TCRAP_Public/170103.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, January 3, 2017, Vol. 20, No. 2

                            Headlines


A U S T R A L I A

AIMS PROPERTY: Samuel Terry to Seek Votes to Wind Up Fund
PALADIN ENERGY: EdF Long Term Off-Take Contract Update


C H I N A

CHINA AOYUAN: Fitch Raises IDR to 'BB-'; Outlook Stable
CHINA BAK: Needs More Time to File Fiscal 2016 Form 10-K
COUNTRY GARDEN: Fitch Assigns 'BB+' Rating to USD350MM Notes
GUANGZHOU R&F: Fitch Assigns 'BB' Rating to Proposed US$ Notes
KWG PROPERTY: Fitch Publishes 'BB-' IDR with Stable Outlook

MODERN LAND: Fitch Retains 'B+' Rating After USD150M Notes Upsize
SMARTHEAT INC: Recurring Losses Raise Going Concern Doubt
YINGDE GASES: S&P Cuts CCR to 'CCC-'; Still on CreditWatch Neg.


I N D I A

ADVEN BIOTECH: ICRA Suspends 'B' Rating on INR7.50cr Bank Loan
AMIT CONSTRUCTIONS: ICRA Suspends B+/A4 Rating on INR12cr Loan
ANUPAM INDUSTRIES: ICRA Suspends 'D' Rating on INR66.911cr Loan
APURVA BIOSCIENCES: CRISIL Suspends D Rating on INR149.5MM Loan
ARUN MATHEW: CRISIL Assigns 'B' Rating to INR50MM Cash Loan

ARYA FILAMENTS: CRISIL Suspends B+ Rating on INR79MM Cash Loan
ARYAN HOSPITAL: CRISIL Assigns 'D' Rating to INR66MM Term Loan
ATLAS CYCLES: ICRA Raises Rating on INR48cr LT Loan to B+
AVINASH TOBACCOS: CRISIL Suspends B+ Rating on INR50MM Cash Loan
B. S. INNOVATIONS: CRISIL Assigns B+ Rating to INR30MM Loan

BAHETI SILICONES: ICRA Suspends 'B' Rating on INR14cr Bank Loan
BHAGWANDAS METALS: ICRA Suspends B+ Rating on INR3cr Bank Loan
BHARTI RESEARCH: ICRA Suspends 'D' Rating on INR20.17cr Loan
BINJUSARIA METAL: CRISIL Suspends B+ Rating on INR90MM Loan
BLUE WINGS: ICRA Suspends 'B+' Rating on INR8.85cr Bank Loan

CAPITAL PROPMART: CRISIL Assigns B+ Rating to INR95MM Term Loan
CELEBRITY FASHIONS: ICRA Suspends 'D' Rating on INR59.62cr Loan
CHAKRAVARTHY FABRIC: CRISIL Reaffirms 'B' INR148MM Loan Rating
DAIRY ICE: CRISIL Suspends B- Rating on INR70MM Long Term Loan
EXPRESS WAY: ICRA Suspends B+ Rating on INR13cr LT Loan

G. J. AGRO: CRISIL Suspends 'B' Rating on INR55MM LT Loan
GANPATI MINETECH: CRISIL Puts B+ Rating on 'Notice of Withdrawal'
JAGDISH COTTON: CRISIL Suspends B+ Rating on INR180MM Cash Loan
K.P.R. PIPES: CRISIL Suspends B+ Rating on INR60MM LT Loan
KASTURI DEVELOPERS: CRISIL Ups Rating on INR100MM Loan to BB-

MANOJ KUMAR: CRISIL Assigns B+ Rating to INR10MM Cash Loan
NARAYANA AGRO: CARE Ups Rating on INR20.56cr LT Loan to BB-
NEW ASIAN: ICRA Lowers Rating on INR15cr Bank Loan to 'D'
NEW ASIAN INFRA: ICRA Reaffirms 'D' Rating on INR29.50cr Loan
OM NAMAH: ICRA Suspends B+ Rating on INR8.50cr LT Loan

ONSAZ JEWELLERY: ICRA Suspends 'B' Rating on INR4.50cr Loan
PASWARA PAPERS: ICRA Suspends B+/A4 Rating on INR10.14cr Loan
PERFECT PLY: CARE Assigns B+ Rating to INR7.38cr LT Loan
PROODLE HOSPITALITY: CRISIL Assigns B+ Rating to INR50MM Loan
RATTAN RICE: CRISIL Assigns B+ Rating to INR55MM Cash Loan

RUCHI INFRASTRUCTURE: CARE Lowers Rating on INR160cr Loan to D
S.K. GOLD: ICRA Suspends 'D' Rating on INR15cr Bank Loan
S&P STRUCTURALS: ICRA Lowers Rating on INR5.0cr LT Loan to C+
SAHAKAR MAHARSHI: CARE Revises Rating on INR35cr Loan to B+
SAIKRUPA FIBERS: CARE Assigns 'B' Rating to INR17.12cr LT Loan

SATYAM INDUSTRIES: CRISIL Suspends D Rating on INR137MM Loan
SHATABDI SHIKSHA: ICRA Suspends 'B' Rating on INR10cr Loan
SHIVALIK SHULZ: ICRA Suspends B+ Rating on INR9.85cr Bank Loan
SHREE KRISHAN: CRISIL Suspends 'B' Rating on INR154.5MM Term Loan
SHRI SHANKER: ICRA Suspends 'B' Rating on INR28.91cr LT Loan

SLO STEEL: ICRA Suspends 'B' Rating on INR25cr Long Term Loan
SRI ANANTHA: CRISIL Suspends 'B' Rating on INR50MM Long Term Loan
SRI JAGANNADHA: CRISIL Suspends B+ Rating on INR70MM Cash Loan
SRI LAKSHMI: CRISIL Suspends B- Rating on INR43.5MM LT Loan
SRI SAI: ICRA Suspends 'B' Rating on INR20cr Cash Loan

SRIJAN CEMENT: ICRA Suspends 'D' Rating on INR5cr LT Loan
SUMA REFINARIES: CRISIL Suspends 'D' Rating on INR50MM LT Loan
SUNFAME CERAMIC: CRISIL Suspends B+ Rating on INR43.5MM Term Loan
SUNSHINE CARS: CRISIL Suspends B- Rating on INR70MM Cash Loan
VEER HATCHERIES: ICRA Suspends 'D' Rating on INR10cr Bank Loan


J A P A N

TOSHIBA CORP: Out of Easy Options to Plug Nuclear Hole


S I N G A P O R E

ORIENTAL GROUP: To be Placed Under Interim Judicial Management


S O U T H  K O R E A

HANJIN SHIPPING: Textainer Seeks Ch. 11 Examiner for U.S. Assets
HANJIN SHIPPING: Sells Port of Seattle Terminal Operations

* S. KOREA: Two-thirds of New Businesses Shuttered After One Year


X X X X X X X X

* BOND PRICING: For the Week Dec. 26 to Dec. 30, 2016


                            - - - - -


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A U S T R A L I A
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AIMS PROPERTY: Samuel Terry to Seek Votes to Wind Up Fund
---------------------------------------------------------
Lee Meixian at The Business Times reports that AIMS Property
Securities Fund (APW) is currently under attack from minority
unitholders who have convened a Jan. 3 meeting to vote on a
motion to wind up the fund.

BT relates that the motion was initiated by Samuel Terry Asset
Management, a Sydney-based boutique investment management
company, which claims to have amassed substantial support from
other unitholders to go against APW's majority shareholder, AIMS
Financial Group.

However, APW's executive chairman George Wang is confident of
defeating the motion, pointing out in a recent interview with The
Business Times that this is not the first time Samuel Terry
(referring to the company) has tried to wind up APW; the previous
unsuccessful attempt occurred in 2013.

According to the report, the current attempt comes after
Hong Kong hedge fund LIM Advisors successfully garnered enough
unitholder support to wind up another fund, AMP Capital's China
Growth Fund, which was managing more than AUD400 million
(SGD417 million).

LIM had reportedly been agitated to action by the fund's stubborn
trading discount as well as management fees that it considered to
be too high, BT says.

"This group saw that happening and they came up and wanted to
have a go again," the report quotes Mr. Wang as saying.

According to the report, Mr. Wang said Samuel Terry had taken
advantage of APW's rights issue in 2013 to invest at a relatively
low entry price. Later that year, its associates called for a
similar meeting to wind up the fund, which unitholders
overwhelmingly rejected. But instead of liquidating its interests
on the open market as one would have expected it to do, Samuel
Terry has since bought more units.

BT relates that in a letter to investors in December, Mr. Wang
said: "These unitholders are short-term and opportunistic . . .
whose interests may not align with all unitholders in the fund."

In the BT interview, he said: "That's their business. That's what
they do. They go to different funds, talk to investors to wind up
the fund and take over the fund."

AIMS Financial Group owns close to 38% of the units in the trust,
but Samuel Terry is banking on the fact that AIMS would not be
able to vote with its stake, taking a leaf from the pages of the
AMP Capital episode where the subject fund's largest shareholder
AMP Life was banned from voting, thus giving the activist pack a
smaller hurdle to cross to close the fund.

This was due to rules dictating that any party that stands to
profit, such as by means of receipt of fees, from the fund is not
allowed to vote, BT notes.

To circumvent this, Mr. Wang said the fund manager has altered
its remuneration structure to waive management fees and instead
operate on a cost-recovery model. This means that it will only
reap gains from the properties in its portfolio. Waiving
management fees would thus allow the manager to use all its 38%
when voting against the motion, it believes, according to BT.

Samuel Terry's gripes with APW are similar to LIM's with AMP
Capital's fund. First, APW's share price in December 2016 remains
at a significant 23 per cent discount to its net tangible assets,
although this is already an improvement from 72 per cent in 2009,
when AIMS took over the nearly-insolvent MacarthurCook Limited.

Another of Samuel Terry's gripes is that APW being a "fund of
funds", there are extra layers of fees and costs, not all of them
disclosed, relates BT. Also, 71% of the portfolio is now invested
in other funds managed by AIMS, compared to just 18% two years
ago.

APW currently only invests in trusts holding Australian
properties. It plans to diversify in the next two to three years,
possibly in Singapore, as the domestic slowing commercial
property market may have bottomed out by that time, Mr. Wang, as
cited by BT, said.

It seeks good-location opportunistic buys that are income-
yielding and that the fund can add value to or redevelop. Its
investors are primarily retail. The fund's annualised
distribution yield as of September 2016 was 5.14%, and it has
been debt free since 2013, adds BT.

Aims Property Securities Fund (ASX:APW) is an Australia-based
diversified real estate securities fund, investing across a range
of unlisted and listed property trusts. The investment objective
of the Fund is to provide investors with regular quarterly income
and the potential for long term capital growth. The Fund invests
in a portfolio of property related securities diversified by
sectors, geographic locations and fund managers. Its portfolio
includes in sectors, such as office, industrial, childcare,
retail and healthcare, and in geographic locations, including
Victoria, Queensland, New South Wales, Australian Capital
Territory and Western Australia, among others. The Fund invests
in unlisted and listed property funds that covers around 11
different property related investments and manages around six
different specialist property investment managers. The Fund
manager is AIMS Fund Management Limited.


PALADIN ENERGY: EdF Long Term Off-Take Contract Update
------------------------------------------------------
Paladin Energy Ltd has received a notice from Electricite de
France ("EdF") regarding EdF's US$200M pre-payment under the Long
Term Off-Take Contract between EdF and Paladin entered into in
August 2012 ("Off-Take Contract").

EdF has requested security for the pre-payment in addition to its
existing security over 60.1% of the Michelin project in Canada.
Under certain circumstances, Paladin may be required to provide
additional security and Paladin has been discussing potential
additional security, and the value of that additional security,
with EdF.

EdF has informed Paladin of its view that that the value of the
additional security proposed by Paladin is less than the value
required by the Off-Take Contract. Paladin has considered EDF's
response and does not agree with EdF's position. The matter will
now proceed to independent expert valuation in accordance with
the terms of the Off-Take Contract. There are no prescribed
periods for the independent expert valuation process. If the
expert determines that the value of the additional security
proposed by Paladin is less than the value required by the Off-
Take Contract, the outstanding amount (being approximately
US$260M) must be repaid within 30 days of that determination.

At the same time, as part of discussions with key stakeholders
regarding potential options to address the Company's balance
sheet position, the Company has made a proposal for EdF to share
security over Paladin's assets with Paladin's bondholders. If
this proposal is accepted by EdF, the independent expert's
valuation would not proceed.

As reported in Troubled Company Reporter-Asia Pacific on Dec. 2,
2016, The Motley Fool said Paladin Energy Ltd faces the prospect
of being unable to repay US$212 million due in April 2017 and
being forced into liquidation.  Paladin also needs to raise
working capital as it struggles to generate positive cash flow
with uranium prices trading under US$20 per pound -- the lowest
prices in more than 12 years, related The Motley Fool.  As
Paladin admits, that's a level that no producer in the world can
sustainably break even, and most producers are experiencing
negative cash flows, The Motley Fool added.

                       About Paladin Energy

Headquartered in Subiaco, Australia, Paladin Energy Ltd --
http://www.paladinresources.com.au-- formerly Paladin
Resources, Ltd., operates in the resource industry, with a
principal business of evaluation and development of uranium
projects in Africa and Australia.



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


CHINA AOYUAN: Fitch Raises IDR to 'BB-'; Outlook Stable
-------------------------------------------------------
Fitch Ratings has upgraded China Aoyuan Property Group Limited's
Long-Term Foreign-Currency Issuer Default Rating to 'BB-' from
'B+'.  The Outlook is Stable.  Fitch has also upgraded Aoyuan's
senior unsecured rating and the ratings on its outstanding US
dollar bonds to 'BB-' from 'B+'.

