/raid1/www/Hosts/bankrupt/TCRAP_Public/170221.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 21, 2017, Vol. 20, No. 37

                            Headlines


A U S T R A L I A

BLUE SEA: First Creditors' Meeting Set for March 1
NATIONAL DAIRY: Administrators May Pursue Owner for AUD4.3 Mil.
PERPETUAL CORP. 2017-1: Moody's Assigns Ba1 Rating to E Notes
SWITCHGEAR COMMISSIONING: First Creditors' Meeting Set March 1


C H I N A

XINHU ZHONGBAO: Fitch Publishes LT Foreign Currency IDRs at B
XINHU ZHONGBAO: Moody's Assigns B2 Corporate Family Rating
XINHU ZHONGBAO: S&P Assigns 'B' CCR; Outlook Stable


I N D I A

AMIT RICE: CRISIL Assigns 'B' Rating to INR4.5MM Cash Loan
BADDI INFRASTRUCTURE: Ind-Ra Assigns 'B-' Long-Term Issuer Rating
BANSAL LUMBERS: CRISIL Assigns B+ Rating to INR2MM Cash Loan
BAT AND BALL: CARE Assigns 'CARE KTP B-' Tourism Rating
BLUEZONE VITRIFIED: CRISIL Ups Rating on INR31.7MM Loan to B+

CAPITAL CABLES: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
CREATIVE CLOTHEX: Ind-Ra Assigns 'D' Long-Term Issuer Rating
E VAIDYA: CARE Assigns 'B' Rating to INR7.25cr LT Bank Loan
ELROY MOTORS: CRISIL Raises Rating on INR16MM Loan From B+
GANESH SPONGE: Ind-Ra Assigns 'D' Long-Term Issuer Rating

GCRG MEMORIAL: Ind-Ra Assigns BB+ Rating on INR105.8MM Term Loan
HARSO STEELS: CARE Assigns 'B' Rating to INR14.82cr Loan
HRA SALES: Ind-Ra Assigns 'B-' Long-Term Issuer Rating
INTERNATIONAL COIL: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
JAIPRAKASH POWER: JSW Energy Buyout Stuck as Lenders Invoke SDR

KBK CHEM: CARE Assigns B- Rating to INR15cr LT Bank Loan
KHANDELWAL STEEL: CRISIL Reaffirms B+ Rating on INR3.3MM Loan
KHUSHIYA INDUSTRIES: CARE Hikes Rating INR20.80cr LT Loan to BB-
KISAN PROTEINS: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
MAA PADMAWATI: CRISIL Lowers Rating on INR11.1MM Loan to 'D'

MANDAKINI TRAVEL: CARE Revises Rating on INR4.62cr Loan to 'B'
MINERVA POULTRY: CARE Reaffirms B Rating on INR4.91cr LT Loan
P & Y ENTERPRISES: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
PRAKRUTI LIFE: CRISIL Reaffirms B- Rating on INR7MM LT Loan
S S M FOUNDATION: CRISIL Assigns 'D' Rating to INR4.4MM LT Loan

SHIVA ENERGY: CRISIL Reaffirms 'B' Rating on INR14.9MM LT Loan
SILVERSHINE CORP: CARE Assigns B+ Rating to INR4.43cr Bank Loan
SPECIFIC ALLOYS: CARE Assigns B+ Rating to INR7.50cr LT Loan
SRI VENKATA: CRISIL Assigns 'B' Rating to INR10MM Cash Loan
STARCHEM POLYTRADE: CARE Assigns B+ Rating to INR27.75cr Loan

SUMETCO ALLOYS: CARE Assigns B+ Rating to INR10cr LT Bank Loan
SUN STEEL: Ind-Ra Lowers Long-Term Issuer Rating to 'B+'
SV POWER: Ind-Ra Assigns BB- Rating to INR200MM Fund-Based Limit
UNITED TRADE: CRISIL Reaffirms B+ Rating on INR4MM Cash Loan
VIJENDRA PRATAP: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating

Z FASHIONS: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan


J A P A N

TOSHIBA CORP: Wants to Sell Off Chip Business with No Job Losses
TOSHIBA CORP: U.S. Unit Workers Pressured to Understate Losses


M A L A Y S I A

PRIME GLOBAL: Incurs US$912K Net Loss in Fiscal 2016


M O N G O L I A

MONGOLIA: Reaches AUD5.5 Billion Economic Program with IMF
MONGOLIA: Fitch Affirms Long-Term IDRs at 'B-'; Stable Outlook


S O U T H  K O R E A

* SOUTH KOREA: Banks' Exposure to Major Shipbuilders Sharply Down


X X X X X X X X

* BOND PRICING: For the Week Feb. 13 to Feb. 17, 2017


                            - - - - -


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


BLUE SEA: First Creditors' Meeting Set for March 1
--------------------------------------------------
A first meeting of the creditors in the proceedings of Blue Sea
Cranes Pty Ltd will be held at the offices of Hall Chadwick,
Level 1, Paspalis Business Centre, 48-50 Smith Street, in
Darwin, NT, on March 1, 2017, at 10:00 a.m.

Kathleen Vouris, Cameron Shaw and Richard Albarran of Hall
Chadwick were appointed as administrators of Blue Sea on Feb. 17,
2017.


NATIONAL DAIRY: Administrators May Pursue Owner for AUD4.3 Mil.
---------------------------------------------------------------
Peter Hemphill at The Weekly Times reports that National Dairy
Products' administrators may pursue the milk company's owner Tony
Esposito for AUD4.3 million in "voidable transactions" if it is
forced into liquidation this week.

The Weekly Times relates that in a report sent to creditors last
week, NDP administrators Glen Kanevsky and Salvatore Algeri, of
Deloitte, identified AUD4,343,339 in voidable transactions that
could be recovered from Mr. Esposito -- but only if the company
was placed in liquidation.

According to the Weekly Times, the administrators recommend to
creditors that NDP be wound up, given that Mr. Esposito and
director partner Violetta Esposito have withdrawn the Deed of
Company Arrangement that would have seen creditors get AUD521,000
to settle debts of up to AUD17.8 million.

Mr. Kanevsky and Mr. Algeri said no other DoCA had been proposed
and they did not expect another to be offered prior to Feb. 15
meeting, the Weekly Times relays.

The report to creditors identified "optimistic" and "pessimistic"
scenarios in the recovery of money to creditors if NDP is wound
up, the Weekly Time reports.

Aside from the AUD4.3 million in voidable transactions under an
"optimistic" scenario, the administrators identify the potential
to recoup AUD750,000 in associated costs from the Espositos, but
it could cost up as much as AUD1.74 million to pursue the action,
the Weekly Times says.

Under the Corporations Act 2001, voidable transactions include
unfair preference payments, uncommercial transactions, unfair
loans to a company, arrangements to avoid employee entitlements,
unreasonable director-related transactions, transactions with the
purpose of defeating creditors and voidable security interests,
the report relays.

Under a pessimistic scenario, Mr. Kanevsky and Mr. Algeri
identify a potential balance of funds recouped under liquidation
of slightly more than AUD3 million, according to the Weekly
Times.

Creditors are scheduled to meeting at Deloitte's Melbourne office
at 11:00 a.m. on Feb. 22.

The creditors meeting is a resumption of the session adjourned on
December 21 last year, adds the Weekly Times.

                        About National Dairy

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

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


PERPETUAL CORP. 2017-1: Moody's Assigns Ba1 Rating to E Notes
-------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to
notes issued by Perpetual Corporate Trust Limited in its capacity
as the trustee of the Flexi ABS Trust 2017-1.

Issuer: Flexi ABS Trust 2017-1

-- AUD 92.00 million A1 Notes, Assigned P-1 (sf)

-- AUD 63.37 million A2 Notes, Assigned Aaa (sf)

-- AUD 50.00 million A2-G Notes, Assigned Aaa (sf)

-- AUD 13.51 million B Notes, Assigned Aa2 (sf)

-- AUD 15.63 million C Notes, Assigned A2 (sf)

-- AUD 10.60 million D Notes, Assigned Baa2 (sf)

-- AUD 6.64 million E Notes, Assigned Ba1 (sf)

The AUD 13.25 million F Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.

The transaction is a cash securitisation of a portfolio of
Australian unsecured, retail, 'no interest ever' payment plans,
originated by Certegy Ezi-Pay Pty Ltd ("Certegy"), a subsidiary
of FlexiGroup Ltd ("FlexiGroup").

This is FlexiGroup's seventh term-securitisation of Certegy
assets.

RATINGS RATIONALE

The ratings take into account, among other factors, evaluation of
the underlying receivables and their expected performance, the
evaluation of the capital structure, the availability of excess
spread over the life of the transaction, the liquidity reserve in
the amount of 1.50% of the note balance, the interest rate swaps
provided by Commonwealth Bank of Australia ('CBA', Aa2/P-
1/Aa1(cr)/P-1(cr)) and National Australia Bank Limited ('NAB',
Aa2/P-1/Aa1(cr)/P-1(cr)), the experience of Flexirent Capital Pty
Limited as servicer and the back-up servicing arrangements with
Dun & Bradstreet (Australia) Pty Limited.

Initially, Class A notes (which include Class A1, Class A2 and
A2-G), Class B, Class C, Class D and Class E notes benefit from
22.5%, 17.4%, 11.5%, 7.5% and 5.0% of note subordination,
respectively. The notes will be repaid on a sequential basis
until the later of: (1) repayment of the Class A1 short-term
tranche, and (2) increase in the subordination to Class A notes
to 25% from 22.5%.

The notes will also be repaid on a sequential basis if there are
any unreimbursed charge-offs or the pool amortises to below 10%
of the original balance. At all other times, the structure will
follow a pro-rata repayment profile (assuming pro-rata conditions
are still satisfied).

The transaction features a short term P-1 (sf) rated tranche,
with a legal final maturity of 12 months from issuance. The
tranche represents 34.7% of the total issuance. Key factors
supporting the P-1 (sf) rating include:

- Principal cashflows -- which will be allocated to the short-
term tranche in priority to other tranches until it is fully
repaid -- will be sufficient to amortise the tranche within the
12-month period. The amortisation is tested with no prepayment
and assuming a P-1-commensurate level of defaults and
delinquencies occurring during the amortisation period.

- The corporate administration and insolvency regime in Australia
and the hot back-up servicing arrangements with Dun & Bradstreet
(Australia) Pty Limited mitigate the risk of a prolonged servicer
disruption. Dun & Bradstreet (Australia) Pty Limited carries out
servicing in parallel with Certegy, providing near 'hot' levels
of support and mitigating risks of a prolonged servicing
disruption.

These two factors are relevant in the context of assigning the
P-1 (sf) rating because FlexiGroup and Certegy are unrated.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a mean default rate of 2.80%,
coefficient of variation (CoV) of 60.0% and a recovery rate of
0.0%. Moody's assumed mean default rate is stressed compared to
the historical levels of 2.38%. The stress addresses lack of
economic stress during the historical data period (2004-2016).

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in
September 2015.

Factors That Would Lead to an Upgrade or Downgrade of the
Ratings:

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse
performance than Moody's expects include poor servicing, error on
the part of transaction parties, a deterioration in credit
quality of transaction counterparties, lack of transactional
governance and fraud.

Moody's Parameter Sensitivities

If the default rate rises to 4% (1.4 times Moody's assumption of
2.8%) then the model-indicated rating for the Class A2 Notes
drops two notches to Aa2. Similarly, the model-indicated rating
for the Class B Notes, Class C Notes, Class D Notes and E Notes
drop four, three, three and three notches to A3, Baa2, Ba2 and B1
respectively under this scenario.


SWITCHGEAR COMMISSIONING: First Creditors' Meeting Set March 1
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Switchgear
Commissioning & Maintenance Engineers Pty Ltd will be held at
Level 3, 95 Macquarie Street, in Parramatta, NSW, on March 1,
2017, at 11:00 a.m.

Suelen McCallum and Riad Tayeh of de Vries Tayeh were appointed
as administrators of Switchgear Commissioning on Feb. 17, 2017.



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


XINHU ZHONGBAO: Fitch Publishes LT Foreign Currency IDRs at B
-------------------------------------------------------------
Fitch Ratings has published Xinhu Zhongbao Co., Ltd.'s Long-Term
Foreign-Currency Issuer Default Rating (IDR) of 'B'. The Outlook
on the IDR is Stable. The senior unsecured rating has also been
published at 'B', with Recovery Rating of 'RR4'.

Fitch has also assigned Xinhu (BVI) Holding Company Limited's
proposed US dollar notes a 'B(EXP)' expected rating, with a
Recovery Rating of 'RR4'. Xinhu (BVI) is a fully owned subsidiary
of Xinhu Zhongbao, which will unconditionally and irrevocably
guarantee the notes. The notes are rated at the same level as
Xinhu Zhongbao's senior unsecured debt as they will represent its
direct, unconditional, unsecured and unsubordinated obligations.
The final rating on the proposed notes is contingent upon the
receipt of documents conforming to information already received.

KEY RATING DRIVERS
High Leverage Constrains Ratings: Xinhu Zhongbao has reported
persistently high leverage of 60%-70%, as measured by net
debt/adjusted inventory, if including financial joint venture
investments. However, the high leverage is due to its 'primary
land development and secondary property development' business
model, which helps keep land costs low. This gives the company
room to deleverage by lowering pressure for new land acquisitions
or by introducing partners to its existing Shanghai projects.
Furthermore, Xinhu Zhongbao significant investment in financial
institutions means its leverage is higher than most other
homebuilders that solely focus on the property development
business.

Slower Turnover than Peers: Xinhu Zhongbao's project churn of
0.3x in 2015, as measured by contracted sales/net inventory, is
low compared with the 0.6x average of 'B' rated peers. Fitch
expects most of the primary land development costs to occur in
the next year or two, which will push up inventory levels, while
contracted sales will kick in and cover property development
costs from late 2018.

Quality Landbank: The majority of the landbank Xinhu Zhongbao has
for secondary developments are in key cities around the Yangtze
River Delta, with 25% of its sellable resources by value located
within the Shanghai inner-ring that benefits from limited supply.
This supports an increase of Xinhu Zhongbao's future average
selling prices (ASP) by more than 50% when the Shanghai projects
are launched in 2018 or 2019, from CNY11,061 per square metre in
2015.

Sales Growth and Margin Improvement: Fitch expects Xinhu
Zhongbao's high land quality to support robust contracted sales
growth and higher margins. Fitch forecasts increase in ASPs will
drive the company's gross profit margin above 30% when Shanghai
project sales are recognised in 2019, from its 2015 EBITDA margin
of 23%. However, Fitch foresee a lower EBITDA margin for 2016 and
2017 due to higher construction, land and selling, general and
administrative expenses, as the economies of scale arising from
increased sales from its better-quality projects will not kick-in
until 2018.

Financial Investments Given Credit: Xinhu Zhongbao has been
building up its portfolio of long-term equity investments in
financial institutions, mainly in Xiangcai Securities Co., Ltd.,
Shengjing Bank, Bank of Wenzhou Co Ltd and China CITIC Bank
Corporation Limited (BBB/Stable). Fitch has included these long-
term investments into Fitch leverages calculation as part of
adjusted inventories. Fitch also adjusted Xinhu Zhongbao's net
debt to include a cash credit from its marketable equity
investments. The company has constantly made large marketable
equity investments in the Chinese and Hong Kong equity markets.

DERIVATION SUMMARY
Xinhu Zhongbao's ratings are supported by its high land quality,
which will drive robust contracted sales growth and higher
margins. Its ratings are mainly constrained by high leverage.

Xinhu Zhongbao has a similar business model and contracted sales
scale to Oceanwide Holdings Co. Ltd. (B/Stable). Both companies
have slow churn as measured by contracted sales/total debt. Xinhu
Zhongbao has lower leverage, while Oceanwide has a stronger
EBITDA margin and higher equity investment in financial
institutions.

Xinhu Zhongbao has a larger and better-quality landbank compared
with Chinese property peers rated at 'B-', such as Jingrui
Holdings Limited (B-/Negative) and Sunshine 100 China Holdings
Ltd (B-/Negative).

