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

                      A S I A   P A C I F I C

           Tuesday, January 17, 2017, Vol. 20, No. 12

                            Headlines


A U S T R A L I A

AIMS 2004-1 TRUST: Fitch Affirms 'B' Rating on Class B Notes
FLUSH FITNESS: Pitcher Partners Appointed as Administrator
KEYSTONE GROUP: Sale Agreements Finalized, Receivers Say
MARITIMO OFFSHORE: Exits of Voluntary Administration
OZCON INDUSTRIES: Placed in Voluntary Liquidation

TEKTUM LIMITED: First Creditors' Meeting Set for Jan. 24


C H I N A

CHINA AOYUAN: Fitch Assigns 'BB-' Rating to USD250MM Sr. Notes
KWG PROPERTY: Fitch Assigns 'BB-' Rating to US$250MM Notes
LEECO: Gets Fresh CNY15.04 Billion Investment from Sunac
REWARD SCIENTIFIC: Fitch Publishes 'B+' Issuer Default Rating
SPI ENERGY: Announces Global Headquarters Address

TIMES PROPERTY: Fitch Affirms 'B+' IDR; Outlook Revised to Pos.
TIMES PROPERTY: S&P Assigns 'B' Rating to Proposed US$ Notes


H O N G  K O N G

IMPERIAL PACIFIC: Fitch Assigns 'CCC' Issuer Default Rating


I N D I A

AK DAS: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
AMCON CONSTRUCTION: CARE Assigns B+ Rating to INR2cr LT Loan
ARCH INFRA: Ind-Ra Raises Long-Term Issuer Rating to 'BB'
BHAGAWATI ENTERPRISES: ICRA Reaffirms B+ Rating on INR5cr Loan
BHAGAWATI ESTATE: CARE Reaffirms B+ Rating on INR3.53cr LT Loan

BRISEIS CV: Ind-Ra Provisionally Rates Series A2 PTCs 'BB'
CHETAN OVERSEAS: Ind-Ra Raises Long-Term Issuer Rating to 'BB'
CLASSIC KNITS: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
DHIRAJ FOUNDATION: ICRA Reaffirms B- Rating on INR20.63cr Loan
ELECTROTEKNICA SWITCHGEARS: Ind-Ra Raises LT ssuer Rating to 'B+'

FRATELLI WINES: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
GEN NEXT: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
GURUSHARANAM FOODS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
GVK POWER: CARE Reaffirms 'D' Rating on INR2400cr Long Term Loan
HYDERABAD RING: CARE Reaffirms 'D' Rating on INR265.13cr Loan

INNOVARE LABS: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
JAI MAA: ICRA Reaffirms 'D' Rating on INR28cr Term Loan
JPC INFRA: ICRA Lowers Rating on INR20.80cr LT Loan to 'D'
K.K. COTEX: ICRA Reaffirms B+ Rating on INR24.70cr LT Loan
KINJAL CHEMICAL: Ind-Ra Assigns 'BB' Long-Term Issuer Rating

LANDMARK ROYAL: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
LILA DHAR: ICRA Reaffirms B-/A4 Rating on INR6cr Fund Based Loan
M M POLYMERS: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
MANTHARAGIRI TEXTILES: Ind-Ra Affirms B+ Long-Term Issuer Rating
MAXWORTH PLYWOOD: ICRA Reaffirms B+ Rating on INR3.0cr LT Loan

MERAKI CV: Ind-Ra Provisionally Rates Series A2 PTCs 'BB-'
MG WELL: ICRA Upgrades Rating on INR3.35cr LT Loan to 'C'
MIL STEEL: ICRA Reaffirms B+ Rating on INR10.55cr LT Loan
MULTIFILMS PLASTICS: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
NATRAJ PLOYPLAST: CARE Assigns B+ Rating to INR11.25CR LT Loan

NIKHIL UDYOG: ICRA Reaffirms 'D' Rating on INR10.0cr LT Loan
R. R. INDUSTRIES: ICRA Reaffirms 'B' Rating on INR7.43cr Loan
RAJESH CONSTRUCTION: ICRA Assigns B+ Rating to INR2.38cr Loan
RKM POWERGEN: ICRA Reaffirms 'D' Rating on INR1159.63cr Loan
RUCHI SOYA: CARE Reaffirms 'D' Rating on INR6,490.95cr Loan

RUCHI WORLDWIDE: CARE Reaffirms 'D' Rating on INR835cr Loan
SHIRDIWALE SAI: ICRA Lowers Rating on INR8.0cr LT Loan to 'D'
SHREE VISHWAKARMA: ICRA Assigns 'B' Rating to INR12.50cr Loan
UJJWAL LUXURY: CARE Reaffirms 'B' Rating on INR12.41cr LT Loan
VARSHA CABLES: ICRA Reaffirms 'B+' Rating on INR8.50cr Loan


I N D O N E S I A

PAN BROTHERS: Fitch Publishes 'B' Issuer Default Rating
PAN BROTHERS: Moody's Assigns First-Time B1 Corp. Family Rating


P H I L I P P I N E S

COUNTRYSIDE COOPERATIVE: Placed Under PDIC Receivership


S O U T H  K O R E A

STX HEAVY: Court Approves Turnaround Plan


S R I  L A N K A

NATIONAL SAVINGS: Fitch Affirms Issuer Default Rating at 'B+'


X X X X X X X X

* BOND PRICING: For the Week Jan. 9 to Jan. 13, 2017


                            - - - - -


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A U S T R A L I A
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AIMS 2004-1 TRUST: Fitch Affirms 'B' Rating on Class B Notes
------------------------------------------------------------
Fitch Ratings has affirmed the ratings of five tranches of three
AIMS residential mortgage backed securities (RMBS) transaction.
The transactions are securitisations of first-ranking Australian
residential mortgages originated by AIMS Home Loans Pty Limited
and Loancorp Pty Limited.

                        KEY RATING DRIVERS

The affirmations reflect Fitch's view that available credit
enhancement is sufficient to support the notes' current ratings
and can withstand deterioration in Australia's economic
conditions in line with the agency's expectations.  The credit
quality and performance of the loans in the collateral pools also
remains in line with expectations.  The class B ratings for all
three transactions benefit from lenders' mortgage insurance (LMI)
and excess spread.

Arrears for the transactions, as a percentage, tend to be
volatile due to the relatively small size of the pools, but
arrears balances have remained stable over the past year.  The
AIMS 2004-1 Trust, AIMS 2005-1 Trust and AIMS 2007-1 Trust
transactions had 30+ day arrears at 2.8%, 2.2% and 0%,
respectively, as at November 2016.  Fitch considers all loans
marked in arrears or in hardship as being in arrears, which has
resulted in additional loans being marked in arrears compared
with AIMS reporting.

No defaults were recorded in any AIMS transactions over the year
ending November 2016.  Losses on the underlying mortgages in the
pool have been covered primarily by LMI.  All loans contained in
the collateral pools have LMI in place, with policies provided by
QBE Lenders' Mortgage Insurance Limited (Insurer Financial
Strength rating: AA-/Stable) and Genworth Financial Mortgage
Insurance Pty Limited (Insurer Financial Strength rating:
A+/Stable).  Any losses not covered by LMI have been covered by
excess spread.

The transactions are well-seasoned between 10.5 years and 13.3
years.  Fitch's calculated weighted-average indexed loan to value
ratios were 34.4% for AIMS 2004-1 Trust, 41.3% AIMS 2005-1 Trust
and 42.3 % for AIMS 2007-1 Trust as a result, compared with
51.6%, 58.8% and 59.3%, respectively, before indexation.  Each
pool is geographically concentrated in New South Wales, which
Fitch has taken into account in its analysis.

                      RATING SENSITIVITIES

Sequential paydown has increased credit enhancement for each
transaction's senior notes, with the 'AAAsf' rated notes able to
withstand many multiples of the latest reported arrears.

The 'AAAsf' modelled default rates were 12.2% for AIMS 2005-1
Trust and 12.7% for AIMS 2007-1 Trust.  The class A notes can
withstand 100% in defaults at Fitch's 'AAAsf' loss severity and
are LMI independent, meaning they are not sensitive to downgrades
of the LMI providers' ratings.  This analysis excludes credit to
excess spread, which has been strong and stable in each
transaction.

The ratings of all AIMS RMBS transactions' class A notes are
independent of downgrades to the LMI providers' ratings.

Class B notes may be downgraded if there were to be a significant
reduction in LMI claim payments or excess spread.  There have
been no charge-offs to date on the class B notes.

The full list of rating actions is:

AIMS 2004-1 Trust:

  AUD14.8 mil. Class B (ISIN AU300AIM2043) affirmed at 'Bsf';
   Outlook Stable

AIMS 2005-1 Trust:

  AUD5.1 mil. Class A (ISIN AU300AIM3017) affirmed at 'AAAsf';
   Outlook Stable
  AUD12.8 mil. Class B (ISIN AU300AIM3025) affirmed at 'Bsf';
   Outlook Stable

AIMS 2007-1 Trust:

  AUD4.2 mil. Class A (ISIN AU3FN0002663) affirmed at 'AAAsf';
   Outlook Stable
  AUD16.3 mil. Class B (ISIN AU3FN0002671) affirmed at 'Bsf';
   Outlook Stable


FLUSH FITNESS: Pitcher Partners Appointed as Administrator
----------------------------------------------------------
Paul Gerard Weston of Pitcher Partners was appointed as
administrator of Flush Fitness Pty Ltd on Jan. 13, 2017.


KEYSTONE GROUP: Sale Agreements Finalized, Receivers Say
--------------------------------------------------------
Receivers for the Keystone Group have announced the finalization
of the Keystone Group receivership divestment program.

Receiver Morgan Kelly said sale agreements were now in place for
16 of the 17 venues and they would each be sold as going
concerns. The finalized sale outcome for each venue is:

   -- Bungalow 8, Cargo Bar, Manly Wine, The Rook, The Winery,
      Kingsleys Woolloomooloo, Kingsleys Brisbane - sold to the
      Dixon Group.

   -- Chophouse Sydney - sold to the Solotel Group.

   -- Jamie's Italian Sydney, Jamie's Italian Perth, Jamie's
      Italian Canberra, Jamie's Italian Brisbane, Jamie's Italian
      Adelaide, Jamie's Italian Trattoria - sold to the Jamie
      Oliver Group.

   -- Gazebo and Sugarmill Hotel - both venues sold via private
      sales.

   -- Chophouse Perth - restaurant closed and the venue returned
      to the landlord.

"We are extremely pleased with the final outcome of the
receivership divestment program.

"At all of the venues except one, the receivership succeeded in
maintaining the jobs and ensuring the continuity of the venues
for customers.

"The asset sale process was extremely complex given the
geographic spread of the venues and the differing types of bar
and restaurant offerings.

"We would like to thank all parties who expressed interest
through the sale process and our sale and legal advisers CBRE
Hotels and Herbert Smith Freehills.

"Final handover of all venues to new management is expected to be
complete by the end of January," Mr. Kelly said.

Keystone, which runs venues throughout Australia such as the
celebrity chef Jamie Oliver-branded chain Jamie's Italian, as
well as Sydney staples Kingsleys, the Sugarmill, Cargo Bar and
Bungalow 8, was placed into receivership on June 27, 2016, after
lenders KKR Asset Management and Olympic Capital Holdings Asia
called time on the business, which expanded aggressively
nationwide in 2014.


MARITIMO OFFSHORE: Exits of Voluntary Administration
----------------------------------------------------
MarineBusiness reports that the manufacturing arm of Queensland
boat builder Maritimo went into -- and out of -- voluntary
administration towards the end of last year, a move which the
company says was part of an internal 'restructure' in preparation
for a future stock market listing.

According to the report, Garth Corbitt, Maritimo CEO, said that
all creditors with Maritimo Offshore had been paid in full and
that there was no interruption to business with suppliers. He
emphasised that the company is in good financial shape with 41
dealer partnerships on five continents around the globe and a
full order book for the next 12 months, the report relays.

MarineBusiness relates that Mr. Corbitt added the decision to put
Maritimo Offshore, just one of a number of entities that form the
Maritimo Group, into voluntary administration was part of an
internal restructure in preparation for a future stock market
listing of the company. A public float has previously been
suggested by Maritimo as a possible growth strategy for the
company although there is no specific timetable for such a move.

Mr. Corbitt said the company had considered different options for
the restructure and decided that appointing a temporary
administrator was the best way to achieve what it wanted to do,
MarineBusiness relays. Maritimo Offshore may continue to operate
in some form as part of Maritimo's overseas sales business. A new
company, Maritimo (MFG) International registered in May last
year, has taken on the boat building operations.

Last November, the company reported increased sales for 2016,
particularly in the larger-size luxury boat market, and said it
would be increasing production to meet demand for forward orders,
adds MarineBusiness.

Maritimo Offshore Pty Ltd manufactures luxury and cruising
motor yachts, sports yachts and other vessels.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 26, 2016, Maritimo Offshore Pty Ltd filed a Chapter 15
petition in the U.S. Bankruptcy Court for the District of
Connecticut (Case No. 16-31613), seeking recognition in the
United States of an insolvency proceeding in Australia.

The petitions were signed by Brian Silvia and Andrew Cummins,
partners at BRI Ferrier, as duly appointed administrators
pursuant to Section 436A of the Australian Corporations Act 2001.

Maritimo was placed into voluntary administration in Australia on
Oct. 11, 2016.

A Deed of Company Arrangement was lodged just prior to Christmas
and, according to the company, it is no longer under external
administration, MarineBusiness reports.


OZCON INDUSTRIES: Placed in Voluntary Liquidation
-------------------------------------------------
Sharon Masige at AustralianMining reports that Ozcon Industries
has been placed in voluntary liquidation after letting go of its
workers last week.

AustralianMining says the company went into voluntary liquidation
at the request of its directors and shareholders. Chris Powell
and Stephen Duncan of DuncanPowell have been appointed as joint
liquidators.

It closed four of its sites in Dalby, Miles and Moomba in
Queensland, notes the report.

AustralianMining relates that at the time of liquidation, the
company had 81 workers, and previously employed up to 135 workers
in its Dalby operations.

According to AustralianMining, Ozcon director Kieran Chiverton
said the company incurred significant losses on a number of
welding projects and also suffered from the drilling industry
downturn across Australia's energy sector.

In the June 2016 financial year, the company's annual turnover
was approximately $17 million, AustralianMining discloses.

Before deciding to appoint the joint liquidators, Powell said
Chiverton had been negotiating the sale of the business.

"These negotiations will be pursued while at the same time the
business will be widely offered for sale," Powell said.

The Queensland Government provided support services to assist the
workers following the closure, through Centrelink and TAFE career
counselors, adds AustralianMining.

Ozcon Industries supplies steel pipe engineering services,
perforating processing, and welding services to the mining,
manufacturing, and agricultural industries.


TEKTUM LIMITED: First Creditors' Meeting Set for Jan. 24
--------------------------------------------------------
A first meeting of the creditors in the proceedings of
Tektum Limited will be held at Jones Partners Insolvency &
Business Recovery, Level 13, 189 Kent Street, in Sydney, on
Jan. 24, 2017, at 3:00 p.m.

Bruce Gleeson of Jones Partners was appointed as administrator of
Tektum Limited on Jan. 12, 2017.



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C H I N A
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CHINA AOYUAN: Fitch Assigns 'BB-' Rating to USD250MM Sr. Notes
--------------------------------------------------------------
Fitch Ratings has assigned China Aoyuan Property Group Limited's
(Aoyuan; BB-/Stable) USD250 mil. 6.35% senior notes due 2020 a
final rating of 'BB-'.

The notes are rated at the same level as Aoyuan'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 Jan. 3, 2017.

                        KEY RATING DRIVERS

Strong Sales Performance: Aoyuan's 2016 contracted sales
increased 69% yoy to CNY25.6 bil. after tripling to CNY15.2 bil.
in 2015 from 2012 under the company's continued fast-churn
strategy.  Fitch expects contracted sales to continue increasing
in 2017 based on the company's project launch pipeline, although
the pace of growth is likely to be slower than in 2016.  About
half of Aoyuan's 2016 contracted sales were still in Guangdong
province, but the company is prudently exploring opportunities in
other provinces and overseas.

Stable Financial Profile: Aoyuan's healthy leverage despite its
rapid expansion sets the company apart from its fast-growing
peers.  Leverage, as measured by net debt/adjusted inventory, was
29.8% at end-June 2016 and Fitch expects the ratio to remain
stable at end-2016.  Fitch also estimates Aoyuan's sales
efficiency, measured by contracted sales in the last 12
months/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 contracted sales have increased
significantly.  Fitch expects the company to continue exploring
the acquisition of land in the Pearl River Delta, central China
and Yangtze River Delta regions.  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 to remain less than 40% of contracted sales, which have
increased; giving the company comfortable headroom for further
land acquisitions.

Adequate Landbank: Aoyuan had total sellable gross floor area of
about 13 million square metres as of end-June 2016.  Around 20%
landbank by value is in lower-tier cities, but the percentage has
continued to decrease and landbank 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 solid execution record.

Slight Margin Decline: Fitch expects Aoyuan's EBITDA margin to
gradually drop to between 20%-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 its larger operational scale.

Healthy Liquidity: Aoyuan has a strong liquidity position,
supporting 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 improving its debt structure.
Onshore and offshore funding initiatives have diversified its
funding channels, improved its debt maturity profile and reduced
funding costs.  Short-term debt accounted for only 21% of total
debt at end-1H16 and the company's weighted-average funding cost
was 8.4%. We estimate 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 estimated on sellable resources in the next
     12-18 months.  Contracted sales to continue growing,
     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: 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/gross debt sustained below 1.2x (end-June
      2016: 1.0x)
   -- Sustained decrease of total sellable gross floor area in
      the landbank to below 3.5x of annual contracted sales gross
      floor areas (12 months to end-June 2016: 5.6x)

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


KWG PROPERTY: Fitch Assigns 'BB-' Rating to US$250MM Notes
----------------------------------------------------------
Fitch Ratings has assigned KWG Property Holding Limited's
(KWG, BB-/Stable) USD250 mil. 6.00% senior notes due 2022 a final
rating of 'BB-'.

The notes are rated at the same level as KWG's senior unsecured
rating because they constitute its 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
Dec. 19, 2016.

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 area 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 CNY10bn scheduled to be paid in 2H16.  The
attributable cost of land purchased in 2016 is 54% of its 2016
presales target of
CNY22 bil.

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 our 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 mbbh n 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.


LEECO: Gets Fresh CNY15.04 Billion Investment from Sunac
--------------------------------------------------------
Reuters reports that LeEco has secured a new round of investment
worth CNY15.04 billion ($2.2 billion) from property developer
Sunac China Holdings, according to a stock exchange statement
made by Sunac on Jan. 13.

Last year, LeEco's founder and chairman Jia Yueting said that his
company was facing financial obstacles due to the rapid pace of
growth in various businesses, but the company soon afterwards
announced it had secured commitments for $600 million to support
its automotive and other high-tech businesses, Reuters says.

Reuters relates that Sunac, through its real estate subsidiary
Sunac Real Estate, said it plans to invest CNY6.04 billion in
LeEco's Shenzhen-listed unit Leshi Internet Information and
Technology Corp Beijing, by acquiring an 8.61 percent stake.

It also plans to invest CNY1.05 billion in LeEco's film
production company, Leshi Pictures, by acquiring a 15 percent
stake, and pay another CNY7.95 billion ($1.15 billion) for a
33.5 percent stake in Leshi Internet's subsidiary Leshi Zhixin,
known for its smart Internet TVs, according to Reuters.

Trading in Leshi Internet Information's shares, which was
suspended on Dec. 6, resumed on Jan. 16, the report notes.

According to Reuters, Sunac has been seeking investment
opportunities linked with China's technological innovation and
the upgrade of consumumption sectors.

Reuters relates that Sunac said the strengthened partnership with
LeEco will enable both firms to cooperate in areas such as
intelligent hardware, real estate, and smart homes. It also
highlighted industrial real estate as an area for greater
cooperation.

For LeEco, the fresh round of funds can likely help resolve some
financial difficulties it has faced in recent months, as it
continues its push into the smartphones, film, sports, electric
and driverless vehicles markets, Reuters states.

In the stock filing, Sunac said it paid CNY35.39 per share for
its stake in Leshi Internet, the report notes.

Leshi Internet Information also said in a separate filing on the
Shenzhen stock exchange that Chinese insurer Huaxia Life invested
CNY400 million ($58 million) in Leshi Zhixin, adds Reuters.

China-based LeEco makes smartphones, entertainment platforms,
set-top boxes, and smart TVs.


REWARD SCIENTIFIC: Fitch Publishes 'B+' Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has published Reward Scientific and Technological
Industry Group Co., Ltd's Long-Term Foreign-Currency Issuer
Default Rating (IDR) of 'B+' with Stable Outlook.  Fitch has also
published the Chinese consumer product and packaged food
producer's foreign-currency senior unsecured rating of 'B+' with
a Recovery Rating of 'RR4'.

Fitch has also assigned Reward International Investment Co. Ltd's
(Reward International) proposed senior notes an expected rating
of 'B+(EXP)' with a Recovery Rating of 'RR4'.  Reward
International is a 100% owned subsidiary of Reward Group.  The
securities will be unconditionally and irrevocably guaranteed by
Reward Group.

The notes are rated at the same level as Reward Group's senior
unsecured debt rating as they represent unconditional, unsecured
and unsubordinated obligations of the company.  The final rating
is subject to the receipt of final documentation conforming to
information already received.

                          KEY RATING DRIVERS

Solid Balance Sheet Profile: Reward Group's leverage is healthy,
with FFO-adjusted net leverage of 1.3x at the end of 2015.  Fitch
expects FFO fixed-charge coverage to remain above 3x in the next
few years after the acquisition of Panrosa US.  Reward Group's
debt maturity profile is also improving as the company has been
refinancing its short-term debt with longer-term domestic bonds
throughout 2016.  As of June 30, 2016, Reward had readily
available cash of CNY4.2 bil., restricted cash of CNY272 mil. and
unutilized credit facilities of CNY232 mil., sufficient to cover
short-term borrowings of CNY1.7 bil.

Diversifying Operations: Prior to 2015, Reward Group mainly
operated as a manufacturer of household cleaning products (such
as laundry detergent) and a dairy producer supplying whole milk
power (WMP) to packaged food companies such as Wahaha and Kraft.
Reward Group has diversified its product offerings in the past
two years. It successfully expanded into formula milk and soy
milk, which already accounted for CNY1.2 bil. or 20% of total
revenue in 2015. In the consumer product segment, it aims to
expand in personal care products through the acquisition of
Panrosa US.

Weak Market Position, Execution Risks: Reward Group's market
position in each of its markets is relatively weak - it only had
1% share in China's laundry products market in 2015 and 7.6%
share in China's industrial milk power market in 1H16.  There is
also limited product differentiation, and most of Reward Group's
products face fierce competition from both local and overseas
brands.  Reward Group's new-business initiatives have limited
synergy with existing businesses, and execution risk is high due
to the company's short track record in these areas.

Concentrated Shareholding, Low Transparency: Reward Group is a
privately owned company, and the level of financial disclosure is
weaker than listed companies.  It is also not audited by one of
the Big 4 accounting firms.  Mr. Hu Keqin, the founder of Reward
Group, holds 72.3% of the company's shares while his family holds
another 23.6%.  The concentrated shareholding means that there is
limited board oversight, with the two independent board members
only appointed in 2016.

Food Safety Risks: Reward Group's dairy operations were briefly
suspended in April 2016 after a review by China Food and Drug
Administration.  No problematic product sample was found, but the
review flagged issues with the condition of the production
facilities, quality control, record-keeping, and implementation
of food safety regulations.  Although operations resumed shortly
after that, the incident highlights food safety as a potential
risk.  Any regulatory violations may inadvertently damage Reward
Group's reputation and pressure the company's profits and cash
flows.

Bond Issuance to Fund Acquisition: Reward Group plans to use the
bond proceeds to acquire Panrosa US for CNY1.3 bil., after having
acquired Panrosa Jiangsu, the China production facility, in 2015.
Panrosa US produces daily products such as hand creams and shower
gels, and has a complete distribution network in the US,
including wholesalers and budget supermarkets like Dollar Tree
and Dollar General.  Following the acquisition, Reward Group
plans to expand Panrosa's business in both China and
international markets.

                          KEY ASSUMPTIONS

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

   -- 3%-5% revenue growth in 2017-18, driven by new businesses
      and the Panrosa US acquisition
   -- 20% EBITDA margin in 2016-19
   -- No common dividends

                        RATING SENSITIVITIES

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

   -- Sustained decline in revenue
   -- FFO-adjusted net leverage sustained above 2x
   -- Sustained negative free cash flow
   -- EBITDA margin sustained below 15%
   -- Failure to provide regular accounting disclosures

Positive: No positive rating is likely in the next 12-18 months
due to the small scale of Reward Group's individual businesses,
and limited regulatory oversight over the company.


SPI ENERGY: Announces Global Headquarters Address
-------------------------------------------------
SPI Energy Co., Ltd., announced that its global headquarters
address is at:

          Suite 2703, 27/F,
          China Resources Building
          26 Harbour Road, Wan Chai
          Hong Kong SAR, China

"As a gateway to mainland China, as well as the leading capital
market and financial center, Hong Kong has gained its reputation
for hosting regional headquarters or representative offices for
international corporations. Positioning ourselves in Hong Kong,
we will be able to better access international capital market,
attract high-caliber talents and develop international market,
while synchronizing our international and domestic resources to
execute our globalization strategy," said Xiaofeng Peng, chairman
and chief executive officer of SPI Energy.

                       About SPI Energy Co.

SPI Energy Co., Ltd., (As successor in interest to Solar Power,
Inc.), is a global provider of photovoltaic (PV) solutions for
business, residential, government and utility customers and
investors. SPI Energy focuses on the downstream PV market
including the development, financing, installation, operation and
sale of utility-scale and residential solar power projects in
China, Japan, Europe and North America. The Company operates an
innovative online energy e-commerce and investment platform,
http://www.solarbao.com/,which enables individual and
institutional investors to purchase innovative PV-based
investment and other products; as well as
http://www.solartao.com/, a B2B e-commerce platform offering a
range of PV products for both upstream and downstream suppliers
and customers. The Company has its operating headquarters in
Shanghai and maintains global operations in Asia, Europe, North
America and Australia.

SPI Energy reported a net loss of $185 million on $191 million of
net sales for the year ended Dec. 31, 2015, compared to a net
loss of $5.19 million on $91.6 million of net sales for the year
ended Dec. 31, 2014. As of Dec. 31, 2015, SPI Energy had $710
million in total assets, $493 million in total liabilities and
$216.6 million in total stockholders' equity.

KPMG Huazhen LLP, in Shanghai, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2015, citing that SPI Energy Co., Ltd., and
its subsidiaries have suffered significant losses from operations
and have a negative working capital as of Dec. 31, 2015. In
addition, the Group has substantial amounts of debts that will
become due for repayment in 2016. The auditors said these factors
raise substantial doubt about the Group's ability to continue as
a going concern.


TIMES PROPERTY: Fitch Affirms 'B+' IDR; Outlook Revised to Pos.
---------------------------------------------------------------
Fitch Ratings has revised the Outlook on Times Property Holdings
Limited to Positive from Stable.  The Long-Term Foreign-Currency
Issuer Default Rating has been affirmed at 'B+'.  Fitch has also
affirmed the China-based homebuilder's senior unsecured rating
and the ratings on its outstanding notes at 'B+' with Recovery
Rating of 'RR4'.

The Outlook revision reflects the significant increase in Times
Property's scale while maintaining a consistent financial
profile. The ratings are supported by its good execution track
record but constrained by the need to consistently replenish its
land bank with quality sites, which results in fluctuation in
leverage. Fitch may take further positive rating action if Times
Property is able to maintain leverage, measured by net debt to
adjusted inventory, below 45% and keep a land bank sufficient for
three years of development.

                        KEY RATING DRIVERS

Larger Scale, Strong Sales: Times Property's contracted sales
rose 50% in 2016 to CNY29.3 bil., beating its annual target of
CNY21.5 bil. by more than 35%.  The average selling price (ASP)
for contracted sales climbed to CNY11,860/square metre (sq m) in
2016 from CNY9,010/sq m in 2015, mostly due to better market
performances in Foshan and Zhuhai.  Fitch estimates that Times
Property would have maintained high sales efficiency with
contracted sales/total debt at 1.4x at end-2016 (1.4x at end-June
2016).

Improving Land Bank: Times Property had 12 million sq m of land
as of end-June 2016, with 19% located in Guangzhou, 38% in
Guangdong's Tier-2 cities (Foshan, Zhuhai and Zhongshan), and the
rest in less-developed noncore cities - Qingyuan, Dongguan and
Changsha.  Fitch estimates the company increased its land bank in
its core markets (Guangzhou, Foshan and Zhuhai) to 2.9 years of
development activity at end-2016 from 2.3 years at end-2015.

High-Cost Land Acquisitions: Times Property started to acquire
higher-priced land parcels in its core markets from 2015 to
expand the share of products that appeal to upgraders and to
solidify its foothold in Guangzhou and core Tier 2 cities, such
as Foshan and Zhuhai.  It bought several land parcels in Foshan
and Zhuhai at above CNY12,000/sq m, resulting in an weighted
average land acquisition cost of more than CNY8,500/sq m in 2016,
compared with around CNY6,000/sq m in 2015 and less than
CN3,000/sq m before 2014.  However, Fitch expects Times Property
to add two to three projects from urban redevelopment sites
annually, to complement high-cost land acquisitions from public
auctions.

Higher Leverage: As a result of higher-cost acquisitions,
leverage increased to 40% at end-June 2016 from 35% at end-2015.
Fitch expects leverage to fluctuate while Times Property expands,
particularly as the government has implemented a series of
policies since October 2016 to curb excessive increases in
housing prices.  The company's maintenance of sales at current
levels would be key to managing the fluctuations in leverage.
Fitch will consider taking positive rating action if Times
Property is able to maintain its leverage below 45%.

