TCRAP_Public/161227.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, December 27, 2016, Vol. 19, No. 256

                            Headlines


A U S T R A L I A

14-18 GILBERT: First Creditors' Meeting Set for Jan. 7
314 PASCOE: First Creditors' Meeting Set for Jan. 9
ANAGEN PTY: First Creditors' Meeting Slated for Jan. 9
MCALEESE GROUP: Gets AUD10-Million Lifeline to Save Jobs

C H I N A

CHINA UNITED: S&P Affirms 'BB+' Counterparty Credit Ratings

I N D I A

AGL POLYFIL: CARE Cuts Rating on INR13.75cr Long Term Loan to B+
ALAGENDIRA EXPORTS: Ind-Ra Withdraws  'IND BB' LT Issuer Rating
AMISHA STEELS: CRISIL Reaffirms 'B' Rating on INR55MM Cash Loan
ARAFAATH TRAVELS: CRISIL Raises Rating on INR10MM Loan to BB-
BIC CHEMICALS: Ind-Ra Withdraws 'IND B' Long-Term Issuer Rating

BIMLA RICE: CARE Reaffirms B+ Rating on INR7.87cr Long Term Loan
CHENNAI NETWORK: Ind-Ra Withdraws 'IND D' Long-Term Issuer Rating
CLASSICAL NATURAL: CARE Reaffirms B+ Long Term Bank Loan Rating
CYGNUS SPLENDID: ICRA Lowers Rating on INR9.50cr Term Loan to D
DAMCOSOFT PRIVATE: CRISIL Raises Rating on INR146.4MM to BB-

ESKAY VIDEO: Ind-Ra Withdraws IND BB+ Long-Term Issuer Rating
EXODUS FUTURA: Ind-Ra Withdraws 'IND D' Long-Term Issuer Rating
G.VENKATESHWAR: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
G S AUTOCOMP: CRISIL Hikes Rating on INR47.6MM Loan to B+
GEM POLYTECH: CRISIL Withdraws B- Rating on INR52MM LOC

GODAVARI PLASTO: CARE Reaffirms B+ Rating on INR5.28cr LT Loan
GUINEA MOTORS: CARE Ups Rating on INR10cr Long Term Loan to BB-
HARAN CHANDRA: ICRA Assigns 'B' Rating to INR5.09cr Term Loan
HEERA MOTI: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating
HINDUSTAN NEWSPRINT: CRISIL Cuts Rating on INR600MM Loan to 'D'

HITKARI MULTIFILTERS: CRISIL Cuts Rating on INR75MM Loan to B+
HMT LIMITED: CARE Puts 'B-' Cash Credit Rating on Credit Watch
J P POLYMERS: CRISIL Assigns 'B' Rating to INR30MM LT Loan
JAGDAMBAA AGRO: CRISIL Assigns B+ Rating to INR169.2MM Term Loan
JAVERY INCORPORATION: CARE Reaffirms B+ Rating on INR7.5cr Loan

KODARMA CHEMICAL: CRISIL Lowers Rating on INR145MM Loan to 'D'
LAXMI FABDYE: CRISIL Assigns B- Rating to INR100MM LT Loan
M M RICE: ICRA Suspends 'B' Rating on INR4.70cr Cash Loan
MAA VAISHNO: ICRA Assigns 'B' Rating to INR4.0cr Cash Loan
MEGHA GRANULES: Ind-Ra Withdraws 'IND D' Long-Term Issuer Rating

MELA SINGH: ICRA Suspends B+ Rating on INR9.0cr Bank Loan
MICROTEX FASHION: CARE Assigns B+ Rating to INR7.23cr LT Loan
MILLENIUM BUILDHOME: CRISIL Assigns B+ Rating to INR150MM Loan
MURALIDHAR AGRO: CARE Reaffirms B+ Rating on INR7cr LT Loan
N.K TRADING: ICRA Assigns B+ Rating to INR22cr Cash Credit

NAGOORAR ENTERPRISES: CRISIL Reaffirms B+ Rating on INR150MM Loan
NAVBHARAT INSULATION: CRISIL Lowers Rating on INR19.5MM Loan to C
NEXO STRUCTURES: ICRA Suspends 'D' Rating on INR7.5cr LT Loan
NEXTGEN FIBRES: Ind-Ra Withdraws 'IND B' Long-Term Issuer Rating
OME SREE: ICRA Suspends 'B' Rating on INR5.09cr Term Loan

ORIILON INDIA: CARE Ups Rating on INR20.28cr LT Loan to BB-
PRESIDENT CLOTHING: ICRA Suspends B+ Rating on INR2cr Cash Loan
R J BUILDCON: CRISIL Assigns B+ Rating to INR50.5MM Bank Loan
REGALIA JEWELS: CRISIL Reaffirms 'B' Rating on INR65MM Loan
SARASWATI EDUCATION: ICRA Lowers Rating on INR50cr Loan to D

SATYAM SUITINGS: CARE Reaffirms B+ Rating on INR5.33cr LT Loan
SHREE SAI: CARE Revises Rating on INR10.35cr Loan to BB-
SHRI REWA: CRISIL Upgrades Rating on INR74.5MM Term Loan to 'B'
SHRINIWAS GINNING: CRISIL Reaffirms B+ Rating on INR80MM Loan
SREE GIRIDHARI: ICRA Suspends B+ Rating on INR5.75cr Loan

SRI VENKATRAMANA: ICRA Suspends 'D' Rating on INR28cr Loan
STANDARD LEATHER: Ind-Ra Withdraws IND B Long-Term Issuer Rating
SUNWAY INFRASTRUCTURE: ICRA Lowers Rating on INR8.5cr Loan to D
TRINA NRE: CRISIL Ups Rating on INR60MM Term Loan to B+
UNIVERSAL ASSOCIATES: CARE Lowers Rating on INR13cr LT Loan to D

YASIN IMPEX: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan

M A L A Y S I A

PERISAI PETROLEUM: Agree to Settle Dispute Over $43MM Put Option

N E W  Z E A L A N D

ADAMAR NO 2: Personal Liability Means No Escape From Paying Staff

S O U T H  K O R E A

* SOUTH KOREA: More Defaults Loom in 2017 Amid Shipyard Debt

X X X X X X X X

* BOND PRICING: For the Week Dec. 19 to Dec. 23, 2016


                            - - - - -


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


14-18 GILBERT: First Creditors' Meeting Set for Jan. 7
------------------------------------------------------
A first meeting of the creditors in the proceedings of 14-18
Gilbert Road Pty Ltd will be held at the offices of Romanis Cant,
2nd Floor, 106 Hardware Street, in Melbourne, Victoria, on
Jan. 7, 2016, at 11:00 a.m.

Anthony Robert Cant and John Stuart Potts of Romanis Cant were
appointed as administrators of 14-18 Gilbert on Dec. 23, 2016.


314 PASCOE: First Creditors' Meeting Set for Jan. 9
---------------------------------------------------
A first meeting of the creditors in the proceedings of 314 Pascoe
Vale Road Pty Ltd will be held at the offices of Romanis Cant,
2nd Floor, 106 Hardware Street, in Melbourne, Victoria, on
Jan. 9, 2017, at 12:00 p.m.

Anthony Robert Cant and John Stuart Potts of Romanis Cant were
appointed as administrators of 314 Pascoe on Dec. 23, 2016.


ANAGEN PTY: First Creditors' Meeting Slated for Jan. 9
------------------------------------------------------
A first meeting of the creditors in the proceedings of
Anagen Pty Ltd, formerly trading as BioClip, will be held at the
offices of HLB Mann Judd (Insolvency WA), Level 3, 35 Outram
Street, in West Perth, on Jan. 9, 2017, at 2:00 p.m.

Kimberley Wallman of HLB Mann Judd was appointed as administrator
of Anagen Pty on Dec. 23, 2016.


MCALEESE GROUP: Gets AUD10-Million Lifeline to Save Jobs
--------------------------------------------------------
Troy Kippen at The Morning Bulletin reports that secure creditors
of the McAleese Group have thrown the ailing transport company
AUD10 million to save jobs.

The Bulletin relates that on December 19, the second meeting of
creditors, there was a vote to accept the Deed of Company
Arrangement that would see the company continue to operate with a
AUD10 million lifeline.

Citing a statement from receivers McGrathNicol, the Bulletin says
the objectives of the cash injection was to help creditors get
better returns, keep the group of companies operating, retain
jobs and ensure funds were distributed effectively.

"The estimated financial outcome of the related DOCAs is that all
employees are expected to either be offered continued employment
on equal terms or alternatively, for those employees not being
offered continued employment, their employee entitlements will be
paid in full. Ordinary unsecured trade creditors are estimated to
receive a small return," the statement, as cited by the Bulletin,
said.

The report notes that the new deal does not help Mackay's former
McAleese workers or the depot, however, which has already been
closed.

"Importantly, the related DOCAs provide an opportunity for the
McAleese Group of Companies to continue to service their
customers and for suppliers to have the opportunity to continue
trading with the McAleese Group of Companies," the statement
said.

McAleese Limited (ASX:MCS) -- http://www.mcaleese.com.au/news/--
is an Australia-based company, which is engaged in the provision
of heavy haulage and craneage, bulk haulage, liquid fuels
distribution, and transport and logistics services. The Company
operates in four segments: the Heavy Haulage & Lifting division,
which provides heavy haulage and lifting solutions for equipment
required in the construction, operation and maintenance of
resources, energy and infrastructure projects; the Bulk Haulage
division, which provides bulk commodities haulage across off-road
and on-road routes and ancillary onsite services in the mining
sector; the Oil & Gas division, which includes Cootes Transport,
a provider of liquid and gaseous fuel transportation services in
Australia for oil and gas companies and Refuel International,
which designs and manufactures of refueling and handling
equipment, and the Specialised Transport division, which includes
the operations of WA Freight Group, including the movement of
less than truck load freight.

On Aug. 29, 2016, Joseph Hayes, Jason Preston, Jamie Harris and
Keith Crawford of McGrathNicol were appointed Voluntary
Administrators of McAleese Limited and each of its wholly owned
subsidiaries with the exception of Sunshine Refuellers Pty Ltd.



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C H I N A
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CHINA UNITED: S&P Affirms 'BB+' Counterparty Credit Ratings
-----------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'BB+' long-term
insurer financial strength and counterparty credit ratings on
China United SME Guarantee Corp.  The outlook is negative. S&P
also affirmed its 'cnBBB' long-term Greater China regional scale
rating on the China-based bond insurer.

At the same time, S&P affirmed the 'BB+' long-term issue rating
and 'cnBBB' long-term Greater China regional scale rating on the
senior unsecured notes that BL Capital Holdings Ltd. issued. Sino
Guarantee guarantees the notes.

S&P removed all the ratings from CreditWatch, where they were
placed with negative implications on Oct. 24, 2016.

"We affirmed the rating because we believe Sino Guarantee's
financial flexibility, and investment and liquidity management
capabilities could temper the impact of heightened investment
risk on the company's capitalization," said S&P Global Ratings
credit analyst Jeff Yeung.

"We also believe that Sino Guarantee's competitive position and
operating performance are stronger than those of peers in the
highly fragmented bond insurance and financial guarantee sector
in China."

Sino Guarantee is gradually increasing its investment allocation
to higher-risk asset classes, including alternative investment
products and long-term equity investments that are typically less
liquid.  S&P believes potential volatility of a higher-risk
investment portfolio, or sale of less-liquid assets in a stress
situation could weaken the company's capital adequacy.
Nonetheless, S&P believes that Sino Guarantee's investment and
liquidity management measures could temper the negative impact of
the heightened investment risk.  In particular, the company
conducts liquidity stress tests on a regular basis and maintains
a substantial portion of its investment holdings with short
maturities.

S&P expects Sino Guarantee to maintain a balanced investment
portfolio between lower-risk and higher-risk assets over the next
12 months.

S&P believes Sino Guarantee has the financial flexibility to
raise external capital to support its needs. Capital injections
from new and existing shareholders in 2016 supported the growth
of Sino Guarantee's guarantee business.  S&P also expects Sino
Guarantee's earnings to be sufficient to cover interest expenses
associated with debt the company issued in December 2015 and
September 2016.

S&P expects Sino Guarantee to remain as one of the largest
guarantee companies in China in terms of paid-up capital over the
next 12 months.

"The negative outlook on Sino Guarantee reflects our view that
the company's profitability and financial flexibility could be
vulnerable to the ongoing economic slowdown in China, a potential
surge in corporate defaults, and volatility in the country's
capital markets over the next 12 months," said Mr. Yeung.

S&P may downgrade Sino Guarantee if the company incurs
significant losses from its investments or guarantee business
such that S&P no longer view its credit profile as being stronger
than that of peers in China.

S&P may lower the ratings by multiple notches if it lowers its
assessment of Sino Guarantee's financial flexibility, which could
happen if:

   -- The company no longer demonstrates the ability to raise
      capital to provide a comfortable capital cushion and
      support its capital and liquidity needs;

   -- The company's EBIT interest coverage falls below 10x, or
      its EBIT fixed-charge coverage falls below 8x;

   -- The company's debt leverage increases above 20% or its
      financial leverage increases above 30%; or

   -- The company's reliance on third-party reinsurers increases,
      resulting in a significant rise in its potential losses
      recoverable from third-party reinsurers or a major increase
      in its largest reinsurer exposure.

S&P may also lower the rating by multiple notches if China's
economic and financial risks continue to increase, such that S&P
revises the Insurance Industry and Country Risk Assessment on
China's bond insurance and financial guarantee sector to high
risk from moderate risk.

S&P could revise the outlook to stable if it considers that
China's economic risk has eased and the company's performance is
likely t obecome more resilient throughout the economic cycle.



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I N D I A
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AGL POLYFIL: CARE Cuts Rating on INR13.75cr Long Term Loan to B+
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of AGL
Polyfil Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     13.75      CARE B+; Stable
                                            Revised from CARE BB-

Rating Rationale

The revision in the rating assigned to the bank facilities of AGL
Polyfil Pvt Ltd is on account of decline in turnover and cash
loss incurred during FY16 (refers to the period April 1 to
March 31) Moreover the rating continues to remain constrained by
its moderate scale of operation, susceptibility to raw material
price fluctuations and working capital intensive nature of
operation. The aforesaid constraints are partially offset by the
experienced promoters and demand of the product from different
sectors.

Going forward, the ability of AGL to increase its scale of
operations with improvement in profit margins and effective
management of working capital would be the key rating
sensitivities.

AGL Polyfil Pvt. Ltd., incorporated in March 2002 as Udita
Properties Pvt. Ltd. by Mr. Sheo Shankar Pandey and Mr. Shrigopal
More of Kolkata. After remaining dormant for six years the
company was taken over by the Agarwal family of Kolkata in Sep.
2008 and was rechristened to its present name. AGL commenced
commercial operations from Nov. 2010 and is engaged in
manufacturing of Pet Flakes, Polyester Staple Fibre (PSF) and
Polyester Yarn. The company manufacturers its products by
recycling industrial & consumer plastic waste (PET bottles,
polyester waste) instead of crude oil which is used to
manufacture virgin form of the products. The manufacturing
facility of the company is located at Chandrapur, in West Bengal,
with an annual installed capacity of 14000 MTPA for PSF, 30000
MTPA for PF and 2100 MTPA for yarn. The company also exports PSF
to Germany & Italy with the exports comprising 1.56% of the
overall sales in FY16.

In FY16 (refers to the period April 1 to March 31), the company
achieved a total operating income of INR64.70 crore and net loss
of INR5.99 crore as against a total operating income of INR81.26
crore and net loss of INR3.27 crore in FY15. In FY16 the company
has also incurred the cash loss of INR4.38 crore as against gross
cash accrual of INR1.18 crore. As per the management, AGL has
achieved a turnover of INR45.66 crore during 7MFY17.


ALAGENDIRA EXPORTS: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Alagendira
Exports' (AE) 'IND BB' Long-Term Issuer Rating. The Outlook was
Stable.

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

AE's ratings:

- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable;
   rating withdrawn
- INR65 million fund-based working capital limits: assigned
   'IND A4+'; rating withdrawn
- INR19.9 million long-term loans: assigned 'IND BB'; Outlook
   Stable; rating withdrawn
- INR5 million non-fund-based working capital limits: assigned
   'IND A4+'; rating withdrawn

Ratings
-------
Long Term Issuer Rating                WD
Fund Based Working Capital Limit       WD   INR65m
Non-Fund Based Working Capital Limit   WD   INR5m
Term loan                              WD   INR19.9m


AMISHA STEELS: CRISIL Reaffirms 'B' Rating on INR55MM Cash Loan
---------------------------------------------------------------
CRISIL rating on the long-term bank facility of Amisha Steels
Private Limited continues to reflect ASPL's weak financial risk
profile, with subdued debt protection metrics, and modest scale
of operations and low profitability. These weaknesses are
partially offset by the experience of promoters in the steel
industry.

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

Outlook: Stable

CRISIL believes ASPL will continue to benefit over the medium
term from its promoters' extensive experience and established
relationships with customers and suppliers. The outlook may be
revised to 'Positive' if operating income increases
significantly, or if capital structure improves, most likely due
to infusion of funds by promoters. Conversely, the outlook may be
revised to 'Negative' if operating income declines, or if the
financial risk profile deteriorates due to a stretch in the
working capital cycle.

Update
Operating income increased to INR856 million in fiscal 2016 from
INR714 million in fiscal 2015, driven by addition of customers
and healthy orders from existing customers. Sales growth is
expected to be moderate at 3-5% annually over the medium term on
account of an established industry presence and clientele base.
Operating margin was low at 0.7% in fiscal 2016, and is likely to
remain at this level. The operating margin is expected to remain
at similar levels.

Working capital requirement is moderate, with gross current
assets of 33-35 days as on March 31, 2016, due to low receivables
and moderate inventory of 7 days and 18 days, respectively.

The financial risk profile remains weak, with subpar debt
protection metrics as evidenced by interest cover of 1 time and
total outside liabilities to tangible networth ratio of 2.02
times as on March 31, 2016. The debt protection metrics are
expected to remain weak due to low operating margin.

Liquidity is adequate because of sufficient cash accrual of
INR0.8-1.0 million as against nil debt obligation in fiscal 2017.
The cash credit facility had average utilisation of 68% over the
12 months through August 2016. Furthermore, during fiscal 2016,
funding support from partners reduced to INR2.2 million from
INR2.7 million the previous year. The unsecured loans from
promoters have been treated as debt.

Established in 2004, ASPL, promoted by Mr. Amit Kumar Agarwal and
Mr. Sumit Kumar Agarwal, trades in iron and steel products,
including billets, slabs, and thermo-mechanically treated bars
and angles. The company is based in Mandi-Gobindgarh (Punjab).


ARAFAATH TRAVELS: CRISIL Raises Rating on INR10MM Loan to BB-
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Arafaath Travels Private Limited to 'CRISIL BB-/Stable/CRISIL
A4+' from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Auto loans               5        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Bank Guarantee          45        CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Overdraft Facility      10        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The upgrade reflects improvement in the business and financial
risk profiles due to better-than-expected revenue and operating
margin. Revenue grew by 17% to INR88 million in fiscal 2016 from
INR75 million in fiscal 2015 due to increased sales while
operating profitability improved due to higher commission rates
from Saudia Airlines. The financial risk profile is healthy
because of adequate networth of INR46 million and a low gearing
of 0.28 time as on March 31, 2016. Interest coverage and net cash
accrual to total debt ratios are estimated at 7.46 times and 76%,
respectively, for fiscal 2016. CRISIL believes that company will
continue to report healthy operating performance leading to
sustained improvement in financial risk profile.

The ratings reflect the extensive experience of the promoters in
the airline ticketing business and healthy financial risk profile
because of comfortable debt protection metrics and an adequate
networth. These rating strengths are partially offset by a modest
scale of operations, susceptibility of revenue and profitability
to cyclicality in the airline industry, and customer
concentration in revenue.
Outlook: Stable

CRISIL believes ATPL 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 scale of
operations while moderate operating profitability is maintained,
resulting in improvement in the business risk profile. The
outlook may be revised to 'Negative' in case of a substantial
decline in cash accrual, leading to weakening of the financial
risk profile.

ATPL, incorporated in 1980, is based in Chennai; its daily
operations are managed by Mr. S M Idris. The company operates as
a general sales agent for Saudia Airlines.


BIC CHEMICALS: Ind-Ra Withdraws 'IND B' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn BIC Chemicals &
Packagings Pvt. Ltd.'s (BICPL) Long-Term Issuer Rating of 'IND
B'. The Outlook was Stable.

