or
capital structure, or if it undertakes a larger than expected
debt-funded capital expenditure programme over the medium term.

RP Steel was set up in 1984 by Mr. Purushotam Agarwal. It trades
in iron and steel long products such as rounds, billets, blooms,
pig iron, wire rods, thermo-mechanically treated bars/rebars, and
imported scrap. RP Steel was set up in 1984 by Mr. Purushotam
Agarwal. It trades in iron and steel long products such as rounds,
billets, blooms, pig iron, wire rods, thermo-mechanically treated
bars/rebars, and imported scrap.


RAJGANGA AGRO: CRISIL Reaffirms B+ Rating on INR45MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rajganga Agro Product
Private Limited continue to reflect a small scale of operations,
and a weak financial risk profile because of a high gearing and a
small networth.

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

   Foreign Bill Purchase     35      CRISIL A4 (Reaffirmed)

   Long Term Loan            26.4    CRISIL B+/Stable (Reaffirmed)

   Packing Credit            30      CRISIL A4 (Reaffirmed)

The ratings also factor in the vulnerability of margins to
volatility in raw material prices, and dependence on climatic
conditions. These rating weaknesses are partially offset by
healthy demand prospects for psyllium husk and an advantageous
location.
Outlook: Stable

CRISIL believes that RAPPL will benefit over the medium term from
enhanced capacity, diverse customer base, advantageous location,
and healthy demand for pysllium husk. The outlook may be revised
to 'Positive' in case of significant improvement in scale of
operations and profitability, resulting in a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of decline in scale of operations and profitability, or large
debt-funded capital expenditure or working capital requirements,
weakening the company's financial risk profile.

RAPPL was set up in 2008 by Mr. Sundeep Kumar and Mr. Sunil Kumar
Sarogi. The company processes and sells psyllium husk (popularly
known as isabgol in India). Its manufacturing unit is in Jodhpur,
Rajasthan, which is a hub for isabgol manufacturing in India.


RENNY STRIPS: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Renny Strips Pvt
Ltd's (RSPL) Long-Term Issuer Rating at 'IND BB+'.  The Outlook is
Stable.

                        KEY RATING DRIVERS

The affirmation reflects RSPL's continued moderate credit profile
as indicated by its revenue of INR638 mil. in FY16 (FY15:880
mil.), net financial leverage (total adjusted net debt/operating
EBITDAR) of 5.9x (3.2x), interest coverage (operating EBITDA/gross
interest expense) of 1.6x (1.5x) and margin of 3.6% (3.5%).

Revenue declined to due to decline in the overall sales volume.
However, the company has indicated revenue of INR599 mil. during
1HFY17; hence the agency believes the company will witness
positive revenue growth during FY17.

The ratings draw comfort from around two decades of experience of
the founder promoter in the steel industry and continued moderate
liquidity position as reflected by 78% average utilization of
fund-based working capital during the 12 months ended October
2016.

                       RATING SENSITIVITIES

Positive: A substantial rise in revenue along with improvement in
credit metrics will be positive for the ratings.

Negative: Deterioration in the overall credit metrics may lead to
a negative rating action.

COMPANY PROFILE

RSPL was incorporated in 1996 in Ludhiana, Punjab, by Dev Raj
Gupta and Binny Gupta.  The company is engaged in manufacturing of
MS Wire, Coil & Rods which are used in Automobile and Cycle
industries.  RSPL has a manufacturing unit with a production
capacity of 25,000 MTPA.

The company is now managed by Smt. Chetna Gupta and Sh. Binny
Gupta, who look after the day-to-day operations under the guidance
of Sh. Dev Raj Gupta.

SCFPL's ratings:

   -- Long-Term Issuer Rating: affirmed at IND BB+/Stable
   -- INR130 mil. fund-based working capital limits (increase
      from INR120 mil.): affirmed at 'IND BB+'/Stable
   -- INR50 mil. non-fund-based working capital limits: affirmed
      at 'IND A4+'


RICHA INDUSTRIES: Ind-Ra Withdraws B- Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Richa Industries
Limited's (RIL) 'IND B-(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended RIL's rating on Jan. 20, 2016.

RIL's ratings are:

   -- Long-Term Issuer Rating: 'IND B- (suspended)'; rating
      withdrawn
   -- INR950 mil. fund-based limits: 'IND B-(suspended)' and
      'IND A4(suspended)'; ratings withdrawn
   -- INR420 mil. non-fund-based limits: IND B-(suspended)' and
      'IND A4(suspended)'; ratings withdrawn
   -- INR573.2 mil. long-term loans: 'IND B-(suspended)'; rating
      Withdrawn


SANCHETI COTEX: CRISIL Reaffirms 'B' Rating on INR60MM Cash Loan
----------------------------------------------------------------
CRISIL has rating on the long-term bank facilities of Sancheti
Cotex continues to reflects SC's modest scale of operations in the
intensely competitive cotton ginning industry and its expected
average financial risk profile, marked by high gearing and weak
debt protection metrics. These rating weaknesses are partially
offset by the extensive industry experience of SC's promoters.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit         60.0        CRISIL B/Stable (Reaffirmed)
   Term Loan           27.5        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SC will benefit over the medium term from the
extensive industry experience of its partners and their funding
support. The outlook maybe revised to 'Positive' in case the firm
reports significantly better than expected cash accruals while
maintaining its working capital cycle. Conversely, the outlook
maybe revised to 'Negative' in case of lower than expected cash
accruals or larger than expected working capital requirements
exerting further pressure on the firm's liquidity.

Incorporated in 2014, SC, a partnership firm, is promoted by four
partners, comprising mainly of Jain family. The firm has installed
ginning and pressing unit in Ketia, Madhya Pradesh with a capacity
of 300 bales per day which would commence commercial operations in
November 2014. The firm's day to day operations are handled by the
key partners, Mr. Aditya Jain and Mr. Chetan Jain (cousins).


SANSKAR AGRO: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sanskar Agro
Processors Pvt Ltd's 'IND BB(suspended)' Long-Term Issuer Rating.
The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for Sanskar Agro Processors.

Ind-Ra suspended Sanskar Agro Processors' ratings on Feb. 19,
2016.

Sanskar Agro Processors' ratings:

   -- Long-Term Issuer Rating: 'IND BB(suspended)'; rating
      withdrawn
   -- INR89.8 mil. term loan: Long-term 'IND BB(suspended)';
      rating withdrawn
   -- INR150 mil. fund-based limits: Long-term
      'IND BB(suspended)'; rating withdrawn
   -- INR15 mil. non-fund-based limits: Short-term
      'IND A4+(suspended)'; rating withdrawn


SATYAMEV COT: Ind-Ra Raises Long-Term Issuer Rating to 'BB'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Satyamev Cot
Fibers Private Limited's (SCFPL) Long-Term Issuer Rating to
'IND BB' from 'IND B+'.  The Outlook is Stable.

Ind-Ra has taken a consolidated view of the SCFPL and Satyam Oil
Mill (SOM) while assigning the ratings.  This is because of the
strong operational linkages between them in terms of the forward
and backward integration and common promoters.

                        KEY RATING DRIVERS

The upgrade reflects improvement in SCFPL's consolidated credit
metrics on account of repayment of loans (INR9.0 mil.).  Its gross
interest coverage (operating EBITDA/gross interest expenses) was
2.4x in FY16 (FY15: 1.8x) and net financial leverage (adjusted net
debt/operating EBITDAR) was 2.2x (3.6x).

The ratings continue to be supported by strong liquidity profile
of the company as reflected by average fund-based utilization of
34.86% during the 12 months ended October 2016.  SCFPL net working
capital cycle also improved to 62 days during FY16 (FY15: 75 days)
on account of improvement in receivable days and inventory days.
The operating margin of the company remained moderate and constant
at 3.7% in FY16 (FY15: 3.7%).

The ratings, however, continue to reflect short operational track
record as the company started its operation in 2012.  The ratings
also reflect SCFPL's moderate scale of operations as indicated by
its revenue of INR503 mil. in FY16 (FY15: INR558 mil.), on account
of shortage of raw material due to bulk purchase of cotton crops
by Cotton Corporation of India (CCI) from the farmers at higher
rates

                        RATING SENSITIVITIES

Positive: Substantial improvement in overall credit metrics of the
company could lead to positive rating action.

Negative: Negative rating action could result from deterioration
in the overall credit metrics of the company.

COMPANY PROFILE

SCFPL was established in 2012 in Anjad (MP), and is engaged in
cotton ginning and pressing business with an annual production
capacity of 25,000 bales. It has presence all over India.  The
company's business depends on seasonal crops i.e. the raw cotton.

The company is managed by Vandan Patidar and Savitribai Gole.

SCFPL's ratings:

   -- Long-Term Issuer Rating: upgraded to 'IND BB'/Stable from
      'IND B+'/ Stable
   -- INR60 mil. fund-based working capital limits: upgraded to
      'IND BB'/Stable from 'IND B+'/Stable
   -- INR3.32 mil. long-term loan (reduced from INR22.9 mil.):
      upgraded to 'IND BB'/Stable from 'IND B+'/Stable


SEGNO CERAMICS: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Segno Ceramics
Private Limited's (SCPL)) 'IND B+(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended SCPL's ratings on March 8, 2016.

SCPL's ratings:

   -- Long-Term Issuer Rating: 'IND B+(suspended)'; rating
      withdrawn
   -- INR90 mil. fund-based working capital limits:
      'IND B+(suspended)'/'IND A4(suspended)'; ratings withdrawn
   -- INR340 mil. term loan: 'IND B+(suspended)'; rating
      withdrawn


SILICON DRUGS: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Silicon Drugs &
Intermediates Pvt Ltd's 'IND BB(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended Silicon Drugs' ratings on April 13, 2016.

