---

        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 13, 2016, Vol. 19, No. 245

                            Headlines


A U S T R A L I A

BLUESTONE ADVANTAGE: First Creditors' Meeting Set for Dec. 20
HOWARDS STORAGE: In Administration, First Meeting Set for Dec. 20
MACAZ PTY: First Creditors' Meeting Slated for Dec. 20
SHEP PLUMBING: First Creditors' Meeting Set for Dec. 20
SINO AUSTRALIA: ASIC Disqualifies Former Chairman Tianpeng Shao

SMART AUTOMOTIVE: Fitch Affirms 'BBsf' Rating to Class E Notes


C H I N A

CHINA: Bond Default Risks Set to Rise in 2017, Chengxin Says
RONSHINE CHINA: Fitch Assigns B+ Rating to USD175MM Unsec. Notes
SINOSTEEL CORP: Agrees to Debt Restructuring Deal with Banks
YINGDE GASES: Moody's Lowers CFR to B2, On Review for Downgrade


H O N G  K O N G

INVENTIVE GLOBAL: Fitch Assigns 'bb' Viability Rating


I N D I A

AGARWAL AUTOMOBILES: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
AKR IMPEX: ICRA Assigns 'B' Rating to INR6.0cr Cash Loan
APNATECH CONSULTANCY: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
ARDISONS ASSOCIATES: Ind-Ra Withdraws IND B+ LT Issuer Rating
ASHISH EXPORTS: ICRA Suspends B+/A4 Rating on INR15cr Loan
AYAN FOODS: CARE Assigns 'B' Rating to INR6.50cr LT Bank Loan

BALAJI PHOSPHATES: CARE Hikes Rating on INR3.9cr Loan to BB-
BHUSHAN OIL: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
CH.GOWRI SHANKAR: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
CHAMPA DEVI: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating
DEEKSHA HOUSING: Ind-Ra Withdraws 'IND D' Long Term Issuer Rating

DHANRAJ DIAMONDS: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
DSPI MILK: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating
EMGEE CABLES: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
EROS MINEROCK: CARE Reaffirms B+ Rating on INR7.28cr LT Loan
GS DEVELOPERS: ICRA Suspends 'D' Rating on INR49cr Bank Loan

GYANMUDRA EDUCATION: CARE Reaffirms B+ Rating on INR8.61cr Loan
IFMR CAPITAL: ICRA Withdraws C+ Rating on PTC Series A2
K. VENKATA: ICRA Suspends B+/A4 Ratings on INR10cr Bank Loan
KAPTON ALLOYS: CARE Reaffirms 'B' Rating on INR4.22cr LT Loan
KASARGOD POWER: Ind-Ra Withdraws 'D' Long-Term Rating

KEDAR COTTON: CARE Reaffirms B+ Rating on INR9.89cr LT Loan
KOTAK URJA: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating
KUSUM METALS: ICRA Reaffirms 'B+' Rating on INR4.0cr LT Loan
LN FIELDS: Ind-Ra Affirms 'B' Long-Term Issuer Rating
MAA JAY: CARE Reaffirms 'B' Rating on INR6.88cr LT Loan

MALAXMI HIGHWAY: CARE Lowers Rating on INR189.76cr Loan to B+
NAVKAR AGRO: ICRA Suspends 'B' Rating on INR3.50cr Cash Loan
NOWOTEK TEXTILES: ICRA Suspends B+/A4 Rating on INR16cr Loan
PADMAJA POWER: Ind-Ra Assigns 'IND B' Long Term Issuer Rating
PATIKARI POWER: ICRA Suspends 'C' Rating on INR35.51cr Loan

RAHUL ELECTRONIC: CARE Lowers Rating on INR6cr LT Loan to 'B'
RAYALASEEMA EXPRESSWAY: Ind-Ra Affirms 'IND D' LT Loan Rating
SHREE KALKA: CARE Reaffirms B+ Rating on INR6.06cr LT Loan
SR METALLIZERS: ICRA Suspends 'B' Rating on INR16.07cr LT Loan
SRI RAMALINGESWARA: ICRA Suspends B+ Rating on INR15cr Loan

SRITHIK ISPAT: Ind-Ra Affirms 'D' Long-Term Issuer Rating
SUDHANVA ENGINEERS: CARE Revises Rating on INR3cr LT Loan to B+
VASISTA MARINE: Ind-Ra Assigns 'BB' Rating on INR170MM Facility
XO PACK: ICRA Suspends 'B' Rating on INR4.92cr LT Loan


N E W  Z E A L A N D

SHANTON FASHIONS: Placed Back Into Receivership


P H I L I P P I N E S

EASTERN RIZAL: Placed Under PDIC Receivership
SAMPAGUITA SAVINGS: Deadline to Files Claims Set for December 19


X X X X X X X X

* BOND PRICING: For the Week Dec. 5 to Dec. 9, 2016


                            - - - - -


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


BLUESTONE ADVANTAGE: First Creditors' Meeting Set for Dec. 20
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Bluestone
Advantage Pty Ltd will be held at the offices of Nicols + Brien,
at Level 2, 350 Kent Street, in Sydney, NSW, on Dec. 20, 2016, at
11:00 a.m.

Steven Nicols of Nicols + Brien was appointed as administrator of
Bluestone Advantage on Dec. 9, 2016.


HOWARDS STORAGE: In Administration, First Meeting Set for Dec. 20
-----------------------------------------------------------------
Carrie LaFrenz and Ed Tadros of Australian Financial Review report
that Howards Storage World has appointed Deloitte as voluntary
administrators, with the view of selling the business.

Deloitte restructuring services partners Vaughan Strawbridge and
David Lombe have been appointed joint administrators of Howards
Storage World, AFR discloses.

The pair will begin an assessment of the company's financial
position and look to sell the HSW Group as a going concern, they
told AFR Weekend.

"It's very early days as far as our appointment is concerned and
we have commenced an urgent assessment of the Group's financial
position," the report quotes the administrators as saying.  "The
immediate priorities are to continue to trade; communicate with
all stakeholders including franchisees, staff and suppliers; and
to commence a sale of business process."

The well known retailer which sells everything from shoe storage,
to mirrors, and hampers and scales has 59 stores, 29 of which are
company owned which fall under VA control.

On Dec. 9, a handful of store managers and franchisee owners were
told the company was placed in VA.

AFR relates that Janita Rankin, who owns stores in Leichhardt and
Bondi, said it is business as usual.

"We only just got this news now," she told AFR Weekend. "We are
doing very well, VA or otherwise. We see Howards as having a
strong future. As franchisees we are trading as normal. We don't
like these things to happen, but our stores and staff are safe. We
are getting on with day to day trading."

Ms Rankin confirmed there was no fall out with the co-founders of
the company, the report relays.

Howards Storage began in Australia as a single store called "Stack
and Store" in the Sydney suburb of Northbridge in the early
seventies, owned and operated by Leslie and Edda Howard. They
formed a partnership with Dirk Spence in 1997 and rolled out the
first franchise store a year later.

A first meeting of the creditors in the proceedings of Howards
Storage World Pty Ltd, Plaza Home-Imports Pty Ltd, Lealdir Pty
Ltd, and HSW Corp. Pty Ltd will be held at Grosvenor Place,
Level 8, 225 George Street, in Sydney, NSW, on Dec. 20, 2016, at
10:00 a.m.


MACAZ PTY: First Creditors' Meeting Slated for Dec. 20
------------------------------------------------------
A first meeting of the creditors in the proceedings of Macaz Pty
Limited will be held at Lismore Workers Club, 225-231 Keen Street,
in Lismore, NSW, on Dec. 20, 2016, at 11:00 a.m.

Schon Gregory Condon RFD of Condon Associates Group was appointed
as administrator of Macaz Pty on Dec. 8, 2016.


SHEP PLUMBING: First Creditors' Meeting Set for Dec. 20
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Shep
Plumbing Pty Ltd will be held at the offices of B.K. Taylor & Co.
Meeting Room, at Level 8, 608 St. Kilda Road, in Melbourne, Vic.,
on Dec. 20, 2016, at 2:00 p.m.

Paul Vartelas of B K Taylor & Co was appointed as administrator of
Shep Plumbing on Dec. 12, 2016.


SINO AUSTRALIA: ASIC Disqualifies Former Chairman Tianpeng Shao
---------------------------------------------------------------
The Federal Court of Australia has ordered that Sino Australia Oil
and Gas Limited (in liquidation) pay a pecuniary penalty of
AUD800,000 and its former chairman, Mr. Tianpeng Shao, be
disqualified from managing corporations for a period of 20 years.
The penalty and disqualification ordered follows a decision of the
Court on Aug. 11, 2016, where it declared that Sino and Mr. Shao
had contravened the Corporations Act 2001.

Justice Davies said: "Mr Shao's explanation was that he did not
understand Australia's legal requirements. If he did not
understand Australia's legal requirements, his lack of knowledge
demonstrated a lack of diligence and care by him in informing
himself properly and fully about the company's legal obligations
and a serious lack of appreciation of the importance of continuous
disclosure."

In imposing the pecuniary penalty upon Sino, the Court gave
consideration to the maximum penalty available, which is AUD1
million, and the increasing trend in entities from emerging
markets seeking and obtaining listing on the ASX, particularly
from the Asia-Pacific region.

ASIC Commissioner John Price said, "The provision of accurate and
timely information lies at the heart of the integrity and
efficiency of our financial markets and those principles were
undoubtedly breached in this case.

"The Court accepted that the penalty should reflect the need for a
strong message that it is vital that people contemplating entry to
the Australian market must familiarise themselves with and
understand the rules of the market, and adhere to those rules."

Sino was the Australian holding company of a Chinese operating
company providing specialised drilling services to the oil and gas
industry. Sino was listed on the Australian Securities Exchange
Limited on Dec. 12, 2013, after raising approximately AUD13.6
million under an initial public offering (IPO).

In March 2014, ASIC obtained an injunction from the Federal Court
of Australia on an urgent basis freezing the Australian bank
account of Sino after concerns were raised with ASIC that Mr. Shao
was attempting to transfer AUD7.5 million - representing almost
the entire cash held by Sino in Australia - to bank accounts in
China for purposes that were not disclosed, or not properly
disclosed, in Sino's prospectus documentation during the IPO.

On May 21, 2015 the Court ordered, on the application of ASIC,
that Mr. Peter McCluskey, a partner of Ferrier Hodgson, be
appointed as provisional liquidator of Sino and to make inquiries
in relation to, among other things, the business activities of
Sino and its subsidiaries in China and provide a report to the
court.

On March 4, 2016 the Court ordered the winding up of Sino and the
appointment of Mr. McCluskey as the company's liquidator.

On Aug. 11, 2016, the Court declared that Sino had contravened
sections 674(2), 728(1)(a), 728(1)(b), 728(1)(c),1041H of the
Corporations Act 2001 and that Mr. Shao had contravened sections
180(1) and 674(2A).

On Dec. 8, 2016, the Court ordered, upon an application by the
Sino's liquidator, that a compensation order of AUD5,539,758 be
made against Mr. Shao to meet Sino's liability to its
shareholders.

Under section 553B of the Act, a pecuniary penalty is not
admissible in proof against a company in liquidation.