Concentration in Guangdong Province: Times Property is a regional
property developer focused on Guangdong Province in southern
China.  Guangzhou, Foshan and Zhuhai together accounted for more
than 85% of the total contracted sales in the past three years.
Fitch believes that Times Property will concentrate on expanding
within Guangdong Province and is unlikely to expand into other
provinces in the near term.

                          KEY ASSUMPTIONS

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

   -- Contracted sales sustained above CNY30 bil. in the next
      three years.
   -- Gross profit margin (including capitalized interests)
      maintained at 20%-25% over 2017-2019.
   -- Attributable land premium around 45% of total contracted
      sales in the next three years.

                        RATING SENSITIVITIES

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

   -- Net debt/adjusted inventory sustained below 45%
   -- Contracted sales/total debt sustained above 1.5x
   -- EBITDA margin sustained above 20%. (1H16: 20%)
   -- Land bank sufficient for three years of development

Negative: Future developments that may lead to the Outlook
reverting to Stable:

   -- Failing to maintain the positive guidelines

FULL LIST OF RATING ACTIONS

Times Property Holdings Limited

  Long-Term Foreign-Currency IDR affirmed at 'B+'; Outlook
revised
   to Positive from Stable
  Senior unsecured rating affirmed at 'B+', Recovery Rating at
   'RR4'
  USD280 mil. 11.45% senior unsecured notes due 2020 affirmed at
   'B+', Recovery Rating at 'RR4'
  USD305 mil. 12.625% senior unsecured notes due 2019 affirmed at
   'B+', Recovery Rating at 'RR4'
  CNY1.5 bil. 10.375% senior unsecured notes due 2017 affirmed at
   'B+', Recovery Rating at 'RR4'


TIMES PROPERTY: S&P Assigns 'B' Rating to Proposed US$ Notes
------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating and
'cnBB-' long-term Greater China regional scale rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes
by Times Property Holdings Ltd. (B+/Stable/--; cnBB/--).  The
issue ratings are subject to S&P's review of the final issuance
documentation.

The issue rating is one notch lower than the long-term corporate
credit rating on Times Property to reflect structural
subordination risk.  The company intends to use the proceeds from
the proposed notes to refinance its existing debt.

S&P expects Times Property to use the proceeds from the proposed
notes to refinance its higher-cost offshore borrowings.  These
borrowings include its Chinese renminbi (RMB) 1.5 billion 10.375%
notes due July 2017 and a possible early redemption of its
US$305 million 12.625% senior notes callable from March 2017.
The repayment and refinancing of these notes could lower the
company's interest expenses and extend its debt maturities.
Times Property's average funding cost was 8.59% for the first six
months of 2016.

Times Property has been expanding its land bank more aggressively
than S&P had previously expected.  S&P estimates the company
spent about 50% of its contracted sales in 2016 to acquire land
parcels in Guangdong province.  S&P believes these acquisitions,
amid strong competition for land, may strain Times Property's
margins going forward.  However, the company's strong cash
receipts from sales and moderate property price increases in key
cities in Guangdong could temper the impact.

S&P expects Times Property's growing brand recognition and local
knowledge in Guangdong to continue to support its sales growth
with reasonable margins.  The company's contracted sales reached
RMB29.3 billion in 2016, an increase of 50% compared with
RMB19.5 billion in 2015.  Additionally, the average selling price
increased to RMB11,861, from around RMB9,000.  In S&P's base
case, it estimates Times Property's debt-to-EBITDA ratio to have
stayed about 5x in 2016.



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


IMPERIAL PACIFIC: Fitch Assigns 'CCC' Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has assigned Hong Kong-based Imperial Pacific
International Holdings Limited (IPI) a final Long-Term Foreign-
Currency Issuer Default Rating (IDR) of 'CCC', which has been
downgraded from the 'B(EXP)' expected rating assigned in
September 2016.  Fitch has also downgraded the casino resort
operator's proposed US dollar senior secured note issue to an
expected 'B-(EXP)' rating, from 'BB-(EXP)'.  The Recovery Rating
remains at 'RR2'.

The downgrade of the final ratings reflects the company's need to
fund advances to customers and bear customers' credit risk due to
the lack of licensed junket operators in Saipan.  In addition,
the company has still not secured sufficient long-term funding
for the construction of its casino and resort.

The proposed notes, which will be issued by Imperial Pacific
International (CNMI), LLC (Saipan), are rated two notches above
IPI's IDR because they are secured by essentially all the assets
of the casino and resort under construction and guaranteed by
Imperial Pacific Properties (CNMI), LLC, which owns the lease of
the land on which the resort is built, and by the parent, IPI.

Final ratings are contingent upon the receipt of final documents
conforming to information already received.

                        KEY RATING DRIVERS

Lack of Junkets: So far only one junket has been licensed by the
Commonwealth Casino Commission of Saipan.  Thus, IPI has been
operating its VIP business through third-party introductions and
internal marketing, with IPI granting credit directly to VIP
customers who are partly backed by guarantors.  Fitch believes
IPI's receivable days have expanded well beyond 100 days in view
of the strong VIP rolling chips volume in the past six months.
Operating cash generation is likely to be low, despite strong
revenue growth.  Receivables risk may only improve after more
junkets are licensed to operate with IPI, which is only likely to
occur once the new casino is completed.

Capex Funding Not Finalised: IPI's casino license requires the
casino to start operating by April 2017 and the hotel resort by
August 2017.  Fitch believes IPI is on target to meet its
construction deadline, but longer-term capex funding for the
casino and hotel resort is not yet in place.  Construction to
date has been funded via short-term borrowings and internal cash
generation.  Failure to secure funding for the completion of both
construction phases may further pressure IPI's liquidity.

Volatile VIP segment: IPI's ratings are driven by the short
operating history of its gaming business in Saipan, which is
almost entirely driven by the volatile high-rolling VIP segment.
The segment is junket-driven and subject to policy uncertainty.
The Commonwealth Casino Commission of Saipan is vetting a number
of junket operators before they start doing business with IPI.

Short Operating Record: The sustainability of IPI's niche casino
business model depends on its ability to manage relationships
with VIPs and receivable risks.  The company has about one year
of operating history in its temporary casino.  Monthly VIP
rolling chips consistently amount to more than USD1.5 bil. each
month. Initial performance for IPI's temporary casino in Saipan
may not be sustainable as the curiosity factor fades.

Active Tourism Development: Lodging is currently the major
bottleneck for the increasing number of VIP visitors, but this is
being addressed with the opening of a new luxury hotel in 2016
and the opening of IPI's own hotel in 2Q17.  In addition, flight
frequencies to Saipan from cities in north-east Asia are
gradually increasing.

Saipan's Advantages: IPI leverages on its competitive advantage
in attracting VIPs in a low gaming tax and safe environment under
US laws.  IPI paid a 1.3% rebate to VIPs in 1H16; it received
approval from the Commonwealth Casino Commission to pay a rebate
to VIPs of up to 1.8%, which is higher than the rates paid in
most other Asian countries.  Saipan is well-positioned to cater
to players in north-eastern China, with flight time of around
five hours and a visa-on-arrival policy for Chinese citizens.

                         KEY ASSUMPTIONS

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

   -- gross gaming revenue of USD0.9 bil.- 1.0 bil. in 2016 and
      USD1.0 bil. - 1.4 bil. a year in 2017-2019;
   -- 70% of VIP revenue sourced from junket operators or
      introductions in 2016-2019;
   -- commission rates of 1.40% to VIP and 1.85% to junket
      operators in 2016-19; and
   -- capex of USD200 mil.-300 mil. in 2016 and USD300 mil.-
      400 mil. in 2017.

                       RATING SENSITIVITIES

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

   -- Ability to secure sufficient funding from internal or
      external sources to cover capex and refinancing needs,
      leading to the successful opening of the new casino by the
      end of 1Q17 and resort by the end of 2Q17.

   -- Trade receivable days from VIP gross gaming revenue
      sustained within 100 days, which is only likely to occur
      after the commencement of junket operations (June 2016:
      79 days).

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

   -- Failure to secure sufficient funding to cover capex and
      refinancing needs, leading to substantial cost-overruns or
      a delay in the opening of the new casino or resort.

   -- Significant worsening of operational cash flow due to
      longer trade receivable days after the opening of the new
      casino

                             LIQUIDITY

Financing Plan: IPI had short-term debt of HKD1.1 bil. (USD142
mil.), convertible bonds of HKD561 mil. due August 2017 and a
capex commitment of HKD3.0 bil. as at end-June 2016.  These
amounts were intended to be satisfied by the proposed issuance of
US dollar senior secured notes and other potential debt
facilities.  However, Fitch expects the need to fund customers
and ongoing capex to have impacted IPI's liquidity position as at
end-2016.



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


AK DAS: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned A.K. Das
Associates Limited (AKDAL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect AKDAL's moderate revenue base and credit
metrics.  In FY16, the company's revenue was INR615 million
(FY15: INR528 million) with net leverage (Ind-Ra adjusted net
debt/operating EBITDAR) of 2.8x (3.4x) and interest coverage
(operating EBITDA/gross interest expense) of 1.6x (1.7x).

KDAL's liquidity profile remains tight with its fund-based
facilities being utilized more than 97% over the 12 months ended
November 2016.

The ratings are, however, supported by the promoters' operating
experience of over two decades in the construction of
transmission lines and substations, and related electrical and
civil works.

                        RATING SENSITIVITIES

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

Negative: A decline in the EBITDA interest coverage on a
sustained basis would lead to a negative rating action.

COMPANY PROFILE

Odisha-based, AKDAL was incorporated in 1996 and was
reconstituted as a public limited company as A.K. Das Associates
Limited in 1999.  The company constructs transmission lines and
substations, and executes related electrical and civil works.  It
implements electrical contracts of power lines ranging from 11
kilovolts to 400 kilovolts.

AKDAL is promoted by Amiya Kanta Das, Sovarani Das and Pranati
Das.


AMCON CONSTRUCTION: CARE Assigns B+ Rating to INR2cr LT Loan
------------------------------------------------------------
The ratings assigned to the bank facilities of Amcon Construction
Company (ACC) are primarily constrained on account of thin
profitability and moderate liquidity position during FY16 (refers
to the period April 1 to March 31).

                               Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Long-term Bank Facilities      2       CARE B+; Stable
                                          Assigned
   Short-term Bank Facilities     4       CARE A4 Assigned

Furthermore, the ratings are also constrained on account of
partnership nature of its constitution leading to limited
financial flexibility and risk of capital withdrawals by partners
coupled with geographical concentration risk with limited revenue
diversity, volatility in input prices and absence of price
escalation clause and presence in a highly fragmented and
competitive industry.

The ratings, however, derive comfort from consistent growth in
its scale of operations coupled with moderate order book
position, comfortable capital structure and debt coverage
indicators, experience of the promoters and its established track
record of operations.

ACC reported a total operating income (TOI) of INR22.34 crore
during FY16, while PBILDT margin stood low at 3.44% However, the
PAT margin has improved marginally by 9 bps and stood moderate
at 1.40% during FY16 as against 1.31% in FY15 on account of
decrease in depreciation and finance cost. The gross cash
accruals of the firm stood low at INR0.49 crore.

ACC's capital structure stood comfortable marked by an overall
gearing ratio of 0.41x as on March 31, 2016 as against 0.98x as
on March 31, 2015. Debt coverage indicators of the company also
stood
comfortable at total debt to GCA of 3.27 years in FY16 as against
10.85 years in FY15. Interest coverage stood comfortable at 2.79
times in FY16 as against 1.96 times in FY15.

ACC's working capital cycle stood at 18 days during FY16. The
inventory days stood low at 14 days, the collection period
remained comfortable at 20 days and the creditor's period stood
at 16 days during FY16.

The cash credit utilization remained at 75% for the past 12
months ended on September 30, 2016.

ACC's partners are qualified professionals with healthy
experience in the construction industry. Mr Pravin Patel, having
healthy experience of three decades in construction business is
handling
procurement department for the business. Mr Jeminkumar Patel,
partner, who is having two years of experience, looks after
overall operations of the business.

Palanpur-based (Gujarat), ACC is a partnership firm incorporated
in 1997 and is promoted by Mr Pravinbhai Patel, Mr Jemin Kumar
Patel, Mrs Bhagvatiben Patel and Mr Bhavik Kumar Patel. ACC is a
turnkey civil contractor engaged into Road Construction. ACC is a
registered "AA" Class contractor with Road & Building (R&B)
department, Government of Gujarat. The execution timeline of the
work orders of the firm remains between 9-12 months. The firm
sublets upto 70% of its work orders to other local sub-
contractors.

During FY16 (A), ACC reported PAT of INR0.31 crore on a TOI of
INR22.34 crore as against PAT of INR0.11 crore on a TOI of
INR8.40 crore in FY15(A). During 7MFY17 (provisional), ACC has
reported TOI of INR4.50 crore.


ARCH INFRA: Ind-Ra Raises Long-Term Issuer Rating to 'BB'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Arch Infra
Properties Private Limited's (AIPPL) Long-Term Issuer Rating to
'IND BB' from 'IND BB-'.  The Outlook is Stable.

The assignment of final rating follows the receipt of transaction
documents conforming to the information already received by Ind-
Ra.

                         KEY RATING DRIVERS

The rating upgrade reflects the timely progress of the company's
residential project Starwood.  The company expects to complete
the project on time, by December 2018.  Moreover, the company has
sold 32.62% of the total flats, and received customer advances of
INR290.36 million till October 2016.

The ratings continue to reflect the time and cost overrun risks
associated with the project.  The ratings are constrained by the
company's high dependence on customer advances which form 72.43%
of the total project cost.

The ratings are supported by the promoters' decade-long
experience in completing several projects in Kolkata.

                       RATING SENSITIVITIES

Negative: Any delays or cost overruns in the project would lead
to a negative rating action.

Positive: Timely execution of the project within the projected
cost outlay would be positive for the ratings.

COMPANY PROFILE

AIPPL was incorporated in 2008 for the development of residential
project Starwood in Chinar Park, Kolkata.  Mr Jugraj Kothari,
Prashant Vashistha and Harish Kumar Giria are the directors of
the company. The directors belong to Arch Group which was
established in 2005.  Rajendra Kumar Sarogi, Rabindra Bacchawat,
Lalit Kumar Jain and Rajesh Osatwal are the promoters of the Arch
Group.  The company has a registered office in Park Street,
Kolkata and a corporate office in AJC Bose Road, Kolkata.


BHAGAWATI ENTERPRISES: ICRA Reaffirms B+ Rating on INR5cr Loan
--------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ to the
INR5.00 crore cash credit facility, which is a sub-limit of the
short-term, non-fund based facility of Bhagawati Enterprises. The
outlook on the long-term rating is 'Stable'. ICRA has also re-
affirmed the short-term rating of [ICRA]A4 to the INR18.45 crore
of Letter of Credit facility. Furthermore, ICRA has re-affirmed
[ICRA]B+/[ICRA]A4 ratings for an unallocated amount of INR1.55
crore.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Long-term Fund
  Based Limit          (5.00)       [ICRA]B+ (Stable) Re-affirmed

  Short-term Non-
  Fund Based Limit     18.45        [ICRA]A4 Re-affirmed

  Unallocated Limits    1.55        [ICRA]B+ (Stable)/[ICRA]A4
                                    Re-affirmed

Rationale
The ratings re-affirmation reflect Bhagawati Enterprise's weak
financial profile as reflected in its moderate scale of
operations, subdued profit margin, moderate capital structure,
weak coverage indicators and working capital intensive nature of
operations. The ratings also incorporate the highly fragmented
and competitive industry structure, susceptibility of margins to
fluctuation in timber prices and adverse movements in foreign
exchange, given the present volatility in the currency market
coupled with high outstanding payables. Furthermore, BE is a
partnership firm, and any significant withdrawals from capital
account could affect its capital structure. The ratings, however,
factor in the management's established track record in the timber
industry and sourcing support from associate concerns.

ICRA expects a marginal growth in revenues in FY2017, following
the ongoing slowdown in demand. The company's operating profits
would remain vulnerable to adverse movements in prices of timber
and to the high competitive pressure prevailing in the industry.
Going forward, the company's ability to scale up the operations
and maintain adequate margins would remain critical from a credit
rating perspective. ICRA also notes the vulnerability of the
business operations to the changes in regulatory policies of
exporting countries and India, as well as BE's exposure to the
inherent cyclicality in the real estate and construction sector.

Key rating drivers
Credit Strengths
* Longstanding experience of promoters in the timber trading
business
* Operational support from associate concern in the form of
sourcing wood.

Credit Challenges
* Financial profile characterised by moderate scale of
operations, thin profitability, moderate capital structure and
weak coverage indicators;

* Working capital intensive nature of operations funded through
a mix of working capital borrowings and LC-backed creditors;

* Profitability susceptible to movements in the prices of timber
   as well as to the adverse fluctuations in foreign exchange
   rates;

* Highly fragmented nature of industry, characterised by intense
   competition from a large number of organised and unorganised
   players and little product differentiation restricting pricing
   flexibility and keeping margins under check;

* Risk associated with the firm's legal status as a partnership
   firm, including the risks of withdrawal of capital.

Description of key rating drivers highlighted:

BE's financial profile is characterised by moderate scale of
operations owing to the ongoing slowdown in the real estate and
construction setor, leading to limited demand for timber. The
profitability of the firm has remained modest, given the low
value additive nature of the business. The thin profit levels
have also led to weak coverage indicators of the firm. The firm
imports timber in anticipation of demand, hence the inventory
levels have remained high with the average inventory holding
period ranging from 60 to 90 days. The inventory levels have
declined in FY2016, following entire procurement being made from
the domestic market, which has resulted in lesser transit time.
Although the purchases are backed by Letter of Credit (LC) with
an usance period of 180 to 300 days, the net working capital
intensity of the firm has remained high on account of high
debtors following high sales made in the last quarter coupled
with high inventory levels.

The firm's procurement is not against firm orders and its margins
remain vulnerable to volatility in the prices of timber. With the
procurement being import dominated, the margins are also
susceptible to the volatilities in the prices of timber and
currency fluctuation risk. BE also faces stiff competition from a
large number of unorganised players in the timber industry, given
the low entry barriers and low value addition, which exerts
pressure on the profitability of the firm.

Nonetheless, the management's vast experience of more than four
decades in the industry has enabled the firm to leverage its
established relationships with suppliers as well as customers.
The firm also enjoys sourcing support from its associate concern,
Shree Shankar Vijay Saw Mill, which is also engaged in the same
business sector.

Analytical approach:
For arriving at the ratings, ICRA has taken into account the debt
servicing track record of BE, its business risk profile,
financial risk drivers and management profile.

Established in 1987 as a partnership firm, Bhagwati Enterprises
is engaged in the import of round log and cut-to-size Burmese and
South African teak timber as well as hardwood. It caters to the
domestic market, with ~70% of its revenues being generated from
southern India. The firm mainly deals in teak wood (which
accounts for ~90-95% of the total sales) and hard wood (which
accounts for ~5-10% of the total sales). The timber traded is
used for door frames, furniture, interiors, etc. The firm imports
Burmese and African timber routed mainly through Dubai, Singapore
and Hong Kong. Imports are mainly made through sea ports of
Mumbai, Tuticorin, Mangalore and Kandla. The firms have timber
yards at all these ports to facilitate the warehousing and supply
of timber logs. The firm's head office is located on Reay Road,
Mumbai.

Shree Shankar Vijay Saw Mill (SSVSM) (rated
[ICRA]B+(Stable)/[ICRA]A4 in December 2016) is an associate
concern of BE that is also engaged in the same business sector.
In FY2016, the firm reported a net profit of INR0.21 crore on an
operating income of INR20.83 crore, as compared to a net profit
of INR0.22 crore on an operating income of INR22.22 crore during
the previous year. On a provisional basis, the company reported
revenues of INR10.85 crore during H1 FY2017.


BHAGAWATI ESTATE: CARE Reaffirms B+ Rating on INR3.53cr LT Loan
---------------------------------------------------------------
The reaffirmation in ratings assigned to the bank facilities of
Bhagawati Estate Warehouse (Ashoknagar) (BEWA) takes into account
wide experience of the promoter and established presence of the
group in various business segments within Madhya Pradesh (MP).

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      3.53      CARE B+;Stable
                                            Reaffirmed

   Short-term Bank Facilities     2.10      CARE A4 Reaffirmed

The ratings are however continue to remain constrained on account
of its small scale of operations in competitive warehousing and
agro commodity business, its constitution as a proprietorship
firm and weak financial risk profile marked by leveraged capital
structure, weak debt coverage and liquidity indicators. The
ability of BEWA to increase its scale of operations, improvement
in profitability and improvement in capital structure along with
efficient working capital management in light of the competitive
nature of the industry are the key rating sensitivities.

BEWA's total operating income (TOI) witnessed y-o-y decline of
about 32.42% driven by decline in quantity traded of agro
commodities during FY16 on account of lower cultivation due to
monsoon deficit. TOI of BEWA remained small at INR1.69 crore.
Consequent to decline in scale of operations, PBILDT in absolute
terms also declined by 37.34% y-o-y during FY16 while owing to
trading nature of operations PAT continues to remain very low.
Owing to increase in working capital borrowing coupled with low
net worth base overall gearing ratio deteriorated to 4.58 times
as on March 31, 2016. As a result of thin profitability, debt
coverage indicators remained weak marked by high total debt to
GCA ratio at 66.46 times as on March 31, 2016.

Liquidity position also remained weak marked by below unity
current ratio, below unity quick ratio, elongated working capital
cycle and higher utilization of working capital limits.

BEWA's proprietor, Mr. Vikram Singh possess more than two decades
of experience in the trading industry and manages all day to day
operation of firm. BEWA is a part of Madhya Pradesh based
Bhagawati group which is involved into different business
verticals.

Bhagawati Development Services Private Limited (BDSPL - rated
CARE B+/ CARE A4) and Bhagawati Cools Private Limited (BCPL -
rated CARE B+/CARE A4) which are engaged in similar line of
business and also have distributorship of Indo Farm tractors and
Mahindra and Mahindra (M&M) tractors respectively in Madhya
Pradesh. Another associate, Bhagawati Estate Warehouse, Kolaras
(BEWK rated CARE B+/CARE A4) is a proprietorship firm owned by
Mrs. Lata Singh, w/o Mr. Vikram Singh, is also engaged in
warehousing and trading of agro commodities. However, the day-to
day operations are looked after by Mr. Vikram Singh. The group
incorporated Bhagawati India Motorizer Private Limited (BIMPL-
rated CARE B+) in October 2013 to take up the dealership of
Mahindra & Mahindra (M&M) vehicles and servicing of auto parts in
four districts of Madhya Pradesh (MP) namely Shahdol, Mandla,
Dindori and Anuppur.

BEWA was established as a proprietorship firm in May 2011 by Mr.
Vikram Singh to undertake the business of warehousing and trading
of agro-commodities like potatoes and wheat. The firm has two
warehouses having an aggregate storage capacity of 10,000 metric
tonne (MT) at Ashok Nagar in Gwalior district of Madhya Pradesh.
BEWA commenced its operation from December 2012.

During FY16 (A), BEWA reported PAT of INR0.05 crore on a TOI of
INR1.69 crore as against PAT of INR0.03 crore on a TOI of INR2.49
crore during FY15.


BRISEIS CV: Ind-Ra Provisionally Rates Series A2 PTCs 'BB'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Briseis CV IFMR
Capital 2016 (an ABS transaction) these provisional ratings:

   -- INR382.7 mil. Series A1 pass-through certificates assigned
      provisional IND A-(SO)/Stable' rating

   -- INR 41 mil. Series A2 PTCs assigned provisional
      'IND BB(SO)/Stable' rating

The final ratings are contingent upon the receipt of final
documents conforming to the information already received.

The used commercial vehicles loan, multi-utility vehicle loan,
car loan, construction equipment loan and agriculture equipment
loan pool to be assigned to the trust is originated by Ess Kay
Fincorp  Private Limited (EKFPL).

                         KEY RATING DRIVERS

The provisional ratings are based on the origination, servicing,
collection and recovery expertise of EKFPL, the legal and
financial structure of the transaction, and the credit
enhancement (CE) provided in the transaction.  The provisional
rating of Series A1 PTCs addresses the timely payment of interest
on monthly payment dates and the ultimate payment of principal by
the final maturity date on June 18, 2020, in accordance with
transaction documentation.

The provisional rating of Series A2 PTCs addresses the timely
payment of interest on monthly payment dates only after the
complete redemption of Series A1 PTCs and ultimate payment of
principal by the final maturity date on June 18, 2020, in
accordance with the transaction documentation.

The transaction benefits from the internal CE on account of
excess interest spread, subordination and over-collateralisation.
The levels of over-collateralisation available to Series A1 and
A2 PTCs are 16.0% and 7.0% of the initial pool principal
outstanding (POS), respectively.  The total excess cash flow or
the internal CE available, including over-collateralisation, to
Series A1 and A2 PTCs is 34.77% and 22.95%, respectively, of the
initial POS. The transaction also benefits from the external CE
of 3.5% of the initial POS in the form of fixed deposits in the
name of the originator, with a lien marked in favour of the
trustee.  The collateral pool to be assigned to the trust at par
had the initial POS of INR455.6 million, as of the pool cutoff
date of Dec. 4, 2016.

The external CE will be used in the event of a shortfall in a)
complete redemption of all Series of PTCs on the final maturity
date, b) monthly interest payments to Series A1 investors c)
monthly interest payments to Series A2 investors after the
complete redemption of Series A1 investors and d) any shortfall
in Series A2 maximum pay-out on the Series A2 final maturity
date.

                       RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model
based on the transaction's financial structure.  The agency
analyzed historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction. The base values of the default rate, recovery
rate, time to recovery, collection efficiency, prepayment rate
and pool yield were stressed to assess whether the level of CE
was sufficient for the current rating levels.

Ind-Ra also conducted rating sensitivity tests.  If the
assumptions about the base case default rate worsen by 20%, the
model-implied rating sensitivity suggests that the ratings of
Series A1 and Series A2 PTCs will not be impacted.

COMPANY PROFILE

Incorporated in 1994, EKFPL is a Jaipur-based non-banking
financial company with a track record of over 22 years.  EKFPL is
promoted by Mr Rajendra Kumar Setia.  It primarily provides
vehicle loans, including light commercial vehicle and multi-
utility vehicles, car, three-wheeler and SME loans, in Rajasthan,
Gujarat, Madhya Pradesh and Punjab.  Its corporate and registered
office is located in Jaipur, Rajasthan.

As of March 2016, EKFPL had INR5,256.3 million worth of assets
under management (AUMs) (on-balance sheet AUMs:
INR4,561.71(including MRR) million and off-balance sheet AUMs:
INR694.59 million).  Its network base stood at 191 branches as of
August 2016.  As of March 2016, gross non-performing assets (NPA)
(defined as loans that are more than 180dpd) were 1.37% (March
2015: 1.37%) and net NPA were 1.78% (0.88%).


CHETAN OVERSEAS: Ind-Ra Raises Long-Term Issuer Rating to 'BB'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Chetan Overseas
(Delhi) Private Limited's (CODPL) Long-Term Issuer Rating to
'IND BB' from 'IND BB-'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The upgrade reflects an improvement in CODPL's interest coverage
ratio and scale of operations.  In FY16, CODPL's gross interest
coverage (operating EBITDA/gross interest expense) improved to
1.52x (FY15: 1.38x; FY14: 1.20x) and revenue increased to
INR1,207.62 million (INR1,190.65 million; INR1,022.04 million).
The ratings continue to be supported from the over two decades of
experience of CODPL's directors in the industry.

Moreover, CODPL's liquidity position has been comfortable, as
reflected in its 90.02% average use of working capital limits
over the 12 months ended December 2016.

However, the CODPL's net financial leverage (total adjusted net
debt/operating EBITDAR) deteriorated to 5.05x in FY16 (FY15:
3.92x; FY14: 6.18x).  In FY16, EBITDA margin deteriorated to
2.72% from 2.89% in FY15.

                        RATING SENSITIVITIES

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

Positive: A sustained revenue growth, along with improved credit
metrics, could lead to a positive rating action.

COMPANY PROFILE

CODPL is engaged in the trading of non-ferrous metals. In June
2011, the company was acquired by Krish Vinimay Pvt. Ltd.  Before
the acquisition, Krish Vinimay did not have any major business
operations.  The company was renamed CODPL to tap the brand,
Chetan Overseas.


CLASSIC KNITS: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Classic Knits
India Private Limited's (CKIPL) Long-Term Issuer Rating to 'IND
D' from 'IND BB-'.

                         KEY RATING DRIVERS

The downgrade reflects the delay of up to 29 days in servicing of
its term loans by the company during the four months ended
November 2016, due to stretched liquidity on delayed collection
of receivables.

                       RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2010, Tirupur-based CKIPL manufactures and
exports knitted garments.  It is a vertically integrated
production house with spinning, knitting and garmenting
facilities.  The company also has four windmills of total 3MW
capacity and thus manages the entire power requirement for
spinning.


DHIRAJ FOUNDATION: ICRA Reaffirms B- Rating on INR20.63cr Loan
--------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B- for the
INR20.631 crore long-term term-loans (revised from INR20.76
crore) and INR0.13 crore unallocated facilities of Dhiraj
Foundation. The outlook on the long term rating is stable.

                         Amount
  Facilities          (INR crore)   Ratings
  ----------          -----------   -------
  Long-term-Term
  loans                   20.63     [ICRA]B- (Stable)/reaffirmed

  Long term-
  Unallocated              0.13     [ICRA]B- (Stable)/reaffirmed

Rationale
The rating re-affirmation takes in to account the trust's highly
leveraged capital structure and stretched debt protection
metrics, although periodic funding support from trustees has
mitigated the impact to some extent. The ratings also factor in
the trust being present in a highly competitive sector which puts
pressure on attracting and retaining talented students and
faculty. The ratings also factor in the risk of potential cash
flow mismatches on account of the lumpy nature of inflows and the
inherent risk of limited disclosures associated with a trust.

