TCRAP_Public/170214.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 14, 2017, Vol. 20, No. 32

                            Headlines


A U S T R A L I A

AUSROC METALS: First Creditors' Meeting Set for Feb. 21
EMECO HOLDINGS: Asks for Another Chapter 15 Protection
HERRINGBONE PTY: Administrators Shut 7 Stores
NEITEST INVESTORS: First Creditors' Meeting Set for Feb. 22
STANTHORPE CONVALESCENT: First Creditors' Meeting Set for Feb. 21

SUMBAR PTY: First Creditors' Meeting Slated for Feb. 22


C H I N A

LIAONING, CHINA: Province Shows Trouble With Its Bond Market
PACTERA TECHNOLOGY: S&P Puts 'B' CCR on CreditWatch Developing


H O N G  K O N G

IMPERIAL PACIFIC: USD70MM Bond Issue No Impact on Moody's B3 CFR


I N D I A

AGLON INDUSTRIES: CARE Assigns B+ Rating to INR74.50cr LT Loan
ANERI CONSTRUCTION: CARE Ups Rating on INR13.5cr Loan to BB-/A4
ARYAN SILK: CRISIL Assigns B+ Rating to INR7MM Cash Loan
GOPINATH DAIRY: CRISIL Lowers Rating on INR30MM Term Loan to D
GOURISHANKAR COTEX: CARE Reaffirms B+ Rating on INR9cr LT Loan

HEERA PANNA: CRISIL Assigns 'B' Rating to INR9.0MM Cash Credit
IMPACT ENTERPRISES: CARE Reaffirms B+ Rating on INR4.80cr Loan
INDTECH INTERIOR: CRISIL Assigns B+ Rating to INR8MM Overdraft
K.S COT: CARE Reaffirms Rating on INR7cr Bank Loan at B/A4
K.S COTEX (INDIA): CARE Reaffirms B/A4 Rating on INR6.74cr Loan

MISTAIR HEALTH: CRISIL Reaffirms B+ Rating on INR5.5MM Term Loan
NANDAGUDI OILS: CARE Assigns B+ Rating to INR10cr LT Loan
NISHANT MARKETING: CARE Assigns B+/A4 Rating to INR8cr Loan
PANKAJ ENKA: CARE Lowers Rating on INR20cr Loan to B+/A4
RACHANA CONSTRUCTIONS: CRISIL Assigns B Rating to INR5MM LT Loan

RAOSAHEBDADA PAWAR: CRISIL Assigns 'D' Rating to INR9.2MM Loan
RUDRA ALLOYS: CARE Reaffirms B+ Rating on INR8cr LT Bank Loan
SANWARIYA IMPEX: CARE Reaffirms B+ Rating on INR5.60cr Bank Loan
SATCHIDANANDA AGROTECH: CARE Assigns B Rating to INR12.51cr Loan
SATYA SRINIVASA: CRISIL Assigns 'B' Rating to INR8MM Cash Loan

SHANKER COTGIN: CRISIL Lowers Rating on INR6MM Cash Loan to D
SHIEL AUTOS: CRISIL Upgrades Rating on INR7.50MM Cash Loan to BB-
SIDHI VINAYAK: CARE Downgrades Rating on INR18cr ST Loan to 'D'
SPEL SEMICONDUCTOR: CRISIL Reaffirms D Rating on INR45MM LT Loan
SPY AGRO: CARE Lowers Rating on INR215.11cr Bank Loan to D

SUN PACKAGING: CARE Revises Rating on INR6cr Bank Loan to B+
SWASTIK ENTERPRISES: CARE Assigns 'B+' Rating to INR5.0cr Loan
V.R.N. ENTERPRISES: CRISIL Downgrades Rating on INR20MM Loan to D
VIVAN STEELS: CRISIL Raises Rating on INR6.1MM Cash Loan to BB


S I N G A P O R E

EZRA HOLDINGS: SG's Big Banks' Bad-Loan Woes May Be Getting Worse
VALLIANZ HOLDINGS: Has Waiver From Default for 2 Bank Loans


X X X X X X X X

* BOND PRICING: For the Week Feb. 6 to Feb. 10, 2017


                            - - - - -


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


AUSROC METALS: First Creditors' Meeting Set for Feb. 21
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Ausroc
Metals Ltd will be held at the offices of WA Insolvency
Solutions, Level 10, 111 St George's Terrace, in Perth, on
Feb. 21, 2017, at 10:30 a.m.

Christopher Michael Williamson and David Ashley Norman Hurt of WA
Insolvency Solvency were appointed as administrators of Ausroc
Metals on Feb. 10, 2017.


EMECO HOLDINGS: Asks for Another Chapter 15 Protection
------------------------------------------------------
Alex Wolf, writing for Bankruptcy Law360, reports that Emeco
Holdings Ltd. asked the U.S. Bankruptcy Court for the Southern
District of New York for another Chapter 15 protection from
potential creditor litigation and recognition of a new
reorganization scheme that provides for the exchange of $282.72
million in senior secured notes.

As reported by the Troubled Company Reporter on Nov. 9, 2016, the
Debtor sought U.S. Chapter 15 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 16-13080), blaming the slowdown in the global
mining industry which resulted in the decline of its revenues.
Law360 relates that the Court previously granted the Debtor in
November 2016 recognition in the United States of a scheme of
arrangement pursuant to the Corporations Act 2001 (Commonwealth
of Australia) currently pending before the Federal Court of
Australia, New South Wales District Registry, in Sydney,
Australia.

Emeco Holdings Ltd. is a mining equipment company with operations
in Australia.


HERRINGBONE PTY: Administrators Shut 7 Stores
---------------------------------------------
Eli Greenblat at The Australian reports that the voluntary
administrators of Herringbone and Rhodes & Beckett have been
forced to close seven stores as a buyer is sought for the fashion
brands.

The Australian relates that the closures will mean the loss of 10
jobs at the loss-making chains, which are owned by German retail
group van Laack and which collapsed into voluntary administration
last week.

Three Herringbone stores and four Rhodes & Beckett stores are
being closed, the report says.

The Australian says neither brand will now have a physical
presence in Perth, with 10 staff in the city unable to be
redeployed and so made redundant. The group now has 22 stores and
136 staff.

It comes a particularly tough time for the clothing and apparel
sector with nearly a dozen collapses of national clothing chains
over the last six months. The failure of retailers such as
Pumpkin Patch, Payless Shoes and David Lawrence have put at risk
more than 5,000 retail jobs, the report notes.

According to The Australian, Bruno Secatore, managing partner of
administrator Cor Cordis, said his team's analysis of the group's
original 29 stores showed a number were underperforming.

"As we seek to find a buyer for the businesses, it's important to
limit ongoing losses," the report quotes Mr. Secatore as saying.
"The closure of these stores is a difficult step but is integral
to the continued presence of these brands in the Australian
market."

Mr. Secatore said he has been encouraged by the level of response
to recent advertisements offering Herringbone and Rhodes &
Beckett for sale, The Australian adds.

Bruno A Secatore, Luke C Targett & Daniel P Juratowitch were
appointed as administrators of Cor Cordis Chartered Accountants
on Feb. 6, 2017.


NEITEST INVESTORS: First Creditors' Meeting Set for Feb. 22
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Neitest
Investors Pty Ltd will be held at the offices of Worrells
Solvency & Forensic Accountants, Level 15, 114 William Street, in
Melbourne, on Feb. 22, 2017, at 10:30 a.m.

Ivan Glavas & Con Kokkinos of Worrells Solvency were appointed as
administrators of Neitest Investors on Feb. 10, 2017.


STANTHORPE CONVALESCENT: First Creditors' Meeting Set for Feb. 21
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Stanthorpe
Convalescent Home Pty. Ltd. will be held at the Worrells Meeting
Room, Level 8, 102 Adelaide Street, in Brisbane, Queensland, on
Feb. 21, 2017, at 10:30 a.m.

Raj Khatri and Michael Griffin of Worrells Solvency & Forensic
Accountants were appointed as administrators of Stanthorpe
Convalescent on Feb. 9, 2017.


SUMBAR PTY: First Creditors' Meeting Slated for Feb. 22
-------------------------------------------------------
A first meeting of the creditors in the proceedings of
Sumbar Pty Ltd will be held at the offices of Hall Chadwick
Chartered Accountants, Level 40, 2 Park Street, in Sydney, on
Feb. 22, 2017, at 11:00 a.m.

Steven Gladman of Hall Chadwick was appointed as administrator of
Sumbar Pty on Feb. 10, 2017.



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


LIAONING, CHINA: Province Shows Trouble With Its Bond Market
------------------------------------------------------------
Bloomberg News reports that nowhere are China's rusted-out
industries worse than in Liaoning, a province that's slumped into
outright recession and where officials have admitted to years of
inflating fiscal revenue data.

Bloomberg says Liaoning is also a showcase for how long a road
China faces to create a world-class bond market. For all its
problems, the district pays little more than its peers to borrow.
On the corporate side, authorities' reluctance to let more
insolvent enterprises go under means a limited role for the
market, with financiers willing to restructure their debts on the
sidelines, Bloomberg states.

Instead of clearing the way for healthy firms to compete free
from zombie rivals and giving investors a way to make long-term
bets on recovery, policy makers have demonstrated a preference to
wait for help from Beijing, Bloomberg relates citing bankers
who've examined potential Liaoning deals.

"Liaoning's government and the people there dare not or would not
like to solve its problems via the market," Bloomberg quotes Shen
Meng, Beijing-based president of Chanson & Company, a private
investment bank, as saying. "They're still waiting for the
central government's supportive policies. That's the biggest
stumbling block."

An official at the Liaoning provincial government who declined to
be identified said when reached by phone that in handling non-
performing assets, its departments apply market-based rules, and
declined further comment, Bloomberg says.

Bloomberg notes that authorities in the region about 700
kilometers' drive northeast of Beijing are trying to cope with
twin objectives laid out by Premier Li Keqiang on a visit to
Liaoning in September 2015 -- on the one hand, to stabilize
growth and support jobs, and on the other to increase economic
efficiency, state media reported at the time.

At the end of that year, there were some 830 so-called zombie
companies in the province -- loss-making enterprises that live on
government subsidies and bank loans, according to data cited in
an International Monetary Fund paper, Bloomberg relays.

That count was taken before the province, a strategically located
industrial zone once fought over by the empires of Russia and
Japan, slid into recession, Bloomberg notes. By its official
data, gross domestic product contracted 2.2 percent in the first
nine months of 2016 compared with the previous year, after
swathes of coal, steel and iron production were shuttered, says
Bloomberg.

While defaults are still relatively rare in China, half of the
corporate bond defaults in China in the last 12 months have been
in Liaoning, according to data compiled by Bloomberg. There are
125 enterprises with bankruptcy filings, according to an official
website, the fifth worst among all provinces.

Bankers said the still-profitable assets of troubled state-owned
enterprises in Liaoning are priced too high to lure private
investors, Bloomberg reports. At the same time, private
companies' financial records are often too opaque to give
confidence in engaging in transactions, adds Bloomberg.


PACTERA TECHNOLOGY: S&P Puts 'B' CCR on CreditWatch Developing
--------------------------------------------------------------
S&P Global Ratings said that it had placed its 'B' long-term
corporate credit rating and 'cnBB-' long-term Greater China
regional scale rating on Pactera Technology International Ltd. on
CreditWatch with developing implications.

At the same time, S&P placed its 'B' long-term issue rating and
'cnBB-' long-term Greater China regional scale rating on the
US$275 million senior unsecured notes due 2021 that the company
guarantees on CreditWatch with developing implications.  HNA
Ecotech Panorama Cayman Co. Ltd. (formerly known as BCP
(Singapore) VI Cayman Financing Co. Ltd.) issued the notes.
Pactera is a China-based information technology (IT) outsourcing
services provider.

"We placed the ratings on CreditWatch to reflect the uncertain
impact of HNA Group's change of control offer on Pactera's
leverage and liquidity," said S&P Global Ratings credit analyst
Leo Hu.

Pactera announced on Feb. 2, 2017, that HNA EcoTech Group Co.
Ltd., a subsidiary of HNA Group, has completed the acquisition of
all the outstanding shares of BCP (Singapore) VI Cayman
Acquisition Co. Ltd., the parent of Pactera, from Blackstone
Group L.P. and some other shareholders.

Following the change of control, Pactera has offered to purchase
the outstanding senior unsecured notes at 101.0% of the principal
amount plus accrued and unpaid interest.  The payment is to be
made by April 3, 2017.

S&P currently has limited information on Pactera's funding source
for the change of control offer, although S&P believes HNA Group
is working with Pactera on the funding plan.

"In our view, the repayment of the notes could be positive for
the ratings on Pactera if it is funded by HNA Group, and
Pactera's debt leverage declines materially after the completion
of the offer," said Mr. Hu.  "However, Pactera's liquidity could
come under pressure if Pactera is not able to secure funding for
the offer by the payment date."

S&P is uncertain about the willingness of HNA Group to provide
liquidity and capital support to Pactera in case of a financial
difficulty.  That's because S&P views Pactera as a moderately
strategically important subsidiary of HNA Group, given its
relatively small size and limited strategic alignment with HNA
Group's core businesses of logistics, transportation, and
hospitality.

HNA Group plans to replace the external vendors for IT
outsourcing services for the group and its affiliates.  However,
S&P believes this proposal will be subject to competition from
existing vendors because Pactera will still compete with third-
party vendors on a commercial basis.

S&P estimates the creditworthiness of the combined HNA Group to
be commensurate with its 'b+' group credit profile.  HNA Group is
a large Chinese conglomerate with a diversified business
portfolio in the transportation, infrastructure, real estate,
financial services, tourism, and logistics sectors.  However, S&P
views the group's financial policy as aggressive, based on its
acquisition strategy and high debt leverage.

S&P aims to resolve the CreditWatch within the next two months.
In doing so, S&P will mainly review the impact of the change of
control offer on Pactera's debt leverage and liquidity, depending
on the funding of the offer.

S&P may upgrade Pactera by one notch if HNA Group infuses equity
into Pactera to help repay the notes, leading to a material
improvement in the company's debt leverage.

S&P may downgrade Pactera by one or more notches if HNA Group or
Pactera does not secure the funding for the tender offer in time.



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


IMPERIAL PACIFIC: USD70MM Bond Issue No Impact on Moody's B3 CFR
----------------------------------------------------------------
Moody's Investors Service says that Imperial Pacific
International Holdings Ltd.'s issuance of USD70 million senior
unsecured bonds is credit positive but will not immediately
affect its B3 corporate family rating (CFR) and the B2 senior
secured rating assigned to the proposed USD bonds to be issued by
Imperial Pacific International (CNMI), LLC and guaranteed by
Imperial Pacific.

The outlook on all ratings remains negative.

The proceeds from the bonds will be used to finance the
development of Phase I of the Saipan project, the Grand Mariana
project.

"The new notes issuance will help Imperial Pacific fund the
development of the casino part of the Grand Mariana project,"
says Kaven Tsang, a Moody's Vice President and Senior Credit
Officer.

"However, the proceeds from the bonds and the company's operating
cash flow remain insufficient to complete the entire Grand
Mariana project," adds Tsang, who is also Moody's Lead Analyst
for Imperial Pacific. "The company still needs to raise
additional funds."

Imperial Pacific plans to invest about USD560 million to develop
the entire Grand Mariana. Moody's estimates that the remaining
capex for the project will total around USD280 million.

Imperial Pacific's B3 CFR and the negative outlook on the rating
continues to reflect the uncertainty over the company's abilities
to secure sufficient funding to complete its Grand Marina project
and to successfully ramp up the casino after its scheduled
opening in March 2017.

Further delays in the opening or a weaker-than-expected ramp-up
of the casino will weaken the company's cash flow generation
compared to Moody's original expectation, and make it more
difficult for it to raise the necessary funding to complete the
entire Grand Mariana project.

A delay in the completion of the project could also heighten the
risk of cost overruns, which could necessitate more debt funding,
and raise the company's debt leverage above the original budget.

Additionally, a delay will add uncertainty to the company's right
to operate in the gaming business in Saipan, although Moody's
note that Imperial Pacific and the Commonwealth of the Northern
Mariana Islands Lottery Commission have a good working
relationship, and the latter has been supportive of the company's
projects.

The agreement between the company and the Commission specify that
completion of the Grand Mariana must be achieved no later than 24
months after Imperial Pacific's acquisition of the site, or 36
months after the license was granted, or no later than August
2017.

Moody's notes that Imperial Pacific's major shareholders have
provided shareholder loans to keep construction going. However,
Moody's sees such shareholder funding as a temporary solution for
the funding shortfall.

The principal methodology used in these ratings was Global Gaming
Industry published in June 2014. Please see the Rating
Methodologies page on www.moodys.com for a copy of this
methodology.

Imperial Pacific International Holdings Ltd. is a holding company
listed on the Hong Kong Stock Exchange. Through its 100%-owned
subsidiary - Imperial Pacific International (CNMI), LLC - it
holds an exclusive gaming license for the island of Saipan, in
the Commonwealth of the Northern Mariana Islands (unrated).

This publication does not announce a credit rating action. For
any credit ratings referenced in this publication, please see the
ratings tab on the issuer/entity page on www.moodys.com for the
most updated credit rating action information and rating history.



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


AGLON INDUSTRIES: CARE Assigns B+ Rating to INR74.50cr LT Loan
--------------------------------------------------------------
The rating assigned to the bank facilities of Aglon Industries
Private Limited are primarily constrained on account of the post-
implementation risks (early stabilization and saleability)
associated with the recently completed large sized debt funded
green-filed project, AIPL's presence in the highly fragmented and
competitive nylon yarn industry and susceptibility of its profit
margins to the volatility in raw material prices which are crude
derivatives.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             74.50      CARE B+; Stable Assigned

The rating, however, takes comfort from experienced and
resourceful promoters which helped in completion of the project
within moderate project debt-equity ratio along with location
advantage on account of presence of AIPL in the textile hub of
Gujarat. Early stabilization of the newly set-up plant to realize
the envisaged benefits out of it and managing fluctuation in
crude-linked raw material prices would be the key rating
sensitivities going forward.

Detailed description of the key rating drivers

AIPL is promoted by Surat-based Goenka and Agarwal family who
holds 50% each in the company and has wide business experiences.
Mr. Vishnu Goenka and his Son Mr. Abhishek Goenka belong to the
Goenka family; whereas Mr. Vinay Agarwal and Mr. Pradeep Agarwal
belong to the Agarwal family who have wide business experience of
more than two decades in yarn trading activities through their
other business ventures.

AIPL has completed the implementation of nylon yarn project with
investment outlay of nearly INR85 crore and started commercial
production from January 07, 2017. The project was funded through
fresh equity of INR21 crore, promoters unsecured loan of INR9.50
crore (INR6.17 crore considered as quasi equity) and balance
through project term loan within moderate project debt-equity of
2.12 times and installed capacity of 6,000 metric tonne per annum
(MTPA). Although the promoters have wide experience of trading
activities, they do possess any experience for managing
operations of a manufacturing entity. Hence, early stabilization
of the newly installed capacities to achieve the envisaged scale
of operations and managing post-implementation risks like optimum
utilisation of capacity and saleability risks would remain
crucial over the medium term. However, AIPL may leverage on the
established relationship of its promoters with its suppliers and
customers and their marketing network for benefit of the company
going forward.

AIPL is located in Surat which is a textile hub of India. AIPL
would have major focus on the domestic market going forward
with around 70% of its sales is expected from the local Surat
market which is also a hub for polyester textile wherein nylon
yarn is used for fabric weaving. In view of strategic location of
the plant, AIPL enjoys proximity to the main consumption center
and benefits from lower logistic expenses.

The basic raw material for manufacturing of nylon yarn is nylon
chips which are mainly derivatives of crude oil and the price of
crude oil has remained volatile in over past two-three years.
Ability of the company to pass on fluctuations in the raw
material price to its customers would also remain crucial.

Surat-based AIPL was incorporated and promoted by Goenka and
Agarwal family in May 2015 to set-up a green-filed project for
manufacturing of nylon yarn including fully drawn yarn and mother
yarn. AIPL has completed the implementation of nylon yarn project
with investment outlay of nearly INR85 crore within moderate
project debt-equity of 2.12 times and started commercial
production from Jan. 7, 2017.


ANERI CONSTRUCTION: CARE Ups Rating on INR13.5cr Loan to BB-/A4
---------------------------------------------------------------
The revision in the long-term ratings assigned to the bank
facilities of Aneri Construction Private Limited is primarily on
account of increase in total operating income (TOI), profit
margins, capital structure, debt coverage indicators as well as
liquidity position during FY16 (refers to the period April 1 to
March 31). The ratings continue to draw strength from the wide
experience of the promoters in the construction industry.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term/Short-       13.50      CARE BB-/CARE A4; Stable
   Term Bank                         Revised from CARE B+/CARE A4
   Facilities

   Short-term Bank
   Facilities              8.00      CARE A4 Reaffirmed


The ratings further continue to remain constrained on account of
susceptibility of ACPL's profit margins to the raw material price
fluctuations, its presence in the highly fragmented construction
industry and working capital intensive nature of operations.

The ability of ACPL to increase its scale of operations along
with improvement in profit margins, capital structure and debt
coverage indicators would remain the key rating sensitivities.
Furthermore, efficient working capital management would also
remain crucial.

ACPL was established in 1992 as a proprietorship firm namely
'Aneri Construction' which was subsequently reconstituted as a
private limited company in July, 2008. The company is promoted by
Mr.  Bharat Patel who is assisted by his wife Mrs Sanjivani
Patel. ACPL is an ISO 9001:2008 certified company and engaged in
laying and commissioning of gas pipelines. The company undertakes
various types of tender driven gas pipeline projects for state
government entities and private players on Engineering,
Procurement and Construction (EPC) basis.


