TCRAP_Public/170207.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, February 7, 2017, Vol. 20, No. 27

                            Headlines


A U S T R A L I A

ALLPHONES GROUP: Placed Into Voluntary Administration
ATLAS IRON: Moody's Hikes Corporate Family Rating to B3
EXPERT SPEAKERS: First Creditors' Meeting Set for Feb. 16
NATIONAL DAIRY: Creditors May Vote Over Liquidation on Feb. 13
URTH ENERGY: First Creditors' Meeting Set for Feb. 13


H O N G  K O N G

RUIFENG PETROLEUM: HKEX Cancels Listing of Firm's Shares


I N D I A

AANCHAL COLLECTIONS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
ADVANTAGE COMPUTERS: ICRA Upgrades Rating on INR14cr LT Loan
AMRIT LAL: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
ANANT STEELS: Ind-Ra Affirms 'B+' Long-Term Issuer Rating
ARR INFRA: CRISIL Assigns 'B' Rating to INR5MM Overdraft

A R S FABRICS: CRISIL Reaffirms B+ Rating on INR10MM Term Loan
AVANT TRADING: CRISIL Upgrades Rating on INR5MM Overdraft to B+
BATHERO SANITARY: CRISIL Cuts Rating on INR4.50MM LT Loan to B-
BHOLA RAM: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
BIPIN ENGINEERS: CRISIL Ups Rating on INR3.5MM Cash Loan to B-

CAPITAL VENTURES: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
CHHABRA ISPAT: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
DONATELLO IFMR: Ind-Ra Assigns 'BB+' Rating to INR12MM Certs.
DP GARG: Ind-Ra Affirms 'B+' Long-Term Issuer Rating
GAURISHANKER BIHANI: ICRA Reaffirms B+ Rating on INR15cr Loan

GOYAL AGRO: ICRA Reaffirms 'B' Rating on INR29cr Fund Based Loan
HARDOLI PAPER: ICRA Reaffirms B+ Rating on INR15cr Loan
HI-TECH AGRO: CRISIL Assigns B+ Rating to INR8.25MM Cash Loan
JAJODIA EXPORTS: CRISIL Assigns B+ Rating to INR7.5MM Cash Loan
JAY ENTERPRISES: CRISIL Assigns B+ Rating to INR15MM Cash Loan

JSW STEEL: Moody's Revises Outlook to Stable & Affirms Ba3 CFR
KADAMBRI HEALTHCARE: CRISIL Assigns B- Rating to INR13.05MM Loan
KAVIT PU: Ind-Ra Assigns 'D' Long-Term Issuer Rating
KINGFISHER: ED Obtains Permit to Retrieve Swiss Account Details
KISAN OLEOCHEM: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating

KS FIBER: ICRA Reaffirms 'B' Rating on INR16.10cr Term Loan
MAXWELL: CRISIL Reaffirms B- Rating on INR4.5MM Letter of Credit
MEWAR SPICES: CRISIL Assigns B+ Rating to INR5.0MM Cash Loan
PALANIAPPA ELECTRONICS: CRISIL Assigns B+ Rating to INR10MM Loan
PERFECTO ELECTRICALS: ICRA Assigns 'B' Rating to INR7.5cr Loan

POWER CABLE: ICRA Assigns 'B' Rating to INR7.50cr Cash Loan
RADHADAMODAR MULTIPURPOSE: CRISIL Rates INR6.75MM Cash Loan at B+
RAMESH COMPANY: ICRA Reaffirms B+ Rating on INR14cr Cash Loan
RAMESHWAR INDUSTRIES: ICRA Reaffirms B Rating on INR7.67cr Loan
SHREE GURU: ICRA Reaffirms 'B' Rating on INR6.0cr LT Loan

SHRI SIDDHBALI: ICRA Reaffirms 'B' Rating on INR5.81cr Loan
SION CERAMICS: CRISIL Lowers Rating on INR6.18MM Term Loan to B
SRI VIJAYA: ICRA Assigns 'B' Rating to INR6.0cr Cash Loan
SUDESH COTTON: CRISIL Upgrades Rating on INR6MM Loan to B+
SUN PROJECTS: CRISIL Assigns B+ Rating to INR3MM LT Loan

VASANTH CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR15MM Loan


J A P A N

TOSHIBA CORP: Aims to Raise JPY300BB Thru Preferred Shares Sale


S I N G A P O R E

FSL TRUST: Warns of 'Significant Net Loss' for FY2016


X X X X X X X X

* BOND PRICING: For the Week Jan. 30 to Feb. 3, 2017


                            - - - - -


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


ALLPHONES GROUP: Placed Into Voluntary Administration
-----------------------------------------------------
Phil Carter, Daniel Walley and Mark Robinson of PPB Advisory have
been appointed Voluntary Administrators of the nine Australian
entities comprising the Allphones Group:

All Distribution Pty Ltd
Allphones Business Pty Limited
Allphones Retail Pty Limited
Allretail Pty Limited
Allventures Pty Ltd
AMT Group Pty Ltd
Australian Retail Management Services Pty Ltd
My Number Pty Ltd
My Saver Telecommunications Pty Ltd

Allphones is an independent mobile phone retailer that operates
84 stores and employs approximately 440 people across Australia.
Of the stores, 25 are company owned, seven are franchises, and
the balance are licensed and operated on behalf of other parties.

The Allphones group was acquired in May 2016 by a Canadian
shareholder with the ambition to undertake a turnaround of the
business. Despite financial support from the shareholder and
significant efforts to deliver a successful turnaround, the
shareholders are unable to continue funding the group's losses.

The Board of each entity has been left with no option other than
to place each entity in the Allphones Group into Voluntary
Administration on Feb. 6.

Based on an initial review by the Voluntary Administrators, 18
company-owned Allphones branded stores closed on Feb. 6 due to
insufficient funding to keep the stores trading during a sales
process. As a result, 69 employees were made redundant on Feb. 6.

Discussions are underway with interested parties who could take
over the operation of the remainder of the store network, which
is running on a business-as-usual basis.

Phil Carter of PPB Advisory said: "We are today undertaking an
urgent review of Allphone's business in order to stabilise the
current operations and store network, and ensure that the
employees impacted by the store closures today are fully
supported."

"Our immediate priority is to work with Allphones' staff,
franchisees, licensees and other key stakeholders to allow the
remaining store network to continue trading on a business as
usual basis."


ATLAS IRON: Moody's Hikes Corporate Family Rating to B3
-------------------------------------------------------
Moody's Investors Service has upgraded Atlas Iron Limited's
corporate family rating (CFR) to B3 from Caa3. At the same time,
Moody's has upgraded Atlas' senior secured bank credit facility
to B3 from Caa3. The outlook is stable.

RATINGS RATIONALE

The upgrade of Atlas' ratings reflects the significant
improvements in the company's credit metrics following its AUD54
million of debt reduction in January 2017. This, combined with
earlier debt repayments and an improved earnings generating
ability, has led to a step change in the company's debt level and
financial profile, which is reflected in the multi-notch upgrade
of its ratings. Atlas' debt repayments are a result of the cash
sweep arrangements with lenders - requiring the application of
excess cash over AUD80 million towards debt reduction - and
reflects improved earnings on back of higher iron ore prices.

"Atlas has been able to capitalise on higher iron ore prices and
utilize the incremental cash flow generated to make sustainable
improvements to its balance sheet and debt levels", says Matthew
Moore a Moody's Vice President and Senior Credit Officer.

Iron ore prices have substantially strengthened in recent months
allowing producers to generate earnings and cash flow ahead of
Moody's previous expectations. While Moody's does not expect
prices to be sustained at these levels, the rating agency expects
prices to remain above the low levels seen early last year.
Moody's base price sensitivity is for 62% Fe iron ore to China to
average around USD60/tonne in 2017 and USD50/tonne in 2018.

"Given Atlas' limited scale and higher cost of production
relative to major producers, its earnings will remain highly
sensitive to iron ore prices", says Moore.

While higher iron ore prices in 2017 should support improved
earnings and an ability to further reduce debt levels, Moody's
expects that prices in 2018 will approach Atlas' breakeven
levels -- absent further cost improvements.

Under Moody's base sensitivities, Atlas is expected to generate
earnings of AUD150-200 million in fiscal 2017. This level would
support leverage, as measured by adjusted debt/EBITDA, remaining
well below the low 2.6x achieved at the end of fiscal 2016 and
would allow for further debt reduction and/or funding of growth
initiatives.

However, Moody's does note that leverage metrics and cash flow
will remain very sensitive to prices. At the low end of Moody's
medium term price sensitivities for iron ore, namely USD45-USD65,
Atlas' leverage would increase materially and its liquidity would
become strained.

The ratings continue to be constrained by Atlas' lack of
operational, geographic and product diversity, as well as its
short reserve life and higher cost structure relative to major
producers.

Moody's acknowledges that Atlas is expected to make a final
investment decision on its Corunna Downs project soon. The
successful completion of this project would support Atlas'
declining production profile and improve diversity of its
operations. Atlas expects production from two of its three
operating mines -- Abydos and Wodgina -- to cease over the 2017
calendar year.

While Moody's ultimately views the development of Corunna as
credit positive, it will also expose the company to execution
risk and increased capital requirements.

The stable outlook reflects Moody's expectation that Atlas will
be able to generate sufficient cash flow to support its
operations and further reduce debt over the next 12-to-18 months.
The outlook also reflects the agency's expectation that, if the
Corunna project is sanctioned, the company will take steps to
ensure that it prudently manages liquidity and remains compliant
with the minimum cash covenant under its term loan.

WHAT COULD CHANGE THE RATINGS

Given the limited scale and concentration of Atlas' operations, a
rating upgrade would likely require a material improvement in the
diversity and reserve life of its operations, beyond the proposed
Corunna Downs project. An upgrade would also likely require a
sustained improvement in breakeven levels, with all in cash costs
comfortably below Moody's medium-term sensitivity range for iron
ore prices. Moody's would also expect the company to maintain
adequate liquidity to fund future strategic initiatives.

The ratings could be downgraded if Atlas' cash margins decrease
materially, leading to negative free cash flow and reducing the
headroom under its minimum cash covenant. The ratings could also
be downgraded if Debt/EBITDA is sustained above 5x for a
protracted period.

BACKGROUND

Atlas Iron Limited, headquartered in Perth, Australia, is an iron
ore producer and developer focused on the North Pilbara region of
Western Australia. Atlas exports iron ore from its current three
producing mines.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.


EXPERT SPEAKERS: First Creditors' Meeting Set for Feb. 16
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Expert
Speakers Success Pty Ltd will be held at the offices of Shaw
Gidley, Suite 1, Level 1, 65 Lord Street, in Port Macquarie, NSW,
on Feb. 16, 2017, at 11:00 a.m.

Scott Newton of Shaw Gidley was appointed as administrator of
Expert Speakers on Feb. 6, 2017.


NATIONAL DAIRY: Creditors May Vote Over Liquidation on Feb. 13
--------------------------------------------------------------
Andrew Miller at The Australian Dairyfarmer reports that
administrators for National Dairy Products (NDP) have announced
another creditors meeting is to be held to decide the company's
future.

The meeting comes amid claims the company may now be put into
liquidation, says Dairyfarmer.

According to the report, Deloitte joint and several administrator
Glen Kanevsky has written to creditors, telling them the next
meeting would be held on February 13.

The second meeting of creditors was held just before Christmas
last year and adjourned until the end of February, the report
says.

"The primary purpose of that adjournment was to allow the
proponents of a Deed of Company Arrangement (DOCA) an opportunity
to revise their initial proposal for further consideration by
creditors," the report quotes Mr. Kanevsky as saying.  "The
purpose of this circular is to advise that since the meeting of
creditors, we have not received any revised proposal from the
proponents of the original DOCA."

As no revised proposal had been received, the second creditors
meeting would now go ahead, relays Dairyfarmer.

"Unless there are changes to this position in the interim, we
will forward details of the reconvened meeting and all relevant
materials to creditors shortly," he said, notes the report.

Dairyfarmer relates that administrators have told unsecured
creditors they could expect as little as five cents in the dollar
under a DOCA.

The administrators said if NDP was declared insolvent, creditors
could expect nothing or just over a cent in the dollar, the
report relays.

Deloitte found the company had liabilities of AUD9.2 million,
made up of AUD4.3 million to unsecured creditors and a further
AUD4.7 million owed to Mr. Esposito as an unsecured loan.

Among those owed substantial amounts of money include Peter
Stoitse Transport (AUD1.35 million), Warrnambool Cheese and
Butter (WCB) (AUD479,756) and Tatura Milk (AUD197,000), the
report discloses.

Farmers are also owed sums of up to AUD1.1 million in projected
claims.

According to Dairyfarmer, NDP founder Tony Esposito said
liquidation was now a possibility.

"If that's what's chosen and the DOCA is not accepted in the form
that is put forward, that's what it is," the report quotes
Mr. Esposito as saying.

He said he would speak with his lawyers about the DOCA, before
deciding whether or not to it should be revised, adds
Dairyfarmer.

                        About National Dairy

National Dairy Products (NDP) is a milk brokering company based
in Victoria, Australia.

Salvatore Algeri and Glen Kanevsky of Deloitte were appointed as
administrators of National Dairy on Nov. 17, 2016.



URTH ENERGY: First Creditors' Meeting Set for Feb. 13
-----------------------------------------------------
A first meeting of the creditors in the proceedings of:

     -- Urth Energy Pty Ltd,
     -- Urth Corporate Pty Ltd,
     -- Urth Saver Pty Ltd,
     -- Urth Solar Pty Ltd,
     -- Urth Projects Pty Ltd,
     -- Urth Trading Pty Ltd,

will be held at Level 1, 14 Watt Street, in Newcastle, NSW, on
Feb. 13, 2017, at 10:00 a.m.

Bradd William Morelli and Stewart William Free of Jirsch
Sutherland were appointed as administrators of Urth Energy on
Feb. 1, 2017.



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


RUIFENG PETROLEUM: HKEX Cancels Listing of Firm's Shares
--------------------------------------------------------
Valentina Kirilova at LeapRate.com reports that the Stock
Exchange of Hong Kong Limited (HKEX) announced that with effect
from 9:00 a.m. on Feb. 6, 2017, the listing of the shares of
Ruifeng Petroleum Chemical Holdings Limited (In liquidation) on
the Exchange will be cancelled.

LeapRate.com says trading in the Company's shares has been
suspended since April 2, 2013, as the Company has failed to
publish the annual results for the year ended Dec. 31, 2012, and
subsequent periods.

On Oct. 23, 2015, HKEX proposed to exercise its rights under GEM
Listing Rule 9.14 to cancel the Company's listing and gave the
Company a period of 6 months to submit a viable resumption
proposal, according to LeapRate.com. The Company submitted a
resumption proposal before expiry of the six-month period. On
April 29, 2016, the GEM Listing Committee considered the proposal
not viable and decided to cancel the listing of the Company's
shares.

On May 10, 2016, the Company sought a review by the GEM Listing
(Review) Committee of the delisting decision, LeapRate.com
recalls. On Aug. 26, 2016, the GEM Listing (Review) Committee
upheld the GEM Listing Committee's decision to cancel the
Company's listing. The Company then requested for a further
review by the Listing Appeals Committee of the delisting
decision. LeapRate.com relates that on Jan. 20, 2017, the Listing
Appeals Committee upheld the GEM Listing (Review) Committee's
delisting decision. Accordingly, the Exchange will cancel the
Company's listing with effect from 9:00 a.m. on Feb. 6, 2017.

The Exchange has notified the Company of its obligation under GEM
Listing Rule 9.17 to publish an announcement providing details of
the Exchange's decision and the consequences to shareholders of
the Company, LeapRate.com adds.

Hong Kong-based Ruifeng Petroleum Chemical Holdings Limited
engages in the processing of heavy oil. It also trades in fuel
oil and related products; and leases storage tanks and related
facilities, as well as provides engineering services.



=========
I N D I A
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AANCHAL COLLECTIONS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Aanchal
Collections Limited (ACL) a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable.

                      KEY RATING DRIVERS

The ratings reflect ACL' moderate scale of operations and
moderate credit profile.  FY16 results indicate revenue of INR348
million (FY15: INR225 million), interest coverage (operating
EBITDA/gross interest expense) of 1.7x (1.5x) and leverage
(adjusted net debt/operating EBITDAR) of 5x (4.5x).

The ratings also factor ACL's tight liquidity profile as
reflected by its near-to-full working capital utilization during
the 12 months ended December 2016.

However, the ratings are supported by over a decade-long
experience of ACL's founders in the women garments retailing
business.

                    RATING SENSITIVITIES

Positive: An improvement of overall credit metrics will be
positive for the ratings.

Negative: Deterioration of overall credit metrics along with
liquidity profile will be negative for the ratings.

COMPANY PROFILE

ACL was incorporated in 2004 as a proprietorship firm in the name
of Aanchal Saree Emporium.  The firm was later converted to a
closely held limited company.  ACL manufactures women's garments
at its plant in Kolkata, West Bengal.  ACL has its own showroom
in Kolkata.


ADVANTAGE COMPUTERS: ICRA Upgrades Rating on INR14cr LT Loan
------------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]BB- from [ICRA]B+
for the INR14.60-crore long-term limits of Advantage Computers
India Private Limited. ICRA has reaffirmed the short-term rating
of the company at [ICRA]A4 for the INR0.40-crore limits. The
outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long-term Fund-
  Based-CC               14.00       [ICRA]BB-/Stable; Upgraded
                                     from [ICRA]B+

  Long-term-
  Unallocated             0.60       [ICRA]BB-/Stable; Upgraded
                                     from [ICRA]B+

  Short-term-Fund-
  based                   0.40       [ICRA]A4; Reaffirmed

Rationale
The upgrade in the ratings factor in the healthy revenue growth
of the company backed by receipt of the national exclusive
distributorship for Zopo Mobiles further creating growth
opportunities for ACIPL. The rating also factors in ACIPL's
experienced promoters and, its growing network and the company's
moderate working capital cycle. The ratings are, however,
constrained by the company's low profit margins and modest
coverage indicators, competitive intensity and technological
obsolescence risks as well as dependence on its partner's
business performance and plans.

The firm's ability to maintain its revenue growth while improving
its profitability and the coverage indicators will be the key
rating sensitivities.

Key rating drivers
Credit Strengths
* Long track record of the promoters in the field of trading
   of mobile handsets and electronic accessories
* Significant increase in the operating income over the past
   three years at a CAGR of 34.2% led by increase in product
   volume; association with Zopo Mobiles has helped the company
   build a strong top line
* Increasing presence among the online and offline distribution
   network
* Comfortable working capital position with timely receipt of
   payments
Credit Weaknesses
* Low profit margins on account of trading and limited value
   additive nature of business
* Modest coverage indicators owing to weak profitability
* Technological obsolescence risks prevail in the highly
   competitive industry with few entry barriers; dependence on
   Zopo's business plans and performance

Detailed description of key rating drivers highlighted:

ACIPL, incorporated in 1996, was primarily involved in partial
assembling, trading and distribution of mobiles, tablets and
electronic accessories till FY2015 with the products being sold
under the brand ADCOM. However, in FY2016 the company has
received the exclusive national distribution right for Zopo
Mobiles resulting in the significant ramp up in the top line in
FY2016. The company remains dependent on the performance of
Zopo's products in the domestic market.

The offline distribution network has been more successful for the
company catering to Tier-2 and Tier-3 cities. The sales from the
offline distribution saw a growth in the sales from INR43.5 crore
to INR70.6 crore (62% YOY growth) led by the strong and
increasing distribution network (more than 80 distributors and
450 dealers). The credit period received by ACIPL has reduced in
FY2016 and FY2017 on account of lower credit provided by Zopo;
ACIPL has been passing on the same credit period to its
suppliers, thus resulting in comfortable working capital
intensity.

The company primarily imports the traded goods mainly from its
Chinese partner Zopo, which along with the intense competition,
results in low profitability margins. Weak profitability combined
with low capital base and dependence on working capital debt has
resulted in moderate coverage indicators (Gearing of 2.9,
Debt/OPBDIT of 8.4 in FY2016). Though the working capital cycle
remains moderate, the company's limits remain highly utilised on
the back of growing sales and thus necessitate timely funding
arrangements.

ACIPL was incorporated in 1996 by Mr. J.L. Bhatia and Mr. Sanjeev
Bhatia as a closely held company. The company was primarily into
partial assembling, trading and distribution of mobiles, tablets
and electronic accessories. The electronic accessories include
power banks, computer peripherals, mobile peripherals etc under
its own brand ADCOM (whether imported or purchased domestically).
However, since FY2016, it has received the exclusive national
distributor for Zopo Mobiles, whereby increasing its focus on
Zopo as compared to its own brand.

ACIPL recorded a net profit of INR0.2 crore on an operating
income of INR75.1 crore for the year ending March 31, 2016 as
compared to a net profit of INR0.1 crore on an operating income
of INR49.1 crore.


AMRIT LAL: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Amrit Lal Khatri
(ALK) a Long-Term Issuer Rating of 'IND BB'.  The Outlook is
Stable.

                       KEY RATING DRIVERS

The ratings are constrained by ALK's small scale of operations,
as evident from a top line of INR262.57 million in FY16 (FY15:
INR235.43 million) and the proprietorship structure of the
company.

The ratings are supported by the four-decade experience of ALK's
promoters in the construction business, the company's strong ties
with customers and suppliers, and an improved EBITDA margin of
8.50% in FY16 (FY15: 8.47%).

Moreover, the ratings are supported by strong credit metrics.  In
FY16, its gross interest coverage (operating EBITDA/gross
interest expense) stood at 5.24x (FY15: 5.93x) and net financial
leverage (total adjusted net debt/operating EBITDAR) stood at
0.48x (3.80x).

The ratings are further supported by the company's comfortable
liquidity position, indicated by an average utilization of about
45.17% of its working capital facility during the 12 months ended
December 2016.

                     RATING SENSITIVITIES

Negative: A decline in revenue due to lack of work orders or a
deterioration in EBITDA margin leading to weaker credit metrics
will be negative for the ratings.

Positive: Significant growth in revenue and EBITDA margin leading
to an improvement in the overall credit profile will be positive
for the ratings.

COMPANY PROFILE

Established in 1980, ALK is engaged in civil construction works,
mainly for organizations such as National Highways authority of
India ('IND AAA'/Stable), Public Works Department Jaipur, Central
Public Works Department, and various central and state government
bodies.  The company is based in Barmer, Rajasthan. It registered
about INR200 million in revenue for 9MFY16.


ANANT STEELS: Ind-Ra Affirms 'B+' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Anant Steels
Private Limited's (ASPL) Long-Term Issuer Rating at 'IND B+'.
The Outlook is Stable.

                      KEY RATING DRIVERS

The affirmation reflects ASPL's continued weak credit metrics in
FY16.  However, the company's credit metrics improved in 9MFY17
with gross interest coverage (operating EBITDA/gross interest
expense) of 1.02x (FY16: negative 1.5x) and net financial
leverage of 16.52x (negative 6.2x).  EBITDA margin improved to
1.6% in 9MFY17 from negative 2.2% in FY16 on account of decrease
in raw material cost and other operating expenses.  As of
December 2016, ASPL achieved revenue of INR430.8 million (FY16:
INR703.5 million).

The ratings also factor in the company's tight liquidity position
with maximum utilization of fund-based limits of around 100%
during the 12 months ended December 2016.

However, the ratings are supported by over two decades of
experience of ASPL's promoters in the steel manufacturing
business.

                        RATING SENSITIVITIES

Positive: A substantial increase in the EBITDA margins, along
with an improvement in the credit metrics will be positive for
the ratings.

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

COMPANY PROFILE

ASPL was incorporated in September 1995 as a private limited
company.  The registered office of the company is in Indore,
Madhya Pradesh.  The company manufactures and exports TMT bars
and cast iron products.


ARR INFRA: CRISIL Assigns 'B' Rating to INR5MM Overdraft
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of ARR Infra Promoters.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Overdraft               5         CRISIL B/Stable

The rating reflects the firm's modest scale of operations, and
its below-average financial risk profile because of small
networth. These weaknesses are partially offset by its promoter's
extensive experience in the civil construction industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations
AIP is a small player in the construction industry with revenue
of INR7.38 crore in fiscal 2016. Given the low entry barriers in
the civil construction segment, the firm faces increasing
competition.

* Below-average financial risk profile
AIP had a small networth of INR1.18 crore and high gearing of 4.5
times as on March 31, 2016. Interest coverage and net cash
accrual to total debt ratios were modest, at 2.3 times and 5%,
respectively, in fiscal 2016 due to its low operating
profitability.

Strength
* Extensive experience of promoter in the civil construction
industry
The promoter's industry experience of more than two decades has
helped the firm establish itself as a qualified contractor in
Tamil Nadu. AIP also benefits from its established relationships
of more than a decade with its suppliers.
Outlook: Stable

CRISIL believes AIP will continue to benefit from its promoter's
extensive industry experience. The outlook may be revised to
'Positive' if there is a significant and sustainable increase in
revenue and profitability, and improvement in working capital
cycle, resulting in better-than-expected cash accrual. The
outlook may be revised to 'Negative' if revenue is low, or if
financial risk profile weakens because of large debt-funded
capital expenditure or delay in receivables.