KEY ASSUMPTIONS
Fitch's key assumptions within Fitch ratings case for the issuer
include:
- No new land acquisitions in 2017 or 2018 and limited new land
   acquisition thereafter.
- Contracted sales gross floor area increasing by 20% in
   2016/2017, then slowing once sales from the new Shanghai
   projects begin in 2018/2019.
- A mild increase in ASPs in 2016/2017, then jumping up in
   2018/2019 as the contribution of contracted sales from
   Shanghai increases.
- A 90% property contracted sales cash collection ratio.
- A lower EBITDA margin in 2016/2017 due to higher construction
   and land costs, followed by a margin rebound in 2018 when
   better-quality projects are recognised.

RATING SENSITIVITIES
Negative: Developments that may, individually or collectively,
lead to negative rating action include:
- contracted sales/net inventory sustained below 0.3x or
   contracted sales sustained below CNY10bn and failing to
   support property business expansion and lower debt repayment
   capacity; and
- EBITDA margin sustained below 20%.

Positive: Developments that may, individually or collectively,
lead to positive rating action include:
- net debt/adjusted inventory, including financial joint venture
   assets, sustained below 50%;
- contracted sales/net inventory sustained above 0.5x; and
- EBITDA margin sustained above 30%.

LIQUIDITY
Xinhu Zhongbao has tight liquidity, but Fitch do not foresee a
liquidity shortage in 2017. The company's cash and marketable
securities totalled CNY20bn in 1H16 after Fitch's took a 60%
haircut to its CNY9bn marketable equity investments based on the
agency's rating methodology. Xinhu Zhongbao can cover short-term
debt of around CNY22bn plus the CNY6bn negative FCF forecast,
with support from its CNY9bn available undrawn bank facility. In
addition, the company's high quality and sufficient land reserve
provides an adequate pledge for financing if necessary.

FULL LIST OF RATING ACTIONS

Xinhu Zhongbao Co., Ltd.
Long-Term Foreign-Currency Issuer Default Rating published at
'B'; Outlook Stable
Senior unsecured rating published at 'B', with Recovery Rating of
'RR4'

Xinhu (BVI) Holding Company Limited
Senior unsecured rating assigned at 'B(EXP)', with Recovery
Rating of 'RR4'


XINHU ZHONGBAO: Moody's Assigns B2 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating to Xinhu Zhongbao Co., Ltd. and a (P)B3 senior
unsecured rating to the proposed USD notes to be issued by Xinhu
(BVI) Holding Company Limited, a subsidiary of Xinhu Zhongbao.
The proposed notes will be guaranteed by Xinhu Zhongbao.

The ratings outlook is stable.

Moody's will remove the provisional status of the notes rating
after the new notes have been issued on satisfactory terms and
conditions and registered with the relevant authorities.

The company plans to use the proceeds of the new notes for
general corporate purposes, such as refinancing existing debt and
replenishing working capital.

RATINGS RATIONALE

"Xinhu Zhongbao's B2 corporate family rating reflects the
company's good track record in sales execution on residential
properties in the Yangtze River Delta, and the higher-than-peer
average gross profit margin for its property developments," says
Franco Leung, a Moody's Vice President and Senior Credit Officer.

Xinhu Zhongbao's strong execution capability is evident in its
strong annual sales growth - which has averaged more than 40%
over the past two years - supported by well-located projects in
regions with strong property demand, as well as the diversity in
its product mix and designs. Such factors meet customer needs.

Xinhu Zhongbao generated around 89% and 83% of its contracted
sales value in 1H 2016 and 2015 respectively from the Yangtze
River Delta.

Moody's expects that this region will continue to contribute to
the majority of its sales in the coming two years, because it
represented around 77% of Xinhu Zhongbao's total land bank by
gross floor area at end-June 2016.

The company's relatively low-cost land bank - benefiting from its
legacy land bank and redevelopment projects - also contributed to
its high property development gross profit margin of around 32%-
40% in 2013-2015. Moody's expects that this margin will fall to
28%-35% over the next 18-24 months, but such a level is still
high when compared to its Chinese rated industry peers.

On the other hand, its B2 corporate family rating is constrained
by its commodity trading business, which contributed 32%-43% of
revenue in 2012-2015, but only registered a less than 1% gross
margin, and could be subject to volatile commodity prices.

Nevertheless, the risk of such volatility is partly mitigated by
the company's policy of conducting trading on a back-to-back
basis, and Moody's expectation that the significance of this
business will fall, if Xinhu Zhongbao successfully grows its
residential development business.

In addition, the company's B2 corporate family rating is
constrained by its weak financial metrics, which arise from its
debt-funded investments in various financial institutions and
other businesses.

Xinhu Zhongbao has been active in acquiring equity stakes in
financial services, as well as internet and financial technology
companies. For example, it acquired a 4.8% stake in China CITIC
Bank Corporation Limited (Baa2 stable), valued at around RMB10
billion in 2015.

As a result, debt leverage - as measured by revenue/adjusted debt
- was weak at around 25%-32% in 2013-2015, driven also by its
debt-funded strategy on land acquisitions and the capital
requirements for its redevelopment projects, as well as the long
development cycles for its property redevelopment projects.

Its interest coverage was also weak at 1.3x-1.4x over the same
period. Moody's expects that the company will continue to
demonstrate high debt leverage and revenue/debt of around 30%-33%
over the next 12-18 months, while interest coverage will trend
towards 1.6x-1.7x, which is comparable to other B2-rated Chinese
property developer peers.

The company's cash balance of around RMB14.9 billion at 30 June
2016 and operating cash flow are inadequate to cover short-term
debt of around RMB16.7 billion and estimated land payments and
relocation costs of around RMB8 billion for the 12 months to end-
June 2017.

Nonetheless, Moody's estimates that Xinhu Zhongbao had liquid
unpledged listed securities of around RMB5 billion at end-June
2016, which could become an alternative source of liquidity to
support its funding needs.

Moreover, Xinhu Zhongbao was one of the early issuers of onshore
bonds in 2008. At 30 September 2016, the company's debt
composition was diversified, comprising onshore bank loans (44%),
domestic bonds (31%) and other loans, including trust loans
(25%).

The (P)B3 rating of Xinhu Zhongbao's senior unsecured notes is
one notch lower than its corporate family rating, reflecting
legal subordination risk. The company has a high level of secured
borrowings, which accounted for an estimated 30% of total assets
at 30 June 2016. Moody's expects the ratio to remain above 20%
over the next 12-18 months. This situation poses legal
subordination risk to unsecured creditors at the holding company
level.

The ratings outlook is stable, reflecting Moody's expectation
that Xinhu Zhongbao will meet its contracted sales target,
successfully refinance its short-term debt, and adopt a
disciplined approach in land acquisitions and financial
investments.

Upgrade ratings pressure could emerge, if Xinhu Zhongbao improves
its credit metrics.

Credit metrics that indicate upgrade pressure include: (1)
EBIT/interest coverage above 2.0x-2.5x; and (2) revenue/adjusted
debt above 60%-65% on a sustained basis.

The ratings could be downgraded, if there is any deterioration in
Xinhu Zhongbao's credit metrics, contracted sales, revenues
growth, or liquidity position.

Credit metrics that could trigger a downgrade include: (1)
adjusted EBIT/gross interest below 1.25x-1.50x; or (2)
cash/short-term debt below 1.0x on a sustained basis.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Xinhu Zhongbao Co., Ltd. was founded in 1992 and is headquartered
in Hangzhou. It commenced its first residential property project
in Wenzhou, Zhejiang Province, in early 1990. Its operations are
mainly focused on residential property development. In addition,
it invests in financial services, internet and information-
related companies, and is engaged in commodity trading.


XINHU ZHONGBAO: S&P Assigns 'B' CCR; Outlook Stable
---------------------------------------------------
S&P Global Ratings said it assigned its 'B' long-term corporate
credit rating to Xinhu Zhongbao Co. Ltd.  The outlook is stable.
S&P also assigned its 'cnBB-' long-term Greater China regional
scale rating to the China-based property developer.

At the same time, S&P assigned its foreign currency 'B-' long-
term issue rating and 'cnB+' long-term Greater China regional
scale rating to a proposed issue of U.S. dollar-denominated
senior unsecured notes by Xinhu (BVI) Holding Co. Ltd., a
subsidiary of Xinhu Zhongbao Co. Ltd.  The parent unconditionally
and irrevocably guarantees the notes.  The rating on the proposed
notes is subject to S&P's review of the final issuance
documentation.

"The rating reflects our view that Xinhu Zhongbao has high
financial leverage, a long project execution cycle, and a small
albeit gradually growing operating scale.  Nevertheless, these
weaknesses are tempered by the company's large financial
investment portfolio, which could provide additional financial
flexibility if needed," said S&P Global Ratings credit analyst
Dennis Lee.

In addition, the company's high-quality land reserves in Shanghai
underpin future growth.

In S&P's view, Xinhu Zhongbao's high leverage is attributable to
its slow sales execution, long development cycle in its urban
redevelopment projects in Shanghai, and a substantial amount of
financial investments, which have tied up capital.  S&P expects
Xinhu Zhongbao will accelerate its contracted sales, control land
acquisitions, and prudently manage the expansion in financial
investments in the next two years.  In S&P's base case, it
forecasts EBITDA interest coverage will increase to about 1.0x in
2016 and 2017, from 0.83x in 2015, while the debt-to-EBITDA ratio
remained at about 15x in 2016 and will improve to 13x in 2017.

S&P expects the developer's contracted sales reached Chinese
renminbi (RMB) 15 billion-RMB16 billion in 2016, and will grow a
further 10% in 2017, compared with RMB10.5 billion in 2015.  The
material increase in 2016 is driven by improved market
conditions, price surges in higher-tier cities, and the company's
new project launch in the inner ring of Shanghai.  For 2017, S&P
expects contracted sales will be mainly supported by projects in
the Zhejiang and Jiangsu provinces, as new phases of its
developments in Shanghai are unlikely to be launched before 2018.

Xinhu Zhongbao's large and high-quality land reserves in Shanghai
support its credit profile.  The company currently has five urban
redevelopment (UR) projects in the inner ring of Shanghai, with a
total construction area of more than 1 million square meters
(sqm).  S&P believes these projects will support sales growth and
margins in the next few years.

However, three of the UR projects were acquired in the past two
years, and considering the relocation process usually takes more
than two years, the sales and revenue contributions of new
projects are unlikely in the next one to two years.  Relocations
for the two existing projects are nearly complete, and
construction of the new phases will start in 2017 with sales
commencing in 2018.  Xinhu Zhongbao had total land reserves of
about 12 million sqm as of June 30, 2016, which are in Shanghai
and spread over various cities in Zhejiang and Jiangsu provinces.

Xinhu Zhongbao will likely continue to expand its equities
investments in a disciplined manner, with net spending of
RMB2 billion per year.  As of Sept. 30, 2016, the company had
available-for-sale securities and long-term investments of
RMB18.1 billion, consisting mainly of minority shareholdings in
finance-related listed and private companies.

S&P do not anticipate the company will invest aggressively in
financial-related holdings or acquire controlling interests in
non-property related companies, resulting in a further
significant increase in financial leverage.  S&P expects Xinhu
Zhongbao to maintain a flexible approach to its investments,
which includes a willingness to dispose of assets and repay debt
to improve its financial leverage if needed.

In S&P's view, the high proportion of short-term borrowings
weakens the company's liquidity and capital structure.  As of
Sept. 30, 2016, Xinhu Zhongbao had short-term borrowings of
RMB13.17 billion, which made up about 26% of its total debt.
Some of this short-term debt included trust financings and
borrowings from asset management companies.  The borrowings from
trust and asset management companies accounted for RMB12.6
billion, or 25.1% of its total debt.  The debt-mix risk is
partially tempered by the company's adequate cash balances,
growing contracted sales, and financial investment portfolio.

Xinhu Zhongbao has a trading segment which generated about
RMB4 billion of revenue in the past two years.  The trade flows
are fully back-to-back and the company carries no inventory,
price or counterparty risk.  In 2011-2015, the segment's gross
margin ranged from 0.1%-0.4%.  This business does not affect
S&P's assessment of the company's credit profile given its low
risk, pass-through nature.

The rating of the guaranteed notes is one notch lower than the
long-term corporate credit rating on Xinhu Zhongbao to reflect
structural subordination risk.  Xinhu Zhongbao intends to use the
proceeds for general corporate purposes.

The stable outlook reflects S&P's view that Xinhu Zhongbao will
continue to operate under high leverage while steadily increasing
contracted sales in the coming 12 months.  S&P expects the
company to maintain large financial investments but to limit the
expansion of its non-property-development sectors.  S&P also
anticipates that Xinhu Zhongbao could rely on its cash on hand,
growing contracted sales, liquid investments, and other
borrowings to fulfill its relatively high short-term borrowings.
In S&P's base case, it forecasts that EBITDA interest coverage
will improve to about 1.0x in 2016 and slightly over 1.0x in
2017.

S&P could lower the rating if Xinhu Zhongbao's leverage increases
due to slow project execution or aggressive expansion, such that
its EBITDA coverage ratio does not improve to 1.0x in the next
12-18 months.  S&P could also lower the rating if it believes
that Xinhu Zhongbao is experiencing any difficulties in
refinancing its short-term borrowings.

An upside scenario is unlikely in the coming 12 months.
Nevertheless, S&P may consider raising the rating if Xinhu
Zhongbao's leverage and interest coverage substantially improve.
This could happen if contracted sales materially exceed S&P's
forecast, or the company sells a substantial portion of its
financial investments for debt repayment.



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


AMIT RICE: CRISIL Assigns 'B' Rating to INR4.5MM Cash Loan
----------------------------------------------------------
CRISIL has assigned 'CRISIL B/Stable' rating to the long-term
bank facilities of Amit Rice and Gen. Mills.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              2.6        CRISIL B/Stable
   Cash Credit            4.5        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     0.9        CRISIL B/Stable

The ratings reflect ARGM's modest scale and working capital
intensive operations in the highly fragmented agro industry. The
ratings also factor in a below-average financial risk profile,
with an average capital structure and subdued debt protection
metrics. These weaknesses are partially offset by the extensive
experience of proprietor in the agro industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: Scale is small as indicated by
modest revenues of INR4.7 crore in fiscal 2016. While scale is
expected to improve substantially during fiscal 2017, it would
continue to constrain the business risk profile over the medium
term.

* Below-average financial risk profile: Weak debt protection
metrics (with low interest coverage ratio of 2 times in fiscal
2016) and moderately high gearing (1.09 times as on March 31,
2016) reflect a below-average financial risk profile.

* Large working capital requirement: Sizeable gross current
assets of 318 days as on March 31, 2016, driven by large
inventory of 246 days and debtors of 111 days, reflect working
capital-intensive operations.

Strength
* Extensive experience of proprietor: Over his decade-long
experience, the promoter established longstanding relationships
with customers and suppliers. Benefits derived from his
experience will continue to support the business.
Outlook: Stable

CRISIL believes ARGM will continue to benefit over the medium
term from the promoter's experience. The outlook may be revised
to 'Positive' 'Positive' in case of a significant increase in
revenue while profitability is maintained, leading to higher cash
accrual and hence, a better financial risk profile. Conversely,
the outlook may be revised to 'Negative' if large, debt-funded
expansions, sharp decline in revenue and profitability, or
sizeable capital withdrawal weaken financial risk profile.

Set up in 2005 and promoted by Mr. Amit Gupta, Karnal-based ARGM
mills and sells basmati and non-basmati rice.

Profit after tax was INR0.1 crore on net sales of INR3.9 crore in
fiscal 2016, against INR0.1 crore and INR11 crore, respectively,
in fiscal 2015.