ARYAN SILK: CRISIL Assigns B+ Rating to INR7MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility Aryan Silk Mills.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit               7      CRISIL B+/Stable

The rating reflects a modest scale of operations, and a below-
average financial risk profile because of high gearing and weak
debt protection metrics. The rating also factors in working
capital-intensive operations. These weaknesses are partially
offset by the extensive experience of partners in the textile
industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: Scale of operation is modest
indicated by revenue of INR29.3 crore in fiscal 2016 which
prevents firm deriving benefits from economies of scale.

* Below-average financial risk profile: The financial risk
profile is below average, reflected in modest networth of INR3.3
crore and high gearing of 3.47 times, as on March 31, 2016. The
interest coverage ratio was 1.42 times in fiscal 2016.

* Working capital-intensive operations: Gross current assets were
high at 258 days as on March 31, 2016 driven by large inventory
holding and debtors days of about 190 days and 77 days as on
March 2016.

Strength
* Extensive industry experience of the partners: The partners
have an experience of three decades in the textile industry and
have established the Aryan Silk brand. CRISIL believes that ASM
is expected to benefit over the medium term on account of
extensive industry experience in order to ramp up its scale of
operations
Outlook: Stable

CRISIL believes ASM will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' in case of significant growth in revenue and
profitability leading to better net cash accrual, while improving
its working capital management. The outlook may be revised to
'Negative' in case of lower-than-expected revenue and
profitability or significant debt-funded capital expenditure,
resulting in deterioration of financial risk profile.

ASM, based in Mumbai, is a partnership firm established in 1982
by Mr. Subhash Arya and family. It manufactures man-made and
cotton fabric (shirtings and suitings) under the brand Aryan
Silk. The firm's facility for design work is in Bhiwandi,
Maharashtra. ASM follows an asset-light model and outsources the
manufacturing and processing work to vendors.

Profit after tax (PAT) was INR0.4 crore on net sales of INR29.3
crore for fiscal 2016, vis-a -vis INR0.5 crore and INR23.5 crore,
respectively, in fiscal 2015.


GOPINATH DAIRY: CRISIL Lowers Rating on INR30MM Term Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Gopinath Dairy Products Private Limited to 'CRISIL D' from
'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             .9       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Proposed Cash           .1       CRISIL D (Downgraded from
   Credit Limit                     'CRISIL B-/Stable')

   Rupee Term Loan       30.0       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The downgrade reflects delays in servicing instalments on term
loan on account of inadequate cash generation from nascent
operations; leading to stretched liquidity.

Key Rating Drivers & Detailed Description
Weaknesses
* Nascent stage of operations: The project was commercialised
with a delay of 2 months in August 2016 and operations are still
in nascent stage. The offtake is modest; till December 2016,
company reported a turnover of INR1.12 crore with operational
losses of INR0.83 crore.

* Weak financial risk profile: Networth was small at INR13.09
crore and total outside liabilities to adjusted networth ratio
high at 2.31 times as on March 31, 2016. Till December 2016, the
operating margin of units were inadequate to meet interest
obligations of bank debt.

Strength
* Low demand risk: The company has a two-year job work agreement
with Amul. It has commenced production of milk, buttermilk and
curd; and is likely to add fresh paneer in the near term.

Incorporated in 1994 as Glaze Polycoat Pvt Ltd, it was renamed
Gopinath Dairy Products Pvt Ltd. The company is promoted by Mr
Rajesh Chitalia, Mr Lallubhai Chitalia and Ms Sonal Chitalia. It
has set up a plant for processing milk and milk products at
Turbhe, Navi Mumbai.

The company has commenced its commercial operations in August
2016.


GOURISHANKAR COTEX: CARE Reaffirms B+ Rating on INR9cr LT Loan
--------------------------------------------------------------
The rating assigned to the bank facilities of Gourishankar Cotex
continues to remain constrained on account of its modest scale of
operations with its presence in fragmented and competitive cotton
ginning industry coupled with its weak financial risk profile
marked by thin profitability, leveraged capital structure and
weak debt coverage indicators during FY16 (refers to a period of
April 1 to March 31).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            9.00        CARE B+; Stable Reaffirmed

The rating is further constrained on account of exposure of its
profitability to the volatility associated with the raw material
prices, seasonality associated with raw material availability,
susceptibility to the change in the government policies and its
constitution as partnership firm resulting in limited financial
flexibility. The rating factors in the decline in total operating
income along with deterioration in capital structure during FY16
(refers to period April 1 to March 31).

The above constraints continue to outweigh the benefits derived
from the promoters' experience in the cotton ginning business and
location advantage in terms of proximity to the cotton-growing
region in Maharashtra.

The ability of GCX to increase its scale of operations and move
up in the cotton value chain thereby improving its overall
financial profile and better working capital management are the
key rating sensitivities.

Detailed description of key rating drivers

During FY16, TOI of GCX dipped by 19.06% over the previous year
and stood at INR25.07 crore as against INR30.97 crore as the
company is into ginning and pressing of cotton, its prices remain
volatile in nature due to fluctuation in the prices of raw
cotton. During FY16, the PBILDT margin of GCX improved to 3.48%
from 3.02% due to lower cost of raw materials consumed. PAT
margin of GCX
remained thin and in line with FY15 at 0.26% in FY16.

As on March 31, 2016 the capital structure of SC remained
leveraged marked by overall gearing of 4.35 times (2.83 times
as on March 31, 2015); The debt protection metrics stood weak
marked by interest coverage of 1.17 times and total debt
to GCA of 80.08 times in FY16 as against 1.18 times and 67.11
times, respectively in FY15.

GCX's liquidity position as indicated by current ratio and quick
ratio stood modest at 1.37 times and 0.23 times respectively as
on March 31, 2016 as against 1.50 times and 0.27 times
respectively as on March 31, 2015.

Sillod (Maharashtra) based, GCX was incorporated as a partnership
firm in March, 2007 by four partners namely Mr. Omprakash Garg,
Mr. Chittarmal Agarwal, Mr. Nandkishore Garg and Mr. Rakesh Garg
to undertake the business of cotton ginning and pressing from
with equal profit sharing ratio. It operates from its sole
manufacturing plant located at Sillod (Maharashtra) with
installed capacity for cotton bales of300 bales per day and 900
quintal per day for cotton seeds as on March 31, 2016.

During FY16 (A), GCX reported net profit of INR0.06 crore on a
TOI of INR25.07 crore as against PAT of INR0.08 crore on a TOI of
INR30.97 crore during FY15. Till 10MFY17 (Provisional) GCX has
achieved a turnover of INR22 crore.


HEERA PANNA: CRISIL Assigns 'B' Rating to INR9.0MM Cash Credit
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Heera Panna Communications Private Limited and has
assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
facilities. CRISIL had on August 29, 2016, announced suspension
of its ratings, since HPC had not provided information necessary
for a rating review. HPC has now shared the requisite
information, enabling CRISIL to assign the rating.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2.5       CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Cash Credit             9.0       CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Long Term      0.5       CRISIL B/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

The ratings reflect HPC's small scale of operations and low
profitability in the competitive mobile handset trading segment,
high dependence on principal supplier Micromax Informatics Ltd
(Micromax), and below-average financial risk profile. These
weaknesses are partially offset by the extensive experience of
promoters and efficient working capital management.

Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations and low profitability in the
competitive mobile handset trading segment: Operating margin was
at 1.05% for fiscal 2016 because of trading nature of operations
and exposure to intense competition. The margin will remain low
over the medium term, thus constraining the business risk
profile.

* High dependence on the principal supplier: HPC derives over 60%
of its revenue from distribution of Micromax mobile phones
resulting in revenue concentration. Thus revenue will largely
depend on market share and future performance of its distributed
brands, especially Micromax, over the medium term.

* Below-average financial risk profile: The financial risk
profile is constrained by below-average debt protection metrics
and a leveraged capital structure. Interest coverage was 12.3
times for fiscal 2016, while total outside liabilities to
tangible networth ratio was 3.79 times as on March 31, 2016. The
financial risk profile is expected to remain below average over
the medium term because of small networth.

Strengths
* Extensive experience of promoters: The partners have extensive
experience in marketing and distribution of electronics goods and
mobile phones business in Maharashtra and have developed healthy
relations with principals and customers which should benefit the
business risk profile over the medium term.

* Efficient working capital management: HPC has an efficient
working capital management as reflected in debtors and inventory
of 11 and 23 days, respectively, as on March 31, 2016. Working
capital requirement is efficiently managed with available credit,
minimising reliance on working capital bank limits.
Outlook: Stable

CRISIL believes HPC will continue to benefit over the medium term
from its promoters' extensive experience. The outlook may be
revised to 'Positive' if significant increase in revenue and
profitability, leads to sizeable cash accrual and thereby
improvement in the financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
the financial risk profile, especially liquidity, most likely
because of low cash accrual or stretched working capital cycle.

Set up in 2008, HPC, promoted by Mr Prabhu Makhija and his
brother Mr. Deepak Makhija in Kolhapur (Maharashtra), is a
distributor of mobile handsets and smartphones of Micromax,
Blackberry India, HTC, and others in 18 districts of Maharashtra
and nearby areas.

Profit after tax (PAT) was INR0.13 crore on net sales of INR36.9
crore in fiscal 2016, vis-a-vis INR0.98 crore and INR110.2 crore,
respectively, in fiscal 2015.


IMPACT ENTERPRISES: CARE Reaffirms B+ Rating on INR4.80cr Loan
--------------------------------------------------------------
The ratings assigned to the bank facilities of Impact Enterprises
Private Limited continue to be constrained by its small and
fluctuating scale of operations with low net worth base, working
capital intensive nature of operations, low profitability margins
and weak solvency position.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             4.80       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities             0.90       CARE A4 Reaffirmed

The ratings are further constrained by IEP's presence in a highly
fragmented industry characterized by intense competition. The
ratings, however, derive strength from experienced promoters and
company's long association with the suppliers.

Going forward, the ability of the company to profitably scale-up
its operations, improve its capital structure and efficiently
manage the working capital requirements would remain the key
rating sensitivities.

Detailed description of the key rating drivers

The company is currently being managed by Mr. Sudhashan Singla,
Mr.
Sudhir Singla, Mr. Rekha Singla and Ms Kiran Singla.

All the directors have experience ranging from 17 to 23 years.
Despite being in operations for more than three decades, the
company's scale of operations has remained low marked by total
operating income (TOI) of INR28.17 crore for FY16 (refers to the
period April 1 to March 31). Furthermore, the scale of operations
witnessed a fluctuating trend during FY14-FY16 period.

The profitability margins of the company stood low marked by
PBILDT margin and PAT margin of 4.29% and 0.81% respectively in
FY16. The capital structure of the company is leveraged as
reflected by overall gearing ratio of 4.40x as on March 31, 2016.
The interest coverage ratio stood moderate at 1.54x in FY16.
However, total debt to GCA ratio continued to remain weak at
20.85x for FY16. Furthermore, the operations of the company are
working capital intensive in nature as reflected by average
operating cycle of 80 days for FY16. Also, the company operates
in a highly fragmented and competitive market marked by the
presence of numerous organized and unorganized players in India.
However, the company is an authorised dealer of reputed players
like Cera Sanitary Limited, IFB Industries Limited, Somany
Ceramics Limited, Varmora Granito Private Limited, Ultra Tech
Cement Ltd and BPL Sanitary pipes. Association with reputed
suppliers enhances the image of the company in the market and
lends support to the quality of the products being traded by the
company.

Impact Enterprises Private Limited was incorporated in October,
1982 and is currently being managed by Mr. Sudharshan Singla, Mr.
Sudhir Singla, Ms Rekha Singla and Ms. Kiran Singla. IEP is
engaged in the trading of household products and building
material like kitchen appliances, sanitary ware, tiles, PVC
pipes, water tanks, cement etc at its five outlets located in
Haryana and Himachal Pradesh. It is also engaged in manufacturing
of cement tiles. The revenue from manufacturing constituted 2.03%
of the total income in FY16 (refers to the period April 01 to
March 31). The company is the authorized dealer of Cera
Sanitaryware Limited, IFB Industries Limited, Somany Ceramics
Limited, Varmora Granito Private Limited, Ultra Tech Cement Ltd,
JSW Steel Ltd., Sungold Ceramics, Orient Bell Ltd. and BPL
Sanitary pipes and supplies to various wholesalers, retailers and
builders located in Punjab, Himachal Pradesh and Haryana.


INDTECH INTERIOR: CRISIL Assigns B+ Rating to INR8MM Overdraft
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Indtech Interior & Contractors Pvt Ltd and assigned
its 'CRISIL B+/Stable/CRISIL A4' ratings to the facilities.
CRISIL had suspended the ratings on October 28, 2016, as Indtech
had not provided necessary information required to maintain a
valid rating. Indtech has now shared the requisite information,
enabling CRISIL to assign ratings to its bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           6        CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Secured Overdraft        8        CRISIL B+/Stable (Assigned;
   Facility                          Suspension Revoked)

The ratings reflect Indtech's modest scale of operations in an
intensely competitive industry and large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of Indtech's promoters in the civil
construction and interior decoration industry and moderate
financial risk profile.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in an intensely competitive industry
- Indtech's business risk profile remains constrained on account
of its modest scale of operations in the fragmented civil
construction segment. Indtech registered revenues of about
INR24.5 crores during fiscal 2016, underpinning its modest scale
of operations in the industry. Company's presence in the highly
competitive construction segment will constrain its business risk
profile besides pressurising its margins.

* Large working capital requirements - The Company's operations
are highly working capital intensive as reflected in gross
current assets (GCAs) of 304 days as on March 31, 2016. This is
primarily on account of large working capital required to fund
its work in progress and debtors.

Strengths
* Extensive experience of promoters in the civil construction
industry - Indtech has been executing civil contracts and
interior decoration contracts for over two decades and has
established relationships with major clients like Forest
Department of Government of Kerala, automobile dealers and
telecom operators. Strong execution capabilities and established
relationship with key customers have enabled the company obtain
repeat orders from these customers. The promoters have also
established healthy relationships with its suppliers ensuring
steady supply of raw materials.

* Moderate financial risk profile ' Indtech has moderate gearing
of 1.85 times as on March 2016 and modest net worth of INR4.5
crores as on the said date. Interest coverage was average at 1.96
times for fiscal 2016.
Outlook: Stable

CRISIL believes that Indtech will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if the company registers sustainable
improvement in its scale of operations and operating margins
leading to improvement in cash accruals. Conversely, the outlook
may be revised to 'Negative' if Indtech registers lower than
expected cash accruals, or if its working capital management
deteriorates, resulting in weakening of its liquidity.

Indtech, established in 1994 as a proprietorship concern and
reconstituted as a private limited company in 2009, undertakes
civil construction and interior decoration contracts. The
company's daily operations are managed by Mr. Ceen Mathew.

Indtech provisionally reported Profit after tax (PAT) of INR0.6
crore on revenue of INR24.5 crores in fiscal 2016 as against
INR1.0 crore and INR29.5 crores, respectively in fiscal 2015.


K.S COT: CARE Reaffirms Rating on INR7cr Bank Loan at B/A4
----------------------------------------------------------
The ratings assigned to the bank facilities of K.S Cot Fiber
Private Limited continue to remain constrained on account of thin
profit margins, leveraged capital structure, weak debt coverage
indicators and moderate liquidity position. The ratings further
continue to remain constrained on account of susceptibility of
KSCPL's profit margins to the raw material price fluctuations and
its presence in the highly fragmented cotton industry.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term/Short-        7         CARE B; Stable /CARE A4
   term Bank                         Re-affirmed

   Facilities

The ratings continue to draw strength from the wide experience of
the promoters in the cotton industry.

The ability of KSCPL to increase its scale of operations along
with improvement in profit margins, capital structure and debt
coverage indicators would remain the key rating sensitivities.
Furthermore, efficient working capital management would also
remain crucial.

Detailed description of the key rating drivers

KSCPL's total operating income (TOI) witnessed a y-o-y decline of
about 20.34% on the back of decline in sales realization from
cotton bales despite increase in number of cotton bales sold to
20544 cotton bales as against 18200 cotton bales during FY15
(refers to the period April 1 to March 31). The PBILDT margin
declined by 60 bps and remained at 2.80% during FY16 as against
3.40% during FY15. The PAT margin remained below unity on the
back of low value addition nature of operations. KSCPL's overall
gearing stood leveraged on the back of low net worth base and
high debt level.

Furthermore, with low level of cash accruals, debt protection
metrics stood weak. Operating cycle stood elongated at 108 days
in FY16.

Mr Kailashchandra Agrawal (Director) holds more than three
decades of experience in cotton trade, agro-based processing and
trading industry. He looks after overall administration as well
as accounts and finance-related functions at KSCPL. He is
accompanied by Mr. Hemant Kumar Agrawal (Director) who holds two
decades of experience in cotton trade, agro-based processing and
trading industry. Mr. Hemant Kumar Agrawal looks after functions
related to production and marketing.

KSCPL was incorporated in June 2008 by Mr. Kailashchandra Agrawal
and Mr. Hemant Kumar Agrawal as a private limited company. KSCPL
is engaged into the business of cotton ginning and pressing.
KSCPL deals in 'Shankar 6' type of cotton which is being sourced
through local farmers from Madhya Pradesh and Maharashtra. KSCPL
operates from its sole manufacturing plant located at Sendhwa
(Madhya Pradesh) which has an installed capacity of 18,900 Metric
Tonnes Per Annum (MTPA) as on March 31, 2016.

During FY16 (A), KSCPL reported PAT of INR0.19 crore on a TOI of
INR31.15 crore as against INR0.18 crore on a TOI of INR39.10
crore during FY15.


K.S COTEX (INDIA): CARE Reaffirms B/A4 Rating on INR6.74cr Loan
---------------------------------------------------------------
The ratings assigned to the bank facilities of K.S Cotex (India)
Private Limited continued to remain constrained on account of
thin profit margins, moderately leveraged capital structure, weak
debt coverage indicators and moderate liquidity position. The
ratings further continue to remain constrained on account of
susceptibility of KCIPL's profit margins to the raw material
price fluctuations and its presence in the highly fragmented
cotton industry.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term/Short-       6.74       CARE B/CARE A4; Stable
   term Bank                         Re-affirmed
   Facilities

The ratings continue to draw strength from the wide experience of
the promoters in the cotton industry. The ability of KCIPL to
increase its scale of operations along with improvement in profit
margins, capital structure and debt coverage indicators would
remain the key rating sensitivities. Furthermore, efficient
working capital management would also remain crucial.

Detailed description of the key rating drivers

KCIPL's total operating income (TOI) witnessed a y-o-y decrease
of about 17.06% mainly on account of decline in sale of cotton
bales and cotton seeds. During FY16 (refers to the period April 1
to March 31), number of cotton bales sold reduced to around 10000
bales (around 12000 bales during FY15). The PBILDT margin
increased by 17 bps and remained at 4.62% during FY16 as against
4.45% during FY15 and PAT margin of 0.46% as against losses of
INR0.01 crore during FY15. KCIPL's overall gearing stood at 4.56
times as on March 31, 2016. Capital structure, debt coverage
indicators and liquidity position also declined during FY16.
KCIPL continues to have moderate working capital cycle which has
further declined and stood at 147 days in FY16.

Mr. Hemant Kumar Agrawal (Director) holds more than two decades
of experience in cotton trade, agro-based processing and trading
industry. He looks after production and marketing related
functions at KCIPL. He is accompanied by Mr. Amar Kumar Agrawal
(Director) who holds decade long experience in cotton trade,
manufacturing and infrastructure development. He looks after
functions related to overall administration and finance.

K.S. Cotex (India) Private Limited was incorporated in April 2011
by Mr. Hemant Kumar Agrawal and Mr. Amar Kumar Agrawal as a
private limited company with an objective for setting up of new
ginning and pressing unit. KCIPL deals in 'Shankar 6' type of
cotton which is being sourced through local farmers from Madhya
Pradesh as well as Maharashtra.

KCIPL operates from its sole manufacturing plant located at
Malkapur (Madhya Pradesh) with an installed capacity to
process. 18,900 Metric Tonnes Per Annum (MTPA) as on March 31,
2016.

During FY16 (A), KCIPL reported PAT of INR0.11 crore on a TOI of
INR 23.01 crore as against losses of INR0.01 crore on a TOI
of INR 27.75 crore during FY15.


MISTAIR HEALTH: CRISIL Reaffirms B+ Rating on INR5.5MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Mistair
Health And Hygiene Private Limited continues to reflect the
modest scale of operations and customer concentration in revenue.
These rating weaknesses are partially offset by the extensive
experience of the promoters in the contract manufacturing
business.
                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             .8       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     4.7       CRISIL B+/Stable (Reaffirmed)

   Term Loan              5.5       CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: Though revenue has grown
consistently in the four years ended March 31, 2016, it continues
to be modest (around INR13.77 crore in fiscal 2016), and may
remain susceptible to intense competition.

* Customer concentration in revenue profile: Cipla Ltd accounts
for around 40% of the revenue, thus leading to customer
concentration in revenue.

Strengths
* Extensive experience of the promoters in contract manufacturing
business: Benefits from the three decade-long experience of the
promoters, Mr Vinay Thakur and Mr Pramod Lele, in the
pharmaceutical industry, will continue.
Outlook: Stable

CRISIL believes MHHPL will continue to benefit from the extensive
experience of the promoters. The outlook may be revised to
'Positive' in case of significant and sustained increase in scale
of operations and profitability, and a stable capital structure
and working capital cycle. The outlook maybe revised to
'Negative' in case of lower-than-expected sales and
profitability, or if a significant stretch in the working capital
cycle or debt-funded capital expenditure, weakens the financial
risk profile.

