TCRAP_Public/170228.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 28, 2017, Vol. 20, No. 42

                            Headlines


A U S T R A L I A

CAPRICORN COAST: First Creditors' Meeting Set for March 7
CK WILSON: First Creditors' Meeting Slated for March 7
MACQUARIE BANK: Moody's Assigns 'Ba1' Rating to MACS
MACQUARIE BANK: S&P Assigns 'BB' ICR to Proposed MACS
MESOBLAST LIMITED: Study Shows MPCs Improve Disease Severity

PALERMO 9: First Creditors' Meeting Set for March 6
QUEENSLAND NICKEL: Palmer withdraws pursuit of liquidators


C H I N A

AOXING PHARMACEUTICAL: Incurs $43,000 Net Loss in Dec. 31 Quarter
BEIJING CAPITAL: Weak 2016 Results No Impact on Moody's Ba3 CFR
FUTURE LAND: Fitch Assigns 'BB-' Rating to US$350MM Senior Notes
HENGDELI HOLDINGS: Fitch Keeps Rating Watch Negative on B+ IDR
JILIN JIEN: Likely to Face Delisting at Shenzhen Stock Exchange

TEXHONG TEXTILE: Moody's Withdraws Ba3 Corporate Family Rating


I N D I A

A B T INVESTMENTS: CARE Reaffirms 'B' Rating on INR100cr NCD
AKSHAR COTTON: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
ANTIQUE COTTEX: ICRA Reaffirms 'B+' Rating INR7.52cr Loan
APLAB LIMITED: ICRA Reaffirms 'D' Rating on INR22cr Bank Loan
ARCVAC FORGECAST: CARE Lowers Rating on INR110.94cr LT Loan to D

BIRBAL DASS: CARE Reaffirms 'B' Rating on INR21cr LT Loan
CHIMUR COTTON: CARE Assigns B+ Rating to INR5.89cr LT Loan
D C METALS: ICRA Reaffirms 'D' Rating on INR30cr Cash Loan
GOYAL ENTERPRISES: CARE Reaffirms B+ Rating on INR10.81cr Loan
HARIOM INGOTS: ICRA Reaffirms B+ Rating on INR35.64cr Loan

JAGAT AGRO: CARE Assigns B+ Rating to INR10cr LT Loan
JAIPRAKASH POWER: ICICI Bank Acquires 814.4 Million Shares
KANKAI PIPES: CARE Reaffirms B+ Rating on INR4.15cr LT Loan
KAPSONS INDUSTRIES: CARE Reaffirms 'D' Rating on INR129.40cr Loan
KRISHNA FASHION: ICRA Reaffirms B+ Rating on INR35.65cr Term Loan

KRISHNA KANHAIYYA: ICRA Assigns 'B+' Rating to INR9.90cr LT Loan
MARUTI GINNING: ICRA Reaffirms B+ Rating on INR6.05cr Loan
NAGARJUNA WAREHOUSING: ICRA Assigns 'B' Rating to INR7.78cr Loan
PALAK FERRO: ICRA Reaffirms 'D' Rating on INR13.80cr Loan
RUSHABH FLOUR: Ind-Ra Assigns 'BB' Long-Term Issuer Rating

SANGAM HANDICRAFT: CARE Assigns B+ Rating to INR5.80cr LT Loan
SEANTO MINERALS: ICRA Reaffirms 'D' Rating on INR3.0cr Cash Loan
SERVOCONTROLS: ICRA Reaffirms B+ Rating on INR5.0cr LT Loan
SHIV SHAKTI: CARE Puts B+ Rating on Notice of Withdrawal
SHREE SIDDHESHWARI: ICRA Reaffirms B+ Rating on INR16cr Loan

SONA WIRES: CARE Reaffirms B+ Rating on INR3.91cr LT Loan
SRI RAM: ICRA Raises Rating on INR5.0cr Term Loan to B+
SRI VARADHARAJA: ICRA Upgrades Rating on INR6.50cr LT Loan to B+
SURYA WIRES: CARE Reaffirms B+ Rating on INR19.60cr LT Loan
SWASHRYEE MAHILA: ICRA Assigns B+ Rating to INR10cr LT Loan

VADIVEL PYROTECHS: ICRA Reaffirms B+ Rating on INR15cr LT Loan

* Indian Bank Q3FY17 Earnings Show Effects of Demonetization


J A P A N

MITSUBISHI MOTORS: S&P Revises Outlook on 'BB-' CCR to Stable


S I N G A P O R E

S I2I: Shareholders Call for Voluntary General Offer


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Ex-KDB Chief Questioned Over Shipyard Crisis

* SOUTH KOREA: Banks' Loan Delinquency Rate Rises in January


X X X X X X X X

* BOND PRICING: For the Week Feb. 20 to Feb. 24, 2017


                            - - - - -


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


CAPRICORN COAST: First Creditors' Meeting Set for March 7
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Capricorn
Coast Travel Pty. Ltd, trading as "Montrose Quarrying & Haulage"
and "Redx Mechanical", will be held at the Offices of BDO, Level
10, 12 Creek Street, in Brisbane, Queensland, on March 7, 2017,
at 10:00 a.m.

Andrew Fielding and Gerald Collins of BDO were appointed as
administrators of Capricorn Coast on Feb. 23, 2017.


CK WILSON: First Creditors' Meeting Slated for March 7
------------------------------------------------------
A first meeting of the creditors in the proceedings of CK Wilson
Industries Pty Ltd, trading as Bridgestone Select (Nambour), and
Leopard Labour Hire Pty Ltd, will be held at SM Solvency
Accountants, Level 8/490 Upper Edward Street, in Spring Hill,
Queensland, on March 7, 2017, at 10:00 AM (AEST) and 10:30 AM
(AEST) respectively.

Brendan Nixon and Leon Lee of SM Solvency were appointed as
administrators of CK Wilson and Leopard Labour on Feb. 24, 2017.


MACQUARIE BANK: Moody's Assigns 'Ba1' Rating to MACS
----------------------------------------------------
Moody's Investors Service has assigned a Ba1 (hyb) rating to the
Macquarie Additional Capital Securities (the "Notes") to be
issued by Macquarie Bank Limited ("MBL", A2 stable, baa1) acting
through its London Branch. MBL is the Australian incorporated and
regulated banking subsidiary of Macquarie Group Limited.

Moody's expects the Notes will qualify as Additional Tier 1
capital under the prudential standards set out by the Australian
Prudential Regulation Authority ("APRA"). They are subject to
write-off or conversion into ordinary shares of MGL at the point
of non-viability.

RATINGS RATIONALE

The Ba1 (hyb) rating is positioned three notches below the baa1
adjusted baseline credit assessment ("BCA") of MBL, in line with
Moody's standard notching guidance for preferred securities with
loss triggered at the point of non-viability on a contractual
basis.

The three-notch difference from the adjusted BCA reflects the
higher expected loss in these securities and the impairment
associated with discretionary coupon suspension.

Under the terms and conditions, the Notes would be converted,
partially or in full, in the event that, either;

1. MBL's common equity Tier 1 ratio is equal to or less than
5.125%; or

2. APRA notifies MBL that without such conversion, the bank would
become non-viable; or

3. APRA notifies MBL that without a public sector injection of
capital, or equivalent support, MBL would become non-viable.

In addition, for classification as Additional Tier 1 capital, MBL
as a going concern may choose not to pay, or may be prevented
from paying, the dividend/distribution on a non-cumulative basis.
As such, the dividend/distribution is fully discretionary. The
Notes are non-cumulative, meaning that any unpaid distribution is
cancelled.

WHAT COULD CHANGE THE RATINGS UP/DOWN

As the assigned Ba1 (hyb) rating is linked to MBL's adjusted BCA,
it will change in line with the adjusted BCA.

Despite the recent trend towards a more diversified business
profile, MBL (and the broader MGL group) retains exposure to
financial market conditions. As a result, even if operating
conditions improve markedly, the prospect of an upgrade is
unlikely. Moody's views wholesale / investment banking businesses
to be appropriately rated in the Baa range. MBL's standalone
credit assessment of baa1 already positions it at the higher end
of this range.

The ratings would come under negative pressure should the trend
towards a more diversified business profile reverse itself and
result in a higher exposure to volatile financial markets
businesses. Any signs of a loss of discipline in its risk
management or a material reduction in its capital and liquidity
buffers, including as a result of cumulative effects of M&A
activity, would also be detrimental to its ratings.

Further deterioration in the operating environment faced by MBL
and MGL could lead to a change in their macro profile and place
their ratings under downward pressure.

Moody's views the Macquarie legal entities as closely
intertwined, with a high degree of operational and financial
linkages. However, should there be a sharpening of the boundaries
between the group's bank and non-bank entities, in the medium-to-
long run, it could lead to greater divergence of their credit
profiles and rating outcomes.

The principal methodology used in this rating was Banks published
in January 2016.

Macquarie Group Limited is headquartered in Sydney, Australia. It
reported assets of AUD193.1 billion at September 2016.


MACQUARIE BANK: S&P Assigns 'BB' ICR to Proposed MACS
-----------------------------------------------------
S&P Global Ratings said it has assigned its 'BB' issue credit
rating to Macquarie Bank Ltd.'s (MBL; A/Negative/A-1) proposed
Macquarie Additional Capital Securities (MACS), which MBL's
London branch will issue.

S&P has assigned MACS an issue rating six notches below S&P's
long-term issuer credit rating on MBL.  These factors reflect the
difference:

   -- MACS subordinated status (one notch);
   -- MACS risk of partial or untimely payment of coupons (two
      notches);
   -- MACS contingent capital clauses for mandatory conversion
      into common equity or write-down (one notch) and;
   -- In S&P's view, financial support from the Australian
      government is unlikely to extend to hybrid capital
      instruments issued by MBL.  In contrast, for S&P's issuer
      credit rating on MBL and ratings on senior debt issued by
      the bank, S&P applies a two-notch uplift above the stand-
      alone credit profile of MBL to reflect S&P's assessment of
      likely financial support from the Australian government, if
      needed.

S&P has assessed the proposed issue as having intermediate equity
content.  In S&P's view, MACS would be able to absorb losses on a
going-concern basis through nonpayment of coupons.  Loss
absorption would also take place in a nonviability event that
would result in exchange or write-down, or conversion into common
equity.  On issuance, S&P understands that MBL's MACS will
qualify as fully compliant Basel III Additional Tier 1 capital
under the Australian Prudential Regulation Authority's standards.