BADDI INFRASTRUCTURE: Ind-Ra Assigns 'B-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Baddi
Infrastructure (BADDI) a Long-Term Issuer Rating of 'IND B-'.
The Outlook is Stable.  Instrument-wise rating action is:

   -- INR52 mil. Term loan assigned IND B-/Stable rating

                         KEY RATING DRIVERS

The ratings reflect BADDI's limited operational track record
since it commenced operations from September 2015.  The ratings
further factor in the expected small scale of operations of INR20
million-30 million in FY17, with weak interest coverage
(operating EBITDA/gross interest expense) of 1.3x-1.5x and net
leverage (total adjusted net debt/operating EBITDA) of 4x-5x.

However, the ratings are supported by the promoters' more than
two decades of experience in the same line of business.

                       RATING SENSITIVITIES

Positive: A sustained improvement in the overall revenue and
profitability, leading to an improvement in the credit metrics
will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2010 as a special purpose vehicle of BBN
Industries Association and BBN Development Authority, BADDI
implements projects sanctioned under the government's recast
industrial infrastructure scheme.  The projects currently
undertaken by the company are Common Effluent Treatment Plant at
village Kenduwal, Baddi and Baddi Technical Training Institute -
Private ITI at Jharmajri, Baddi.


BANSAL LUMBERS: CRISIL Assigns B+ Rating to INR2MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Bansal Lumbers Private Limited.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Working Capital
   Demand Loan             1          CRISIL B+/Stable
   Cash Credit             2          CRISIL B+/Stable
   Import Letter of
   Credit Limit           12          CRISIL A4

The rating reflects below-average financial risk profile marked
by high total outside liabilities to total net worth (TOLTNW) and
modest scale of operations in intensely competitive timber
trading industry. These rating weakness are partially offset by
promoter's extensive experience in the timber trading business.
Analytical Approach

CRISIL has treated unsecured loans of INR1.91 crores as neither
debt nor equity as these are extended to the company by promoters
and are expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description
Weaknesses
* Below-average financial risk profile: The financial risk
profile is below average, with high total outside liabilities to
tangible networth ratio of 3.82 times and weak debt protection
metrics, with interest cover and net cash accrual to total debt
ratios of 1.67 times and 0.09 time, respectively, in fiscal 2016.

* Modest scale of operations and susceptibility to intense
competition: The scale of operations is modest, with operating
income of INR34.2 crore in fiscal 2016. BLPL operates in an
industry wherein entry barriers are low due to small capital
requirement; this has resulted in the presence of many
unorganised players in the timber industry, leading to intense
competition, modest scale and low profitability.

Strength
* Promoters' extensive experience in timber trading: The
promoters have been engaged in a timber trading since more than a
decade and have significantly enhanced BLPL's reach in the
domestic market.
Outlook: Stable

CRISIL believes BLPL will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' in case of a substantial improvement in
scale of operations and increase in cash accrual or in case of
improvement in the capital structure led by equity infusion.
Conversely, the outlook may be revised to 'Negative' if any
large, debt-funded capital expenditure, or a steep decline in
profitability or scale of operations leads to deterioration in
the financial risk profile.

BLPL, incorporated in 2003, processes and trades in timber. The
company, located in Delhi, is promoted by Mr. Ashish Bansal and
Mr. Mangat Rai Bansal.

BLPL's profit after tax (PAT) was INR24 lakh on net sales of
INR34.28 crore for fiscal 2016, vis-a -vis INR15 lakh and
INR23.17 crore, respectively, for fiscal 2015.

Status of non-cooperation with previous CRA: BLPL has not
cooperated with ICRA Limited, which has suspended its rating vide
release dated July 26, 2016. The reason provided by ICRA Limited
is absence of the requisite information from the company.


BAT AND BALL: CARE Assigns 'CARE KTP B-' Tourism Rating
-------------------------------------------------------
The tourism rating assigned to Bat and Ball derives strength from
favorable location with regards to accessibility as well as
proximity to tourist destinations in and around Coorg,
infrastructure facilities with adequate safety and security
features and compliance with various statutory requirements.

   Karnataka Tourism
   Product - Homestay     CARE KTP B-  Assigned

The rating is however constrained by limited track record of
operations, seasonality risk associated with the industry and
competition from established homestays in the vicinity. Going
forward, improvement in quality of services offered would be the
key rating sensitivity.

Bat and Ball (BAB) was established in 2016 by Mr. A E Venu
Uthappa. BAB is located at Rove Estate, Nacor Gram, Suntikoppa,
Kodagu District; Karnataka. The homestay is located within an
estate spread across more than 70 acres, comprising of coffee and
pepper plantations. The promoters reside in their bungalow, right
opposite to BAB. The home stay has four semi-furnished rooms with
attached bathrooms fitted with western commode & 24*7 cold/hot
water supply, TV, Air-Conditioners, telephone with intercom
facility, wardrobes and Wi-Fi. BAB also has a common dining area
and fully equipped kitchen with water purifier, refrigerator,
microwave and utensils.


BLUEZONE VITRIFIED: CRISIL Ups Rating on INR31.7MM Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Bluezone Vitrified Private Limited to 'CRISIL B+/Stable' from
'CRISIL B/Stable' while reaffirming its short term rating at
'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          4.5       CRISIL A4 (Reaffirmed)

   Cash Credit             8.0       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Term Loan              31.7       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects the quick stabilization of BVPL's operations
within a short span of time and moderate operating margins. The
company is estimated to report revenues of INR70 crores and
operating margins of 12.0 per cent in fiscal 2017, its first year
of operations, post commencement of operations in March 2016.
Furthermore, financial risk profile is expected to remain average
marked by high gearing of 2.5 times and moderate debt protection
metric with interest coverage of 1.69 times and net cash accruals
to total debt of 0.06 times for fiscal 2017. Sufficient net cash
accrual of around INR2.65 crore and INR4.06 crore in FY17 and
FY18 against debt obligations of around INR1.5 crore and INR3.6
crore, respectively, are expected to support working capital
requirement along with moderate bank limit utilisation.

The ratings continue to reflect the working capital intensive
operations and average financial risk profile. These rating
weaknesses are partially offset by quick stabilization in
operations driven by extensive experience of the company's
promoters in the ceramic industry and strategic location of its
plant at Morbi, Gujarat which ensures availability of raw
materials and labour.

Key Rating Drivers & Detailed Description
Weaknesses
* Working-capital-intensive operations: Working capital
requirement will be sizeable, with gross current assets of 90-100
days, mainly because of large receivables and inventory.
Inventory is expected at 40-50 days, in line with industry
practice. Credit from suppliers should, however, help ease some
of the pressure on working capital.

* Average financial risk profile: Financial risk profile may
remain average, with high gearing of 2.5 times as on March 31,
2016. Debt protection metrics should be moderate, with interest
coverage of 1.69 times and net cash accruals to total debt of
0.06 time in fiscal 2017.

Strengths
* Extensive experience of promoters in the ceramic industry:
Benefits from the promoters' experience of around a decade, and
healthy relationships with dealers should continue to support
business risk profile. Prior to setting up LGL, the promoters
were in the vitrified and wall tiles industry through associate
entities.

* Strategic location ensuring availability of raw materials and
labour: The manufacturing facilities are in Morbi, which accounts
for 65-70% of India's ceramic tile production. Benefits of
presence in Morbi include easy access to clay (main raw material)
and to contractors and skilled labourers. Other critical
infrastructure such as gas and power are also readily available.
Transportation cost is low, because of proximity to the major
ports of Kandla and Mundra.
Outlook: Stable

CRISIL believes BVPL will continue to benefit over the medium
term from the promoters' extensive experience. The outlook may be
revised to 'Positive' if revenue, profitability and cash accrual
improve substantially, while working capital requirements
continue to be managed efficiently. Conversely, the outlook may
be revised to 'Negative' if low revenue, operating profitability,
or cash accrual in the initial phase of operations result in
pressure on financial risk profile and liquidity.

Incorporated in May 2014, BVPL is a Morbi-based company
manufacturing vitrified tiles. Commercial operations started in
March 2016.


CAPITAL CABLES: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Capital Cables
India Private Limited (CCIPL) a Long-Term Issuer Rating of
'IND BB-'.  The Outlook is Stable.  Instrument-wise rating action
is given:

   -- INR100 mil. Fund-based working capital limits assigned
      IND BB-/Stable/IND A4+ rating

                         KEY RATING DRIVERS

The ratings reflect CCIPL's small scale of operations and weak
credit metrics.  Revenue was INR403.6 million in FY16 (FY15:
INR360 million), interest coverage (operating EBITDA/gross
interest expense) was 1.51x (1.23x) and net leverage (total
adjusted net debt/operating EBITDA) was 6.71x (7.95x).  The
ratings are constrained by CCIPL's presence in the highly
fragmented and intensely competitive non-ferrous industry.

The ratings, however, are supported by CCIPL's stable EBITDA
margins of 4.20% in FY16 (FY15: 4.39%) and comfortable liquidity
profile as reflected by around 70% average utilization of its
fund-based limits for the 12 months ended December 2016.  The
ratings are further supported by CCIPL's established track record
of more than two decades in trading of cable wires, switch gears,
etc., and established relationship with its majority of its
customers thereby resulting in comfortable payment terms for the
company.

                         RATING SENSITIVITIES

Negative: Deterioration in credit metrics could adversely affect
the ratings.

Positive: Significant improvement in topline and/or
diversification of business leading to a significant improvement
in the topline while improving current credit profile could be
positive for the ratings.

COMPANY PROFILE

CCIPL was incorporated in 1981 and is engaged in trading of cable
wires, switch gears, etc.  The entity is promoted by Mr. Randeep
Singh Dhingra and has its registered office at Chandni Chowk, New
Delhi.


CREATIVE CLOTHEX: Ind-Ra Assigns 'D' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Creative Clothex
(CRCL) a Long-Term Issuer Rating of 'IND D'.  The instrument-wise
rating actions are:

   -- INR30 mil. Fund-based working capital limits assigned Long
      term IND D rating;

   -- INR4.5 mil. Non-fund-based limits assigned Short term IND D
      Rating;

   -- INR19 mil. Term loan assigned Long term IND D rating

                        KEY RATING DRIVERS

The rating reflects a one-month delay in the quarterly repayment
of interest and principal obligations by CRCL in December 2016,
due to its tight liquidity position.

                       RATING SENSITIVITIES

Positive: The rating could be upgraded if term loan interest and
principal obligations are timely paid for at least one quarter.

COMPANY PROFILE

Incorporated on 1997, CRCL is a Noida-based proprietorship firm
engaged in manufacturing of knitted and woven garments such as
sportswear and casual wear for men, women (shorts, jackets, Track
Suits, Track Pants, T-shirts etc).

The firm supplies the readymade garments within India and has
long standing relationship with some of the established and
renowned brands such as Addidas, Reliance, Aditya Birla, Asics
and Rebook.


E VAIDYA: CARE Assigns 'B' Rating to INR7.25cr LT Bank Loan
-----------------------------------------------------------
The ratings assigned to the bank facilities of E Vaidya Private
Limited are constrained by its small scale of operations with net
losses incurred during the review period, the ongoing project
along with operations stabilization risk, high competition and
fragment nature of the healthcare industry.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            7.25        CARE B; Stable Assigned

   Short-term Bank
   Facilities            2.15        CARE A4 Assigned

The ratings, however, derive strength from experience of the
promoters in healthcare industry, financial and operational
support from state governments of Andhra Pradesh and Telangana
and innovative approach to healthcare services.

Going forward, the company's ability to increase scale of
operations, achieve net profit and generate higher cash accruals
and efficiently managing its working capital requirements will be
the key rating sensitivities.

Detailed description of the key rating drivers

EVPL has small scale of operations with total operating income at
INR2.24 crore in FY16 (refers to the period April 1 to March 31)
compared with INR0.59 crore in FY15 also the company incurred
losses in the initial years of operations on account of higher
employee cost. EVPL has a project to set up 193 primary health
care centres in the States of Andhra Pradesh and Telangana. 31
centres are set-up in Andhra Pradesh and Telangana funded through
promoter's equity and unsecured loans. The company has to set up
another 162 centers for which the loans are yet to be tied up
from the bank.

EVPL faces competition from both established as well as private
clinics operating in an industry. The healthcare industry is
dominated by solo practice clinics and small nursing homes mostly
run by entrepreneur doctors forming large majority of private
hospitals, whereas large corporate hospitals account for the
remaining.

The promoters are well-experienced entrepreneurs and are
resourceful. The promoters are infusing equity share capital
year-on-year to manage business operations.

The Governments of Andhra Pradesh and Telangana pay INR412,000
per centre for setting up the healthcare units and providing the
supply of medicines for the units.

The company proposes to set up its centres with digital clinic
and Dail Ur Doctor (DUD) facilities in the State of Telangana
and Andhra Pradesh.

E Vaidya Private Limited was incorporated in the year 2011 by Mr.
Srinivasa Rao Paturi along with Mr. Venkat Vallabhaneni, Mr.
Chaitanya Nallamothu and Mr. Siddharth Nallamothu. The company is
engaged in providing primary health care solutions through
advanced tele- medicine technology. The services provided are
like community health check -ups, health promotion, counseling
and support etc.

The Government of Andhra Pradesh passed an ordinance to implement
these products in 193 primary health centers across the state. As
pilot project, it allocated Urban Primary Health center at
Vishakhapatnam and Vijayawada to EVPL out of which 31 are
implemented and being run from December, 2016.

At present, EVPL has established a total of 31 healthcare centers
out of which 29 are in Andhra Pradesh and 2 in Telangana. The
units are set-up on property taken on lease and each unit has 12
doctors and pharmacists. The medicines for the units are supplied
by the state governments and medical equipment is purchased by
EVPL from the local stores in Hyderabad. EVPL is also providing
on-line consultancy through their website by introducing package
system where patients will be required to purchase packages for 1
month, 3 month, 6 months or 1 year.

The total cost of the project is estimated at INR8.10 crore. The
promoter's contribution would be 32.10% of the project cost ie,
around INR2.60 crore and the balance through term loan of INR5.50
crore.

EVPL is planning to extend its healthcare services and reach out
to the governments of Rajasthan and Chhattisgarh for
setting up healthcare units in that states.


ELROY MOTORS: CRISIL Raises Rating on INR16MM Loan From B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Elroy Motors Private Limited to 'CRISIL BB/Stable' from
'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              1        CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Electronic Dealer       16        CRISIL BB/Stable (Upgraded
   Financing Scheme                  from 'CRISIL B+/Stable')
   (e-DFS)

The upgrade reflects CRISIL's expectation of continued
improvement in the business risk profile of EMPL, with improved
demand likely to aid sustained growth in revenue of around 10%
and expected operating margins of over 1.8% for fiscal 2017.
Operating income stood at INR143 crore in fiscal 2016. Return on
capital employed (ROCE) is also expected to improve further to
more than 10% in fiscal 2017, as a consequence of improved
profitability and efficient working capital management. Liquidity
is also expected to remain adequate with expected net cash
accruals of over INR 90 lakhs against minimal term debt
obligation in fiscal 2017.

Key Rating Drivers & Detailed Description
Strengths
* Established market position of the principal, and sustained
growth in revenue: EMPL has reported a healthy ramp-up in sales,
on the back of Hyundai's established brand presence, mainly in
the small car segment, and the newly-launched models. New
variants along of CRETA, launched in July 2015, have witnessed
healthy demand. Also, the expected launch of variants of grand
i10, Accent, and i20 in the first or second quarter of calendar
year 2017, should support demand further.

* Funding support from promoters: Promoters have supported
liquidity by infusing equity of INR2.82 crore and INR2.9 crore in
fiscals 2016 and 2015, respectively.

Weaknesses
* Modest operating margin: Profitability remains muted, with
operating margin of 1.3% in fiscal 2016 due to the high rental
outgo, towards the showrooms. The margin is however, expected to
improve to over 1.8% in fiscal 2017 backed by increase in sales
volume and increase in sales of higher margins cars.