SMART AUTOMOTIVE: Fitch Affirms 'BBsf' Rating to Class E Notes
--------------------------------------------------------------
Fitch Ratings has affirmed 44 tranches from 13 SMART automotive
and equipment-backed transactions. The ABS Series Trust
transactions are securitisations of Australian auto and equipment
receivables originated by Macquarie Leasing Pty Limited. The notes
are issued by Perpetual Trustee Company Limited in its capacity as
trustee of the series.

KEY RATING DRIVERS

The affirmations reflect Fitch's view that available credit
enhancement is sufficient to support the notes at their current
rating levels, the performance of the underlying assets, which
remains within the agency's expectations, and Fitch's expectations
of Australia's economic conditions.

As at end-September 2016, 30+ day delinquencies for all
transactions were tracking under 1.80%, compared to Fitch's 2Q16
Dinkum ABS Index of 1.5%. SMART ABS Series 2013-1US Trust had the
highest levels of arrears, while SMART O Warehouse Trust had the
lowest at 0.49%.

Net losses experienced since closing have been below 1.44% after
sale recoveries (lower when all recoveries are included). SMART
ABS Series 2013-3 Trust had the highest levels of net losses, at
1.44% (1.23% net of all recoveries), while SMART O Warehouse Trust
had the lowest at 0.04%. Total net losses have been in line with
Fitch's base-case to date and excess spread has been more than
sufficient to cover any losses incurred.

As at the October 2016 payment date, all transactions were paying
principal on a pro-rata basis, except SMART U Warehouse Trust and
SMART O Warehouse Trust, and are expected to continue until their
respective call. The two warehouse trusts' commitment limits are
AUD500m and are still in their revolving period. The SMART U
Warehouse Trust had a portfolio balance of AUD408.2m and the SMART
O Warehouse Trust AUD456.0m.

Six transactions are exposed to foreign-currency risk in the event
that the Libor (SMART 2013-1US, 2013-2US, 2014-1US, 2015-1US and
2015-3US) and Euribor (SMART 2014-2E) turns negative and the
affected trust has to make additional payments to the currency
swap provider in the relevant foreign currencies. Excess spread is
likely to be sufficient to cover any payments payable by the trust
and as such, this risk has not impacted any of the transactions.

RATING SENSITIVITIES

Upgrades could be considered but have not been proposed, as the
transactions have moved to pro-rata amortisation with no switch to
sequential amortisation until call, as there are no performance-
based triggers.

The prospect for a downgrade is considered remote due to the level
of subordination and excess spread available on all transactions.
A significant and unexpected increase in delinquencies, defaults
and losses would be necessary before any negative rating action
would be considered.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and transactions. There were no findings material to this
analysis. Fitch has not reviewed the results of any third-party
assessment of the asset portfolios as part of its ongoing
monitoring.

As part of its ongoing monitoring, Fitch conducted a review of a
small targeted sample of Macquarie Leasing's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

VARIATIONS FROM CRITERIA

Notes in the following transactions pass 'AAAsf' stresses: SMART
2013-1 (class B, C and D), SMART 2013-2US (class B, C and D),
SMART 2013-3 (class B), SMART 2013-4PP (class B), SMART 2014-1US
(class B and C), SMART 2014-2E (class B), SMART 2015-1US (class B)
and SMART 2015-3US (class B).

The SMART 2014-4 class B notes pass 'AA+sf' stresses. The SMART
2014-1US class D notes pass 'AAsf' stresses. The SMART 2013-1US
class E notes pass 'AA-sf' stresses. The SMART 2013-2US class E
notes pass 'Asf' stresses. The SMART 2014-1US class E notes pass
'A-sf' stresses.

Fitch, however, has not upgraded these notes due to the
transactions' inability to switch off the pro-rata paydown, other
than at call. The level of structural credit enhancement will not
increase above the current level of credit enhancement during the
pro-rata paydown period.

These are variations from the "Global Consumer ABS Rating
Criteria", as the difference between the current and model-implied
ratings are greater than one notch.

The cash flow model scenarios for SMART ABS Series 2015-2 Trust
observed one minor (less than 1%) scenario fail for the class A
notes. The stress scenario that incorporated a number of
simultaneous variables is within the tolerance level of the
assigned rating. This is a variation from the "Global Consumer ABS
Rating Criteria", as even though the difference between the
current and model-implied rating is one notch, the breakeven
default multiple is not within +/- 0.1 of Fitch's applied default
stress multiple.

SOURCES OF INFORMATION

The information below was used in the analysis:

   -- Loan-by-loan data provided by Macquarie Leasing as at end-
      September 2016

   -- Transaction reporting data provided by Macquarie Leasing as
      at end-September 2016

   -- Loan enforcement details provided by Macquarie Leasing as
      at end-September 2016

The issuer has informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.

The full list of rating actions is shown below (balances as at the
October 2016 payment date):

   SMART ABS Series 2013-1US Trust:

   -- USD40.7Class A-4a affirmed at 'AAAsf'; Outlook Stable;

   -- USD9.6m Class A-4b affirmed at 'AAAsf'; Outlook Stable;

   -- AUD1.1m Class B affirmed at 'AAsf'; Outlook Stable;

   -- AUD3.7m Class C affirmed at 'Asf'; Outlook Stable;

   -- AUD2.5m Class D affirmed at 'BBBsf'; Outlook Stable; and

   -- AUD2.3m Class E affirmed at 'BBsf'; Outlook Stable.

   SMART ABS Series 2013-2US Trust:

   -- USD75.2m Class A-4a affirmed at 'AAAsf'; Outlook Stable;

   -- USD35.6m Class A-4b affirmed at 'AAAsf'; Outlook Stable;

   -- AUD2.6m Class B affirmed at 'AAsf'; Outlook Stable;

   -- AUD8.7m Class C affirmed at 'Asf'; Outlook Stable;

   -- AUD5.9m Class D affirmed at 'BBBsf'; Outlook Stable; and

   -- AUD5.3m Class E affirmed at 'BBsf'; Outlook Stable.

   SMART ABS Series 2013-3 Trust:

   -- AUD82.0m Class A affirmed at 'AAAsf'; Outlook Stable; and

   -- AUD3.1m Class B affirmed at 'AAsf'; Outlook Stable.

   SMART ABS Series 2013-4PP Trust:

   -- AUD166.7m Class A affirmed at 'AAAsf'; Outlook Stable; and

   -- AUD6.3m Class B affirmed at 'AAsf'; Outlook Stable.

   SMART ABS Series 2014-1US Trust:

   -- USD12.8m Class A-3a affirmed at 'AAAsf'; Outlook Stable;

   -- USD17.5m Class A-3b affirmed at 'AAAsf'; Outlook Stable;

   -- USD50.0m Class A-4a affirmed at 'AAAsf'; Outlook Stable;

   -- USD60.0m Class A-4b affirmed at 'AAAsf'; Outlook Stable;

   -- AUD4.5m Class B affirmed at 'AAsf'; Outlook Stable;

   -- AUD8.3m Class C affirmed at 'Asf'; Outlook Stable;

   -- AUD8.3m Class D affirmed at 'BBBsf'; Outlook Stable; and

   -- AUD7.6m Class E affirmed at 'BBsf'; Outlook Stable.

   SMART ABS Series 2014-2E Trust:

   -- AUD183.0m Class A-A affirmed at 'AAAsf'; Outlook Stable;

   -- EUR73.5m Class A-E affirmed at 'AAAsf'; Outlook Stable; and

   -- AUD12.9m Class B affirmed at 'AAsf'; Outlook Stable.

   SMART ABS Series 2014-3PP Trust:

   -- AUD245.7m Class A affirmed at 'AAAsf'; Outlook Stable; and

   -- AUD10.9m Class B affirmed at 'AAsf'; Outlook Stable.

   SMART ABS Series 2014-4 Trust:

   -- AUD487.8m Class A affirmed at 'AAAsf'; Outlook Stable; and

   -- AUD21.6m Class B affirmed at 'AAsf'; Outlook Stable.

   SMART ABS Series 2015-1US Trust:

   -- USD68.4m Class A-3a affirmed at 'AAAsf'; Outlook Stable;

   -- USD49.5m Class A-3b affirmed at 'AAAsf'; Outlook Stable;

   -- AUD197.0m Class A-4 affirmed at 'AAAsf'; Outlook Stable;
      and

   -- AUD12.6m Class B affirmed at 'AAsf'; Outlook Stable.

   SMART ABS Series 2015-2 Trust:

   -- AUD439.1m Class A affirmed at 'AAAsf'; Outlook Stable; and

   -- AUD19.5m Class B affirmed at 'AAsf'; Outlook Stable.

   SMART ABS Series 2015-3US Trust:

   -- USD69.4m Class A-2b affirmed at 'AAAsf'; Outlook Stable;

   -- USD95.0m Class A-3a affirmed at 'AAAsf'; Outlook Stable;

   -- USD25.0m Class A-3b affirmed at 'AAAsf'; Outlook Stable;

   -- AUD181.0m Class A-4 affirmed at 'AAAsf'; Outlook Stable;
      and

   -- AUD15.9m Class B affirmed at 'AAsf'; Outlook Stable.

   SMART U Warehouse Trust:

   -- AUD500.0m Class A notes: 'AAAsf'; Outlook Stable.

   SMART O Warehouse Trust:

   -- AUD500.0m Class A notes: 'AAAsf'; Outlook Stable.



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


CHINA: Bond Default Risks Set to Rise in 2017, Chengxin Says
------------------------------------------------------------
Reuters reports that China's bond market will see more defaults
next year even as the government steps up support for state firms
struggling with high debt obligations, domestic rating firm China
Chengxin Credit Management Co Chairman Mao Zhenhua said.

"Next year, the risk (of bond defaults) will be even greater than
this year," Mao told Reuters over the weekend. He said that while
many companies would eventually pay their obligations, they may
require a "restructuring or government rescue".

More than CNY4.3 trillion (US$621.9 billion) worth of bonds will
mature in 2017, China Chengxin said earlier this month, Reuters
recalls. Alongside short-term debt expected to be issued next
year, the total size of maturing bonds may reach CNY5.5 trillion.

According to Reuters, the rating agency said since the first bond
default by a corporate issuer in 2014, there have been 85 defaults
totalling more than CNY37 billion.

Investors are concerned about the creditworthiness of Chinese
companies who have financed their operations with cheap loans and
debt and are now struggling to repay as profits fall, Reuters
relays.

Reuters says Mao dismissed criticism that domestic ratings firms
were too "optimistic" and provided higher ratings to domestic
companies than some investors believed they deserved.

"Credit ratings are about accuracy," he said. "It doesn't mean the
lower (the ratings), the better (the risk assessment)."

Reuters notes that China's credit ratings market has been
dominated by big domestic players, led by China Chengxin, China
Lianhe Credit Rating Co and Dagong Global Credit Rating Co.

International firms, including Moody's Investors Service and Fitch
Ratings, are only allowed to operate onshore through minority
stakes in joint-venture operations, according to Reuters.

That may be changing as Beijing recently published draft foreign
investment guidelines that could lead to fully opening its credit
rating market to foreign participants and raise investment in the
$7 trillion bond market, says Reuters.