MESOBLAST LIMITED: Study Shows MPCs Improve Disease Severity
------------------------------------------------------------
Mesoblast Limited announced results of a new study published in
the current issue of the peer-reviewed journal Stem Cell Research
& Therapy, showing that a single intravenous infusion of 150
million of the Company's proprietary allogeneic "off-the-shelf"
STRO-3 immunoselected Mesenchymal Precursor Cells (MPCs)
significantly improved clinical disease severity, reduced joint
cartilage erosions, and improved synovial inflammation and
histopathology in a large animal model of early rheumatoid
arthritis (RA).

This is the first study to show that intravenously administered
STRO-1/STRO-3 immunoselected MPCs can ameliorate clinical and
histopathologic disease severity in a large animal model of
collagen-induced arthritis, a highly relevant and predictive
model of human RA.  The study's lead investigators, from the
Faculty of Veterinary and Agricultural Sciences, University of
Melbourne, compared treatment with a single intravenous infusion
of either 150 million allogeneic, STRO-3 immunoselected and
culture-expanded sheep MPCs or saline in 16 sheep with early
collagen-induced arthritis.  This well-established large animal
model of human RA is driven by multiple pro-inflammatory
cytokines produced by synovial fibroblasts, T cells and
monocytes, and progresses from monoarthritis early in the disease
to inflammation of multiple joints (polyarthritis), cartilage
erosions, and joint destruction.

Mesenchymal lineage precursors and stem cells have been shown to
be capable of targeting mechanistic pathways that are central to
the process of progressive RA in humans, including by inhibiting
the joint synovial fibroblast pro-inflammatory factor NF-kappaB
that is implicated in synovial proliferation, inflammation, and
joint destruction, and by polarizing pro-inflammatory monocytes
and T cells to anti-inflammatory states. Notably, STRO-1 positive
MPCs have been shown to be at least 10-fold more potent
inhibitors of T-cell activation and proliferation than
conventional plastic-adherent Mesenchymal Stem Cells (MSCs).

Key clinical, immunologic, and histopathologic outcomes of the
study were:

  * Within two days, the MPC-treated group showed significantly
    faster decline of elevated neutrophil numbers in the blood
    than saline-treated controls, a white blood cell type that
    plays a critical role in the clinical manifestations of RA,
    gout and other inflammatory joint diseases in humans

  * Within four days, and over the two-week study period, the
    MPC-treated group had a significantly lower composite
    clinical score of lameness, joint swelling and pain compared
    with saline-treated controls, with significant improvements
    seen in each of these clinical parameters

  * Markers of inflammation in the blood (interleukin 17 and
    Activin A) were significantly reduced in the MPC-treated
    group compared with saline-treated controls over the two-week
    study period

  * At the end of the study, the MPC-treated group showed
    significantly less joint destruction and joint inflammation
    compared with saline-treated controls, as evidenced by:

     -- significantly reduced joint cartilage erosions

     -- significantly reduced levels of activated synovial
        fibroblasts and fibrosis

     -- significantly reduced infiltration of synovial tissues
        with monocytes and CD4 T cells, and;

     -- significantly reduced blood vessel formation within the
        synovial tissues

  * All of these histopathologic components ameliorated by MPC
    treatment are key features associated with progressive joint
    disease and destruction in patients with active RA.

This study shows that Mesoblast's MPCs administered intravenously
can significantly ameliorate inflammatory arthritis, and provides
important mechanistic and translational support for the improved
clinical outcomes previously reported in the ongoing Phase 2
trial with Mesoblast's product candidate MPC-300-IV in patients
with RA who are refractory to TNF-alpha inhibitors and other
biologic agents.

  Durable Responses and Sustained Low Disease Activity Over Nine

  Months After a Single Dose of Mesoblast Cell Therapy in
  Rheumatoid Arthritis Patients Resistant to Anti-TNF Agents

Key points:

   * A single intravenous infusion of Mesoblast's allogeneic "off

    -the-shelf" Mesenchymal Precursor Cells (MPCs) resulted in
     durable responses through nine months (39 weeks) in a 48-
     patient placebo-controlled, randomized Phase 2 trial in
     rheumatoid arthritis (RA) patients resistant to anti-Tumor
     Necrosis Factor (TNF) agents

   * The safety profile over 39 weeks was comparable among the
     placebo and both MPC treatment groups, with no cell-related
     serious adverse events

   * Both MPC doses outperformed placebo at week 39 in each of
     ACR20/50/70 responses, as well as by median ACR-N analysis

   * Continuous variables ACR-N, HAQ-DI and DAS-28 were used in
     line with the FDA Guidance For Industry Rheumatoid
     Arthritis:
     Developing Drug Products For Treatment, May 2013, and
     identified the 2 million MPC/kg dose as the most effective
     over 39 weeks

   * The 2 million MPC/kg dose showed the earliest and most
     sustained treatment benefit

   * The RA population resistant to anti-TNF agents constitutes
     about one-third of patients treated with these agents, is
     the fastest growing branded market segment within the $19
     billion global RA biologics market, and is set to grow
     further as multiple anti-TNF biosimilars become available;
     the goal of therapy in these patients is to achieve early
     and sustained low disease activity which correlates with
     prevention of structural joint damage in RA

   * Given the serious nature of anti-TNF resistant RA, MPC-300-
     IV is well-positioned to be developed as a regenerative
     advanced therapy to target this major unmet medical need

Mesoblast Limited announced 39-week data from its Phase 2 trial
in patients with rheumatoid arthritis (RA) resistant to anti-
Tumor Necrosis Factor (TNF) agents.  The results showed that a
single intravenous infusion of the Company's proprietary
allogeneic cell therapy product candidate, MPC-300-IV, was well
tolerated and demonstrated a durable improvement in clinical
symptoms, physical function, and disease activity relative to
placebo over this period of follow-up.

Mesoblast Chief Executive Silviu Itescu commented: "The nine-
month outcomes generated from this study are highly encouraging.
The early and durable effects seen from a single infusion of 2
million MPC/kg support the potential of our allogeneic cell
therapy to be positioned as an early treatment option for
patients resistant to anti-TNF agents."

Major advances in the treatment of RA using biologic agents have
resulted in a $19 billion global market in 2016, the majority of
which is due to use of anti-TNF agents.  The RA population
resistant to anti-TNF agents, which constitutes about one-third
of patients treated with anti-TNF agents, is the fastest growing
branded market segment within the global RA biologics market, and
is set to grow further as multiple anti-TNF biosimilars become
available.

Mesoblast's Phase 2 trial recruited a total of 48 patients with
active RA who were on a stable regimen of methotrexate and had an
inadequate prior clinical response to at least one anti-TNF
agent.

Of the 48 patients, 30 (63%) had previously received 1-2 biologic
agents. Patients were randomized to a single intravenous infusion
of 1 million MPCs/kg (1M/kg, n=16), 2 million MPCs/kg (2M/kg,
n=16) or placebo (n=16).  The study was comprised of a 12 week
primary study period, and a total study duration of 52 weeks.

The primary objective of the study was to evaluate safety and
tolerability of a single intravenous MPC infusion in these
biologic refractory RA patients through a 12 week primary
endpoint.

Additional objectives were to evaluate clinical efficacy at the
12 week endpoint and to assess the durability of effects and
safety profile through the full 52 week study.

Pre-specified efficacy endpoints included the following: American
College of Rheumatology (ACR) composite clinical response, which
is an endpoint used in RA clinical trials to measure improvement
in signs and symptoms of the disease in terms of 20%, 50% or 70%
improvement from baseline; ACR-N which measures the mean or
median magnitude of benefit using an ACR composite for a typical
patient; the health assessment questionnaire-disability index
(HAQ-DI), a standardized measure of functional status; and the
DAS28 composite measurement of disease activity; no adjustment
for multiplicity was performed as these efficacy endpoints were
exploratory and the trial was not powered for efficacy.

Additionally, continuous variables ACR-N, HAQ-DI and DAS-28 were
evaluated in a pre-specified manner since the use of endpoints
sensitive to change provide better discriminatory power for
dose-response assessment, in line with the FDA Guidance For
Industry Rheumatoid Arthritis: Developing Drug Products For
Treatment, May 2013.

Analyses were performed for the whole study population and for
the pre-specified exploratory subgroups based on whether the
subjects had previously received 1-2 biologic agents or more than
2 biologic agents.

A full-text copy of the press release is available for free at:

                     https://is.gd/gqkwa0

                     About Mesoblast Ltd.

Melbourne, Australia-based Mesoblast Limited (ASX:MSB;
Nasdaq:MESO) develops cell-based medicines.  The Company has
leveraged its proprietary technology platform, which is based on
specialized cells known as mesenchymal lineage adult stem cells,
to establish a broad portfolio of late-stage product candidates.
Mesoblast's allogeneic, 'off-the-shelf' cell product candidates
target advanced stages of diseases with high, unmet medical needs
including cardiovascular diseases, immune-mediated and
inflammatory disorders, orthopedic disorders, and
oncologic/hematologic conditions.

Mesoblast reported a loss before income tax of $90.82 million for
the year ended June 30, 2016, compared to a loss before income
tax of $96.24 million for the year ended June 30, 2015.

As of Sept. 30, 2016, Mesoblast had $665.4 million in total
assets, $155.6 million in total liabilities and $509.9 million in
total equity.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2016, citing that the Company has
suffered recurring losses from operations that raise substantial
doubt about its ability to continue as a going concern.


PALERMO 9: First Creditors' Meeting Set for March 6
---------------------------------------------------
A first meeting of the creditors in the proceedings of Palermo (9
Hill Road NSW) Pty Limited will be held at Level 16, 55 Clarence
St, in Sydney, on March 6, 2017, at 11:00 a.m.

Alan Hayes of Hayes Advisory was appointed as administrator of
Palermo (9 Hill Road NSW) on Feb. 22, 2017.


QUEENSLAND NICKEL: Palmer withdraws pursuit of liquidators
----------------------------------------------------------
Toby Mann and Tracey Ferrier at The West report that Clive Palmer
has withdrawn a court bid to remove the liquidators of Queensland
Nickel, but won't say the reasons why.

The West relates that the Brisbane Supreme Court on Feb. 22 gave
the former federal MP's lawyers leave to withdraw their
application.

According to the report, the court heard Mr. Palmer has offered
to pay the costs involved, which will be determined at later
hearings also involving Queensland Nickel.

Earlier on Feb. 22, Mr. Palmer said he wouldn't be proceeding
with action to sack FTI Consulting, the West relays.

He said he was not at liberty to explain why, but said the halt
in proceedings was by mutual agreement, and followed confidential
discussions with FTI, according to the West.

"We've agreed with them to discontinue proceedings," Mr. Palmer
told AAP.  "There've been discussions, which are confidential."

The West says Mr. Palmer has publicly raged against FTI and the
job they did firstly as Queensland Nickel's administrators, and
now as its liquidators.

That's despite the fact FTI was Queensland Nickel's company of
choice when the decision was made to appoint administrators in
January last year, the report says.

