TCRAP_Public/161129.mbx         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, November 29, 2016, Vol. 19, No. 236

                            Headlines


A U S T R A L I A

AVANTI-AVATAR PTY: First Creditors' Meeting Set for Dec. 5
BELL GROUP: Attorney-General George Brandis Denies Scandal
K.A. NOMINEES: First Creditors' Meeting Set for Dec. 8
LANDMARK SOFTWARE: First Creditors' Meeting Set for Dec. 8
QUEENSLAND NICKEL: Palmer Makes New Court Bid Over Liquidation


C H I N A

ZHENJIANG TRANSPORTATION: S&P Assigns 'BB' CCR; Outlook Stable


H O N G  K O N G

CHINA FISHERY: Court OKs Appointment of W.Brandt as Ch.11 Trustee
CHINA FISHERY: $1.9M Golf Club Membership Sale to Biel Okayed


I N D I A

ADITYA INFRA: CRISIL Suspends B+ Rating on INR50MM Cash Loan
AL-SAMI FOOD: CARE Reaffirms B+ Rating on INR1cr LT Bank Loan
ANKUR IRON: CRISIL Lowers Rating on INR90MM Cash Loan to 'B'
ARON PIPES: CARE Hikes Rating on INR13.57cr Long Term Loan to B+
BASAVESHWAR ELECTRICALS: CRISIL Suspends B+ Rating on INR45M Loan

BHILAI INSTITUTE: CRISIL Lowers Rating on INR97.5MM Loan to 'D'
COOLDECK INDUSTRIES: ICRA Reaffirms B+ Rating on INR6cr Loan
CURA SANITARYWARE: CARE Assigns B+ Rating to INR6.0cr Bank Loan
GOEL AND ASSOCIATES: CRISIL Reaffirms B Rating on INR38MM Loan
GURUKRIPA CONVEYORS: CARE Reaffirms 'B' Rating on INR7.72cr Loan

JAHNVIS MULTI: CRISIL Suspends B+ Rating on INR70MM Term Loan
KALYAN COTTON: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
KRAMSKI STAMPING: CRISIL Assigns B- Rating to INR70MM Loan
LEARNING LINKS: CRISIL Reaffirms 'B' Rating on INR70MM Cash Loan
MISHRILAL ASSOCIATES: CARE Assigns B+ Rating to INR2cr LT Loan

MITTAL AGRO: CARE Assigns B+ Rating to INR6cr Long Term Loan
MODERN STEELS: CRISIL Reaffirms 'D' Rating on INR730MM Loan
MURLIDHAR COTTON: CRISIL Ups Rating on INR70MM Cash Loan to B+
NETWORK INDUSTRIES: CRISIL Suspends 'D' Rating on INR740MM Loan
ONCO-LIFE CANCER: CRISIL Suspends 'B' Rating on INR130MM LT Loan

P.M. AGRO: CARE Reaffirms B+ Rating on INR5cr LT Loan
P.M. DALL: CARE Reaffirms B+ Rating on INR5.0cr LT Loan
PANINI GRANITES: CRISIL Lowers Rating on INR70MM LT Loan to 'D'
POLYGENTA TECHNOLOGIES: CARE Reaffirms C Rating on INR9.2cr Loan
R.L. FOODS: CRISIL Assigns B+ Rating to INR40MM Cash Loan

RACHIT CREATION: CRISIL Suspends B+ Rating on INR60.3MM Term Loan
RADHE ENTERPRISE: CARE Reaffirms B+ Rating on INR6cr LT Loan
RAGHAV INDUSTRIES: CRISIL Ups Rating on INR50MM Cash Loan to 'B'
RAHEE INFRATECH: CRISIL Lowers Rating on INR1.76BB Loan to 'D'
RAJASTHAN TUBE: ICRA Reaffirms 'B+' Rating on INR20cr Loan

SAHARA INDIA: CRISIL Suspends 'D' Rating on INR1.40MM Term Loan
SHIVEN YARN: CRISIL Assigns 'B' Rating to INR194.5MM Term Loan
SHREE SAIKRUPA: CRISIL Reaffirms B+ Rating on INR34MM Cash Loan
SHREE SHIV: CRISIL Assigns 'B' Rating to INR39MM Long Term Loan
SHRI RAMSWAROOP: CARE Lowers Rating on INR97.17cr LT Loan to 'D'

SHUBHAM COTTON: CRISIL Reaffirms 'B' Rating on INR175MM Loan
SIDDHIVINAYAK POULTRY: CRISIL Ups Rating on INR75MM Loan to B+
SRI BALAJI: CRISIL Suspends B+ Rating on INR55MM Cash Loan
SRISHTI INFRASTRUCTURES: CRISIL Rates INR35MM Cash Loan 'B+'
SVR ELECTRO: CRISIL Assigns 'B+' Rating to INR55MM Bank Loan

TARENDRA INFRASTRUCTURE: CARE Reaffirms B Rating on INR100cr NCD
V3 KNITTING: CRISIL Assigns 'B' Rating to INR57.5MM Term Loan
VENKATESH COTTON: CARE Reaffirms B+ Rating on INR7.40cr LT Loan


P A K I S T A N

SECOND PAKISTAN: S&P Corrects For. Currency Rating to 'B'


S I N G A P O R E

VIVA INDUSTRIAL: Moody's Assigns Ba1 CFR, Outlook Stable


T H A I L A N D

KRUNG THAI: S&P Affirms B+ Rating on Junior Subordinated Debt


X X X X X X X X

* BOND PRICING: For the Week Nov. 21 to Nov. 25, 2016


                            - - - - -


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AVANTI-AVATAR PTY: First Creditors' Meeting Set for Dec. 5
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Avanti-
Avatar Pty Ltd, formerly trading as Cranbourne Sand Soil Building
& Garden Supplies, will be held at Level 2, 180 Queen Street, in
Melbourne, on Dec. 5, 2016, at 11:00 a.m.

Andrew Poulter -- apoulter@irtadvisory.com -- of IRT Advisory was
appointed as administrator of Avanti-Avatar Pty on Nov. 23, 2016.


BELL GROUP: Attorney-General George Brandis Denies Scandal
----------------------------------------------------------
Claire Bickers at news.com.au reports that Attorney-General
George Brandis has denied there was ever a deal between him and
the WA government which would have helped the state gain nearly
AUD1 billion back from Alan Bond's Bell Group.

Senator Brandis denied any knowledge of talks between the Federal
and State Governments until March 2016 in a statement to the
Senate on Nov. 28, news.com.au relates.

According to the report, the Attorney-General had opted to
outline his part in the alleged secret deal between the two
governments after the Opposition called for his resignation over
the matter last week.

news.com.au relates that Senator Brandis said there had been
discussions between the two governments -- former Treasurer Joe
Hockey had spoken to the WA Treasurer Mike Nahan in April 2015
about the matter.

"Since the Commonwealth's proof of debt was for some AUD167
million and a total post liquidation tax assessment of some
AUD298 million, it was plainly in the Commonwealth's interests
that the matter be settled or otherwise expeditiously finalised,"
the report quotes Senator Brandis as saying at the Parliament.

But he was only informed of the discussions in March 2016.

The Senator said the discussions between Mr. Hockey and his WA
counterpart had not constituted an agreement -- nor did he ever
make an agreement with the WA Attorney General Michael Mischin,
relates news.com.au.

Senator Brandis also denied there was any connection between the
Bell Group case and WA's GST woes, adds news.com.au.

According to the report, Labor and the Greens called for the
Attorney-General to be sacked last week after a report by The
West Australian outlined an agreement between Brandis and his WA
counterpart Michael Mischin, which would have seen the state gain
the major portion of the Bell Group's AUD1.8 billion.

The deal tanked after the High Court ruled 7-0 against WA's bid
for the money in May, the report recalls.

It had failed in part due to former Solicitor General Justin
Gleeson's advice to the Australian Taxation Office -- an argument
which Senator Brandis had reportedly verbally told his ex-
colleague not to raise with the ATO, according to news.com.au.

The report says the torpedoed deal was reportedly one of the
reasons behind the pair's toxic row, which eventually led the
Solicitor General to resign in October.

Senator Brandis said on Nov. 28 that while he had not intially
thought the Commonwealth needed to intervene on the matter, he
had accepted Mr. Gleeson's advice when the pair spoke in March
2016, adds news.com.au.

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


K.A. NOMINEES: First Creditors' Meeting Set for Dec. 8
------------------------------------------------------
A first meeting of the creditors in the proceedings of
K.A. Nominees (Aus) Pty Ltd, trading as The Beehive Hotel, will
be held at the offices of Romanis Cant, Level 2, 106 Hardware
street, in Melbourne, on Dec. 8, 2016, at 11:00 a.m.

Anthony Robert Cant and John Stuart Potts of Romanis Cant were
appointed as administrators of K.A. Nominees on Nov. 28, 2016.


LANDMARK SOFTWARE: First Creditors' Meeting Set for Dec. 8
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Landmark
Software Pty Ltd will be held at the offices of Grant Thornton
Australia Limited, 'The Rialto', Level 30, 525 Collins Street, in
Melbourne, Victoria, on Dec. 8, 2016, at 11:00 a.m.

Ahmed Bise and Stephen Robert Dixon of Grant Thornton Australia
Limited were appointed as administrators of Landmark Software on
Nov. 28, 2016.


QUEENSLAND NICKEL: Palmer Makes New Court Bid Over Liquidation
--------------------------------------------------------------
Sarah Elks at The Australian reports that Clive Palmer's nephew
Clive Mensink might be gallivanting overseas, but he's still been
able to slap a Federal Court lawsuit on the liquidators of the
collapsed Queensland Nickel.

The Australian relates that Mr. Palmer on Nov. 22 unexpectedly
turned up at the Queensland Supreme Court to represent himself in
a multi-fronted legal war with liquidators over the AUD300
million failure of his Townsville refinery company.

The former federal MP spruiked his weight loss (42kg since his
political retirement), insisted he would reopen the north
Queensland refinery next year, and said he had no idea when his
nephew would return, The Australian relays. "I don't look after
his life," he said.

According to The Australian, Mr. Mensink was Queensland Nickel's
sole director when it sacked 237 workers and went into voluntary
administration in January. He has been overseas for months, and
liquidators have been unable to serve him to appear at public
examinations into the corporate failure.

The Australian relates that Mr. Palmer said Mr. Mensink had done
nothing wrong by leaving Australia on a long-planned holiday
(which, at last update, had included a cruise "up near the
Arctic") because liquidators had not served him.

In mid-November, lawyers instructed by Mr. Mensink and former
Queensland Nickel chief financial officer Daren Wolfe applied to
the Federal Court to remove general purpose liquidators FTI
Consulting, bolstered by a 1000-page affidavit, according to the
report.

The affidavit, sworn by a solicitor whose speciality is migration
law, said instructions had been received from Mr. Mensink and
Mr. Wolfe, The Australian relays.

Asked outside court how Mr. Mensink had managed to coordinate
complex litigation while on holiday, Mr. Palmer said his nephew
was a "normal citizen" unlike himself. "He normally does that
through the normal process of instructing solicitors," the report
quotes Mr. Palmer as saying.

"Unlike me, he acts like a normal citizen, he goes to a
solicitor, who goes to a barrister and that's what they do."

Barrister Andrew Crowe QC, for liquidators FTI Consulting, has
described Mr. Mensink's case as a "mirror" of a lawsuit brought
by Mr. Palmer and a slew of his companies in the Queensland
Supreme Court to remove the liquidators, and said it should be
transferred to the same court, The Australian relates.

Mr. Palmer on Nov. 22 lost a bid to have separate legal
representation from five of his companies, adds The Australian.

Queensland Nickel operates the Palmer Nickel and Cobalt Refinery
in Queensland, Australia.  Queensland Nickel directors appointed
John Park, Stefan Dopking, Kelly-Anne Trenfield and Quentin Olde
of FTI Consulting as voluntary administrators on Jan. 18, 2016.

FTI went from being administrators to liquidators at the second
creditors meeting in April, after issuing a damning report into
Queensland Nickel's finances, The Courier-Mail reported.



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C H I N A
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ZHENJIANG TRANSPORTATION: S&P Assigns 'BB' CCR; Outlook Stable
--------------------------------------------------------------
S&P Global Ratings said that it had assigned its 'BB' long-term
corporate credit rating to Zhenjiang Transportation Industry
Group Co. Ltd.  The outlook is stable.  S&P also assigned its
'cnBBB-' long-term Greater China regional scale rating to the
company.

Meanwhile, S&P assigned its 'BB' long-term issue rating and its
'cnBBB-' long-term Greater China regional scale rating to the
company's proposed issue of senior unsecured bonds.  The issue
ratings are subject to S&P's review of the final issuance
documentation.

Zhenjiang Transportation is one of the four financing and
investing platforms directly controlled by the Zhenjiang
municipal government.  It focuses on construction of
transportation infrastructure and on developing pilot ecological
new zones in Zhenjiang city.

"The rating on Zhenjiang Transportation is underpinned by the
credit quality of its owner, the Zhenjiang municipal government,"
said S&P Global Ratings credit analyst Apple Li.  "In our
opinion, there is an extremely high likelihood that the municipal
government will extend timely and sufficient extraordinary
support to the company if it comes under financial distress."
This has lifted S&P's final rating on Zhenjiang Transportation by
four notches above our assessment of the company's 'b-' stand-
alone credit profile (SACP).

S&P's assessment of the likelihood of extraordinary government
support to Zhenjiang Transportation reflects these company
characteristics:

   -- Very important role to the government.  S&P bases this
      assessment on Zhenjiang Transportation's status as the
      second-largest local government funding vehicle (LGFV)
      directly controlled by the Zhenjiang municipal government
      and its positioning as the city's sole municipal-level LGFV
      responsible for construction and operation of
      transportation infrastructure.  Integral link with the
      government.  S&P views Zhenjiang Transportation as fully
      controlled by the Zhenjiang municipal government through
      Zhenjiang State-owned Assets Supervision and Administration
      Commission (Zhenjiang SASAC) despite Zhenjiang SASAC's
      current partial ownership due to some legacy issues around
      the company's debt-like equity financing from Kunlun Trust.
      The credit quality of the Zhenjiang municipal government
      reflects the city's very high debt burden, contingent
      liabilities, and weak financial management.  The evolving
      but unbalanced institutional framework is an additional
      constraint to the government's creditworthiness.  S&P
      weighs these factors against the Zhenjiang municipal
      government's exceptional liquidity and strong budgetary
      performance.  Zhenjiang's average economy and budgetary
      flexibility are neutral to the credit profile.

"Our assessment of Zhenjiang Transportation's SACP reflects the
company's deep indebtedness, weak and volatile operating cash
flows, high dependence on the government's public spending plan,
and geographical concentration," said Ms. Li.

Zhenjiang Transportation's high business dependence on the
government and low profitability underpin its weak business risk
profile.  S&P expects the majority of the company's revenue over
the next two to three years to be attributable to government-
mandated infrastructure construction projects.  These government
mandated projects subject Zhenjiang Transportation to high
earnings volatility and swings in working capital.

Zhenjiang Transportation's concentration in terms of business
scope, service area, and single-customer exposure also constrains
its business risk profile, in S&P's view.  Although the company
has a dominant market share for transportation-related
infrastructure construction services in Zhenjiang city, it has no
geographical presence outside of the city.

Zhenjiang Transportation's deep indebtedness, sizable debt-funded
investment plans, and weak cash flow generation underpin S&P's
assessment of the company's financial risk profile as highly
leveraged.  S&P foresees considerable funding needs for the
company over the next few years in support of its pipeline
projects, including development works on pilot carbon-efficient
new zones as well as construction of the city's planned metro and
tram lines.

S&P expects Zhenjiang Transportation to continue its heavy
reliance on government payments and external lending to finance
its new projects and service existing debt.  The company's
interest coverage is extremely weak, and S&P expects it to remain
considerably less than 1.0x over the next two years.

Despite its track record of receiving government support in the
form of asset injections, financing arrangements, and government
debt swaps, Zhenjiang Transportation's financial metrics remain
weak, with pressure even on servicing existing debt obligations
from its operating cash flows.  The sizable debt burden of the
government and its LGFVs compared with their available resources
also increases risks in the government's ability to provide
timely, liquid, and sustainable ongoing support.  Therefore, S&P
do not consider ongoing government support to Zhenjiang
Transportation as sufficient to elevate the company's SACP
assessment.

S&P has equalized the issue rating on the bonds with the ratings
on Zhenjiang Transportation to reflect the company's limited
structural subordination risk associated with debt at the holding
company level.

"The stable outlook mainly reflects our view that the Zhenjiang
municipal government will maintain its credit quality over the
next 12-24 months," said Ms. Li.  "We also expect Zhenjiang
Transportation to continue to have an extremely high likelihood
of receiving timely and sufficient extraordinary support from the
municipal government, if needed, during this period."

S&P could downgrade Zhenjiang Transportation if:

   -- The credit quality of the Zhenjiang municipal government
      deteriorates, which would occur if the government faces
      liquidity crunches, or worse-than-expected budgetary
      performance as a result of surge in expenditures or further
      decline in the growth of fiscal revenues;

   -- S&P expects the likelihood of extraordinary government
      support to diminish due to a change in government policies,
      strategies, or priorities for Zhenjiang Transportation.
      Heightened policy risk on LGFVs that could affect timely
      extraordinary local government support, weakened government
      control, reduction in government ownership, or a
      significant increase in companies' involvement in
      competitive segments could indicate such a scenario; or

   -- S&P observes exacerbating liquidity pressure on Zhenjiang
      Transportation without timely government support.

S&P could upgrade the company if it believes the credit quality
of Zhenjiang municipal government has materially improved, which
would occur if Zhenjiang reduces the amount of LGFV borrowings by
measures such as asset sales.



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H O N G  K O N G
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CHINA FISHERY: Court OKs Appointment of W.Brandt as Ch.11 Trustee
-----------------------------------------------------------------
Judge James L. Garrity, Jr., of the U.S. Bankruptcy Court for the
Southern District of New York entered an order approving the
appointment of William J. Brandt, Jr., as the Chapter 11 Trustee
for CFG Peru Investments Pte. Limited (Singapore), and affiliate
of China Fishery Group Limited (Cayman).

William K. Harrington, the United States Trustee for Region 2,
notified the U.S. Bankruptcy Court for the Southern District of
New York of the appointment of William A. Brandt, Jr., as the
Chapter 11 Trustee for CFG Peru Investments Pte. Limited
(Singapore), Case No. 16-11914 (JLG), an affiliate of China
Fishery Group Limited, (Cayman).

Mr. Brandt is required to notify the U.S. Trustee, in writing, by
signing and returning the notice by first class mail within five
business days from the receipt of his appointment.  On the
Amended Notice of Appointment of a Trustee, Mr. Brandt is further
requested to post a Chapter 11 trustee bond in the amount of
$10,000.

The motion seeking appointment of a trustee was filed by
Cooperatieve Rabobank U.A., Standard Chartered Bank (Hong Kong)
Limited and DBS Bank (Hong Kong), Limited, seeking the
appointment of a Chapter 11 trustee pursuant to section
1104(a)(2) of the Bankruptcy Code.  The motion was joined by Bank
of America, N.A., Malayan Banking Berhad, Hong Kong Branch, the
Insolvency Administrator of the Pickenpack Group, and the Senior
Noteholders Committee.