Silicon Drugs' ratings:

   -- Long-Term Issuer Rating: 'IND BB(suspended)'; rating
      withdrawn
   -- INR15 mil. long-term loan: 'IND BB(suspended)'; ratings
      withdrawn
   -- INR15 mil. fund-based working capital limits:
      'IND BB(suspended)' and 'IND A4+(suspended)'; ratings
      withdrawn
   -- INR20 mil. non-fund-based working capital limits:
      'IND A4+(suspended)'; rating withdrawn


SIM AGRO: CRISIL Cuts Rating on INR125MM Term Loan to 'B'
---------------------------------------------------------
CRISIL has downgraded its long term rating on the bank loan
facilities of Sim Agro Chain to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              35       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term        5       CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Term Loan               125       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects delay in implementation and
commercialization of the project leading to delayed cash inflows
for the company. The firm was expected to start operations from
September 2015 but has fully started operations from March 2016.
While the revenues are expected to ramp up in the current fiscal,
the firm's accruals versus repayment situation is expected to
remain constrained due to the lower than expected cash accruals
fiscal 2017 and 2018. Further, the firm's revenues and operating
margin levels will remain key rating sensitivity factors over the
medium term.

The rating reflects start-up nature of operations amid intense
competition and average financial risk profile because of modest
capital structure. These weaknesses are partially offset by the
promoters' extensive experience in the agriculture industry.
Outlook: Stable

CRISIL believes SAC will continue to benefit over the medium term
from the promoters' extensive experience. The outlook may be
revised to 'Positive' if increase in scale of operations and
profitability results in sizeable cash accrual and improvement in
financial risk profile. Conversely, the outlook may be revised to
'Negative' if financial risk profile weakens because of
constrained profitability or if large working capital requirement
adversely affects capital structure.

Set up in 2015, SAC is promoted by the Parsana family of Rajkot
(Gujarat). The firm started its operations in March 2016. Its
business activity comprises controlled environment and cold
storage and rental of the same and further sale of agricultural
products like fruits and vegetables.


SIVA FOODS: CRISIL Reaffirms 'B+' Rating on INR120MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Siva Foods
Impex Private Limited continues to reflect below-average financial
risk profile because of a high total outside liabilities to
tangible networth ratio and average debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit           120.0      CRISIL B+/Stable (Reaffirmed)

   Long Term Loan         37.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit           50.0      CRISIL B+/Stable (Reaffirmed)

The ratings also factor in working capital-intensive operations
due to high inventory days, leading to a stretched working capital
cycle. These weaknesses are partly offset by the extensive
experience of the promoter in the cashew industry and his funding
support.

Outlook: Stable

CRISIL believes SFPL will continue to benefit from the industry
experience of its promoter. The outlook may be revised to
'Positive' if a considerable increase in revenue and profitability
results in sizeable cash accrual, leading to a better financial
risk profile, particularly liquidity. The outlook may be revised
to 'Negative' in case of lower-than-expected revenue and
profitability, large, debt-funded capital expenditure, or
stretched working capital requirement, resulting in further
weakening of the financial risk profile.

SFPL, promoted by Mr. G. Sivakumar had been set up as partnership
firm, Siva Traders, in 2005; this firm was reconstituted as a
private limited company with the current name and incorporated in
2014. The company, based in Tiruchirappalli, Tamil Nadu, and
processes raw cashew nuts.


SOWBHAGYA ISPAT: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sowbhagya Ispat
India Private Limited's (SIIPL) 'IND D(suspended)' Long-Term
Issuer Rating.

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

Ind-Ra suspended SIIPL's ratings on Feb. 26, 2016.

SIIPL's ratings:

   -- Long-Term Issuer Rating: 'IND D(suspended)'; rating
      withdrawn
   -- INR150 mil. fund-based working capital limits: Long-
      term/Short-term 'IND D(suspended)'; ratings withdrawn
   -- INR49.4 mil. long-term loan: Long-term 'IND D(suspended)';
      rating withdrawn


SRAVANI RAW: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sravani Raw &
Boiled Rice Mill's 'IND B-(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended Sravani's ratings on Feb. 16, 2016.

Sravani's ratings:

   -- Long-Term Issuer Rating: 'IND B-(suspended)'; rating
      withdrawn
   -- INR27.5 mil. fund-based working capital limits:
      'IND B-(suspended)' and 'IND A4(suspended)'; ratings
      withdrawn
   -- INR20.8 mil. term loans: 'IND B-(suspended)'; rating
      Withdrawn


SRI NOMULA: CRISIL Assigns 'B' Rating to INR70MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facility of Sri Nomula Brothers.

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

The rating reflects SNB's weak financial risk profile, its modest
scale of operations in a highly fragmented ginning segment and
vulnerability to changes in government policies. These rating
weaknesses are partially offset by the extensive experience of its
promoter in the cotton ginning industry.
Outlook: Stable

CRISIL believes that SNB will continue to benefit over the medium
term from its promoter's extensive experience. The outlook may be
revised to 'Positive' if the company's revenues and profitability
increase substantially leading to an improvement in its financial
risk profile or in case of significant infusion of capital
resulting in an improvement in SNB's capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes aggressive, debt-funded expansions, or if its
revenues and profitability decline substantially leading to
deterioration in its financial risk profile.

Established in 2008, SNB is engaged in ginning and pressing of raw
cotton and sells cotton seeds. The firm is promoted by Mr.Subba
Rao who is currently managing the day-to-day operations. Its
ginning unit in located in Guntur, AP and the firm has an
installed capacity of processing 350 quintals of cotton per day.


SRI SARAVANA: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sri Saravana
Spinning Mills Private Limited's (SSM) 'IND BB+(suspended)' Long-
Term Issuer Rating.

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

Ind-Ra suspended SSM's ratings on March 9, 2016.

SSM's ratings:

   -- Long-Term Issuer Rating: 'IND BB+(suspended)'; rating
      withdrawn
   -- INR2,132.5 mil. fund-based working capital facilities:
      'IND BB+(suspended)' and 'IND A4+(suspended)'; ratings
      withdrawn
   -- INR52.5m non-fund-based working capital limits:
      'IND A4+(suspended)'; rating withdrawn
   -- INR460.4 mil. term loan limits: 'IND BB+(suspended)';
      rating withdrawn


SRI SRI: CRISIL Reaffirms 'B' Rating on INR240.9MM Term Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sri Sri
Ravishankar Vidya Mandir Trust (Unit-Sri Sri University) [SSU]
continues to reflect the trust's weak financial risk profile
because of small networth, high gearing, muted debt protection
metrics, and stretched liquidity on account of initial phase and
low occupancy levels.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan             240.9       CRISIL B/Stable (Reaffirmed)

These weaknesses are partially offset by funding support from Sri
Sri Ravishankar Vidya Mandir (SSRVM) Trust, extensive experience
of management, and healthy demand prospects for the education
industry.

Outlook: Stable

CRISIL believes SSU will benefit over the medium term from the
extensive experience of its promoters in the education industry.
The outlook may be revised to 'Positive' in case of higher-than-
expected operating income and profitability, driven by optimum
occupancy levels. The outlook may be revised to 'Negative' if
lower-than-expected cash accrual, sizeable debt-funded capital
expenditure, or significantly low funding from trustees further
weakens liquidity.

SSU is a subsidiary of the SSRVM Trust, founded in 1999 by Sri Sri
Ravishankar as the educational wing of the Art of Living
foundation. Based in Cuttack, SSU offers MBA courses in general
management, agricultural business, and entrepreneurship.


T & U SYSTEMS: CRISIL Assigns 'B+' Rating to INR135MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of T & U Systems Automobiles Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      135       CRISIL B+/Stable
   Bank Guarantee           10       CRISIL A4
   Cash Credit              55       CRISIL B+/Stable

The ratings reflect a below-average financial risk profile because
of a modest capital structure and weak debt protection metrics.
The ratings also factor in a small scale of operations in the
intensely competitive commercial vehicle segment. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the automobile industry.
Outlook: Stable

CRISIL believes TUSAPL will continue to benefit over the medium
term from its association with New Holland Fiat India Pvt. Ltd.
(New Holland). The outlook may be revised to 'Positive' in case of
a significant improvement in the financial risk profile especially
capital structure, supported by healthy accretion to reserves due
to improvement in operating performance, or significant capital
infusion. The outlook may be revised to 'Negative' if the
financial risk profile weakens because of low cash accrual, a
stretched working capital cycle, or larger-than-expected debt-
funded capital expenditure.

Incorporated in September 2009, TUSAPL is an authorised dealer of
New Holland for tractors, harvesting machines, and other farm
vehicles. The company currently has eight outlets situated in
districts of the Vidarbha region of Maharashtra.


TARINI INFRA: CRISIL Reaffirms D Rating on INR223.5MM Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Tarini
Infrastructure Limited continues to reflect instances of delays by
the company in servicing its debt because of cash flow mismatches
leading to weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Funded Interest
   Term Loan              76.5       CRISIL D (Reaffirmed)

   Term Loan             223.5       CRISIL D (Reaffirmed)

The company also has a weak financial risk profile and modest
scale of operations. These rating weaknesses are partially offset
by the promoters' extensive experience in the hydropower industry
and its high operating profitability.

TIL was incorporated in 2005 for generating hydropower, and
operates two small plants, Daman I and Daman II, with capacity of
3.00 megawatt (MW) and 2.65 MW, respectively, in Gujarat. The
company is promoted by Mr. Vellore Subramanion Suresh and Mr.
Vakamulla Chandrashekhar.

TIL, on a provisional basis, had a profit after tax (PAT) of
INR11.2 million and sales of INR106.3 million for fiscal 2016,
against a PAT of INR2.8 million on sales of INR103.7 million for
fiscal 2015.


TOMCO ENGINEERING: CRISIL Cuts Rating on INR160MM Loan to 'B+'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Tomco Engineering Private Limited to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/ CRISIL A4+'.

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

   Cash Credit            160        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in the company's working
capital cycle and financial risk profile over the last two years
ended fiscal 2016. The gross current asset days increased to 372
in fiscal 2016 from 190 in fiscal 2014, on account of increase in
inventory days to 335 from 26. Stretch in working capital cycle
was funded by availing additional debt. Hence gearing increased to
3.2 times from 2.0 times. Working capital cycle and gearing are
not expected to improve significantly over the medium term.