Last April, FTI wrote a damning report saying there was evidence
Mr. Palmer may have used the company as a piggy bank for his
other companies and his political party, the report recounts.

It also said there was evidence that Mr. Palmer may have acted as
a shadow director of the nickel company, alongside its sole
registered director, the ex-MP's nephew, Clive Mensink, and that
both men may have recklessly discharged their corporate duties.

Queensland Nickel is now winding down with debts of about $300
million, and its collapse cost about 800 Townsville refinery
workers their jobs, says the West.

The company has several matters remaining before the courts.

                      About Queensland Nickel

Queensland Nickel operates the Palmer Nickel and Cobalt Refinery
in Queensland, Australia.  Queensland Nickel directors appointed
John Park, Stefan Dopking, Kelly-Anne Trenfield and Quentin Olde
of FTI Consulting as voluntary administrators on Jan. 18, 2016.

FTI went from being administrators to liquidators at the second
creditors meeting in April, after issuing a damning report into
Queensland Nickel's finances, The Courier-Mail reported.



=========
C H I N A
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AOXING PHARMACEUTICAL: Incurs $43,000 Net Loss in Dec. 31 Quarter
-----------------------------------------------------------------
Aoxing Pharmaceutical Co. Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss attributable to shareholders of $43,453 on $8 million
of sales for the three months ended Dec. 31, 2016, compared to
net income attributable to shareholders of $2.06 million on $8.19
million of sales for the three months ended Dec. 31, 2015.

For the six months ended Dec. 31, 2016, the Company reported net
income attributable to shareholders of $302,627 on $15.57 million
of sales compared to net income attributable to shareholders of
$3.33 million on $16.94 million of sales for the same period a
year ago.

As of Dec. 31, 2016, Aoxing had $58.72 million in total assets,
$40.91 million in total liabilities and $17.80 million in total
equity.

The Company's cash balance as of Dec. 31, 2016, was $6,848,691,
compared to $6,912,100 as of June 30, 2016.  Operations during
the six-month period ended Dec. 31, 2016, provided $222,874 in
cash, as compared to $714,855 cash used in operations during the
six month period ended Dec. 31, 2015.  Despite the decline in net
income year-over-year for the six months ended Dec. 31, 2016,
cash flow from operation for the six months ended Dec. 31, 2016,
was better than a year ago.  This incongruity occurred because
the decline in net income was almost entirely attributable to a
$2,979,245 bad debt write off that the Company recorded during
the six months ended Dec. 31, 2016.  Since, during that same
period, the $3,331,374 increase in accrued expenses and other
current liabilities, $1,200,053 increase in accounts payable, and
the $694,449 reduction in inventory served to offset most of the
$5,985,664 increase in accounts receivable, our operations for
the six months ended Dec. 31, 2016, yielded positive cash flow.
In contrast, during the six months ended Dec. 31, 2015, the
Company used cash to significantly reduce its accounts payable
and to increase its inventory, which resulted in a net use of
cash in operations for the period.  During this reporting period,
the Company did not make any major investment.

During the six-month period ended Dec. 31, 2016, the Company had
no financing activities, whereas during the six month period
ended Dec. 31, 2015, the Company completed a public offering of
stock and warrants for net proceeds of $2,739,000 and borrowed
$1,362,643 from related parties, a portion of which we used to
satisfy $1,237,122 in bank loans and short-term debt.

The Company's working capital deficit on Dec. 31, 2016, was
$9,672,535, compared to $10,948,767 as of June 30, 2016.  The
improvement resulted primarily from a $5,985,664 increase in
accounts receivable, although the effect of that increase on our
balance sheets was partially offset by the $2,979,245 bad debt
expense that the Company recorded in the six months ended
Dec. 31, 2016.  The increase in accounts receivable reflects the
conversion of its marketing program from a distributor network to
direct sales to hospitals, since accounts receivable from
hospitals typically take longer to collect than those from
distributors.

The Company's negative working capital is primarily due to its
accumulated deficit, which the Company has been partially funded
by taking short-term bank loans.  The Company is able to operate
with negative net working capital because of loans from banks and
related parties that are rolled-over or refinanced as needed.
The Company believes future positive operating cash flows,
continued support from related parties, and the ability to
continue to roll over short-term debt, taken together, provide
adequate resources to fund ongoing operations in the foreseeable
future.  The Company may also seek equity financing to replace
both short-term and long-term debts.  The Company believes that
the market demand for its main product will recover in the near
term and the sales from several new products in future years will
produce substantial positive cash flow.

Management of the Company believes that the Company's large
negative working capital will continue to improve during fiscal
year 2017.  Management expects the improvement to come from
improved operating results, by extending short term into longer
term loans, and by selling equity and converting debt to equity.
Management anticipates that these improvements will enable the
Company to reduce current high interest expenses and fund on-
going operations.  The management of the Company has taken a
number of actions and will continue to address this situation in
order for the Company to achieve a sound financial position going
forward.

A full-text copy of the Form 10-Q/A is available for free at:

                    https://is.gd/uxQW1o

                        About Aoxing

Aoxing Pharmaceutical Company, Inc., has one operating
subsidiary, Hebei Aoxing Pharmaceutical Co., Inc., which is
organized under the laws of the People's Republic of China.
Since 2002, Hebei Aoxing has been engaged in developing narcotics
and pain management products.  In 2008 Hebei Aoxing supplemented
its product lines by acquiring Shijiazhuang Lerentang
Pharmaceutical Company, Ltd., a specialty pharmaceutical company
focusing on herbal pain related therapeutics.  The Company owns
95% of the equity in Hebei Aoxing.

Aoxing Pharmaceutical reported net income attributable to
shareholders of the Company of $5.49 million on $25.48 million of
sales for the year ended June 30, 2015, compared to a net loss
attributable to shareholders of the Company of $8.21 million on
$12.7 million of sales for the year ended June 30, 2014.


BEIJING CAPITAL: Weak 2016 Results No Impact on Moody's Ba3 CFR
---------------------------------------------------------------
Moody's Investors Service says Beijing Capital Land Limited's
(BJCL) weak results for 2016 reflect the company's low profit
margins and high debt leverage, but have no immediate impact on
its Ba3 corporate family rating or the negative outlook.

This is because Moody's expects the company's credit metrics to
improve, with revenue likely to grow 25%-30% year-on-year in the
next 12-18 months compared to 27% in 2016.

The revenue improvement will come from BJCL's strong 40% year-on-
year growth in contracted sales to RMB45.5 billion (including the
contribution from joint ventures and associates) in 2016. As of
end-2016, the company indicated that it had locked in future
revenues of around RMB27.7 billion.

BJCL's gross profit margin will also improve to around 15%-20% in
the next 12-18 months compared with 12.7% in 2016, as it has
completed the delivery of most lower-margin products it
contracted in 2013 and 2014. The company's strategy to focus on
first-tier and major second-tier cities should also support its
gross profit margins over the next 2 years.

Beijing, Tianjin and Shanghai accounted for 74% of the company's
total contracted sales in 2016. This new focus on first-tier and
major second-tier cities resulted in the company's average
selling price surging to 72% year-on-year to RMB20,000 per square
meters in 2016.

Moody's further expects that the company's borrowing costs will
remain low, supported by its relationship with the Beijing
municipal government. For example, the company refinanced its
maturing RMB3 billion 5.75% MTN notes in February 2017 by issuing
USD400 million 3.875% notes. The company has a track record of
reducing borrowing costs which fell to around 5.25% in 2016 from
6.4% in 2015.

Moody's expects the above improvements will result in
strengthened credit metrics for the company. Specifically,
Moody's expects the company's interest coverage -- as measured by
adjusted EBIT/interest -- will trend up towards 1.6x-1.9x in the
next 12-18 months from 1.4x for 2016. Its debt leverage -- as
measured by revenue/adjusted debt -- will also rise to around 35%
over the same period from 30% at end-2016. These metrics would
weakly position the company at its standalone credit strength.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in April 2015.

BJCL's Ba3 rating reflects its standalone credit profile and
incorporates a two-notch uplift stemming from expected strong
financial and operating support from its parent, Beijing Capital
Group Co., Ltd. (Baa3 negative).

Incorporated in China, Beijing Capital Land Limited (BJCL) is a
mid-sized developer in China's residential property sector. As of
31 December 2016, the company had a total land bank of 11.1
million square meters in gross floor area. This land bank will
support the company's developments over the next three years.
BJCL was founded in 2002 as the major property arm of its parent,
Beijing Capital Group Co., Ltd. BJCL was listed on the Hong Kong
Stock Exchange in 2003.


FUTURE LAND: Fitch Assigns 'BB-' Rating to US$350MM Senior Notes
----------------------------------------------------------------
Fitch Ratings has assigned China-based Future Land Development
Holdings Limited's (BB-/Positive) US dollar 350 million senior
notes due 2020 a final 'BB-' rating.

The notes are rated at the same level as Future Land's senior
unsecured rating because they constitute its direct and senior
unsecured obligations. The assignment of the final rating follows
the receipt of documents conforming to information already
received. The final rating is in line with the expected rating
assigned on 8 February 2017.

KEY RATING DRIVERS
Strategic Positioning: The Positive Outlook reflects Fitch's view
of Future Land's strategic position in the Yangtze River Delta
region. Its positioning continues to support its scale, which
compares well against 'BB' rated peers. Future Land's recent
aggressive landbanking, if not supported by continued expansion
in its scale, could put pressure on its leverage. This is,
however, mitigated by its strong sales turnover, as measured by
contracted sales/gross debt, which was 1.8x at 1H16 and averaged
at 1.5x annually since 2010. This demonstrated the company's
ability to rapidly generate sales from new land acquisitions.
Fitch estimates Future Land's recurring EBITDA/interest expense
will remain 0.15x-0.2x over the next three years as it starts to
expand its shopping mall portfolio, which also supports the
rating.

Critical Scale Achieved: Future Land recorded exceptionally
strong presales in 2016, driven by better sell-through rates on
projects located in tier 3 and 4 cities, as well as a higher
average selling price (ASP) in the Yangtze River Delta.
Consolidated gross floor area sold in 2016 increased 45% yoy to
4.7 million square metres (sq m) and the ASP increased 13% yoy to
CNY10,121/sq m. Fitch expects Future Land to maintain
consolidated contracted sales of more than CNY40bn per year.

Leverage May Pressure Rating: Future Land increased its land
purchases in 2H16, after a slow 1H16, with full-year attributable
land premiums reaching CNY47bn; representing 72% of total
presales of CNY65bn (including presales from joint ventures
(JV)). Future Land has been sourcing JV partners to share costs
for the more expensive land sites it bought in Shanghai, Nanjing
and Suzhou. Its aggressive land acquisitions in 2016 are likely
to lead to a temporary spike in leverage to 45%-50% by end-2016,
from 42% at end-1H16 and 33% at end-2015. The company intends to
reduce land purchases in 2017 due to the government's tightening
policies for the property market. Fitch will continue to monitor
the company's ability to deleverage while maintaining its scale.