AIP was established by Mr. Rajhamani as a proprietorship firm in
2010. Based in Erode, Tamil Nadu, the firm undertakes road
construction activities.

In fiscal 2016, its profit after tax was INR0.35 crore on
operating income of INR7.38 crore, against a net profit of
INR0.06 crore on operating income of INR1.38 crore in fiscal
2015.


A R S FABRICS: CRISIL Reaffirms B+ Rating on INR10MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the bank facility of A R S Fabrics Private
Limited continues to reflect modest scale of operations and
exposure to risk related to fragmentation and competition in the
textile industry. These rating weaknesses are mitigated by the
promoters' extensive industry experience and company's moderate
financial risk profile.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              10       CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: ARS's business risk profile remains
constrained by its small scale of operations in the intensely
competitive textile industry. The company's scale of operations
was modest, reflected in revenue of INR3.7 Crores in fiscal 2016.
The small scale of operations prevents the company from deriving
benefits of economies of scale.

* Exposure to risk related to fragmentation and competition in
the textile industry: ARS spinning mills are situated in Namakkal
region in Tamil Nadu. There are a large number of cotton yarn
manufacturers situated in this region, exposing the entity to
risks related to intense competition. The textile industry is
largely unorganised, marked by the presence of several players
with small capacities.

Strengths
* Extensive experience of the promoters: The promoters have over
a decade experience in the textile industry. Over the years, the
promoters have established healthy customer relationships,
reflected in repeat orders from them. The long years of
experience has also enabled ARS to establish strong relationship
with the suppliers ensuring timely supply of raw materials.

* Moderate financial risk profile: Financial risk profile of ARS
is moderate with low gearing of 0.50 time as on March 31, 2016
and interest coverage of 3.28 times for fiscal 2016. The
company's networth remains modest at INR5.3 crores as on
March 31, 2016, constraining the financial risk profile.
Outlook: Stable

CRISIL believes ARS's business risk profile will continue to
benefit from its promoters' extensive industry experience. The
outlook may be revised 'Positive' if there is a significant and
sustained improvement in the scale of operations while
maintaining its operating margins leading to larger than expected
cash accruals resulting in improved financial risk profile.
Conversely, the outlook may be revised to 'Negative' if lower-
than-expected revenue leads to low cash accrual, or in case of a
large, debt-funded capital expenditure plan leading to weakening
of its financial risk profile.

ARS was incorporated in 2005, in Namakkal (Tamil Nadu) by Mr.
Vasudevan. The company undertakes job work to process yarn into
fabrics.

ARS provisionally reported Profit after tax (PAT) of INR0.3 crore
on revenue of INR3.7 crores in fiscal 2016 as against INR0.2
crore and INR4.0 crores, respectively in fiscal 2015.


AVANT TRADING: CRISIL Upgrades Rating on INR5MM Overdraft to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Avant Trading Company Private Limited to 'CRISIL B+/Stable'
from 'CRISIL B-/Stable'.

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

   Proposed Long Term      2        CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B-/Stable')

The upgrade reflects stabilisation of operations as indicated by
an increase in revenue and improvement in profitability. Revenue
grew at a healthy rate in fiscal 2016 while operating
profitability has improved to 3% from 1.2% in fiscal 2015,
leading to higher cash accrual of INR1.6 crore in fiscal 2016.
Growth is expected to continue over the medium term, while the
operating margin is likely to be maintained at 3-4% led by the
management's focus on margin. The improved business risk profile
is thus likely to be maintained over medium term.

Analytical Approach

CRISIL has treated unsecured loans of INR0.36 crore as neither
debt nor equity as these are non-interest bearing in nature and
are expected to remain in the business over the long term.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: Being in the initial years of
operations, the scale is modest despite healthy revenue growth.
However, the scale of operations is expected to improve
moderately over the medium term.

* Below-average financial risk profile: The networth is small,
the total outside liabilities to adjusted networth (TOLANW) ratio
high, and debt protection metrics weak.

Strength
* Experience of the promoters in trading: Before establishing
ATCPL, the promoters were engaged in agro-trading through an
associate business entity. Subsequently, they started trading in
limestone from March 2014 under ATCPL; they also started trading
in mobile phones, computer peripherals, and other electronic
components from December 2014. Benefits from this significant
trading experience are likely to continue over the medium term.
Outlook: Stable

CRISIL believes ATCPL will continue to benefit from its
promoters' industry experience and funding support. The outlook
may be revised to 'Positive' in case of a sustainable and
significant improvement in scale of operations and profitability,
leading to higher-than-expected cash accrual. The outlook may be
revised to 'Negative' in case of a stretched working capital
cycle or large debt-funded capital expenditure, leading to
pressure on the financial risk profile.

Incorporated in 2010 and based in Mumbai, ATCPL is managed by Mr.
Sudeep Kumar Saha and Mr. Harsh Rajnikant Saha. The company
trades in mobile phones, computer peripherals, and other
electronic components. It also trades in limestone, steel and
textile goods.

Operating income and net profit were INR26.32 crore and INR0.17
crore, respectively, in fiscal 2016 as against INR13.09 crore and
INR0.06 crore, respectively, in fiscal 2015.


BATHERO SANITARY: CRISIL Cuts Rating on INR4.50MM LT Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Bathero Sanitary LLP to 'CRISIL B-/Stable' from 'CRISIL
B/Stable' and has reaffirmed the short-term facility at 'CRISIL
A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         0.4      CRISIL A4 (Reaffirmed)

   Cash Credit            1.25     CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Long Term Loan         4.50     CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term     3.85     CRISIL B-/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

The downgrade reflects delayed commercialisation of the company's
project and weaker-than-expected sales volume. The project was
commercialised in September 2016 against CRISIL's previous
expectation of April 2016. Thus, due to the nascent stages of
operations, lower-than-expected sales are expected in the near
term. Furthermore, cash accrual is likely to be inadequate to
meet repayment obligation, though unsecured loans from the
partners are expected to help meet the gap.

Operations are working capital intensive in nature. Thus, there
is high dependence on the bank line to meet incremental working
capital requirement.

The ratings reflect a nascent stage and modest scale of
operations in the highly competitive ceramics industry, and large
working capital requirement. These rating weaknesses are
partially offset by the extensive industry experience of the
partners, and the favorable location of the plant ensuring
availability of raw material and labor.

Key Rating Drivers & Detailed Description
Weakness
* Nascent stage of operation: The unit was commercialised with a
delay of six months in   September 2016. Significant ramp up in
scale will remain a rating sensitivity factor over the medium
term.

* Modest scale of operations in the highly fragmented ceramics
manufacturing industry: Net sales are expected at INR6-7 crore
per fiscal over medium term. The modest scale of operations also
restricts the ability to negotiate with customers or suppliers,
as the ceramics business is highly fragmented with several small
players operating within the country.

* Large working capital requirement: Working capital requirement
is expected to remain large on account of high inventory of 120-
150 days and moderate debtors of 60-90 days.

Strengths
* Extensive industry experience of the partners: The partners
have an experience of over a decade in the industry and an
established relationship with major suppliers and customers. This
is expected to strengthen the market position and lead to revenue
growth.

* Locational advantage: The unit in located in Morbi, Gujarat,
which is the hub of India's ceramics industry. This facilitates
easy access to raw material, contractors, and skilled labourers.
Other critical infrastructure such as gas and power are readily
available, while transportation cost is also low, given the
proximity to major ports, Kandla and Mundra, in Gujarat.
Outlook: Stable

CRISIL believes BS will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' in case of optimal capacity utilisation, leading to
significant improvement in operating profitability margins and
thus, to sufficient cash accrual. The outlook may be revised to
'Negative' in case of lower-than-expected revenue, pressure on
margins, a stretched working capital cycle, or delays in funding
support from promoters, thus weakening the financial risk
profile.

BS was set up in 2015 as a limited liability partnership (LLP) by
Mr. Brijesh Kasundra and Mr. Ketan Makasana. The firm
manufactures sanitary ware products such as wash basins, sinks,
and other bathroom fittings. The manufacturing facility is in
Morbi. The firm commenced commercial operations from September
2016.


BHOLA RAM: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bhola Ram Steel
Private Limited a Long-Term Issuer Rating of 'IND BB'.  The
Outlook is Stable.

                           KEY RATING DRIVERS

The ratings reflect BRSPL's moderate scale of operations and
moderate credit profile.  In FY16, revenue declined to INR584
million (FY15: INR729 million) on account of decline in sale
volume.  The company's net financial leverage (net debt/EBITDA)
was 2x in FY16 (FY15: 2x) and EBITDA interest coverage
(EBITDA/gross interest) was 3.6x (3.2x) with operating EBITDA
margin of 4.3% (3.1%).

The ratings factor in BRSPL's tight liquidity profile as
reflected by almost 100% average working capital limit
utilization during the 12 months ended December 2016.

The ratings, however, are supported by the company's founder's
rich experience of more than two decades in the steel
manufacturing business.

                        RATING SENSITIVITIES

Negative: A decline in the operating profitability margins,
resulting in deterioration in the interest coverage, will be
negative for the ratings.

Positive: An increase in the revenue and operating profit BRSPL,
along with an improvement in credit metrics, will be positive for
the ratings.

COMPANY PROFILE

BRSPL was established in 1988 by Mr. Ajay Kumar Goyanka.  The
company has a manufacturing unit in Digha, Patna which
manufactures different steel products such as M/s Bar, Flat
angle, and other products.


BIPIN ENGINEERS: CRISIL Ups Rating on INR3.5MM Cash Loan to B-
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Bipin Engineers Private Limited to 'CRISIL B-/Stable' from
'CRISIL C', while reaffirming its short term rating at 'CRISIL
A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         0.5       CRISIL A4 (Reaffirmed)

   Cash Credit            3.5       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL C')

   Letter of Credit       0.5       CRISIL A4 (Reaffirmed)

   Proposed Long Term     2.74      CRISIL B-/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL C')

    Term Loan             2.76      CRISIL B-/Stable (Upgraded
                                    from 'CRISIL C')

The upgrade reflects the expectation that business risk profile
will improve over the medium term supported increase in revenues
by adding new product lines, expected improvement in liquidity
because of retirement of term loans and continuous funding
support from promoters in the form of unsecured loans.

The ratings reflect Bipin's small scale of operations, sizeable
working capital requirement, and weak financial risk profile
because of modest networth. These weaknesses are partially offset
by the extensive experience of the promoters in the solar
equipment industry.

Analytical Approach

Unsecured loans of INR2.13 crore (as on March 31, 2016) from
promoters have been treated as neither debt nor equity.

Key Rating Drivers & Detailed Description
Weaknesses
* Working capital-intensive operations: Operations are working
capital intensive, with gross current assets of over 241 days as
on March 31, 2016, due to stretched debtors.

* Small scale of operations amid intense competition: Revenue of
INR10.7 crore in fiscal 2016 and INR7.42 crore till December
2016, (in fiscal 2017) reflect modest scale of operations.

Strength
* Promoters extensive experience in solar equipment industry:
Bipin started manufacturing solar water systems in 1990. The
promoters have more than two decades of industry experience,
which enabled diversification into the solar photovoltaic lights
segment in 2008. The promoters have also gained a sound
understanding of the local market and established a dealer
network in Maharashtra, Rajasthan, Madhya Pradesh, New Delhi,
Jammu & Kashmir, and Punjab. Benefits from the promoters
experience are expected to continue.
Outlook: Stable

CRISIL believes Bipin will continue to benefit from its
promoters' funding support; however, liquidity should remain weak
on account of delay in receipt of subsidy from the goverment. The
outlook may be revised to 'Positive' if high cash accrual, timely
receipt of subsidies, or capital infusion improves financial risk
profile, particularly liquidity. The outlook may be revised to
'Negative' if decline in cash accrual, or stretch in working
capital cycle on account of delay in receipt of subsidy weakens
financial risk profile, particulalry liquidity.

Bipin was set up in 1979 as a partnership concern by Mr. Hemant
Revankar and his brother Mr. Dilip Revankar and was later
reconstituted into a private limited company. The company
manufactures solar water heaters, solar photovoltaic lights,
food-processing equipment such as blenders, pulpers, roasters,
frying pans and kettles, and storage tanks.

Bipin has reported a net loss of INR0.01 crore on net sales of
INR10.71 crore for 2015-16 (refers to financial year, April 1 to
March 31), against a net profit of INR0.43 crore on net sales of
INR15.4 crore for 2014-15.


CAPITAL VENTURES: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Capital Ventures
Private Limited a Long-Term Issuer Rating of 'IND BB-'.  The
Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect CVPL's weak credit metrics because of low
operating profitability.  In FY16, CVPL's EBITDA margin was 2.85%
(FY15: 3.29%), interest coverage (operating EBITDA/gross interest
expenses) was 1.31x (1.24x), net leverage (total adjusted net
debt/operating EBITDAR) was 7.31x (7.83x) and revenue was
INR1,613.75 million in FY16 (INR1,471.52 million).

The ratings are constrained by CVPL operating in a highly
competitive fast-moving consumer goods (FMCG) industry, where a
large number of players are present.

The ratings, however, are supported by CVPL's moderate liquidity
profile, indicated by an average maximum utilization of about
67.48% over the 12 months ended December 2016.  However, its net
working capital cycle was 101 days in FY16 (FY15: 135 days),
primarily due to a high inventory holding period of 100 days.
The high inventory holding period was owing to a large rice
stock, as the firm has recently entered the rice trading
business.

                        RATING SENSITIVITIES

Negative: Any further decline in EBITDA margin leading to a
deterioration in credit metrics will be negative for the ratings.

Positive: Sustained revenue growth, along with an increase in
EBITDA margin, leading to an improvement in credit metrics, will
be positive for the ratings.

COMPANY PROFILE

CVPL was founded as a partnership firm by Mr. Vivek Aggarwal and
Mr. Naresh Aggarwal in 2000.  It was reconstituted as a private
limited company in 2013.  CVPL is engaged in the trading of FMCG
manufactured by Indian and multinational companies.  In addition,
the firm trades rice under its Parliament brand.  The firm
registered INR1,400 million in revenue for 9MFY17.


CHHABRA ISPAT: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Chhabra Ispat
Pvt Ltd's Long-Term Issuer Rating at 'IND BB+'.  The Outlook is
Stable.

                        KEY RATING DRIVERS

The affirmation reflects CIPL's continued moderate scale of
operations and credit profile.  During FY16, CIPL's revenue was
INR1,294 million (FY15: INR1,468 million), interest coverage
(EBITDA/ gross interest expense) was 1.4x (1.6x) and net leverage
(net debt/ operating EBITDA) was 5.2x (3.9x).  Revenue of CIPL
declined in FY16 due to decline in the sales realization of the
products manufactured.  However, in quantity terms the sales
improved to 5,0821MT in FY16 from 4,5451MT in FY15.

The company's maximum average use of bank loan limits was also
high at 95.3% for the 12 months ended December 2016, indicating
moderate liquidity.

The ratings are, however, supported by CIPL's founders' decade
long experience in manufacturing and trading MS billets.

                        RATING SENSITIVITIES

Positive: A substantial improvement in the revenue and EBITDA
interest coverage could lead to positive rating action.

Negative: Sustained deterioration in the EBITDA interest coverage
ratio could be negative for the ratings.

COMPANY PROFILE

CIPL was incorporated in 2005.  It manufactures MS billets at its
62,400mtpa manufacturing unit in Burdwan district.  These billets
are used by rolling mills to manufacture TMT bars.

The company's registered office is in Kolkata.  It is managed by
two directors Surendra Kumar Jain and Sourav Jain.


DONATELLO IFMR: Ind-Ra Assigns 'BB+' Rating to INR12MM Certs.
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Donatello IFMR
Capital 2017 (an ABS transaction) provisional ratings as:

   -- INR220.4 mil. Pass through certificates (PTCs)-Series A1
      assigned Provisional IND A(SO)/Stable

   -- INR12 mil. PTCs-Series A2 certificates 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 enterprise loan pool to be assigned to the trust is
originated by Janalakshmi Financial Services Limited.

                       KEY RATING DRIVERS

The provisional ratings are based on the origination, servicing,
collection and recovery expertise of Janalakshmi Financial
Services, 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, in accordance with the
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, 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
Series A2 PTCs are 13% and 8.25% of the initial pool principal
outstanding (POS), respectively.  Principal payouts to Series A2
PTCs are subordinated to Series A1 PTCs and thus provide 4.75% of
support through principal subordination to Series A1 PTCs.  The
total excess cash flow or internal CE available to Series A1 and
A2 PTCs is 29.8% and 24.1%, respectively, of the initial POS.
The transaction benefits from the external CE of 10% 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 INR 253.4 million, as of the pool cut-off date of Dec. 31,
2016.

The external CE will be used in case 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
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 will be downgraded by two notches and rating of Series
A2 PTCs will not be impacted.

COMPANY PROFILE

Janalakshmi Financial Services is India's largest urban
microfinance organization, with presence in 18 states and 197
cities as of Sept. 30, 2016, and provides various types of retail
loans largely to urban lower income group and enterprise loans to
the micro, small and medium enterprises segment.  In September
2015, it received in-principle approval from the Reserve Bank of
India to start operations as a small-finance bank.  The company
reported gross income of INR17.8 billion in FY16 (FY15:
INR7.6 billion) and a PAT of INR1.6 billion (FY15: INR0.754
billion).  The company's gross loan portfolio stood at INR109.9
billion in FY16 (FY15: INR37.63 billion) including securitized
portfolio of INR19.15 billion (FY15: INR1.04 billion).


DP GARG: Ind-Ra Affirms 'B+' Long-Term Issuer Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed D.P. Garg
Exports (Pvt.) Ltd.'s Long-Term Issuer Rating at 'IND B+'.  The
Outlook is Stable.

                      KEY RATING DRIVERS

The affirmation reflects DPGE's continued small scale of
operations and moderate credit metrics.  In FY16 DPGE's revenue
deteriorated to INR235.53million (FY15: 274.64 million), gross
interest coverage (operating EBITDA/gross interest expense) was
2.09x (FY15: 2.13x) and net financial leverage (total adjusted
net debt/operating EBITDAR) deteriorated to 8.55x (FY15: 7.83x).

The ratings, however, continue to be supported by over three
decades of experience of DPGE's founders in the manufacturing and
exporting hinges and ironmongery and the company's long
operational history.  The ratings are further supported by DPGE's
comfortable liquidity position as reflected in its 68.58% average
use of working capital limits over the 12 months ended December
2016.  The ratings factor in the improvement in the EBITDA margin
to 5.11% in FY16 (FY15: 3.50%).

                    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

Established in 1998 and promoted by B.M. Garg, DPGE manufactures
and exports hinges and ironmongery at its facility in Noida.


GAURISHANKER BIHANI: ICRA Reaffirms B+ Rating on INR15cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR15-crore cash-credit facility (reduced from INR20 crore) and
assigned [ICRA]B+ rating to the INR5-crore untied limits of
Gaurishanker Bihani. The outlook on the long-term rating is
stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Cash Credit            15.00      Reaffirmed at [ICRA]B+
                                    (Stable) outlook assigned
  Unallocated Limits      5.00      [ICRA]B+(Stable) assigned

Detailed Rationale
The ratings reaffirmation takes into account GSB's de-growth in
volume sales which, coupled with lower average realisation, led
to a lower operating income in FY2016. The ratings also factor in
the low operating profitability on account of the trading nature
of the business, which leads to nominal profits and cash accruals
and high working capital intensity of the business due to
increased inventory holdings which adversely impacts the
liquidity profile of the firm. The ratings also factor in the
fact that the firm has to make cash payment for purchases of TMT
bars and in turn extend credit period to its customers, which has
led to increasing working capital debt to support business
growth. High working capital debt, coupled with nominal
accretion, results in high gearing levels and depressed debt
coverage indicators for the firm. The rating also takes into
account the risk associated with the entity's profile as a
partnership firm, including the risk of capital withdrawal by the
partners.

The ratings, however, favourably factor in the experience of the
promoters in the trading business and the firm's established
relationship with Tata Steel Limited. The firm is an exclusive
project distributor for TSL's TISCON brand in West Bengal.

The firm's ability to effectively manage its receivables and
inventory levels while increasing the scale of operation will
remain the key rating sensitivity.

Key rating drivers
Credit Strengths
* Experience of the promoters in the steel-trading business
* Established relationship with Tata Steel, the company is
   an exclusive project distributor of Tata Steel's TISCON brand
   in West Bengal

Credit Weaknesses
* Unfavourable market situation in the steel industry, leading
   to decline in sales during FY2016
* Working capital intensive nature of the business owing to
   inventory holdings, which adversely impacts the liquidity
   profile
* Limited value addition given the trading nature of business
   and low bargaining power of the firm against TSL results in
   low profitability
* High working capital debt (to support business growth)
   continues to keep gearing high though the same have declined
   in FY2016 compared to the preceding year; coverage indicators
   also continued to remain depressed
* Risks involved with the status of the entity as a partnership
   firm, including the risk of capital withdrawal

Description of key rating drivers highlighted:

Based out of Kolkata, GSB is an exclusive project distributor for
TSL's TISCON thermo mechanically treated (TMT) bars in West
Bengal (WB) and an authorised dealer of Tata Steel's hot-rolled
(HR) flat products. However, volumes of TMT bars were
significantly higher than that of HR products. TMT bars are
mainly used in general concrete re-enforcement structures,
bridges, flyovers, high-rise buildings and other concrete
structures. The customer base for GSB comprises mainly
construction and heavy-engineering companies located in WB.
Presence of large and established clients reduces counterparty
risk to some extent.

The operating income of the firm declined around 35% during
FY2016 primarily due to fall in volume sales of around 20% and
average realisation by 19%. The operating profit margin, owing to
the trading nature of operation, continued to remained low in
FY2016, however, slight improvement was witnessed compared to the
preceding year. The net margin remained depressed at 0.38% during
FY2016 due to high interest expenses. The working capital
requirements of GSB is high since the firm has to make cash
payment for purchases from TSL and in turn extends credit period
to its customers. It also maintains adequate inventory levels.
Out of GSB's total debt of INR39.82 crore as on March 31, 2016,
working capital loan (consisting of cash credit and channel
finance) stood at INR30.71 crore. The remaining is in the form of
unsecured loans from partners and relatives. High working capital
requirements, owing to substantial inventory holding, exerts
pressure on the liquidity of the business and has resulted in
increasing working capital loans, to support growth, which
continues to keep gearing on the higher side. The gearing level
as on March 31, 2016, stood high at 4.74 times, though the same
declined compared to the preceding year. Low operating
profitability and high working capital debt resulted in weak
coverage indicators for the firm with interest coverage of 1.11
times and a total debt relative to OPBDITA of 7.25 times in
FY2016.

Gaurishanker Bihani was incorporated in 1936 as a proprietorship
firm by late Mr. Gaurishanker Bihani and in 1974 it was
reconstituted as a partnership firm. Based in Kolkata, GSB is an
exclusive project distributor for Tata Steel's TISCON TMT bars in
West Bengal and is an authorised dealer of TSL's HR flat
products.

GSB posted a net profit of INR0.48 crore on an operating income
of INR124.80 crore during FY2016. In FY2015, the firm reported a
net profit of INR0.85 crore on an operating income of INR190.91
crore.


GOYAL AGRO: ICRA Reaffirms 'B' Rating on INR29cr Fund Based Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B on the
INR29.00-crore (enhanced from INR9.50-crore) fund-based facility
and the INR1.00-crore (reduced from INR7.50-crore) unallocated
limits of Goyal Agro Foods. The outlook on the long-term rating
is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Limits      29.00      [ICRA]B; reaffirmed,
                                    Stable Outlook assigned

  Unallocated Limits      1.00      [ICRA]B; reaffirmed,
                                    Stable Outlook assigned

Rationale
The rating reaffirmation factors in healthy increase in operating
income and cash accruals in FY 16; however these improvements
have been accompanied with increase in gearing levels and
deterioration in interest coverage ratio.

ICRA's rating continues to factor in the entity's modest scale of
operations in the rice milling and sorting business, which
coupled with the low value-adding operation and the high industry
competition has resulted in low profitability and weak debt
coverage indicators. The rating continues to take into account
the working capital intensive nature of the rice milling business
because of the need to maintain substantial inventories.

Furthermore, the incremental working capital requirement of the
company was primarily funded through bank borrowings, leading to
a highly leveraged capital structure. The rating is also
constrained by the agro climatic risks, which affect paddy
availability. ICRA also takes note of the partnership
constitution of the firm, which exposes it to risks such as
dissolution and capital withdrawal.
However, the rating continues to be favourably supported by the
firm's long track record of operations and the experience of the
promoters in the rice industry; the proximity of the mill to a
major rice growing area which ensures easy availability of paddy;
and the stable demand outlook as rice is an important part of the
staple Indian diet.

Going forward, the ability of the firm to increase its scale of
operations, sustain its profitability, achieve a prudent capital
structure and optimise the working capital intensity will be the
key rating sensitivity.