The Movants sought the appointment of a Chapter 11 trustee for
the Debtors under section 1104(a)(2) of the Bankruptcy Code for a
variety of reasons, the most pressing of which is to cause the
Peruvian Opcos to challenge those insolvency proceedings.  In
substance, they contended that the trustee should cause the
Peruvian Opcos to contest the involuntary petitions by, among
Other things, exercising their rights under Peruvian law to
satisfy the claims of the petitioning creditors.  The Movants
maintained that after those proceedings are dismissed, the
trustee should cause the Debtors to sell the Peruvian business,
pay off the creditors of the Peruvian Opcos, and distribute the
net proceeds from the sale to the Debtors' creditors and
shareholders in accordance with their rights and priorities.
Thus, while the Debtors are advocating a "wait and see" approach,
with the value of the Peruvian Opcos to be realized and
distributed through the Peruvian Insolvency Proceedings, the
Movants, through their motion, sought, among other things, to
obtain the benefit of their pre-petition bargain with the
Debtors.

                   About China Fishery Group

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 16-11895) on June 30, 2016. The petition was
signed by Ng Puay Yee, chief executive officer.

The case is assigned to Judge James L. Garrity Jr.

At the time of the filing, the Debtor estimated its assets at
$500 million to $1 billion and debts at $10 million to $50
million.

Howard B. Kleinberg, Esq., Edward J. LoBello, Esq. and Jil
Mazer-Marino, Esq. of Meyer, Suozzi, English & Klein, P.C. serve
As legal counsel. The Debtor has tapped Goldin Associates, LLC,
as financial advisor and RSR Consulting LLC as restructuring
consultant.


CHINA FISHERY: $1.9M Golf Club Membership Sale to Biel Okayed
-------------------------------------------------------------
Judge James L. Garrity, Jr. of the U.S. Bankruptcy Court for the
Southern District of New York authorized China Fishery Group Ltd.
(Cayman)'s and affiliates' private sale of The Hong Kong Golf
Club membership memorialized by Certificate No. 0936 ("Golf Club
Membership") nunc pro tunc to Aug. 25, 2016 to Biel Crystal
Manufactory Ltd. for HK$15,100,000 (or approximately
USD$1,947,445).

The sale of the Golf Club Membership is free and clear of all
Liens.

The Debtors are authorized to employ and retain Everfine
Membership Services Ltd. nunc pro tunc to June 30, 2016, and are
authorized to make a payment of 1% of the purchase price for the
Golf Club Membership to Everfine pursuant to the Confirmation
Agreement without any further notice or process.

All net proceeds from the Debtors' sale of the Golf Club
Membership (not including the Everfine payment to be made to
Everfine) are to be held by the Debtors and not used or disbursed
in any manner until further Order of the Court.

                 About China Fishery Group

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 16-11895) on June 30, 2016.  The petition was
signed by Ng Puay Yee, chief executive officer.

The case is assigned to Judge James L. Garrity Jr.

At the time of the filing, the Debtor estimated its assets at
$500 million to $1 billion and debts at $10 million to $50
million.

Howard B. Kleinberg, Esq., Edward J. LoBello, Esq. and Jil
Mazer-Marino, Esq. of Meyer, Suozzi, English & Klein, P.C. serve
As legal counsel.  The Debtor has tapped Goldin Associates, LLC,
as financial advisor and RSR Consulting LLC as restructuring
consultant.



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ADITYA INFRA: CRISIL Suspends B+ Rating on INR50MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Aditya
Infra and Agri Business Private Limited.

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

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

Incorporated in 2011, Aditya Infra Constructions Private Limited
provides logistic and labour services in civil construction work.
Apart from this, the company is also into construction of roads
and water drainages. The company changed its name in May 12, 2015
to Aditya Infra and Agri Business Private Limited. The company is
planning to venture into exports of agri-commodities in medium
term. AIABPL is based out of Mangalore (Karnataka) and its day-
to-day operations are managed by Mr. Aditya Nayak.


AL-SAMI FOOD: CARE Reaffirms B+ Rating on INR1cr LT Bank Loan
-------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Al-Sami
Food Exports Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       1        CARE B+ Reaffirmed
   Short-term Bank Facilities      9        CARE B+/CARE A4
                                            Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Al-Sami Food
Exports Private Limited continue to remain constrained by the
limited track record and moderate scale of operation, fluctuating
profit margins, leveraged capital structure with weak debt
coverage indicators, working capital intensive nature of the
business with high dependence on bank borrowings and highly
competitive and regulated nature of the industry. The ratings
also factor in the decline in the revenue in FY16 (refers to the
period April 1 to March 31) along with improved profit margins
during the year. The ratings continue to be underpinned by the
long-standing industry experience of the promoters and
satisfactory working capital cycle. The ability of the company to
expand the scale of operation and improve profitability amidst
intense competition and manage the working capital requirements
efficiently without further leveraging the capital structure are
the key rating sensitivities.

AFEPL was incorporated on October 20, 2009. The company was
founded by Mr. Abdul Salam and his wife, Mrs Ajim Unnisa Begum,
in 2009, and commenced operations in 2011. AFEPL has been engaged
in exporting of processed beef. The company has cold storage
facility through its group concern; Al-Sami Cold Storage. The
entire shareholding lies with the promoters and associate
companies. Mr. Abdul Salam (Managing Director) has around 25
years of experience in food processing business.

During FY16, the company reported total operating income of
INR20.94 crore (INR43.69 crore in FY15) with PBILDT of INR1.67
crore and a PAT of INR0.29 crore.  As per the provisional
financials for H1FY17, the company has reported a total operating
income of INR8.97 crore and a PAT of INR0.66 crore.


ANKUR IRON: CRISIL Lowers Rating on INR90MM Cash Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ankur Iron India Private Limited to 'CRISIL B/Stable' from
'CRISIL B+/Stable' and reaffirmed the short-term facility at
'CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             90        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit        50        CRISIL A4 (Reaffirmed)

   Proposed Long Term      21.2      CRISIL B/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL B+/Stable')

   Term Loan                3.8      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects expected weakening of liquidity as
cash accrual of around INR5 million will be tightly matched to
meet its debt repayment obligation of INR3.8-4 million in fiscal
2017. The stretch in liquidity is also reflected in almost full
utilisation of the bank limit. The overall financial risk profile
remains weak marked by high gearing, expected at 2.5-2.8 times,
and low debt protection metrics with interest coverage ratio
expected at 1.2-1.5 times, over the medium term.

The ratings reflect the susceptibility of profitability margins
to cyclicality in the steel sector, and a weak financial risk
profile marked by modest networth and low debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of the promoters in the steel trading
industry.
Outlook: Stable

CRISIL believes AIPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a significant increase in revenue, while
profitability margins and capital structure improve. The outlook
may be revised to 'Negative' if the financial risk profile
weakens further, most likely because of large external debt for
meeting working capital requirement, or substantially low cash
accrual.

AIPL was incorporated in 2011 to take over the business of the
proprietorship concern, Ankur Steel Corporation, which was set up
in 1982. Its promoters, Mr. Kiran Mehta and his son Mr. Harsh K
Mehta, manage operations. The company trades in steel and steel
products such as cold-rolled sheets, galvanised sheets, and hot-
rolled sheets. Its clientele includes local resellers who in turn
sell to end users. Its registered office is in Mumbai.


ARON PIPES: CARE Hikes Rating on INR13.57cr Long Term Loan to B+
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Aron Pipes Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.57      CARE B+ Revised from
                                            CARE B (Single B)

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Aron Pipes Private Limited is mainly on account of
stabilization of operation during FY16 (refers to the period
April 1 to March 31) on the back of successful completion of its
project. The rating continues to derive strength from experienced
promoters in the pipe industry and fiscal benefits receivables
from the government.

The rating, however, continues to remain constrained on account
of susceptibility of its operating margins to volatility in
prices of key raw materials, presence in a highly competitive and
fragmented pipe industry. Furthermore, the rating is also
constrained on account of its nascent stage of operation and its
financial risk profile marked by low total operating income, net
loss during FY16, leveraged capital structure, weak debt coverage
indicators and moderate liquidity position during FY16.

The ability of APPL to increase its scale of operations along
with improvement in the overall financial risk profile amidst
highly competitive pipe industry along with efficient working
capital management are the key rating sensitivities.

Surat-based (Gujarat) APPL was incorporated in August 2015 as a
private limited company by Ms Madhuben Virani, Mr. Ashvinbhai
Pansara, Mr. Mahendrabhai Pansara, Mr. Mukeshbhai Pansara and Mr.
Vijaybhai Gol. APPL operates from its sole manufacturing unit
located in Surat (Gujarat) having installed capacity of 7,920
metric tonnes per annum (MTPA) for manufacturing Poly Vinyl
Chloride (PVC) Pipes as on March 31, 2016. APPL has commenced
operation from December 2015 onwards.

During FY16, APPL reported net loss of INR0.45 crore on a total
operating income (TOI) of INR1.31 crore. During 7MFY17
(Provisional), APPL has reported TOI of INR28 crore.


BASAVESHWAR ELECTRICALS: CRISIL Suspends B+ Rating on INR45M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Basaveshwar Electricals Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         30         CRISIL A4
   Cash Credit            45         CRISIL B+/Stable

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

BEPL, incorporated in April 2013 by Mr. M V Gachinmath, is an
engineering, procurement, and construction (EPC) contractor. It
sets up substations and transmission lines for state power
transmission and distribution utilities in Karnataka. Mr.
Gachinmath has been engaged in this industry for over two decades
and earlier conducted the business through his proprietorship
concern Basaveshwar Electricals and Engineers. However, with the
formation of BEPL, all business will be undertaken by this
company. BEPL's registered office is in Bijapur (Karnataka).


BHILAI INSTITUTE: CRISIL Lowers Rating on INR97.5MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded the long-term bank facility of Bhilai
Institute of Technology Trust to 'CRISIL D' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               97.5      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects instances of delay in debt servicing. BITT
manages two institutes in Chhattisgarh: Bhilai Institute of
Technology, Durg (BITD) and Bhilai Institute of Technology,
Raipur (BITR; the institute with debt obligation). The delay in
debt servicing was owing to cash flow mismatch.

BITT is also exposed to regulatory restrictions in the education
sector. However, it benefits from diverse course offerings and
strong reputation.

Established in 1986, BITT manages BITD (started in 1986) and BITR
(started in 2009). BITD offers a variety of graduate and post-
graduate courses in engineering, business administration, and
computer applications, as well as a doctorate in engineering,
chemistry, environmental science, and applied physics; BITR
offers graduate courses in engineering.


COOLDECK INDUSTRIES: ICRA Reaffirms B+ Rating on INR6cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ assigned to
the INR6.00 crore fund based cash credit limit, INR4.90 crore
term loan facility and INR1.50 bank guarantee limit of Cooldeck
Industries Private Limited. The short-term rating reaffirmed at
[ICRA]A4 assigned to the INR3.00 crore non fund letter of credit
facility of Cooldeck Industries Private Limited.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Fund Based-Cash Credit     6.00       [ICRA]B+; reaffirmed
   Fund Based-Term Loan       4.90       [ICRA]B+; reaffirmed
   Non Fund Based-Bank
   Guarantee                  1.50       [ICRA]B+; reaffirmed
   Non Fund Based-Letter
   of Credit                  3.00       [ICRA]A4 ; reaffirmed

The rating reaffirmation continues to factor in the established
track record of the company in the cooling water and waste water
treatment business, healthy order book position as on date and
long-standing relationship with its reputed client base.
The rating however continues to be constrained by volatility in
revenue, with decline witnessed in FY 2016, on the back of muted
order inflow, weak capital structure owing to modest cash
accruals as well as past accumulated losses impacting the net-
worth, susceptibility of the margins to intense competition and
the stretched liquidity condition resulting in almost full
utilization of fund based limits.

Cooldeck Industries Private Limited (formerly known as Cooldeck
Aqua Solutions Private Limited) is engaged in manufacturing of
plastic components majorly for cooling towers and water/waste
water treatment plants. The company started as a proprietorship
concern in 1994 was converted into a private limited concern in
2005. It has a manufacturing plant in the union territory of
Daman.

Recent Results

During FY2016, CIPL reported profit after tax of INR0.3 crore on
an operating income of INR36.2 crore. During FY2015, CIPL
reported profit after tax (PAT) of INR1.0 crore on an operating
income of INR40.0 crore.


CURA SANITARYWARE: CARE Assigns B+ Rating to INR6.0cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Cura Sanitaryware LLP.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.00       CARE B+ Assigned
   Short-term Bank Facilities    0.30       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Cura Sanitaryware
LLP are constrained on account of stabilization risk associated
with recently completed project along with presence in highly
competitive ceramic industry and fortunes linked to demand from
the cyclical real estate sector. The ratings are also constrained
due to susceptibility of margins to volatility in prices of
natural gas and key raw material prices.

The ratings, however, derive strength due to moderate experience
of partners in the ceramic industry and location advantage having
presence into ceramic hub.

CSL's ability to stabilize its operations quickly and achieving
envisaged sales levels and profitability will remain the key
rating sensitivities.

CSL was incorporated in October 2015 mainly by Mr. Nisarg Faldu,
Mr. Bharat Makasana and Mr. Bharat Gami. CSL completed its green
field project during October 2016 for manufacturing sanitary
wares with an installed capacity 300,000 pieces per annum at
Morbi in Gujarat.


GOEL AND ASSOCIATES: CRISIL Reaffirms B Rating on INR38MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Goel and Associates
(Goel) continue to reflect a modest scale of operations, and
geographical and customer concentration in revenue. These rating
weaknesses are partially offset by the extensive experience of
the promoters in the construction industry, an adequate financial
risk profile because of a moderate networth and low gearing, and
a comfortable order book, providing revenue visibility over the
medium term.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          30       CRISIL A4 (Reaffirmed)

   Cash Credit             38       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      12       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Goel will continue to benefit from the extensive
industry experience of its promoters and comfortable order book.
The outlook may be revised to 'Positive' in case of a significant
increase in scale of operations along with higher cash accrual,
leading to improvement in liquidity. The outlook may be revised
to 'Negative' if the financial risk profile weakens, most likely
caused by capital withdrawal, an increase in working capital
requirement, or large, debt-funded capital expenditure.

Goel is a partnership firm formed in 1995 by Mr. Navin Goel and
his father Mr. R C Goel; currently, there are three partners in
the firm. It undertakes civil construction activities, such as
construction of housing complexes, in Chhattisgarh. It is a
registered contractor with Chhattisgarh Public Works Department
and Chhattisgarh Housing Board. The firm also constructs
hospitals with HSCC (India) Ltd, a consultancy company of the
Government of India.


GURUKRIPA CONVEYORS: CARE Reaffirms 'B' Rating on INR7.72cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Gurukripa Conveyors.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term Bank Facilities      7.72      CARE B Reaffirmed
   Short-term Bank Facilities     0.10      CARE A4 Reaffirmed

Rating Rationale

The ratings of Gurukripa Conveyors continue to remain constrained
on account of its modest scale of operations coupled with
moderate order book position in the highly fragmented and
competitive conveyor belt industry, its constitution as a
partnership concern and volatility associated with raw material
prices. The ratings are, further, continued to remain constrained
on account of its financial risk profile marked by moderate
profitability, weak solvency position and stressed liquidity
position.

The ratings, however, continue to derive strength from
experienced management along with reputed and diversified
customer base. The ratings, further, derive strength from timely
completion of its debt funded project within envisaged cost
parameters.

The ability of GC to increase its scale of operations with
improvement in profitability and improvement in capital structure
with efficient management of working capital are the key rating
sensitivities.

Jaipur-based (Rajasthan) GC was formed in January 2011 as a
partnership concern by Mr. Anil Garg, Mr. Ashok Garg and Mr.
Abhishek Garg and share profit & loss in the ratio of
35%:35%:30%, respectively. GC manufactures various grades of
conveyor belts used for industrial applications of material
handling in various industries like mining, coal, cement, steel
and fertilizer among others. The plant of the firm is located in
RIICO Industrial Area, Shahpura Rajasthan, having total
manufacturing capacity of 470 Meters Per Day as on March 31,
2016. The plant of the firm is certified as ISO 9001:2008 for
quality management systems. The firm caters to the domestic
market through 16-17 dealers and markets its product all over
India under the brand name 'FIRESTONE'.

As per the audited result of FY16 (refers to the period April 01
to March 31), GC reported a total operating income of INR7.53
crore (FY15: INR8.34 crore) with a PAT of INR0.02 crore (FY15:
INR0.01crore).


JAHNVIS MULTI: CRISIL Suspends B+ Rating on INR70MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Jahnvis
Multi Foundation.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      10        CRISIL B+/Stable
   Term Loan               70        CRISIL B+/Stable

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

Registered in 2003, JMF, a Dombivili based trust, runs Jana Gana
Mana School (JGMS) and Vande Matram Degree College (VMDC) in
Dombivili. JMF was formed by MR. Rajkumar Kolhe and his family
members.


KALYAN COTTON: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Kalyan
Cotton Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit           40.0        CRISIL B/Stable
   Long Term Loan        14.1        CRISIL B/Stable

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

Set up in 2014, KCI is a partnership firm promoted by the Patel
and Kalola families of Tankara (Morbi, Gujarat). The firm is
setting up a unit for cotton ginning and pressing; the commercial
operations of the unit are expected to start from end of April
2014.


KRAMSKI STAMPING: CRISIL Assigns B- Rating to INR70MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Kramski Stamping and Molding India
Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            17.5       CRISIL B-/Stable
   External Commercial
   Borrowings             70.0       CRISIL B-/Stable

The rating reflects KMPL's small scale of operations, large
working capital requirements, high customer concentration in
revenue profile. The ratings also factor in the KMPL below-
average financial risk profile because of low net worth and high
gearing. These rating weaknesses are partially offset by the
extensive industry experience of its promoters.
Outlook: Stable

CRISIL believes that the KMPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company increases
its scale of operations on a sustained basis, leading to an
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the company's revenues
and operating profitability decline or if its undertake a 'larger
than expected' debt funded capital expenditure leading to
weakening of its financial risk profile.

Set up in 2008, KMPL is engaged in manufacturing of High
Precision metal stamped components and Precision Plastic Molds.
KMPL is a 100% subsidiary of German based company Kramski GMBH.
Based out of Vellore (Tamilnadu), the company is promoted by
Kramski Andreas Reinhold.

For 2015-16 (refers to financial year, April 1 to March 31),
KAPL, on provisional basis, reported net loss of INR15.04 million
on revenue of INR332.83 million (INR43.24 million and INR360.91
million, respectively, for 2014-15).


LEARNING LINKS: CRISIL Reaffirms 'B' Rating on INR70MM Cash Loan
----------------------------------------------------------------
CRISIL rating on the bank facilities of Learning Links Publishing
House Private Limited continues to reflect LLPL's working-
capital-intensive operations, and small scale of operations due
to high competition. These rating weaknesses are partially offset
by the promoters' extensive experience in the publishing
industry.

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

   Letter of Credit         5        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      25        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that LLPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if there is substantial
and sustained increase in the company's revenue while it
maintains its operating margin, or if its working capital
management improves. Conversely, the outlook may be revised to
'Negative' if LLPL's capital structure deteriorates, most likely
due to lower-than-expected margins or a substantial increase in
its working capital requirements.

LLPL was incorporated in 2008 and publishes educational textbooks
for Central Board of Secondary Education, Indian Certificate of
Secondary Education, and various state boards. The company is
promoted by Mr. R N Malhotra and his wife, Ms. Suman Malhotra.


MISHRILAL ASSOCIATES: CARE Assigns B+ Rating to INR2cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Mishrilal Associates Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       2        CARE B+ Assigned
   Short-term Bank Facilities      8        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Mishrilal
Associates Private Limited are primarily constrained by small
scale of operations, leveraged capital structure, elongated
collection period and low order book position coupled with
customer and geographic concentration risk. The ratings are
further constrained by the highly competitive industry with
presence of several organized and unorganized players along with
risk associated with tender-based orders. The ratings, however,
draw comfort from experienced management, growing scale of
operations and moderate profitability margins.