Fair Landbank Quality: Future Land has sufficient landbank for
development activity over the next three to four years, with the
attributable landbank held by its subsidiary, Future Holdings, at
21 million sq m in 1H16. The company has improved its
diversification, reducing the percentage of its landbank located
in the Yangtze River Delta to around 75% in 1H16, from around 91%
in 2013. It expects to reduce the proportion of its land in the
Yangtze River Delta to around 65%-70% and expand into the Pearl
River Delta region, Central and West China as well as the Bohai
Economic Rim. Only 44% of Future Holdings' landbank was located
in tier 1 (Shanghai) and tier 2 cities (Suzhou, Nanjing and
Hangzhou) at end-1H16, with the rest located mainly in tier 3 and
4 cities in Jiangsu and Zhejiang provinces.

Improving Margins: Fitch expects Future Land's gross margins to
remain around 23%-24% and the EBITDA margin to improve to 18%-19%
in 2016, from 16.1% in 2015, due to the rising ASP in the Yangtze
River Delta since 2H15. Future Land's EBITDA margin is low
relative to its 'BB' category peers, as its rapid turnover (which
is the highest among 'BB-' rated peers) sacrifices profitability
for faster returns for its investment.

Margin improvement from 2017 will depend on the rise in the ASP,
as it has recently acquired more expensive lands. The average
cost of land acquired in 3Q16 increased to CNY6,096/sq m in 1H16,
from CNY4,074/sq m; this includes three sites where homebuilders
paid record-breaking prices - one plot in Shanghai Hongkou that
cost CNY67,000/sq m and two plots in Nanjing Jiangning that cost
CNY20,000-22,000/sq m. The average cost of land acquired in 4Q16
moderated to CNY3,575/sq m as Future Land diversified its
landbank acquisition to other cities, such as Hefei, Taizhou and
Changshu, where land costs are lower than the Yangtze River Delta
region.

Structural Subordination Mitigated: Its subsidiary, Future
Holdings, which is listed in Shanghai, remains a crucial platform
for Future Land's offshore financing, especially as the onshore
financing environment tightens in 2H16. Future Land has extended
a shareholder loan to Future Holdings to ensure sufficient
liquidity at the holding company level in the medium term. The
loan ranks equally with Future Holdings' onshore senior unsecured
debt and can be repaid upon Future Land's demand. Future Land's
CNY2.8bn shareholder loan to the subsidiary and CNY11.1bn in
unrestricted cash provides a sufficient source of liquidity to
cover Future Land's CNY4bn outstanding offshore debt as of end-
1H16. The ratio of the shareholder loan to the holding company's
net debt was over 0.8x at end-1H16. Fitch will continue to
monitor the ratio and expect coverage to increase after Future
Land accumulates interest and dividends from Future Holdings.

KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for the issuer
include:
- contracted sales to grow 8%-10% in 2017-2018
- gross margins to improve to 23%-24% in 2016-2017
- land acquisition to slow 2017
- Future Land maintaining a controlling shareholding in
   A-share Listco
- the ratio of the shareholder loan extended to Future Holdings
   and JV interest to the holding company's net debt to be higher
   than 0.7x.

RATING SENSITIVITIES
Positive: developments that may, individually or collectively,
lead to positive rating action include:
- contracted sales, excluding JVs, to remain above CNY40bn
- contracted sales/total debt sustained above 1.5x
- consolidated net debt/adjusted inventory sustained below 40%
- EBITDA margin sustained above 18%
- the ratio of shareholder loan extended to Future Holdings and
   JV interest to the holding company's net debt falling to lower
   than 0.7x, with no significant decrease in Future Land's
   shareholding in the Shanghai-listed subsidiary

Negative: failure to maintain the positive guidelines will lead
to the Outlook being revised to Stable from Positive.

LIQUIDITY
Sufficient Liquidity: Fitch expects Future Land to maintain
sufficient liquidity, with available cash of CNY11.2bn and
unutilised credit facilities (uncommitted) of CNY34bn at end-June
2016 to cover repayments on its short-term debt of CNY4.2bn and
Fitch-estimated 2016 outstanding land premium of CNY20bn.


HENGDELI HOLDINGS: Fitch Keeps Rating Watch Negative on B+ IDR
--------------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative (RWN) on
Hengdeli Holdings Limited's Long-Term Issuer Default Rating (IDR)
of 'B+' and its senior unsecured rating of 'B+' with Recovery
Rating of 'RR4'.

Resolution of the RWN hinges on the outcome of an extraordinary
general meeting (EGM) of shareholders regarding a proposal to
dispose of its core operations. Fitch expects Hengdeli's
operating scale to be substantially reduced should the disposal
be completed, and therefore no longer justify the 'B+' rating.

KEY RATING DRIVERS

Persistent Market Weakness: Hengdeli's sales continued to decline
in all its markets in 1H16. Revenue of the retail businesses in
Hong Kong and China dropped by 16% and 10% yoy, respectively. In
particular, revenue of Harvest Max, the retailer selling
jewellery and low- to mid-end watches in Hong Kong, plunged by
45% as tourist arrivals remained sluggish. Despite the recent
pick up in luxury spending in Hong Kong and China, Fitch does not
expect a sustained recovery of luxury watch spending as the
market seems to be fundamentally changed by the persistent
economic slowdown and new retail formats.

Asset Disposal Uncertain: Hengdeli announced at the end of 2016
it planned to dispose of Xinyu Group, the retail and wholesale
operations in China, and Harvest Max. The proposal is subject to
independent shareholders' approval at the EGM, which Fitch
expects to be held in late March at earliest. The two assets
accounted for approximately 80% of total revenue in 2015. A sale
of the assets will inject abundant liquidity that Hengdeli will
use to reduce debt substantially, but at the cost of a severe
shrinkage in operating scale and the loss of its position as the
market leader in the retail of Swiss watches in China.

Continued Margin Pressure: Hengdeli's gross profit margin
narrowed to 27.2% in 1H16, from 28.1% in 2H15 and 30.5% in 1H15,
primarily due to higher sales discounts in an attempt to clear
inventory. EBITDA margin remained flat at 6.2% in 1H16 due to
controls on distribution costs. Fitch expects Hengdeli's EBITDA
margin to narrow to about 5% in the next two years amid the weak
market demand.

DERIVATION SUMMARY

Hengdeli is weaker in terms of scale, profitability and interest
coverage than other Fitch-rated retailing peers like Lifestyle
International Holdings Limited (BB+/Negative) and Golden Eagle
Retail Group Limited (BB-/Negative). Hengdeli has a larger
operating scale and stronger market position than Parkson Retail
Group Limited (B-/Negative), but only if it retains the Xinyu
Group and Harvest Max operations.

Hengdeli has thinner margin, lower interest coverage and higher
leverage than Reward Science And Technology Industry Group Co.,
Ltd. (B+/Stable), a consumer company in China that is rated at
the same level. Hengdeli may improve its leverage by using the
disposal proceeds to repay borrowings, although this will weaken
its business profile.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Hengdeli
include:
- Lower gross margins for different business segments
- Mid- to high-single-digit percentage decline in sales in
   2017-2018 due to sustained market weakness
- Lower annual capex budget

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- The proposed disposal of Xinyu Group and Harvest Max is
   approved at the EGM
- Sustained weakening in EBITDA margin to below 5%
- Persistent and material sales contraction in China and
   Hong Kong
- FFO fixed-charge coverage sustained below 1.7x

Should the proposed disposal of Xinyu Group and Harvest Max be
rejected at the EGM, Fitch will affirm the ratings at 'B+' with
Stable Outlook.

LIQUIDITY

Worsening Liquidity Position: Hengdeli reported cash of CNY2.1bn
and current borrowings of CNY2.2bn at end-June 2016. This
compared with cash of CNY1.9bn and current borrowings of CNY704m
at end-2015. Fitch expects the company to face challenges in its
financial flexibility given the deteriorating profitability and
shortening debt maturity, though there is no near-term liquidity
risk as Hengdeli has unutilised bank facilities of over CNY4bn.
Besides, it has cut its capital expenditure to CNY29m in 1H16
(2015: CNY159m), and Fitch expects the spending budget to
continue to be conservative in the next few years.


JILIN JIEN: Likely to Face Delisting at Shenzhen Stock Exchange
---------------------------------------------------------------
Daniel Ren at South China Morning Post reports that at least six
underachieving firms are likely to be expelled from the mainland
stock exchanges as the regulator pledges to safeguard investors'
interest.

According to the report, four perennial loss-makers including
Shanghai-listed Jilin Jien Nickle Industry and Kunming Machine
Tool, as well as Shenzhen-listed Pangang Group Steel Vanadium &
Titanium and Chongqing Jianfeng Chemical, have forecast that
their 2016 earnings will be in the red for a third consecutive
year.

SCMP says the other two firms, Geeya Technology and Huaze Cobalt
& Nickel Material, both violated the mainland's securities laws
and are also facing a potential delisting, as the China
Securities Regulatory Commission (CSRC) toughens its stance in a
bid to clean up the stock market.

"The regulator has sent out a clear message that it would
heighten requirements on publicly-traded firms. Consequently,
they are definitely prepared to kick out the unqualified listed
firms," the report quotes Huatai Securities analyst Liu Qiaoyu as
saying. "It is thought that more than just six firms are being
targeted [for delisting]."

According to SCMP, the lack of an effective delisting mechanism
has been a constant source of criticism against the
A-share market, and has been blamed for leaving millions of
retail investors penniless.

Only 2 per cent of mainland-listed companies reporting three
consecutive years of losses have been delisted since Beijing
established the stock market in 1990, compared with 5 to 6 per
cent in developed markets, SCMP states.

SCMP relates that the majority of the habitual loss-makers
resorted to asset restructuring deals to rake in one-off gains to
shore up their profits, thereby avoiding delisting.

By January, 43 out of 50 special treatment firms - those
reporting losses for two straight years - had published
statements that forecast profits for 2016, SCMP says.

SCMP says CSRC chairman Liu Shiyu told a press conference on
Feb. 26 that the regulator would focus on enhancing the overall
quality of listed firms because they were the foundation of a
healthy capital market.

All the 3,000-odd A-share firms will report their full-year
earnings for 2016 before the end of April, the report notes.

If it were to be delisted, Geeya would become the first company
traded on the Nasdaq-like ChiNext market to be thrown off the
trading floor at the Shenzhen Stock Exchange, adds SCMP.