Key rating drivers
Credit Strengths
* Experienced promoters with long presence in the industry
* Presence in a major rice growing area ensures easy
   availability of rice
* Commencement of sales to exporters and the increased capacity
   in FY2016 have led to healthy growth in the operating income
   in the past two years.
* Good demand prospects for the industry as rice is a staple
   food grain and India is the world's second largest producer
   and consumer of rice
Credit Concerns
* High gearing due to funding of working capital requirement
   through bank borrowings
* Intense industry competitive industry, characterised by a
   large number of small players
* Agro climatic risks can affect paddy availability
* Risk inherent in the partnership firm

Description of key rating drivers highlighted:

The firm has expanded its scope of work as it has diversified
from custom milling to sales to exporters. The increase in
production capacity in FY2016 further aided the revenue growth.
The promoters and their family are involved in the rice milling
business for more than fifteen years and have gained a thorough
knowledge of the markets. The long presence in the industry has
helped the firm to establish strong relationship with its
suppliers and customers.
The working capital intensity has remained high over the past few
years, primarily on account of high inventory days coupled with
high debtor days. Paddy is a seasonal crop and millers have to
buy and stock paddy from September to December every year,
leading to high inventory level. Moreover, millers undertake
ageing of paddy before it is processed (as it fetches better
realization) which necessitates higher inventory days and
consequently higher working capital requirement. Furthermore, the
debt-funded capex in FY2016 and the infusion of unsecured loans
increased the gearing sharply from 2.99 times as on March 31,
2015 to 5.26 times as on March 31, 2016. Higher debt, coupled
with moderate profitability, has translated into modest debt
metrics with interest coverage at 1.39 times.

Incorporated in 2007, GAF is a proprietorship concern engaged in
milling, processing and sorting of basmati rice. The company also
mills paddy for the government. It has its plant at Moga (Punjab)
with a milling capacity of 9 tonnes per hour. The company was
primarily engaged in custom milling and trading of rice till
2014. However from FY2015 onwards, the company has started
selling to exporters as well.

GAF recorded a net profit of INR0.48 crore on an operating income
of INR41.10 crore in FY2016 as against a net profit of INR0.28
crore on an operating income of INR15.98 crore in the previous
year.


HARDOLI PAPER: ICRA Reaffirms B+ Rating on INR15cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B+ for the
INR9.00 crore term loans of Hardoli Paper Mills Limited. ICRA has
also reaffirmed the short term rating at [ICRA]A4 for the INR1.00
crore2 non-fund based bank facilities of HPML. ICRA has also
assigned the long term rating of [ICRA]B+ to the INR6.00 crore
cash credit facility of the HPML. The outlook on the long term
rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Limits      15.00      Reaffirmed/Assigned at
                                    [ICRA]B+ (Stable)

  Non-Fund Based Limits   1.00      Reaffirmed at [ICRA]A4

Detailed Rationale
The ratings factor in the long standing experience of promoters
and established track record of the company in the kraft paper
business, the company's established network of agents spread
across western and southern region, and healthy revenue growth
reported by the company during FY 2016. The ratings also take
into account the completion of the modernization of the facility
which is likely to aid in improvement in operating profitability
of the company.

However, the ratings continue to remain constrained by the weak
financial profile of the company as reflected by low
profitability, leveraged capital structure and weak debt coverage
indicators. The ratings also take into account the vulnerability
of company's profitability to volatility in waste paper prices,
fluctuations in foreign exchange rates, and the highly
competitive nature of kraft paper industry with presence of
various organized and unorganized paper mills which restricts
pricing flexibility and keeps margins under pressure. ICRA also
notes that the company has sizeable repayment obligations in the
near to medium term and hence scaling up of revenues along with
improvement in profitability would remain critical from credit
perspective.

Key rating drivers
Credit Strengths
* Long standing experience of the promoters and established
track
   record of the company in the kraft paper business
* Established network of agents spread across western and
   southern region
* Completion of the modernization cum capacity enhancement
   exercise likely to aid revenues and operating profitability
   going forward

Credit Weakness
* Weak financial profile characterized by low profitability,
   leveraged capital structure and weak debt coverage indicators
* Sizeable repayment obligations in near to medium term; scaling
   up of operations while improving profitability would remain
   critical for timely debt servicing
* Highly fragmented and intensely competitive industry with
   presence of a few large paper mills and various smaller
   competitors
* Profitability exposed to volatility in waste paper prices;
   company's ability to pass on increase in waste paper prices
   remains critical
* Profitability exposed to fluctuations in foreign exchange
   rates as a proportion of raw material requirement is met
   through imports

Detailed description of key rating drivers highlighted:

The company is engaged in the manufacture of different varieties
of Kraft Paper with BF (Burst Factor) ranging from 16 to 24. The
company was in the midst of a capacity expansion cum
modernization plan which has been completed in September 2016.
The same is likely to aid the company's revenues and operating
profitability as it can now manufacture higher BF kraft paper
which fetches higher realizations.

Waste paper is the major raw material which is sourced locally as
well as imported and the sourcing mix depends mainly on the
prevailing prices in domestic as well as foreign markets and the
quality of the kraft paper that is required to be manufactured.
As raw material constitutes a major proportion of the cost mix,
HPML's profitability remains exposed to variations in the prices
of waste paper along with any adverse fluctuation in the foreign
exchange rates. The company faces intense competition from
various organized and unorganized paper mills.


HI-TECH AGRO: CRISIL Assigns B+ Rating to INR8.25MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Hi-Tech Agro Food Private Limited.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            8.25       CRISIL B+/Stable

The rating reflects the modest scale of operations, and exposure
to intense competition, adverse change in regulations and
volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of the promoters and
their funding support.

Analytical Approach

For arriving at the rating, CRISIL has treated unsecured loans of
INR2.43 crore extended by the promoter as neither debt nor
equity, as these loans bear a nominal interest rate, and will be
retained in business over the medium term.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in the intensely competitive rice
industry: Intense competition in the rice industry and small
milling capacities have kept the scale of operations modest
(operating income of INR43 crore in fiscal 2016), in comparison
to other large players.

* Susceptibility to adverse change in regulations and volatile
raw material prices: Stringent regulations on paddy prices,
export/import policies for rice, and the rice release mechanism,
affect the credit quality of players. The minimum support price
of paddy and prevailing rice prices mainly determine the
profitability of rice mills.

Strength
* Extensive experience of the promoters and their funding
support: Benefits from the four decade-long experience of the
promoters (Mr B Rajendran and Mr. D Ravi) in the rice milling
business, and their funding support via unsecured loans, will
continue. Operations are currently being managed by the third
generation of the promoters' family.
Outlook: Stable

CRISIL believes HAPL will continue to benefit from the extensive
experience of its promoters, and their funding support. The
outlook may be revised to 'Positive' in case of an improvement in
scale of operations and profitability, leading to sizeable cash
accrual. The outlook may be revised to 'Negative' if a decline in
operating margin, a stretch in the working capital cycle or any
large, debt-funded capital expenditure, weakens liquidity.

HAPL was incorporated in 2005 by Mr. B Rajendran and Mr. D Ravi
and their family members. The company mills non-basmati rice in
Trichy (Tamil Nadu).

For fiscal 2016, the company reported a profit after tax of
INR0.1 crore on an operating income of INR41.04 crore as against
profit after tax of INR0.16 crore on operating income of INR40.16
crore for the previous fiscal year.


JAJODIA EXPORTS: CRISIL Assigns B+ Rating to INR7.5MM Cash Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Jajodia Exports Private Limited and has
assigned its 'CRISIL B+/Stable' rating. The rating was suspended
by CRISIL vide rating rationale dated February 23, 2016, as JEPL
had not provided the necessary information required for a rating
review. The company has now shared the requisite information,
enabling CRISIL to assign its rating.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            7.5       CRISIL B+/Stable (Assigned;
                                    Suspension Revoked)

   Proposed Cash          0.5       CRISIL B+/Stable (Assigned;
   Credit Limit                      Suspension Revoked)

The rating reflects JEPL's modest scale of operations, low
profitability, and weak financial risk profile on account of
modest networth and weak debt protection metrics. These
weaknesses are partially offset by extensive experience of
promoters in the trading business.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: Despite an increase in turnover at
a compound annual growth rate of 10.51% in the past three years
(INR66.77 crore in fiscal 2016), scale is small due to exposure
to intense competition.

* Low operating margin: Profitability has been in the 1.4-2.3%
range in the three years through fiscal 2016 because of trading
nature of business, no value addition, and intense competition.

* Weak financial risk profile: Networth was modest at INR3.62
crore and total outside liabilities to tangible networth ratio
high at 2.14 times as on March 31, 2016. Also, interest coverage
ratio was weak at 1.5 times for fiscal 2016. Furthermore,
liquidity is stretched due to low net cash accrual following
modest scale and low profitability.

Strength
* Extensive experience of promoters and established relationship
with customers and suppliers: Presence of more than 20 years in
the trading business has enabled the promoters to establish
strong relationship with customers and suppliers.
Outlook: Stable

CRISIL believes JEPL will continue to benefit over the medium
term from the extensive experience of its promoters and
established relationship with customers. The outlook may be
revised to 'Positive' in case of large capital infusion, increase
in networth, and better liquidity. The outlook may be revised to
'Negative' if profitability declines significantly or the company
undertakes sizeable, debt-funded capacity expansion.

Set up as a partnership firm in 1999 and reconstituted as a
private limited company in 2011, JEPL trades in spare parts,
agriculture machinery (used in irrigation) imported from China,
and agro products such as rice, wheat, jute, and corn.

Profit after tax (PAT) was INR0.32 crore on net sales of INR66.77
crore for fiscal 2016, vis-a-vis PAT of INR0.1 crore on net sales
of INR60.63 crore in fiscal 2015.


JAY ENTERPRISES: CRISIL Assigns B+ Rating to INR15MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank loan facilities of Jay Enterprises - Mumbai.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             10       CRISIL B+/Stable
   Proposed Cash
   Credit Limit            15       CRISIL B+/Stable

The rating reflects the firm's modest scale of operations, low
operating profitability, and subdued financial risk profile
because of small networth and high gearing. These weaknesses are
partially offset by its established relationships with suppliers
and customers, and its promoters' extensive experience in the
steel trading business.
Analytical Approach

Unsecured loans extended to the firm by its promoters have been
treated as neither debt nor equity.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations and low operating margin: The firm's
modest scale of operations in the intensely competitive steel
trading business is reflected in revenue of INR85 crore in fiscal
2016. Its operating profit was also low, at 2.1 percent, due to
its trading business.

* Subdued financial risk profile: The financial risk profile is
constrained by modest networth of INR2.6 crore and high total
outside liabilities to tangible networth ratio of 10.1 times as
on March 31, 2016. However, retention of profits and absence of
major debt-funded capital expenditure (capex) will lead to
improvement in the capital structure.

Strengths
* Extensive industry experience of promoters: The promoters'
experience of more than three decades in the steel industry will
support the firm's business risk profile.

* Established relationships with customers and suppliers: Over
the years, the firm has established healthy relationships with
customers and suppliers, leading to healthy revenue growth.
Outlook: Stable

CRISIL believes JE will benefit from its promoters' extensive
industry experience and established relationships with customers
and suppliers. The outlook may be revised to 'Positive' if the
firm reports more than expected operating margin and cash
accrual, leading to improvement in its financial risk profile.
The outlook may be revised to 'Negative' if lower than expected
cash accrual weakens working capital management, or sizeable,
debt-funded capex weakens the financial risk profile.

JE, established in 1995 as a partnership firm, trades in iron and
steel products such as hot-rolled and cold-rolled coils, sheets,
and plates. The firm procures from importers in India, and sells
to traders in Maharashtra.

The firm had a profit after tax of INR0.64 crore on net sales of
INR81.19 crore for fiscal 2016, vis-a-vis INR0.17 crore and
INR20.99 crore, respectively in fiscal 2015.


JSW STEEL: Moody's Revises Outlook to Stable & Affirms Ba3 CFR
--------------------------------------------------------------
Moody's Investors Service has changed JSW Steel Limited's (JSW)
ratings outlook to stable from negative and affirmed the
company's corporate family rating (CFR) and senior unsecured
rating at Ba3.

RATINGS RATIONALE

"The change in outlook to stable from negative reflects the
sustained improvement in JSW's operating and financial
performance over the last four quarters, and Moody's views that
completion of the company's capex cycle will result in free cash
flows turning positive and applied towards debt reduction," says
Kaustubh Chaubal, a Moody's Vice President and Senior Analyst.

Steel prices in India have recovered from the lows observed
during the fiscal year ended March 2016 (FY2016), following
various measures by the Government of India (Baa3 positive) to
curb imports, and the positive momentum across global steel
markets since April 2016. This situation has led to a marked
improvement in JSW's operating performance so far in FY2017.

In particular, average monthly steel imports into India of
approximately 0.67 million tonnes (mt) in the nine months (April-
December 2016) of the fiscal year ending March 2017 were down by
nearly 37% from the more than 1mt seen in FY2016.

Furthermore, an addition to crude steel capacity by 25%,
increasing proportion of high-margin value-added products, and
continuing cost rationalization initiatives supported the
improvement in JSW's profitability, despite sporadic raw material
cost pressures.

JSW's results for April-December 2016 mirrored this improvement,
with reported consolidated net sales of INR426 billion, up 24.5%
from the same period the year before, and consolidated reported
operating EBITDA of INR91 billion, a result which had doubled
from the level achieved for April-December 2015.

"Looking ahead, Moody's do not expect the recent rise in iron ore
and coking coal prices to be passed on entirely," adds Chaubal,
who is also Moody's Lead Analyst for JSW. "As such, Moody's
expects JSW's EBITDA/tonne to average less than INR7,900 for
FY2017, and to remain flat or modestly drop in FY2018, still an
appreciable improvement on the average INR4,719 for FY2016."

Moody's estimates the company's leverage at 31 December 2016 to
be approximately 4.1x; a sharp improvement from the 5.1x at 30
September 2016 and 6.7x at 31 December 2015. The sustained
improvement in JSW's operating performance supports Moody's
expectation that leverage will correct to 3.7x by March 2017 and
approach less than 3.5x by March 2018.

The change of JSW's ratings outlook to stable rests on Moody's
view that JSW will maintain a cautious approach when evaluating
expansions or potential acquisitions. Any departure in financial
policies that result in debt-funded investments - such that
leverage levels do not correct - will weigh on the company's
ratings.

The Ba3 ratings reflect JSW's large scale and competitive
conversion costs, supported by its wide range of furnace
technology and the coastal locations of its operations.

The ratings also reflect the company's good market position in
India's steel industry, especially in the south and west. And,
the ratings incorporate the company's good product and end-market
diversification, and its increasing focus on value-added products
and retail sales through its growing number of `Shoppe' outlets.

These rating strengths are counterbalanced by the cyclical nature
of the steel industry and the absence of raw material
integration, which increases both supply and price risk.

The stable ratings outlook reflects Moody's view that the
completion of JSW's capex cycle will result in free cash flows
turning positive; thereby paving the way for an improvement in
its credit metrics. The stable outlook also incorporates Moody's
expectation that the company will maintain a measured approach to
growth.

The ratings could experience upward pressure if JSW continues to
maintain its sustained improvement in its operating and credit
metrics, and a measured approach to growth.

Specific credit metrics that could lead to a higher ratings
category include leverage less than 3.5x, EBIT/interest coverage
in excess of 2.5x, while generating positive free cash flows.

Maintaining EBIT margins in excess of 12% would also be key for a
higher rating.

A downgrade is unlikely, given the stable outlook. That said,
ratings could experience downward pressure if there is any
reversal in the company's leverage correction trajectory because
of any shift in industry conditions, or if the company undertakes
overtly aggressive investments or acquisitions, such that
adjusted leverage exceeds 5.0x, free cash flows return to
negative territory, or EBIT/interest coverage slips to less than
2.0x, on a sustained basis.

The principal methodology used in these ratings was Global Steel
Industry published in October 2012.

JSW Steel Limited is a leading manufacturer of a wide range of
steel products in India. It has an installed steel-making
capacity of 18 million tonnes per annum, and is one of the
country's largest steel producers.


KADAMBRI HEALTHCARE: CRISIL Assigns B- Rating to INR13.05MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank loan facility of Kadambri Healthcare Private Limited.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Long Term Loan        13.05       CRISIL B-/Stable

The rating reflects KHPL's exposure to project related risks,
expected small scale of operations and intense competition in the
medical and healthcare industry. These rating weaknesses are
partially offset by the extensive experience of the management in
the healthcare industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to project related risks:  KHPL's project is in the
middle stage of implication as company has incurred capex of
INR5.5 crores till date and almost 65% of project is yet to be
done. Thus CRISIL expects KHPL to face moderate implementation
risk for its project.

* Expected small scale of operations:  KHPL is estimated to have
small scale of operations as it has 50 bed facilities. The
hospital is under construction and is to being its operation from
June 2017. Further, KHPL nature of operations is small and
localized, compared with other hospitals.

Strength
* Extensive experience of the management in the healthcare
industry: KHPL will benefits out of extensive experience of the
promoters. Company is promoted by Dr. Nishant Tyagi and Dr. Ashok
Gupta who are into the medical field for the past 12 and 15 years
respectively. The promoters have also roped in big doctors like
Mr. K. Ramalingam and Dr. Rekha Gupta who are a pediatrist and
gynecologist for big hospitals like Fortis and Max in East Delhi.
Outlook: Stable

CRISIL believes KHPL will benefit from the extensive experience
of its management, over the medium term. The outlook may be
revised to 'Positive' if the company's project completes as per
envisaged timelines and operations stabilise in a timely manner
leading to higher than expected revenues and profit profitability
and hence, higher cash accruals. The outlook may be revised to
'Negative' if a delay in start of operations increase project
cost and weakens the financial risk profile, especially
liquidity.

Incorporated in 2015, KHPL is engaged in setting up a mother-and-
child hospital at Ghaziabad, Uttar Pradesh, with a 50- bed
capacity offering specialisation in gynaecology and pediatrics.
KHPL is managed by Dr. Nishant Tyagi and and Dr. Ashok Gupta.


KAVIT PU: Ind-Ra Assigns 'D' Long-Term Issuer Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kavit PU Leather
Cloth Industries Private Limited (KIPL) a Long-Term Issuer Rating
of 'IND D'.

                       KEY RATING DRIVERS

The ratings reflect over-utilization of working capital
facilities during November 2016 due to a weak liquidity position
and delays in term loan interest payments in September, October
and November 2016.

                        RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in May 1999, KIPL is engaged in the trading of
polyurethane foam and poly-coated fabric.  The fabric finds its
usage in industries such as footwear, upholstery, automobile
(seats and covers), furniture and textile.


KINGFISHER: ED Obtains Permit to Retrieve Swiss Account Details
--------------------------------------------------------------
Hindustan Times reports that the Enforcement Directorate (ED) on
Feb. 3 obtained a Letter Rogatory to retrieve details on the
properties and accounts held by Vijay Mallya in Switzerland. The
agency suspects that Mallya has acquired some properties and
parked some money in Switzerland.

According to the report, the central agency had initiated
investigation in the money laundering case after the Central
Bureau of Investigation (CBI) registered a case against M/s
Kingfisher Airlines Ltd, for defaulting the loan amount taken it,
on the basis of an investigation under PMLA. The ED revealed that
loan was sanctioned against collateral security of Kingfisher
brand, corporate guarantee of UBHL and personal guarantee of Mr
Vijay Mallya; INR807 Crores remained unpaid.

In their ongoing probe, the agency had in last week of December
approached the special PMLA court for Letters Rogatory (letters
of request) to the court of Switzerland seeking information on
the accounts and properties held by Mallya in the country, the
report relays.

"A special court accepted ED's request and issued LRs in respect
to details, documents and evidence of properties held by Mallya
in Switzerland. There is material to show that Mallya had bought
properties there," Hindustan Times quotes the counsel for ED,
Hiten Venegaokar, as saying.

Hindustan Times says the agency had given a list of requirements
from the court of Switzerland, which include the account held by
Kingfisher, names of the account holders and their details,
account statements, copies of agreements of immovable properties
and its details.

Hindustan Times adds that the court, while granting the plea,
observed that prima facie, "it appears that the accused had
directly attempted to indulge and knowingly assisted and also
knowingly is a party and also actually involved in the process or
activity connected with the proceeds of the crime for
concealment, possession, acquisition and use of the tainted money
as untainted property and therefore, thorough investigation of
this crime is really required."

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher Airlines has
grounded planes since October 2012.  The airline lost its
operating license in January 2013 after failing to convince
authorities it has enough funds to restart flights.

As reported in the TCR-AP on Nov. 25, 2016, the Times of India
said the Karnataka high court has ordered the winding up of the
now-defunct Kingfisher Airlines (KFA).  Justice Vineet Kothari
gave this direction on Nov. 18, while allowing a petition filed
in 2012 by Aerotron, a UK-based company, for recovery of a little
over $6 million due to it for supply of rotable aircraft
components to KFA.


KISAN OLEOCHEM: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kisan Oleochem &
Derivatives Private Limited (KODPL) a Long-Term Issuer Rating of
'IND BB-'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect KODPL's moderate scale of operations and weak
credit profile.  In FY16, revenue was INR2,238.1 million (FY15:
INR1,977.5 million), net leverage (adjusted net debt/operating
EBITDA) was 13.4x (1.9x) and gross interest coverage (operating
EBITDA/gross interest expense) was 2x (1.5x).  The company's
EBITDA margin declined to 0.8% in FY16 (FY15: 1.4%) due to
fluctuation in price of castor seeds.  The ratings are
constrained by KODPL's presence in a highly fragmented and
intensively competitive industry.

The company has a moderate liquidity profile as reflected by
88.8% of average utilization of its working capital facility for
the 12 months ended December 2016.

However, the ratings are supported by the partners' more than
two-decade-long experience in the castor oil processing and
trading business.

                         RATING SENSITIVITIES

Positive: A substantial improvement in the profitability margins,
along with an improvement in the credit metrics will be positive
for the ratings.

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

COMPANY PROFILE

KODPL was incorporated in October 2009 and commenced its
commercial operation in 2012.  The company is engaged in
manufacturing, processing and trading of castor oil and castor
de-oiled cake.  It has registered office in Palanpur, Ahmedabad.


KS FIBER: ICRA Reaffirms 'B' Rating on INR16.10cr Term Loan
-----------------------------------------------------------
ICRA reaffirms the long term rating of [ICRA]B to the INR16.10
crore term loan facilities and to the INR8.00 crore cash credit
facility of K. S. Fiber. The outlook on the long term rating is
'Stable'. Moreover, ICRA reaffirms the short term rating of
[ICRA]A4 to the INR2.00 crore non fund based facility of KSF (sub
limit of cash credit facility).

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund based limits-
  Term Loan              16.10      [ICRA]B(stable) reaffirmed

  Fund based limits-
  Cash Credit             8.00      [ICRA]B(stable) reaffirmed

  Non-Fund Based-FLC     (2.00)     [ICRA]A4 reaffirmed

Rationale
The reaffirmation of the ratings continues to factor in KSF's
small scale of operations, highly leveraged capital structure.
Modest debt coverage indicators and high working capital
intensity. The ratings also take into account the vulnerability
of profitability to adverse movements in yarn prices and high
competition.

The ratings, however, favourably factor in the extensive
experience of the promoters and favourable location of the firm
in Surat providing proximity to raw material suppliers and
downstream processing units.

Key rating drivers
Credit Strengths
* Long standing experience of the promoters in textile industry
* Favourable location of the firm's manufacturing unit in Surat
   in proximity to suppliers of yarns and downstream processing
   units
Credit Weakness
* Small scale of operations
* Highly leveraged capital structure on account of primarily
   debt funded nature of the capex; and modest debt coverage
   indicators
* Vulnerability of profitability to adverse movements in yarn
   prices which may not be passed on to the customers adequately
* High competitive intensity on account of fragmented nature of
   the fabric manufacturing industry
* Partnership concern; any substantial withdrawals from capital
   account would adversely impact the capital structure

Description of key rating drivers highlighted:

The rating reaffirmations continue to factor in KSF's small scale
of operations and financial risk profile marked by highly
leveraged capital structure with gearing of 3.74 times as on
March 31, 2016, on account of primarily debt funded nature of the
capex undertaken in FY2015, modest debt coverage indicators
(Interest coverage of 1.71 times and NCA/TD of 17% in FY2016) and
high working capital intensity of operations driven by elongated
receivable period which stood at 71 days in FY2016. The ratings
further continue to factor in the vulnerability of profitability
to adverse movements in yarn prices which may not be passed on to
the customers completely due to the limited pricing flexibility
and bargaining power given the given the high competitive
intensity. The ratings is also constrained by high competitive
intensity in a fragmented fabric manufacturing industry with
presence of small unorganised as well as large organised players.
ICRA also notes that KSF is a partnership firm and any
significant withdrawals from the capital account would affect its
net worth and thereby its capital structure as witnessed in
FY2016 with capital withdrawal of INR2.07 crore.

The ratings, however, favourably factor in the extensive
experience of the promoters in the textile industry through other
group entities and favourable location of the firm in Surat
providing proximity to raw material suppliers and downstream
processing units.