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

BICPL's ratings:

- Long-Term Issuer Rating: 'IND B'; Outlook Stable; rating
   withdrawn
- INR35 million fund-based limit: 'IND B'; Outlook Stable;
   rating withdrawn
- INR15 million non-fund-based limit: 'IND A4'; rating withdrawn

Ratings
-------
Long Term Issuer Rating                WD
Fund Based Working Capital Limit       WD   INR35m
Non-Fund Based Working Capital Limit   WD   INR15m


BIMLA RICE: CARE Reaffirms B+ Rating on INR7.87cr Long Term Loan
----------------------------------------------------------------
CARE reaffirms rating to the bank facilities of Bimla Rice
International.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.87       CARE B+; Stable;
                                            Stable Outlook)
                                            Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Bimla Rice
International (BRI) continues to remain constrained by its small
scale of operation with weak financial risk profile characterized
by low profitability margins, leveraged capital structure, weak
debt coverage indicators and working capital intensive nature of
operations. The rating is also constrained by its partnership
nature of its constitution, fragmented and competitive nature of
industry along with regulatory risk and business being
susceptible to the vagaries of nature.

The rating constraints, however, continue to take comfort from
the experience of partners in trading and processing of rice, its
growing scale of operation and favorable manufacturing location.

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

Kaithal-based (Haryana) BRI was established as a partnership firm
in 1998 by Mr. Kashmiri Lal and his two sons Mr. Sushil Kumar and
Mr. Satish Garg sharing profits and loss in the ratio of 34%, 33%
and 33%, respectively. The firm is engaged in milling, processing
and trading of basmati and non-basmati rice. The processing unit
of the firm is located in Kaithal, Jind, with an installed
capacity of 30,000 metric ton per annum (MTPA) as on March 31,
2016. BRI procures paddy from local grain markets through dealers
and agents mainly from the state of Haryana. BRI primarily sells
its product in Northern India viz. Haryana, Himachal, Delhi,
Rajasthan and Uttar Pradesh to wholesalers and traders.

In FY16 (refer to the period April 1 to March 31), BRI has
achieved a total operating income (TOI) of INR42.14 crore with
profit after tax (PAT) of INR0.02 crore, respectively, as against
TOI of INR35.41 crore with PAT of INR0.02 crore, respectively,
in FY15. Furthermore, the firm has achieved TOI of around
INR50.20 crore in 7MFY17 (Provisional).


CHENNAI NETWORK: Ind-Ra Withdraws 'IND D' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Chennai Network
Infrastructure Ltd's (CNIL) 'IND D' Long-Term Issuer Rating.

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

CNIL's ratings are as follows:

- Long-Term Issuer Rating:  'IND D'; rating withdrawn
- INR49,620m rupee term loan:  'IND D'; rating withdrawn
- INR2,848.5m funded interest term loan:  'IND D'; rating
   withdrawn

Ratings
-------
Long Term Issuer Rating   WD
Term loan                 WD   INR49620.7m
Term loan                 WD   INR2848.5m


CLASSICAL NATURAL: CARE Reaffirms B+ Long Term Bank Loan Rating
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Classical Natural Stone.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      2.70      CARE B+; Stable
                                            Reaffirmed

   Short-term Bank Facilities     5.90      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Classical Natural
Stones continue to remain constrained on account of vulnerability
of margins to fluctuation in the raw material prices and foreign
exchange rates, easy availability of substitute products in the
competitive industry with fortunes linked to the cyclical real
estate sector and its constitution as a partnership concern. The
ratings, further, constrained on account of weak solvency
position and moderate liquidity position.

The ratings, however, continue to derive strength from the
experienced partners with established presence in the natural
stone business and strategic location of manufacturing units with
close proximity to raw material sources. The ratings, further,
derive strength from its moderate profitability.

The ability of the firm to increase its scale of operations with
maintaining of profitability margins and improvement in solvency
position with better management of working capital is the key
rating sensitivity.

Jaipur-based (Rajasthan) CNS was formed in October 2014 as a
partnership concern by Mr. Hari Shankar Kanchhal along with his
family members with an objective to establish a unit for
manufacturing and export of natural stones based products (like
granite, marble, veneer tiles, decorative stones). CNS has
completed its project and started commercial production from July
2015. The firm incurred total cost of INR7.32 crore towards the
project funded through debt equity ratio of 1:1.09.

The unit of the firm has well equipped in-house processing
facility to deliver optimum variety of products and finishing
according to customer specifications. The products of the firm
find applications in real estate as well as various allied
activities. It exports its product mainly to UK and Norway.

As per result of FY16 (refers to the period April 1 to March 31),
CNS has reported a total operating income of INR16.33
crore against PAT of INR0.16 crore.


CYGNUS SPLENDID: ICRA Lowers Rating on INR9.50cr Term Loan to D
---------------------------------------------------------------
ICRA has revised its long-term rating on the INR13.14-crore fund-
based bank facilities of Cygnus Splendid Limited to [ICRA]D from
[ICRA]B.

                           Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Long-term Fund-based      3.64      [ICRA]D; Revised
   Facility-Cash credit                from [ICRA]B

   Long-term Fund-based      9.50      [ICRA]D; Revised
   Facility-Term Loan                  from [ICRA]B

The ratings revision factors in the delay in the debt servicing
by the company because of late receipt of payments from its
customers, leading to an elongated cash conversion cycle. The
ratings are further constrained by the modest scale and limited
track record of the company's operations in the non-woven fabric
manufacturing; the vulnerability of its profitability to
fluctuations in polymer prices; and its modest financial profile
characterised by low profitability (on account of higher
dependence on trading business), leveraged capital structure and
weak coverage indicators. The company had a planned expenditure
resulted in dependence on external funds to meet the debt
obligations given the inadequate generation of internal accruals.
However, the ratings favourably factor in the support from the
diversified Cygnus Group, who offers the company access to
reputed client base, comprising established players such as
Indian Railway, Haldiram's, HLL lifecare, and Daawat.

Going forward, the ability of the company to service debt in
timely manner and increase its profitability while improving its
debt protection metrics will be the key rating sensitivity.

Cygnus Splendid Limited started its business as a partnership
firm under the name of Cygnus Splendid in 2011. It was later
incorporated as CSL in August 2012 and is a part of the Cygnus
Group. The company is promoted by Singhania family (Krishna Kumar
Singhania, Vijay Kumar Singhania, etc.) and is involved in
manufacturing of non-woven fabric and trading of fabric. The
manufacturing facility is located at the KIE industrial area, New
Delhi, and has an installed capacity of 7200 metric tonnes per
annum (MTPA). The plant started operations in April 2013.

Recent Results
In FY2016, CSL reported an operating income of INR65.06 crore and
a profit after tax of INR1.32 crore as against an OI of INR61.54
crore and a net loss after tax of INR2.24 crore in the previous
year.


DAMCOSOFT PRIVATE: CRISIL Raises Rating on INR146.4MM to BB-
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Damcosoft Private Limited to 'CRISIL BB-/Stable' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              5        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term       8.6      CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

    Term Loan             146.4      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The rating upgrade reflects significant improvement in the
company's business risk profile, mainly due to healthy topline
growth of around 37% to INR195.5 million in fiscal 2016 from
INR142.9 million in the previous fiscal. Compound annual growth
rate in revenue was 55.5% over the three years through fiscal
2016. Furthermore, operating profitability has improved to 23.3%
in fiscal 2016 from 13.9% in the previous fiscal. The working
capital cycle, with gross current assets of 76 days as on March
31, 2016, was also better than historical trends. The topline is
expected to grow at a healthy rate of around 15% per fiscal and
the operating margin to remain healthy at around 20%, over the
medium term.

The financial risk profile was above average because of a healthy
total outside liabilities to tangible networth ratio of 1.3 times
as on March 31, 2016, and comfortable debt protection metrics,
with interest coverage and net cash accrual to total debt ratios
of 2.7 times and 0.21 time, respectively, in fiscal 2016. Cash
accrual is expected to be sufficient to meet maturing debt
obligations in fiscals 2017 and 2018. Utilisation of the fund-
based bank limit is low. The financial risk profile is expected
to remain supported by increasing cash accrual and low bank limit
utilisation, over the medium term.

The rating reflects an above-average financial risk profile
because of low gearing and comfortable debt protection metrics,
and the extensive experience of the promoters in the information
technology (IT) industry through parent company, Damco Solutions
Ltd. These rating strengths are partially offset by a modest
scale of operations in a competitive industry and large working
capital requirement.
Outlook: Stable

CRISIL believes DSPL will continue to benefit from the extensive
industry experience of its promoters and its above-average
financial risk profile. The outlook may be revised to 'Positive'
in case of a significant increase in scale of operations, leading
to higher-than-expected cash accrual. The outlook may be revised
to 'Negative' in case of considerable deterioration in the
financial risk profile, most likely because of increased working
capital requirement, pressure on the topline or profitability, or
larger-than expected, debt funded capital expenditure.

DSPL was incorporated in 2009, promoted by Mr. Manish Gupta. The
company provides IT and IT-enabled services, including
application development, enterprise integration solutions, and
mobile-based custom applications. It is a wholly owned subsidiary
of DSL, which is based in the UK and derives significant revenue
from projects outsourced by DSL. It is establishing a development
centre at Rajiv Gandhi Technology Park, Chandigarh.

Profit after tax (PAT) was INR2.3 million on net sales of
INR195.5 million in fiscal 2016, as against PAT of INR4.3 million
on net sales of INR142.9 million in fiscal 2015.


ESKAY VIDEO: Ind-Ra Withdraws IND BB+ Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Eskay Video
Pvt. Ltd.'s Long-Term Issuer Rating of IND BB+. The Outlook was
Stable. The agency has also withdrawn the rating of 'IND BB+'
with a Stable Outlook on the company's INR50 million fund-based
limit.

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

Ratings
-------
Long Term Issuer Rating            WD
Fund Based Working Capital Limit   WD   INR50m
Term loan                          WD   INR100m


EXODUS FUTURA: Ind-Ra Withdraws 'IND D' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Exodus Futura
Knit Private Limited's Long-Term Issuer Rating of 'IND D'.

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

The company's ratings are as follows:
- Long-Term Issuer Rating: 'IND D'; rating withdrawn
- INR86 million fund-based working capital limits: 'IND D';
   rating withdrawn
- INR73 million long-term loans: 'IND D'; rating withdrawn
- INR5 million non-fund-based working capital limits: 'IND D';
   rating withdrawn

Ratings
-------
Long Term Issuer Rating                WD
Fund Based Working Capital Limit       WD   INR86m
Non-Fund Based Working Capital Limit   WD   INR5m
Term loan                              WD   INR73m


G.VENKATESHWAR: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of G.Venkateshwar Reddy to 'CRISIL B/Stable' from 'CRISIL
B+/Stable' while reaffirming the short-term facility at 'CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          70        CRISIL A4 (Downgraded from
                                     'CRISIL B+/Stable')

   Cash Credit             50       CRISIL B/Stable (Reaffirmed)

The downgrade reflects deterioration in the firm's business risk
profile driven by a decline in sales. Sales volume was impacted
by delays in execution of existing orders and by intense
competition, leading to a 36% decline in revenue to INR512.9
million in fiscal 2016 from INR798.1 million in fiscal 2015.
Liquidity too weakened because of almost full utilisation of the
bank limit and capital withdrawal of INR37 million by the
proprietor. No large capital withdrawal is expected over the
medium term.

The ratings continue to reflect a modest scale of operations in
the intensely competitive civil construction industry, and large
working capital requirement. These rating weaknesses are
partially offset by the extensive industry experience of the
proprietor.
Outlook: Stable

CRISIL believes GVR will continue to benefit from the extensive
industry experience of its proprietor and its established
relationship with customers. The outlook may be revised to
'Positive' in case of an expansion in geographical reach,
diversification in customer base, significant increase in revenue
and profitability, and better working capital management, leading
to improvement in liquidity. The outlook may be revised to
'Negative' if there is a significant decline in revenue and
profitability, considerable delays in realisation of receivables,
or larger-than-expected debt-funded capital expenditure, thereby
weakening the financial risk profile, particularly liquidity.

GVR, set up as a proprietorship firm in 2002, undertakes
earthworks, canal lining, and civil construction works. The firm
is based in Warangal, Andhra Pradesh, and mainly executes orders
for the Andhra Pradesh Irrigation Department; it is registered as
a special-class contractor with Andhra Pradesh Irrigation & CAD
Department.


G S AUTOCOMP: CRISIL Hikes Rating on INR47.6MM Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of G S Autocomp Private Limited (GSAPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable' and reaffirmed the short-term facility at
'CRISIL A4'.

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

   Letter of Credit         5       CRISIL A4 (Reaffirmed)

   Term Loan               47.6     CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that the business and
financial risk profiles of the company, particularly liquidity,
will continue to improve over the medium term. In fiscal 2016,
operating income was INR413 million better than CRISIL's
expectation of Rs. 255 million due to addition of new products
and customers. This led to a marginal increase in the operating
margin in fiscal 2016 to 4.4% against expectation of 4.2%. Hence,
the interest coverage ratio improved to 1.4 times in fiscal 2016
against expectation of 1.4 times. As the products were introduced
in last quarter, their full year impact would be seen only in
fiscal 2017, with operating income expected at INR550 million and
margin at 5%.

The ratings reflect GSAPL's modest scale of operations, modest
net worth and susceptibility to volatile raw material prices and
intense competition. These rating weaknesses are partially offset
by its promoters' extensive experience in the automotive
ancillary industry and moderate leverage and interest coverage
ratio.
Outlook: Stable

CRISIL believes GSAPL will continue to benefit from the extensive
industry experience of its promoters and expected funding support
from them in case of exigency. The outlook may be revised to
'Positive' in case of substantial and sustained improvement in
revenue and profitability, leading to sizeable net cash accrual,
or better working capital management. The outlook may be revised
to 'Negative' if liquidity deteriorates because of low cash
accrual, or the capital structure weakens on account of large
working capital requirement or debt-funded capital expenditure.

GSAPL, incorporated in 2006, manufactures leaf springs and shafts
used in commercial vehicles. The company is a part of the GS
group, which also comprises GS Auto International Ltd and GS
Automotives Pvt Ltd, which manufacture fastener components,
automotive suspensions, and ferrous and non-ferrous cast
components.


GEM POLYTECH: CRISIL Withdraws B- Rating on INR52MM LOC
-------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of Gem
Polytech Industries Pvt Ltd on a notice of withdrawal for 60 days
at GPL's request. The ratings will be withdrawn at the end of the
notice period. The rating action is in line with CRISIL's policy
on withdrawal of its ratings on bank loan facilities.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           1       CRISIL A4 (Notice of
                                     Withdrawal)

   Cash Credit             40       CRISIL B-/Stable (Notice of
                                    Withdrawal)

   Letter of Credit        16       CRISIL A4 (Notice of
                                    Withdrawal)

   Proposed Long Term
   Bank Loan Facility      52       CRISIL B-/Stable (Withdrawal)

   Standby Line of          6       CRISIL B-/Stable (Notice of
   Credit                           Withdrawal)

Outlook: Stable

CRISIL believes that GPL will benefit over the medium term from
its promoters' extensive industry experience and its established
relationships with clients. The outlook may be revised to
'Positive' if GPL's revenue and profitability increase
significantly, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of significant pressure on the company's revenue and
profitability, considerable delays in realisation of receivables,
or large debt-funded capital expenditure, weakening the company's
financial risk profile, particularly its liquidity.

Incorporated in 1992, GPL manufactures polymer compounds. Its
facility in Kolkata is an ISO 9001:2008 certified unit. GPL
mainly manufactures two compounds: PVC (capacity of 500 tonnes
per month [tpm]) and XLPE (280 tpm). The company has around 50
customers in the cable and shoe industries. GPL is managed by Mr.
Sanjoy Kumar Ghosh and Mr. Viswajoy Ghosh.


GODAVARI PLASTO: CARE Reaffirms B+ Rating on INR5.28cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Godavari Plasto Containers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.28      CARE B+; Stable
                                            Reaffirmed

   Short-term Bank Facilities     4.00      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Godavari Plasto
Containers Private Limited continue to be constrained by
leveraged capital structure, weak debt coverage indicators, low
PAT margins, working capital-intensive nature of the business and
presence in the competitive High Destiny Polyethylene (HDPE)
drums and containers industry. The ratings also factor in
marginal decline in total operating income and reduced client
concentration risk in FY16 (refers to the period April 1 to
March 31). The rating, however, derives strength from the
experience of the promoters for around two decades and
established relation with reputed clientele.

The ability of the company to increase scale of operations,
improve profitability in light of stiff competition, improve
capital structure and effectively manage its working capital is
the key rating sensitivity.

Godavari Plasto Containers Private Limited was incorporated in
1997 and promoted by Mr. C Chandra Prakash, Mr. M Ramesh and Mr.
C Janardhan Rao. The company is engaged in manufacturing
of High Destiny Polyethylene (HDPE) drums and containers ranging
from 20 litres to 270 litres. GCPL operates from two
manufacturing units; one located at Hyderabad with a total
capacity of around 3396 metric tonnes per annum (MTPA) and the
second unit being located at Vishakhapatnam with a total capacity
of around 3840 MTPA. The major raw materials being High Destiny
Polyethylene (HDPE) granules are procured from around 5-6
domestic suppliers who in turn procure from Reliance Industries
Limited and Indian Oil Corporation Limited. The final products
being HDPE and containers are majorly sold to pharmaceutical
companies which are used for bulk drug packaging.

During FY16 [refers to the period April 1 to March 31], GCPL has
reported a total operating income of INR47.52 crore (Rs.49.10
crore in FY15) and a PAT of INR0.10 crore (Rs.0.58 crore in
FY15). Furthermore, the company has achieved sales of INR45.82
crore during 8MFY17 (Provisional).


GUINEA MOTORS: CARE Ups Rating on INR10cr Long Term Loan to BB-
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Guinea Motors Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     10.00      CARE BB-; Stable
                                            Revised from 'CARE B'

Rating Rationale

The revision in the rating assigned to the bank facilities of
Guinea Motors Private Limited is on account of fresh equity
infusion of INR6.29 crore during FY16 leading to improved
leverage ratios. However, the rating continue to remain
constrained by its small scale of operations, limited bargaining
power with Tata Motors Ltd. (TML) and dependence on volume
momentum, renewal-based nature of dealership agreement,
increasing competition, automobile dealership business being less
profitable and highly working capital intensive in nature. The
aforesaid constraints are partially offset by the company's long
track record, experienced promoters and authorized dealer of TML
for nine districts of Bihar.

Going forward, the ability of GMPL to increase its scale of
operations with improvement in profit margins and effective
management of working capital would be the key rating
sensitivities.

Guinea Motors Pvt. Ltd. was incorporated in February, 2000 by
Shri Arjun Kumar Gupta, Shri R. K. Singh and Shri Anand Gupta of
Patna, Bihar. The company commenced operation from January, 2001
as an authorized dealer of Tata Motors Ltd for its passenger
cars, spares & accessories for nine districts of Bihar.
Subsequently in the year 2007, the company also took the
dealership of Fiat India Automobiles Limited (Fiat), which was
discontinued from the end of March 2013 owing to expiration of
TML's agreement with Fiat India Limited (Fiat) for sharing of
TML's automobile showrooms.

At present, GMPL offers passenger vehicles of TML through its two
showrooms (self-owned) equipped with 3-S facilities (Sales,
Service and Spare-parts) at Patna and Begusarai districts of
Bihar along with four selling outlets (one each in Begusarai,
Bihar Sharif, Samastipur and Hazipur districts of Bihar). Apart
from this, the company also purchases and sells pre-owned cars.
It has two stock-yards (rented), having a capacity to store
around 150 passenger cars each.

In FY16 (refers to the period April 1 to March 31), the company
achieved a total operating income of INR43.36 crore and PAT of
INR0.10 crore as against a total operating income of INR53.62
crore and PAT of INR0.08 crore in FY15. The firm has achieved a
turnover of INR28.58 crore during 8MFY17.


HARAN CHANDRA: ICRA Assigns 'B' Rating to INR5.09cr Term Loan
-------------------------------------------------------------
ICRA has assigned the rating of [ICRA]B to the INR5.09 crore term
loans, INR4.29 crore seasonal cash credit facilities, INR0.42
crore working capital loans and INR0.20 crore bank guarantee
facilities of Haran Chandra Cold Storage Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan                5.09      [ICRA]B assigned
   Seasonal Cash Credit     4.29      [ICRA]B assigned
   Working capital loan     0.42      [ICRA]B assigned
   Bank Guarantee           0.20      [ICRA]B assigned

The assigned ratings take into account HCCSPL's weak financial
risk profile as reflected by low net profit margins, high gearing
and high total debt/OPBDITA. High working capital intensive
nature of operations due to the upfront advances it extended to
the farmers at the time of loading of potatoes, also exerts
pressure on its liquidity position. The ratings are further
constrained by the regulated nature of the industry, making it
difficult to pass on any increase in operating costs, putting
pressure on the profitability. HCCSPL is also exposed to agro-
climatic risks as its business performance depends entirely upon
a single agro commodity, i.e. potato. ICRA notes that the company
also remains exposed to the counterparty risk due to the loans
extended to the farmers, given the chances of default if potato
prices fall significantly.