Going forward, the ability of the company to increase its scale
of operations while maintaining the profitability margin and
registering improvement in its capital structure shall be the key
rating sensitivities.

Uttar Pradesh-based MAPL was incorporated in 2011 by Mr. Abhishek
Agarwal and Ms Banita Agarwal. MAPL is engaged in the field of
building electrical infrastructure such as rural electrification
and distribution & transmission network. The key materials are
electrical equipment like transformers, cables, conductors
electrical wires, pipe, metal boxes, etc. which the company
procures from the manufacturers based in Delhi and near regions.
The company primarily executes projects for government
organizations and receives the orders through tender and
bidding/quotation process.

In FY16 (refers to the period April 01 to March 31), MAPL
achieved a total operating income (TOI) of INR10.73 crore with
PAT of INR0.36 crore as against TOI of INR 7.04 crore with PAT of
INR0.20 crore in FY15. The company achieved TOI of INR15.00 crore
in 7MFY17 (Provisionals; refers to the period April 1 to
October 31).


MITTAL AGRO: CARE Assigns B+ Rating to INR6cr Long Term Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Mittal
Agro Oil Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       6        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Mittal Agro Oil
Industries is constrained by its weak financial risk profile
characterised by small & declining scale of operation, low
profitability margins, weak solvency position and elongated
operating cycle. The rating is further constrained by MAO's
exposure to raw material price volatility and presence in the
highly fragmented and competitive industry along with partnership
nature of its constitution. The rating, however, derives strength
from the experienced partners and favourable manufacturing
location.

Going forward, the ability of the firm to profitably scale-up its
operation while improving its overall solvency position and
efficiently managing its working capital borrowings would remain
the key rating sensitivities.

The entity was established as 'Mittal Cotton Factory', a
proprietorship firm in 1989 by Mr. Vijay Mittal.  In 2011, the
constitution got converted to a partnership firm with Mr. Vijay
Mittal, Mr. Deepak Mittal and Mr. Sunil Mittal as its partners
sharing profit and loss equally. Furthermore, in July 2015, the
name of the entity was changed to Mittal Agro Oil Industries.

The firm is engaged in cotton ginning, pressing and crushing at
its manufacturing facility located at Rohtak, Haryana, to produce
cotton seed cake, cotton oil and cotton bales. Furthermore, the
firm also commenced operations of oil refinery unit w.e.f April
2016. MAO procures raw cotton from local and nearby market as
well as from farmers located in Haryana. The finished products
are supplied to various cattle feed mills, yarn manufacturers and
wholesalers located in Haryana, Punjab, Uttarakhand and Delhi.

In FY16 (refers to the period April 1 to March 31), MAO has
achieved a total operating income of INR27.13 crore with PAT of
INR0.04 crore, as against the total operating income of INR31.66
crore with PAT of INR0.05 crore in FY15. In 5MFY17 (Provisional)
MAO has achieved total operating income of INR20.36 crore.


MODERN STEELS: CRISIL Reaffirms 'D' Rating on INR730MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Modern Steels Limited
continue to reflect the default in servicing of debt obligations
because of weak liquidity. Liquidity has weakened because of net
losses due to underutilisation of capacity and intense
competition from established players in the industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             730       CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan               102       CRISIL D (Reaffirmed)

   Letter of Credit        515       CRISIL D (Reaffirmed)

   Term Loan               418.8     CRISIL D (Reaffirmed)

   Working Capital
   Term Loan               389       CRISIL D (Reaffirmed)

MSL has a weak financial risk profile, because of high gearing
and subdued debt protection metrics. The company also has large
working capital requirement and is susceptible to volatility in
raw material prices and foreign exchange (forex) rates. However,
MSL benefits from established position in the steel rolled
products industry.

Update
Operating income stood at INR2.67 billion in fiscal 2016 against
INR3.15 billion in fiscal 2015. It reported losses in fiscal 2016
due to high interest expense and continued under-utilisation of
its manufacturing capacities. The management has taken steps to
increase the utilisation of its manufacturing capacities and has
started supplying auto components to original equipment
manufacturers in the two-wheeler segment. The sales may increase
to above INR3.0 billion in fiscal 2017 owing to these
initiatives. Large working capital cycle funded mainly through
bank debt will continue to constrain its net profitability.

The financial risk profile is weak, as reflected in negative
networth because of significant losses and high dependence on
working capital borrowings. Low operating margin, along with
highly leveraged capital structure, has resulted in weak debt
protection metrics. The interest coverage ratio stood at 0.6 time
in fiscal 2016 and is expected to remain inadequate over the near
term.

Operations will likely remain working capital intensive as
reflected in estimated gross current assets of 177 days as on
March 31, 2016, mainly driven by high receivables of 75-80 days.
Against this, it gets credit of 60-90 days on purchase of raw
materials. It maintains inventory of 80-85 days. The company is
likely to incur cash losses in fiscal 2017 while its repayments
will be likely be INR167 million for the period.

MSL was set up in 1974 by Mr. Amarjit Goyal. It is listed on the
Bombay Stock Exchange, with its promoters holding almost 62.33%
of its shares; the company is managed by Mr. Krishan Kumar Goyal,
son of Mr. Amarjit Goyal. MSL manufactures low-alloy and carbon-
steel-rolled products for commercial vehicles, such as trucks and
tractors, passenger vehicles, two-wheelers, and engineering
companies.


MURLIDHAR COTTON: CRISIL Ups Rating on INR70MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Murlidhar Cotton to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             70        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Term Loan               20        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects successful commercialisation of operations
in fiscal 2016 and expected significant ramp-up in sales in
fiscal 2017. Financial risk profile remained average because of
modest networth and moderately high gearing. The firm
commissioned its ginning and pressing unit in December 2015, as
per schedule and reported revenue of INR90 million and operating
margin of 3.4% in fiscal 2016. Significant ramp-up in sales is
expected in current fiscal, with estimated sales of over INR250
million. Sustained growth in sales, along with improvement in
capital structure, will remain a key monitorable.

The rating continues to reflect a small scale of operations,
susceptibility to volatility in cotton prices and to intense
competition, and an average financial risk profile. These
weaknesses are partially offset by promoters' extensive
experience and established relationships with customers and
suppliers, and the benefits derived from favourable location of
its plant.

Outlook: Stable

CRISIL believes MC will continue to benefit over the medium term
from its promoters' extensive experience. The outlook may be
revised to 'Positive' if scale of operations improves
significantly, leading to sizeable cash accrual and improvement
in capital structure. Conversely, the outlook may be revised to
'Negative' if low cash accruals; stretch in working capital
cycle, any large, debt-funded capital expenditure weakens the
financial risk profile, especially liquidity.

Set up in 2015, MC, a partnership between the Gami and Dalsaniya
families of Dhrangda, Jamnagar (Gujarat), gins and presses
cotton. The commercial operations of its cotton ginning and
pressing unit started from October 2015.


NETWORK INDUSTRIES: CRISIL Suspends 'D' Rating on INR740MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Network Industries Limited.

                          Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting
   under Letter of
   Credit                   30       CRISIL D
   Cash Credit             740       CRISIL D
   Letter of Credit        180       CRISIL D
   Standby Line of Credit   50       CRISIL D

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

NIL (formerly, Network Knitting Ltd) was incorporated in Kolkata
in 1989. The company, promoted by the Kolkata-based Jhawar
family, manufactures innerwear and outerwear and also trades in
knitted fabric. NIL has a manufacturing unit in Tirupur (Tamil
Nadu). The company sells innerwear under the Oscar brand and
outerwear under the Sight and Oscar brands.


ONCO-LIFE CANCER: CRISIL Suspends 'B' Rating on INR130MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Onco-Life
Cancer Centre Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     130        CRISIL B/Stable

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

OCCPL, incorporated in 2014, is promoted by Mr. Uday Deshmukh,
his wife Mr. Anjali Deshmukh, and his son Mr. Sachin Deshmukh.
The company is setting up a cancer hospital in Satara
(Maharashtra). The total project cost is around INR190 million.
The hospital is expected to commence operations in February 2015.


P.M. AGRO: CARE Reaffirms B+ Rating on INR5cr LT Loan
-----------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of P. M. Agro
Products Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       5        CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of P.M. Agro Products
Private Limited continues to remain constrained on account of its
modest scale of operations, low profitability, highly leveraged
capital structure and weak debt coverage indicators. Furthermore,
the rating continues to remain constrained on account of PAPL's
exposure to raw material price fluctuation risk, working capital
intensive nature of operations and presence in the highly
fragmented and competitive agro processing industry with exposure
to adverse changes in government policy. The rating also factors
in decline in its total operating income (TOI), deterioration in
capital structure and debt coverage indicators during in FY16
(refers to the period April 1 to March 31).

The rating continues to draw strength from the long track record
of operations and long-standing experience of its promoters.

The ability of PAPL to increase its scale of operations, improve
its profitability, capital structure and debt coverage indicators
along with the effective working capital management remain the
key rating sensitivities.

PAPL was incorporated as a private limited company in 2010 to
take over the proprietorship business of M/s P.M Dal Udyog (PDU).
PAPL is engaged in processing and trading of Arhar Dal (Toor
dal), Dal Chuni (used as cattle feed) and sells its product under
the brand name Baba Gold, Rasoi Gold, Son Pari and Ganga Yamuna.
PAPL's plant is located at Katni, Madhya Pradesh, with installed
capacity of 9000 metric tonnes per annum (MTPA) as on March 31,
2016, and carries cleaning, splitting and grading operations.
PAPL procures raw material from local market and sells it in
Madhya Pradesh, Uttar Pradesh, Bihar and Jharkhand through a
network of local agents.

During FY16, PAPL reported a total operating income of INR29.84
crore (FY15: INR37.25 crore) and net profit of INR0.08 crore
(FY15: INR0.09 crore). During H1FY17 (Provisional), PAPL has
achieved a turnover of INR16.07 crore.


P.M. DALL: CARE Reaffirms B+ Rating on INR5.0cr LT Loan
-------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of P. M. Dall
Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       5        CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of P. M. Dall Mills
Private Limited continues to remain constrained on account of its
modest scale of operations and its weak financial risk profile
characterized by low profitability, highly leveraged capital
structure and weak debt coverage indicators. Furthermore, the
rating continues to remain constrained on account of its working
capital intensive nature of operations, presence in the highly
competitive and fragmented agro processing industry and
vulnerability of its profit margins to commodity price
fluctuations. The rating also factors in decline in its total
operating income (TOI) and profitability, deterioration in debt
coverage indicators in FY16 (refers to the period April 1 to
March 31).

The rating continues to draw strength from the long track record
of operations and long-standing experience of its promoters.

The ability of PMDPL to increase its scale of operations, improve
its profitability, capital structure and debt coverage indicators
along with the effective working capital management remain the
key rating sensitivities.

PMDPL was established as proprietorship firm in 2008 under the
name of M/s P.M. Dall Industries. It was converted into private
limited company in February 2010. It is engaged in processing and
trading of Arhar dal or Rahar Dal, Masoor Dal, Matar Dal, Chana
Dal and its by-products. It sells Arhar Dal under various brand
names like Nawab, Mitha, Mira, Hariyali and Motidana. The
processing unit of PMDPL is located at Katni, Madhya Pradesh with
total capacity of 12,000 metric tonnes per annum as on March 31,
2016. PMDPL procures raw material from local market and sell its
entire product in domestic market mainly in Madhya Pradesh
through a network of local agents/brokers.

During FY16, PMDPL reported a total operating income of INR44.17
crore (FY15: INR57.51 crore) and net profit of INR0.12 crore
(FY15: INR0.14 crore). During 7MFY17 (Provisional), PMDPL has
achieved a turnover of INR30.00 crore.


PANINI GRANITES: CRISIL Lowers Rating on INR70MM LT Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Panini Granites Private Limited to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             65        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Letter of Credit        25        CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Long Term Loan          70        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Proposed Long Term      46        CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL BB-/Stable')

   Standby Line of Credit   9        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The downgrade reflects instances of delay by Panini in servicing
its debt because of weakened liquidity.

The rating continues to reflect Panini's large working capital
requirement and modest scale of operations in the intensely
competitive granite processing industry. Its small networth
limits its financial flexibility, and its profitability is
susceptible to volatility in granite prices. However, the company
benefits from its promoters' extensive industry experience.

Panini was incorporated by Mr. Srikanth Yadlapati, Mr. Veeru
Koritala, and Mr. Nag Donthineni in October 2011. The company
processes and polishes rough granite blocks into granite slabs.
Based in Guntur, Andhra Pradesh, it is a 100 per cent export-
oriented unit.


POLYGENTA TECHNOLOGIES: CARE Reaffirms C Rating on INR9.2cr Loan
----------------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of Polygenta
Technologies Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      9.20      CARE C Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Polygenta
Technologies Limited continues to remain constrained on account
of continuing operational losses, negative cash accruals,
complete erosion of networth and deterioration of debt coverage
indicators. Furthermore, the rating continues to factor in
relatively new technology coupled with operations at suboptimal
level.

The rating continues to derive strength from the experienced
promoters, financial support from the holding company and
reputed clientele base.

The ability of PTL to turnaround the business operations,
successfully execute, complete its ongoing project remains the
key rating sensitivities.

Incorporated in 1981, PTL is engaged in the manufacture of
Polyester Filament Yarn (PFY) using recycled PET content as a
major feedstock. In 2008, the Aloe Group through, Aloe
Environment Fund II (AEFII) and Green Investment Asia
Sustainability Fund I (GIASF) made an equity investment in PTL's
holding company, PerPETual Global Technologies, Mauritius. Both
these companies have a primary vision in investing in environment
friendly technologies. The investors of both these companies are
reputed environment development funds.

PTL uses a recycling technology (the ReNEW process) which is
effective in reconstituting lower cost recycled PET bottles
into a substitute feedstock for higher cost conventional
petrochemicals. Furthermore, ReNEW can be retrofitted to
existing conventional polyester plants to improve their operating
margins and make them more sustainable.

The integrated manufacturing facility (PTA/MEG to DTY) of PTL is
located in Nasik, has an installed capacity of 30 TPD [10,950
Metric Tonne Per Annum (MTPA)] at its recycling unit and 70 TPD
(25,550 MTPA) at its polymerization unit.

PTL sells its polyester yarn products for various applications in
the fields of apparel, denim, home furnishings, floor coverings,
and industrial applications. In FY16, PTL earned around 81% of
its sales from DTY, around 15% and balance from PET Chips,
trading and sales of scrap.

PTL reported operating loss of INR35 crore and net loss of INR59
crore on operating income of INR48 crore in FY16 (refers to the
period April 01 to March 31) compared with operating loss of
INR31 crore and net loss of INR64 crore on operating income of
INR65 crore in FY15.


R.L. FOODS: CRISIL Assigns B+ Rating to INR40MM Cash Loan
---------------------------------------------------------
CRISIL has assigned the 'CRISIL B+/Stable' to the long-term bank
facilities of R.L. Foods - Taraori. The rating reflects the
modest scale of operations and below-average financial risk
profile. These weaknesses are partially offset by extensive
experience of the proprietor in the basmati rice industry.

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

Outlook: Stable

CRISIL believes that RLF will continue to benefit from the
extensive experience of its proprietor in the rice industry. The
outlook may be revised to 'Positive' if a significant improvement
in the accruals and/ or any significant capital infusion by the
proprietor, strengthen the financial risk profile. The outlook
may be revised to 'Negative' in case of lower-than expected
growth in revenue and margin, or if a stretch in the working
capital cycle or a large, debt-funded capex, weakens the
financial risk profile.

RLF, incorporated in 2011 as a proprietorship firm by Mr. Roshan
Lal Gupta, mills and sorts basmati rice, and sells the produce to
merchant exporters and domestic traders. The Karnal-based firm
has milling plant capacity of 4 tonnes per hour.


RACHIT CREATION: CRISIL Suspends B+ Rating on INR60.3MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Rachit
Creation.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         3.3        CRISIL A4
   Cash Credit           20.0        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    33.9        CRISIL B+/Stable
   Rupee Term Loan       60.3        CRISIL B+/Stable

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

RC, a proprietorship concern set up by Mr. Ramniwas Gupta in 2005
in Surat (Gujarat), is engaged in designing embroidery on fabric.
The firm operates embroidery machines and customises its designs
according to its customers' requirements.


RADHE ENTERPRISE: CARE Reaffirms B+ Rating on INR6cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Radhe Enterprise.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       6        CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Radhe Enterprise
continues to remain constrained on account of thin profit
margins, leveraged capital structure and weak debt coverage
indicators. The rating further continues to remain constrained on
account of seasonality associated with the procurement of raw
material coupled with susceptibility of profitability to cotton
price fluctuation and changes in the government policy coupled
with its presence in the highly fragmented industry with limited
value addition, working capital intensive nature of operations,
limited financial flexibility owing to partnership nature of
constitution.

The rating, however, derives comfort from the vast experience of
the partners of RAE in the cotton industry and established
business operations of the firm.

RAE's ability to improve its scale of operations coupled with an
improvement in overall financial risk profile marked by
improvement in profit margins, capital structure and debt
coverage indicators along with better working capital management
remain the key rating sensitivities.

Rajkot-based (Gujarat) RAE was established during September 2003
as a partnership firm by eleven partners. Mr. Ashwinkumar M.
Jasani, Mrs Alkaben A. Jasani, Mrs Nitaben P. Jasani and Mr.
Pravinkumar V. Jasani look after all the day-to-day activities of
RAE. RAE is into the business of cotton ginning & pressing of
cotton bales and cotton seed and crushing of cotton seeds. RAE
has installed capacity of 2560 MTPA for cotton bales, 4608 MTPA
for cotton seed, 530 MTPA for cotton seed oil and 3963 MTPA for
cotton seed oil cake as on March 31, 2016.

During FY16, RAE reported total operating income (TOI) of
INR25.43 crore with PAT of INR0.58 crore as compared to TOI of
INR25.21 crore and PAT of INR0.56 crore during FY15. During
5MFY17 (Provisional), RAE has achieved a turnover of INR6.80
crore.


RAGHAV INDUSTRIES: CRISIL Ups Rating on INR50MM Cash Loan to 'B'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Raghav
Industries - Una to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.


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

   Letter of Credit        30        CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Term Loan                5        CRISIL B/Stable (Upgraded
                                      from 'CRISIL D')

The upgrade reflects the firm's timely servicing of debt from
August 2016, post regularisation of ad hoc cash credit limit
which was to be regularised in May 2016. Liquidity is supported
by unsecured loans of INR15 million in fiscal 2017, and
sufficient net cash accrual against debt obligation. Financial
flexibility, however, remains constrained by high bank limit
utilisation because of large working capital requirement.

In the absence of any debt-funded capital expenditure (capex) and
with operating margin expected at 8-9%, capital structure should
remain comfortable, with total outside liabilities to tangible
networth ratio expected at 1.5-2.0 times. Debt protection metrics
may also improve, with interest coverage ratio expected at 1.5-
1.8 times over the medium term. The ratio was negative in fiscal
2016 due to operating loss.

The ratings reflect RI's large working capital requirement and
modest scale of operations in the competitive packaging industry.
These weaknesses are partially offset by the extensive experience
of its proprietor in the packaging industry.

Outlook: Stable

CRISIL believes RI will continue to benefit from its proprietor's
extensive industry experience. The outlook may be revised to
'Positive' if there is a substantial and sustained revenue
growth, while operating profitability remains stable, leading to
a better business risk profile, or if working capital cycle
improves. The outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, weakens because
of decline in cash accrual, or stretch in working capital cycle,
or major, debt-funded capex.