Going forward, ICRA expects the firm's revenue to witness a dip
in FY2017 due to shift in product mix having lower realisations.
The capital structure is expected to improve on account of
scheduled repayment of term loan. The firm's ability to increase
its scale of operations while maintaining healthy profitability
amidst the highly competitive business scenario; improve the
capital structure and manage working capital effectively while
ensuring timely debt servicing will remain the key rating
sensitivities.

Established in the year 2011, KS Fiber (KSF) is a partnership
firm and manufactures knitted polyester fabric as well as nylon
fabric from its facility located in Surat (Gujarat). The firm is
promoted by the Khurana family and started commercial operations
in May 2012. The promoters have been associated with the textile
industry for over a decade through other group concerns namely
Srinath Texprint Private Limited, S K Texfeb and K B Creation
engaged in dying and printing operations.

For the year FY2016, the company reported an operating income of
INR30.80 crores and profit after tax of INR1.04 crore as against
an operating income of INR30.68 crore and profit after tax of
INR0.84 crore during FY2015.


MAXWELL: CRISIL Reaffirms B- Rating on INR4.5MM Letter of Credit
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable/CRISIL A4' ratings on
the bank facilities of Maxwell.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            4.5       CRISIL B-/Stable (Reaffirmed)
   Letter of Credit      13.0       CRISIL A4 (Reaffirmed)

The ratings continue to reflect the weak liquidity, with
instances of devolvement of letters of credit. The ratings also
factor in the modest scale of operations, with exposure to risks
related to volatility in foreign exchange rates, and a below-
average financial risk profile, because of a modest networth,
high gearing, and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of the partners, and funding support received from
them.

Analytical Approach

Unsecured loans of INR15.67 crore, extended by the partners, have
been treated as neither debt nor equity, and INR11.48 crore
received from group entities, have been treated as debt.

Key Rating Drivers & Detailed Description
Weaknesses
* Below-average financial risk profile: The capital structure is
highly leveraged, with gearing of around 3.1 times and total
outside liabilities to tangible networth ratio of around 1.7
times, as on March 31, 2016. Networth was modest at INR7.93 crore
as on the same date. Debt protection metrics are weak, marked by
interest coverage and net cash accrual to total debt ratios of
around 1.12 times and 0.01 time, respectively, in fiscal 2016.

* Large working capital requirement: Operations are highly
working capital intensive, as reflected in gross current assets
of 520 days as on March 31, 2016, mainly owing to large credit
offered to customers. Inventory holding was also high, on account
of the slowdown in the industry, which led to instances of
devolvement of letter of credit.

* Modest scale of operations: Revenue of INR41.28 crore in fiscal
2016, reflects the modest scale of operations, which may remain
constrained by intense competition in the trading business.

Strength
* Extensive experience of the partners: Benefits from the two
decade-long experience of the partners in the PVC resin trading
business, and their healthy relationships with key suppliers in
the overseas market and customers in the domestic market, will
continue. The partners have also extended unsecured loans to
support the operations.
Outlook: Stable

CRISIL believes Maxwell will continue to benefit from the
extensive experience of the partners and their funding support.
The outlook may be revised to 'Positive' if higher-than-expected
cash accrual or an equity infusion by the partners, along with
efficient working capital management, strengthens the financial
risk profile. The outlook may be revised to 'Negative' in case of
low cash accrual, a stretch in the working capital cycle, or
debt-funded capital expenditure, weakening liquidity further.

Maxwell is a partnership firm, owned and managed by Mr. Mahabir
Pershad and Mr. Narender Kumar. The New Delhi-based firm, which
was set up in 1991, trades in PVC resin, plasticisers, PVC heat
stabilisers, waxes, rubber additives, and other chemicals.

The firm reported a net profit of INR0.18 crore on net sales of
INR41.28 crore in fiscal 2016, as against INR0.30 crore and
INR59.47 crore, respectively, in fiscal 2015.


MEWAR SPICES: CRISIL Assigns B+ Rating to INR5.0MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Mewar Spices.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      0.69       CRISIL B+/Stable

   Cash Credit             5.00       CRISIL B+/Stable

   Long Term Loan          3.00       CRISIL B+/Stable


The rating reflects a modest scale due to the first year of
operations, an average financial risk profile, and susceptibility
of the margins to volatility of raw material prices and the
vagaries of the monsoon. These rating weaknesses are partly
offset by the extensive experience of the partners in the agro
industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Susceptibility of the operating margin to raw material price
volatility: Spice powders and masalas manufactured by the firm
require inputs such as chilli and turmeric, which account for
most of the total raw material requirement. The prices of these
materials are highly volatile as they are seasonal commodities
and are also dependent on inflationary trends and the monsoon.

* Start-up nature, and hence modest scale, of operations: Revenue
is expected at INR34 crore in fiscal 2017, as the firm has been
in operations only for the past six months. The modest scale
exposes it to competitive pressures leading to limited bargaining
power with customers.

Strength
* Extensive industry experience of the partners and established
relationship with customers: The partners, Mrs Shalini Devi, Mrs
Sapna Jain, and Mr. Shubham Maru have  extensive experience in
the agro trading industry. Their family members have been trading
of agro products for over three decades and also have shops in
the main mandi in Nimbahera, Rajasthan. The long track record in
the industry has enabled the partners to establish relationships
with customers and key suppliers.
Outlook: Stable

CRISIL believes MS will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' if revenue and profitability increase
significantly, leading to an improved financial risk profile. The
outlook may be revised to 'Negative' if the scale of operations
and profitability do not improve as anticipated, or in case of
more-than-expected deterioration in the financial risk profile
due to a stretched working capital cycle.

MS was established in 2015 as a partnership firm in Nimbahera.
The firm undertakes processing, cleaning, sorting, and grading of
spices, grain, and pulses. It has set up a warehouse with a
sortex machine in Nimbahera and has a capacity of 4000 tonne per
annum.

Commercial operations started from July 2016 and revenue was
INR30 crore till December 31, 2016.


PALANIAPPA ELECTRONICS: CRISIL Assigns B+ Rating to INR10MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Palaniappa Electronics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         1         CRISIL A4
   Cash Credit           10         CRISIL B+/Stable

The ratings reflect a modest scale of operations in the intensely
competitive electronic equipment and home appliances trading
segment. The ratings also factor in a below-average financial
risk profile because of subdued debt protection metrics and a
modest net worth. These rating weaknesses are partially offset by
the extensive experience of the proprietor in the home appliances
distribution segment.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: This is mainly because the firm
deals in products of just one principal and is an authorised
distributor only for Chennai.

* Below-average financial risk profile: The gearing is high
primarily due to a small net worth. The debt protection metrics
are below average.

Strength
* Extensive experience of the proprietor in the home appliances
distribution segment: The proprietor have been engaged in this
business for over two decades. Over the years, the firm has been
able to develop a sound relationship with the principal and key
customers.
Outlook: Stable

CRISIL believes PE will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' in case of significant improvement in the financial
risk profile along with an increase in scale of operations and
profitability, or substantial equity infusion. The outlook may be
revised to 'Negative' if liquidity or the capital structure
weakens, due to increasing working capital requirement or debt-
funded capital expenditure, respectively.

PE was established in 2004 by Mr. Solaiappan. The firm, based in
Chennai, distributes consumer electronic equipment and home
appliances of Samsung Electronics India Private Limited.

In fiscal 2016, profit after tax (PAT) was INR0.7 crore on
operating income of INR93.3 crore, as against PAT of INR0.4 crore
on operating income of INR64.6 crore in fiscal 2015.


PERFECTO ELECTRICALS: ICRA Assigns 'B' Rating to INR7.5cr Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR7.50
crore cash credit facility and a short-term rating of [ICRA]A4
to the INR28.00 crore bank guarantee facility of Perfecto
Electricals (PE). The outlook on the long-term rating is
'Stable'.

                         Amount
  Facilities           (INR crore)    Ratings
  ----------           -----------    -------
  Fund Based Limits         7.50      [ICRA]B (Stable) assigned
  Non-Fund Based Limits    28.00      [ICRA]A4 assigned

Rationale
The assigned ratings take into account PE's relatively small
scale of current operations and weak financial risk profile as
reflected by a leveraged capital structure and subdued coverage
indicators. The ratings also take note of high working capital
intensity of the business on account of high receivables that
exerts pressure on the liquidity position of the firm. The
ratings are also impacted by high customer and geographical
concentration risks with the Indian Railways accounting for the
entire sales and the current order book outstanding primarily in
Eastern India, and execution risk arising from delays in
availability of land. The ratings further incorporate the risk
associated with the entity's status as a partnership firm,
including the risk of capital withdrawal by the partners.

The ratings, however, derive comfort from the promoters' long
experience in the supply and installation of signalling and
telecommunication systems, PE's healthy order book position of
~Rs. 124 crore as on December 31, 2016 that provides revenue
visibility in the near term at least, and reputed clientele,
which mitigates counterparty credit risk to a large extent.

In ICRA's opinion, the ability of the firm to scale up operations
while improving capital structure, and coverage indicators, and
manage its working capital requirements efficiently would remain
key rating sensitivities, going forward.

Key rating drivers
Credit Strengths
* Long experience of the promoters in the supply and
installation
   of signaling and telecommunication systems to the Indian
   Railway
* Healthy order book provides revenue visibility over the near
   term
* Reputed customer profile, which mitigates counterparty credit
   risk to a large extent
Credit Weakness
* Relatively small scale of current operations
* Weak financial profile as reflected by a leveraged capital
   structure, and subdued coverage indicators
* High working capital intensity of the business exerts pressure
   on the liquidity of the firm
* Exposure to execution risk arising from delays in land
   availability
* Risk associated with the entity's status as a partnership
   firm, including the risk of capital withdrawal by the partners

Description of key rating drivers highlighted:

The firm was established in 1964 by the Kolkata-based Kothari
family and started with undertaking electrical work for the
Indian Railways. In 1985, it diversified its business by
undertaking signaling and telecommunication contracts for the
Indian Railways. It also started to undertaking air-conditioning
contracts for Kolkata Metro Railway from 1988. Additionally, the
firm is involved in planning, designing, testing, commissioning
and maintenance of the projects. With more than five decades of
operations, the promoters have a proven track record in the
industry and association with various divisions of Indian
Railways reduces counterparty risk to a large extent. The firm's
order book outstanding as on December 31, 2016 stood at a healthy
level of around INR124 crore, which provides revenue visibility,
at least over the near term. However, most of the projects are
delayed due to the issue of availability of land by the Indian
Railways. The firm procures orders through tenders with two
levels of qualifying factors - technical and financial. Entities
that meet the technical qualification criteria qualify for
financial bidding, and subsequently the contract is awarded to
the L1 bidder. Despite less stringent technical qualification
criteria, the competition is limited.

The operating income of the firm increased marginally by ~2% from
INR34.64 crore in FY2015 to INR35.22 crore in FY2016 due to low
execution of work orders on the back of delay in availability of
land by Indian Railways. The operating margin increased in FY2016
due to lower input material costs vis-Ö-vis realisations over the
previous fiscal. Consequently, the net profit margin also
increased, however it remained subdued, which is impacted by high
interest and finance costs. The firm has an aggressive capital
structure, improving marginally due to retention of profits. The
coverage indictors also remained weak, notwithstanding an
increase from FY2015. The working capital intensity of the firm
remained high at 21% in FY2016, primarily due to high
receivables. This in turn, has stretched its liquidity position
and resulted in high utilisation of its cash credit limit as
reflected by an average utilisation of ~99% in the last six
months. The firm has also witnessed invocation of Bank Guarantee
(BG) in the past; however, the same is regular now. ICRA also
takes note of PE's legal status as a partnership firm that gives
rise to the risks of withdrawal of capital by the partners.

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

Established in 1964, Perfecto Electricals (PE) is promoted by the
Kolkata-based Kothari family. It is involved in execution of
signalling and telecommunication work for Indian Railways and
air-conditioning work for Kolkata Metro Railway. It is also
involved in planning, designing, testing, commissioning, and
maintenance of the projects.


POWER CABLE: ICRA Assigns 'B' Rating to INR7.50cr Cash Loan
-----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B on the INR7.50-
crore fund-based facilities of Power Cable Industries. The
outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Cash Credit             7.50       [ICRA]B (Stable); assigned

Rationale
ICRA's rating takes into account the firm's modest scale of
operations and intense competition from organised and unorganised
players due to low entry barriers which limit pricing flexibility
and results in low operating margins. Further the low profit
margins coupled with low net worth has resulted in weak
capitalisation as reflected in high gearing of 7.27 times and
weak coverage indicators with NCA/Debt of 1% as on 31st March
2016. The rating further takes into account the high working
capital requirements of the firm which has led to almost full
utilisation of bank limits in the recent past as majority of the
working capital requirements have been funded through bank
borrowings. ICRA also takes note of the partnership constitution
of the firm, which exposes it to risks such as dissolution and
capital withdrawal.

Nevertheless, the ratings draw comfort from the long track record
of promoters in the conductor industry, resulting in established
relationships with its suppliers and repeat orders from
customers. These strengths are further supported by favourable
demand prospects for the aluminum wire industry on account of
initiatives to increase the power generation capacity in India,
reduce transmission and distribution losses and provide for rural
electrification.

Going forward, PCI's ability to scale up in a profitable manner,
manage its working capital intensity and maintain a healthy
financial risk profile would remain the key rating drivers.

Key rating drivers
Credit Strengths
* Long experience of promoters in the cables and conductor
   industry
* Favorable demand outlook of aluminium conductors due to
   huge demand anticipated from electronics and power industry
* Established and reputed supplier base which includes Vedanta
   and BALCO (both belonging to Vedanta Group Plc)
* Long and established relationships with key clients which
   include cable manufacturers in Delhi and Haryana

Credit Concerns
* Supplier concentration risk and limited bargaining power as
   PCI is completely dependent on the Vedanta group for sourcing
   of its key raw materials i.e. aluminium
* Fragmented nature of the industry with low entry barriers
   resulting in high competition, which limits the pricing
   flexibility
* Thin profit margins on account of trading nature of operations
   which has been further subdued by high interest expense.
* Advance payment terms with key supplier as well as elongated
   receivable payment cycle leads to stretched liquidity, leading
   to fully utilized working capital limits
* High debt levels with low net worth base has translated into
   leveraged capital structure and weak coverage indicators

Description of key rating drivers highlighted:

The operational profile of PCI is weak because of its modest
scale of operations, which restricts its economies of scale and
bargaining power with customers. In addition, the trading
business also constrains the margins of the firm. Moreover, as
the raw material procurement is not always order-backed, any
increase in inventory days exposes the firm to the risk of high-
cost inventory in a fluctuating market. Low-entry barriers in
terms of capital expenditure and technical knowhow have resulted
in the presence of a large number of players in the market,
further constraining the firm's margins. Furthermore, funding of
most of the working capital requirement through bank borrowings
has resulted in a highly leveraged capital structure and weak
coverage indicators.

However, the promoters of the firm are well qualified and hold
good experience in the electronic industry. This helps the firm
maintain healthy relationships with the vendors and customers.
Moreover, the promoters' relationship with various electrical
equipment manufacturing companies helps secure buyers for the
firm's products.

Power Cable Industries (PCI), established in 2005 by Mr. Amit
Agarwal and Mr. Ajay Agarwal as a trader for aluminium products,
mainly deals in aluminium wire, rods and ingots. The trading unit
is located in the industrial belt of Bawana, Delhi.


RADHADAMODAR MULTIPURPOSE: CRISIL Rates INR6.75MM Cash Loan at B+
----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank loan facilities of Radhadamodar Multipurpose Coldstorage
Private Limited and assigned its 'CRISIL B+/Stable' rating to the
facilities. CRISIL had suspended the rating on Dec. 9, 2014, as
the company had not provided the information necessary for a
rating review. It has now shared the required information,
enabling CRISIL to assign a rating.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            6.75      CRISIL B+/Stable (Assigned;
                                    Suspension Revoked)

   Term Loan              2.00      CRISIL B+/Stable (Assigned;
                                    Suspension Revoked)

The rating reflects the company's susceptibility to regulatory
changes and intense competition in the West Bengal cold storage
business, vulnerability to delays in payment by farmers because
of adverse market conditions, and modest networth and high
gearing. These weaknesses are partially offset by the extensive
experience of its promoters and above-average debt protection
metrics.

Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to regulatory changes and intense competition: The
potato cold storage industry in West Bengal is regulated by the
West Bengal Cold Storage Association, which fixes storage rent
and marketing, drying, and insurance charges. Fixed rentals limit
ability to generate profits based on individual strengths and
geographical advantages. Furthermore, since the cold storage
segment is fragmented, players have limited bargaining power
against customers and have to offer discounts to ensure healthy
utilisation of storage capacity.

* Vulnerability to delays in payment by farmers: RMCSPL provides
loans to farmers against stored products. However, during adverse
market conditions, farmers do not find it profitable to pay
rental and interest charges along with loan obligation, and hence
do not retrieve potatoes from cold storages. Thus, the company
remains exposed to delays in payment.

* Modest networth and high gearing: While networth was INR3.81
crore as on March 31, 2016, gearing has been high at 1.44-3 times
in the four years ended March 2016.

Strengths
* Extensive experience of promoters: Presence of around a decade
in the cold storage industry has enabled the promoters to
establish strong relationship with farmers and traders, thereby
ensuring healthy utilisation of storage capacity.

* Comfortable debt protection metrics: Moderate profitability led
to and moderate gearing leads to comfortable debt protection
metrics, with interest coverage and net cash accrual to total
debt ratios of 2.34 times and 0.18 time, respectively, for fiscal
2016. Interest coverage ratio is likely to remain steady over the
medium term in the absence of any significant debt-funded capital
expenditure (capex) or increase in working capital requirement.
Outlook: Stable

CRISIL believes RMCSPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if a substantial and sustained
increase in cash accrual along with improved capital structure
and stable working capital management leads to an improvement in
the financial risk profile, particularly liquidity. The outlook
may be revised to 'Negative' if pressure on liquidity on account
of delay in repayment by farmers, considerably low cash accrual,
or significant debt-funded capex further weakens overall
financial risk profile.

Incorporated in 2011 and promoted by Mr. Goutam Kumar Pal, Mr.
Dilip Kumar Pal, Mr. Anath Bandhu Pal, and Mr. Sutapa Pal, RMCSPL
provides cold storage facility to potato farmers and traders in
Hooghly, West Bengal. Operations are managed by Mr. Dilip Kumar
Pal and Mr. Goutam Kumar Pal.

Profit after tax (PAT) was INR0.51 crore on an operating income
of INR3.42 crore, against a PAT of INR0.05 crore on an operating
income of INR3.11 crore for the previous fiscal.


RAMESH COMPANY: ICRA Reaffirms B+ Rating on INR14cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR14-crore cash-credit facility (reduced from INR17.50 crore)
and INR6-crore untied limits (enhanced from INR2.50 crore) of
Ramesh Company. The outlook on the long-term rating is stable.
The above unallocated limits of INR6 crore had also been rated on
a short-term scale for which the rating has been reaffirmed at
[ICRA]A4.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Cash Credit            14.00        Reaffirmed at [ICRA]B+/
                                      "Stable" Outlook Assigned

  Unallocated Limits      6.00        Reaffirmed at
                                      [ICRA]B+/[ICRA]A4 "Stable"
                                      outlook assigned

Detailed Rationale
The ratings reaffirmation take into account RC's low operating
profitability on account of the trading nature of the business,
which leads to nominal profits and cash accruals. The ratings
also factor in the high working capital intensity of the business
due to stretched receivables and inventory holdings which
adversely impacts the liquidity profile of the firm. The ratings
also factor in the fact that the firm has to make cash payment
for purchases of hot-rolled (HR) products and in turn extends
credit period to its customers, which led to increasing working
capital debt to support business growth. High working capital
debt, coupled with nominal accretion, results in high gearing
levels and depressed debt coverage indicators for the firm. The
ratings also take into account the risk associated with the
entity's profile as a partnership firm, including the risk of
capital withdrawal by the partners.

The ratings, however, favorably factor in the experience of the
promoters in the trading business and the firm's established
relationship with Tata Steel Limited. The firm is a dealer of
TSL's HR products over four decades.

The firm's ability to effectively manage its receivables and
inventory levels while increasing the scale of operations will
remain the key rating sensitivity.

Key rating drivers
Credit Strengths
* Experience of the promoters in the steel-trading business
* Established relationship with TSL, the firm is a dealer
   of TSL's HR products for over four decades
Credit Weaknesses
* Nominal profits and cash accruals from business; limited value
   addition given the trading nature of business results in low
   profitability
* High working capital debt, to support growth in business,
   keeps gearing at a high level; coverage indicators also
   continued to remain depressed
* High working capital intensity of operations adversely
   impacting the liquidity profile of the company
* Risks involved with the status of the entity as a partnership
   firm, including the risk of capital withdrawal

Description of key rating drivers highlighted:

Based out of Kolkata, Ramesh Company is an authorised dealer of
TSL's HR products sold under the brand, Tata Astrum in West
Bengal. The customer base for RC mainly consists of retailers
located in the state. Clients of RC mainly comprise retailers.
However, around 10-15% of the sales are also made to companies
engaged in construction and engineering, trading companies and
manufacturers of iron and steel.

The operating income of the firm witnessed a marginal decline
during FY2016 primarily due to 19.5% decline in average
realisation. The operating profit margin, owing to the trading
nature of operation, continued to remain low in FY2016. However,
slight improvement was witnessed compared to the preceding year.
The net margin remained depressed at 0.21% during FY2016 due to
high interest expenses. The working capital requirements of RC is
high since the firm has to make cash payment for purchases from
TSL and in turn extends credit period to its customers and also
maintain adequate inventory levels. Out of RC's total debt of
INR52.34 crore as on March 31, 2016, working capital loan
consisting of cash credit and channel finance stood at INR37.25
crore. The remaining is in the form of unsecured loans from
partners and relatives. High working capital requirements, owing
to substantial inventory holding, exerts pressure on the
liquidity of the business and has resulted in increasing working
capital loans, to support the growth, which continues to keep
gearing on the higher side. The gearing level as on March 31,
2016, stood high at 7.20 times, though the same declined compared
to the preceding year. Low operating profitability and high
working capital debt resulted in weak coverage indicators for the
firm with interest coverage of 1.04 times and a total debt
relative to OPBDITA of 8.35 times in FY2016.

Based out of Kolkata, Ramesh Company is a partnership firm and is
an authorised dealer of TSL's HR products, sold under the brand,
Tata Astrum, in West Bengal. RC also deals in HR products of
other companies, although in very small quantity.

RC posted a net profit of INR0.23 crore on an operating income of
INR104.91 crore during FY2016. In FY2015, the firm reported a net
profit of INR0.40 crore on an operating income of INR107.15
crore.


RAMESHWAR INDUSTRIES: ICRA Reaffirms B Rating on INR7.67cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR7.00 crore cash credit facility, INR0.67 crore term loan
facility and INR1.08 crore unallocated limits of Rameshwar
Industries. The outlook on long term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Limits       7.67      [ICRA]B (Stable) reaffirmed
  Unallocated Limits      1.08      [ICRA]B (Stable) reaffirmed

Rationale
The rating reaffirmation reflects the firm's small scale of
operations and the weak financial risk profile, marked by low
profitability, stretched capital structure, weak debt-coverage
indicators and high working capital intensity. The rating also
factors in the vulnerability of the firm's profitability to agro-
climatic risks, the inherently low value-adding ginning business,
and its exposure to stiff competition in a fragmented industry
caused by the presence of numerous small and unorganised players.
Furthermore, being a partnership firm, any significant
withdrawals from the capital accounts could adversely impact its
net worth and thereby the credit profile.

The rating, however, continues to draw comfort from the long
experience of the partners in the industry and the logistical
advantage enjoyed by the firm by virtue of its location in the
cotton-producing region, giving it easy access to quality raw
cotton.

Going forward, ICRA expects the firm to witness moderate growth
in its top-line in FY2017 on the back of the increase in sales
volumes and realisations, following the steep rise in cotton
prices in the current fiscal. RI's profitability would continue
to remain low on account of its low value-adding operations and
would remain vulnerable to raw material price fluctuations. The
firm's ability to scale up its operations would be contingent on
the availability of raw cotton and the improvement in the
domestic demand post demonetisation. Furthermore, the firm's
ability to improve its profitability, manage its working capital
requirements efficiently and improve its capital structure and
coverage indicators would remain important from a credit
perspective.

Key rating drivers
Credit Strengths
* Long experience of promoters in the cotton ginning and seed
   crushing industry
* Favorable location of the unit in Rajkot (Gujarat), a cotton
   producing belt of India, giving easy access to quality raw
   cotton

Credit Weakness
* Small scale of operations
* Weak financial risk profile marked by stretched capital
   structure, weak debt-coverage indicators and high working
   capital intensive nature of operations
* Vulnerability of profitability to fluctuations in raw cotton
   prices, which are subject to seasonality and crop harvest
* Low profitability because of limited value addition and highly
   competitive and fragmented industry structure given the low
   entry barriers
* Risks inherent in partnership firm with respect to capital
   withdrawals and its potential impact on credit profile

Description of key rating drivers highlighted:

The firm's scale of operations remains small with RI reporting an
operating income of INR25.63 crore in FY2016. Owing to limited
value-adding operations, firm's profitability remains low. RI's
inventory levels are linked to cotton prices. The firm tends to
procure higher quantities of raw cotton in a falling price regime
and stores the finished products in case the management expects
higher realisations in the short-term, leading to high working
capital requirements. The firm relies on external borrowings to
fund these requirements leading to a leveraged capital structure
as depicted by a gearing of 2.28 times as on March 31, 2016.
Furthermore, the cotton ginning and crushing industry is a highly
fragmented and competitive with numerous organised and
unorganised players due to low entry barriers, which further
restricts the pricing flexibility of the firm. However, the long
experience of partners in the industry and firm's location in
Rajkot, Gujarat, provides some comfort.