RONSHINE CHINA: Fitch Assigns B+ Rating to USD175MM Unsec. Notes
----------------------------------------------------------------
Fitch Ratings has assigned Ronshine China Holdings Limited's
(Ronshine; B+/Stable) USD175 mil. 6.95% senior unsecured notes a
final 'B+' rating and Recovery Rating of RR4.

The notes are rated at the same level as Ronshine's senior
unsecured rating because they constitute the company's direct and
senior unsecured obligations.  The assignment of the final rating
follows the receipt of documents conforming to information already
received.  The final rating is in line with the expected rating
assigned on Nov. 28, 2016.

Ronshine's ratings are supported by its quality land bank that
drives its expanding scale, with strong contracted sales growth
and better margin relative to its rated peers.  Its recent land
acquisitions in Hangzhou and Shanghai have further strengthened
its land quality, but we believe this will increase leverage, as
measured by net debt/adjusted inventory, to around 50%-55% in the
next 12 months.  Ronshine's ratings are constrained by its
aggressive financial strategy and uncertain government policy that
Fitch believes may affect the profitability of projects built on
its more expensive recently-acquired land.

                        KEY RATING DRIVERS

Quality Land Bank: Ronshine's land bank is of high quality,
focusing on first- and second-tier cities such as Fuzhou,
Hangzhou, Shanghai and Xiamen, which together make up 88% of its
land bank by value and 82% by gross floor area (GFA) as of end-
June 2016.  Fitch believes Ronshine can sustain contracted sales
of CNY20bn-30bn a year given the strong housing market conditions
in these cities, and achieve satisfactory EBITDA margin of over
20% in the next two years.

Leading Position in Fuzhou: Ronshine is a leading property
developer in Fujian province and has well-located land bank in
Fuzhou, the provincial capital.  This land bank was acquired at
reasonable prices, resulting in higher gross margins than the 30%
industry average.  Ronshine has established its reputation as a
high-end developer due to its quality focus.  Fitch believes the
Fuzhou market will remain a key contributor to its contracted
sales for the next two years.

Aggressive Land Bank Acquisition: Ronshine has attributable land
bank of 6 million square metres as at end-June 2016, sufficient
for development in the next three to four years based on its
development schedule.  Fitch believes Ronshine will need to
constantly replenish its land bank at market prices, mainly from
land auctions.  It acquired 14 parcels of land at attributable
costs of about CNY20 bil. during 2016.  Sharp housing price
increases for most projects Ronshine acquired on or before June
2016 mitigate the effects uncertain government policy may have on
the pace at which it sells these projects.

Leverage Remains High: Leverage, defined by net debt/adjusted
inventory, declined to 45% as at end-June 2016, from 65% at end-
December 2015, following its IPO and strong sales in 1H16.  Fitch
expects leverage to remain high at 50%-55%, as Fitch believes
Ronshine will need to use about 50%-60% of its contracted sales
proceeds each year to acquire new land to sustain its contracted
sales scale of about CNY20 bil. - 30 bil. a year in the next three
years.

                            KEY ASSUMPTIONS

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

   -- contracted sales GFA to grow at 95%, 33%, 3% in 2016, 2017
      and 2018, respectively;
   -- average selling price growth of 5% per year for 2016, 2017
      and 2018;
   -- EBITDA margin, excluding capitalised interest, at 26%-31%
      for 2016-2018;
   -- land acquisition costs at 0.5x-0.6x contracted sales for
      2017 and 2018, assuming Ronshine to maintain about four to
      five years of land bank; and
   -- leverage, as measured by net debt/adjusted inventory, of at
      about 50%-60% for 2016-2018.

                      RATING SENSITIVITIES

Positive: Positive rating action is unlikely in the next 12 to 18
months as leverage is likely to remain high, but developments that
may individually or collectively lead to positive rating action
include:

   -- attributable contracted sales sustained at CNY30bn or
      above;
   -- EBITDA margin, excluding capitalised interest, sustained at
      25% or above; and
   -- leverage, as measured by net debt/adjusted inventory,
      sustained below 40%.

Negative: Developments that may individually or collectively lead
to negative rating action include:

   -- attributable contracted sales sustained below CNY20bn;
   -- EBITDA margin, excluding capitalised interest, sustained
      below 20%; and
   -- leverage, as measured by net debt/adjusted inventory,
      sustained above 55%.

                            LIQUIDITY

Sufficient Liquidity: Ronshine had CNY12.3 bil. cash, CNY0.5 bil.
restricted cash and unused bank credit facilities of CNY3.5 bil.
at end-June 2016; enough to cover its short-term borrowings of
CNY7.8 bil.  Its average cost of borrowing declined to 7.9% in
1H16, from 10.5% in 2015.  The company raised CNY1.5 bil. from its
IPO and CNY1.7 bil. from issuance of onshore perpetual securities
during 1H16.  It has issued CNY9.8 bil. of onshore bonds and
raised CNY880 mil. via asset-backed loans in 2016 to date.


SINOSTEEL CORP: Agrees to Debt Restructuring Deal with Banks
------------------------------------------------------------
South China Morning Post reports that China's troubled state-owned
steelmaker Sinosteel Corp. has agreed terms for its debt-for-
equity swap plan after two years of negotiations, marking the
first such restructuring deal involving a central government-owned
enterprise.

Sinosteel has signed agreements with six Chinese state-owned banks
including Bank of China and Bank of Communications in regards to
restructuring debt through a debt-for-equity swap, SCMP relates
citing a statement released by the Bank of China on its website on
Dec. 9.

SCMP says the plan will involve more than CNY60 billion (US$8.70
billion) of debt, including principal and interest, which will be
divided into two parts. One part will be kept by financial
creditors, while for the rest, Sinosteel will set up a stake-
holding vehicle to issue convertible debt to creditors in exchange
for existing debt. Creditors will then have the option to swap the
convertible debt into equity under certain conditions, according
to SCMP.

"We still need more details about the deal to tell if banks, the
debt holders, are suffering losses in the plan," the report quotes
Liao Qiang, senior director of financial institutions ratings at
Standard & Poor's in Beijing, as saying.

Many analysts, including Liao, believe that the swap plan in the
Sinosteel case came with government support, SCMP notes.

"We still don't know if Sinosteel has a feasible plan to improve
its profiting capability, which is the key for debt-for-equity
swap to work," said another analyst on China's corporate debts,
who asked not to be named, SCMP relays. "If they don't, the plan
only puts off the debt problem instead of solving it."

According to SCMP, Sinosteel defaulted on its debt for the first
time back in September 2014 and by the end of that year the
company, with its 72 subsidiaries, had total debts of over
CNY100 billion. Of this, CNY75 billion was owed to more than 80
Chinese and foreign banks, mainland media outlet Caixin reported,
citing data from the Chinese banking regulator, relays SCMP.

SCMP notes that debt has emerged as one of China's biggest
challenges, with the total rising to 250% of GDP last year.
Chinese companies sit on US$18 trillion in debt, equivalent to
about 169% of GDP, SCMP discloses citing data from the Bank for
International Settlements.

The term 'debt-to-equity swap', meaning to swap the debt banks
hold in underperforming companies for stock holdings, was raised
by China's premier Li Keqiang during the National People's
Congress in March and was hailed as a market-oriented means to
reduce China's rising leverage in the corporate sector, SCMP says.
The high levels of debt are increasingly worrying global investors
amid warnings it could trigger a banking crisis.

Also on Dec. 9, Shanxi Coking Coal Group said it had signed a
framework debt-to-equity swap agreement with China Construction
Bank, involving two funds totalling CNY25 billion.

Industrial and Commercial Bank of China, the country's largest
lender, also said on Dec. 9 it has signed a CNY10 billion debt-to-
equity swap with Shandong Gold Group, adds SCMP.


YINGDE GASES: Moody's Lowers CFR to B2, On Review for Downgrade
---------------------------------------------------------------
Moody's Investors Service has downgraded Yingde Gases Group
Company Limited's corporate family rating to B2 from B1.

Moody's has also downgraded to B3 from B2 the senior unsecured
rating on the bonds issued by Yingde Gases Investment Limited and
guaranteed by Yingde Gases.

At the same time, Moody's has placed on review for further
downgrade Yingde Gases' B2 corporate family rating and the B3
senior unsecured rating.

                         RATINGS RATIONALE

"The downgrade and review reflect our concerns over Yingde Gases'
heightened level of liquidity risk, as caused by the delay in its
new share issuance, which is designed to address the company's
offshore funding needs," says Gerwin Ho, a Moody's Vice President
and Senior Analyst.

On Dec. 2, 2016, Yingde Gases announced that its new share
issuance could not take place -- as it had anticipated -- before
Nov. 30, 2016, as conditions precedent have not been satisfied.

This development adds uncertainty over the future of the issuance.

Previously, on Nov. 6, 2016, the company had announced that it had
agreed to issue 378 million new shares to Originwater Hong Kong
Environmental Protection Co., Limited (unrated) -- a wholly owned
subsidiary of Beijing OriginWater Technology Co., Ltd.
(unrated) -- at a subscription price of HKD3.20 per share.

The net proceeds from the proposed issuance are estimated at
HKD1.2 billion and the issuance now awaits regulatory and
shareholder approvals.

The transaction with Originwater Hong Kong Environmental
Protection could be terminated if the issuance does not take place
before that date which falls six months after Nov. 5, 2016.

Yingde Gases' liquidity profile is weak.  The company's cash
balance including pledged deposits of RMB1.7 billion at end-June
2016 was insufficient to cover its short-term debt, which includes
finance leases of RMB3.0 billion.

At end-June 2016, its cash and pledged deposits covered 56% of
short-term debt -- including finance leases -- almost unchanged
from 55% at end-2015.

If the new shares are not issued, the company could be short of
the offshore funds needed to address its funding needs.

Moody's will focus its review on the company's immediate actions
to remedy its weak liquidity position, which include, among
others, completion of the new share issuance and/or alternative
refinancing plans.

The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.

Yingde Gases Group Company Limited is one of the largest players
in the independent onsite industrial gas market in China, with
RMB7.9 billion in revenues in 2015.  At end-June 2016, it had a
total of 69 gas production facilities in operation and another 11
under development.



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


INVENTIVE GLOBAL: Fitch Assigns 'bb' Viability Rating
-----------------------------------------------------
Fitch Ratings has assigned Inventive Global Investments Limited's
(Inventive Global) guaranteed USD1.5 billion medium-term note
(MTN) programme final long-term and short-term ratings of 'A' and
'F1', respectively. Fitch has also assigned the USD500 million of
2.375% notes due 2019 issued under the MTN programme a final
rating of 'A'.

Inventive Global is an offshore special purpose vehicle (SPV)
wholly owned by ABC International Holdings Limited (ABCI), which
is a wholly owned subsidiary of Agricultural Bank of China Limited
(ABC; A/Stable). Fitch views ABCI as a key subsidiary of ABC,
serving as the platform for ABC's investment banking operations
and complementing the bank's commercial banking business.

Senior notes under the MTN programme will represent direct,
unconditional, unsubordinated and unsecured obligations of
Inventive Global. Furthermore, the notes will be unconditionally
and irrevocably guaranteed by the Hong Kong branch of ABC (ABC HK
Branch). ABC HK Branch is part of the same legal entity and plays
an important role in developing ABC's overseas businesses.