MHHPL, incorporated in 1972, has been promoted by Mr Vinay Thakur
and Mr Pramod Lele. The company is engaged in contract
manufacturing of health products for companies such as Cipla Ltd,
Emcure Pharmaceuticals Ltd, and Blue Cross Laboratories Ltd. The
manufacturing facility is in Kolhapur (Maharashtra).

MHHPL posted a net profit of INR0.91 crores on sales of INR13.77
crore in fiscal 2016 as against a net profit of INR0.61 crore on
sales of INR10.02 crore in fiscal 2015.


NANDAGUDI OILS: CARE Assigns B+ Rating to INR10cr LT Loan
---------------------------------------------------------
The rating assigned to the bank facilities of Nandagudi Oils and
Agro Industries LLP is constrained by short track record and
small scale of the operations, net losses incurred during review
period due to initial stages of operations, presence in the
highly fragmented and competitive industry and vulnerability of
profitability margins due to presence in the highly volatile agro
commodity business.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              10        CARE B+; Stable Assigned

The rating, however, derive strength from experienced partners,
growth in total operating income, comfortable capital structure
and operating cycle days along with favorable demand outlook for
edible oils in India.

The ability of the firm to increase scale of operations, improve
profitability margins and effective management of its working
capital requirements are the key rating sensitivities.

Detailed description of the key rating drivers

The firm started with its commercial operations from December
2014; therefore, the firm has short track record of operations.
Furthermore, the scale of operation of the firm is relatively
small marked by total operating income of INR50.64 crore in FY16
(refers to the period April 1 to March 31) and networth of
INR28.02 crore as on March 31, 2016.The total operating income of
the firm increased from INR18.18 crore in FY15 to INR50.64 crore
in FY16 due to first full year of operations. However, the firm
incurred both operating and net loss during the first two years
of operations.

The operating losses incurred were mainly on account of raw
material procured on higher rate due to limited availability
led by lower crop (rice) during the season. Moreover, in the
edible oil processing business segment, profit margins are
inherently low on account of fluctuating market prices of the
crops and high competitive business segment. Furthermore,
interest expenses along with operating losses led to net loss for
the firm during the review period. The firm incurred net loss of
INR1 crore in FY16 compared to net loss of INR0.45 crore in FY15.

The capital structure of the firm is comfortable marked by
overall gearing of 0.24x as on March 31, 2016.

The firm generally offers a credit period of 0-30 days to its
customers and it receives credit from its suppliers of nearly 0-
10 days. Furthermore, it maintains inventory of around 10-20
days. Low collection period and low credit period along with
moderate inventory resulted in comfortable operating cycle days
of around 37 days in FY16. Furthermore, the promoters of NOAI
have a vast business experience through SOE which was established
in the year 1972 and was engaged in solvent extraction of rice
bran oil. It was also engaged in extraction of other edible oils,
such as soya and sun flower oil. Also, NOAI gets benefited from
the established network of SOE regarding marketing and customers.
This aids the firm in smooth operations despite being a new
entity in the oil processing business.


NISHANT MARKETING: CARE Assigns B+/A4 Rating to INR8cr Loan
-----------------------------------------------------------
The ratings assigned to the bank facilities of Nishant Marketing
are primarily constrained on account of its low profit margins
due to trading nature of operations along with leveraged capital
structure and weak debt coverage indicators. The ratings are
further constrained by its presence into highly fragmented &
competitive industry.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term/short-       8         CARE B+; Stable/CARE A4
   term Bank                        Assigned
   Facilities

The ratings, however, derive comfort from the experienced
proprietor along with the established operational track record,
presence in textile cluster with easy access to raw material and
labor and moderate liquidity position.

The ability of the firm to improve its scale of operations,
profit levels and improvement in capital structure and debt
coverage indicators are the key rating sensitivities.

Detailed description of the key rating drivers

Total Operating Income (TOI) of NIM has been growing at a
Compounded Annual Growth Rate (CAGR) of 32% for the past three
years ended FY16 (refers to the period April 1 to March 31) on
account of stable demand from the customers as well as addition
of new customers in its portfolio over the period. However, the
PAT margins remained below unity owing to trading nature of
operations and thereby low cash accruals. Capital structure
remained leveraged on the back of low net worth base while debt
protection metrics remained weak owing to low level of cash
accruals and low operating profitability.

The working capital cycle remained moderate at 37 days in FY16
while working capital utilization stood moderate at 60% for the
past 12 months ended November, 2016.

Mr. Anil Mahansaria holds experience of more than two decades in
the same line of business. NIM has operational track record of
more than a decade during which it has established good market
presence which has helped it in scaling up its business
operations through addition of new customers in its portfolio.

Surat-based (Gujarat) NIM was established as a proprietorship
firm in the year 2004 by Mr. Anil Mahansaria. The firm is engaged
in wholesale trading of nylon filament yarn. The firm imports the
yarn from Vietnam, Taiwan, Malasiya and majorly sell it in
Gujarat.

During FY16 (A), NIM reported PAT of INR0.25 crore on a TOI of
INR52.35 crore as against PAT of INR0.10 crore on a TOI of
INR50.91 crore during FY15. Till December 2016 (Provisional), the
firm has achieved a turnover of INR46.01 crore.


PANKAJ ENKA: CARE Lowers Rating on INR20cr Loan to B+/A4
--------------------------------------------------------
The revision in the ratings assigned to the bank facilities of
Pankaj Enka Private Limited are primarily on account of
continuous decline in its scale of operations since last three-
year period ended FY16 (refers to the period April 1 to
March 31), thin profit margins, moderately leveraged capital
structure as well as weak debt coverage indicators.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-term/Short-
   Term Bank Facilities      20        CARE B+; Stable/CARE A4
                                       Revised from CARE BB-

The ratings are further constrained on account of susceptibility
of its profitability to volatile traded goods prices and foreign
exchange rate fluctuation along with its presence in the
competitive and fragmented yarn trading business. The ratings,
however, continue to derive strength from the experience of its
promoters and long track record of operations. PEPL's ability to
increase its scale of operations, improve profitability and
capital structure along with efficient management of its working
capital requirement would be the key rating sensitivities.

Description of key rating drivers

Mr. Ashok Kejriwal and Mr. Binod Kumar Saraf, key promoters of
PEPL, hold over two decades of experience in man-made yarn
business.

During FY16, TOI of PEPL declined by 45.56% y-o-y. TOI has been
declining since last three year period ended FY16 on the back of
increased competition and volatile demand scenario. During FY16,
due to lower procurement cost, PEPL reported improvement in
PBILDT margin of 332 bps, however, due to high interest charges,
PAT margin declined and stood below unity. Capital structure
improved marginally marked by overall gearing of 1.69 times as on
March 31, 2016, however, due to thin profitability, debt coverage
indicators such as total debt to GCA and interest coverage ratio
remained at weak level.

Overall liquidity position of PEPL remained moderate marked by
long operating cycle of 83 days during FY16 and working capital
limit utilization of around 30% for last 12-months period ended
December 2016.

Incorporated in 1985, PEPL is engaged in trading of imported and
indigenously procured Viscose Filament Yarn (VFY).

PEPL generated around 39.55% of its income from sale to its group
company Harmony Yarns Private Limited (HYPL-rated 'CARE BB-
/stable'). HYPL is engaged in texturizing, dyeing and processing
of man-made yarn along with trading/processing of Viscose
Filament Yarn (VFY).

During FY16 (A), PEPL reported PAT of INR0.02 crore on a TOI of
INR15.40 crore as against PAT of INR0.05 crore on a TOI of
INR28.28 crore during FY15. Till 9MFY17 (Prov.), PEPL has
achieved a turnover of INR3.10 crore.


RACHANA CONSTRUCTIONS: CRISIL Assigns B Rating to INR5MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Rachana Constructions - Pune.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility        5        CRISIL B/Stable

The rating reflects exposure to high project risk due to nascent
stage of construction, yet to launch bookings and sanction of the
term loan is also awaited. The rating also factors in exposure to
cyclicality inherent in the domestic real estate industry. These
weaknesses are mitigated by extensive experience of the partners
in executing turnkey real estate projects in Pune and the prime
location of the property which will support the bookings.

Key Rating Drivers & Detailed Description
Weaknesses
* Initial stages of operations: The construction of the Shree Sai
Omkar Residency project is at nascent stage and it is yet to be
launched for bookings. Moreover, the funding closure is yet to be
made for the project.

* Exposure to risks relating to cyclicality in the Indian real
estate industry: The domestic real estate sector is cyclical in
nature, given the volatility in prices, opaque transactions, and
the highly fragmented market structure. Project execution is also
affected by multiplicity of laws, and lack of standard government
regulations across states. The recent slowdown has adversely
affected the execution and saleability of several projects. With
an increase in supply, attractive prices offered by various
builders, and constant regulatory changes, profitability may
witness some pressure over the medium term.

Strengths
* Extensive experience of promoters in the real estate industry:
The partners, Mr Lakhamsi Patel and his son, Mr Nilesh Patel have
nearly around three decades of experience in real estate
development through civil contracting. They have executed various
civil contracts for private players in Pune. The firm was set up
in 2005 to undertake real estate projects on a turnkey basis and
now are venturing into independent residential real estate
development.

* Advantageous location of the project: The project, Shree Sai
Omkar Residency, is located at a prime location of Pune. CRISIL
believes the location of the project will aid in future booking
of its units.
Outlook: Stable

CRISIL believes RC will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if healthy bookings and customer advances result in
sizeable cash flows, leading to improvement in liquidity. The
outlook may be revised to 'Negative' if time or cost overrun in
the project or lower-than expected bookings and delays in receipt
of customer advances, leads to low cash inflow, thus impacting
liquidity.

RC is a Pune-based firm, formed by partners Mr. Lakhamsi Patel
and his son Mr. Nilesh Patel, in 2005. The firm, which has been
engaged in undertaking civil contracts from private real estate
developers, has now forayed into residential real estate
development.

For fiscal 2016 (refers to financial year, April 1 to March 31),
RC reported profit after tax (PAT) of INR0.31 crore on operating
income of INR10.19 crore as against PAT of INR0.22 crore on
operating income of INR7.8 crore in fiscal 2015.


RAOSAHEBDADA PAWAR: CRISIL Assigns 'D' Rating to INR9.2MM Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the short-term
bank facility of Raosahebdada Pawar Ghodganga Sahakari Sakhar
Karkhana Ltd and has assigned its 'CRISIL D' rating to the
facility.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Short Term Loan          9.2       CRISIL D (Assigned;
                                      Suspension Revoked)

CRISIL had, on November 28, 2016, suspended the rating as RPGSSKL
had not provided information required for a rating review.
RPGSSKL has now shared the requisite information, enabling CRISIL
to assign a rating to its bank facility.

The rating reflects delay by RPGSSKL in servicing its debt,
because of stretched liquidity on account of recently completed
capital expenditure (capex) for setting up a cogeneration power
plant.

RPGSSKL has a weak financial risk profile because of high gearing
and subdued debt protection metrics, driven by large working
capital requirement and recently completed capex. The society is
susceptible to cyclicality and regulatory risks in the sugar
industry. However, it has an established regional presence in the
sugar industry, and will benefit from its cogeneration power
plant.

Key Rating Drivers & Detailed Description
Weaknesses
* Delay in servicing debt because of inadequate accrual: with the
skewed cash flows due to large capex, the company have delayed in
servicing of debt obligation on its basal dose advances facility.

* Weak financial risk profile: Gearing was high over the five
fiscals ended March 31, 2016, on account of working capital debt.
It deteriorated considerably in fiscal 2015 on account of large
bank debt to fund capex and working capital requirement. The
gearing will remain high over the medium term.

Strength
* Healthy scale and semi-integrated operations: The society's
healthy scale is reflected in revenue of INR229 crore for fiscal
2016. Operations are semi-integrated as the society has capacity
to crush 2500 tonne per day of sugar, and a distillery with
installed capacity of 30 kilolitre per day. It recently completed
capex to set up a cogeneration facility of 18 megawatt, which
will be operational in fiscal 2018, leading to increase in
revenue and operating margin.

RPGSSKL was incorporated in 1990 as a co-operative society by the
late Mr Raosaheb Pawar. Its plant in Shirur, Maharashtra, has
sugar cane crushing capacity, a distillery, and a recently set-up
cogeneration plant.

RPGSSKL posted a net profit of INR11.30 crore on sales of
INR227.67 crore in fiscal 2016 as against a net loss of INR12.66
crore on sales of INR228.07 crore in fiscal 2015.


RUDRA ALLOYS: CARE Reaffirms B+ Rating on INR8cr LT Bank Loan
-------------------------------------------------------------
The ratings assigned to the bank facilities of Rudra Alloys
Private Limited are constrained by its weak financial risk
profile characterised by declining scale of operations, low
profitability margins and weak overall solvency position.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities              8        CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities              2        CARE A4 Reaffirmed

The ratings are further constrained by the high reliance of
business on the external working capital borrowings,
susceptibility of margins to fluctuations in raw material prices
& foreign currency fluctuations, presence in a highly fragmented
& competitive industry and inherent cyclicality in the steel
industry. The ratings, however, derive strength from the
experienced promoters and established business relationships with
the clientele.

Going forward, the ability of the company to profitably scale-up
its operations, improvement in capital structure and
efficient management of the working capital requirements will
remain the key rating sensitivities.

Detailed Description of key rating drivers

The operating income of the company declined by 53.3% y-o-y to
INR71.09 crore in FY16 mainly due to lower income from sale of
steel ingots and trading of scrap. The income from the two
segments declined by ~58% and ~71%, respectively, on a year-on-
year basis, mainly on account of lower demand of the products
from the existing customers Though the profitability margins
continued to remain low, the PBILDT and PAT margins improved to
2.79% and 0.20%, respectively, in FY16, from 1.58% and 0.18%,
respectively, in FY15, owing to higher contribution of better
margin giving product (viz. steel rounds), to the total income.
The income from steel rounds contributed ~20.37% of the total
operating income in FY16 (~0.59% in FY15). The solvency position
of the company remained weak marked by long-term debt equity
ratio and overall gearing ratio of 1.29x and 4.89x, respectively,
as on March 31, 2016 (0.88x and 5.13x respectively, as on
March 31, 2015). Although, the long-term debt equity ratio
deteriorated on account of additional infusion of unsecured loans
(from promoters), the overall gearing ratio improved on account
of lower utilization of working capital borrowings and accretion
of profits to the networth. Furthermore, the average utilization
of the cash credit limits remained at ~90% for the 12 month
period ended December-16.

The primary raw material for RAPL's products is scrap which the
company imports from countries like U.S.A, U.A.E, South
Africa, etc. and also obtains from local suppliers like Tata
Steels, etc. The absence of any long-term contracts with the
suppliers coupled with high competition and fragmentation
prevailing in the industry has led to the raw material price
fluctuation being borne by the company itself. Furthermore, the
imported raw materials constituted ~26% of the total
raw material procurement cost in FY16. With no export sales, the
company is exposed to any adverse fluctuations in
foreign currency prices.

The steel industry is sensitive to the shifting business cycles,
including changes in the general economy, interest rates and
seasonal changes in the demand and supply conditions in the
market. Apart from the demand side fluctuations, the highly
capital intensive nature of steel projects along-with the
inordinate delays in the completion hinders the responsiveness of
supply side to demand movements. Furthermore, the value addition
in the steel construction materials like steel ingots/rounds is
also low, resulting into low product differentiation in the
market.

The company is currently being managed by Mr. Naresh Gupta
(Managing Director), having around forty years of experience in
the industry.

Presence of RAPL in the steel industry for the last three decades
and favorable location of the plant in close proximity to
its major customers, i.e. steel rolling mills in and around the
Mandi Gobindgarh region has led to development of longterm
relationships with the clientele.

RAPL was originally incorporated as Datta Multi Metals Pvt Ltd in
1983 and later rechristened to RAPL in 2006. The company is
currently being managed by Mr.  Naresh Gupta who has an
experience of nearly four decades in the industry. RAPL is
engaged in the manufacturing of steel ingots, steel rounds and
trading of scrap at its manufacturing facility located at Mandi
Gobindgarh, Punjab, with an installed capacity of 30,000 MTPA, as
on March 31, 2016. The products are supplied mainly to rolling
mills in and around Mandi Gobindgarh and the rest to clients
based in Delhi, Haryana, etc.

RAPL registered a total operating income of INR71.09 crore during
FY16 with a PAT of INR0.14 crore as against a total operating
income of INR152.30 crore with a PAT of INR0.27 crore in FY15.
Till January 08, 2017 (Prov.), the company has achieved a total
operating income of INR63 Cr.


SANWARIYA IMPEX: CARE Reaffirms B+ Rating on INR5.60cr Bank Loan
----------------------------------------------------------------
The ratings assigned to the bank facilities of Sanwariya Impex
Private Limited continue to remain constrained on account of its
thin profit margins, leveraged capital structure, weak debt
coverage indicators and weak liquidity position.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.60       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities             0.06       CARE A4 Reaffirmed

The ratings further continue to remain constrained on account of
susceptibility of SIPL's profit margins to the raw material price
fluctuations and its presence in the highly fragmented textile
industry. The reaffirmation of the ratings also takes into
consideration the decline in total operating income (TOI) during
FY16 (refers to the period April 1 to March 31).

The ratings, however, continue to derive comfort from experienced
promoters and its proximity to textile hub in Gujarat.

The ability of SIPL to increase its scale of operations along
with improvement in profit margins, capital structure and debt
coverage indicators would remain the key rating sensitivities.
Furthermore, efficient working capital management would also
remain crucial.

Detailed description of the key rating drivers

SIPL's total operating income (TOI) witnessed a y-o-y decline of
about 8.19% mainly on account of decline in prices of finished
goods as well as increased competition in the same segment. The
PBILDT margin improved by 345 bps and remained at 11.36% during
FY16 as against 7.91% during FY15. However, PAT margin declined
marginally and remained low at 0.59% (0.66% during FY15) on
account of high depreciation and finance cost. SIPL's overall
gearing stood high as on March 31, 2016. With thin profitability
and marginal deterioration in capital structure, debt coverage
indicators also declined during FY16 and remained weak. Liquidity
position of SIPL remained weak marked by below unity current
ratio and high average working capital utilization at 90% during
12 months ended December 2016. However, SIPL continues to have
moderate working capital cycle which has elongated and stood at
89 days in FY16.

MDT continues to have moderate working capital cycle which has
improved and stood at 82 days in FY16. However, average working
capital utilization was almost 100% during 12 months ended
December 2016.

Mr Akhilesh Maheshwari has nearly two decades of experience and
looks after the overall business operation of MDT. Before MDT, he
worked with Kothari Trade link Limited, Kothari Impex and Kothari
Synthetics which are in to the business of yarn manufacturing and
trading.

Mr. Hari Prakash Bajaj has an experience of nearly 15 years in
same line of business and he is handling overall business
operation in SIPL.

Sanwariya Impex Private Limited was incorporated in October 2010
by Mr. Hariprakash Bajaj and Ms Sangeeta Bajaj as a private
limited company. SIPL is into the business of knitting of fabric.
The manufacturing unit of the firm is located near Mandvi,
Gujarat, which has an installed capacity of 16.92 lakh meters per
annum (MPA) as on March 31, 2016.

During FY12, SIPL has started manufacturing of knitted fabrics.
During FY16 (A), SIPL reported PAT of INR0.07 crore on a TOI of
INR11.59 crore as against PAT of INR0.08 crore on a TOI of
INR12.62 crore during FY15. During 6MFY17 (Prov.), SIPL has
achieved a turnover of INR7.62 crore.


SATCHIDANANDA AGROTECH: CARE Assigns B Rating to INR12.51cr Loan
----------------------------------------------------------------
The ratings assigned to the bank facilities of Satchidananda
Agrotech Pvt. Ltd. are constrained by its relatively small
scale of operation with short track record, volatility in profit
margins subject to government regulation, high working capital
intensity and exposure to vagaries of nature, fragmented and
competitive nature of industry and high leverage ratios. The
ratings, however, derive strength from its experienced promoters
and proximity to raw material sources.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            12.51       CARE B; Stable Assigned

   Short-term Bank
   Facilities             0.49       CARE A4 Assigned

The ability to grow its scale of operations and improve its
profitability margins and ability to manage working capital
effectively will be the key rating sensitivities.

Detailed description of the key rating drivers

SAPL is a relatively small player in the rice milling business
with the total operating income of INR24.36 crore in FY16
(refers to the period April 1 to March 31) and total capital
employed of INR17.23 crore as on March 31, 2016. The management
is stated to have achieved total operating income of INR22.70
crore during 8MFY17.

The Government of India (GOI), every year, decides a minimum
support price (MSP - to be paid to paddy growers) for paddy which
limits the bargaining power of rice millers over the farmers. The
MSP of paddy was increased during the crop year 2016-17 to
INR1,470/quintal from INR1,410/quintal in crop year 2015-16.
Given the market determined prices for finished product vis-Ö-vis
fixed acquisition cost for raw material, the profitability
margins are highly vulnerable.

Rice is mainly a 'kharif' crop and is cultivated from June-July
to September-October. During other months, availability of paddy
is relatively low. Hence, the millers are required to carry high
level of raw material inventory to ensure uninterrupted
production till the next season. Also, paddy cultivation is
highly dependent on monsoons, thus making the entity's operations
vulnerable to vagaries of nature. Accordingly, the average
inventory holding period remained high in the range 77-128 days
during FY15 & FY16. The average utilization of bank borrowing was
high at around 90% in last 12 months ended December 2016.

SAPL's plant is located in Burdwan, West Bengal, which is in
close proximity to hubs for paddy/rice cultivating region of West
Bengal. Given that the processing activity does not involve much
of technical expertise or high investment, the entry barriers are
low. This has resulted in intense competition and fragmented
nature of industry.