* High total outside liabilities to adjusted networth (TOL/ANW)
ratio: The TOL/ANW ratio was high at 5.12 times as on March 31,
2016, owing to a small networth and high working capital debt.
The nature of business is such that capex requirement is low and
bulk of debt is short-term. However, the TOL/ANW ratio is
expected to improve gradually over the medium term.
Outlook: Stable

CRISIL believes EMPL will benefit from the expected healthy sales
growth and funding support from the promoters, over the medium
term. The outlook may be revised to 'Positive' if growth in
revenue and profitability strengthens the financial risk profile
significantly. The outlook may be revised to 'Negative' if lower-
than-expected sales and profitability, or a stretch in the
working capital cycle, weakens the financial risk profile.

EMPL was incorporated in 2014 by the promoter, Mr. Ankit Yadav.
The company is an authorised dealer of passenger cars
manufactured by Hyundai Motors India Ltd. Operations commenced
from November 2014, from a showroom in Defence Colony, and a
service centre in Okhla (both in New Delhi).

EMPL reported a profit after tax (PAT) of INR0.31 Crores on net
sales of INR142.68 Crores for fiscal 2016, vis-a -vis INR-1.53
Crores and INR38.02 Crores, respectively in fiscal 2015, on a
standalone basis.


GANESH SPONGE: Ind-Ra Assigns 'D' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ganesh Sponge
Private Limited (GSPL) a Long-Term Issuer Rating of 'IND D'.
Instrument-wise rating actions are:

   -- INR260 mil. Fund-based limit assigned Long-term IND D
      rating;

   -- INR116.5 mil. Term loans assigned Long-term IND D rating

                        KEY RATING DRIVERS

The ratings reflect GSPL's tight liquidity leading to delays in
debt servicing for the 12 months ended December 2016.

                      RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2004, GSPL is a manufacturer of sponge iron.  The
company is managed by Mr. S.K Dalmia.


GCRG MEMORIAL: Ind-Ra Assigns BB+ Rating on INR105.8MM Term Loan
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned GCRG Memorial
Trust's (GMT) bank loans these:

   -- INR105.8 mil. Term loan assigned IND BB+/Stable rating;

   -- INR19.5 mil. Non-fund-based limit assigned IND A4+ rating;

   -- INR240 mil. Proposed term loan* assigned Provisional
      IND BB+/Stable rating;

   -- INR19.7 mil. Proposes fund-based limit* assigned
      Provisional IND BB+/Stable rating

* The ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the proposed
facilities by GMT to the satisfaction of Ind-Ra.

                        KEY RATING DRIVERS

The ratings are constrained by a high debt burden, indicated by a
debt/current balance before interest and depreciation (CBBID) of
2.69x in FY16.  Ind-Ra expects GMT's debt/CBBID to increase in
FY17 and FY18, driven by ongoing capex. GMT expects a capex of
INR419 million (funded via debt and internal accruals) over FY17-
FY20.

The ratings are further constrained by GMT's weak liquidity
position.  In FY16, its available funds-to-operating expenditure
was 11.68% (FY15: -0.01%) and available funds-to-financial
obligations was 8.03% (-0.01%).

The ratings reflect GMT's moderate credit profile in FY16,
despite an improvement in profitability. Its top line increased
at a 45.04% CAGR to INR175.76 million over FY12-FY16.  However,
it declined to INR175.76 million in FY16 from INR184.49 million
in FY15.  Its operating margin was 35.93% in FY16 (FY15: 21.15%)
despite regulated tuition fees (FY16: up 10.25% yoy; FY15: up
4.66% yoy) and high operating costs.

However, the ratings are supported by GMT's student strength,
which increased at a CAGR of 22.05% to 2,371 over FY12-FY16.
Moreover, the trust has industry affiliation in the form of tie-
ups with various companies, which have sponsored research
laboratories established by it.

                        RATING SENSITIVITIES

Negative: Any unexpected fall in student demand, along with a
higher-than-expected rise in debt-led capex, resulting in
strained liquidity position, could trigger a negative rating
action.

Positive: A sustained rise in student enrolments leading to
higher income resulting in an improved liquidity position could
trigger a positive rating action.

COMPANY PROFILE

GMT was founded by Chairman Mr. Abhishek Yadav and his brother
Mr. Mohit Yadav (secretary) in May 2008.  It is incorporated
under the Indian Trust Act, 1882.  In 2009-10, the trust set up
GMT Group of Institutions (GGI) at Chandrika Devi Road, Bakshi Ka
Talab, Lucknow.

GMT operates seven institutes on the GGI campus, offering
undergraduate and postgraduate courses in engineering, management
and teaching, along with diplomas and polytechnic courses.
Moreover, it runs a hospital (GCRG Memorial Hospital), which
commenced operations in 2014-15, and a medical college, which
came online in 2016-17, on the campus.


HARSO STEELS: CARE Assigns 'B' Rating to INR14.82cr Loan
--------------------------------------------------------
The ratings assigned to the bank facilities of Harso Steels
Private Limited are primarily constraint by small scale of
operations coupled with thin profitability margins, leveraged
capital structure and weak debt service coverage indicators.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            14.82       CARE B; Stable Assigned

   Short-term Bank
   Facilities            11.18       CARE A4 Assigned

The ratings are further constrained by working capital intensive
nature of operations, raw material price fluctuation risk,
cyclicality associated with the steel industry and intense
competition in the industry due to low entry barriers.

The rating however draws comfort from the experienced management
along with long track record of operations of the entity.

Going forward, the ability to profitably scale up its operations
with improvement in the capital structure along with efficient
management of its working capital requirements shall be the key
rating sensitivities.

Detailed description of the key rating drivers

The company has long track record of operations with all the
directors having relevant experience of more than 15 years
which has resulted in long term relationship with customers and
suppliers. The total operating income of the company stood small
which inherently limits the company's flexibility in times of
stress and deprives it of scale benefits. Also, profitability
margins of the company stood low owing to limited value addition
given highly competitive industry. The capital structure stood
highly leveraged mainly on account of net losses in the past
which resulted in erosion of net worth base. Furthermore, HSPL
has weak debt coverage indicators on account of high debt levels
and low GCA against profitability. High working capital
requirements of the company were met largely through bank
borrowings which remained fully utilized during the past 12 month
period ending September, 2016 The company is exposed to raw
material price volatility due to volatility experienced in the
prices of steel.  Furthermore, steel is a cyclical industry which
has strong correlations with economic cycles. This emerges from
the fact that its key users like construction, etc. are highly
dependent on the health of the economy. Thus, HSPL being a
smaller player in the industry gets affected during cyclical
downturns of the industry. Moreover, HSPL operates in a highly
fragmented industry with competition from both organized and
unorganized players established in vicinity of the company.

Uttar Pradesh-based Harso Steels Private Limited was incorporated
in 1986 and started its commercial operation in 1993. The company
is currently being managed by Mr. Rakesh Kumar Bansal, Mr. Vikas
Bansal and Mr. Adesh Tyagi. HSPL is engaged in manufacturing of
steel tubes, PVC pipes, steel structure and bottom lid. HSPL has
an installed capacity to manufacture 50,000 tons of steel tubes
per annum as on March 31, 2016 and the manufacturing unit is
located at Sahibabad (Ghaziabad), Uttar Pradesh. The main raw
material is steel which the company procures mainly from Steel
Authority of India Limited. HSPL sells its products domestically
to wholesalers and construction companies. Rama Steel Tubes
Limited is group associate and engaged in manufacturing and
exporting of steel products.

For FY16 (refers to the period April 1 to March 31), HSPL
achieved a total operating income (TOI) of INR50.75 crore with
profit after tax (PAT) of and INR0.17 crore, respectively, as
against TOI of INR50.95 crore with losses of INR(8.65) crore, in
FY15. Furthermore, the company has achieved total TOI of INR40.00
crore till 7MFY17 (refers to the period April 1 to October 31,
based on provisional results).


HRA SALES: Ind-Ra Assigns 'B-' Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned HRA Sales
Private Limited a Long-Term Issuer Rating of 'IND B-'.  The
Outlook is Stable.  Instrument-wise rating actions are:

   -- INR20 mil. Fund-based working capital limits assigned
      IND B-/Stable/IND A4 rating;

   -- INR30 mil. Proposed fund-based working capital limits*
      assigned provisional IND B- /Stable/Provisional IND A4
      rating

   -- INR25 mil. Proposed non-fund-based working capital limits*
      assigned Provisional IND A4 rating;

* Provisional ratings are subject to approval by the bank.  The
company intends to increase its current scale of operations for
which additional fund and non-fund-based limits are required.

                        KEY RATING DRIVERS

The ratings are constrained by HSPL's weak credit metrics and
tight liquidity position.  EBITDA margins were 0.69% (FY15:
5.37%), interest coverage (operating EBITDA/gross interest
expense) was 0.87x (1.24x) and net leverage (total adjusted net
debt/operating EBITDA) was 11.28x (1.24x).  The company's average
use of fund-based limits over the 12 months ended December 2016
was around 110%.

However, the ratings are supported by HSPL's moderate scale of
operations.  In FY16, revenue increased to INR275.46 million
(FY15: INR78.33 million) as the company became a redistribution
stockist of Apple and Vivo products.  The ratings also factor in
the company's established track record with almost a decade-long
experience in the distributorship of electronic goods, and an
established relationship with the majority of its customers,
thereby resulting in comfortable payment terms for HSPL.

                       RATING SENSITIVITIES

Negative: A sustained decline in the credit metrics will be
negative for the ratings.

Positive: An improvement in the top line and profitability,
resulting in an improvement in the credit profile will be
positive for the ratings.

COMPANY PROFILE

Incorporated in 2007, HSPL is a registered distributor of Titan
watches, Vivo mobiles, and Apple products and its accessories.
The company is promoted by Mr. Kuldeep Agrawal and has its
registered office in Faridabad, Haryana.


INTERNATIONAL COIL: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned International
Coil Limited a Long-Term Issuer Rating of 'IND BB-'.  The Outlook
is Stable.  Instrument-wise rating action is:

   -- INR150 mil. Fund-based working capital limit assigned
      IND BB-/Stable/IND A4+ rating

                         KEY RATING DRIVERS

The ratings reflect ICL's fluctuating revenue along with volatile
operating EBITDA margins over FY13-FY16 on account of fluctuation
in demand.  Revenue stood at INR693.64 million in FY16 (FY15:
INR561.61 million) and operating EBITDA margin was 12.46%
(4.95%). The ratings further reflect weak credit metrics marked
by interest coverage ratio (operating EBITDAR/net interest
expense) of 1.33x in FY16 (FY15: 0.44) and net leverage ratio
(total adjusted net debt/operating EBITDAR) of 6.63x (20.90x).

The ratings are constrained by elongated operating cycle of 275
days during FY16 (FY15: 396 days) and tight liquidity as
reflected in 93.04% average utilization of the fund-based bank
facilities during the six months ended January 2017.

The ratings, however, are supported by ICL's long track record of
operations of more than five decades, experienced management,
reputed client base and revenue visibility for the next year on
account of healthy order book position of around INR1,500 million
as on Jan. 31, 2017.

                         RATING SENSITIVITIES

Negative: Deterioration in the overall credit metrics shall lead
to negative rating action.

Positive: A significant improvement in revenue along with
improvement its credit profile will be positive for the ratings.

COMPANY PROFILE

ICL was incorporated in 1965 as Universal Refrigeration Limited.
Over the years, the company has been consistently upgrading its
technology and products and similarly changing its name.  In
2004, the company was renamed International Coil Limited.  The
company has four business divisions, namely, air conditioning
(district energy, cooling/heating), refrigeration (cold storages
and freezing plants), heat transfer (air cooled cooling systems)
and EPC Projects (engineering project contracts).  The company
has its registered office in New Delhi.


JAIPRAKASH POWER: JSW Energy Buyout Stuck as Lenders Invoke SDR
---------------------------------------------------------------
LiveMint reports that JSW Energy Ltd's plan to buy the 500 mega-
watt (MW) Bina thermal power plant from Jaiprakash Power Ventures
Ltd may come unstuck as the latter's lenders have invoked
strategic debt restructuring (SDR), according to two people
familiar with the discussions.

LiveMint relates that the deal, which has been under discussion
since 2015 has made slow progress, the people said, requesting
anonymity.

"The deal is unlikely to happen now due to SDR in Jaiprakash
Power," one of the two cited above said. The power producer,
which is part of the debt-laden Jaypee Group, had said in July
that its lenders have recommended SDR - the second group company
after Jaiprakash Associates Ltd, where lenders recommended
invoking SDR.

Under the SDR mechanism, banks can convert a part of the debt in
a company to majority equity, taking over operational control,
LiveMint notes.

According to LiveMint, Jaiprakash Power Ventures on Feb. 18
alloted 305.8 crore equity shares to its lenders as part of debt
restructuring scheme, which would reduce the debt of INR3,058
crore.

Both JSW Energy and Jaiprakash Power Ventures did not respond to
emailed queries and subsequent requests for comments since
February 14, LiveMint notes.

LiveMint, citing agreement between the two companies, says the
deadline of the Bina plant's acquisition is set for May 31, 2017
at an enterprise value of INR2,700 crore.

Jaiprakash Associates owns 60.69% stake in Jaiprakash Power. JSW
Energy had net debt of INR12,300 crore as on Sept. 30, 2016 while
Jaiprakash Associates had a net debt of INR20,359 crore, LiveMint
discloses. The entire Jaypee Group has debt exceeding INR60,000
crore.

Jaypee Group has over the past two years been pushed by lenders
to sell assets, transfer ownership of land parcels and even hand
over the keys to the group's headquarters in Noida to pare debt,
adds LiveMint.

JPVL, a 60.69% subsidiary of Jaiprakash Associates Ltd, is
engaged in power generation business and currently has one
operational hydro power project of 400 MW (Vishnuprayag in
Uttarakhand), and two thermal power projects of having 1,820 MW
capacity (500 MW Bina and 1,320 MW Nigrie, Madhya Pradesh). JPVL
has a presence in the power transmission business through its 74%
subsidiary Jaypee Powergrid Ltd, which has set up a 214-km
transmission line. The company, through its subsidiary Prayagraj
Power Generation Ltd, has 1,980-MW thermal power project in Bara,
Uttar Pradesh, of which 660-MW capacity is operational and rest
is under implementation. JPVL has also commissioned 2 MTPA cement
grinding unit at Nigrie in June 2015.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 2, 2016, CARE revises and reaffirms the ratings assigned to
the long-term bank facilities of Jaiprakash Power Ventures Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities  12,241.53     CARE D Reaffirmed
   Long-term Bank Facilities     656.50     CARE D Revised from
                                            CARE B
   Long-term Bank Facilities   2,272.46     CARE D Revised from
                                            CARE B Removed from
                                            Credit Watch

The revision in the ratings of the bank facilities of Jaiprakash
Power Ventures Ltd (JPVL) factors in delays in debt servicing by
the company due to its weak liquidity.


KBK CHEM: CARE Assigns B- Rating to INR15cr LT Bank Loan
--------------------------------------------------------
The ratings assigned to the bank facilities of KBK Chem
Engineering Private Limited is constrained by its weak financial
profile characterised by modest scale of operations, net losses
incurred in the past three years leading to adverse net-worth,
highly leveraged capital structure and weak debt protection
metrics. The ratings are further constrained by its working
capital intensive nature of operations and presence in the highly
competitive and fragmented industry.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              15        CARE B-; Stable Assigned

   Short-term Bank
   Facilities               9        CARE A4 Assigned

The above constraints are partially offset by the experience and
resourcefulness of the promoters as well as the financial
support demonstrated by the parent company.

Ability of the company to improve its financial profile by
increasing its scale of operations and improve profitability and
capital structure along with efficient management of working
capital requirement is the key rating sensitivity.

Outlook: Stable
Detailed description of the key rating drivers

KCEPL is engaged into manufacturing of boilers used in
distilleries, breweries, sugar, chemical processing and
cogeneration plants. Its sales are primarily order backed and due
to long shelf life of products manufactured and intense
competition faced, the company's operations are low and
fluctuating leading to limited financial flexibility. Subsequent
to low scale of operations and high fixed costs borne, company
incurred net losses in the past three years leading to erosion
of its net-worth base. Furthermore, to support high working
capital intensity involved with operations reflected by high
gross current asset days its working capital limit utilization
remained high leading to weak capital structure and debt
protection metrics.