The ratings, however, derive comfort from the experience of the
promoters in the industry and locational advantage of HCCSPL, as
its cold storage unit is in West Bengal, a state where a large
volume of potato is produced.

In ICRA's opinion, the ability of the company to improve its net
profits as well as maintain its cash accruals while managing its
working capital requirements efficiently would be the key rating
sensitivities, going forward.

Haran Chandra Cold Storage Private Limited had set up its cold
storage unit in Coochbehar district of West Bengal in 2015 to
carry out the business of storage and preservation of potatoes.
The company has an installed storage capacity of 16560 metric
tones (MT) and it has successfully utilized 100% of its capacity
in the first year of its operations in FY2016.

Recent Results
HCCSPL registered a profit after tax of INR0.03 crore on the back
of an operating income of INR12.70 crore during FY2016, the first
year of company's operations.


HEERA MOTI: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Heera Moti
Textile India Private Limited's Long-Term Issuer Rating of 'IND
B+'. The Outlook was Stable.

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

The company's ratings are as follows:

- Long-Term Issuer Rating: 'IND B+'; Outlook Stable; rating
   withdrawn
- INR20.92 million long-term loans: 'IND B+'; Outlook Stable;
   rating withdrawn
- INR30 million fund-based limits: 'IND B+'; Outlook Stable;
   rating withdrawn

Ratings
-------
Long Term Issuer Rating            WD
Fund Based Working Capital Limit   WD   INR30m
Term loan                          WD   INR20.92m


HINDUSTAN NEWSPRINT: CRISIL Cuts Rating on INR600MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Hindustan Newsprint Limited to 'CRISIL D/CRISIL D' from 'CRISIL
BBB/Stable/CRISIL A3+'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          50       CRISIL D (Downgraded from
                                    'CRISIL A3+')

   Cash Credit            450       CRISIL D (Downgraded from
                                    'CRISIL BBB/Stable')

   Cash Credit            600       CRISIL D (Downgraded from
                                    'CRISIL BBB/Stable')

   Cash Credit             50       CRISIL D (Downgraded from
                                    'CRISIL BBB/Stable')

   Letter of Credit       450       CRISIL D (Downgraded from
                                    'CRISIL A3+')

The rating action follows recent instances of devolvement of
letters of credit (LCs) by HNL, some of which were outstanding
for over 30 days before being regularised. Last instance of an LC
devolvement was in December 2016. The rating actions follow
CRISIL's belief that HNL's liquidity will remain constrained due
to weak cash flows from operations. The company's dependence on
fund based limits from bank too remains high with average
utilisation of over 95%.

The ratings continue to reflect HNL's average financial risk
profile including stretched liquidity, and susceptibility to
changes in newsprint prices, intense competition, and risks
related to the commoditized nature of the newsprint industry,
which results in considerable volatility in operating
profitability. However, these weaknesses are partially offset by
the company's established position in the newsprint industry,
high capacity utilization, diversification into writing and
printing paper (WPP).

HNL was incorporated in 1983 as a wholly-owned subsidiary of
Hindustan Paper Corporation Ltd, which was set up by the
Government of India in 1970. HNL has a capacity to produce
100,000 tonnes per annum (tpa) of newsprint at its facility in
Kottayam, Kerala. It also has a 22-megawatt captive power plant
and a 100-tonne-per-day de-inking unit to convert waste paper
into pulp; the pulp is used as raw material for production of
newsprint.


HITKARI MULTIFILTERS: CRISIL Cuts Rating on INR75MM Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Hitkari Multifilters Limited to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.5       CRISIL A4 (Downgraded from
                                     'CRISIL BB-/Stable')

   Cash Credit            75         CRISIL B+/Stable (Downgraded
                                      from 'CRISIL A4+')

   Letter of Credit       75         CRISIL A4 (Downgraded from
                                     'CRISIL BB-/Stable')

   Proposed Long Term     38.7       CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL A4+')

   Term Loan               0.8       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL A4+')

The rating downgrade reflects deterioration in the company's
business performance on account of a decline in revenue and
profitability. Revenue declined to INR624 million in fiscal 2016
from INR980 million in fiscal 2015. This led to lower
profitability and hence to reduction in cash accrual to INR12.9
million from INR15.6 million over this period. Furthermore,
despite a lower working capital requirement, the gearing remained
high at 3 times as on March 31, 2016. The company is not expected
to scale up its operations to historical levels; hence, its
business risk profile will remain constrained over the medium
term.

The ratings reflect a below-average financial risk profile
because of a small networth, high gearing, and low debt
protection metrics. The ratings also factor in limited pricing
flexibility, susceptibility of profitability margins to
volatility in raw material prices, and exposure to risks arising
from the regulated nature of the cigarette industry. These rating
weaknesses are partially offset by an established position in
manufacturing cigarette filter rods, extensive industry
experience of the promoters, and established relationship with
customers.
Outlook: Stable

CRISIL believes Hitkari will continue to benefit from the
extensive industry experience of its promoters and established
relationship with customers. The outlook may be revised to
'Positive' in case of sustained improvement in scale of
operations and profitability, or better liquidity because of
sizeable equity infusion. The outlook may be revised to
'Negative' in case of a steep decline in profitability margins,
or significant deterioration in the capital structure most likely
because of a further stretch in the working capital cycle.

Hitkari was set up in 1971 by Mr. Arun Hitkari and his family.
The company manufactures filter rods for cigarettes.


HMT LIMITED: CARE Puts 'B-' Cash Credit Rating on Credit Watch
--------------------------------------------------------------
CARE places the ratings assigned to the bank facilities of
HMT Limited on credit watch with developing implications.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Fund-based-Long-term-         44.56      CARE B- Placed on
   Cash Credit                              credit watch with
                                            developing
                                            implications

   Non-fund-based-Short          11.25      CARE A4 Placed on
   term-LC/BG                               credit watch with
                                            developing
                                            implications

Rating Rationale

The above ratings have been placed under 'Credit watch with
developing implications', in view of Government of India
(GOI) approving closure of operations of HMT Limited's Tractor
division and also to provide financial assistance to HMT Limited
to discharge all liabilities of Tractor division, including bank
loans. The GOI also approved for restructuring of balance sheet
of HMT by reduction of paid up capital to the extent of
accumulated losses of Tractor division amounting INR848.5 crore
against GOI paid up equity shareholding in the company of
INR1,204.1 crore.

Tractor division of the company was contributing more than 90% of
sales of the company. With high employee cost and lower capacity
utilization, HMT continues to post losses with declining level of
operations on Y-o-Y basis. With GOI deciding to close down the
HMT's tractor division, company is expected to surrender its
rated bank facilities. Considering the above, the ratings of HMT
are placed under credit watch with developing implications.

CARE would take appropriate view on the ratings, once the exact
implications of the above events are clear.

HMT was incorporated in 1953 by the Government of India (GOI) as
Hindustan Machine Tools Pvt. Ltd., subsequently renamed as HMT
Limited on August 31, 1978. The company was primarily engaged in
the manufacturing of watches, tractors, printing machinery, metal
forming presses, die casting plastic processing machinery, CNC
systems and bearings.

In 1990, the company was restructured into different business
groups such as machine tools business group, industrial
machinery business group, tractor business group, consumer
business group and food processing business group. In the
year 1999-2000, these business groups were regrouped and made
subsidiaries of holding company HMT Limited. HMT spun off machine
tools and watch business into subsidiary companies and tractor
division was retained with HMT. HMT had five subsidiaries, viz,
HMT Machine Tools Ltd. (rated 'CARE D'), HMT Watches Ltd., HMT
Chinar Watches Ltd., HMT (International) Ltd. and HMT Bearings
Ltd.

During January 2016, Cabinet Committee on Economic Affairs (CCEA)
approved closure of three of its subsidiaries, viz, HMT Watches
Ltd., HMT Chinar Watches Ltd. and HMT Bearings Ltd. Accordingly,
in FY16 (refers to the period April 1 to March 31), company has
extinguished redeemable preference shares and set it off against
the loans and advances extended to these subsidiaries to the
extent of INR623.14 crore.


J P POLYMERS: CRISIL Assigns 'B' Rating to INR30MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of J P Polymers.

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

   Cash Credit             15        CRISIL B/Stable

   Letter of Credit        55        CRISIL A4

The ratings reflect JPP's small scale of operations in an
intensely competitive polymer trading business and below-average
financial risk profile because of small networth (Rs.11.3 million
as on March 31, 2016) and high total outside liabilities to
tangible networth (6.91 times as on March 31, 2016). These
weaknesses are mitigated by the extensive experience of partners
in the polymer trading business.
Outlook: Stable

CRISIL believes JPP shall benefit from the extensive experience
of partners. The outlook may be revised to 'Positive' if revenue
or operating margin increases substantially while sustaining its
working capital cycle.  Conversely, the outlook may be revised to
'Negative' if significant decline in revenue, or debt-funded
capex weakens the financial risk profile or in case of an
elongation in its working capital cycle.

Delhi-based JPP is a partnership firm set up in 1982; it trades
in polymers, primarily polyvinyl chloride resin. The firm's
operations are being managed by Mr. Abhishek Jindall and his
father, Mr. Ramesh Jindall.


JAGDAMBAA AGRO: CRISIL Assigns B+ Rating to INR169.2MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Jagdambaa Agro Mill Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan             169.2       CRISIL B+/Stable
   Cash Credit            50.0       CRISIL B+/Stable
   Proposed Fund-
   Based Bank Limits      50.8       CRISIL B+/Stable

The rating reflects a below-average financial risk profile,
stretched liquidity, and nascent stage of operations. These
weaknesses are partially offset by the extensive experience of
the promoters, and stable demand for rice.

Outlook: Stable

CRISIL believes JAMPL will benefit over the medium term from the
healthy prospects for the rice processing industry. The outlook
may be revised to 'Positive' if timely stabilisation of
operations and better-than-expected revenue improve liquidity.
The outlook may be revised to 'Negative' if substantially low
capacity utilisation or a significant stretch in working capital
requirement further weakens the financial risk profile,
particularly liquidity.

JAMPL was incorporated in March 2014, promoted by Mr. R K
Patwari, Mr. Bijay Kumar Puria, and Mr. Sunil Kumar Agrawal.
Operations are managed by Mr. Patwari. The company has set up a
rice mill with an installed capacity of 12 tonnes per hour at
Garhbanaili in Purnea, Bihar, for manufacturing non-basmati
parboiled rice. Production started from July 2016.


JAVERY INCORPORATION: CARE Reaffirms B+ Rating on INR7.5cr Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Javery Incorporation.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.50      CARE B+; Negative
                                            Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Javery
Incorporation continues to remain constrained on account of weak
financial risk profile marked by thin profitability margins due
to trading nature of operations and weak capital structure and
debt coverage indicators along with working capital intensive
nature of business operations with elongated collection period.
The rating is also constrained on account of its small scale of
operations with presence in the highly fragmented industry along
with pricing constraints and margin pressure arising out of
competition from other distributors in the market along with
proprietorship nature of the constitution. The reaffirmation of
rating and negative outlook factors in the decline in profit
margin and slight deterioration in capital structure albeit
increase in operating income during FY16 (refers to the period
April 1 to March 31).

The rating, however, continues to draw support from the
experience of the proprietor, being sole authorized distributor
for major brands within the electronics markets leading to
competitive advantage and stable industry outlook for consumer
durables.

The ability of the firm to increase its scale of operations and
improvement in profitability and capital structure while managing
its working capital requirement efficiently remain the key rating
sensitivities.

Javery Incorporation was established in the year 2008 by Mr.
Gaurav Javery as the proprietor. JI is engaged in the trading and
distribution of home appliances like refrigerators, televisions,
washing machines, sound systems and other accessories. Based out
of Nagpur, Maharashtra, the firm is an authorized distributor of
electronic products of Samsung India Electronics Private Limited
(Samsung), LG Electronics (LG), Kelvinator, Sony and Sansui.
Also, JI is the sole distributor within three regions of
Maharashtra including Nagpur, Wardha and Yavatmal for LG,
Kelvinator, Sony and Sansui. The firm is a sole dealer for
Samsung for the Nagpur region in Maharashtra and has recently
received the sole authorized dealership for Wardha and Yavatmal
district (Maharashtra). JI has an established and diversified
dealers base with around 500 retail distributors spread across
these districts with the sales team of more than 50 people who
deal with these retail distributors.

In FY16 (refers to the period April 1 to March 31), JI earned PAT
of INR0.07 crore on a total operating income of INR32.38 crore
against PAT of INR0.13 crore on a total operating income of
INR30.06 crore.


KODARMA CHEMICAL: CRISIL Lowers Rating on INR145MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kodarma Chemical Private Limited to 'CRISIL D' from 'CRISIL
BB-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             145       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Term Loan                30.5     CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The rating downgrade reflects delay in repayment of term debt
obligations and continuous overdrawal in the cash credit limit.
The same has been driven by KCPL's stretched liquidity due to
subdued industry demand, volatile crude derivative prices and
stabilisation phase of enhanced capacities.

The ratings continue to reflect working capital-intensive nature,
and a modest scale of operations, in a highly fragmented and
competitive industry. The rating also factors in a modest net
worth and high gearing. However, the company benefits from the
promoters' extensive industry experience.

KCPL incorporated in June 2008, manufactures industrial chemicals
and solvents (coal tar, fuel oil, and various laboratory
chemicals). Mr. Panchdev Kumar Shaw and Mr. Khiru Shaw are the
directors of the company.


LAXMI FABDYE: CRISIL Assigns B- Rating to INR100MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Laxmi Fabdye Printing Private Limited.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Term Loan      19.6        CRISIL B-/Stable
   Long Term Loan         100          CRISIL B-/Stable
   Overdraft Facility      20          CRISIL A4

The rating reflects the company's limited track record,
susceptibility to risks related to stabilisation of operations,
and exposure to intense competition in the highly fragmented
textile industry. These weaknesses are partially offset by its
promoters' extensive industry experience and funding support.
Outlook: Stable

CRISIL believes LFP will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if operations stabilise on time, leading to healthy
revenue and profitability. The outlook may be revised to
'Negative' if stabilisation of operations is delayed, leading to
lower-than-expected revenue or profitability, weakening the
financial risk profile.

LFP, incorporated in fiscal 2014 and based in Delhi, began
commercial operations in fiscal 2017. It prints and dyes fabrics.
Its promoters, Mr. Ravi Wadhwa and Mr. Sameer Wadhwa, manage
operations. The company's manufacturing facility is in Greater
Noida, Uttar Pradesh.


M M RICE: ICRA Suspends 'B' Rating on INR4.70cr Cash Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR1.32 crore term loan, INR4.70 crore fund based cash credit
facilities, INR2.00 crore non fund based facilities and INR11.28
crore unallocated limits of M M Rice Mill Private Limited. ICRA
has also suspended the short term rating of [ICRA]A4 assigned to
the INR0.70 crore line of credit of the company. The rating for
the unallocated limit of INR11.28 crore on the short term scale
at [ICRA]A4 has also been suspended.

Incorporated in 2012, MMRM is promoted by Mr. Rajesh Biyani and
his family members. The company is engaged in the milling of
paddy into rice, with bran, husk and broken rice being produced
as the by-product. In addition, the company is also engaged in
trading of rice. The facility is located at Sonapur, West Bengal
with an installed capacity of 96 tonnes per day.


MAA VAISHNO: ICRA Assigns 'B' Rating to INR4.0cr Cash Loan
----------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR5.95-
crore fund-based bank facilities of Maa Vaishno Edibles Private
Limited. ICRA has also assigned its long-term rating of [ICRA] B
and short-term rating of [ICRA] A4 to the INR1.27 crore
unallocated facilities of MVEPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.00       [ICRA]B; assigned
   Term Loan              1.95       [ICRA]B; assigned
   Unallocated            1.27       [ICRA]B/[ICRA] A4; assigned

ICRA's ratings factor in MVEPL's limited track record of
operations resulting in modest scale of operations, which coupled
with low value-adding nature of business and high industry
competition has resulted in low profitability and moderate debt
coverage indicators. The ratings also take into account the
working capital intensive nature of the rice milling business due
to the need to maintain substantial inventories. Furthermore, the
initial capital expenditure and the working capital requirements
have been primarily funded through bank borrowings, leading to a
highly leveraged capital structure (gearing of 3.31 times as on
March 31, 2016). The rating is also constrained by the agro
climatic risks, which affect the availability of paddy in adverse
conditions. However, the rating is supported by the experience of
the promoters in the rice industry; proximity of the mill to a
major rice growing area, which results in easy availability of
paddy; and the stable demand outlook as rice is an important part
of the staple Indian diet.

Going forward, the ability of the firm to increase its scale of
operations while improving its profitability, capital structure
and maintaining an working capital intensity, will be the key
rating sensitivities.

MVEPL is involved in the business of milling and sorting of non-
basmati rice. The company was incorporated in FY2013. Its
installed capacity is 8 tons/hour and is located at Bhagaura
District Gorakhpur (U.P.). The company mainly exports to Nepal.
The company sells under its brand 'Siddhibhog'.

Recent Results
The company reported a net profit of INR0.09 crore on an
operating income of INR19.91 crore in FY2016 as against a net
profit of INR0.12 crore on an operating income of INR14.73 crore
in FY2015.


MEGHA GRANULES: Ind-Ra Withdraws 'IND D' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Megha Granules
Private Limited's 'IND D' Long-Term Issuer Rating.

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

MGPL's ratings:
- Long-Term Issuer Rating: 'IND D'; rating withdrawn
- INR268.8 million fund-based working capital limits: Long-term
   'IND D'; rating withdrawn
- INR654 million long-term loans: Long-term 'IND D'; rating
   withdrawn
- INR30 million non-fund-based working capital limits: Short-
   term 'IND D'; rating withdrawn

Ratings
-------
Long Term Issuer Rating                WD
Fund Based Working Capital Limit       WD   INR268.8m
Non-Fund Based Working Capital Limit   WD   INR30m
Term loan                              WD   INR654m


MELA SINGH: ICRA Suspends B+ Rating on INR9.0cr Bank Loan
---------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ assigned to
the INR9.00 crore bank facilities of Mela Singh Memorial
Educational Trust. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


MICROTEX FASHION: CARE Assigns B+ Rating to INR7.23cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Microtex
Fashion Industries.

                              Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
   Long-term Bank Facilities    7.23     CARE B+; Stable Assigned

Rating Rationale

The rating assigned to the bank facilities of Microtex Fashion
Industries is constrained on account of its nascent stage of
operations coupled with moderate profit margins, leveraged
capital structure and moderate debt coverage indicators along
with its working capital intensive nature of operations. The
ratings are further constrained on account of its presence in the
highly fragmented and competitive industry and susceptibility of
its operating margins to fluctuation in raw material prices along
with supplier and customer concentration risk.

The above constraints, however, outweigh the comfort derived from
the experience of the proprietor in the textile industry.

The ability of MTFI to increase its scale of operations along
with an improvement in its overall financial risk profile by
improving its profit margins and solvency position via efficient
working capital management are the key rating sensitivities.

Valsad-based (Gujarat) MTFI was established in the year 2015 by
the proprietor Ms Beena Jayesh Gor, with an objective of
manufacturing and trading of linen fabric from flax yarn, which
finds application in the textile industry.

MTFI commenced its trading operations in linen fabric from April
2015, while the manufacturing operations commenced from September
2015 from its sole manufacturing facility located in Valsad
(Gujarat) with 48 rapier looms having an installed capacity of
about 1.75 lakh metres of linen fabric per month. MTFI procures
flax yarn domestically and sells the finished product to
retailers and wholesalers located in various cities of India like
Ludhiana, Hyderabad, Kanpur etc.

During FY16 (refers to the period April 1 to March 31), MTFI
reported a total operating income (TOI) of INR9.96 crore with
a PAT of INR0.12 crore for its seven months of operations.