The ratings reflect the extensive experience of promoters in the
civil construction industry and moderate order book, leading to
revenue visibility. These strengths are partially offset by the
modest scale and working-capital-intensive operations in the
fragmented civil construction industry. The rating also factors in
below-average financial risk profile, marked by high gearing,
average debt protection metrics and small networth and exposure to
risks related to tender-based business.
Outlook: Stable

CRISIL believes TEPL will continue to benefit from the extensive
experience of its promoters in the civil construction industry.
The outlook may be revised to 'Positive' if scales of operations
and profitability increase significantly or if working capital
cycle and capital structure improve. The outlook may be revised to
'Negative' if scale of operations or profitability declines or if
stretch in working capital cycle or large debt-funded capital
expenditure weakens liquidity.

Established as a proprietorship firm 'P.P.Thomas' in 1960 and
later converted into a private limited company in 1999, TEPL
undertakes projects in civil construction, primarily in irrigation
and water treatment segment, for Kerala water authorities. Based
in Palannattil (Kerala), TEPL is promoted by Mr. Paul P Thomas and
his wife Mrs P V Elizabeth. The operations are managed by their
son Mr. P Thomas.


VIVA MERCHANTS: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Viva Merchants
Private Limited's (VMPL) 'IND BB+(suspended)' Long-Term Issuer
Rating.  The agency has also withdrawn the 'IND BB+(suspended)'
and 'IND A4+(suspended)' ratings on the company's INR500 mil. non-
fund-based limits.

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

Ind-Ra suspended VMPL's ratings on Feb. 3, 2016.


YASIN IMPEX: CRISIL Cuts Rating on INR25MM Cash Loan to B+
----------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank facility
of Yasin Impex India Private Limited to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             25        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Letter of Credit       375        CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

The downgrade reflects CRISIL's belief that company's operating
performance over the medium term would remain weaker than CRISIL's
earlier expectations due to muted demand and weak realizations.
The company's revenues declined by around 30 percent in fiscal
2016 leading to operating losses. Weakening of operating
performance has also resulted in weakening of financial risk
profile with deterioration in networth and increase in total
outside liabilities to tangible networth (TOLTNW) ratio.

The ratings reflect large working capital requirement, exposure to
intense competition in the coal trading segment, and
susceptibility of the operating margin to volatile forex rates.
These weaknesses are partially offset by extensive experience of
the promoter and established supplier relationship.
Outlook: Stable

CRISIL believes YIIPL will continue to benefit over the medium
term from the promoter's extensive experience. The outlook may be
revised to 'Positive' if scale of operations increases while
improving working capital management and profitability, thereby
strengthening financial risk profile. Conversely, the outlook may
be revised to 'Negative' if regulatory changes impacting import of
non-coking coal, unexpected slowdown in demand for imported coal
or decline in the operating margin weakens liquidity.

Chennai-based YIIPL, incorporated in 2008, trades in non-coking
coal. Its operations are managed by the general manager, Mr.
Mohammed Rafeek.



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


LIPPO KARAWACI: Fitch Affirms 'BB-' LT Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based property developer PT
Lippo Karawaci Tbk's (Lippo) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) at 'BB-' with a Stable Outlook.
Fitch Ratings Indonesia has also affirmed Lippo's National Long-
Term Rating at 'A+(idn)' with a Stable Outlook.

"The affirmation of Lippo's ratings reflects our view that the
slowdown in its contracted sales in 2015 and 9M16 is mostly
cyclical and we expect property sales to improve in 2017. Lippo's
credit metrics continue to be in line with its rating despite the
soft property sales. We expect the company to sell close to
IDR3trn of property projects in 2016, driven by planned launches
of new affordable housing projects and following sales of just
IDR753bn in 9M16. We also expect Lippo to sell two assets -- Lippo
Kuta Mall and Lippo Plaza Jogja/Siloam Hospitals Yogyakarta -- to
its Singapore-listed REITs in the next three to six months. Should
the company be unable to execute its near-term plans, Fitch may
assess that its business profile has weakened, and may take
negative rating action," Fitch said.

Lippo's ratings also factor in its strong non-real estate
development cash flows, which support the company's ability to
meet its expenses when property sales are slow. Lippo's non-real
estate development EBITDAR stem from its majority ownership of a
leading domestic hospital network, PT Siloam International
Hospitals Tbk (Siloam), as well as the retail malls that it owns
or operates, its hospitality and infrastructure businesses, asset
management, and dividends from two Singapore-listed REITs that it
has sponsored. Non-real estate development EBITDAR in the 12
months to end-3Q16, excluding profits attributable to minority
interests within the consolidated group, covered Lippo's
consolidated interest expense and operating lease rent by 1.2x.

'A' National Ratings denote expectations of low default risk
relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may
affect the capacity for timely repayment to a greater degree than
is the case for financial commitments denoted by a higher rated
category.

KEY RATING DRIVERS

Manageable Leverage Despite Slow Sales: Lippo's leverage (net
adjusted debt/adjusted inventory) stood at 42% at end-3Q16, which
was below the 50% threshold at which Fitch would consider negative
rating action. The company was able to cut its expansionary capex
in 9M16 to conserve cash flows amid weak property sales. Part of
its construction costs are also linked to property sales made
during the current period. "We consider this flexibility to be a
key defensive attribute." Fitch said.

Property Sales to Improve: "Fitch expects demand for property to
increase in 2017 because we forecast improvement in domestic
economic activity and consumer sentiment. We believe the strong
response to the government's tax amnesty implemented on 1 July
2016 will spur property demand as more undeclared wealth -
especially domestically, but also from abroad - moves into the
real sector." Fitch said. Lippo postponed all of its property
launches in 2016 until after the tax amnesty was declared in a bid
to benefit from the expected uptick in demand.

Risks to Asset-Light Strategy: Lippo's strategy of recycling
assets through its sponsored REITs is a key component of managing
its capital structure. However, some asset sales to the REITs have
been delayed due to regulatory considerations or protracted
negotiations on pricing. "Nevertheless, we expect Lippo to
finalise the sale of Lippo Kuta Mall and Lippo Plaza Jogja/Siloam
Hospitals Yogyakarta in the next three to six months; both the
REITs have sufficient headroom on their balance sheets to purchase
the earmarked assets." Fitch said.

However Fitch estimates that the REITs' debt/assets ratios are
likely to move towards 40% after these asset purchases, which is
closer to the 45% regulatory debt/assets ceiling. "Therefore we do
not expect the REITs to continue to absorb assets from Lippo
beyond 2017 unless they raise fresh unitholder funds or hybrid
capital. In our rating case, we have therefore factored in delays
in Lippo's asset sales to the REITs beyond 2017." Fitch said.

KEY ASSUMPTIONS

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

   -- Contracted sales of IDR3trn in 2016 and IDR4.5trn in 2017

   -- Lippo Mall Kuta to be sold to the REITs in 4Q16, and Lippo
      Plaza Jogja/Siloam Hospitals Yogyakarta to be sold in 1Q17

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% (3Q16:
      42%)

   -- A sustained weakening to below 1.2x in the ratio of the sum
      of EBITDAR from non-real estate development activities and
      dividend income from REITs less profit attributable to
      minority interest to the sum of interest cost and operating
      lease rent (12 months to 3Q16: 1.2x)

   -- Inability to pre-fund capex

Positive: A rating upgrade is not expected in the medium term due
to 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." Fitch said.

FULL LIST OF RATING ACTIONS

PT Lippo Karawaci Tbk

   -- Long-Term Foreign-Currency IDR affirmed at 'BB-'; Outlook
      Stable

   -- Long-Term Local-Currency IDR affirmed at 'BB-'; Outlook
      Stable

   -- Senior unsecured rating affirmed at 'BB-'

   -- National Long-Term Rating affirmed at 'A+(idn)'; Outlook
      Stable

Theta Capital Pte Ltd

   -- Ratings on outstanding US dollar bonds guaranteed by Lippo
      and its subsidiaries affirmed at 'BB-'



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


STUDIO CITY: Moody's Rates $350MM Notes B1, Outlook Negative
------------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 rating to
Studio City Company Limited's $350 million, 3-year senior secured
notes due Nov. 30, 2019, and $850 million, 5-year senior secured
notes due Nov. 30, 2021.

The bonds are guaranteed by Studio City Investments Limited
(unrated) and all of its existing subsidiaries.

The outlook for the rating is negative.

                         RATINGS RATIONALE

Moody's definitive rating on this debt obligation follows Studio
City's completion of its USD note issuance on Nov. 30, 2016,
Eastern Standard Time, the final terms and conditions of which are
consistent with Moody's expectations.

The provisional rating was assigned on Nov. 15, 2016, and Moody's
rating rationale was set out in a press release published on the
same day.

Proceeds from the proposed bond issuance, together with a portion
of cash in hand, will be used to refinance the company's existing
USD1.4 billion senior secured credit facilities (of which
USD1.3 billion was drawn), due on Jan. 28, 2018.

The principal methodology used in these ratings was Global Gaming
Industry published in June 2014.

Studio City Finance Limited is a holding company incorporated in
the British Virgin Islands.  Through its fully owned subsidiary,
Studio City Company Limited, it develops and operates the Studio
City project, an Asian-focused integrated gaming and entertainment
resort located at Cotai in Macau.



===============
M A L A Y S I A
===============


1MALAYSIA DEVELOPMENT: StanChart, Coutts Fined Over Breaches
------------------------------------------------------------
Grace Leong at The Strait Times reports that the Singapore
branches of Standard Chartered and Coutts have been fined
SGD5.2 million and SGD2.4 million, respectively, for money-
laundering lapses related to scandal-hit 1Malaysia Development
Berhad (1MDB).

These are the latest sanctions handed down by regulators in
connection with the case in which several banks based here were
used to move funds illicitly, the report says.

According to the report, the Monetary Authority of Singapore (MAS)
also plans to ban former Goldman Sachs top banker Tim Leissner
from its securities industry for 10 years. Earlier this year, MAS
withdrew the banking licenses of Falcon Private Bank and BSI SA's
Singapore units, and fined UBS Group and DBS Group SGD1.3 million
and SGD1 million respectively, the report says.