RI, set up in 2010, manufactures low-density polyethylene sheets
and rolls used for packaging in the automobiles and textile
industries. Its operations are managed by proprietor Mr. Bhushan
Sharma. The firm is based in Himachal Pradesh.


RAHEE INFRATECH: CRISIL Lowers Rating on INR1.76BB Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Rahee
Infratech Limited to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         1765       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit             730       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Proposed Long Term      205       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

The downgrade reflects instances of devolvement of letter of
credit, and overutilisation of cash credit facility which was not
regularised for more than 30 days by the company, on account of
its weak liquidity

RIL faces high customer concentration risk, and has weak
liquidity because of large working capital requirement. However,
it benefits from its promoters' extensive experience in the
railway construction and fastenings industry, its diversified
revenue profile and healthy order book, and its comfortable
capital structure.

RIL was set up in 1948 as a partnership firm named Ramchander
Heeralall for supply of fastenings to Indian Railways. In 1998,
the firm was reconstituted as a private limited company with the
current name. It has two main businesses: construction and
fabrication, and fastenings.


RAJASTHAN TUBE: ICRA Reaffirms 'B+' Rating on INR20cr Loan
----------------------------------------------------------
ICRA has reaffirmed its long-term rating on the INR20-crore fund-
based facilities of Rajasthan Tube Manufacturing Company Limited
at [ICRA]B+. ICRA has reaffirmed its [ICRA]A4 rating on the
INR12.25-crore non-fund based facilities of the company.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund based facilities    20.00      [ICRA]B+; reaffirmed
   Non-fund based
   Facilities               12.25      [ICRA]A4; reaffirmed

The rating action factors in the decline in the company's sales
in FY2016 and the deterioration in working capital, partly offset
by the improvement in operating profit margins in FY2016 and H1
FY2017. ICRA's rating continues to factor in the intense
competition from numerous organised and unorganised players,
coupled with cheaper imports from Chinese markets, resulting in
inventory losses in FY2015 and FY2016. Nevertheless, the
Government of India (GoI) has imposed anti dumping duty on HR
coils, which is expected to benefit players such as RTM.
Moreover, the company's financial profile continues to remain
weak with high gearing, weak coverage indicators and moderate net
worth position.

The ratings also continue to be constrained by the vulnerability
of the company's profitability to fluctuations in raw material
prices, as the company is unable to fully pass on the price hike
in its key raw material (H.R coils) to its customers. The
ratings, however, continue to favorably take into account the
extensive experience of the promoters in the ERW pipes industry
and the company's well-entrenched distribution network across
various states.

Going forward, the ability of the company to improve its scale of
operations as well as bring about a sustained improvement in
profitability, while maintaining a healthy capital structure and
optimal working capital will be the key rating sensitivity.

RTM was incorporated in 1985 and became a public limited company
in 1995. The main products of the company include ERW steel pipes
with size ranging from 15 mm to 250 mm. The company's
manufacturing facility is located at Jaipur (Rajasthan) and has
an annual capacity of 45,000 Metric Tonnes Per Annum (MTPA). The
pipes manufactured by the company have varied applications in
water, gas and sewage pipes, structural purposes, idlers /
conveyors, water wells (casing pipes) etc.

Recent Results

In FY2016, the company reported a PAT of INR0.23 crore on an
operating income of INR80.84 crore, as against a loss of INR2.26
crore on an operating income of INR92.22 crore in the previous
year. In the first six months of FY2017, the company reported an
operating income of INR36.02 crore and a net profit of INR0.06
crore.


SAHARA INDIA: CRISIL Suspends 'D' Rating on INR1.40MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Sahara
India Medical Institute Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              1400       CRISIL D

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

Established in 1997, SIMIL is a wholly owned subsidiary of Sahara
Prime City Ltd, the real-estate arm of the Sahara group. SIMIL is
operating a multi-specialty tertiary hospital, Sahara Hospital,
in Lucknow (Uttar Pradesh). The hospital began operations in
February 2009 with 195 operational beds. Currently, SIMIL has
more than 374 operational beds. The hospital provides specialised
medical services in areas such as neurology, orthopaedics,
gynaecology, oncology, and cardiology. SIMIL has also set up a
nursing training college in Lucknow, with capacity to train 40
nurses per annum.


SHIVEN YARN: CRISIL Assigns 'B' Rating to INR194.5MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the long-term bank facilities of Shiven Yarn Private Limited.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan              194.5       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      13.5       CRISIL B/Stable
   Foreign Exchange
   Forward                  2.0       CRISIL A4
   Bank Guarantee          10.0       CRISIL A4
   Cash Credit            100.0       CRISIL B/Stable

The rating reflects SYPL's exposure to risks related to execution
of its project and its presence in a fragmented industry. These
weaknesses are partially offset by extensive experience of its
promoters in the textile industry, and benefits likely to be
derived from group concern.

Outlook: Stable

CRISIL believes SYPL will benefit over the medium term from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' in case of early completion of project
within the envisaged cost. Conversely, the outlook may be revised
to 'Negative' in case of time or cost overrun in the project,
weakening debt protection metrics.

SYPL, incorporated in February 2016, is setting up a plant for
manufacturing nylon mother yarn with capacity of 260 tonne per
month. The unit is expected to be operational in June 2017.


SHREE SAIKRUPA: CRISIL Reaffirms B+ Rating on INR34MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree
Saikrupa Agro Industries continues to reflect a small scale of
operations in an intensely competitive and highly regulated
cotton ginning industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             34.0     CRISIL B+/Stable (Reaffirmed)
   Proposed Term Loan       2.7     CRISIL B+/Stable (Reaffirmed)
   Term Loan               31.3     CRISIL B+/Stable (Reaffirmed)

The rating also factors in a below-average financial risk
profile, with aggressive capital structure. These weaknesses are
partially offset by its promoters' extensive experience and
proximity of unit to the cotton-growing belt.

Outlook: Stable

CRISIL believes SSAI will continue to benefit from its proximity
to cotton-growing belt. The outlook may be revised to 'Positive'
if significant growth in revenue and profitability leads to
higher cash accrual. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
deteriorates because of low cash accrual, or due to stretched
working capital cycle or any large, debt-funded capital
expenditure.

Established in May 2013, SSAI is a partnership between Mr. Dipak
Dubbani and four other partners. The firm has a cotton ginning
and pressing unit, with a capacity of around 900 quintal lint per
day at Hinganghat in Wardha (Maharashtra).


SHREE SHIV: CRISIL Assigns 'B' Rating to INR39MM Long Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank loan facilities of Shree Shiv Industries - Hathkhoj.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Cash
   Credit Limit             31       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       39       CRISIL B/Stable

The rating reflects SSI's exposure to project implementation
related risks and to timely stabilization and commensurate ramp-
up in sales during the initial phase of operations. The rating
also factors in expectation of an average financial risk profile
because of the ongoing project. These rating weaknesses are
partly offset by the extensive experience of the partners in the
steel industry.
Outlook: Stable

CRISIL believes SSI will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' if timely implementation and stabilisation of the
project leads to revenue, profitability, and cash accrual as
anticipated during the initial phase of operations. The outlook
may be revised to 'Negative' in case of time or cost overrun in
implementing the project, resulting in deterioration in the
financial risk profile, especially liquidity.

SSI, is a Hathkoj (Chattisgarh) based company, is presently
setting up its manufacturing facility for manufacturing of Hard
Bright and Galvanized Iron wire.


SHRI RAMSWAROOP: CARE Lowers Rating on INR97.17cr LT Loan to 'D'
----------------------------------------------------------------
CARE revises rating assigned to bank facilities of Shri
Ramswaroop Memorial Charitable Trust.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     97.17      CARE D Revised from
                                            CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of
Shri Ramswaroop Memorial Charitable Trust takes into
consideration the delays in servicing of its debt obligations.

Going forward, the ability of the trust to improve its liquidity
position would remain the key rating sensitivity.

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

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

During FY16 (provisional; refers to the period April 1 to
March 31), SRMCT reported a total income of INR56.86 crore and
surplus of INR9.65 crore as against total income of INR42.87
crore and surplus of INR5.92 crore during FY15.


SHUBHAM COTTON: CRISIL Reaffirms 'B' Rating on INR175MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shubham
Cotton Mills Pvt Ltd continues to reflect exposure to customer
concentration risks in revenue and below-average financial risk
profile because of small networth, high total outside liability
to tangible networth (TOLTNW) ratio and weak debt protection
metrics. These weaknesses are partially offset by the extensive
experience of promoters in the cotton ginning and guar gum
industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            175        CRISIL B/Stable (Reaffirmed)
   Term Loan                5        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SCMPL will benefit over the medium term from the
extensive experience of promoters. The outlook may be revised to
'Positive' if networth improves significantly, backed by equity
infusion by the promoters, and if profitability improves
significantly, leading to large cash accrual. Conversely, the
outlook may be revised to 'Negative' if large, debt-funded
capital expenditure results in deterioration in the financial
risk profile, or in case of an increase in working capital
requirement.

Update

Operating income is estimated to have declined 38.0% in fiscal
2016 compared with the previous fiscal, driven by lower
realisation and subdued demand for guar gums. However, business
risk profile will remain stable and will benefit from the
promoters' extensive experience. Operating margin is vulnerable
to fluctuations in raw material prices; it is expected to be at
1.0-1.5% over the medium term.

Financial risk profile has remained weak because of a modest
networth, high TOLTNW ratio, and weak debt protection metrics.
The TOLTNW ratio, at 5.0 times as on March 31, 2016, is likely to
remain high at 4-5 times over the medium term, due to
considerable reliance on external borrowing, despite the absence
of any debt-funded capital expenditure plans. Interest coverage
ratio, estimated at 1.13 times for fiscal 2016 is expected to be
at 1.13-1.15 times over the medium term.

Liquidity is adequate, backed by low working capital requirement.
Gross current assets is estimated at 66 days as on March 31,
2016, driven by inventory and receivables of 56 days and 8 days,
respectively. However, leading to moderate bank limit utilisation
of 94% over the 12 months through September 2016. Liquidity is
further supported by unsecured loans of INR30.0 million
outstanding as on March 31, 2016, from promoters, and net cash
accrual, which is expected to remain at INR3.0-3.5 million
annually over the medium term, against debt obligation of INR0.8
million annually.

SCMPL, incorporated in 1988, gins cotton, extracts oil from
cotton seeds, and manufactures guar gum and its by-products,
churi and korma. The company's processing and manufacturing unit
is in Ellenabad (Sirsa; Haryana). It was acquired by the current
promoters, Mr. Vinod Kumar, Mr. Naresh Kumar, and Mr. Mukesh
Kumar, in 2003, from Mr. Ajay Kumar, Mr. Raj Kumar, and Mr. Prem
Kumar.


SIDDHIVINAYAK POULTRY: CRISIL Ups Rating on INR75MM Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Siddhivinayak Poultry Breeding Farm and Hatcheries Pvt Ltd to
'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            75         CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Term Loan              29.6       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that SVPL will sustain
improvement in its credit risk profile over the medium term,
supported by continued revenue growth and stable profitability,
resulting in increased cash accrual. The revenue grew 34% during
fiscal 2016 driven by increasing tie-ups with broiler contract
farms. Improving revenue, increase in prices of day-old chicks,
and control on fixed cost led to improvement in operating margin
by 180 basis points to 3.8%. Improving operating performance
resulted in significantly better cash accrual of INR33 million in
fiscal 2016 as against INR6 million in fiscal 2015. Cash accrual
is likely to exceed INR40 million over the medium term, led by
moderate growth in revenue and stable profitability, and likely
to remain sufficient for maturing debt obligation.

The rating reflects a below-average capital structure, with high
gearing and modest networth, and susceptibility to risks inherent
in the poultry industry and to volatility in feed prices. These
weaknesses are partially offset by its promoters' extensive
experience and moderate debt protection metrics.
Outlook: Stable

CRISIL believes SVPL will continue to benefit over the medium
term from the promoters' extensive experience. The outlook may be
revised to 'Positive' if significant growth in cash accrual
backed by improving revenue or profitability, or substantial
capital infusion by promoters strengthens the capital structure.
Conversely, the outlook may be revised to 'Negative' if low
accrual most likely due to decline in revenue or profitability,
or stretched working capital cycle, or time or cost overrun in
ongoing capital expenditure leads to deterioration in the
financial risk profile, particularly liquidity.

SVPL was established in Pune (Maharashtra) in 2010 by Mr. Ajay
Deshpande, Mr. Laxman Bhosale, and Mr. Vijendra Bhosale. The
company undertakes broiler poultry farming; it sells broiler
eggs, day-old chicks, and broiler birds.


SRI BALAJI: CRISIL Suspends B+ Rating on INR55MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of M/s.
Sri Balaji Rice Industries.


                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             55       CRISIL B+/Stable
   Long Term Loan          40       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      10       CRISIL B+/Stable

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

Set up in 2007, SBRI, a partnership firm is engaged in milling
and processing of paddy into rice, rice bran, broken rice, and
husk. The firm's rice mill is located in Nalgonda (Telangana) and
is promoted by Mr. Ch. Venkateswarulu and Mr. Ch. Yadagiri.


SRISHTI INFRASTRUCTURES: CRISIL Rates INR35MM Cash Loan 'B+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Srishti Infrastructures Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Short Term
   Bank Loan Facility      7.5       CRISIL A4
   Bank Guarantee         73.0       CRISIL A4
   Cash Credit            35.0       CRISIL B+/Stable

The ratings reflect the company's modest scale of operations in
the fragmented civil construction industry, concentration in
order-book and high working capital requirements. These
weaknesses are partially offset by the extensive experience of
its promoters in the construction industry, and its above-average
financial risk profile because of healthy debt protection metrics
and low gearing.
Outlook: Stable

CRISIL believes SIL will benefit from its promoters' extensive
industry experience and its healthy order book. The outlook may
be revised to 'Positive' if there is a significant increase in
accruals, backed by diversification in order book profile and/or
customer base, leading to a better financial risk profile. The
outlook may be revised to 'Negative' if revenue or profitability
declines steeply, or working capital requirement increases
substantially, weakening the financial risk profile.

SIL, incorporated in 2009 and based in Jalandhar, Punjab,
undertakes government construction projects, such as construction
of roads, bridges, and buildings. The company is promoted by Mr.
Rajesh Gupta and Mr. Ravi Goel.


SVR ELECTRO: CRISIL Assigns 'B+' Rating to INR55MM Bank Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of SVR Electro Projects Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Cash
   Credit Limit            11        CRISIL B+/Stable
   Proposed Bank
   Guarantee               55        CRISIL B+/Stable
   Bank Guarantee          15        CRISIL A4
   Cash Credit             19        CRISIL B+/Stable

The ratings reflect its modest scale of operations, and
geographical concentration in revenue profile. The rating also
reflects its below-average financial risk profile because of high
gearing, modest debt protection metrics and networth. These
rating weaknesses are partially offset by the benefits derived
from the extensive industry experience of its promoters, and
revenue visibility on account of its moderate order book.
Outlook: Stable

CRISIL believes SVR will continue to benefit over the medium term
from the extensive industry experience of promoters. The outlook
may be revised to 'Positive' in case of a significant and
sustained increase in revenue, along with improvement in margins,
working capital cycle, and capital structure. Conversely, the
outlook may be revised to 'Negative' if a significant decline in
revenue or margins, a stretched working capital cycle, or any
large, debt-funded capital expenditure, weakens the financial
risk profile.

Established in 2014 as a private limited company, SVR undertakes
EPC contracts for setting up of transmission lines, sub-stations
and distribution lines for state power utilities. It also
undertakes civil construction activities primarily in irrigation
segment. Based in Hyderabad (Telangana), the company is promoted
and managed by Mr. RadhaKrishna A.

For 2015-16, SVR reported profit after tax (PAT) of INR2.4
million on net sales of INR132 million against PAT of INR0.4
million on net sales of INR19.7 million for 2014-15.


TARENDRA INFRASTRUCTURE: CARE Reaffirms B Rating on INR100cr NCD
----------------------------------------------------------------
CARE reaffirms the ratings assigned to NCD of Tarendra
Infrastructure Chennai Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Non-Convertible Debenture      100       CARE B Reaffirmed

Rating Rationale

The rating assigned to the Non-Convertible Debenture (NCD) of
Tarendra Infrastructure Chennai Private Limited continues to be
constrained by the risk associated with the sale of plots with
the entire project being converted into plotted sale and the
inherent cyclicality & intense competition associated with the
real estate industry.

The rating, however, draws strength from experience of the
promoters and their established track record in the real estate
sector. The rating also takes into account the receipt of
necessary approvals required for the project.

Going forward, timely sale of plots and registration of sale
deeds within the estimated timelines would be the key rating
sensitivities.

TICPL is a special purpose vehicle (SPV) formed by the True Value
Homes (TVH) group, to develop a real estate residential project
(TVH Mannivakkam) at Mannivakkam, Chennai. The group has more
than 15 years' experience in developing apartments, villas and
commercial complexes across Chennai and Coimbatore and has
developed & sold over 30 residential and commercial projects. The
project of TICPL has been launched in Mannivakkam, Chennai, on an
area of 47 acres primarily for sale of plots. Construction of
villas/houses will take place at the behest of the customers. The
project is proposed to be developed in two phases and the first
phase has been launched in May 2016.


V3 KNITTING: CRISIL Assigns 'B' Rating to INR57.5MM Term Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of V3 Knitting Co. and has assigned its 'CRISIL
B/Stable' rating to the facilities. CRISIL had, on September 15,
2016, suspended the rating as V3 had not provided information
required for a rating review. V3 has now shared the requisite
information, enabling CRISIL to assign a rating to its bank
facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            12.5       CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Rupee Term Loan        57.5       CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects V3's susceptibility to risks, particularly
related to offtake, associated with its ongoing project and its
expected leveraged capital structure during its initial stage of
operations. These rating weaknesses are partially offset by its
promoters' extensive experience in the textile industry.
Outlook: Stable

CRISIL believes that V3 will benefit from the promoters'
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' if V3 stabilises operations of its
plant in a timely manner and generates higher -than 'expected
revenue and profitability leading to higher cash accruals.
Conversely, the outlook may be revised to 'Negative' in case the
firm generates lower-than-expected cash accruals during the
initial phase of its operations, resulting in a pressure on its
liquidity.

Incorporated in March 2014, V3 has set-up 3 knitting machines of
total annual installed capacity of 15 lakh meters of fabric per
annum at Surat (Gujarat). The firm is promoted by Surat based
three  partner , Mr. Rajiv Bhatia ,  Mr. Rajan Mehra and Mr.
Pratik Chataniya, all the promoters has over 35 years of
experience in the textile business.


VENKATESH COTTON: CARE Reaffirms B+ Rating on INR7.40cr LT Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Venkatesh Cotton Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.40      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Venkatesh Cotton
Private Limited continues to remain constrained on account of
thin profit margins, leveraged capital structure and weak debt
coverage indicators. The rating further continues to remain
constrained on account of seasonality associated with the
procurement of raw material coupled with susceptibility of
profitability to cotton price fluctuation and changes in the
government policy coupled with its presence in the highly
fragmented industry with limited value addition and working
capital intensive nature of operations.

The rating, however, derives comfort from the vast experience of
promoters of VCPL in the cotton industry and its established
business operations.

VCPL's ability to improve its scale of operations coupled with an
improvement in overall financial risk profile marked by
improvement in profit margins, capital structure and debt
coverage indicators along with better working capital management
remain the key rating sensitivities.

VCPL was incorporated in May 2011 by Mr. Deepak Agrawal, Mr.
Mayank Agrawal & Mr. Gaurav Agrawal for setting up of new ginning
and pressing unit with automization with the capacity of 18,900
MT per annum. The plant is situated at Manwath, Maharastra which
has an installed capacity of 14,400 MTPA of cotton bales.