Fitch will rate the obligations under the MTN programme on a case-
by-case basis in accordance with published criteria and after
taking into consideration individual terms and conditions of the
notes. However, Fitch reserves the right not to rate certain
instruments issued under the programme, such as market-linked
instruments. The proceeds of the notes will be used for general
corporate purposes.

The assignment of the final ratings follows the receipt of
documents conforming to information already received. The final
ratings are in line with the expected ratings assigned on 29
November 2016.

KEY RATING DRIVERS

Guaranteed senior notes issued under the MTN programme will
represent direct, general, unconditional and unsecured obligations
of ABC by virtue of the deed of guarantee given by ABC HK Branch.
Such obligations will rank pari passu with all other present and
future unconditional, unsubordinated and unsecured obligations of
ABC HK Branch. The programme's long-term rating reflects the
ratings assigned to the senior notes and is in line with ABC's
Long-Term Issuer Default Rating (IDR) of 'A'. ABC's IDR is in turn
based on an extremely high probability of support being provided,
if required, by the Chinese government (A+/Stable).

RATING SENSITIVITIES

Any changes to the rating on the programme and senior notes issued
under the programme will be directly correlated to changes in
ABC's Issuer Default Rating, which in turn will reflect any shift
in the perceived willingness or ability of China's government to
support ABC in a full and timely manner. Should the deed of
guarantee given by ABC HK Branch no longer be effective, then the
rating of the notes could be downgraded.

The other ratings of ABC are unaffected by this rating action, and
are as follows:

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

   -- Short-Term IDR: 'F1'

   -- Support Rating: '1'

   -- Support Rating Floor: 'A'

   -- Viability Rating: 'bb'



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


AGARWAL AUTOMOBILES: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Agarwal
Automobiles 'IND B+(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended Agarwal Automobiles' ratings on 3 June 2016.

Agarwal Automobiles' ratings:

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

   -- INR50 million fund-based limits: 'IND B+(suspended)'/'IND
      A4(suspended)'; ratings withdrawn

   -- Proposed INR40 million fund-based limits: 'Provisional IND
      B+(suspended)'/'Provisional IND A4(suspended)'; ratings
      Withdrawn


AKR IMPEX: ICRA Assigns 'B' Rating to INR6.0cr Cash Loan
--------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR6.00-
crore long-term fund-based facility of AKR Impex Private Limited.
ICRA has assigned a short-term rating of [ICRA]A4 to the sublimit
of INR4.00 crore letter of credit, sublimit of INR5.00 crore
packing credit and sublimit of INR5.00 crore bill discounting
facility. All the facilities on short term rating are sub limit of
cash credit facility.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   LT-cash credit           6.00       [ICRA]B/assigned

   ST-Letter of credit
   (sub-limit)             (4.00)      [ICRA]A4/assigned

   ST-Packing credit
   (sub-limit)             (5.00)      [ICRA]A4/assigned

   ST-Bill Discounting
   (sub-limit)             (5.00)      [ICRA]A4/assigned

The assigned ratings reflect by the company's modest scale of
operations of the company, thin margins owing to low addition of
account of processing of easy-to-mill pulses and the weak
financial profile characterised by high gearing at 4.8x as of
March 31, 2016, inadequate coverage metrics with NCA/TD at 3%,
interest cover at 1.0x, high working capital intensity at ~21%
leading to stretched cash flows and high utilisation of working
capital limits. The ratings are further constrained by the highly
competitive and fragmented industry with presence of large number
of players and susceptibility of margins to movements in market
price of raw materials and pulses and agro-climatic conditions
risks.

The ratings however, consider the significant experience of the
promoters in the gram processing business and the stable demand
outlook for pulses in India, as it is a part of the staple diet in
the sub-continent.

AKR Impex Private Limited was incorporated in the year 2006. The
company is engaged in the business of processing of various types
of pulses. The manufacturing facility has an installed capacity of
5000 MT per annum and is located in Chennai. The company processes
black gram, green gram, toor dhal, yellow lentils etc. The process
involves de-husking the pulses, splitting and polishing. These
activities are done in-house by the company. Some seasonal
activities like colour sorting are done by outsourcing the same.
The company purchases raw materials from domestic as well as
international markets and processes and sells it to the customers.

Recent Results
In FY2016, the company reported an operating income of INR40.7
crore and Profit after Tax (PAT) of INR0.1 crore. In FY2015, the
company reported an operating income of INR40.5 crore and PAT of
INR0.1 crore.


APNATECH CONSULTANCY: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Apnatech
Consultancy Services Private Limited (ACSPL) a Long-Term Issuer
Rating of 'IND BB'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect ACSPL's small scale of operations and weak
order book position.  According to audited FY16 financials, ACSPL
had a top line of INR370.96 mil. and orders worth INR400 mil.
pending for completion in FY17.  The ratings factor in the
company's stressed liquidity position, as evident from an average
95.62% cash credit utilization for the 12 months ended October
2016.

The ratings supported by the promoter's experience of over a
decade in manpower supply to, operation and maintenance of telecom
towers , and electrical line and substation installation.  The
ratings are supported by ACSPL's satisfactory EBITDA margin and
credit metrics.  In FY16, EBITA margin was 8.51%, interest
coverage (operating EBITDA/gross interest expense) was 2.71x and
leverage ratio (total adjusted net debt/operating EBITDAR) was
1.56x.

                        RATING SENSITIVITIES

Negative: A decline in in EBITDA margin resulting in a
deterioration in credit metrics will lead to a negative rating
action.

Positive: A significant improvement in revenue, along with
sustained or improved credit metrics , will lead to a positive
rating action.

COMPANY PROFILE

Incorporated in 2003, ACSPL initially engaged in manpower supply
to and operation and maintenance of telecom towers.  In 2015, the
company ventured into electrical line and substation installation.
It is based in Lucknow, Uttar Pradesh.

ACSPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'/Stable
   -- INR18.40 mil. fund-based facilities: assigned
      'IND BB'/Stable/'IND A4+'
   -- INR94.75 mil. non-fund-based facilities: assigned 'IND A4+'


ARDISONS ASSOCIATES: Ind-Ra Withdraws IND B+ LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Ardisons
Associates' 'IND B+(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended Ardisons' ratings on June 3, 2016.

Ardisons'  ratings:

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

   -- INR5.95 million term loan: 'IND B+(suspended)'; rating
      withdrawn

   -- INR40 million fund-based working capital limits: 'IND
      B+(suspended)'/'IND A4(suspended)'; ratings withdrawn

   -- INR15 million non-fund-based facilities: 'IND
      A4(suspended)'; rating withdrawn


ASHISH EXPORTS: ICRA Suspends B+/A4 Rating on INR15cr Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ and short
term rating of [ICRA]A4 assigned to the INR15.0 crore fund based
facilities of Ashish Exports. The suspension follows ICRA's
inability to carry out rating surveillance in the absence of
requisite information from the company.


AYAN FOODS: CARE Assigns 'B' Rating to INR6.50cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B; STABLE' rating to the bank facilities of
Ayan Foods.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.50      CARE B; Stable
                                            Assigned

Rating Rationale

The rating assigned to the bank facilities of Ayan Foods is
primarily constrained by its proprietorship nature of business,
small scale with nascent stage of operation, volatile agro-
commodity (rice) prices with linkages to vagaries of the monsoon,
regulated nature of the industry and intensely competitive nature
of the industry with presence of many unorganised players. The
rating, however, derives strength from its experienced proprietor,
locational advantage of the unit and increasing demand of rice and
rice bran.

Going forward, the ability of the entity to increase its scale of
operations and ability to manage working capital effectively
are the key rating sensitivities.

AYF was established during June 2015 to initiate a rice milling
business at Raipur in Chhattisgarh. The area and the surrounding
districts are important agricultural and commercial areas where
availability of rice and demand of same and related products are
increasing. The entity has started its commercial operation from
February 2016 with rice waxing unit and gradually started full
operation of rice milling by August 2016.

The day-to-day affairs of the entity are looked after by Mr Anurag
Agarwal, proprietor, with the help of a team of experienced
personnel.

During FY16 (refers to the period April 1 to March 31), the entity
reported a total operating income of INR3.04 crore and
a net loss of INR0.16 crore. During the same period, GCA was
INR0.08 crore. Furthermore, the entity has achieved a total
operating income of INR10.33 crore during 7MFY17 (refers to the
period April 1 to October 31).


BALAJI PHOSPHATES: CARE Hikes Rating on INR3.9cr Loan to BB-
------------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of Balaji Phosphates Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term bank facilities      3.90      CARE BB-; Stable
                                            Revised from CARE B+
   Short-term Bank Facilities     6.40      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating of Balaji Phosphates Private
Limited takes into account the ramp up of operations in the first
year of operations in FY16 (FY refers to the period from April 1
to March 31) and improvement in debt coverage indicators.

The ratings, however, continue to remain constrained on account of
its moderate profitability, moderately stressed liquidity
position, vulnerability of margins to fluctuations in the raw
material prices with availability issues and its presence in the
highly regulated fertilizer industry.

The ratings, however, continue to favorably take into account the
experienced management with financial assistance provided by the
promoters. The ratings, further, continue to derive strength from
benefits received under Nutrient based subsidy (NBS) policy for
Single Super Phosphate.

The ability of the company to increase its scale of operations
with efficient management of working capital would be the key
rating sensitivities.

BPPL was incorporated in 1996 by Mr. Manoj Kanodia along with his
family members. BPPL was engaged in the business of manufacturing
of Nitrogen, Phosphorus and Potassium (NPK) fertilizers. However,
in September 2013, the company was acquired by present directors,
Mr. Mohit Airen and Mr. Alok Gupta along with their family members
with an objective to manufacture SSP and Granule Single Super
Phosphate (GSSP) along with NPK fertilizers.

BPPL has installed capacity of 400 Tonnes Per Day (TPD) for
manufacturing of SSP and 400 TPD for manufacturing of GSSP/NPK.
Before takeover of the company, the installed capacity of NPK was
45000 Metric Tonnes Per Annum (MTPD). It markets its product under
the brand-name of "Ratnam".


BHUSHAN OIL: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Bhushan Oil and
Fats Private Limited's (BOFPL) 'IND BB(suspended)' Long-Term
Issuer Rating.

The ratings have been withdrawn due to lack of information.  Ind-
Ra will not provide ratings or analytical coverage for BOFPL.

Ind-Ra suspended BOFPL's ratings on June 3, 2016.

BOFPL's ratings:

   -- Long-Term Issuer Rating: 'IND BB(suspended)'; rating
      withdrawn
   -- INR30 mil. term loan: Long-term 'IND BB(suspended)'; rating
      withdrawn
   -- INR150 mil. fund-based limits: Long-term
      'IND BB(suspended)'/Short-term 'IND A4+ (suspended)';
      rating withdrawn
   -- INR70 mil. non-fund-based facilities: Short-term
      'IND A4+(suspended)'; rating withdrawn


CH.GOWRI SHANKAR: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ch.Gowri Shankar
Infra Build (India) Private Limited (CHGS) a Long-Term Issuer
Rating of 'IND BB'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect CHGS' moderate order book, small scale of
operations and tight liquidity position.  The company's order book
position was INR1.5 bil. (2.8x of FY16 revenue) at end-October
2016 and recorded revenue of INR532 mil. in FY16 (FY15: INR460
mil.).  Its use of the fund-based working capital limits was over
100% at the end of eight out of 12 months during October 2015-
September 2016 for a maximum of five days, on account of debit of
interest.