Long-term debt equity ratio deteriorated as on March 31, 2016, as
against March 31, 2015, and remained high at 1.89x on the back of
availing of term loans for normal capital expenditure process.
The overall gearing ratio moved in line with the long-term debt
equity ratio and remained high at 3.62 as on March 31, 2016, on
the back of higher utilization of cash credit limit.

SAPL is currently being managed by Mr. Vijay Kumar Maroti (the
Managing Director) of Burdwan, West Bengal. Mr. Vijay Kumar
Maroti (graduate), aged 67 years, has around four decades of
experience in rice milling industry.

SAPL's plant is located in Burdwan, West Bengal, which is in the
vicinity to a major rice-growing area, thus, resulting in
logistic advantage.

Satchidananda Agrotech Pvt. Ltd. was incorporated in May 2013 by
Mr. Vijay Kumar Maroti, Mr. Narendra Kumar Chhajer and Mr. Sandip
Maroti based out of Burdwan, West Bengal. The company is engaged
in the processing and milling of rice. The milling unit of the
company is located at Burdwan, West Bengal, with processing
capacity of 35000 Metric Tonne Per Annum (MTPA).

During FY16, the company reported a total operating income of
INR24.36 crore (FY15: INR20.11 crore) and net loss of INR0.14
crore (in FY15: PAT of INR0.50 crore). The management is stated
to have achieved a total operating income of INR22.70 crore
during 8MFY17.

Status of non-cooperation with previous CRA: CRISIL has suspended
its ratings vide press release dated September 26, 2016. The
suspension of ratings is on account of non-cooperation by SAPL
with CRISIL's efforts to undertake a review of the ratings
outstanding.


SATYA SRINIVASA: CRISIL Assigns 'B' Rating to INR8MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the
facilities of Satya Srinivasa Enterprises.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              8        CRISIL B/Stable (Assigned)

The ratings reflect SSE's moderate scale, below-average financial
risk profile and the susceptibility of its operations margins to
intense competition in cotton ginning industry. These rating
weaknesses are partially offset by the extensive industry
experience of SSE's promoters.

Key Rating Drivers & Detailed Description
Weaknesses
* Below-average financial risk profile: The capital structure and
debt protection metrics are weak. Gearing was 2.5 times as on
March 31, 2016, and is likely to remain high due to low accretion
to reserves.

* Moderate scale of operations in the highly fragmented and
competitive cotton ginning industry: Revenue was just INR54.3
crore in fiscal 2016.

* Susceptibility of operating margin to intense competition in
cotton ginning industry.

Strength
* Extensive industry experience of the promoter: The promoter, Mr
B Bhima Srinivas has more than 05 years of experience in the rice
industry.
Outlook: Stable

CRISIL believes that SSE will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenues and
profitability increase substantially leading to an improvement in
its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if the firm undertakes aggressive, debt-
funded expansions, or if its revenues and profitability decline
substantially leading to deterioration in its financial risk
profile.

Established in 2002, SSE is engaged in ginning and pressing of
raw cotton and sells cotton lint and trading of cotton. The firm
is promoted by Mr. Srinivas Bhima. The firm operates with
installed capacity of 300 bales per day at Guntur in Andhra
Pradesh.

Profit after tax (PAT) was INR7 lakh on net sales of INR54.3
crore in fiscal 2016, vis-a-vis INR17 lakh and INR37.3 crore,
respectively, in fiscal 2015.


SHANKER COTGIN: CRISIL Lowers Rating on INR6MM Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Shanker Cotgin Industries to 'CRISIL D' from 'CRISIL B+/Stable.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              6       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')
   Proposed Cash            2       CRISIL D (Downgraded from
   Credit Limit                     'CRISIL B+/Stable')

The downgrade reflects instances of delay by the firm in
servicing its debt, due to stretched liquidity, as operations
remain shut in fiscal 2017.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations amid intense competition: Modest
scale of operations'reflected in net sales of INR27.23 crore in
fiscal 2016'restricts the firm's pricing flexibility and the
bargaining power with suppliers and customers. CRISIL believes
that there will not be any revenue generation over the near term,
as operations remain shut in fiscal 2017.

* Weak financial risk profile: The total outside liabilities to
tangible networth ratio was high at 6.48 times as on March 31,
2016, due to a small networth of INR1.36 crore, and sizeable
working capital debt. Debt protection metrics are weak as
indicated by interest coverage ratio of 1.20 times, for fiscal
2016.

* Susceptibility of profitability to volatility in cotton prices:
SCI is engaged in ginning and pressing of cotton which is a low
value addition process, resulting in low operating margin of
1.68% in fiscal 2016. Profitability should remain low over the
medium term, susceptible to fluctuations in raw material (cotton)
price movements.

Strength
* Partners' extensive industry experience and established
supplier relationships: The partners, led by Mr Ramesh Kumar,
have extensive industry experience. Over the years, they have
established relationship with a number of spinners and traders in
Punjab and Gujarat. The firm also benefits from the partners'
understanding of the dynamics of the local market and their
relationship with raw cotton traders. Benefits from the
experience of partners are expected to continue.

SCI is a partnership firm set up in 2005. It gins and presses
cotton, and extracts cotton oil at its unit in Sirsa (Haryana).
The firm is owned and managed by Mr Ramesh Kumar and family.

SCI, on a standalone basis, had a profit after tax (PAT) of
INR0.01 crore on net sales of INR27.23 crore in fiscal 2016,
vis-a-vis INR0.06 crore and INR36.06 crore, respectively, in
fiscal 2015.


SHIEL AUTOS: CRISIL Upgrades Rating on INR7.50MM Cash Loan to BB-
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank loan facilities of
Shiel Autos (Shiel; part of the Shiel group) to 'CRISIL BB-
/Stable/CRISIL A4+' from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         1.95       CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Cash Credit            7.50       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Overdraft              4.50       CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Proposed Long Term     1.05       CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The upgrade reflects CRISIL's belief that the Shiel group's
business and financial risk profiles will continue to improve
over the medium term. For fiscal 2017, operating income is
expected to reach INR82 crore (Rs 67 crore in fiscal 2016) on
account of realization expected from four wheelers. In fiscal
2016, operating margin improved to 4% (3.4% in previous year)
because of high demand and better incentive offered by the
principal, especially for the sale of CT100 B model of Bajaj Auto
Ltd (BAL), which was relaunched in fiscal 2016. The margins are
expected to be sustained at existing level over the medium term.
Furthermore, INR3.8 crore of unsecured loan was converted to
equity in fiscal 2016 which led to increase in networth to INR8
crore as on March 31, 2016, from INR4 crore a year earlier.
Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Shiel and Shri Ved Automotives Pvt Ltd
(Ved). Both the entities, together referred to as the Shiel
group, have a common management, and are in the same business.

Also, CRISIL has treated unsecured loans of INR2 crore from its
partners as on March 31, 2016, as neither debt nor equity as they
are subordinated to bank debt and will remain in the business
over the medium term.

Key Rating Drivers & Detailed Description
Strengths
* Extensive experience of partners in the automobile dealership
business, and longstanding association with BAL: The Shiel
group's partners, having over 3 decade of industry experience,
have been associated with BAL since fiscal 1989.

* Comfortable leverage: Total outside liabilities to tangible
networth ratio (TOLTNW) - 1.65 times as on March 31, 2016 - will
remain comfortable over the medium term in the absence of debt-
funded capital expenditure.

Weaknesses
* Limited bargaining power with BAL, resulting in low operating
profitability: Weak bargaining power with principal supplier BAL
will continue to constrain the group's operating margin over the
medium term.

* Modest interest coverage ratio: The interest coverage was 1.2
times in fiscal 2016, and is expected to remain modest over the
medium term.
Outlook: Stable

CRISIL believes the Shiel group will continue to benefit from its
partners' extensive industry experience. The outlook may be
revised to 'Positive' if improvement in operating profitability
leads to more than expected cash accruals or equity infusion
results in a stronger financial risk profile. The outlook may be
revised to 'Negative' if the financial risk profile weakens
because of a decline in profitability or sales volume or net cash
accrual or debt funded capex.

Shiel, based in Agra, Uttar Pradesh, has been a dealer of BAL's
two wheelers for 25 years. Shiel has seven showrooms in Agra.
Ved, also based in Agra, has been a dealer of BAL's two wheelers
for 20 years. Ved has one showroom in Agra. The entities'
operations are managed by Mr Rajiv Rattan and his brother Mr
Sanjeev Rattan.

The Shiel group's profit after tax (PAT) was INR0.1 crore on net
sales of INR65 crore for fiscal 2016, against INR0.08 crore and
INR64 crore, respectively, for fiscal 2015.


SIDHI VINAYAK: CARE Downgrades Rating on INR18cr ST Loan to 'D'
---------------------------------------------------------------
The rating assigned to Sidhi Vinayak Rice Mills takes into
account ongoing delays in servicing of the debt due to stressed
liquidity position.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             4.14       CARE D Revised from CARE B

   Short-term Bank
   Facilities            18.00       CARE D Revised from CARE A4

Detailed description of the key rating drivers

Sidhi Vinayak Rice Mills (SVRM) is primarily engaged in in
milling and processing and trading of basmati rice. The company's
liquidity issues owing to delays in sales realization from the
debtors resulted into delays in servicing of debt servicing.

Karnal-based (Haryana) SVRM established in July 2008, as a
partnership firm by Mr.  Rameshwar Das, Mr. Ashok Kumar, Mr
Suresh Kumar and Mr. Amit Kumar sharing profit and losses
equally. The firm started its commercial operations in February
2009. The firm is engaged in milling and processing and trading
of basmati rice with an installed capacity of 1,200 quintals per
day (QPD) as on March 31, 2016. The firm procures paddy from
Haryana and Uttar Pradesh and sells domestically in states like
Uttar Pradesh, Haryana and Delhi. It also exports its product to
Saudi Arabia, Iran, Yemman.


SPEL SEMICONDUCTOR: CRISIL Reaffirms D Rating on INR45MM LT Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of SPEL Semiconductor
Limited (SPEL; part of the SPEL group) continues to reflect the
instances of delays by SPEL in debt servicing; the delays have
been caused by the company's weak liquidity owing to cash losses
incurred over the 6 quarters ended September 2016.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Letter of Credit         4       CRISIL D (Reaffirmed)

   Packing Credit          11       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      45       CRISIL D (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility       15      CRISIL D (Reaffirmed)

The ratings also reflect SPEL's weak profitability over the past
6 quarters resulting in subdued debt protection metrics, and its
modest scale and susceptibility of operations to intense industry
competition. However, the company benefits from its long-standing
presence in the integrated circuit (IC) segment, backed by an
experienced and qualified management.
Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SPEL and its wholly owned subsidiary,
SPEL America Inc, USA, together referred to as the SPEL group.

Key Rating Drivers & Detailed Description
Weaknesses
* Subdued debt protection metrics on account of weak
profitability: SPEL' debt protection metrics are subdued owing to
its weak operating efficiencies, marked by operating losses being
incurred over the past 6 quarters ended September 2016 and its
elongated working capital cycle. The operating revenue in fiscal
2016 was INR25.5 crores as against INR47.2 crores in fiscal 2015.
The significant decline was due to labour strike which led to
delay in execution of orders. The company reported improved
revenue of INR17.1 crores for the half year ended September 2016.
SPEL's working capital is stretched due to the high inventory
holding, resulting in Gross current asset (GCA) days of 535 as on
March 31, 2016.

* Susceptibility to pricing pressures in the intensely
competitive global semiconductor industry - Despite the group
being one of the few IC assembly and testing entities in India,
the global semiconductor subcontracting industry is marked by the
presence of several large players based out of China, Korea, and
Malaysia.These players with integrated operations have better
control on their raw material prices and greater ability to
absorb fluctuations in input costs rendering pricing flexibility.
CRISIL believes that SPEL's modest scale limits the advantages of
economies of scale available to players with larger volumes and
renders it vulnerable to pricing pressures. Moreover, the
business is highly capital intensive and increasing scale
requires huge investments.

Strength
* Long-standing presence in IC segment backed by experienced and
qualified management - The SPEL group has been in the
semiconductor industry for more than three decades and is the one
of the few IC assembly and testing entities in India; it executes
subcontracts for big players such as Pericom and California Micro
Devices Corporation (CMD). The operations are professionally
managed, thereby enabling the group get certified by its end
users such as Samsung, Canon, IBM, among others and supply ICs to
them directly. Benefits from the established market position and
experienced and qualified management are expected to continue
even over the medium term.

Set up by Southern Petrochemical Industries Corporation Ltd in
1984 in Chennai, SPEL assembles, tests, and packs ICs. Its
products are used mostly in cell phones, computers, notebooks,
and personal digital assistants. The company's wholly owned
subsidiary in the US, SPEL America, commenced operations in 2005-
06 (refers to financial year, April 1 to March 31) mainly to
support SPEL's marketing activities and to expand its clientele.

SPEL reported loss of INR19.8 crores on revenue of INR25.9 crores
in fiscal 2016 as against loss of INR0.7 crores on revenue of
INR47.5 crores in fiscal 2015.

For the six months ended September 2016, SPEL reported loss of
INR4.6 crores on total revenue of INR17.1 crores.


SPY AGRO: CARE Lowers Rating on INR215.11cr Bank Loan to D
----------------------------------------------------------
The revision in the ratings assigned to the bank facilities of
SPY Agro Industries Limited takes into account delays in
servicing of debt obligations owing to the stretched liquidity
position of the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        215.11      CARE D Revised from
   Facilities                        CARE B-

   Short-term Bank
   Facilities             25.00      CARE D Revised from CARE A4

Detailed description of the key rating drivers

The company has been facing liquidity at the back of relatively
lower GCA vis-a-vis debt repayment obligation. However, there was
continuous funding support from the promoters by way of infusion
of equity and unsecured loans. While the company has been
reporting net profit and cash profit; the same is inadequate to
meet the high debt servicing obligations. Consequently, there is
a stress on the liquidity profile which resulted in delays in
debt servicing obligation.

S.P.Y Agro Industries Limited, incorporated in 1955, belong to
the Nandi group of companies. SPYAI is engaged in manufacturing
of alcohol and related products and has a grain-and-molasses-
based distillery unit with installed capacity of 145 kilo litres
per day at its manufacturing facilities located at Nandyal,
Andhra Pradesh. The group is based out of Nandyal (Andhra
Pradesh) and has a presence in other businesses such as cement,
dairy, PVC pipes, construction, TMT bars etc.

During FY16 (refers to the period April 1 to March 31), the
company reported a total operating income of INR204.81 crore
(FY15 - INR180.62 crore) with PBILDT of INR26.52 crore (FY15 -
INR34.86 crore) and a PAT of INR1.52 crore (FY15 - INR4.94
crore).


SUN PACKAGING: CARE Revises Rating on INR6cr Bank Loan to B+
------------------------------------------------------------
The revision in the rating assigned to the bank facilities of
Sun Packaging (SP) takes into successful stabilisation of its
operations along with established track record of operations with
growth in scale of operations during FY16 (refers to the period
April 1 to March 31). The rating also factored in the strength
derived from the partner's experience, favorable demand scenario
for the plastic packaging industry.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         6         CARE B+; Stable Revised from
   Facilities                       CARE B

The rating, however, continues to remain constrained on moderate
capital structure, moderate debt coverage indicators and modest
liquidity position along with susceptibility of its profit
margins to volatile raw material prices and presence in the
competitive plastic packaging industry.

The ability of SP to increase its scale of operations along with
improvement in profitability, capital structure & liquidity
position are the key rating sensitivities.

Detailed description of key rating drivers

The total operating income (TOI) of SP achieved during FY16 was
INR3.35 crore due to higher than envisaged quantity of sales. The
purchases of SP were higher being its first year of operations
which resulted into low PBILDT of INR0.18 crore. As a consequence
of operating losses coupled with higher interest and depreciation
cost SP reported net losses of INR0.13 crore. SP completed
project with cost overrun of Rs3.27 crore as they installed a
total of 6 machines against the planning of 5 and in stipulated
time line. On account of partial disbursement of term loan, SP's
overall gearing stood 0.86 times as on March 31, 2016. With lower
GCA and lower utilisation of working capital, the debt coverage
indicators remained moderate. The operating cycle remained
elongated at 72 days during FY16 (Audited) due to high inventory
and debtors' period. SP's partners have almost a decade of
experience in the plastic industry. Mr.  Gopal Aggarwal manages
the overall operations of the firm.

Sun Packaging (SP) was incorporated in July 2015 to setup
manufacturing capacity of 150 tonnes of blown films and 100
tonnes of moulded plastic articles (containers) per month. SP's
revenue mix would entail manufacturing and trading of extruder
plastic articles (blown films) and injection moulding plastic
articles (containers), to be used in areas such as packaging of
food grade items and as plastic containers.

As per the audited results for FY16 (refers to the period April 1
to March 31), SP reported a net loss of INR0.13 crore on a total
operating income (TOI) of INR3.35 crore. Till December 31, 2016,
the firm had clocked a turnover of INR19 crore.


SWASTIK ENTERPRISES: CARE Assigns 'B+' Rating to INR5.0cr Loan
--------------------------------------------------------------
The ratings assigned to the bank facilities of Swastik
Enterprises are primarily constraint by small and fluctuating
scale of operations with low net worth base, low profitability
margins and leveraged capital structure. The ratings further
constrained by volatility associated with coal prices coupled
with its presence of Swastik in competitive and fragmented nature
of the coal trading industry.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.00       CARE B+/Stable Assigned

   Short-term Bank        5.00       CARE A Assigned

The ratings, however, draw comfort from experienced management,
moderate operating cycle and stable demand of coal.

Going forward, the ability of Swastik to increase its scale of
operations with improvement in profitability margins and capital
structure shall be the key rating sensitivities.

Detailed description of the key rating drivers

The scale of operations stood small which inherently limits
firm's financial flexibility in times of stress and deprives it
from
scale benefit. Furthermore, the firm had huge fluctuations in
total operating income in last 3 financial years (FY14-FY16)
as reflected from significant growth in FY15 and therefore after
decline in FY16. Swastik has low profitability margins due
to trading nature of business and its presence in competitive
nature of industry.

Overall gearing of the firm stood leveraged due to low net worth
coupled with dependence on external borrowing to meet the working
capital requirements. Also, debt service coverage indicators
stood weak due to high debt levels against weak profitability.
However, operating cycle of the firm stood moderate marked by
operating cycle of around 32 days for FY16.

The spectrum of coal trading industry in which the firm operates
is highly fragmented and competitive marked by the presence of
numerous players in India. The coal market is supported by stable
demand of coal in domestic market, largely driven by its energy
sector with coal meeting more than half of the country's primary
energy requirements. The firm has a long track record of around
two decades in coal trading industry which has resulted in long
term relationship with customers and suppliers.

Moradabad, Uttar Pradesh based, Swastik Enterprises is
incorporated as proprietorship firm by Mr. Gopal Agarwal for
undertaking trading of coal in 1998. Swastik is engaged in the
trading of coal which finds its application in the manufacturing
of fire bricks and used as fuel in boilers, etc. Apart from
manufacturing entities, the firm also caters to local traders.
Swastik procures coal from the large wholesalers who in turn buy
from players like Coal India Ltd. by the way of e-auctioning. The
firm also imports coal from China, and USA.

During FY16 (refers to the period April 1 to March 31), Swastik
has achieved a total operating income (TOI) of INR27.41 crore
with PAT of INR0.30 crore as against TOI of INR57.80 crore with
PAT of INR0.22 crore. Moreover, the company has achieved total
TOI of INR24 crore till 9MFY17 (refers to the period April 1 to
December 31, as per provisional results).


V.R.N. ENTERPRISES: CRISIL Downgrades Rating on INR20MM Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on long term bank facility of
V.R.N. Enterprises Private Limited to 'CRISIL D' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              20      CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The downgraded reflects overdrawn cash credit more than 30
consecutive days. Due to weak liquidity arising from stretch in
working capital cycle.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations
Silk trading industry is intensively competitive due to low entry
barrier, resulting in many unorganized players catering to
regional demands. This limits the company's pricing power, which
is compounded by its small scale. It also prevents VRN from
taking advantage of benefits arising from of economies of scale.
Business risk profile will remain constrained by subdued scale of
operations over the medium term.

* Susceptibility to volatile raw material prices
Operating margin was low at 3.75% in fiscal 2015 and is expected
to remain at similar level over the medium term, due to
fluctuating raw material prices and low value addition in
business.

* Weak financial risk profile
The company has a modest net worth, high total outside
liabilities to tangible net worth ratio, and weak debt protection
metrics and stretched liquidity on account of continuously
overdrawn bank limit.

* Strength
Extensive experience of promoters
The have been in the silk trading business for around 15 years
and have developed healthy relationship with customers, key
suppliers in India and China.

Set up in 2010, in Bengaluru Mr. Hemanth Kumar and Mr. Lalith
Kumar, - V.R.N trades in silk yarn and fabric.

For 2015 profit after tax (PAT) was INR33 crore  on net sales of
INR9287 crore,  against a PAT of INR18 crore on net sales of
INR6689 crore for the previous fiscal.


VIVAN STEELS: CRISIL Raises Rating on INR6.1MM Cash Loan to BB
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Vivan
Steels Private Limited to 'CRISIL BB/Stable/CRISIL A4+' from
'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             6.1       CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Long Term Loan          1.5       CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The upgrade reflects expected improvement in the business risk
profile on account of scale-up of operations, leading higher cash
accrual. The upgrade also factors in improvement in the financial
risk profile driven by an increase in networth following capital
infusion and better-than-expected cash accrual.