Established in May 2013 as a partnership firm, Rameshwar
Industries is in the business of ginning and pressing of raw
cotton and cotton seed crushing. The firm commenced its
commercial operations in January 2014. Its manufacturing facility
is located at Tankara in Rajkot, Gujarat and is equipped with 24
ginning machines, 1 pressing machine and 5 crushing machines with
processing capacity of ~17,740 Metric Tonnes Per Annum (MTPA) of
cotton bales and ~13,140 MTPA of cotton seed oil. The promoters
of the firm have extensive experience in the cotton industry.

During FY2016, RI reported an operating income of INR25.63 crore
and profit after tax of INR0.09 crore as against the operating
income of INR24.94 crore and profit after tax of INR0.29 crore in
FY2015.


SHREE GURU: ICRA Reaffirms 'B' Rating on INR6.0cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B for the
INR6.00 crore fund based limits of Shree Guru Nanak Dev Rice
Mill. The outlook on the long term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long Term, Fund
  Based Limits           6.00       [ICRA] B (Stable); reaffirmed

Detailed Rationale
ICRA's ratings continue to factor in the firm's small scale of
operations, highly competitive nature of the rice milling
industry and the vulnerability of the firm's profitability to
fluctuations in raw material prices. The ratings are further
constrained by the firm's leveraged capital structure due to the
firm's large working capital requirements, which have primarily
been funded by working capital borrowings. Ratings are further
constrained by decline in rice realization which account for 97%
of the firm's revenue, thus affecting OPM of the firm. High
gearing coupled with low profitability led to weak coverage
indictors, as reflected in low interest coverage and weak NCA/TD.
Further, the ratings continue to factor in agro climatic risks,
which can impact the availability of paddy. Nevertheless the
ratings favorably take into account the long standing experience
of the promoters and their strong relationships with several
customers and suppliers, coupled with proximity of the mill to
major rice growing area which results in easy availability of
paddy and stable demand outlook given that India is a major
consumer (rice being an important staple of the Indian diet) and
exporter of rice.
Going forward the ability of the firm to ramp up its scale of
operations in a profitable manner and improve its capital
structure will be the key rating sensitivities.

Key rating drivers
Credit Strengths
* Substantial experience of the proprietor with long presence
   in the industry
* The firm has well established relationships with its clients.
* Rice being a staple food grain and the position of India as
   world's second largest producer and consumer, demand prospects
   for the industry are expected to remain good
Credit Weaknesses
* Weak financial profile characterized by low profitability.
   Debt profile of the company continues to be weak with gearing
   of 3.02 times as on 31st March 2016 and interest coverage
   ratio of 1.21 times in FY2016.
* Intensely competitive nature of the industry characterized by
   a number of small players
* Small scale of operations
* Agro climatic risks, which can affect the availability of the
   paddy in adverse weather conditions
* Risks inherent in a partnership firm such as limited ability
   to raise funds; funds withdrawal and dissolution

Detailed description of key rating drivers highlighted:

SGNDRM is a partnership firm and was set up in 2008 by Mr.
Gurcharan Singh. The firm is engaged in the trading and milling
of basmati rice. The rice industry is a working capital intensive
in nature given the need to store large quantities of paddy as
the harvesting season is during September-December. High working
capital borrowings to fund inventory resulted in weak gearing as
on 31st March 2016. However, it improved from 4.78 times as on
31st March 2015 to 3.02 times as on 31st March 2016. The debt
protection indicators remained weak with interest coverage
indicator of 1.21 times and NCA/TD of 2% in FY2016 due to decline
in profitability margins. Rice industry is a highly competitive
industry characterized by low entry barriers and thus a large
number of unorganized players and a few established players. This
exerts pressure on margins of the firm.

Shree Guru Nanak Dev Rice Mills is a partnership firm, was set up
in 2008 by Mr. Gurcharan Singh. The firm is engaged in the
trading and milling of basmati rice. It has a plant at Cheeka
(Haryana) which has a milling capacity of 4 tonnes per hour. The
firm has a fully automated plant. The by-products of basmati rice
viz husk, rice bran and 'phak' are sold in the domestic market.


SHRI SIDDHBALI: ICRA Reaffirms 'B' Rating on INR5.81cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B on the
INR6.00-crore fund-based proposed limits of Shri Siddhbali Agro
Industries. The rating has been assigned 'Stable' outlook.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based Limits       5.81       [ICRA]B; reaffirmed
                                     (Stable outlook assigned)

  Unallocated
  (Proposed Limits)       0.19       [ICRA]B; reaffirmed
                                     (Stable outlook assigned)

Rationale
The rating reaffirmation factors in the small scale and limited
track record of the SSAI's operations in the seed processing
industry and its limited product portfolio, which comprises paddy
and wheat seeds only. The rating is further constrained by the
firm's presence in a highly fragmented industry and its exposure
to agro-climatic risks. ICRA also takes note of the firm's low
net worth and its partnership constitution, which exposes it to
risks of capital withdrawal, dissolution etc. The rating,
however, draws comfort from the experience of the promoter family
in the trading and processing of seeds.

Going forward, the firm's ability to increase its scale of
operations in a profitable manner, improve the gearing level,
maintain optimal working capital intensity, and diversify its
product portfolio will be the key rating sensitivity.

Key Rating Drivers
Credit Strengths
* Extensive experience of the promoter's family in the trading
   and processing of seeds
* The location of the firm in Kashipur (Uttarakhand), which is
   known for availability of raw seeds

Credit Weaknesses
* Small scale of operation limits the economies of scale
* High fragmentation and competition in the market result in
   low profit margins
* Risk associated with partnership firm; any significant
   withdrawal from capital account could adversely impact the net
   worth and the hence capital structure of the firm
* Earnings and cash flow volatility due to commodity markets and
   cycles, which are influenced by varying agroclimatic
   conditions and changes in regulations

* Product portfolio limited to two commodity seeds i.e. paddy
   and wheat

Description of key rating drivers highlighted:

SSAI grades and processes wheat and paddy seeds and has a
processing plant in Kashipur, Uttarakhand. As operations involve
backward integration, with the farmers cultivating crops
specifically for them, the company is exposed to agro climatic
conditions and commodity price volatility. The promoters have a
vast experience in the seed processing business, which would help
SSAI to leverage on the existing relationship. The prices of
raw seeds are volatile because of the dependence on monsoon. The
prices are mainly driven by the demand and supply of seeds.

SSAI procures semi processed seeds from farmers in the nearby
region or local mandis. The firm sells seeds to different traders
in different districts of U.P. These traders/distributors further
sell these seeds to small retailers or directly to farmers.

SSAI was established in 2015 as a partnership firm. It grades and
processes wheat and paddy seeds in its facility in Kashipur,
which has an installed capacity of 2 tonnes per hour. The company
is managed by Mr. Rahul Agarwal.

SSAI recorded a net profit of INR0.01 crore on an operating
income of INR6.37 crore in FY2016.


SION CERAMICS: CRISIL Lowers Rating on INR6.18MM Term Loan to B
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sion Ceramics Private Limited to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
    Cash Credit           3.00      CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Proposed Long Term     3.32      CRISIL B/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL B+/Stable')

   Term Loan              6.18      CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The ratings have been downgraded due to working capital intensive
operations leading to high dependence on debt funded working
capital requirement.  The liquidity is stretched on account of
low accruals generation against large term debt obligation and
interest cost.

The rating reflects a small scale and early stage of operations
in the highly competitive ceramic wall tiles industry, and large
working capital requirement. These rating weaknesses are
partially offset by the extensive industry experience of the
promoters and the proximity of the manufacturing facilities to
sources of raw material and labour.
Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
from the promoters as neither debt nor equity, as the loans carry
a lower interest rate than the market rate, and will remain in
the business over the medium term.

Key Rating Drivers & Detailed Description
Weaknesses
* Initial phase and modest scale of operations in a highly
competitive industry: Manufacturing operations commenced from
July 2014. Cash accrual will be lower during the plant
stabilisation period. The scale of operations is expected to
remain modest over the medium term (revenue of Rs11.61 crore in
fiscal 2016) because of intense competition in a fragmented
industry, limiting bargaining power with suppliers and customers.

* Working capital-intensive operations: Operations are expected
to remain highly working capital intensive on account of large
inventory and debtors. Inventory of 120-150 days will need to be
maintained, in line with industry practices. Also, customers are
generally given credit of 140-160 days, leading to large working
capital requirement. Additionally, during the initial phase of
operations and with the ongoing slowdown in the real estate
market, debtors are likely to remain high.

Strengths
* Extensive industry experience of the promoters: The promoters
have been operating in the ceramics industry for close to a
decade through their group entities, which include Himson
Ceramic, Euro Chemicals, Penguine Ceramic, and Platina Vitrified
Pvt Ltd (rated, 'CRISIL BB/Stable/CRISIL A4+'). The company will
benefit from their understanding of the dynamics of the local
market, and established relationship with suppliers and
customers.

* Favourable location ensuring availability of raw materials and
labour: The manufacturing facilities are in Morbi, Gujarat, the
hub of the ceramics industry in India. Significant benefits are
expected from the location, including easy access to clay (main
raw material), and availability of contractors and skilled
labours. Other critical infrastructure such as gas and power is
also well-established in the area.
Outlook: Stable

CRISIL believes SCPL will continue to benefit from the extensive
industry experienceof its promoters. The outlook may be revised
to 'Positive' if significant scaling up of operations with
sustained profitability leads to higher-than-expected cash
accrual, and if there is substantial equity infusion resulting in
an improvement in the capital structure. The outlook may be
revised to 'Negative' if liquidity deteriorates owing to a
decline in profitability, a stretched working capital cycle, or
any large, debt-funded capital expenditure.

Incorporated in 2013, SCPL is promoted by Morbi- based
MrPravinbhai Karshanbhai Patel, Mr. Himalay Narbherambhai Patel,
and Mr. Dilipbhai Prabhubhai Dangroshiya. The company
manufactures ceramic wall tiles.

In fiscal 2016, net loss was INR0.09 crore on operating income of
INR11.61 crore, against INR0.27 crore and INR4.24 crore,
respectively, in fiscal 2015.


SRI VIJAYA: ICRA Assigns 'B' Rating to INR6.0cr Cash Loan
---------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to INR6.00 cash
credit facility and INR0.52 crore of Term loan facility, and the
short-term rating of [ICRA]A4  to the INR2.75 crore bank
guarantee facility of Sri Vijaya Naga Jyothi Rice Mill
(Veeravasaram). ICRA has also assigned the long-term rating of
[ICRA]B and short-term rating of [ICRA]A4 to the INR0.73 crore
unallocated limits of SVNJRMV. The outlook on long term rating is
stable.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Cash Credit             6.00       [ICRA]B(Stable) assigned
  Bank Guarantee          2.75       [ICRA]A4 assigned
  Term Loan               0.52       [ICRA]B(Stable) assigned
  Unallocated Limits      0.73       ICRA]B(Stable)/[ICRA]A4
                                     Assigned

Rationale
The assigned ratings are constrained by weak financial risk
profile characterised by low profitability and stretched coverage
indicators with interest coverage ratio of 1.32 times, NCA-to-
Total Debt of 6.48% in FY2016 and dip in revenues from INR25.65
crore in FY2015 to INR16.51 crore in FY2016. The abolishment of
levy system resulted in increased supply of rice in open market,
leading to increased competition and lower realisation and
thereby revenue de-growth. The ratings also consider the
intensely competitive nature of the rice industry amid several
small-scale players and susceptibility to agro climatic risks,
which impact the availability of paddy in adverse weather
conditions.

However, the ratings draw comfort from the experience of the
promoters in the rice industry, presence of the firm in a major
rice growing area, resulting in easy availability of paddy, and
favourable demand prospects of rice (with India being the second-
largest producer and consumer of rice).

Key rating drivers
Credit Strengths
* Experienced management with more than 15 years of experience
   in the rice industry
* Stable demand prospects for rice with India being the second
   largest producer and consumer of rice
* Presence in major rice growing area of West Godavari district
   results in easy availability of paddy
Credit Weakness
* Small scale of operations with revenues of INR16.51 crore in
   FY2016
* Weak financial risk profile characterised by low profitability
   and stretched coverage indicators with interest coverage ratio
   of 1.32 times, NCA-to-Total Debt of 6.48% and dip in revenues
   from INR25.65 crore in FY2015 to INR16.51 crore in FY2016;
   though operating profitability increased in FY2016 due to CMR
* Higher competition in the open market with abolishment of levy
   resulting in lower revenues and lower realisations
* Fragmented industry characterised by competition from a large
   number of players, which restricts the ability of the players
   to pass on hike in input costs
* Agro- climatic risks, which can affect the availability of the
   paddy in adverse weather conditions
* Risk arising from partnership nature of firm

Description of key rating drivers highlighted:

SVNJRMV has a milling capacity of 8 tons per hour which
translates to 57600 tons per annum. The firm's operations are
overseen by managing partner Mrs. Adabala Indira. The promoters
have experience of over 15 years. Rice is the main product of the
milling process and the generally accepted yield is 67%. The by-
products of the milling process are bran, broken rice, ash and
husk. Majority of revenue of the firm i.e. ~85-95% of the total
sales have been derived from sale of rice over the past three
years with sale of other by-products (bran, brokens etc)
accounting for remaining sales. The percentage contribution of
sale of rice to total sales has decreased in FY2016 due to
abolishment of levy since October 2015 and higher job work
charges with the firm involved in Custom Milling of rice (CMR)
for AP State Civil Supplies Corporation (APSCSC). For FY2016, the
operating income declined by 35.64 % due to the removal of levy
from October 1st, 2015 which resulted in lower sales to Food
Corporation of India (FCI) and higher competition in the open
market. The operating margins stood at 5.26 % in FY2016 as
against 2.09% in FY2015 on account of CMR which provide better
margins. The coverage indicators have improved marginally in
FY2016 as reflected by interest coverage ratio of 1.32 times as
against 1.06 times in FY2015 and NCA/debt of 6.48% as against
0.69% in FY2015 due to decreased debt levels and higher operating
profits.

Going forward, the firm's ability to improve its revenue,
operating margins, while managing its working capital
requirements effectively, will be the key credit-rating
sensitivities.

Sri Vijaya Naga Jyothi Rice Mill was founded in the year 2004 and
is engaged in the milling of paddy to produce raw rice. The firm
was reconstituted on 1st April, 2015 with Mrs. Adabala Indira as
Managing partner and Mrs. Kunapareddy Sathyavathi and
Mr.Kunapareddy Trinadha Satyanarayana as working partners. The
rice mill is located at Veeravasarm village of West Godavari
district, Andhra Pradesh. The installed production capacity of
the rice mill is 8 tons per hour.


SUDESH COTTON: CRISIL Upgrades Rating on INR6MM Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Sudesh Cotton Ginning and Pressing Factory to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             3        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Warehouse Receipts      6        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects expectation that business risk
profile will improve over the medium term, marked by significant
growth of 30% - albeit on a small base'in operating revenue,
backed by better yield and increase in cotton prices and demand,
with sustained operating margin of 2.5-3.0 expected in fiscal
2017. Extensive experience of the promoters in the cotton ginning
industry and their long-standing relations with customers should
also support business risk profile. Unsecured loans from the
promoters, outstanding at INR0.93 crore as on March 31, 2016, may
be used to support working capital, minimising dependence on bank
limit, utilisation of which, averaged 32% in the 12 months
through November 2016.

Analytical Approach

For arriving at the rating, CRISIL has treated unsecured loans
(INR0.93 crore outstanding as on March 31, 2016) extended to
SCGPF by its partners as neither debt nor equity in calculating
the financial ratios. This is because the interest rate on these
is lower than the bank rate debt and are expected to remain in
the business over the medium term.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in an intensely competitive
industry: Scale of operations'revenue was INR25.91 crore in
fiscal 2016'is expected to remain small in the intensely
competitive ginning and pressing industry, despite revenue growth
of around 30% expected in fiscal 2017.

* Below-average debt protection metrics: Debt protection
indicators are likely to remain weak, constrained by low
profitability. Interest coverage ratio was weak at 1.20 times in
fiscal 2016, and should remain at 1.15-1.20 times over the medium
term.

* Working capital intensity in operations: Gross current assets
(GCAs) are sizeable at 111 days, with inventory and debtors of
111 and 36 days, respectively, and credit received of 7-14 days,
as on March 31, 2016. Operations are likely to remain working
capital intensive over the medium term as well, with GCAs
expected at around 140 days.

Strength
* Partners' extensive experience: The partners, with their
experience of around two decades in cotton ginning, and healthy
relations with customers and suppliers, have helped maintain
stable revenue growth over the past 2-3 years.
Outlook: Stable

CRISIL believes SCGPF will continue to benefit over the medium
term from the partners' extensive experience. The outlook may be
revised to 'Positive' in case of sustained improvement in scale
of operations and operating efficiency and a significantly
stronger financial risk profile. Conversely, the outlook may be
revised to 'Negative' if decline in operating profitability, or
any large capital expenditure weakens financial risk profile.

SCGPF, based in Rajasthan, is a partnership firm established in
1997. It is engaged in ginning and pressing of cotton. The firm
also trades in various other commodities such as binola oil and
cake, mustard seeds, guar, moong dal, barley, and wheat. It is
owned by Mr. Dharam Pal and Mrs. Sudesh Rani.

SCGPF, on a standalone basis, had a profit after tax (PAT) of
INR0.03 crore on net sales of INR25.91 crore in fiscal 2016, vis-
a vis net loss of INR0.03 crore and net sales of INR23.19 crore,
in fiscal 2015.


SUN PROJECTS: CRISIL Assigns B+ Rating to INR3MM LT Loan
--------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating to the long term
bank facilities of Sun Projects (India) Private limited.

                       Amount
   Facilities         (INR Mln      Ratings
   ----------         --------      -------
   Overdraft               3        CRISIL B+/Stable
   Cash Credit/
   Overdraft facility      1        CRISIL B+/Stable
   Long Term Loan          3        CRISIL B+/Stable

The rating reflects SPIL's modest scale of operations in the
intensely competitive real estate industry and exposure to risks
related to timely completion and saleability of its ongoing
projects. These weaknesses are partially offset by the extensive
experience of its promoters in the real estate business.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale in the intensely competitive real estate industry:
The modest scale as reflected in revenue of INR11.2 crore in
fiscal 2016 exposes the company to intense competition from other
major players in the market.

* Susceptibility to risks related to completion and saleability
of ongoing project: The real estate industry is highly
susceptible to cyclicality in economy since it is highly
correlated to consumer spending and disposable income. Any
economic downturn would adversely impact the timely completion
and saleability of SIPL's ongoing projects.

Strength
* Extensive experience of its promoter:  The decade-long presence
in the industry backed by the strong domain experience of its
promoter Mr. V Sajeev will continue to benefit SPIL over the
medium term.
Outlook: Stable

CRISIL believes SPIL will continue to benefit from the extensive
experience of its promoters in the real estate industry. The
outlook may be revised to 'Positive' if increase in bookings of
units and receipt of customer advances, leads to substantial cash
inflows. The outlook may be revised to 'Negative' if low customer
bookings or delays in receipt of customer advances for ongoing as
well as new projects and increase in debt weakens liquidity.

Established in 1998, SPIL-promoted by Mr. V Sanjeev-is involved
in residential real estate construction business in Kerala.

In fiscal 2016, profit after tax was INR0.1 crore on operating
income of INR11.2 crore, against INR0.2 crore and INR6.2 crore,
respectively, in fiscal 2015.


VASANTH CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR15MM Loan
---------------------------------------------------------------
CRISL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Vasanth Constructions.


                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan               1        CRISIL B+/Stable
   Bank Guarantee          6        CRISIL A4
   Cash Credit            15        CRISIL B+/Stable

The ratings reflect VC's small scale of operations in the
intensely competitive civil construction industry, working
capital-intensive operations and below-average financial risk
profile, because of small networth. These weaknesses are
mitigated by the extensive industry experience of the partners.

Key Rating Drivers & Detailed Description
Weaknesses
* Highly working capital-intensive nature of operations: Gross
current assets were at 163 days as on March 31, 2016. With the
receipt of an order of around INR52-55 crore from the Public
Works Department (PWD), Kerala; earnest money deposit and
retention money along with work in progress inventory related to
it, will keep the working capital cycle stretched over the medium
term.

* Small Scale of operations in an intensively competitive
industry: Net sales were INR16.4 crore in fiscal 2016. The scale
of operations will remain constrained owing to high competition,
with a large number of players executing small projects, in the
industry.

* Below-average financial risk profile: The networth was small at
INR3.32 crore as on March 31, 2016. Capital structure is expected
to remain leveraged with high gearing of about 2 times over the
medium term because of large debt funded working capital.

Strength
* Extensive industry experience of the partners: The Kerala-based
partnership firm was started in 1975. The experience of the
partners has been highly beneficial in receiving continuous
orders from the PWD, Kerala and is expected to benefit over the
medium term as well.
Outlook: Stable

CRISIL believes VC will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' in case of substantial capital infusion leading to
improvement in the capital structure, or significantly better-
than-expected scale of operations resulting in sizeable cash
accruals. The outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, weakens because
of a significant decline in cash accrual, larger-than-expected
working capital requirement, or large, debt-funded capital
expenditure.

VC, formed in 1975, is a partnership firm based in Kerala which
undertakes civil contracts for constructing roads and bridges
majorly from Public Works Department, Kerala. Its partners are
Mr. Ummer Bava E, Mr. Nasrudheen E, Mr. Badarudheen E and Mrs
Mymoona V who handle the daily operations of the firm.

For fiscal 2016 (refers to financial year, April 1 to March 31),
VC reported profit after tax (PAT) of INR0.67 crore on operating
income of INR16.9 crore as against PAT of INR0.10 crore on
operating income of INR4.1 crore in fiscal 2015.



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


TOSHIBA CORP: Aims to Raise JPY300BB Thru Preferred Shares Sale
----------------------------------------------------------------
Kyodo News reports that Toshiba Corp. is considering issuing
preferred shares to raise JPY300 billion ($2.66 billion) to avoid
falling into negative net worth when it books a huge write-down
on its nuclear business, sources close to the matter said Feb. 4.

Kyodo relates that the industrial conglomerate might issue
nonvoting preferred shares convertible to stock in the flash
memory business it will spin off, the sources said.

According to the report, Toshiba said in December that it could
book an impairment loss of "several billion dollars" on its U.S.
nuclear business. The losses could reach JPY700 billion, with
Toshiba facing the risk of reporting greater liabilities than
assets when it posts its business results for the year ending
March 31.

Toshiba has said it will finalize the write-off by Feb. 14, when
it reports earnings for the period from April to December, the
report says.

Last week, Toshiba unveiled a plan to spin off its profitable
chip business to raise money needed to offset the massive loss on
its nuclear operation, Kyodo says. It said it planned to sell a
stake of less than 20 percent in the memory chip business.

Kyodo notes that Toshiba hopes to boost capital by linking the
preferred shares to its profitable flash memory operation, as
Toshiba is likely to find it difficult to sell shares in itself.

According to Kyodo, Toshiba will hold an extraordinary
shareholders meeting at the end of March to finalize the spinoff
and seek approval to issue the preferred shares.

Bidding for the stake in the chip business began Feb. 3, Kyodo
says.  Potential bidders include U.S. data storage company
Western Digital Corp., a joint operator of Toshiba's Yokkaichi
flash memory plant, and foreign funds.

Kyodo relates that Canon Inc. had shown interest in investing in
the new chip company but said this week it decided not to, and
various funds also do not necessarily see it as a good deal.

Toshiba is looking to finalize the bidder and complete the
capital increase by the end of March, Kyodo notes.

If the conglomerate falls into negative net worth at the end of
the fiscal year in March, it will be downgraded to the second
section of the Tokyo Stock Exchange, adds Kyodo.

                           About Toshiba

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

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

The TCR-AP reported on Jan. 26, 2017, that S&P Global Ratings
said it has lowered its long-term corporate credit rating on
Toshiba Corp. to 'CCC+' and its short-term corporate credit and
commercial paper program ratings on the company to 'C', all by
one notch.  All of these ratings remain on CreditWatch with
negative implications.  S&P also lowered its senior unsecured
debt rating on Toshiba two notches to 'B-' from 'B+' and kept the
rating on CreditWatch negative.  On Dec. 28, 2016, S&P placed the
long- and short-term ratings on Toshiba on CreditWatch with
negative implications at the same time as lowering the long-term
ratings, in response to Toshiba's announcement that it might
recognize several JPY100 billion in impairment losses related to
goodwill arising from its acquisition of a nuclear power business
through U.S.-based Westinghouse Electric Co. LLC, because the
goodwill far exceeded the company's initial estimates.