Based in Panshi, China, Jilin Jien Nickel Industry Co., Ltd.
engages in mining, dressing, and smelting nonferrous metals. It
produces and sells nickel sulfate, nickel matte, electrolytic
nickel, nickel hydroxide, nickel chloride, copper sulfate, copper
concentrate, sulfuric acid, etc. The company also offers nickel
fluoride, nickel sulphate, nickel acetate, nickel sulphamate,
nickel carbonyl powder, ferronickel carbonyl powder, cobalt
chloride, cobalt sulfate, and nickel and ferronickel carbonyl
powder. In addition, it provides chemical products; and energy
battery materials.


TEXHONG TEXTILE: Moody's Withdraws Ba3 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn Texhong Textile Group
Limited's Ba3 corporate family rating with a stable outlook.

RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.
Please refer to the Moody's Investors Service's Policy for
Withdrawal of Credit Ratings, available on its website,
www.moodys.com.

Established in 1997 and listed on the Hong Kong Stock Exchange
since 2004, Texhong Textile Group Limited specializes in
producing core-spun yarn and textile products.

The company operated 17 yarn production bases: 13 in China, three
in Vietnam and one in Cambodia at end-2015. Its chairman, Mr.
Tianzhu Hong, holds an approximate 53.1% stake in the company.



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


A B T INVESTMENTS: CARE Reaffirms 'B' Rating on INR100cr NCD
------------------------------------------------------------
The rating assigned to the Non-Convertible Debenture (NCD) issue
of A B T Investments (India) Private Limited continues to be
constrained by the non-operational nature of AIPL, being an
investment holding company of ABT group with large part of its
holding in Sakthi Sugars Limited which has a strained liquidity
profile arising out of losses incurred and high debt levels. The
rating however draws comfort from the vast experience of the
promoters and the group's operational track record of more than
eight decades.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Non-Convertible
   Debenture Issue        100        CARE B; Stable Reaffirmed

Going forward, the ability of the company to plan and execute the
share sale in a timely manner would be the key rating
sensitivity. Additionally, any changes in the financial risk
profile of the investments would be a key rating sensitivity.

Detailed description of the key rating drivers
Key Rating Weaknesses
Non-operational nature of AIPL
AIPL is an investment company holding shares of other ABT group
companies and has no operating cash flow. AIPL holds various
investments and security holding with a value of INR266.21 crore
as on March 31, 2016 majorly comprising 67,463,540 equity shares
of SSL with a book value of INR192.44 crore and investments in
other group companies including Sri Bhagavathi Textiles Ltd.
(INR35 crore), Sakthi Automotive Group USA Inc. (INR17 crore),
Sakthi Finance Ltd. (INR9 crore) and Sri Chamundeeswari Sugars
Ltd. (INR5 crore).The company intends to meet its repayment
obligations primarily through liquidation of the pledged
securities of SSL. The total investments of the company
aggregates to INR298.04 crore as on March 31, 2016.

Exposure to market volatility risk
Since the issue obligations are expected to be met by sale of
shares, the company is exposed to inherent market volatility
risk. The ability of the company to liquidate the shares and
accumulate funds required to meet the obligations is dependent on
the prevailing market conditions and macroeconomic scenarios.

Strained financial risk profile of SSL
Due to the lower realisation of sugar prices and the general
downturn in the sugar industry, SSL had reported losses in
the past and had undergone Corporate Debt Restructuring. The
company reported an after tax loss of INR55.07 crore on a
total operating income of INR857.68 crore during FY16 (refers to
the period April 1 to March 31). Furthermore, as indicated by the
auditors in the audit report of SSL for FY16, the company had an
outstanding delay in servicing of debt obligations. The capital
structure of the company is also highly leveraged with a total
debt outstanding of INR1,274 crore as against a tangible net
worth of INR8.65 crore as on March 31, 2016.

Key Rating Strengths
Well-experienced promoter group
A B T Investments (India) Private Limited (formerly ABT (Trichy)
Private Limited, AIPL) belongs to the Coimbatore-based Sakthi
group of companies having presence in diversified industries
including Sugar, Auto Components, Power, IT  services,
transportation & logistics, energy and textiles. The group also
has automotive dealerships for leading brands of Maruti Suzuki
and Tata Motors across various places in South India. The group
has been operational for over eight decades and has presence in
diverse industries. Dr M. Manickam, Chairman of the group, is a
third-generation entrepreneur and has over three decades of
industrial experience.

ABT Limited (rated 'CARE BB-, Stable') the parent company of the
Sakthi group had filed a scheme of arrangement (Demerger) with
the High Court of Madras and the same was sanctioned on April 04,
2016, effective from January 1, 2015.

Prior to the demerger, ABT had 12 subsidiaries including ABT
(Madras) Private Limited, ABT (Madurai) Private Limited, ABT
(Trichy) Private Limited and Sakthi Sugars Limited. As per the
scheme of arrangement, the resultant companies - ABT (Trichy)
Private Limited and ABT (Madras) Private Limited ceased to exist
as subsidiaries of ABT.

Post the demerger, ABT Limited would continue to carry on its
core business operations including operating transport services
for goods and passengers, providing parcel/courier services and
setting up auto and auto component dealerships.

ABT (Madras) Private Limited would be engaging in the business of
real estate development. ABT (Trichy) Private Limited would be an
investment company holding the shares of group companies.
Accordingly, to better reflect the objectives of the company, ABT
Trichy was renamed as ABT Investments (India) Private Limited.


AKSHAR COTTON: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ on the
INR10.00-crore cash credit facility and the INR0.03-crore term
loan facility of Akshar Cotton Industries. ICRA has also
reaffirmed [ICRA]B+ rating on the INR1.39-crore unallocated
limits of ACI. The outlook assigned on the long-term rating is
'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based Cash
  Credit                 10.00       [ICRA]B+ (Stable) reaffirmed

  Fund-based Term
  Loan                    0.03       [ICRA]B+ (Stable) reaffirmed

  Unallocated Limits      1.39       [ICRA]B+ (Stable) reaffirmed

Rationale
The rating reaffirmation continues to remain constrained by ACI's
modest scale of operations and weak financial risk profile,
characterised by low profit levels, adverse capital structure
(due to high working capital requirements), and weak coverage
indicators. The firm witnesses intense competition because of the
highly fragmented industry structure due to low-entry barriers
and low product differentiation. The rating also takes into
account the vulnerability of the firm's profit margins to raw
material (cotton) prices, which are subject to seasonality, crop
harvest and regulatory risks. Furthermore, the rating considers
the potential adverse impact on net worth and gearing levels in
case of any substantial withdrawal from capital accounts, given
its constitution as a partnership firm.

The ratings, however, favorably considers the experience of
partners in the cotton industry and the locational advantage of
the firm, giving it easy access to quality raw cotton.

The firm's ability to increase its scale of operation, maintain
adequate profitability and improve its capital structure, given
the seasonality in the business, volatility in prices of cotton
bales, intense competition and high working capital requirement
will remain crucial for the credit metrics. ICRA also notes that
ACI is a partnership concern and any substantial withdrawal from
the capital account in future could adversely impact the credit
profile of the firm.

Key Rating Drivers
Credit Strengths
* Experience of the partners in the cotton industry
* Favorable location of the plant in the cotton producing belt
of India gives it easy access to raw cotton

Credit Weakness
* Modest scale of operations
* Financial profile of the firm characterised by low profit
margins, stretched capital structure and weak coverage
indicators.
* Limited value addition and highly competitive and fragmented
nature of the cotton ginning industry restrict pricing
flexibility
* Profitability is vulnerable to movement in raw material prices
and regulatory policy changes in terms of exports and minimum
support price (MSP)
* Partnership firm; any substantial withdrawals from the capital
account would adversely impact the capital structure

Description of Key Rating Drivers Highlighted:

ACI's financial profile is characterised by low profitability,
owing to low value addition in the business and the highly
competitive and fragmented industry structure with low product
differentiation. Furthermore, most of the working capital
requirement is funded through bank borrowings, resulting in
stretched capital structure. The coverage indicators are also
weak due to high debt and high working capital utilisation.
The firm procures Shankar-6 quality of raw cotton either directly
from local farmers or from agriculture marketing yards. Raw
cotton is procured between September and April, when the supply
is generally high. ACI's entire sales proceeds are made to the
domestic market. The firm's revenue is largely dependent on the
sales of cotton bales. Sales of cotton bales are channeled
through brokers/agents.

The cotton ginning industry is highly fragmented due to the
presence of numerous players operating in Gujarat, leading to
high competition. The industry is also exposed to regulatory
risks with the Government imposing MSP for the purchase of raw
cotton during over-supply in the market and for restricting
export of cotton bales in order to support the domestic cotton
textile industry.

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

Established in 2011, Akshar Cotton Industries (ACI) is a
partnership firm. The firm is owned and managed by three
partners- Mr. Ashokbhai Dudhagara, Mr. Hashmukhbhai Pansuriya and
Mr. Narendrabhai Virani. ACI is engaged in ginning and pressing
of raw cotton. ACI's manufacturing facility is located at Kalavad
in Jamnagar District of Gujarat. It is currently equipped with 18
double roller ginning machines and one pressing machine for the
production of cotton bales and cottonseeds. ACI has an installed
production capacity of 230 cotton bales per day (24 hours
operation).

On March 31, 2016, the firm reported an operating income of
INR89.03 crore with a net profit of INR0.04 crore against an
operating income of INR75.15 crore with a net profit of
INR0.11crore as on March 31, 2015.


ANTIQUE COTTEX: ICRA Reaffirms 'B+' Rating INR7.52cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ on the
INR7.50-crore cash credit facility and the INR0.02-crore term
loans of Antique Cottex Private Limited. It has also assigned the
ratings of [ICRA]B+/[ICRA]A4 to the unallocated amount of INR0.66
crore. The outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based Limits      7.52        Reaffirmed at [ICRA]B+
                                     (Stable)

  Unallocated Amount     0.66        Assigned [ICRA]B+ (Stable)
                                     /[ICRA]A4

Detailed rationale
The reaffirmation of ratings continues to remain constrained by
ACPL's modest profitability, as is the case with cotton ginning
business due to limited value-adding product. Furthermore, the
operating profit margin has shown deterioration in 9MFY2017
provisional financials on account of increased raw material cost.
Return indicators also remained low at end-FY2016 and 9MFY2017.
ICRA also takes into consideration the pressurised capital
structure, resulting from high reliance on external debt. Low
profitability has also caused coverage indicators to remain
modest, although it has shown improvement in 9MFY2017 provisional
financials. The company witnesses intense competition because of
the highly fragmented industry structure and low product
differentiation. The ratings, however, continue to favourably
factor in the extensive experience of ACPL's promoters in the
cotton ginning and pressing business and the proximity of the
plant to raw material sources.