However, the rating also considers the long standing experience
of the promoters in the higher education sector of over four
decades. The rating also factors in the healthy improvement in
the operational profile of the college with increased receipts in
FY2016 and most of planned capital expenditure already completed.
The rating reaffirmation also takes comfort from the donations
being infused into the trust every year.

Key rating drivers
Credit Strengths
* Promoter's track record in the higher education sector with
   over four decades of experience in the industry
* Improvement in operating profile with increased receipts in
   FY2016; comfort from donations being infused into the trust
   every year
Credit Challenges

* Tight liquidity conditions due to weak cash accruals; however
   funding support from trustees alleviates condition to an
extent
* Capital structure and coverage indicators continue to remain
   stretched owing to debt-funded capital expenditure undertaken
   in the recent past
* Modest scale of operations in a highly competitive sector,
puts
   pressure on attracting and retaining talented students and
   faculty

Description of key rating drivers highlighted:

The foundation commenced operations in 2011 with an engineering
college affiliated to Anna University. The promoters have
experience in the higher education sector for more than four
decades and are currently has student strength of 2221. There was
an improvement in the operational profile of the college with
increased receipts in FY 2016 and most of planned capital
expenditure already completed. The financial profile of the
trust is characterized by tight liquidity conditions because of
weak cash accruals, stretched capital structure and weak coverage
indicators owing to low profitability and debt funded capital
expenditure undertaken in the recent past. However, trust takes
comfort from the donations being infused into the trust every
year. The sector is highly competitive with overall engineering
applicants in Tamil Nadu decreasing in academic year-2017
compared to academic year- 2016 which exerts pressure on
attracting and retaining talented students and faculty.

Dhiraj Foundation, registered in December 2010 is promoted by Mr.
A. Dhirajlal Gandhi. DF commenced operations in July 2011 with
'Dhirajlal Gandhi College of Technology' (DGCT) at Salem, Tamil
Nadu. The college offers five Under-Graduate (UG) courses and
four Post-graduate (PG) courses. The college is approved by the
AICTE (All India Technical Council for Technical Education) and
is affiliated to Anna University, Tamil Nadu.

DGCT commenced operations in FY 2011-12 with three engineering
courses viz., Electronics and Communication (ECE), Civil
Engineering and Computer Science (CSE). Over the years, the
college has added the two UG courses: Mechanical engineering (FY
2012-13) and Electrical and Electronics Engineering (FY 2014-15).
The college also introduced four PG programmes, ME (Computer
Science) and ME (Structural) in FY 2013-14, and ME (Communication
systems) and ME (CAD/ CAM) in FY 2014-15.

The day-to-day operations of the college are managed by Mr.
Dhirajlal. A. Gandhi, the Chairman of the Trust and an
academician with over five decades of experience in the education
field. He has held key positions in several colleges in the
region such as Secretary in Sona College of Technology (Sona),
Salem and Chairman and advisor of Thiagarajar Polytechnic
College.

In FY 2016, the trust reported a net profit of INR0.86 crore on
operating income of INR16.64 crore as against a net loss of
INR2.06 crore on operating income of INR12.12 crore in FY 2015.


ELECTROTEKNICA SWITCHGEARS: Ind-Ra Raises LT ssuer Rating to 'B+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Electroteknica
Switchgears Private Limited's (ESPL) Long-Term Issuer Rating to
'IND B+' from 'IND B-'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The rating upgrade reflects improved credit metrics of ESPL
during 9MFY17 with the improvement in operating margin.  The
operating margin improved to 9.28% during 9MFY17 as compared to
negative operating margin of 2.7% during FY16.  Negative
operating margin during FY16 was mainly due to slow execution of
work orders for which the company had to pay high liquidity
damage charge of INR2.97 million.  Positive EBITDA margin during
9MFY17 helped the company to improve its credit metrics.
Improvement in credit metrics is reflected in its gross interest
coverage (operating EBITDA/gross interest expense)  of 2.34x
during 9MFY17 as compared to negative 1.2x in FY16 and net
financial leverage  (total adjusted net debt/operating EBITDAR )
also improved to 2.01x as compared to negative 4x.

The ratings continue to factor in its moderate liquidity position
as evident from its average fund-based utilization of 90.22% for
the 12 months ended December 2016.  The ratings also continue to
factor in its small scale of operation as the company has only
achieved INR76.96 million till 9MFY17 as compared to INR101
million during FY16.  Revenue remained on the same level and is
likely to remain same during FY17 with present work orders in
hand.

The ratings are, however, supported by over two decades of
experience of the company's promoters in manufacturing
switchgears.

                       RATING SENSITIVITIES

Positive- A sustained improvement in EBITDA margins leading to an
improvement in the overall credit metrics could lead to a
positive rating action.

Negative- Deterioration in operating margin could lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 1989 in Kolkata, ESPL manufactures switchgears.
In 2008, it was acquired by Vijai Electricals Ltd, which has also
guaranteed for the rated bank facilities.

S Balasubramanian and P Suresh Babu are the directors of the
company.


FRATELLI WINES: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Fratelli Wines
Private Limited a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect FWPL's moderate scale of operations and
moderate credit metrics.  In FY16 revenue was INR450.99 million
(FY15: INR292.32 million), EBITDA margins were 12.79% (1.52%),
interest coverage (operating EBITDA/gross interest expense) was
1.55x (0.17x) and net leverage (adjusted net debt/operating
EBITDA) was 5.03x (37.31x).

The ratings further reflect FWPL's tight liquidity profile as
indicated by almost 100% utilization of its fund-based working
capital limit during the 12 months ended December 2016.

The ratings, however, derive strength from around a decade of
experience of FWPL's promoters in the wine making industry and
the company's decade-long operational history.

                       RATING SENSITIVITIES

Negative: Worsening of working capital requirements leading to
stretch on the liquidity profile will be negative for the
ratings.

Positive: A significant improvement in the topline along with the
current credit profile being maintained or improved will be
positive for the ratings.

COMPANY PROFILE

FWPL was established in 2006 as a private company, with Andrea &
Alesso Secci, Kapil and Gaurav Sekhri and Ranjitsinh and
Arjunsinh Mohite-Patil as promoters.  The firm undertakes
processing and trading of premium wines in the domestic market.
It also produces custom wine for Army Canteens and prestigious
hotels such as ITC, Taj, etc.  The manufacturing unit of the firm
is located at Akluj, Maharashtra with an annual manufacturing
capacity of 1 million litres of wine.


GEN NEXT: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Gen Next Motors
Ltd's (GNML) Long-Term Issuer Rating at 'IND BB+'.  The Outlook
is Stable.

                        KEY RATING DRIVERS

The affirmation reflects GNML's continued moderate credit
metrics. In FY16 its gross interest coverage (operating
EBITDA/gross interest expense) was 1.3x (FY15:1.5x) and net
financial leverage (total adjusted net debt/operating EBITDAR)
was 5.9x (6.8x).  The operating margins improved slightly to 4.1%
in FY16 from 3.0% on FY15.  Improvement in margin was mainly due
to decrease in other expenses.

The ratings also reflect GNML's moderate liquidity position as
indicated by its average utilization of the fund-based limits
being 95.9% during the 12 months ended December 2016.

The ratings, however, are supported by the company's improved
revenue as it grew by 20.2% to INR2,358 million during FY16 from
INR1,962 million in FY15.  Improvement in revenue was due to
increase in car sales.

The ratings benefit from the fact that currently GNML is the sole
authorized dealer of Renault India Pvt. Ltd. in Mumbai,
Maharashtra.  The ratings are further supported by the promoter's
experience of more than a decade in the field of running vehicle
showroom and service station.

                       RATING SENSITIVITIES

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

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

COMPANY PROFILE

Incorporated in 2011, GNML is an authorised dealer of Renault
India.

The company is engaged in the business of automobile dealership
of Renault range of passenger cars in Mumbai, Maharashtra.  GNML
is promoted by Mumbai-based Sumit Gupta and his family.  The
company operates six showrooms and five workshops in and around
the region.


GURUSHARANAM FOODS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Gurusharanam
Foods a Long-Term Issuer Rating of 'IND B+'.  The Outlook is
Stable.

                        KEY RATING DRIVERS

The ratings are constrained by Gurusharanam's small scale of
operations and weak credit profile.  In FY16, revenue was at
INR184.74 million (FY15: INR191.93 million), interest coverage
(operating EBITDA/gross interest expense) was 1.41x (1.34x) and
net financial leverage (total adjusted debt/operating EBITDAR)
was 8.51x (6.98x).  Gurusharanam's utilization of the fund-based
working capital limit was around 94% during the 12 months ended
November 2016.  The ratings also factor in the fragmented nature
of the basmati rice processing industry, its susceptibility to
government interventions and monsoon fluctuation.  The highly
commoditized nature of this business which is susceptible to
seasonal trends is another rating constraint.

The ratings, however, draw comfort from moderately stable
operating EBITDA margins of 4.47% in FY16 (FY15: 4.28%) and
founders' over a decade long work experience in the rice
industry.

                       RATING SENSITIVITIES

Negative: A negative rating action could result from a decline in
the topline and operating profitability, leading to deterioration
of the credit metrics.

Positive: A positive rating action could result from a
substantial increase in the topline and an improvement in the
operating profitability, leading to an improvement in the credit
metrics.

COMPANY PROFILE

Established on April 1, 2008, in Taraori (Karnal, Haryana)
Gurusharanam is a partnership firm engaged in the business of
rice milling.  The total installed capacity of the plant is
72,000 quintals of paddy processing per anum.  The firm uses
paddy as raw material and basmati rice is its final product.


GVK POWER: CARE Reaffirms 'D' Rating on INR2400cr Long Term Loan
----------------------------------------------------------------
The reaffirmation in the ratings assigned to the bank facilities
of GVK Power (Goindwal Sahib) Limited (GPGSL) is on account of
delays in servicing of debt obligations owing to delay in project
completion resulting in substantial cost and time overrun.
There are delays in debt servicing on account of delay in COD of
the project coupled with nonoperational nature of the plant owing
to unavailability of coal.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   2,400.00     CARE D Reaffirmed
   Short-term Bank Facilities     40.50     CARE D Reaffirmed

The Plant remained non-operational even after achieving COD due
to non-availability of coal. Non availability of coal was
primarily on account of de-allocation of the coal block. Although
the company is trying to source coal, the same is insufficient.
GPGSL belongs to Hyderabad based GVK group, which is one of the
first Independent Power Plant developers in the country. The GVK
group through GVK Power & Infrastructure Limited (GVKPIL) and
its subsidiaries has substantial ownership interest into power
generating assets and is also engaged in building and developing
of highway projects, providing infrastructure facilities,
exploration of oil & natural gas, operations, maintenance and
development (OMD) of airport projects and exploration of
coal mines.

Incorporated in 1998, GVK Power (Goindwal Sahib) Limited (GPGSL)
is a wholly owned subsidiary of GVK Energy Limited, which in turn
is the subsidiary of GVK Power and Infrastructure Limited
(GVKPIL), the flagship company of GVK group. GPGSL is
implementing a 540 MW (2*270MW), coal-fired thermal power project
at Goindwal Sahib, District Tarn Taran, Punjab. The project was
awarded to
GVK group by Government of Punjab (GOP) & Punjab State
Electricity Board (PSEB) during the year 1996, through
International Competitive Bidding (ICB) route.

GPGSL has executed an amended and restated PPA (for 25 years)
with PSEB on May 26, 2009 for sale of entire electricity to be
generated through a two-part tariff structure.


HYDERABAD RING: CARE Reaffirms 'D' Rating on INR265.13cr Loan
-------------------------------------------------------------
The rating assigned to the bank facilities of Hyderabad Ring Road
Project Pvt Ltd (HRRP) continues to take into account delays in
debt servicing due to delays in receipt of annuity from the
authority.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    265.13      CARE D Reaffirmed

The company is receiving semi-annual annuities from Hyderabad
Growth Corridor Limited with significant delays resulting in
delays in debt servicing. The company has received annuities till
June 2016.

Hyderabad Ring Road Project Private Limited (HRRP) is a special
purpose vehicle (SPV) promoted by the consortium of Era Infra
Engineering Limited (EIEL, rated CARE D) and Induni CIE SA
(Induni), for executing and operating a 8-lane expressway
(Narsingi to Kollur from km 0 to km 12 package) under Phase-II of
outer ring road project of Hyderabad Growth Corridor Limited
(HGCL, in which 74% stake is held by Hyderabad Metropolitan
Development Authority (HMDA)) on Build Operate Transfer (BOT -
Annuity) basis.

The project, initially envisaged to be completed in June 2010,
was delayed significantly primarily due to land acquisition
issues and provisional COD was received with effect from March
30, 2012. The
delays, in turn, resulted in cost overrun and INR600.33 crore had
been incurred on the project as on March 31, 2015 as against the
initially envisaged cost of INR390.02 crore. The concession
period of the project is of 15 years from the appointed date,
which is December 12, 2007.

During FY16 (refers to the period April 1 to March 31), the
company reported a total operating income of INR62.03 crore and
net loss of INR59.48 crore as compared to a total operating
income of INR62.28 crore and net loss of INR52.12 crore in FY15.


INNOVARE LABS: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Innovare Labs
Private Limited's 'IND BB' Long-Term Issuer Rating.  The Outlook
was Stable.

                        KEY RATING DRIVERS

The provisional rating has been withdrawn as the company did not
proceed with the instrument as envisaged.  Consequently, the
agency has withdrawn the Long-Term Issuer Rating.  Ind-Ra will no
longer provide ratings and analytical coverage for the company.

COMPANY PROFILE

Incorporated in 2012, Innovare Labs is setting up a manufacturing
plant for active pharmaceutical ingredients production with an
installed capacity of 318mtpa in Vishakhapatnam, Andhra Pradesh.


JAI MAA: ICRA Reaffirms 'D' Rating on INR28cr Term Loan
-------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR31.00
crore fund based limits of Jai Maa Savitri Educational Society at
[ICRA]D.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Term Loan             28.00       [ICRA]D Reaffirmed
  Cash Credit            3.00       [ICRA]D Reaffirmed

The rating action is based on the continued delay in debt
servicing by the society. As part of its process and in
accordance with its rating agreement with JMS, ICRA had sent
repeated reminders to the company for payment of surveillance fee
that became overdue; however despite multiple requests; the
company's management has remained non-cooperative. ICRA's Rating
Committee has taken a rating view based on best available
information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated Nov. 1, 2016, the company's
rating is now denoted as: '[ICRA]D ISSUER NOT COOPERATING'. The
lenders, investors and other market participants may exercise
appropriate caution while using this rating, given that it is
based on limited or no updated information on the company's
performance since the time it was last rated.

Established in 2010, Jai Maa Savitri Educatioanal Society is a
single asset society, which runs and operates a college by the
name of JMS group of Institutions. This institute offers courses
in Engineering, (including B. Tech courses in 5 disciplines as
well as diploma courses), management (BBA, MBA, PGDM), computer
applications (BCA) and architecture (B. Arch and) All the courses
are approved by AICTE and the institute is affiliated to UPTU for
technical courses (B.Tech, MBA, B.Arch and Ch. Charan Singh
University (Meerut) for BBA and BCA courses and Board of
technical education (UP) for diploma courses. The campus is
located on NH-24, Ghaziabad (Uttar Pradesh) on a land parcel of
15 acres.


JPC INFRA: ICRA Lowers Rating on INR20.80cr LT Loan to 'D'
----------------------------------------------------------
ICRA has downgraded its long term rating on the INR21.0 crore
fund based facilities of JPC Infra Private Limited to [ICRA]D
from [ICRA]BB-.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long Term fund        20.80     [ICRA]D; Downgraded from
  based limits-                   [ICRA]BB-; Stable
  Term Loan (TL)

  Long Term              0.20     [ICRA]D; Downgraded from
  unallocated                     [ICRA]BB-; Stable

Rationale
ICRA has downgraded the ratings assigned to bank lines of JPCIL
due to delays in servicing of debt obligations. The delays have
occurred due to mismatch in the rental receipts of the company's
commercial property operations and its monthly loan repayments.

Key rating drivers
Credit Weakness
* Irregularities in bank loan repayment
* High concentration risks owing to single property leased out
   to a single company
* Absence of escrow/DSRA mechanism leading to susceptibility to
   cash-flow mismatches in case of delayed receipt of rentals

Detailed description of key rating drivers highlighted:

JPC Infra Private Limited; the company owns a commercial property
in Sector 63 Noida which has currently been given on a seven year
lease to a group company operating a Toyota service centre/
workstation under the name Uttam Toyota, with a total leasable
area of ~12,000 sq mt. Around 8,600 sq ft had been leased to a
group company, Standard Type Foundry Pvt Ltd (STF). The ratings
factor in the irregularity in the repayments mainly owing to the
mismatch in the rental receipts of the company's commercial
property operations and its monthly loan repayments. The ratings
further factor in the high concentration risk owing to the
commercial property being leased out to a single tenant. The
ratings however factor in the favorable location of the property.

Analytical approach: Standalone

Links to applicable Criteria
Corporate Credit Rating Methodology
http://www.icra.in/Files/Articles/2009-October-Rating-Corp-
Rating-Methodology.pdf

Incorporated in 2006, JPC owns a commercial property in Sector 63
Noida (~20 km from Central Delhi) with a total leasable area of
~12,000 sq mt out of which, currently ~8,600 sq ft has been
leased to a group company, Standard Type Foundry Pvt Ltd (STF),
which operates a Toyota service centre under the name 'Uttam
Toyota' in the building. The ongoing lease agreement was signed
in October 2011 for seven years with a lock-in period for the
entire tenure. Escalation of 18.75% in the rental is applicable
every alternate year.


K.K. COTEX: ICRA Reaffirms B+ Rating on INR24.70cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ on the
INR24.701- crore fund-based limit of K.K. Cotex. The outlook on
the long-term rating is 'stable'.

                     Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Long-term Fund
  Based Limit          24.70       [ICRA]B+ (Stable) Reaffirmed

Rationale
The rating reaffirmation factors in KKC's weak financial risk
profile, characterised by low profitability along with moderate
debt coverage indicators and gearing levels. The rating continues
to take into account the highly competitive and fragmented
industry structure owing to low-entry barriers. ICRA also notes
that KKC is a partnership firm, wherein any significant
withdrawals from the capital account by the partners could
adversely affect its net worth, and thereby its capital
structure.

The rating, however, continues to positively factor in the
longstanding experience of the promoters in the cotton industry,
and the favorable location of the firm's plant with respect to
raw material procurement.

Going forward, KKC's revenue is expected to witness moderate
growth, although the profitability will remain exposed to any
adverse fluctuations in raw materials prices. The firm's ability
to scale up operations would be largely contingent on the
improvement in international demand, given the seasonality in the
business; volatility in cotton prices; degree of competition and
regulatory changes. Furthermore, the firm's ability to infuse
funds to support its capital structure and efficiently manage its
working capital would be the key rating sensitivity.

Key rating drivers
Credit Strengths
* Long standing experience of promoters in the cotton ginning
   business
* Location of the plant in the cotton producing belt of India,
   giving it easy access to raw cotton
* Sturdy growth of OI in FY2016 as higher volume was processed

Credit Weakness
* Financial profile of the firm characterised by low
   profitability, moderate gearing levels and coverage indicators
* Limited value-adding operations and high competition result in
   low operating and net margins

Description of key rating drivers highlighted:

KKC's financial profile is characterised by low profitability and
stretched liquidity position, arising from high inventory levels
as on March 31, 2016, in anticipation of higher prices. Owing to
a low net-worth base, the company funds its working capital
requirements largely by availing external borrowings.
Consequently, KKC's capital structure remains moderately
leveraged. Furthermore, the firm's profitability remains thin,
leading to weak debt protection metrics.

The profitability continues to remain exposed to adverse
fluctuations in raw material prices. Also, high competition and
fragmented industry structure due to low-entry barriers results
in low operating and net margins.

Nevertheless, the long standing experience of promoters in the
cotton ginning business and the strategic location of the plant
in the cotton producing belt of India i.e. Saurashtra
region(giving it easy access to raw cotton), help in better
management of firm's operations.

Analytical approach:
For arriving at the ratings, ICRA has taken into account the debt
servicing track record of KKC, its business risk profile,
financial risk drivers and the management profile.

Established in 2007, K.K. Cotex (KKC) is a partnership firm
managed by Mr. Kishorbhai S. Patel and Mrs. Bhavitaben Patel. The
firm is engaged in ginning and pressing of raw cotton for the
production of cotton bales and cottonseeds. It also crushes
cotton seeds to produce cotton seed oil and cotton seed oil cake.
KKC's manufacturing facility is located at Kotda Sangani in the
Rajkot District of Gujarat. The firm is currently equipped with
24 ginning machines and one pressing machine that produce 250
bales per day.

KKC reported a net profit after tax and a depreciation of INR0.34
crore on an operating income of INR103.52 crore for the year-
ending March 31, 2016.


KINJAL CHEMICAL: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kinjal Chemical
Private Limited a Long-Term Issuer Rating of 'IND BB'.  The
Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect Kinjal's moderate credit profile.  In FY16,
revenue was INR470 million (FY15: INR443 million), net leverage
(Ind-Ra adjusted net debt/operating EBITDA) was 4.7x (4.3x) and
interest coverage (operating EBITDA/gross interest expense) was
1.7x (1.9x).  Kinjal recorded revenue of INR382.3 million during
1HFY17.  The company has orders worth INR182.57 million in hand,
which are to be executed in the next two months.

The ratings factor in the company's volatile EBITDA margins that
moved in the range of 7.6%-13.3% during FY13-FY16 on account of
fluctuations in the supply of molasses.  KCPL generates 25% of
revenue from trading molasses.

The ratings also factor in the company's tight liquidity with its
average maximum utilization of the fund-based facilities at
around 100% over the 12 months ended November 2016.

                       RATING SENSITIVITIES

Positive:  A substantial improvement in the revenue and liquidity
position leading to a sustained improvement in the credit profile
could be positive for the ratings.

Negative: Continued volatility in the profitability margins
leading to a sustained deterioration in the credit profile could
be negative for the ratings.

COMPANY PROFILE

Set up in 2000, Kinjal manufactures alcohol and castor oil and
trades molasses.  Out of the total revenue, 75% comes from the
manufacture of alcohol and castor oil, and the remaining 25%
comes from molasses trading.


LANDMARK ROYAL: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Landmark Royal
Engineering (India) Private Limited (LMREIPL) a Long-Term Issuer
Rating of 'IND BB'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect LMREIPL's small scale of operations and
moderate credit metrics.  In FY16, revenue was INR156.9 million
(FY15: INR289.0 million), net leverage (adjusted net
debt/Operating EBITDAR) was negative 0.9x (negative 0.4x) and
gross interest coverage (operating EBITDA/gross interest expense)
was 6.9x (6.9x).  The company's EBITDA margin was moderate at
7.8% in FY16 (FY15: 8.8%); margin declined in FY16 due to
increase in construction material cost.

The company, however, has a strong liquidity position as
reflected by its average use of the working capital limits of
around 29.6% during the 12 months ended November 2016.

The ratings benefit from its founders' experience of over one
decade in the civil construction business.

                       RATING SENSITIVITIES

Positive: An improvement in the scale of operations along with
improvement in the overall credit metrics could be positive for
the ratings.

Negative: Further deterioration in the scale of operations could
be negative for ratings.

COMPANY PROFILE

Bilaspur (Chhattisgarh)-based LMREIPL was incorporated in 2008.
The company executes civil construction contracts for various
public and private sector parties.  Till September 2016 the
company had work order amounting INR 192.32 million.


LILA DHAR: ICRA Reaffirms B-/A4 Rating on INR6cr Fund Based Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- on the
INR6.00-crore fund-based limits and the short-term rating of
[ICRA]A4 on the INR5.00-crore non-fund based limits and the
INR5.00-crore unallocated limits of Lila Dhar Devki Nandan
(LDDN). The outlook on the long-term rating is 'Stable'.

                        Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits       6.00      [ICRA]B-(Stable)/A4
                                    Reaffirmed

  Non-fund Based Limits   5.00      [ICRA] A4 Reaffirmed

  Unallocated Limits     5.00       [ICRA] A4 Reaffirmed

Rationale
The ratings reaffirmation positively factors in the experience
and the long track record of proprietor in the field of road
construction. ICRA draws comfort from the presence of price
escalation clause in contracts, which limits the raw material
price volatility risk. Furthermore, the firm's forayed into
fodder trading segment, which apart from providing revenue
diversification also resulted in better profitability and working
capital cycle in FY2016. However, the ratings are constrained by
the firm's high working capital intensity and weak order book
position. The ratings continue to factor in the high geographical
and client concentration risk as majority of the company's orders
are from Public Works Department (PWD), Rajasthan.

Going forward, the ability of the firm to ramp up its scale and
complete its projects on time, while ensuring sufficient funding
support from promoters will be the key rating sensitivity.

Key rating drivers
Credit Strengths
* Two-decade long experience of the proprietors in the business
* All outstanding contracts in the order book have a price
   escalation clause

Credit Weakness
* Significant build-up of debtors' days
* Weak order book position
* Exposure to high industry competition
* Geographical and client concentration risk as firm works only
  for PWD, Rajasthan

Description of key rating drivers highlighted:

LDDN's proprietor has a long track record in the field of road
construction. The firm remains exposed to the high competition in
the construction industry. Furthermore, geographical and client
concentration risks have also contributed to the firm's current
weak order book position (pending order book of INR6.01 crore as
of Nov, 2016). However, the presence of price escalation clause
in contracts limits the raw material volatility risk for the
firm. The operating income of the firm increased from INR7.14
crore in FY2015 to INR13.65 crore in FY2016. Addition of the
fodder revenue increased the operating profitability to 12.89% in
FY2016 from 10.05% in FY2015. The working capital intensity,
though high, improved from 229.5% in FY2015 to 105.66% in FY2016
as the company forayed in the fodder segment, which has low
working capital cycle. The intensity remains high due to the high
stuck receivables in various small projects, resulting in high
limit utilisation.

Lila Dhar Devki Nandan, incorporated in 1994, is a proprietorship
firm. The proprietor of the firm is Mr. Devki Nandan Golyan, who
has experience of more than four decades in this business. The
firm is registered as 'AA+' Class Contractors by the PWD,
Rajasthan. It constructs roads for government organisations,
particularly Public Works Department (PWD), Rajasthan. The firm
recently started the fodder business in FY2016.

In FY2016, the company reported a net profit of INR0.15 crore on
an operating income of INR13.65 crore, as compared to a net loss
of INR0.49 crore on an operating income of INR7.14 crore in the
previous year.


M M POLYMERS: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M M Polymers
Private Limited (MMPPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect MMPPL's moderate revenue base and weak credit
profile.  In FY16, revenue was INR197 million (FY15: INR200
million), net financial leverage (Ind-Ra adjusted net
debt/operating EBITDA) was 6.7x (5.8x), EBITDA interest coverage
(operating EBITDA/gross interest expense) was 1.5x (2.1x) and
EBITDA margin was 10.4% (6.5%).

MMPPL's liquidity profile remains moderate with its fund-based
facilities being utilized at an average of 46.24% over the 12
months ended November 2016.

The ratings, however, are supported by the decade-long experience
of MMPPL's directors in the polyethylene terephthalate (PET)
preforms manufacturing industry.

                        RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations while
maintaining the profitability margins leading to a sustained
improvement in the credit profile will lead to a positive rating
action.

Negative: A substantial decline in the revenue or profitability
margins resulting in sustained deterioration in the credit
profile will lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2010, MMPPL manufactures PET preforms. PET
preforms are used in the packaging of drinking water, beverages,
edible oils, food products, chemicals, and pharmaceutical
products. Its manufacturing facilities are located in Raipur
(Chhattisgarh) and Pune (Maharashtra).  The company is managed by
two of its directors Anil Kumar Thourani and Pankaj Thourani.


MANTHARAGIRI TEXTILES: Ind-Ra Affirms B+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mantharagiri
Textiles' (MT) Long-Term Issuer Rating at 'IND B+'.  The Outlook
is Stable.

                        KEY RATING DRIVERS

The affirmation reflects MT's moderate scale of operations,
modest credit profile and tight liquidity position.  Revenue was
INR621 million in FY16 (FY15: INR612 million), interest coverage
was 1.7x (2x), net financial leverage was 4.9x (4.1x) and EBITDA
margins were 9.3% (10.5%).  The firm had a long net cash cycle of
150 days during FY16 and its working capital limits remained
fully utilized during the 12 months ended November 2016.  The
ratings also factor in the partnership structure of the firm.

The ratings, however, benefit from MT's founders' two and a half-
decade-long experience in the cotton yarn manufacturing business.

                       RATING SENSITIVITIES

Negative - Deterioration in the interest coverage and liquidity
profile would lead to a negative rating action.

Positive - A substantial improvement in the interest coverage
would lead to a positive rating action.

COMPANY PROFILE

MT was incorporated in 1990 in Senjerimalai near Coimbatore to
manufacture melange yarn.  The firm has a production capacity of
around 7,000kg/day. G Subramanium, V Thirumalaisamy, T
Manoranjitham, S Thilagavathi, T Govindraj Prabhu, T Rajesh Kumar
and Thanigachala Prabhu are the partners.


MAXWORTH PLYWOOD: ICRA Reaffirms B+ Rating on INR3.0cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR3.00
crore1 (revised from INR2.75 crore) fund based limits of Maxworth
Plywood Pvt. Ltd at [ICRA]B+. ICRA has also reaffirmed the short
term rating assigned to the INR0.00 crore (revised from INR2.50
crore) non-fund based limits of MPPL at [ICRA]A4. ICRA has also
reaffirmed ratings of [ICRA]B+/[ICRA]A4 to the INR3.00 crore
unallocated limits of MLPL. The outlook on the long term rating
is Stable.