Aoyuan's contracted sales have continued to increase robustly
since Fitch placed the rating on Positive Outlook in January
2016. The sales growth has been supported by the company's
execution of its fast-churn strategy and stable operating
efficiency, while keeping steady land acquisitions and
maintaining a healthy financial profile.  The enlarged scale and
enhanced credit profile make it more comparable to 'BB-' rated
China homebuilders and we believe Aoyuan's credit profile will
remain healthy in the next 12 months.

                        KEY RATING DRIVERS

Strong Sales Performance: Fitch estimates Aoyuan's 2016
contracted sales will reach CNY24.5 bil. after it tripled to
CNY15.2 bil. in 2015 from 2012.  The company's contracted sales
for January-November 2016 increased 70% yoy to CNY22.2 bil. as it
continued its fast-churn strategy.  Fitch expects contracted
sales to continue to increase in 2017 based on the company's
project launch pipeline, although the pace of growth is likely to
be slower than in 2016.

In 2016, about 50% of Aoyuan's contracted sales was still in
Guangdong province, but the company is prudently exploring
opportunities in other provinces and overseas.

Stable Financial Profile: What sets Aoyuan apart from its fast-
growing peers is that it has maintained healthy leverage despite
rapid expansion.  Its leverage, as measured by net debt to
adjusted inventory, was 29.8% at end-June 2016 and we expect the
ratio to be stable at end-2016.  Fitch also estimates its sales
efficiency - measured by contracted sales in the last 12 months
to gross debt - will improve to 1.3x by end-2016 from 0.9x at
end-2015.  Fitch expects Aoyuan to maintain its fast-churn model
and prudent land acquisition strategy; thus its financial profile
will remain healthy in the next 12-18 months, which will support
its credit profile.

Prudent Acquisition Strategy: Aoyuan has maintained its pace of
land acquisitions, even though its contracted sales have
increased significantly.  Fitch expects the company to continue
to explore buying land in the Pearl River Delta, central China
and Yangtze River Delta.  It acquired four parcels with total
land cost of CNY5.3 bil. in 1H16 and remained disciplined in land
acquisitions in 2H16.  Fitch expects the full-year land premium
would still be less than 40% of contracted sales, which have
increased; this would give the company comfortable headroom for
future land acquisitions.

Adequate Land Bank: Aoyuan had total sellable gross floor area of
about 13 million square metres as of end-June 2016.  Around 20%
land bank by value is in lower-tier cities, but the percentage
has continued to decrease and the land bank quality has improved
over the years.  Moreover, about half of Aoyuan's land in lower-
tier cities is in smaller cities outside of Guangzhou that are
still targeted at buyers from Guangzhou.  Fitch considers the
contracted sales from these sites to be satisfactorily
predictable as they are easily accessible from Guangzhou and the
company has a good execution track record.

Slight Margin Decline: Fitch expects Aoyuan's EBITDA margin to
gradually drop to between 20% and 25% after 2016 from more than
25% previously.  This is due to a greater share of higher-margin
products in the past, pressure from higher land costs as well as
an increase in selling, general and administrative expenses as a
result of the larger operational scale.

Healthy Liquidity: Aoyuan's current liquidity position is strong,
which supports its planned expansion.  Total cash was CNY10.2
bil. at end-June 2016 against short-term debt of CNY4.1 bil.  The
company is also committed to improve its debt structure.  Recent
funding initiatives, both onshore and offshore, diversified its
funding channels, improved its debt maturity profile and reduced
funding costs.  As of end-1H16, short-term debt accounted for
only 21% of total debt, and the company's weighted average
funding cost was 8.4%.  Fitch estimates that by end-2016, Aoyuan
will maintain a strong liquidity position and funding cost will
fall further to 8%.

                          KEY ASSUMPTIONS

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

   -- Pace of land acquisitions to be stable in 2017 and 2018 at
      40%-50% of contracted sales

   -- Contracted sales are estimated based on sellable resources
      in the next 12-18 months.  Contracted sales to continue to
      grow although at a slower pace than in 2016

   -- The company's average selling price for its contracted
      sales will be slightly higher in 2017 due to a larger share
      of high-margin products

   -- Company to maintain its fast-churn and high cash-flow
      turnover business model

                       RATING SENSITIVITIES

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

   -- EBITDA margin sustained below 20% (1H16: 23.4%)
   -- Net debt/adjusted inventory sustained above 40% (end-June
      2016: 29.8%)
   -- Contracted sales to gross debt sustained below 1.2x (end-
      June 2016: 1.0x)
   -- Sustained decrease of total sellable GFA in the land bank
      to below 3.5x of annual contracted sales GFA (12 months to
      end-June 2016: 5.6x)

Positive: No positive rating action is expected unless Aoyuan is
able to substantially increase its scale, and establish core
markets in multi-regions without compromising its financial
metrics.  This is not expected over the next 12-18 months.

                  FULL LIST OF RATING ACTIONS

  Long-Term Foreign-Currency IDR upgraded to 'BB-' from 'B+';
   Outlook Stable
  Senior unsecured rating upgraded to 'BB-' from 'B+'
  USD300 mil. 11.25% senior notes due 2019 upgraded to 'BB-' from
   'B+'
  USD250 mil. 10.875% senior notes due 2018 upgraded to 'BB-'
   from 'B+'
  USD250 mil. 6.525% senior notes due 2019 upgraded to 'BB-' from
   'B+'


CHINA BAK: Needs More Time to File Fiscal 2016 Form 10-K
--------------------------------------------------------
China Bak Battery, Inc., filed a Form 12b-25 with the Securities
and Exchange Commission notifying the delay in the filing of its
annual report on Form 10-K for the year ended Sept. 30, 2016.

"The registrant has not finalized its financial statements for
the fiscal year ended September 30, 2016. As a result, the
registrant is unable to file its Form 10-K within the prescribed
time period without unreasonable effort or expense. The
registrant anticipates that it will file the Form 10-K within the
fifteen-day grace period provided by Exchange Act Rule 12b-25."

                         About China BAK

China BAK Battery conducted business through BAK International
Limited and its subsidiaries that produced prismatic cells,
cylindrical cells, lithium polymer cells and high power lithium
batters. The BAK International business was foreclosed on
June 30, 2014. Consequently, China BAK is looking to develop,
manufacture and sell energy high power lithium batteries
primarily for electric vehicles when its Dalian, China
manufacturing facilities start to operate in the first quarter of
2015.

China BAK reported net profit of US$15.9 million for the year
ended Sept. 30, 2015, compared to net profit of US$37.8 million
for the year ended Sept. 30, 2014.

As of June 30, 2016, the Company had US$82.5 million in total
assets, US$67.4 million in total liabilities and US$15.1 million
in total shareholders' equity.

Crowe Horwath (HK) CPA Limited, in Hong Kong, China, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Sept. 30, 2015, citing that the
Company has a working capital deficiency, accumulated deficit
from recurring net losses and significant short-term debt
obligations maturing in less than one year as of Sept. 30, 2015.
All these factors raise substantial doubt about its ability to
continue as a going concern.


COUNTRY GARDEN: Fitch Assigns 'BB+' Rating to USD350MM Notes
------------------------------------------------------------
Fitch Ratings has assigned Country Garden Holdings Co. Ltd.'s
(BB+/Stable) USD350 mil. 5.625% senior notes due 2026 a final
rating of 'BB+'.

The notes are rated at the same level as Country Garden's senior
unsecured rating because they constitute the company's direct and
senior unsecured obligations.  The assignment of the final rating
follows the receipt of documents conforming to information
already received.  The final rating is in line with the expected
rating assigned on Nov. 15, 2016.

Country Garden's ratings are supported by cash inflow from annual
contracted sales of over CNY100 bil. high financial flexibility
with low interest cost and a record of strong execution.  Moving
into the higher-tier cities is a positive development in Country
Garden's progression towards becoming a nationwide homebuilder.
However, this process may take another one to two years to reach
fruition if the company continues on its current trajectory.

                       KEY RATING DRIVERS

Ongoing Land Bank Adjustment: Fitch believes Country Garden will
continue to reposition its land bank in the next 12 to 24 months.
The repositioning in 2015 was to boost the contribution from
products targeted at Tier 1 and 2 cities; 52% of the CNY140 bil.
contracted sales came from products targeting these cities.  The
newly acquired CNY56 bil. land bank in 2015 also targets Tier 1
and 2 cities; 67% was located in Tier 1 and 2 cities and 75%
targeted these cities.

Aggressive Expansion Pressures Leverage: Fitch expects net debt
to rise to CNY70 bil.- CNY95 bil. in 2016 due to the land bank
adjustment.  The total land premium of CNY56 bil. (CNY43 bil. on
an attributable basis) was far beyond Country Garden's CNY20bn
budget at the start of 2015.  This increased leverage to 40%
(2014: 36%), as measured by net debt/adjusted inventory.  Higher
end-2015 gross debt has also lowered churn to 1.1x (2014: 2.0x),
as measured by contracted sales/total debt.  This is less of an
issue, since higher available cash of CNY36.2 bil. at end-2015
(end-2014: CNY18.7 bil.) will reduce pressure on the higher debt.

Gradual Margin Recovery: Fitch expects the EBITDA margin to
improve to 16% in 2016, from 14% in 2015, with recognition of
wider-margin contracted sales.  The 2015 EBITDA margin was at its
historical low, as the company recognized lower-margin products,
such as high-rise residential apartments.  The thinner margin is
also reflected in the lower recognized average selling price
(ASP) of CNY6,194 per square metre (sq m), compared with the
average recognized ASP of CNY6,611 in 2013 and 2014 as well as
average contracted sales ASP of CNY6,658 between 2013 and 2015.

However, Fitch believes the improvement in EBITDA margin after
2016 will be gradual due to recognition of wider-margin
contracted sales and continued de-stocking of low-margin
products.  Successful product repositioning will be positive due
to the better margins, churn and liquidity of the products
targeting Tier 1 and 2 cities.

Financial Control Remains Intact: Fitch believes Country Garden
continues to exercise reasonable control of its financial
profile, even as its land acquisition exceeded its initial budget
by a factor of 2.8x.  It has demonstrated improving funding
flexibility and falling interest costs, with average borrowing
cost decreasing to 6.2% in 2015, from 7.6% in 2014.

Corporate Action Potential: Country Garden has stated its share
buyback plans and has made two acquisitions of auxiliary
businesses related to homebuilding.  Fitch expects the company to
continue making bolt-on acquisitions to strengthen these
auxiliary businesses.

                           KEY ASSUMPTIONS

Fitch's key assumptions within its rating case include:

   -- contracted sales by gross floor area to increase by 5% over
      2016-2017
   -- ASP for contracted sales to increase by 8% over 2016-2017
   -- EBITDA margin to improve to 16%-17% in 2016 and 20%-23% in
      2017
   -- total land cost of around CNY35 bil.- 45 bil. in 2016-2017
   -- net debt, including perpetuals, to be around CNY70 bil.-
      95 bil. in 2016

                       RATING SENSITIVITIES

Positive: Developments that may, individually or collectively,
lead to positive rating action include:

   -- sustaining the trend of neutral or positive cash flow from
      operating activities
   -- maintaining the ratio of net debt/adjusted inventory below
      35% on a sustained basis (2015: 40.3%)
   -- maintaining the ratio of contracted sales/gross debt above
      1.5x on a sustained basis (2015: 1.12x)

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

   -- EBITDA margin below 20% on a sustained basis (2015: 13.9%)
   -- maintaining the ratio of net debt/adjusted inventory above
      45% on a sustained basis (2015: 40.3%)
   -- maintaining the ratio of contracted sales/gross debt below
      1.2x on a sustained basis (2015: 1.12x)


GUANGZHOU R&F: Fitch Assigns 'BB' Rating to Proposed US$ Notes
--------------------------------------------------------------
Fitch Ratings has assigned Guangzhou R&F Properties Co., Ltd's
(BB/Stable) proposed US dollar senior notes a 'BB(EXP)' expected
rating.

The notes are issued by Easy Tactic Limited, a subsidiary of
Guangzhou R&F, and are rated at the same level as Guangzhou R&F's
senior unsecured rating because they constitute its direct and
senior unsecured obligations.  The final rating is subject to the
receipt of final documentation conforming to information already
received.

The ratings are supported by Guangzhou R&F's scale in terms of
land bank and contracted sales with margins that are comparable
to 'BB+' peers.  It also has the highest EBITDA margin among 'BB'
rating category peers.  Its recurring income to interest expense
at 0.16x also supports its rating.

                        KEY RATING DRIVERS

Leverage Still High: Fitch expects Guangzhou R&F's leverage to
stabilise at around 55%-60% in 2016-2017 after peaking at 61.3%
at end-2014 following aggressive land banking.  Its leverage of
57.4% at end-1H16, although high for its rating, was lower than
60.5% in end-2015.  The continued high leverage was partly a
result of the delay of its A-share listing.  The company expects
leverage to remain stable.  This high leverage is the key
weakness of its credit profile, but is sufficiently mitigated by
a strong business profile commensurate with a 'BB' to 'BB+'
rating.

Better Selection of Land: Guangzhou R&F has turned more selective
and careful on its criteria for buying land in 2014-2015.  It
focused in Tier 1 cities and Tier 2 cities around the Yangtze
River Delta and Beijing-Tianjin regions, and moved away from Tier
3 cities and over-supplied Tier 2 cities.  Fitch believes the
more carefully selected land purchased from 2014-2015 will
provide better margins and cash flows to the company in 2016-
2018.

The two plots acquired via redevelopment in Shenzhen in 1H16,
which had land cost of CNY7300-8300 per square metre demonstrated
the company's direction for land acquisitions.  Guangzhou R&F
slowed down acquisitions in 2014 to 2015 following the sharp rise
in leverage that stemmed from its aggressive land acquisitions in
2013.  Land premium dropped to CNY5.3 bil. and CNY4.6 bil. in
2014 and 2015, respectively, from CNY43.4 bil. in 2013.