"These actions send a strong signal that we will not tolerate the
abuse of Singapore's financial system for illicit purposes," the
report quotes Mr. Ravi Menon, MAS' managing director, as saying.

The Strait Times relates that Mr. Leissner, who helped raise over
US$6 billion (SGD8.5 billion) for 1MDB with three bond sales, from
2012 to 2013, has been singled out for issuing an unauthorised
reference letter that vouched for Malaysian tycoon Low Taek Jho
and his family. Mr. Leissner's statements that there were no
money-laundering concerns were false, and made without the bank's
knowledge or consent, MAS said.

A director of Goldman Singapore from June 2007 to September 2011,
Mr. Leissner moved to Hong Kong in November 2011 but maintained
his representative status with the Singapore office till he quit
this February, the report recalls. He is therefore subject to MAS'
requirements to be fit and proper to carry out regulated
activities.

Goldman, which earned close to US$600 million from the 1MDB bond
sales, is not accused of wrongdoing, the report notes. But MAS
said it is working with foreign counterparts to examine the bank's
role in the bond transactions. According to the Strait Times,
Goldman said it took prompt steps to part ways with
Mr. Leissner after discovering the violations in January this
year, and reported it to the authorities in several jurisdictions,
including Singapore.  Mr. Leissner was subpoenaed by the US
Justice Department in March as part of its 1MDB probe.

The report relates that Mr. Marc Harris, a lawyer for
Mr. Leissner, said that his client "looks forward" to responding
to the allegations.

StanChart was fined SGD5.2 million for 28 regulatory breaches.
While these breaches were serious, MAS had not found pervasive
control weaknesses or wilful misconduct, says The Strait Times.

According to the report, the bank expressed regret "that 1MDB-
related transactions passed through its Singapore accounts from
2010 to early 2013". The suspicious transactions were reported to
the authorities before Stanchart closed the accounts in early
2013, and disciplinary action taken against individual employees.

Transfers totalling US$636 million were sent in 2012 from a Swiss
bank account to a StanChart account here held in the name of
Blackstone Asia Real Estate Partners, a firm owned by Mr. Low's
associate Eric Tan Kim Loong, US prosecutors alleged earlier, the
report notes.

Coutts was fined SGD2.4 million for 24 breaches, including
"failing to meet due diligence requirements for politically
exposed persons," the report discloses. These lapses were the
result of "actions or omissions" of some employees, including Yak
Yew Chee and Yvonne Seah, who left Coutts to join BSI bank in
Singapore in 2009.

Yak pleaded guilty last month to four of seven counts of forging
documents and failing to report suspicious transactions, the
report discloses. He was jailed for 18 weeks and fined SGD24,000.
Seah faces seven similar counts.

Coutts expressed regrets over "failings in its anti money-
laundering processes," adds The Strait Times.

                            About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015.  The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.



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


KARHOO SINGAPORE: 6 Former Workers Sue to Recover CPF Arrears
-------------------------------------------------------------
Kenneth Cheng at Today Online reports that left hanging after
their firm shut down abruptly last month, six former employees of
Karhoo Singapore have filed complaints to recover their Central
Provident Fund arrears, with the CPF Board ready to take
"prosecution action" if the company fails to pay up.

The former employees of the now-defunct British taxi-hailing
start-up had lodged complaints after the firm failed to pay its
share of CPF contributions for employees for October, a CPF Board
spokesperson said in response to TODAY's queries.

Today Online relates that while the total amount of CPF arrears
was not revealed, some of the affected employees said that they
were each owed sums of between SGD2,000 and SGD2,200.

When asked about the arrears, Ms Justina Kozicki, Karhoo's former
vice-president for business development in Asia, said she was
unable to comment and directed TODAY to the firm's former
spokesperson and its administrators.

On Nov .8, the firm, which had offices in cities including London,
New York and Singapore, announced that it was shutting, citing
financial woes, TODAY discloses. It had about 15 employees in
Singapore, the report notes.

TODAY meanwhile reports that the CPF Board is taking "recovery
action" against the firm, its spokesperson said.

"We'll proceed to take prosecution action against (Karhoo
Singapore) for the late-payment offences if the company fails to
make full payment by the stipulated timeline," the spokesperson
added, without elaborating, TODAY relays.

Former employees, all of whom spoke to TODAY on condition of
anonymity, said they filed complaints with the CPF Board in recent
weeks.



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


VIETCOMBANK: Moody's Affirms B1 Local Currency LT Deposit Rating
----------------------------------------------------------------
Moody's Investors Service maintains its review for upgrade on JSC
Bank for Foreign Trade of Vietnam's (Vietcombank, B2 stable)
baseline credit assessment (BCA) and adjusted BCA of b2, and long-
term counterparty risk assessment of B1(cr).

The BCA of Vietnam-based Vietcombank has been on review since
September 5, 2016.  The review incorporates Moody's expectation
that the bank's capital raising plans, if executed successfully,
could lead to upward pressure on its b2 BCA.  This is also
facilitated by Moody's change of Vietnam's Macro Profile to "Weak"
from "Weak-" in September 2016, which captures the improved
operating and economic conditions for Vietnamese banks.

The review on Vietcombank will continue until the bank receives
regulatory approvals on its capital raising plans and finalizes
its announced capital increase.  In August 2016, Government
Investment Corporation of Singapore (GIC, unrated) signed a
memorandum of understanding with the bank to purchase its shares
at an undisclosed price.  As of Dec. 2, the State Bank of Vietnam
has not approved this transaction.

Moody's expects to conclude the review in the first quarter of
2017 following a review of Vietcombank's capital raising plans
and/or the publication and analysis of its consolidated financial
report for 2016.

The long-term credit ratings of the bank are not subject to this
review, and have a stable outlook.

                         RATINGS RATIONALE

The review of BCA will consider the size and resulting impact of
GIC's capital injection on Vietcombank's solvency position while
supporting continued balance sheet growth.  Similar to other rated
banks in Vietnam, Vietcombank's capital ratios have been declining
due to asset growth.  Vietcombank's tangible common equity as a
percentage of risk-weighted assets, adjusted for government
securities, declined to 8.7% at end-2015, from 10.1% at end-2014
and 11.8% at end-2013.  As a state-owned bank, continued dividend
pay-outs also exerts negative pressure on its capital buffer.

The review will take place in the context of the improved
operating and economic environment in Vietnam -- as captured in
Moody's increase in Vietnam's Macro Profile to "Weak" from "Weak-"
  -- that supports Vietcombank and other Vietnamese banks' asset
quality and profitability metrics, and contributes to relative
stability in their funding and liquidity profiles.

               WHAT COULD CHANGE THE RATINGS UP/DOWN

A ratings upgrade could occur if Moody's assesses that the capital
injection could materially improve Vietcombank's solvency profile,
while supporting continued balance sheet growth.  Concurrently,
Moody's will also assess if the improved operating conditions will
impact Vietcombank's standalone credit profile on a sustainable
basis.

The BCA and adjusted BCA could be confirmed if the capital raising
plan is abandoned or if the capital increase is not sufficient to
support the bank's projected balance sheet growth.

The long term ratings of Vietcombank are already at the same level
as the ratings/ceiling of the government of Vietnam.  Hence, these
ratings have no potential upside unless the sovereign rating is
upgraded.

The principal methodology used in these ratings/analysis was Banks
published in January 2016.

Taking into account the Dec. 2, announcement, the ratings are:

JSC Bank for Foreign Trade of Vietnam (Vietcombank)

   -- The local currency long-term deposit rating of B1; outlook
      stable
   -- The foreign currency long-term deposit rating of B2;
      outlook stable
   -- The local currency and foreign currency long-term issuer
      ratings of B1; outlook stable
   -- The BCA and Adjusted BCA of b2; on review for upgrade
   -- The long-term counterparty risk assessment of B1(cr); on
      review for upgrade
   -- The local currency and foreign currency short-term deposit
      ratings of NP
   -- The local currency and foreign currency short-term issuer
      ratings of NP
   -- The short-term counterparty risk assessment of NP(cr)

Headquartered in Hanoi, the bank reported total assets of
VND679,001 billion (USD29.9 billion) at end June 2016.



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


* BOND PRICING: For the Week Nov. 28 to Dec. 2, 2016
----------------------------------------------------

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


  AUSTRALIA
  ---------

BOART LONGYEAR MANAGE      10.00     10/01/18    USD       70.25
BOART LONGYEAR MANAGE       7.00     04/01/21    USD       19.00
BOART LONGYEAR MANAGE      10.00     10/01/18    USD       69.88
BOART LONGYEAR MANAGE       7.00     04/01/21    USD       22.03
CML GROUP LTD               9.00     01/29/20    AUD        0.98
CROWN RESORTS LTD           6.02     04/23/75    AUD       71.61
DBCT FINANCE PTY LTD        2.31     12/12/22    AUD       71.87
DBCT FINANCE PTY LTD        2.40     06/09/26    AUD       57.30
EMECO PTY LTD               9.88     03/15/19    USD       56.75
EMECO PTY LTD               9.88     03/15/19    USD       57.50
IMF BENTHAM LTD             6.16     06/30/19    AUD       59.13
KBL MINING LTD             12.00     02/16/17    AUD        0.04
KEYBRIDGE CAPITAL LTD       7.00     07/31/20    AUD        0.68
LAKES OIL NL               10.00     03/31/17    AUD        6.00
MIDWEST VANADIUM PTY       11.50     02/15/18    USD        0.88
MIDWEST VANADIUM PTY       11.50     02/15/18    USD        0.88
RELIANCE RAIL FINANCE       2.28     09/26/23    AUD       64.99
RELIANCE RAIL FINANCE       2.28     09/26/23    AUD       64.99
STOKES LTD                 10.00     06/30/17    AUD        0.35