Nonetheless, KCEPL benefits from the resourcefulness of its
promoters and the financial support of the parent company
Shree Renuka Sugars Limited which has given unsecured loans to
support KCEPL's operations.

Incorporated in the year 1997 by Mr. Vijendar Singh, KBK Chem
Engineering Private Limited is engaged into manufacturing of
Machineries and EPC solutions for distilleries, bio-ethanol,
brewery, at its facility in Pune, Maharashtra which is spread
over 4000 sq. ft. and has an ASME Boiler and Pressure Vessel Code
compliant fabrication capability of 1320 ton per annum and
manufacturers specialized machinery based on its customers'
requirements.

KCEPL is a 100% subsidiary of Shree Renuka Sugars Limited (SRSL)
which is one of the largest private sector sugar manufacturers in
India with a total crushing capacity of 101520 TCD operating 7
units in India and 4 units in Brazil.

During FY16 (refers to the period April 01 to March 31), KCEPL
achieved total operating income (TOI) of INR35.46 crore (vis-a-
vis INR40.10 crore during FY15) coupled with net loss of INR16.37
crore (vis-a-vis net loss of INR7.29 crore during FY15).


KHANDELWAL STEEL: CRISIL Reaffirms B+ Rating on INR3.3MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed 'CRISIL B+/Stable/CRISIL A4' ratings on the
bank facilities of Khandelwal Steel Industries.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              8       CRISIL B+/Stable (Reaffirmed)
   Letter Of Guarantee      1       CRISIL A4 (Reaffirmed)
   Term Loan                3.3     CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect KSI's modest scale of operations
in the highly competitive steel industry, susceptibility to
volatility in raw material prices and weak financial risk
profile. These weaknesses are partially offset by the extensive
industry experience of the partners.
Analytical Approach

Unsecured loans of INR 1.5 crore from the partners have been
treated as neither debt nor equity as they are subordinated to
bank borrowings and expected to be retained in the firm.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations amid intense competition
KSI operates in the steel intermediary segment, marked by high
fragmentation, low entry barriers, leading to high competition
and low profitability. With a manufacturing capacity of 30,000
million tonne per annum (MTPA), the firm is a modest player.

* Susceptibility to volatility in raw material prices
The costs of raw materials such as mild steel (MS) ingots and
billets exceed 90% of KSI's net sales. Consequently,
profitability is expected to remain highly susceptible to any
adverse changes in raw material prices as the ability to pass on
input price hikes to clients is restrained by high competition.

* Weak financial profile
Financial profile is weak marked by modest networth, high gearing
and average debt protection measures. Networth and gearing was at
INR2.7 crore and 4.4 times as on March 31, 2016. The interest
coverage and net cash accrual to total debt ratios were at 1.7
times and 0.08 time.

Strength
* Extensive experience of proprietor
The partners have around three decades of experience in the
industry through group companies and has developed healthy
relationships with dealers and distributors.
Outlook: Stable

CRISIL believes KSI will continue to benefit from the industry
experience of its partners. The outlook may be revised to
'Positive' if improvement in profitability leads to a substantial
increase in cash accrual and hence strengthens financial risk
profile. The outlook may be revised to 'Negative' if operating
margin is low or if increase in working capital requirement
weakens financial risk profile.

Set up in 2001, KSI is promoted by Mr. Shayamlal Gupta. The firm
manufactures MS products such as MS angles, MS round bars, MS
flats, and MS squares.

For fiscal 2016, KSI reported a book profit of INR0.3 cr on net
sales of INR87.9 cr, against INR0.1 cr and INR121.8 cr for fiscal
2015.


KHUSHIYA INDUSTRIES: CARE Hikes Rating INR20.80cr LT Loan to BB-
----------------------------------------------------------------
The revision in the rating assigned to the bank facilities of
Khushiya Industries Private Limited was mainly on account of
significant increase in TOI and profitability and improvement in
debt coverage indicators during FY16 (refers to the period
April 1 to March 31). The rating continues to derive comfort from
the experience of the promoters in the industry.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        20.80       CARE BB-; Stable Revised
   Facilities                        From CARE B+

The rating continues to remain constrained on account of thin
profit margins, leveraged capital structure, weak debt coverage
indicators and working capital-intensive nature of operations.
The ratings are further constrained due to KIPL's presence in the
highly fragmented edible oil industry, susceptibility of its
profit margins to fluctuations in raw material prices along with
dependence on agro-climate conditions and seasonality associated
with availability of raw material.

The ability of KIPL to increase its scale of operations along
with improvement in profit margins, capital structure, debt
protection metrics and efficient working capital management
remains the key rating sensitivities.

Detailed description of the key rating drivers

KIPL's total operating income (TOI) witnessed a y-o-y increase of
about 126.56% on account of increase in sales volume of prices of
finished goods as well as increase in its customer base. Both
PBILDT and PAT increased significantly by more than 64% and 651%
respectively. But PBILDT margin declined by 158 bps and remained
moderate during FY16. However, KIPL reported profit in FY16
compared to loss in FY15. KIPL's overall gearing stood high as on
March 31, 2016 on the back of new term loan availed during FY16
for its solvent extraction project coupled with increase in
working capital bank borrowing which led to increase in total
debt level as on March 31, 2016. Debt coverage indicators marked
by total debt to GCA though improved stood weak as on March 31,
2016. Overall operations remained working capital intensive
marked by high average working capital utilization of 90% during
the 12 months ended December 2016 and long operating cycle in
FY16.

Mr Mehul Thakkar possess an experience of more than a decade in
trading of oil through Tirupati Agro Products (Proprietorship
firm). Mr. Dalpatram Thakkar, also possess an experience of more
than a decade in trading of oil products through Krushi Agro
Proprietorship firm). Ms Rita Thakkar, also possess an experience
of around 5 years in trading of oil products. Over the years, the
promoters have established good relationship with customers and
suppliers.

Banaskantha-based (Gujarat), KIPL was incorporated in 2012 by Mr.
Mehul Thakkar, Mr. Dalpatram Thakkar and Ms Ritaben Thakkar. KIPL
is engaged in the business of extraction of mustard oil and
castor oil. It was engaged in the business of trading of mustard
oil up to March 31, 2014. It stopped trading from FY14 and
commenced manufacturing of mustard oil from April 1, 2014 with
completion of setting up an expeller plant at total capital cost
of INR6 crore. It also started manufacturing of castor oil from
June 2016 onwards. It operates from its manufacturing facilities
located at Banaskantha with an annual installed capacity of
30,000 Metric Tons Per Annum (MTPA) as on March 31, 2016.
Finished goods of KIPL
are sold to refineries for further processing to make it edible
while their by-products (i.e. oil cake) are sold to the
industrial units for solvent extraction. The by-product (i.e. oil
cake) can also be used as animal feed.

KIPL entered into forward integration in the value chain by
setting up solvent extraction plant with total installed capacity
of 90,000 MTPA in February 2016. The total cost of the project
was INR8.59 crore which was funded through project debt equity of
7.18 times. KIPL commenced commercial production of solvent plant
from February 2016.

During FY16 (A), KIPL reported PAT of INR0.35 crore on a TOI of
INR80.95 crore as against net loss of INR0.06 crore on a TOI
of INR35.73 crore during FY15. During 9MFY17 (Provisional), KIPL
has achieved a turnover of INR118.80 crore.


KISAN PROTEINS: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kisan Proteins
Private Limited (KPPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.  The instrument-wise rating action is:

   -- INR95 mil. Fund-based limits assigned IND BB-/Stable rating

                         KEY RATING DRIVERS

KPPL's ratings reflect moderate scale of operations with revenue
INR558.6 million during FY16 (FY15:INR250.2 million).  During
FY16 the credit profile of the entity was weak with interest
coverage (operating EBITDA/gross interest expense) of 1.3x
(FY15:1.3x) and net leverage (adjusted net debt/operating
EBITDAR) of 7.1x (7.1x), Operating margin was at 2.9% in FY16
(FY15: 6.8%).  Operating margin declined on account of increase
in raw material cost.

The ratings are constrained by KPPL's presence in a highly
fragmented and intensely competitive industry.

The company has a tight liquidity position as reflected in 99.0%
average utilization of the working capital facility for 12 months
ended December 2016.

The ratings are, however, supported by KPPL's promoters'
experience of over two decades in the edible oil manufacturing
and trading business.

                       RATING SENSITIVITIES

Positive: A substantial improvement in operating margin along
with improvement in credit metrics could be positive for rating.

Negative: Further deterioration in operating margin and credit
metrics could be negative for ratings.

COMPANY PROFILE

KPPL was incorporated in January 2005 as a private limited
company by the Palanpur-based Kisan Group.  The company has its
registered office at Palanpur in Ahmedabad.  The company is
primarily engaged in solvent extraction from the rapeseed and
mustard seed.


MAA PADMAWATI: CRISIL Lowers Rating on INR11.1MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Maa Padmawati Agro Foods Private Limited to 'CRISIL D' from
'CRISIL B/Stable'.

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

   Proposed Long Term       1        CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Term Loan               11.1      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects irregularity in paying instalments on term
loan and interest on cash credit facility due to stretched
liquidity.

The rating continues to reflect its working capital-intensive and
modest scale of operations in a highly fragmented and intensely
competitive rice milling business, volatility in raw material
prices, regulatory changes, and erratic rainfall. These rating
weaknesses are partially offset by the extensive experience of
the promoters in the rice milling segment and stable demand for
rice.

Key Rating Drivers & Detailed Description
Weakness
* Delays in servicing instalment on term loan
Low cash accrual and sizeable working capital debt led to weak
liquidity, which in turn resulted in delays in servicing
instalment on term loan and in meeting interest obligation on
cash credit facility.

Strength
* Experience of promoters in the rice industry: Presence of
almost three decades in trading in basmati and non-basmati rice
and various fast-moving consumer goods has enabled the promoter
to establish healthy relationship with customers and suppliers.

Established in 2011 by Mr. Mintoo Gupta, MPAFPL processes paddy
into non-basmati, parboiled, and basmati rice. Facility in
Aurangabad has capacity of 16 tonne per hour.

The company has reported profit after tax of INR0.24 crore on net
sales of INR12.59 crore in 2015-16.


MANDAKINI TRAVEL: CARE Revises Rating on INR4.62cr Loan to 'B'
--------------------------------------------------------------
The revision in the ratings of Mandakini Travel & Tours Private
Limited factors in the growth in the scale of operations,
improvement in profitability margins and coverage indicators. The
ratings continue to draw comfort from the experienced promoters
and location advantage.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        4.62        CARE B; Stable Revised from
   Facilities                        CARE B-

The ratings, however, continue to remain constrained on account
of small scale of operations, leveraged capital structure along
with competition from other existing hotels and subdued industry
outlook of hospitality industry.

Going forward, the ability of MTTP to increase its scale of
operations by achieving higher occupancy levels and high average
room rent shall be the key rating sensitivities. Furthermore,
continued support from the promoter would also be a key rating
sensitivity.

Detailed description of the key rating drivers

The company has considerable track record of operations in hotel
business. Moreover, the company is being managed by experienced
management having wide experience in hospitality business.

During FY16 (refers to the period April 1 to March 31), the
company registered growth in the total operating income of
around 60% over previous financial year coupled with improvement
registered in profitability margins. The improvement in
profitability margin was attributed to higher other income (spa
and others) coupled with improvement in average occupancy rate.
The improvement in profitability margin led to improvement in
coverage indicators. However, owing to negative net worth on
account of erosion of net worth in the past, the capital
structure continued to remain leveraged.

The Indian hotel industry is highly fragmented with a large
number of budget hotels and luxury hotels which provide
competition to MTTP. However, the location advantage of the hotel
partially mitigates the risk to an extent because the demand for
hotel rooms in Rishikesh and other nearby areas (such as
Haridwar) is expected to steadily grow on account of increase in
the commercial activity in these areas.

New Delhi-based MTTP was incorporated in 1987 as Mandakini Travel
& Tours Private Limited by Mr. Suraj Gulati, Mr. Vijay Gulati and
Mr. Sunil Gulati. The company is presently operating hotel under
the name "Hotel Ganga View" in Rishikesh (Uttrakhand). The hotel
was first commissioned in 1987 and subsequently in 2012, the
hotel was renovated wherein, it has been upgraded to four stars
as per classification and guidelines issued by the Ministry of
Tourism. The hotel consists of 32 rooms, restaurants, banquet
hall (150 person capacities) and other facilities which include
modern spa technology, ayurvedic therapies like Abhyanga,
Shirodhara, Sarwangadhara, etc. The group company of MTTP
includes Ellbee Associates Private Limited running a hotel namely
Hotel Ashok Continental (Mussoorie) and has three upcoming
project in Haridwar, Rishikesh and Saharanpur. Another group
concern i.e. Ellbee Hospitality Worldwide Private Limited is
presently providing the hotel operational and management services
to MTTP.

In FY16, MTTP achieved a total operating income (TOI) of INR3.85
crore with net profit of INR0.10 crore as against TOI of Rs.2.51
crore with net loss of INR1.02 crore in FY15. The company has
achieved total operating income of INR3.44 crore 9MFY16 (refers
to the period April 1 to December 31) (as per the unaudited
results).


MINERVA POULTRY: CARE Reaffirms B Rating on INR4.91cr LT Loan
-------------------------------------------------------------
The rating for the bank facilities of Minerva Poultry Pvt. Ltd.
continued to remain constrained by its small size of operations,
vulnerability of profits to raw material price movements, working
capital intensive nature of operations and presence in a highly
competitive and fragmented nature of the industry. These factors
far outweigh the benefits derived from the rich experience of the
promoters with long track record of operation and favourable
demand prospects for the poultry sector across India.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             4.91       CARE B; Stable Reaffirmed

The ability of the company to increase its scale of operations
with improvement in profit levels and margins and effective
management of the working capital would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small size of operations

The total operating income increased by 16.53% in FY16 to
INR18.05 crore. However, the scale of operations still remained
on the lower side. Furthermore, the total capital employed also
remained low at INR13.00 crore as on March 31, 2016.
The entity has generated a total operating income of about
INR15.49 crore during 9MFY17.

Vulnerability of profits to raw material price movements
Poultry feeds are the major raw material for the company, which
are mostly agro-based commodities like maize, soybean
etc. and dependent on agro-climatic conditions. In view of the
same the prices are volatile and in turn have a negative
bearing on the profitability.

Working capital intensive nature of operations

The business of the company is working capital intensive due to
its higher inventory holding requirements in view of volatility
in the prices of the same. The operating cycle of the company
albeit improved in FY16, still remained on the higher side due to
higher raw material holding. The average fund based working
capital utilization remained high at about 98% during the last
twelve month ending on January 31, 2017.

Highly fragmented and competitive poultry industry with outbreaks
of bird flu Poultry eggs and meats are food articles of regular
consumption and stable demand. This feature of poultry farm
business attracts many unorganised players. Furthermore, the
intermittent outbreak of bird flu affects the poultry industry.
Such contagious disease outbreaks will have a high impact on the
industry thereby leading to crash in prices of table eggs.

Key Rating Strengths
Experienced promoters with long track record of operation
MPPL commenced its operation in the year 1993, and is managed by
Mr. Dinesh Meher, MD (aged 45 years, B.com), having around two
decades of experience in this trade, along with his co-director
Mr. Brijesh Meher (aged 37 years, MBA), looking after the finance
function in the entity.

Favourable demand prospects for the poultry sector across India
The domestic poultry sector has seen strong growth in the last
three years with the growth trend likely to continue in the
medium-term on the back of favourable socio-economic and
demographic factors.