The ratings also factor inCHGS' comfortable credit metrics with
net leverage of 1.7x during FY16 (FY15: 2.3x) and interest
coverage of 4.5x (4.4x).  EBITDA margins were 7.9% in FY16
(FY15: 6.1%) and ranged between 7.9% and 6.1% during FY13-FY16.
The ratings are supported by over three decades of experience of
the company's promoters in the civil construction segment.

                       RATING SENSITIVITIES

Positive: Substantial growth in the top line and an improvement in
the profitability margins leading to a sustained improvement in
credit metrics and a comfortable liquidity position will lead to a
positive rating action.

Negative: Any decline in the profitability margins resulting in
sustained deterioration in the credit profile or any further
stress on the liquidity will lead to a negative rating action.

COMPANY PROFILE

M/s Gowri Shankar Chaganam, a proprietorship firm set up in 1986
and owned by Mr. Gowri Shankar Chaganam, was taken over by CHGS in
April 2013.  CHGS undertakes civil contracts such as construction
of buildings, warehouses, drains and irrigation works for the
Telangana and Andhra Pradesh governments.  CHGS is a special class
contractor.

CHGS' ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
   -- INR60 mil. fund-based facilities: assigned 'IND BB';
      Outlook Stable
   -- INR54.5 mil. non-fund-based facilities: assigned 'IND A4+'


CHAMPA DEVI: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Champa Devi
Foods Private Limited's 'IND B-(suspended)' Long-Term Issuer
Rating.  The agency has also withdrawn the 'IND B-(suspended) and
'IND A4(suspended) ratings on its INR100 mil. fund-based facility.

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

Ind-Ra suspended Champa's ratings on June 3, 2016.


DEEKSHA HOUSING: Ind-Ra Withdraws 'IND D' Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Deeksha Housing
Private Limited's (DHPL) 'IND D(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended DHPL's ratings on June 6, 2016.

DHPL's ratings:

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

   -- INR78.7 million term loans: Long-term 'IND D(suspended)';
      rating withdrawn


DHANRAJ DIAMONDS: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Dhanraj
Diamonds' (DHDI) 'IND B+(suspended)' Long-Term Issuer Rating.
The ratings have been withdrawn due to lack of information. Ind-Ra
will no longer provide ratings or analytical coverage for DHDI.

Ind-Ra suspended DHDI's ratings on June 6, 2016.

DHDI's ratings:

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

   -- INR110 million fund-based limits: 'IND B+(suspended)'/
      'IND A4(suspended)'; ratings withdrawn

   -- Proposed INR20 million fund-based limits: 'Provisional
      IND B+(suspended)'/'Provisional IND A4(suspended)'; ratings
      withdrawn


DSPI MILK: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn DSPI Milk Foods
Limited's (DSPI) 'IND B-(suspended)' Long-Term Issuer Rating.  The
agency has also withdrawn the 'IND B-(suspended)'and
'IND A4(suspended)' ratings on DSPI's INR100 mil. fund-based
facility.

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

Ind-Ra suspended DSPI's ratings on June 3, 2016.


EMGEE CABLES: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Emgee Cables and
Communications Ltd's 'IND BB+(suspended)' Long-Term Issuer Rating.
The ratings have been withdrawn due to lack of information.  Ind-
Ra will no longer provide ratings or analytical coverage forEmgee.

Ind-Ra suspended Emgee's ratings on June 6, 2016.

Emgee's ratings:

   -- Long-Term Issuer Rating: 'IND BB+(suspended)'; rating
      withdrawn
   -- INR0.60 mil. term loan: 'IND BB+(suspended)'; rating
      withdrawn
   -- INR137 mil. fund-based working capital limits:
      'IND BB+(suspended)'and 'IND A4+(suspended)'; ratings
      withdrawn
   -- INR200 mil. non-fund-based working capital limits:
      'IND A4+(suspended)'; rating withdrawn


EROS MINEROCK: CARE Reaffirms B+ Rating on INR7.28cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Eros Minerock Products LLP.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.28       CARE B+; Stable
                                            Reaffirmed

   Long-term/Short-term Bank
   Facilities                    7.00       CARE B+;Stable/
                                            CARE A4 Reaffirmed

   Short-term Bank Facilities    1.70       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Eros Minerock
Products LLP continue to remain constrained on account of
competition from large players and demand linked to the cyclical
real estate sector, raw material price fluctuation risk and
partnership nature of constitution. The ratings also factor in the
modest scale of operations during FY16 (refers to the period April
1 to March 31) coupled with its financial risk profile marked by
incurring net losses, moderately leveraged capital structure, weak
debt coverage indicators and weak liquidity position during FY16.

The ratings, however, continue to derive strength from experience
of the partners in the ceramic industry and locational advantage
of being situated in ceramic tiles hub.

The ability of EMP to increase its scale of operations through
optimum utilization of its installed capacity along with
improvement in profitability, managing raw material price
fluctuations and improvement in capital structure along with
efficient management of its working capital requirements are the
key rating sensitivities.

Morbi-based (Gujarat), EMP was established as a Limited Liability
Partnership (LLP) firm in April, 2013 by nine partners.

The key partners include Mr. Karsanbhai Patel, Ms Indumatiben
Patel and Ms Jalpaben Pandit. During FY17, one of the partners Mr.
Vasudevbhai Chikhliya left the company and two new partners named
Mr. Sagarbhai Ajitbhai Sheth and Mr. Devangbhai Natvarlal Pandit
joined partnership. Mr. Karsanbhai Patel is also associated with
Eros for Sanitarywares, which manufactures ceramic sanitary ware
products.

EMP commenced commercial production from June, 2014. EMP imports
high quality raw material from gulf countries and provides high
purity grade products at competitive price as locally available
gypsum from private small scale players is of low purity grade.

During FY16, EMP reported a net loss of INR2.63 crore on a total
operating income (TOI) of INR7.00 crore as against netloss of
INR1.17 crore on a TOI of INR7.47 crore during FY15. Furthermore,
till November 28, 2016, EMP achieved a TOI of INR7.50.


GS DEVELOPERS: ICRA Suspends 'D' Rating on INR49cr Bank Loan
------------------------------------------------------------
ICRA has suspended rating of [ICRA]D assigned to the INR49.00
crore bank facilities of GS Developers and Contractors Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

GSDCPL was promoted by late Mr. Iqbal Singh in 1987 and is
currently managed by his son, Mr. Gurmit Singh who is the Managing
Director of the company. The company is involved in civil
construction with its projects primarily concentrated in North
India (mainly the National Capital Region). The company has
handled construction projects of varied types, which include
industrial, institutional, commercial and residential.


GYANMUDRA EDUCATION: CARE Reaffirms B+ Rating on INR8.61cr Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Gyanmudra Education Foundation.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.61      CARE B+; Stable
                                            Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Gyanmudra Education
Foundation continues to remain constrained on account of
stabilization risk associated with recently completed debt-funded
project coupled with increasing competition from existing schools
and colleges in vicinity area coupled with its presence in the
highly regulated education industry with regard to approvals and
accreditations. The reaffirmation of the ratings also factors in
small and loss making operations, leveraged capital structure,
weak debt coverage indicators and weak liquidity position during
FY16.

The rating, however, derives strength from the experienced
promoters in the education sector coupled with moderate enrollment
in the academic year.

The ability of GEF to maintain the healthy enrollment and achieve
the envisaged revenue and profit margins would be the key rating
sensitivity.

Bhavnagar-based (Gujarat), Gyanmudra Education Foundation (GEF)
was incorporated in October, 2014 as a private limited company
[Under Section 8 not for profit of the Companies Act, 2013] with
the object of running a school and engineering college. Mr.
Mansukhbhai Nakrani, Mr. Avinash Patel and Mr. Vikrambhai Purohit
are the key promoters and directors of GEF. The entity has
purchased the land and existing building of Shashwat Educational
Charitable Trust on which it was running a school (Pre-primary to
higher secondary) under the Gujarat Board.

GEF also manages educational institution namely 'Gyanmanjri
Institute of Technology' offering graduation courses in
Engineering (commenced the first academic session in July, 2015)
which is affiliated with Gujarat Technological University. The
courses offered by GEF are approved by All India Council of
Technical Education (AICTE). The school and engineering college
are spread across the area of 7.76 acres (approximately) and it
has all the state of the art facilities like computer labs,
workshops, library, various sports facilities etc.

As per the audited results for FY16, GEF reported net loss of
INR1.76 crore on a total operating income (TOI) of INR1.60
crore. During 7MFY17 GEF registered TOI of INR2.68 crore.


IFMR CAPITAL: ICRA Withdraws C+ Rating on PTC Series A2
-------------------------------------------------------
ICRA has withdrawn the rating assigned to the PTCs enlisted below,
issued under two multi-originator programmes by various trusts.

Transaction Name     Instruments      Ratings Outstanding
----------------     -----------      -------------------
IFMR Capital Mosec   PTC Series A1    [ICRA]BBB(SO) Withdrawn
Aragorn 2015         PTC Series A2    [ICRA]C+(SO) Withdrawn


IFMR Capital Mosec   PTC Series A1    [ICRA]A+(SO) Withdrawn
Muse 2014            PTC Series A2    [ICRA]BB(SO) Withdrawn

All the payouts to the investor in the above-mentioned instrument
have been made and no further payment is due to the investors.


K. VENKATA: ICRA Suspends B+/A4 Ratings on INR10cr Bank Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B+/[ICRA]A4 ratings assigned to INR10.00
crore fund based bank facilities of K. Venkata Ramana Murthy &
Others. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


KAPTON ALLOYS: CARE Reaffirms 'B' Rating on INR4.22cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Kapton
Alloys Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.22      CARE B; Stable
                                             Reaffirmed

   Short term Bank Facilities     1.00      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Kapton Alloys
Private Limited continue to remain constrained on account of its
fluctuating scale of operations, thin profit margins, leveraged
capital structure, weak debt coverage indicators and weak
liquidity position during last three years ended FY16 (refers to
the period April 1 to March 31). The ratings are further
constrained on account of risk associated with raw material price
volatility and presence in highly fragmented industry with a high
degree of competition.

The ratings, however, continue to derive benefit from experience
of the promoters.

The ability of KAPL to increase its scale of operations and profit
margins along with improving capital structure amidst competitive
nature of industry and working capital intensive operations are
the key rating sensitivities.

KAPL is a private limited company, incorporated on August 11,
2012, and promoted by Mr. Bharatbhai J Patel, Mr. Ashokbhai
Amrutbhai Patel, Mr. Hareshkumar Bhikhabhai Patel and Mr.
Ashokkumar Kantibhai Patel. Its main product is mild steel billets
which uses steel scrap and sponge iron as its raw material. The
installed capacity for manufacturing billets is 18,250 MTPA as on
March 31, 2016. KAPL has set up its unit at Himmatnagar which is
spread across 32000 square yards. The products manufactured by
KAPL find application in steel re-rolling mills. KAPL has three
group entities namely Sanzen Granito (India) Limited, Adison
Granito (India) Limited and Costa International which are engaged
in the manufacturing of ceramic tiles.