CHINA
-----

SHANGHAI SONGJIANG TO       6.28     08/15/18    CNY       49.00
ANSHAN CITY CONSTRUCT       8.25     03/05/19    CNY       64.23
ANYANG INVESTMENT GRO       8.00     04/17/19    CNY       64.31
BAISHAN URBAN CONSTRU       7.00     07/31/19    CNY       62.25
BANGBU CITY INVESTMEN       5.78     08/10/17    CNY       30.70
BEIJING CAPITAL DEVEL       5.95     05/29/19    CNY       62.92
BEIJING CONSTRUCTION        5.95     07/05/19    CNY       62.76
BEIJING ECONOMIC TECH       5.29     03/06/18    CNY       71.41
BIJIE XINTAI INVESTME       7.15     08/20/19    CNY       84.49
BINZHOU BINCHENG DIST       6.50     07/05/19    CNY       63.51
BINZHOU BINCHENG DIST       6.50     07/05/19    CNY       75.00
CHANGSHA CITY CONSTRU       6.95     04/24/19    CNY       63.19
CHANGSHA CITY CONSTRU       6.95     04/24/19    CNY       63.20
CHANGSHA COUNTY XINGC       8.35     04/06/19    CNY       63.93
CHANGSHU BINJIANG URB       6.85     04/27/19    CNY       62.95
CHANGSHU BINJIANG URB       6.85     04/27/19    CNY       62.51
CHANGSHU CITY OPERATI       8.00     01/16/19    CNY       62.57
CHANGSHU CITY OPERATI       8.00     01/16/19    CNY       63.83
CHANGZHOU WUJIN CITY        6.22     06/08/18    CNY       51.90
CHANGZHOU WUJIN CITY        6.22     06/08/18    CNY       50.10
CHAOYANG CONSTRUCTION       7.30     05/25/19    CNY       63.13
CHENGDU ECONOMIC&TECH       6.55     07/17/19    CNY       83.00
CHENGDU ECONOMIC&TECH       6.55     07/17/19    CNY       63.60
CHENGDU ECONOMIC&TECH       6.50     07/17/18    CNY       52.07
CHENGDU ECONOMIC&TECH       6.50     07/17/18    CNY       51.74
CHENGDU XINCHENG XICH       8.35     03/19/19    CNY       65.43
CHENGDU XINCHENG XICH       8.35     03/19/19    CNY       63.90
CHIFENG CITY HONGSHAN       7.20     07/25/19    CNY       63.09
CHIFENG CITY INFRASTR       6.18     05/18/17    CNY       51.44
CHIFENG CITY INFRASTR       6.18     05/18/17    CNY       50.00
CHONGQING HECHUAN RUR       8.28     04/10/18    CNY       52.58
CHONGQING HECHUAN RUR       8.28     04/10/18    CNY       52.60
CHONGQING HECHUAN URB       6.95     01/06/18    CNY       71.10
CHONGQING HECHUAN URB       6.95     01/06/18    CNY       72.21
CHONGQING JIANGJIN HU       6.95     01/06/18    CNY       71.39
CHONGQING JIANGJIN HU       6.95     01/06/18    CNY       71.31
CHONGQING JINYUN ASSE       6.75     06/18/19    CNY       63.51
CHONGQING JINYUN ASSE       6.75     06/18/19    CNY       83.20
CHONGQING LAND PROPER       7.35     04/25/19    CNY       61.00
CHONGQING LAND PROPER       7.35     04/25/19    CNY       63.98
CHONGQING MAIRUI CITY       6.82     08/17/19    CNY       82.39
CHONGQING NAN'AN URBA       6.29     12/24/17    CNY       61.96
CHONGQING NAN'AN URBA       8.20     04/09/19    CNY       64.45
CHONGQING XINGRONG HO       8.35     04/19/19    CNY       64.13
CHONGQING XIYONG MICR       6.76     07/25/19    CNY       64.24
CHONGQING XIYONG MICR       6.76     07/25/19    CNY       83.80
CHONGQING YONGCHUAN H       7.49     03/14/18    CNY       72.73
CHONGQING YONGCHUAN H       7.49     03/14/18    CNY       73.17
CHONGQING YULONG ASSE       6.87     05/31/19    CNY       63.27
CHONGQING YUXING CONS       7.29     12/08/17    CNY       72.07
DALI ECONOMIC DEVELOP       8.80     04/24/19    CNY       65.00
DALIAN LVSHUN CONSTRU       6.78     07/02/19    CNY       63.05
DALIAN LVSHUN CONSTRU       6.78     07/02/19    CNY       63.49
DANDONG CITY DEVELOPM       6.21     09/06/17    CNY       70.55
DANYANG INVESTMENT GR       8.10     03/06/19    CNY       64.24
DANYANG INVESTMENT GR       8.10     03/06/19    CNY       63.52
DATONG ECONOMIC CONST       6.50     06/01/17    CNY       40.00
DATONG ECONOMIC CONST       6.50     06/01/17    CNY       41.02
DONGBEI SPECIAL STEEL       6.50     03/27/16    CNY       40.00
DONGBEI SPECIAL STEEL       7.00     07/10/16    CNY       40.00
DONGBEI SPECIAL STEEL       8.30     09/06/16    CNY       40.00
DONGBEI SPECIAL STEEL       5.88     05/05/16    CNY       40.00
DONGBEI SPECIAL STEEL       8.20     06/06/16    CNY       40.00
DONGBEI SPECIAL STEEL       5.63     04/12/18    CNY       40.00
DONGBEI SPECIAL STEEL       6.10     01/15/18    CNY       40.00
DONGBEI SPECIAL STEEL       7.40     07/17/17    CNY       40.00
DONGBEI SPECIAL STEEL       6.30     09/24/16    CNY       40.00
DONGTAI COMMUNICATION       7.39     07/05/18    CNY       52.60
DRILL RIGS HOLDINGS I       6.50     10/01/17    USD       31.75
DRILL RIGS HOLDINGS I       6.50     10/01/17    USD       26.01
ERDOS DONGSHENG CITY        8.40     02/28/18    CNY       49.16
ERDOS DONGSHENG CITY        8.40     02/28/18    CNY       49.70
EZHOU CITY CONSTRUCTI       7.08     06/19/19    CNY       63.67
FEICHENG CITY ASSET O       7.10     08/14/18    CNY       77.40
FEICHENG CITY ASSET O       7.10     08/14/18    CNY       52.60
FUJIAN LONGYAN CITY C       7.45     08/14/19    CNY       64.54
FUSHUN URBAN INVESTME       5.95     05/11/18    CNY       72.11
GANZHOU CITY DEVELOPM       6.40     07/10/18    CNY       52.15
GUANGAN INVESTMENT HO       8.18     04/25/19    CNY       62.78
GUANGAN INVESTMENT HO       8.18     04/25/19    CNY       64.70
GUANGXI BAISE DEVELOP       6.50     07/04/19    CNY       63.15
GUANGXI BAISE DEVELOP       6.50     07/04/19    CNY       62.74
GUILIN ECONOMIC CONST       6.90     05/09/18    CNY       52.32
GUIYANG ECO&TECH DEVE       8.42     03/27/19    CNY       64.65
GUOAO INVESTMENT DEVE       6.89     10/29/18    CNY       70.28
HAIAN COUNTY CITY CON       8.35     03/28/18    CNY       52.54
HAIAN COUNTY CITY CON       8.35     03/28/18    CNY       52.58
HAIMEN CITY DEVELOPME       8.35     03/20/19    CNY       64.27
HANGZHOU MUNICIPAL CO       5.90     04/25/18    CNY       50.00
HANGZHOU MUNICIPAL CO       5.90     04/25/18    CNY       51.60
HANGZHOU XIAOSHAN STA       6.90     11/22/16    CNY       40.15
HANGZHOU XIAOSHAN STA       6.90     11/22/16    CNY       40.09
HANGZHOU YUHANG CITY        7.55     03/29/19    CNY       63.57
HANGZHOU YUHANG CITY        7.55     03/29/19    CNY       64.10
HANZHONG CITY CONSTRU       7.48     03/14/18    CNY       73.06
HEFEI HAIHENG INVESTM       7.30     06/12/19    CNY       60.00
HEFEI HAIHENG INVESTM       7.30     06/12/19    CNY       63.81
HEFEI TAOHUA INDUSTRI       8.79     03/27/19    CNY       63.79
HEFEI XINCHENG STATE-       7.88     04/23/19    CNY       63.94
HEFEI XINCHENG STATE-       7.88     04/23/19    CNY       63.87
HEGANG KAIYUAN CITY I       6.50     07/19/19    CNY       61.96
HEILONGJIANG HECHENG        7.78     11/17/16    CNY       40.37
HENGYANG CITY CONSTRU       7.06     08/13/19    CNY       64.17
HUAIAN CITY URBAN ASS       7.15     12/21/16    CNY       40.52
HUAIAN CITY WATER ASS       8.25     03/08/19    CNY       64.51
HUAI'AN DEVELOPMENT H       6.80     03/24/17    CNY       42.55
HUAIAN QINGHE NEW ARE       6.79     04/29/17    CNY       40.95
HUAIHUA CITY CONSTRUC       8.00     03/22/18    CNY       52.30
HUAIHUA CITY CONSTRUC       8.00     03/22/18    CNY       51.54
HUZHOU MUNICIPAL CONS       7.02     12/21/17    CNY       72.53
HUZHOU NANXUN STATE-O       8.15     03/31/19    CNY       63.53
HUZHOU WUXING NANTAIH       7.71     02/17/18    CNY       72.73
JIAMUSI NEW ERA INFRA       8.25     03/22/19    CNY       63.59
JIAMUSI NEW ERA INFRA       8.25     03/22/19    CNY       63.30
JIAN CITY CONSTRUCTIO       7.80     04/20/19    CNY       63.99
JIAN CITY CONSTRUCTIO       7.80     04/20/19    CNY       64.00
JIANGDONG HOLDING GRO       6.90     03/27/19    CNY       62.86
JIANGDU XINYUAN INDUS       8.10     03/23/19    CNY       64.04
JIANGDU XINYUAN INDUS       8.10     03/23/19    CNY       63.50
JIANGSU HUAJING ASSET       5.68     09/28/17    CNY       50.63
JIANGSU LIANYUN DEVEL       6.10     06/19/19    CNY       62.91
JIANGSU LIANYUN DEVEL       6.10     06/19/19    CNY       62.28
JIANGSU TAICANG PORT        7.66     05/16/19    CNY       64.35
JIANGYIN CITY CONSTRU       7.20     06/11/19    CNY       64.03
JIANGYIN CITY CONSTRU       7.20     06/11/19    CNY       64.20
JIASHAN STATE-OWNED A       6.80     06/06/19    CNY       62.00
JIAXING CULTURE FAMOU       8.16     03/08/19    CNY       64.47
JIAXING ECONOMIC&TECH       6.78     06/14/19    CNY       63.09
JIAXING ECONOMIC&TECH       6.78     06/14/19    CNY       63.61
JINAN CITY CONSTRUCTI       6.98     03/26/18    CNY       52.29
JINGZHOU URBAN CONSTR       7.98     04/24/19    CNY       64.75
JINING CITY CONSTRUCT       8.30     12/31/18    CNY       64.18
JINTAN CONSTRUCTION I       8.30     03/14/19    CNY       64.41
JINZHOU CITY INVESTME       7.08     06/13/19    CNY       63.53
JINZHOU CITY INVESTME       7.08     06/13/19    CNY       63.26
JIUJIANG CITY CONSTRU       8.49     02/23/19    CNY       64.73
JIUJIANG CITY CONSTRU       8.49     02/23/19    CNY       61.01
KAIFENG DEVELOPMENT I       6.47     07/11/19    CNY       63.40
KUNMING CITY CONSTRUC       7.60     04/13/18    CNY       52.16
KUNMING CITY CONSTRUC       7.60     04/13/18    CNY       52.37
KUNMING WUHUA DISTRIC       8.60     03/15/18    CNY       52.75
KUNMING WUHUA DISTRIC       8.60     03/15/18    CNY       52.84
LAIWU CITY ECONOMIC D       6.50     03/01/18    CNY       61.92
LEQING CITY STATE OWN       6.50     06/29/19    CNY       63.50
LEQING CITY STATE OWN       6.50     06/29/19    CNY       79.00
LESHAN STATE-OWNED AS       6.99     03/18/18    CNY       72.89
LESHAN STATE-OWNED AS       6.99     03/18/18    CNY       73.01
LIAOYANG CITY ASSETS        6.88     06/13/18    CNY       66.01
LIAOYANG CITY ASSETS        6.88     06/13/18    CNY       67.72
LIAOYUAN STATE-OWNED        8.17     03/13/19    CNY       62.41
LIAOYUAN STATE-OWNED        7.80     01/26/17    CNY       40.54
LIJIANG GUCHENG MANAG       6.68     07/26/19    CNY       63.72
LINAN CITY CONSTRUCTI       8.15     03/09/18    CNY       52.38
LINAN CITY CONSTRUCTI       8.15     03/09/18    CNY       52.11
LINHAI CITY INFRASTRU       7.98     11/06/16    CNY       50.42