MILLENIUM BUILDHOME: CRISIL Assigns B+ Rating to INR150MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facility of Millenium Buildhome Private Limited (MBPL).
The ratings reflect exposure to project implementation related
risk accentuated by lower bookings and receipt of customer
advances. Ratings also factor in inherent risks and cyclicality
in real estate industry. These rating weaknesses are partially
mitigated by promoters' extensive experience and established
track record in construction and real estate industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Term Loan      150       CRISIL B+/Stable

Outlook: Stable

CRISIL expects MBPL to benefit from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
higher than expected bookings and timely receipt of customer
leads to healthy cash inflows. The outlook may be revised to
'Negative' if there is a time and cost over-run in the on-going
projects or significant pressure on the company's liquidity due
to lower bookings and/or delays in receiving customer advances.

MBPL, incorporated in 2009, is engaged into real estate
development in Kota, Rajasthan. The company is promoted by Mr.
Ajay Bakliwal and Mrs. Usha Jain. It is currently developing a
project ' Millennium Apartment Residential Flats with about 120
residential units and 6 shops.


MURALIDHAR AGRO: CARE Reaffirms B+ Rating on INR7cr LT Loan
-----------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of
Muralidhar Agro Food Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       7        CARE B+; Stable
                                            Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Muralidhar Agro
Food Private Limited continues to remain constrained on account
of its small scale of operations and profitability, modest
liquidity position with elongated operating cycle, leveraged
capital structure and weak debt coverage indicators during FY16
(refers to the period April 1 to March 31). The rating is further
constrained on account of risk associated with raw material price
volatility and its presence in the highly fragmented and
competitive industry with low entry barriers.

The rating, however, continues to derive benefits from
experienced promoters with established track record of operation,
location benefit coupled with established selling and
distribution network.

The ability of MAFPL to increase its scale of operations along
with improving its profit margins, capital structure, debt
coverage indicators and liquidity position and better working
capital management are the key rating sensitivities.

Areri-based (Kheda, Gujarat) MAFPL was established as a private
limited company in 2005. MAFPL is engaged in the manufacturing of
grain mill products, ie, rice. The company sells its Basmati rice
under the brand name of 'Rat Rani' and 'Pilar'. The company sells
its entire production in the domestic market. Mr. Hiteshbhai B
Patel, director, aged 51 years who has an experience of 31 years,
manages the overall operations of the company. He is assisted by
Mr. Kamleshbhai Patel, aged 36 years, who is also director of
MAFPL, who has an experience of 15 years manages overall
operations of the company. Its plant, located at Areri is spread
across 87,120 Sq. feet area. The products manufactured by MAFPL
are used by entities dealing into the trading of food products.

During FY16 (Audited), MAFPL reported a Profit after Tax (PAT) of
INR0.17 crore on a Total Operating Income (TOI) of INR27 crore as
against net profit of INR0.23 crore on a TOI of INR32.28 crore
during FY15 (Audited).


N.K TRADING: ICRA Assigns B+ Rating to INR22cr Cash Credit
----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ and a short-term
rating of [ICRA]A4 to INR23.50 crore bank facilities of N.K
Trading Co.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-Term-Fund
   Based Cash Credit       22.00       [ICRA]B+ Assigned

   Long-Term/Short-
   Term-Unallocated         1.50       [ICRA]B+/[ICRA]A4 Assigned

Rating Rationale

The assigned ratings are constrained by the firm's thin operating
margins on account of limited pricing flexibility coupled with
limited value additive nature of trading business. The ratings
also consider the exposure of revenues to inherent cyclicality of
real estate and construction sector and the financial profile
characterized by weak coverage indicators and leveraged capital
structure on account of significant working capital borrowings
due to high inventory levels. However, the assigned ratings
positively factor in the experience of promoters in the industry
spanning over three decades. The ratings take into account the
healthy growth in operating income of the firm over the years
supported by increased demand for tiles owing to various real
estate and IT development projects implemented in Kerala.
Further, the ratings derive comfort from the firm's plan to focus
more on individual builders and retailers to ensure revenue
stability.

Going forward, the firm's ability to improve its profitability,
given the competitive environment, and effectively manage its
working capital requirements by bringing down inventory levels
through inventory planning mechanisms will be the key rating
sensitivities.

N. K Trading Co is a partnership firm promoted by Mr. V.
Satheesan and Ms. Sheeja Satheesan. The entity commenced its
operations in 1986 and is currently engaged in the distribution
tiles, granites, sanitary ware, kitchen ware and wall paints. The
firm caters to institutional customers, individual builders and
retailers located in Kollam, Trivandrum, Ernakulam and Allepey
districts of Kerala. The main showroom of the firm is located in
Kalluvathukkal, Kerala along with a warehouse facility, spread
across an area of 1,10,000 sq. ft. The firm also has showrooms in
Kollam and Ayoor.

Recent Results
During FY2016 (as per provisional results), the firm reported a
net profit of INR0.95 crore on an operating income of INR94.56
crore as compared to INR0.67 crore net profit on an operating
income of INR78.54 crore during FY2015.


NAGOORAR ENTERPRISES: CRISIL Reaffirms B+ Rating on INR150MM Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Nagoorar
Enterprises (part of the Nagoorar group) continues to reflect low
profitability, susceptibility to volatility in metal scrap
prices, and a modest scale of operations in the intensely
competitive scrap business. These weaknesses are partially offset
by the extensive experience of promoter, and a moderate financial
risk profile.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            150       CRISIL B+/Stable (Reaffirmed)
   Term Loan               34.4     CRISIL B+/Stable (Reaffirmed)

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of NE, NKR Enterprise, Green Travels and
Transport, and Shahul Hamid - labor contract (SH). This is
because all these firms, collectively referred to as the Nagoorar
group, have a common promoter, and significant operational and
financial linkages.
Outlook: Stable

CRISIL believes the Nagoorar group will continue to benefit over
the medium term from the extensive experience of its promoter.
The outlook may be revised to 'Positive' if a significant
increase in scale of operations and profitability leads to
higher-than-expected cash accrual, while maintaining the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if liquidity weakens because of a decline in
profitability or stretched working capital cycle.

NE was established in 1985 as a proprietorship firm by Mr. N
Shahul Hameed. The firm trades in scrap material such as mild
steel scrap, fly ash, and firewood; sprint green; and plastic
scrap.


NAVBHARAT INSULATION: CRISIL Lowers Rating on INR19.5MM Loan to C
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Navbharat Insulation and Engg. Co. to 'CRISIL C' from 'CRISIL
B-/Stable', while reaffirming the short-term bank facilities at
'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         20         CRISIL A4 (Reaffirmed)

   Cash Credit            19.5       CRISIL C (Downgraded from
                                     'CRISIL B-/Stable')

   Letter of Credit        9         CRISIL A4 (Reaffirmed)

   Working Capital        20         CRISIL C (Downgraded from
   Term Loan                         'CRISIL B-/Stable')

The downgrade is driven by weak liquidity on account of working
capital-intensive operations and modest cash generation.
Liquidity is constrained as cash generation in fiscal 2017 is
expected to be barely sufficient to meet debt repayment
obligation of INR5 million in the fiscal. Furthermore, a long
working capital cycle, especially due to stretch in debtors, has
resulted in full utilisation of the bank limit. CRISIL believes
liquidity will remain constrained over the medium term due to
modest cash generation and working capital-intensive operations.

The ratings reflect a modest scale of operations, large working
capital requirement, and a weak financial risk profile because of
a modest networth, high gearing, and inadequate debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of the promoter in the insulation industry.

NIEC, set up by Mr. R L Khanduja in the late 1960s, undertakes
insulation contracts for oil refineries, engineering and
manufacturing units, and buildings such as shopping malls and
hospitals.


NEXO STRUCTURES: ICRA Suspends 'D' Rating on INR7.5cr LT Loan
-------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]D and short term
rating of [ICRA]D assigned to the INR7.50 crore bank facilities
of Nexo Structures Private Limited.The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


NEXTGEN FIBRES: Ind-Ra Withdraws 'IND B' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Nextgen Fibres
Private Limited's Long-Term Issuer Rating of 'IND B'. The Outlook
was Stable.

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

The company's ratings are as follows:

- Long-Term Issuer Rating: 'IND B'; Outlook Stable; rating
   withdrawn
- INR40 million fund-based limit: 'IND B'; Outlook Stable;
   rating withdrawn
- INR80 million long-term loan: 'IND B'; Outlook Stable; rating
   withdrawn
- INR5 million non-fund-based working capital limit: 'IND A4';
   rating withdrawn

Ratings
-------
Long Term Issuer Rating                WD
Fund Based Working Capital Limit       WD   INR40m
Non-Fund Based Working Capital Limit   WD   INR5m
Term loan                              WD   INR80m


OME SREE: ICRA Suspends 'B' Rating on INR5.09cr Term Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
INR5.09 crore term loan and INR1.50 crore cash credit of Ome Sree
Sai Ganesh Poultries. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.


ORIILON INDIA: CARE Ups Rating on INR20.28cr LT Loan to BB-
-----------------------------------------------------------
CARE revises and reaffirms the rating assigned to the bank
facilities of Oriilon India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     20.28      CARE BB-; Stable
                                            Revised from CARE B+

   Long-term/Short-term Bank
   Facilities                    15.00      CARE BB-/CARE A4;
                                            Revised from
                                            CARE B+/CARE A4

   Short-term Bank Facilities     0.85      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Oriilon India Private Limited is on account of
significant improvement in the scale of operations and
profitability during H1FY17 (Provisional; refers to the period
April 1 to September 30). The ratings continue to draw strength
from the promoters' extensive experience into the textiles
industry and location advantage with presence in Surat textile
cluster.

The ratings, however, continue to remain constrained on account
of moderately leveraged capital structure, moderate debt coverage
indicators and moderate liquidity position. The ratings are
further constrained due to the company's presence into the highly
competitive and fragmented textile industry and susceptibility of
operating margins to fluctuation in raw material prices and
foreign exchange rate.

Going forward, OIPL's ability to increase its scale of
operations, improve its profit margins, capital structure and
efficient management of working capital would be the key rating
sensitivity. Furthermore, any significant debt-funded capex would
also be a key rating sensitivity.

Incorporated in 2008, OIPL (erstwhile formally known as "Vandana
Suppliers Pvt. Ltd.") is engaged in the manufacturing of Nylon
Filament Yarn (NFY) which is mainly used in the textile industry
with an installed capacity of 7,200 MTPA as on March 31, 2016,
from 1800 MTPA earlier, on account of completion of debt-funded
capex in October 2015. OIPL operates from its sole manufacturing
facilities located at Surat in Gujarat.

During FY16 (refers to the period April 1 to March 31), OIPL
reported a total operating income (TOI) of INR64.03 crore with
a PAT of INR0.72 crore as against a TOI of INR43.48 crore with a
PAT of INR0.54 crore during FY15. The TOI till H1FY17
(Provisional) stood at INR63.78 crore while operating profit
stood at INR7.31 crore.


PRESIDENT CLOTHING: ICRA Suspends B+ Rating on INR2cr Cash Loan
---------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ outstanding
on INR2.00 crore cash credit facilities and the INR0.87 crore
term loan facilities of President Clothing Company. ICRA has also
suspended the short-term rating of [ICRA]A4) outstanding on the
INR4.00 crore non fund based facilities of the firm. ICRA has
also suspended the long-term/short-term rating of [ICRA]B+/A4
outstanding on INR3.13 crore proposed facilities of the firm. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.


R J BUILDCON: CRISIL Assigns B+ Rating to INR50.5MM Bank Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of R J Buildcon Private Limited. The ratings
reflect RJ's modest scale of operations in the intensely
competitive civil construction industry and working capital
intensive operations due to high earnest money deposit and
retention money in the form of security deposits. The ratings
also factor in the high geographical concentration in revenue
profile. These weaknesses are mitigated by the extensive industry
experience of the promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              9.5       CRISIL B+/Stable
   Bank Guarantee        50.5       CRISIL A4
   Overdraft Facility    40.0       CRISIL B+/Stable

Outlook: Stable

CRISIL believes that RJ will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
scales up revenue than expectation, while maintaining its
profitability resulting in sizeable net cash accrual. The outlook
may be revised to 'Negative' if RJ's financial risk profile
particularly its liquidity weakens because of significant decline
in its cash accruals, larger-than-expected working capital
requirement or if it undertakes a large debt-funded capital
expenditure program.

RJ, incorporated in March, 2008, is promoted by Jalkote family
and primarily undertakes road construction contracts. The company
has executed road construction orders for Pune Municipal
Corporation (PMC), Public Works Department (PWD), Pimpri
Chinchwad Municipal Corporation (PCMC) and National Highway
Authority of India (NHAI) since its incorporation.


REGALIA JEWELS: CRISIL Reaffirms 'B' Rating on INR65MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Regalia Jewels
Private Limited continues to reflect geographical concentration
in RJPL's revenue and exposure to intense competition; and modest
networth. These weaknesses are partially offset by the experience
of promoter in the jewellery industry.

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

Outlook: Stable

CRISIL believes RJPL will continue to benefit over the medium
term from its promoter's industry experience. The outlook may be
revised to 'Positive' if scaling up of operations and better
working capital management strengthens the financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in the financial risk profile on account of
low profitability or large working capital requirement.

Established in 2006 and based in Delhi, RJPL, promoted by Mr.
Sumit Verma, manufactures and sells gold and diamond-studded
jewellery in the wholesale market. Its showroom is in Gurgaon
(Haryana).


SARASWATI EDUCATION: ICRA Lowers Rating on INR50cr Loan to D
------------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR50.00
crore1, long-term, fund-based bank facilities of Saraswati
Education Society, Khargar to [ICRA]D from [ICRA]BB (Stable)
assigned earlier.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term, fund-
   based Limits            50.00      [ICRA]D; downgraded

The rating revision reflects delays in debt servicing by the
company due to its weak liquidity position on account of its
stretched receivables.

Saraswati Education Society is a public charitable trust,
incorporated in the year 1997. The trust began its operation in
the field of education with Saraswati College of Engineering in
2004 in Maharashtra. Since then, the society has established and
acquired various other educational institutions such as ReVera
Institute of Technology, Kharghar and Dongarai Shikshan Sanstha,
Kadepur. These institutes, recognized and affiliated to concerned
authorities, are spread across two campuses in the state of
Maharashtra.


SATYAM SUITINGS: CARE Reaffirms B+ Rating on INR5.33cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Satyam Suitings Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term bank facilities      5.33      CARE B+; Stable
                                            Reaffirmed

   Short-term bank facilities     0.50      CARE A4 Reaffirmed

Rating Rationale

The ratings continue to remain constrained on account of modest
scale of operations of Satyam Suitings Private Limited with
moderate profit margins, highly leveraged capital structure and
stressed liquidity profile. The ratings are, further, continue to
remain constrained on account of SSPL's limited presence in the
textile value chain, vulnerability of margins to fluctuation in
the raw material prices and its presence in a highly fragmented
textile industry.

The ratings, however, continue to favorably take into account the
vast experience of promoters and location advantage by way of its
presence in textile cluster at Bhilwara.

The ability of the company to increase its scale of operations
while improving profitability margins in light of volatile raw
material price and efficient management of liquidity position
would remain the key rating sensitivity.

SSPL, incorporated in 1987, is promoted by Kabra family of
Bhilwara (Rajasthan). SSPL is engaged in the business of
manufacturing of synthetic grey fabrics from polyester yarn and
also does trading of grey and finished fabrics. It also
manufacturers grey fabrics on job work basis. The company
outsources the processing work required for the manufacturing of
finished grey fabrics on job work basis to the nearby process
house located at Bhilwara. The manufacturing facility of SSPL is
located at Bhilwara having totalled 44 looms with an installed
capacity of 27.50 Lakh Meters Per Annum (LMPA) as on March 31,
2016 for manufacturing of synthetic fabrics. The company sells
its product under the brand name of "Avishkar Suitings".

The other group concern of SSPL includes Samarpan Synthetics
Private Limited (SMSPL, incorporated in 2003 and rated CARE BB-)
which is engaged in the manufacturing of cotton grey fabrics.

During FY16, SSPL has reported a total operating income of
INR25.69 crore (FY15: INR24.71 crore) with a net profit of
INR0.12 crore (FY15: INR0.12 crore).


SHREE SAI: CARE Revises Rating on INR10.35cr Loan to BB-
--------------------------------------------------------
CARE revises the lt rating assigned to the bank facilities of
Shree Sai Organic Foods Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.35      CARE BB-; Stable
                                            Revised from CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of
Shree Sai Organic Foods Private Limited is on account
of improvement in scale of operations along with gross cash
accruals on its first year of complete operations in FY16
(refers to the period April 1 to March 31).

However, the rating continues to remain constrained by its
relatively small scale of operation with low profitability
margin, highly fragmented and competitive industry with exposure
to vagaries of nature, regulated nature of the industry,
high working capital intensity and leverage capital structure
marked by high overall gearing ratio. The rating, however,
derives strength from its experienced promoters, strategic
location of the unit in the paddy-growing region and, statutory
exemptions and subsidy under Industrial Incentive Policy.

Going forward, improvement in the scale of operations along with
improvement in the profitability margins and effective
management of working capital will be the key rating
sensitivities.

Bettiah-based (Bihar) SSOFPL was incorporated on August 31, 2012
to set up a rice milling unit at Bettiah (West Champaran
district), Bihar for production of rice, rice bran and husk.
SSOFPL is promoted by Mr. Manoj Kumar Goenka and Mr. Ashish
Sikaria based in Bettiah, the directors of the company. The
company has set up the facility with an installed capacity to
produce 38400 MTPA of non-basmati rice, rice bran, bhushi, broken
rice, etc. During FY16, the company has received the entire
capital subsidy from Government of Bihar for setting up a new
rice mill which has started its commercial operation from
November 2014.

The day-to-day affairs of the company are looked after by Mr.
Manoj Kumar Goenka (Director) with the adequate support from
other directors and a team of experienced personnel.

During FY16, the company reported a total operating income of
INR47.83 crore (FY15: INR15.75 crore) and a PAT of INR0.09 crore
(in FY15 net loss: INR0.01 crore). The gross cash accrual was
INR1.72 crore (in FY15: INR0.74 crore) during FY16.

Furthermore, the company has achieved a total operating income of
INR30.62 crore during 8MFY17 (refers to the period April 1 to
November 30).


SHRI REWA: CRISIL Upgrades Rating on INR74.5MM Term Loan to 'B'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Shri Rewa Rice Mills Private Limited to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

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

   Proposed Long Term       5.5      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan               74.5      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The ratings upgrade reflects the improvement in business risk
profile of the company is marked by expected ramp up in its scale
of operations on account of successful full year of operations
backed by steady orders from the company's customers. The company
was operational from October 2015 in FY 2015-16. The company
generated revenues of Rs.185.8 million in 2015-16. Going forward,
with operations expected throughout the year the revenues of the
company are expected to significantly improve over the medium
term. The business risk profile of the company is also marked by
stable operating margins in the range of 5-6 per cent for the
past 5 years ending 2015-16. CRISIL believes that the company's
business risk profile will continue to improve on the back of
stable orders from the firm's customers. The company is expected
to generate net cash accruals of Rs.6-8 million against term debt
obligations of around Rs.6 million over the medium term. The
financial risk profile of the company is marked by modest capital
structure and debt protection metrics.
Outlook: Stable

CRISIL believes SRRMPL will benefit over the medium term from its
promoters' extensive industry experience and established
relationships with customers. The outlook may be revised to
'Positive' if SRRMPL reports better-than-expected revenue and
profitability during initial phase of operations, resulting in
higher cash accrual. Conversely, the outlook may be revised to
'Negative' in case of weakening of financial risk profile
especially liquidity because of slow ramp-up in operations, or
larger-than-anticipated working capital requirement.

Incorporated in 2013, SRRMPL has set up a rice milling unit with
processing capacity of 100 tonnes per day at Udaipura in Raisen
(Madhya Pradesh). The company is promoted by Mr. Rajendra Singh
Raghuvanshi and Mr. Sandeep Raghuvanshi. Its registered office is
at Udaipura.


SHRINIWAS GINNING: CRISIL Reaffirms B+ Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shriniwas
Ginning Industries continues to reflect a below-average financial
risk profile because of a small networth and high gearing.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            80        CRISIL B+/Stable (Reaffirmed)
   Term Loan               5.4      CRISIL B+/Stable (Reaffirmed)
   Warehouse Financing    14.6      CRISIL B+/Stable (Reaffirmed)

The rating also factors in a modest but improving scale of
operations in the highly fragmented cotton ginning industry, and
susceptibility to volatility in cotton prices. These rating
weaknesses are partially offset by the extensive industry
experience of proprietor and proximity to raw material sources.
Outlook: Stable

CRISIL believes SGI will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' in case of higher-than-expected cash accrual,
driven by improved revenue and profitability, or substantial
capital infusion, resulting in a significantly better capital
structure. The outlook may be revised to 'Negative' in case of a
decline in revenue or profitability, a stretched working capital
cycle, or capital withdrawal, leading to deterioration in the
financial risk profile, particularly liquidity.