ICRA expects ACPL to scale up its operations, improve its
profitability and capital structure, and strengthen its coverage
indicators. ICRA also believes that the firm's operations would
be affected by regulatory risks such as the minimum support price
(MSP) determined by the Government and the vulnerability to raw
material (cotton) price fluctuations, which are subject to
seasonality.

Key rating drivers
Credit strengths
* Extensive experience of partners in the cotton ginning
industry
* Strategic location of the plant in the cotton producing belt
of India gives it easy access to raw cotton
Credit weaknesses
* Financial profile characterised by moderate scale of
operations, thin profitability and weak return indicators
* Leveraged capital structure due to reliance on external debt
and moderate debt coverage matrix
* Limited value addition, and highly competitive and fragmented
industry structure due to low entry barriers result in low
operating and net margins

Detailed description of key rating drivers highlighted:

ACPL is engaged in cotton ginning and pressing to produce cotton
bales. The company deals in Shanker-6 variety of raw cotton. The
company has two products in its sales profile, viz. cotton bales
and cotton seeds. The company procures majority of raw cotton
directly from farmers in nearby areas and also from traders at
market yard largely on cash payment basis. Cotton bales are an
essential commodity for the textile industry and are required by
spinning mills for manufacturing cotton yarn; while cotton seed
are used by the crushing units for producing cottonseed oil. The
company sells cotton bales to spinning mills located locally in
Gujarat and northern regions as well as to merchant exporters
through the network of dealers/brokers located in these regions.
Cotton seeds are sold to oil refineries situated in Gujarat.
ACPL registered a top-line growth of 31%, which increased from
INR41.7 crore in FY2015 to INR54.4 crore in FY2016. The company
has an established presence in the domestic market, a key factor
driving sales in the domestic market. Sales are generally made
against credit period of around 15-30 days. The inventory levels
of the company are, however, linked to the cotton prices and the
management's expectation about future prices.

Analytical approach: For arriving at the ratings, ICRA has taken
into account; inter alia, the positive verbal feedback from the
banker, stating regularity in the account conduct, as well as the
increase in top line on a year-on-year basis.

Antique Cottex Private Limited, incorporated in February 2011,
gins and presses cotton to produce cotton bales. The company's
production facility is equipped with 24 ginning machines that
have an intake capacity of 18450 Metric Tonnes Per Annum (MTPA).
The company is promoted and managed by Mr. Vinod Ghatodiya, Mr.
Vishal Ghatodiya & Mr. Arvind Ghatodiya. The promoters also
operate two other group companies Amar Trading Company & Amar
Cera Decorative. Both the group companies are involved into
trading operations.

ACPL recorded a net profit of INR0.03 crore on an operating
income of INR54.4 crore in the year ending March 31, 2016. It has
achieved a net profit (before depreciation and taxes) of INR0.18
crore on an operating income of INR39.3 crore in 9MFY2017
(unaudited provisional financials).


APLAB LIMITED: ICRA Reaffirms 'D' Rating on INR22cr Bank Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR26.00
crore1 fund based facilities of APLAB Limited at [ICRA]D. ICRA
has also reaffirmed its short term rating assigned to the
INR36.00 crore non fund based limits and INR11.00 crore fund
based limits at [ICRA]D.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Cash Credit             12.80     Reaffirmed at [ICRA]D
  Working Capital
  Demand Loan             13.20     Reaffirmed at [ICRA]D

  Bill Discounting        11.00     Reaffirmed at [ICRA]D

  Letter of Credit        14.00     Reaffirmed at [ICRA]D

  Bank Guarantee          22.00     Reaffirmed at [ICRA]D

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

APLAB Limited was incorporated in the year 1962 by Mr. P.S
Deodhar and has started as a manufacturer for Test & Measurement
instruments. Originally it was called as 'Applied Electronics
Limited' which later on went on to be called as 'Applied
Electronics Lab' before the name was finally changed to 'APLAB
Limited'. The company's primary business activity involves
manufacturing electrical/electronic equipments and devices. In
the year 2000, Zee Entertainment Enterprises Limited acquired 26%
stake in the company.

The company has multiple product divisions namely Test and
Measurement Instruments (T&M), Power Conversion & Controls (PCC),
Power Supply Equipments (PE) or UPS systems, Banking and Retail
Automation (BA) and Cable Fault Locating Instruments (CFS).
Recently; the company has also diversified into Solar Power
Equipments business.


ARCVAC FORGECAST: CARE Lowers Rating on INR110.94cr LT Loan to D
----------------------------------------------------------------
The revision in the rating of the bank facilities of Arcvac
Forgecast Pvt. Ltd takes into account the on-going delays
in servicing of debt servicing on account of stressed liquidity
position of the company and deterioration in financial
performance of the company in FY16 (refers to the period April 1
to March 31).

The ability of the company to improve its liquidity and
regularize its debt servicing will be the key rating sensitivity.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities           110.94       CARE D Revised from
                                     CARE BB-


   Short term Bank
   Facilities             28.25      CARE D Revised from
                                     CARE A4

Detailed description of the key rating drivers
Key Rating Weaknesses

Ongoing delays in debt servicing
There are on-going delays in servicing of interest of term loans
& instalment payment and overdrawal in cash credit account on
account of tight liquidity position of the company. AFPL's term
loan repayment obligations for Dec. 2016 is still due because of
liquidity crunch faced by the company.

Deterioration in financial performance
AFPL's operating income decreased by 9.43% y-o-y in FY16 due to
lower sales volume of ingot and forgings. The company reported
GCA of INR2.88 crore vis-a-vis debt repayment obligation of
INR11.46 crore, where the shortfall was met partly by liquidation
of stock and realization from debtors.

Total debt/GCA was high at 41.37x as on Mar 31, 2016. (vis-a-vis
32.58x as on Mar 31,2015).

The liquidity position of the company has remained tight in the
past 12 months with almost full utilization of its working
capital limits.

Arcvac Forgecast Private Limited, formerly known as Arcvac
Forgecast Ltd (AFPL: erstwhile known as Indvac Metals
and Forge Pvt Ltd), incorporated in July 2003, was promoted by
Chhajer family of Kolkata. The company is engaged in
manufacturing & selling of ingots & steel forging (open die).
AFPL commenced its commercial production from March 2007 by
setting up a Steel Melting Shop (SMS) with an installed capacity
of 17,600 MTPA and steel forging capacity of 15,000 MTPA at
Dankuni, West Bengal. Over the years, it increased its SMS/ingot
capacity to 40,000 MTPA and forging to 28,000 MTPA.

As per the FY16 results, AFPL earned a PBILDT of INR19.63crore on
a total operative income of INR156.48 crore.(PBILDT of INR21.08
crore on a total operating income of INR172.77crore in FY15).


BIRBAL DASS: CARE Reaffirms 'B' Rating on INR21cr LT Loan
---------------------------------------------------------
The rating of Birbal Dass Ritesh Kumar continues to remain
constrained on account of its financial risk profile marked by
thin profitability, leveraged capital structure and working
capital intensive nature of operations, vulnerability of its
margins to fluctuations in the agriculture commodities due to
seasonality and constitution as a proprietorship concern. The
rating is, further, constrained on account of decline in Total
Operating Income (TOI) during FY16 (refers to the period April 01
to March 31) in a highly fragmented and competitive industry.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             21.00       CARE B; Stable Reaffirmed

The rating, however, continues to draw strength from the
experienced proprietor with established track record of
operations.

The ability of the firm to increase its scale of operations while
maintaining profitability along with efficient management of
working capital and improvement in its capital structure would be
the key rating sensitivities.

Detailed description of the key rating drivers
Key Rating Weakness
Decline in Total Operating Income (TOI) although improvement in
profitability margins

The revenue and profitability of the firm is exposed to
fluctuation in agriculture commodity prices as well as
availability of agriculture commodities in a highly fragmented
and competitive agriculture commodity trading industry. Due to
it, revenue and profitability of the firm has witnessed
fluctuating trend.

Leveraged capital structure and working capital intensive nature
of operations

The business of the firm is working capital intensive nature of
operations owing to high utilization of working capital bank
borrowings as well as elongated operating cycle. Due to high
utilization of working capital bank borrowings and low net
worth base led to highly leveraged capital structure.

Key Rating Strengths
Experienced proprietor with established track record of
operations
The promoters of the firm have vast experience in the textile
industry. Being present in the industry since long period of
time, it has established customer and supplier base.

Hanumangarh-based (Rajasthan) Birbal Das Ritesh Kumar was
stablished in 2006 as a proprietorship concern by Mr. Ritesh
Kumar Gupta. BDRK is engaged in the business of trading of
agriculture commodities and also provides commission agents
services to its customers. The firm mainly deals in barley,
castor seeds, coriander, cotton bales, mustard seeds and wheat
etc. It procures the agriculture commodities from the local
mandis as well as from farmers and sells those to different
customers directly as well as through distributors. BDRK is also
engaged in the business of land development business.

During FY16 ( refers to the period April 1 to March 31), BDRK has
reported a total operating income of INR67.66 crore and PAT of
INR0.08 crore.


CHIMUR COTTON: CARE Assigns B+ Rating to INR5.89cr LT Loan
----------------------------------------------------------
The ratings assigned to Chimur Cotton Industry are constrained on
the account of small size of the firm being a new entrant in the
cotton industry with leveraged capital structure and moderate
debt coverage indicators, low and fluctuating profitability
margins owing to limited value addition nature of business and
susceptibility to fluctuation in the raw material price.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.89       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             0.07       CARE A4 Assigned

Furthermore, the ratings also take into consideration the working
capital intensive nature of operations, presence in the highly
competitive and fragmented industry and susceptibility to adverse
changes in government policies related to prices and export of
cotton and partnership nature of constitution.

However, the ratings derive strength from location advantage
emanating from proximity to raw material source.

Going forward, the ability of the firm to increase its scale of
operations with improvement in profitability in light of
fluctuation in raw material prices and capital structure along
with efficient working capital management are the key rating
sensitivity.

Detailed description of the key rating drivers:

Key Rating Strengths
Locational advantage emanating from proximity to raw material:
The manufacturing facility of the firm is located at Chandrapur,
Maharashtra. The state produces around 21% of total cotton
production of India. Out of the total production of Maharashtra,
65% is contributed by Vidarbha region. Hence, raw material is
available in adequate quantity and also results in lower
logistics expenditure. Moreover, there is robust demand of cotton
bales and cotton seeds in the region due to presence of spinning
mills in the region.

Key Rating Weaknesses
Short track record of the firm along with limited experience of
partners: Chimur Cotton Industry has been into operations for
only 2 years limiting its scale. Furthermore, the promoters of
the entity have worked in the engineering sector but have limited
experience in cotton ginning sector.