During FY16 (refers to the period April 1 to March 31), VCPL
reported total operating income (TOI) of INR15.32 crore with
PAT of INR0.05 crore as compared to TOI of INR16.95 crore and PAT
of INR0.05 crore during FY15. During 5MFY17 (Provisional), VCPL
has achieved a turnover of INR11.20 crore.




===============
P A K I S T A N
===============


SECOND PAKISTAN: S&P Corrects For. Currency Rating to 'B'
---------------------------------------------------------
S&P Global Ratings said that it had corrected its rating on a
senior unsecured debt instrument issued by Second Pakistan
International Sukuk Co. Ltd. by raising its long-term foreign
currency rating to 'B' from 'B-'.  Due to a technical error, the
long-term rating on this debt instrument was not raised when the
ratings on the Islamic Republic of Pakistan were raised.

The debt issue affected by the correction was the US$1 billion
6.75% Trust Certificate notes due Dec. 3, 2019, with ISIN:
XS1147732553.



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


VIVA INDUSTRIAL: Moody's Assigns Ba1 CFR, Outlook Stable
--------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba1 corporate
family rating to Viva Industrial Real Estate Investment Trust.

At the same time, Moody's has assigned a provisional (P)Ba2
rating to the SGD500 million multi-currency medium term note
(MTN) program established by Viva iTrust MTN Pte. Ltd, and a
definitive Ba2 rating to the SGD100 million 4.15% senior
unsecured 2018 notes drawn down under the program.

The program was established by VI-REIT through its wholly owned
subsidiary -- Viva iTrust MTN Pte. Ltd. -- and is unconditionally
and irrevocably guaranteed by Perpetual (Asia) Limited
(previously known as The Trust Company (Asia) Limited), in its
capacity as the trustee of VI-REIT.

The outlook on all ratings is stable.

                         RATINGS RATIONALE

"VI-REIT's Ba1 CFR is underpinned by its (1) balanced portfolio,
with a mix of multi-tenanted and master-leased assets; (2) income
diversification from its end tenant base, with a manageable lease
expiry profile; and (3) continued improvement in cash flow
generation, as its portfolio occupancy ramps up," says Rachel
Chua, a Moody's Analyst.

As of Sept. 30, 2016, VI-REIT's portfolio of eight properties in
Singapore had a total appraised value of SGD1.2 billion,
comprising two business parks, two logistics properties and four
light industrial properties.

As of Sept. 30, 2016, the trust reported portfolio occupancy of
88.6%, which has picked up and is now in line with the industry
and had an average weighted average lease expiry of 3.3 years.
VI-REIT expects that its portfolio occupancy will improve further
in 2017 and 2018, following the completion of ongoing works at
its two largest assets.

"However, VI-REIT's CFR is constrained by its small scale,
concentration risk at its two business park assets which
collectively account for over 70% of earnings, lower occupancy
rates given the ongoing works at two key assets and acquisition
risk from its portfolio growth strategy," adds Chua, who is also
Moody's Lead Analyst for VI-REIT.

VI-REIT demonstrates a moderate exposure to its partner, United
Engineers Developments Pte. Ltd. (UED, unrated) which provides
guaranteed net rent of SGD27.3 million per annum at the business
park at UE BizHub East.  UED is also the master lessee of the
hotel at UE BizHub East.  In 2015, VI-REIT received 22% of its
earnings from UED.

VI-REIT's rating also reflects the trust's moderate leverage
profile as of 30 September 2016 (LTM), with adjusted
debt/deposited assets of 40%, net debt/EBITDA of 6.7x and
EBITDA/interest cover of 4.2x.  Looking ahead, Moody's expects
that VI-REIT's adjusted leverage will stay between 40% and 42%
over the next 12-18 months.

On Oct. 26, VI-REIT announced that it will purchase a
logistics/warehouse asset for SGD96.8 million.  The trust has
raised SGD43.5 million of net equity proceeds through a private
placement exercise and will issue SGD23 million of consideration
units to the vendor to partially fund the acquisition.  Moody's
expects the remaining SGD30.3 million to be funded by secured
debt which will keep VI-REIT's metrics largely unchanged on a
pro-forma basis with net debt/EBITDA at 6.5x.  The asset is fully
leased for 7 years, with a fixed triple-net rent of SGD7.44
million per annum for the first two years.

VI-REIT has limited financial flexibility due to its high asset
encumbrance levels.  As of Sept. 30, 2016, the trust's secured
debt/deposited assets was at 31.7%.  Therefore, VI-REIT's senior
unsecured MTN program and notes are rated one notch below its Ba1
CFR, as noteholders rank behind the trust's senior secured bank
facilities.

The trust benefits from a relatively long-dated debt maturity
profile, with no near-term refinancing risk until September 2018
when its SGD100 million notes come due.

The stable outlook reflects Moody's expectation that the trust
will generate stable cash flows from its portfolio, and exercise
financial discipline in funding future acquisitions, such that it
maintains its credit profile within rating parameters.

Upgrade rating pressure is unlikely to emerge before the ongoing
asset enhancement and infrastructure works at its assets are
completed.

Nonetheless, VI-REIT's rating could be upgraded if the trust's
financial profile improves through: 1) achieving its expected
improvement in occupancy and rental rates at its two business
parks after 2017-2018; 2) successfully managing its lease expiry
risk through early forward renewals; 3) improving its access to
capital, including reducing its reliance on secured financing;
and 4) demonstrating a longer track record of financial prudence.

Specific indicators that Moody's would consider include: adjusted
debt/deposited assets below 40%, net debt/EBITDA below 6x-6.5x
and EBITDA/interest cover exceeding 3.5x. In addition, Moody's
would also expect secured debt/deposited assets to stay below 15%
and unencumbered assets to account for more than 60% of its total
investment property valuation on a sustained basis.

On the other hand, VI-REIT's rating could be pressured downwards
if: 1) the operating environment deteriorates, leading to a
failure in meeting the trust's expected improvements in occupancy
and rental rates, such that its operating cash flows are lower
than projected; or 2) the trust engages in overseas acquisitions,
particularly in markets where it has no operating track record
which will increase its overall risk profile.

Specific indicators that Moody's would consider include: adjusted
debt/deposited assets approaching 45%, EBITDA/interest cover
below 3x, or net debt/EBITDA exceeding 7.5x.

The principal methodology used in these ratings was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.

Viva Industrial Real Estate Investment Trust (VI-REIT) is a
Singapore-focused business park and industrial real estate
investment trust.  The trust is stapled with Viva Industrial
Business Trust (unrated) to form Viva Industrial Trust (unrated),
which was listed on the Singapore Stock Exchange in November
2013. As of Sept. 30, 2016, VI-REIT's portfolio consisted of
eight properties in Singapore with a total appraised value of
SGD1.2 billion.



===============
T H A I L A N D
===============


KRUNG THAI: S&P Affirms B+ Rating on Junior Subordinated Debt
-------------------------------------------------------------
S&P Global Ratings said that it affirmed the ratings on the
following six Thai financial institutions.  S&P also affirmed the
ratings on their outstanding debt:

Bangkok Bank Public Co. Ltd.
Issuer Credit Rating     BBB+/Stable/A-2
ASEAN Regional Scale     axA+/axA-1

Bank of Ayudhya Public Co. Ltd.
Issuer Credit Rating     BBB+/Stable/A-2
ASEAN Regional Scale     axA+/axA-1

KASIKORNBANK PCL
Issuer Credit Rating     BBB+/Stable/A-2
ASEAN Regional Scale     axA+/axA-1

Krung Thai Bank Public Co. Ltd.
Issuer Credit Rating     BBB/Stable/A-2
ASEAN Regional Scale     axA/axA-2

Siam Commercial Bank Public Co. Ltd.
Issuer Credit Rating     BBB+/Stable/A-2
ASEAN Regional Scale     axA+/axA-1

TMB Bank Public Co. Ltd.
Issuer Credit Rating     BBB-/Stable/A-3
ASEAN Regional Scale     axA-/axA-2

S&P affirmed the ratings because it believes these Thai banks
have sufficient buffers against downside risks in S&P's base-case
scenario.  In S&P's view, the credit cycle will likely peak in
end-2017, and non-performing loans (NPLs) will continue to
gradually increase, particularly in the small and midsize
enterprise (SME) segment.  However, S&P believes the
deterioration in asset quality would be manageable because the
banking sector regulator and banks have taken pre-emptive steps
to accumulate capital and make provisions for bad loans in the
years leading up to the downturn.

Thailand's economy is weighted down by continued political
uncertainty.  S&P expects that subdued investments and weak
external demand will keep real GDP growth at a tepid 3%-4% over
the next 12-18 months.  However, S&P's ratings incorporate normal
credit cycle turns, the NPLs of the Thai banks are coming from a
low base, and their loan-loss reserves are strong.  S&P's base-
case assumes the continuation of accommodative monetary policy
and low interest rates, which will continue to support private
sector debt repayment.

S&P expects deterioration in asset quality to remain the Thai
banking system's main challenge, with the SME and retail segments
being the chief contributors.  Systemwide NPLs increased to 2.9%
as of September 2016, from 2.2% in December 2014.  The rise in
NPLs was accompanied by an increase in credit costs and downward
pressure on profitability.  In S&P's view, SMEs in the export-
orientated and commodities-related sectors are particularly
vulnerable.  Persistent weaknesses in the SME segment can spill
over to the consumer segment since small business owners are also
likely to have mortgage or other forms of consumer borrowings,
against a backdrop of elevated household leverage.  Large
companies have generally been more resilient--but not immune--to
external factors, and S&P expects loans to these entities to
perform relatively better.  That said, this portfolio is
susceptible to tail-end risks as evidenced by the one-off default
of a large steel producer in 2015.

Overall, S&P expects the deterioration in asset quality for Thai
banks to be manageable because the banks have tightened their
underwriting standards and the interest rate environment remains
accommodative.  S&P expects the banking industry's loan growth to
slow to 3%-5% for 2016, compared with more than 10% prior to
2014, which would offset downward capital pressure from lower
retained earnings.  In S&P's view, Thai banks will continue to
focus on cost control and on preserving asset quality in 2017 to
ride out the cyclical downturn.

                  BANGKOK BANK PUBLIC CO. LTD.

S&P affirmed the ratings on Bangkok Bank because S&P expects the
bank to maintain its strong market leadership, sufficient retail
deposit funding base, and resilient earning capability over the
next 12-18 months.  Bangkok Bank's strong foothold in corporate
banking and its prudent risk management should counterbalance the
rising credit risk in the economy.

The stable outlook on Bangkok Bank reflects the outlook on the
sovereign credit rating on Thailand (foreign currency
BBB+/Stable/A-2; local currency A-/Stable/A-2; axAA/axA-1).  The
outlook also reflects S&P's expectation that the bank will
maintain its 'bbb' stand-alone credit profile (SACP) and high
systemic importance in Thailand's banking industry over the next
two years.  Bangkok Bank's strong franchise in deposit-taking and
lending supports the bank's importance in the industry.

S&P believes that the ratings on Bangkok Bank have limited upside
potential over the next 12-18 months because the ratings are at
the same level as the sovereign rating.

Similarly, S&P sees little downside risk because bank's SACP
would need to decline by more than one notch for any rating
downgrade. S&P could lower its assessment of Bangkok Bank's SACP
if the bank's asset quality deteriorates substantially.  However,
this is not S&P's base case.

                  BANK OF AYUDHYA PUBLIC CO. LTD.

S&P affirmed the ratings on Bank of Ayudhya because S&P expects
bank to remain a highly strategic subsidiary of Mitsubishi UFJ
Financial Group Inc. (MUFG group).  The rating on Bank of Ayudhya
could therefore be up to one notch lower than the 'a+' group
credit profile of MUFG group.

S&P has aligned the rating on Bank of Ayudhya with the foreign
currency sovereign credit rating on Thailand.  S&P rarely rates
banks above the sovereign credit rating on their home country
because S&P considers it unlikely that domestic banks would
remain immune to changes in the domestic economy.

BAY's 'bb+' stand-alone credit profile (SACP) reflects the bank's
higher exposure to high-risk segments than peers' and its
moderate capitalization.  The bank's enhanced market position in
Thailand following its merger with the Thai branch of Bank of
Tokyo-Mitsubishi UFJ (BTMU) in 2015, and its satisfactory
business and geographic diversity temper the above weaknesses.

The stable outlook on Bank of Ayudhya reflects the rating outlook
on the sovereign, and S&P's expectation that the bank will remain
at least a highly strategic subsidiary of MUFJ group over the
next 12-18 months.  Accordingly, S&P believes there is a low
probability that the rating on the bank will move either upward
or downward in the next 12-18 months.

                         KASIKORNBANK PCL

S&P affirmed the ratings on KASIKORNBANK PCL to reflect the
bank's strengthened capital position, diversified and resilient
earnings profile, and sufficient funding and liquidity.  S&P
believes these strengths will offset the asset-quality challenges
Kasikornbank could face in the SME sector as a result of
Thailand's stagnated economic growth.

The stable outlook on KASIKORNBANK reflects S&P's expectation
that the bank will maintain its high systemic importance in
Thailand. S&P also expects the bank to sustain its 'bbb-' SACP
over the next two years by maintaining its strong market position
while preventing any significant deterioration in capitalization
and asset quality.

S&P could downgrade Kasikornbank if it lowers its SACP, which
could result from a substantial deterioration in asset quality.
The bank's restructured loan ratio increased visibly in the past
few quarters, reflecting of the underlying asset-quality
challenges the bank is facing in its large SME portfolio amid a
slowing Thai economy.

The possibility of an upgrade is limited over the next 12-18
months because the rating on KASIKORNBANK is already the same as
the foreign currency sovereign credit rating on Thailand.

                  KRUNG THAI BANK PUBLIC CO. LTD.

S&P affirmed the rating on Krung Thai Bank to reflect S&P's view
of a high likelihood of extraordinary support from the Thailand
government if needed.  The bank's systemic importance emanates
from its size and market share, and the fact that it is the only
commercial bank in Thailand with majority government ownership.

S&P also believes that Krung Thai Bank will maintain its stable
returns owing to its good franchise and stable deposit base in
Thailand's banking industry.  Nevertheless, the bank's earnings
are less diversified when compared to some other large players
such as KASIKORNBANK or Siam Commercial Bank.  Moreover, Krung
Thai Bank's risk management practices are evolving, making the
bank more vulnerable to an economic slowdown than its peers, as
reflected by its sharper increase in NPL ratios in recent months
compared to peers'.  On a risk adjusted basis, Krung Thai Bank's
capital is moderate and is lower than that of other rated Thai
banks.

The stable outlook on Krung Thai Bank reflects S&P's expectation
that the deterioration in the bank's asset quality will be
manageable over the next 12-18 months.  S&P therefore expects the
bank to maintain its financial profile over the period.

S&P could lower the rating if Krung Thai Bank's asset quality
deteriorates sharply, such that it is materially weaker than the
industry average.  The bank's NPL ratio of 4.2% as of Sept. 30,
2016, is already higher than the industry average and that of
other large peers.  A widening of gap could trigger a downgrade.
S&P could also lower the rating if it expects Krung Thai Bank's
pre-diversification risk-adjusted capital (RAC) ratio to
deteriorate below 5% on a sustained basis.

Conversely, S&P could upgrade Krung Thai Bank if the bank
significantly increases its revenue diversity, especially fee
income from recurring businesses.

              SIAM COMMERCIAL BANK PUBLIC CO. LTD.

S&P affirmed the ratings on Siam Commercial Bank because S&P
expects the bank to maintain its well diversified earning streams
and solid capital buffer over the next 12-18 months despite a
one-off loss related to Sahaviriya Steel Industries Pcl in 2015.
S&P expects Siam Commercial Bank's credit costs to remain higher
than historical average over the period owing to still-
challenging economic conditions.  However, the bank's prudent
risk management and sound capital position should mitigate the
risks.

S&P's stable outlook on Siam Commercial Bank reflects S&P's
expectation that the bank will maintain its strong business
position and sound financial profile over the next 12-18 months
years despite challenging operational conditions and the
associated asset-quality pressure.

S&P could lower the rating if Siam Commercial Bank's 'bbb-' SACP
deteriorates by one notch, which could happen if the bank's asset
quality falls sharply.  S&P views this as an unlikely event.

The possibility of an upgrade is equally remote over the next two
years because the rating on the bank is the same as the foreign
currency sovereign rating.

                     TMB BANK PUBLIC CO. LTD.

S&P affirmed the ratings on TMB Bank to reflect the bank's stable
financial profile and improved risk management practice, which
should help the bank to maintain its 'bb+' SACP over the next 12-
18 months despite the current economic challenges.  The ratings
also take into account TMB Bank's midsize operating scale and
marginally above-industry-average growth.

The stable outlook on TMB Bank reflects S&P's expectation that
the bank will maintain prudent risk management discipline even
while growing slightly higher than the industry over the next two
years. S&P anticipates that TMB Bank will retain sufficient
earnings to support its loan growth and maintain its current RAC
ratio.

S&P could lower the rating if TMB Bank's RAC ratio declines below
5% on a sustained basis, or if the bank expands aggressively,
materially weakening its asset quality.  However, this is not
S&P's base case.

S&P is unlikely to raise the rating on TMB Bank in the next two
years because of the bank's stable business profile and moderate
systemic importance.