SGI was established in 2006 as a proprietorship concern by Mr.
Gopaldas Rathi. The firm gins and presses raw cotton and also
trades in cotton bales. Its unit is at Hinganghat, Maharashtra.


SREE GIRIDHARI: ICRA Suspends B+ Rating on INR5.75cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
INR5.75 crore fund based limits and the ratings of [ICRA]B+/A4
assigned to INR4.25 crore unallocated limits of Sree Giridhari
Raw & Boiled Rice Mill. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the
requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.


SRI VENKATRAMANA: ICRA Suspends 'D' Rating on INR28cr Loan
----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D outstanding on
INR28.0 crore term loan facilities, INR14.5 crore fund based
facilities and INR4.5 crore proposed facilities of Sri
Venkatramana Paper Mills Private Limited. ICRA has also suspended
the short-term rating of [ICRA]D outstanding on INR5.0 crore
letter of credit facility and INR2.0 crore bank guarantee
facility of the Company. The suspension follows ICRA's inability
to carry out a rating surveillance due to non cooperation from
the company.


STANDARD LEATHER: Ind-Ra Withdraws IND B Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Standard
Leather Pvt Ltd's Long-Term Issuer Rating of 'IND B'. The Outlook
was Stable.

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

SLPL's ratings are as follows:

- Long-Term Issuer Rating: 'IND B'; Outlook Stable; rating
   withdrawn
- INR29 million long-term loans: 'IND B'; Outlook Stable; rating
   withdrawn
- INR20 million fund-based limits: 'IND B'; Outlook Stable;
   rating withdrawn
- INR5 million non-fund-based limits: 'IND A4'; rating withdrawn

Ratings
-------
Long Term Issuer Rating                WD
Fund Based Working Capital Limit       WD   INR20m
Non-Fund Based Working Capital Limit   WD   INR5m
Term loan                              WD   INR29m


SUNWAY INFRASTRUCTURE: ICRA Lowers Rating on INR8.5cr Loan to D
---------------------------------------------------------------
ICRA has revised its long-term rating on the INR8.50-crore fund-
based bank facilities of Sunway Infrastructure Services Limited
to [ICRA]D from [ICRA]B.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term Fund-based
   Facility-Term Loan       8.50      [ICRA]D; Revised from
                                      [ICRA]B
The rating revision factors in the delay in debt servicing by the
company mainly because of low cash accruals and high interest
cost (due to high debt-funded capital expenditure). The ratings
are further constrained by the small-scale and limited track
record of the company's operations and its exposure to intense
industry competition given the presence of numerous players due
to low-entry barriers. Additionally, the company is exposed to
high geographical concentration risk as its operations are
concentrated in the NCR region. However, the rating favourably
factors in the synergy between SISL and the group company in
terms of customer acquisition and rental. The group company,
Cygnus Rentals & Equipments Limited, has an extensive track
record in the same business. The company also has an established
a customer network in the various project sites of the NCR
region.

Going forward, the ability of the company to expand its scale of
operations, increase its profitability and improve its debt
protection metrics will be the key rating sensitivity.

SISL was incorporated in July 2012 and is a part of the Cygnus
Group. The company rents out construction equipment to major
construction players such as L&T in the NCR region. The company
currently owns various categories of boom trucks, Pumps and
Lifts.

Recent Results
In FY2016, SISL reported an operating income of INR3.31 crore and
a net loss after tax of INR0.23 crore as against an operating
income of INR3.83 crore and a net loss after tax of INR0.73 crore
in the previous year.


TRINA NRE: CRISIL Ups Rating on INR60MM Term Loan to B+
-------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Trina
NRE Transportation Limited to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           8       CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Bill Purchase           12.5     CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Cash Credit/            20       CRISIL B+/Stable (Upgraded
   Overdraft facility               from 'CRISIL D')

   Letter of Credit        15       CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Packing Credit          30       CRISIL A4 (Upgraded from
                                    'CRISIL D')

    Term Loan              60       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL D')

The upgrade is driven by Trina's improved liquidity, as reflected
in timely payment of its interest and principal payments over the
past three months, and expected improvement in cash accrual,
driven by a stronger business risk profile, with higher operating
income and margin, leading to adequate cash accrual to meet debt
obligations over the medium term. However, CRISIL believes
Trina's liquidity, though improved, will remain constrained over
the medium term because of modest scale of operations and large
working capital requirement.

The ratings continue to reflect Trina's established market
position in manufacturing gears for locomotives, and strategic
tie-up and equity support from foreign investor. The ratings also
factor in a moderate financial risk profile. These strengths are
partially offset by small scale of operations and large working
capital requirement.
Outlook: Stable

CRISIL believes Trina will maintain its established position in
the locomotive components industry over the medium term, and will
continue to benefit from its strategic tie-up with NREC. The
outlook may be revised to 'Positive' if more-than-expected
improvement in operating revenue leads to higher cash accrual.
Conversely, the outlook may be revised to 'Negative' if larger-
than-expected debt to fund capital expenditure results in sharp
deterioration in the capital structure.

Established in 1992 as an export-oriented unit for manufacturing
precision custom gears for the marine, offshore, locomotive,
mining, wind energy, transportation, and construction industries,
Trina, currently manufactures locomotive traction gears and
pinions for railroads. It derives the bulk of its operating
revenue from exports.


UNIVERSAL ASSOCIATES: CARE Lowers Rating on INR13cr LT Loan to D
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Universal Associates.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     13.00      CARE D Revised from
                                            CARE BB

   Long term/Short term
   Bank Facilities                8.50      CARE D Revised from
                                            CARE BB/CARE A4+

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Universal Associates takes into account on-going overdrawal in
cash credit limits due to acute liquidity stress faced by the
firm.

Universal based out of Bhavnagar (Gujarat) is promoted by Mr.
Rajnikant Patel along with his family members as partnership firm
in 1987. The firm is engaged in civil construction work having
major focus in road construction activities.

Universal has a status of 'AA' class (highest in the scale of AA
to E) contractor with the Government of Gujarat (GOG) indicating
its eligibility to bid for contracts of any amount. The firm is
managed by Mr. Rajnikant Patel and his son Mr. Bhavik Kalthia.

During FY15 (refers to the period April 1 to March 31), Universal
earned a PAT of INR1.25 crore on a total operating income (TOI)
of INR73.06 crore as against a PAT of INR1.08 crore on a TOI of
INR72 crore during FY14.

As per the provisional results for 7MFY16, Universal earned PAT
of INR0.66 crore on TOI of INR63.45 crore.


YASIN IMPEX: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Yasin Impex India
Private Limited continue to reflect large working capital
requirement, exposure to intense competition in the coal trading
segment, and susceptibility of the operating margin to volatile
forex rates. These weaknesses are partially offset by extensive
experience of the promoter and established supplier relationship.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             75       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       375       CRISIL A4 (Reaffirmed)

CRISIL had earlier downgraded the rating of YIIPL to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+' vide its
rating rationale dated Nov 30, 2016.
Outlook: Stable

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

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



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


PERISAI PETROLEUM: Agrees to Settle Dispute Over $43MM Put Option
-----------------------------------------------------------------
The Strait Times reports that Emas Offshore has agreed to avoid a
protracted legal dispute with collapsed Perisai Petroleum
Teknologi by entering into an agreement to reach "full and final"
settlement of disputes relating to a US$43 million (SGD62
million) put option.

The report relates that Emas -- a subsidiary of Ezra Holdings --
had been in talks with Perisai, a joint venture partner, since
October to resolve the option contract, inked in December 2012.

According to the report, the contract gave Perisai the right to
exercise a put option to sell its 51 per cent stake in subsidiary
SJR Marine to Emas for US$43 million. The put was originally
exercisable on Nov. 26.

SJR is a single-purpose company that owns marine vessel
Enterprise 3. The vessel is not on contract. Emas already owns
the other 49 per cent of SJR.

The proposed settlement, which will require Emas to fork out
US$20 million in cash over the next few months while deferring
payment on the other US$23 million for up to 15 years,
"significantly reduces the cash upfront vis-a-vis what would have
been under the previous terms of the put option", Emas said on
Dec. 23, The Strait Times relays.

Completion of the proposed settlement agreement is conditional
upon satisfaction of certain conditions within a certain
timeframe, or "long stop period", of four months, the report
notes.

The Strait Times says either party can request that this period
be extended by one month per request, subject to the other
party's consent and a maximum extension limit of four months.

At the end of the long stop period, Emas will pay US$20 million
in cash to Perisai for all of Perisai's shares in SJR Marine,
adds The Strait Times.

According to The Strait Times, Emas will pay the remaining US$23
million in instalments, subject to an annual interest rate of 1
per cent that will accrue from the completion date.

The Strait Times says the entire US$23 million will come due 15
years after the US$20 million is paid, or on the date when Emas'
payment obligations to OCBC and other lenders have been fully
settled, whichever is earlier.

Nine conditions must be satisfied within the long stop period
before the first US$20 million will be paid by Emas to Perisai,
adds the Strait Times.

                    About Perisai Petroleum

Perisai Petroleum Teknologi Bhd. (KLSE:PERISAI) --
http://www.perisai.biz/-- is a Malaysia-based investment holding
company engaged in the provision of management, administrative
and financial support services to its subsidiaries. The Company
operates in three segments: Drilling Units, which is engaged in
the operations and maintenance service and the provision of
offshore assets, which are primarily for oil and gas offshore
drilling; Production units, which is engaged in the operations
and maintenance service and the provision of offshore assets,
which are primarily for oil and gas production, and Marine
Vessels, which is engaged in the provision of vessels, barges and
equipment on vessel charter services. Its subsidiaries include
Alpha Perisai Sdn. Bhd., which is engaged in the provision of
administrative support services; Perisai Offshore Sdn. Bhd.,
which is engaged in the provision of oil and gas services in
upstream oil sector, and Perisai production Holdings Sdn. Bhd.,
which is an investment holding company, among others.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 14, 2016, The Star Online said Perisai Petroleum Teknologi
Bhd has been classified as a Practice Note 17 (PN17) company
after its unit Perisai Capital (L) Inc defaulted on SGD125
million debt notes due on Oct. 3.

The Star related that the upstream oil and gas provider said in a
statement to Bursa Malaysia that it therefore must regularize its
financial position within 12 months and implement the
regularization plan within the timeframe stipulated by either the
Securities Commission or Bursa Malaysia Securities Bhd.



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


ADAMAR NO 2: Personal Liability Means No Escape From Paying Staff
-----------------------------------------------------------------
The Labour Inspectorate has successfully applied to have 'company
officers' made personally liable for $138,836 in arrears over the
last month in two separate cases, after the companies went into
liquidation.

The wife of a Nando's franchisee was found liable in November for
the NZ$70,053 in arrears that the company owed in unpaid wages
and holiday pay, when the company was liquidated and the director
was declared bankrupt.

Corrado Ramada was the sole director and shareholder of Adamar No
2 Limited, the company associated with the Nando's outlet in
Henderson, and his wife Kim Ramada was part of the management
team overseeing payments to employees.

Eight migrant workers who had been working at the Henderson
restaurant are owed money, including one employee who is owed
more than NZ$20,000 in arrears.

Despite Mrs Ramada denying involvement in the company, the
evidence provided led to the ERA ruling otherwise, leaving Mrs
Ramada personally liable for the outstanding debt.

In another case brought by the Inspectorate this month, the
owner-operators of Indian retail clothing stores across Auckland,
Neelam Ahuja, Chirag Ahuja, and Rhythm Ahuja, were found
personally liable for NZ$68,783 in unpaid wages and holiday pay
owed by their companies.

Four employees who worked at the stores claimed the Ahuja family
often paid in cash and asked them to sign time records stating
they only worked 20 hours a week.

"The Labour Inspectorate does not tolerate employers, including
company officers, who fail to meet their obligations as employers
to provide at least a minimum wage and holiday pay," says Labour
Inspectorate Regional Manager Loua Ward.

"It is not acceptable to employ migrants, who may not be fully
aware of their rights as employees in New Zealand, and exploit
them for personal gain.

"We will not hesitate to pursue personally those who try to avoid
paying their employees what is owed."

The two separate cases were taken by the Labour Inspectorate who
proved that the company officers had directed or authorised the
default in payment, under section 234 of the Employment Relations
Act.

Section 234 ensures that minimum employment entitlements are
available to employees, even in situations where the employing
companies are insolvent or otherwise unable to pay.

The Ministry of Business, Innovation and Employment encourages
anyone in this situation, or who knows of anyone in this
situation, to call its contact centre on 0800 20 90 20 where
their concerns will be handled in a safe environment.



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


* SOUTH KOREA: More Defaults Loom in 2017 Amid Shipyard Debt
------------------------------------------------------------
Jung Park at Bloomberg News reports that as if investors in
Asia's troubled corporate bond markets don't have enough to worry
about, concern is mounting about whether South Korean shipyards
will be able to repay record amounts of debt coming due next
year.

Yields on bonds of Daewoo Shipbuilding & Marine Engineering Co.
and Samsung Heavy Industries Co. have shot up this year,
Bloomberg says.

The top four Korean shipbuilders have KRW2.3 trillion ($1.9
billion) in notes maturing next year, the most in Bloomberg-
compiled data going back to 1997. Some of them may have trouble
paying debts without help from the government or group firms,
Bloomberg relates citing HMC Investment Securities Co. and NH
Investment & Securities Co.

According to Bloomberg, the bond slump adds to jitters in Asia's
debt market, which has seen Chinese defaults climb to 28 this
year from seven in 2015 and delinquencies spreading in Singapore
as weak commodity markets took their toll. Bloomberg says Hanjin
Shipping Co. sought bankruptcy protection this year and earnings
suffered at Korea's top shipyards including Hyundai Heavy
Industries Co. and Hyundai Mipo Dockyard Co., amid a slump in oil
prices and growing competition from China.

"Real worries about shipbuilders' debt will become more apparent
next year as maturities approach," Bloomberg quotes Kim Jin-
young, a credit analyst at HMC Investment in Seoul, as saying.
"Daewoo will need an additional lifeline from state banks, and
companies like Samsung Heavy may need to get help from their
group firms."

The yield on Daewoo Shipbuilding's three-year bond due April 2017
rose to a record 13.9 percent last month and it's still at 12.4
percent compared with 8.4 percent a year earlier, Bloomberg-
compiled prices showed. Samsung Heavy's five-year note due in
February saw its yield jump to 3.3 percent last month from 2.6
percent in February, Bloomberg relates.

Daewoo Shipbuilding is doing its best to secure enough liquidity
for the bond payments and is in the process of selling non-
essential assets including subsidiaries and real estate, a
spokesman who asked not to be identified told Bloomberg. Samsung
Heavy will have enough cash to meet obligations next year after a
recent rights issue and because it expects to deliver an offshore
facility in the first half, Bloomberg relates citing an official
who declined to be named.

Daewoo Shipbuilding has KRW940 billion in debt maturing next
year, starting from April, Bloomberg discloses. Cash and cash
equivalents stand at KRW739 billion, while short-term borrowings
total more than KRW5 trillion, according to exchange filings
cited by Bloomberg. The shipyard is expected to receive an
additional $2.4 billion in capital from the state-run Korea
Development Bank, its biggest shareholder, and the Export-Import
Bank of Korea, says Bloomberg.

The capital infusion probably won't be sufficient for Daewoo
Shipbuilding to deal with its debt because revenue will likely
fall next year, according to Lim Jung-min, a credit analyst at NH
Investment, Bloomberg relays. "It will probably need additional
support," Lim said.



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


* BOND PRICING: For the Week Dec. 19 to Dec. 23, 2016
-----------------------------------------------------

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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD           11.50     04/01/19    USD         8.50
ARTSONIG PTY LTD           11.50     04/01/19    USD         8.25
BOART LONGYEAR MANAGEMEN   10.00     10/01/18    USD        75.25
BOART LONGYEAR MANAGEMEN    7.00     04/01/21    USD         7.25
BOART LONGYEAR MANAGEMEN    7.00     04/01/21    USD        17.65
CML GROUP LTD               9.00     01/29/20    AUD         1.02
HILLGROVE RESOURCES LTD     6.00     12/20/19    AUD         1.01
IMF BENTHAM LTD             5.93     06/30/19    AUD        66.38
KEYBRIDGE CAPITAL LTD       7.00     07/31/20    AUD         0.69
LAKES OIL NL               10.00     05/31/18    AUD         8.00
LAKES OIL NL               10.00     03/31/17    AUD         3.80
MIDWEST VANADIUM PTY LTD   11.50     02/15/18    USD         2.28
MIDWEST VANADIUM PTY LTD   11.50     02/15/18    USD         3.50
PALADIN ENERGY LTD          6.00     04/30/17    USD        66.25
PALADIN ENERGY LTD          7.00     03/31/20    USD        51.81
STOKES LTD                 10.00     06/30/17    AUD         0.35
TREASURY CORP OF VICTORI    0.50     11/12/30    AUD        66.63