                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Long Term Fund
  Based Limits         3.00         [ICRA]B+ (Stable) Reaffirmed

  Long/Short Term      3.00         [ICRA]B+ (Stable)/[ICRA]A4
  Unallocated Limits                Reaffirmed

Rationale
The rating reaffirmation takes into account the highly
competitive and fragmented plywood manufacturing industry with
presence of many organized and unorganized players in the market.
The ratings also take into account the exposure of the MPPL's
products to competition from substitutes like Medium Density
Fibreboard (MDF) and particle boards. ICRA notes that the margins
of MPPL are vulnerable to changes in raw material and foreign
exchange price fluctuations. The customer concentration of MPPL
remained moderate with ~ its top five customers accounting for
~60% of revenues during the last two years and the coverage
indicators remained weak as reflected in interest coverage ratio
of 1.37 times and Total debt/OPBDITA at 6.21 times as on March
31, 2016. The ratings, however, positively take into account the
vast experience of promoters of over two decades in the plywood
industry along with established relationships with suppliers and
customers. The ratings also consider MPPL's easy access to
imported timber due to its proximity to Visakhapatnam port along
with MPPL's well established dealer and distribution network.

Key rating drivers
Credit Strengths
* Vast experience of promoters of over two decades in the
plywood
   industry along with established relationships with suppliers
   and customers
* Proximity to Visakhapatnam port results in ease of access to
   imported timber
* Well established dealer and distribution network for the
   Company

Credit Weakness
* Highly competitive and fragmented plywood manufacturing
   industry with presence of numerous players in both the
   organized and unorganized market
* Threat of substitutes like Medium Density Fibreboard (MDF) and
   particle boards.
* Vulnerability of profitability margins to raw material and
   foreign exchange price fluctuations
* Moderate customer concentration with top five customers
   accounting to ~60% of revenues in the last two years.
* Weak coverage indicators as reflected by interest coverage
   ratio of 1.37 times and Total Debt/OPBDITA at 6.21 times as on
   March 31, 2016

Description of key rating drivers highlighted:

The operating income of the company increased marginally to
INR21.59 crore during FY2016 from INR20.36 crore during FY2015;
the company has been focusing on trading since FY2014 and has
good marketing network throughout India. The company is part of
Deccan group which has presence of over two decades in this
industry and maintain healthy relationships with its suppliers
and customers.
Going forward, increase in scale of operations and profitability
along with effective management of working capital limits would
be the key rating sensitivity from the rating perspective.

Maxworth Plywood Pvt. Ltd. was incorporated in the year 1995 in
Visakhapatnam by Mr. Rajiv Agarwal and Ms. Nidhi Agarwal. The
company is engaged in manufacturing of plywood, block boards,
flush doors and is also engaged in trading of veneers, timber and
resins & chemicals. The company is part of the Deccan Group,
which has a history of about two decades in the plywood business.
The other group companies include Deccan Veneers Pvt. Ltd,
Truwoods Pvt. Ltd, Indus Tropics Ltd. and Alpine Panels Pvt. Ltd.
who have extensive two decades of experience in the plywood
industry.

As per audited financials for FY2016, the company reported an
operating income of INR21.59 crore with net loss of INR0.14 crore
as against INR20.36 crore of operating income with profit after
tax of INR0.08 crore in FY2015.


MERAKI CV: Ind-Ra Provisionally Rates Series A2 PTCs 'BB-'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Meraki CV IFMR
Capital 2016 (an ABS transaction) these provisional ratings.

   -- INR222.3 mil. Series A1 pass-through certificates assigned
      'IND BBB+(SO)/Stable' rating
   -- INR26.8 mil. Series A2 PTCs assigned 'BB-(SO)/Stable'
rating

The final ratings are contingent upon the receipt of final
documents conforming to the information already received.

The commercial vehicle (CV) loan, multi-utility vehicle (MUV)
loan, four-wheeler (4W) loan and tractor loan pool to be assigned
to the trust is originated by Kogta Financial (India) Limited
(KFL).

                        KEY RATING DRIVERS

The provisional ratings are based on the origination, servicing,
collection and recovery expertise of KFL, the legal and financial
structure of the transaction and the credit enhancement (CE)
provided in the transaction.  The provisional rating of Series A1
PTCs addresses the timely payment of interest on monthly payment
dates and the ultimate payment of principal by the final maturity
date of June 17, 2020, in accordance with transaction
documentation.

The provisional rating of Series A2 PTCs addresses the timely
payment of interest on monthly payment dates only after the
complete redemption of Series A1 PTCs and the ultimate payment of
principal by the final maturity date of June 17, 2020, in
accordance with transaction documentation.

The transaction benefits from the internal CE on account of
excess interest spread, subordination and over-collateralisation.
The levels of over-collateralisation available to Series A1 and
A2 PTCs are 17.0% and 7.0% of the initial pool principal
outstanding (POS), respectively.  The total excess cash flow or
the internal CE available, including over-collateralisation, to
Series A1 and Series A2 PTCs is 33.4% and 20.2%, respectively, of
the initial POS.  The transaction also benefits from the external
CE of 5.0% of the initial POS in the form of fixed deposits in
the name of the originator, with a lien marked in favour of the
trustee.  The collateral pool to be assigned to the trust at par
had an initial POS of INR267.8 million as of the pool cut-off
date of Nov. 30, 2016.

The external CE will be used in the event of a shortfall in a)
the complete redemption of all Series of PTCs on the final
maturity date, b) the monthly interest payment to Series A1
investors c) the monthly interest payment of Series A2 investors
after the complete redemption of Series A1 investors and d) any
shortfall in Series A2 maximum payout on the Series A2 final
maturity date.

                      RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model
based on the transaction's financial structure.  The agency
analysed historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction. The base values of the default rate, recovery
rate, time to recovery, collection efficiency, prepayment rate
and pool yield were stressed to assess whether the level of CE
was sufficient for the current rating levels.

Ind-Ra also conducted rating sensitivity tests.  If the
assumptions about the base case default rate worsen by 20%, the
model-implied rating sensitivity suggests that the ratings of
Series A1 and Series A2 PTCs will not be impacted.


MG WELL: ICRA Upgrades Rating on INR3.35cr LT Loan to 'C'
---------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR3.35
crore (earlier INR3.86 crore) fund based bank facilities of MG
Well Solutions Project International Private Limited from [ICRA]D
to [ICRA]C. ICRA has also revised the short-term rating from
[ICRA]D to [ICRA]A4 to the INR4.00 crore non-fund based bank
facilities of the company. The unallocated limits of INR1.72
crore has also been rated at [ICRA]C/[ICRA]A4.

                     Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Long-term Fund        3.35       [ICRA]C; upgraded from
  Based Limit                      [ICRA]D

  Short-term Non-       4.00       [ICRA]A4; upgraded from
  Fund Based Limit                 [ICRA]D

  Unallocated Limits    1.72       [ICRA]C/[ICRA]A4; upgraded
                                   from [ICRA]D

Rationale
The ratings upgrade takes into account the regularisation of debt
servicing obligations by MGW for the past eight months. The
delays in debt servicing in the past were due to the weak
liquidity profile arising from stretched receivables. The ratings
also factor in the established experience of the proprietor and
key management personnel in the field of cementing wells in oil
and gas rigs.

The ratings are, however, constrained by MGW's small scale and
limited scope of its operations. The financial profile of the
company remained stretched, characterised by a decline in
revenues, net losses incurred, weak coverage indicators and tight
liquidity position because of stretched receivables and high
inventory levels. ICRA also notes the susceptibility of revenues
to forex fluctuations as well as the intense competition from
other large players who dominate the field of cementing for oil
and gas rigs.

ICRA expects a flat growth in MGW's revenues in FY2017, following
the ongoing slowdown in the oil industry. The company's operating
profits would remain vulnerable to the high competitive pressure
prevailing in the industry as well as to the adverse movements in
prices of the products traded and the proportion of service
contracts executed.
Going forward, the company's ability to scale up its operations,
improve its profitability and effectively managing its working
capital requirements, while geographically diversifying its
services, would remain critical from a credit rating perspective.
ICRA also notes the vulnerability of the company's business
operations to the cyclicality in the oil industry.

Key rating drivers
Credit Strengths
* Extensive experience of promoters in the cementing of oil and
   gas wells.

Credit Challenges
* Unsatisfactory debt servicing track record, despite the
account
   having been regular since April 2016;
* Small scale of operations restricting economies of scale;
* Financial profile continuing to remain weak, characterised by
   decline in revenues, net losses incurred and weak credit
   metrics;
* Tight liquidity position following stretched receivables,
   entailing high utilisation of working capital limits;
* Exposed to forex fluctuations in the absence of a formal
   hedging mechanism;
* Exposed to intense competition from larger players who
dominate
   the cementing of oil and gas wells.

Description of key rating drivers highlighted:

MGW has been operating on a modest scale, with a financial
profile that has remained stretched, as reflected by a dip in
revenues owing to the ongoing slowdown in the oil industry. The
operating profitability has remained modest and the company has
reported net losses in FY2016, following lesser execution of
service contracts that entails higher margins, coupled with high
depreciation charges and interest cost. The thin operating profit
levels have also led to weak coverage indicators. The company has
recognised certain fixed assets as inventory in FY2015 and
FY2016, following which the inventory levels have increased.
Although, the purchases are backed by Letter of Credit (LC) with
a usance period of 90 to 120 days, MGW's net working capital
intensity has remained stretched. This has been because of high
debtors following the extended credit period provided to its
clients as well as for payment towards performance guarantee
amounting to 7-10% of the value of the contract. MGW's stretched
liquidity position has led to high utilisation of working capital
limits.

The cementing services sector is dominated by large and
established players such as Halliburton, Slumberge Limited and BJ
(Bakerhughes), which has led to the low presence of the company's
services in India. MGW is also exposed to the risk of adverse
fluctuations in foreign exchange rates in the absence of a formal
hedging mechanism.

Nonetheless, the management's vast experience of more than two
decades in the industry has enabled the firm to leverage its
established relationships with suppliers as well as customers.

Analytical approach:
For arriving at the ratings, ICRA has taken into account the debt
servicing track record of MGW, its business risk profile,
financial risk drivers and management profile.

MG Well Solutions Project International Private Limited was
established in 2005 by Mr. Ravinder Singh Bawa. The company
commenced operations from 2009 by providing cementing services
for oil and gas rigs. MGW also provides cementing additives,
testing services and equipment services. Besides providing
cementing services in the domestic and overseas market, from
FY2014 the company has also started providing resin-coated sand,
which accounted for ~22% of the total revenues in FY2016. MGW's
registered office is at Jabalpur, Madhya Pradesh, while its
portable laboratory is at Vadodara, Gujarat.


MIL STEEL: ICRA Reaffirms B+ Rating on INR10.55cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR4.10 crore fund based facilities, INR10.55 crore term loan
facilities of MIL Steel and Power Limited. ICRA has also re-
affirmed the short-term rating of [ICRA]A4 to the INR2.00 crore
non-fund based facilities of MSPL. These apart, ICRA has also
reaffirmed the ratings of [ICRA]B+/[ICRA]A4 to the INR2.08 crore
of Long term/short term unallocated facilities. The outlook on
the long term rating is stable.

                        Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long term: Fund
  Based facilities       4.10       [ICRA]B+ (Stable) Reaffirmed

  Long term:
  Unallocated           10.55       [ICRA]B+ (Stable) Reaffirmed

  Short-term, Non-
  fund based facilities  2.00       [ICRA]A4 Reaffirmed

  Long term/short        2.08       [ICRA]B+(stable)/[ICRA]A4
  term unallocated                  Reaffirmed
  facilities

Rationale
Ratings reaffirmation takes into consideration the MSPL's modest
scale of operations and the continued weakening of the financial
profile caused by operating losses over the last three fiscals.
The ratings also take into account the decline in the operating
income in FY2016 on account of weak demand in the domestic market
and the tight liquidity position due to elevated receivables
position. The ratings continue to be constrained by the weak
operating profitability, the high debt level and high interest
cost which have resulted in weak coverage indicators. The ratings
also factors in the cyclical as well as highly fragmented nature
of the industry, which limits the pricing flexibility and exposes
MSPL to fluctuations in raw material prices.

However, the ratings reaffirmation positively takes into
consideration the significant non-operating income from
derivatives trading over the last two fiscals through which the
company is able to partly mitigate the operating losses of the
steel business. ICRA also takes note of the corporate guarantee
extended by Meenakshi (India) Limited, which has an established
presence in manufacture of garments.

Key rating drivers
Credit Strengths
Support extended by Meenakshi (India) Limited (rated CRISIL
BB+/Stable/CRISIL A4+) in form of corporate guarantee for the
bank facilities of MIL Steel
Significant non-operating income from derivatives trading which
has moderated the losses from steel operations

Credit Weakness
* Modest scale of operations coupled with high customer
concentration restricts pricing power in a fragmented industry
marked by high competition
* Margins exposed to volatility in steel prices
* Decline in operating income in FY2016 due to disruption in the
operations on account of weak demand and heavy floods in the
domestic market
* Stressed capital structure and weak debt protection metrics
due to recent debt funded capital expansion and losses at net
levels coupled with significant debt repayment in coming fiscals

Description of key rating drivers highlighted:

The revenue from derivatives trading has significantly improved
over the last two fiscals moderating the operating losses to a
major extent. With the established track record of the company in
posting significant non-operating income over the last two
fiscals, ICRA further expects the MSPL to register consistent
income from derivatives trading thereby support the margins at
net level. The corporate guarantee extended by Meenakshi (India)
Limited, which has an established presence in manufacture of
garments, has been factored in while arriving at the ratings.
Poor demand scenario coupled with shutdown in operations during
FY2016 has resulted in significant de-growth in revenue; however
revival in operations and improved power situation has lead to
increased revenues in H12017.MSPL's operating margins remain thin
due to limited value-added nature of business, further subdued on
account of intense competition in the sector. Due to recent debt-
funded capital expansion, the capital structure of MSPL remained
aggressive with a gearing of 2.2 times for FY2016 and its debt
protection metrics remained weak which was in part mitigated by
rescheduling of debt repayment.

In FY2016, MIL Steel and Power Limited reported net losses of
INR1.15 crore on an operating income of INR53.6 crore as against
net loss of INR0.96 crore on an operating income of INR87.3 crore
in FY2015.

MIL Steel and Power Limited, the erstwhile Kanishk Ferrous and
Energy Limited - is engaged in the manufacture of MS Billets,
largely catering to localised demand from TMT and structural
products players in the region. MSPL was acquired by Meenakshi
(India) Limited (MIL) Group from OPG group on April 1, 2013, for
a total consideration of INR7.02 crore and derives its revenue
from manufacturing, derivatives trading and scrap trading
businesses. MSPL's restarted its operations from FY2014 and has
stabilised its operations following commissioning of its
continuous casting machine in its facility in place and securing
stable power purchase agreements.


MULTIFILMS PLASTICS: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Multifilms
Plastics Private Limited's Long-Term Issuer Rating at 'IND BB'.
The Outlook is Stable.

                        KEY RATING DRIVERS

The affirmation reflects MPPL's continued small scale of
operations and moderate credit metrics. In FY16 revenue was
INR510 million (FY15: 560 million), EBITDA interest coverage
(operating EBITDA/gross interest expenses) was 2.4x (2.9x) and
net financial leverage (total adjusted net debt/operating EBITDA)
was 3.9x (3.2x).  The ratings factor in the company's tight
liquidity position with fund-based facilities being utilized at
an average 90.3% during the 12 months ended December 2016.

The company has indicated revenue of INR517 million during
9MFY17. The company has an order book of INR50 million to be
executed by the end of January 2017.

The ratings, however, are supported by the company's long
operational track record and over three decades of experience of
its managing director in the field of multilayer plastic films
manufacturing industry.

The company's EBITDA margin improved to 6.7% in FY16 (FY15:5.2%)
on account of high margin product concentration during the year.

                       RATING SENSITIVITIES

Positive: A significant improvement in the scale of operations
while sustaining profitability and improved credit metrics could
result in a positive rating action.

Negative: Decline in profitability leading to deterioration in
the credit metrics could result in a negative rating action.

COMPANY PROFILE

Incorporated in 1984, MPPL manufactures multilayer plastic films
used by fast-moving consumer goods industry for packaging.  The
company is promoted by Mr. Sudhir Bandiwadekar, who oversees its
overall operations.


NATRAJ PLOYPLAST: CARE Assigns B+ Rating to INR11.25CR LT Loan
--------------------------------------------------------------
The ratings assigned to the bank facilities of Natraj Ployplast
Private Limited (NPPL) are constrained on account of its modest
scale of operations, decline in profitability, leveraged capital
structure, weak debt coverage indicators, modest liquidity
position and working capital intensive operations during FY16
(refers to the period of April 1 to March 31). The ratings are
further constrained on account of implementation and
stabilisation risk related to its expansion project, presence in
competitive and fragmented plastic industry and raw material
price fluctuation risk.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities    11.25      CARE B+; Stable
                                           Assigned

   Short-term Bank facilities    0.50      CARE A4 Assigned

The ratings, however, derive benefits from experience of
promoters and established track record of operations in plastic
industry.
The ability of NPPL to complete the expansion project on time,
stabilise its operations and achieve the envisaged level of sales
and profitability are the key rating sensitivities.

NPPL's total operating income (TOI) witnessed an increase of
about 53% due to company's focus on quality based products rather
than volume driven sales. However, PBILDT margin has declined
during
the year (5.90% vis-a-vis 7.54%). On account of increase in total
debt, NPPL's overall gearing increased to 3.19 times as on
March 31, 2016. With the reduction in profitability and increase
in total debt, the debt coverage indicators deteriorated.

NPPL continues to have an elongated working capital cycle which
has increased and stood at 113 days in FY16 due to lower
creditor's period (27 days). The average working capital
utilisation of the company was moderate at 50% during 12 months
ended November 2016; however, during peak season cc utilisation
remains at 70%. NPPL's Director is a graduate with more than two
decades of experience in the plastic industry. Mr Keshubhai Rank,
looks after the overall operation of the firm.

Analytical Approach: Standalone

Rajkot-based (Gujarat) NPPL was incorporated in December 2009 by
Mr Keshubhai Rank who is the Managing Director along with five
other directors. NPPL is engaged in the manufacturing of HDPE
(High Density Polyethylene) Pipes used for irrigation, water
supply, sewage and other industrial purposes. The installed
capacity of NPPL is 3000 Metric Tonne Per Annum (MTPA) as on
March 31, 2016. The plant capacity utilisation of the company was
83% for FY16. The customers of NPPL include some of reputed
players like Classic Network Private Limited. NPPL also has three
other group companies named Natraj Polymers, Natraj Plastics and
Flowin Cables. NPPL has also availed ISO 9001: 2008 certificate,
NABCB (National Accreditation Board for Certification Bodies) QM
049 and BCI (British Certifications Inc.) Management Systems
Private Limited.

During FY16 (A), NPPL reported PAT of INR0.03 crore on a TOI of
INR7.16 crore as against PAT of INR0.04 crore on a TOI of INR4.67
crore during FY15. Till Nov. 30, 2016, NPPL has achieved a
turnover of INR4 crore.


NIKHIL UDYOG: ICRA Reaffirms 'D' Rating on INR10.0cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D for the
INR24.50 crore bank facilities of Nikhil Udyog.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long Term, Fund
  Based Limits         10.00      [ICRA]D; reaffirmed

  Short Term, Non-
  Fund Based Limits     1.50      [ICRA]D; reaffirmed

  Long Term,
  Unallocated Amount    3.50      [ICRA]D; reaffirmed

  Short Term,
  Unallocated Limits    9.50      [ICRA]D; reaffirmed

Rationale
The reaffirmation of ratings is driven by recent delays in debt
servicing by Nikhil Udyog. ICRA takes note of the firm's
declining scale of operations in FY2015 and FY2016, which has
been accompanied by operating and net loss in both years. The
firm also has a weak capital structure due to net losses and
substantial withdrawal of capital, despite infusion of capital in
FY2016, resulting in limited financial flexibility. The rating
also takes into account the firm's high working capital intensity
on account of high inventory levels as well as debtor days and
vulnerability of its margins to fluctuations in raw material
prices. ICRA also takes cognizance of the firm's long track
record of operations in the footwear business and benefits
enjoyed by the firm on account of being a part of the Action
group, which has an established brand image and a strong
distribution network. Going forward, an improvement in the firm's
liquidity position and a sustained track record of timely debt
servicing will be the key rating sensitivities.

Key rating drivers
Credit Strengths
* Long track record of management in the footwear industry
* Established brand name in the lower and middle income footwear
   industry segment
* Well established distribution network

Credit Weakness
* Recent delays in debt servicing
* Moderate scale of operations of the firm over the years; scale
   of operations declining in FY2015 and FY2016
* Profitability of the company remains exposed to fluctuations
   in raw material prices; net losses reported in FY2015 and
   FY2016
* Weak Capitalization and coverage indicators with gearing of
   7.20 times as on 31st March 2016 and interest coverage ratio
   of (0.72) times in FY2016.
* Highly competitive industry marked by the presence of a large
   number of players
* Risks inherent in proprietorship firm such as limited ability
   to raise capital, and risk of dissolution etc.

Description of key rating drivers highlighted:

The company was incorporated in the year 1985 and is involved in
manufacturing of footwear under the brand name 'Synergy'. It is a
part of the Mr. Anil Aggarwal group within the larger Action
Group, that has been in the footwear business for more than three
decades.

There has been recent delays in debt servicing by Nikhil Udyog.
The operating income for the company stood at INR11.21 crore in
FY2016 as against OI of INR12.81 crore in FY2015. The company
keeps raw material inventory of around two months and does not
hedge against fluctuating raw material prices. The company
reported net losses of INR4.30 crore and 4.14 crore in FY2016 and
FY2015 respectively.

Nikhil Udyog is a proprietorship firm established in 1985. It is
a part of the Mr. Anil Aggarwal group within the larger Action
Group, that has been in the footwear business for more than three
decades. Nikhil Udyog has its manufacturing facilities located in
Delhi, Baddi (Himachal Pradesh), Haridwar (Uttarakhand) and is
setting up another unit at Bahadurgarh (Haryana).The firm
manufactures and sells sport shoes under the brand name Synergy.
Nikhil Udyog reported an Operating Income (OI) of INR11.21 crore
and a net loss of INR4.30 crore for FY2016, as compared to an OI
of INR12.81 crore and a net loss of INR4.14 crore for the
previous year.


R. R. INDUSTRIES: ICRA Reaffirms 'B' Rating on INR7.43cr Loan
-------------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]B on the INR5.00-crore
cash credit facility and the INR2.43-crore term loan of R. R.
Industries (RRI). ICRA has also reaffirmed the short-term rating
of [ICRA]A4 for the INR0.03-crore non fund-based facility of RRI.
ICRA has also reaffirmed the ratings of [ICRA]B/[ICRA]A4 for the
INR1.54 crore unallocated limits of RRI. The outlook on the long
term rating is 'Stable'.

                        Amount
  Facilities          (INR crore)     Ratings
  ----------          -----------     -------
  Fund Based Limits        7.43       [ICRA]B (Stable) Reaffirmed

  Non Fund based limits    0.03       [ICRA]A4 Reaffirmed

  Unallocated Limits       1.54       [ICRA]B (Stable)/[ICRA]A4
                                       Reaffirmed at

Rationale
The ratings reaffirmation takes into account the firm's moderate
revenue growth in FY2016; however, its scale of operations
continues to remain small at an absolute level. Additionally,
ICRA's ratings continue to be constrained by the firm's low
profitability and its weak financial profile as characterised by
the high gearing level on account of the high working capital and
weak debt protection indicators. The ratings also take into
account the intense industry competition, which exerts pressure
on the firm's operating margins. However, the ratings favourably
take into account the extensive experience and the long track
record of the promoters in the rice milling industry. Moreover,
the ratings continue to factor in the plant's proximity to a
major rice growing area, resulting in easy availability of paddy,
and the stable long-term demand prospects for the rice industry.
ICRA expects RRI's revenue to grow at a modest pace in FY2017.
The total debt position of the company is expected to remain at
constant level; however, it may rise due to the increase in
working capital requirement. The firm's ability to increase its
scale of operations, improve its profitability and efficiently
manage its working capital requirements will be the key rating
sensitivities.

Key rating drivers
Credit Strengths
* Experienced management with long presence in the rice industry
* Favorable demand outlook for the rice industry attributable to
   growing population and rising consumption levels

Credit Weakness
* Small scale of operations
* High competition due to the presence of large players and a
   number of small players
* Vulnerability of profitability to agro climatic risks, which
   impact the availability and pricing of raw material i.e. paddy
* Risks inherent in a partnership firm

Description of key rating drivers highlighted:

RRI was established as a partnership firm in 2009. The firm is
engaged in rice milling, with its plant located in Kashipur
(Uttarakhand). Initially, the firm had an installed capacity of 4
metric tons per hour (MTPH) which was gradually increased to the
current level of 8 MTPH and 3MTPH for sorting. RRI sells its
products in the domestic market. Sales are generally made to Food
Corporation of India (FCI) and to the traders located in
Uttarakhand and Delhi. The firm also exports its products through
merchant exporters. The firm uses its own sales force as well as
brokers for distribution.

The firm witnessed a CAGR of 12% in the last year largely on
account of manufacturing and trading of Basmati rice in FY2016,
which has better realisation. The firm's margins have remained
weak owing to competitive pressures as well as high interest
outgo thereby resulting in weak return indicators.

The firm's working capital intensity increased sharply in FY2016
owing to high year-end stocking as paddy is a seasonal crop and
millers have to buy and stock paddy from September to December
every year, which leads to high levels of inventory. Moreover,
millers prefer aged paddy (as it fetches better realisation),
which necessitates higher inventory days and consequently higher
working capital requirement. In addition, dependence on external
working capital borrowings and the limited level of partner's
capital for funding this stock have resulted in high leverage and
modest debt coverage indicators. Going forward, the firm's
ability to increase its size and scale, while improving profits
and optimising its working capital requirement will be crucial in
maintaining its liquidity position.

RRI was established as a partnership firm in 2009. The firm is
engaged in the milling of rice at its plant located in Kashipur,
Uttarakhand. Initially, the firm had an installed capacity of 4
Metric Tonnes Per Hour (MTPH), which was gradually increased to
the current level of 8 MTPH. The firm is owned and managed by the
Agarwal family, with the partners being Mr. Sachin Agarwal, Mr.
Anubhav Agarwal, Mr. Gaurav Agarwal and Mr. Ashok Agarwal
RRI recorded a net profit of INR0.03 crore on an operating income
of INR11.30 crore for the year ending March 31, 2016.


RAJESH CONSTRUCTION: ICRA Assigns B+ Rating to INR2.38cr Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR2.38
crore fund based limit of Rajesh Construction Company. ICRA has
also assigned a short-term rating of [ICRA]A4 to the INR5.75
crore non-fund based limit of the firm. The INR1.87 crore
unallocated limits of the company have been assigned ratings of
[ICRA]B+ and [ICRA]A4. The outlook on the long-term rating is
'Stable'.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Long-term Fund
  Based Limits          2.38        [ICRA]B+ (Stable) assigned

  Short-term Non-
  Fund Based Limit      5.75        [ICRA]A4 assigned

  Unallocated Limits    1.87        [ICRA] B+ (Stable)/[ICRA]A4
                                    assigned

Rationale
The assigned ratings are constrained by the modest scale of the
firm's operations. RCC's operations remain geographically
concentrated in Jharkhand and Maharashtra, with projects solely
undertaken for the Mumbai Municipal Corporation and the Jharkhand
Road Construction Department during the last three years,
exposing the firm to the economic and geo-political risks
associated with these states. The firm also witnesses intense
competition from the highly fragmented industry structure, given
the low complexity of work involved and low entry barriers, which
exert pressure on its margins.

The assigned ratings, however, take into account the long
experience of RCC's partners in the construction sector; and the
firm's status as a 'Special Category I' and 'AA' class contractor
that helps it in meeting technical criteria for tender bids. ICRA
notes its customer base, which entirely consists of Government
entities, limiting the counter-party credit risks. RCC has a
comfortable capital structure as evinced by a low gearing of 0.54
time as on 31st March 2016, coupled with healthy interest
coverage indicators of 7.81 times.

ICRA expects RCC's revenues to continue to remain modest in the
near-term and improve by 10% in FY2017 over that of FY2016. RCC's
operating profits would, however, remain vulnerable to adverse
movements in prices of key input materials such as pipes, steel,
and cement, in the absence of any price escalation clause in most
of its contracts. Furthermore, RCC being a partnership firm, any
significant withdrawals from the capital account would adversely
impact its capital structure.

Key rating drivers
Credit Strengths
* Long track record of the partner in executing civil
construction contracts, while 'AA' class and 'Special Category I'
registration with Government departments helps with technical
qualification criteria for tender bids;
* Client portfolio consisting of Government entities limits
counter-party risk;
* Comfortable capital structure with low gearing and healthy
coverage indicators.

Credit Weakness
* Modest scale of operations;
* Operations concentrated in Jharkhand and Maharashtra, which
exposes the company to economic and political risks in these
states;
* High competitive intensity in the construction segment, given
the low complexity of work involved and low entry barriers.

Description of key rating drivers highlighted:

RCC has been engaged in the construction industry since 1971. The
firm's scale of operations, however, remains modest, recording
revenues of INR20.57 crore in FY2016. The firm largely undertakes
road construction projects for the Ranchi Road Construction
department and sewerage projects for the Mumbai Municipal
Corporation. Thus, the projects executed remain geographically
concentrated in Jharkhand and Maharashtra, thereby exposing the
firm to the economic and geo-political risks associated with
these states. Nonetheless, with the entire revenues being
generated by projects executed for Government bodies, the
counter-party credit risk remains mitigated to an extent. The
firm also witnesses intense competition from the highly
fragmented industry structure, given the low complexity of work
involved and low entry barriers, leading to highly competitive
bids that exert pressure on its margins.