LINYI INVESTMENT DEVE       8.10     03/27/18    CNY       52.44
LIUZHOU DONGCHENG INV       8.30     02/15/19    CNY       63.13
LIUZHOU INVESTMENT HO       6.98     08/15/19    CNY       64.23
LONGHAI STATE-OWNED A       8.25     12/02/17    CNY       72.73
LUOHE CITY CONSTRUCTI       6.81     03/30/17    CNY       30.51
LUOHE CITY CONSTRUCTI       6.81     03/30/17    CNY       30.61
MIANYANG SCIENCE & TE       6.30     07/22/18    CNY       54.25
MIANYANG SCIENCE & TE       7.16     05/15/19    CNY       60.31
MIANYANG SCIENCE & TE       7.16     05/15/19    CNY       63.14
NANAN CITY TRADE INDU       8.50     04/25/19    CNY       64.54
NANCHONG CHEMICAL IND       8.16     04/26/19    CNY       64.02
NANJING HEXI NEW TOWN       6.40     02/03/17    CNY       60.93
NANJING JIANGNING SCI       7.29     04/28/19    CNY       64.07
NANTONG CITY TONGZHOU       6.80     05/28/19    CNY       63.67
NANTONG CITY TONGZHOU       6.80     05/28/19    CNY       81.00
NANTONG STATE-OWNED A       6.72     11/13/16    CNY       40.32
NANTONG STATE-OWNED A       6.72     11/13/16    CNY       40.30
NEIJIANG INVESTMENT H       7.00     07/19/18    CNY       51.80
NEIJIANG INVESTMENT H       7.00     07/19/18    CNY       51.93
NEIMENGGU XINLINGOL X       7.62     02/25/18    CNY       72.37
NINGBO CITY ZHENHAI I       6.48     04/12/17    CNY       40.66
NINGBO URBAN CONSTRUC       7.39     03/01/18    CNY       52.07
NINGDE CITY STATE-OWN       6.25     10/21/17    CNY       40.52
NINGHAI COUNTY CITY C       8.60     12/31/17    CNY       73.59
NONGGONGSHANG REAL ES       6.29     10/11/17    CNY       71.20
PANJIN CONSTRUCTION I       7.70     12/16/16    CNY       40.34
PANJIN CONSTRUCTION I       7.70     12/16/16    CNY       40.27
PANJIN CONSTRUCTION I       7.50     05/17/19    CNY       64.09
PINGDINGSHAN CITY DEV       7.86     05/08/19    CNY       64.16
PINGDINGSHAN CITY DEV       7.86     05/08/19    CNY       64.04
PUER CITY STATE OWNED       7.38     06/20/19    CNY       63.08
PUTIAN STATE-OWNED AS       8.10     03/21/19    CNY       64.20
PUTIAN STATE-OWNED AS       8.10     03/21/19    CNY       64.27
QIANAN XINGYUAN WATER       6.45     07/11/18    CNY       52.11
QIANDONG NANZHOU DEVE       8.80     04/27/19    CNY       63.57
QINGDAO CITY CONSTRUC       6.89     02/16/19    CNY       62.90
QINGDAO CITY CONSTRUC       6.19     02/16/17    CNY       40.60
QINGDAO CITY CONSTRUC       6.89     02/16/19    CNY       62.78
QINGDAO CITY CONSTRUC       6.19     02/16/17    CNY       40.50
QINGDAO HUATONG STATE       7.30     04/18/19    CNY       63.77
QINGDAO HUATONG STATE       7.30     04/18/19    CNY       63.60
QINGZHOU HONGYUAN PUB       6.50     05/22/19    CNY       31.08
QINGZHOU HONGYUAN PUB       6.50     05/22/19    CNY       31.60
QINZHOU CITY DEVELOPM       6.72     04/30/17    CNY       50.91
QUANZHOU QUANGANG PET       8.40     04/16/19    CNY       64.61
QUANZHOU QUANGANG PET       8.40     04/16/19    CNY       63.40
QUNSHAN HUAQIAO INTER       7.98     12/30/18    CNY       63.37
SANMING STATE-OWNED A       6.99     06/14/18    CNY       70.08
SANMING STATE-OWNED A       6.99     06/14/18    CNY       73.62
SHANGHAI CHENGTOU COR       4.63     07/30/19    CNY       61.73
SHANGHAI REAL ESTATE        6.12     05/17/17    CNY       40.92
SHANGHAI SONGJIANG TO       6.28     08/15/18    CNY       52.38
SHAOXING CHENGBEI XIN       6.21     06/11/18    CNY       51.97
SHAOXING CHENGBEI XIN       6.21     06/11/18    CNY       76.75
SHIYAN CITY INFRASTRU       7.98     04/20/19    CNY       64.18
SICHUAN COAL INDUSTRY       5.94     05/15/17    CNY       35.00
SICHUAN COAL INDUSTRY       7.45     12/25/16    CNY       35.00
SICHUAN COAL INDUSTRY       7.70     01/09/18    CNY       35.00
SICHUAN COAL INDUSTRY       7.80     09/27/17    CNY       35.00
SICHUAN DEVELOPMENT H       5.40     11/10/17    CNY       70.79
SUIZHOU CITY INVESTME       7.50     08/22/19    CNY       63.84
SUQIAN ECONOMIC DEVEL       7.50     03/26/19    CNY       63.36
SUQIAN ECONOMIC DEVEL       7.50     03/26/19    CNY       63.93
SUZHOU CONSTRUCTION I       7.45     03/12/19    CNY       63.66
SUZHOU INDUSTRIAL PAR       5.79     05/30/19    CNY       62.41
TAIXING ZHONGXING STA       8.29     03/27/18    CNY       52.71
TAIXING ZHONGXING STA       8.29     03/27/18    CNY       53.53
TAIZHOU CITY CONSTRUC       6.90     01/25/17    CNY       40.54
TAIZHOU HAILING ASSET       8.52     03/21/19    CNY       64.11
TAIZHOU HAILING ASSET       8.52     03/21/19    CNY       64.39
TAIZHOU XINTAI GROUP        6.85     08/14/18    CNY       52.12
TAIZHOU XINTAI GROUP        6.85     08/14/18    CNY       52.31
TIANJIN BINHAI NEW AR       5.00     03/13/18    CNY       71.78
TIANJIN BINHAI NEW AR       5.00     03/13/18    CNY       71.42
TIANJIN ECO-CITY INVE       6.76     08/14/19    CNY       63.59
TIANJIN ECO-CITY INVE       6.76     08/14/19    CNY       66.00
TIANJIN HANBIN INVEST       8.39     03/22/19    CNY       63.90
TIANJIN HI-TECH INDUS       7.80     03/27/19    CNY       64.10
TIANJIN HI-TECH INDUS       7.80     03/27/19    CNY       63.67
TIANJIN JINNAN CITY C       6.95     06/18/19    CNY       63.51
TIELING PUBLIC ASSETS       7.34     05/29/18    CNY       51.81
TIELING PUBLIC ASSETS       7.34     05/29/18    CNY       52.12
TIGER FOREST & PAPER        5.38     06/14/17    CNY       58.02
TONGCHUAN DEVELOPMENT       7.50     07/17/19    CNY       62.90
TONGLIAO CITY INVESTM       5.98     09/01/17    CNY       70.92
TONGREN FANJINGSHAN I       6.89     08/02/19    CNY       62.84
TONGREN FANJINGSHAN I       6.89     08/02/19    CNY       60.59
TULUFAN DISTRICT STAT       7.20     08/09/19    CNY       75.00
URUMQI CITY CONSTRUCT       6.35     07/09/19    CNY       63.57
URUMQI STATE-OWNED AS       6.48     04/28/18    CNY       51.47
URUMQI STATE-OWNED AS       6.48     04/28/18    CNY       51.55
VANZIP INVESTMENT GRO       7.92     02/04/19    CNY       66.04
WAFANGDIAN STATE-OWNE       8.55     04/19/19    CNY       64.28
WENZHOU ANJUFANG CITY       7.65     04/24/19    CNY       63.72
WUHAI CITY CONSTRUCTI       8.20     03/31/19    CNY       63.91
WUHAI CITY CONSTRUCTI       8.20     03/31/19    CNY       63.50
WUHU ECONOMIC TECHNOL       6.70     06/08/18    CNY       52.19
WUHU ECONOMIC TECHNOL       6.70     06/08/18    CNY       51.00
XIAN CHANBAHE DEVELOP       6.89     08/03/19    CNY       63.29
XIANGTAN CITY CONSTRU       8.00     03/16/19    CNY       63.50
XIANGTAN CITY CONSTRU       8.00     03/16/19    CNY       64.08
XIANGTAN JIUHUA ECONO       6.93     12/16/16    CNY       40.30
XIANGYANG CITY CONSTR       8.12     01/12/19    CNY       63.51
XIANGYANG CITY CONSTR       8.12     01/12/19    CNY       63.69
XIAOGAN URBAN CONSTRU       8.12     03/26/19    CNY       64.35
XINING CITY INVESTMEN       7.70     04/27/19    CNY       64.35
XINING CITY INVESTMEN       7.70     04/27/19    CNY       63.80
XINJIANG SHIHEZI DEVE       7.50     08/29/18    CNY       73.00
XINJIANG UYGUR AR HAM       6.25     07/17/18    CNY       52.03
XINXIANG INVESTMENT G       6.80     01/18/18    CNY       72.09
XINYANG HUAXIN INVEST       6.95     06/14/19    CNY       63.79
XINZHOU CITY ASSET MA       7.39     08/08/18    CNY       52.81
XUCHANG GENERAL INVES       7.78     04/27/19    CNY       64.28
XUZHOU ECONOMIC TECHN       8.20     03/07/19    CNY       64.45
XUZHOU ECONOMIC TECHN       8.20     03/07/19    CNY       64.60
XUZHOU XINSHENG CONST       7.48     05/08/18    CNY       52.40
XUZHOU XINSHENG CONST       7.48     05/08/18    CNY       52.65
YAAN STATE-OWNED ASSE       7.39     07/04/19    CNY       63.26
YANCHENG ORIENTAL INV       5.75     06/08/17    CNY       51.02
YANGZHONG URBAN CONST       7.10     03/26/18    CNY       72.94
YANGZHOU URBAN CONSTR       6.30     07/26/19    CNY       63.11
YANGZHOU URBAN CONSTR       6.30     07/26/19    CNY       63.00
YANZHOU HUIMIN URBAN        8.50     12/28/17    CNY       51.92
YIBIN STATE-OWNED ASS       5.80     05/23/18    CNY       72.26
YICHUN CITY CONSTRUCT       7.35     07/24/19    CNY       61.26
YIJINHUOLUOQI HONGTAI       8.35     03/19/19    CNY       57.71
YIJINHUOLUOQI HONGTAI       8.35     03/19/19    CNY       59.73
YINCHUAN URBAN CONSTR       6.28     03/09/17    CNY       25.15
YIYANG CITY CONSTRUCT       8.20     11/19/16    CNY       40.46
YIZHENG CITY CONSTRUC       7.78     06/14/19    CNY       76.00
YIZHENG CITY CONSTRUC       7.78     06/14/19    CNY       64.50
YUNNAN PROVINCIAL INV       5.25     08/24/17    CNY       70.45
ZHANGJIAGANG JINCHENG       6.23     01/06/18    CNY       61.42
ZHANGJIAKOU TONGTAI H       6.90     07/05/18    CNY       73.53
ZHEJIANG PROVINCE DEQ       6.90     04/12/18    CNY       72.56
ZHENJIANG CULTURE AND       5.86     05/06/17    CNY       50.54
ZHENJIANG NEW AREA EC       8.16     03/01/19    CNY       63.10
ZHENJIANG TRANSPORTAT       7.29     05/08/19    CNY       62.65
ZHENJIANG TRANSPORTAT       7.29     05/08/19    CNY       63.30
ZHUCHENG ECONOMIC DEV       6.40     04/26/18    CNY       39.00
ZHUCHENG ECONOMIC DEV       6.40     04/26/18    CNY       41.50
ZHUCHENG ECONOMIC DEV       7.50     08/25/18    CNY       40.58
ZHUHAI HUAFA GROUP CO       8.43     02/16/18    CNY       52.56
ZHUHAI HUAFA GROUP CO       8.43     02/16/18    CNY       52.21
ZHUHAI ZHONGFU ENTERP       5.28     05/28/15    CNY       57.00
ZHUHAI ZHONGFU ENTERP       6.60     03/28/17    CNY       57.00
ZHUJI CITY CONSTRUCTI       6.92     07/05/18    CNY       73.32
ZHUZHOU GECKOR GROUP        7.82     08/18/18    CNY       74.90
ZIBO CITY PROPERTY CO       6.83     08/22/19    CNY       64.01
ZIBO CITY PROPERTY CO       5.45     04/27/19    CNY       37.31
ZIGONG STATE-OWNED AS       6.86     06/17/18    CNY       73.00
ZOUCHENG CITY ASSET O       7.02     01/12/18    CNY       41.37
ZOUPING COUNTY STATE-       6.98     04/27/18    CNY       73.22
ZUNYI CITY INVESTMENT       8.53     03/13/19    CNY       64.22
ZUNYI CITY INVESTMENT       8.53     03/13/19    CNY       64.68