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


FSL TRUST: Warns of 'Significant Net Loss' for FY2016
-----------------------------------------------------
Ann Williams at The Strait Times reports that the trustee-manager
of Singapore-listed First Ship Lease Trust issued on Feb. 6 a
profit warning for its financial results for the year ended
Dec. 31, 2016.

According to the report, FSL Trust Management Pte Ltd said that
based on a preliminary review of draft financial results, FSL
Trust expects to report a "significant net loss" for FY2016.

ST relates that the loss is mainly attributable to impairment
provisions on vessels and a loss on the disposal of two vessels,
it said.  Despite the accounting loss, FSL Trust continues to
generate positive cash flow and income available for
distribution, it added.

Further details of FSL Trust's FY2016 performance will be made
available on or before Feb. 23, 2017, when final results are
released, reports ST.

ST says the trustee-manager asked on Feb. 6 for a trading halt on
the trust to be lifted.

The Strait Times meanwhile reports that the board of directors of
FSL Trust Management announced that director and the chief
executive officer Alan Hatton has resigned with effect from
Feb. 2.

Deputy CEO Roger Woods is now the acting CEO, the report relays.

It said the management changes do not have any material impact on
the earnings per unit and net tangible assets per unit of FSL
Trust.

ST relates that the trustee-manager said Mr. Hatton was issued a
show cause notice dated Jan 26, 2017, inviting him to provide his
explanation as to certain matters involving potential misconduct
and breach of duties.

According to the report, FSL Trust said these matters included
disclosure of confidential information to third parties which was
not disclosed to or authorised by the board, setting up and
providing services for remuneration through Lionwharf Pte Ltd in
which Mr. Hatton was the majority shareholder and failing to give
correct information and giving wrong information to the board.

Mr. Hatton tendered his resignation and his response to the show
cause notice on Feb. 2, ST notes.



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


* BOND PRICING: For the Week Jan. 30 to Feb. 3, 2017
----------------------------------------------------

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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD           11.50    04/01/19    USD       1.51
ARTSONIG PTY LTD           11.50    04/01/19    USD       8.50
BOART LONGYEAR MANAGEME     7.00    04/01/21    USD       6.25
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    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       2.10
KEYBRIDGE CAPITAL LTD       7.00    07/31/20    AUD       0.71
LAKES OIL NL               10.00    03/31/17    AUD       3.88
LAKES OIL NL               10.00    05/31/18    AUD       5.00
MIDWEST VANADIUM PTY LT    11.50    02/15/18    USD       2.22
MIDWEST VANADIUM PTY LT    11.50    02/15/18    USD       2.22
PALADIN ENERGY LTD          6.00    04/30/17    USD      66.25
PALADIN ENERGY LTD          7.00    03/31/20    USD      72.74
RELIANCE RAIL FINANCE P     2.15    09/26/23    AUD      66.76
RELIANCE RAIL FINANCE P     2.15    09/26/23    AUD      66.77
STOKES LTD                 10.00    06/30/17    AUD       0.35
TREASURY CORP OF VICTOR     0.50    11/12/30    AUD      67.83