As per the audited results for FY16, KAPL reported a net loss of
INR0.37 crore on a total operating income (TOI) of INR21.34 crore
as against a net profit of INR0.00 crore on a TOI of INR33.13
crore during FY15 (Audited). Till June 30, 2016, the company had
clocked a turnover of INR6.19 crore.


KASARGOD POWER: Ind-Ra Withdraws 'D' Long-Term Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the Long-term
'IND D' rating on Kasargod Power Corporation Limited's INR65 mil.
working capital loan facility.

The rating has been withdrawn due to lack of adequate information.
India Ratings will no longer provide ratings or analytical
coverage for KPCL's loan.


KEDAR COTTON: CARE Reaffirms B+ Rating on INR9.89cr LT Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Kedar Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.89      CARE B+; Stable
                                            Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Kedar Cotton
Industries continues to remain constrained on account of
declining turnover, low profit margins, leveraged capital
structure and weak debt coverage indicators during FY16 (refers
to the period April 1 to March 31) coupled with susceptibility of
profit margins to volatility in the raw material prices and
inherent risks associated with the cotton industry such as high
degree of fragmentation, seasonality and impact of the
government policies.

The rating, however, continues to derive comfort from the vast
experience of the partners of KCI in the cotton industry.
Improvement in the scale of operations, profit margins, capital
structure as well as better working capital management would
remain the key rating sensitivities.

Initially started as a partnership firm in 1999, KCI is currently
managed by six members of the Patel family who took over the firm
in August 2008 from Parikh family. Mr. Bharatbhai Patel and Mr.
Laljibhai Patel are the key partners of the firm and all the
partners collectively look after the overall operations of the
firm. KCI is involved in the cotton ginning & pressing and
crushing of cotton seeds activity with main products as cotton
bales, cotton seeds, cotton seed oil and cotton cake. It has an
installed capacity of 12,750 Metric Tonnes Per Annum (MTPA) for
cotton bales and 9,000 MTPA for crushing cotton seed as on
March 31, 2016, at its sole manufacturing facility located at Kadi
(Gujarat).

During FY16, KCI reported a total operating income (TOI) of
INR53.52 crore with a PAT of INR0.07 crore as against TOI of
INR61.88 crore with a PAT of INR0.11 crore in FY15. KCI has
achieved TOI of INR20.43 crore during 7MFY17 (Provisional).


KOTAK URJA: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kotak Urja
Private Limited (KUPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect the moderate credit profile and stretched
working capital cycle of KUPL. The company's FY16 revenue was
INR1,335 million (FY15: INR1,292 million) with gross coverage
(operating EBITDA/gross interest expense) of 1.2x (1.1x) and net
leverage (total adjusted net debt/operating EBITDAR) of 8.1x
(5.8x). KUPL's EBITDA was INR85m (6.4%) during FY16 (FY15: INR108
million, 8.4%). The decline in EBITDA margin was on account of
variation in the profits earned on different projects. KUPL
recorded revenue of INR553 million during 7MFY17. Its liquidity
was tight with almost full utilisation of the fund-based working
capital facilities during the 12 months ended October 2016.

The ratings factor in KUPL's stretched net cash conversion cycle
on account of longer receivable days. Net cash cycle was 293 days
during FY16 (FY15: 285 days) with receivables of 223 days (220
days). The long net cash cycle was on account of delay in
collecting receivables from the government.

The ratings, however, are supported by more than two decades of
experience of the promoters in PV solar modules and solar water
heaters manufacturing business.

RATING SENSITIVITIES

Positive: Substantial growth in top-line and an improvement in
profitability leading to a sustained improvement in credit metrics
will lead to a positive rating action.

Negative: Any decline in profitability resulting in a sustained
deterioration in credit profile of the company will lead to a
negative rating action.

COMPANY PROFILE

KUPL is a Bangalore-based company and was incorporated in 1997. It
is engaged in the design, development, manufacture, integration,
installation, commissioning and after sales service of various
solar photovoltaic (lighting) and solar thermal (heating)
applications.

KUPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB-'; Outlook Stable

   -- INR220 million fund-based working capital facilities:
      assigned 'IND BB-'; Outlook Stable

   -- INR70 million long-term loans: assigned 'IND BB-'; Outlook
      Stable

   -- INR120 million non-fund-based facilities: assigned
      'IND A4+'


KUSUM METALS: ICRA Reaffirms 'B+' Rating on INR4.0cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR4.00 crore fund based facilities of Kusum Metals Private
Limited and has also re-affirmed the short-term rating of [ICRA]A4
to the INR30.00 crore non-fund based facilities of KMPL.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term, Fund Based      4.00       [ICRA]B+/Re-affirmed
   Short-term, Fund Based    30.00       [ICRA]A4/Re-affirmed

The reaffirmation of the ratings takes into account the long-
standing experience of the promoter group in the steel scrap
trading business. The ratings also consider KMPL's established
customer profile, and the presence of group entities in Europe,
the Middle East, and Indonesia leading to sourcing advantages. The
ratings also factor in KMPL's comfortable capital structure as on
end March 2016 owing to the healthy equity base of the company.

The ratings are, however, constrained by KMPL's elevated Total
Outside Liabilities to Tangible Net Worth (TOL:TNW) ratio on the
back of large outstanding payables position; as well as stretched
working capital metrics driven by high receivables which has led
to almost full utilization of the working capital limits availed
from the bank. High dependence on working capital debt coupled
with the trading nature of its business has resulted in moderate
profitability and debt protection indicators. The ratings also
factor in KMPL's moderate scale of operations; and the fragmented
and competitive nature of the industry, which limits its pricing
flexibility and exposes the company to fluctuations in raw
material prices and forex rates.

Kusum Metals Pvt. Ltd., established in 2008, is part of the Greta
Group of Companies founded by the Chennai- based Chaudhari family.
The Group commenced operations in 1996, and is primarily engaged
in trading scrap from end-of-life vehicles/consumer products and
construction/demolition activities. The business of the erstwhile
firm -- Kusum International, set up in 1996 -- was taken over by
KMPL in 2008. The company has a 2.37-acre scrap yard at Vallur III
Village, Ponneri Taluk, Tiruvallur District in Tamil Nadu.

The Group has been involved in the metal scrap business since 1996
through its International flagship company -- Global Metcorp
Limited, UK. Other Group entities include Greta Energy Limited,
which operates a 15 MW (megawatt) biomass-based power plant at
Chandrapur, Maharashtra; Shriram Food Industry Private Limited
which operates a rice mill with an installed capacity of 96000
MTPA in Nagpur; and Dyna Agro Private Limited which operates a
36,000MTPD (metric tons per day ) flour mill in Andhra Pradesh.
The Group also holds coal assets in East Kalimantan, Indonesia,
through Greta Industries Private Limited.

Recent Results: For the year ended FY 2016, Kusum Metals Private
Limited reported a PAT of INR0.4 crore on an operating income of
INR118.6 crore as against a PAT of INR0.7 crore on an operating
income of INR217.2 crore, in FY 2015.


LN FIELDS: Ind-Ra Affirms 'B' Long-Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed LN Fields Pvt
Ltd.'s (LNPL) Long-Term Issuer Rating at 'IND B'.  The Outlook is
Stable.  The agency has also affirmed LNPL's INR120 mil. fund-
based limits at 'IND B' with a Stable Outlook.

                         KEY RATING DRIVERS

The ratings continue to reflect LNPL's weak credit profile due to
its trading nature of business.  In FY16, interest coverage
(operating EBITDAR/gross interest expense) was 1x (FY15:1x) and
net financial leverage (total adjusted net debt/operating EBITDAR)
7.7x (8.6x).  Moreover, there was a decline in top line to
INR301 mil. during FY16 from INR337 mil. in FY15 due to a decline
in revenue from agro commodities.

The ratings also reflect with the company's moderate liquidity
profile as indicated by its 91% utilization of the fund-based
limit during the12 months ended October 2016.

The ratings are also constrained by the company's long working
capital cycle (FY16: 220 days; FY15:180 days) on account of its
high debtor days.

The ratings, however, are supported by LNPL's director's
experience of around two decades in the trading business.  The
ratings are also supported by the improvement in EBITDA margin to
9% in FY16 from 6.5% in FY15 due to a reduction other expenses.

                       RATING SENSITIVITIES

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

Negative:  Any deterioration in the interest coverage could lead
to a negative rating action.

COMPANY PROFILE

LNFPL was founded by Arvind Karnani in 1998.  The company is
engaged in the trading of agro chemicals and agro commodities.
Its target customers are tea plantation companies namely Jayshree
Tea & Industries Ltd, Goodricke Group Ltd, etc.


MAA JAY: CARE Reaffirms 'B' Rating on INR6.88cr LT Loan
-------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Maa Jay Chandi Multipurpose Cold Storage Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.88      CARE B; Stable
                                            Reaffirmed

Rating Rationale

The rating of Maa Jay Chandi Multipurpose Cold Storage Private
Limited continues to be constrained by its relatively small scale
of operation, high competition, high dependence on vagaries of
nature and seasonality of business, risk of delinquency in loans
extended and high leverage ratio. The rating, however, continues
to draw comfort from the moderately experienced promoters with
moderately long track record of operations and proximity to potato
growing area.

Going forward, the ability to improve the scale of operations and
profitability margins and ability to manage working capital
effectively would be the key rating consideration.

MJMCSPL, incorporated in 2008, was promoted by the Samui family of
Paschim Medinipur, West Bengal, to set up a cold storage facility
with a storage capacity of 200,000 quintals at Anandapur of
Paschim Medinipur district, West Bengal.

The company is engaged in the business of providing cold storage
facility primarily for potatoes. Besides providing cold storage
facility the unit also works as a mediator between the farmers and
marketers of potato, to facilitate sale of potatoes stored and it
also provides interest free advances to farmers for farming
purposes of potato against potato stored.

In FY16 (refers to the period April 1 to March 31), the company
achieved a total operating income of INR3.06 crore and PAT of
INR0.13 crore as against a total operating income of INR2.95 crore
and PAT of INR0.02 crore in FY15. The company has achieved a
turnover of INR1.40 crore during the period April 01, 2016 to
November 25, 2016.


MALAXMI HIGHWAY: CARE Lowers Rating on INR189.76cr Loan to B+
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Malaxmi Highway Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    189.76      CARE B+; Stable
                                            Revised from CARE D

Rating Rationale

The revision in the rating assigned to the bank facilities of
Malaxmi Highway Private Limited takes into account improvement in
the liquidity position and regularization of debt servicing post
resolution of dispute over the unfinished stretch of the project
with National Highway Authority of India (NHAI), re-fixation of
the annuity amount post removal of unfinished stretch from scope
of project and timely receipt of annuities post re-fixation along
with the receipt of past arrears. The rating is, however,
constrained by weak debt coverage indicators, absence of Major
Maintenance Reserve Account (MMRA) and Debt Service Reserve
Account (DSRA) and interest rate risk.