Superior EBITDA Margins: Guangzhou R&F's EBITDA margin exceeds
those of its 'BB' category peers, which ranged from 20% to 25%.
Guangzhou R&F's EBITDA margin widened to 31.1% in 1H16 from a low
of 26.11% in 2015 and 33%-36% in 2011-2013.  EBITDA margin
improved due to better market conditions in 2H15 and a larger
share of commercial property sales, which are more profitable.
Margin shrank in 2014 because commercial property sales accounted
for just 6% of total revenue, compared with 33% and 15% in 2013
and 2012, respectively.

Improving Recurring Income: Guangzhou R&F's recurring income
EBITDA (including hotel and rental income) increased to CNY958m
in 2015, Fitch estimated.  This is a CAGR of 10.6% since 2012.
Its recurring income interest expense coverage was at 0.16x at
end-2015, and Fitch expects this to improve to 0.20x in the next
two years.  This is due to an increase in gross rentable floor
area and the number of hotel rooms in operation, and a likely
decline in funding cost.  Its improving recurring income interest
expense coverage supports its 'BB' ratings.

Reducing Funding Costs: Guangzhou R&F is replacing its high-cost
borrowings, including its offshore notes, perpetual capital
securities and trust loans, which bear interest rates of around
10%, with lower-cost domestic borrowing.  It issued several
onshore bonds that raised CNY43.3 bil. in total at interest cost
of 3.48%-5.20% in July 2015 and 1H16.  It also repaid CNY23.2
bil. of its more expensive borrowings.  In 1H16, the weighted
average cost of financing was 6%-6.57% compared with 8.22% in
2014 and 7.83% in 2015.  Fitch expects the company to maintain
low interest costs in the next 12-24 months.  The company's plans
for a share sale in China have been delayed, but this is not
putting pressure on its ratings.

                           KEY ASSUMPTIONS

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

   -- Contracted sales to increase 9% in 2016
   -- Contracted sales by gross floor area to increase by 2%-3%
      over 2016-2018
   -- Average selling price for contracted sales to increase by
      2%-3% for 2016-2018
   -- EBITDA margin at 26%-27% in 2016-2018
   -- Slower land bank acquisition in 2016-2018 with land premium
      around CNY7 bil. - CNY10 bil. a year
   -- Net debt including perpetual securities to be around
      CNY65 bil.- CNY70 bil. in 2016-2018

                       RATING SENSITIVITIES

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

   -- EBITDA margin below 25% on a sustained basis. (2015: 26%,
      1H16: 31.1%)
   -- Net debt/adjusted inventory over 60% on a sustained basis.
     (2015: 60.5%, 1H16: 57.4%)
   -- Contracted sales/gross debt below 0.6x on a sustained
      basis. (2015: 0.6x)

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- Net debt/adjusted inventory below 40% on a sustained basis.
   -- Contracted sales/gross debt above 0.8x on a sustained
      basis, while maintaining its current scale


KWG PROPERTY: Fitch Publishes 'BB-' IDR with Stable Outlook
-----------------------------------------------------------
Fitch Ratings has published KWG Property Holding Limited's Long-
Term Issuer Default Rating of 'BB-' with Stable Outlook.  Fitch
has also assigned KWG a foreign-currency senior unsecured rating
of 'BB-'.

Fitch has also assigned KWG's proposed US dollar senior notes a
'BB-(EXP)' expected rating.

The notes are rated at the same level as KWG's senior unsecured
rating because they constitute its direct and senior unsecured
obligations.  The final rating is subject to the receipt of final
documentation conforming to information already received.

China-based KWG's ratings are supported by its established
homebuilding operations in Guangzhou, strong brand recognition in
higher-tier cities across China, consistently high margin, strong
liquidity and healthy maturity profile.  KWG's ratings are
constrained by the small scale of its development and investment
property business, as well as the higher leverage after its land
purchases in 2016.

                        KEY RATING DRIVERS

Established in Guangzhou; Diverse Coverage: KWG's land bank is
diversified across the Pearl River Delta, Yangtze River Delta,
Bohai Rim and southern China.  The company ranked among the top
10 homebuilders by sales in 2015 in Guangzhou, the capital of
China's southern Guangdong province.  KWG had 10.4 million square
metres (sq. m) of good-quality land at end-June 2016 that was
spread across 11 cities in China.  The land bank had average land
cost of CNY3,470/sq m and is sufficient for 4-5 years of
development.

Sites in Tier-1 cities made up 53% of the land bank by area, or
58% by value; while sites in Tier-1 cities and upper Tier-2
cities made up 70% of the land bank by or 73% by value.  KWG has
a prudent approach when entering new cities - it conducts due
diligence for around three years before entering, usually with
one or two projects in partnership with reputable local
developers.

Strong Brand Name: KWG has established strong brand recognition
in its core cities by focusing on first-time buyers and
upgraders, and appeals to these segments by engaging
international architects and designers, and setting high building
standards.  KWG's high-quality products enable it to attract
affluent purchasers, and command higher pricing than some nearby
projects by reputable developers.  The company's sell-through
rate has been high at 60%-68% since 2012.

Diverse Property Products: KWG develops both residential and
commercial properties to meet demand from the market and respond
to changes in the property sector.  Commercial properties
accounted for about 32% of its pre-sales in 1H16, with about one
third of the sales from office and retail units, and the
remainder from serviced apartments.

High Margin Through Cycles: KWG's EBITDA margin has remained at
30%-35% through different business cycles and is one of the
highest among Chinese homebuilders.  The company has made
protecting the margin one of its key business objectives.  To
this end, KWG strives to maintain higher-than-average selling
prices through its consistent, high-quality products.  Its
experienced project teams also ensure strong execution capability
and strict cost controls.  KWG's selling, general and
administrative expenses cost is lower than peers' at 6% of
revenue.

Moreover, KWG has low unit land cost of 20%-25% of its average
selling price due to its strong foothold in Guangzhou, where land
prices have not increased as much as in other Tier-1 cities over
the years.  However, KWG's EBITDA margin may decline from the
high 30% range to lower 30% from 2H17 if growth in selling prices
lags the land price surge in 2016 in KWG's core cities.

Land Costs Drive Up Leverage: Fitch expects KWG's proportionate
consolidated leverage, measured by net debt-to-adjusted
inventory, to increase to 43% by the end of 2016 (2015: 35%,
1H16: 29%).  The increase will be driven by the high land
premiums, with around CNY10 bil. scheduled to be paid in 2H16.
The attributable cost of land purchased in 2016 is 54% of its
2016 presales target of CNY22bn.

KWG acquired 14 land parcels in 2016 with attributable gross
floor area (GFA) of 2.32 million sq m and land premium of CNY18.4
bil. Some of the parcels were in Shanghai, Hangzhou and Tianjin,
where land costs have surged, resulting an increase in land cost
to CNY4,030/sq m, compared with CNY3,819/sq m in 2015 and
CNY3,300/sq m in 2014.

Leverage Reasonable, To Improve: The rise in KWG's leverage is
mitigated by the good quality of the recent land purchases and
that the acquisitions maintain its land bank at 4-5 years of
development activity.  Fitch expects leverage to gradually trend
down to 40% in 2017-2019, as KWG's presales grow and land
acquisition in higher-tier cities slows down.

JVs with Leading Industry Peers: As a result of KWG's prudent
expansion strategy, it has a long record of partnership with
leading industry peers, including Sun Hung Kai, Hongkong Land,
Shimao Property, China Vanke, China Resources Land and Guangzhou
R&F.  These partnerships helped KWG achieve lower financing
costs, reduce competition in land bidding, and improve
operational efficiency.  JV presales made up 48% and 45% of KWG's
total attributable presales in 2015 and 1H16, respectively.  JV
cash flows are well-managed, and investments in new JV
investments are mainly funded by excess cash from mature JVs.
Leverage is also lower at the JV level because land premiums are
usually funded at the holding company level, and KWG pays
construction costs only after cash is collected from presales.

                          KEY ASSUMPTIONS

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

   -- Contracted sales GFA to grow at 0% in 2016, 5% in 2017 and
      8% in 2018
   -- Average selling price to increase 10% a year in 2016 and
      2017, and 1% a year from 2018
   -- EBITDA margin (excluding capitalised interest) to slowly
      trend down from 35% to 32% for 2016-2019
   -- Land replenishment rate at 0.8x contracted sales GFA
      (attributable), assuming KWG maintains land bank at about 5
      years of development activity
   -- Land acquisition cost (attributable) budget at 60% of
      contracted sales in 2016, 40%-45% from 2017
   -- Leverage to improve, but remain at about 40%-45% for 2016-
      2019

                        RATING SENSITIVITIES

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

   -- EBITDA margin sustained above 30%;
   -- Net debt/adjusted inventory sustained below 35%;
   -- Attributable contracted sales sustained above CNY30 bil.
      (2015: CNY20 bil.)

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

   -- EBITDA margin sustained below 25%;
   -- Net debt/adjusted inventory sustained above 45%

                             LIQUIDITY

Diversified Funding Sources: KWG has well-established diversified
funding channels, and has strong relationships with most foreign,
Hong Kong and Chinese banks.  KWG has strong access to both
domestic and offshore bond markets, and was among the first few
companies to issue panda bonds.  KWG's funding cost fell to 6.8%
in 1H16 from 7.4% in 2015 following a series of refinancing
activities.

Sufficient Liquidity: At end-June 2016, KWG had available cash of
CNY20.5 bil. and unutilized credit facilities (uncommitted) of
CNY16 bil., which were enough to cover the repayment of its
short-term borrowing (CNY5.5 bil.) and outstanding land premium.
The company repaid most of its US dollar debt financing when the
opportunity arose.  Fitch expects the group to maintain
sufficient liquidity to fund development costs, land premium
payments and debt obligations during 2016-2018 due to its
diversified funding channels, healthy maturity profile and
flexible land acquisition strategy.


MODERN LAND: Fitch Retains 'B+' Rating After USD150M Notes Upsize
-----------------------------------------------------------------
Fitch Ratings says Modern Land (China) Co., Limited's (Modern
Land: B+/Stable) proposed issuance of an additional USD150 mil.
of its 6.875% senior notes due 2019 will not affect the existing
'B+' rating and Recovery Rating of 'RR4' on the bond.

The proposed and existing bonds are rated at the same level as
Modern Land's senior unsecured rating as they represent direct,
unconditional, unsecured and unsubordinated obligations of the
company.

Modern Land's ratings are supported by its improving land-bank
quality, low leverage and strong liquidity.  The rating is mainly
constrained by its small scale as well as possible earnings
fluctuations resulting from volatile conditions of the land
market.

Modern Land's reported contracted sales increased by more than
45% yoy to CNY14.5 bil. in January-November 2016, reaching 97% of
the company's sales target for the full year.  Fitch expects
Modern Land's attributable contracted sales to increase in the
double digits in the next two years to above CNY10 bil. each
year, supported by more than CNY40 bil. of attributable saleable
resources, by Fitch's estimate.

Modern Land's land bank has strengthened after it extended
coverage to more Tier 1 and 2 cities since 2014.  Although
Xiantao and Dongdaihe, two Tier 4 cities in China, continue to
account for 35% of Modern Land's attributable land bank by area;
Tier 1 cities like Beijing and Shanghai, and Tier 2 cities like
Hefei, Changsha, and Suzhou account for more than 60% of Modern
Land's existing saleable resources.

However, Modern Land's land bank remains small and is the main
obstacle to expansion.  Its attributable available-for-sale land
bank was merely 2.4 million square metres (sqm) in gross floor
area (GFA) at end-June 2016, compared with attributable sales GFA
of 545,000 sqm in 1H16.  The land bank is enough for less than
two years of sales.  Modern Land is tapping new land acquisition
channels to boost its land reserves, including seeking more M&A
deals, collaborating with governments on green housing, and
cooperating with asset management firms.  Fitch will not consider
further positive rating action until the company achieves a
sustainably larger land bank.

Modern Land's leverage continued to be controlled and comparable
with 'B+'-rated peers in 1H16.  Leverage rose to 26% in 1H16 from
22% in 2014, driven by increased pressure to replenish quality
land bank and the shift towards higher-tier cities.  Fitch
expects Modern Land's leverage to remain below 40% until the
company materially increases its land reserves relative to its
sales.

Modern Land's liquidity remains healthy with total cash of
CNY5.7 bil., compared with short-term debt of CNY3.5 bil. as of
end-June 2016.  Modern Land managed to significantly lower its
funding cost to 8.4% in 1H16 from 10.5% in 2015, after the
completion of a CNY1 bil. five-year onshore bond issuance in 1H16
at a 6.4% coupon rate.  The company has also refinanced part of
two redeemed offshore bonds, issued at 11% and 13.875% coupon
rates, with a new US dollar bond issued with a 6.875% coupon rate
in October 2016.  Fitch expects the lower borrowing cost to
partially offset a lower gross profit margin and strengthen
Modern Land's credit profile.


SMARTHEAT INC: Recurring Losses Raise Going Concern Doubt
---------------------------------------------------------
Smartheat Inc. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net
loss of $2.78 million on $138,047 of net sales for the three
months ended March 31, 2016, compared to a net loss of $37.80
million on $108,765 of net sales for the same period in 2015.

The Company's balance sheet at March 31, 2016, showed total
assets of $7.07 million, total liabilities of $9.64 million, and
a stockholders' deficit of $2.57 million.

The Company has incurred significant recurring losses from
operations in the past several years, including a net loss from
continuing operations of $1.10 million for the three months ended
March 31, 2016. In addition, the Company recognized a loss of
$2.08 million from the 85% equity interest sale on SmartHeat
Germany. These conditions raise a substantial doubt about the
Company's ability to continue as a going concern. However, since
demand in China for heat pump products is increasing, the Company
will put more resources and efforts to grow its heat pump
business after completing the operational restructuring due to
disposing of its PHE business. The Company expects to be able to
obtain necessary bank loans for expanding the HP business.