Revenue is expected to increase to INR140-150 crore in fiscal
2017 from INR50.8 crore in fiscal 2015. The operating margin is
expected to remain stable at 2-3% in fiscal 2017, leading to
higher cash accrual. Infusion of INR2.3 crore in fiscal 2016 and
higher cash accrual are expected to result in a better financial
risk profile: The gearing is expected to remain comfortable at
less than 1.5 times, while, networth is expected to improve to
INR6.0-6.5 crore, as on March 31, 2017, from INR5.1 crore as on
March 31, 2016.

Analytical Approach

CRISIL has treated unsecured loans of INR6.4 crore as neither
debt nor equity as the loans are expected to remain in the
business.
Key Rating Drivers & Detailed Description
Strengths
* Extensive experience of the promoters in the steel trading
business
The promoters, Mr Sahil Patel and Mr Shalin Patel, have an
experience of over two decades in the steel industry. Backed by
the promoters' experience, there has been healthy growth in
revenue. An established relationship with major suppliers and
customers further strengthens the market position.

* Above-average financial risk profile
The capital structure and debt protection metrics are expected to
remain healthy over the medium term. Though the networth is
expected to improve, it will remain modest. The interest coverage
ratio is likely to remain above average at over 4 times over this
period.

* Efficient working capital management
Gross current assets were at 38 days as on March 31, 2016, on
account of low debtor and inventory levels. Also, some credit is
received from suppliers.

Weakness
* Susceptibility of the operating margin to volatility in raw
material prices
The operating margin is vulnerable to any adverse movement in the
prices of steel as the primary raw materials are billets and
ingots, the prices of which depend on steel prices. As the cost
of raw material accounts for over 90% of the operating cost, any
sharp fluctuation is likely to impact the operating margin.
Outlook: Stable

CRISIL believes VSPL will continue to benefit from the extensive
industry experience of its promoters and established relationship
with customers and suppliers. The outlook may be revised to
'Positive' if the scale of operations increases substantially,
while profitability improves, leading to higher cash accrual and
hence to a better networth. The outlook may be revised to
'Negative' in case of a decline in the operating margin, a
stretch in working capital requirement, or significant debt-
funded capital expenditure, leading to deterioration in the
financial risk profile, especially liquidity.

VSPL was incorporated in 2005, promoted by Mr Sahil Patel and Mr
Shalin Patel. The company manufactures stainless steel round
bars. It had started with trading in round bars on a small scale,
but subsequently set up its manufacturing facility and started
production from October 2014. The facility, at Bavla in
Ahmedabad, Gujarat, has an installed capacity of 600,000 tonne
per annum. The thermo-mechanically treated bars manufactured are
sold under the brand name of Vivan.

Profit after tax (PAT) was INR1.05 crore on net sales of INR134.7
crore in fiscal 2016, vis-a-vis INR0.09 crore and INR50.8 crore,
respectively, in fiscal 2015.



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


EZRA HOLDINGS: SG's Big Banks' Bad-Loan Woes May Be Getting Worse
-----------------------------------------------------------------
Chanyaporn Chanjaroen at Bloomberg News reports that the woes of
Singaporean energy-services provider Ezra Holdings Ltd. are a
stark reminder to the city's biggest banks of the threat souring
oil and gas loans pose to their earnings.

A writedown flagged by Ezra recently has refocused attention on
the debt-repayment problems marine-services firms are facing,
fueling concerns that lenders may have to set aside more money to
cover loan losses, Bloomberg says. Fourth-quarter results due
this week from DBS Group Holdings Ltd. and its two biggest rivals
may include a 44 percent surge in combined provisions for the
period from a year earlier, Bloomberg relates citing RHB Capital
Bhd.

"At the end of the day, it's the issue of provisioning that will
weigh down on profitability," Bloomberg quotes Leng Seng Choon,
an RHB analyst in Singapore, as saying.

Bloomberg says Oversea-Chinese Banking Corp. publishes its
earnings on Feb. 14, the first of the big banks to do so. Its
Great Eastern Holdings Ltd. insurance unit posted an 11 percent
profit decline on Monday. DBS, the city's largest lender, reports
on Feb. 16, followed by United Overseas Bank Ltd. a day later.

Bloomberg relates that charges for energy loans have colored the
results reported by the banks over the past year, adding to
pressure from a weakening domestic economy and slower lending
growth.  According to Bloomberg, reduced demand for oil and gas
services has led at least four companies into default, the
highest profile of which was Swiber Holdings Ltd., which sought
court protection in July.

In the latest sign of the industry's struggles, Ezra on Feb 3.
flagged that it faces a $170 million writedown on a joint
venture, as it negotiates -- along with a host of its peers in
marine services -- for more lenient repayment terms with banks
and creditors, Bloomberg reports. The firm and its related
companies owe SGD1.1 billion ($774 million) to the three banks,
CIMB Group Holdings Bhd. said in a Feb. 2 report, citing its own
estimates, according to Bloomberg.

Bloomberg says none of the banks have revealed publicly their
exposures to Ezra or whether they have set aside any funds to
cover loans to the company. It's possible they may have already
done so because Ezra's financial difficulties are well known,
Standard & Poor's analyst Ivan Tan said by phone on Feb. 6,
relates Bloomberg.

DBS more than doubled its loan provisions in the September
quarter from a year earlier, leaving its profit for the period
little changed, Bloomberg discloses. The bank grew its buffers at
a similar pace in the previous quarter to cover its exposure to
Swiber.

For OCBC, stress tests since the third quarter of 2015 allowed
the bank to identify customers that could be impacted, enabling
it in turn to restructure some loans and make provisions "for the
potential further deterioration" in oil and gas, spokeswoman Koh
Ching Ching said in an e-mail, Bloomberg relays. She couldn't
share details of specific loans, citing banking secrecy
restrictions.

To cover potential losses related to Ezra and other energy-
services firms, the banks may report combined loan provisions for
the December quarter of SGD910 million, Bloomberg reports citing
estimates from RHB Capital.

Singapore-based Ezra Holdings Limited, an investment holding
company, provides integrated offshore solutions for the oil and
gas industry. The company operates in three divisions: Subsea
Services, Offshore Support and Production Services, and Marine
Services.


VALLIANZ HOLDINGS: Has Waiver From Default for 2 Bank Loans
-----------------------------------------------------------
The Strait Times reports that Vallianz Holdings reported on
Feb. 13 a 35.4 per cent fall in net profit to US$3.1 million for
the fourth quarter ended Dec 31, 2016, from US$4.7 million a year
ago.

Catalist-listed Vallianz has been affected by the woes of its
controlling shareholder Swiber Holdings, which is under judicial
management, the report relates.

According to the report, Vallianz said revenue from Swiber
entities has declined substantially and accounted for 20.8 per
cent of the group's total revenue for FY2016 compared to 34.6 per
cent in FY2015.

It said this drop was in line with its approach to streamline and
realign its focus on the core chartering and brokerage business,
ST relays.

The report says total revenue for the quarter dropped 11.9 per
cent to US$41.38 million from a year ago as the increase in
charter revenue was more than offset by a decrease in vessel
management revenue due mainly to the completion of ship
management projects in Latin America in late 2015 as well as
slowdown in the related services.

For the full-year, net profit fell 22.7 per cent to US$15.6
million as revenue dropped 10.1 per cent to US$209.1 million, ST
discloses.

According to the report, Vallianz said this was mainly due to
lower gross profit margin as a result of the challenging business
conditions in the offshore marine industry. Gross profit margin
fell to 25.5 per cent in 2016, compared to 28.4 per cent in 2015.
largely due to the renewal of existing contracts with a customer
in Middle East in July 2015 at a lower average charter rate,
which was partially offset by the group's costs controlling
measures.

Vallianz's bottomline was also affected by a loss of US$1.2
million from its share of results from associate and joint
ventures in 2016, ST discloses. This was mainly due to a loss
reported by PT Vallianz Offshore Maritim, the group's 49 per
cent-owned associate in Indonesia.

ST says the group's trade and other payables increased by
approximately US$97.07 million from Swiber entities to US$210.86
million as at Dec 31, 2016, from US$113.78 million on Dec 31,
2015.

The group received interest free advances of US$5.0 million from
a shareholder in the fourth quarter with no fixed term for
repayment. Shareholders' advances as at Dec 31, 2016, were
US$102.09 million compared to US$97.09 million as at Sept 30,
2016.

Vallianz disclosed it has a negative working capital of US$38.3
million as of Dec. 31, 2016, compared to US$22.7 million
(excluding impact of assets held for sale) on Dec. 31, 2015,
according to ST.

Cash and cash equivalents fell by US$27.0 million to US$14.9
million on Dec 31, 2016, from US$41.9 million a year ago.

According to ST, Vallianz said it has not been served with any
notices of any event of default for any of its three outstanding
bank loans which have corporate guarantees from Swiber, and it
has successfully obtained waivers for event of default from two
of the three loans. Vallianz said it remains in active discussion
with the third bank.

The report relates that the company also said it has an
outstanding chartering services order book worth US$950.1 million
in total, comprising long term charters which include two-year
extension options stretching up to 2025.

Vallianz said that to mitigate the challenges of the industry's
slowdown, it will continue to adopt a cautious and prudent
approach in the execution of its business plans, ST relays.

ST adds that the group is undertaking a review of its rightsizing
initiatives as well as assessing the value of its assets given
the current market conditions. It said the outcome of these
evaluations may have an impact on the group's financial
performance for the 15 months ending March 31, 2017, which is its
new financial year end.

Vallianz Holdings Limited is Singapore-based investment holding
company. The Company is a provider of offshore support vessels
and integrated offshore marine solutions to the oil and gas
industry. Its segments include Vessel chartering and brokerage,
which is engaged in chartering of owned vessels and brokering of
vessels; Vessel management and services, which is engaged in the
provision of crew, consultancy and logistics, and marine yard
services and construction services, and Investment holding, which
is engaged in holding available-for-sale investments for long-
term purposes. The Company's offshore marine services include
vessel ownership, chartering, brokering, vessel management
services and marine marketing services in Asia Pacific, the
Middle East and Latin America. It provides a range of vessel
management services for both owned vessels and third party
vessels. It owns and operates a fleet of approximately 70
offshore support vessels.



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


* BOND PRICING: For the Week Feb. 6 to Feb. 10, 2017
----------------------------------------------------

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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD             11.50   04/01/19    USD       1.14
ARTSONIG PTY LTD             11.50   04/01/19    USD       1.14
BOART LONGYEAR MANAGEMEN      7.00   04/01/21    USD       6.50
BOART LONGYEAR MANAGEMEN      7.00   04/01/21    USD       7.25
BOART LONGYEAR MANAGEMEN     10.00   10/01/18    USD      74.00
BOART LONGYEAR MANAGEMEN     10.00   10/01/18    USD      75.25
CML GROUP LTD                 9.00   01/29/20    AUD       1.02
HILLGROVE RESOURCES LTD       6.00   12/20/19    AUD       2.08
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 LTD     11.50   02/15/18    USD       1.93
MIDWEST VANADIUM PTY LTD     11.50   02/15/18    USD       1.93
PALADIN ENERGY LTD            6.00   04/30/17    USD      75.27
RELIANCE RAIL FINANCE PT      2.15   09/26/23    AUD      66.86
RELIANCE RAIL FINANCE PT      2.15   09/26/23    AUD      66.86
STOKES LTD                   10.00   06/30/17    AUD       0.35
TREASURY CORP OF VICTORI      0.50   11/12/30    AUD      68.23