Nevertheless, the established experience of RCC's partners in the
construction sector provides comfort. Moreover, the firm's status
as a 'Special Category I' and 'AA' class contractor helps it in
meeting technical criteria. Furthermore, the firm's financial
profile is characterised by a comfortable capital structure as
evinced by a low gearing of 0.54 time as on 31st March 2016,
coupled with healthy interest coverage indicators of 7.81 times.

Analytical approach:
ICRA has assigned the ratings following a detailed evaluation of
the issuer's various business and financial risks

Rajesh Construction Company was established as a partnership firm
in 1971. The operations of the firm are managed by Mr. Rajesh
Chandrachud, who is a Civil Engineer with an experience of over
two decades in the construction industry. RCC is primarily
engaged in the construction of roads and the laying of sewerage
pipelines for Government departments. The firm is registered as
an 'AA' Class Contractor with the Mumbai Municipal Corporation
and as a 'Class I' contractor with the Public Works Department
(PWD) in Maharashtra, the Maharashtra Jeevan Pradhikaran and the
Road Construction Department of the State Government of
Jharkhand.

RCC reported a net profit after tax and depreciation of INR1.76
crore on an operating income of INR20.57 crore for the year-
ending 31st March 2016 (as per the provisional figures disclosed
by the management).


RKM POWERGEN: ICRA Reaffirms 'D' Rating on INR1159.63cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the
INR1159.63 crore term loan limits and INR255 crore non-fund based
limits of RKM Powergen Private Limited (RPPL) at [ICRA]D. The
rating factors in the continued delays by the company in
servicing its debt obligations.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Term loans          1159.63       [ICRA]D reaffirmed
  Bank Guarantee       255.00       [ICRA]D reaffirmed

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with RPPL, ICRA had sent repeated reminders to the company for
payment of surveillance fee that became overdue; however despite
multiple requests; the company's management has remained non-
cooperative. ICRA's Rating Committee has taken a rating view
based on best available information. In line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated Nov. 1, 2016, the
company's rating is now denoted as: '[ICRA]D ISSUER NOT
COOPERATING'. The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Analytical approach:
For arriving at the ratings, ICRA has taken into account the debt
servicing track record of RKM Powergen Private Limited along with
its business and financial risk profile

RKM Powergen Private Limited is an special purpose vehicle
promoted by the Chennai based R.K. Powergen Group (74% holding)
and the Malaysia based Mudajaya Group (26% holding) for the
development of a 1440 MW domestic coal based thermal power
project in Janjgir Champa district of Chhattisgarh in 2 phases
(Phase 1 of 360 MW (1 x 360) and Phase 2 of 1080 MW (3 x 360)).
The project implementation has experienced significant delays
owing to land acquisition related issues initially and later due
to delays in securing funding for cost overruns. The project cost
has been revised upwards due to exchange rate fluctuations on
imported Boiler, turbine and generator equipment, delays in
execution leading increase in interest costs, pre-operative
expenses and cost of civil works among others.


RUCHI SOYA: CARE Reaffirms 'D' Rating on INR6,490.95cr Loan
-----------------------------------------------------------
The reaffirmation of the ratings for the bank facilities of Ruchi
Soya Industries Ltd. (RSIL) takes into account recent delays in
servicing of debt obligations on account of stress on its
liquidity on the back of huge loss posted in FY16 and subdued
operating performance in H1FY17.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term Bank Facilities   3,424.24     CARE D Suspension
                                            Revoked and ratings
                                            Reaffirmed

   Long Term/Short Term        6,490.95     CARE D/CARE D
   Bank Facilities                          Suspension revoked
                                            and ratings
                                            reaffirmed

Incorporated in January 1986, RSIL is engaged in crushing of oil
seeds and extraction/refining of edible oil along with
manufacturing of related products like vanaspati and textured
proteins. It is also engaged in import/export as well as domestic
trading of various agri-commodities. It is the flagship entity of
the Indore, Madhya Pradesh based Ruchi Group, which has business
interests spread across various sectors including edible oil,
agri-commodity trading, liquid and dry storage warehousing for
agri-products and real estate. RSIL has manufacturing presence at
20 locations across the country.

RSIL registered a net loss of INR879 crore on a total operating
income of INR27,805 crore in FY16 (refers to the period from
April 1 to March 31), compared with a net profit of INR61 crore
on a total operating income of INR28,402 crore in FY15. Further
during H1FY17, RSIL reported a net profit of INR28 crore on a
total operating income of INR10,159 crore.


RUCHI WORLDWIDE: CARE Reaffirms 'D' Rating on INR835cr Loan
-----------------------------------------------------------
The reaffirmation of the ratings for the bank facilities of Ruchi
Worldwide Ltd. (RWL) 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.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term/Short Term          835.00     CARE D/CARE D
   Bank Facilities                          Suspension revoked
                                            and ratings
                                            reaffirmed

RWL is a subsidiary of Ruchi Soya Industries Ltd. and a part of
the Indore, Madhya Pradesh based Ruchi Group. RWL is an
international trading arm of the group and is involved in trading
of various agri-commodities including edible oil, raw cotton,
castor seeds and oil, coffee, grain and pulses. As on March 31,
2016, RSIL held 52.48% equity in RWL and the balance was with the
Shahra family, the promoters of RSIL.

RWL registered a net loss of INR55 crore on a total operating
income of INR2,685 crore in FY16 (refers to the period April 1 to
March 31), compared with a net profit of INR2 crore on a total
operating income of INR2,414 crore in FY15.


SHIRDIWALE SAI: ICRA Lowers Rating on INR8.0cr LT Loan to 'D'
-------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR8.00-
crore fund-based limit of Shirdiwale Sai Exim Private Limited to
[ICRA]D from [ICRA]B+.

                     Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Fund-based Long-      8.00       Revised to [ICRA]D from
  term                             [ICRA]B+

Detailed Rationale

The ratings revision takes into account the overdrawals from the
cash credit account by SSEPL over the last few months. The
ratings also factor in the stretched financial profile of the
company, characterised by thin profitability and weak debt
protection metrics. The rating is further constrained by the
company's presence in the highly competitive industry, which
keeps its profitability under check. Moreover, the margins are
exposed to forex fluctuation risk as the company does not have a
hedging mechanism in place.

The ratings, however, continue to factor in the established
presence of the promoters in the industry.

Going forward, the company's ability to regularise its debt
servicing, effectively manage its working capital requirements
will be the key rating sensitivities.

Key Rating Drivers
Credit Strengths
* Long track record of the promoters in the industry.

Credit Weakness
* Stretched liquidity position due to long overdue receivables,
resulting in persistent over utilisation of fund-based limits
* Thin profit margins inherent in trading businesses
* Technological obsolescence risks
* Highly competitive industry with few entry barriers
* Competitive pressures from other established brands and online
sales platforms.

Detailed Description of Key Rating Drivers Highlighted:

The company is promoted by Mr. Deepak Gupta and is a part of the
Josh Group. The group companies manufacture and sell low-end
mobile handsets under the brand name 'Josh'. The rating revision
reflects the delay in the company's interest servicing, which
remained uncorrected for more than 30 consecutive days, resulting
in stretched receivables and weak liquidity profile. The company
has a leveraged capital structure because of substantial debt
funding of the working capital. The rating also takes into
account the company's lower-than-anticipated order inflows and
the thin profit margins due to its trading business.

Shirdiwale Sai Exim Private Limited is a private limited company
that was incorporated in 2005. It is managed by Mr. Deepak Gupta.
The company is involved in merchant trading of betel nuts and
memory cards used in mobile phones. The company imports betel
nuts from Indonesia and exports to Dubai. The memory cards are
imported from China and sold to group companies, as well as in
the domestic market.


SHREE VISHWAKARMA: ICRA Assigns 'B' Rating to INR12.50cr Loan
-------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B on the term
loan bank facilities of Shree Vishwakarma Builders (SVB). The
outlook on the long-term rating is 'Stable'.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Term Loan             12.50       [ICRA]B (Stable); assigned

Rationale
The assigned rating factors in the experience and execution track
record of promoters in the real estate business of Meerut, Uttar
Pradesh. The rating positively takes into account the low
execution risk and the high collection efficiency of the firm's
sole ongoing project 'Green Paradise'. However, the rating is
constrained by the market and funding risks. Furthermore, like
other real estate players, the firm remains prone to slowdown in
the real estate sector as well as the competition from other
projects.

Going forward, the ability of the firm to ramp up sales, offer
timely possession while ensuring sufficient funding support from
promoters to manage its cashflows will be the key rating
sensitivity.

Key rating drivers
Credit Strengths
* Experience and execution track record of the promoters in
   Meerut
* Low execution risk as project is near completion with ~80% of
   project cost already been incurred
* High collection efficiency of around 90%
Credit Weakness
* High funding risk given large repayments due in FY2018
* Modest sales - 50% of area sold while project is near
   completion
* Concentration risk due to single project
* Exposure to slowdown in real estate sector

Description of key rating drivers highlighted:

SVB's promoters have experience and execution track record in
residential real estate business in Meerut. They have developed
projects in the region through associate concerns. Launched in
FY2014, SVB's project 'Green Paradise' is exposed to low
execution risks as it is nearing completion and is expected to be
offered for possession from February, 2017.However, despite the
advance stage of completion, the project faces market risk as
only 50% of the area has been booked so far. This is crucial,
given that the firm has large repayment due in FY2018. This is
evident from the low committed receivables to outflows ratio of
0.13x as of Sep, 2016. ICRA notes that the collection efficiency
for sold area is high, at around 90%, and these collections have
hence been utilised towards project execution.

SVB is a partnership firm incorporated in October, 2012 with
fourteen partners registered at Kanker Khera, Meerut, Uttar
Pardesh. The firm is promoted by Mr. Parminder Tewatia, Ms.
Ravindri Devi and Mr. Arjun Singh. SVB launched a project 'Green
Paradise' in Modipuram, Meerut. The project comprises a saleable
area of 3.11 mn sq. ft. and consists of 63 plots, 130 duplex and
26 G+2 floor. The project cost for INR80.0 crore is funded by
INR34.50 crore of bank debt, INR25.52 crore of promoter's
contribution and INR19.98 crore of customer advances.

In FY2016, the company reported a net profit of INR0.05 crore on
an operating income of INR3.46 crore, as compared to a net profit
of INR0.05 crore on an operating income of INR4.45 crore in the
previous year.


UJJWAL LUXURY: CARE Reaffirms 'B' Rating on INR12.41cr LT Loan
--------------------------------------------------------------
The rating of Ujjwal Luxury Hotels Private Limited (ULHPL) is
primarily constrained on account of its nascent stage of
operations of its recently completed project for construction of
hotel and its financial risk profile marked by operating as well
as net loss and cash losses registered in FY16 (FY refers to the
period from April 1 to March 31), weak solvency position and
moderate liquidity position. The rating, further, continue to
remain constrained on account of its presence in a highly
competitive industry and seasonal nature of operations with
dependence on tourist arrivals.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     12.41      CARE B; Stable
                                            Reaffirmed

The rating, however, continues to derive strength from technical
as well managerial assistance under 'Hyphen' brand provided by
Supertech Hotels Private Limited (SHPL) and location advantage
being present in Jaipur city which is tourist hub for domestic
and foreign visitors.

The ability of ULHPL to stabilize the operation of its new hotel
with generating high Occupancy Rate (OR) and Average Room Rent
(ARR) and improvement in profitability with better management
of working capital are the key rating sensitivity.

The company completed its project in middle of November 2015 for
constructing a hotel property. The company stabilized its
operations and within four month of operations of FY16, the
company has registered Total Operating Income (TOI) of INR0.65
crore with Average Room Rent (ARR) of INR2777 and Occupancy Rate
(OR) of 26%. TOI of ULHPL comprises of income from room rent
which forms nearly 79% of net sales, Food and Beverages (F&B)-
19.86% of net sales and rest income is generated from other
activities in FY16. However, due to 4 months of operations during
FY16, the company has registered operating loss of INR 0.09 crore
and net loss of INR1.37 crore. Due to it, it has registered cash
losses of INR0.67 crore in FY16.

The solvency position of the company stood weak due to debt taken
for project completion. The capital structure of the company
stood leveraged with an overall gearing ratio of 28.95 times as
on March 31, 2016. Further, Debt coverage indicators of the
company stood weak with negative total debt to GCA due to
negative gross cash accruals in FY16.

The company is benefitted by the technical and managerial
assistance provided by SHPL. Under the agreement between ULHPL
and SHPL, SHPL has given technical assistance to the promoters of
the company in order to develop the hotel. SHPL has vast
experience in the operations of the hotel and operates its own
hotel under the brand name "Hyphen' at Haridwar, Noida and
Meerut.

ULHPL was incorporated in June, 2011 as a private limited company
by Mr. Bhagirath Poonia and Mr. Daya Ram Poonia with an objective
to establish a three star hotel at Jaipur (Rajasthan). ULHPL has
completed construction work on the hotel in the middle of
November 2015 and has started its operations from December 2015.
ULHPL has signed an agreement with SHPL for "Hyphen" brand as
well as for management of the hotel in January 8, 2013 for next
five years. The hotel will have a facility of total 75 deluxe
rooms along with one restaurant cum bar and one banquet hall with
capacity of 400 persons.

Further, the promoters of the company have also promoted Poonia
Wines (Rewari) (PWR; CARE BB based on FY15 Audited) formed in
2006 as an association of persons. PWR holds wholesale and retail
liquor supplier license in the state of Haryana and undertakes
wholesale and retail sale of Indian made foreign liquor (IMFL)
and beer. The shops are allotted in Haryana by the state
government through a competitive bidding process for a period of
one year.

Further, promoters have also promoted Ujjwal Granites Private
Limited, incorporated in 1990 as a closely held Public Limited
Company. The company is engaged in the business of mining of
granite blocks as well as trading of finished granite slabs,
blocks and tiles. It has 6 mines located at Deora, Raniwara,
Mungaria, Lakha, etc in Rajasthan.

During FY16 (FY refers to the period from April 1 to March 31),
ULHPL has reported TOI of INR0.65 crore with net loss of INR 1.37
crore.


VARSHA CABLES: ICRA Reaffirms 'B+' Rating on INR8.50cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B+ for the
INR8.50 crore cash credit facility of Varsha Cables Private
Limited. ICRA has also reaffirmed the short term rating at
[ICRA]A4 for the INR4.00 crore non-fund based facilities of the
company. The outlook on the long term rating is 'Stable'.

                        Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Limits       8.50      [ICRA]B+ (Stable) Reaffirmed
  Non-Fund Based Limits   4.00      [ICRA]A4 Reaffirmed

Rationale
The reaffirmation of ratings takes into account the company's
small scale of operations and its thin margins due to the highly
fragmented and competitive nature of the cables industry. The
reaffirmation also factor in the decline in operating margins
during FY2016 owing to reduction in price realization from a few
major projects. The ratings continue to be constrained by the
stretched financial profile of the company characterized by high
gearing level and weak coverage indicators. The ratings further
consider the vulnerability of the margins to adverse movements in
raw material prices and labour costs.

The rating reaffirmation, however, positively factors in the
established track record of the company in the cable
manufacturing industry for more than two decades. It also takes
into consideration the long standing experience of the promoters
in the same field of business. ICRA also notes that the the
excess capacity available with the company will enable the
company to expand its operations without significant capital
expenditure. The reaffirmation also derives comfort from the
diversified customer profile with low geographic concentration,
with the company catering to more than hundred customers.

Going forward, the ability of the company to scale up operations
while improving margins, and to improve the capital structure
would remain the key rating sensitivities.

Key rating drivers
Credit Strengths
* Strong experience and established track record of the company
   of around two decades
* Managed by qualified and experienced professionals with
several
   decades of experience in the cables industry
* Limited customer and geographic concentration risks with more
   than 100 clients spread all over the country

Credit Weakness
* Financial risk profile characterized by high gearing and
   working capital intensity
* Vulnerability of profit margins to fluctuations in raw
material
   prices and labour costs

Description of key rating drivers highlighted:

The company is managed by experienced professionals with several
years of experience in the cables and electrical equipments
industry. Mr. Puttaraju, the Chairman and MD is an electrical
engineer with extensive work experience spanning several decades
in the cable industry with Tata Power Company Limited and as a
contractor for laying and maintenance of cables in Mumbai. The
company caters to both individual customers and institutional
customers with a total customer base of more than 100 thereby
mitigating the customer concentration risk to an extent.

The operation of the company is raw material intensive thereby
exposing the margins to fluctuations in raw material prices.
However, the company takes various steps to limit the effects. In
general, for orders from customers, the company quotes prices
based on the latest raw material prices and the quote is valid
for 15 to 20 days. In case the customer responds after the given
timeline, a revised quote is provided. From the time of receipt
of purchase order to delivery, the company remains exposed to
price changes in raw materials.

However, the small order-to-delivery timeline, which is less than
a month in most of the cases, mitigates this risk to an extent.
The company maintains significant quantities of semi-finished
goods and finished goods inventory to enable it to supply
customer requirements on a prompt basis. This results in high
working capital requirement which in turn has an impact on the
capital structure of the company.

Analytical approach: Not Applicable

Links to applicable Criteria
http://www.icra.in/Files/Articles/2009-October-Rating-Corp-
Rating-Methodology.pdf

Varsha Cables is engaged in the manufacturing of Low Tension
Copper and Aluminium electrical cables. The company was set up in
1995 by Mr. Puttaraju, its Chairman and managing director and Mr.
B. Kumar, its Director In 2009, the company divested part of its
operations and the equity share of Mr. B. Kumar. The company has
a manufacturing facility at Hebbal Industrial Area, Mysore with a
manufacturing capacity of 12.5 Million meters per annum.

For FY2016, the company recorded a net profit of INR0.17 crore on
an operating income of INR25.87 crore.



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


PAN BROTHERS: Fitch Publishes 'B' Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has published Indonesia-based garment manufacturer
PT Pan Brothers Tbk's Long-Term Foreign-Currency Issuer Default
Rating (IDR) of 'B' with Positive Outlook.  At the same time,
Fitch has published the expected 'B(EXP)' rating and Recovery
Rating of 'RR4' on Pan Brothers' proposed senior unsecured notes.
The notes will be issued by Pan Brothers' wholly owned
subsidiary, PB International B.V., and guaranteed by Pan Brothers
and certain subsidiaries.

The proposed notes will rank pari passu with senior unsecured
obligations of Pan Brothers and its subsidiaries, as they
represent the company's unconditional, unsecured and
unsubordinated obligations.  The final rating is contingent upon
the receipt of documents conforming to information already
received.

                        KEY RATING DRIVERS

Product Range, Revenue Visibility: Pan Brothers' rating is
underpinned by its position as Indonesia's largest publicly
listed garment manufacturer by capacity, its established
relationships with global apparel brands, and its contractual
revenue visibility over a 12-18 month horizon.  Pan Brothers'
growing expertise in apparel manufacturing and its ability to
cater to a wide range of products have attracted global apparel
brands, with which it has longstanding relationships.

High Working Capital: The above strengths are balanced by the
company's limited bargaining power with its top customers, which
has resulted in high working capital requirements and negative
cash flow from operations (CFO).  For example the company has
increased advance payments to secure raw materials on behalf of
its key customers in 2015 and 2016 in line with its capacity
expansion.  Fitch expects Pan Brothers' CFO to remain negative
until end-2017.

Positive Outlook on Expected Deleveraging: The Positive Outlook
on Pan Brothers' rating reflects Fitch's expectation that the
company's ongoing capacity expansion would lead to better
bargaining power with its customers as well as a more diversified
customer base, allowing for better working-capital management.
Fitch forecasts Pan Brothers' leverage, as measured by lease-
adjusted debt net of seasonally adjusted cash/ EBITDAR, to fall
to around 3.5x in 2018 from around 4.5x in 2017.

Capacity Expansion: Pan Brothers expects to increase its
installed capacity from 84 million pieces (polo shirt-based) a
year to 117 million by end-2019.  Fitch expects this to increase
existing customers' reliance on Pan Brothers, and expand its
customer base. Pan Brothers' expanded production capacity will
also position it to benefit from the trend in consolidation among
the vendors of global apparel brands.

Cost Pass-Through Ability: Pan Brothers operates under a cost-
plus pricing mechanism, where the price of its products is mostly
derived from the cost of raw materials plus a mark-up margin.
This allows Pan Brothers to pass through cost fluctuations to its
customers.  However, margins may be pressured during prolonged
cyclical downturns.  Fitch expects the EBITDA margin to remain
stable at 7%-8% in the short to medium term.

Seasonal Cash Flows: Pan Brothers' working-capital cycle is
longer in the first half of the year due to purchases of
materials to cater for woven outerwear clothing, in particular
down jackets, to be ready for the peak production season between
April and September.  Pan Brothers' knitwear sales are rising,
which will provide some earnings stability.  To reflect the
seasonality, Fitch has excluded an estimated USD25 mil. from Pan
Brothers' year-end cash balance from the year-end leverage ratio.

Manageable Currency Exposure: Close to 90% of Pan Brothers' sales
in 2015 were from exports, while around 80% of its raw materials
are imported.  This provides the company with a natural hedge
against currency volatility, as evident in 2015 when Pan
Brothers' EBITDA margin remained relatively intact in the face of
severe volatility of the local exchange rate.  Raw material costs
make up 65% of the company's total costs.

                         DERIVATION SUMMARY

Pan Brothers has a weaker credit profile compared with Fitch-
rated peers in the same industry, such as PT Sri Rejeki Isman Tbk
(Sritex, BB-/Stable).  Pan Brothers' business profile is solid,
but its ability to generate cash flow has been weakened by
growing working-capital requirements, which stem from its still-
limited bargaining power with its top customers.  Sritex has
wider EBITDA margins and lower working capital requirements,
which contribute to lower leverage and better cash-flow
generation compared to Pan Brothers.

                          KEY ASSUMPTIONS

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

   -- Net sales growth of around 15%-19% in 2016-2019;
   -- Average selling price to increase 0%-2% in 2016-2017;
   -- Capex of USD17 mil. and USD49 mil. in 2016 and 2017,
      respectively

                       RATING SENSITIVITIES

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

   -- Leverage sustained below 3.5x (end-2015: 3.3x)
   -- Ability to maintain neutral cash flow from operations

Negative: Future developments that may, individually or
collectively, lead the Outlook being revised to Stable include:

   -- Not meeting the above positive triggers for an extended
      period

                             LIQUIDITY

Sufficient Liquidity: Readily available cash was USD49 mil. as at
end-December 2015, with gross debt of USD141 mil. and a committed
unused working-capital facility of around USD100 mil.  Pan
Brothers is in the process of issuing a US dollar bond, with most
of the proceeds to redeem outstanding debt.  A natural currency
hedge arises from close to 90% of 2015 sales being export-based,
while around 80% of raw materials (where raw materials made up
65% of total costs) are imported.

Pan Brothers also plans to retain more than USD100 mil. of its
syndicated working-capital loan facility (current limit
USD230 mil.) as a back-up for any working-capital requirement in
the future.


PAN BROTHERS: Moody's Assigns First-Time B1 Corp. Family Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family
rating (CFR) to Pan Brothers Tbk (P.T.).

This is the first time Moody's has assigned a rating to Pan
Brothers.

At the same time, Moody's has assigned a B1 rating to the
proposed issuance of USD senior unsecured notes by Pan Brothers'
wholly owned subsidiary, PB International B.V. The notes will be
irrevocably and unconditionally guaranteed by Pan Brothers and
all of its subsidiaries.

The proceeds from the bond will be primarily used to refinance
existing indebtedness and the balance available for general
corporate purposes.

The outlook for the rating is stable.

RATINGS RATIONALE

"The B1 ratings reflect Pan Brothers' demonstrated ability to
generate solid earnings growth and maintain stable margins within
a competitive and fragmented Indonesian garment manufacturing
sector, supported by its longstanding relationships with major
global apparel retailers and investments in capacity expansion,"
says Brian Grieser, a Moody's Vice President and Senior Analyst.

"On the other hand, the ratings are constrained by Pan Brothers'
moderate leverage, relatively small scale when compared to its
industry peers, the seasonality of its operations, and customer
concentration," adds Grieser, who is Moody's lead analyst for Pan
Brothers.

Moody's expects Pan Brothers to exhibit leverage -- as measured
by adjusted debt/EBITDA -- of around 5.0x pro-forma for the bond
issuance.

Leverage should fall below 4.5x over the next 12 months, as
ongoing capacity expansion and improved utilization levels at new
facilities drive revenue, EBITDA, and cash flow growth.

Furthermore, Pan Brothers' rating reflects our view that leverage
will be balanced against a good liquidity profile which will
benefit from both high cash balances and access to a committed
and fully available revolving credit facility of over USD100
million following the notes issuance.

Such liquidity provides Pan Brothers with the necessary
flexibility to manage the seasonality of cash flows.

Pan Brothers, Indonesia's largest garment manufacturer in terms
of production volume, embarked on an expansion plan in 2014,
which increased its total production capacity to 84 million
garments at 30 September 2016 from 42 million pieces at end-2013.

The company expects capital spending for growth of around USD35
million, covering investments in two new factories under its
subsidiary company, PT Eco Smart Garments Indonesia (ESGI), and
one new factory in Tasik over 2017-2018 to increase capacity to
111 million pieces.

ESGI is a key joint venture between Pan Brothers and its largest
customer, Mitsubishi Corporation (A2 negative), which will be a
major driver of Pan Brothers' growth in coming years. Pan
Brothers owns 85% of ESGI and the subsidiary's facilities will
mainly be used to fulfill orders from Mitsubishi, which owns the
remaining 15% of ESGI.

Mitsubishi currently accounts for 26% of consolidated sales and
we estimate this to trend towards 30% as ESGI's capacity
additions come online during 2018-2019.

Moreover, Moody's expects Pan Brothers' capital expenditures to
exceed cash flow from operations over the next 2 years as the
company ramps up its production capacity. The balance of the
bond's proceeds, after the repayment of existing debt, coupled
with cash on hand will fund capital spending needs in excess of
operating cash flows over the next 2 years.

The rating also positively reflects the record of support from
shareholders, who had participated in three rights offerings that
had raised over USD130 million since 2005. The rating further
reflects our view that management will continue to prudently fund
growth and abide by conservative and transparent financial
policies.

The stable outlook anticipates strong revenue growth of around
10-15% and stable EBITDA margins of 8%-10% over the next 12-24
months. Further, the outlook incorporates our view that capital
spending will be funded internally, following the bond issuance,
and that debt levels will remain flat over the next two years,
aside from potential seasonal working capital borrowings.

The ratings could be pressured downwards if: (1) Pan Brothers
expands its business through aggressive debt-funded investments,
or acquisitions, such that adjusted debt/EBITDA exceeds 5.0x and
EBITDA/interest expense falls below 2.0x on a sustained basis, or
(2) rising labor and commodity costs reduce Pan Brothers'
competitiveness, such that EBITDA margins fall below 5% on a
sustained basis, or (3) liquidity deteriorates and Pan Brothers
is unable to internally fund its expansion initiatives.

A ratings upgrade is not expected over the medium term, but over
the longer term upgrade pressure could emerge should Pan Brothers
execute its growth plans, resulting in a sustained improvement in
scale, profitability and financial profile, such that its
debt/EBITDA falls below 3.5x and EBITA/interest expense is
maintained at above 3.5x.

Moody's would also expect Pan Brothers to be able to generate
consistent free cash flows before considering an upgrade.

Pan Brothers Tbk (P.T.) is the largest manufacturer of garment
products in Indonesia with a total production capacity of 84
million pieces of garments per year at 30 September 2016.

The company employs around 33,000 people across 12 facilities in
Tangerang, Bandung, Boyolali, Sragen, Ungaran and Demak on the
island of Java. Pan Brothers generated approximately USD475
million of revenues for the 12 months ended September 30, 2016.



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


COUNTRYSIDE COOPERATIVE: Placed Under PDIC Receivership
-------------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Countryside Cooperative Rural Bank of Batangas from
doing business in the Philippines. Under Resolution No. 55 dated
January 12, 2017, the MB directed the Philippine Deposit
Insurance Corporation (PDIC) as Receiver to proceed with the
takeover and liquidation of the bank. PDIC took over the bank on
January 13, 2017.

Countryside Cooperative Rural Bank of Batangas is a five-unit
rural bank with Head Office located along National Road, Brgy.
Pallocan, Kanluran, Batangas City. Its four branches are located
in Balayan, Lemery, Padre Garcia and Tanauan, all in Batangas.
Based on the Bank Information Sheet filed by the bank with the
PDIC as of June 30, 2016, Countryside Cooperative Rural Bank of
Batangas is owned by Soro-soro Ibaba Development Coop. (26.64%),
Binubusan Multi Purpose Cooperative (7.95%), Smammci (4.91%), and
other stockholders with no more than 5% ownership. The Bank's CEO
is Marisa T. Villoso and its Chairman is Josie G. Manalo.

Latest available records show that as of September 30, 2016,
Countryside Cooperative Rural Bank of Batangas had 10,552 deposit
accounts with total deposit liabilities of PHP193.2 million.
Total insured deposits amounted to PHP167.7 million equivalent to
86.8% of total deposits.

PDIC assured depositors that all valid deposits and claims shall
be paid up to the maximum deposit insurance coverage of
PHP500,000.00. Depositors with valid deposit accounts with
balances of PHP100,000.00 and below shall be eligible for early
payment and need not file deposit insurance claims, except
accounts maintained by business entities, or when they have
outstanding obligations with Countryside Cooperative Rural Bank
of Batangas or acted as co-makers of these obligations.
Depositors have to ensure that they have complete and updated
addresses with the bank. They may update their addresses until
January 27, 2017 using the Mailing Address Update Forms to be
distributed by PDIC representatives at the bank premises.