Nevertheless, the rating draws comfort from continuous support
from experienced promoters, operational annuity project providing
stability of cash flows and presence of fixed price contract for
routine and major maintenance which mitigates the Operations &
Maintenance (O&M) risk. Ability of the company to further improve
the liquidity position, bring in timely sponsor support to fund
any cashflow mismatch, , variation in the credit profile of the
annuity provider - NHAI and and/or occurrence of force majeure
events are the key rating sensitivities.

Malaxmi Highway Pvt. Ltd. is a Special Purpose Vehicle promoted by
Meenakshi Infrastructures Pvt. Ltd., Kinnera Power Co. Ltd (KPCL)
and Nava Bharat Ventures Ltd. to undertake widening of the
existing 2-lane portion from Km 547/400 to Km 596/750, covering
49.35 km on NH-7 in Madhya Pradesh to 4 lanes on Built, Operate &
Transfer (BOT) Annuity basis.

Meenakshi group holds 98.92% shareholding in MHPL through its
group companies; KPCL (50%) and MIPL (48.92%). The balance 1.01%
shareholding lies with NVL.

The Concession Agreement (CA) was executed between MHPL and NHAI
on September 29, 2006 for a concession period of 20 years from the
appointed date inclusive of a construction period of 2.5 years.

The project was completed on September 29, 2009. The company was
under obligation to complete work on the balance 9.24 Kms of road
within a period of 15 months from the date of handling over the
same by NHAI. However, as the land with respect to the unfinished
stretch has not been made available in the absence of forest
clearance, MHPL requested NHAI to remove the unfinished stretch
from the scope of the project and the same has been approved by
NHAI on May 18, 2015.

Accordingly, post delinking of 9.24 km of the project carriageway,
NHAI has retrospectively declared final Commercial Operation Date
(COD) for the project w.e.f March 31, 2010.

Meenakshi group holds 98.92% shareholding in MHPL through its
group companies; KPCL (50%) and MIPL (48.92%). The balance 1.01%
shareholding lies with NVL.

During FY16 (refers to the period April 1 to March 31), MHPL
registered a net loss of INR51.55 crore (FY15-loss of INR4.67
crore), on annuity income of INR38.46 crore for FY16 (FY14-
INR44.84 crore).


NAVKAR AGRO: ICRA Suspends 'B' Rating on INR3.50cr Cash Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B to the INR5.15
crore fund based bank facilities of Navkar Agro Industries.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             3.50        [ICRA]B; suspended
   Term Loan               1.65        [ICRA]B; suspended

Navkar Agro Industries was incorporated in 2011 and commenced
commercial production from 2012. The firm is engaged in the
business of processing of wheat. The company operates from its
plant located at Himmatnagar in the state of Gujarat, with an
installed capacity of 18000 MTPA (Metric Tonne Per Annum). The
company is promoted by Mr. Yogesh Patel, Mr.Umesh Patel, Mr.
Jayesh Patel and Mr. Pankaj Patel.


NOWOTEK TEXTILES: ICRA Suspends B+/A4 Rating on INR16cr Loan
------------------------------------------------------------
ICRA has suspended ratings of [ICRA]B+/A4 assigned to the INR16.00
crore bank facilities of Nowotek Textiles Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

NTPL (erstwhile Rasa Garments Private Limited) was incorporated in
June 2008 by Gupta family with an objective of manufacturing and
trading of textile items. The company has set up a plant for
manufacturing non-woven fabric in Greater Noida. The plant has
production capacity of 3500 tonnes per annum (TPA) and commenced
production in July 2013.


PADMAJA POWER: Ind-Ra Assigns 'IND B' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Padmaja Power
Private Limited (PPPL) a Long-Term Issuer Rating of 'IND B'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect PPPL's limited operational track record and
weak credit metrics. The company started operations in FY16. The
company's revenue in FY16 was INR354.2 million, net leverage (Ind-
Ra adjusted total net debt/operating EBITDAR) was 20.9x and
interest coverage (operating EBITDA/gross interest expense) was
1.2x. EBITDA margin was 3.5%.

The ratings factor in the project concentration risk as the
company is generating its entire revenue from a single project.
Any delays in the project execution or receiving the payments can
tighten the company's liquidity which remained moderate with
average peak utilisation of 93% during the 12 months ended October
2016.

The ratings, however, are supported by the company's strong order
book of INR4,909.2 million as of October 2016 (13.8x of FY16
revenue). This sub-contract-based unexecuted order book provides
revenue visibility for the medium-term. Promoters' experience of
more than two decades in the construction industry also benefits
the ratings.

RATING SENSITIVITIES

Positive: Substantial growth in the revenue and profitability
leading to a sustained improvement in the credit metrics and/or
liquidity will lead to a positive rating action.

Negative: A decline in the revenue and/or operating profitability
leading to deterioration in the credit metrics and/or liquidity
will be negative for the ratings.

COMPANY PROFILE

PPPL was incorporated in 2010. It undertakes civil and
infrastructure construction, primarily in the irrigation, bridges
and roads segments.

PPPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B'; Outlook Stable

   -- INR150 million fund-based working capital limits: assigned
      'IND B'; Outlook Stable and 'IND A4'

   -- INR150 million non-fund-based limits: assigned 'IND A4'

   -- Proposed INR200 million fund-based working capital limit:
      assigned 'Provisional IND B'; Outlook Stable and 'IND A4'*

* the ratings are provisional and the final rating will be
assigned subject to execution of sanction letter for the above
facilities.


PATIKARI POWER: ICRA Suspends 'C' Rating on INR35.51cr Loan
-----------------------------------------------------------
ICRA has suspended rating of [ICRA]C assigned to the INR35.51
crore bank facilities of Patikari Power Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Patikari Power Private Limited is an IPP promoted by the Asian
Infrastructure Group. The company operates a 16 MW run of the
river hydel power plant which utilizes the water of Bakhli Khad, a
tributary of river Beas in district Mandi of Himachal Pradesh.


RAHUL ELECTRONIC: CARE Lowers Rating on INR6cr LT Loan to 'B'
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Rahul Electronic Private Limited.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term bank facilities      6        CARE B, Stable Revised
                                           from CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of
Rahul Electronic Private Limited factors in the decline in
profitability resulting in net loss and deterioration in capital
structure and debt coverage indicators during FY16 (refers to the
period April 1 to March 31).

The rating continues to be constrained due to modest scale of
operations, low profitability, leveraged capital structure, weak
debt protection metrics and working capital intensive nature of
operations with risk of inventory obsolescence. The rating is
further constrained by its presence in the highly competitive and
fragmented industry.

The aforementioned constraints are partially offset by the
strength derived from long track record of operations in the
retailing of electronic products, experienced promoters and their
demonstrated financial support and diverse geographic presence and
product portfolio.

Ability of REPL to increase its scale of operations with
improvement in profitability and capital structure amidst intense
competition along with efficiently managing working capital
requirement are the key rating sensitivities.

Rahul Electronics Private Limited was incorporated in the year
1997 by Mulchandani family, and is engaged into trading of
consumer electronics (namely TV, mobile phones, refrigerators,
home entertainment system, air-conditioners, washing machines, and
microwaves). As on October 31, 2016, the company operates through
ten retail stores across Mumbai and Palghar under the name
Rahul Electronics.

During FY16 (refers to the period April 01 to March 31), REPL
achieved a turnover of INR65.79 crore (as against INR58.62 crore
in FY15) and net loss of INR1.87 crore (as against net profit of
INR0.18 crore during FY15). Furthermore, the company has achieved
a turnover of INR49 crore till October 31, 2016.


RAYALASEEMA EXPRESSWAY: Ind-Ra Affirms 'IND D' LT Loan Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Rayalaseema
Expressway Private Limited's (REPL) INR7,030 million senior
project bank loan long term rating at 'IND D'.

PROJECT PROFILE

REPL is a special purpose vehicle, incorporated to implement a
188.75km lane expansion (two to four lanes) on the Kadapa-Mydukur-
Kurnool part of National Highway 18 in Andhra Pradesh, under a 30-
year concession from National Highways Authority of India (NHAI;
'IND AAA'; Outlook Stable). The original project cost was
INR16,360 million, however, the project cost has escalated to
INR24,675m due to delays in land acquisition, design changes and
higher IDC. REPL's shareholders are KMC Infratech Road Holdings
Limited (53.1%), KMC Road Holdings Private Limited (36.9%) and
IVRCL Limited ('IND D') (10%).

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing since
Ind-Ra's last review (February 2015). According to management, the
sanctioned funded interest term loan of INR2.2 billion was
adequate to cover interest from September 2014 to July 2016.
However, management reported that the lender's delay in
disbursement of funded interest term loan led to delays in
interest servicing. Of the four toll plazas envisaged to be built
as per the original plan, the project has commenced tolling on two
toll plazas from 11 January 2016. Post July 2016, the toll
collections from the two toll plazas were inadequate to meet its
debt service obligations.

Given the inordinate delays in providing Right of Way by NHAI due
to land acquisition issues, the project's scheduled commercial
operation date was revised to 30 September 2015. Management
expects the project to be completed by August 2017.

RATING SENSITIVITIES

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


SHREE KALKA: CARE Reaffirms B+ Rating on INR6.06cr LT Loan
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shree Kalka Fibers Private Limted.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.06      CARE B+; Stable
                                            Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Shree Kalka Fibers
Private Limited continues to remain constrained on account of
decline in total operating income (TOI), moderately leveraged
capital structure and moderate debt coverage indicators along with
moderate liquidity position during FY16 (refers to the period
April 1 to March 31). The rating also continues to remain
constrained due to the susceptibility of operating margins to
volatile raw cotton prices, seasonality associated with cotton
availability and regulatory risk and presence of the company in
the highly fragmented industry.

The rating, however, continues to derive strength from improvement
in profitability and long and established track record of the
group in agro based industries.

The ability of SKFPL to increase its scale of operations, improve
profitability and sustain debt coverage indicators and solvency
position with efficient utilisation of the working capital
requirements are the key rating sensitivities.

Incorporated in August 2007, SKFPL commenced operations in January
2013. SKFPL was promoted by Mr. Shyamsunder Tayal and is engaged
in ginning and pressing of raw cotton. SKFPL's plant is located in
Georai district, Beed, Maharashtra for processing of raw cotton
with a capacity to conduct ginning work of 160000 quintals per
annum and pressing work of 35000 bales per annum as on March 31,
2016.

The promoters are also associated with two other companies named
as 'Laxminarayan Fiber Private Limited' (CARE B+) and 'Shree Kalka
Agro Industries'. The entities are associated in same line of
business and collectively, these three companies fall under
'Kalka' group.

SKFPL reported a total operating income (TOI) of INR2K1.04 crore
and PAT of INR0.07 crore during FY16 as against TOI of INR27.59
crore and net loss of INR0.01 crore during FY15. As per the
provisional results till October 31, 2016, SKFPL has
registered gross sales of INR10.86 crore.


SR METALLIZERS: ICRA Suspends 'B' Rating on INR16.07cr LT Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR16.07 crore long term fund based facilities of SR
Metallizers. The suspension follows ICRA's inability to carry out
a rating surveillance in the absence of the requisite information
from the company.