RATINGS LIST

Ratings Affirmed

Bangkok Bank Public Co. Ltd.
Issuer Credit Rating     BBB+/Stable/A-2
ASEAN Regional Scale     axA+/axA-1

Senior Unsecured         BBB+
Senior Unsecured         axA+
Subordinated             BBB

Bank of Ayudhya Public Co. Ltd.
Issuer Credit Rating     BBB+/Stable/A-2
ASEAN Regional Scale     axA+/axA-1

KASIKORNBANK PCL
Issuer Credit Rating     BBB+/Stable/A-2
ASEAN Regional Scale     axA+/axA-1

Senior Unsecured         BBB+
Subordinated             axA

Krung Thai Bank Public Co. Ltd.
Issuer Credit Rating     BBB/Stable/A-2
ASEAN Regional Scale     axA/axA-2

Senior unsecured         BBB
Junior Subordinated      B+

Siam Commercial Bank Public Co. Ltd.
Issuer Credit Rating     BBB+/Stable/A-2
ASEAN Regional Scale     axA+/axA-1

Senior Unsecured         BBB+
Senior Unsecured         A-2
Short-term debt          axA-1
Subordinated             axA

TMB Bank Public Co. Ltd.
Issuer Credit Rating     BBB-/Stable/A-3
ASEAN Regional Scale     axA-/axA-2

Senior Unsecured        BBB-
Senior Unsecured        cnA-



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


* BOND PRICING: For the Week Nov. 21 to Nov. 25, 2016
-----------------------------------------------------

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


  AUSTRALIA
  ---------
ARTSONIG PTY LTD           11.50   04/01/19      USD       8.00
ARTSONIG PTY LTD           11.50   04/01/19      USD       8.00
BOART LONGYEAR MANAGEME     7.00   04/01/21      USD      17.65
BOART LONGYEAR MANAGEME     7.00   04/01/21      USD      18.50
BOART LONGYEAR MANAGEME    10.00   10/01/18      USD      72.25
BOART LONGYEAR MANAGEME    10.00   10/01/18      USD      70.63
CML GROUP LTD               9.00   01/29/20      AUD       1.02
DBCT FINANCE PTY LTD        2.10   06/09/26      AUD      74.75
IMF BENTHAM LTD             5.93   06/30/19      AUD      65.13
KEYBRIDGE CAPITAL LTD       7.00   07/31/20      AUD       0.70
LAKES OIL NL               10.00   05/31/18      AUD       5.15
LAKES OIL NL               10.00   03/31/17      AUD       5.00
MIDWEST VANADIUM PTY LT    11.50   02/15/18      USD       2.25
MIDWEST VANADIUM PTY LT    11.50   02/15/18      USD       3.50
RELIANCE RAIL FINANCE P     2.08   09/26/23      AUD      65.44
RELIANCE RAIL FINANCE P     2.08   09/26/23      AUD      65.44
STOKES LTD                 10.00   06/30/17      AUD       0.35
TREASURY CORP OF VICTOR     0.50   11/12/30      AUD      68.27