Risk associated with seasonality and fragmented nature of
industry: CCI is engaged in the ginning and pressing of cotton
which involves very limited value addition and hence results in
thin profitability. Moreover, on account of large number of
units operating in cotton ginning business, the competition
within the players remains very high resulting in high
fragmentation and further restricts the profitability. The
operation of cotton business is highly seasonal in nature, as the
sowing season is from March to July and the harvesting season is
spread from November to February.

Susceptibility to government policies related to price and export
of cotton: The price of raw cotton in India is regulated through
function of MSP by the government. Furthermore, the price of raw
cotton is highly volatile in nature and depends upon factors like
area under production, yield for the year, international demand-
supply scenario, export quota decided by the government.

Leveraged capital structure and working capital intensive
operations: The capital structure of the firm remained leveraged
on account of higher reliance on external borrowings to support
its increased scale of operations. Furthermore, the liquidity
position of the firm remained weak marked by low current ratio
owing to moderate inventory holding as the raw material
availability is seasonal in nature and high utilization of
working capital limits owing to low creditor period.

Established in 2015 as a partnership firm, Chimur Cotton Industry
(CCI) is based in Chandrapur, Maharashtra. CCI is primarily
engaged in the business of cotton ginning & pressing and trading
of cotton, seeds, oil process at Chimur, Chandrapur and has an
installed capacity to process 960 quintal per day. The overall
operations of CCI are looked after by Mr Anil Dyaram Meher and
other active partners. The entity sells its finished goods to
local dealers and wholesalers and firms located in close
vicinity. The major raw material for the entity is raw cotton,
which is procured from farmers and local commission agents.

During FY16 (refers to the period April 1 to March 31), CCI
achieved revenue of INR16.39 crore reported PAT of INR0.14
crore.


D C METALS: ICRA Reaffirms 'D' Rating on INR30cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR30.00
crore fund based facilities of D C Metals at [ICRA]D.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Cash Credit            30.00        Reaffirmed at [ICRA]D

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

Established in 1984, M/s. D C Metals (DCM) is a partnership firm
engaged in the trading of aluminium products namely ingots, wire
rods, cast strips, cold rolled/hot rolled products etc. The firm
is promoted by Mr. Kesarimal Bhansali, who has an industry
experience of over 40 years. The customer base of the firm mainly
comprises end users making value added products such as
automobile parts, aluminium conductors, utensils, sheets etc.


GOYAL ENTERPRISES: CARE Reaffirms B+ Rating on INR10.81cr Loan
--------------------------------------------------------------
The rating assigned to the bank facilities of Goyal Enterprises
continues to remain constrained on account of consistent decline
in its scale of operations, leveraged capital structure and weak
debt coverage indicators and working capital intensive nature of
operations during FY16 (refers to the period April 1 to
March 31).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             10.81      CARE B+; Stable Reaffirmed

The rating also continues to remain constrained due to
constitution as a proprietorship firm, operating margins
susceptible to cotton price fluctuation and seasonality
associated with the cotton industry and presence in the highly
fragmented cotton processing industry with limited value addition
and prices and supply for cotton being highly regulated by the
government.  The rating, however, continues to derive strength
from recent improvement in profitability, the experience of the
partners in cotton ginning business and strategic location within
the cotton-producing area of Madhya Pradesh and Maharashtra.

The ability of GEP to increase its scale of operations, increase
profitability and improve debt coverage indicators and solvency
position with efficient utilisation of the working capital
requirements are the key rating sensitivities.

Detailed description of the key rating drivers
Key Rating Strengths
Vast partners' experience in cotton ginning business

All the three partners of GE, i.e., Mr. Phoolchand Goyal and his
two daughter-in-laws, Mrs Sapna Goyal and Mrs Shobhana Goyal,
belong to Goyal family. The Goyal family is engaged in the cotton
ginning and pressing business since more than two decades. Mr.
Phoolchand Goyal is the key partner who has more than two decades
of experience in the cotton ginning and pressing business through
the group concerns namely, M/s. Goyal Cotton Fiber, M/s.
Kedareshwar Fibers and M/s. Goyal Udyog and looks after the
overall operation of GE. GE operates on a leasehold land from its
group concern, Goyal Udyog at Barwani, Madhya Pradesh.

Favourable location within the cotton producing area of Madhya
Pradesh and Maharashtra

The manufacturing facilities of GE are located at Sendhwa in
Barwani district of Madhya Pradesh and Gangakhed, Maharashtra.
Hence, GE's presence in the cotton producing belt results in
benefits derived from lower logistic expenditure (both on
transportation and storage), easy availability and procurement of
raw materials at effective prices and consistent demand for
finished goods resulting in a sustainable and clear revenue
visibility.

Key Rating Weaknesses
Decline in Total Operating Income with thin profitability
The scale of operations of GEP declined by 28.84% y-o-y to
INR44.16 crore during FY16 (Audited) as against INR62.06 crore
during FY15 mainly on account of weak monsoon which led to lower
crop production coupled with decline in cotton prices during
FY16.

The players of the cotton industry generally operate at low
profit margins. In spite of significant decline in TOI of the
firm, the PBILDT margin improved by 44 bps and remained at 3.50%
during FY16 [FY15: 3.06%). Such improvement was due to lower cost
of goods sold which eventually resulted from higher inventory
during FY16. The PAT margin continued to remain thin due to
higher interest cost and the same stood at 0.29% during FY16
[FY15: 0.20%].

GCA also declined to INR0.52 crore for the year FY16 as against
INR0.64 crore for FY15.  Financial risk profile with leveraged
capital structure and weak debt coverage indicators

Solvency position improved and remained leveraged marked by an
overall gearing ratio of 2.52 times as on March 31, 2016 as
compared to 2.85 times as on March 31, 2015 mainly on account of
gradual repayment of term loan as well as capital infusion by the
partners during FY16. Tangible net worth though increased, stood
low at INR5.09 crore as on March 31, 2016 [Rs.4.73 crore as on
March 31, 2015]. As on March 31, 2016, the total debt stood at
INR12.84 crore [FY15: INR13.51 crore] which mainly included
working capital limit of INR8.58 crore and unsecured loans of
INR1.93 crore.

The debt coverage indicators deteriorated due to decline in GCA
coupled with higher interest cost during FY16. Total debt to GCA
deteriorated to 24.92 times during FY16 as against 21.11 times
during FY15 due to lower GCA, while interest coverage ratio also
deteriorated to 1.08 times during FY16 from 1.52 times during
FY15 mainly on account of higher interest expenses during FY16.

Moderate liquidity position
Liquidity position remained moderate as indicated by current
ratio of 1.33 times as on March 31, 2016, however the quick ratio
of the GEP remained low at 0.15 times on account of higher level
of inventory as on March 31, 2016.  Working capital cycle of GEP
elongated to 123 days during FY16 from 80 days during FY15. Gross
current assets days elongated to 146 days during FY16 against 98
days during FY15 owing to increase in inventory days. The
inventory days increased to 131 days during FY16 from 81 days
during FY15 due to significant decline in TOI.

Net cash flow from operating activities stood at INR1.34 crore
for FY16 as compared to negative INR0.59 crore during FY15.
Average utilization of its working capital facilities remained
around 50% during the past 12 months period ended August 2016 due
to lower scale of operations.

Goyal Enterprises was originally incorporated as a proprietorship
firm by Mr. Phoolchand Goyal in 1994 and was subsequently
converted into a partnership firm on April 1, 2012 by
introduction of three partners of the Goyal family at Barwani
district, Madhya Pradesh. GE is engaged in the cotton ginning and
pressing business with an installed capacity of 15,000 Metric
Tonne (MT) of cotton bales per annum at Sendhwa plant and 36,000
MT of Cotton bales per annum at Gangakhed plant as on March 31,
2016.

GEP has registered a total operating income (TOI) of INR44.16
crore and PAT of INR0.13 crore during FY16 as against TOI of
INR62.06 crore and PAT of INR0.13 crore during FY15.


HARIOM INGOTS: ICRA Reaffirms B+ Rating on INR35.64cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR10.64-crore term loans and INR25-crore cash-credit facility of
Hariom Ingots & Power Private Limited. The outlook on the long-
term rating is Stable. ICRA has also reaffirmed the short-term
rating of [ICRA]A4 for the INR2.36-crore unallocated limit of
HIPPL.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based Limits       35.64      [ICRA]B+ reaffirmed; Stable
                                     outlook assigned

  Unallocated Limit        2.36      [ICRA]A4 reaffirmed

Detailed Rationale
The reaffirmation of the ratings factors in HIPPL's weak
financial profile reflected by nominal net profits, aggressive
capital structure and significant debt-servicing obligations
compared to the current cash accruals. Moreover, the company's
working capital limit utilisation has remained high in recent
months, implying a limited financial flexibility. HIPPL's
operating margin has remained at a modest level historically, and
is likely to remain under check going forward in absence of any
captive power plant, given the highly power-intensive nature of
its operations. ICRA also takes note of the company's
vulnerability to the cyclicality associated with the steel
industry which is passing through a weak phase.

During FY2016, a significant deterioration in the steel industry
affected HIPPL's profitability further.

The ratings, however, continue to factor in the long track record
of the promoters in the steel sector, which helps secure business
for the company, and HIPPL's proximity to the raw material
sources that mitigates raw material supply risks and results in
low inwards freight costs.

HIPPL's manufacturing sale is likely to grow at a modest rate of
3-5% till FY2020. Its operating margin is likely to remain within
the range of 4.8-5.1% during the same period, while the net
margin may improve to around 0.4% in FY2017, and increase further
gradually in the subsequent years due to reducing interest and
depreciation cost. This in turn, is likely to result in an
improvement in the company's aggressive capital structure and
moderate debt-coverage metrics. A change in the demand scenario
in the steel industry, the company's ability to optimise its
profitability in absence of any major backward integration and
captive source of power, and keeping borrowings under control
would remain the key rating sensitivities going forward.

Key rating drivers
Credit Strengths
* Long track record of the promoters in the steel sector helps
   secure business for the company
* Proximity to raw material sources ensures regular availability
   of raw materials at low landed costs
Credit Weaknesses
* Weak financial profile as reflected by nominal net profits,
   high gearing and significant debt servicing obligations
   vis-a-vis the current cash accruals; high working capital
   utilisation reduces financial flexibility
* Lack of captive source of power is likely to keep a check on
   the operating margin, given a highly power-intensive nature of
   operation
* Vulnerability to the cyclicality associated with the steel
   industry; HIPPL's profitability was affected in FY2016 due
   to a significant deterioration in the industry scenario

Description of key rating drivers highlighted:

HIPPL's production of both mild steel (MS) billets and thermo-
mechanically treated (TMT) bars declined during FY2016 on account
of an adverse demand scenario. During FY2016, the capacity
utilisation of the steel melting and rolling mill divisions stood
at 66.85% and 41.52%, respectively vis-Ö-vis 70.85% and 58.66% in
the previous year. In the current fiscal, the capacity
utilisations are likely to remain nearly at FY2016 level. A major
portion of the billet manufactured by the company is internally
consumed for conversion into TMT bars, and the balance is sold
out. Nevertheless, in the last two years the company increased
the sale of billets and reduced the production volume of TMT bars
due to squeezed profit margin of TMT bars. During FY2016, the
average realisations of billet and TMT bar declined by 18-19%.