Established in 2011 by Mr. Parasmal Ranka, his brother Mr. Manak
Chand Ranka and their sons, SR Metallizers is a partnership firm
engaged in the business of manufacturing metallic film, lacquer
and kasab jari. The family has been engaged in this activity for
generations and has over the years built a strong customers base
across various product categories in Surat, Gujarat and other
textile markets. The firm's manufacturing facility is located in
Surat and the plant is equipped with one metalizer unit used for
aluminum coating of polyester films, two lacquer coating machines
and 18 slitting machines for production of synthetic jari.


SRI RAMALINGESWARA: ICRA Suspends B+ Rating on INR15cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to INR15.00 crore fund
based bank facilities of Sri Ramalingeswara Rice Mill. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SRITHIK ISPAT: Ind-Ra Affirms 'D' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Srithik Ispat (P)
Ltd's (SIPL) Long-Term Issuer rating at 'IND D'.

                          KEY RATING DRIVERS

The ratings reflect SIPL's tight liquidity due to a negative
EBITDA margin leading to delays in the servicing of term loan
obligations until October 2016.

                       RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 1998, SIPL is a part of the Srithik Group.  The
company manufactures sponge iron from iron ore and coal.  SIPL's
manufacturing facility is in Sanguem, Goa, which has an installed
capacity of 18,000 metric tonnes per annum.

The company is headed by Mr. Shikhir Vir Agarwal and Mrs Girija
Agarwal, who collectively have an experience of over a decade in
the iron and steel industry.

SIPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND D'
   -- INR180 mil. fund-based limits: affirmed at Long-term
      'IND D'
   -- INR41.38 mil. (reduced from INR66 mil.) long-term loans:
      affirmed at Long-term 'IND D'
   -- INR3 mil. non-fund-based limits: affirmed at Short-term
      'IND D'


SUDHANVA ENGINEERS: CARE Revises Rating on INR3cr LT Loan to B+
---------------------------------------------------------------
CARE revises and reaffirms ratings assigned to bank facilities of
Sudhanva Engineers And Builders.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       3        CARE B+; Stable
                                            Revised from CARE B
   Short term Bank Facilities      4        CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Sudhanva Engineers and Builders (SEAB) take into account
substantial growth in total operating income in FY16 (refers to
the period April 01 to March 31) along with revenue visibility
from current order book position, improved working capital cycle,
capital structure and debt coverage indicators of the firm.

The ratings continue to derive strength from diverse projects
delivered by the firm and experienced promoter in the construction
industry.

The ratings are, however, constrained by small scale of
operations, geographical concentration risk, decline in profit
margin and proprietorship nature of constitution with inherent
risk of withdrawal of capital.

Going forward, the ability of the firm to scale up operations
while maintaining its profit margins and improve its capital
structure will remain as the key rating sensitivities.

Sudhanva Engineers and Builders was established in the year 2011
and is engaged in construction activities for public work
department (PWD) of Karnataka state. The firm is based out of
Bangalore, Karnataka and promoted by Mr. Sudhanva S, a civil
engineer by qualification. SEAB offers services like construction
of generator, wet well and DG rooms; construction of internal
roads; drainage and water supply solutions by laying underground
pipelines for water supply; and building underground drainage
system of waste water for clean environment.

In FY16 (refers to the period of April 1 to March 31), the company
reported total operating income of INR12.44 crore and
a profit after tax of INR0.65 crore as against a total operating
income and profit after tax of INR3.64 crore and INR0.22
crore, respectively, in FY15.


VASISTA MARINE: Ind-Ra Assigns 'BB' Rating on INR170MM Facility
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vasista Marine's
(VM) additional INR170 mil. fund-based facility a long-term
'IND BB' rating with a Stable Outlook and short term 'A4+' rating.

VM's ratings (including the above) are:

   -- Long-Term Issuer Rating: 'IND BB'; Outlook Stable
   -- INR400 mil. fund-based facilities (increased from INR230
      mil.): 'IND BB'; Outlook Stable and 'IND A4+'
   -- INR10 mil. non-fund-based facilities: 'IND A4+'


XO PACK: ICRA Suspends 'B' Rating on INR4.92cr LT Loan
------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR4.92 crore long term fund based facilities and the long
term/short term rating of [ICRA]B/[ICRA]A4 assigned to the INR2.42
crore unallocated facilities of XO Pack Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.



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


SHANTON FASHIONS: Placed Back Into Receivership
-----------------------------------------------
Radio New Zealand report that women's clothing retailer Shanton
Fashions is in receivership again, just 16 months after a new
buyer took possession of the troubled chain.

It was initially put into voluntary liquidation in January 2015,
and sold the same year to Revolucija for an undisclosed sum, the
report relates.

According to RNZ, receivers Andrew Grenfell --
agrenfell@mcgrathnicol.com -- and Kare Johnstone --
kjohnstone@mcgrathnicol.com -- of McGrathNicol have taken control
of the 13 Shanton stores still operating around New Zealand, and
were looking for expressions of interest in the business.

RNZ relates that the stores will continue to trade while the
receivers work with stakeholders, including management and staff,
in order to stabilise operations and make an assessment of the
company's financial position.



=====================
P H I L I P P I N E S
=====================


EASTERN RIZAL: Placed Under PDIC Receivership
---------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Eastern Rizal (Jalajala) Rural Bank, Inc. from doing
business in the Philippines. Under Resolution No. 2180.A dated
Dec. 8, 2016, the MB directed the Philippine Deposit Insurance
Corporation (PDIC) as Receiver to proceed with the takeover and
liquidation of the bank. PDIC took over the bank on Dec. 9, 2016.

Eastern Rizal (Jalajala) Rural Bank is a three-unit rural bank
with Head Office located at C. Villaran St., Jalajala, Rizal. Its
two branches are located in Cainta, Rizal and Marikina City. Based
on the Bank Information Sheet filed by the bank with the PDIC as
of June 30, 2016, Eastern Rizal (Jalajala) Rural Bank is owned by
Maribel V. Serrano (29.57%), Ramon F. Villavicencio (29.42%), Mary
Ann V. Sy (28.02%), and Hedley O. Serrano (8.21%). The Bank's
President and Chairman is Maribel V. Serrano.

Latest available records show that as of September 30, 2016,
Eastern Rizal (Jalajala) Rural Bank had 3,216 accounts with total
deposit liabilities of PHP47.8 million. Total insured deposits
amounted to PHP47.4 million involving 99.1% of total deposit
accounts.

PDIC assured depositors that all valid deposits and claims shall
be paid up to the maximum deposit insurance coverage of
PHP500,000.

Recognizing the need for depositors to have immediate access to
their insured deposits during the yuletide season, the state
deposit insurer initiated a special pay-out procedure which will
give the depositors of the bank an opportunity to claim their
deposit insurance before Christmas. Instead of PDIC's usual
process of mailing deposit insurance payments to depositors with
bank balances of PHP100,000 and below, these depositors may
directly claim their deposit insurance at the bank's Head Office
in Jalajala, Rizal or at its Cainta Branch, on Dec. 19 to 22,
2016. Depositors whose balances are over PHP100,000 may also claim
their deposit insurance during this period.

Depositors with deposits PHP100,000 and below who were unable to
file their deposit insurance claims during said schedule will be
paid either through postal money order mailed to their addresses
subject to the following conditions: they are eligible for early
payment, they have no accounts maintained by business entities,
they have no outstanding obligations with Eastern Rizal (Jalajala)
Rural Bank or acted as co-makers of these obligations, and they
have complete and updated addresses with the bank. They may update
their addresses until December 15, 2016 using the Mailing Address
Update Forms (MAUF) to be distributed by PDIC representatives at
the bank premises.

In the case of depositors whose balances are more than PHP100,000,
deposit insurance claims may be filed at the PDIC Public
Assistance Center, 3/F SSS Building, 6782 Ayala Avenue corner V.
A. Rufino St., Makati City starting on December 26, 2016.

For more information on the requirements and procedures for filing
claims and settlement of loan obligations, all depositors and
borrowers of the bank are enjoined to attend the Depositors-
Borrowers' Forum on December 14, 2016, 9:00 a.m. at the San Roque
Covered Court, A. Bonifacio Avenue, Cainta, Rizal; and on December
15, 2016, 10:00 a.m. at the Covered Court (Old Municipal Bldg.),
C. Villaran St., Jalajala, Rizal.

PDIC also reminded borrowers to continue paying their loan
obligations with the closed Eastern Rizal (Jalajala) Rural Bank
and for the closed bank's depositors, borrowers, creditors and the
public to transact only with designated PDIC representatives at
the bank premises.

Depositors may communicate with PDIC Public Assistance personnel
stationed at the bank premises or call the PDIC Public Assistance
Hotlines at (02) 841-4630 to (02) 841-4631, or send their e-mail
to pad@pdic.gov.ph. Depositors outside Metro Manila may also call
PDIC at its Toll Free Hotline at 1-800-1-888-PDIC (7342).
Inquiries may also be sent via private message to the official
PDIC Facebook account at www.facebook.com/OfficialPDIC.


SAMPAGUITA SAVINGS: Deadline to Files Claims Set for December 19
----------------------------------------------------------------
All creditors of the closed Sampaguita Savings Bank, Inc. have
until Dec. 19, 2016 to file their claims against the assets of the
closed bank either personally or by mail. Creditors refer to any
individual or entity with a valid claim against the assets of the
closed Sampaguita Savings Bank and include depositors whose
deposits exceed the maximum deposit insurance coverage (MDIC) of
PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC) said that
creditors and depositors with uninsured deposits may file their
claims either personally or by mail. Claims may be filed
personally at the PDIC Public Assistance Center located at the 3rd
Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati
City, Monday to Friday, 8:00 AM to 5:00 PM. Meanwhile, claims
filed through mail must be addressed to Ms. Imelda A. Barro,
Deputy Receiver of Sampaguita Savings Bank, and sent to the PDIC
Receivership and Bank Management Department I, 5th Floor, SSS
Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City. A
sample Claim Form against the assets of the closed bank may be
downloaded from the PDIC website, www.pdic.gov.ph.

Claims filed after Dec. 19, 2016 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through mail.
Claims denied or disallowed by the PDIC may be filed with the
liquidation court within sixty (60) days from receipt of final
notice of denial of claim. PDIC also clarified that depositors who
filed their deposit insurance claims on or at any time prior to
Dec. 19, 2016 are deemed to have filed their claims against the
closed bank's assets.

Sampaguita Savings Bank was ordered closed by the Monetary Board
(MB) of the Bangko Sentral ng Pilipinas on October 13, 2016 and
PDIC, as the designated Receiver, was directed by the MB to
proceed with the takeover and liquidation of the closed bank in
accordance with Section 12(a) of Republic Act No. 3591, as
amended. The bank's Head Office is located at #10 J. Luna St.,
Brgy. Poblacion, San Pedro City, Laguna.

All inquiries and communications relating to Sampaguita Savings
Bank may be addressed to the Deputy and Assisting Deputy Receivers
stationed at the PDIC Office. The Deputy and Assisting Deputy
Receivers may be contacted at telephone number (02) 841-4773 or at
e-mail address iabarro@pdic.gov.ph.



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


* BOND PRICING: For the Week Dec. 5 to Dec. 9, 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.



                 *** End of Transmission ***