CHINA
-----

AKESU XINCHENG ASSET INV      7.50   10/10/18    CNY      51.31
ANQING URBAN CONSTRUCTIO      6.76   12/31/19    CNY      61.89
ANQING URBAN CONSTRUCTIO      6.76   12/31/19    CNY      61.96
ANSHAN CITY CONSTRUCTION      8.25   03/05/19    CNY      61.93
ANSHUN STATE-RUN ASSETS       6.98   01/10/20    CNY      61.78
ANSHUN STATE-RUN ASSETS       6.98   01/10/20    CNY      83.00
ANYANG INVESTMENT GROUP       8.00   04/17/19    CNY      61.75
BAICHENG ZHONGXING URBAN      7.00   12/18/19    CNY      61.02
BAISHAN URBAN CONSTRUCTI      7.00   07/31/19    CNY      60.74
BANGBU CITY INVESTMENT H      5.78   08/10/17    CNY      30.30
BAODING NATIONAL HI-TECH      7.33   12/24/19    CNY      63.64
BAOJI INVESTMENT GROUP C      7.14   12/26/18    CNY      50.69
BAOJI INVESTMENT GROUP C      7.14   12/26/18    CNY      51.64
BAOSHAN STATE-OWNED ASSE      7.30   12/10/19    CNY      62.09
BAOSHAN STATE-OWNED ASSE      7.30   12/10/19    CNY      62.20
BAOTOU STATE OWNED ASSET      7.03   09/17/19    CNY      61.82
BAYINGUOLENG INNER MONGO      7.48   09/10/18    CNY      50.89
BEIJING CAPITAL DEVELOPM      5.95   05/29/19    CNY      61.02
BEIJING CONSTRUCTION ENG      5.95   07/05/19    CNY      60.69
BEIJING CONSTRUCTION ENG      5.95   07/05/19    CNY      60.85
BEIJING ECONOMIC TECHNOL      5.29   03/06/18    CNY      70.32
BEIJING GUCAI GROUP CO L      8.28   12/15/18    CNY      73.19
BEIJING XINGZHAN STATE O      6.48   08/31/19    CNY      61.37
BEIJING XINGZHAN STATE O      6.48   08/31/19    CNY      61.77
BIJIE XINTAI INVESTMENT       7.15   08/20/19    CNY      61.59
BINZHOU BINCHENG DISTRIC      6.50   07/05/19    CNY      61.52
CANGZHOU CONSTRUCTION &       6.72   01/23/20    CNY      61.75
CANGZHOU CONSTRUCTION &       6.72   01/23/20    CNY      61.91
CHANGDE ECONOMIC DEVELOP      7.19   09/12/19    CNY      62.23
CHANGDE ECONOMIC DEVELOP      7.19   09/12/19    CNY      64.36
CHANGSHA CITY CONSTRUCTI      6.95   04/24/19    CNY      62.15
CHANGSHA COUNTY XINGCHEN      8.35   04/06/19    CNY      62.00
CHANGSHA COUNTY XINGCHEN      8.35   04/06/19    CNY      62.03
CHANGSHA PILOT INVESTMEN      6.70   12/10/19    CNY      62.41
CHANGSHU BINJIANG URBAN       6.85   04/27/19    CNY      61.02
CHANGSHU BINJIANG URBAN       6.85   04/27/19    CNY      61.56
CHANGSHU CITY OPERATION       8.00   01/16/19    CNY      40.74
CHANGSHU CITY OPERATION       8.00   01/16/19    CNY      41.33
CHANGXING URBAN CONSTRUC      6.80   11/30/19    CNY      61.47
CHANGXING URBAN CONSTRUC      6.80   11/30/19    CNY      61.75
CHANGYI ECONOMIC AND DEV      7.35   10/30/20    CNY      73.29
CHANGZHOU JINTAN DISTRIC      8.30   03/14/19    CNY      61.59
CHANGZHOU WUJIN CITY CON      6.22   06/08/18    CNY      50.77
CHANGZHOU WUJIN CITY CON      6.22   06/08/18    CNY      50.80
CHAOHU URBAN TOWN CONSTR      7.00   12/24/19    CNY      61.65
CHAOHU URBAN TOWN CONSTR      7.00   12/24/19    CNY      83.60
CHAOYANG CONSTRUCTION IN      7.30   05/25/19    CNY      61.71
CHENGDU CITY DEVELOPMENT      6.18   01/14/20    CNY      61.51
CHENGDU CITY DEVELOPMENT      6.18   01/14/20    CNY      61.56
CHENGDU ECONOMIC&TECHNOL      6.50   07/17/18    CNY      50.50
CHENGDU ECONOMIC&TECHNOL      6.50   07/17/18    CNY      50.97
CHENGDU ECONOMIC&TECHNOL      6.55   07/17/19    CNY      61.56
CHENGDU ECONOMIC&TECHNOL      6.55   07/17/19    CNY      62.50
CHENGDU HI-TECH INVESTME      6.28   11/20/19    CNY      61.30
CHENGDU HI-TECH INVESTME      6.28   11/20/19    CNY      61.52
CHENGDU XINCHENG XICHENG      8.35   03/19/19    CNY      62.26
CHENGDU XINCHENG XICHENG      8.35   03/19/19    CNY      62.64
CHENGDU XINDU XIANGCHENG      8.60   12/13/18    CNY      73.18
CHENGDU XINGCHENG INVEST      6.17   01/28/20    CNY      61.55
CHENGDU XINGJIN URBAN CO      7.30   11/27/19    CNY      62.18
CHENGDU XINGJIN URBAN CO      7.30   11/27/19    CNY      62.60
CHENZHOU URBAN CONSTRUCT      7.34   09/13/19    CNY      61.94
CHENZHOU URBAN CONSTRUCT      7.34   09/13/19    CNY      61.97
CHIFENG CITY HONGSHAN IN      7.20   07/25/19    CNY      60.72
CHIFENG CITY INFRASTRUCT      6.18   05/18/17    CNY      50.08
CHINA CITY CONSTRUCTION       3.97   03/01/21    CNY      14.24
CHINA CITY CONSTRUCTION       5.55   12/17/17    CNY      45.00
CHINA GOVERNMENT BOND         1.64   12/15/33    CNY      72.74
CHIZHOU CITY MANAGEMENT       7.17   10/17/19    CNY      61.57
CHONGQING BEIFEI INDUSTR      7.13   12/25/19    CNY      61.89
CHONGQING BEIFEI INDUSTR      7.13   12/25/19    CNY      62.06
CHONGQING CHANGSHOU DEVE      7.45   09/25/19    CNY      62.00
CHONGQING CHANGSHOU DEVE      7.45   09/25/19    CNY      62.12
CHONGQING FULING STATE-O      6.39   01/21/20    CNY      61.42
CHONGQING FULING STATE-O      6.39   01/21/20    CNY      62.12
CHONGQING HECHUAN RURAL       8.28   04/10/18    CNY      50.80
CHONGQING HECHUAN RURAL       8.28   04/10/18    CNY      51.03
CHONGQING HECHUAN URBAN       6.95   01/06/18    CNY      40.51
CHONGQING HONGRONG CAPIT      7.20   10/16/19    CNY      61.14
CHONGQING HONGRONG CAPIT      7.20   10/16/19    CNY      61.83
CHONGQING JIANGJIN HUAXI      6.95   01/06/18    CNY      40.94
CHONGQING JIANGJIN HUAXI      7.46   09/21/19    CNY      62.00
CHONGQING JIANGJIN HUAXI      7.46   09/21/19    CNY      62.46
CHONGQING JINYUN ASSET M      6.75   06/18/19    CNY      61.16
CHONGQING JINYUN ASSET M      6.75   06/18/19    CNY      61.41
CHONGQING LAND PROPERTIE      7.35   04/25/19    CNY      61.14
CHONGQING MAIRUI CITY IN      6.82   08/17/19    CNY      61.03
CHONGQING NAN'AN URBAN C      6.29   12/24/17    CNY      40.55
CHONGQING NAN'AN URBAN C      8.20   04/09/19    CNY      62.07
CHONGQING NANCHUAN DISTR      7.35   09/06/19    CNY      61.80
CHONGQING NANCHUAN DISTR      7.35   09/06/19    CNY      61.92
CHONGQING QIJIANG EAST N      6.75   01/29/20    CNY      61.43
CHONGQING THREE GORGES I      6.40   01/23/19    CNY      50.96
CHONGQING THREE GORGES I      6.40   01/23/19    CNY      76.82
CHONGQING XINGRONG HOLDI      8.35   04/19/19    CNY      62.12
CHONGQING XIYONG MICRO-E      6.76   07/25/19    CNY      61.38
CHONGQING YONGCHUAN HUIT      7.33   10/16/19    CNY      62.32
CHONGQING YONGCHUAN HUIT      7.33   10/16/19    CNY      62.33
CHONGQING YONGCHUAN HUIT      7.49   03/14/18    CNY      70.33
CHONGQING YUFU ASSET MAN      6.50   09/04/19    CNY      62.00
CHONGQING YULONG ASSET M      6.87   05/31/19    CNY      61.53
CHONGQING YUXING CONSTRU      7.29   12/08/17    CNY      40.87
CHONGQING YUXING CONSTRU      7.30   12/10/19    CNY      61.54
CHONGQING YUXING CONSTRU      7.30   12/10/19    CNY      61.99
CHUXIONG AUTONOMOUS DEVE      6.08   10/18/17    CNY      50.83
CHUZHOU CITY CONSTRUCTIO      6.81   11/23/19    CNY      61.99
CHUZHOU TONGCHUANG CONST      7.05   01/09/20    CNY      60.20
CHUZHOU TONGCHUANG CONST      7.05   01/09/20    CNY      62.13
CIXI STATE OWNED ASSET I      6.60   09/20/19    CNY      60.86
CIXI STATE OWNED ASSET I      6.60   09/20/19    CNY      61.66
DALI ECONOMIC DEVELOPMEN      8.80   04/24/19    CNY      62.24
DALIAN CHANGXING ISLAND       6.60   01/25/20    CNY      61.71
DALIAN DETA INVESTMENT C      6.50   11/15/19    CNY      61.73
DALIAN LVSHUN CONSTRUCTI      6.78   07/02/19    CNY      60.98
DALIAN LVSHUN CONSTRUCTI      6.78   07/02/19    CNY      61.03
DANDONG CITY DEVELOPMENT      5.84   09/06/17    CNY      40.01
DANDONG CITY DEVELOPMENT      6.63   12/21/18    CNY      70.68
DANYANG INVESTMENT GROUP      8.10   03/06/19    CNY      61.96
DAQING GAOXIN STATE-OWNE      6.88   12/05/19    CNY      61.80
DAQING GAOXIN STATE-OWNE      6.88   12/05/19    CNY      63.00
DAQING URBAN CONSTRUCTIO      6.55   10/23/19    CNY      61.30
DAQING URBAN CONSTRUCTIO      6.55   10/23/19    CNY      61.49
DATONG ECONOMIC CONSTRUC      6.50   06/01/17    CNY      40.10
DAXING ANLING FORESTRY G      7.08   10/23/19    CNY      50.85
DAXING ANLING FORESTRY G      7.08   10/23/19    CNY      50.88
DAZHOU INVESTMENT CO LTD      6.99   12/25/19    CNY      60.95
DAZHOU INVESTMENT CO LTD      6.99   12/25/19    CNY      61.80
DEYANG CITY CONSTRUCTION      6.99   12/26/19    CNY      61.56
DEZHOU DEDA URBAN CONSTR      7.14   10/18/19    CNY      62.41
DONGBEI SPECIAL STEEL GR      5.88   05/05/16    CNY      40.00
DONGBEI SPECIAL STEEL GR      6.10   01/15/18    CNY      40.00
DONGBEI SPECIAL STEEL GR      8.30   09/06/16    CNY      40.00
DONGBEI SPECIAL STEEL GR      6.50   03/27/16    CNY      40.00
DONGBEI SPECIAL STEEL GR      8.20   06/06/16    CNY      40.00
DONGBEI SPECIAL STEEL GR      7.40   07/17/17    CNY      40.00
DONGBEI SPECIAL STEEL GR      5.63   04/12/18    CNY      40.00
DONGBEI SPECIAL STEEL GR      7.00   07/10/16    CNY      40.00
DONGBEI SPECIAL STEEL GR      6.30   09/24/16    CNY      40.00
DONGTAI COMMUNICATION IN      7.39   07/05/18    CNY      50.75
DONGTAI UBAN CONSTRUCTIO      7.10   12/26/19    CNY      61.73
DONGTAI UBAN CONSTRUCTIO      7.10   12/26/19    CNY      84.40
ENSHI URBAN CONSTRUCTION      7.55   10/22/19    CNY      62.14
ERDOS DONGSHENG CITY DEV      8.40   02/28/18    CNY      49.94
ERDOS DONGSHENG CITY DEV      8.40   02/28/18    CNY      50.08
EZHOU CITY CONSTRUCTION       7.08   06/19/19    CNY      61.55
FEICHENG CITY ASSETS MAN      7.10   08/14/18    CNY      50.83
FENGHUA CITY INVESTMENT       7.45   09/24/19    CNY      61.97
FENGHUA CITY INVESTMENT       7.45   09/24/19    CNY      62.24
FUJIAN LONGYAN CITY CONS      7.45   08/14/19    CNY      61.77
FUJIAN NANPING HIGHWAY C      6.69   01/28/20    CNY      61.49
FUJIAN NANPING HIGHWAY C      6.69   01/28/20    CNY      61.73
FUJIAN NANPING HIGHWAY C      7.90   10/26/18    CNY      73.10
FUSHUN URBAN INVESTMENT       5.95   05/11/18    CNY      70.18
FUXIN INFRASTRUCTURE CON      7.55   10/10/19    CNY      61.65
FUZHOU INVESTMENT DEVELO      6.78   01/16/20    CNY      61.51
FUZHOU INVESTMENT DEVELO      6.78   01/16/20    CNY      62.15
FUZHOU URBAN AND RURAL C      6.35   09/25/18    CNY      50.76
FUZHOU URBAN AND RURAL C      6.35   09/25/18    CNY      50.76
GANSU PROVINCIAL HIGHWAY      6.75   11/16/18    CNY      71.39
GANSU PROVINCIAL HIGHWAY      7.20   09/19/18    CNY      72.24
GANZHOU CITY DEVELOPMENT      6.40   07/10/18    CNY      50.83
GANZHOU DEVELOPMENT ZONE      6.70   12/26/18    CNY      50.97
GANZHOU DEVELOPMENT ZONE      6.70   12/26/18    CNY      51.22
GAOMI STATE-OWNED ASSETS      6.75   11/15/18    CNY      50.25
GAOMI STATE-OWNED ASSETS      6.75   11/15/18    CNY      50.95
GAOMI STATE-OWNED ASSETS      6.70   11/15/19    CNY      61.42
GAOMI STATE-OWNED ASSETS      6.70   11/15/19    CNY      61.49
GONGYI STATE OWNED ASSET      6.70   01/18/20    CNY      61.02
GUANGAN INVESTMENT HOLDI      8.18   04/25/19    CNY      61.85
GUANGXI BAISE DEVELOPMEN      6.50   07/04/19    CNY      60.98
GUANGXI BAISE DEVELOPMEN      6.50   07/04/19    CNY      61.28
GUANGYUAN INVESTMENT HOL      7.25   11/26/19    CNY      61.48
GUILIN ECONOMIC CONSTRUC      6.90   05/09/18    CNY      50.80
GUILIN ECONOMIC CONSTRUC      6.90   05/09/18    CNY      51.70
GUIYANG ECO&TECH DEVELOP      8.42   03/27/19    CNY      62.00
GUIYANG JINYANG CONSTRUC      6.70   10/24/18    CNY      51.16
GUIYANG JINYANG CONSTRUC      6.70   10/24/18    CNY      51.40
GUIYANG PUBLIC RESIDENTI      6.70   11/06/19    CNY      61.82
GUIYANG PUBLIC RESIDENTI      6.70   11/06/19    CNY      62.00
GUOAO INVESTMENT DEVELOP      6.89   10/29/18    CNY      47.40
GUOAO INVESTMENT DEVELOP      6.89   10/29/18    CNY      50.96
HAIAN COUNTY CITY CONSTR      8.35   03/28/18    CNY      50.91
HAIAN COUNTY CITY CONSTR      8.35   03/28/18    CNY      51.07
HAICHENG URBAN INVESTMEN      8.39   11/07/18    CNY      72.62
HAIMEN CITY DEVELOPMENT       8.35   03/20/19    CNY      61.97
HAINING STATE-OWNED ASSE      7.80   09/20/18    CNY      72.25
HAINING STATE-OWNED ASSE      7.80   09/20/18    CNY      72.63
HANDAN CITY CONSTRUCTION      7.05   12/24/19    CNY      62.27
HANDAN CITY CONSTRUCTION      7.05   12/24/19    CNY      62.83
HANGZHOU HIGH-TECH INDUS      6.45   01/28/20    CNY      61.50
HANGZHOU HIGH-TECH INDUS      6.45   01/28/20    CNY      61.90
HANGZHOU MUNICIPAL CONST      5.90   04/25/18    CNY      50.12
HANGZHOU MUNICIPAL CONST      5.90   04/25/18    CNY      50.54
HANGZHOU XIAOSHAN ECO&TE      6.70   12/26/18    CNY      51.40
HANGZHOU YUHANG CITY CON      7.55   03/29/19    CNY      62.04
HANZHONG CITY CONSTRUCTI      7.48   03/14/18    CNY      71.36
HARBIN HELI INVESTMENT H      7.48   09/26/18    CNY      71.89
HARBIN HELI INVESTMENT H      7.48   09/26/18    CNY      72.05
HEBEI SHUNDE INVESTMENT       6.98   12/05/19    CNY      61.09
HEBEI SHUNDE INVESTMENT       6.98   12/05/19    CNY      61.99
HEFEI HAIHENG INVESTMENT      7.30   06/12/19    CNY      61.30
HEFEI TAOHUA INDUSTRIAL       8.79   03/27/19    CNY      62.38
HEFEI XINCHENG STATE-OWN      7.88   04/23/19    CNY      61.79
HEFEI XINCHENG STATE-OWN      7.88   04/23/19    CNY      62.15
HEGANG KAIYUAN CITY INVE      6.50   07/19/19    CNY      61.02
HENAN JIYUAN CITY CONSTR      7.50   09/25/19    CNY      62.51
HENGYANG CITY CONSTRUCTI      7.06   08/13/19    CNY      61.90
HUAIAN CITY URBAN ASSET       6.87   12/26/19    CNY      62.12
HUAIAN CITY URBAN ASSET       6.87   12/26/19    CNY      62.80
HUAIAN CITY WATER ASSET       8.25   03/08/19    CNY      62.33
HUAI'AN DEVELOPMENT HOLD      6.80   03/24/17    CNY      41.77
HUAI'AN DEVELOPMENT HOLD      7.20   09/06/19    CNY      61.72
HUAI'AN DEVELOPMENT HOLD      7.20   09/06/19    CNY      62.05
HUAIAN QINGHE NEW AREA I      6.79   04/29/17    CNY      39.97
HUAIAN QINGHE NEW AREA I      6.68   01/24/20    CNY      61.84
HUAIBEI CITY CONSTRUCTIO      6.68   12/17/18    CNY      50.92
HUAIHUA CITY CONSTRUCTIO      8.00   03/22/18    CNY      50.67
HUAIHUA CITY CONSTRUCTIO      8.00   03/22/18    CNY      50.92
HUANGGANG CITY CONSTRUCT      7.10   10/19/19    CNY      62.16
HUANGGANG CITY CONSTRUCT      7.10   10/19/19    CNY      62.61
HUANGSHI URBAN CONSTRUCT      6.96   10/25/19    CNY      62.03
HUIAN STATE ASSETS INVES      7.50   10/15/19    CNY      62.07
HUNAN CHANGDE DEYUAN INV      7.18   10/18/18    CNY      51.13
HUNAN CHANGDE DEYUAN INV      7.18   10/18/18    CNY      51.24
HUNAN CHENGLINGJI HARBOR      7.70   10/15/18    CNY      51.38
HUNAN CHENGLINGJI HARBOR      7.70   10/15/18    CNY      51.44
HUNAN ZHAOSHAN ECONOMIC       7.00   12/12/18    CNY      51.08
HUNAN ZHAOSHAN ECONOMIC       7.00   12/12/18    CNY      77.25
HUZHOU MUNICIPAL CONSTRU      7.02   12/21/17    CNY      40.64
HUZHOU MUNICIPAL CONSTRU      6.70   12/14/19    CNY      62.13
HUZHOU NANXUN STATE-OWNE      8.15   03/31/19    CNY      61.97
HUZHOU WUXING NANTAIHU C      7.71   02/17/18    CNY      71.12
INNER MONGOLIA HIGH-TECH      7.20   09/25/19    CNY      61.83
INNER MONGOLIA ZHUNGEER       6.94   05/10/18    CNY      75.10
JIAMUSI NEW ERA INFRASTR      8.25   03/22/19    CNY      61.70
JIAN CITY CONSTRUCTION I      7.80   04/20/19    CNY      61.97
JIANAN INVESTMENT HOLDIN      7.68   09/04/19    CNY      61.28
JIANGDONG HOLDING GROUP       6.90   03/27/19    CNY      60.93
JIANGDU XINYUAN INDUSTRI      8.10   03/23/19    CNY      61.89
JIANGSU HANRUI INVESTMEN      8.16   03/01/19    CNY      61.64
JIANGSU HUAJING ASSETS M      5.68   09/28/17    CNY      25.08
JIANGSU HUAJING ASSETS M      5.68   09/28/17    CNY      25.13
JIANGSU JINGUAN INVESTME      6.40   01/28/19    CNY      50.37
JIANGSU JINGUAN INVESTME      6.40   01/28/19    CNY      50.94
JIANGSU LIANYUN DEVELOPM      6.10   06/19/19    CNY      60.67
JIANGSU LIANYUN DEVELOPM      6.10   06/19/19    CNY      60.83
JIANGSU NANJING PUKOU EC      7.10   10/08/19    CNY      61.62
JIANGSU NANJING PUKOU EC      7.10   10/08/19    CNY      61.74
JIANGSU NEWHEADLINE DEVE      7.00   08/27/20    CNY      72.40
JIANGSU NEWHEADLINE DEVE      7.00   08/27/20    CNY      72.69
JIANGSU SUHAI INVESTMENT      7.20   11/07/19    CNY      61.61
JIANGSU TAICANG PORT DEV      7.66   05/16/19    CNY      62.25
JIANGSU WUZHONG ECONOMIC      8.05   12/16/18    CNY      73.11
JIANGSU WUZHONG ECONOMIC      8.05   12/16/18    CNY      73.42
JIANGSU XISHAN ECONOMIC       6.99   11/01/19    CNY      61.90
JIANGSU XISHAN ECONOMIC       6.99   11/01/19    CNY      69.60
JIANGSU ZHANGJIAGANG ECO      6.98   11/16/19    CNY      62.05
JIANGXI HEJI INVESTMENT       8.00   09/04/19    CNY      61.99
JIANGXI HEJI INVESTMENT       8.00   09/04/19    CNY      62.38
JIANGYAN STATE OWNED ASS      6.85   12/03/19    CNY      61.77
JIANGYAN STATE OWNED ASS      6.85   12/03/19    CNY      62.10
JIANGYIN CITY CONSTRUCTI      7.20   06/11/19    CNY      62.03
JIANGYIN CITY CONSTRUCTI      7.20   06/11/19    CNY      62.90
JIASHAN STATE-OWNED ASSE      6.80   06/06/19    CNY      61.95
JIAXING CULTURE FAMOUS C      8.16   03/08/19    CNY      61.73
JIAXING ECONOMIC&TECHNOL      6.78   06/14/19    CNY      61.00
JIAXING ECONOMIC&TECHNOL      6.78   06/14/19    CNY      61.28
JINAN CITY CONSTRUCTION       6.98   03/26/18    CNY      50.36
JINAN CITY CONSTRUCTION       6.98   03/26/18    CNY      50.70
JINAN XIAOQINGHE DEVELOP      7.15   09/05/19    CNY      61.85
JINAN XIAOQINGHE DEVELOP      7.15   09/05/19    CNY      61.88
JINGJIANG BINJIANG XINCH      6.80   10/23/18    CNY      50.86
JINGJIANG BINJIANG XINCH      6.80   10/23/18    CNY      50.90
JINGZHOU URBAN CONSTRUCT      7.98   04/24/19    CNY      61.99
JINING CITY CONSTRUCTION      8.30   12/31/18    CNY      41.62
JINING CITY YANZHOU DIST      8.50   12/28/17    CNY      25.78
JINING HI-TECH TOWN CONS      6.60   01/28/20    CNY      61.68
JINING HI-TECH TOWN CONS      6.60   01/28/20    CNY      61.80
JINING WATER SUPPLY GROU      7.18   01/22/20    CNY      61.54
JINSHAN STATE-OWNED ASSE      6.65   11/27/19    CNY      62.03
JINZHOU CITY INVESTMENT       7.08   06/13/19    CNY      61.16
JINZHOU CITY INVESTMENT       7.08   06/13/19    CNY      61.18
JISHOU HUATAI STATE OWNE      7.37   12/12/19    CNY      61.39
JISHOU HUATAI STATE OWNE      7.37   12/12/19    CNY      62.32
JIUJIANG CITY CONSTRUCTI      8.49   02/23/19    CNY      62.26
JIXI STATE OWN ASSET MAN      7.18   11/08/19    CNY      61.91
JIXI STATE OWN ASSET MAN      7.18   11/08/19    CNY      62.68
KAIFENG DEVELOPMENT INVE      6.47   07/11/19    CNY      61.35
KARAMAY URBAN CONSTRUCTI      7.15   09/04/19    CNY      61.85
KARAMAY URBAN CONSTRUCTI      7.15   09/04/19    CNY      61.92
KASHI URBAN CONSTRUCTION      7.18   11/27/19    CNY      61.71
KUNMING CITY CONSTRUCTIO      7.60   04/13/18    CNY      50.90
KUNMING CITY CONSTRUCTIO      7.60   04/13/18    CNY      51.00
KUNMING DIANCHI INVESTME      6.50   02/01/20    CNY      61.86
KUNMING INDUSTRIAL DEVEL      6.46   10/23/19    CNY      61.44
KUNMING INDUSTRIAL DEVEL      6.46   10/23/19    CNY      63.01
KUNMING WUHUA DISTRICT S      8.60   03/15/18    CNY      51.03
KUNMING WUHUA DISTRICT S      8.60   03/15/18    CNY      51.10
KUNSHAN ENTREPRENEUR HOL      6.28   11/07/19    CNY      61.19
KUNSHAN ENTREPRENEUR HOL      6.28   11/07/19    CNY      61.54
KUNSHAN HUAQIAO INTERNAT      7.98   12/30/18    CNY      41.55
LAIWU CITY ECONOMIC DEVE      6.50   03/01/18    CNY      60.32
LANZHOU CITY DEVELOPMENT      8.20   12/15/18    CNY      66.60
LANZHOU CITY DEVELOPMENT      8.20   12/15/18    CNY      69.65
LEQING CITY STATE OWNED       6.50   06/29/19    CNY      61.00
LEQING CITY STATE OWNED       6.50   06/29/19    CNY      62.00
LESHAN STATE-OWNED ASSET      6.99   03/18/18    CNY      71.08
LESHAN STATE-OWNED ASSET      6.99   03/18/18    CNY      71.42
LIAONING YAODU DEVELOPME      7.35   12/12/19    CNY      61.16
LIAOYANG CITY ASSETS OPE      7.10   11/13/19    CNY      61.58
LIAOYANG CITY ASSETS OPE      6.88   06/13/18    CNY      65.50
LIAOYANG CITY ASSETS OPE      6.88   06/13/18    CNY      65.95
LIAOYUAN STATE-OWNED ASS      8.17   03/13/19    CNY      61.88
LIJIANG GUCHENG MANAGEME      6.68   07/26/19    CNY      61.38
LINAN CITY CONSTRUCTION       8.15   03/09/18    CNY      50.45
LINAN CITY CONSTRUCTION       8.15   03/09/18    CNY      50.82
LINYI CITY ASSET MANAGEM      6.68   12/12/19    CNY      61.74
LINYI CITY ASSET MANAGEM      6.68   12/12/19    CNY      61.93
LINYI ECONOMIC DEVELOPME      8.26   09/24/19    CNY      63.04
LINYI INVESTMENT DEVELOP      8.10   03/27/18    CNY      50.65
LIUPANSHUI DEVELOPMENT I      6.97   12/03/19    CNY      61.67
LIUZHOU DONGCHENG INVEST      8.30   02/15/19    CNY      60.80
LIUZHOU DONGCHENG INVEST      8.30   02/15/19    CNY      61.80
LIUZHOU INVESTMENT HOLDI      6.98   08/15/19    CNY      61.33
LIYANG CITY CONSTRUCTION      8.20   11/08/18    CNY      68.98
LONGHAI STATE-OWNED ASSE      8.25   12/02/17    CNY      41.21
LOUDI CITY CONSTRUCTION       7.28   10/19/18    CNY      51.02
LOUDI CITY CONSTRUCTION       7.28   10/19/18    CNY      51.31
LUOHE CITY CONSTRUCTION       6.81   03/30/17    CNY      29.76
LUOHE CITY CONSTRUCTION       6.81   03/30/17    CNY      30.06
LUOHE CITY CONSTRUCTION       6.99   10/30/19    CNY      61.21