CHINA
-----

AKESU XINCHENG ASSET INV    7.50     10/10/18    CNY        51.74
ANSHAN CITY CONSTRUCTION    8.25     03/05/19    CNY        62.50
ANSHAN CITY CONSTRUCTION    8.25     03/05/19    CNY        61.94
ANYANG INVESTMENT GROUP     8.00     04/17/19    CNY        61.98
BAISHAN URBAN CONSTRUCTI    7.00     07/31/19    CNY        61.30
BANGBU CITY INVESTMENT H    5.78     08/10/17    CNY        30.43
BAOSHAN STATE-OWNED ASSE    7.30     12/10/19    CNY        83.03
BAOTOU STATE OWNED ASSET    7.03     09/17/19    CNY        63.08
BAYINGUOLENG INNER MONGO    7.48     09/10/18    CNY        51.16
BEIJING CAPITAL DEVELOPM    5.95     05/29/19    CNY        61.50
BEIJING CONSTRUCTION ENG    5.95     07/05/19    CNY        60.59
BEIJING CONSTRUCTION ENG    5.95     07/05/19    CNY        60.04
BEIJING ECONOMIC TECHNOL    5.29     03/06/18    CNY        70.29
BEIJING FUTURE SCIENCE P    6.28     09/22/19    CNY        75.00
BEIJING GUCAI GROUP CO L    8.28     12/15/18    CNY       104.60
BEIJING XINGZHAN STATE O    6.48     08/31/19    CNY        61.85
BEIJING XINGZHAN STATE O    6.48     08/31/19    CNY        61.69
BIJIE XINTAI INVESTMENT     7.15     08/20/19    CNY        62.79
BIJIE XINTAI INVESTMENT     7.15     08/20/19    CNY        60.30
BINZHOU BINCHENG DISTRIC    6.50     07/05/19    CNY        62.06
BINZHOU BINCHENG DISTRIC    6.50     07/05/19    CNY        65.50
CHANGDE ECONOMIC DEVELOP    7.19     09/12/19    CNY        62.71
CHANGDE ECONOMIC DEVELOP    7.19     09/12/19    CNY        64.36
CHANGSHA CITY CONSTRUCTI    6.95     04/24/19    CNY        61.93
CHANGSHA CITY CONSTRUCTI    6.95     04/24/19    CNY        61.97
CHANGSHA COUNTY XINGCHEN    8.35     04/06/19    CNY        62.00
CHANGSHA COUNTY XINGCHEN    8.35     04/06/19    CNY        62.78
CHANGSHA PILOT INVESTMEN    6.70     12/10/19    CNY        61.63
CHANGSHU BINJIANG URBAN     6.85     04/27/19    CNY        61.91
CHANGSHU BINJIANG URBAN     6.85     04/27/19    CNY        61.53
CHANGSHU CITY OPERATION     8.00     01/16/19    CNY        61.59
CHANGXING URBAN CONSTRUC    6.80     11/30/19    CNY        61.77
CHANGXING URBAN CONSTRUC    6.80     11/30/19    CNY        62.02
CHANGYI ECONOMIC AND DEV    7.35     10/30/20    CNY        74.26
CHANGZHOU WUJIN CITY CON    6.22     06/08/18    CNY        50.49
CHANGZHOU WUJIN CITY CON    6.22     06/08/18    CNY        50.80
CHAOYANG CONSTRUCTION IN    7.30     05/25/19    CNY        62.95
CHENGDU ECONOMIC&TECHNOL    6.50     07/17/18    CNY        51.56
CHENGDU ECONOMIC&TECHNOL    6.55     07/17/19    CNY        62.32
CHENGDU ECONOMIC&TECHNOL    6.55     07/17/19    CNY        62.50
CHENGDU ECONOMIC&TECHNOL    6.50     07/17/18    CNY        50.89
CHENGDU HI-TECH INVESTME    6.28     11/20/19    CNY        63.10
CHENGDU HI-TECH INVESTME    6.28     11/20/19    CNY        62.01
CHENGDU XINCHENG XICHENG    8.35     03/19/19    CNY        63.53
CHENGDU XINDU XIANGCHENG    8.60     12/13/18    CNY       104.47
CHENGDU XINGJIN URBAN CO    7.30     11/27/19    CNY        62.99
CHENGDU XINGJIN URBAN CO    7.30     11/27/19    CNY        62.20
CHENZHOU URBAN CONSTRUCT    7.34     09/13/19    CNY        63.31
CHENZHOU URBAN CONSTRUCT    7.34     09/13/19    CNY        62.69
CHIFENG CITY HONGSHAN IN    7.20     07/25/19    CNY        62.36
CHIFENG CITY INFRASTRUCT    6.18     05/18/17    CNY        50.05
CHIFENG CITY INFRASTRUCT    6.18     05/18/17    CNY        49.00
CHINA CITY CONSTRUCTION     5.55     12/17/17    CNY        45.00
CHIZHOU CITY MANAGEMENT     7.17     10/17/19    CNY        61.66
CHIZHOU CITY MANAGEMENT     7.17     10/17/19    CNY        84.50
CHONGQING CHANGSHOU DEVE    7.45     09/25/19    CNY        62.55
CHONGQING CHANGSHOU DEVE    7.45     09/25/19    CNY        61.95
CHONGQING HECHUAN RURAL     8.28     04/10/18    CNY        51.89
CHONGQING HECHUAN RURAL     8.28     04/10/18    CNY        50.50
CHONGQING HECHUAN URBAN     6.95     01/06/18    CNY        71.16
CHONGQING JIANGBEI STATE    7.20     10/16/19    CNY        62.26
CHONGQING JIANGJIN HUAXI    6.95     01/06/18    CNY        71.00
CHONGQING JIANGJIN HUAXI    6.95     01/06/18    CNY        71.24
CHONGQING JIANGJIN HUAXI    7.46     09/21/19    CNY        61.78
CHONGQING JIANGJIN HUAXI    7.46     09/21/19    CNY        62.54
CHONGQING JINYUN ASSET M    6.75     06/18/19    CNY        61.83
CHONGQING JINYUN ASSET M    6.75     06/18/19    CNY        61.54
CHONGQING LAND PROPERTIE    7.35     04/25/19    CNY        62.01
CHONGQING LAND PROPERTIE    7.35     04/25/19    CNY        61.72
CHONGQING MAIRUI CITY IN    6.82     08/17/19    CNY        61.69
CHONGQING NAN'AN URBAN C    8.20     04/09/19    CNY        62.84
CHONGQING NAN'AN URBAN C    6.29     12/24/17    CNY        60.69
CHONGQING NANCHUAN DISTR    7.35     09/06/19    CNY        62.33
CHONGQING NANCHUAN DISTR    7.35     09/06/19    CNY        62.32
CHONGQING XINGRONG HOLDI    8.35     04/19/19    CNY        60.36
CHONGQING XINGRONG HOLDI    8.35     04/19/19    CNY        62.81
CHONGQING XIYONG MICRO-E    6.76     07/25/19    CNY        61.79
CHONGQING YONGCHUAN HUIT    7.33     10/16/19    CNY        61.94
CHONGQING YONGCHUAN HUIT    7.49     03/14/18    CNY        70.58
CHONGQING YONGCHUAN HUIT    7.33     10/16/19    CNY        62.95
CHONGQING YUFU ASSET MAN    6.50     09/04/19    CNY        62.31
CHONGQING YULONG ASSET M    6.87     05/31/19    CNY        62.31
CHONGQING YUXING CONSTRU    7.29     12/08/17    CNY        40.77
CHONGQING YUXING CONSTRU    7.30     12/10/19    CNY        83.00
CHONGQING YUXING CONSTRU    7.30     12/10/19    CNY        62.34
CHUXIONG AUTONOMOUS DEVE    6.08     10/18/17    CNY        50.56
CHUZHOU CITY CONSTRUCTIO    6.81     11/23/19    CNY        62.23
CIXI STATE OWNED ASSET I    6.60     09/20/19    CNY        61.94
CIXI STATE OWNED ASSET I    6.60     09/20/19    CNY        84.10
DALI ECONOMIC DEVELOPMEN    8.80     04/24/19    CNY        63.08
DALIAN DETA INVESTMENT C    6.50     11/15/19    CNY        62.69
DALIAN LVSHUN CONSTRUCTI    6.78     07/02/19    CNY        61.68
DALIAN LVSHUN CONSTRUCTI    6.78     07/02/19    CNY        63.23
DALIAN MACHINE TOOL GROU    6.00     05/02/17    CNY        52.84
DANDONG CITY DEVELOPMENT    5.84     09/06/17    CNY        38.38
DANYANG INVESTMENT GROUP    8.10     03/06/19    CNY        62.90
DANYANG INVESTMENT GROUP    8.10     03/06/19    CNY        62.31
DAQING GAOXIN STATE-OWNE    6.88     12/05/19    CNY        62.50
DAQING GAOXIN STATE-OWNE    6.88     12/05/19    CNY        63.00
DAQING URBAN CONSTRUCTIO    6.55     10/23/19    CNY        62.22
DATONG ECONOMIC CONSTRUC    6.50     06/01/17    CNY        40.20
DATONG ECONOMIC CONSTRUC    6.50     06/01/17    CNY        40.10
DAXING ANLING FORESTRY G    7.08     10/23/19    CNY        59.89
DAXING ANLING FORESTRY G    7.08     10/23/19    CNY        62.32
DEZHOU DEDA URBAN CONSTR    7.14     10/18/19    CNY        63.38
DONGBEI SPECIAL STEEL GR    6.50     03/27/16    CNY        40.00
DONGBEI SPECIAL STEEL GR    6.30     09/24/16    CNY        40.00
DONGBEI SPECIAL STEEL GR    5.63     04/12/18    CNY        40.00
DONGBEI SPECIAL STEEL GR    6.10     01/15/18    CNY        40.00
DONGBEI SPECIAL STEEL GR    8.30     09/06/16    CNY        40.00
DONGBEI SPECIAL STEEL GR    5.88     05/05/16    CNY        40.00
DONGBEI SPECIAL STEEL GR    8.20     06/06/16    CNY        40.00
DONGBEI SPECIAL STEEL GR    7.40     07/17/17    CNY        40.00
DONGBEI SPECIAL STEEL GR    7.00     07/10/16    CNY        40.00
DONGTAI COMMUNICATION IN    7.39     07/05/18    CNY        50.50
DONGTAI COMMUNICATION IN    7.39     07/05/18    CNY        50.80
DRILL RIGS HOLDINGS INC     6.50     10/01/17    USD        45.00
DRILL RIGS HOLDINGS INC     6.50     10/01/17    USD        45.75
ENSHI URBAN CONSTRUCTION    7.55     10/22/19    CNY        62.87
ERDOS DONGSHENG CITY DEV    8.40     02/28/18    CNY        49.08
ERDOS DONGSHENG CITY DEV    8.40     02/28/18    CNY        49.80
EZHOU CITY CONSTRUCTION     7.08     06/19/19    CNY        62.26
FEICHENG CITY ASSETS MAN    7.10     08/14/18    CNY        50.78
FEICHENG CITY ASSETS MAN    7.10     08/14/18    CNY        52.50
FENGHUA CITY INVESTMENT     7.45     09/24/19    CNY        63.07
FENGHUA CITY INVESTMENT     7.45     09/24/19    CNY        83.50
FUJIAN LONGYAN CITY CONS    7.45     08/14/19    CNY        62.51
FUJIAN NANPING HIGHWAY C    7.90     10/26/18    CNY        73.15
FUSHUN URBAN INVESTMENT     5.95     05/11/18    CNY        71.66
FUXIN INFRASTRUCTURE CON    7.55     10/10/19    CNY        63.19
FUZHOU URBAN AND RURAL C    6.35     09/25/18    CNY        77.28
FUZHOU URBAN AND RURAL C    6.35     09/25/18    CNY        50.95
GANSU PROVINCIAL HIGHWAY    6.75     11/16/18    CNY        72.37
GANSU PROVINCIAL HIGHWAY    7.20     09/19/18    CNY        72.83
GANZHOU CITY DEVELOPMENT    6.40     07/10/18    CNY        51.09
GAOMI STATE-OWNED ASSETS    6.75     11/15/18    CNY        50.21
GAOMI STATE-OWNED ASSETS    6.70     11/15/19    CNY        62.39
GAOMI STATE-OWNED ASSETS    6.75     11/15/18    CNY        51.25
GAOMI STATE-OWNED ASSETS    6.70     11/15/19    CNY        62.74
GUANGAN INVESTMENT HOLDI    8.18     04/25/19    CNY        62.11
GUANGXI BAISE DEVELOPMEN    6.50     07/04/19    CNY        61.93
GUANGXI BAISE DEVELOPMEN    6.50     07/04/19    CNY        61.35
GUANGYUAN INVESTMENT HOL    7.25     11/26/19    CNY        63.18
GUANGYUAN INVESTMENT HOL    7.25     11/26/19    CNY        60.52
GUILIN ECONOMIC CONSTRUC    6.90     05/09/18    CNY        50.53
GUILIN ECONOMIC CONSTRUC    6.90     05/09/18    CNY        51.70
GUIYANG ECO&TECH DEVELOP    8.42     03/27/19    CNY        61.65
GUIYANG JINYANG CONSTRUC    6.70     10/24/18    CNY        51.45
GUIYANG JINYANG CONSTRUC    6.70     10/24/18    CNY        51.09
GUIYANG PUBLIC RESIDENTI    6.70     11/06/19    CNY        62.76
GUOAO INVESTMENT DEVELOP    6.89     10/29/18    CNY        46.83
GUOAO INVESTMENT DEVELOP    6.89     10/29/18    CNY        51.23
HAIAN COUNTY CITY CONSTR    8.35     03/28/18    CNY        50.86
HAIAN COUNTY CITY CONSTR    8.35     03/28/18    CNY        51.64
HAICHENG URBAN INVESTMEN    8.39     11/07/18    CNY        73.85
HAIMEN CITY DEVELOPMENT     8.35     03/20/19    CNY        62.16
HAINING STATE-OWNED ASSE    7.80     09/20/18    CNY        72.69
HAINING STATE-OWNED ASSE    7.80     09/20/18    CNY        73.00
HANGZHOU MUNICIPAL CONST    5.90     04/25/18    CNY        50.14
HANGZHOU YUHANG CITY CON    7.55     03/29/19    CNY        61.92
HANGZHOU YUHANG CITY CON    7.55     03/29/19    CNY        62.78
HANZHONG CITY CONSTRUCTI    7.48     03/14/18    CNY        71.68
HARBIN HELI INVESTMENT H    7.48     09/26/18    CNY        72.38
HARBIN HELI INVESTMENT H    7.48     09/26/18    CNY        73.42
HEBEI SHUNDE INVESTMENT     6.98     12/05/19    CNY        62.69
HEBEI SHUNDE INVESTMENT     6.98     12/05/19    CNY        63.10
HEFEI CONSTRUCTION INVES    5.23     08/28/18    CNY        70.50
HEFEI HAIHENG INVESTMENT    7.30     06/12/19    CNY        60.00
HEFEI HAIHENG INVESTMENT    7.30     06/12/19    CNY        63.20
HEFEI TAOHUA INDUSTRIAL     8.79     03/27/19    CNY        62.38
HEFEI XINCHENG STATE-OWN    7.88     04/23/19    CNY        63.87
HEFEI XINCHENG STATE-OWN    7.88     04/23/19    CNY        62.75
HEGANG KAIYUAN CITY INVE    6.50     07/19/19    CNY        61.20
HENAN JIYUAN CITY CONSTR    7.50     09/25/19    CNY        62.31
HENGYANG CITY CONSTRUCTI    7.06     08/13/19    CNY        62.82
HUAIAN CITY URBAN ASSET     7.15     12/21/16    CNY       100.00
HUAIAN CITY WATER ASSET     8.25     03/08/19    CNY        62.65
HUAI'AN DEVELOPMENT HOLD    6.80     03/24/17    CNY        41.49
HUAI'AN DEVELOPMENT HOLD    7.20     09/06/19    CNY        62.97
HUAIAN QINGHE NEW AREA I    6.79     04/29/17    CNY        40.30
HUAIBEI CITY CONSTRUCTIO    6.68     12/17/18    CNY        51.00
HUAIHUA CITY CONSTRUCTIO    8.00     03/22/18    CNY        50.45
HUAIHUA CITY CONSTRUCTIO    8.00     03/22/18    CNY        50.69
HUANGGANG CITY CONSTRUCT    7.10     10/19/19    CNY        63.31
HUANGGANG CITY CONSTRUCT    7.10     10/19/19    CNY        62.66
HUANGSHI URBAN CONSTRUCT    6.96     10/25/19    CNY        61.26
HUIAN STATE ASSETS INVES    7.50     10/15/19    CNY        62.06
HUNAN CHANGDE DEYUAN INV    7.18     10/18/18    CNY        51.56
HUNAN CHANGDE DEYUAN INV    7.18     10/18/18    CNY        51.45
HUNAN CHENGLINGJI HARBOR    7.70     10/15/18    CNY        51.72
HUNAN CHENGLINGJI HARBOR    7.70     10/15/18    CNY        52.66
HUNAN ZHAOSHAN ECONOMIC     7.00     12/12/18    CNY        52.05
HUZHOU MUNICIPAL CONSTRU    7.02     12/21/17    CNY        70.62
HUZHOU MUNICIPAL CONSTRU    6.70     12/14/19    CNY        61.61
HUZHOU NANXUN STATE-OWNE    8.15     03/31/19    CNY        62.86
HUZHOU WUXING NANTAIHU C    7.71     02/17/18    CNY        71.36
INNER MONGOLIA HIGH-TECH    7.20     09/25/19    CNY        60.12
INNER MONGOLIA HIGH-TECH    7.20     09/25/19    CNY        62.70
JIAMUSI NEW ERA INFRASTR    8.25     03/22/19    CNY        62.69
JIAMUSI NEW ERA INFRASTR    8.25     03/22/19    CNY        61.52
JIAN CITY CONSTRUCTION I    7.80     04/20/19    CNY        61.64
JIANAN INVESTMENT HOLDIN    7.68     09/04/19    CNY        63.61
JIANGDONG HOLDING GROUP     6.90     03/27/19    CNY        62.05
JIANGDU XINYUAN INDUSTRI    8.10     03/23/19    CNY        61.51
JIANGDU XINYUAN INDUSTRI    8.10     03/23/19    CNY        62.73
JIANGSU HANRUI INVESTMEN    8.16     03/01/19    CNY        62.00
JIANGSU HANRUI INVESTMEN    8.16     03/01/19    CNY        61.01
JIANGSU HUAJING ASSET OP    5.68     09/28/17    CNY        25.00
JIANGSU HUAJING ASSET OP    5.68     09/28/17    CNY        24.79
JIANGSU LIANYUN DEVELOPM    6.10     06/19/19    CNY        60.99
JIANGSU LIANYUN DEVELOPM    6.10     06/19/19    CNY        60.83
JIANGSU NANJING PUKOU EC    7.10     10/08/19    CNY        62.88
JIANGSU NEWHEADLINE DEVE    7.00     08/27/20    CNY        76.45
JIANGSU NEWHEADLINE DEVE    7.00     08/27/20    CNY        73.27
JIANGSU SUHAI INVESTMENT    7.20     11/07/19    CNY        62.99
JIANGSU TAICANG PORT DEV    7.66     05/16/19    CNY        62.90
JIANGSU WUZHONG ECONOMIC    8.05     12/16/18    CNY       104.25
JIANGSU WUZHONG ECONOMIC    8.05     12/16/18    CNY        73.89
JIANGSU XISHAN ECONOMIC     6.99     11/01/19    CNY        62.33
JIANGSU XISHAN ECONOMIC     6.99     11/01/19    CNY        64.00
JIANGSU ZHANGJIAGANG ECO    6.98     11/16/19    CNY        63.21
JIANGXI HEJI INVESTMENT     8.00     09/04/19    CNY        62.09
JIANGXI HEJI INVESTMENT     8.00     09/04/19    CNY        62.96
JIANGYAN STATE OWNED ASS    6.85     12/03/19    CNY        83.72
JIANGYAN STATE OWNED ASS    6.85     12/03/19    CNY        62.39
JIANGYIN CITY CONSTRUCTI    7.20     06/11/19    CNY        62.81
JIASHAN STATE-OWNED ASSE    6.80     06/06/19    CNY        62.00
JIAXING CULTURE FAMOUS C    8.16     03/08/19    CNY        62.73
JIAXING ECONOMIC&TECHNOL    6.78     06/14/19    CNY        61.60
JIAXING ECONOMIC&TECHNOL    6.78     06/14/19    CNY        61.91
JINAN CITY CONSTRUCTION     6.98     03/26/18    CNY        50.34
JINAN CITY CONSTRUCTION     6.98     03/26/18    CNY        51.51
JINAN XIAOQINGHE DEVELOP    7.15     09/05/19    CNY        62.52
JINGJIANG BINJIANG XINCH    6.80     10/23/18    CNY        50.66
JINGJIANG BINJIANG XINCH    6.80     10/23/18    CNY        77.00
JINGZHOU URBAN CONSTRUCT    7.98     04/24/19    CNY        62.82
JINING CITY CONSTRUCTION    8.30     12/31/18    CNY        62.14
JINSHAN STATE-OWNED ASSE    6.65     11/27/19    CNY        62.88
JINTAN CONSTRUCTION INVE    8.30     03/14/19    CNY        62.20
JINZHOU CITY INVESTMENT     7.08     06/13/19    CNY        61.27
JINZHOU CITY INVESTMENT     7.08     06/13/19    CNY        61.79
JISHOU HUATAI STATE OWNE    7.37     12/12/19    CNY        83.23
JISHOU HUATAI STATE OWNE    7.37     12/12/19    CNY        83.61
JIUJIANG CITY CONSTRUCTI    8.49     02/23/19    CNY        64.00
JIUJIANG CITY CONSTRUCTI    8.49     02/23/19    CNY        62.41
JIXI STATE OWN ASSET MAN    7.18     11/08/19    CNY        62.53
KAIFENG DEVELOPMENT INVE    6.47     07/11/19    CNY        61.64
KARAMAY URBAN CONSTRUCTI    7.15     09/04/19    CNY        62.00
KARAMAY URBAN CONSTRUCTI    7.15     09/04/19    CNY        62.40
KASHI URBAN CONSTRUCTION    7.18     11/27/19    CNY        62.60
KUNMING CITY CONSTRUCTIO    7.60     04/13/18    CNY        50.00
KUNMING CITY CONSTRUCTIO    7.60     04/13/18    CNY        50.60
KUNMING INDUSTRIAL DEVEL    6.46     10/23/19    CNY        62.19
KUNMING INDUSTRIAL DEVEL    6.46     10/23/19    CNY        63.01
KUNMING WUHUA DISTRICT S    8.60     03/15/18    CNY        51.07
KUNMING WUHUA DISTRICT S    8.60     03/15/18    CNY        51.24
KUNSHAN ENTREPRENEUR HOL    6.28     11/07/19    CNY        64.00
KUNSHAN ENTREPRENEUR HOL    6.28     11/07/19    CNY        62.39
LAIWU CITY ECONOMIC DEVE    6.50     03/01/18    CNY        60.83
LANZHOU CITY DEVELOPMENT    8.20     12/15/18    CNY        92.40
LANZHOU CITY DEVELOPMENT    8.20     12/15/18    CNY        69.55
LEQING CITY STATE OWNED     6.50     06/29/19    CNY        60.50
LEQING CITY STATE OWNED     6.50     06/29/19    CNY        62.02
LESHAN STATE-OWNED ASSET    6.99     03/18/18    CNY        71.41
LESHAN STATE-OWNED ASSET    6.99     03/18/18    CNY        71.99
LIAONING YAODU DEVELOPME    7.35     12/12/19    CNY        60.15
LIAOYANG CITY ASSETS OPE    7.10     11/13/19    CNY        63.06
LIAOYANG CITY ASSETS OPE    6.88     06/13/18    CNY        65.87
LIAOYANG CITY ASSETS OPE    7.10     11/13/19    CNY        60.20
LIAOYUAN STATE-OWNED ASS    7.80     01/26/17    CNY        40.10
LIAOYUAN STATE-OWNED ASS    8.17     03/13/19    CNY        61.03
LIJIANG GUCHENG MANAGEME    6.68     07/26/19    CNY        61.32
LINAN CITY CONSTRUCTION     8.15     03/09/18    CNY        51.16
LINAN CITY CONSTRUCTION     8.15     03/09/18    CNY        49.50
LINYI CITY ASSET MANAGEM    6.68     12/12/19    CNY        83.13
LINYI CITY ASSET MANAGEM    6.68     12/12/19    CNY        62.47
LINYI ECONOMIC DEVELOPME    8.26     09/24/19    CNY        63.30
LINYI INVESTMENT DEVELOP    8.10     03/27/18    CNY        51.18
LIUPANSHUI DEVELOPMENT I    6.97     12/03/19    CNY        62.47
LIUZHOU DONGCHENG INVEST    8.30     02/15/19    CNY        62.03
LIUZHOU INVESTMENT HOLDI    6.98     08/15/19    CNY        61.94
LIYANG CITY CONSTRUCTION    8.20     11/08/18    CNY        67.39
LONGHAI STATE-OWNED ASSE    8.25     12/02/17    CNY        41.34
LOUDI CITY CONSTRUCTION     7.28     10/19/18    CNY        51.17