INDONESIA
---------

BERAU COAL ENERGY TBK       7.25     03/13/17    USD       19.50
BERAU COAL ENERGY TBK       7.25     03/13/17    USD       20.80


INDIA
-----

3I INFOTECH LTD             5.00     04/26/17    USD       15.25
BLUE DART EXPRESS LTD       9.30     11/20/17    INR       10.11
BLUE DART EXPRESS LTD       9.50     11/20/19    INR       10.28
BLUE DART EXPRESS LTD       9.40     11/20/18    INR       10.19
GTL INFRASTRUCTURE LT       4.53     11/09/17    USD       23.75
JAIPRAKASH ASSOCIATES       5.75     09/08/17    USD       42.88
JCT LTD                     2.50     04/08/11    USD       23.00
PRAKASH INDUSTRIES LT       5.25     04/30/15    USD       20.38
PYRAMID SAIMIRA THEAT       1.75     07/04/12    USD        1.00
REI AGRO LTD                5.50     11/13/14    USD        6.50
REI AGRO LTD                5.50     11/13/14    USD        6.50
SVOGL OIL GAS & ENERG       5.00     08/17/15    USD       20.00


JAPAN
-----

AVANSTRATE INC              5.55     10/31/17    JPY       33.25
AVANSTRATE INC              5.55     10/31/17    JPY       37.00
MICRON MEMORY JAPAN I       0.70     08/01/16    JPY        4.93
MICRON MEMORY JAPAN I       0.50     10/26/15    JPY        4.93
MICRON MEMORY JAPAN I       2.03     03/22/12    JPY        4.93
MICRON MEMORY JAPAN I       2.10     11/29/12    JPY        4.93
MICRON MEMORY JAPAN I       2.29     12/07/12    JPY        4.93
TAKATA CORP                 0.58     03/26/21    JPY       68.88