CHINA
-----

AKESU XINCHENG ASSET IN     7.50    10/10/18    CNY      51.05
ANQING URBAN CONSTRUCTI     6.76    12/31/19    CNY      61.89
ANQING URBAN CONSTRUCTI     6.76    12/31/19    CNY      62.15
ANSHAN CITY CONSTRUCTIO     8.25    03/05/19    CNY      61.25
ANSHAN CITY CONSTRUCTIO     8.25    03/05/19    CNY      61.94
ANSHUN STATE-RUN ASSETS     6.98    01/10/20    CNY      61.69
ANSHUN STATE-RUN ASSETS     6.98    01/10/20    CNY      83.00
ANYANG INVESTMENT GROUP     8.00    04/17/19    CNY      61.82
BAICHENG ZHONGXING URBA     7.00    12/18/19    CNY      60.98
BAISHAN URBAN CONSTRUCT     7.00    07/31/19    CNY      60.96
BANGBU CITY INVESTMENT      5.78    08/10/17    CNY      30.32
BAODING NATIONAL HI-TEC     7.33    12/24/19    CNY      64.00
BAOJI INVESTMENT GROUP      7.14    12/26/18    CNY      50.69
BAOJI INVESTMENT GROUP      7.14    12/26/18    CNY      51.31
BAOSHAN STATE-OWNED ASS     7.30    12/10/19    CNY      60.50
BAOSHAN STATE-OWNED ASS     7.30    12/10/19    CNY      62.39
BAOTOU STATE OWNED ASSE     7.03    09/17/19    CNY      61.76
BAYINGUOLENG INNER MONG     7.48    09/10/18    CNY      50.94
BEIJING CAPITAL DEVELOP     5.95    05/29/19    CNY      61.29
BEIJING CONSTRUCTION EN     5.95    07/05/19    CNY      61.05
BEIJING ECONOMIC TECHNO     5.29    03/06/18    CNY      70.38
BEIJING GUCAI GROUP CO      8.28    12/15/18    CNY      73.83
BEIJING XINGZHAN STATE      6.48    08/31/19    CNY      61.57
BEIJING XINGZHAN STATE      6.48    08/31/19    CNY      62.11
BIJIE XINTAI INVESTMENT     7.15    08/20/19    CNY      62.12
BINZHOU BINCHENG DISTRI     6.50    07/05/19    CNY      61.66
BINZHOU BINCHENG DISTRI     6.50    07/05/19    CNY      65.50
CANGZHOU CONSTRUCTION &     6.72    01/23/20    CNY      61.57
CANGZHOU CONSTRUCTION &     6.72    01/23/20    CNY      62.18
CHANGDE ECONOMIC DEVELO     7.19    09/12/19    CNY      62.40
CHANGDE ECONOMIC DEVELO     7.19    09/12/19    CNY      64.36
CHANGSHA CITY CONSTRUCT     6.95    04/24/19    CNY      62.21
CHANGSHA COUNTY XINGCHE     8.35    04/06/19    CNY      61.70
CHANGSHA COUNTY XINGCHE     8.35    04/06/19    CNY      62.11
CHANGSHA HIGH TECHNOLOG     7.30    11/22/17    CNY      40.65
CHANGSHA PILOT INVESTME     6.70    12/10/19    CNY      62.26
CHANGSHA PILOT INVESTME     6.70    12/10/19    CNY      62.50
CHANGSHU BINJIANG URBAN     6.85    04/27/19    CNY      61.41
CHANGSHU BINJIANG URBAN     6.85    04/27/19    CNY      61.71
CHANGSHU CITY OPERATION     8.00    01/16/19    CNY      41.01
CHANGSHU CITY OPERATION     8.00    01/16/19    CNY      41.44
CHANGXING URBAN CONSTRU     6.80    11/30/19    CNY      61.66
CHANGXING URBAN CONSTRU     6.80    11/30/19    CNY      61.73
CHANGYI ECONOMIC AND DE     7.35    10/30/20    CNY      73.55
CHANGZHOU JINTAN DISTRI     8.30    03/14/19    CNY      61.68
CHANGZHOU WUJIN CITY CO     6.22    06/08/18    CNY      50.76
CHANGZHOU WUJIN CITY CO     6.22    06/08/18    CNY      50.80
CHAOHU URBAN TOWN CONST     7.00    12/24/19    CNY      61.94
CHAOHU URBAN TOWN CONST     7.00    12/24/19    CNY      83.60
CHAOYANG CONSTRUCTION I     7.30    05/25/19    CNY      61.87
CHENGDU CITY DEVELOPMEN     6.18    01/14/20    CNY      61.82
CHENGDU CITY DEVELOPMEN     6.18    01/14/20    CNY      62.11
CHENGDU ECONOMIC&TECHNO     6.50    07/17/18    CNY      50.67
CHENGDU ECONOMIC&TECHNO     6.50    07/17/18    CNY      50.90
CHENGDU ECONOMIC&TECHNO     6.55    07/17/19    CNY      61.37
CHENGDU ECONOMIC&TECHNO     6.55    07/17/19    CNY      62.50
CHENGDU HI-TECH INVESTM     6.28    11/20/19    CNY      61.30
CHENGDU HI-TECH INVESTM     6.28    11/20/19    CNY      61.59
CHENGDU XINCHENG XICHEN     8.35    03/19/19    CNY      62.62
CHENGDU XINCHENG XICHEN     8.35    03/19/19    CNY      62.82
CHENGDU XINDU XIANGCHEN     8.60    12/13/18    CNY      73.00
CHENGDU XINGCHENG INVES     6.17    01/28/20    CNY      61.89
CHENGDU XINGJIN URBAN C     7.30    11/27/19    CNY      62.39
CHENGDU XINGJIN URBAN C     7.30    11/27/19    CNY      62.82
CHENZHOU URBAN CONSTRUC     7.34    09/13/19    CNY      61.83
CHENZHOU URBAN CONSTRUC     7.34    09/13/19    CNY      62.00
CHIFENG CITY HONGSHAN I     7.20    07/25/19    CNY      60.80
CHIFENG CITY INFRASTRUC     6.18    05/18/17    CNY      50.08
CHINA CITY CONSTRUCTION     5.55    12/17/17    CNY      45.00
CHINA GOVERNMENT BOND       1.64    12/15/33    CNY      74.70
CHIZHOU CITY MANAGEMENT     7.17    10/17/19    CNY      61.70
CHIZHOU CITY MANAGEMENT     7.17    10/17/19    CNY      84.50
CHONGQING BEIFEI INDUST     7.13    12/25/19    CNY      62.45
CHONGQING BEIFEI INDUST     7.13    12/25/19    CNY      84.55
CHONGQING CHANGSHOU DEV     7.45    09/25/19    CNY      62.19
CHONGQING CHANGSHOU DEV     7.45    09/25/19    CNY      62.57
CHONGQING FULING STATE-     6.39    01/21/20    CNY      61.70
CHONGQING FULING STATE-     6.39    01/21/20    CNY      62.40
CHONGQING HECHUAN RURAL     8.28    04/10/18    CNY      51.12
CHONGQING HECHUAN RURAL     8.28    04/10/18    CNY      51.30
CHONGQING HECHUAN URBAN     6.95    01/06/18    CNY      40.52
CHONGQING HONGRONG CAPI     7.20    10/16/19    CNY      61.38
CHONGQING JIANGJIN HUAX     6.95    01/06/18    CNY      40.98
CHONGQING JIANGJIN HUAX     7.46    09/21/19    CNY      62.19
CHONGQING JIANGJIN HUAX     7.46    09/21/19    CNY      62.53
CHONGQING JINYUN ASSET      6.75    06/18/19    CNY      61.29
CHONGQING JINYUN ASSET      6.75    06/18/19    CNY      61.54
CHONGQING LAND PROPERTI     7.35    04/25/19    CNY      61.44
CHONGQING LAND PROPERTI     7.35    04/25/19    CNY      62.29
CHONGQING MAIRUI CITY I     6.82    08/17/19    CNY      60.97
CHONGQING NAN'AN URBAN      6.29    12/24/17    CNY      40.62
CHONGQING NAN'AN URBAN      8.20    04/09/19    CNY      62.22
CHONGQING NANCHUAN DIST     7.35    09/06/19    CNY      61.99
CHONGQING NANCHUAN DIST     7.35    09/06/19    CNY      62.30
CHONGQING QIJIANG EAST      6.75    01/29/20    CNY      61.55
CHONGQING THREE GORGES      6.40    01/23/19    CNY      51.19
CHONGQING THREE GORGES      6.40    01/23/19    CNY      76.82
CHONGQING XINGRONG HOLD     8.35    04/19/19    CNY      61.87
CHONGQING XIYONG MICRO-     6.76    07/25/19    CNY      61.56
CHONGQING YONGCHUAN HUI     7.33    10/16/19    CNY      62.55
CHONGQING YONGCHUAN HUI     7.33    10/16/19    CNY      62.64
CHONGQING YONGCHUAN HUI     7.49    03/14/18    CNY      70.42
CHONGQING YUFU ASSET MA     6.50    09/04/19    CNY      62.22
CHONGQING YULONG ASSET      6.87    05/31/19    CNY      61.96
CHONGQING YUXING CONSTR     7.29    12/08/17    CNY      40.93
CHONGQING YUXING CONSTR     7.30    12/10/19    CNY      62.04
CHONGQING YUXING CONSTR     7.30    12/10/19    CNY      83.00
CHUXIONG AUTONOMOUS DEV     6.08    10/18/17    CNY      50.89
CHUZHOU CITY CONSTRUCTI     6.81    11/23/19    CNY      62.15
CHUZHOU CITY CONSTRUCTI     6.81    11/23/19    CNY      62.19
CHUZHOU TONGCHUANG CONS     7.05    01/09/20    CNY      62.12
CHUZHOU TONGCHUANG CONS     7.05    01/09/20    CNY      82.36
CIXI STATE OWNED ASSET      6.60    09/20/19    CNY      60.84
CIXI STATE OWNED ASSET      6.60    09/20/19    CNY      61.65
DALI ECONOMIC DEVELOPME     8.80    04/24/19    CNY      62.77
DALIAN CHANGXING ISLAND     6.60    01/25/20    CNY      62.00
DALIAN DETA INVESTMENT      6.50    11/15/19    CNY      61.63
DALIAN LVSHUN CONSTRUCT     6.78    07/02/19    CNY      61.23
DALIAN LVSHUN CONSTRUCT     6.78    07/02/19    CNY      63.23
DANDONG CITY DEVELOPMEN     6.63    12/21/18    CNY      71.03
DANYANG INVESTMENT GROU     8.10    03/06/19    CNY      61.60
DANYANG INVESTMENT GROU     8.10    03/06/19    CNY      61.94
DAQING GAOXIN STATE-OWN     6.88    12/05/19    CNY      61.07
DAQING GAOXIN STATE-OWN     6.88    12/05/19    CNY      63.00
DAQING URBAN CONSTRUCTI     6.55    10/23/19    CNY      61.77
DATONG ECONOMIC CONSTRU     6.50    06/01/17    CNY      39.80
DATONG ECONOMIC CONSTRU     6.50    06/01/17    CNY      40.08
DAXING ANLING FORESTRY      7.08    10/23/19    CNY      52.48
DAXING ANLING FORESTRY      7.08    10/23/19    CNY      52.68
DAZHOU INVESTMENT CO LT     6.99    12/25/19    CNY      62.01
DAZHOU INVESTMENT CO LT     6.99    12/25/19    CNY      62.22
DEYANG CITY CONSTRUCTIO     6.99    12/26/19    CNY      61.71
DEYANG CITY CONSTRUCTIO     6.99    12/26/19    CNY      62.50
DEZHOU DEDA URBAN CONST     7.14    10/18/19    CNY      62.63
DONGBEI SPECIAL STEEL G     5.63    04/12/18    CNY      40.00
DONGBEI SPECIAL STEEL G     5.88    05/05/16    CNY      40.00
DONGBEI SPECIAL STEEL G     6.10    01/15/18    CNY      40.00
DONGBEI SPECIAL STEEL G     6.30    09/24/16    CNY      40.00
DONGBEI SPECIAL STEEL G     6.50    03/27/16    CNY      40.00
DONGBEI SPECIAL STEEL G     7.00    07/10/16    CNY      40.00
DONGBEI SPECIAL STEEL G     7.40    07/17/17    CNY      40.00
DONGBEI SPECIAL STEEL G     8.20    06/06/16    CNY      40.00
DONGBEI SPECIAL STEEL G     8.30    09/06/16    CNY      40.00
DONGTAI COMMUNICATION I     7.39    07/05/18    CNY      50.51
DONGTAI COMMUNICATION I     7.39    07/05/18    CNY      51.02
DONGTAI UBAN CONSTRUCTI     7.10    12/26/19    CNY      62.11
ENSHI URBAN CONSTRUCTIO     7.55    10/22/19    CNY      62.56
ERDOS DONGSHENG CITY DE     8.40    02/28/18    CNY      49.84
ERDOS DONGSHENG CITY DE     8.40    02/28/18    CNY      49.99
EZHOU CITY CONSTRUCTION     7.08    06/19/19    CNY      62.07
FEICHENG CITY ASSETS MA     7.10    08/14/18    CNY      50.97
FEICHENG CITY ASSETS MA     7.10    08/14/18    CNY      51.21
FENGHUA CITY INVESTMENT     7.45    09/24/19    CNY      61.22
FENGHUA CITY INVESTMENT     7.45    09/24/19    CNY      62.16
FUJIAN LONGYAN CITY CON     7.45    08/14/19    CNY      62.33
FUJIAN NANPING HIGHWAY      6.69    01/28/20    CNY      82.15
FUJIAN NANPING HIGHWAY      7.90    10/26/18    CNY      73.32
FUSHUN URBAN INVESTMENT     5.95    05/11/18    CNY      70.47
FUXIN INFRASTRUCTURE CO     7.55    10/10/19    CNY      60.00
FUXIN INFRASTRUCTURE CO     7.55    10/10/19    CNY      61.84
FUZHOU INVESTMENT DEVEL     6.78    01/16/20    CNY      61.59
FUZHOU INVESTMENT DEVEL     6.78    01/16/20    CNY      62.13
FUZHOU URBAN AND RURAL      6.35    09/25/18    CNY      50.86
FUZHOU URBAN AND RURAL      6.35    09/25/18    CNY      50.86
GANSU PROVINCIAL HIGHWA     6.75    11/16/18    CNY      71.82
GANSU PROVINCIAL HIGHWA     7.20    09/19/18    CNY      72.42
GANZHOU CITY DEVELOPMEN     6.40    07/10/18    CNY      50.58
GANZHOU DEVELOPMENT ZON     6.70    12/26/18    CNY      51.06
GANZHOU DEVELOPMENT ZON     6.70    12/26/18    CNY      51.14
GAOMI STATE-OWNED ASSET     6.70    11/15/19    CNY      61.41
GAOMI STATE-OWNED ASSET     6.70    11/15/19    CNY      61.67
GAOMI STATE-OWNED ASSET     6.75    11/15/18    CNY      50.30
GAOMI STATE-OWNED ASSET     6.75    11/15/18    CNY      51.05
GONGYI STATE OWNED ASSE     6.70    01/18/20    CNY      61.35
GUANGAN INVESTMENT HOLD     8.18    04/25/19    CNY      60.60
GUANGAN INVESTMENT HOLD     8.18    04/25/19    CNY      62.24
GUANGXI BAISE DEVELOPME     6.50    07/04/19    CNY      61.11
GUANGXI BAISE DEVELOPME     6.50    07/04/19    CNY      61.41
GUANGYUAN INVESTMENT HO     7.25    11/26/19    CNY      61.87
GUILIN ECONOMIC CONSTRU     6.90    05/09/18    CNY      50.88
GUILIN ECONOMIC CONSTRU     6.90    05/09/18    CNY      51.70
GUIYANG ECO&TECH DEVELO     8.42    03/27/19    CNY      61.95
GUIYANG JINYANG CONSTRU     6.70    10/24/18    CNY      51.08
GUIYANG JINYANG CONSTRU     6.70    10/24/18    CNY      51.34
GUIYANG PUBLIC RESIDENT     6.70    11/06/19    CNY      62.27
GUOAO INVESTMENT DEVELO     6.89    10/29/18    CNY      47.28
GUOAO INVESTMENT DEVELO     6.89    10/29/18    CNY      51.07
HAIAN COUNTY CITY CONST     8.35    03/28/18    CNY      50.93
HAIAN COUNTY CITY CONST     8.35    03/28/18    CNY      51.14
HAICHENG URBAN INVESTME     8.39    11/07/18    CNY      72.74
HAIMEN CITY DEVELOPMENT     8.35    03/20/19    CNY      61.00
HAIMEN CITY DEVELOPMENT     8.35    03/20/19    CNY      61.77
HAINING STATE-OWNED ASS     7.80    09/20/18    CNY      72.47
HAINING STATE-OWNED ASS     7.80    09/20/18    CNY      72.85
HANDAN CITY CONSTRUCTIO     7.05    12/24/19    CNY      62.66
HANDAN CITY CONSTRUCTIO     7.05    12/24/19    CNY      62.83
HANGZHOU HIGH-TECH INDU     6.45    01/28/20    CNY      62.25
HANGZHOU MUNICIPAL CONS     5.90    04/25/18    CNY      50.16
HANGZHOU MUNICIPAL CONS     5.90    04/25/18    CNY      50.64
HANGZHOU XIAOSHAN ECO&T     6.70    12/26/18    CNY      51.65
HANGZHOU YUHANG CITY CO     7.55    03/29/19    CNY      62.20
HANZHONG CITY CONSTRUCT     7.48    03/14/18    CNY      71.25
HANZHONG CITY CONSTRUCT     7.48    03/14/18    CNY      71.47
HARBIN HELI INVESTMENT      7.48    09/26/18    CNY      72.06
HARBIN HELI INVESTMENT      7.48    09/26/18    CNY      72.25
HEBEI SHUNDE INVESTMENT     6.98    12/05/19    CNY      62.25
HEBEI SHUNDE INVESTMENT     6.98    12/05/19    CNY      62.28
HEFEI HAIHENG INVESTMEN     7.30    06/12/19    CNY      62.33
HEFEI HAIHENG INVESTMEN     7.30    06/12/19    CNY     #N/A N/A
HEFEI TAOHUA INDUSTRIAL     8.79    03/27/19    CNY      62.46
HEFEI XINCHENG STATE-OW     7.88    04/23/19    CNY      62.29
HEGANG KAIYUAN CITY INV     6.50    07/19/19    CNY      61.13
HENAN JIYUAN CITY CONST     7.50    09/25/19    CNY      62.69
HENGYANG CITY CONSTRUCT     7.06    08/13/19    CNY      61.90
HENGYANG CITY CONSTRUCT     7.06    08/13/19    CNY      62.07
HUAIAN CITY URBAN ASSET     6.87    12/26/19    CNY      62.42
HUAIAN CITY URBAN ASSET     6.87    12/26/19    CNY      62.80
HUAIAN CITY WATER ASSET     8.25    03/08/19    CNY      62.52
HUAI'AN DEVELOPMENT HOL     6.80    03/24/17    CNY      41.80
HUAI'AN DEVELOPMENT HOL     7.20    09/06/19    CNY      61.90
HUAI'AN DEVELOPMENT HOL     7.20    09/06/19    CNY      63.09
HUAIAN QINGHE NEW AREA      6.68    01/24/20    CNY      62.01
HUAIAN QINGHE NEW AREA      6.68    01/24/20    CNY      84.14
HUAIAN QINGHE NEW AREA      6.79    04/29/17    CNY      40.05
HUAIBEI CITY CONSTRUCTI     6.68    12/17/18    CNY      51.12
HUAIHUA CITY CONSTRUCTI     8.00    03/22/18    CNY      50.50
HUAIHUA CITY CONSTRUCTI     8.00    03/22/18    CNY      50.99
HUANGGANG CITY CONSTRUC     7.10    10/19/19    CNY      62.02
HUANGGANG CITY CONSTRUC     7.10    10/19/19    CNY      62.67
HUANGSHI URBAN CONSTRUC     6.96    10/25/19    CNY      62.37
HUIAN STATE ASSETS INVE     7.50    10/15/19    CNY      62.59
HUNAN CHANGDE DEYUAN IN     7.18    10/18/18    CNY      51.24
HUNAN CHANGDE DEYUAN IN     7.18    10/18/18    CNY      51.59
HUNAN CHENGLINGJI HARBO     7.70    10/15/18    CNY      51.59
HUNAN CHENGLINGJI HARBO     7.70    10/15/18    CNY      51.67
HUNAN ZHAOSHAN ECONOMIC     7.00    12/12/18    CNY      50.73
HUNAN ZHAOSHAN ECONOMIC     7.00    12/12/18    CNY      77.25
HUZHOU MUNICIPAL CONSTR     6.70    12/14/19    CNY      61.48
HUZHOU MUNICIPAL CONSTR     7.02    12/21/17    CNY      71.80
HUZHOU NANXUN STATE-OWN     8.15    03/31/19    CNY      62.46
HUZHOU WUXING NANTAIHU      7.71    02/17/18    CNY      71.16
INNER MONGOLIA HIGH-TEC     7.20    09/25/19    CNY      62.08
JIAMUSI NEW ERA INFRAST     8.25    03/22/19    CNY      61.21
JIAMUSI NEW ERA INFRAST     8.25    03/22/19    CNY      61.78
JIAN CITY CONSTRUCTION      7.80    04/20/19    CNY      61.98
JIANAN INVESTMENT HOLDI     7.68    09/04/19    CNY      63.15
JIANGDONG HOLDING GROUP     6.90    03/27/19    CNY      61.11
JIANGDU XINYUAN INDUSTR     8.10    03/23/19    CNY      62.04
JIANGSU HANRUI INVESTME     8.16    03/01/19    CNY      61.99
JIANGSU HUAJING ASSETS      5.68    09/28/17    CNY      25.15
JIANGSU JINGUAN INVESTM     6.40    01/28/19    CNY      50.45
JIANGSU LIANYUN DEVELOP     6.10    06/19/19    CNY      60.78
JIANGSU LIANYUN DEVELOP     6.10    06/19/19    CNY      60.93
JIANGSU NANJING PUKOU E     7.10    10/08/19    CNY      61.92
JIANGSU NANJING PUKOU E     7.10    10/08/19    CNY      62.22
JIANGSU NEWHEADLINE DEV     7.00    08/27/20    CNY      72.54
JIANGSU NEWHEADLINE DEV     7.00    08/27/20    CNY      72.73
JIANGSU SUHAI INVESTMEN     7.20    11/07/19    CNY      61.73
JIANGSU TAICANG PORT DE     7.66    05/16/19    CNY      62.30
JIANGSU WUZHONG ECONOMI     8.05    12/16/18    CNY      73.21
JIANGSU WUZHONG ECONOMI     8.05    12/16/18    CNY      73.42
JIANGSU XISHAN ECONOMIC     6.99    11/01/19    CNY      62.17
JIANGSU XISHAN ECONOMIC     6.99    11/01/19    CNY      69.60
JIANGSU ZHANGJIAGANG EC     6.98    11/16/19    CNY      62.29
JIANGXI HEJI INVESTMENT     8.00    09/04/19    CNY      62.13
JIANGXI HEJI INVESTMENT     8.00    09/04/19    CNY      62.58
JIANGYAN STATE OWNED AS     6.85    12/03/19    CNY      61.77
JIANGYAN STATE OWNED AS     6.85    12/03/19    CNY      62.34
JIANGYIN CITY CONSTRUCT     7.20    06/11/19    CNY      62.23
JIANGYIN CITY CONSTRUCT     7.20    06/11/19    CNY      62.90
JIASHAN STATE-OWNED ASS     6.80    06/06/19    CNY      61.86
JIAXING CULTURE FAMOUS      8.16    03/08/19    CNY      61.78
JIAXING ECONOMIC&TECHNO     6.78    06/14/19    CNY      61.13
JIAXING ECONOMIC&TECHNO     6.78    06/14/19    CNY      61.46
JINAN CITY CONSTRUCTION     6.98    03/26/18    CNY      50.40
JINAN XIAOQINGHE DEVELO     7.15    09/05/19    CNY      62.03
JINAN XIAOQINGHE DEVELO     7.15    09/05/19    CNY      62.10
JINGJIANG BINJIANG XINC     6.80    10/23/18    CNY      50.93
JINGJIANG BINJIANG XINC     6.80    10/23/18    CNY      77.00
JINGZHOU URBAN CONSTRUC     7.98    04/24/19    CNY      62.05
JINING CITY CONSTRUCTIO     8.30    12/31/18    CNY      42.13
JINING CITY YANZHOU DIS     8.50    12/28/17    CNY      25.84
JINING HI-TECH TOWN CON     6.60    01/28/20    CNY      61.69
JINING WATER SUPPLY GRO     7.18    01/22/20    CNY      61.77
JINSHAN STATE-OWNED ASS     6.65    11/27/19    CNY      62.36
JINZHOU CITY INVESTMENT     7.08    06/13/19    CNY      61.34
JINZHOU CITY INVESTMENT     7.08    06/13/19    CNY      61.54
JISHOU HUATAI STATE OWN     7.37    12/12/19    CNY      61.61
JISHOU HUATAI STATE OWN     7.37    12/12/19    CNY      83.23
JIUJIANG CITY CONSTRUCT     8.49    02/23/19    CNY      62.39
JIUJIANG CITY CONSTRUCT     8.49    02/23/19    CNY      64.00
JIXI STATE OWN ASSET MA     7.18    11/08/19    CNY      62.88
KAIFENG DEVELOPMENT INV     6.47    07/11/19    CNY      61.60
KARAMAY URBAN CONSTRUCT     7.15    09/04/19    CNY      61.91
KARAMAY URBAN CONSTRUCT     7.15    09/04/19    CNY      62.04
KASHI URBAN CONSTRUCTIO     7.18    11/27/19    CNY      61.94
KUNMING CITY CONSTRUCTI     7.60    04/13/18    CNY      50.50
KUNMING CITY CONSTRUCTI     7.60    04/13/18    CNY      51.05
KUNMING DIANCHI INVESTM     6.50    02/01/20    CNY      61.89
KUNMING INDUSTRIAL DEVE     6.46    10/23/19    CNY      61.34
KUNMING INDUSTRIAL DEVE     6.46    10/23/19    CNY      63.01
KUNMING WUHUA DISTRICT      8.60    03/15/18    CNY      51.09
KUNMING WUHUA DISTRICT      8.60    03/15/18    CNY      51.22
KUNSHAN ENTREPRENEUR HO     6.28    11/07/19    CNY      61.54
KUNSHAN HUAQIAO INTERNA     7.98    12/30/18    CNY      41.33
LAIWU CITY ECONOMIC DEV     6.50    03/01/18    CNY      60.47
LANZHOU CITY DEVELOPMEN     8.20    12/15/18    CNY      66.60
LANZHOU CITY DEVELOPMEN     8.20    12/15/18    CNY      69.87
LEQING CITY STATE OWNED     6.50    06/29/19    CNY      61.13
LEQING CITY STATE OWNED     6.50    06/29/19    CNY      62.00
LESHAN STATE-OWNED ASSE     6.99    03/18/18    CNY      71.16
LESHAN STATE-OWNED ASSE     6.99    03/18/18    CNY      71.55
LIAONING YAODU DEVELOPM     7.35    12/12/19    CNY      60.25
LIAOYANG CITY ASSETS OP     6.88    06/13/18    CNY      65.31
LIAOYANG CITY ASSETS OP     6.88    06/13/18    CNY      66.11
LIAOYANG CITY ASSETS OP     7.10    11/13/19    CNY      61.92
LIAOYUAN STATE-OWNED AS     8.17    03/13/19    CNY      60.30
LIAOYUAN STATE-OWNED AS     8.17    03/13/19    CNY      61.15
LIJIANG GUCHENG MANAGEM     6.68    07/26/19    CNY      61.70
LINAN CITY CONSTRUCTION     8.15    03/09/18    CNY      45.00
LINAN CITY CONSTRUCTION     8.15    03/09/18    CNY      50.47
LINYI CITY ASSET MANAGE     6.68    12/12/19    CNY      62.20
LINYI CITY ASSET MANAGE     6.68    12/12/19    CNY      62.66
LINYI ECONOMIC DEVELOPM     8.26    09/24/19    CNY      63.42
LINYI INVESTMENT DEVELO     8.10    03/27/18    CNY      50.68
LIUPANSHUI DEVELOPMENT      6.97    12/03/19    CNY      62.00
LIUZHOU DONGCHENG INVES     8.30    02/15/19    CNY      61.88
LIUZHOU INVESTMENT HOLD     6.98    08/15/19    CNY      61.42
LIYANG CITY CONSTRUCTIO     8.20    11/08/18    CNY      69.79
LONGHAI STATE-OWNED ASS     8.25    12/02/17    CNY      40.00
LONGHAI STATE-OWNED ASS     8.25    12/02/17    CNY      41.19
LOUDI CITY CONSTRUCTION     7.28    10/19/18    CNY      51.11
LOUDI CITY CONSTRUCTION     7.28    10/19/18    CNY      51.32
LUOHE CITY CONSTRUCTION     6.81    03/30/17    CNY      29.77
LUOHE CITY CONSTRUCTION     6.81    03/30/17    CNY      30.09
LUOHE CITY CONSTRUCTION     6.99    10/30/19    CNY      61.08
LUOHE CITY CONSTRUCTION     6.99    10/30/19    CNY      61.90
LUOYANG CITY DEVELOPMEN     6.89    12/31/19    CNY      61.91
LUOYANG CITY DEVELOPMEN     6.89    12/31/19    CNY      62.68
MAANSHAN ECONOMIC TECHN     7.10    12/20/19    CNY      62.37
MIANYANG SCIENCE TECHNO     6.30    07/22/18    CNY      53.09
MIANYANG SCIENCE TECHNO     7.16    05/15/19    CNY      57.00
MIANYANG SCIENCE TECHNO     7.16    05/15/19    CNY      61.03
MUDANJIANG STATE-OWNED      7.08    08/30/19    CNY      61.26
MUDANJIANG STATE-OWNED      7.08    08/30/19    CNY      61.56
NANAN CITY TRADE INDUST     8.50    04/25/19    CNY      63.50
NANCHANG ECONOMY TECHNO     6.88    01/09/20    CNY      62.58
NANCHONG DEVELOPMENT IN     6.69    01/28/20    CNY      82.45
NANCHONG ECONOMIC DEVEL     8.16    04/26/19    CNY      62.30
NANJING JIANGNING SCIEN     7.29    04/28/19    CNY      60.50
NANJING JIANGNING SCIEN     7.29    04/28/19    CNY      61.62
NANJING NEW&HIGH TECHNO     6.94    09/07/19    CNY      61.66
NANJING NEW&HIGH TECHNO     6.94    09/07/19    CNY      62.28
NANJING URBAN CONSTRUCT     5.68    11/26/18    CNY      51.24
NANJING URBAN CONSTRUCT     5.68    11/26/18    CNY      51.84
NANJING XINGANG DEVELOP     6.80    01/08/20    CNY      62.50
NANTONG CITY GANGZHA DI     7.15    01/09/20    CNY      62.51
NANTONG CITY GANGZHA DI     7.15    01/09/20    CNY      62.77
NANTONG CITY TONGZHOU D     6.80    05/28/19    CNY      61.00
NANTONG CITY TONGZHOU D     6.80    05/28/19    CNY      61.56
NEIJIANG INVESTMENT HOL     7.00    07/19/18    CNY      50.87
NEIJIANG INVESTMENT HOL     7.00    07/19/18    CNY      51.36
NEIMENGGU XINLINGOL XIN     7.62    02/25/18    CNY      71.33
NINGBO CITY ZHENHAI INV     6.48    04/12/17    CNY      40.18
NINGBO EASTERN NEW TOWN     6.45    01/21/20    CNY      61.53
NINGBO URBAN CONSTRUCTI     7.39    03/01/18    CNY      50.81
NINGBO URBAN CONSTRUCTI     7.39    03/01/18    CNY      52.15
NINGBO ZHENHAI HAIJIANG     6.65    11/28/18    CNY      51.34
NINGDE CITY STATE-OWNED     6.25    10/21/17    CNY       9.71
NINGHAI COUNTY URBAN IN     8.60    12/31/17    CNY      40.00
NONGGONGSHANG REAL ESTA     6.29    10/11/17    CNY      40.51
PANJIN CONSTRUCTION INV     7.50    05/17/19    CNY      60.01
PANJIN CONSTRUCTION INV     7.50    05/17/19    CNY      61.58
PANJIN PETROLEUM HIGH T     6.95    01/10/20    CNY      62.02
PANJIN PETROLEUM HIGH T     6.95    01/10/20    CNY      63.31
PEIXIAN STATE-OWNED ASS     7.20    12/06/19    CNY      62.37
PEIXIAN STATE-OWNED ASS     7.20    12/06/19    CNY      62.69
PINGDINGSHAN CITY DEVEL     7.86    05/08/19    CNY      61.73
PINGDINGSHAN CITY DEVEL     7.86    05/08/19    CNY      62.13
PINGHU CITY DEVELOPMENT     7.20    09/18/19    CNY      62.10
PINGXIANG URBAN CONSTRU     6.89    12/10/19    CNY      62.07
PINGXIANG URBAN CONSTRU     6.89    12/10/19    CNY      84.05
PIZHOU RUNCHENG ASSET O     7.55    09/25/19    CNY      61.10
PIZHOU RUNCHENG ASSET O     7.55    09/25/19    CNY      62.63
PUER CITY STATE OWNED A     7.38    06/20/19    CNY      61.59
PUTIAN STATE-OWNED ASSE     8.10    03/21/19    CNY      61.88
PUTIAN STATE-OWNED ASSE     8.10    03/21/19    CNY      62.88
PUYANG INVESTMENT GROUP     6.98    10/29/19    CNY      61.89
QIANAN XINGYUAN WATER I     6.45    07/11/18    CNY      50.38
QIANDONG NANZHOU DEVELO     8.80    04/27/19    CNY      62.53
QIANDONGNANZHOU KAIHONG     7.80    10/30/19    CNY      61.98
QIANXI NANZHOU HONGSHEN     6.99    11/22/19    CNY      61.54
QIANXI NANZHOU HONGSHEN     6.99    11/22/19    CNY      62.12
QINGDAO CITY CONSTRUCTI     6.19    02/16/17    CNY      40.01
QINGDAO CITY CONSTRUCTI     6.19    02/16/17    CNY      40.03
QINGDAO CITY CONSTRUCTI     6.89    02/16/19    CNY      61.42
QINGDAO CITY CONSTRUCTI     6.89    02/16/19    CNY      61.58
QINGDAO HUATONG STATE-O     7.30    04/18/19    CNY      61.64
QINGDAO HUATONG STATE-O     7.30    04/18/19    CNY      62.05
QINGDAO JIAOZHOU CITY D     6.59    01/25/20    CNY      62.02
QINGZHOU HONGYUAN PUBLI     6.50    05/22/19    CNY      30.01
QINGZHOU HONGYUAN PUBLI     7.25    10/19/18    CNY      51.24
QINGZHOU HONGYUAN PUBLI     7.25    10/19/18    CNY      51.43
QINGZHOU HONGYUAN PUBLI     7.35    10/19/19    CNY      62.14
QINGZHOU HONGYUAN PUBLI     7.35    10/19/19    CNY      62.52
QINHUANGDAO DEVELOPMENT     7.46    10/17/19    CNY      62.13
QINHUANGDAO DEVELOPMENT     7.46    10/17/19    CNY      62.15
QINZHOU CITY DEVELOPMEN     6.72    04/30/17    CNY      50.25
QITAIHE CITY CONSTRUCTI     7.30    10/18/19    CNY      61.64
QUANZHOU QUANGANG PETRO     8.40    04/16/19    CNY      62.35
QUANZHOU QUANGANG PETRO     8.40    04/16/19    CNY      62.45
QUANZHOU TAISHANG INVES     7.08    12/10/19    CNY      62.37
QUANZHOU TAISHANG INVES     7.08    12/10/19    CNY      62.40
QUANZHOU URBAN CONSTRUC     6.48    01/11/20    CNY      62.54
QUANZHOU URBAN CONSTRUC     6.48    01/11/20    CNY      62.60
QUJING DEVELOPMENT INVE     7.25    09/06/19    CNY      61.82
QUJING DEVELOPMENT INVE     7.25    09/06/19    CNY      62.19
RUDONG COUNTY DONGTAI S     7.10    01/31/18    CNY      51.13
RUDONG COUNTY DONGTAI S     7.45    09/24/19    CNY      61.91
RUDONG COUNTY DONGTAI S     7.45    09/24/19    CNY      62.00
RUGAO COMMUNICATIONS CO     6.70    02/01/20    CNY      61.74
RUGAO COMMUNICATIONS CO     8.51    01/26/19    CNY      77.98
RUIAN STATE OWNED ASSET     6.93    11/26/19    CNY      61.87
RUIAN STATE OWNED ASSET     6.93    11/26/19    CNY      62.28
SANMENXIA CITY FINANCIA     6.68    01/29/20    CNY      61.76
SANMING STATE-OWNED ASS     6.92    12/05/19    CNY      62.61
SANMING STATE-OWNED ASS     6.99    06/14/18    CNY      71.33
SHANGHAI CHENGTOU CORP      4.63    07/30/19    CNY      60.04
SHANGHAI JIADING INDUST     6.71    10/10/18    CNY      50.62
SHANGHAI JIADING INDUST     6.71    10/10/18    CNY      51.02
SHANGHAI JINSHAN URBAN      6.60    12/21/19    CNY      61.56
SHANGHAI JINSHAN URBAN      6.60    12/21/19    CNY      61.59
SHANGHAI MINHANG URBAN      6.48    10/23/19    CNY      61.95
SHANGHAI MINHANG URBAN      6.48    10/23/19    CNY      62.38
SHANGHAI REAL ESTATE GR     6.12    05/17/17    CNY      40.22
SHANGHAI SONGJIANG TOWN     6.28    08/15/18    CNY      51.10
SHANGHAI URBAN CONSTRUC     5.25    11/30/19    CNY      61.37
SHANGQIU DEVELOPMENT IN     6.60    01/15/20    CNY      62.10
SHANGRAO CITY CONSTRUCT     7.30    09/10/19    CNY      61.99
SHANGRAO CITY CONSTRUCT     7.30    09/10/19    CNY      62.54
SHANGYU COMMUNICATIONS      6.70    09/11/19    CNY      62.16
SHANGYU COMMUNICATIONS      6.70    09/11/19    CNY      62.50
SHAOGUAN JINYE DEVELOPM     7.30    10/18/19    CNY      62.00
SHAOGUAN JINYE DEVELOPM     7.30    10/18/19    CNY      62.42
SHAOXING CHENGBEI XINCH     6.21    06/11/18    CNY      50.41
SHAOXING CHENGZHONGCUN      6.50    01/24/20    CNY      61.82
SHAOXING CHENGZHONGCUN      6.50    01/24/20    CNY      82.30
SHAOXING HI-TECH INDUST     6.75    12/05/18    CNY      51.46
SHAOXING PAOJIANG INDUS     6.90    10/31/19    CNY      61.63
SHAOXING PAOJIANG INDUS     6.90    10/31/19    CNY      62.50
SHAOXING URBAN CONSTRUC     6.40    11/09/19    CNY      62.25
SHAOYANG CITY CONSTRUCT     7.40    09/11/18    CNY      51.50
SHENYANG HEPING DISTRIC     6.85    11/13/19    CNY      61.91
SHISHI STATE OWNED INVE     7.40    09/13/19    CNY      61.88
SHIYAN CITY INFRASTRUCT     7.98    04/20/19    CNY      62.45
SHOUGUANG JINCAI STATE-     6.70    10/23/19    CNY      61.81
SHOUGUANG JINCAI STATE-     6.70    10/23/19    CNY      62.09
SHUANGYASHAN DADI CITY      6.55    12/25/19    CNY      61.41
SHUANGYASHAN DADI CITY      6.55    12/25/19    CNY      81.49
SHUYANG JINGYUAN ASSET      6.50    12/03/19    CNY      61.45
SHUYANG JINGYUAN ASSET      6.50    12/03/19    CNY      61.74
SICHUAN DEVELOPMENT HOL     5.40    11/10/17    CNY      30.34
SONGYUAN URBAN DEVELOPM     7.30    08/29/19    CNY      60.83
SONGYUAN URBAN DEVELOPM     7.30    08/29/19    CNY      61.78
SUIZHOU DEVELOPMENT INV     7.50    08/22/19    CNY      62.39
SUQIAN ECONOMIC DEVELOP     7.50    03/26/19    CNY      61.73
SUQIAN ECONOMIC DEVELOP     7.50    03/26/19    CNY      63.50
SUQIAN WATER GROUP CO       6.55    12/04/19    CNY      62.30
SUZHOU CITY CONSTRUCTIO     7.45    03/12/19    CNY      61.50
SUZHOU FENHU INVESTMENT     7.00    10/22/17    CNY      50.57
SUZHOU INDUSTRIAL PARK      5.79    05/30/19    CNY      60.93
SUZHOU TECH CITY DEVELO     7.32    11/01/18    CNY      51.73
SUZHOU URBAN CONSTRUCTI     5.79    10/25/19    CNY      61.36
SUZHOU URBAN CONSTRUCTI     5.79    10/25/19    CNY      62.23
SUZHOU WUJIANG COMMUNIC     6.80    10/31/20    CNY      73.83
SUZHOU WUJIANG EASTERN      8.05    12/05/18    CNY      73.14
SUZHOU WUJIANG EASTERN      8.05    12/05/18    CNY      73.63
SUZHOU XIANGCHENG URBAN     6.95    09/03/19    CNY      61.66
SUZHOU XIANGCHENG URBAN     6.95    09/03/19    CNY      62.44
TAIAN CITY TAISHAN INVE     5.79    03/02/18    CNY      69.80
TAIAN CITY TAISHAN INVE     6.76    01/25/20    CNY      62.12
TAIAN CITY TAISHAN INVE     6.76    01/25/20    CNY      62.47
TAICANG ASSET MANAGEMEN     8.25    12/31/18    CNY      73.32
TAICANG ASSET MANAGEMEN     8.25    12/31/18    CNY      73.39
TAICANG HENGTONG INVEST     7.45    10/30/19    CNY      62.56
TAICANG URBAN CONSTRUCT     6.75    01/11/20    CNY      62.07
TAICANG URBAN CONSTRUCT     6.75    01/11/20    CNY      62.60
TAIXING ZHONGXING STATE     8.29    03/27/18    CNY      51.13
TAIXING ZHONGXING STATE     8.29    03/27/18    CNY      51.18
TAIYUAN HIGH-SPEED RAIL     6.50    10/30/20    CNY      73.10
TAIYUAN LONGCHENG DEVEL     6.50    09/25/19    CNY      61.10
TAIYUAN LONGCHENG DEVEL     6.50    09/25/19    CNY      61.77
TAIZHOU CITY HUANGYAN D     6.85    12/17/18    CNY      50.71
TAIZHOU CITY HUANGYAN D     6.85    12/17/18    CNY      51.22
TAIZHOU HAILING ASSETS      8.52    03/21/19    CNY      61.77
TAIZHOU HAILING ASSETS      8.52    03/21/19    CNY      62.35
TAIZHOU JIAOJIANG STATE     7.46    09/13/20    CNY      74.40
TAIZHOU XINTAI GROUP CO     6.85    08/14/18    CNY      50.90
TAIZHOU XINTAI GROUP CO     6.85    08/14/18    CNY      51.18
TANGSHAN NANHU ECO CITY     7.08    10/16/19    CNY      62.21
TENGZHOU CITY STATE-OWN     6.45    05/24/18    CNY      60.00
TIANJIN BINHAI NEW AREA     5.00    03/13/18    CNY      70.46
TIANJIN BINHAI NEW AREA     5.00    03/13/18    CNY      70.89
TIANJIN DONGFANG CAIXIN     7.99    11/23/18    CNY      73.36
TIANJIN ECO-CITY INVEST     6.76    08/14/19    CNY      61.12
TIANJIN ECO-CITY INVEST     6.76    08/14/19    CNY      61.35
TIANJIN ECONOMIC TECHNO     6.20    12/03/19    CNY      61.70
TIANJIN ECONOMIC TECHNO     6.20    12/03/19    CNY      61.82
TIANJIN HANBIN INVESTME     8.39    03/22/19    CNY      61.92
TIANJIN HI-TECH INDUSTR     7.80    03/27/19    CNY      62.11
TIANJIN HI-TECH INDUSTR     7.80    03/27/19    CNY      62.90
TIANJIN JINNAN CITY CON     6.95    06/18/19    CNY      61.68
TIANJIN JINNAN CITY CON     6.95    06/18/19    CNY      63.00
TIELING PUBLIC ASSETS I     7.34    05/29/18    CNY      50.91
TIELING PUBLIC ASSETS I     7.34    05/29/18    CNY      50.99
TIGER FOREST & PAPER GR     5.38    06/14/17    CNY      59.03
TONGCHUAN DEVELOPMENT I     7.50    07/17/19    CNY      61.38
TONGLIAO TIANCHENG URBA     7.75    09/24/19    CNY      62.05
TONGLIAO URBAN INVESTME     5.98    09/01/17    CNY      40.00
TONGREN FANJINGSHAN INV     6.89    08/02/19    CNY      61.76
URUMQI CITY CONSTRUCTIO     6.35    07/09/19    CNY      61.37
URUMQI CITY CONSTRUCTIO     6.35    07/09/19    CNY      61.83
URUMQI ECO&TECH DEVELOP     8.58    01/10/19    CNY      52.58
URUMQI STATE-OWNED ASSE     6.48    04/28/18    CNY      50.80
URUMQI STATE-OWNED ASSE     6.48    04/28/18    CNY      51.60
WAFANGDIAN STATE-OWNED      8.55    04/19/19    CNY      62.49
WEIFANG DONGXIN CONSTRU     6.88    11/20/19    CNY      62.04
WEIFANG DONGXIN CONSTRU     6.88    11/20/19    CNY      84.30
WEINAN CITY INVESTMENT      6.69    01/15/20    CNY      60.92
WEINAN CITY INVESTMENT      6.69    01/15/20    CNY      61.74
WENLING CITY STATE OWNE     7.18    09/18/19    CNY      61.74
WENZHOU ANJUFANG CITY D     7.65    04/24/19    CNY      61.89
WENZHOU ECONOMIC-TECHNO     6.49    01/15/20    CNY      61.51
WENZHOU ECONOMIC-TECHNO     6.49    01/15/20    CNY      62.20
WUHAI CITY CONSTRUCTION     8.20    03/31/19    CNY      61.00
WUHAI CITY CONSTRUCTION     8.20    03/31/19    CNY      61.84
WUHU ECONOMIC TECHNOLOG     6.70    06/08/18    CNY      51.00
WUHU ECONOMIC TECHNOLOG     6.70    06/08/18    CNY      51.05
WUHU XINMA INVESTMENT C     7.18    11/14/19    CNY      62.06
WUHU XINMA INVESTMENT C     7.18    11/14/19    CNY      62.24
WUJIANG ECONOMIC TECHNO     6.88    12/27/19    CNY      61.95
WUJIANG ECONOMIC TECHNO     6.88    12/27/19    CNY      62.59
WUXI MUNICIPAL CONSTRUC     6.60    09/17/19    CNY      61.89
WUXI MUNICIPAL CONSTRUC     6.60    09/17/19    CNY      61.90
WUXI TAIHU INTERNATIONA     7.60    09/17/19    CNY      62.37
WUXI XIDONG NEW TOWN CO     6.65    01/28/20    CNY      61.92
WUXI XIDONG TECHNOLOGY      5.98    10/26/18    CNY      72.02
WUZHOU DONGTAI STATE-OW     7.40    09/03/19    CNY      62.55
XI'AN AEROSPACE BASE IN     6.96    11/08/19    CNY      62.34
XIAN CHANBAHE DEVELOPME     6.89    08/03/19    CNY      61.72
XIANGTAN CITY CONSTRUCT     8.00    03/16/19    CNY      61.00
XIANGTAN CITY CONSTRUCT     8.00    03/16/19    CNY      61.63
XIANGTAN HI-TECH GROUP      6.90    01/15/20    CNY      61.92
XIANGTAN HI-TECH GROUP      6.90    01/15/20    CNY      62.25
XIANGTAN JIUHUA ECONOMI     7.43    08/29/19    CNY      61.84
XIANGYANG CITY CONSTRUC     8.12    01/12/19    CNY      41.80
XIANGYANG CITY CONSTRUC     8.12    01/12/19    CNY      42.15
XIANNING CITY CONSTRUCT     7.50    08/31/18    CNY      51.37
XIANYANG MUNICIPAL CONS     7.90    12/09/17    CNY      40.10
XIAOGAN URBAN CONSTRUCT     8.12    03/26/19    CNY      61.89
XINGHUA URBAN CONSTRUCT     7.25    10/23/18    CNY      51.86
XINING CITY INVESTMENT      7.70    04/27/19    CNY      62.13
XINJIANG SHIHEZI DEVELO     7.50    08/29/18    CNY      49.29
XINJIANG UYGUR AR HAMI      6.25    07/17/18    CNY      50.45
XINXIANG INVESTMENT GRO     6.80    01/18/18    CNY      40.77
XINYANG HUAXIN INVESTME     6.95    06/14/19    CNY      61.44
XINYANG HUAXIN INVESTME     6.95    06/14/19    CNY      61.49
XINYU CITY CONSTRUCTION     7.08    12/13/19    CNY      61.79
XINYU CITY CONSTRUCTION     7.08    12/13/19    CNY      82.00
XINZHOU CITY ASSET MANA     7.39    08/08/18    CNY      50.89
XUCHANG GENERAL INVESTM     7.78    04/27/19    CNY      62.07
XUZHOU ECONOMIC TECHNOL     8.20    03/07/19    CNY      60.35
XUZHOU ECONOMIC TECHNOL     8.20    03/07/19    CNY      62.69
XUZHOU XINSHENG CONSTRU     7.48    05/08/18    CNY      50.90
XUZHOU XINSHENG CONSTRU     7.48    05/08/18    CNY      51.35
YAAN STATE-OWNED ASSET      7.39    07/04/19    CNY      62.74
YANCHENG CITY DAFENG DI     7.08    12/13/19    CNY      61.95
YANCHENG CITY DAFENG DI     7.08    12/13/19    CNY      63.00
YANCHENG ORIENTAL INVES     5.75    06/08/17    CNY      49.50
YANCHENG ORIENTAL INVES     5.75    06/08/17    CNY      49.87
YANCHENG ORIENTAL INVES     6.99    10/26/19    CNY      62.39
YANCHENG SOUTH DISTRICT     6.93    10/26/19    CNY      62.11
YANCHENG SOUTH DISTRICT     6.93    10/26/19    CNY      62.50
YANGZHONG URBAN CONSTRU     7.10    03/26/18    CNY      71.18
YANGZHOU URBAN CONSTRUC     6.30    07/26/19    CNY      61.66
YIBIN STATE-OWNED ASSET     5.80    05/23/18    CNY      70.98
YICHANG MUNICIPAL FINAN     7.12    10/16/19    CNY      61.83
YICHANG MUNICIPAL FINAN     7.12    10/16/19    CNY      61.91
YICHANG URBAN CONSTRUCT     6.85    11/08/19    CNY      61.73
YICHANG URBAN CONSTRUCT     6.85    11/08/19    CNY      62.42
YICHUN CITY CONSTRUCTIO     7.35    07/24/19    CNY      60.00
YICHUN CITY CONSTRUCTIO     7.35    07/24/19    CNY      60.89
YIJINHUOLUOQI HONGTAI C     8.35    03/19/19    CNY      59.17
YIJINHUOLUOQI HONGTAI C     8.35    03/19/19    CNY      60.06
YILI STATE-OWNED ASSET      6.70    11/19/18    CNY      51.29
YILI STATE-OWNED ASSET      6.70    11/19/18    CNY      52.38
YINCHUAN URBAN CONSTRUC     6.28    03/09/17    CNY      25.04
YINGKOU CITY CONSTRUCTI     7.98    04/18/20    CNY      71.00
YINGKOU CITY CONSTRUCTI     7.98    04/18/20    CNY      73.69
YINGKOU COASTAL DEVELOP     7.08    11/16/19    CNY      61.81
YINGKOU COASTAL DEVELOP     7.08    11/16/19    CNY      62.21
YIXING CITY DEVELOPMENT     6.90    10/10/19    CNY      61.88
YIXING CITY DEVELOPMENT     6.90    10/10/19    CNY      61.95
YIYANG CITY CONSTRUCTIO     7.36    08/24/19    CNY      61.87
YIZHENG CITY CONSTRUCTI     7.78    06/14/19    CNY      62.40
YIZHENG CITY CONSTRUCTI     7.78    06/14/19    CNY      62.93
YUHUAN COUNTY COMMUNICA     7.15    10/12/19    CNY      62.10
YUHUAN COUNTY COMMUNICA     7.15    10/12/19    CNY      62.50
YULIN CITY INVESTMENT O     6.81    12/04/18    CNY      51.16
YULIN URBAN CONSTRUCTIO     6.88    11/26/19    CNY      61.73
YULIN URBAN CONSTRUCTIO     6.88    11/26/19    CNY      62.69
YUNCHENG URBAN CONSTRUC     7.48    10/15/19    CNY      61.56
YUNNAN PROVINCIAL INVES     5.25    08/24/17    CNY      40.00
YUNNAN PROVINCIAL INVES     5.25    08/24/17    CNY      40.25
YUYAO WATER RESOURCE IN     7.20    10/16/19    CNY      62.66
ZHANGJIAGANG JINCHENG I     6.23    01/06/18    CNY      30.37
ZHANGJIAGANG MUNICIPAL      6.43    11/27/19    CNY      61.93
ZHANGJIAJIE ECONOMIC DE     7.40    10/18/19    CNY      62.56
ZHANGJIAKOU CONSTRUCTIO     7.00    10/26/19    CNY      62.19
ZHANGJIAKOU TONGTAI HOL     6.90    07/05/18    CNY      71.54
ZHAOYUAN STATE-OWNED AS     6.64    12/31/19    CNY      62.36
ZHEJIANG HUZHOU HUANTAI     6.70    11/28/19    CNY      62.99
ZHEJIANG JIASHAN ECONOM     7.05    12/03/19    CNY      62.24
ZHEJIANG JIASHAN ECONOM     7.05    12/03/19    CNY      84.43
ZHEJIANG PROVINCE DEQIN     6.90    04/12/18    CNY      70.81
ZHENGZHOU CITY CONSTRUC     6.37    12/03/19    CNY      62.20
ZHENGZHOU CITY CONSTRUC     6.37    12/03/19    CNY      62.34
ZHENJIANG CULTURE AND T     5.86    05/06/17    CNY      50.43
ZHENJIANG CULTURE AND T     6.60    01/30/20    CNY      61.32
ZHENJIANG TRANSPORTATIO     7.29    05/08/19    CNY      60.77
ZHENJIANG TRANSPORTATIO     7.29    05/08/19    CNY      61.59
ZHONGSHAN TRANSPORTATIO     6.65    08/28/18    CNY      50.87
ZHONGSHAN TRANSPORTATIO     6.65    08/28/18    CNY      51.20
ZHOUSHAN DINGHAI STATE-     7.25    08/31/20    CNY      73.23
ZHOUSHAN DINGHAI STATE-     7.25    08/31/20    CNY      73.77
ZHUCHENG ECONOMIC DEVEL     6.40    04/26/18    CNY      40.53
ZHUCHENG ECONOMIC DEVEL     6.40    04/26/18    CNY      40.65
ZHUCHENG ECONOMIC DEVEL     6.80    11/29/19    CNY      61.73
ZHUCHENG ECONOMIC DEVEL     6.80    11/29/19    CNY      62.45
ZHUCHENG ECONOMIC DEVEL     7.50    08/25/18    CNY      30.59
ZHUHAI HUAFA GROUP CO L     8.43    02/16/18    CNY      51.00
ZHUHAI HUAFA GROUP CO L     8.43    02/16/18    CNY      51.05
ZHUJI CITY CONSTRUCTION     6.92    07/05/18    CNY      71.57
ZHUJI CITY CONSTRUCTION     6.92    07/05/18    CNY      71.75
ZHUJI CITY CONSTRUCTION     6.92    12/19/19    CNY      62.53
ZHUMADIAN INVESTMENT CO     6.95    11/26/19    CNY      62.11
ZHUZHOU GECKOR GROUP CO     7.50    09/10/19    CNY      62.46
ZHUZHOU GECKOR GROUP CO     7.50    09/10/19    CNY      62.80
ZHUZHOU GECKOR GROUP CO     7.82    08/18/18    CNY      72.31
ZHUZHOU YUNLONG DEVELOP     6.78    11/19/19    CNY      62.24
ZHUZHOU YUNLONG DEVELOP     6.78    11/19/19    CNY      82.00
ZIBO CITY PROPERTY CO L     5.45    04/27/19    CNY      36.18
ZIBO CITY PROPERTY CO L     6.83    08/22/19    CNY      61.80
ZIGONG STATE-OWNED ASSE     6.86    06/17/18    CNY      71.26
ZIYANG CITY CONSTRUCTIO     7.58    01/09/19    CNY      51.08
ZOUCHENG CITY ASSET OPE     7.02    01/12/18    CNY      20.09
ZOUPING COUNTY STATE-OW     6.98    04/27/18    CNY      70.98
ZUNYI INVESTMENT GROUP      8.53    03/13/19    CNY      60.00
ZUNYI INVESTMENT GROUP      8.53    03/13/19    CNY      62.48
ZUNYI ROAD & BRIDGE ENG     7.15    08/17/20    CNY      73.61
ZUNYI ROAD & BRIDGE ENG     7.15    08/17/20    CNY      73.90
ZUNYI STATE-OWNED ASSET     6.98    12/26/19    CNY      62.05