A full-text copy of the Company's Form 10-Q is available at:

                       https://is.gd/HENfnF

SmartHeat Inc., formerly known as Pacific Goldrim Resources,
Inc., through its operating subsidiaries in China and Germany,
designed, manufactured, sold and serviced plate heat exchangers
("PHEs"), PHE Units, which combine PHEs with various pumps,
temperature sensors, valves and automated control systems, heat
meters and heat pumps for use in commercial and residential
buildings.


YINGDE GASES: S&P Cuts CCR to 'CCC-'; Still on CreditWatch Neg.
---------------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on Yingde Gases Group Co. Ltd. to 'CCC-' from 'B-'.  S&P also
lowered the issue rating on the outstanding senior unsecured
notes that Yingde guarantees to 'CC' from 'CCC+'.  In addition,
S&P lowered its long-term Greater China regional scale rating on
Yingde to 'cnCCC-' from 'cnB-', and on the notes to 'cnCC' from
'cnCCC+'.  All the ratings remain on CreditWatch, where they were
first placed with negative implications on Dec. 15, 2016.

The downgrade reflects S&P's view of an increased likelihood that
Yingde will not make a timely payment of its Hong Kong dollar
(HK$) 820 million offshore bank loan due Jan. 3, 2017, if it
fails to secure new funding alternatives.

"A failure to repay the loan could trigger a cross-default of the
company's other financial obligations, including an acceleration
in payment of its outstanding U.S. dollar notes," said S&P Global
Ratings analyst Danny Huang.

S&P Global Ratings kept the ratings on CreditWatch with negative
implications to reflect the imminent liquidity risk.

"We believe the legal actions by Yingde's former executive
directors Mr. Zhongguo Sun and Mr. Trevor Raymong Strutt have
damaged the company's ability to timely access of funds for debt
repayment," said Mr. Huang.  "The legal actions will continue to
weaken creditors' confidence in providing long-term funding to
Yingde."

While Yingde has revised its share placement to Beijing
OriginWater Technology Co. Ltd., it is uncertain if a court
hearing on Dec. 29, 2016, relating to the legal action by Mr. Sun
and Mr. Strutt would result in a favorable decision for Yingde.
Even if the outcome is favorable, S&P believes there is a time
constraint on the completion of the share placement and receipt
of the proceeds for timely debt repayment.

S&P understands from the company that it is actively exploring
alternative refinancing channels.  However, S&P believes Yingde
has very limited prospects of accessing funding before the
offshore bank loan is due.  S&P has limited visibility on the
banks' willingness to provide an extension, restructure the loan,
or provide new facilities.

On Dec. 19, 2016, Bubbly Brooke Holding Company Ltd. and Baslow
Technology Ltd., in which Mr. Sun and Mr. Strutt are the
beneficiaries of the trusts, respectively, filed an ex parte
application to the Court of the Cayman Islands to restrain Yingde
from issuing any additional shares of any class, including
Yingde's revised share placement of issuing 189 million new
shared to OriginWater, announced on Dec. 18, 2016.

On Dec. 22, 2016, Yingde also stated that it is unable to fulfill
the payment obligation of its offshore bank loan that commenced
on Dec. 16, 2016.  However, S&P do not consider this as a
technical default at this moment because the bank has not
declared any acceleration of payment nor an event of default
before the loan termination date on Jan. 3, 2017.

S&P aims to resolve the CreditWatch in three months once it
receives more information on how Yingde intends to pay the
offshore loan, and S&P reassess the company's liquidity position
after the loan payment.

S&P could lower the corporate credit rating if Yingde misses the
principal payment for the bank loan.  S&P could also lower the
rating if Yingde breaches provisions of "Event Of Default" of its
other obligations, likely triggering payment acceleration of its
debt position.

S&P could lower the issue rating on Yingde's outstanding U.S.
dollar bond if the company misses the payment of its offshore
bank loan, triggering the noteholders or the trustee to initiate
an acceleration of payment.  S&P could also lower the issue
ratings if it believes that Yingde will miss the payment of the
U.S. dollar bonds, whenever they come due, including the coming
coupon payment in February 2017.

S&P could affirm the rating if the company repays the loan on
time but S&P believes Yindge still faces repayment risk of any
other obligations due in the coming six months.



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


ADVEN BIOTECH: ICRA Suspends 'B' Rating on INR7.50cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR7.50 crore fund-based bank facilities of Adven Biotech
Private Limited. The suspension follows ICRA's inability to carry
out rating surveillance in the absence of requisite information
from the company.


AMIT CONSTRUCTIONS: ICRA Suspends B+/A4 Rating on INR12cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+/[ICRA]A4 ratings for the INR12.00
crore bank facilities of 'Amit Constructions'. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

Amit Constructions was established in 1984 by Mr. Amit Rohada.
The firm commenced operations as a sub-contractor to various main
contractors engaged in the construction of roads and sewerage
systems. Later in 1994, it started participating in the tenders
on its own. Presently, ACN is primarily engaged in the
construction of roads, canals and railroads. The firm secures
orders from government agencies such as PWD, Water & Sanitation
Department of Rajasthan and Urban Improvement Trust (Rajasthan)
through participation in tenders.


ANUPAM INDUSTRIES: ICRA Suspends 'D' Rating on INR66.911cr Loan
---------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned to
the INR66.911 crore term loans of Anupam Industries Limited and
the short-term rating of [ICRA]D assigned to the INR108.00 crore
short-term fund based limits & INR209.00 crore short-term non-
fund based limits of the company. ICRA has also suspended the
long-term/short-term rating of [ICRA]D/[ICRA]D assigned to
INR0.09 crore fund based limits of the company. The suspension
follows ICRA's inability to carry out a rating surveillance due
to non-cooperation from the company.

Anupam Industries Limited was incorporated in 1973 in Anand
(Gujarat) as a proprietorship concern and was subsequently
converted into a public limited company in 1998. The company is
engaged in the manufacture and supply of a variety of cranes
(Electric Overhead Cranes, gantry cranes, and tower cranes,
amongst others) which find application in a wide range of
industries such as steel, power, construction, and port, amongst
others.


APURVA BIOSCIENCES: CRISIL Suspends D Rating on INR149.5MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Apurva
Biosciences Private Limited (ABPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL D
   Proposed Long Term
   Bank Loan Facility      70.5      CRISIL D
   Term Loan              149.5      CRISIL D

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

ABPL, incorporated in 2010, is promoted by Mr. Sambhaji R Varne.
It is setting up a pharmaceutical formulations facility at
Amrapur near Manor (Maharashtra).



ARUN MATHEW: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Arun Mathew (AM).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B/Stable
   Long Term Loan          10        CRISIL B/Stable

The rating reflects modest scale of operations, and weak
financial risk profile because of high gearing and below-average
debt protection metrics. These weaknesses are partially offset by
its proprietor's experience.
Outlook: Stable

CRISIL believes AM will continue to benefit over the medium term
from the proprietor's experience. The outlook may be revised to
'Positive' if cash accrual is sizeable or if capital structure
improves due to large capital infusion. Conversely, the outlook
may be revised to 'Negative' if cash accrual is low because of
reduced revenue or profitability or if the financial risk profile
weakens due to stretched working capital cycle or large
unanticipated debt-funded capital expenditure.

AM is a proprietorship firm being managed by its proprietor Mr.
Arun Mathew, and his father Mr. K T Mathew. The firm runs a
nursery, Kinattukara Nutmeg Plantation and Nursery, which
supplies Nutmeg Buded Plants to farmers and government agencies.
The firm has 9 acres of farm in Kerala and 8 acres of farm in
Karnataka. AM is certified ISO: 2001, National Seed Corporation
(NSC), National horticulture board and directors of horticulture
Tamil Nadu, Karnataka, and Kerala.


ARYA FILAMENTS: CRISIL Suspends B+ Rating on INR79MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Arya Filaments Private Limited (AFPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             79        CRISIL B+/Stable
   Letter of Credit        16        CRISIL A4

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

AFPL was incorporated in 1991 by Mr. Nanuram Kedarnath Agrawal
and Mr. Surendra Kumar Agrawal. The company is engaged into
manufacturing of bulb filaments and electric lamps. It has its
manufacturing unit in Indore, Madhya Pradesh


ARYAN HOSPITAL: CRISIL Assigns 'D' Rating to INR66MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Aryan Hospital (AH). The rating reflects instances
of delay by AH in servicing its term debt because of insufficient
cash accrual on account of low occupancy at its hospital, and
large debt contracted for capital expenditure.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              3        CRISIL D
   Term Loan               66        CRISIL D

AH has small scale of operations with geographical concentration;
a weak financial risk profile driven by high gearing and subdued
debt protection metrics; and a short track record of operations.
However, it benefits from the healthy prospects for the
healthcare industry.

AH, a partnership firm set up in 2005, operates a 100-bed multi-
specialty hospital at Gorakhpur in Uttar Pradesh. The firm
commenced operations in 2006 and is promoted Mr. D P Singh and
his wife Ms Usha Singh.


ATLAS CYCLES: ICRA Raises Rating on INR48cr LT Loan to B+
---------------------------------------------------------
ICRA has upgraded its long-term rating to [ICRA]B+ from [ICRA]B
and reaffirmed its short-term rating of [ICRA]A4 on the INR84.55-
crore bank lines of Atlas Cycles (Haryana) Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term-Fund          48.00      [ICRA]B+; Upgraded
   Based Limits                       from [ICRA]B

   Long Term-Non            0.25      [ICRA]B+; Upgraded
   Fund Based Limits                  from [ICRA]B

   Short Term-Non
   Fund Based Limits       29.50      [ICRA]A4; Reaffirmed

   Unallocated              6.80      [ICRA]B+; Upgraded from
                                      [ICRA]B

The rating upgrade is driven by the improvement in ACL's
operating performance in FY2016 and 6M FY2017. The company
reported an operating profit of INR6.57 crore in FY2016, which
increased to INR9.88 crore in 6M FY2017, vis-a-vis an operating
loss of INR18.78 crore in FY2015; thereby demonstrating a
sustained recovery post closure of the loss-making Malanpur unit.

Also, ACL absorbed the benefits arising from moderation in raw
material prices, which increased the operating profit margins to
~1.15% in FY2016 (~2.75% in 6M FY2017) from -3.15% in the
previous year. Furthermore, the geographies earlier catered by
Malanpur unit are being supported by other units of the company,
pushing up the revenues. ICRA's ratings continue to take note of
ACL's long track record of operations and its established brand
name, Atlas.

However, the ratings are constrained by the company's stretched
liquidity position, as reflected in the current ratio of 0.97
times, high creditor days and high working capital limit
utilisation. ICRA also notes the capacity utilisation at the
Sonepat unit, which although improved over the previous year, is
still low. While the industry's recent performance has been
subdued, the prospects for the domestic bicycle industry remain
healthy with scope for further penetration in rural markets,
demand for replacement, and support from institutional sales
backed by state-government run programmes. The company, however,
faces significant competition from well-entrenched players as
well as Chinese imports in the growing fancy bicycles segment.
The company's ability to increase its sales volumes and improve
profitability while bringing about a sustained improvement in its
liquidity position will remain the key rating sensitivities.

ACL was started by Mr. Janki Das Kapur in 1950. The company
started with manufacturing bicycle saddles in 1951 and bicycles
in 1952. Currently, the company is one of the top bicycle
manufacturers in India by virtue of its strong brand. The company
manufactures bicycles with units located at Sonepat (Haryana),
Sahibabad (Uttar Pradesh) and Malanpur (Madhya Pradesh), besides
a steel tube manufacturing unit at Bawal (Haryana). As part of a
family settlement, Mr. Janki Das Kapur's three sons signed an
MoU, under which the company was divided into three profit
centres, each under the management of one of his sons or their
families. In late 2014, however, the Malanpur unit was closed
down. The bicycles manufactured by the company range from
necessity bicycles to high-end bicycles, including the e-Bike
segment.

Recent Results
The company reported an operating income (OI) of INR570.99 crore
and a net loss of INR3.28 crore for FY2016, as against an OI of
INR594.59 crore and a net loss of INR18.95 crore in the previous
year. As per the unaudited results for 6M FY2017, the company
reported an OI of INR358.91 crore and a net profit of INR4.89
crore, as against an OI of INR306.12 crore and a net loss of 4.27
crore in 6M FY2016.


AVINASH TOBACCOS: CRISIL Suspends B+ Rating on INR50MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Avinash
Tobaccos.

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

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

Set up as a sole proprietorship by Mr. Peddi Bhaskar Rao, Avinash
is engaged in trading and processing of unmanufactured tobacco.
The firm is based in Ongole (Andhra Pradesh).


B. S. INNOVATIONS: CRISIL Assigns B+ Rating to INR30MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of B. S. Innovations (BSI).

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Standby Line of Credit     10       CRISIL B+/Stable

   Proposed Working
   Capital Facility            5       CRISIL B+/Stable
   Export Packing Credit      30       CRISIL B+/Stable
   Bill Discounting           25       CRISIL B+/Stable
   Cash Credit                20       CRISIL B+/Stable

The rating reflects firm's modest scale of operations in
intensively competitive and highly fragmented ready-made garment
industry, working capital intensive operations and moderate
financial risk profile marked by modest net worth and average
debt protection metrics.  These rating weaknesses are partially
offset by the extensive experience of partners in the textile
industry and established relationships with customers.
Outlook: Stable

CRISIL believes that BSI will continue to benefit over the medium
term from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' in case the firm records
considerable improvement in cash accruals through improved scale
of operations and profitability, resulting in improved financial
risk profile. Conversely, the outlook may be revised to
'Negative' if the firm's revenues or profitability decline, or in
case of a large, debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile.

BSI, incorporated in 2008 and based in Tirupur, Tamil Nadu,
manufactures and exports ready-made garments. The operations are
managed by the partners, Ms S Kalpana, Ms. B Anuradha, and their
families.