CHINA
-----

AKESU XINCHENG ASSET IN     7.50   10/10/18      CNY      52.52
ANSHAN CITY CONSTRUCTIO     8.25   03/05/19      CNY      62.74
ANYANG INVESTMENT GROUP     8.00   04/17/19      CNY      63.48
BAISHAN URBAN CONSTRUCT     7.00   07/31/19      CNY      62.29
BANGBU CITY INVESTMENT      5.78   08/10/17      CNY      30.53
BAOTOU STATE OWNED ASSE     7.03   09/17/19      CNY      63.23
BAYINGUOLENG INNER MONG     7.48   09/10/18      CNY      51.95
BEIJING CAPITAL DEVELOP     5.95   05/29/19      CNY      61.91
BEIJING CONSTRUCTION EN     5.95   07/05/19      CNY      62.24
BEIJING CONSTRUCTION EN     5.95   07/05/19      CNY      62.00
BEIJING ECONOMIC TECHNO     5.29   03/06/18      CNY      70.93
BEIJING XINGZHAN STATE      6.48   08/31/19      CNY      83.00
BEIJING XINGZHAN STATE      6.48   08/31/19      CNY      63.05
BIJIE XINTAI INVESTMENT     7.15   08/20/19      CNY      63.00
BINZHOU BINCHENG DISTRI     6.50   07/05/19      CNY      62.73
CHANGDE ECONOMIC DEVELO     7.19   09/12/19      CNY      63.86
CHANGDE ECONOMIC DEVELO     7.19   09/12/19      CNY      64.36
CHANGSHA CITY CONSTRUCT     6.95   04/24/19      CNY      62.61
CHANGSHA CITY CONSTRUCT     6.95   04/24/19      CNY      62.62
CHANGSHA COUNTY XINGCHE     8.35   04/06/19      CNY      63.16
CHANGSHA COUNTY XINGCHE     8.35   04/06/19      CNY      63.51
CHANGSHA HIGH TECHNOLOG     7.30   11/22/17      CNY      41.50
CHANGSHU BINJIANG URBAN     6.85   04/27/19      CNY      62.73
CHANGSHU CITY OPERATION     8.00   01/16/19      CNY      62.62
CHANGSHU CITY OPERATION     8.00   01/16/19      CNY      61.87
CHANGZHOU WUJIN CITY CO     6.22   06/08/18      CNY      51.29
CHAOYANG CONSTRUCTION I     7.30   05/25/19      CNY      63.20
CHENGDU ECONOMIC&TECHNO     6.50   07/17/18      CNY      51.65
CHENGDU ECONOMIC&TECHNO     6.55   07/17/19      CNY      62.98
CHENGDU ECONOMIC&TECHNO     6.50   07/17/18      CNY      51.39
CHENGDU ECONOMIC&TECHNO     6.55   07/17/19      CNY      62.50
CHENGDU HI-TECH INVESTM     6.28   11/20/19      CNY      63.04
CHENGDU HI-TECH INVESTM     6.28   11/20/19      CNY      63.10
CHENGDU XINCHENG XICHEN     8.35   03/19/19      CNY      64.21
CHENGDU XINCHENG XICHEN     8.35   03/19/19      CNY      63.34
CHENGDU XINGJIN URBAN C     7.30   11/27/19      CNY      64.08
CHENZHOU URBAN CONSTRUC     7.34   09/13/19      CNY      63.64
CHENZHOU URBAN CONSTRUC     7.34   09/13/19      CNY      63.76
CHIFENG CITY HONGSHAN I     7.20   07/25/19      CNY      62.98
CHIFENG CITY INFRASTRUC     6.18   05/18/17      CNY      49.50
CHIFENG CITY INFRASTRUC     6.18   05/18/17      CNY      50.38
CHINA CITY CONSTRUCTION     3.97   03/01/21      CNY      25.20
CHIZHOU CITY MANAGEMENT     7.17   10/17/19      CNY      63.63
CHONGQING CHANGSHOU DEV     7.45   09/25/19      CNY      63.62
CHONGQING CHANGSHOU DEV     7.45   09/25/19      CNY      63.60
CHONGQING FULING STATE-     6.39   01/21/20      CNY      74.00
CHONGQING HECHUAN RURAL     8.28   04/10/18      CNY      51.50
CHONGQING HECHUAN RURAL     8.28   04/10/18      CNY      51.88
CHONGQING HECHUAN URBAN     6.95   01/06/18      CNY      71.53
CHONGQING HECHUAN URBAN     6.95   01/06/18      CNY      70.40
CHONGQING JIANGBEI STAT     7.20   10/16/19      CNY      62.99
CHONGQING JIANGJIN HUAX     6.95   01/06/18      CNY      71.58
CHONGQING JIANGJIN HUAX     7.46   09/21/19      CNY      63.33
CHONGQING JIANGJIN HUAX     7.46   09/21/19      CNY      63.61
CHONGQING JINYUN ASSET      6.75   06/18/19      CNY      62.77
CHONGQING JINYUN ASSET      6.75   06/18/19      CNY      62.47
CHONGQING LAND PROPERTI     7.35   04/25/19      CNY      63.26
CHONGQING LAND PROPERTI     7.35   04/25/19      CNY      63.30
CHONGQING MAIRUI CITY I     6.82   08/17/19      CNY      63.36
CHONGQING NAN'AN URBAN      8.20   04/09/19      CNY      63.64
CHONGQING NAN'AN URBAN      6.29   12/24/17      CNY      61.18
CHONGQING NANCHUAN DIST     7.35   09/06/19      CNY      63.35
CHONGQING NANCHUAN DIST     7.35   09/06/19      CNY      63.36
CHONGQING XINGRONG HOLD     8.35   04/19/19      CNY      64.05
CHONGQING XINGRONG HOLD     8.35   04/19/19      CNY      63.32
CHONGQING XIYONG MICRO-     6.76   07/25/19      CNY      63.20
CHONGQING YONGCHUAN HUI     7.49   03/14/18      CNY      72.26
CHONGQING YONGCHUAN HUI     7.33   10/16/19      CNY      63.85
CHONGQING YUFU ASSET MA     6.50   09/04/19      CNY      63.19
CHONGQING YUFU ASSET MA     6.50   09/04/19      CNY      63.20
CHONGQING YULONG ASSET      6.87   05/31/19      CNY      62.75
CHONGQING YUXING CONSTR     7.29   12/08/17      CNY      71.32
CHUXIONG AUTONOMOUS DEV     6.08   10/18/17      CNY      50.91
CHUZHOU CITY CONSTRUCTI     6.81   11/23/19      CNY      63.18
CHUZHOU CITY CONSTRUCTI     6.81   11/23/19      CNY      63.70
CIXI STATE OWNED ASSET      6.60   09/20/19      CNY      62.94
DALI ECONOMIC DEVELOPME     8.80   04/24/19      CNY      64.02
DALIAN DETA INVESTMENT      6.50   11/15/19      CNY      62.97
DALIAN LVSHUN CONSTRUCT     6.78   07/02/19      CNY      62.54
DALIAN LVSHUN CONSTRUCT     6.78   07/02/19      CNY      63.23
DANYANG INVESTMENT GROU     8.10   03/06/19      CNY      63.18
DANYANG INVESTMENT GROU     8.10   03/06/19      CNY      62.86
DAQING URBAN CONSTRUCTI     6.55   10/23/19      CNY      62.69
DATONG ECONOMIC CONSTRU     6.50   06/01/17      CNY      40.55
DAXING ANLING FORESTRY      7.08   10/23/19      CNY      63.34
DAXING ANLING FORESTRY      7.08   10/23/19      CNY      59.29
DEZHOU DEDA URBAN CONST     7.14   10/18/19      CNY      64.33
DONGBEI SPECIAL STEEL G     6.50   03/27/16      CNY      40.00
DONGBEI SPECIAL STEEL G     7.40   07/17/17      CNY      40.00
DONGBEI SPECIAL STEEL G     6.30   09/24/16      CNY      40.00
DONGBEI SPECIAL STEEL G     8.30   09/06/16      CNY      40.00
DONGBEI SPECIAL STEEL G     5.88   05/05/16      CNY      40.00
DONGBEI SPECIAL STEEL G     6.10   01/15/18      CNY      40.00
DONGBEI SPECIAL STEEL G     5.63   04/12/18      CNY      40.00
DONGBEI SPECIAL STEEL G     8.20   06/06/16      CNY      40.00
DONGBEI SPECIAL STEEL G     7.00   07/10/16      CNY      40.00
DONGTAI COMMUNICATION I     7.39   07/05/18      CNY      51.71
DRILL RIGS HOLDINGS INC     6.50   10/01/17      USD      40.94
DRILL RIGS HOLDINGS INC     6.50   10/01/17      USD      44.20
ENSHI URBAN CONSTRUCTIO     7.55   10/22/19      CNY      64.09
ERDOS DONGSHENG CITY DE     8.40   02/28/18      CNY      49.94
ERDOS DONGSHENG CITY DE     8.40   02/28/18      CNY      50.00
EZHOU CITY CONSTRUCTION     7.08   06/19/19      CNY      62.64
FEICHENG CITY ASSET OPE     7.10   08/14/18      CNY      51.92
FENGHUA CITY INVESTMENT     7.45   09/24/19      CNY      63.92
FENGHUA CITY INVESTMENT     7.45   09/24/19      CNY      83.50
FUJIAN LONGYAN CITY CON     7.45   08/14/19      CNY      63.61
FUJIAN NANPING HIGHWAY      7.90   10/26/18      CNY      73.98
FUSHUN URBAN INVESTMENT     5.95   05/11/18      CNY      71.45
FUXIN INFRASTRUCTURE CO     7.55   10/10/19      CNY      63.32
FUZHOU URBAN AND RURAL      6.35   09/25/18      CNY      77.28
FUZHOU URBAN AND RURAL      6.35   09/25/18      CNY      51.62
GANSU PROVINCIAL HIGHWA     6.75   11/16/18      CNY      72.80
GANSU PROVINCIAL HIGHWA     7.20   09/19/18      CNY      73.41
GANZHOU CITY DEVELOPMEN     6.40   07/10/18      CNY      51.44
GAOMI STATE-OWNED ASSET     6.75   11/15/18      CNY      51.99
GAOMI STATE-OWNED ASSET     6.70   11/15/19      CNY      62.91
GAOMI STATE-OWNED ASSET     6.75   11/15/18      CNY      52.16
GUANGAN INVESTMENT HOLD     8.18   04/25/19      CNY      62.51
GUANGAN INVESTMENT HOLD     8.18   04/25/19      CNY      63.72
GUANGXI BAISE DEVELOPME     6.50   07/04/19      CNY      62.29
GUANGXI BAISE DEVELOPME     6.50   07/04/19      CNY      62.22
GUANGYUAN INVESTMENT HO     7.25   11/26/19      CNY      63.61
GUILIN ECONOMIC CONSTRU     6.90   05/09/18      CNY      51.70
GUILIN ECONOMIC CONSTRU     6.90   05/09/18      CNY      51.63
GUIYANG ECO&TECH DEVELO     8.42   03/27/19      CNY      63.37
GUIYANG JINYANG CONSTRU     6.70   10/24/18      CNY      51.72
GUIYANG JINYANG CONSTRU     6.70   10/24/18      CNY      52.14
GUIYANG PUBLIC RESIDENT     6.70   11/06/19      CNY      63.51
GUOAO INVESTMENT DEVELO     6.89   10/29/18      CNY      51.96
GUOAO INVESTMENT DEVELO     6.89   10/29/18      CNY      47.09
HAIAN COUNTY CITY CONST     8.35   03/28/18      CNY      51.81
HAIAN COUNTY CITY CONST     8.35   03/28/18      CNY      51.89
HAICHENG URBAN INVESTME     8.39   11/07/18      CNY      74.89
HAIMEN CITY DEVELOPMENT     8.35   03/20/19      CNY      62.00
HAIMEN CITY DEVELOPMENT     8.35   03/20/19      CNY      63.32
HAINING CITY ASSET MANA     7.80   09/20/18      CNY      73.69
HAINING CITY ASSET MANA     7.80   09/20/18      CNY      73.68
HANGZHOU MUNICIPAL CONS     5.90   04/25/18      CNY      51.05
HANGZHOU MUNICIPAL CONS     5.90   04/25/18      CNY      51.07
HANGZHOU YUHANG CITY CO     7.55   03/29/19      CNY      62.73
HANGZHOU YUHANG CITY CO     7.55   03/29/19      CNY      62.84
HANZHONG CITY CONSTRUCT     7.48   03/14/18      CNY      72.39
HARBIN HELI INVESTMENT      7.48   09/26/18      CNY      73.61
HARBIN HELI INVESTMENT      7.48   09/26/18      CNY      73.42
HEFEI CONSTRUCTION INVE     5.23   08/28/18      CNY      71.31
HEFEI HAIHENG INVESTMEN     7.30   06/12/19      CNY      63.43
HEFEI TAOHUA INDUSTRIAL     8.79   03/27/19      CNY      62.45
HEFEI XINCHENG STATE-OW     7.88   04/23/19      CNY      63.31
HEGANG KAIYUAN CITY INV     6.50   07/19/19      CNY      62.31
HENAN JIYUAN CITY CONST     7.50   09/25/19      CNY      63.95
HENGYANG CITY CONSTRUCT     7.06   08/13/19      CNY      63.23
HUAIAN CITY URBAN ASSET     7.15   12/21/16      CNY      40.03
HUAIAN CITY WATER ASSET     8.25   03/08/19      CNY      63.53
HUAI'AN DEVELOPMENT HOL     7.20   09/06/19      CNY      63.72
HUAI'AN DEVELOPMENT HOL     6.80   03/24/17      CNY      41.93
HUAI'AN DEVELOPMENT HOL     7.20   09/06/19      CNY      63.26
HUAIAN QINGHE NEW AREA      6.79   04/29/17      CNY      40.52
HUAIHUA CITY CONSTRUCTI     8.00   03/22/18      CNY      51.64
HUAIHUA CITY CONSTRUCTI     8.00   03/22/18      CNY      51.25
HUANGGANG CITY CONSTRUC     7.10   10/19/19      CNY      64.47
HUANGGANG CITY CONSTRUC     7.10   10/19/19      CNY      63.77
HUANGSHI URBAN CONSTRUC     6.96   10/25/19      CNY      63.70
HUIAN STATE ASSETS INVE     7.50   10/15/19      CNY      63.67
HUNAN CHANGDE DEYUAN IN     7.18   10/18/18      CNY      52.52
HUNAN CHANGDE DEYUAN IN     7.18   10/18/18      CNY      52.18
HUNAN CHENGLINGJI HARBO     7.70   10/15/18      CNY      52.51
HUNAN CHENGLINGJI HARBO     7.70   10/15/18      CNY      52.55
HUZHOU MUNICIPAL CONSTR     7.02   12/21/17      CNY      71.32
HUZHOU NANXUN STATE-OWN     8.15   03/31/19      CNY      62.96
HUZHOU WUXING NANTAIHU      7.71   02/17/18      CNY      71.96
INNER MONGOLIA HIGH-TEC     7.20   09/25/19      CNY      63.38
INNER MONGOLIA HIGH-TEC     7.20   09/25/19      CNY      61.41
JIAMUSI NEW ERA INFRAST     8.25   03/22/19      CNY      62.50
JIAMUSI NEW ERA INFRAST     8.25   03/22/19      CNY      62.90
JIAN CITY CONSTRUCTION      7.80   04/20/19      CNY      63.32
JIANAN INVESTMENT HOLDI     7.68   09/04/19      CNY      64.03
JIANGDONG HOLDING GROUP     6.90   03/27/19      CNY      62.71
JIANGDU XINYUAN INDUSTR     8.10   03/23/19      CNY      62.50
JIANGDU XINYUAN INDUSTR     8.10   03/23/19      CNY      62.99
JIANGSU HUAJING ASSET O     5.68   09/28/17      CNY      25.00
JIANGSU HUAJING ASSET O     5.68   09/28/17      CNY      25.21
JIANGSU LIANYUN DEVELOP     6.10   06/19/19      CNY      61.89
JIANGSU LIANYUN DEVELOP     6.10   06/19/19      CNY      62.31
JIANGSU NANJING PUKOU E     7.10   10/08/19      CNY      63.79
JIANGSU NANJING PUKOU E     7.10   10/08/19      CNY      63.31
JIANGSU NEWHEADLINE DEV     7.00   08/27/20      CNY      74.78
JIANGSU SUHAI INVESTMEN     7.20   11/07/19      CNY      63.41
JIANGSU TAICANG PORT DE     7.66   05/16/19      CNY      63.03
JIANGSU ZHANGJIAGANG EC     6.98   11/16/19      CNY      63.85
JIANGXI HEJI INVESTMENT     8.00   09/04/19      CNY      64.02
JIANGXI HEJI INVESTMENT     8.00   09/04/19      CNY      64.13
JIANGYIN CITY CONSTRUCT     7.20   06/11/19      CNY      63.29
JIASHAN STATE-OWNED ASS     6.80   06/06/19      CNY      61.80
JIAXING CULTURE FAMOUS      8.16   03/08/19      CNY      62.26
JIAXING ECONOMIC&TECHNO     6.78   06/14/19      CNY      63.04
JIAXING ECONOMIC&TECHNO     6.78   06/14/19      CNY      62.47
JINAN CITY CONSTRUCTION     6.98   03/26/18      CNY      51.51
JINAN CITY CONSTRUCTION     6.98   03/26/18      CNY      50.80
JINAN XIAOQINGHE DEVELO     7.15   09/05/19      CNY      63.21
JINAN XIAOQINGHE DEVELO     7.15   09/05/19      CNY      63.77
JINGJIANG BINJIANG XINC     6.80   10/23/18      CNY      77.00
JINGJIANG BINJIANG XINC     6.80   10/23/18      CNY      52.22
JINGZHOU URBAN CONSTRUC     7.98   04/24/19      CNY      63.79
JINING CITY CONSTRUCTIO     8.30   12/31/18      CNY      62.76
JINSHAN STATE-OWNED ASS     6.65   11/27/19      CNY      83.63
JINTAN CONSTRUCTION INV     8.30   03/14/19      CNY      63.22
JINZHOU CITY INVESTMENT     7.08   06/13/19      CNY      62.57
JINZHOU CITY INVESTMENT     7.08   06/13/19      CNY      62.73
JIUJIANG CITY CONSTRUCT     8.49   02/23/19      CNY      64.00
JIUJIANG CITY CONSTRUCT     8.49   02/23/19      CNY      63.59
JIXI STATE OWN ASSET MA     7.18   11/08/19      CNY      63.25
KAIFENG DEVELOPMENT INV     6.47   07/11/19      CNY      62.34
KARAMAY URBAN CONSTRUCT     7.15   09/04/19      CNY      62.40
KARAMAY URBAN CONSTRUCT     7.15   09/04/19      CNY      63.35
KASHI URBAN CONSTRUCTIO     7.18   11/27/19      CNY      63.92
KUNMING CITY CONSTRUCTI     7.60   04/13/18      CNY      50.50
KUNMING CITY CONSTRUCTI     7.60   04/13/18      CNY      51.71
KUNMING INDUSTRIAL DEVE     6.46   10/23/19      CNY      62.86
KUNMING INDUSTRIAL DEVE     6.46   10/23/19      CNY      63.01
KUNMING WUHUA DISTRICT      8.60   03/15/18      CNY      51.83
KUNMING WUHUA DISTRICT      8.60   03/15/18      CNY      51.99
KUNSHAN ENTREPRENEUR HO     6.28   11/07/19      CNY      63.06
KUNSHAN ENTREPRENEUR HO     6.28   11/07/19      CNY      84.00
LAIWU CITY ECONOMIC DEV     6.50   03/01/18      CNY      61.35
LEQING CITY STATE OWNED     6.50   06/29/19      CNY      62.60
LEQING CITY STATE OWNED     6.50   06/29/19      CNY      62.71
LESHAN STATE-OWNED ASSE     6.99   03/18/18      CNY      71.81
LESHAN STATE-OWNED ASSE     6.99   03/18/18      CNY      72.15
LIAOYANG CITY ASSETS OP     7.10   11/13/19      CNY      63.61
LIAOYANG CITY ASSETS OP     6.88   06/13/18      CNY      66.40
LIAOYANG CITY ASSETS OP     6.88   06/13/18      CNY      67.02
LIAOYUAN STATE-OWNED AS     8.17   03/13/19      CNY      63.16
LIAOYUAN STATE-OWNED AS     7.80   01/26/17      CNY      40.22
LIJIANG GUCHENG MANAGEM     6.68   07/26/19      CNY      62.72
LINAN CITY CONSTRUCTION     8.15   03/09/18      CNY      51.67
LINAN CITY CONSTRUCTION     8.15   03/09/18      CNY      51.57
LINYI ECONOMIC DEVELOPM     8.26   09/24/19      CNY      64.53
LINYI INVESTMENT DEVELO     8.10   03/27/18      CNY      51.54
LIUZHOU DONGCHENG INVES     8.30   02/15/19      CNY      63.01
LIUZHOU INVESTMENT HOLD     6.98   08/15/19      CNY      62.97
LIYANG CITY CONSTRUCTIO     8.20   11/08/18      CNY      70.86
LONGHAI STATE-OWNED ASS     8.25   12/02/17      CNY      71.66
LONGHAI STATE-OWNED ASS     8.25   12/02/17      CNY      70.02
LOUDI CITY CONSTRUCTION     7.28   10/19/18      CNY      52.10
LOUDI CITY CONSTRUCTION     7.28   10/19/18      CNY      52.46
LUOHE CITY CONSTRUCTION     6.99   10/30/19      CNY      63.14
LUOHE CITY CONSTRUCTION     6.81   03/30/17      CNY      30.28
LUOHE CITY CONSTRUCTION     6.81   03/30/17      CNY      30.31
LUOHE CITY CONSTRUCTION     6.99   10/30/19      CNY      84.02
MIANYANG SCIENCE & TECH     6.30   07/22/18      CNY      53.84
MIANYANG SCIENCE & TECH     7.16   05/15/19      CNY      60.50
MIANYANG SCIENCE & TECH     7.16   05/15/19      CNY      62.42
MUDANJIANG STATE-OWNED      7.08   08/30/19      CNY      63.04
MUDANJIANG STATE-OWNED      7.08   08/30/19      CNY      61.94
NANAN CITY TRADE INDUST     8.50   04/25/19      CNY      64.00
NANCHONG CHEMICAL INDUS     8.16   04/26/19      CNY      63.18
NANJING HEXI NEW TOWN A     6.40   02/03/17      CNY      60.06
NANJING JIANGNING SCIEN     7.29   04/28/19      CNY      63.00
NANJING JIANGNING SCIEN     7.29   04/28/19      CNY      63.02
NANJING NEW&HIGH TECHNO     6.94   09/07/19      CNY      63.44
NANJING NEW&HIGH TECHNO     6.94   09/07/19      CNY      63.00
NANJING URBAN CONSTRUCT     5.68   11/26/18      CNY      51.65
NANTONG CITY TONGZHOU D     6.80   05/28/19      CNY      62.71
NANTONG CITY TONGZHOU D     6.80   05/28/19      CNY      62.36
NEIJIANG INVESTMENT HOL     7.00   07/19/18      CNY      51.87
NEIJIANG INVESTMENT HOL     7.00   07/19/18      CNY      51.73
NEIMENGGU XINLINGOL XIN     7.62   02/25/18      CNY      71.88
NINGBO CITY ZHENHAI INV     6.48   04/12/17      CNY      40.31
NINGBO URBAN CONSTRUCTI     7.39   03/01/18      CNY      51.50
NINGBO URBAN CONSTRUCTI     7.39   03/01/18      CNY      52.15
NINGBO ZHENHAI HAIJIANG     6.65   11/28/18      CNY      52.20
NINGDE CITY STATE-OWNED     6.25   10/21/17      CNY      10.25
NONGGONGSHANG REAL ESTA     6.29   10/11/17      CNY      40.82
PANJIN CONSTRUCTION INV     7.70   12/16/16      CNY      39.98
PANJIN CONSTRUCTION INV     7.70   12/16/16      CNY      39.90
PANJIN CONSTRUCTION INV     7.50   05/17/19      CNY      62.87
PINGDINGSHAN CITY DEVEL     7.86   05/08/19      CNY      63.42
PINGDINGSHAN CITY DEVEL     7.86   05/08/19      CNY      63.35
PINGHU CITY DEVELOPMENT     7.20   09/18/19      CNY      63.68
PIZHOU RUNCHENG ASSET O     7.55   09/25/19      CNY      63.80
PIZHOU RUNCHENG ASSET O     7.55   09/25/19      CNY      63.75
PUER CITY STATE OWNED A     7.38   06/20/19      CNY      62.66
PUTIAN STATE-OWNED ASSE     8.10   03/21/19      CNY      62.97
PUTIAN STATE-OWNED ASSE     8.10   03/21/19      CNY      63.39
PUYANG CONSTRUCTION INV     6.98   10/29/19      CNY      63.37
QIANAN XINGYUAN WATER I     6.45   07/11/18      CNY      51.53
QIANDONG NANZHOU DEVELO     8.80   04/27/19      CNY      63.45
QIANDONGNANZHOU KAIHONG     7.80   10/30/19      CNY      63.54
QIANXI NANZHOU HONGSHEN     6.99   11/22/19      CNY      62.89
QIANXI NANZHOU HONGSHEN     6.99   11/22/19      CNY      63.00
QINGDAO CITY CONSTRUCTI     6.89   02/16/19      CNY      62.24
QINGDAO CITY CONSTRUCTI     6.89   02/16/19      CNY      62.23
QINGDAO CITY CONSTRUCTI     6.19   02/16/17      CNY      40.18
QINGDAO CITY CONSTRUCTI     6.19   02/16/17      CNY      40.22
QINGDAO HUATONG STATE-O     7.30   04/18/19      CNY      62.66
QINGDAO HUATONG STATE-O     7.30   04/18/19      CNY      63.02
QINGZHOU HONGYUAN PUBLI     7.25   10/19/18      CNY      52.17
QINGZHOU HONGYUAN PUBLI     7.35   10/19/19      CNY      63.57
QINGZHOU HONGYUAN PUBLI     7.25   10/19/18      CNY      52.40
QINGZHOU HONGYUAN PUBLI     6.50   05/22/19      CNY      31.23
QINGZHOU HONGYUAN PUBLI     7.35   10/19/19      CNY      63.60
QINHUANGDAO DEVELOPMENT     7.46   10/17/19      CNY      63.74
QINHUANGDAO DEVELOPMENT     7.46   10/17/19      CNY      63.75
QINZHOU CITY DEVELOPMEN     6.72   04/30/17      CNY      50.46
QITAIHE CITY CONSTRUCTI     7.30   10/18/19      CNY      63.43
QUANZHOU QUANGANG PETRO     8.40   04/16/19      CNY      63.55
QUANZHOU QUANGANG PETRO     8.40   04/16/19      CNY      62.68
QUJING DEVELOPMENT INVE     7.25   09/06/19      CNY      63.39
QUJING DEVELOPMENT INVE     7.25   09/06/19      CNY      62.91
QUNSHAN HUAQIAO INTERNA     7.98   12/30/18      CNY      62.86
RUDONG COUNTY DONGTAI S     7.45   09/24/19      CNY      63.53
RUDONG COUNTY DONGTAI S     7.45   09/24/19      CNY      63.98
RUIAN STATE OWNED ASSET     6.93   11/26/19      CNY      63.69
SANMING STATE-OWNED ASS     6.99   06/14/18      CNY      72.63
SHANGHAI CHENGTOU CORP      4.63   07/30/19      CNY      61.31
SHANGHAI JIADING INDUST     6.71   10/10/18      CNY      52.10
SHANGHAI JIADING INDUST     6.71   10/10/18      CNY      78.00
SHANGHAI MINHANG URBAN      6.48   10/23/19      CNY      63.40
SHANGHAI MINHANG URBAN      6.48   10/23/19      CNY      63.04
SHANGHAI REAL ESTATE GR     6.12   05/17/17      CNY      40.49
SHANGHAI SONGJIANG TOWN     6.28   08/15/18      CNY      51.74
SHANGRAO CITY CONSTRUCT     7.30   09/10/19      CNY      63.81
SHANGRAO CITY CONSTRUCT     7.30   09/10/19      CNY      63.38
SHANGYU COMMUNICATIONS      6.70   09/11/19      CNY      63.37
SHAOGUAN JINYE DEVELOPM     7.30   10/18/19      CNY      84.00
SHAOGUAN JINYE DEVELOPM     7.30   10/18/19      CNY      63.73
SHAOXING CHENGBEI XINCH     6.21   06/11/18      CNY      51.07
SHAOXING CHENGBEI XINCH     6.21   06/11/18      CNY      51.14
SHAOXING PAOJIANG INDUS     6.90   10/31/19      CNY      63.01
SHAOXING PAOJIANG INDUS     6.90   10/31/19      CNY      63.48
SHAOXING URBAN CONSTRUC     6.40   11/09/19      CNY      63.61
SHAOYANG CITY CONSTRUCT     7.40   09/11/18      CNY      52.13
SHAOYANG CITY CONSTRUCT     7.40   09/11/18      CNY      50.00
SHENYANG HEPING DISTRIC     6.85   11/13/19      CNY      63.17
SHISHI STATE OWNED INVE     7.40   09/13/19      CNY      63.60
SHIYAN CITY INFRASTRUCT     7.98   04/20/19      CNY      63.38
SHOUGUANG JINCAI STATE-     6.70   10/23/19      CNY      63.26
SHOUGUANG JINCAI STATE-     6.70   10/23/19      CNY      82.00
SICHUAN COAL INDUSTRY G     7.70   01/09/18      CNY      68.00
SICHUAN COAL INDUSTRY G     7.80   09/27/17      CNY      68.00
SICHUAN COAL INDUSTRY G     5.94   05/15/17      CNY      68.00
SICHUAN COAL INDUSTRY G     7.45   12/25/16      CNY      68.00
SICHUAN DEVELOPMENT HOL     5.40   11/10/17      CNY      30.50
SONGYUAN URBAN DEVELOPM     7.30   08/29/19      CNY      63.00
SONGYUAN URBAN DEVELOPM     7.30   08/29/19      CNY      62.99
SUIZHOU CITY INVESTMENT     7.50   08/22/19      CNY      63.77
SUQIAN ECONOMIC DEVELOP     7.50   03/26/19      CNY      63.09
SUQIAN ECONOMIC DEVELOP     7.50   03/26/19      CNY      63.50
SUZHOU CONSTRUCTION INV     7.45   03/12/19      CNY      63.15
SUZHOU FENHU INVESTMENT     7.00   10/22/17      CNY      51.28
SUZHOU INDUSTRIAL PARK      5.79   05/30/19      CNY      60.50
SUZHOU INDUSTRIAL PARK      5.79   05/30/19      CNY      62.12
SUZHOU TECH CITY DEVELO     7.32   11/01/18      CNY      53.30
SUZHOU URBAN CONSTRUCTI     5.79   10/25/19      CNY      62.72
SUZHOU URBAN CONSTRUCTI     5.79   10/25/19      CNY      62.25
SUZHOU XIANGCHENG URBAN     6.95   09/03/19      CNY      63.40
SUZHOU XIANGCHENG URBAN     6.95   09/03/19      CNY      63.00
TAICANG HENGTONG INVEST     7.45   10/30/19      CNY      63.81
TAIXING ZHONGXING STATE     8.29   03/27/18      CNY      51.69
TAIXING ZHONGXING STATE     8.29   03/27/18      CNY      51.92
TAIYUAN LONGCHENG DEVEL     6.50   09/25/19      CNY      83.90
TAIYUAN LONGCHENG DEVEL     6.50   09/25/19      CNY      62.90
TAIZHOU CITY CONSTRUCTI     6.90   01/25/17      CNY      40.25
TAIZHOU HAILING ASSETS      8.52   03/21/19      CNY      63.07
TAIZHOU HAILING ASSETS      8.52   03/21/19      CNY      63.33
TAIZHOU JIAOJIANG STATE     7.46   09/13/20      CNY      73.81
TAIZHOU TRAFFIC INDUSTR     6.15   03/11/20      CNY      74.00
TAIZHOU XINTAI GROUP CO     6.85   08/14/18      CNY      51.89
TAIZHOU XINTAI GROUP CO     6.85   08/14/18      CNY      51.71
TANGSHAN NANHU ECO CITY     7.08   10/16/19      CNY      63.50
TIANJIN BINHAI NEW AREA     5.00   03/13/18      CNY      71.02
TIANJIN ECO-CITY INVEST     6.76   08/14/19      CNY      62.85
TIANJIN ECO-CITY INVEST     6.76   08/14/19      CNY      66.00
TIANJIN HANBIN INVESTME     8.39   03/22/19      CNY      63.19
TIANJIN HI-TECH INDUSTR     7.80   03/27/19      CNY      62.90
TIANJIN HI-TECH INDUSTR     7.80   03/27/19      CNY      63.01
TIANJIN JINNAN CITY CON     6.95   06/18/19      CNY      62.88
TIANJIN JINNAN CITY CON     6.95   06/18/19      CNY      63.00
TIELING PUBLIC ASSETS I     7.34   05/29/18      CNY      51.64
TIELING PUBLIC ASSETS I     7.34   05/29/18      CNY      51.34
TIGER FOREST & PAPER GR     5.38   06/14/17      CNY      59.33
TONGCHUAN DEVELOPMENT I     7.50   07/17/19      CNY      62.84
TONGLIAO CITY INVESTMEN     5.98   09/01/17      CNY      40.64
TONGLIAO TIANCHENG URBA     7.75   09/24/19      CNY      63.69
TONGLIAO TIANCHENG URBA     7.75   09/24/19      CNY      62.51
TONGREN FANJINGSHAN INV     6.89   08/02/19      CNY      62.53
URUMQI CITY CONSTRUCTIO     6.35   07/09/19      CNY      62.67
URUMQI STATE-OWNED ASSE     6.48   04/28/18      CNY      51.60
URUMQI STATE-OWNED ASSE     6.48   04/28/18      CNY      51.31
VANZIP INVESTMENT GROUP     7.92   02/04/19      CNY      54.90
WAFANGDIAN STATE-OWNED      8.55   04/19/19      CNY      62.96
WEIFANG DONGXIN CONSTRU     6.88   11/20/19      CNY      63.38
WEIFANG DONGXIN CONSTRU     6.88   11/20/19      CNY      84.30
WENLING CITY STATE OWNE     7.18   09/18/19      CNY      62.16
WENZHOU ANJUFANG CITY D     7.65   04/24/19      CNY      62.88
WUHAI CITY CONSTRUCTION     8.20   03/31/19      CNY      62.10
WUHAI CITY CONSTRUCTION     8.20   03/31/19      CNY      63.27
WUHU ECONOMIC TECHNOLOG     6.70   06/08/18      CNY      51.65
WUHU ECONOMIC TECHNOLOG     6.70   06/08/18      CNY      51.00
WUHU XINMA INVESTMENT C     7.18   11/14/19      CNY      63.65
WUHU XINMA INVESTMENT C     7.18   11/14/19      CNY      63.18
WUXI MUNICIPAL CONSTRUC     6.60   09/17/19      CNY      62.79
WUXI MUNICIPAL CONSTRUC     6.60   09/17/19      CNY      62.97
WUXI TAIHU INTERNATIONA     7.60   09/17/19      CNY      63.81
WUXI XIDONG TECHNOLOGY      5.98   10/26/18      CNY      72.79
WUXI XIDONG TECHNOLOGY      5.98   10/26/18      CNY      72.69
WUZHOU DONGTAI STATE-OW     7.40   09/03/19      CNY      63.87
XI'AN AEROSPACE BASE IN     6.96   11/08/19      CNY      63.52
XIAN CHANBAHE DEVELOPME     6.89   08/03/19      CNY      62.88
XIANGTAN CITY CONSTRUCT     8.00   03/16/19      CNY      63.00
XIANGTAN CITY CONSTRUCT     8.00   03/16/19      CNY      63.22
XIANGTAN JIUHUA ECONOMI     6.93   12/16/16      CNY      40.06
XIANGTAN JIUHUA ECONOMI     6.93   12/16/16      CNY      40.04
XIANGTAN JIUHUA ECONOMI     7.43   08/29/19      CNY      63.73
XIANGYANG CITY CONSTRUC     8.12   01/12/19      CNY      62.92
XIANGYANG CITY CONSTRUC     8.12   01/12/19      CNY      62.69
XIANNING CITY CONSTRUCT     7.50   08/31/18      CNY      52.37
XIANNING CITY CONSTRUCT     7.50   08/31/18      CNY      50.99
XIAOGAN URBAN CONSTRUCT     8.12   03/26/19      CNY      63.18
XINGHUA URBAN CONSTRUCT     7.25   10/23/18      CNY      52.02
XINGHUA URBAN CONSTRUCT     7.25   10/23/18      CNY      51.00
XINING CITY INVESTMENT      7.70   04/27/19      CNY      63.39
XINJIANG SHIHEZI DEVELO     7.50   08/29/18      CNY      49.54
XINJIANG UYGUR AR HAMI      6.25   07/17/18      CNY      51.58
XINXIANG INVESTMENT GRO     6.80   01/18/18      CNY      71.30
XINYANG HUAXIN INVESTME     6.95   06/14/19      CNY      63.09
XINZHOU CITY ASSET MANA     7.39   08/08/18      CNY      51.96
XISHAN ECONOMIC DEVELOP     6.99   11/01/19      CNY      64.00
XISHAN ECONOMIC DEVELOP     6.99   11/01/19      CNY      62.52
XUCHANG GENERAL INVESTM     7.78   04/27/19      CNY      63.40
XUZHOU ECONOMIC TECHNOL     8.20   03/07/19      CNY      63.43
XUZHOU XINSHENG CONSTRU     7.48   05/08/18      CNY      51.78
YAAN STATE-OWNED ASSET      7.39   07/04/19      CNY      62.84
YANCHENG CITY CHENGNAN      6.93   10/26/19      CNY      63.60
YANCHENG CITY CHENGNAN      6.93   10/26/19      CNY      63.74
YANCHENG ORIENTAL INVES     6.99   10/26/19      CNY      63.74
YANCHENG ORIENTAL INVES     5.75   06/08/17      CNY      50.38
YANGZHONG URBAN CONSTRU     7.10   03/26/18      CNY      71.98
YANGZHOU URBAN CONSTRUC     6.30   07/26/19      CNY      62.45
YANGZHOU URBAN CONSTRUC     6.30   07/26/19      CNY      60.00
YANZHOU HUIMIN URBAN CO     8.50   12/28/17      CNY      51.36
YIBIN STATE-OWNED ASSET     5.80   05/23/18      CNY      71.70
YICHANG MUNICIPAL FINAN     7.12   10/16/19      CNY      63.83
YICHANG MUNICIPAL FINAN     7.12   10/16/19      CNY      63.33
YICHANG URBAN CONSTRUCT     6.85   11/08/19      CNY      63.69
YICHANG URBAN CONSTRUCT     6.85   11/08/19      CNY      84.84
YICHUN CITY CONSTRUCTIO     7.35   07/24/19      CNY      62.00
YIJINHUOLUOQI HONGTAI C     8.35   03/19/19      CNY      59.12
YILI STATE-OWNED ASSET      6.70   11/19/18      CNY      52.37
YILI STATE-OWNED ASSET      6.70   11/19/18      CNY      78.00
YINCHUAN URBAN CONSTRUC     6.28   03/09/17      CNY      25.17
YINGKOU COASTAL DEVELOP     7.08   11/16/19      CNY      62.89
YINGKOU COASTAL DEVELOP     7.08   11/16/19      CNY      62.98
YIXING CITY DEVELOPMENT     6.90   10/10/19      CNY      63.15
YIXING CITY DEVELOPMENT     6.90   10/10/19      CNY      63.59
YIYANG CITY CONSTRUCTIO     7.36   08/24/19      CNY      63.49
YIZHENG CITY CONSTRUCTI     7.78   06/14/19      CNY      63.37
YIZHENG CITY CONSTRUCTI     7.78   06/14/19      CNY      63.43
YUHUAN COUNTY COMMUNICA     7.15   10/12/19      CNY      83.10
YUHUAN COUNTY COMMUNICA     7.15   10/12/19      CNY      63.53
YULIN URBAN CONSTRUCTIO     6.88   11/26/19      CNY      63.48
YUNCHENG URBAN CONSTRUC     7.48   10/15/19      CNY      64.11
YUNNAN PROVINCIAL INVES     5.25   08/24/17      CNY      40.16
YUYAO WATER RESOURCE IN     7.20   10/16/19      CNY      63.97
ZHANGJIAGANG JINCHENG I     6.23   01/06/18      CNY      60.99
ZHANGJIAGANG MUNICIPAL      6.43   11/27/19      CNY      63.26
ZHANGJIAJIE ECONOMIC DE     7.40   10/18/19      CNY      64.13
ZHANGJIAKOU CONSTRUCTIO     7.00   10/26/19      CNY      63.27
ZHANGJIAKOU TONGTAI HOL     6.90   07/05/18      CNY      72.25
ZHEJIANG HUZHOU HUANTAI     6.70   11/28/19      CNY      63.39
ZHEJIANG PROVINCE DEQIN     6.90   04/12/18      CNY      72.03
ZHENJIANG CULTURE AND T     5.86   05/06/17      CNY      50.48
ZHENJIANG CULTURE AND T     5.86   05/06/17      CNY      50.15
ZHENJIANG NEW AREA ECON     8.16   03/01/19      CNY      62.09
ZHENJIANG NEW AREA ECON     8.16   03/01/19      CNY      62.51
ZHENJIANG TRANSPORTATIO     7.29   05/08/19      CNY      62.74
ZHENJIANG TRANSPORTATIO     7.29   05/08/19      CNY      62.04
ZHONGSHAN TRANSPORTATIO     6.65   08/28/18      CNY      51.75
ZHUCHENG ECONOMIC DEVEL     6.40   04/26/18      CNY      41.06
ZHUCHENG ECONOMIC DEVEL     7.50   08/25/18      CNY      31.46
ZHUCHENG ECONOMIC DEVEL     6.40   04/26/18      CNY      40.94
ZHUHAI HUAFA GROUP CO L     8.43   02/16/18      CNY      51.57
ZHUHAI HUAFA GROUP CO L     8.43   02/16/18      CNY      51.68
ZHUJI CITY CONSTRUCTION     6.92   07/05/18      CNY      72.69
ZHUJI CITY CONSTRUCTION     6.92   07/05/18      CNY      73.55
ZHUMADIAN INVESTMENT CO     6.95   11/26/19      CNY      63.99
ZHUZHOU GECKOR GROUP CO     7.82   08/18/18      CNY      73.51
ZHUZHOU GECKOR GROUP CO     7.50   09/10/19      CNY      63.67
ZHUZHOU GECKOR GROUP CO     7.50   09/10/19      CNY      64.05
ZHUZHOU YUNLONG DEVELOP     6.78   11/19/19      CNY      63.37
ZHUZHOU YUNLONG DEVELOP     6.78   11/19/19      CNY      82.00
ZIBO CITY PROPERTY CO L     6.83   08/22/19      CNY      62.99
ZIBO CITY PROPERTY CO L     5.45   04/27/19      CNY      36.65
ZIGONG STATE-OWNED ASSE     6.86   06/17/18      CNY      72.23
ZOUCHENG CITY ASSET OPE     7.02   01/12/18      CNY      40.85
ZOUPING COUNTY STATE-OW     6.98   04/27/18      CNY      71.90