LUOYANG CITY DEVELOPMENT      6.89   12/31/19    CNY      61.69
LUOYANG CITY DEVELOPMENT      6.89   12/31/19    CNY      62.64
MAANSHAN ECONOMIC TECHNO      7.10   12/20/19    CNY      62.15
MIANYANG SCIENCE TECHNOL      6.30   07/22/18    CNY      53.03
MIANYANG SCIENCE TECHNOL      7.16   05/15/19    CNY      61.04
MUDANJIANG STATE-OWNED A      7.08   08/30/19    CNY      61.14
MUDANJIANG STATE-OWNED A      7.08   08/30/19    CNY      61.29
NANAN CITY TRADE INDUSTR      8.50   04/25/19    CNY      63.31
NANCHANG ECONOMY TECHNOL      6.88   01/09/20    CNY      62.00
NANCHONG DEVELOPMENT INV      6.69   01/28/20    CNY      61.96
NANCHONG DEVELOPMENT INV      6.69   01/28/20    CNY      82.34
NANCHONG ECONOMIC DEVELO      8.16   04/26/19    CNY      61.95
NANJING JIANGNING SCIENC      7.29   04/28/19    CNY      61.48
NANJING NEW&HIGH TECHNOL      6.94   09/07/19    CNY      61.49
NANJING NEW&HIGH TECHNOL      6.94   09/07/19    CNY      61.98
NANJING URBAN CONSTRUCTI      5.68   11/26/18    CNY      50.96
NANJING URBAN CONSTRUCTI      5.68   11/26/18    CNY      51.08
NANJING XINGANG DEVELOPM      6.80   01/08/20    CNY      62.00
NANJING XINGANG DEVELOPM      6.80   01/08/20    CNY      62.23
NANTONG CITY GANGZHA DIS      7.15   01/09/20    CNY      62.22
NANTONG CITY GANGZHA DIS      7.15   01/09/20    CNY      62.53
NANTONG CITY TONGZHOU DI      6.80   05/28/19    CNY      61.00
NANTONG CITY TONGZHOU DI      6.80   05/28/19    CNY      61.37
NEIJIANG INVESTMENT HOLD      7.00   07/19/18    CNY      50.84
NEIJIANG INVESTMENT HOLD      7.00   07/19/18    CNY      51.32
NEIMENGGU XINLINGOL XING      7.62   02/25/18    CNY      70.84
NINGBO CITY ZHENHAI INVE      6.48   04/12/17    CNY      40.10
NINGBO EASTERN NEW TOWN       6.45   01/21/20    CNY      61.28
NINGBO URBAN CONSTRUCTIO      7.39   03/01/18    CNY      50.50
NINGBO URBAN CONSTRUCTIO      7.39   03/01/18    CNY      50.73
NINGBO ZHENHAI HAIJIANG       6.65   11/28/18    CNY      51.24
NINGDE CITY STATE-OWNED       6.25   10/21/17    CNY       9.72
NONGGONGSHANG REAL ESTAT      6.29   10/11/17    CNY      40.44
PANJIN CONSTRUCTION INVE      7.50   05/17/19    CNY      60.30
PANJIN CONSTRUCTION INVE      7.50   05/17/19    CNY      61.34
PANJIN PETROLEUM HIGH TE      6.95   01/10/20    CNY      61.79
PANJIN PETROLEUM HIGH TE      6.95   01/10/20    CNY      62.00
PEIXIAN STATE-OWNED ASSE      7.20   12/06/19    CNY      62.37
PEIXIAN STATE-OWNED ASSE      7.20   12/06/19    CNY      62.86
PENGLAI CITY PENGLAIGE T      6.80   01/30/21    CNY      71.69
PENGLAI CITY PENGLAIGE T      6.80   01/30/21    CNY      72.83
PINGDINGSHAN CITY DEVELO      7.86   05/08/19    CNY      61.90
PINGDINGSHAN CITY DEVELO      7.86   05/08/19    CNY      61.93
PINGHU CITY DEVELOPMENT       7.20   09/18/19    CNY      61.71
PINGHU CITY DEVELOPMENT       7.20   09/18/19    CNY      61.95
PINGXIANG URBAN CONSTRUC      6.89   12/10/19    CNY      61.72
PINGXIANG URBAN CONSTRUC      6.89   12/10/19    CNY      84.05
PIZHOU RUNCHENG ASSET OP      7.55   09/25/19    CNY      62.17
PIZHOU RUNCHENG ASSET OP      7.55   09/25/19    CNY      62.70
PUER CITY STATE OWNED AS      7.38   06/20/19    CNY      61.53
PUTIAN STATE-OWNED ASSET      8.10   03/21/19    CNY      61.75
PUTIAN STATE-OWNED ASSET      8.10   03/21/19    CNY      62.03
PUYANG INVESTMENT GROUP       6.98   10/29/19    CNY      61.63
QIANAN XINGYUAN WATER IN      6.45   07/11/18    CNY      50.31
QIANDONG NANZHOU DEVELOP      8.80   04/27/19    CNY      62.55
QIANDONGNANZHOU KAIHONG       7.80   10/30/19    CNY      61.65
QIANXI NANZHOU HONGSHENG      6.99   11/22/19    CNY      61.36
QIANXI NANZHOU HONGSHENG      6.99   11/22/19    CNY      61.99
QINGDAO CITY CONSTRUCTIO      6.19   02/16/17    CNY      40.00
QINGDAO CITY CONSTRUCTIO      6.19   02/16/17    CNY      40.00
QINGDAO CITY CONSTRUCTIO      6.89   02/16/19    CNY      61.27
QINGDAO CITY CONSTRUCTIO      6.89   02/16/19    CNY      61.44
QINGDAO HUATONG STATE-OW      7.30   04/18/19    CNY      61.45
QINGDAO HUATONG STATE-OW      7.30   04/18/19    CNY      62.05
QINGDAO JIAOZHOU CITY DE      6.59   01/25/20    CNY      62.01
QINGZHOU HONGYUAN PUBLIC      6.50   05/22/19    CNY      30.00
QINGZHOU HONGYUAN PUBLIC      6.50   05/22/19    CNY      30.02
QINGZHOU HONGYUAN PUBLIC      7.25   10/19/18    CNY      51.13
QINGZHOU HONGYUAN PUBLIC      7.25   10/19/18    CNY      51.33
QINGZHOU HONGYUAN PUBLIC      7.35   10/19/19    CNY      61.94
QINGZHOU HONGYUAN PUBLIC      7.35   10/19/19    CNY      62.23
QINHUANGDAO DEVELOPMENT       7.46   10/17/19    CNY      62.00
QINHUANGDAO DEVELOPMENT       7.46   10/17/19    CNY      62.15
QINZHOU CITY DEVELOPMENT      6.72   04/30/17    CNY      50.22
QITAIHE CITY CONSTRUCTIO      7.30   10/18/19    CNY      61.36
QITAIHE CITY CONSTRUCTIO      7.30   10/18/19    CNY      61.58
QUANZHOU QUANGANG PETROC      8.40   04/16/19    CNY      62.23
QUANZHOU QUANGANG PETROC      8.40   04/16/19    CNY      62.37
QUANZHOU TAISHANG INVEST      7.08   12/10/19    CNY      62.17
QUANZHOU TAISHANG INVEST      7.08   12/10/19    CNY      62.18
QUANZHOU URBAN CONSTRUCT      6.48   01/11/20    CNY      62.19
QUANZHOU URBAN CONSTRUCT      6.48   01/11/20    CNY      62.60
QUJING DEVELOPMENT INVES      7.25   09/06/19    CNY      62.55
QUJING DEVELOPMENT INVES      7.25   09/06/19    CNY      62.89
RUDONG COUNTY DONGTAI SO      7.10   01/31/18    CNY      51.04
RUDONG COUNTY DONGTAI SO      7.45   09/24/19    CNY      61.76
RUDONG COUNTY DONGTAI SO      7.45   09/24/19    CNY      62.00
RUGAO COMMUNICATIONS CON      8.51   01/26/19    CNY      52.53
RUGAO COMMUNICATIONS CON      6.70   02/01/20    CNY      61.64
RUGAO COMMUNICATIONS CON      6.70   02/01/20    CNY      63.00
RUIAN STATE OWNED ASSET       6.93   11/26/19    CNY      61.66
RUIAN STATE OWNED ASSET       6.93   11/26/19    CNY      62.06
SANMENXIA CITY FINANCIAL      6.68   01/29/20    CNY      61.49
SANMENXIA CITY FINANCIAL      6.68   01/29/20    CNY      61.84
SANMING STATE-OWNED ASSE      6.92   12/05/19    CNY      62.26
SANMING STATE-OWNED ASSE      6.99   06/14/18    CNY      71.26
SHANGHAI CHENGTOU CORP        4.63   07/30/19    CNY      59.93
SHANGHAI JIADING INDUSTR      6.71   10/10/18    CNY      50.85
SHANGHAI JIADING INDUSTR      6.71   10/10/18    CNY      50.86
SHANGHAI JINSHAN URBAN C      6.60   12/21/19    CNY      61.38
SHANGHAI JINSHAN URBAN C      6.60   12/21/19    CNY      61.65
SHANGHAI MINHANG URBAN C      6.48   10/23/19    CNY      61.65
SHANGHAI MINHANG URBAN C      6.48   10/23/19    CNY      62.10
SHANGHAI REAL ESTATE GRO      6.12   05/17/17    CNY      39.88
SHANGHAI SONGJIANG TOWN       6.28   08/15/18    CNY      50.80
SHANGHAI URBAN CONSTRUCT      5.25   11/30/19    CNY      61.14
SHANGQIU DEVELOPMENT INV      6.60   01/15/20    CNY      61.72
SHANGRAO CITY CONSTRUCTI      7.30   09/10/19    CNY      61.81
SHANGRAO CITY CONSTRUCTI      7.30   09/10/19    CNY      62.48
SHANGYU COMMUNICATIONS I      6.70   09/11/19    CNY      61.94
SHANGYU COMMUNICATIONS I      6.70   09/11/19    CNY      62.50
SHAOGUAN JINYE DEVELOPME      7.30   10/18/19    CNY      62.10
SHAOGUAN JINYE DEVELOPME      7.30   10/18/19    CNY      62.13
SHAOXING CHENGBEI XINCHE      6.21   06/11/18    CNY      50.59
SHAOXING CHENGZHONGCUN R      6.50   01/24/20    CNY      61.61
SHAOXING CHENGZHONGCUN R      6.50   01/24/20    CNY      82.30
SHAOXING HI-TECH INDUSTR      6.75   12/05/18    CNY      51.20
SHAOXING PAOJIANG INDUST      6.90   10/31/19    CNY      61.82
SHAOXING URBAN CONSTRUCT      6.40   11/09/19    CNY      61.83
SHAOYANG CITY CONSTRUCTI      7.40   09/11/18    CNY      50.00
SHAOYANG CITY CONSTRUCTI      7.40   09/11/18    CNY      51.08
SHENYANG HEPING DISTRICT      6.85   11/13/19    CNY      61.70
SHENYANG MACHINE TOOL CO      6.50   04/09/20    CNY      69.51
SHISHI STATE OWNED INVES      7.40   09/13/19    CNY      61.66
SHIYAN CITY INFRASTRUCTU      7.98   04/20/19    CNY      62.28
SHOUGUANG JINCAI STATE-O      6.70   10/23/19    CNY      61.61
SHOUGUANG JINCAI STATE-O      6.70   10/23/19    CNY      61.85
SHUANGYASHAN DADI CITY C      6.55   12/25/19    CNY      61.18
SHUANGYASHAN DADI CITY C      6.55   12/25/19    CNY      81.49
SHUYANG JINGYUAN ASSET O      6.50   12/03/19    CNY      61.27
SHUYANG JINGYUAN ASSET O      6.50   12/03/19    CNY      61.38
SICHUAN DEVELOPMENT HOLD      5.40   11/10/17    CNY      30.22
SONGYUAN URBAN DEVELOPME      7.30   08/29/19    CNY      60.68
SONGYUAN URBAN DEVELOPME      7.30   08/29/19    CNY      61.69
SUIZHOU DEVELOPMENT INVE      7.50   08/22/19    CNY      62.12
SUQIAN ECONOMIC DEVELOPM      7.50   03/26/19    CNY      61.49
SUQIAN ECONOMIC DEVELOPM      7.50   03/26/19    CNY      61.55
SUQIAN WATER GROUP CO         6.55   12/04/19    CNY      61.90
SUQIAN WATER GROUP CO         6.55   12/04/19    CNY      62.07
SUZHOU CITY CONSTRUCTION      7.45   03/12/19    CNY      61.54
SUZHOU FENHU INVESTMENT       7.00   10/22/17    CNY      50.52
SUZHOU INDUSTRIAL PARK T      5.79   05/30/19    CNY      60.78
SUZHOU INDUSTRIAL PARK T      5.79   05/30/19    CNY      62.00
SUZHOU TECH CITY DEVELOP      7.32   11/01/18    CNY      51.36
SUZHOU URBAN CONSTRUCTIO      5.79   10/25/19    CNY      61.43
SUZHOU URBAN CONSTRUCTIO      5.79   10/25/19    CNY      61.45
SUZHOU WUJIANG COMMUNICA      6.80   10/31/20    CNY      73.40
SUZHOU WUJIANG EASTERN S      8.05   12/05/18    CNY      72.87
SUZHOU WUJIANG EASTERN S      8.05   12/05/18    CNY      73.38
SUZHOU XIANGCHENG URBAN       6.95   09/03/19    CNY      61.49
SUZHOU XIANGCHENG URBAN       6.95   09/03/19    CNY      62.10
TAIAN CITY TAISHAN INVES      6.76   01/25/20    CNY      61.84
TAIAN CITY TAISHAN INVES      6.76   01/25/20    CNY      62.38
TAICANG ASSET MANAGEMENT      8.25   12/31/18    CNY      73.11
TAICANG ASSET MANAGEMENT      8.25   12/31/18    CNY      73.13
TAICANG HENGTONG INVESTM      7.45   10/30/19    CNY      62.38
TAICANG URBAN CONSTRUCTI      6.75   01/11/20    CNY      61.79
TAICANG URBAN CONSTRUCTI      6.75   01/11/20    CNY      62.19
TAIXING ZHONGXING STATE-      8.29   03/27/18    CNY      51.05
TAIXING ZHONGXING STATE-      8.29   03/27/18    CNY      51.07
TAIYUAN HIGH-SPEED RAILW      6.50   10/30/20    CNY      72.72
TAIYUAN LONGCHENG DEVELO      6.50   09/25/19    CNY      61.44
TAIZHOU CITY HUANGYAN DI      6.85   12/17/18    CNY      50.61
TAIZHOU CITY HUANGYAN DI      6.85   12/17/18    CNY      50.96
TAIZHOU HAILING ASSETS M      8.52   03/21/19    CNY      61.66
TAIZHOU HAILING ASSETS M      8.52   03/21/19    CNY      62.10
TAIZHOU JIAOJIANG STATE       7.46   09/13/20    CNY      74.16
TAIZHOU XINTAI GROUP CO       6.85   08/14/18    CNY      50.81
TAIZHOU XINTAI GROUP CO       6.85   08/14/18    CNY      51.10
TANGSHAN NANHU ECO CITY       7.08   10/16/19    CNY      61.83
TANGSHAN NANHU ECO CITY       7.08   10/16/19    CNY      80.51
TENGZHOU CITY STATE-OWNE      6.45   05/24/18    CNY      60.00
TIANJIN BINHAI NEW AREA       5.00   03/13/18    CNY      70.41
TIANJIN BINHAI NEW AREA       5.00   03/13/18    CNY      70.89
TIANJIN DONGFANG CAIXIN       7.99   11/23/18    CNY      73.13
TIANJIN ECO-CITY INVESTM      6.76   08/14/19    CNY      60.95
TIANJIN ECO-CITY INVESTM      6.76   08/14/19    CNY      61.19
TIANJIN ECONOMIC TECHNOL      6.20   12/03/19    CNY      61.45
TIANJIN ECONOMIC TECHNOL      6.20   12/03/19    CNY      61.59
TIANJIN HANBIN INVESTMEN      8.39   03/22/19    CNY      62.01
TIANJIN HI-TECH INDUSTRY      7.80   03/27/19    CNY      61.96
TIANJIN HI-TECH INDUSTRY      7.80   03/27/19    CNY      62.90
TIANJIN JINNAN CITY CONS      6.95   06/18/19    CNY      61.07
TIANJIN JINNAN CITY CONS      6.95   06/18/19    CNY      63.00
TIELING PUBLIC ASSETS IN      7.34   05/29/18    CNY      50.83
TIELING PUBLIC ASSETS IN      7.34   05/29/18    CNY      50.92
TIGER FOREST & PAPER GRO      5.38   06/14/17    CNY      59.14
TONGCHUAN DEVELOPMENT IN      7.50   07/17/19    CNY      60.75
TONGLIAO TIANCHENG URBAN      7.75   09/24/19    CNY      62.07
TONGLIAO URBAN INVESTMEN      5.98   09/01/17    CNY      39.93
TONGREN FANJINGSHAN INVE      6.89   08/02/19    CNY      61.79
URUMQI CITY CONSTRUCTION      6.35   07/09/19    CNY      61.55
URUMQI ECO&TECH DEVELOPM      8.58   01/10/19    CNY      52.22
URUMQI STATE-OWNED ASSET      6.48   04/28/18    CNY      50.76
URUMQI STATE-OWNED ASSET      6.48   04/28/18    CNY      51.60
WAFANGDIAN STATE-OWNED A      8.55   04/19/19    CNY      62.19
WEIFANG DONGXIN CONSTRUC      6.88   11/20/19    CNY      61.78
WEIFANG DONGXIN CONSTRUC      6.88   11/20/19    CNY      61.84
WEINAN CITY INVESTMENT G      6.69   01/15/20    CNY      60.76
WEINAN CITY INVESTMENT G      6.69   01/15/20    CNY      61.52
WENLING CITY STATE OWNED      7.18   09/18/19    CNY      61.72
WENZHOU ANJUFANG CITY DE      7.65   04/24/19    CNY      61.68
WENZHOU ECONOMIC-TECHNOL      6.49   01/15/20    CNY      60.53
WENZHOU ECONOMIC-TECHNOL      6.49   01/15/20    CNY      61.89
WUHAI CITY CONSTRUCTION       8.20   03/31/19    CNY      61.05
WUHAI CITY CONSTRUCTION       8.20   03/31/19    CNY      61.61
WUHAN METRO GROUP CO LTD      5.70   02/04/20    CNY      61.50
WUHAN METRO GROUP CO LTD      5.70   02/04/20    CNY      61.68
WUHU ECONOMIC TECHNOLOGY      6.70   06/08/18    CNY      51.00
WUHU ECONOMIC TECHNOLOGY      6.70   06/08/18    CNY      51.01
WUHU XINMA INVESTMENT CO      7.18   11/14/19    CNY      61.82
WUHU XINMA INVESTMENT CO      7.18   11/14/19    CNY      61.82
WUJIANG ECONOMIC TECHNOL      6.88   12/27/19    CNY      61.73
WUJIANG ECONOMIC TECHNOL      6.88   12/27/19    CNY      62.06
WUXI MUNICIPAL CONSTRUCT      6.60   09/17/19    CNY      61.66
WUXI MUNICIPAL CONSTRUCT      6.60   09/17/19    CNY      61.70
WUXI TAIHU INTERNATIONAL      7.60   09/17/19    CNY      62.20
WUXI XIDONG NEW TOWN CON      6.65   01/28/20    CNY      61.45
WUXI XIDONG NEW TOWN CON      6.65   01/28/20    CNY      61.55
WUXI XIDONG TECHNOLOGY I      5.98   10/26/18    CNY      71.77
WUZHOU DONGTAI STATE-OWN      7.40   09/03/19    CNY      62.21
XI'AN AEROSPACE BASE INV      6.96   11/08/19    CNY      62.01
XIAN CHANBAHE DEVELOPMEN      6.89   08/03/19    CNY      61.54
XIANGTAN CITY CONSTRUCTI      8.00   03/16/19    CNY      61.58
XIANGTAN CITY CONSTRUCTI      8.00   03/16/19    CNY      63.00
XIANGTAN HI-TECH GROUP C      6.90   01/15/20    CNY      61.89
XIANGTAN JIUHUA ECONOMIC      7.43   08/29/19    CNY      62.09
XIANGYANG CITY CONSTRUCT      8.12   01/12/19    CNY      41.65
XIANGYANG CITY CONSTRUCT      8.12   01/12/19    CNY      41.91
XIANNING CITY CONSTRUCTI      7.50   08/31/18    CNY      51.30
XIANYANG MUNICIPAL CONST      7.90   12/09/17    CNY      41.09
XIAOGAN URBAN CONSTRUCTI      8.12   03/26/19    CNY      62.08
XINGHUA URBAN CONSTRUCTI      7.25   10/23/18    CNY      51.78
XINING CITY INVESTMENT &      7.70   04/27/19    CNY      61.94
XINING CITY INVESTMENT &      7.70   04/27/19    CNY      62.00
XINJIANG SHIHEZI DEVELOP      7.50   08/29/18    CNY      49.33
XINJIANG UYGUR AR HAMI Z      6.25   07/17/18    CNY      51.70
XINXIANG INVESTMENT GROU      6.80   01/18/18    CNY      40.66
XINYANG HUAXIN INVESTMEN      6.95   06/14/19    CNY      61.38
XINYANG HUAXIN INVESTMEN      6.95   06/14/19    CNY      61.40
XINYU CITY CONSTRUCTION       7.08   12/13/19    CNY      61.69
XINYU CITY CONSTRUCTION       7.08   12/13/19    CNY      82.00
XINZHOU CITY ASSET MANAG      7.39   08/08/18    CNY      50.86
XUCHANG GENERAL INVESTME      7.78   04/27/19    CNY      61.93
XUZHOU ECONOMIC TECHNOLO      8.20   03/07/19    CNY      60.35
XUZHOU ECONOMIC TECHNOLO      8.20   03/07/19    CNY      62.66
XUZHOU XINSHENG CONSTRUC      7.48   05/08/18    CNY      50.78
XUZHOU XINSHENG CONSTRUC      7.48   05/08/18    CNY      51.35
YAAN STATE-OWNED ASSET O      7.39   07/04/19    CNY      62.62
YANCHENG CITY DAFENG DIS      7.08   12/13/19    CNY      61.91
YANCHENG CITY DAFENG DIS      7.08   12/13/19    CNY      63.00
YANCHENG ORIENTAL INVEST      5.75   06/08/17    CNY      49.89
YANCHENG ORIENTAL INVEST      6.99   10/26/19    CNY      62.01
YANCHENG SOUTH DISTRICT       6.93   10/26/19    CNY      62.10
YANCHENG SOUTH DISTRICT       6.93   10/26/19    CNY      62.50
YANGZHONG URBAN CONSTRUC      7.10   03/26/18    CNY      70.91
YANGZHOU URBAN CONSTRUCT      6.30   07/26/19    CNY      61.15
YANGZHOU URBAN CONSTRUCT      6.30   07/26/19    CNY      61.60
YIBIN STATE-OWNED ASSET       5.80   05/23/18    CNY      70.86
YICHANG MUNICIPAL FINANC      7.12   10/16/19    CNY      62.17
YICHANG URBAN CONSTRUCTI      6.85   11/08/19    CNY      61.54
YICHANG URBAN CONSTRUCTI      6.85   11/08/19    CNY      62.07
YICHUN CITY CONSTRUCTION      7.35   07/24/19    CNY      60.73
YIJINHUOLUOQI HONGTAI CI      8.35   03/19/19    CNY      59.22
YIJINHUOLUOQI HONGTAI CI      8.35   03/19/19    CNY      60.06
YILI STATE-OWNED ASSET I      6.70   11/19/18    CNY      51.16
YILI STATE-OWNED ASSET I      6.70   11/19/18    CNY      52.09
YINCHUAN URBAN CONSTRUCT      6.28   03/09/17    CNY      25.03
YINGKOU CITY CONSTRUCTIO      7.98   04/18/20    CNY      73.37
YINGKOU COASTAL DEVELOPM      7.08   11/16/19    CNY      61.16
YINGKOU COASTAL DEVELOPM      7.08   11/16/19    CNY      61.48
YIXING CITY DEVELOPMENT       6.90   10/10/19    CNY      61.71
YIXING CITY DEVELOPMENT       6.90   10/10/19    CNY      61.73
YIYANG CITY CONSTRUCTION      7.36   08/24/19    CNY      61.84
YIZHENG CITY CONSTRUCTIO      7.78   06/14/19    CNY      62.01
YIZHENG CITY CONSTRUCTIO      7.78   06/14/19    CNY      62.40
YUHUAN COUNTY COMMUNICAT      7.15   10/12/19    CNY      61.83
YULIN CITY INVESTMENT OP      6.81   12/04/18    CNY      51.01
YULIN URBAN CONSTRUCTION      6.88   11/26/19    CNY      61.78
YULIN URBAN CONSTRUCTION      6.88   11/26/19    CNY      61.94
YUNCHENG URBAN CONSTRUCT      7.48   10/15/19    CNY      62.18
YUNNAN PROVINCIAL INVEST      5.25   08/24/17    CNY      40.20
YUNNAN PROVINCIAL INVEST      5.25   08/24/17    CNY      40.21
YUYAO WATER RESOURCE INV      7.20   10/16/19    CNY      62.31
ZHANGJIAGANG JINCHENG IN      6.23   01/06/18    CNY      30.32
ZHANGJIAGANG MUNICIPAL P      6.43   11/27/19    CNY      61.69
ZHANGJIAJIE ECONOMIC DEV      7.40   10/18/19    CNY      62.23
ZHANGJIAKOU CONSTRUCTION      7.00   10/26/19    CNY      62.02
ZHANGJIAKOU TONGTAI HOLD      6.90   07/05/18    CNY      71.37
ZHAOYUAN STATE-OWNED ASS      6.64   12/31/19    CNY      62.04
ZHEJIANG HUZHOU HUANTAIH      6.70   11/28/19    CNY      62.70
ZHEJIANG JIASHAN ECONOMI      7.05   12/03/19    CNY      62.08
ZHEJIANG JIASHAN ECONOMI      7.05   12/03/19    CNY      84.43
ZHEJIANG PROVINCE DEQING      6.90   04/12/18    CNY      70.94
ZHENGZHOU CITY CONSTRUCT      6.37   12/03/19    CNY      62.00
ZHENGZHOU CITY CONSTRUCT      6.37   12/03/19    CNY      62.20
ZHENJIANG CULTURE AND TO      5.86   05/06/17    CNY      50.00
ZHENJIANG CULTURE AND TO      5.86   05/06/17    CNY      50.38
ZHENJIANG CULTURE AND TO      6.60   01/30/20    CNY      61.06
ZHENJIANG TRANSPORTATION      7.29   05/08/19    CNY      61.09
ZHENJIANG TRANSPORTATION      7.29   05/08/19    CNY      61.45
ZHONGSHAN TRANSPORTATION      6.65   08/28/18    CNY      50.80
ZHONGSHAN TRANSPORTATION      6.65   08/28/18    CNY      51.20
ZHOUSHAN DINGHAI STATE-O      7.25   08/31/20    CNY      73.11
ZHOUSHAN DINGHAI STATE-O      7.25   08/31/20    CNY      73.23
ZHUCHENG ECONOMIC DEVELO      7.50   08/25/18    CNY      30.62
ZHUCHENG ECONOMIC DEVELO      6.40   04/26/18    CNY      40.46
ZHUCHENG ECONOMIC DEVELO      6.40   04/26/18    CNY      40.52
ZHUCHENG ECONOMIC DEVELO      6.80   11/29/19    CNY      61.73
ZHUCHENG ECONOMIC DEVELO      6.80   11/29/19    CNY      62.08
ZHUHAI HUAFA GROUP CO LT      8.43   02/16/18    CNY      50.79
ZHUHAI HUAFA GROUP CO LT      8.43   02/16/18    CNY      50.84
ZHUJI CITY CONSTRUCTION       6.92   12/19/19    CNY      62.06
ZHUJI CITY CONSTRUCTION       6.92   07/05/18    CNY      71.46
ZHUJI CITY CONSTRUCTION       6.92   07/05/18    CNY      71.75
ZHUMADIAN INVESTMENT CO       6.95   11/26/19    CNY      62.03
ZHUZHOU GECKOR GROUP CO       7.50   09/10/19    CNY      62.22
ZHUZHOU GECKOR GROUP CO       7.50   09/10/19    CNY      62.72
ZHUZHOU GECKOR GROUP CO       7.82   08/18/18    CNY      71.91
ZHUZHOU YUNLONG DEVELOPM      6.78   11/19/19    CNY      61.87
ZHUZHOU YUNLONG DEVELOPM      6.78   11/19/19    CNY      82.00
ZIBO CITY PROPERTY CO LT      5.45   04/27/19    CNY      36.06
ZIBO CITY PROPERTY CO LT      6.83   08/22/19    CNY      61.49
ZIGONG STATE-OWNED ASSET      6.86   06/17/18    CNY      71.01
ZIYANG CITY CONSTRUCTION      7.58   01/09/19    CNY      50.98
ZOUCHENG CITY ASSET OPER      7.02   01/12/18    CNY      20.08
ZOUPING COUNTY STATE-OWN      6.98   04/27/18    CNY      70.00
ZOUPING COUNTY STATE-OWN      6.98   04/27/18    CNY      70.92
ZUNYI INVESTMENT GROUP L      8.53   03/13/19    CNY      62.45
ZUNYI ROAD & BRIDGE ENGI      7.15   08/17/20    CNY      73.31
ZUNYI ROAD & BRIDGE ENGI      7.15   08/17/20    CNY      73.90
ZUNYI STATE-OWNED ASSET       6.98   12/26/19    CNY      61.79