Minerva Poultry Private Limited (MPPL), incorporated in December
02, 1991, was promoted by Meher family of Bolangir
(Odisha). The company is engaged in the business of sale of layer
birds and eggs. MPPL started as a poultry firm in
December 1991 and commenced commercial production in the year
1993. It has its unit located at Bhadrapali, Dist-Bolangir
(Odisha) with a present capacity of 3.0 lacs layer birds with per
bird producing around 300 eggs (approximately) annually.

During FY16, the company reported a total operating income of
INR18.05 crore (FY15: INR15.49 crore) and net loss of INR0.04
crore (in FY15: PAT of INR0.59 crore). The entity has generated a
total operating income of about INR15.49 crore during 9MFY17.


P & Y ENTERPRISES: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned P & Y
Enterprises Private Limited a Long-Term Issuer Rating of 'IND
BB'.  The Outlook is Stable.  Instrument-wise rating action is:

   -- INR374.78 mil. Long-term foreign currency term loan
      assigned IND BB/Stable rating

                        KEY RATING DRIVERS

The ratings reflect P&Y's small scale of operations with revenue
of INR500 million in FY16 (FY15: INR555 million).  During FY16,
the company changed its business operations from trading of goods
such as iron scarps (FY16: INR114.3 million, FY15: 404.7 million)
to focus on the chartering of its vessel (INR386 million,
INR151 million).  The company has a one-year charter contract
with Pan Global Transport LP, Dubai for a fixed charter fee of
USD12,307.7 per day.  It also has a natural foreign currency
hedge as all its receipts and operational payments are in the
same currency.  Ind-Ra expects revenue to further decline in FY17
due to change in the company's business operations.

However, the ratings benefit from P&Y's strong EBITDA margin,
which improved to 44.8% in FY16 (FY15: 6.5%) after exiting the
low margin trading business.  Ind-Ra believes the margin to
remain constant over the coming years owing to fixed revenue from
the contract.  Moreover, the margins are protected from fuel
price volatility, since the fuel costs are borne by the clients.

The ratings also factor in the company's moderate credit metrics,
which improved on the back of rise in the EBITDA margin.
Interest coverage (operating EBITDA/gross interest expense)
improved to 3.5x (FY15: 1.3x) and net leverage (adjusted net
debt/operating EBITDA) to 2x (14.1x).

The ratings are supported by the promoters' over four decades of
experience in the same line of business.

                        RATING SENSITIVITIES

Positive: Renewal of the existing contract with high chartering
fee leading to a strong revenue growth, while maintaining the
credit metrics will be positive for the ratings.

Negative: Failure to renew the contract on a timely basis,
leading to debt servicing uncertainty will be negative for the
ratings.

COMPANY PROFILE

Incorporated in June 2013, P&Y was promoted by a group of
professionals with an experience in providing offshore chartering
of ships.

The company has been set up to provide inland water transport to
foreign companies. It owns one vessel (Distya Pushti), which is
chartered mainly for cargo, chemical and oil tanker shipment.


PRAKRUTI LIFE: CRISIL Reaffirms B- Rating on INR7MM LT Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable/CRISIL A4' ratings on
the bank facilities of Prakruti Life Science Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Long Term Loan          7        CRISIL B-/Stable (Reaffirmed)
   Overdraft               1.03     CRISIL A4 (Reaffirmed)


The ratings continue to reflect the company's weak liquidity due
to subdued cash accrual and no cushion in working capital bank
line. While the company is likely to ramp up operations over the
medium term, timely fund support from promoters will be a key
driver of liquidity.

Key Rating Drivers & Detailed Description
Weaknesses
* Nascent stage of operations:
PLSPL commenced operations in April 2015 and is in nascent stage
of operations. The manufacturing of generic drugs requires
approval from various bodies, which may result in procedural
delays.

* Weak financial risk profile:
The financial risk profile is weak because of high gearing of
4.63 times and modest networth of INR2 crore as on March 31,
2016, and weak debt protection metrics.

Strength
* Promoters' extensive industry experience:
PLSPL is promoted by Mr. M R Shetty, Mr. Pramod Hegde, and their
relatives. Mr. Shetty has experience of over 25 years in the
pharmaceuticals industry. He was earlier involved in processing
and manufacturing of herbal extracts on a jobwork basis.
Outlook: Stable

CRISIL believes PLSPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company significantly scales up
operations or operating profitability, resulting in a better
financial risk profile. The outlook may be revised to 'Negative'
if accrual is lower than expected, or working capital requirement
is larger than expected, weakening the financial risk profile.

PLSPL, set up in 2012 and based in Udupi, Karnataka, is part of
the Prakruti group. It undertakes contract manufacturing of
pharmaceutical drugs. Operations are managed by Mr. M R Shetty.

In fiscal 2016, its profit after tax (PAT) was INR-5.47 crore on
net sales of INR3.94 crore.


S S M FOUNDATION: CRISIL Assigns 'D' Rating to INR4.4MM LT Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of S S M Foundation Trust For Educational and
Social Development and has assigned its 'CRISIL D' rating to the
facilities. CRISIL had suspended the rating on October 14, 2016,
as SSM had not provided the requisite information required for a
rating review. The trust has now shared the requisite
information, enabling CRISIL to assign a rating to its bank
facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          4.4       CRISIL D (Assigned;
                                     Suspension Revoked)

   Overdraft               1.6       CRISIL D (Assigned;
                                     Suspension Revoked)

The rating reflects instance of delay by SSM in servicing its
term debt because of weak liquidity. These weaknesses are partly
offset by extensive experience of its promoters in the education
industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Delay in debt servicing:
SSM has been delaying in servicing its debt to the extent of 10
to 20 days owing to weak liquidity. Trust's liquidity remained
constrained due to cash flow mismatch during lean fee collection
period and delay in realizing payment from government towards
scholarship which accounts for about 40% of its total fee.

* Weak liquidity: The trust's liquidity is constrained by cash
flow mismatch and delays in payments from government departments,
which account for 40% of its income.

Strength
* Extensive industry experience of the promoters:
SSM's business risk profile is supported by its promoters'
experience of three decades in the education industry.

SSM, set up in 1998, operates SSM College of Engineering, which
offers engineering under-graduation and post-graduation courses,
at Komarapalayam in Tamil Nadu. The trust is recognised by the
All India Council for Technical Education and is affiliated to
Anna University, Tamil Nadu.

Net profit was INR0.08 crore on revenue of INR11.4 crore in
fiscal 2016, against net profit of INR0.19 crore on revenue of
INR13.02 crore in fiscal 2015.


SHIVA ENERGY: CRISIL Reaffirms 'B' Rating on INR14.9MM LT Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Shiva
Energy Resources Private Limited at 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2.5       CRISIL A4 (Reaffirmed)
   Long Term Loan         14.9       CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect exposure to implementation and
hydrology risks related to an ongoing project. These weaknesses
are partially offset by a long-term fixed-price power purchase
agreement (PPA).

Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to implementation risks associated with the ongoing
project:
The company is setting up a 3.5-megawatt (MW) hydropower
generation power project at an estimated cost of around INR27.6
crore, which is planned to be funded through a term loan of
INR15.00 crore and the remaining through promoter funds. The
promoters have brought in INR4.63 crore in the form of equity as
of March 31, 2016. The project will be exposed to implementation
risk until it is commissioned.

* Exposure to hydrology risk inherent in hydropower projects:
Power generation in such projects depends on the availability of
adequate water flow through the barrage. Snow and rain are the
main sources of water, which depend on annual rainfall in the
region. Hence, the company is exposed to hydrology risk. The
possibility of geology-related risks cannot be ruled out in the
area, which may impose severe obstructions in the functioning of
the project tunnel and powerhouse. The company is likely to
remain exposed to hydrology and geology risks in its project.

Strength
* Long-term, fixed-price:
The company has entered into a PPA with Himachal Pradesh State
Electricity Board for 40 years at the rate of INR3.08 per unit.
This mitigates demand and price risk.
Outlook: Stable

CRISIL believes SERPL will implement its ongoing project without
any significant time or cost overrun. The outlook may be revised
to 'Positive' if the project is completed within the scheduled
timeline, and generates higher-than-expected cash because of an
increase in the plant load factor or revenue realisation. The
outlook may be revised to 'Negative' if there is any delay in
plant commissioning, or significant delays or defaults by the
power purchaser.

SERPL is setting up a 3.5-MW hydro power generation project,
which is expected to be commissioned in fiscal 2018. It has
entered into a 40-year PPA with Himachal Pradesh State
Electricity Board at INR3.08 per unit.


SILVERSHINE CORP: CARE Assigns B+ Rating to INR4.43cr Bank Loan
---------------------------------------------------------------
The ratings assigned to the bank facilities of Silvershine
Corporation are constrained by its relatively small scale of
operations with low capitalization, moderately leveraged capital
structure, weak debt coverage indicators and working
capital intensive nature of operations.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             4.43       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             2.95       CARE A4 Assigned

The ratings are further constrained by its presence in a highly
competitive and fragmented industry, proprietorship nature of
constitution and susceptibility of its profitability to foreign
exchange fluctuations.

The above weaknesses are partially offset by the vast experience
of the proprietor in the packaging products industry
coupled with moderate profit margins.

Ability of the entity to increase its scale of operations while
maintaining its profitability amidst intense competition and
improved capital structure and efficient management of its
working capital requirement is the key rating sensitivity.

Detailed description of the key rating drivers

SC is engaged into manufacturing of packaging products which is a
highly competitive and fragmented industry comprising of low
entry barriers leading to presence of large number of organised
and unorganised players. Over nearly half a decade of operations,
its scale of operations has remained small limiting the financial
flexibility of the entity.

Furthermore, due to the entity's low net-worth and high reliance
on working capital bank borrowings, its capital structure
remained leveraged and consequently debt protection metrics
remained weak. However, the profitability margins remained
moderate in the range of 8%-12% during last three years ending
FY16.

SC's operations are working capital intensive in nature with
funds being blocked in inventory as the company procures
raw materials in bulk to obtain cash discounts leading to high
reliance on working capital bank borrowings. Furthermore,
due to 50% sales being exported and a lack of natural hedge and
only partial active hedging practices adopted, SC's
profitability is exposed to foreign exchange fluctuation.
Moreover, due to its constitution being proprietorship in nature,
the entity is exposed to risk of dissolution of the entity due to
poor succession planning and has limited access to the raise
capital.

Established in the year 2009 by Mr. Shishir Sagunlal Jalundhwala,
Silvershine Corporation (SC) is a proprietorship concern engaged
into manufacturing of Paper plates, lids, boxes and cups. It
operates two manufacturing facilities, one at Vada, Palghar
(which is spread over 4500 sq. ft.) and second at Talasari,
Palghar (spread over 2000 sq. ft.) and exports around 50% of its
products to its clients in the USA and remaining to domestic
customers.

During FY16 (refers to the period April 1 to March 31), SC
achieved total operating income (TOI) of INR9.14 crore (vis-a-vis
INR8.57 crore in FY15) along with net profit of INR0.24 crore
(vis-a-vis INR0.24 crore in FY15).


SPECIFIC ALLOYS: CARE Assigns B+ Rating to INR7.50cr LT Loan
------------------------------------------------------------
The ratings assigned to the bank facilities of Specific Alloys
Private Limited are constrained by the modest scale of
operations with low capitalization, customer concentration risk
and susceptibility of the profit margins to volatility in raw
material prices. The ratings are further constrained on account
of fluctuating total operating income and profitability,
leveraged capital structure and weak debt coverage indicators and
working capital intensive nature of business.

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

   Long/Short-term        2.50       CARE B+; Stable/CARE A4
   Bank Facilities                   Assigned

The ratings however, are underpinned by the extensive experience
of the promoter along with an established track record of the
company and reputed customers and suppliers base.

The ability of the company to improve its scale of operations,
profit margins and capital structure while managing its working
capital requirement efficiently is the key rating sensitivity.

Detailed description of the key rating drivers

The total operating income (TOI) of the company has been slightly
fluctuating in the last three years on account of the weak demand
in the industry. However, the scale of operations remains small
with low net-worth base thus limiting its financial flexibility.
Furthermore, the company was consistently able to maintain the
PBILDT margin in a close range of 6%-7% in the last three
financial years ended FY16 (refers to the period April 1 to March
31) despite fluctuation owing to volatility in input prices.
However, the capital structure remained leveraged as indicated by
an overall gearing in the range of 4.62x as on March 31, 2016.
Furthermore, the operations of the company are highly working
capital intensive in nature leading to high utilization of
working capital limits owing to high amount of money stuck in
debtors and inventory and low credit period received from its
suppliers. Furthermore, the company has a low bargaining power
with its reputed customer and supplier base.

The company is promoted by Mr. Narendra Surana along with his
sons Mr. Jinendra Surana and Mr. Lakendra Surana. The key
promoter of the company has more than three decades of experience
in the manufacturing of alloys, through various group entities.

Incorporated in 2002, Specific Alloys Private Limited is engaged
in the manufacturing of aluminium alloys, aluminium cylinder
head, aluminium alloys ingot, industrial alloy aluminium ingot,
aluminium ingots, aluminium alloys powder amongst others. SAPL
has its manufacturing facility located at Khed, Pune,
Maharashtra, with an installed capacity to manufacture 6600 MTPA.
The facility of the company is ISO 9008:2008 certified. The major
raw material
required for the process is aluminium scrap which the company
procures from indigenous as well as foreign sources.

During FY16, the company reported a total operating income of
INR67.51 crore (as against INR61.77 crore in FY15) and profit
after tax of INR0.58 crore (as against INR0.55 crore in FY15).

Status of non-cooperation with previous CRA: CRISIL has suspended
its rating vide press release dated November 09, 2015 on account
of non-cooperation by SAPL with CRISIL's efforts to undertake a
review of the outstanding ratings.


SRI VENKATA: CRISIL Assigns 'B' Rating to INR10MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned 'CRISIL B/Stable' rating to the long-term
bank facility of Sri Venkata Sai Agencies.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Key Cash Credit          10        CRISIL B/Stable

The ratings reflect SVSA's below-average financial risk profile
because of low networth and weak debt protection metrics. The
ratings also factor in the firm's small scale of operations in
the intensely competitive food-grain trading industry, leading to
low operating profitability. These rating weaknesses are
partially offset by the extensive industry experience of SVSA's
proprietor.

Key Rating Drivers & Detailed Description
Weaknesses
* Improving-yet-modest scale of operations and low operating
margin amid intense competition: SVSA commenced agri-grain
trading business from fiscal 2016, and fiscal 2017 is the first
full year of operations. Revenue was INR35 crore till January 31,
2017 and scale of operations is expected to improve over the
medium term. Scale, although improving, is likely to remain
average given the industry competition and large fund requirement
to support growth.

The agri-grain trading business is highly competitive and
fragmented due to the presence of several unorganised players.
This restricts the players' bargaining power and profitability.
Operating profitability is hence expected to remain low due to
trading nature of operations and intense competition in the
industry.

* Average financial risk profile: Networth is expected to remain
low over the medium term due to low profitability leading to
modest accretion to reserve. The firm has contracted large
working capital debt to support revenue growth. The capital
structure and debt protection metrics are expected to remain
below average in the near-to-medium term.

Strength
* Promoter's experience: Benefits derived from the promoter's
decade-long experience will continue to support the business.
Outlook: Stable

CRISIL believes SVSA will benefit over the medium term from the
promoter's experience. The outlook may be revised to 'Positive'
if increase in revenue and profitability results in sizeable cash
accrual. Conversely, the outlook may be revised to 'Negative' if
low cash accrual or inefficient working capital management
weakens financial risk profile, particularly liquidity.

Rajam Srikakulam, Andhra Pradesh-based SVSA is a proprietorship
firm set up in 2015 by Mr. Surya Prasad. It trades in pulses,
jute and waste paper.


STARCHEM POLYTRADE: CARE Assigns B+ Rating to INR27.75cr Loan
-------------------------------------------------------------
The ratings assigned to the bank facilities of Starchem Polytrade
Private Limited are constrained on account of its thin
profitability margins which is susceptible to volatility in
prices of traded goods and foreign exchange fluctuations, weak
debt coverage indicators and small net worth base leading to high
leverage. The ratings are further constrained on account of
working capital intensive nature of operations and its presence
in highly fragmented, competitive and cyclical Man-Made Fiber
(MMF) industry.