LOUDI CITY CONSTRUCTION     7.28     10/19/18    CNY        52.03
LUOHE CITY CONSTRUCTION     6.81     03/30/17    CNY        30.20
LUOHE CITY CONSTRUCTION     6.99     10/30/19    CNY        62.72
LUOHE CITY CONSTRUCTION     6.81     03/30/17    CNY        30.13
MIANYANG SCIENCE TECHNOL    6.30     07/22/18    CNY        53.22
MIANYANG SCIENCE TECHNOL    7.16     05/15/19    CNY        61.01
MUDANJIANG STATE-OWNED A    7.08     08/30/19    CNY        61.22
MUDANJIANG STATE-OWNED A    7.08     08/30/19    CNY        62.30
NANAN CITY TRADE INDUSTR    8.50     04/25/19    CNY        63.85
NANCHONG ECONOMIC DEVELO    8.16     04/26/19    CNY        62.42
NANJING HEXI NEW TOWN AS    6.40     02/03/17    CNY        59.79
NANJING JIANGNING SCIENC    7.29     04/28/19    CNY        62.56
NANJING NEW&HIGH TECHNOL    6.94     09/07/19    CNY        61.98
NANJING NEW&HIGH TECHNOL    6.94     09/07/19    CNY        62.78
NANJING URBAN CONSTRUCTI    5.68     11/26/18    CNY        51.27
NANJING URBAN CONSTRUCTI    5.68     11/26/18    CNY        76.84
NANTONG CITY TONGZHOU DI    6.80     05/28/19    CNY        61.52
NANTONG CITY TONGZHOU DI    6.80     05/28/19    CNY        62.82
NEIJIANG INVESTMENT HOLD    7.00     07/19/18    CNY        51.28
NEIJIANG INVESTMENT HOLD    7.00     07/19/18    CNY        50.69
NEIMENGGU XINLINGOL XING    7.62     02/25/18    CNY        70.80
NINGBO CITY ZHENHAI INVE    6.48     04/12/17    CNY        39.92
NINGBO URBAN CONSTRUCTIO    7.39     03/01/18    CNY        51.00
NINGBO URBAN CONSTRUCTIO    7.39     03/01/18    CNY        52.15
NINGBO ZHENHAI HAIJIANG     6.65     11/28/18    CNY        51.23
NINGDE CITY STATE-OWNED     6.25     10/21/17    CNY        10.14
NINGHAI COUNTY URBAN INV    8.60     12/31/17    CNY        72.00
NONGGONGSHANG REAL ESTAT    6.29     10/11/17    CNY        40.67
PANJIN CONSTRUCTION INVE    7.50     05/17/19    CNY        61.34
PANJIN CONSTRUCTION INVE    7.50     05/17/19    CNY        60.20
PEIXIAN STATE-OWNED ASSE    7.20     12/06/19    CNY        61.99
PINGDINGSHAN CITY DEVELO    7.86     05/08/19    CNY        60.94
PINGHU CITY DEVELOPMENT     7.20     09/18/19    CNY        62.95
PINGXIANG URBAN CONSTRUC    6.89     12/10/19    CNY        61.96
PIZHOU RUNCHENG ASSET OP    7.55     09/25/19    CNY        61.95
PIZHOU RUNCHENG ASSET OP    7.55     09/25/19    CNY        63.38
PUER CITY STATE OWNED AS    7.38     06/20/19    CNY        61.76
PUTIAN STATE-OWNED ASSET    8.10     03/21/19    CNY        63.48
PUTIAN STATE-OWNED ASSET    8.10     03/21/19    CNY        62.13
PUYANG CONSTRUCTION INVE    6.98     10/29/19    CNY        63.02
QIANAN XINGYUAN WATER IN    6.45     07/11/18    CNY        50.35
QIANDONG NANZHOU DEVELOP    8.80     04/27/19    CNY        61.78
QIANDONGNANZHOU KAIHONG     7.80     10/30/19    CNY        63.76
QIANXI NANZHOU HONGSHENG    6.99     11/22/19    CNY        62.50
QIANXI NANZHOU HONGSHENG    6.99     11/22/19    CNY        61.84
QINGDAO CITY CONSTRUCTIO    6.19     02/16/17    CNY        40.09
QINGDAO CITY CONSTRUCTIO    6.89     02/16/19    CNY        61.72
QINGDAO CITY CONSTRUCTIO    6.19     02/16/17    CNY        40.08
QINGDAO CITY CONSTRUCTIO    6.89     02/16/19    CNY        61.42
QINGDAO HUATONG STATE-OW    7.30     04/18/19    CNY        62.52
QINGZHOU HONGYUAN PUBLIC    6.50     05/22/19    CNY        30.83
QINGZHOU HONGYUAN PUBLIC    6.50     05/22/19    CNY        30.00
QINGZHOU HONGYUAN PUBLIC    7.35     10/19/19    CNY        63.21
QINGZHOU HONGYUAN PUBLIC    7.25     10/19/18    CNY        51.50
QINGZHOU HONGYUAN PUBLIC    7.25     10/19/18    CNY        51.45
QINGZHOU HONGYUAN PUBLIC    7.35     10/19/19    CNY        62.51
QINHUANGDAO DEVELOPMENT     7.46     10/17/19    CNY        62.50
QINHUANGDAO DEVELOPMENT     7.46     10/17/19    CNY        62.74
QINZHOU CITY DEVELOPMENT    6.72     04/30/17    CNY        49.94
QITAIHE CITY CONSTRUCTIO    7.30     10/18/19    CNY        61.93
QUANZHOU QUANGANG PETROC    8.40     04/16/19    CNY        63.63
QUANZHOU QUANGANG PETROC    8.40     04/16/19    CNY        62.73
QUANZHOU TAISHANG INVEST    7.08     12/10/19    CNY        62.46
QUANZHOU TAISHANG INVEST    7.08     12/10/19    CNY        62.52
QUJING DEVELOPMENT INVES    7.25     09/06/19    CNY        64.10
QUJING DEVELOPMENT INVES    7.25     09/06/19    CNY        61.86
QUNSHAN HUAQIAO INTERNAT    7.98     12/30/18    CNY        61.96
RUDONG COUNTY DONGTAI SO    7.45     09/24/19    CNY        62.47
RUDONG COUNTY DONGTAI SO    7.45     09/24/19    CNY        63.10
RUIAN STATE OWNED ASSET     6.93     11/26/19    CNY        62.24
RUIAN STATE OWNED ASSET     6.93     11/26/19    CNY        62.89
SANMING STATE-OWNED ASSE    6.92     12/05/19    CNY        63.29
SANMING STATE-OWNED ASSE    6.99     06/14/18    CNY        71.86
SHANGHAI CHENGTOU CORP      4.63     07/30/19    CNY        60.34
SHANGHAI JIADING INDUSTR    6.71     10/10/18    CNY        78.00
SHANGHAI JIADING INDUSTR    6.71     10/10/18    CNY        51.42
SHANGHAI MINHANG URBAN C    6.48     10/23/19    CNY        62.74
SHANGHAI MINHANG URBAN C    6.48     10/23/19    CNY        62.08
SHANGHAI REAL ESTATE GRO    6.12     05/17/17    CNY        40.17
SHANGHAI SONGJIANG TOWN     6.28     08/15/18    CNY        51.41
SHANGHAI URBAN CONSTRUCT    5.25     11/30/19    CNY        61.69
SHANGRAO CITY CONSTRUCTI    7.30     09/10/19    CNY        62.34
SHANGRAO CITY CONSTRUCTI    7.30     09/10/19    CNY        62.48
SHANGYU COMMUNICATIONS I    6.70     09/11/19    CNY        62.84
SHAOGUAN JINYE DEVELOPME    7.30     10/18/19    CNY        62.61
SHAOGUAN JINYE DEVELOPME    7.30     10/18/19    CNY        84.00
SHAOXING CHENGBEI XINCHE    6.21     06/11/18    CNY        50.58
SHAOXING CHENGBEI XINCHE    6.21     06/11/18    CNY        50.87
SHAOXING DIDANG NEW CITY    6.75     12/05/18    CNY        51.91
SHAOXING PAOJIANG INDUST    6.90     10/31/19    CNY        62.28
SHAOXING PAOJIANG INDUST    6.90     10/31/19    CNY        61.95
SHAOXING URBAN CONSTRUCT    6.40     11/09/19    CNY        59.25
SHAOXING URBAN CONSTRUCT    6.40     11/09/19    CNY        63.00
SHAOYANG CITY CONSTRUCTI    7.40     09/11/18    CNY        51.93
SHAOYANG CITY CONSTRUCTI    7.40     09/11/18    CNY        49.00
SHENYANG HEPING DISTRICT    6.85     11/13/19    CNY        61.10
SHISHI STATE OWNED INVES    7.40     09/13/19    CNY        61.82
SHIYAN CITY INFRASTRUCTU    7.98     04/20/19    CNY        62.48
SHOUGUANG JINCAI STATE-O    6.70     10/23/19    CNY        62.16
SHOUGUANG JINCAI STATE-O    6.70     10/23/19    CNY        62.12
SHUYANG JINGYUAN ASSET O    6.50     12/03/19    CNY        61.58
SHUYANG JINGYUAN ASSET O    6.50     12/03/19    CNY        61.20
SICHUAN COAL INDUSTRY GR    7.45     12/25/16    CNY        68.00
SICHUAN COAL INDUSTRY GR    5.94     05/15/17    CNY        68.00
SICHUAN COAL INDUSTRY GR    7.70     01/09/18    CNY        68.00
SICHUAN COAL INDUSTRY GR    7.80     09/27/17    CNY        68.00
SICHUAN DEVELOPMENT HOLD    5.40     11/10/17    CNY        30.19
SONGYUAN URBAN DEVELOPME    7.30     08/29/19    CNY        62.30
SONGYUAN URBAN DEVELOPME    7.30     08/29/19    CNY        62.00
SUIZHOU DEVELOPMENT INVE    7.50     08/22/19    CNY        63.04
SUQIAN ECONOMIC DEVELOPM    7.50     03/26/19    CNY        63.50
SUQIAN ECONOMIC DEVELOPM    7.50     03/26/19    CNY        61.57
SUQIAN WATER CONSTRUCTIO    6.55     12/04/19    CNY        83.00
SUQIAN WATER CONSTRUCTIO    6.55     12/04/19    CNY        62.86
SUZHOU CITY CONSTRUCTION    7.45     03/12/19    CNY        61.69
SUZHOU FENHU INVESTMENT     7.00     10/22/17    CNY        50.47
SUZHOU INDUSTRIAL PARK T    5.79     05/30/19    CNY        60.89
SUZHOU TECH CITY DEVELOP    7.32     11/01/18    CNY        51.17
SUZHOU URBAN CONSTRUCTIO    5.79     10/25/19    CNY        61.92
SUZHOU URBAN CONSTRUCTIO    5.79     10/25/19    CNY        62.23
SUZHOU WUJIANG COMMUNICA    6.80     10/31/20    CNY        70.30
SUZHOU WUJIANG COMMUNICA    6.80     10/31/20    CNY        74.62
SUZHOU WUJIANG EASTERN S    8.05     12/05/18    CNY        74.02
SUZHOU WUJIANG EASTERN S    8.05     12/05/18    CNY        73.42
SUZHOU XIANGCHENG URBAN     6.95     09/03/19    CNY        62.22
SUZHOU XIANGCHENG URBAN     6.95     09/03/19    CNY        61.97
TAIAN CITY TAISHAN INVES    5.79     03/02/18    CNY        69.00
TAICANG HENGTONG INVESTM    7.45     10/30/19    CNY        63.48
TAIXING ZHONGXING STATE-    8.29     03/27/18    CNY        51.27
TAIXING ZHONGXING STATE-    8.29     03/27/18    CNY        51.03
TAIYUAN HIGH-SPEED RAILW    6.50     10/30/20    CNY        72.23
TAIYUAN LONGCHENG DEVELO    6.50     09/25/19    CNY        61.70
TAIYUAN LONGCHENG DEVELO    6.50     09/25/19    CNY        62.54
TAIZHOU CITY CONSTRUCTIO    6.90     01/25/17    CNY        40.11
TAIZHOU CITY HUANGYAN DI    6.85     12/17/18    CNY        51.51
TAIZHOU HAILING ASSETS M    8.52     03/21/19    CNY        63.09
TAIZHOU HAILING ASSETS M    8.52     03/21/19    CNY        62.50
TAIZHOU JIAOJIANG STATE     7.46     09/13/20    CNY        74.89
TAIZHOU XINTAI GROUP CO     6.85     08/14/18    CNY        51.31
TAIZHOU XINTAI GROUP CO     6.85     08/14/18    CNY        51.06
TANGSHAN NANHU ECO CITY     7.08     10/16/19    CNY        61.94
TIANJIN BINHAI NEW AREA     5.00     03/13/18    CNY        70.89
TIANJIN BINHAI NEW AREA     5.00     03/13/18    CNY        70.35
TIANJIN DONGFANG CAIXIN     7.99     11/23/18    CNY        73.59
TIANJIN ECO-CITY INVESTM    6.76     08/14/19    CNY        62.42
TIANJIN ECO-CITY INVESTM    6.76     08/14/19    CNY        66.00
TIANJIN ECONOMIC TECHNOL    6.20     12/03/19    CNY        61.81
TIANJIN ECONOMIC TECHNOL    6.20     12/03/19    CNY        61.71
TIANJIN HANBIN INVESTMEN    8.39     03/22/19    CNY        61.35
TIANJIN HI-TECH INDUSTRY    7.80     03/27/19    CNY        62.19
TIANJIN HI-TECH INDUSTRY    7.80     03/27/19    CNY        62.90
TIANJIN JINNAN CITY CONS    6.95     06/18/19    CNY        63.00
TIANJIN JINNAN CITY CONS    6.95     06/18/19    CNY        62.36
TIELING PUBLIC ASSETS IN    7.34     05/29/18    CNY        51.07
TIELING PUBLIC ASSETS IN    7.34     05/29/18    CNY        51.39
TIGER FOREST & PAPER GRO    5.38     06/14/17    CNY        58.83
TONGCHUAN DEVELOPMENT IN    7.50     07/17/19    CNY        61.91
TONGLIAO TIANCHENG URBAN    7.75     09/24/19    CNY        62.26
TONGLIAO URBAN INVESTMEN    5.98     09/01/17    CNY        40.25
TONGREN FANJINGSHAN INVE    6.89     08/02/19    CNY        61.55
URUMQI CITY CONSTRUCTION    6.35     07/09/19    CNY        63.40
URUMQI CITY CONSTRUCTION    6.35     07/09/19    CNY        61.70
URUMQI STATE-OWNED ASSET    6.48     04/28/18    CNY        51.60
URUMQI STATE-OWNED ASSET    6.48     04/28/18    CNY        50.07
VANZIP INVESTMENT GROUP     7.92     02/04/19    CNY        65.00
WAFANGDIAN STATE-OWNED A    8.55     04/19/19    CNY        62.90
WEIFANG DONGXIN CONSTRUC    6.88     11/20/19    CNY        84.30
WEIFANG DONGXIN CONSTRUC    6.88     11/20/19    CNY        61.72
WENLING CITY STATE OWNED    7.18     09/18/19    CNY        62.50
WENZHOU ANJUFANG CITY DE    7.65     04/24/19    CNY        61.19
WUHAI CITY CONSTRUCTION     8.20     03/31/19    CNY        61.83
WUHAI CITY CONSTRUCTION     8.20     03/31/19    CNY        61.31
WUHU ECONOMIC TECHNOLOGY    6.70     06/08/18    CNY        51.30
WUHU XINMA INVESTMENT CO    7.18     11/14/19    CNY        62.12
WUHU XINMA INVESTMENT CO    7.18     11/14/19    CNY        63.21
WUXI MUNICIPAL CONSTRUCT    6.60     09/17/19    CNY        61.90
WUXI MUNICIPAL CONSTRUCT    6.60     09/17/19    CNY        62.19
WUXI TAIHU INTERNATIONAL    7.60     09/17/19    CNY        62.75
WUXI XIDONG TECHNOLOGY I    5.98     10/26/18    CNY        72.00
WUXI XIDONG TECHNOLOGY I    5.98     10/26/18    CNY        73.45
WUZHOU DONGTAI STATE-OWN    7.40     09/03/19    CNY        61.95
XI'AN AEROSPACE BASE INV    6.96     11/08/19    CNY        61.58
XIAN CHANBAHE DEVELOPMEN    6.89     08/03/19    CNY        61.89
XIANGTAN CITY CONSTRUCTI    8.00     03/16/19    CNY        62.35
XIANGTAN CITY CONSTRUCTI    8.00     03/16/19    CNY        61.00
XIANGTAN JIUHUA ECONOMIC    7.43     08/29/19    CNY        62.39
XIANGYANG CITY CONSTRUCT    8.12     01/12/19    CNY        61.95
XIANGYANG CITY CONSTRUCT    8.12     01/12/19    CNY        62.65
XIANNING CITY CONSTRUCTI    7.50     08/31/18    CNY        51.48
XIAOGAN URBAN CONSTRUCTI    8.12     03/26/19    CNY        61.90
XINGHUA URBAN CONSTRUCTI    7.25     10/23/18    CNY        51.68
XINGHUA URBAN CONSTRUCTI    7.25     10/23/18    CNY        51.00
XINING CITY INVESTMENT &    7.70     04/27/19    CNY        62.47
XINJIANG SHIHEZI DEVELOP    7.50     08/29/18    CNY        49.13
XINJIANG UYGUR AR HAMI Z    6.25     07/17/18    CNY        50.21
XINXIANG INVESTMENT GROU    6.80     01/18/18    CNY        70.66
XINYANG HUAXIN INVESTMEN    6.95     06/14/19    CNY        62.13
XINYANG HUAXIN INVESTMEN    6.95     06/14/19    CNY        60.01
XINYU CITY CONSTRUCTION     7.08     12/13/19    CNY        61.86
XINYU CITY CONSTRUCTION     7.08     12/13/19    CNY        82.00
XINZHOU CITY ASSET MANAG    7.39     08/08/18    CNY        50.80
XUCHANG GENERAL INVESTME    7.78     04/27/19    CNY        62.58
XUZHOU ECONOMIC TECHNOLO    8.20     03/07/19    CNY        60.35
XUZHOU ECONOMIC TECHNOLO    8.20     03/07/19    CNY        62.92
XUZHOU XINSHENG CONSTRUC    7.48     05/08/18    CNY        51.53
YAAN STATE-OWNED ASSET O    7.39     07/04/19    CNY        61.32
YANCHENG CITY DAFENG DIS    7.08     12/13/19    CNY        62.13
YANCHENG CITY DAFENG DIS    7.08     12/13/19    CNY        62.41
YANCHENG ORIENTAL INVEST    6.99     10/26/19    CNY        62.15
YANCHENG ORIENTAL INVEST    5.75     06/08/17    CNY        49.91
YANCHENG SOUTH DISTRICT     6.93     10/26/19    CNY        63.60
YANCHENG SOUTH DISTRICT     6.93     10/26/19    CNY        63.04
YANGZHONG URBAN CONSTRUC    7.10     03/26/18    CNY        72.04
YANGZHOU URBAN CONSTRUCT    6.30     07/26/19    CNY        63.00
YANGZHOU URBAN CONSTRUCT    6.30     07/26/19    CNY        62.06
YANZHOU HUIMIN URBAN CON    8.50     12/28/17    CNY        50.96
YIBIN STATE-OWNED ASSET     5.80     05/23/18    CNY        70.89
YICHANG MUNICIPAL FINANC    7.12     10/16/19    CNY        62.25
YICHANG MUNICIPAL FINANC    7.12     10/16/19    CNY        63.10
YICHANG URBAN CONSTRUCTI    6.85     11/08/19    CNY        62.75
YICHANG URBAN CONSTRUCTI    6.85     11/08/19    CNY        62.08
YICHUN CITY CONSTRUCTION    7.35     07/24/19    CNY        61.26
YIJINHUOLUOQI HONGTAI CI    8.35     03/19/19    CNY        58.61
YIJINHUOLUOQI HONGTAI CI    8.35     03/19/19    CNY        58.70
YILI STATE-OWNED ASSET I    6.70     11/19/18    CNY        51.60
YINCHUAN URBAN CONSTRUCT    6.28     03/09/17    CNY        24.73
YINGKOU CITY CONSTRUCTIO    7.98     04/18/20    CNY        75.63
YINGKOU COASTAL DEVELOPM    7.08     11/16/19    CNY        61.84
YINGKOU COASTAL DEVELOPM    7.08     11/16/19    CNY        62.35
YIXING CITY DEVELOPMENT     6.90     10/10/19    CNY        62.16
YIXING CITY DEVELOPMENT     6.90     10/10/19    CNY        62.95
YIYANG CITY CONSTRUCTION    7.36     08/24/19    CNY        62.93
YIZHENG CITY CONSTRUCTIO    7.78     06/14/19    CNY        63.05
YUHUAN COUNTY COMMUNICAT    7.15     10/12/19    CNY        83.10
YUHUAN COUNTY COMMUNICAT    7.15     10/12/19    CNY        62.36
YULIN CITY INVESTMENT OP    6.81     12/04/18    CNY        50.93
YULIN URBAN CONSTRUCTION    6.88     11/26/19    CNY        62.85
YULIN URBAN CONSTRUCTION    6.88     11/26/19    CNY        83.00
YUNCHENG URBAN CONSTRUCT    7.48     10/15/19    CNY        63.42
YUNNAN PROVINCIAL INVEST    5.25     08/24/17    CNY        40.21
YUYAO WATER RESOURCE INV    7.20     10/16/19    CNY        63.43
ZHANGJIAGANG JINCHENG IN    6.23     01/06/18    CNY        60.21
ZHANGJIAGANG MUNICIPAL P    6.43     11/27/19    CNY        61.82
ZHANGJIAGANG MUNICIPAL P    6.43     11/27/19    CNY        62.20
ZHANGJIAJIE ECONOMIC DEV    7.40     10/18/19    CNY        60.99
ZHANGJIAKOU CONSTRUCTION    7.00     10/26/19    CNY        61.97
ZHANGJIAKOU TONGTAI HOLD    6.90     07/05/18    CNY        71.21
ZHEJIANG HUZHOU HUANTAIH    6.70     11/28/19    CNY        63.00
ZHEJIANG JIASHAN ECONOMI    7.05     12/03/19    CNY        61.73
ZHEJIANG JIASHAN ECONOMI    7.05     12/03/19    CNY        84.43
ZHEJIANG PROVINCE DEQING    6.90     04/12/18    CNY        70.91
ZHENGZHOU CITY CONSTRUCT    6.37     12/03/19    CNY        62.20
ZHENGZHOU CITY CONSTRUCT    6.37     12/03/19    CNY        62.86
ZHENJIANG CULTURE AND TO    5.86     05/06/17    CNY        50.37
ZHENJIANG CULTURE AND TO    5.86     05/06/17    CNY        48.32
ZHENJIANG TRANSPORTATION    7.29     05/08/19    CNY        61.84
ZHENJIANG TRANSPORTATION    7.29     05/08/19    CNY        61.37
ZHONGSHAN TRANSPORTATION    6.65     08/28/18    CNY        51.15
ZHOUSHAN DINGHAI STATE-O    7.25     08/31/20    CNY        73.63
ZHOUSHAN DINGHAI STATE-O    7.25     08/31/20    CNY        72.92
ZHUCHENG ECONOMIC DEVELO    6.80     11/29/19    CNY        62.68
ZHUCHENG ECONOMIC DEVELO    6.80     11/29/19    CNY        62.11
ZHUCHENG ECONOMIC DEVELO    7.50     08/25/18    CNY        30.59
ZHUCHENG ECONOMIC DEVELO    6.40     04/26/18    CNY        40.52
ZHUCHENG ECONOMIC DEVELO    6.40     04/26/18    CNY        40.56
ZHUHAI HUAFA GROUP CO LT    8.43     02/16/18    CNY        50.50
ZHUHAI HUAFA GROUP CO LT    8.43     02/16/18    CNY        50.90
ZHUJI CITY CONSTRUCTION     6.92     12/19/19    CNY        83.44
ZHUJI CITY CONSTRUCTION     6.92     07/05/18    CNY        71.86
ZHUMADIAN INVESTMENT CO     6.95     11/26/19    CNY        62.91
ZHUZHOU GECKOR GROUP CO     7.50     09/10/19    CNY        62.69
ZHUZHOU GECKOR GROUP CO     7.82     08/18/18    CNY        73.20
ZHUZHOU YUNLONG DEVELOPM    6.78     11/19/19    CNY        61.45
ZHUZHOU YUNLONG DEVELOPM    6.78     11/19/19    CNY        82.00
ZIBO CITY PROPERTY CO LT    5.45     04/27/19    CNY        36.50
ZIBO CITY PROPERTY CO LT    6.83     08/22/19    CNY        62.10
ZIBO CITY PROPERTY CO LT    6.83     08/22/19    CNY        62.30
ZIGONG STATE-OWNED ASSET    6.86     06/17/18    CNY        72.37
ZOUCHENG CITY ASSET OPER    7.02     01/12/18    CNY        40.65
ZOUPING COUNTY STATE-OWN    6.98     04/27/18    CNY        71.16
ZUNYI INVESTMENT GROUP L    8.53     03/13/19    CNY        63.13
ZUNYI INVESTMENT GROUP L    8.53     03/13/19    CNY        62.04
ZUNYI ROAD & BRIDGE ENGI    7.15     08/17/20    CNY        73.63
ZUNYI ROAD & BRIDGE ENGI    7.15     08/17/20    CNY        74.52