For depositors who are required to file claims for deposit
insurance, the schedule of claims settlement operations will be
announced as soon as possible through posters in the bank
premises and in other public places, the PDIC website,
www.pdic.gov.ph, and PDIC's official Facebook account. PDIC also
reminded borrowers to continue paying their loan obligations with
the closed Countryside Cooperative Rural Bank of Batangas and to
transact only with designated PDIC representatives at the bank
premises. For more information on the requirements and procedures
for filing claims and settlement of loan obligations, all
depositors and borrowers of the bank are enjoined to attend the
Depositors-Borrowers' Forum which will be held in venues near the
five banking offices of the bank on January 25-27, 2017. Details
will be posted in the bank premises and in other public places.

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



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


STX HEAVY: Court Approves Turnaround Plan
-----------------------------------------
Reuters reports that the Seoul Central District Court on Jan. 13,
2017, approved STX Heavy Industries Co Ltd's turnaround plan.

A Seoul court on Aug. 1, 2016, began a rehabilitation process for
STX Heavy Industries Co. after the financially strapped company
applied for protection in July 2016, according to Yonhap News.

Yonhap said the Seoul Central District Court proceeded with a
debt-restructuring receivership program to prevent the company
from being driven into insolvency. STX Heavy Industries has been
suffering from hefty debts and lower demand amid a prolonged
economic slowdown, Yonhap noted.

STX Heavy Industries Co., Ltd, is a Korea-based company mainly
engaged in the manufacture of ship engine components. The Company
operates its business mainly through engine component segment and
shipbuilding material segment. Its engine component segment
mainly produces diesel engine components, including cylinder
blocks, crank shafts, cylinder liners and turbochargers, cylinder
heads, pistons, cam shafts and connecting rods, which are used in
ships and power generators. Its shipbuilding material segment
provides cargo oil pump systems, liquefied natural gas carrier
(LNGC) insulation boxes, heavy fuel oil (HFO) supply system units
and purifier units.



================
S R I  L A N K A
================


NATIONAL SAVINGS: Fitch Affirms Issuer Default Rating at 'B+'
--------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of these Sri Lanka-based banks:

   -- National Savings Bank (NSB) at 'B+'; Outlook Negative
   -- Bank of Ceylon (BOC) at 'B+'; Outlook Negative
   -- DFCC Bank PLC (DFCC) at 'B+'; Outlook Negative

Fitch has also affirmed the National Ratings of these banks:

   -- People's Bank (Sri Lanka) (People's Bank) at 'AA+(lka)';
      Outlook Stable
   -- Commercial Bank of Ceylon PLC (CB) at 'AA(lka)'; Outlook
      Stable
   -- Hatton National Bank PLC (HNB) at 'AA-(lka)'; Outlook
      Stable
   -- National Development Bank PLC's (NDB) at 'A+(lka); Outlook
      Stable
   -- Sampath Bank PLC (Sampath) at 'A+(lka)'; Outlook Negative
      Outlook
   -- Seylan Bank PLC (Seylan) at 'A-(lka)'; Outlook Stable

The rating actions follow Fitch's periodic review of the large
banks peer group.

                        KEY RATING DRIVERS

IDRS, NATIONAL RATINGS AND SENIOR DEBT

Fitch has revised its sector outlook for Sri Lankan banks to
negative from stable.  Fitch believes operating conditions have
become more challenging, as signaled by the downgrade and Outlook
revision on the sovereign rating to 'B+'/Negative in February
2016 from 'BB-'/Stable.  Fitch expects rising macroeconomic
pressure to strain banks' credit metrics.

Fitch sees capitalization as a significant issue facing the
sector, stemming from thin capitalization at state banks and
diminishing capitalization at most non-state banks.  The Central
Bank of Sri Lanka has issued the Basel III capital requirements
that banks are expected to comply with from July 2017.  Fitch
believes most banks will need to raise capital to meet the
targets set for 2019, although there may be no immediate issues
regarding compliance.  Stronger capital buffers are desirable to
counterbalance structural balance sheet issues, such as high
credit concentration, and absorb unexpected losses.

Sri Lanka's operating environment is a key rating driver for the
banking sector.  It constrains the Viability Rating of some
banks, as it is rare for a Viability Rating to be assigned above
the sovereign rating, however well banks score on other factors.

Banks with Long-Term Ratings Driven by Sovereign Support

The IDRs and National Long-Term Ratings of NSB and BOC and the
National Long-Term Rating of People's Bank reflect Fitch's
expectation of extraordinary support from the sovereign
(B+/Negative), albeit constrained by its limited ability.

Fitch sees state support for NSB as stemming from its policy
mandate of mobilizing retail savings and investing them in
government securities.  The National Savings Bank Act contains an
explicit deposit guarantee and Fitch believes authorities would
support, in case of need, the bank's depositors and senior
unsecured creditors to maintain confidence and systemic
stability. Fitch has not assigned a Viability Rating to NSB, as
it is considered to be a policy bank.

Fitch expects support for BOC and People's Bank to stem from
their high systemic importance, quasi-sovereign status, role as
key lenders to the government and full state-ownership.

The Negative Outlook on the IDRs' of NSB and BOC reflects the
Negative Outlook on the sovereign's rating.  The Outlook on the
two banks' National Long-Term Ratings is Stable, as National
Ratings reflect a bank's creditworthiness relative to the best
credit in Sri Lanka, and as such, are unlikely to change due to
sovereign rating action.

BOC's Viability Rating of 'b+' reflects its thin capitalisation
and weak asset quality.  This is counterbalanced by its strong
domestic funding franchise, which is underpinned by state
linkages.  Fitch considers state support as BOC's primary rating
driver, even though its Viability Rating is at the same level as
its Support Rating Floor.

The US dollar senior unsecured notes issued by NSB and BOC are
rated at the same level as the banks' Long-Term Foreign-Currency
IDRs, as the notes rank equally with other senior unsecured
obligations.  The notes have a Recovery Rating of 'RR4'.

The National Long-Term Rating of Seylan reflects Fitch's
expectation of state support, which is attributable to its state
shareholding and higher share of banking sector deposits relative
to some peers.  Seylan has a lower support-driven rating due to
its smaller market share compared with larger peers.

Fitch believes Seylan's standalone financial strength has
improved, reaching the same level as it support-driven rating.
However, Seylan's asset quality remains weaker against peers
despite its reported gross non-performing loan ratio improving to
5.12% at end-3Q16, from a peak of 29.7% at end-2009.  Further,
Seylan's reserve coverage is significantly weaker than higher-
rated peers.

Seylan's Sri Lanka rupee-denominated senior debt is rated at the
same level as its National Long-Term Rating, as the debentures
rank equally with other senior unsecured obligations

Banks with Long-Term Ratings Driven by Intrinsic Strength

The National Long-Term Rating of CB reflects its measured risk
appetite relative to peers, strong funding profile as seen
through a sustained high share of current and savings deposits
(45% at 3Q16), solid franchise and sound performance.  The
ratings reflect Fitch's expectation that CB's non-domestic
operations will remain small, even though the bank has been
expanding its international presence.

The National Long-Term Rating of HNB reflects its strong domestic
franchise, satisfactory capitalization and improving financial
profile.  This is counterbalanced by a higher risk appetite
relative to better-rated peers.  HNB's risk appetite, as seen
from its historically above-industry loan growth of 25.5% in 2015
versus the industry's 21.1% (2014: 14.0% versus the industry's
13.7%), has put pressure on its funding, liquidity and
capitalization.

DFCC's Viability Rating captures its developing commercial
banking franchise alongside its core project financing business
and still-high capitalization levels (end-3Q16: Fitch Core
Capital (FCC) ratio of 22.6%).  The Negative Outlook on DFCC's
IDR reflects the probable adverse effect on the bank's credit
profile from the sovereign's deteriorating credit profile and
increasing risks in the domestic operating environment.  Fitch
maintains the Negative Outlook on DFCC's National Long-Term
Rating due to its declining capital buffers from weaker asset
quality, below-average internal capital generation and high loan
growth, relative to peers.

DFCC's US dollar notes are rated at the same level as its Long-
Term Foreign-Currency IDR.  The notes have a Recovery Rating of
'RR4'.

The National Long-Term Rating of Sampath reflects its lower
capitalisation and higher risk appetite relative to peers, which
counterbalance its growing franchise and satisfactory asset
quality.  Sampath's gross loan growth of 15.3% in 9M16 continues
to outpace the industry's 10.3% growth (Sampath 2015: 24.2%,
industry 2015: 21.1%).  Fitch expects capitalisation to further
weaken in the absence of capital injections, as the bank's
retained earnings are insufficient to sustain its capitalization
- especially in the light of higher capital requirements.  The
bank's regulatory Tier 1 capital ratio continued to deteriorate
and stood at 7.8% by end-9M16, from 8% at end-2015 (2013: 10.1%).

NDB's ratings reflect its satisfactory asset quality, weaker
franchise and lower capitalization (end-3Q16: FCC ratio of 12.4%)
relative to higher-rated peers.  Fitch's believes the bank's
higher risk appetite could dilute the benefit of any possible
capital infusions.

HNB's and DFCC's Sri Lanka rupee-denominated senior debt is rated
at the same level as their National Long-Term Rating, as the
debentures rank equally with other senior unsecured obligations.

                          SUBORDINATED DEBT

The old-style Basel II Sri Lanka rupee-denominated subordinated
debt of BOC, CB, HNB, DFCC, Sampath, NDB and Seylan is rated one
notch below their National Long-Term Ratings to reflect the
subordination to senior unsecured creditors.

                       RATING SENSITIVITIES

IDRS, NATIONAL RATINGS AND SENIOR DEBT

The banks' credit profiles are sensitive to changes in the
operating environment.  Negative rating action could also result
from pressure on bank credit profiles through an increase in risk
appetite, such as sustained rapid loan expansion or rising
exposure to more susceptible segments, unless this is
counterbalanced through higher capital buffers and stronger risk
management.

Banks with Long-Term Ratings Driven by Sovereign Support

Changes to the sovereign rating or perception of state support to
NSB and BOC could result in a change in their Support Rating
Floors.  Fitch may downgrade NSB's National Long-Term Rating if
there is a reduced expectation of state support through, for
instance, the removal of preferential support, or a substantial
change in NSB's policy role or deviation from mandated core
activities indicating its reduced importance to the state.  A
downgrade of BOC's Issuer Default Ratings (IDR) would most likely
result from the sovereign's weakened ability to support the bank
manifested through a lower sovereign rating.  Visible
demonstration of preferential support for BOC and People's Bank
in the form of an explicit guarantee may be instrumental to an
upgrade of their National Long-Term Ratings.

NSB's and BOC's senior debt ratings are sensitive to changes in
the banks' Long-Term IDRs.  The two banks' Recovery Ratings are
sensitive to Fitch's assessment of potential recoveries for
creditors in case of default or non-performance.

BOC's Viability Rating may come under pressure if there is a
continued decline in capitalisation through a surge in lending or
further decline in asset quality alongside high dividend payouts.
Further deterioration in the operating environment, reflected in
a decline of BOC's key credit metrics, could negatively affect
its Viability Rating.

A downgrade of Seylan's rating could result from a reassessment
of state support and large reversal in recent asset quality
improvements, together with a weakening financial profile.  In
the absence of changes to Fitch's support assessment, an upgrade
of Seylan's rating would be contingent on further improvements in
its standalone profile through improved asset quality and
provisioning, mainly stemming from recovery of legacy non-
performing loans, while maintaining its other credit metrics in
line with higher-rated peers.

Seylan's senior debt ratings will move in tandem with its
National Long-Term Rating.

Banks with Long-Term Ratings Driven by Intrinsic Strength

Enhanced loss absorption buffers against a volatile operating
environment could be positive for CB's National Long-Term rating.
The bank's ratings could be downgraded if its ability to
withstand cyclical asset quality deterioration declines due to
lower earnings and capitalisation.  In addition, any marked
weakening in its deposit franchise and deviation from its
measured risk appetite, both viewed by Fitch as key factors that
differentiate CB from its lower-rated peers, would be negative.

An upgrade of HNB's National Long-Term Rating is contingent on
the bank achieving sustained improvements in its financial
profile, particularly in its funding, and a moderation of its
risk appetite.  A rating downgrade could result from a
significant increase in risk-taking and operating environment-
related risks, unless sufficiently mitigated through capital and
financial performance.  Further weakening of HNB's liquidity
position could also negatively affect its rating.

The Outlook on DFCC's National Long-Term Rating may be revised to
Stable if the bank can sustain capital buffers to sufficiently
cushion its weaker asset-quality amid higher operating
environment-related risks.  Fitch expects the bank to maintain
higher capitalisation to offset the risk stemming from its
project finance portfolio - a core business for DFCC since
inception.

DFCC's IDRs and National Long-Term Rating could be downgraded if
there is sustained deterioration in its capitalisation,
particularly if its asset quality were to also simultaneously
deteriorate.  The ratings can also come under pressure if there
is further weakening of the operating environment.  DFCC's
Recovery Rating is sensitive to Fitch's assessment of potential
recoveries for creditors in case of default or non-performance.

The Outlook on Sampath could be revised to Stable if it can
fundamentally improve its capital buffers commensurate with its
risk profile.  Sampath's ratings could be downgraded if there is
a sustained decline in capitalisation, increase in risk-taking or
a sharp decline in asset quality.

NDB's National Long-Term Rating may be downgraded if the bank
cannot sustain its capitalisation at a level commensurate with
its risk profile.  An upgrade could result from NDB's ability to
sustain a sufficient capital buffer that can counterbalance
weaknesses in its credit profile.

The assigned senior debt ratings will move in tandem with the
banks' National Long-Term Rating.

               SUPPORT RATING AND SUPPORT RATING FLOOR

Reduced propensity of the state to support systemically important
banks could result in a downgrade in the assigned Support Ratings
and Support Rating Floors, but Fitch sees this to be unlikely in
the medium-term.  A change in the sovereign's ratings could also
lead to a change in the banks' Support Ratings and Support Rating
Floors.

                         SUBORDINATED DEBT

The assigned subordinated debt ratings will move in tandem with
the banks' National Long-Term Rating.

The rating actions are:

National Savings Bank:

  Long-Term Foreign-Currency IDR affirmed at 'B+'; Negative
   Outlook
  Long-Term Local Currency IDR affirmed at 'B+'; Negative Outlook
  Short-Term Foreign-Currency IDR affirmed at 'B'
  National Long-Term Rating affirmed at 'AAA(lka)'; Stable
  Outlook
  Support Rating affirmed at '4'
  Support Rating Floor affirmed at 'B+'
  US dollar senior unsecured notes affirmed at 'B+'; Recovery
   Rating at 'RR4'

Bank of Ceylon:

  Long-Term Foreign-Currency IDR affirmed at 'B+'; Negative
   Outlook
  Long-Term Local-Currency IDR affirmed at 'B+'; Negative Outlook
  Short-Term Foreign-Currency IDR affirmed at 'B'
  National Long-Term Rating affirmed at 'AA+(lka)'; Stable
  Outlook
  Viability Rating affirmed at 'b+'
  Support Rating affirmed at '4'
  Support Rating Floor affirmed at 'B+'
  US dollar senior unsecured notes affirmed at 'B+'; Recovery
   Rating at 'RR4'
  Basel II compliant Sri Lanka rupee-denominated subordinated
   debentures affirmed at 'AA(lka)'

People's Bank (Sri Lanka):

  National Long-Term Rating affirmed at 'AA+(lka)'; Outlook
Stable

Commercial Bank of Ceylon PLC:

  National Long-Term Rating affirmed at 'AA(lka)'; Stable Outlook
  Basel II compliant outstanding subordinated debentures affirmed
   at 'AA-(lka)'

Hatton National Bank PLC:

  National Long-Term Rating affirmed at 'AA-(lka)'; Stable
Outlook
  Sri Lanka rupee-denominated senior unsecured debentures
affirmed
   at 'AA-(lka)'
  Basel II compliant outstanding subordinated debentures affirmed
   at 'A+(lka)'

DFCC Bank PLC:

  Long-Term Foreign-Currency IDR affirmed at 'B+'; Negative
   Outlook
  Long-Term Local-Currency IDR affirmed at 'B+'; Negative Outlook
  Short-Term Foreign-Currency IDR affirmed at 'B'
  National Long-Term Rating affirmed at 'AA-(lka)'; Negative
   Outlook
  Viability Rating affirmed at 'b+'
  Support Rating affirmed at '5'
  Support Rating Floor affirmed at 'B-'
  US dollar senior unsecured notes affirmed at 'B+'; Recovery
   Rating at 'RR4'
  Sri Lanka rupee-denominated senior unsecured debentures
   affirmed at 'AA-(lka)'
  Basel II compliant Sri Lanka rupee-denominated subordinated
   debentures affirmed at 'A+(lka)''

Sampath Bank PLC:

  National Long-Term Rating affirmed at 'A+(lka)'; Negative
  Outlook
  Basel II compliant outstanding subordinated debentures affirmed
   at 'A(lka)'

National Development Bank PLC:

  National Long-Term Rating affirmed at 'A+(lka)'; Stable Outlook
  Basel II compliant subordinated debentures affirmed at 'A(lka)'

Seylan Bank PLC:

  National Long-Term Rating affirmed at 'A-(lka)'; Stable Outlook
  Sri Lanka rupee-denominated senior unsecured debentures
  affirmed at 'A-(lka)'
  Basel II compliant subordinated debentures affirmed at
   'BBB+(lka)'
  Proposed Sri Lanka rupee-denominated senior unsecured
   debentures affirmed at 'A-(EXP)(lka)'



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


* BOND PRICING: For the Week Jan. 9 to Jan. 13, 2017
----------------------------------------------------

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      4.10
BOART LONGYEAR MANAGEME     7.00   04/01/21       USD      7.25
BOART LONGYEAR MANAGEME    10.00   10/01/18       USD     75.25
BOART LONGYEAR MANAGEME     7.00   04/01/21       USD     17.65
BOART LONGYEAR MANAGEME    10.00   10/01/18       USD     75.25
CML GROUP LTD               9.00   01/29/20       AUD      1.02
CRATER GOLD MINING LTD     10.00   08/18/17       AUD     23.80
HILLGROVE RESOURCES LTD     6.00   12/20/19       AUD      1.50
IMF BENTHAM LTD             6.00   06/30/19       AUD     67.50
KEYBRIDGE CAPITAL LTD       7.00   07/31/20       AUD      0.70
LAKES OIL NL               10.00   03/31/17       AUD      3.80
LAKES OIL NL               10.00   05/31/18       AUD      5.00
MIDWEST VANADIUM PTY LT    11.50   02/15/18       USD      2.26
MIDWEST VANADIUM PTY LT    11.50   02/15/18       USD      2.26
PALADIN ENERGY LTD          6.00   04/30/17       USD     66.25
PALADIN ENERGY LTD          7.00   03/31/20       USD     69.71
RELIANCE RAIL FINANCE P     2.15   09/26/23       AUD     66.54
RELIANCE RAIL FINANCE P     2.15   09/26/23       AUD     66.54
STOKES LTD                 10.00   06/30/17       AUD      0.35
TREASURY CORP OF VICTOR     0.50   11/12/30       AUD     68.22