                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long-term/Short-          27.75      CARE B+; Stable/CARE A4
   term Bank Facilities                 Assigned

The ratings, however, derive strength from the experienced and
resourceful promoters and long track record of operation
of the company having established relationship with suppliers.
The ratings further derive comfort from diversified customer base
and locational advantage of SPPL.

Ability of the company to grow its scale of operation along with
sustained improvement in profitability margin along with
efficient working capital management shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths
Experienced and resourceful promoters: SPPL was prompted by Mr.
Raj Kishore Sharma and Mr. Akhilesh Sharma who have experience of
more than 15 years in yarn trading business. Moreover, the
promoters have supported the operation via infusion of funds in
form of equity capital of INR10.25 crore during FY14-FY16.

Diversified customer base: SPPL has customer base of more than
300 with top 10 customers contributing nearly 15-30% of its total
sales over past two years (FY15-FY16) thereby reflecting
diversified customer base. Moreover, SPPL benefits from location
advantage due to its presence in Surat which is one of the major
textile hubs in the country and accounts for major portion of the
polyester yarn production in India.

Key Rating Weakness
Susceptibility of its profitability to volatile commodity prices
and foreign exchange rates: During past three years (FY14-FY16),
the total operating income of the company has witnessed a
volatile trend due to volatile prices of its products
(commodities) which are crude derivative. However, PBILDT margins
have remained largely stable over the same period. Although, it
continue to remain very thin due to trading nature of its
business. The manmade yarns are the major goods being traded by
SPPL. These goods are derivatives of crude oil and are thus
subject to inherent price volatility. Moreover, SPPL largely
imports its products from overseas markets and in absence of
active hedging policy, it exposes to foreign currency fluctuation
risk.

Weak financial risk profile marked by thin profitability, weak
debt coverage indicators, and small net worth base: The overall
gearing ratio of the company remained high, although it improved
from 3.14 times as on March 31 2014 to 1.91 times as on March 31,
2016 due to infusion equity capital by the promoters.
Furthermore, due to low profitability and higher reliance on
external borrowings, SPPL's debt coverage indicators, i.e.
interest coverage and total debt to GCA have, remained weak over
past three years ended FY16.

Working capital intensive nature of operation leading to tight
Liquidity: SPPL's majorly imports by utilizing its Letter of
Credit facility and it does not get any credit from its
suppliers. On the contrary, SPPL gives clean credit of nearly 30
days to its customers due to limited bargaining power and
competitive nature of trading industry. Moreover, with relatively
long transit time for imports, SPPL keeps nearly 3 months of
inventory to serve its customers which further intensify its
working capital requirement. The liquidity position of SPPL
remained tight marked by modest current ratio of 1.32 times
as on March 31, 2016, high gross current assets days of 135 days
during FY16 and nearly full utilization of its working
capital limits for past 12 months ended December 2016.
Presence in commoditized & fragmented market leading to thin
profitability: The MMF industry being very fragmented
consequently suffers from high competitive intensity which
restricts the profitability margin of the industry players
including SPPL.

Incorporated in 2006, SPPL was prompted by Mr. Raj Kishore Sharma
and Mr. Akhilesh Sharma. SPPL is primarily engaged in the trading
of polyester yarn, nylon yarn, viscose yarn and other manmade
fibers. SPPL also has owned warehouse of approximately 20,000
square meters located at Village: Mangrol near Surat (Gujarat).
The company also does manufacturing of monofilament yarn from
mother yarn through splitting process with an installed capacity
of 150 Metric Tons per month (MTPM) which it sells under the
brand "Starlon".

As per the audited results for FY16, SPPL reported a total
operating Income of INR229.88 crore (FY15: INR261.96 crore)
with a PAT of INR0.18 crore (FY15: INR0.14 crore). As per the
provisional results during 8MFY17, SPPL registered sales of
INR162.00 crore.


SUMETCO ALLOYS: CARE Assigns B+ Rating to INR10cr LT Bank Loan
--------------------------------------------------------------
The rating assigned to the bank facilities of Sumetco Alloys
Private Limited is primarily constrained by small and
declining scale of operations, low profitability margins,
leveraged capital structure, weak coverage indicators and
elongated inventory holding period. The rating is further
constrained by the volatility in prices of raw material, foreign
exchange fluctuation risk and highly competitive industry with
presence of several organized and unorganized players.

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

The rating, however, draws comfort from experienced directors.
Going forward, the ability of the company to improve its scale of
operations while improving its profitability, capital
structure and managing its working capital requirement shall be
the key rating sensitivities..

Detailed description of the key rating drivers

The total operating income of the company declined on y-o-y basis
in the last 3 FYs (FY14-FY16, refers to the period April 1 to
March 31) on account of decline in quantity sold. The
profitability margins of the company remained low mainly on
account of low value addition and highly competitive nature of
industry wherein there is presence of a large number of
players in the unorganized and organized sectors. The capital
structure of the company stood leveraged on account of low
networth base and high dependence on borrowing to meet the
working capital requirements. The debt service coverage
indicators stood weak due to high dependence on borrowings to
meet working capital requirements and low profitability margins.
The working capital cycle of the company elongated mainly on
account of increase in average inventory holding of the company.
Moreover, the working capital borrowings were 80% utilized for
last 12-months period ended November 30, 2016.

The company is exposed to raw material price volatility due to
volatility experienced in the prices of lead. Since there is a
long time lag between raw material procurement and liquidation of
inventory, the company is exposed to the risk of adverse price
movement resulting in lower realization than expected.

The company is exposed to foreign exchange fluctuation risk as
the company is mainly high imports and realization is completely
sold in the domestic market.

Bhiwadi-based (Rajasthan) Sumetco Alloys Private Limited (SAPL)
was incorporated in 1996 by Mr. Priyan Bhandari, Mr. N. K
Bhandari and Mr. Goldee Bhandari. All graduates by qualification
and Mr. N.K. Bhandari and Mr. Goldee Bhandari have an experience
of around two decades through their association with SAPL and Mr.
Priyank has an experience of more than a decade through his
association with this entity. SAPL is engaged in processing of
lead from batteries and also engaged in trading of lead and lead
alloys. The company procures lead and batteries through online
actions and bidding and from traders. It also imports from
countries like Saudi Arabia, UAE, Australia, etc. (imports
constituted of around 50% in FY16).

SAPL sells its products domestically to companies such as Tata
Autocomp GY Batteries, Aaryan Alloys, Grap Marketing Private
Limited and also sells to local traders.

For FY16, SAPL achieved a total operating income (TOI) of
INR56.43 crore with profit after tax (PAT) of and INR0.12 crore,
respectively, as against TOI of INR93.06 crore with PAT of
INR0.27 crore, in FY15. Furthermore, During FY17, the company
achieved TOI of 30.28 crore in 7MFY17 (refers to the period
April 1 to October 31, based on the provisional results).


SUN STEEL: Ind-Ra Lowers Long-Term Issuer Rating to 'B+'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sun Steel
Industries Pvt Ltd.'s (SSIPL) Long-Term Issuer Rating to 'IND B+'
from 'IND BB-'.  The Outlook is Stable.  The instrument-wise
rating actions are:

   -- INR60 mil. Fund-based limits lowered to IND B+/Stable
      rating;

   -- INR115 mil. Non-fund-based limits lowered to IND A4 rating

                        KEY RATING DRIVERS

The ratings reflect decline in SSIPL's scale of operations and
credit metrics on account of decline in order book size and
operating margins.  Revenue was INR168 million during FY16 (FY15:
INR202 million), interest coverage (operating EBITDAR/gross
interest expense) was 0.9x (1.2x) and net financial leverage
(total adjusted net debt/operating EBITDAR)) was 6.5x (5.1x).
The ratings factor in SSIPL's long working cycle of 254 days in
FY16 (FY15: 252 days) leading to high working capital
requirements on account of its high receivables and high
inventory days.

Liquidity position of SSIPL had been moderate with average
utilization of 73% for working capital limits during the 12
months ended January 2017.  There were six instances of over-
utilization during the period, which were, however, regularized
in a span of 1-10 days.

The ratings, however, are supported by the company's promoter's
experience of more than three decades in the fabrication and
erection of transmission towers.  Ind-Ra expects strong
improvement in the company's topline during FY17 as SSIPL has
indicated revenue of around INR136.51 million during 6MFY17
(interim numbers).  The company has pending order book of
INR506.2 million as of end-January 2017

                        RATING SENSITIVITIES

Negative: Deterioration in the overall credit profile could be
negative for the ratings.

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

COMPANY PROFILE

SSIPL was incorporated by Mr. R.K. Sharma in 1973.  The company
is engaged in the fabrication and erection of transmission towers
in West Bengal, Assam, and other north-eastern states.  SSIPL is
also engaged in the trading of iron products.


SV POWER: Ind-Ra Assigns BB- Rating to INR200MM Fund-Based Limit
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned SV Power Private
Limited's (SVPL) working capital facilities these ratings:

   -- INR200 mil. Fund-based limit assigned IND BB-/Stable
      rating;

   -- INR100 mil. Non-fund-based limit assigned IND A4+ rating

                        RATING SENSITIVITIES

Positive: Sustained and higher-than-expected operational and
financial performance, and timely sponsor support could result in
a rating upgrade.

Negative: Lower-than-expected operational and financial
performance, and absent sponsor support could result in a rating
downgrade.

COMPANY PROFILE

SVPL operates a washery with a beneficiation capacity of 2.5
million tonnes per annum and a 63-megawatt power plant based on
washery rejects and reprocessed rejects supplied by ACB (India)
Ltd ('IND AA-'; Outlook Stable).  The washery commenced
beneficiation operations in September 2015 and has stabilized
since then.  Meanwhile, the power plant commenced operations in
October 2015 and is still in the stabilization phase.


UNITED TRADE: CRISIL Reaffirms B+ Rating on INR4MM Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
United Trade and Investments at 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              4       CRISIL B+/Stable (Reaffirmed)

   Inland/Import
   Letter of Credit         2.5     CRISIL A4 (Reaffirmed)

The ratings reflect UTI's modest scale of operations,
susceptibility to volatility in raw material prices and foreign
exchange rates, and large working capital requirements. The
rating also factors in average financial risk profile marked by
small networth and modest debt protection metrics despite low
total outside liabilities to adjusted net worth ratio. These
rating weaknesses are partially offset by the extensive
experience of UTAI's promoters in the timber trading industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: UTAI's scale of operations remains
modest due to intense competition in the industry.

* Susceptibility to volatility in raw material prices and foreign
exchange rates: UTAI relies heavily on timber imports for its
trading business which exposes it to forex risk Also, the prices
of UTAI's key raw material, timber is volatile.

* Large working capital requirements: UTAI has large working
capital requirements reflected in its high gross current assets
(GCA) at around 384 days as on March 31, 2016.

* Average financial risk profile: UTAI has average financial risk
profile as reflected in its low total outside liabilities to
tangible net worth ratio and moderate interest coverage ratio.

Strength
* Extensive experience of UTAI's promoters in the timber trading
industry: UTAI's promoters Mr. Sameer Chhapra, Mr. Khalid chhapra
and Mrs. Razia Chhapra have been in the timber industry since the
past 60 years.
Outlook: Stable

CRISIL believes UTI will continue to benefit over the medium term
from the promoters' industry experience. The outlook may be
revised to 'Positive' in case of significant improvement in scale
of operations and profitability, and efficient working capital
management resulting in substantial cash accruals. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in the financial risk profile, particularly liquidity, most
likely affected by low cash accrual or large working capital
requirements.

Established as a partnership in 2011, UTI trades in timber. The
firm, based in Mumbai, is promoted by Mr. Sameer Chhapra, Mr.
Khalid Chhapra and Mrs. Razia Chhapra.

Profit after Tax (PAT) was 0.28 crore on net sales of INR10.06
crore in fiscal 2016 as against PAT of INR0.3 crore on net sales
of INR10.51 crore in fiscal 2015.


VIJENDRA PRATAP: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vijendra Pratap
Singh (VPS) a Long-Term Issuer Rating of 'IND BB-'.  The Outlook
is Stable.

   -- INR45 mil. Fund-based limits assigned IND BB-/Stable
      rating;

   -- INR50 mil. Non-fund-based limits assigned IND A4+ rating

                        KEY RATING DRIVERS

The ratings reflect VPS' small scale of operations and moderate
credit profile.  During FY16, revenue was INR214 million (FY15:
INR187 million), operating EBITDA margin was 6.7% (5%), net
financial leverage (net debt/EBITDA) was 2.9x (1.4x) and gross
interest coverage (EBITDA/gross interest) was 2.9x (10.2x).  The
firm projected revenue of INR270 million for FY17, of which
INR115million was achieved in 1HFY17.

The ratings also factor in VPS's tight liquidity profile as
reflected by more than 100% average use of working capital limits
during the 12 months ended December 2016.

However, the ratings are supported by order book of INR137
million, and the proprietor's more than one decade of experience
in government construction projects.

                       RATING SENSITIVITIES

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

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

COMPANY PROFILE

VPS was incorporated in August 2002 at Gorakhpur, Bihar by
Mr. Vijendra Pratap Singh.  The firm is engaged in the
construction of bridges, railways, roads and flyovers.


Z FASHIONS: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Z Fashions,
continues to reflect ZF's modest scale of operations in the
intensely competitive ready-made garments (RMG) segment and
exposure to geographic and customer concentration in revenue
profile. These rating weaknesses are partially offset by the
promoters' extensive industry experience and moderate financial
risk profile.

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

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in the intensely competitive RMG
segment: With revenue of INR25 crores in fiscal 2016, ZF's scale
of operations is modest in the highly fragmented textile
industry. The RMG segment is highly fragmented due to low entry
barriers.

* Exposure to geographic and customer concentration in revenue
profile: ZF generates around 75-80% of its revenues from sale to
its principal in Canada. This exposes the firm to significant
geographic and customer concentration risks.

Strengths
* Promoter's extensive industry experience: ZF was established by
Mr. Jinu V, who has over 14 years of experience in the textile
industry. Over the years, promoter has established healthy
relationship with customers and suppliers.

* Moderate financial risk profile: ZF has moderate financial risk
profile as reflected by its gearing of 1.41 times as on March 31,
2016 and the interest coverage of 2.11 times for fiscal 2016.
However financial risk profile is constrained by the modest
networth of INR 3.7 crores as on March 31, 2016.
Outlook: Stable

CRISIL believes that ZF will continue to benefit over the medium
term from the promoters' extensive experience and established
customer relations. The outlook may be revised to 'Positive' if
substantial improvement in scale of operations and profitability
leads to better cash accruals. Conversely, the outlook may be
revised to 'Negative' if revenues or profits decline or stretch
in the working capital results in stretched liquidity; or if any
large debt-funded capital expenditure is undertaken, resulting in
weakening of financial risk profile, particularly its liquidity.

Set up as a proprietorship concern in 2002 by Mr. Jinu V, ZF is
the sole Indian manufacturer of readymade garments for Canada-
based brands, Horse and Ride, Boston Bug, and Ferry & Tail. ZF is
based in Tirupur (Tamil Nadu).

ZF reported Profit after Tax (PAT) of INR0.5 crore on revenue of
INR25 crores in fiscal 2016 as against INR0.3 crore and INR26
crores, respectively in fiscal 2015.



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


TOSHIBA CORP: Wants to Sell Off Chip Business with No Job Losses
----------------------------------------------------------------
Kyodo News Agency reports that Toshiba Corp. wants to sell its
chip business in a deal where the potential buyer will retain all
the workers currently employed, sources close to the matter said
Feb. 17.

According to Kyodo, sources said the stance is intended to allay
concerns both inside and outside the troubled company about the
possibility of major job cuts as a result of a foreign company or
investment fund taking control of the chip business.