HONG KONG
---------

CHINA CITY CONSTRUCTION       5.35   07/03/17    CNY      65.18


INDIA
-----

3I INFOTECH LTD               2.50   03/31/25    USD      15.00
BERAU COAL ENERGY TBK PT      7.25   03/13/17    USD      34.72
BERAU COAL ENERGY TBK PT      7.25   03/13/17    USD      35.25
BLUE DART EXPRESS LTD         9.30   11/20/17    INR      10.07
BLUE DART EXPRESS LTD         9.40   11/20/18    INR      10.15
BLUE DART EXPRESS LTD         9.50   11/20/19    INR      10.26
DAVOMAS INTERNATIONAL FI     11.00   05/09/11    USD       0.99
DAVOMAS INTERNATIONAL FI     11.00   05/09/11    USD       0.99
DAVOMAS INTERNATIONAL FI     11.00   12/08/14    USD       1.04
DAVOMAS INTERNATIONAL FI     11.00   12/08/14    USD       1.04
GTL INFRASTRUCTURE LTD        5.03   11/09/17    USD      29.00
JAIPRAKASH ASSOCIATES LT      5.75   09/08/17    USD      44.38
JAIPRAKASH POWER VENTURE      7.00   02/13/49    USD      20.00
JCT LTD                       2.50   04/08/11    USD      27.00
PRAKASH INDUSTRIES LTD        5.25   04/30/15    USD      20.75
PYRAMID SAIMIRA THEATRE       1.75   07/04/12    USD       1.00
REI AGRO LTD                  5.50   11/13/14    USD       1.52
REI AGRO LTD                  5.50   11/13/14    USD       1.52
SVOGL OIL GAS & ENERGY L      5.00   08/17/15    USD       1.58


JAPAN
-----

AVANSTRATE INC                5.55   10/31/17    JPY      30.50
AVANSTRATE INC                5.55   10/31/17    JPY      37.00
FUKUSHIMA BANK LTD/THE        1.19   12/05/23    JPY      72.38
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      39.75
TAKATA CORP                   0.85   03/06/19    JPY      45.63
TAKATA CORP                   1.02   12/15/17    JPY      47.13


KOREA
-----

2014 KODIT CREATIVE THE       5.00   12/25/17    KRW      34.83
2014 KODIT CREATIVE THE       5.00   12/25/17    KRW      34.83
2016 KIBO 1ST SECURITIZA      5.00   09/13/18    KRW      30.63
DONGBU METAL CO LTD           5.75   04/16/20    KRW      69.18
DOOSAN CAPITAL SECURITIZ     20.00   04/22/19    KRW      50.37
EXPORT-IMPORT BANK OF KO      1.70   09/22/30    KRW      73.94
HANJIN SHIPPING CO LTD        2.00   05/23/17    KRW       3.30
HANJIN SHIPPING CO LTD        5.90   06/07/17    KRW       4.13
HYUNDAI MERCHANT MARINE       1.00   07/07/21    KRW      50.88
HYUNDAI MERCHANT MARINE       1.00   04/07/21    KRW      53.00
KIBO ABS SPECIALTY CO LT     10.00   08/22/17    KRW      24.58
KIBO ABS SPECIALTY CO LT      5.00   02/25/19    KRW      29.17
KIBO ABS SPECIALTY CO LT      5.00   12/25/17    KRW      33.19
KIBO ABS SPECIALTY CO LT      5.00   03/29/18    KRW      33.67
KOREA SOUTH-EAST POWER C      4.38   12/07/42    KRW      53.68
KOREA SOUTH-EAST POWER C      4.44   12/07/42    KRW      54.04
LSMTRON DONGBANGSEONGJAN      4.53   11/22/17    KRW      34.18
MERITZ CAPITAL CO LTD         5.44   09/29/46    KRW      35.24
OKC SECURITIZATION SPECI     10.00   01/03/20    KRW      28.86
SHINHAN BANK                  3.83   12/08/31    KRW      71.17
SHINHAN BANK                  3.83   12/08/31    KRW      71.17
SINBO SECURITIZATION SPE      5.00   10/30/19    KRW      18.48
SINBO SECURITIZATION SPE      5.00   02/25/20    KRW      26.97
SINBO SECURITIZATION SPE      5.00   01/28/20    KRW      27.06
SINBO SECURITIZATION SPE      5.00   12/30/19    KRW      27.23
SINBO SECURITIZATION SPE      5.00   09/30/19    KRW      28.14
SINBO SECURITIZATION SPE      5.00   08/27/19    KRW      28.57
SINBO SECURITIZATION SPE      5.00   07/29/19    KRW      28.85
SINBO SECURITIZATION SPE      5.00   03/13/19    KRW      28.95
SINBO SECURITIZATION SPE      5.00   06/25/19    KRW      29.21
SINBO SECURITIZATION SPE      5.00   03/18/19    KRW      30.26
SINBO SECURITIZATION SPE      5.00   03/18/19    KRW      30.26
SINBO SECURITIZATION SPE      5.00   02/27/19    KRW      30.49
SINBO SECURITIZATION SPE      5.00   02/27/19    KRW      30.49
SINBO SECURITIZATION SPE      5.00   01/30/19    KRW      30.72
SINBO SECURITIZATION SPE      5.00   01/30/19    KRW      30.72
SINBO SECURITIZATION SPE      5.00   12/23/18    KRW      31.09
SINBO SECURITIZATION SPE      5.00   12/23/18    KRW      31.09
SINBO SECURITIZATION SPE      5.00   07/29/18    KRW      31.11
SINBO SECURITIZATION SPE      5.00   06/25/18    KRW      31.45
SINBO SECURITIZATION SPE      5.00   05/26/18    KRW      31.72
SINBO SECURITIZATION SPE      5.00   09/26/18    KRW      32.05
SINBO SECURITIZATION SPE      5.00   09/26/18    KRW      32.05
SINBO SECURITIZATION SPE      5.00   09/26/18    KRW      32.05
SINBO SECURITIZATION SPE      5.00   08/29/18    KRW      32.30
SINBO SECURITIZATION SPE      5.00   08/29/18    KRW      32.30
SINBO SECURITIZATION SPE      5.00   06/07/17    KRW      32.43
SINBO SECURITIZATION SPE      5.00   06/07/17    KRW      32.43
SINBO SECURITIZATION SPE      5.00   07/24/18    KRW      32.86
SINBO SECURITIZATION SPE      5.00   07/24/18    KRW      32.86
SINBO SECURITIZATION SPE      5.00   06/27/18    KRW      33.10
SINBO SECURITIZATION SPE      5.00   06/27/18    KRW      33.10
SINBO SECURITIZATION SPE      5.00   12/23/17    KRW      33.21
SINBO SECURITIZATION SPE      5.00   03/12/18    KRW      33.83
SINBO SECURITIZATION SPE      5.00   03/12/18    KRW      33.83
SINBO SECURITIZATION SPE      5.00   02/11/18    KRW      34.09
SINBO SECURITIZATION SPE      5.00   02/11/18    KRW      34.09
SINBO SECURITIZATION SPE      5.00   01/15/18    KRW      34.63
SINBO SECURITIZATION SPE      5.00   01/15/18    KRW      34.63
SINBO SECURITIZATION SPE      5.00   10/01/17    KRW      35.37
SINBO SECURITIZATION SPE      5.00   10/01/17    KRW      35.37
SINBO SECURITIZATION SPE      5.00   10/01/17    KRW      35.37
SINBO SECURITIZATION SPE      5.00   07/24/17    KRW      35.79
SINBO SECURITIZATION SPE      5.00   08/16/17    KRW      35.85
SINBO SECURITIZATION SPE      5.00   08/16/17    KRW      35.85
SINBO SECURITIZATION SPE      5.00   07/08/17    KRW      38.73
SINBO SECURITIZATION SPE      5.00   07/08/17    KRW      38.73
SINBO SECURITIZATION SPE      5.00   03/13/17    KRW      62.32
SINBO SECURITIZATION SPE      5.00   03/13/17    KRW      62.32
SINBO SECURITIZATION SPE      5.00   02/21/17    KRW      73.07
SINBO SECURITIZATION SPE      5.00   02/21/17    KRW      73.07
TONGYANG CEMENT & ENERGY      7.50   09/10/14    KRW      70.00
TONGYANG CEMENT & ENERGY      7.50   04/20/14    KRW      70.00
TONGYANG CEMENT & ENERGY      7.30   06/26/15    KRW      70.00
TONGYANG CEMENT & ENERGY      7.30   04/12/15    KRW      70.00
TONGYANG CEMENT & ENERGY      7.50   07/20/14    KRW      70.00
U-BEST SECURITIZATION SP      5.50   11/16/17    KRW      35.78
WOONGJIN ENERGY CO LTD        3.00   12/19/19    KRW      59.61
WOORI BANK                    5.21   12/12/44    KRW     352.69


SRI LANKA
---------

SRI LANKA GOVERNMENT BON      5.35   03/01/26    LKR      61.68
SRI LANKA GOVERNMENT BON      6.00   12/01/24    LKR      68.30
SRI LANKA GOVERNMENT BON      8.00   01/01/32    LKR      68.68
SRI LANKA GOVERNMENT BON      9.00   06/01/43    LKR      70.17
SRI LANKA GOVERNMENT BON      9.00   11/01/33    LKR      73.80
SRI LANKA GOVERNMENT BON      9.00   06/01/33    LKR      74.21
SRI LANKA GOVERNMENT BON      9.00   10/01/32    LKR      74.65


MALAYSIA
--------

ADVANCE SYNERGY BHD           2.00   01/26/18    MYR       0.06
BARAKAH OFFSHORE PETROLE      3.50   10/24/18    MYR       0.66
BERJAYA CORP BHD              2.00   05/29/26    MYR       0.39
BERJAYA CORP BHD              5.00   04/22/22    MYR       0.53
BIMB HOLDINGS BHD             1.50   12/12/23    MYR      74.20
BRIGHT FOCUS BHD              2.50   01/22/31    MYR      72.94
ELK-DESA RESOURCES BHD        3.25   04/14/22    MYR       0.95
HIAP TECK VENTURE BHD         5.00   06/27/21    MYR       0.34
I-BHD                         2.50   10/09/19    MYR       0.46
IRE-TEX CORP BHD              1.00   06/10/19    MYR       0.04
LAND & GENERAL BHD            1.00   09/24/18    MYR       0.20
MALTON BHD                    6.00   06/30/18    MYR       1.03
PERWAJA HOLDINGS BHD          7.00   03/26/19    MYR       0.04
PUC FOUNDER MSC BHD           4.00   02/15/19    MYR       0.05
REDTONE INTERNATIONAL BH      2.75   03/04/20    MYR       0.15
SEE HUP CONSOLIDATED BHD      4.60   12/22/17    MYR       0.16
SENAI-DESARU EXPRESSWAY       1.35   06/30/31    MYR      53.47
SENAI-DESARU EXPRESSWAY       1.35   12/31/30    MYR      54.72
SENAI-DESARU EXPRESSWAY       1.35   06/28/30    MYR      56.08
SENAI-DESARU EXPRESSWAY       1.35   12/31/29    MYR      57.43
SENAI-DESARU EXPRESSWAY       1.35   06/29/29    MYR      58.85
SENAI-DESARU EXPRESSWAY       1.35   12/29/28    MYR      60.27
SENAI-DESARU EXPRESSWAY       1.35   06/30/28    MYR      61.70
SENAI-DESARU EXPRESSWAY       1.35   12/31/27    MYR      63.09
SENAI-DESARU EXPRESSWAY       1.35   06/30/27    MYR      64.42
SENAI-DESARU EXPRESSWAY       1.35   12/31/26    MYR      65.80
SENAI-DESARU EXPRESSWAY       1.35   06/30/26    MYR      67.18
SENAI-DESARU EXPRESSWAY       0.50   12/31/38    MYR      68.34
SENAI-DESARU EXPRESSWAY       1.35   12/31/25    MYR      68.59
SENAI-DESARU EXPRESSWAY       1.15   06/30/25    MYR      68.66
SENAI-DESARU EXPRESSWAY       0.50   12/30/39    MYR      69.68
SENAI-DESARU EXPRESSWAY       1.15   12/31/24    MYR      70.13
SENAI-DESARU EXPRESSWAY       0.50   12/31/40    MYR      70.64
SENAI-DESARU EXPRESSWAY       0.50   12/31/41    MYR      71.47
SENAI-DESARU EXPRESSWAY       1.15   06/28/24    MYR      71.67
SENAI-DESARU EXPRESSWAY       0.50   12/31/42    MYR      72.51
SENAI-DESARU EXPRESSWAY       1.15   12/29/23    MYR      73.22
SENAI-DESARU EXPRESSWAY       0.50   12/31/43    MYR      73.35
SENAI-DESARU EXPRESSWAY       0.50   12/30/44    MYR      74.11
SENAI-DESARU EXPRESSWAY       0.50   12/29/45    MYR      74.79
SENAI-DESARU EXPRESSWAY       1.15   06/30/23    MYR      74.80
SOUTHERN STEEL BHD            5.00   01/24/20    MYR       1.27
THONG GUAN INDUSTRIES BH      5.00   10/10/19    MYR       4.36
UNIMECH GROUP BHD             5.00   09/18/18    MYR       1.07
VIZIONE HOLDINGS BHD          3.00   08/08/21    MYR       0.05
YTL LAND & DEVELOPMENT B      3.00   10/31/21    MYR       0.46


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

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


SINGAPORE
---------

ASL MARINE HOLDINGS LTD       5.35   10/01/21    SGD      62.13
ASL MARINE HOLDINGS LTD       4.75   03/28/20    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       1.65
BERAU CAPITAL RESOURCES      12.50   07/08/15    USD      33.50
BERAU CAPITAL RESOURCES      12.50   07/08/15    USD      34.04
BLD INVESTMENTS PTE LTD       8.63   03/23/15    USD       4.69
BUMI CAPITAL PTE LTD         12.00   11/10/16    USD      56.76
BUMI CAPITAL PTE LTD         12.00   11/10/16    USD      57.13
BUMI INVESTMENT PTE LTD      10.75   10/06/17    USD      55.52
BUMI INVESTMENT PTE LTD      10.75   10/06/17    USD      57.38
ENERCOAL RESOURCES PTE L      9.25   08/05/14    USD      46.75
EZION HOLDINGS LTD            4.88   06/11/21    SGD      53.50
EZION HOLDINGS LTD            5.10   03/13/20    SGD      62.38
EZION HOLDINGS LTD            4.70   05/22/19    SGD      71.50
EZION HOLDINGS LTD            4.85   01/23/19    SGD      74.48
EZRA HOLDINGS LTD             4.88   04/24/18    SGD      28.00
FALCON ENERGY GROUP LTD       5.50   09/19/17    SGD      70.00
INDO INFRASTRUCTURE GROU      2.00   07/30/10    USD       1.00
INTERNATIONAL HEALTHWAY       7.00   04/27/17    SGD      71.38
INTERNATIONAL HEALTHWAY       6.00   02/06/18    SGD      72.63
NEPTUNE ORIENT LINES LTD      4.40   06/22/21    SGD      69.75
NEPTUNE ORIENT LINES LTD      4.65   09/09/20    SGD      73.50
ORO NEGRO DRILLING PTE L      7.50   01/24/19    USD      65.00
OSA GOLIATH PTE LTD          12.00   10/09/18    USD      62.63
PACIFIC INTERNATIONAL LI      7.25   11/16/18    SGD      72.38
PACIFIC RADIANCE LTD          4.30   08/29/18    SGD      45.00
RICKMERS MARITIME             8.45   05/15/17    SGD      21.25
SWIBER CAPITAL PTE LTD        6.25   10/30/17    SGD       9.63
SWIBER CAPITAL PTE LTD        6.50   08/02/18    SGD      10.88
SWIBER HOLDINGS LTD           5.55   10/10/16    SGD       5.00
SWIBER HOLDINGS LTD           7.75   09/18/17    CNY       6.50
SWIBER HOLDINGS LTD           7.13   04/18/17    SGD      11.13
TRIKOMSEL PTE LTD             5.25   05/10/16    SGD      17.63
TRIKOMSEL PTE LTD             7.88   06/05/17    SGD      18.00


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 C      1.00   10/10/25    USD      57.82
DEBT AND ASSET TRADING C      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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