BAHETI SILICONES: ICRA Suspends 'B' Rating on INR14cr Bank Loan
---------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B and short term
rating of [ICRA]A4 assigned to the INR14.00 crore bank facilities
of Baheti Silicones & Metals Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


BHAGWANDAS METALS: ICRA Suspends B+ Rating on INR3cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the long-term rating of to [ICRA]B+ for the
INR3.00 crore fund based of Bhagwandas Metals Limited. ICRA has
also suspended the short term rating of [ICRA]A4 for the INR5.50
crore non-fund based facilities of 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.


BHARTI RESEARCH: ICRA Suspends 'D' Rating on INR20.17cr Loan
------------------------------------------------------------
ICRA has suspended its rating of [ICRA]D assigned to the INR20.17
crore bank facilities of Bharti Research and Breeding Farm. The
suspension follows continued non-cooperation from the company and
is in line with ICRA's policy on withdrawal and suspension.


BINJUSARIA METAL: CRISIL Suspends B+ Rating on INR90MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Binjusaria Metal Box Company Private Limited (Binjusaria).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          30        CRISIL A4
   Cash Credit             90        CRISIL B+/Stable
   Letter of Credit        60        CRISIL A4
   Proposed Long Term
   Bank Loan Facility      50        CRISIL B+/Stable

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

Incorporated in 1985 by Mr. Anil Kumar Kedia, Binjusaria
manufactures mild steel billets, ingots and thermomechanically
treated (TMT) steel bars. The company is located in Hyderabad,
Telangana.


BLUE WINGS: ICRA Suspends 'B+' Rating on INR8.85cr Bank Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ and short
term rating of [ICRA]A4 assigned to the INR8.85 crore fund based
facilities of Blue Wings Tours & Travels Private Limited. The
suspension follows ICRA's inability to carry out rating
surveillance in the absence of requisite information from the
company.


CAPITAL PROPMART: CRISIL Assigns B+ Rating to INR95MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Capital propmart Private Limited (CPPL).
The rating reflects the company's limited track record of
operations and average financial risk profile. These weaknesses
are partially offset by its promoters' extensive experience in
the godown leasing business.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                95       CRISIL B+/Stable

Outlook: Stable

CRISIL believes CPPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if higher-than-expected lease rent results in
substantial net cash flow. The outlook may be revised to
'Negative' if the working capital cycle lengthens because of
delay in realisation of receivables, or if operating
profitability declines, weakening liquidity

CPPL, set up in 2006, is based in Bihar, and is setting up a
godown which will be leased to Food Corporation of India. The
company is owned and managed by the Jhawar family.


CELEBRITY FASHIONS: ICRA Suspends 'D' Rating on INR59.62cr Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR59.62 Crore term loan facilities, INR4.99 crore long term
proposed facility and INR3.00 crore long term fund based
facilities (sub limit) of Celebrity Fashions Limited (CFL/the
company). ICRA has also suspended the short-term rating of
[ICRA]D on the INR48.00 crore short-term fund based facilities
and INR11.50 crore short-term non-fund based facilities of CFL.
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.


CHAKRAVARTHY FABRIC: CRISIL Reaffirms 'B' INR148MM Loan Rating
--------------------------------------------------------------
CRISIL's rating on the bank facility of Chakravarthy Fabric
Private Limited (CFPL) continue to reflect the company's modest
scale of operations in the intensely competitive textile industry
and high customer concentration risks. These rating weaknesses
are partially offset by extensive experience of promoters in the
textile industry, and above average financial risk profile marked
by its healthy gearing and debt protection metrics.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Rupee Term Loan        148.5      CRISIL B/Stable (Reaffirmed)


Outlook: Stable

CRISIL believes CFPL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if considerable increase in
scale of operations and stable profitability lead to a stronger
financial risk profile. The outlook may be revised to 'Negative'
if decline in cash accrual or deterioration in working capital
management, or any large debt-funded capital expenditure leads to
deterioration in its financial risk profile.

Incorporated in 2013, CFPL undertakes weaving of fabric on a job
work basis for clients. The company is based in Namakkal, Tamil
Nadu. Its operations are managed by Mr. Deepan Chakravarthy.


DAIRY ICE: CRISIL Suspends B- Rating on INR70MM Long Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Dairy
Ice Cream and Frozen Foods Private Limited (DIFF).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B-/Stable
   Long Term Loan          70        CRISIL B-/Stable

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

Incorporated in 1980, DIFF manufactures ice-creams under three
brands, Halka, Exotica and Diffy's. The company is promoted by
Mr. Ajay Kumar Vaddi.


EXPRESS WAY: ICRA Suspends B+ Rating on INR13cr LT Loan
-------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR13.00 crore
long term fund based facilities and [ICRA]A4 rating assigned to
INR02.00 crore short term-non fund based limits of Express Way
Truck Terminus Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

Incorporated in 2014, ETTPL is Special Purpose vehicle promoted
by Mr. Vijay Javeri (74%) and Mr. Vinaya Bele (26%) for
construction, operations and maintenance of Truck Terminus, Food
Mall on design, finance, build, operate and transfer (DFBOT)
basis. The company has entered into a Concession/Lease agreement
with Maharashtra State Road Development Corporation Limited for
construction and Maintenance of Truck Terminus and other
commercial activities on Mumbai-Pune Expressway at Khalapur Tal
in Raigad district of Maharashtra. The concession agreement was
signed on 3rd November 2014 and the concession period would be 30
years including the construction period of 2 years.


G. J. AGRO: CRISIL Suspends 'B' Rating on INR55MM LT Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
G. J. Agro Industries (GJAI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              45       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       55       CRISIL B/Stable

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

GJAI was set up as a partnership firm in 2003 by Mr. Mukesh Jain
and Mr. Sanjay Jain. The firm trades in rice and also shells and
mills rice for FCI on commission basis. GJAI also purchases paddy
and mills and processes raw rice, bran, and husk. Its rice mill
is in Fazalpur in Jalandhar district (Punjab).


GANPATI MINETECH: CRISIL Puts B+ Rating on 'Notice of Withdrawal'
-----------------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of Ganpati
Minetech Private Limited (GMPL) on 'Notice of Withdrawal' for 180
days, at the company's request. The ratings will be withdrawn at
the end of the notice period, in line with CRISIL's policy on
withdrawal of its ratings on bank loan facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2.5       CRISIL A4 (Notice of
                                     Withdrawal)

   Cash Credit            10.0       CRISIL B+/Stable (Notice
                                     of Withdrawal)

   Proposed Long Term     62.5       CRISIL B+/Stable (Notice
   Bank Loan Facility                of Withdrawal)

Outlook: Stable

CRISIL believes GMPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a substantial and
sustained increase in operating income and cash accrual along
with better working capital management. Conversely, the outlook
may be revised to 'Negative' in case of low operating income and
cash accrual, stretched working capital cycle, or debt-funded
capital expenditure, leading to weakening of the company's
financial risk profile, particularly liquidity.

GMPL was incorporated in 2004. Mr. Pravin Kumar Agarwal, Mr.
Chandra Sekhar Agarwal,  Mr. Ajay Sharma, and Ms Preeti Agarwal
are the company's directors. Operations are, however, primarily
managed by Mr. Pravin Kumar Agarwal. The company is a distributor
for Sandvik Asia Ltd's spare parts for earthmoving, mining, and
construction equipment in Jharkhand. It is also a dealer for ESAB
India Ltd and undertakes some civil construction work for
government as well as private entities


JAGDISH COTTON: CRISIL Suspends B+ Rating on INR180MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Jagdish
Cotton Industries Private Limited (JCIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            180        CRISIL B+/Stable
   Long Term Loan          29.4      CRISIL B+/Stable

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

JCIPL was set up in 2004 by Mr. Jagdish Agarwal and his sons, Mr.
Pankaj Agarwal and Mr. Ajay Agarwal. The company is primarily
engaged in ginning and pressing of raw cotton. It also has a
crushing unit to extract de-oiled cake and oil from cotton seeds.
The company is based in Adilabad (Telangana).


K.P.R. PIPES: CRISIL Suspends B+ Rating on INR60MM LT Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
K.P.R. Pipes Private Limited (KPRPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL B+/Stable
   Long Term Loan          10        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      60        CRISIL B+/Stable

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

Established in 2012, KPRPL manufactures PVC pipes and related
accessories. Promoted by Mr. T Suryanarayana, Mr. Y Srinivasa
Reddy, Mr. K Satya Reddy, and Mr. B Innaiah Reddy, the company's
manufacturing facilities are in Medchal in Hyderabad.


KASTURI DEVELOPERS: CRISIL Ups Rating on INR100MM Loan to BB-
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Kasturi Developers (KD) to 'CRISIL BB-/Stable' from 'CRISIL
B+/Stable'.

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

   Term Loan              100        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The upgrade reflects the firm's limited exposure to risk related
to implementation of its ongoing project, supported by phased
execution (80% complete), and resulting in better cash flow and
liquidity. The upgrade also reflects negligible term loan
obligation. Adequate booking of 50% of the project will lead to
healthy customer advances and liquidity over the medium term.
Incremental booking and timely inflow of customer advances, and
funding support from promoters in case of exigency, will remain
key rating sensitivity factors.

The rating reflects the extensive experience of the firm's
promoters in the real estate market in Pune, Maharashtra, and
their funding support, and the advantageous location of its
project. These strengths are partially offset by its exposure to
risks related to its ongoing project, and to cyclicality inherent
in the Indian real estate sector.
Outlook: Stable

CRISIL believes KD will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the firm completes the project on time and within
the budgeted cost, and if healthy booking of units and receipt of
customer advances lead to strong cash inflow. The outlook may be
revised to 'Negative' if there are significant time and cost
overruns in the project, or if bookings are subdued or customer
advances are delayed, adversely impacting liquidity.

KD was established in 2008, as a partnership firm. The firm was
founded by members of the Kasturi group, a renowned real estate
development group in Pune. KD is presently developing a
residential property at Wakad, Pune, entailing 97 luxurious
saleable apartments.

The Kasturi group, established by Mr. Bharat Agarwal has been
engaged in real estate development in Pune since 1998. Thus far,
the group has implemented more than seven projects aggregating
over 1.1 million square feet of saleable area.


MANOJ KUMAR: CRISIL Assigns B+ Rating to INR10MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Manoj Kumar Kedia (MKK). The ratings
reflect a small scale of operations and large working capital
requirement. These rating weaknesses are partially offset by the
extensive experience of the promoters in the civil construction
industry.

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

Outlook: Stable

CRISIL believes MKK 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 coupled with sustained profitability, while the
working capital cycle improves. The outlook may be revised to
'Negative' in case of delays in execution of projects or in
collecting payment from customers, leading to weak liquidity.

MMK is a Raigarh-based partnership firm; it has been undertaking
the construction of roads and bridges for the Chhattisgarh Public
Works Department since 2014.


NARAYANA AGRO: CARE Ups Rating on INR20.56cr LT Loan to BB-
-----------------------------------------------------------
CARE revises the rating assigned to bank facilities of Narayana
Agro Oils Private Limited.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
  Long-term Bank Facilities   20.56      CARE BB-; Stable
                                         Revised from CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of
Narayana Agro Oils Priavte Limited takes into account the
increase in the total operating income and cash accruals on the
account of stabalisation of operations.

The rating, however, continues to remain constrained by thin
profit margins, leveraged capital structure and moderately
weak debt coverage indicators, its presence in the highly
fragmented and competitive industry and vulnerability of
profitability margin to volatility in agro-commodity prices.

The rating continues to derive strength from experience of the
promoters for more than three decades along with support from
group concern in terms of timely availability of the raw material
and diversified customer base.

The ability of the company to increase its scale of operations
with improvement in profitability and solvency position while
managing its working capital requirement efficiently are the key
rating sensitivities.

Incorporated on December 08, 2014, NAOL is based in Latur,
Maharashtra, and is engaged in soyabean solvent extraction
business. The company began its commercial operations in February
2015 with solvent extraction unit. NAOL is primarily engaged in
the business of processing of soyabean which yields soyabean meal
(used as animal fodder) and soyabean crude oil. Soyabean meal is
sold to animal poultries and animal fodder manufacturers like
Vimla Feeds Private Limited, Andhra Pradesh, Nutri-feeds and
Farms Private Limited, Bangalore, Godrej Agrovet Limited, etc.
While the soyabean crude oil as the final product is sold to
refineries namely Cargill India, Pune, Adani Wilmar Limited and
local refineries in the vicinity of Latur, Nanded and Solapur.
The soyabean meal is the major contributor to the total income
from
operations with 60% contribution while crude soybean oil
contributed 40% each to the total operating income for FY16
(refers to the period April 1 to March 31).

The processing facility of the company is located at Udgir, Dist.
Latur with an installed capacity to process 9,000 metric
tonnes per month (MTPM) of soyabean. The major raw material for
the company is soyabean which it procures partly from local
players (farmers) in and around Latur, Maharashtra, and partly
from suppliers like Agriculture Produce Market Committee, Udgir,
ITC Limited, Nagpur, Vinayaka Agro Industries, Udgir, etc. The
company intends to sell final product i.e. refined soya oil to
the wholesalers and retailers under the brand name 'Saturn Gold'.

M/s. Narayan Maruti Mahajan is a group company engaged in the
business of trading of pulses, toor dal, soya bean and
warehousing of the same; with NAOL, the directors have forayed
into the forward integration through extraction and refining of
edible soybean oil.

In FY16 (refer from April 1 to March 31), NAOL has reported a
total operating income of INR167.59 crore and profit after
tax (PAT) of INR0.89 crore as against the total operating income
of INR11.79 crore and net losses in FY15.