Toshiba had earlier decided not to sell any stake in its chip
business before the March 31 end of the current fiscal year, in a
move that makes it certain the company will have a negative net
worth at the year's end, according to Kyodo.

The company last week estimated a loss of JPY712.5 billion
(AUD6.23 billion) from its U.S. nuclear business in the April-
December period on an unaudited basis and fell to a negative net
worth of JPY191.2 billion at the end of December, Kyodo
discloses.

                            About Toshiba

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

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

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


TOSHIBA CORP: U.S. Unit Workers Pressured to Understate Losses
--------------------------------------------------------------
Kyodo News reports that executives at Toshiba Corp.'s troubled
U.S. nuclear unit pressured subordinates to understate losses
related to nuclear plant construction, sources said Feb. 16.

According to Kyodo, the sources said Toshiba now faces the risk
of having to pay damages to those former employees of the U.S.
nuclear power unit, Westinghouse Electric Co., if they file suits
claiming harassment by former President Danny Roderick and other
executives.

The possible damages likely would not have a major impact on
Toshiba's financial results, according to the sources, Kyodo
relays. But the matter could reignite concern over corporate
governance as Toshiba is already struggling to put behind it an
accounting scandal in 2015 involving three former presidents
pressuring subordinates to overstate profits.

According to Kyodo, the Tokyo Stock Exchange put Toshiba shares
on its watch list when that accounting scandal broke, and urged
the company to strengthen its internal controls. The TSE has
continued to deliberate over whether Toshiba should be removed
from the list or delisted, and the new revelation of accounting-
related harassment at its U.S. nuclear unit could impact that
review.

On Feb. 14, Toshiba said it expects to post a loss of JPY712.5
billion (AUD6.25 billion) from its U.S. nuclear business in its
results for the April-December period. But Toshiba delayed
issuing official, audited results, saying a whistleblower alleged
"inappropriate pressure" at Westinghouse Electric over the
purchase of a U.S. nuclear plant construction company, the main
cause of the massive loss, Kyodo says.

Toshiba Chairman Shigenori Shiga, an ex-president of
Westinghouse, and Mr. Roderick stepped down from their positions
to take responsibility for the loss, the report notes.

Mr. Roderick and other executives pressured the employees over
the asset value of the U.S. nuclear plant construction company it
purchased in 2015, Kyodo adds citing sources.

                            About Toshiba

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

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

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



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


PRIME GLOBAL: Incurs US$912K Net Loss in Fiscal 2016
----------------------------------------------------
Prime Global Capital Group Inc. filed with the U.S. Securities
and Exchange Commission its annual report on Form 10-K disclosing
a net loss of US$911,522 on US$1.64 million of net total revenues
for the year ended Oct. 31, 2016, compared to a net loss of
US$1.59 million on US$1.91 million of net total revenues for the
year ended Oct. 31, 2015.

As of Oct. 31, 2016, Prime Global had US$45.81 million in total
assets, US$17.29 million in total liabilities and US$28.51
million in total equity.

Centurion ZD CPA Limited, in Hong Kong, China, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Oct. 31, 2016, citing that the Company has a
working capital deficiency, accumulated deficit from recurring
net losses and significant short-term debt obligations maturing
in less than one year as of Oct. 31, 2016. All these factors
raise substantial doubt about its ability to continue as a going
concern.

As of Oct. 31, 2016, the Company had cash and cash equivalents of
$685,876, accounts receivable of $137,207 and incurred a net loss
of $911,522 for fiscal 2016. As of Oct. 31, 2015, the Company had
cash and cash equivalents of $836,794, accounts receivable of
$112,439 and incurred a net loss of $1,593,434 for fiscal 2015.
"We expect to incur significantly greater expenses in the near
future, including the contractual obligations that we discussed
below, to begin development activities. We also expect our
general and administrative expenses to increase as we expand our
finance and administrative staff, add infrastructure, and incur
additional costs related to being an accelerated filer, including
directors' and officers' insurance and increased professional
fees," the Company said in the report.

A full-text copy of the Form 10-K is available for free at:
https://is.gd/lAnRQR

                        About Prime Global

Kuala Lumpur, Malaysia-based Prime Global Capital Group Inc
(OTCBB:PGCG), through its subsidiaries, is engaged in the
operation of a durian plantation, leasing and development of the
operation of an oil palm plantation, commercial and residential
real estate properties in Malaysia.



===============
M O N G O L I A
===============


MONGOLIA: Reaches AUD5.5 Billion Economic Program with IMF
----------------------------------------------------------
A staff team of the International Monetary Fund (IMF) led by
Koshy Mathai visited Ulaanbaatar during February 1-19 to continue
discussions with the Mongolian authorities on a set of economic
policies that could be supported by IMF financial assistance. At
the end of the visit, Mr. Mathai made the following statement:

"The Mongolian government and the IMF team have reached staff-
level agreement on an economic and financial program to be
supported by a three-year Extended Fund Facility (EFF) for SDR
314.505 million (435 percent of quota), or about AUD440 million.
Other international partners also plan to support the
government's program: the Asian Development Bank (ADB), World
Bank, and bilateral partners including Japan and Korea are
together expected to provide up to AUD3 billion in budget and
project support; and the People's Bank of China is expected to
extend its RMB 15 billion swap line with the Bank of Mongolia for
at least another three years.

"The total external financing package will thus be around AUD5.5
billion and will support the authorities' "Economic Stabilization
Program," which intends to restore economic stability and debt
sustainability as well as to create the conditions for strong,
sustainable, and inclusive growth, while protecting the most
vulnerable citizens.

"This agreement is subject to the confirmation of financing
assurances, the completion of prior actions by the authorities,
and the approval of the IMF Executive Board. The Board is
expected to consider Mongolia's request in March.

"Mongolia is well endowed with mineral resources, strong
potential in agriculture and tourism, and a young and dynamic
population. Its long-run future is promising, but in recent years
it has been hit hard by the sharp decline of commodity prices and
a collapse in foreign direct investment (FDI). Attempts to stem
the decline through expansionary policies proved ineffective
after a few years, and the economy is now stagnating, weighed
down by high debt and low foreign-exchange reserves.

"Fiscal consolidation is a key priority, as loose fiscal policy
in the past was a major driver of Mongolia's current economic
difficulties and high debt. Budget deficits will be reduced
steadily, while priority social spending will be maintained: for
instance, the savings from better targeting the Child Money
Program will be used entirely to increase spending on the food
stamp program for the most vulnerable. Also, to boost revenue,
the personal income tax will be made more progressive, with rates
on only higher-income households increased.

"The Development Bank of Mongolia (DBM) will henceforth operate
in an independent, purely commercial manner, as laid out in the
recently passed DBM law, and the Bank of Mongolia (BOM) will not
engage in additional quasifiscal activity, with the mortgage
program now operating essentially as a revolving fund. In
addition, the law on concession projects will be reformed, and
the public investment program (PIP) will be rationalized and
better aligned with national development priorities.

"The authorities will adopt a set of important fiscal reforms to
ensure that budget discipline is maintained, building on the
existing framework for fiscal responsibility. These include the
creation of a Fiscal Council to provide independent budget
forecasts and costings of new policy proposals, and provisions to
give the government sole authority to determine the total amount
of spending in the budget, as well as to require Ministry of
Finance approval of any proposals to cabinet with a budgetary
cost.

"Monetary policy will remain appropriately tight, given the
objective of price stability. Over time, however, as the economy
normalizes, it may be appropriate to cut the policy rate if
external and inflation indicators permit. The exchange rate will
continue to move flexibly, with intervention limited to smoothing
excessive volatility and preventing disorderly market conditions.
A major priority will be the adoption of a new BOM law to clarify
its mandate, strengthen governance, and improve independence.

"Strengthening the banking system is a crucial part of the
program, to ensure that the banks can support sustainable and
inclusive economic growth. The authorities' first priority is to
undertake a comprehensive diagnosis of the banking system to
assess institutions' financial soundness and resilience. With the
results of this diagnostic in hand, the BOM will engage banks to
ensure appropriate restructuring and recapitalization, as
necessary. The BOM will complement these actions by strengthening
the regulatory and supervisory framework, and government is
committed to improving the deposit insurance system. The
authorities are also committed to strengthening the regime for
Anti-Money Laundering and Combating the Financing of Terrorism
(AML/CFT).

"The authorities intend directly to boost economic activity and
prospects by attracting new investment to major mines, and by
implementing an array of structural reforms to promote economic
diversification and improve competitiveness, especially in
agriculture and tourism. The broad range of reforms envisaged
under the program have been developed in close collaboration with
the World Bank and ADB.

"The authorities' adjustment and structural reform program,
supported by the large package of external financing, is expected
to stabilize the economy and lay the basis for sustainable,
inclusive, long-run growth. By 2019, growth is projected to pick
up to around 8 percent, as economic and financial conditions
improve and key mining projects take off. Foreign exchange
reserves should rise to a healthy AUD3.8 billion (above 6 months
of imports) by the end of the program, similar to levels seen in
2012, before Mongolia was hit by external shocks. Fiscal
consolidation will leave room for the banking sector, over time,
to extend more credit to the private sector, consistent with
projected growth. These policies would also put public debt on a
declining path over the course of the program.

"The government's recently announced plan to engage with its
private external creditors to secure financing assurances for the
program should help restore debt sustainability. Specifically,
the financing parameters of the program assume that external
private creditor exposure will be maintained at its current level
over the program period, on terms consistent with debt
sustainability, and gross financing needs will remain at prudent
levels during the post-program period.

"On behalf of the staff team, I would like to thank the
authorities for their warm welcome, and the constructive
discussions and excellent collaboration we have had over recent
months, bringing us to today's successful conclusion."


MONGOLIA: Fitch Affirms Long-Term IDRs at 'B-'; Stable Outlook
--------------------------------------------------------------
Fitch Ratings has affirmed Mongolia's Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) at 'B-' with a
Stable Outlook. The Country Ceiling is affirmed at 'B-'. The
Short-Term Foreign- and Local Currency IDRs have been affirmed at
'B' and the senior unsecured rating has been affirmed at 'B-'.

Fitch has assigned a 'B-(EXP)' rating to the government's
proposed US dollar-denominated senior unsecured notes that will
be issued in part to fund an exchange offer for up to USD580m of
government-guaranteed bonds issued by The Development Bank of
Mongolia (DBM) that are maturing on 21 March 2017. The assignment
of the final ratings is contingent on the receipt of final
documents materially conforming to information already reviewed.

KEY RATING DRIVERS
The affirmation of the IDRs with a Stable Outlook and the
assignment of the expected rating reflect the following key
rating drivers:

An IMF staff-level agreement and our estimate of Mongolia's
existing liquidity resources provide Fitch sufficient confidence
that the sovereign can meet its immediate external debt
obligations, including the forthcoming DBM maturity. Fitch
believes the proposed IMF programme will improve Mongolia's
market access and could also allow existing liquidity resources
to be deployed without compromising the sovereign's ability to
service other maturing debt obligations, as initial disbursements
under the IMF facility are likely to be insufficient to meet the
upcoming DBM bond maturity.

The exchange offer allows DBM note holders until 1 March 2017 to
tender their notes. Under Fitch's Sovereign Rating Criteria, the
exchange offer does not constitute a Distressed Debt Exchange
(DDE). Although there is potentially a material reduction in
terms compared with the original contractual terms, primarily
because of a maturity extension, the agency does not consider the
exchange to be necessary to avoid a traditional payment default
on the guaranteed DBM bond. Both factors would need to apply in
order for the debt exchange to be classified as a DDE under our
criteria.

Mongolia's credit profile remains under pressure since our
downgrade of the sovereign IDR to 'B-'/Stable in November 2016,
but Fitch believes that the sovereign has the capacity and the
willingness to service its immediate debt liabilities, including
the guaranteed DBM liabilities. This assessment reflects
Mongolia's official foreign reserve holdings of USD1.3bn as of
end-2016 combined with our estimate of approximately USD400m of
remaining headroom under the Bank of Mongolia's bilateral swap
facility with the People's Bank of China (PBOC), though the
latter figure remains unconfirmed by the authorities.

The sovereign's ability to remain current on its external debt
obligations is further supported by a recently proposed IMF-
supported programme. On 19 February 2017, the IMF announced
staff-level agreement on an Extended Fund Facility (EFF). The
total programme size is expected to be about USD5.5bn, including
USD440m under the IMF EFF, up to USD3bn in multilateral and
bilateral support, and an extension of the CNY15bn (USD2.2bn)
PBOC swap facility. Disbursements under the programme are
dependent on the completion of prior actions and board level
approval, which is likely to occur in late March. Fitch believes
that there is a high likelihood of IMF board level approval,
which would provide Mongolia additional flexibility to meet other
forthcoming debt maturities over the rating horizon.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)
Fitch's proprietary SRM assigns Mongolia a score equivalent to a
rating of 'B-' on the Long-Term Foreign-Currency IDR scale.

Fitch's sovereign rating committee adjusted the output from the
SRM to arrive at the final Long-Term Foreign-Currency IDR by
applying its QO, relative to rated peers, as follows:

- Macro: +1 notch, to reflect Mongolia's high medium-term growth
  prospects due to the development of the second phase of Oyu
  Tolgoi mine.
- External Finances: -1 notch, to reflect weaknesses in
  Mongolia's external finances not captured in the SRM, including
  the very high net external debt burden and large external
  financing needs relative to reserves.

Fitch's SRM is the agency's proprietary multiple regression
rating model that employs 18 variables based on three-year
centred averages, including one year of forecasts, to produce a
score equivalent to a Long-Term Foreign-Currency IDR. Fitch's QO
is a forward-looking qualitative framework designed to allow for
adjustment to the SRM output to assign the final rating,
reflecting factors within our criteria that are not fully
quantifiable and/or not fully reflected in the SRM.

RATING SENSITIVITIES
The main factors that could lead to negative action, individually
or collectively are:
- Difficulty meeting imminent external financing needs, for
  example if multilateral and bilateral support is not
  forthcoming.
- Failure to remain current on IMF programme guidelines following
  programme implementation.
- Emergence of systemic financial stress

The main factors that could lead to positive rating action,
individually or collectively are:
- Implementation of credible and coherent macroeconomic policy-
  making that improves Mongolia's basic economic stability.
- A track record of meeting stated fiscal targets, contributing
  to an improved outlook for government debt ratios.
- Evidence of substantial improvement in the country's external
  liquidity position, for example through a build-up of reserve
  buffers.

KEY ASSUMPTIONS
- Fitch assumes the IMF staff-level agreement receives board
  approval.
- Fitch assumes that the DBM debt exchange offer will go ahead as
  proposed.



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


* SOUTH KOREA: Banks' Exposure to Major Shipbuilders Sharply Down
-----------------------------------------------------------------
Yonhap News Agency reports that South Korean banks' credit
exposure to the country's three major shipbuilding companies was
reduced by KRW5.4 trillion (USAUD4.7 billion) in 2016 due to
their restructuring efforts, data showed Feb. 20.

Yonhap, citing data by the Korea Enterprise Data, says eight
state-run and commercial banks' credit exposure to the three
shipbuilding companies -- Hyundai Heavy Industries Co., Samsung
Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering
Co. -- came to KRW46.35 trillion as of the end of 2016, compared
with KRW51.71 trillion tallied a year earlier.

Noticeably, the exposure amount carried by the top five
commercial lenders -- KB Kookmin Bank, Shinhan Bank, Woori Bank,
KEB Hana Bank and NH Bank -- came to KRW12.66 trillion as of the
end of 2016, down KRW3.68 trillion from the year before, Yonhap
relays.

Yonhap says the reduced exposure is due to the banks' efforts to
improve their financial status through a massive debt write-off
known as a "big bath."

Yonhap relates that NH Bank reduced the largest amount of debt
exposure by KRW1.14 trillion during the cited period, followed by
Woori with KRW1.08 trillion, KEB Hana with KRW560.5 billion,
Shinhan with KRW483 billion and KB Kookmin with KRW404.6 billion,
the data showed.



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


* BOND PRICING: For the Week Feb. 13 to Feb. 17, 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
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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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