KOREA
-----

2014 KODIT CREATIVE T       5.00     12/25/17    KRW       33.22
2014 KODIT CREATIVE T       5.00     12/25/17    KRW       33.22
2016 KIBO 1ST SECURIT       5.00     09/13/18    KRW       29.21
DOOSAN CAPITAL SECURI      20.00     04/22/19    KRW       46.11
HANJIN SHIPPING CO LT       6.00     09/30/16    KRW       65.65
HANJIN SHIPPING CO LT       5.90     06/07/17    KRW       66.06
KIBO ABS SPECIALTY CO      10.00     02/19/17    KRW       40.83
KIBO ABS SPECIALTY CO       5.00     01/31/17    KRW       35.72
KIBO ABS SPECIALTY CO       5.00     03/29/18    KRW       32.10
KIBO ABS SPECIALTY CO      10.00     08/22/17    KRW       18.10
KIBO ABS SPECIALTY CO       5.00     12/25/17    KRW       31.73
LSMTRON DONGBANGSEONG       4.53     11/22/17    KRW       32.67
OKC SECURITIZATION SP      10.00     01/03/20    KRW       26.56
SINBO SECURITIZATION        5.00     01/30/19    KRW       29.32
SINBO SECURITIZATION        5.00     01/30/19    KRW       29.32
SINBO SECURITIZATION        5.00     10/30/19    KRW       20.32
SINBO SECURITIZATION        5.00     02/11/18    KRW       32.51
SINBO SECURITIZATION        5.00     05/26/18    KRW       30.24
SINBO SECURITIZATION        5.00     02/21/17    KRW       35.82
SINBO SECURITIZATION        5.00     02/11/18    KRW       32.51
SINBO SECURITIZATION        5.00     01/29/17    KRW       37.49
SINBO SECURITIZATION        5.00     02/21/17    KRW       35.82
SINBO SECURITIZATION        5.00     08/31/16    KRW       74.96
SINBO SECURITIZATION        5.00     09/30/19    KRW       26.90
SINBO SECURITIZATION        5.00     12/13/16    KRW       42.49
SINBO SECURITIZATION        5.00     03/12/18    KRW       32.26
SINBO SECURITIZATION        5.00     03/13/17    KRW       35.59
SINBO SECURITIZATION        5.00     03/13/17    KRW       35.59
SINBO SECURITIZATION        5.00     03/12/18    KRW       32.26
SINBO SECURITIZATION        5.00     07/24/18    KRW       31.34
SINBO SECURITIZATION        5.00     07/24/18    KRW       31.34
SINBO SECURITIZATION        5.00     08/31/16    KRW       74.96
SINBO SECURITIZATION        5.00     10/05/16    KRW       56.78
SINBO SECURITIZATION        5.00     10/05/16    KRW       56.78
SINBO SECURITIZATION        5.00     03/18/19    KRW       28.88
SINBO SECURITIZATION        5.00     03/18/19    KRW       28.88
SINBO SECURITIZATION        5.00     08/16/17    KRW       34.20
SINBO SECURITIZATION        5.00     08/16/17    KRW       34.20
SINBO SECURITIZATION        5.00     06/07/17    KRW       19.29
SINBO SECURITIZATION        5.00     10/01/17    KRW       33.77
SINBO SECURITIZATION        5.00     10/01/17    KRW       33.77
SINBO SECURITIZATION        5.00     10/01/17    KRW       33.77
SINBO SECURITIZATION        5.00     06/07/17    KRW       19.29
SINBO SECURITIZATION        5.00     12/25/16    KRW       39.36
SINBO SECURITIZATION        5.00     02/27/19    KRW       29.11
SINBO SECURITIZATION        5.00     02/27/19    KRW       29.11
SINBO SECURITIZATION        5.00     01/15/18    KRW       33.02
SINBO SECURITIZATION        5.00     12/23/18    KRW       29.67
SINBO SECURITIZATION        5.00     06/27/18    KRW       31.56
SINBO SECURITIZATION        5.00     06/27/18    KRW       31.56
SINBO SECURITIZATION        5.00     01/15/18    KRW       33.02
SINBO SECURITIZATION        5.00     07/24/17    KRW       33.22
SINBO SECURITIZATION        5.00     12/23/18    KRW       29.67
SINBO SECURITIZATION        5.00     12/23/17    KRW       31.75
SINBO SECURITIZATION        5.00     06/25/18    KRW       29.98
SINBO SECURITIZATION        5.00     06/25/19    KRW       27.86
SINBO SECURITIZATION        5.00     07/29/19    KRW       27.53
SINBO SECURITIZATION        5.00     07/29/18    KRW       29.65
SINBO SECURITIZATION        5.00     08/27/19    KRW       27.30
SINBO SECURITIZATION        5.00     08/29/18    KRW       30.85
SINBO SECURITIZATION        5.00     09/26/18    KRW       30.61
SINBO SECURITIZATION        5.00     09/26/18    KRW       30.61
SINBO SECURITIZATION        5.00     09/26/18    KRW       30.61
SINBO SECURITIZATION        5.00     07/08/17    KRW       34.60
SINBO SECURITIZATION        5.00     07/08/17    KRW       34.60
SINBO SECURITIZATION        5.00     08/29/18    KRW       30.85
TONGYANG CEMENT & ENE       7.30     06/26/15    KRW       70.00
TONGYANG CEMENT & ENE       7.30     04/12/15    KRW       70.00
TONGYANG CEMENT & ENE       7.50     04/20/14    KRW       70.00
TONGYANG CEMENT & ENE       7.50     09/10/14    KRW       70.00
TONGYANG CEMENT & ENE       7.50     07/20/14    KRW       70.00
U-BEST SECURITIZATION       5.50     11/16/17    KRW       34.10
WOONGJIN ENERGY CO LT       3.00     12/19/19    KRW       63.35


SRI LANKA
---------

HATTON NATIONAL BANK        8.00     08/29/23    LKR       67.00
SRI LANKA GOVERNMENT        5.35     03/01/26    LKR       60.53
SRI LANKA GOVERNMENT        8.00     01/01/32    LKR       67.90
SRI LANKA GOVERNMENT        9.00     06/01/43    LKR       69.46
SRI LANKA GOVERNMENT        6.00     12/01/24    LKR       67.25
SRI LANKA GOVERNMENT        9.00     06/01/33    LKR       73.49
SRI LANKA GOVERNMENT        9.00     10/01/32    LKR       73.98
SRI LANKA GOVERNMENT        9.00     11/01/33    LKR       72.96


MALAYSIA
--------

BANDAR MALAYSIA SDN B       0.35     02/20/24    MYR       74.79
BRIGHT FOCUS BHD            2.50     01/24/30    MYR       74.20
BRIGHT FOCUS BHD            2.50     01/22/31    MYR       71.34
LAND & GENERAL BHD          1.00     09/24/18    MYR        0.29
SENAI-DESARU EXPRESSW       0.50     12/31/38    MYR       62.38
SENAI-DESARU EXPRESSW       0.50     12/31/47    MYR       68.91
SENAI-DESARU EXPRESSW       0.50     12/30/39    MYR       63.48
SENAI-DESARU EXPRESSW       0.50     12/30/44    MYR       67.34
SENAI-DESARU EXPRESSW       1.35     06/30/26    MYR       66.16
SENAI-DESARU EXPRESSW       1.35     12/31/30    MYR       53.50
SENAI-DESARU EXPRESSW       0.50     12/31/40    MYR       64.22
SENAI-DESARU EXPRESSW       0.50     12/31/41    MYR       65.01
SENAI-DESARU EXPRESSW       0.50     12/31/42    MYR       65.80
SENAI-DESARU EXPRESSW       0.50     12/31/43    MYR       66.71
SENAI-DESARU EXPRESSW       0.50     12/29/45    MYR       67.82
SENAI-DESARU EXPRESSW       0.50     12/31/46    MYR       68.62
SENAI-DESARU EXPRESSW       1.35     12/31/26    MYR       64.82
SENAI-DESARU EXPRESSW       1.35     12/31/27    MYR       62.20
SENAI-DESARU EXPRESSW       1.35     12/31/25    MYR       67.55
SENAI-DESARU EXPRESSW       1.15     12/31/24    MYR       69.07
SENAI-DESARU EXPRESSW       1.35     06/30/27    MYR       63.51
SENAI-DESARU EXPRESSW       1.15     12/29/23    MYR       72.17
SENAI-DESARU EXPRESSW       1.35     12/31/29    MYR       56.51
SENAI-DESARU EXPRESSW       1.35     06/28/30    MYR       55.02
SENAI-DESARU EXPRESSW       1.35     06/29/29    MYR       57.99
SENAI-DESARU EXPRESSW       1.35     06/30/31    MYR       52.01
SENAI-DESARU EXPRESSW       1.35     12/29/28    MYR       59.44
SENAI-DESARU EXPRESSW       1.15     06/30/25    MYR       67.59
SENAI-DESARU EXPRESSW       1.15     06/30/23    MYR       73.75
SENAI-DESARU EXPRESSW       1.35     06/30/28    MYR       60.86
SENAI-DESARU EXPRESSW       1.15     06/28/24    MYR       70.63
UNIMECH GROUP BHD           5.00     09/18/18    MYR        1.04


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

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


SINGAPORE
---------

ASL MARINE HOLDINGS L       5.35     10/01/18    SGD       70.00
AUSGROUP LTD                7.45     10/20/16    SGD       66.88
AXIS OFFSHORE PTE LTD       7.90     05/18/18    USD       59.13
BAKRIE TELECOM PTE LT      11.50     05/07/15    USD        2.34
BAKRIE TELECOM PTE LT      11.50     05/07/15    USD        2.34
BERAU CAPITAL RESOURC      12.50     07/08/15    USD       20.29
BERAU CAPITAL RESOURC      12.50     07/08/15    USD       20.25
BLD INVESTMENTS PTE L       8.63     03/23/15    USD        7.88
BUMI CAPITAL PTE LTD       12.00     11/10/16    USD       19.75
BUMI CAPITAL PTE LTD       12.00     11/10/16    USD       20.25
BUMI INVESTMENT PTE L      10.75     10/06/17    USD       18.87
BUMI INVESTMENT PTE L      10.75     10/06/17    USD       18.63
ENERCOAL RESOURCES PT       6.00     04/07/18    USD       10.75
EZRA HOLDINGS LTD           4.88     04/24/18    SGD       65.00
GOLIATH OFFSHORE HOLD      12.00     06/11/17    USD        5.11
INDO INFRASTRUCTURE G       2.00     07/30/10    USD        1.88
NEPTUNE ORIENT LINES        4.65     09/09/20    SGD       71.97
NEPTUNE ORIENT LINES        4.40     06/22/21    SGD       66.01
ORO NEGRO DRILLING PT       7.50     01/24/19    USD       44.00
OSA GOLIATH PTE LTD        12.00     10/09/18    USD       62.50
OTTAWA HOLDINGS PTE L       5.88     05/16/18    USD       69.83
OTTAWA HOLDINGS PTE L       5.88     05/16/18    USD       70.00
PACIFIC RADIANCE LTD        4.30     08/29/18    SGD       55.00
RICKMERS TRUST MANAGE       8.45     05/15/17    SGD       72.00
SWIBER HOLDINGS LTD         7.13     04/18/17    SGD       10.50
SWIBER HOLDINGS LTD         5.55     10/10/16    SGD       14.50
SWIBER HOLDINGS LTD         7.75     09/18/17    CNY       13.46
TRIKOMSEL PTE LTD           5.25     05/10/16    SGD       17.00
TRIKOMSEL PTE LTD           7.88     06/05/17    SGD       18.00


THAILAND
--------

G STEEL PCL                 3.00     10/04/15    USD        3.74
MDX PCL                     4.75     09/17/03    USD       37.75


VIETNAM
-------

DEBT AND ASSET TRADIN       1.00     10/10/25    USD       51.03
DEBT AND ASSET TRADIN       1.00     10/10/25    USD       55.38



                             *********

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, Ivy B. Magdadaro, Julie Anne L. Toledo, and
Peter A. Chapman, Editors.

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

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

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



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