NEW ASIAN: ICRA Lowers Rating on INR15cr Bank Loan to 'D'
---------------------------------------------------------
ICRA has revised the long-term rating assigned to the fund based
bank facility of INR7.00 crore and non-fund based bank facility
of INR15.00 crore (earlier INR18.00 crore) of New Asian
Construction Company to [ICRA]D from [ICRA]C+.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits        7.00      Revised to [ICRA]D from
   (Cash Credit)                      [ICRA]C+

   Non Fund Based Limit    15.00      Revised to [ICRA]D from
   (Bank Guarantee)                   [ICRA]C+

The rating revision reflects instances of delays in debt
servicing by the company over the past six months on account of
stretched liquidity position emanating from sluggishness in
realisation of receivables and advances given to a group company
which limits its financial flexibility. ICRA also notes the
execution related delays on the outstanding order book which are
largely attributable to client-side factors; consequently the
company's ability to execute the order-book within budgeted time
and cost parameters is critical. Moreover, the rating also
remains constrained by the small scale of operations, the
partnership nature of the entity, the high sectoral, geographical
and client concentration risks, as 100% of the outstanding order
book is concentrated in the irrigation and dam segment in the
Ahmednagar District of Maharashtra, bagged from various divisions
of the Godavari Marathwada Irrigation Development Corporation
(GMIDC). However, the rating derives comfort from the firm's long
track record of more than four decades in the construction
industry and the strong outstanding order book of the firm
translating to 6.84 times the revenues book during FY2016.

Going forward, the ability of the firm to timely service its debt
obligations and achieve timely realization of receivables will be
the key rating sensitivities.

New Asian Construction Company is a partnership firm incorporated
in 1967 to undertake construction of dams, power houses, pump
houses, canals and bridges. NACC is registered with Government
authorities in the A-1 category. The firms has established
presence in the irrigation segment and primarily executes
projects like dam and canal work, tunnel drilling or lift
irrigation work particularly in Maharashtra. NACC is managed by
Mr. Syed Abdur Rasheed and his two sons, Mr. Syed Abdur Zubair
and Mr. Syed Abdur Umair. A group company, New Asian
Infrastructure Development Private Limited (NAID), has developed
a 7 MW hydro power project at the foot of the Nilwande Dam on the
Pravara River in Maharashtra, on a Build, Operate and Transfer
basis. NAID has been rated at [ICRA]D in December 2016.

Recent results
In FY2016, the company reported a net profit of INR1.51 crore on
an operating income of INR29.66 crore, as compared to a net
profit of INR1.51 crore on an operating income of INR36.14 crore
during the previous year. On a provisional basis, the company
reported revenues of INR12.75 crore during H1 of FY2017.


NEW ASIAN INFRA: ICRA Reaffirms 'D' Rating on INR29.50cr Loan
-------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]D assigned to
the INR29.50 crore fund based bank facility of New Asian
Infrastructure Development Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits
   (Term Loan)             29.50        [ICRA]D re-affirmed

The rating re-affirmation continues to factor in the delays in
debt servicing owing to delays in commission of the hydro power
project being developed by the firm. The project has witnessed
significant time over run of more than three years which has
further resulted in cost overrun of 27% over the budgeted cost.
ICRA also notes the weak financial profile of the company
characterized by net losses, adverse capital structure and weak
credit metrics.

However, the rating derives comfort from presence of a power
purchase agreement for the 7MW hydro power generation unit which
was commissioned in January 2016.

Going forward, timely realization of the bills raised remains
critical to ensure timely repayment of debt.

New Asian Infrastructure Development Private Limited is a closely
held company promoted by Mr. Syed Abdur Rasheed and his sons, Mr.
Syed Abdur Umair and Mr. Syed Abdur Zubair in 2005. NAID has
developed a 7 MW hydro power project at Nilwande village, Taluka
Akole, Ahmednagar District, Maharashtra, on a Build-Operate-
Transfer basis. The unit commenced operations from January 2016
after a time overrun of ~thirty-eight months. The company has
entered into a Power Purchase Agreement with Maharashtra State
Electricity Distribution Co. Ltd during May 2013 for a period of
13 years from the commercial operation date (COD).

The group company, New Asian Construction Company (NACC),
undertake construction of dams, power houses, pump houses, canals
and bridges. The firm primarily bids for large scale irrigation
projects. NACC has been rated at [ICRA]D in December 2016.

Recent results
In FY2016, the company reported a net loss of INR3.52 crore on an
operating income of INR1.37 crore, as compared to a net profit of
INR0.02 crore on an operating income of INR0.12 crore during the
previous year. On a provisional basis, the company reported
revenues of INR4.16 crore during H1 of FY2017.


OM NAMAH: ICRA Suspends B+ Rating on INR8.50cr LT Loan
------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR8.50 crore
long term fund based facilities of Om Namah Shivay Trading
Company (ONSTC). The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

ONSTC is a partnership firm, established in 2007, is engaged in
cotton ginning and cotton oil extraction. The firm has its unit
at Parola, Jalgaon district, Maharashtra with installed capacity
of 200-220 bales per day. The manufacturing unit comprises of 24
DRS (double rollers) with capacity of 1000 quintal each and 10
expellers. The ginning unit is operational for ~8 months yearly
during peak season from Oct-May, while expeller is operational
for ~11 months from Oct-Aug. Prior to 2012, the firm had ginning
operations, though in 2012 the expellers were installed and the
firm started selling cotton oil and cotton doc (de-oiled cakes)
along with cotton bales.


ONSAZ JEWELLERY: ICRA Suspends 'B' Rating on INR4.50cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR4.50 crore fund based limits M/s Onsaz Jewellery
Creations. ICRA has also suspended the short term rating of
[ICRA]A4 assigned to the INR2.00 crore non fund based limits of
the company. The suspension follows lack of co-operation from the
company.


PASWARA PAPERS: ICRA Suspends B+/A4 Rating on INR10.14cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+/A4 ratings for the INR10.14 crore
bank facilities of 'Paswara Papers Limited'. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

Paswara Papers Limited (PPL) was incorporated in November, 1980
and is a part of the Paswara Group of companies, which also
includes Paswara Chemicals Ltd (rated [ICRA]BB-), Paswara Impex
Ltd. and Modern Chemicals (rated [ICRA]BB-). The company's
current product portfolio includes two products i.e. Kraft paper
and Paper board. The company has two manufacturing lines: one
each for Kraft paper and Paper board with installed capacities of
14,000 Metric Tonnes (MT) and 16,000MT per annum respectively, at
its manufacturing facility located in Meerut, Uttar Pradesh. The
Kraft paper manufactured by the company is used in the packaging
industry for making corrugated boxes, while paper board finds
application in making cones that are used for rolling purposes in
cloth shops etc.

The company is setting up new facilities for manufacturing Multi-
layer Kraft paper on the land adjoining the existing plant of the
company. The multi-layer Kraft paper will have Burst Factor (BF)
in the range of 27 BF to 40 BF which will be significantly
superior to the present levels of products which are single layer
Kraft paper of 18 BF. Initially, the company planned a capex of
INR132.51 crore to set up the unit with annual production
capacity of 82,500MT, however, the scope of the capex has been
expanded, with a revised production capacity of 1,32,000 MT.
Owing to the change in the scope of the project, the project cost
has been revised to INR247 crore and the COD has been shifted by
one year, to April 1, 2016.


PERFECT PLY: CARE Assigns B+ Rating to INR7.38cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Perfect Ply Industries Private Limited.

                             Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Long-term Bank Facilities    7.38     CARE B+; Stable Assigned
   Short-term Bank Facilities   1.00     CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Perfect Ply
Industries Private Limited are constrained on account of its
small scale of operations, leveraged capital structure, moderate
debt protection metrics and its working capital intensive nature
of operations. The ratings are further constrained on account of
its presence in the highly fragmented and competitive wood
processing industry with fortunes linked to demand from cyclical
real estate sector along with susceptibility of its profit
margins to volatility in raw material prices and foreign exchange
fluctuations.
The above constraints, however, outweigh the comfort derived from
the wide experience of the promoters in the plywood industry.

The ability of PPIPL to increase its scale of operations, improve
its capital structure and debt coverage indicators along with
efficient working capital management will be the key rating
sensitivities.

Kheda-based (Gujarat) PPIPL was originally established as a
partnership firm by three partners, Mr. Pranavkumar Natwarlal
Patel, Mr. Natwarbhai Parshottamdas Patel and Mr. Jagdishkumar
Shivjibhai Patel in the year 1995 which was later on converted
into a private limited company in January 2011. The company
operates from its sole manufacturing facility located at Kheda
and manufactures plywood, blockboards, flush doors and laminate
sheets which find application in the furniture industry. While it
purchases raw materials like veneer, formaldehyde, phenol resins,
melamine resins and kraft paper locally, it imports timber for
few of its products and sells the finished goods directly or via
dealers to various states of India under the brand name of
'Aerojet' and 'Brics'. The associate concerns of PPIPL primarily
include Dhanvarsha Corporation, Jignesh Retail India Private
Limited, Ashapura Ply Agency which are engaged in the similar
line of business.

During FY16 (refers to the period April 1 to March 31), PPIPL
reported a total operating income (TOI) of INR11.31 crore with a
PAT of INR0.83 crore as against a TOI of INR6.53 crore with a PAT
of INR0.05 crore during FY15. The TOI till 7MFY17 (Provisional)
stood at INR10.88 crore.


PROODLE HOSPITALITY: CRISIL Assigns B+ Rating to INR50MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Proodle Hospitality Services Private
Limited.

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

The rating reflects a modest scale of operations, customer
concentration in revenue and a weak financial risk profile. These
weaknesses are partially offset by the entrepreneurial experience
of the promoters and established relationships with customers.
Outlook: Stable

CRISIL believes PHS will continue to benefit from the
entrepreneurial experience of its promoters. The outlook may be
revised to 'Positive' in case of a substantial increase in
revenue while profitability and capital structure improve,
resulting in a better financial risk profile. The outlook may be
revised to 'Negative' in case of a considerable decline in
revenue and profitability, deterioration in working capital
management impacting liquidity, or large, debt-funded capital
expenditure, further weakening the financial risk profile.

PHS, based in Chennai and incorporated in 2010, is promoted by
Mr. Kavi Prasad D and Mr. Srinath Raghavan. The company is
involved in operating canteens and food courts across commercial
establishments.


RATTAN RICE: CRISIL Assigns B+ Rating to INR55MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Rattan Rice Mills (RRM).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               20.5      CRISIL B+/Stable
   Cash Credit             55        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      14.5      CRISIL B+/Stable

The rating reflects RRM's modest scale of operations, average
financial risk profile, with high gearing and moderate debt
protection metrics, and large working capital requirement in the
fragmented rice industry. These weaknesses are partially offset
by its partners' extensive experience and benefits likely to be
derived from healthy growth prospects for the rice industry over
the medium term.
Outlook: Stable

CRISIL believes RRM will continue to benefit over the medium term
from its partners' extensive experience. The outlook may be
revised to 'Positive' in the event of a substantial improvement
in its financial risk profile, driven by higher-than-expected
growth in revenue leading to high cash accrual or capital
infusion, along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected cash accrual or larger-than-expected working
capital requirement or large, debt-funded capita; expenditure
putting further pressure on liquidity.

Incorporated in 1988 as a partnership firm, RRM is engaged in
milling, sorting, grading and selling of basmati and non-basmati
rice in domestic and international market. The firm has its rice
processing unit at Sirsa (Haryana). The operations are managed by
Mr. Rattan Pal and family.


RUCHI INFRASTRUCTURE: CARE Lowers Rating on INR160cr Loan to D
--------------------------------------------------------------
CARE revises the rating for the bank facilities of Ruchi
Infrastructure Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Short Term Bank Facilities    160.00     CARE D Revised from
                                            CARE A2

Rating Rationale
The revision in the rating for the bank facilities of Ruchi
Infrastructure Ltd. takes into account recent delays in
servicing of debt obligations on account of stress on its
liquidity mainly due to delays in receipt of payments from
customers.

Incorporated in 1984, Ruchi Infrastructure Ltd. (RIFL) is a part
of the Ruchi Group of Indore, which is engaged in the processing
as well as trading of various agro-commodities. RIFL is engaged
in warehousing business through its edible oil storage terminals
at various locations throughout the country and dry storage
warehouses in the state of Madhya Pradesh. It also engages in
opportunity based trading of various agri-commodities like edible
and non-edible oil, de-oiled cakes, grains, oil seeds, etc.

RIFL registered a net loss of INR5 crore on a total operating
income of INR2,326 crore in FY16 (refers to the period from
April 1 to March 31), compared with a net profit of INR3 crore on
a total operating income of INR1,077 crore in FY15. Further
during H1FY17, RIFL reported a net profit of INR1 crore on a
total operating income of INR133 crore.


S.K. GOLD: ICRA Suspends 'D' Rating on INR15cr Bank Loan
--------------------------------------------------------
ICRA has suspended the [ICRA] D rating for the INR15.00 Crore
bank facilities of S.K. Gold Chain Company Private Limited. The
suspension follows lack of co-operation from the company.


S&P STRUCTURALS: ICRA Lowers Rating on INR5.0cr LT Loan to C+
-------------------------------------------------------------
ICRA has revised the long term rating assigned to INR7.00 crore
fund based facility of S&P Structurals Private Limited from
[ICRA]B to [ICRA]C+. ICRA has also revised the long term rating
from [ICRA]B to [ICRA]C+ and reaffirmed the short term rating at
[ICRA]A4 for INR2.95 crore long term/short term non fund based
facilities of the company.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term-Fund           2.00      [ICRA]C+; revised
   Based- Cash Credit                 from [ICRA]B

   Long Term-Fund           5.00      [ICRA]C+; revised
   Based- Working                     from [ICRA]B
   Capital Demand
   Loan

   Long Term/Short          2.95      [ICRA]C+; revised
   Term-Non Fund                      from [ICRA]B/[ICRA]A4;
   Based- Bank                        re-affirmed
   Guarantee

The ratings revision takes into consideration further delays in
the company's only ongoing project in Kudagi due to farmers'
agitation regarding Right of Way. This, along with transmission
line route deviations, has lead to time and cost overruns
affecting the liquidity position of the company as reflected by
consistent over utilization of sanctioned cash credit facility.
The revision in ratings also considers the decline in order book
position with no future confirmed orders in hand with the company
apart from the ongoing project, and the deterioration in SPSPL's
financial profile characterized by stretched liquidity position
and weak coverage indicators during FY 2016. ICRA also notes that
the company is vulnerable to fluctuations in the prices of raw
materials like copper, aluminum and steel due to the timing
difference between bidding and executing the project as the
prices are indexed to international rates. However, this is
mitigated by the price variation clauses which enable the company
to pass on the variations to the clients but can be claimed only
after commissioning of the project.