CHINA
-----

AKESU XINCHENG ASSET IN    51.24   10/10/18       CNY      7.50
ANQING URBAN CONSTRUCTI    62.16   12/31/19       CNY      6.76
ANQING URBAN CONSTRUCTI    62.33   12/31/19       CNY      6.76
ANSHAN CITY CONSTRUCTIO    61.30   03/05/19       CNY      8.25
ANSHAN CITY CONSTRUCTIO    62.32   03/05/19       CNY      8.25
ANSHUN STATE-RUN ASSETS    61.75   01/10/20       CNY      6.98
ANSHUN STATE-RUN ASSETS    83.00   01/10/20       CNY      6.98
ANYANG INVESTMENT GROUP    61.82   04/17/19       CNY      8.00
BAICHENG ZHONGXING URBA    61.34   12/18/19       CNY      7.00
BAISHAN URBAN CONSTRUCT    60.80   07/31/19       CNY      7.00
BANGBU CITY INVESTMENT     30.20   08/10/17       CNY      5.78
BAODING NATIONAL HI-TEC    62.87   12/24/19       CNY      7.33
BAOJI INVESTMENT GROUP     50.69   12/26/18       CNY      7.14
BAOJI INVESTMENT GROUP     51.47   12/26/18       CNY      7.14
BAOSHAN STATE-OWNED ASS    61.03   12/10/19       CNY      7.30
BAOSHAN STATE-OWNED ASS    62.26   12/10/19       CNY      7.30
BAOTOU STATE OWNED ASSE    61.97   09/17/19       CNY      7.03
BAYINGUOLENG INNER MONG    51.05   09/10/18       CNY      7.48
BEIJING CAPITAL DEVELOP    61.03   05/29/19       CNY      5.95
BEIJING CONSTRUCTION EN    61.23   07/05/19       CNY      5.95
BEIJING ECONOMIC TECHNO    70.43   03/06/18       CNY      5.29
BEIJING GUCAI GROUP CO     73.43   12/15/18       CNY      8.28
BEIJING XINGZHAN STATE     61.58   08/31/19       CNY      6.48
BEIJING XINGZHAN STATE     61.70   08/31/19       CNY      6.48
BIJIE XINTAI INVESTMENT    60.50   08/20/19       CNY      7.15
BIJIE XINTAI INVESTMENT    62.36   08/20/19       CNY      7.15
BINZHOU BINCHENG DISTRI    61.85   07/05/19       CNY      6.50
BINZHOU BINCHENG DISTRI    65.50   07/05/19       CNY      6.50
CHANGDE ECONOMIC DEVELO    62.63   09/12/19       CNY      7.19
CHANGDE ECONOMIC DEVELO    64.36   09/12/19       CNY      7.19
CHANGSHA CITY CONSTRUCT    62.30   04/24/19       CNY      6.95
CHANGSHA COUNTY XINGCHE    62.06   04/06/19       CNY      8.35
CHANGSHA COUNTY XINGCHE    62.31   04/06/19       CNY      8.35
CHANGSHA HIGH TECHNOLOG    40.81   11/22/17       CNY      7.30
CHANGSHA PILOT INVESTME    62.36   12/10/19       CNY      6.70
CHANGSHA PILOT INVESTME    62.52   12/10/19       CNY      6.70
CHANGSHU BINJIANG URBAN    61.45   04/27/19       CNY      6.85
CHANGSHU BINJIANG URBAN    61.80   04/27/19       CNY      6.85
CHANGSHU CITY OPERATION    41.42   01/16/19       CNY      8.00
CHANGSHU CITY OPERATION    41.50   01/16/19       CNY      8.00
CHANGXING URBAN CONSTRU    61.85   11/30/19       CNY      6.80
CHANGXING URBAN CONSTRU    61.89   11/30/19       CNY      6.80
CHANGYI ECONOMIC AND DE    73.45   10/30/20       CNY      7.35
CHANGYI ECONOMIC AND DE    74.00   10/30/20       CNY      7.35
CHANGZHOU JINTAN DISTRI    61.75   03/14/19       CNY      8.30
CHANGZHOU WUJIN CITY CO    50.47   06/08/18       CNY      6.22
CHANGZHOU WUJIN CITY CO    50.80   06/08/18       CNY      6.22
CHAOHU URBAN TOWN CONST    61.76   12/24/19       CNY      7.00
CHAOHU URBAN TOWN CONST    83.60   12/24/19       CNY      7.00
CHAOYANG CONSTRUCTION I    61.75   05/25/19       CNY      7.30
CHENGDU CITY DEVELOPMEN    62.19   01/14/20       CNY      6.18
CHENGDU ECONOMIC&TECHNO    50.67   07/17/18       CNY      6.50
CHENGDU ECONOMIC&TECHNO    50.76   07/17/18       CNY      6.50
CHENGDU ECONOMIC&TECHNO    61.59   07/17/19       CNY      6.55
CHENGDU ECONOMIC&TECHNO    62.50   07/17/19       CNY      6.55
CHENGDU HI-TECH INVESTM    61.30   11/20/19       CNY      6.28
CHENGDU HI-TECH INVESTM    61.94   11/20/19       CNY      6.28
CHENGDU XINCHENG XICHEN    62.46   03/19/19       CNY      8.35
CHENGDU XINCHENG XICHEN    62.96   03/19/19       CNY      8.35
CHENGDU XINDU XIANGCHEN    73.13   12/13/18       CNY      8.60
CHENGDU XINGJIN URBAN C    62.77   11/27/19       CNY      7.30
CHENGDU XINGJIN URBAN C    62.95   11/27/19       CNY      7.30
CHENZHOU URBAN CONSTRUC    62.01   09/13/19       CNY      7.34
CHENZHOU URBAN CONSTRUC    62.51   09/13/19       CNY      7.34
CHIFENG CITY HONGSHAN I    60.94   07/25/19       CNY      7.20
CHIFENG CITY INFRASTRUC    50.01   05/18/17       CNY      6.18
CHIFENG CITY INFRASTRUC    50.12   05/18/17       CNY      6.18
CHINA CITY CONSTRUCTION    17.49   07/14/20       CNY      4.93
CHINA CITY CONSTRUCTION    45.00   12/17/17       CNY      5.55
CHIZHOU CITY MANAGEMENT    61.69   10/17/19       CNY      7.17
CHIZHOU CITY MANAGEMENT    84.50   10/17/19       CNY      7.17
CHONGQING BEIFEI INDUST    62.80   12/25/19       CNY      7.13
CHONGQING BEIFEI INDUST    84.55   12/25/19       CNY      7.13
CHONGQING CHANGSHOU DEV    62.38   09/25/19       CNY      7.45
CHONGQING CHANGSHOU DEV    62.71   09/25/19       CNY      7.45
CHONGQING HECHUAN RURAL    51.10   04/10/18       CNY      8.28
CHONGQING HECHUAN RURAL    51.23   04/10/18       CNY      8.28
CHONGQING HECHUAN URBAN    40.87   01/06/18       CNY      6.95
CHONGQING HONGRONG CAPI    61.42   10/16/19       CNY      7.20
CHONGQING JIANGJIN HUAX    40.71   01/06/18       CNY      6.95
CHONGQING JIANGJIN HUAX    62.37   09/21/19       CNY      7.46
CHONGQING JIANGJIN HUAX    62.59   09/21/19       CNY      7.46
CHONGQING JINYUN ASSET     61.45   06/18/19       CNY      6.75
CHONGQING JINYUN ASSET     61.71   06/18/19       CNY      6.75
CHONGQING LAND PROPERTI    61.31   04/25/19       CNY      7.35
CHONGQING LAND PROPERTI    62.00   04/25/19       CNY      7.35
CHONGQING MAIRUI CITY I    61.07   08/17/19       CNY      6.82
CHONGQING NAN'AN URBAN     40.66   12/24/17       CNY      6.29
CHONGQING NAN'AN URBAN     62.32   04/09/19       CNY      8.20
CHONGQING NANCHUAN DIST    61.93   09/06/19       CNY      7.35
CHONGQING NANCHUAN DIST    62.17   09/06/19       CNY      7.35
CHONGQING XINGRONG HOLD    62.24   04/19/19       CNY      8.35
CHONGQING XIYONG MICRO-    61.53   07/25/19       CNY      6.76
CHONGQING XIYONG MICRO-    62.15   07/25/19       CNY      6.76
CHONGQING YONGCHUAN HUI    62.68   10/16/19       CNY      7.33
CHONGQING YONGCHUAN HUI    62.75   10/16/19       CNY      7.33
CHONGQING YONGCHUAN HUI    70.38   03/14/18       CNY      7.49
CHONGQING YUFU ASSET MA    62.35   09/04/19       CNY      6.50
CHONGQING YUFU ASSET MA    62.42   09/04/19       CNY      6.50
CHONGQING YULONG ASSET     62.04   05/31/19       CNY      6.87
CHONGQING YUXING CONSTR    40.93   12/08/17       CNY      7.29
CHONGQING YUXING CONSTR    62.48   12/10/19       CNY      7.30
CHONGQING YUXING CONSTR    83.00   12/10/19       CNY      7.30
CHUXIONG AUTONOMOUS DEV    50.43   10/18/17       CNY      6.08
CHUZHOU CITY CONSTRUCTI    62.15   11/23/19       CNY      6.81
CHUZHOU CITY CONSTRUCTI    62.32   11/23/19       CNY      6.81
CHUZHOU TONGCHUANG CONS    62.25   01/09/20       CNY      7.05
CHUZHOU TONGCHUANG CONS    82.36   01/09/20       CNY      7.05
CIXI STATE OWNED ASSET     60.90   09/20/19       CNY      6.60
CIXI STATE OWNED ASSET     61.94   09/20/19       CNY      6.60
DALI ECONOMIC DEVELOPME    62.46   04/24/19       CNY      8.80
DALIAN DETA INVESTMENT     61.67   11/15/19       CNY      6.50
DALIAN LVSHUN CONSTRUCT    61.42   07/02/19       CNY      6.78
DALIAN LVSHUN CONSTRUCT    63.23   07/02/19       CNY      6.78
DALIAN MACHINE TOOL GRO    52.59   05/02/17       CNY      6.00
DANDONG CITY DEVELOPMEN    70.87   12/21/18       CNY      6.63
DANYANG INVESTMENT GROU    62.21   03/06/19       CNY      8.10
DANYANG INVESTMENT GROU    62.23   03/06/19       CNY      8.10
DANYANG INVESTMENT GROU    74.00   10/23/19       CNY      6.81
DAQING GAOXIN STATE-OWN    61.04   12/05/19       CNY      6.88
DAQING GAOXIN STATE-OWN    63.00   12/05/19       CNY      6.88
DAQING URBAN CONSTRUCTI    61.91   10/23/19       CNY      6.55
DATONG ECONOMIC CONSTRU    40.15   06/01/17       CNY      6.50
DAXING ANLING FORESTRY     59.71   10/23/19       CNY      7.08
DAXING ANLING FORESTRY     62.15   10/23/19       CNY      7.08
DAZHOU INVESTMENT CO LT    62.19   12/25/19       CNY      6.99
DAZHOU INVESTMENT CO LT    62.51   12/25/19       CNY      6.99
DEYANG CITY CONSTRUCTIO    61.84   12/26/19       CNY      6.99
DEYANG CITY CONSTRUCTIO    62.50   12/26/19       CNY      6.99
DEZHOU DEDA URBAN CONST    62.81   10/18/19       CNY      7.14
DONGBEI SPECIAL STEEL G    40.00   03/27/16       CNY      6.50
DONGBEI SPECIAL STEEL G    40.00   04/12/18       CNY      5.63
DONGBEI SPECIAL STEEL G    40.00   01/15/18       CNY      6.10
DONGBEI SPECIAL STEEL G    40.00   06/06/16       CNY      8.20
DONGBEI SPECIAL STEEL G    40.00   05/05/16       CNY      5.88
DONGBEI SPECIAL STEEL G    40.00   09/06/16       CNY      8.30
DONGBEI SPECIAL STEEL G    40.00   09/24/16       CNY      6.30
DONGBEI SPECIAL STEEL G    40.00   07/17/17       CNY      7.40
DONGBEI SPECIAL STEEL G    40.00   07/10/16       CNY      7.00
DONGTAI COMMUNICATION I    51.03   07/05/18       CNY      7.39
DONGTAI UBAN CONSTRUCTI    62.71   12/26/19       CNY      7.10
ENSHI URBAN CONSTRUCTIO    62.44   10/22/19       CNY      7.55
ERDOS DONGSHENG CITY DE    49.60   02/28/18       CNY      8.40
ERDOS DONGSHENG CITY DE    49.99   02/28/18       CNY      8.40
EZHOU CITY CONSTRUCTION    62.28   06/19/19       CNY      7.08
FEICHENG CITY ASSETS MA    50.94   08/14/18       CNY      7.10
FENGHUA CITY INVESTMENT    61.13   09/24/19       CNY      7.45
FENGHUA CITY INVESTMENT    62.35   09/24/19       CNY      7.45
FUJIAN LONGYAN CITY CON    62.54   08/14/19       CNY      7.45
FUJIAN NANPING HIGHWAY     73.04   10/26/18       CNY      7.90
FUSHUN URBAN INVESTMENT    71.64   05/11/18       CNY      5.95
FUXIN INFRASTRUCTURE CO    62.20   10/10/19       CNY      7.55
FUZHOU URBAN AND RURAL     50.87   09/25/18       CNY      6.35
FUZHOU URBAN AND RURAL     50.91   09/25/18       CNY      6.35
GANSU PROVINCIAL HIGHWA    72.05   11/16/18       CNY      6.75
GANSU PROVINCIAL HIGHWA    72.66   09/19/18       CNY      7.20
GANZHOU CITY DEVELOPMEN    50.51   07/10/18       CNY      6.40
GANZHOU CITY DEVELOPMEN    51.05   07/10/18       CNY      6.40
GANZHOU DEVELOPMENT ZON    51.17   12/26/18       CNY      6.70
GANZHOU DEVELOPMENT ZON    51.47   12/26/18       CNY      6.70
GAOMI STATE-OWNED ASSET    50.09   11/15/18       CNY      6.75
GAOMI STATE-OWNED ASSET    51.18   11/15/18       CNY      6.75
GAOMI STATE-OWNED ASSET    61.52   11/15/19       CNY      6.70
GAOMI STATE-OWNED ASSET    61.78   11/15/19       CNY      6.70
GUANGAN INVESTMENT HOLD    61.37   04/25/19       CNY      8.18
GUANGAN INVESTMENT HOLD    62.48   04/25/19       CNY      8.18
GUANGXI BAISE DEVELOPME    61.26   07/04/19       CNY      6.50
GUANGXI BAISE DEVELOPME    61.59   07/04/19       CNY      6.50
GUANGYUAN INVESTMENT HO    61.92   11/26/19       CNY      7.25
GUANGYUAN INVESTMENT HO    62.46   11/26/19       CNY      7.25
GUILIN ECONOMIC CONSTRU    50.90   05/09/18       CNY      6.90
GUILIN ECONOMIC CONSTRU    51.70   05/09/18       CNY      6.90
GUIYANG ECO&TECH DEVELO    62.21   03/27/19       CNY      8.42
GUIYANG JINYANG CONSTRU    51.20   10/24/18       CNY      6.70
GUIYANG JINYANG CONSTRU    51.47   10/24/18       CNY      6.70
GUIYANG PUBLIC RESIDENT    62.55   11/06/19       CNY      6.70
GUOAO INVESTMENT DEVELO    47.20   10/29/18       CNY      6.89
GUOAO INVESTMENT DEVELO    51.18   10/29/18       CNY      6.89
HAIAN COUNTY CITY CONST    50.95   03/28/18       CNY      8.35
HAIAN COUNTY CITY CONST    51.04   03/28/18       CNY      8.35
HAICHENG URBAN INVESTME    73.18   11/07/18       CNY      8.39
HAIMEN CITY DEVELOPMENT    61.04   03/20/19       CNY      8.35
HAIMEN CITY DEVELOPMENT    62.27   03/20/19       CNY      8.35
HAINING STATE-OWNED ASS    72.55   09/20/18       CNY      7.80
HAINING STATE-OWNED ASS    73.10   09/20/18       CNY      7.80
HANDAN CITY CONSTRUCTIO    62.68   12/24/19       CNY      7.05
HANDAN CITY CONSTRUCTIO    62.83   12/24/19       CNY      7.05
HANGZHOU MUNICIPAL CONS    50.18   04/25/18       CNY      5.90
HANGZHOU MUNICIPAL CONS    50.82   04/25/18       CNY      5.90
HANGZHOU XIAOSHAN ECO&T    51.51   12/26/18       CNY      6.70
HANGZHOU YUHANG CITY CO    62.31   03/29/19       CNY      7.55
HANZHONG CITY CONSTRUCT    71.57   03/14/18       CNY      7.48
HARBIN HELI INVESTMENT     72.24   09/26/18       CNY      7.48
HARBIN HELI INVESTMENT     72.40   09/26/18       CNY      7.48
HEBEI SHUNDE INVESTMENT    62.46   12/05/19       CNY      6.98
HEBEI SHUNDE INVESTMENT    62.50   12/05/19       CNY      6.98
HEFEI CONSTRUCTION INVE    70.71   08/28/18       CNY      5.23
HEFEI HAIHENG INVESTMEN    60.19   06/12/19       CNY      7.30
HEFEI HAIHENG INVESTMEN    62.53   06/12/19       CNY      7.30
HEFEI TAOHUA INDUSTRIAL    61.99   03/27/19       CNY      8.79
HEFEI XINCHENG STATE-OW    62.09   04/23/19       CNY      7.88
HEFEI XINCHENG STATE-OW    62.49   04/23/19       CNY      7.88
HEGANG KAIYUAN CITY INV    61.28   07/19/19       CNY      6.50
HENAN JIYUAN CITY CONST    62.88   09/25/19       CNY      7.50
HENGYANG CITY CONSTRUCT    62.45   08/13/19       CNY      7.06
HUAIAN CITY URBAN ASSET    62.79   12/26/19       CNY      6.87
HUAIAN CITY WATER ASSET    62.62   03/08/19       CNY      8.25
HUAI'AN DEVELOPMENT HOL    41.86   03/24/17       CNY      6.80
HUAI'AN DEVELOPMENT HOL    62.08   09/06/19       CNY      7.20
HUAI'AN DEVELOPMENT HOL    63.10   09/06/19       CNY      7.20
HUAIAN QINGHE NEW AREA     40.16   04/29/17       CNY      6.79
HUAIBEI CITY CONSTRUCTI    51.19   12/17/18       CNY      6.68
HUAIHUA CITY CONSTRUCTI    50.71   03/22/18       CNY      8.00
HUAIHUA CITY CONSTRUCTI    50.96   03/22/18       CNY      8.00
HUANGGANG CITY CONSTRUC    62.51   10/19/19       CNY      7.10
HUANGGANG CITY CONSTRUC    62.85   10/19/19       CNY      7.10
HUANGSHI URBAN CONSTRUC    62.34   10/25/19       CNY      6.96
HUIAN STATE ASSETS INVE    62.23   10/15/19       CNY      7.50
HUNAN CHANGDE DEYUAN IN    51.37   10/18/18       CNY      7.18
HUNAN CHANGDE DEYUAN IN    51.65   10/18/18       CNY      7.18
HUNAN CHENGLINGJI HARBO    51.63   10/15/18       CNY      7.70
HUNAN CHENGLINGJI HARBO    51.85   10/15/18       CNY      7.70
HUNAN ZHAOSHAN ECONOMIC    50.81   12/12/18       CNY      7.00
HUNAN ZHAOSHAN ECONOMIC    77.25   12/12/18       CNY      7.00
HUZHOU MUNICIPAL CONSTR    40.71   12/21/17       CNY      7.02
HUZHOU MUNICIPAL CONSTR    61.68   12/14/19       CNY      6.70
HUZHOU NANXUN STATE-OWN    62.57   03/31/19       CNY      8.15
HUZHOU WUXING NANTAIHU     71.29   02/17/18       CNY      7.71
INNER MONGOLIA HIGH-TEC    59.01   09/25/19       CNY      7.20
INNER MONGOLIA HIGH-TEC    61.88   09/25/19       CNY      7.20
JIAMUSI NEW ERA INFRAST    60.25   03/22/19       CNY      8.25
JIAMUSI NEW ERA INFRAST    62.20   03/22/19       CNY      8.25
JIAN CITY CONSTRUCTION     60.01   04/20/19       CNY      7.80
JIAN CITY CONSTRUCTION     62.25   04/20/19       CNY      7.80
JIANAN INVESTMENT HOLDI    63.31   09/04/19       CNY      7.68
JIANGDONG HOLDING GROUP    61.21   03/27/19       CNY      6.90
JIANGDU XINYUAN INDUSTR    62.13   03/23/19       CNY      8.10
JIANGSU HANRUI INVESTME    61.50   03/01/19       CNY      8.16
JIANGSU HANRUI INVESTME    62.03   03/01/19       CNY      8.16
JIANGSU HUAJING ASSETS     25.18   09/28/17       CNY      5.68
JIANGSU HUAJING ASSETS     25.19   09/28/17       CNY      5.68
JIANGSU LIANYUN DEVELOP    60.92   06/19/19       CNY      6.10
JIANGSU LIANYUN DEVELOP    61.09   06/19/19       CNY      6.10
JIANGSU NANJING PUKOU E    61.99   10/08/19       CNY      7.10
JIANGSU NANJING PUKOU E    62.10   10/08/19       CNY      7.10
JIANGSU NEWHEADLINE DEV    72.82   08/27/20       CNY      7.00
JIANGSU NEWHEADLINE DEV    73.00   08/27/20       CNY      7.00
JIANGSU SUHAI INVESTMEN    62.00   11/07/19       CNY      7.20
JIANGSU SUHAI INVESTMEN    62.42   11/07/19       CNY      7.20
JIANGSU TAICANG PORT DE    62.14   05/16/19       CNY      7.66
JIANGSU WUZHONG ECONOMI    73.41   12/16/18       CNY      8.05
JIANGSU XISHAN ECONOMIC    61.70   11/01/19       CNY      6.99
JIANGSU XISHAN ECONOMIC    69.60   11/01/19       CNY      6.99
JIANGSU ZHANGJIAGANG EC    62.54   11/16/19       CNY      6.98
JIANGXI HEJI INVESTMENT    62.32   09/04/19       CNY      8.00
JIANGXI HEJI INVESTMENT    62.77   09/04/19       CNY      8.00
JIANGYAN STATE OWNED AS    62.13   12/03/19       CNY      6.85
JIANGYIN CITY CONSTRUCT    62.33   06/11/19       CNY      7.20
JIANGYIN CITY CONSTRUCT    62.90   06/11/19       CNY      7.20
JIASHAN STATE-OWNED ASS    61.83   06/06/19       CNY      6.80
JIAXING CULTURE FAMOUS     61.96   03/08/19       CNY      8.16
JIAXING ECONOMIC&TECHNO    61.18   06/14/19       CNY      6.78
JIAXING ECONOMIC&TECHNO    61.51   06/14/19       CNY      6.78
JINAN CITY CONSTRUCTION    50.37   03/26/18       CNY      6.98
JINAN XIAOQINGHE DEVELO    62.08   09/05/19       CNY      7.15
JINAN XIAOQINGHE DEVELO    62.76   09/05/19       CNY      7.15
JINGJIANG BINJIANG XINC    50.74   10/23/18       CNY      6.80
JINGJIANG BINJIANG XINC    77.00   10/23/18       CNY      6.80
JINGZHOU URBAN CONSTRUC    62.17   04/24/19       CNY      7.98
JINING CITY CONSTRUCTIO    42.30   12/31/18       CNY      8.30
JINING CITY YANZHOU DIS    25.89   12/28/17       CNY      8.50
JINSHAN STATE-OWNED ASS    62.57   11/27/19       CNY      6.65
JINZHOU CITY INVESTMENT    61.46   06/13/19       CNY      7.08
JINZHOU CITY INVESTMENT    61.69   06/13/19       CNY      7.08
JISHOU HUATAI STATE OWN    61.98   12/12/19       CNY      7.37
JISHOU HUATAI STATE OWN    83.23   12/12/19       CNY      7.37
JIUJIANG CITY CONSTRUCT    62.59   02/23/19       CNY      8.49
JIUJIANG CITY CONSTRUCT    64.00   02/23/19       CNY      8.49
JIXI STATE OWN ASSET MA    62.26   11/08/19       CNY      7.18
JIXI STATE OWN ASSET MA    63.11   11/08/19       CNY      7.18
KAIFENG DEVELOPMENT INV    61.85   07/11/19       CNY      6.47
KARAMAY URBAN CONSTRUCT    62.40   09/04/19       CNY      7.15
KARAMAY URBAN CONSTRUCT    62.41   09/04/19       CNY      7.15
KASHI URBAN CONSTRUCTIO    62.26   11/27/19       CNY      7.18
KUNMING CITY CONSTRUCTI    50.80   04/13/18       CNY      7.60
KUNMING CITY CONSTRUCTI    51.13   04/13/18       CNY      7.60
KUNMING INDUSTRIAL DEVE    61.97   10/23/19       CNY      6.46
KUNMING INDUSTRIAL DEVE    63.01   10/23/19       CNY      6.46
KUNMING WUHUA DISTRICT     51.22   03/15/18       CNY      8.60
KUNMING WUHUA DISTRICT     51.33   03/15/18       CNY      8.60
KUNSHAN ENTREPRENEUR HO    61.78   11/07/19       CNY      6.28
KUNSHAN ENTREPRENEUR HO    61.85   11/07/19       CNY      6.28
KUNSHAN HUAQIAO INTERNA    41.98   12/30/18       CNY      7.98
LAIWU CITY ECONOMIC DEV    60.45   03/01/18       CNY      6.50
LANZHOU CITY DEVELOPMEN    66.60   12/15/18       CNY      8.20
LANZHOU CITY DEVELOPMEN    69.97   12/15/18       CNY      8.20
LEQING CITY STATE OWNED    61.18   06/29/19       CNY      6.50
LEQING CITY STATE OWNED    62.00   06/29/19       CNY      6.50
LESHAN STATE-OWNED ASSE    71.32   03/18/18       CNY      6.99
LESHAN STATE-OWNED ASSE    71.66   03/18/18       CNY      6.99
LIAONING YAODU DEVELOPM    61.62   12/12/19       CNY      7.35
LIAOYANG CITY ASSETS OP    60.60   11/13/19       CNY      7.10
LIAOYANG CITY ASSETS OP    62.04   11/13/19       CNY      7.10
LIAOYANG CITY ASSETS OP    65.09   06/13/18       CNY      6.88
LIAOYANG CITY ASSETS OP    66.14   06/13/18       CNY      6.88
LIAOYUAN STATE-OWNED AS    40.01   01/26/17       CNY      7.80
LIAOYUAN STATE-OWNED AS    60.64   03/13/19       CNY      8.17
LIJIANG GUCHENG MANAGEM    61.35   07/26/19       CNY      6.68
LINAN CITY CONSTRUCTION    50.48   03/09/18       CNY      8.15
LINAN CITY CONSTRUCTION    50.99   03/09/18       CNY      8.15
LINYI CITY ASSET MANAGE    62.27   12/12/19       CNY      6.68
LINYI CITY ASSET MANAGE    62.78   12/12/19       CNY      6.68
LINYI ECONOMIC DEVELOPM    63.55   09/24/19       CNY      8.26
LINYI INVESTMENT DEVELO    50.77   03/27/18       CNY      8.10
LIUPANSHUI DEVELOPMENT     62.91   12/03/19       CNY      6.97
LIUZHOU DONGCHENG INVES    62.08   02/15/19       CNY      8.30
LIUZHOU INVESTMENT HOLD    61.35   08/15/19       CNY      6.98
LIYANG CITY CONSTRUCTIO    69.82   11/08/18       CNY      8.20
LONGHAI STATE-OWNED ASS    41.20   12/02/17       CNY      8.25
LOUDI CITY CONSTRUCTION    51.28   10/19/18       CNY      7.28
LOUDI CITY CONSTRUCTION    51.48   10/19/18       CNY      7.28
LUOHE CITY CONSTRUCTION    29.74   03/30/17       CNY      6.81
LUOHE CITY CONSTRUCTION    30.11   03/30/17       CNY      6.81
LUOHE CITY CONSTRUCTION    60.88   10/30/19       CNY      6.99
LUOHE CITY CONSTRUCTION    61.90   10/30/19       CNY      6.99
LUOYANG CITY DEVELOPMEN    62.10   12/31/19       CNY      6.89
LUOYANG CITY DEVELOPMEN    62.96   12/31/19       CNY      6.89
MAANSHAN ECONOMIC TECHN    62.26   12/20/19       CNY      7.10
MIANYANG SCIENCE TECHNO    53.19   07/22/18       CNY      6.30
MIANYANG SCIENCE TECHNO    60.11   05/15/19       CNY      7.16
MIANYANG SCIENCE TECHNO    60.68   05/15/19       CNY      7.16
MUDANJIANG STATE-OWNED     61.10   08/30/19       CNY      7.08
MUDANJIANG STATE-OWNED     61.15   08/30/19       CNY      7.08
NANAN CITY TRADE INDUST    63.70   04/25/19       CNY      8.50
NANCHANG ECONOMY TECHNO    82.50   01/09/20       CNY      6.88
NANCHONG ECONOMIC DEVEL    62.35   04/26/19       CNY      8.16
NANJING HEXI NEW TOWN A    60.10   02/03/17       CNY      6.40
NANJING JIANGNING SCIEN    61.69   04/28/19       CNY      7.29
NANJING JIANGNING SCIEN    63.00   04/28/19       CNY      7.29
NANJING NEW&HIGH TECHNO    61.84   09/07/19       CNY      6.94
NANJING NEW&HIGH TECHNO    62.65   09/07/19       CNY      6.94
NANJING URBAN CONSTRUCT    51.23   11/26/18       CNY      5.68
NANJING URBAN CONSTRUCT    51.84   11/26/18       CNY      5.68
NANJING XINGANG DEVELOP    62.61   01/08/20       CNY      6.80
NANTONG CITY GANGZHA DI    62.59   01/09/20       CNY      7.15
NANTONG CITY GANGZHA DI    63.04   01/09/20       CNY      7.15
NANTONG CITY TONGZHOU D    61.75   05/28/19       CNY      6.80
NEIJIANG INVESTMENT HOL    51.06   07/19/18       CNY      7.00
NEIJIANG INVESTMENT HOL    51.60   07/19/18       CNY      7.00
NEIMENGGU XINLINGOL XIN    71.12   02/25/18       CNY      7.62
NINGBO CITY ZHENHAI INV    40.19   04/12/17       CNY      6.48
NINGBO URBAN CONSTRUCTI    50.88   03/01/18       CNY      7.39
NINGBO URBAN CONSTRUCTI    52.15   03/01/18       CNY      7.39
NINGBO ZHENHAI HAIJIANG    51.42   11/28/18       CNY      6.65
NINGDE CITY STATE-OWNED     9.69   10/21/17       CNY      6.25
NINGHAI COUNTY URBAN IN    40.68   12/31/17       CNY      8.60
NONGGONGSHANG REAL ESTA    40.57   10/11/17       CNY      6.29
PANJIN CONSTRUCTION INV    61.76   05/17/19       CNY      7.50
PANJIN PETROLEUM HIGH T    62.02   01/10/20       CNY      6.95
PANJIN PETROLEUM HIGH T    62.22   01/10/20       CNY      6.95
PEIXIAN STATE-OWNED ASS    62.37   12/06/19       CNY      7.20
PEIXIAN STATE-OWNED ASS    62.42   12/06/19       CNY      7.20
PINGDINGSHAN CITY DEVEL    62.14   05/08/19       CNY      7.86
PINGDINGSHAN CITY DEVEL    62.44   05/08/19       CNY      7.86
PINGHU CITY DEVELOPMENT    62.42   09/18/19       CNY      7.20
PINGXIANG URBAN CONSTRU    62.39   12/10/19       CNY      6.89
PINGXIANG URBAN CONSTRU    84.05   12/10/19       CNY      6.89
PIZHOU RUNCHENG ASSET O    63.01   09/25/19       CNY      7.55
PUER CITY STATE OWNED A    62.01   06/20/19       CNY      7.38
PUTIAN STATE-OWNED ASSE    62.02   03/21/19       CNY      8.10
PUTIAN STATE-OWNED ASSE    63.12   03/21/19       CNY      8.10
PUYANG CONSTRUCTION INV    61.44   10/29/19       CNY      6.98
QIANAN XINGYUAN WATER I    50.21   07/11/18       CNY      6.45
QIANDONG NANZHOU DEVELO    62.60   04/27/19       CNY      8.80
QIANDONGNANZHOU KAIHONG    61.34   10/30/19       CNY      7.80
QIANXI NANZHOU HONGSHEN    61.71   11/22/19       CNY      6.99
QIANXI NANZHOU HONGSHEN    62.06   11/22/19       CNY      6.99
QINGDAO CITY CONSTRUCTI    40.04   02/16/17       CNY      6.19
QINGDAO CITY CONSTRUCTI    40.06   02/16/17       CNY      6.19
QINGDAO CITY CONSTRUCTI    61.50   02/16/19       CNY      6.89
QINGDAO CITY CONSTRUCTI    61.69   02/16/19       CNY      6.89
QINGDAO HUATONG STATE-O    61.71   04/18/19       CNY      7.30
QINGDAO HUATONG STATE-O    62.10   04/18/19       CNY      7.30
QINGZHOU HONGYUAN PUBLI    29.72   05/22/19       CNY      6.50
QINGZHOU HONGYUAN PUBLI    30.50   05/22/19       CNY      6.50
QINGZHOU HONGYUAN PUBLI    51.36   10/19/18       CNY      7.25
QINGZHOU HONGYUAN PUBLI    51.58   10/19/18       CNY      7.25
QINGZHOU HONGYUAN PUBLI    62.33   10/19/19       CNY      7.35
QINGZHOU HONGYUAN PUBLI    62.62   10/19/19       CNY      7.35
QINHUANGDAO DEVELOPMENT    62.15   10/17/19       CNY      7.46
QINHUANGDAO DEVELOPMENT    62.56   10/17/19       CNY      7.46
QINZHOU CITY DEVELOPMEN    50.31   04/30/17       CNY      6.72
QITAIHE CITY CONSTRUCTI    60.00   10/18/19       CNY      7.30
QITAIHE CITY CONSTRUCTI    61.98   10/18/19       CNY      7.30
QUANZHOU QUANGANG PETRO    61.81   04/16/19       CNY      8.40
QUANZHOU QUANGANG PETRO    61.96   04/16/19       CNY      8.40
QUANZHOU TAISHANG INVES    62.27   12/10/19       CNY      7.08
QUANZHOU TAISHANG INVES    62.50   12/10/19       CNY      7.08
QUANZHOU URBAN CONSTRUC    61.84   01/11/20       CNY      6.48
QUANZHOU URBAN CONSTRUC    62.21   01/11/20       CNY      6.48
QUJING DEVELOPMENT INVE    62.26   09/06/19       CNY      7.25
QUJING DEVELOPMENT INVE    63.95   09/06/19       CNY      7.25
RUDONG COUNTY DONGTAI S    62.01   09/24/19       CNY      7.45
RUIAN STATE OWNED ASSET    62.06   11/26/19       CNY      6.93
RUIAN STATE OWNED ASSET    63.00   11/26/19       CNY      6.93
SANMING STATE-OWNED ASS    62.26   12/05/19       CNY      6.92
SANMING STATE-OWNED ASS    71.29   06/14/18       CNY      6.99
SHANGHAI CHENGTOU CORP     60.62   07/30/19       CNY      4.63
SHANGHAI JIADING INDUST    50.64   10/10/18       CNY      6.71
SHANGHAI JIADING INDUST    51.06   10/10/18       CNY      6.71
SHANGHAI JINSHAN URBAN     61.78   12/21/19       CNY      6.60
SHANGHAI JINSHAN URBAN     62.04   12/21/19       CNY      6.60
SHANGHAI MINHANG URBAN     62.17   10/23/19       CNY      6.48
SHANGHAI MINHANG URBAN     62.64   10/23/19       CNY      6.48
SHANGHAI REAL ESTATE GR    40.24   05/17/17       CNY      6.12
SHANGHAI SONGJIANG TOWN    51.20   08/15/18       CNY      6.28
SHANGHAI URBAN CONSTRUC    61.23   11/30/19       CNY      5.25
SHANGQIU DEVELOPMENT IN    80.01   01/15/20       CNY      6.60
SHANGRAO CITY CONSTRUCT    62.18   09/10/19       CNY      7.30
SHANGRAO CITY CONSTRUCT    62.74   09/10/19       CNY      7.30
SHANGYU COMMUNICATIONS     62.26   09/11/19       CNY      6.70
SHAOGUAN JINYE DEVELOPM    62.75   10/18/19       CNY      7.30
SHAOGUAN JINYE DEVELOPM    84.00   10/18/19       CNY      7.30
SHAOXING CENTRAL URBAN     74.74   02/26/19       CNY      6.30
SHAOXING CHENGBEI XINCH    50.55   06/11/18       CNY      6.21
SHAOXING HI-TECH INDUST    51.29   12/05/18       CNY      6.75
SHAOXING PAOJIANG INDUS    61.81   10/31/19       CNY      6.90
SHAOXING PAOJIANG INDUS    62.58   10/31/19       CNY      6.90
SHAOXING URBAN CONSTRUC    62.20   11/09/19       CNY      6.40
SHAOYANG CITY CONSTRUCT    50.20   09/11/18       CNY      7.40
SHAOYANG CITY CONSTRUCT    51.56   09/11/18       CNY      7.40
SHENYANG HEPING DISTRIC    61.80   11/13/19       CNY      6.85
SHISHI STATE OWNED INVE    62.17   09/13/19       CNY      7.40
SHIYAN CITY INFRASTRUCT    62.64   04/20/19       CNY      7.98
SHOUGUANG JINCAI STATE-    61.91   10/23/19       CNY      6.70
SHOUGUANG JINCAI STATE-    62.19   10/23/19       CNY      6.70
SHUANGYASHAN DADI CITY     61.30   12/25/19       CNY      6.55
SHUYANG JINGYUAN ASSET     61.61   12/03/19       CNY      6.50
SHUYANG JINGYUAN ASSET     62.00   12/03/19       CNY      6.50
SICHUAN COAL INDUSTRY G    68.00   12/25/16       CNY      7.45
SICHUAN COAL INDUSTRY G    68.00   05/15/17       CNY      5.94
SICHUAN COAL INDUSTRY G    68.00   01/09/18       CNY      7.70
SICHUAN COAL INDUSTRY G    68.00   09/27/17       CNY      7.80
SICHUAN DEVELOPMENT HOL    29.99   11/10/17       CNY      5.40
SONGYUAN URBAN DEVELOPM    61.25   08/29/19       CNY      7.30
SONGYUAN URBAN DEVELOPM    61.66   08/29/19       CNY      7.30
SUIZHOU DEVELOPMENT INV    62.06   08/22/19       CNY      7.50
SUQIAN ECONOMIC DEVELOP    61.92   03/26/19       CNY      7.50
SUQIAN ECONOMIC DEVELOP    63.50   03/26/19       CNY      7.50
SUQIAN WATER GROUP CO      62.47   12/04/19       CNY      6.55
SUZHOU CITY CONSTRUCTIO    61.85   03/12/19       CNY      7.45
SUZHOU FENHU INVESTMENT    50.68   10/22/17       CNY      7.00
SUZHOU INDUSTRIAL PARK     61.01   05/30/19       CNY      5.79
SUZHOU TECH CITY DEVELO    51.06   11/01/18       CNY      7.32
SUZHOU URBAN CONSTRUCTI    62.17   10/25/19       CNY      5.79
SUZHOU URBAN CONSTRUCTI    62.23   10/25/19       CNY      5.79
SUZHOU WUJIANG COMMUNIC    74.03   10/31/20       CNY      6.80
SUZHOU WUJIANG EASTERN     73.23   12/05/18       CNY      8.05
SUZHOU WUJIANG EASTERN     73.78   12/05/18       CNY      8.05
SUZHOU XIANGCHENG URBAN    61.83   09/03/19       CNY      6.95
SUZHOU XIANGCHENG URBAN    62.47   09/03/19       CNY      6.95
TAIAN CITY TAISHAN INVE    70.48   03/02/18       CNY      5.79
TAICANG ASSET MANAGEMEN    73.44   12/31/18       CNY      8.25
TAICANG ASSET MANAGEMEN    73.59   12/31/18       CNY      8.25
TAICANG HENGTONG INVEST    62.75   10/30/19       CNY      7.45
TAICANG URBAN CONSTRUCT    62.14   01/11/20       CNY      6.75
TAICANG URBAN CONSTRUCT    62.19   01/11/20       CNY      6.75
TAIXING ZHONGXING STATE    51.25   03/27/18       CNY      8.29
TAIXING ZHONGXING STATE    51.26   03/27/18       CNY      8.29
TAIYUAN HIGH-SPEED RAIL    73.26   10/30/20       CNY      6.50
TAIYUAN LONGCHENG DEVEL    61.58   09/25/19       CNY      6.50
TAIYUAN LONGCHENG DEVEL    61.63   09/25/19       CNY      6.50
TAIZHOU CITY CONSTRUCTI    40.05   01/25/17       CNY      6.90
TAIZHOU CITY HUANGYAN D    50.77   12/17/18       CNY      6.85
TAIZHOU CITY HUANGYAN D    51.19   12/17/18       CNY      6.85
TAIZHOU HAILING ASSETS     61.84   03/21/19       CNY      8.52
TAIZHOU HAILING ASSETS     62.00   03/21/19       CNY      8.52
TAIZHOU JIAOJIANG STATE    73.68   09/13/20       CNY      7.46
TAIZHOU XINTAI GROUP CO    51.00   08/14/18       CNY      6.85
TAIZHOU XINTAI GROUP CO    51.28   08/14/18       CNY      6.85
TANGSHAN NANHU ECO CITY    62.24   10/16/19       CNY      7.08
TIANJIN BINHAI NEW AREA    70.48   03/13/18       CNY      5.00
TIANJIN BINHAI NEW AREA    70.89   03/13/18       CNY      5.00
TIANJIN DONGFANG CAIXIN    73.51   11/23/18       CNY      7.99
TIANJIN ECO-CITY INVEST    61.15   08/14/19       CNY      6.76
TIANJIN ECO-CITY INVEST    61.41   08/14/19       CNY      6.76
TIANJIN ECONOMIC TECHNO    61.79   12/03/19       CNY      6.20
TIANJIN ECONOMIC TECHNO    61.93   12/03/19       CNY      6.20
TIANJIN HANBIN INVESTME    62.08   03/22/19       CNY      8.39
TIANJIN HI-TECH INDUSTR    60.01   03/27/19       CNY      7.80
TIANJIN HI-TECH INDUSTR    62.21   03/27/19       CNY      7.80
TIANJIN JINNAN CITY CON    61.87   06/18/19       CNY      6.95
TIANJIN JINNAN CITY CON    63.00   06/18/19       CNY      6.95
TIELING PUBLIC ASSETS I    51.01   05/29/18       CNY      7.34
TIELING PUBLIC ASSETS I    51.11   05/29/18       CNY      7.34
TIGER FOREST & PAPER GR    58.84   06/14/17       CNY      5.38
TONGCHUAN DEVELOPMENT I    61.30   07/17/19       CNY      7.50
TONGLIAO TIANCHENG URBA    60.70   09/24/19       CNY      7.75
TONGLIAO TIANCHENG URBA    62.42   09/24/19       CNY      7.75
TONGLIAO URBAN INVESTME    39.99   09/01/17       CNY      5.98
TONGREN FANJINGSHAN INV    61.79   08/02/19       CNY      6.89
URUMQI CITY CONSTRUCTIO    61.42   07/09/19       CNY      6.35
URUMQI CITY CONSTRUCTIO    61.64   07/09/19       CNY      6.35
URUMQI ECO&TECH DEVELOP    52.59   01/10/19       CNY      8.58
URUMQI STATE-OWNED ASSE    49.96   04/28/18       CNY      6.48
URUMQI STATE-OWNED ASSE    51.60   04/28/18       CNY      6.48
WAFANGDIAN STATE-OWNED     61.98   04/19/19       CNY      8.55
WEIFANG DONGXIN CONSTRU    62.12   11/20/19       CNY      6.88
WEIFANG DONGXIN CONSTRU    84.30   11/20/19       CNY      6.88
WEINAN CITY INVESTMENT     61.10   01/15/20       CNY      6.69
WENLING CITY STATE OWNE    62.50   09/18/19       CNY      7.18
WENZHOU ANJUFANG CITY D    61.93   04/24/19       CNY      7.65
WENZHOU ECONOMIC-TECHNO    80.29   01/15/20       CNY      6.49
WUHAI CITY CONSTRUCTION    61.29   03/31/19       CNY      8.20
WUHAI CITY CONSTRUCTION    62.00   03/31/19       CNY      8.20
WUHU ECONOMIC TECHNOLOG    51.00   06/08/18       CNY      6.70
WUHU ECONOMIC TECHNOLOG    51.12   06/08/18       CNY      6.70
WUHU XINMA INVESTMENT C    62.04   11/14/19       CNY      7.18
WUJIANG ECONOMIC TECHNO    62.14   12/27/19       CNY      6.88
WUJIANG ECONOMIC TECHNO    62.82   12/27/19       CNY      6.88
WUXI MUNICIPAL CONSTRUC    61.98   09/17/19       CNY      6.60
WUXI MUNICIPAL CONSTRUC    62.06   09/17/19       CNY      6.60
WUXI TAIHU INTERNATIONA    62.58   09/17/19       CNY      7.60
WUXI XIDONG TECHNOLOGY     72.10   10/26/18       CNY      5.98
WUZHOU DONGTAI STATE-OW    61.82   09/03/19       CNY      7.40
XI'AN AEROSPACE BASE IN    62.48   11/08/19       CNY      6.96
XIAN CHANBAHE DEVELOPME    61.79   08/03/19       CNY      6.89
XIANGTAN CITY CONSTRUCT    61.12   03/16/19       CNY      8.00
XIANGTAN CITY CONSTRUCT    63.00   03/16/19       CNY      8.00
XIANGTAN HI-TECH GROUP     84.16   01/15/20       CNY      6.90
XIANGTAN JIUHUA ECONOMI    62.79   08/29/19       CNY      7.43
XIANGYANG CITY CONSTRUC    41.85   01/12/19       CNY      8.12
XIANGYANG CITY CONSTRUC    42.26   01/12/19       CNY      8.12
XIANNING CITY CONSTRUCT    51.53   08/31/18       CNY      7.50
XIANYANG MUNICIPAL CONS    40.26   12/09/17       CNY      7.90
XIAOGAN URBAN CONSTRUCT    62.02   03/26/19       CNY      8.12
XINGHUA URBAN CONSTRUCT    51.49   10/23/18       CNY      7.25
XINING CITY INVESTMENT     62.32   04/27/19       CNY      7.70
XINJIANG SHIHEZI DEVELO    49.30   08/29/18       CNY      7.50
XINJIANG UYGUR AR HAMI     51.86   07/17/18       CNY      6.25
XINXIANG INVESTMENT GRO    70.88   01/18/18       CNY      6.80
XINYANG HUAXIN INVESTME    61.99   06/14/19       CNY      6.95
XINYU CITY CONSTRUCTION    61.98   12/13/19       CNY      7.08
XINYU CITY CONSTRUCTION    82.00   12/13/19       CNY      7.08
XINZHOU CITY ASSET MANA    50.70   08/08/18       CNY      7.39
XUCHANG GENERAL INVESTM    62.47   04/27/19       CNY      7.78
XUZHOU ECONOMIC TECHNOL    60.35   03/07/19       CNY      8.20
XUZHOU ECONOMIC TECHNOL    62.98   03/07/19       CNY      8.20
XUZHOU XINSHENG CONSTRU    50.80   05/08/18       CNY      7.48
XUZHOU XINSHENG CONSTRU    51.13   05/08/18       CNY      7.48
YAAN STATE-OWNED ASSET     62.20   07/04/19       CNY      7.39
YANCHENG CITY DAFENG DI    62.38   12/13/19       CNY      7.08
YANCHENG CITY DAFENG DI    62.80   12/13/19       CNY      7.08
YANCHENG ORIENTAL INVES    49.87   06/08/17       CNY      5.75
YANCHENG ORIENTAL INVES    50.20   06/08/17       CNY      5.75
YANCHENG ORIENTAL INVES    62.59   10/26/19       CNY      6.99
YANCHENG SOUTH DISTRICT    62.50   10/26/19       CNY      6.93
YANCHENG SOUTH DISTRICT    62.56   10/26/19       CNY      6.93
YANGZHONG URBAN CONSTRU    71.27   03/26/18       CNY      7.10
YANGZHOU URBAN CONSTRUC    61.77   07/26/19       CNY      6.30
YIBIN STATE-OWNED ASSET    71.07   05/23/18       CNY      5.80
YICHANG MUNICIPAL FINAN    62.09   10/16/19       CNY      7.12
YICHANG MUNICIPAL FINAN    62.47   10/16/19       CNY      7.12
YICHANG URBAN CONSTRUCT    61.92   11/08/19       CNY      6.85
YICHANG URBAN CONSTRUCT    62.61   11/08/19       CNY      6.85
YICHUN CITY CONSTRUCTIO    60.00   07/24/19       CNY      7.35
YICHUN CITY CONSTRUCTIO    61.33   07/24/19       CNY      7.35
YIJINHUOLUOQI HONGTAI C    59.16   03/19/19       CNY      8.35
YIJINHUOLUOQI HONGTAI C    59.17   03/19/19       CNY      8.35
YILI STATE-OWNED ASSET     51.76   11/19/18       CNY      6.70
YILI STATE-OWNED ASSET     78.00   11/19/18       CNY      6.70
YINCHUAN URBAN CONSTRUC    25.07   03/09/17       CNY      6.28
YINGKOU CITY CONSTRUCTI    73.93   04/18/20       CNY      7.98
YINGKOU COASTAL DEVELOP    61.76   11/16/19       CNY      7.08
YINGKOU COASTAL DEVELOP    61.78   11/16/19       CNY      7.08
YIXING CITY DEVELOPMENT    62.01   10/10/19       CNY      6.90
YIXING CITY DEVELOPMENT    62.06   10/10/19       CNY      6.90
YIYANG CITY CONSTRUCTIO    60.15   08/24/19       CNY      7.36
YIYANG CITY CONSTRUCTIO    62.17   08/24/19       CNY      7.36
YIZHENG CITY CONSTRUCTI    63.00   06/14/19       CNY      7.78
YUHUAN COUNTY COMMUNICA    62.32   10/12/19       CNY      7.15
YUHUAN COUNTY COMMUNICA    62.50   10/12/19       CNY      7.15
YULIN CITY INVESTMENT O    51.17   12/04/18       CNY      6.81
YULIN URBAN CONSTRUCTIO    62.01   11/26/19       CNY      6.88
YULIN URBAN CONSTRUCTIO    62.94   11/26/19       CNY      6.88
YUNCHENG URBAN CONSTRUC    61.79   10/15/19       CNY      7.48
YUNNAN PROVINCIAL INVES    40.28   08/24/17       CNY      5.25
YUYAO WATER RESOURCE IN    62.02   10/16/19       CNY      7.20
ZHANGJIAGANG JINCHENG I    30.40   01/06/18       CNY      6.23
ZHANGJIAGANG MUNICIPAL     62.02   11/27/19       CNY      6.43
ZHANGJIAJIE ECONOMIC DE    65.18   10/18/19       CNY      7.40
ZHANGJIAKOU CONSTRUCTIO    62.38   10/26/19       CNY      7.00
ZHANGJIAKOU TONGTAI HOL    71.19   07/05/18       CNY      6.90
ZHAOYUAN STATE-OWNED AS    62.49   12/31/19       CNY      6.64
ZHEJIANG HUZHOU HUANTAI    63.12   11/28/19       CNY      6.70
ZHEJIANG JIASHAN ECONOM    62.52   12/03/19       CNY      7.05
ZHEJIANG JIASHAN ECONOM    84.43   12/03/19       CNY      7.05
ZHEJIANG PROVINCE DEQIN    71.01   04/12/18       CNY      6.90
ZHENGZHOU CITY CONSTRUC    61.84   12/03/19       CNY      6.37
ZHENGZHOU CITY CONSTRUC    62.20   12/03/19       CNY      6.37
ZHENJIANG CULTURE AND T    50.10   05/06/17       CNY      5.86
ZHENJIANG CULTURE AND T    50.57   05/06/17       CNY      5.86
ZHENJIANG TRANSPORTATIO    61.01   05/08/19       CNY      7.29
ZHENJIANG TRANSPORTATIO    61.74   05/08/19       CNY      7.29
ZHONGSHAN TRANSPORTATIO    50.99   08/28/18       CNY      6.65
ZHONGSHAN TRANSPORTATIO    51.20   08/28/18       CNY      6.65
ZHOUSHAN DINGHAI STATE-    73.48   08/31/20       CNY      7.25
ZHOUSHAN DINGHAI STATE-    75.60   08/31/20       CNY      7.25
ZHUCHENG ECONOMIC DEVEL    30.71   08/25/18       CNY      7.50
ZHUCHENG ECONOMIC DEVEL    40.57   04/26/18       CNY      6.40
ZHUCHENG ECONOMIC DEVEL    40.65   04/26/18       CNY      6.40
ZHUCHENG ECONOMIC DEVEL    61.93   11/29/19       CNY      6.80
ZHUCHENG ECONOMIC DEVEL    62.40   11/29/19       CNY      6.80
ZHUHAI HUAFA GROUP CO L    50.82   02/16/18       CNY      8.43
ZHUHAI HUAFA GROUP CO L    51.09   02/16/18       CNY      8.43
ZHUJI CITY CONSTRUCTION    62.55   12/19/19       CNY      6.92
ZHUJI CITY CONSTRUCTION    71.75   07/05/18       CNY      6.92
ZHUJI CITY CONSTRUCTION    71.78   07/05/18       CNY      6.92
ZHUMADIAN INVESTMENT CO    62.51   11/26/19       CNY      6.95
ZHUZHOU GECKOR GROUP CO    62.53   09/10/19       CNY      7.50
ZHUZHOU GECKOR GROUP CO    62.88   09/10/19       CNY      7.50
ZHUZHOU GECKOR GROUP CO    72.38   08/18/18       CNY      7.82
ZHUZHOU YUNLONG DEVELOP    62.35   11/19/19       CNY      6.78
ZHUZHOU YUNLONG DEVELOP    82.00   11/19/19       CNY      6.78
ZIBO CITY PROPERTY CO L    35.91   04/27/19       CNY      5.45
ZIBO CITY PROPERTY CO L    62.02   08/22/19       CNY      6.83
ZIBO CITY PROPERTY CO L    62.30   08/22/19       CNY      6.83
ZIGONG STATE-OWNED ASSE    71.44   06/17/18       CNY      6.86
ZIYANG CITY CONSTRUCTIO    51.30   01/09/19       CNY      7.58
ZOUCHENG CITY ASSET OPE    20.15   01/12/18       CNY      7.02
ZOUPING COUNTY STATE-OW    71.12   04/27/18       CNY      6.98
ZUNYI INVESTMENT GROUP     62.12   03/13/19       CNY      8.53
ZUNYI INVESTMENT GROUP     62.67   03/13/19       CNY      8.53
ZUNYI ROAD & BRIDGE ENG    73.69   08/17/20       CNY      7.15
ZUNYI STATE-OWNED ASSET    62.49   12/26/19       CNY      6.98