HONG KONG
---------

CHINA CITY CONSTRUCTION     5.35    07/03/17    CNY      66.88


INDONESIA
---------

BERAU COAL ENERGY TBK P     7.25    03/13/17    USD      31.00
BERAU COAL ENERGY TBK P     7.25    03/13/17    USD      28.02
DAVOMAS INTERNATIONAL F    11.00    12/08/14    USD       0.88
DAVOMAS INTERNATIONAL F    11.00    05/09/11    USD       0.89
DAVOMAS INTERNATIONAL F    11.00    05/09/11    USD       0.89
DAVOMAS INTERNATIONAL F    11.00    12/08/14    USD       0.88


INDIA
-----

3I INFOTECH LTD             2.50    03/31/25    USD      13.25
BLUE DART EXPRESS LTD       9.30    11/20/17    INR      10.10
BLUE DART EXPRESS LTD       9.40    11/20/18    INR      10.23
BLUE DART EXPRESS LTD       9.50    11/20/19    INR      10.37
GTL INFRASTRUCTURE LTD      5.03    11/09/17    USD      28.50
JAIPRAKASH ASSOCIATES L     5.75    09/08/17    USD      44.38
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      20.75
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       1.21


JAPAN
-----

AVANSTRATE INC              5.55    10/31/17    JPY      33.25
AVANSTRATE INC              5.55    10/31/17    JPY      37.00
MICRON MEMORY JAPAN INC     2.03    03/22/12    JPY       5.38
MICRON MEMORY JAPAN INC     2.10    11/29/12    JPY       5.38
MICRON MEMORY JAPAN INC     2.29    12/07/12    JPY       5.38
TAKATA CORP                 0.58    03/26/21    JPY      46.13
TAKATA CORP                 0.85    03/06/19    JPY      45.00
TAKATA CORP                 1.02    12/15/17    JPY      50.00


KOREA
-----

2014 KODIT CREATIVE THE     5.00    12/25/17    KRW      34.67
2014 KODIT CREATIVE THE     5.00    12/25/17    KRW      34.67
2016 KIBO 1ST SECURITIZ     5.00    09/13/18    KRW      30.48
DONGBU METAL CO LTD         5.75    04/16/20    KRW      74.57
DOOSAN CAPITAL SECURITI    20.00    04/22/19    KRW      49.92
EXPORT-IMPORT BANK OF K     1.70    09/22/30    KRW      72.32
HANA FINANCIAL GROUP IN     3.95    05/29/45    KRW     415.10
HANJIN SHIPPING CO LTD      5.90    06/07/17    KRW       5.49
HYUNDAI MERCHANT MARINE     1.00    04/07/21    KRW      53.50
HYUNDAI MERCHANT MARINE     1.00    07/07/21    KRW      51.50
KIBO ABS SPECIALTY CO L     5.00    02/25/19    KRW      29.00
KIBO ABS SPECIALTY CO L     5.00    03/29/18    KRW      33.51
KIBO ABS SPECIALTY CO L     5.00    12/25/17    KRW      33.04
KIBO ABS SPECIALTY CO L    10.00    08/22/17    KRW      22.92
KOREA SOUTH-EAST POWER      4.38    12/07/42    KRW      53.46
KOREA SOUTH-EAST POWER      4.44    12/07/42    KRW      53.71
LSMTRON DONGBANGSEONGJA     4.53    11/22/17    KRW      34.03
MERITZ CAPITAL CO LTD       5.44    09/29/46    KRW      34.99
OKC SECURITIZATION SPEC    10.00    01/03/20    KRW      28.59
SHINHAN BANK                3.83    12/08/31    KRW      70.18
SHINHAN BANK                3.83    12/08/31    KRW      70.18
SINBO SECURITIZATION SP     5.00    01/15/18    KRW      34.47
SINBO SECURITIZATION SP     5.00    01/15/18    KRW      34.47
SINBO SECURITIZATION SP     5.00    01/28/20    KRW      26.90
SINBO SECURITIZATION SP     5.00    01/30/19    KRW      30.54
SINBO SECURITIZATION SP     5.00    01/30/19    KRW      30.54
SINBO SECURITIZATION SP     5.00    02/11/18    KRW      33.93
SINBO SECURITIZATION SP     5.00    02/11/18    KRW      33.93
SINBO SECURITIZATION SP     5.00    02/21/17    KRW      65.11
SINBO SECURITIZATION SP     5.00    02/21/17    KRW      65.11
SINBO SECURITIZATION SP     5.00    02/25/20    KRW      26.82
SINBO SECURITIZATION SP     5.00    02/27/19    KRW      30.32
SINBO SECURITIZATION SP     5.00    02/27/19    KRW      30.32
SINBO SECURITIZATION SP     5.00    03/12/18    KRW      33.67
SINBO SECURITIZATION SP     5.00    03/12/18    KRW      33.67
SINBO SECURITIZATION SP     5.00    03/13/17    KRW      57.03
SINBO SECURITIZATION SP     5.00    03/13/17    KRW      57.03
SINBO SECURITIZATION SP     5.00    03/13/19    KRW      28.78
SINBO SECURITIZATION SP     5.00    03/18/19    KRW      30.09
SINBO SECURITIZATION SP     5.00    03/18/19    KRW      30.09
SINBO SECURITIZATION SP     5.00    05/26/18    KRW      31.57
SINBO SECURITIZATION SP     5.00    06/07/17    KRW      29.21
SINBO SECURITIZATION SP     5.00    06/07/17    KRW      29.21
SINBO SECURITIZATION SP     5.00    06/25/18    KRW      31.30
SINBO SECURITIZATION SP     5.00    06/25/19    KRW      29.04
SINBO SECURITIZATION SP     5.00    06/27/18    KRW      32.95
SINBO SECURITIZATION SP     5.00    06/27/18    KRW      32.95
SINBO SECURITIZATION SP     5.00    07/08/17    KRW      37.45
SINBO SECURITIZATION SP     5.00    07/08/17    KRW      37.45
SINBO SECURITIZATION SP     5.00    07/24/17    KRW      34.70
SINBO SECURITIZATION SP     5.00    07/24/18    KRW      32.71
SINBO SECURITIZATION SP     5.00    07/24/18    KRW      32.71
SINBO SECURITIZATION SP     5.00    07/29/18    KRW      30.96
SINBO SECURITIZATION SP     5.00    07/29/19    KRW      28.68
SINBO SECURITIZATION SP     5.00    08/16/17    KRW      35.70
SINBO SECURITIZATION SP     5.00    08/16/17    KRW      35.70
SINBO SECURITIZATION SP     5.00    08/27/19    KRW      28.40
SINBO SECURITIZATION SP     5.00    08/29/18    KRW      32.14
SINBO SECURITIZATION SP     5.00    08/29/18    KRW      32.14
SINBO SECURITIZATION SP     5.00    09/26/18    KRW      31.89
SINBO SECURITIZATION SP     5.00    09/26/18    KRW      31.89
SINBO SECURITIZATION SP     5.00    09/26/18    KRW      31.89
SINBO SECURITIZATION SP     5.00    09/30/19    KRW      27.98
SINBO SECURITIZATION SP     5.00    10/01/17    KRW      35.21
SINBO SECURITIZATION SP     5.00    10/01/17    KRW      35.21
SINBO SECURITIZATION SP     5.00    10/01/17    KRW      35.21
SINBO SECURITIZATION SP     5.00    10/30/19    KRW      18.43
SINBO SECURITIZATION SP     5.00    12/23/17    KRW      33.06
SINBO SECURITIZATION SP     5.00    12/23/18    KRW      30.92
SINBO SECURITIZATION SP     5.00    12/23/18    KRW      30.92
SINBO SECURITIZATION SP     5.00    12/30/19    KRW      27.07
TONGYANG CEMENT & ENERG     7.30    04/12/15    KRW      70.00
TONGYANG CEMENT & ENERG     7.30    06/26/15    KRW      70.00
TONGYANG CEMENT & ENERG     7.50    04/20/14    KRW      70.00
TONGYANG CEMENT & ENERG     7.50    07/20/14    KRW      70.00
TONGYANG CEMENT & ENERG     7.50    09/10/14    KRW      70.00
U-BEST SECURITIZATION S     5.50    11/16/17    KRW      35.61
WOONGJIN ENERGY CO LTD      3.00    12/19/19    KRW      58.87


SRI LANKA
---------

SRI LANKA GOVERNMENT BO     5.35    03/01/26    LKR      61.83
SRI LANKA GOVERNMENT BO     9.00    06/01/43    LKR      70.17
SRI LANKA GOVERNMENT BO     9.00    10/01/32    LKR      74.63
SRI LANKA GOVERNMENT BO     8.00    01/01/32    LKR      68.66
SRI LANKA GOVERNMENT BO     9.00    06/01/33    LKR      74.20
SRI LANKA GOVERNMENT BO     6.00    12/01/24    LKR      68.45
SRI LANKA GOVERNMENT BO     9.00    11/01/33    LKR      73.78


MALAYSIA
--------

BIMB HOLDINGS BHD           1.50    12/12/23    MYR      72.53
BRIGHT FOCUS BHD            2.50    01/22/31    MYR      73.33
LAND & GENERAL BHD          1.00    09/24/18    MYR       0.19
SENAI-DESARU EXPRESSWAY     0.50    12/29/45    MYR      74.50
SENAI-DESARU EXPRESSWAY     0.50    12/30/39    MYR      69.34
SENAI-DESARU EXPRESSWAY     0.50    12/30/44    MYR      73.83
SENAI-DESARU EXPRESSWAY     0.50    12/31/38    MYR      67.92
SENAI-DESARU EXPRESSWAY     0.50    12/31/40    MYR      70.28
SENAI-DESARU EXPRESSWAY     0.50    12/31/41    MYR      71.09
SENAI-DESARU EXPRESSWAY     0.50    12/31/42    MYR      72.11
SENAI-DESARU EXPRESSWAY     0.50    12/31/43    MYR      73.08
SENAI-DESARU EXPRESSWAY     1.15    06/28/24    MYR      71.52
SENAI-DESARU EXPRESSWAY     1.15    06/30/23    MYR      74.60
SENAI-DESARU EXPRESSWAY     1.15    06/30/25    MYR      68.55
SENAI-DESARU EXPRESSWAY     1.15    12/29/23    MYR      73.04
SENAI-DESARU EXPRESSWAY     1.15    12/31/24    MYR      70.01
SENAI-DESARU EXPRESSWAY     1.35    06/28/30    MYR      56.09
SENAI-DESARU EXPRESSWAY     1.35    06/29/29    MYR      58.91
SENAI-DESARU EXPRESSWAY     1.35    06/30/26    MYR      67.11
SENAI-DESARU EXPRESSWAY     1.35    06/30/27    MYR      64.40
SENAI-DESARU EXPRESSWAY     1.35    06/30/28    MYR      61.74
SENAI-DESARU EXPRESSWAY     1.35    06/30/31    MYR      53.30
SENAI-DESARU EXPRESSWAY     1.35    12/29/28    MYR      60.34
SENAI-DESARU EXPRESSWAY     1.35    12/31/25    MYR      68.49
SENAI-DESARU EXPRESSWAY     1.35    12/31/26    MYR      65.74
SENAI-DESARU EXPRESSWAY     1.35    12/31/27    MYR      63.12
SENAI-DESARU EXPRESSWAY     1.35    12/31/29    MYR      57.48
SENAI-DESARU EXPRESSWAY     1.35    12/31/30    MYR      54.67
UNIMECH GROUP BHD           5.00    09/18/18    MYR       1.00


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


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



ASL MARINE HOLDINGS LTD     4.75    03/28/20    SGD      70.00
ASL MARINE HOLDINGS LTD     5.35    10/01/21    SGD      70.00
AUSGROUP LTD                7.95    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       1.46
BERAU CAPITAL RESOURCES    12.50    07/08/15    USD      30.72
BERAU CAPITAL RESOURCES    12.50    07/08/15    USD      31.50
BLD INVESTMENTS PTE LTD     8.63    03/23/15    USD       5.88
BUMI CAPITAL PTE LTD       12.00    11/10/16    USD      51.38
BUMI CAPITAL PTE LTD       12.00    11/10/16    USD      51.38
BUMI INVESTMENT PTE LTD    10.75    10/06/17    USD      47.94
BUMI INVESTMENT PTE LTD    10.75    10/06/17    USD      53.50
ENERCOAL RESOURCES PTE      9.25    08/05/14    USD      40.00
EZION HOLDINGS LTD          4.70    05/22/19    SGD      66.88
EZION HOLDINGS LTD          4.85    01/23/19    SGD      74.48
EZION HOLDINGS LTD          4.88    06/11/21    SGD      48.50
EZION HOLDINGS LTD          5.10    03/13/20    SGD      57.88
EZRA HOLDINGS LTD           4.88    04/24/18    SGD      30.00
FALCON ENERGY GROUP LTD     5.50    09/19/17    SGD      69.96
GEO ENERGY RESOURCES LT     7.00    01/18/18    SGD      71.00
INDO INFRASTRUCTURE GRO     2.00    07/30/10    USD       1.00
INTERNATIONAL HEALTHWAY     6.00    02/06/18    SGD      65.00
INTERNATIONAL HEALTHWAY     7.00    04/27/17    SGD      65.00
NEPTUNE ORIENT LINES LT     4.40    06/22/21    SGD      69.50
NEPTUNE ORIENT LINES LT     4.65    09/09/20    SGD      73.50
ORO NEGRO DRILLING PTE      7.50    01/24/19    USD      65.00
OSA GOLIATH PTE LTD        12.00    10/09/18    USD      62.63
PACIFIC INTERNATIONAL L     7.25    11/16/18    SGD      71.50
PACIFIC RADIANCE LTD        4.30    08/29/18    SGD      41.88
RICKMERS MARITIME           8.45    05/15/17    SGD      21.25
SWIBER CAPITAL PTE LTD      6.25    10/30/17    SGD      12.00
SWIBER CAPITAL PTE LTD      6.50    08/02/18    SGD      12.00
SWIBER HOLDINGS LTD         5.55    10/10/16    SGD      10.88
SWIBER HOLDINGS LTD         7.13    04/18/17    SGD      12.25
SWIBER HOLDINGS LTD         7.75    09/18/17    CNY       7.63
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      57.23
DEBT AND ASSET TRADING      1.00    10/10/25    USD      58.00



                             *********

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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