The rating, however, positively factors in the long experience of
the company in the construction of transmission lines and sub-
stations with majority of the projects executed for Karnataka
Power Transmission Corporation Limited. The company has pre-
qualification status to bid up to 220kV transmission lines and
110kV sub-stations. The rating also factors in the exclusive
agreement with Alstom T&D India Limited to bid for 220kV sub-
stations and associated transmission lines. Going forward, the
company's ability to complete the project without any further
time and cost overruns and obtaining new projects while managing
the working capital requirements will be the key rating
sensitivities.

S&P Structurals Private Limited was incorporated in 2007 with the
merger of S&P Constructions and Mahesh Engineering Constructions
which had been in the business of construction and commissioning
of high power transmission lines and sub-stations since 1989 and
1995 respectively. The company executes works for Karnataka Power
Transmission Corporation Limited and other private companies as
turnkey and sub-contractor. It has commissioned projects of
various voltages ranging from 66kV to 220 kV transmission lines
(single, double and multi circuit lines) and 110kV and 220kV sub-
stations.

Recent Results
For 2016, the company reported a net profit of INR0.43 crore on
an operating income of INR15.36 crore as against a net profit of
INR0.27 crore on an operating income of INR7.10 in FY 2015. For
FY 2017, the company has reported operating income of INR6.81
crore till November, 2016 (as per provisional results).


SAHAKAR MAHARSHI: CARE Revises Rating on INR35cr Loan to B+
-----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Sahakar Maharshi Shankarrao Mohite Patil SSK Limited.

                               Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Long-term Bank Facilities      35      CARE B+; Stable
                                          Revised from CARE B-

Rating Rationale

The revision in the rating assigned to the bank facilities of
Sahakar Maharshi Shankarrao Mohite Patil SSK Limited takes into
consideration the improvement in the financial risk profile of
the company during FY16 (refers to the period April 01 to March
31) characterized by healthy y-o-y growth of 87% in its total
operating income (TOI) on the back of liquidation of the sugar
inventories, higher average sales realization of the sugar sold
leading to the improvement in the operating margins and thus
resulting into healthy gross cash accruals of the company.
The rating however continues to remain constrained on account of
the moderate networth base of the company on account of the past
losses, highly leveraged capital structure, weak debt coverage
indicators, working capital intensive nature of operations and
seasonal and cyclical nature of the sugar industry.

The rating continues to factor in the long and established track
record of the promoters of more than five decades in the sugar
industry coupled with the diversified business profile of the
promoter group, fully integrated scale of operations resulting
into de-risking of the core sugar business and locational
advantage in terms of sugar factory being located in the adequate
cane availability zone.

The ability of the company to increase its scale of operations
while sustaining the improvement in its profitability and
efficient management of its working capital requirements going
forward shall remain the key rating sensitivities.

SMSSKL was incorporated in the year 1960 under guidance of Mr.
Vijaysingh Shankarrao Mohite Patil (chief promoter) to undertake
manufacturing of sugar and related products at Village
Yashwantnagar, Taluka Malshiras, Solapur, Maharashtra. The first
crushing season of factory was conducted in the year 1963 with an
installed capacity of 1,000 tonnes of cane crushed per day (TCD).
The crushing capacity was subsequently enhanced in stages to
reach capacity of 7,500 TCD as on March 31, 2016.

In year 2009, SMSSKL also commissioned a 60 kilo-litre per day
(KLPD) distillery unit and installed a baggase fired co-
generation unit with an installed capacity of 33mega-watts (MW).
Presently the society is spearheaded by Mr. Vijaysingh S Mohite
Patil, his brother Mr. Jaysingh Mohite Patil (Chairman) and Mr.
Rajendra Nanasaheb Yadav (Managing Director). In sugar season
(SS) 2015-16, SMSSKL crushed sugarcane to the tune of 9.90 lakh
Metric Tonnes (MT) at a recovery rate of 11.31%.

Based on FY16 audited results, SMSSKL has reported a total
operating income (TOI) of INR489.29 crore (P.Y. INR261.70 crore)
and profit after tax (PAT) of INR13.92 crore (P.Y. loss of
INR10.26 crore).


SAIKRUPA FIBERS: CARE Assigns 'B' Rating to INR17.12cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Saikrupa
Fibers Private Limited.

                               Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Long term Bank Facilities    17.12     CARE B, Stable Assigned

Rating Rationale

The rating assigned to the bank facilities of Saikrupa Fibers
Private Limited are constrained by its modest scale of operations
with high working capital intensity owing to seasonality
associated with availability of raw material, susceptibility of
operating margins to fluctuations in raw material prices and
customer concentration risk. The rating is also constrained on
account of low profitability owing to limited value addition
nature of business, weak debt coverage indicators and presence of
the entity in a highly competitive and fragmented
industry with susceptibility to adverse changes in government
regulations.

The rating however derives strength from wide experience of the
promoters in the cotton ginning business and location advantage
and comfortable capital structure.

The ability of the company to increase it scale of operations and
improve profitability while managing volatility associated with
cotton prices and efficiently manage its working capital
requirement is a key rating sensitivity.

Saikrupa Fibers Private Limited is a Wani (Maharashtra) based
company engaged in cotton ginning and pressing. SFPL is promoted
by Mr. Satish Bhatgare who has an experience of 5 years with SFPL
in the cotton ginning industry. The cotton ginning and oil
extraction unit is spread over an area of 3.5 acres with the land
being owned by the promoters.

SFPL procures its raw material i.e. cotton from local farmers and
brokers in the Wani region, Maharashtra. SFPL sells its products
to traders based in Maharashtra state.

SFPL registered a total operating income of INR94.61 crore with
PBILDT of INR2.74 crore during FY16 (refers to the period April 1
to March 31) and APAT margin of INR0.61 crore.


SATYAM INDUSTRIES: CRISIL Suspends D Rating on INR137MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Satyam Industries (SI).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             137        CRISIL D
   Term Loan                51.2      CRISIL D

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

Set up as a partnership firm in 2006, SI commenced commercial
operations from April 2009. The firm manufactures mild steel
ingots and high strength deformed (HSD) bars.


SHATABDI SHIKSHA: ICRA Suspends 'B' Rating on INR10cr Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR10.00 crore fund-based bank facilities of Shatabdi Shiksha
Prasar Sabha. The suspension follows ICRA's inability to carry
out rating surveillance in the absence of requisite information
from the company.


SHIVALIK SHULZ: ICRA Suspends B+ Rating on INR9.85cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating for the INR9.85 crore bank
facilities of 'Shivalik Shulz Private Limited'. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

Shivalik Shulz Private Limited is a privately owned company by
Mr. Manoj Darak and family, based in Bhilwara, Rajasthan. The
company is engaged in the doubling and twisting of synthetic
yarns such as polyester yarn, viscose yarn and blended yarn. SSPL
also undertakes yarn trading activities which contributes ~40% in
the operating income. At present, Shivalik Sulz has a doubling
and twisting capacity of 1320MTPA and planning to expand it to
2178MTPA.


SHREE KRISHAN: CRISIL Suspends 'B' Rating on INR154.5MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shree
Krishan Co (Manufacturers) Private Limited (SKCMPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          7.5       CRISIL A4
   Cash Credit            46         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     12         CRISIL B/Stable
   Term Loan             154.5       CRISIL B/Stable

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

SKCMPL, promoted by the Kolkata (West Bengal)-based Agarwal
family, has set up a unit for production of potatoes chips and
starch in Howrah. The plant has commenced commercial operations
from January 2013.  The company is marketing its product under
the brand name NJOY.


SHRI SHANKER: ICRA Suspends 'B' Rating on INR28.91cr LT Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR28.911 crore fund based bank facilities of Shri Shanker
Gauri Agro Product private Limited. ICRA has also suspended the
short term rating of [ICRA]A4 assigned to the INR0.81 crore
unallocated limits of SGAPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Long Term                28.91       [ICRA]B; Suspended

   Unallocated
   Limits-Short Term         0.81       [ICRA]A4; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

Business was established in 1973 by Mr. Radheshyam Maheshwari by
the name of Shanker Udyog. However, in 2004 it was converted into
a private limited company with the name Shri Shanker Gauri Agro
Product Private Limited. Mr. S.N. Maheshwari and Mrs. Seema
Maheshwari are the managing directors of the company. SGAPL is
engaged in processing and trading of basmati rice, poha, wheat
Dalia and pulses. It has a milling capacity of 4 tonnes per hour
of paddy for production of sella basmati rice. Head office and
factory of the company is located at Nainwa road, Bundi
Rajasthan.


SLO STEEL: ICRA Suspends 'B' Rating on INR25cr Long Term Loan
-------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B to the INR25.0
crore long term fund-based facilities of SLO Steel Industries
Limited. ICRA has also suspended the short-term rating of
[ICRA]A4 to the INR15.0 crore non-fund based facilities of the
company. 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 ANANTHA: CRISIL Suspends 'B' Rating on INR50MM Long Term Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sri Anantha Padmanabha Swamy Pharma Private Limited (SASPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              6        CRISIL B/Stable
   Long Term Loan          50        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       4        CRISIL B/Stable

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

Set up in 2013, SASPL is setting up a bulk drug intermediary unit
in Mehboobnagar, Telangana. SASPL is promoted by Mr. Peddi
Jagadishwar and his family.


SRI JAGANNADHA: CRISIL Suspends B+ Rating on INR70MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sri Jagannadha Surya Lakshmi Rice Mill (SJSLRM).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Key Cash Credit         30        CRISIL B+/Stable
   Open Cash Credit        70        CRISIL B+/Stable

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

SJSLRM mills and processes paddy into rice, rice bran, broken
rice, and husk. The firm was set up by Mr. P Jaganaddha Raju and
his family members.


SRI LAKSHMI: CRISIL Suspends B- Rating on INR43.5MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sri Lakshmi Agro Farms.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             4.8      CRISIL B-/Stable
   Long Term Loan         43.5      CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     21.7      CRISIL B-/Stable

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

Established in 2005 as a partnership firm, SLAF is engaged in
production of commercial eggs. Based out of Krishna district in
Andhra Pradesh, the firm is promoted by Mr.D. Siva Seshi Reddy
and his family.


SRI SAI: ICRA Suspends 'B' Rating on INR20cr Cash Loan
------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR20.00 crore cash credit limits of Sri Sai Baba Cotton
Industries. The suspension follows ICRA's inability to carry out
a rating surveillance due to non cooperation from the company.

Sri Sai Baba Cotton Industries is engaged in cotton ginning and
pressing with the product mix of cotton bales and cottonseed. It
has its production facilities at Ponnari Village, Adilabad
District of Andhra Pradesh. The firm has 72 TMC gins with a total
annual capacity of 64,000 bales.


SRIJAN CEMENT: ICRA Suspends 'D' Rating on INR5cr LT Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR5.001 crore fund based bank facilities of Srijan Cement
Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits-
   Long Term                5.00       [ICRA]D; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

SCL was incorporated in 2008 as a public limited company, however
the company commenced production from December, 2011. Mr.
Gyanchand Agarwal, Mr. Anil Kumar Agarwal and Mr. Aditya Agarwal
are the directors of the company. The company manufactures
Portland Pozzolana Cement (PPC) and Portland Slag Cement (PSC),
of which PPC accounts for the bulk (~80%) of the total cement
sales. In addition, the company also trades in cotton cloth and
clinker. The company's manufacturing facility is located in
Raniganj, West Bengal on a total area of 27 acres, and has an
installed capacity of 2,37,250 Metric Tonnes Per Annum (MTPA).


SUMA REFINARIES: CRISIL Suspends 'D' Rating on INR50MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Suma Refinaries Private Limited (SRPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             25        CRISIL D
   Long Term Loan          50        CRISIL D
   Proposed Long Term
   Bank Loan Facility      25        CRISIL D

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

Incorporated in 2010, SRPL is engaged in refining of edible oil,
mainly rice bran oil and sunflower oil. Based out of Rajahmundry
in Andhra Pradesh, the company is promoted by Mr. U V S Narayana


SUNFAME CERAMIC: CRISIL Suspends B+ Rating on INR43.5MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sunfame Ceramic Private Limited (SCPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           6        CRISIL A4
   Cash Credit             15        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      37.5      CRISIL B+/Stable
   Term Loan               43.5      CRISIL B+/Stable

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

Incorporated in March 2011, SCPL manufactures non-vitrified
ceramic wall tiles. The company is promoted by Mr. Kirtikumar J
Ughreja and family. It began commercial operations in November
2011 at its facilities in Morbi (Gujarat).


SUNSHINE CARS: CRISIL Suspends B- Rating on INR70MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sunshine Cars Private Limited (SCPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             70        CRISIL B-/Stable
   Long Term Loan          11        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      19        CRISIL B-/Stable

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

SCPL, incorporated in May 2012, is promoted by Indore-based Mr.
Paramjeet Singh Chhabra. The company is an authorised dealer of
HMIL's entire range of vehicles in Indore. SCPL commenced
commercial operations in November 2012.