HONG KONG
---------

CHINA CITY CONSTRUCTION     5.35   07/03/17       CNY     66.25


INDIA
-----

3I INFOTECH LTD             2.50   03/31/25       USD     16.50
BERAU COAL ENERGY TBK P     7.25   03/13/17       USD     28.02
BERAU COAL ENERGY TBK P     7.25   03/13/17       USD     30.01
BLUE DART EXPRESS LTD       9.30   11/20/17       INR     10.13
BLUE DART EXPRESS LTD       9.40   11/20/18       INR     10.29
BLUE DART EXPRESS LTD       9.50   11/20/19       INR     10.45
DAVOMAS INTERNATIONAL F    11.00   12/08/14       USD      0.89
DAVOMAS INTERNATIONAL F    11.00   12/08/14       USD      0.89
GTL INFRASTRUCTURE LTD      5.03   11/09/17       USD     29.50
JAIPRAKASH ASSOCIATES L     5.75   09/08/17       USD     44.25
JAIPRAKASH POWER VENTUR     7.00   02/13/49       USD     20.00
JCT LTD                     2.50   04/08/11       USD     27.00
PRAKASH INDUSTRIES LTD      5.25   04/30/15       USD     20.50
PYRAMID SAIMIRA THEATRE     1.75   07/04/12       USD      1.00
REI AGRO LTD                5.50   11/13/14       USD      2.13
REI AGRO LTD                5.50   11/13/14       USD      2.13
SVOGL OIL GAS & ENERGY      5.00   08/17/15       USD      0.23
TALWALKARS BETTER VALUE     9.60   01/03/23       INR     62.16


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     2.29   12/07/12       JPY      5.38
MICRON MEMORY JAPAN INC     2.10   11/29/12       JPY      5.38
MICRON MEMORY JAPAN INC     2.03   03/22/12       JPY      5.38
TAKATA CORP                 0.58   03/26/21       JPY     65.00
TAKATA CORP                 0.85   03/06/19       JPY     72.63


KOREA
-----

2014 KODIT CREATIVE THE     5.00   12/25/17       KRW     34.53
2014 KODIT CREATIVE THE     5.00   12/25/17       KRW     34.53
2016 KIBO 1ST SECURITIZ     5.00   09/13/18       KRW     30.36
DONGBU METAL CO LTD         5.75   04/16/20       KRW     74.40
DOOSAN CAPITAL SECURITI    20.00   04/22/19       KRW     49.58
EXPORT-IMPORT BANK OF K     1.70   09/22/30       KRW     73.08
HANA FINANCIAL GROUP IN     3.95   05/29/45       KRW    413.68
HANJIN SHIPPING CO LTD      5.90   06/07/17       KRW      5.83
HANJIN SHIPPING CO LTD      2.00   05/23/17       KRW      5.40
HYUNDAI MERCHANT MARINE     1.00   07/07/21       KRW     51.75
HYUNDAI MERCHANT MARINE     1.00   04/07/21       KRW     53.75
KIBO ABS SPECIALTY CO L    10.00   08/22/17       KRW     21.85
KIBO ABS SPECIALTY CO L     5.00   03/29/18       KRW     33.38
KIBO ABS SPECIALTY CO L     5.00   01/31/17       KRW     65.82
KIBO ABS SPECIALTY CO L     5.00   12/25/17       KRW     32.92
KIBO ABS SPECIALTY CO L     5.00   02/25/19       KRW     28.90
KIBO ABS SPECIALTY CO L    10.00   02/19/17       KRW     68.32
LSMTRON DONGBANGSEONGJA     4.53   11/22/17       KRW     33.90
MERITZ CAPITAL CO LTD       5.44   09/29/46       KRW     34.99
OKC SECURITIZATION SPEC    10.00   01/03/20       KRW     28.39
SHINHAN BANK                3.83   12/08/31       KRW     70.65
SHINHAN BANK                3.83   12/08/31       KRW     70.65
SINBO SECURITIZATION SP     5.00   08/16/17       KRW     35.57
SINBO SECURITIZATION SP     5.00   08/16/17       KRW     35.57
SINBO SECURITIZATION SP     5.00   07/08/17       KRW     36.30
SINBO SECURITIZATION SP     5.00   07/08/17       KRW     36.30
SINBO SECURITIZATION SP     5.00   03/12/18       KRW     33.53
SINBO SECURITIZATION SP     5.00   03/12/18       KRW     33.53
SINBO SECURITIZATION SP     5.00   02/11/18       KRW     33.79
SINBO SECURITIZATION SP     5.00   02/11/18       KRW     33.79
SINBO SECURITIZATION SP     5.00   01/28/20       KRW     26.82
SINBO SECURITIZATION SP     5.00   03/18/19       KRW     29.99
SINBO SECURITIZATION SP     5.00   03/18/19       KRW     29.99
SINBO SECURITIZATION SP     5.00   06/07/17       KRW     26.90
SINBO SECURITIZATION SP     5.00   06/07/17       KRW     26.90
SINBO SECURITIZATION SP     5.00   09/30/19       KRW     27.88
SINBO SECURITIZATION SP     5.00   07/29/19       KRW     28.59
SINBO SECURITIZATION SP     5.00   07/29/18       KRW     30.84
SINBO SECURITIZATION SP     5.00   05/26/18       KRW     31.44
SINBO SECURITIZATION SP     5.00   03/13/19       KRW     28.68
SINBO SECURITIZATION SP     5.00   08/27/19       KRW     28.31
SINBO SECURITIZATION SP     5.00   01/15/18       KRW     34.33
SINBO SECURITIZATION SP     5.00   01/15/18       KRW     34.33
SINBO SECURITIZATION SP     5.00   12/30/19       KRW     26.99
SINBO SECURITIZATION SP     5.00   12/23/18       KRW     30.80
SINBO SECURITIZATION SP     5.00   12/23/18       KRW     30.80
SINBO SECURITIZATION SP     5.00   12/23/17       KRW     32.94
SINBO SECURITIZATION SP     5.00   02/27/19       KRW     30.21
SINBO SECURITIZATION SP     5.00   02/27/19       KRW     30.21
SINBO SECURITIZATION SP     5.00   10/01/17       KRW     35.07
SINBO SECURITIZATION SP     5.00   10/01/17       KRW     35.07
SINBO SECURITIZATION SP     5.00   10/01/17       KRW     35.07
SINBO SECURITIZATION SP     5.00   02/25/20       KRW     26.74
SINBO SECURITIZATION SP     5.00   06/25/19       KRW     28.94
SINBO SECURITIZATION SP     5.00   06/25/18       KRW     31.17
SINBO SECURITIZATION SP     5.00   06/27/18       KRW     32.82
SINBO SECURITIZATION SP     5.00   07/24/17       KRW     34.46
SINBO SECURITIZATION SP     5.00   07/24/18       KRW     32.58
SINBO SECURITIZATION SP     5.00   06/27/18       KRW     32.82
SINBO SECURITIZATION SP     5.00   07/24/18       KRW     32.58
SINBO SECURITIZATION SP     5.00   01/30/19       KRW     30.44
SINBO SECURITIZATION SP     5.00   01/30/19       KRW     30.44
SINBO SECURITIZATION SP     5.00   10/30/19       KRW     18.84
SINBO SECURITIZATION SP     5.00   08/29/18       KRW     32.02
SINBO SECURITIZATION SP     5.00   08/29/18       KRW     32.02
SINBO SECURITIZATION SP     5.00   01/29/17       KRW     69.93
SINBO SECURITIZATION SP     5.00   03/13/17       KRW     52.88
SINBO SECURITIZATION SP     5.00   03/13/17       KRW     52.88
SINBO SECURITIZATION SP     5.00   02/21/17       KRW     59.18
SINBO SECURITIZATION SP     5.00   02/21/17       KRW     59.18
SINBO SECURITIZATION SP     5.00   09/26/18       KRW     31.77
SINBO SECURITIZATION SP     5.00   09/26/18       KRW     31.77
SINBO SECURITIZATION SP     5.00   09/26/18       KRW     31.77
TONGYANG CEMENT & ENERG     7.50   04/20/14       KRW     70.00
TONGYANG CEMENT & ENERG     7.30   06/26/15       KRW     70.00
TONGYANG CEMENT & ENERG     7.50   07/20/14       KRW     70.00
TONGYANG CEMENT & ENERG     7.30   04/12/15       KRW     70.00
TONGYANG CEMENT & ENERG     7.50   09/10/14       KRW     70.00
U-BEST SECURITIZATION S     5.50   11/16/17       KRW     35.47
WOONGJIN ENERGY CO LTD      3.00   12/19/19       KRW     58.36


SRI LANKA
---------

SRI LANKA GOVERNMENT BO     5.35   03/01/26       LKR     61.92
SRI LANKA GOVERNMENT BO     9.00   06/01/43       LKR     70.49
SRI LANKA GOVERNMENT BO     9.00   10/01/32       LKR     74.78
SRI LANKA GOVERNMENT BO     6.00   12/01/24       LKR     68.67
SRI LANKA GOVERNMENT BO     9.00   11/01/33       LKR     73.82
SRI LANKA GOVERNMENT BO     8.00   01/01/32       LKR     68.65
SRI LANKA GOVERNMENT BO     9.00   06/01/33       LKR     74.22


MALAYSIA
--------

BIMB HOLDINGS BHD           1.50   12/12/23       MYR     74.00
BRIGHT FOCUS BHD            2.50   01/22/31       MYR     72.47
LAND & GENERAL BHD          1.00   09/24/18       MYR      0.17
SENAI-DESARU EXPRESSWAY     0.50   12/31/38       MYR     67.93
SENAI-DESARU EXPRESSWAY     0.50   12/31/40       MYR     70.21
SENAI-DESARU EXPRESSWAY     0.50   12/31/43       MYR     73.02
SENAI-DESARU EXPRESSWAY     0.50   12/31/41       MYR     71.02
SENAI-DESARU EXPRESSWAY     0.50   12/30/44       MYR     73.78
SENAI-DESARU EXPRESSWAY     0.50   12/31/42       MYR     72.06
SENAI-DESARU EXPRESSWAY     0.50   12/30/39       MYR     69.25
SENAI-DESARU EXPRESSWAY     0.50   12/29/45       MYR     74.46
SENAI-DESARU EXPRESSWAY     1.35   12/31/25       MYR     68.09
SENAI-DESARU EXPRESSWAY     1.15   06/30/23       MYR     74.33
SENAI-DESARU EXPRESSWAY     1.15   06/28/24       MYR     71.20
SENAI-DESARU EXPRESSWAY     1.35   06/30/26       MYR     66.67
SENAI-DESARU EXPRESSWAY     1.35   06/28/30       MYR     55.93
SENAI-DESARU EXPRESSWAY     1.35   12/31/26       MYR     65.29
SENAI-DESARU EXPRESSWAY     1.35   12/31/27       MYR     62.76
SENAI-DESARU EXPRESSWAY     1.35   06/30/28       MYR     61.43
SENAI-DESARU EXPRESSWAY     1.35   12/29/28       MYR     60.09
SENAI-DESARU EXPRESSWAY     1.35   12/31/29       MYR     57.30
SENAI-DESARU EXPRESSWAY     1.35   06/29/29       MYR     58.70
SENAI-DESARU EXPRESSWAY     1.35   06/30/31       MYR     53.19
SENAI-DESARU EXPRESSWAY     1.35   12/31/30       MYR     54.54
SENAI-DESARU EXPRESSWAY     1.15   12/29/23       MYR     72.75
SENAI-DESARU EXPRESSWAY     1.15   12/31/24       MYR     69.67
SENAI-DESARU EXPRESSWAY     1.15   06/30/25       MYR     68.17
SENAI-DESARU EXPRESSWAY     1.35   06/30/27       MYR     63.98
UNIMECH GROUP BHD           5.00   09/18/18       MYR      1.01


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

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


SINGAPORE
---------

ASL MARINE HOLDINGS LTD     4.75   03/28/17       SGD     70.00
ASL MARINE HOLDINGS LTD     5.35   10/01/18       SGD     70.00
AUSGROUP LTD                7.45   10/20/18       SGD     66.25
BAKRIE TELECOM PTE LTD     11.50   05/07/15       USD      0.25
BAKRIE TELECOM PTE LTD     11.50   05/07/15       USD      2.46
BERAU CAPITAL RESOURCES    12.50   07/08/15       USD     30.54
BERAU CAPITAL RESOURCES    12.50   07/08/15       USD     31.38
BLD INVESTMENTS PTE LTD     8.63   03/23/15       USD      6.13
BLUE OCEAN RESOURCES PT     4.00   12/31/20       USD     34.75
BUMI CAPITAL PTE LTD       12.00   11/10/16       USD     46.63
BUMI CAPITAL PTE LTD       12.00   11/10/16       USD     47.30
BUMI INVESTMENT PTE LTD    10.75   10/06/17       USD     46.00
BUMI INVESTMENT PTE LTD    10.75   10/06/17       USD     43.09
ENERCOAL RESOURCES PTE      9.25   08/05/14       USD     27.75
EZION HOLDINGS LTD          4.70   05/22/19       SGD     71.97
EZION HOLDINGS LTD          4.88   06/11/21       SGD     50.63
EZION HOLDINGS LTD          5.10   03/13/20       SGD     58.63
EZRA HOLDINGS LTD           4.88   04/24/18       SGD     35.00
FALCON ENERGY GROUP LTD     5.50   09/19/17       SGD     69.96
GEO ENERGY RESOURCES LT     7.00   01/18/18       SGD     69.50
GOLIATH OFFSHORE HOLDIN    12.00   06/11/17       USD      1.00
INDO INFRASTRUCTURE GRO     2.00   07/30/10       USD      1.00
INTERNATIONAL HEALTHWAY     7.00   04/27/17       SGD     65.00
INTERNATIONAL HEALTHWAY     6.00   02/06/18       SGD     65.00
NEPTUNE ORIENT LINES LT     4.40   06/22/21       SGD     68.63
NEPTUNE ORIENT LINES LT     4.65   09/09/20       SGD     74.00
ORO NEGRO DRILLING PTE      7.50   01/24/19       USD     51.00
OSA GOLIATH PTE LTD        12.00   10/09/18       USD     62.63
OTTAWA HOLDINGS PTE LTD     5.88   05/16/18       USD     71.40
OTTAWA HOLDINGS PTE LTD     5.88   05/16/18       USD     74.57
PACIFIC INTERNATIONAL L     7.25   11/16/18       SGD     70.80
PACIFIC RADIANCE LTD        4.30   08/29/18       SGD     42.00
RICKMERS MARITIME           8.45   05/15/17       SGD     21.25
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      6.48
SWIBER HOLDINGS LTD         7.13   04/18/17       SGD     12.25
SWIBER HOLDINGS LTD         5.55   10/10/16       SGD     10.88
TRIKOMSEL PTE LTD           5.25   05/10/16       SGD     17.00
TRIKOMSEL PTE LTD           7.88   06/05/17       SGD     17.00


THAILAND
--------

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


VIETNAM
-------

DEBT AND ASSET TRADING      1.00   10/10/25       USD     56.52
DEBT AND ASSET TRADING      1.00   10/10/25       USD     57.80



                             *********

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

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

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


                            *********


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

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