INDONESIA
---------
BERAU COAL ENERGY TBK P     7.25   03/13/17      USD      29.25
BERAU COAL ENERGY TBK P     7.25   03/13/17      USD      23.55


INDIA
-----

3I INFOTECH LTD             5.00   04/26/17      USD      17.50
BLUE DART EXPRESS LTD       9.30   11/20/17      INR      10.14
BLUE DART EXPRESS LTD       9.50   11/20/19      INR      10.46
BLUE DART EXPRESS LTD       9.40   11/20/18      INR      10.30
GTL INFRASTRUCTURE LTD      5.03   11/09/17      USD      24.50
JAIPRAKASH ASSOCIATES L     5.75   09/08/17      USD      44.25
JAIPRAKASH POWER VENTUR     7.00   02/13/49      USD      20.00
JCT LTD                     2.50   04/08/11      USD      27.00
PRAKASH INDUSTRIES LTD      5.25   04/30/15      USD      20.25
PYRAMID SAIMIRA THEATRE     1.75   07/04/12      USD       1.00
REI AGRO LTD                5.50   11/13/14      USD       1.39
REI AGRO LTD                5.50   11/13/14      USD       1.39
SVOGL OIL GAS & ENERGY      5.00   08/17/15      USD       0.07


JAPAN
-----

AVANSTRATE INC              5.55   10/31/17      JPY      33.25
AVANSTRATE INC              5.55   10/31/17      JPY      37.00
MICRON MEMORY JAPAN INC     2.03   03/22/12      JPY       5.38
MICRON MEMORY JAPAN INC     2.10   11/29/12      JPY       5.38
MICRON MEMORY JAPAN INC     2.29   12/07/12      JPY       5.38
TAKATA CORP                 0.58   03/26/21      JPY      60.03
TAKATA CORP                 0.85   03/06/19      JPY      69.00


KOREA
-----

2014 KODIT CREATIVE THE     5.00   12/25/17      KRW      34.08
2014 KODIT CREATIVE THE     5.00   12/25/17      KRW      34.08
2016 KIBO 1ST SECURITIZ     5.00   09/13/18      KRW      29.77
DONGBU METAL CO LTD         5.30   06/03/18      KRW      73.89
DOOSAN CAPITAL SECURITI    20.00   04/22/19      KRW      47.96
EXPORT-IMPORT BANK OF K     1.70   09/22/30      KRW      75.27
HANJIN SHIPPING CO LTD      5.90   06/07/17      KRW      10.10
HANJIN SHIPPING CO LTD      2.00   05/23/17      KRW       7.56
HYUNDAI MERCHANT MARINE     1.00   04/07/21      KRW      56.50
HYUNDAI MERCHANT MARINE     1.00   07/07/21      KRW      54.63
KIBO ABS SPECIALTY CO L    10.00   08/22/17      KRW      20.09
KIBO ABS SPECIALTY CO L     5.00   01/31/17      KRW      48.95
KIBO ABS SPECIALTY CO L     5.00   03/29/18      KRW      32.85
KIBO ABS SPECIALTY CO L     5.00   12/25/17      KRW      32.51
KIBO ABS SPECIALTY CO L    10.00   02/19/17      KRW      53.74
LSMTRON DONGBANGSEONGJA     4.53   11/22/17      KRW      33.39
MERITZ CAPITAL CO LTD       5.44   09/29/46      KRW      33.10
OKC SECURITIZATION SPEC    10.00   01/03/20      KRW      27.59
SINBO SECURITIZATION SP     5.00   06/27/18      KRW      32.24
SINBO SECURITIZATION SP     5.00   06/27/18      KRW      32.24
SINBO SECURITIZATION SP     5.00   07/24/17      KRW      34.04
SINBO SECURITIZATION SP     5.00   07/24/18      KRW      31.99
SINBO SECURITIZATION SP     5.00   07/24/18      KRW      31.99
SINBO SECURITIZATION SP     5.00   05/26/18      KRW      30.91
SINBO SECURITIZATION SP     5.00   10/30/19      KRW      19.83
SINBO SECURITIZATION SP     5.00   01/30/19      KRW      29.84
SINBO SECURITIZATION SP     5.00   01/30/19      KRW      29.84
SINBO SECURITIZATION SP     5.00   08/27/19      KRW      27.67
SINBO SECURITIZATION SP     5.00   12/30/19      KRW      26.39
SINBO SECURITIZATION SP     5.00   01/28/20      KRW      26.23
SINBO SECURITIZATION SP     5.00   03/18/19      KRW      29.38
SINBO SECURITIZATION SP     5.00   03/18/19      KRW      29.38
SINBO SECURITIZATION SP     5.00   02/27/19      KRW      29.83
SINBO SECURITIZATION SP     5.00   02/27/19      KRW      29.83
SINBO SECURITIZATION SP     5.00   09/30/19      KRW      27.39
SINBO SECURITIZATION SP     5.00   07/08/17      KRW      35.50
SINBO SECURITIZATION SP     5.00   07/08/17      KRW      35.50
SINBO SECURITIZATION SP     5.00   08/16/17      KRW      35.09
SINBO SECURITIZATION SP     5.00   08/16/17      KRW      35.09
SINBO SECURITIZATION SP     5.00   10/01/17      KRW      34.56
SINBO SECURITIZATION SP     5.00   10/01/17      KRW      34.56
SINBO SECURITIZATION SP     5.00   10/01/17      KRW      34.56
SINBO SECURITIZATION SP     5.00   02/11/18      KRW      33.30
SINBO SECURITIZATION SP     5.00   02/11/18      KRW      33.30
SINBO SECURITIZATION SP     5.00   03/12/18      KRW      33.02
SINBO SECURITIZATION SP     5.00   03/12/18      KRW      33.02
SINBO SECURITIZATION SP     5.00   01/15/18      KRW      33.85
SINBO SECURITIZATION SP     5.00   01/15/18      KRW      33.85
SINBO SECURITIZATION SP     5.00   06/07/17      KRW      23.57
SINBO SECURITIZATION SP     5.00   06/07/17      KRW      23.57
SINBO SECURITIZATION SP     5.00   03/13/17      KRW      43.51
SINBO SECURITIZATION SP     5.00   03/13/17      KRW      43.51
SINBO SECURITIZATION SP     5.00   02/21/17      KRW      47.38
SINBO SECURITIZATION SP     5.00   01/29/17      KRW      51.63
SINBO SECURITIZATION SP     5.00   12/23/18      KRW      30.21
SINBO SECURITIZATION SP     5.00   12/23/18      KRW      30.21
SINBO SECURITIZATION SP     5.00   12/23/17      KRW      32.53
SINBO SECURITIZATION SP     5.00   12/13/16      KRW      70.13
SINBO SECURITIZATION SP     5.00   12/25/16      KRW      60.91
SINBO SECURITIZATION SP     5.00   02/21/17      KRW      46.78
SINBO SECURITIZATION SP     5.00   06/25/19      KRW      28.31
SINBO SECURITIZATION SP     5.00   06/25/18      KRW      30.63
SINBO SECURITIZATION SP     5.00   07/29/19      KRW      27.95
SINBO SECURITIZATION SP     5.00   07/29/18      KRW      30.27
SINBO SECURITIZATION SP     5.00   08/29/18      KRW      31.42
SINBO SECURITIZATION SP     5.00   08/29/18      KRW      31.42
SINBO SECURITIZATION SP     5.00   09/26/18      KRW      31.35
SINBO SECURITIZATION SP     5.00   09/26/18      KRW      31.35
SINBO SECURITIZATION SP     5.00   09/26/18      KRW      31.35
TONGYANG CEMENT & ENERG     7.50   04/20/14      KRW      70.00
TONGYANG CEMENT & ENERG     7.50   07/20/14      KRW      70.00
TONGYANG CEMENT & ENERG     7.50   09/10/14      KRW      70.00
TONGYANG CEMENT & ENERG     7.30   04/12/15      KRW      70.00
TONGYANG CEMENT & ENERG     7.30   06/26/15      KRW      70.00
U-BEST SECURITIZATION S     5.50   11/16/17      KRW      34.91
WOONGJIN ENERGY CO LTD      3.00   12/19/19      KRW      56.45
WOORI BANK                  5.21   12/12/44      KRW     391.65


SRI LANKA
---------

SRI LANKA GOVERNMENT BO     5.35   03/01/26      LKR      59.89
SRI LANKA GOVERNMENT BO     7.00   10/01/23      LKR      74.28
SRI LANKA GOVERNMENT BO     8.00   01/01/32      LKR      65.84
SRI LANKA GOVERNMENT BO     9.00   10/01/32      LKR      71.72
SRI LANKA GOVERNMENT BO     9.00   06/01/33      LKR      71.35
SRI LANKA GOVERNMENT BO     9.00   06/01/43      LKR      67.33
SRI LANKA GOVERNMENT BO     9.00   11/01/33      LKR      70.68
SRI LANKA GOVERNMENT BO     6.00   12/01/24      LKR      66.52


MALAYSIA
--------

BRIGHT FOCUS BHD            2.50   01/22/31      MYR      71.47
LAND & GENERAL BHD          1.00   09/24/18      MYR       0.17
SENAI-DESARU EXPRESSWAY     0.50   12/31/38      MYR      69.27
SENAI-DESARU EXPRESSWAY     0.50   12/31/40      MYR      72.09
SENAI-DESARU EXPRESSWAY     0.50   12/30/39      MYR      70.86
SENAI-DESARU EXPRESSWAY     0.50   12/31/41      MYR      73.21
SENAI-DESARU EXPRESSWAY     0.50   12/31/42      MYR      74.44
SENAI-DESARU EXPRESSWAY     1.15   06/28/24      MYR      71.84
SENAI-DESARU EXPRESSWAY     1.35   12/29/28      MYR      60.74
SENAI-DESARU EXPRESSWAY     1.35   12/31/30      MYR      55.67
SENAI-DESARU EXPRESSWAY     1.35   12/31/29      MYR      58.23
SENAI-DESARU EXPRESSWAY     1.35   06/30/31      MYR      54.31
SENAI-DESARU EXPRESSWAY     1.35   12/31/26      MYR      65.86
SENAI-DESARU EXPRESSWAY     1.35   12/31/27      MYR      63.28
SENAI-DESARU EXPRESSWAY     1.15   12/29/23      MYR      73.38
SENAI-DESARU EXPRESSWAY     1.15   06/30/25      MYR      68.79
SENAI-DESARU EXPRESSWAY     1.35   06/30/28      MYR      62.01
SENAI-DESARU EXPRESSWAY     1.15   06/30/23      MYR      74.87
SENAI-DESARU EXPRESSWAY     1.35   06/30/27      MYR      64.54
SENAI-DESARU EXPRESSWAY     1.35   06/29/29      MYR      59.48
SENAI-DESARU EXPRESSWAY     1.35   06/30/26      MYR      67.26
SENAI-DESARU EXPRESSWAY     1.35   12/31/25      MYR      68.71
SENAI-DESARU EXPRESSWAY     1.15   12/31/24      MYR      70.30
SENAI-DESARU EXPRESSWAY     1.35   06/28/30      MYR      56.96
UNIMECH GROUP BHD           5.00   09/18/18      MYR       1.06


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

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


SINGAPORE
---------

ASL MARINE HOLDINGS LTD     4.75   03/28/17      SGD      70.00
ASL MARINE HOLDINGS LTD     5.35   10/01/18      SGD      70.00
AUSGROUP LTD                7.45   10/20/18      SGD      65.88
BAKRIE TELECOM PTE LTD     11.50   05/07/15      USD       1.53
BAKRIE TELECOM PTE LTD     11.50   05/07/15      USD       1.53
BERAU CAPITAL RESOURCES    12.50   07/08/15      USD      23.55
BERAU CAPITAL RESOURCES    12.50   07/08/15      USD      23.88
BLD INVESTMENTS PTE LTD     8.63   03/23/15      USD       7.25
BUMI CAPITAL PTE LTD       12.00   11/10/16      USD      47.30
BUMI CAPITAL PTE LTD       12.00   11/10/16      USD      43.50
BUMI INVESTMENT PTE LTD    10.75   10/06/17      USD      46.75
BUMI INVESTMENT PTE LTD    10.75   10/06/17      USD      44.13
ENERCOAL RESOURCES PTE      9.25   08/05/14      USD      27.25
EZION HOLDINGS LTD          4.88   06/11/21      SGD      63.46
EZION HOLDINGS LTD          4.70   05/22/19      SGD      74.17
EZION HOLDINGS LTD          5.10   03/13/20      SGD      68.54
EZION HOLDINGS LTD          4.85   01/23/19      SGD      74.75
EZRA HOLDINGS LTD           4.88   04/24/18      SGD      35.00
GEO ENERGY RESOURCES LT     7.00   01/18/18      SGD      67.38
GOLIATH OFFSHORE HOLDIN    12.00   06/11/17      USD       4.00
INDO INFRASTRUCTURE GRO     2.00   07/30/10      USD       1.00
INTERNATIONAL HEALTHWAY     6.00   02/06/18      SGD      61.25
INTERNATIONAL HEALTHWAY     7.00   04/27/17      SGD      82.75
NEPTUNE ORIENT LINES LT     4.40   06/22/21      SGD      61.38
NEPTUNE ORIENT LINES LT     4.65   09/09/20      SGD      67.38
ORO NEGRO DRILLING PTE      7.50   01/24/19      USD      39.34
OSA GOLIATH PTE LTD        12.00   10/09/18      USD      62.75
OTTAWA HOLDINGS PTE LTD     5.88   05/16/18      USD      71.25
OTTAWA HOLDINGS PTE LTD     5.88   05/16/18      USD      71.80
PACIFIC INTERNATIONAL L     7.25   11/16/18      SGD      70.50
PACIFIC RADIANCE LTD        4.30   08/29/18      SGD      42.13
RICKMERS MARITIME           8.45   05/15/17      SGD      29.63
SWIBER CAPITAL PTE LTD      6.50   08/02/18      SGD      12.00
SWIBER CAPITAL PTE LTD      6.25   10/30/17      SGD      12.00
SWIBER HOLDINGS LTD         7.75   09/18/17      CNY       9.75
SWIBER HOLDINGS LTD         7.13   04/18/17      SGD      12.25
SWIBER HOLDINGS LTD         5.55   10/10/16      SGD      10.88
TRIKOMSEL PTE LTD           5.25   05/10/16      SGD      17.00
TRIKOMSEL PTE LTD           7.88   06/05/17      SGD      17.00


THAILAND
--------

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


VIETNAM
-------

DEBT AND ASSET TRADING      1.00   10/10/25      USD      58.25
DEBT AND ASSET TRADING      1.00   10/10/25      USD      56.80



                             *********

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

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

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


                            *********


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

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

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

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

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



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