VEER HATCHERIES: ICRA Suspends 'D' Rating on INR10cr Bank Loan
--------------------------------------------------------------
ICRA has suspended its rating of [ICRA]D assigned to the INR10.0
crore bank facilities of Veer Hatcheries. The suspension follows
continued non-cooperation from the company and is in line with
ICRA's policy on withdrawal and suspension.



=========
J A P A N
=========


TOSHIBA CORP: Out of Easy Options to Plug Nuclear Hole
------------------------------------------------------
Makiko Yamazaki and Taro Fuse at Japan Today report that faced
with the prospect of a multi-billion-dollar writedown that could
wipe out its shareholders' equity, Toshiba Corp. is running out
of fixes: it is burning cash, cannot issue shares and has few
easy assets left to sell.

Japan Today relates that the Tokyo-based conglomerate, which is
still recovering from a $1.3 billion accounting scandal in 2015,
dismayed investors and lenders again last week by announcing that
cost overruns at a U.S. nuclear business bought only last year
meant it could now face a crippling charge against profit.

Toshiba said it will be weeks before it can give a final number,
but a writedown of the scale expected -- as much as JPY500
billion ($4.3 billion), according to one source close to Toshiba
-- would leave the group scrambling to plug the financial hole
and keep up hefty investments in the competitive memory chip
industry, which generates the bulk of its operating profit, Japan
Today reports.

Shareholder equity, which represents its accumulated reserves,
stood at JPY363.2 billion at the end of September, already just
7.5% of total assets, according to Japan Today.

The report says Toshiba cannot raise cash by issuing shares
because of restrictions imposed by the stock exchange after last
year's scandal. Japan Today relates that one source close to the
matter said Toshiba had been considering a share issue of around
JPY300 billion, but the imminent lifting of those restrictions
are now unlikely.

According to Japan Today, private equity funding could be an
option, but financial sources and investors said Toshiba would
likely be forced to sell off more assets and stakes, months after
having sold its two most easily marketable businesses: white
goods and medical devices.

"Toshiba's immediate problem is that it is burning cash at an
alarming rate, and this will be more than challenging," the
report quotes Ken Courtis, chairman of Starfort Investment
Holdings, as saying.  "I see little option but to sell a slew of
non-core assets."

Its loss-making PC and TV businesses would be poor candidates for
sale, while its many cross-shareholdings are unlikely to fetch
enough, the report states.

"Toshiba doesn't have many saleable assets in hand," the report
quotes Standard & Poor's analyst Hiroki Shibata as saying after
the ratings agency downgraded Toshiba.  "It has mostly sold
assets which have big price tags or that could easily find buyers
already. It would be difficult to secure big funds through asset
sales."

Japan Today adds that one source in the semiconductor industry
said Toshiba could revive plans to list a slice of the memory
chip business, which though highly profitable burns through cash
for reinvestment.

"Toshiba will probably need to sell 30-40% of the NAND business
in an IPO to secure enough cash," the source said, adding China's
aggressive drive into NAND flash memory chips could make the
timing reasonable, Japan Today relays.

The group has already said it could reconsider the "positioning"
of its nuclear business, deemed core last year, and has signalled
it could trim an 87% stake.

Toshiba has said it will consider a capital strategy, but has
given no details.

For now, creditor banks are expected to step into the liquidity
breach, betting on Toshiba's growing chips business -- though
they were blindsided by the news and expressed concerns over
continued governance and disclosure issues, Japan Today adds.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 30, 2016, Moody's Japan K.K. downgraded Toshiba
Corporation's corporate family rating (CFR) and senior unsecured
rating to Caa1 from B3.  Moody's has also downgraded Toshiba's
subordinated debt rating to Ca from Caa3, and affirmed its
commercial paper rating of Not Prime. At the same time, Moody's
has placed Toshiba's Caa1 CFR and long-term senior unsecured bond
rating, as well as its Ca subordinated debt rating under review
for further downgrade.



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


ORIENTAL GROUP: To be Placed Under Interim Judicial Management
--------------------------------------------------------------
Reuters reports that the court has ordered that Oriental Group
Ltd be placed under interim judicial management.

The court will give its decision on interim judicial manager to
be appointed on Jan. 6, 2017, the report says.

Reuters adds that the court has granted an injunction that the
company does remove Tan Song Kwang, Koh Choon Kong And Lim Kok
Hui as directors.

Oriental Group Ltd (SGX:5FI) -- http://www.orientalgroup.com.sg/
-- is a steel manufacturing and trading company. The principal
activities of the Company are procurement, supply and provision
of value added services of metal products, such as mild steel
round bars, high tensile deformed bars, angle bars and flat bars
used in the industrial and construction industries. The Company
operates in three geographical areas: Singapore, which includes
the Company's operations relating to trading of steel products,
investment holding and rental of investment property; People's
Republic of China, which includes the Company's operations
relating to manufacture and sale of steel products, and Malaysia,
which includes the Company's operations relating to trading of
steel products.



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


HANJIN SHIPPING: Textainer Seeks Ch. 11 Examiner for U.S. Assets
----------------------------------------------------------------
Textainer Equipment Management (U.S.) Limited, Seaco Global,
Ltd., and Container Leasing International, LLC d/b/a SeaCube
Containers LLC, and Textainer and Seaco, ask the U.S. Bankruptcy
Court for the District of New Jersey to enter an Order directing
Tai-Soo Suk, a foreign representative of the Debtor, Hanjin
Shipping Co. Ltd., to comply with the Disclosure Order and,
adjourn the sale motion objection deadline and the sale hearing
date or, in the alternative, appoint a Chapter 11 Examiner to
investigate, administer, and realize upon the Debtor's assets
located within the territorial jurisdiction of the United States.

According to the Motion, the Foreign Representative has not
conducted the case in a professional manner and is acting in bad
faith by withholding and misrepresenting critical information.
Textainer, et al., point out that the Court has opined that the
Foreign Representative's actions have left the Creditors in the
dark and will prejudice their ability to actively participate in
the proceedings. Thus, the Creditors have requested the Court to
direct the Foreign Representative to file a report disclosing,
inter alia, certain information regarding the Debtor's U.S.
Assets on or before December 23, 2016, the Disclosure Order.
Additionally, the Creditors ask the Court to adjourn the
Objection Deadline and Sale Hearing by four weeks to allow the
parties to conduct discovery related to the Sale Motion.

In the alternative, the Creditors requested the Court to appoint
an examiner pursuant to Bankruptcy Code sections 1521(a)(5),
1522(c), and 105(a) to fully investigate the Debtor's U.S. Assets
and administer or realize upon such U.S. Assets, as necessary, to
ensure that the interests of all Hanjin's creditors are
sufficiently protected.

The Creditors are represented by:

        Timothy W. Walsh, Esq.
        Darren Azman, Esq.
        Riley T. Orloff, Esq.
        340 Madison Avenue
        New York, NY 10173-1922
        Tel: (212) 547-5400
        Fax: (212) 547-5444

                       About Hanjin Shipping

Hanjin Shipping Co., Ltd., is mainly engaged in the
transportation business through containerships, transportation
business through bulk carriers and terminal operation business.
The Debtor is a stock-listed corporation with a total of
245,269,947 issued shares (common shares, KRW 5000 per share) and
paid-in capital totaling KRW 1,226,349,735,000. Of these shares
33.23% is owned by Korean Air Lines Co., Ltd., 3.08% by Debtor
and 0.34% by employee shareholders' association.

The Company operates approximately 60 regular lines worldwide,
with 140 container or bulk vessels transporting over 100 million
tons of cargo per year. It also operates 13 terminals specialized
for containers, two distribution centers and six Off Dock
Container Yards in major ports and inland areas around the world.
The Company is a member of "CKYHE," a global shipping conference
and also a partner of "The Alliance," another global shipping
conference to be launched in April 2017.

Hanjin Shipping listed total current liabilities of KRW 6,028,543
million and total current assets of KRW 6,624,326 million as of
June 30, 2016.

As a result of the severe lack of liquidity, Hanjin applied to
the Seoul Central District Court 6th Bench of Bankruptcy Division
for the commencement of rehabilitation under the Debtor
Rehabilitation and Bankruptcy Act on Aug. 31, 2016. On the same
day, it requested and was granted a general injunction and the
preservation of disposition of the Company's assets. The Korean
Court's decision to commence the rehabilitation was made on
Sept. 1, 2016. Tai-Soo Suk was appointed as the Debtor's
custodian.

The Chapter 15 case is pending in the U.S. Bankruptcy Court for
the District of New Jersey (Bankr. D.N.J. Case No. 16-27041)
before Judge John K. Sherwood.

Cole Schotz P.C. serves as counsel to Tai-Soo Suk, the Chapter 15
petitioner and the duly appointed foreign representative of
Hanjin Shipping.


HANJIN SHIPPING: Sells Port of Seattle Terminal Operations
----------------------------------------------------------
Mike Rosenberg at The Seattle Times reports that Hanjin Shipping
Co. is selling its Port of Seattle terminal operations to one of
the world's largest cargo firms.

The Seattle Times relates that Hanjin has agreed to sell its
majority stake in the terminal operating companies at the Seattle
and Long Beach, Calif., ports for $78 million, according to
bankruptcy court filings.  The report says the deal doesn't spell
out the cost breakdown between the two ports, though the Long
Beach facility is more than four times bigger than the Seattle
terminal.

Hanjin owns 54% of Total Terminals International, the company
that operates the Terminal 46, the report says.

According to the report, the new owner is Luxembourg-based
Terminal Investment Limited, an affiliate of Switzerland-based
Mediterranean Shipping, one of the biggest shipping companies in
the world.  The report says the firm helps operate about 30
terminals around the world and already owned the 46% of Total
Terminals International not owned by Hanjin.

The Seattle Times notes that Terminal Investment plans to
eventually sell a portion of the Seattle operations to South
Korea's Hyundai Merchant Marine.

As part of the Hanjin deal, the new owner is forgiving a $54.6
million outstanding balance due from Hanjin and taking on $202.9
million in debt, which is a big reason why the $78 million
purchase price was so low, according to The Seattle Times.

The Seattle Times relates that Alistair Baillie, president of
Terminal Investment, said there won't be any changes made to
Seattle terminal operations and that the company will simply take
over the business from Hanjin. Its parent, Mediterranean, had
already generated about half the cargo volume at the Terminal 46
facility and is now one of only two major shippers left there,
along with Maersk, the report notes.

The report says the Long Beach port has already approved its part
of the deal, but Port of Seattle officials have yet to sign off.
A U.S. bankruptcy-court judge in New Jersey must also approve the
transaction, adds The Seattle Times.

                        About Hanjin Shipping

Hanjin Shipping Co., Ltd., is mainly engaged in the
transportation business through containerships, transportation
business through bulk carriers and terminal operation business.
The Debtor is a stock-listed corporation with a total of
245,269,947 issued shares (common shares, KRW 5000 per share) and
paid-in capital totaling KRW 1,226,349,735,000.  Of these shares
33.23% is owned by Korean Air Lines Co., Ltd., 3.08% by Debtor
and 0.34% by employee shareholders' association.

The Company operates approximately 60 regular lines worldwide,
with 140 container or bulk vessels transporting over 100 million
tons of cargo per year.  It also operates 13 terminals
specialized for containers, two distribution centers and six Off
Dock Container Yards in major ports and inland areas around the
world.  The Company is a member of "CKYHE," a global shipping
conference and also a partner of "The Alliance," another global
shipping conference to be launched in April 2017.

Hanjin Shipping listed total current liabilities of KRW 6,028,543
million and total current assets of KRW 6,624,326 million as of
June 30, 2016.

As a result of the severe lack of liquidity, Hanjin applied to
the Seoul Central District Court 6th Bench of Bankruptcy Division
for the commencement of rehabilitation under the Debtor
Rehabilitation and Bankruptcy Act on Aug. 31, 2016.  On the same
day, it requested and was granted a general injunction and the
preservation of disposition of the Company's assets.  The Korean
Court's decision to commence the rehabilitation was made on
Sept. 1, 2016.  Tai-Soo Suk was appointed as the Debtor's
custodian.

The Chapter 15 case is pending in the U.S. Bankruptcy Court for
the District of New Jersey (Bankr. D.N.J. Case No. 16-27041)
before Judge John K. Sherwood.

Cole Schotz P.C. serves as counsel to Tai-Soo Suk, the Chapter 15
petitioner and the duly appointed foreign representative of
Hanjin Shipping.


* S. KOREA: Two-thirds of New Businesses Shuttered After One Year
-----------------------------------------------------------------
Yonhap News Agency reports that some 3,000 people started their
own business per day in 2014, but two-thirds of them had closed
down a year later, statistics from the National Tax Service
showed Jan. 2.

Based on the number of new businesses who filed value-added taxes
for the first time in 2015, close to 1.07 million people became
self-employed on a daily average in 2014. But by the following
year, 739,000 people had closed down their shops, an average of
2,000 per day, the tally showed, Yonhap discloses.

Yonhap notes that the kinds of new businesses were heavily
concentrated in services, real estate and rentals, retail and
restaurants, which accounted for 73.5% of the total. Service
businesses counted for the most at 19.6%, ranging from dry
cleaners and beauty salons to travel agencies and education
institutions. Next were leasing business, including office space,
land and rentals, such as water purifiers, which accounted for
19.2%. Retail businesses (17.6%) and restaurants (17.1%) followed
next.

According to Yonhap, business closures were most rampant for
restaurants (20.6%), followed by retail businesses (19.9%) and
services (19.7%). Real estate leases and rentals came next at
12.3%.

"The number of self-employed can increase when people are forced
to start their own business from a lack of jobs as the economy
stalls," Seong Jae-min, head of the center for labor trends
analysis at the Korea Labor Institute, said in his recent report,
Yonhap relays. "Under such circumstances, the increase in the
number of self-employed can become the cause for the increase in
household debts and in the deteriorating quality of jobs."



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


* BOND PRICING: For the Week Dec. 26 to Dec. 30, 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.


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

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

Copyright 2017.  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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