HONG KONG
---------

CHINA CITY CONSTRUCTION     5.35     07/03/17    CNY        67.38


INDONESIA
---------

BERAU COAL ENERGY TBK PT    7.25     03/13/17    USD        28.02
BERAU COAL ENERGY TBK PT    7.25     03/13/17    USD        23.88


INDIA
-----

3I INFOTECH LTD             2.50     03/31/25    USD        12.75
BLUE DART EXPRESS LTD       9.30     11/20/17    INR        10.17
BLUE DART EXPRESS LTD       9.40     11/20/18    INR        10.35
BLUE DART EXPRESS LTD       9.50     11/20/19    INR        10.51
GTL INFRASTRUCTURE LTD      5.03     11/09/17    USD        28.00
JAIPRAKASH ASSOCIATES LT    5.75     09/08/17    USD        44.25
JAIPRAKASH POWER VENTURE    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         2.07
REI AGRO LTD                5.50     11/13/14    USD         2.07
SVOGL OIL GAS & ENERGY L    5.00     08/17/15    USD         0.09


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     2.10     11/29/12    JPY         5.38
MICRON MEMORY JAPAN INC     2.29     12/07/12    JPY         5.38
MICRON MEMORY JAPAN INC     2.03     03/22/12    JPY         5.38
TAKATA CORP                 0.58     03/26/21    JPY        60.08
TAKATA CORP                 0.85     03/06/19    JPY        69.13


KOREA
-----

2014 KODIT CREATIVE THE     5.00     12/25/17    KRW        34.20
2014 KODIT CREATIVE THE     5.00     12/25/17    KRW        34.20
2016 KIBO 1ST SECURITIZA    5.00     09/13/18    KRW        30.01
DONGBU METAL CO LTD         5.75     04/16/20    KRW        69.84
DONGBU METAL CO LTD         5.30     06/03/18    KRW        74.05
DOOSAN CAPITAL SECURITIZ   20.00     04/22/19    KRW        48.64
EXPORT-IMPORT BANK OF KO    1.75     09/22/30    KRW        72.45
HANJIN SHIPPING CO LTD      5.90     06/07/17    KRW         5.05
HANJIN SHIPPING CO LTD      2.00     05/23/17    KRW         4.05
HYUNDAI MERCHANT MARINE     1.00     04/07/21    KRW        55.25
HYUNDAI MERCHANT MARINE     1.00     07/07/21    KRW        53.38
KIBO ABS SPECIALTY CO LT    5.00     02/25/19    KRW        28.56
KIBO ABS SPECIALTY CO LT   10.00     08/22/17    KRW        20.58
KIBO ABS SPECIALTY CO LT    5.00     03/29/18    KRW        33.05
KIBO ABS SPECIALTY CO LT    5.00     01/31/17    KRW        54.31
KIBO ABS SPECIALTY CO LT    5.00     12/25/17    KRW        32.62
KIBO ABS SPECIALTY CO LT   10.00     02/19/17    KRW        58.60
LSMTRON DONGBANGSEONGJAN    4.53     11/22/17    KRW        33.59
MERITZ CAPITAL CO LTD       5.44     09/29/46    KRW        34.43
OKC SECURITIZATION SPECI   10.00     01/03/20    KRW        27.80
SHINHAN BANK                3.83     12/08/31    KRW        69.91
SHINHAN BANK                3.83     12/08/31    KRW        69.91
SINBO SECURITIZATION SPE    5.00     03/13/19    KRW        28.35
SINBO SECURITIZATION SPE    5.00     02/25/20    KRW        26.41
SINBO SECURITIZATION SPE    5.00     07/08/17    KRW        35.65
SINBO SECURITIZATION SPE    5.00     07/08/17    KRW        35.65
SINBO SECURITIZATION SPE    5.00     06/07/17    KRW        23.77
SINBO SECURITIZATION SPE    5.00     06/07/17    KRW        23.77
SINBO SECURITIZATION SPE    5.00     01/28/20    KRW        26.48
SINBO SECURITIZATION SPE    5.00     08/16/17    KRW        35.26
SINBO SECURITIZATION SPE    5.00     08/16/17    KRW        35.26
SINBO SECURITIZATION SPE    5.00     10/01/17    KRW        34.75
SINBO SECURITIZATION SPE    5.00     10/01/17    KRW        34.75
SINBO SECURITIZATION SPE    5.00     10/01/17    KRW        34.75
SINBO SECURITIZATION SPE    5.00     03/12/18    KRW        33.20
SINBO SECURITIZATION SPE    5.00     03/13/17    KRW        46.76
SINBO SECURITIZATION SPE    5.00     03/13/17    KRW        46.76
SINBO SECURITIZATION SPE    5.00     01/29/17    KRW        57.42
SINBO SECURITIZATION SPE    5.00     06/25/19    KRW        28.58
SINBO SECURITIZATION SPE    5.00     06/25/18    KRW        30.85
SINBO SECURITIZATION SPE    5.00     07/29/19    KRW        28.23
SINBO SECURITIZATION SPE    5.00     07/29/18    KRW        30.50
SINBO SECURITIZATION SPE    5.00     12/25/16    KRW        71.45
SINBO SECURITIZATION SPE    5.00     01/15/18    KRW        34.00
SINBO SECURITIZATION SPE    5.00     01/15/18    KRW        34.00
SINBO SECURITIZATION SPE    5.00     02/11/18    KRW        33.47
SINBO SECURITIZATION SPE    5.00     02/11/18    KRW        33.47
SINBO SECURITIZATION SPE    5.00     12/30/19    KRW        26.64
SINBO SECURITIZATION SPE    5.00     09/30/19    KRW        27.52
SINBO SECURITIZATION SPE    5.00     02/27/19    KRW        29.86
SINBO SECURITIZATION SPE    5.00     02/27/19    KRW        29.86
SINBO SECURITIZATION SPE    5.00     12/23/18    KRW        30.45
SINBO SECURITIZATION SPE    5.00     12/23/18    KRW        30.45
SINBO SECURITIZATION SPE    5.00     12/23/17    KRW        32.64
SINBO SECURITIZATION SPE    5.00     01/30/19    KRW        30.09
SINBO SECURITIZATION SPE    5.00     01/30/19    KRW        30.09
SINBO SECURITIZATION SPE    5.00     10/30/19    KRW        19.46
SINBO SECURITIZATION SPE    5.00     08/27/19    KRW        27.95
SINBO SECURITIZATION SPE    5.00     03/18/19    KRW        29.63
SINBO SECURITIZATION SPE    5.00     03/18/19    KRW        29.63
SINBO SECURITIZATION SPE    5.00     06/27/18    KRW        32.47
SINBO SECURITIZATION SPE    5.00     06/27/18    KRW        32.47
SINBO SECURITIZATION SPE    5.00     07/24/17    KRW        34.18
SINBO SECURITIZATION SPE    5.00     07/24/18    KRW        32.23
SINBO SECURITIZATION SPE    5.00     07/24/18    KRW        32.23
SINBO SECURITIZATION SPE    5.00     05/26/18    KRW        31.12
SINBO SECURITIZATION SPE    5.00     02/21/17    KRW        50.94
SINBO SECURITIZATION SPE    5.00     02/21/17    KRW        50.94
SINBO SECURITIZATION SPE    5.00     03/12/18    KRW        33.20
SINBO SECURITIZATION SPE    5.00     09/26/18    KRW        31.41
SINBO SECURITIZATION SPE    5.00     09/26/18    KRW        31.41
SINBO SECURITIZATION SPE    5.00     09/26/18    KRW        31.41
SINBO SECURITIZATION SPE    5.00     08/29/18    KRW        31.67
SINBO SECURITIZATION SPE    5.00     08/29/18    KRW        31.67
TONGYANG CEMENT & ENERGY    7.50     07/20/14    KRW        70.00
TONGYANG CEMENT & ENERGY    7.50     04/20/14    KRW        70.00
TONGYANG CEMENT & ENERGY    7.50     09/10/14    KRW        70.00
TONGYANG CEMENT & ENERGY    7.30     06/26/15    KRW        70.00
TONGYANG CEMENT & ENERGY    7.30     04/12/15    KRW        70.00
U-BEST SECURITIZATION SP    5.50     11/16/17    KRW        35.13
WOONGJIN ENERGY CO LTD      3.00     12/19/19    KRW        56.77


SRI LANKA
---------

SRI LANKA GOVERNMENT BON    7.00     10/01/23    LKR        74.84
SRI LANKA GOVERNMENT BON    6.00     12/01/24    LKR        67.26
SRI LANKA GOVERNMENT BON    5.35     03/01/26    LKR        60.73
SRI LANKA GOVERNMENT BON    8.00     01/01/32    LKR        66.80
SRI LANKA GOVERNMENT BON    9.00     10/01/32    LKR        72.82
SRI LANKA GOVERNMENT BON    9.00     11/01/33    LKR        71.79
SRI LANKA GOVERNMENT BON    9.00     06/01/43    LKR        68.60
SRI LANKA GOVERNMENT BON    9.00     06/01/33    LKR        72.37


MALAYSIA
--------

BANDAR MALAYSIA SDN BHD     0.35     02/20/24    MYR        74.65
BIMB HOLDINGS BHD           1.50     12/12/23    MYR        74.40
BRIGHT FOCUS BHD            2.50     01/22/31    MYR        71.20
LAND & GENERAL BHD          1.00     09/24/18    MYR         0.18
SENAI-DESARU EXPRESSWAY     0.50     12/31/43    MYR        72.39
SENAI-DESARU EXPRESSWAY     0.50     12/31/38    MYR        67.39
SENAI-DESARU EXPRESSWAY     0.50     12/31/40    MYR        69.64
SENAI-DESARU EXPRESSWAY     0.50     12/31/42    MYR        71.57
SENAI-DESARU EXPRESSWAY     0.50     12/30/39    MYR        68.70
SENAI-DESARU EXPRESSWAY     0.50     12/31/41    MYR        70.53
SENAI-DESARU EXPRESSWAY     0.50     12/31/46    MYR        74.69
SENAI-DESARU EXPRESSWAY     0.50     12/30/44    MYR        73.14
SENAI-DESARU EXPRESSWAY     0.50     12/29/45    MYR        73.77
SENAI-DESARU EXPRESSWAY     1.35     06/30/28    MYR        61.25
SENAI-DESARU EXPRESSWAY     1.15     12/29/23    MYR        72.36
SENAI-DESARU EXPRESSWAY     1.35     06/30/27    MYR        63.63
SENAI-DESARU EXPRESSWAY     1.15     12/31/24    MYR        69.21
SENAI-DESARU EXPRESSWAY     1.35     06/28/30    MYR        56.32
SENAI-DESARU EXPRESSWAY     1.35     06/30/31    MYR        53.42
SENAI-DESARU EXPRESSWAY     1.35     12/29/28    MYR        60.06
SENAI-DESARU EXPRESSWAY     1.15     06/30/25    MYR        67.71
SENAI-DESARU EXPRESSWAY     1.15     06/30/23    MYR        73.94
SENAI-DESARU EXPRESSWAY     1.35     12/31/25    MYR        67.62
SENAI-DESARU EXPRESSWAY     1.35     12/31/29    MYR        57.63
SENAI-DESARU EXPRESSWAY     1.35     12/31/30    MYR        54.99
SENAI-DESARU EXPRESSWAY     1.15     06/28/24    MYR        70.78
SENAI-DESARU EXPRESSWAY     1.35     06/30/26    MYR        66.22
SENAI-DESARU EXPRESSWAY     1.35     12/31/26    MYR        64.87
SENAI-DESARU EXPRESSWAY     1.35     12/31/27    MYR        62.45
SENAI-DESARU EXPRESSWAY     1.35     06/29/29    MYR        58.84
UNIMECH GROUP BHD           5.00     09/18/18    MYR         1.01


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

BAYAN TELECOMMUNICATIONS   13.50     07/15/06    USD        22.75
BAYAN TELECOMMUNICATIONS   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        65.75
BAKRIE TELECOM PTE LTD     11.50     05/07/15    USD         1.16
BAKRIE TELECOM PTE LTD     11.50     05/07/15    USD         1.16
BERAU CAPITAL RESOURCES    12.50     07/08/15    USD        27.75
BERAU CAPITAL RESOURCES    12.50     07/08/15    USD        27.88
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        43.88
BUMI INVESTMENT PTE LTD    10.75     10/06/17    USD        44.00
BUMI INVESTMENT PTE LTD    10.75     10/06/17    USD        44.00
ENERCOAL RESOURCES PTE L    9.25     08/05/14    USD        25.38
EZION HOLDINGS LTD          4.88     06/11/21    SGD        58.66
EZION HOLDINGS LTD          5.10     03/13/20    SGD        64.95
EZION HOLDINGS LTD          4.70     05/22/19    SGD        71.66
EZRA HOLDINGS LTD           4.88     04/24/18    SGD        34.25
GEO ENERGY RESOURCES LTD    7.00     01/18/18    SGD        69.25
GOLIATH OFFSHORE HOLDING   12.00     06/11/17    USD         4.00
INDO INFRASTRUCTURE GROU    2.00     07/30/10    USD         1.00
NEPTUNE ORIENT LINES LTD    4.40     06/22/21    SGD        65.00
NEPTUNE ORIENT LINES LTD    4.65     09/09/20    SGD        71.00
ORO NEGRO DRILLING PTE L    7.50     01/24/19    USD        57.00
OSA GOLIATH PTE LTD        12.00     10/09/18    USD        61.75
OTTAWA HOLDINGS PTE LTD     5.88     05/16/18    USD        71.75
OTTAWA HOLDINGS PTE LTD     5.88     05/16/18    USD        70.00
PACIFIC INTERNATIONAL LI    7.25     11/16/18    SGD        71.13
PACIFIC RADIANCE LTD        4.30     08/29/18    SGD        41.88
RICKMERS MARITIME           8.45     05/15/17    SGD        21.75
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         8.38
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           7.88     06/05/17    SGD        17.13
TRIKOMSEL PTE LTD           5.25     05/10/16    SGD        17.13


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 C    1.00     10/10/25    USD        56.44
DEBT AND ASSET TRADING C    1.00     10/10/25    USD        57.80



                             *********

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, Psyche A. Castillon, 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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