Sponge iron, pig iron and scrap are HIPPL's key raw materials
which are primarily procured from local suppliers. During FY2016,
the raw material prices also declined steeply, resulting in
inventory losses.

The company's manufacturing sale declined by around 23% in FY2016
on account of softening of realisations and lower sale volumes.
However, a sizeable increase in trading sale (INR 75.13 crore in
FY2016 compared to INR26.06 crore in FY2015) led to an overall
top-line growth of around 12% in FY2016. HIPPL does not have any
captive power plant and has to depend on the external source of
power for manufacturing of billet which is highly power
intensive. This along with very limited vertical integration in
operation adversely impacted the company's cost structure, as
reflected by the modest operating margins. The increase in low-
margin trading sale and inventory losses on account of
significant decline in steel prices led to a further
deterioration in the company's operating margin to 3.85% in
FY2016 from 5.46% in FY2015. Consequently, the net margin also
declined to 0.17% in FY2016 from 0.31% in the previous year.
HIPPL's gearing remained high at 2-2.1 times over the last three
years. The company's long-term debt repayment obligation would
also remain high at around INR3.5 crore in FY2017 and INR2.9
crore in FY2018 vis-Ö-vis the net cash accrual of around INR3.8
crore in FY2016.

This, along with high utilisation of working capital limit
reduced HIPPL's financial flexibility. ICRA also notes that HIPPL
has extended corporate guarantee towards INR3 crore working
capital facility of its group entity OPTC Impex Private Limited
which has a modest credit profile.

HIPPL is a closely-held private limited company incorporated in
2004, promoted by the Bhilai-based Agrawal family. HIPPL has
facilities in Bhilai, Chhattisgarh for manufacturing MS billets
and TMT bars with an annual capacity of 60,000 metric tonnes
each. The TMT bars manufactured by the company are sold under the
brand 'Hariom TMT'. In FY2016, the company started manufacturing
epoxy-coated TMT bars, which are more durable than the normal TMT
bars and are sold under the brand 'Hariom Epoxy Shield'. In
addition, HIPPL is involved in the trading of TMT bars and
various rolled products manufactured by other steel players.

The company reported a net profit of INR0.30 crore on an
operating income of INR177.92 crore in FY2016 compared to a net
profit of INR0.49 crore on an operating income of INR159.12 crore
during FY2015.


JAGAT AGRO: CARE Assigns B+ Rating to INR10cr LT Loan
-----------------------------------------------------
The ratings assigned to the bank facilities of M/s. Jagat Agro
are constrained on account of its small scale of operation with
thin profitability margin due to limited value addition, high
working capital intensity leading to moderate liquidity and weak
debt coverage indicators. The ratings are further constrained by
the risks inherent to the rice-milling industry with high degree
of fragmentation, seasonality and regulatory controls.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             10.00      CARE B+; Stable Assigned

   Short-term Bank
   Facilities              2.90      CARE A4 Assigned

The ratings, however, derive strength from the experienced
proprietor and long track record of operation of the firm
having established relationship with suppliers and customers. The
ratings further derive comfort from consistent growth
in total operating income of JA over past three years ended FY16
(refers to period April 1 to March 31) along with need
based support extended by proprietor in form of capital and
unsecured loans.

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

Key Rating Weakness
Small scale of operation, thin profitability and weak debt
coverage indicators: JA small scale of operations marked by
total operating income and PAT of INR99.86 crore and INR0.33
crore respectively during FY16. Moreover, PBILDT margin remained
low at 1.83% in FY16 owing to limited value addition and
competitive nature of agro processing Industry. The PAT margin
too remained low on account of low PBILDT margin and high
interest cost. Moreover, the debt coverage indicators i.e. total
debt to GCA continued to remain weak due to low cash accruals and
high working capital borrowings.

Working capital intensive nature of operations on the back of
seasonality associated with the business: JA's operations are
working capital intensive in nature due to seasonality associated
with availability of paddy. While the raw material is sourced
mainly on a cash basis, JA is required to extend credit to their
customers, which too intensify the working capital requirement.
The liquidity position of JA remained moderate marked by current
ratio of 1.43 times as on March 31, 2016 and almost full
utilization of fund based working capital limits for the past 12
months ended December 2016 with average utilization of 90%.

Presence in a highly fragmented and regulated rice industry with
linkages to vagaries of the monsoon: JA generates majority of its
revenue from rice milling; being the commodity nature of the
product this industry is highly fragmented, with numerous players
operating in an unorganized manner. Further, the business is
intensely competitive on the back of thin line of product
differentiation and concentration of rice millers around the
paddy growing regions.

Key Rating Strengths
Experienced proprietor with established track record in the rice
milling industry: Established in 2002, JA is a sole
proprietorship firm headed by Mr. Chetan Maheshwari, who has a
long standing experience in rice milling industry.  Moreover, the
proprietor has supported the operation via infusion of funds in
form of capital and unsecured loan of INR4.30 crore during FY14 -
FY16.

Long track record of operation of the firm having established
relationship with suppliers and customers: JA has a long
track record of operation of nearly 15 years and established
relationship with its suppliers and customers, which have led
to consistent growth in its total operating income. The total
operating income of JA grew at CAGR of 32% over FY14-FY16
and grew 4% during FY16 over FY15.

Established in 2002, JA is a sole proprietorship firm headed by
Mr. Chetan Maheshwari, who has a long standing experience in rice
milling industry. Moreover, the proprietor has supported the
operation via infusion of funds in form of capital and unsecured
loan of INR4.30 crore during FY14 - FY16.

Further, Mr. Chetan Masheswari, proprietor of the firm is also
one of the promoter members of Jagat Agrotech Private Limited
(JAPL; rated: CARE BB-; Stable and CARE A4). During FY16, JAPL
had implemented a green-filed project by setting up a basmati
rice processing unit with an installed capacity 70,000 MTPA at
District: Kheda, Gujarat. JAPL commenced the commercial
production from October 2015.

Status of non-cooperation with previous CRA:
SMERA has suspended the ratings assigned to the bank facilities
of JA in June 2016. The suspension of ratings is on account of
SMERA's inability to undertake surveillance in absence of
requisite information from the firm.  CRSIL has suspended the
ratings assigned to the bank facilities of JA in August 2015. The
suspension of ratings is on account of non-cooperation by firm
with CRISIL's efforts to undertake a review of the ratings
outstanding.


JAIPRAKASH POWER: ICICI Bank Acquires 814.4 Million Shares
----------------------------------------------------------
LiveMint reports that Jaiprakash Power Ventures Ltd (JVPL) on
Feb. 23 said ICICI Bank Ltd has acquired its 814.4 million shares
under the strategic debt restructuring (SDR) plan by its lenders.

"ICICI Bank Ltd has acquired 81,44,90,000 shares of Jaiprakash
Power Ventures Ltd by conversion of debentures into equity," the
company said in a BSE filing, LiveMint relays.

"Accordingly, at Feb. 18, 2017, the total equity shareholding of
the bank stands at 13.72% (of the total share capital of the
company)," it said. Before this acquisition, the bank held
79,61,535 shares or 0.13% of the equity in the company, it added,
notes the report.

It had earlier allotted 3,058 million equity shares to its
lenders as part of debt restructuring scheme, which would reduce
the debt of INR3,058 crore, the report notes.

According to LiveMint, JPVL's equity share capital, which was
293,80,03,084 shares, has increased to 599,60,03,084 shares post
this acquisition. Following the allotment, financial institutions
would have 51% equity share in the Jaypee Group firm.

Stakeholders relationship committee of the company at its meeting
held on Feb. 18, 2017, alloted 3058 million equity shares of
INR10 each at a price of INR10 to its 23 lenders, the report
notes.

The major lenders to the company are ICICI Bank Ltd, IDBI, Punjab
National Bank, Central Bank of India, State Bank of India, United
Bank of India, Canara Bank Ltd, Oriental Bank of Commerce, UCO
Bank, IDFC Ltd, Life Insurance Corp. of India (LIC), Syndicate
Bank Ltd, Corporation Bank, Indian Overseas Bank, Allahabad Bank,
Bank of India, LiveMint discloses.

Owing to various factors such as lack of visibility of new power
purchase agreement (PPA) for 1,320 megawatt (MW) Jaypee Nigrie
super thermal power plant, delay in signing of PPA, low off-take
by discoms, abnormal decline in merchant tariffs and lower
generation of power, Jaypee Bina thermal power plant has
adversely impacted operations of the company, leading to decline
in operating profits and liquidity constraints, it had said
earlier, the report relays.

LiveMint notes that the company could not pay the outstanding
overdues to lenders in a timely manner due to the aforesaid
reasons. The lenders had formed a joint lenders' forum (JLF) and
formulated a corrective action plan for the company in order to
resolve the financial stress.

                       About Jaiprakash Power

Jaiprakash Power Ventures Ltd (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 revised and reaffirmee 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.


KANKAI PIPES: CARE Reaffirms B+ Rating on INR4.15cr LT Loan
-----------------------------------------------------------
The rating assigned to the bank facilities of Kankai Pipes and
Fittings Private Limited continues to remain constrained on
account of its moderate capital structure, moderate debt coverage
indicators and modest liquidity position. The rating further
continues to remain constrained on account of presence of
operations in highly fragmented and competitive PVC pipe industry
and susceptibility of profit margins to fluctuations in raw
material prices.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              4.15      CARE B+; Stable Reaffirmed

   Long-term/Short-
   term Bank Facilities    5.00      CARE A4 Reaffirmed

   Short-term Bank
   Facilities              2.00      CARE B+/CARE A4; Stable
                                     Reaffirmed

The rating continues to derive strength from increase in scale of
operations, moderate profit margins and established track record
of operations.

KPFPL's ability to increase its scale of operations along with
improvement in the profit margins and capital structure are
the key rating sensitivities.

Detailed description of key rating drivers

Key Rating Strengths
Experienced Promoters
KPFPL is promoted by Mr. Kalpesh Meghani. Mr. Mahendra Talpada
and Mr. Dhaval Ghadiya. All the directors have one decade of
experience in the same line of business. Mr. Kalpesh Meghani
handles overall operations of the company.  Increase in scale of
operations and moderate profit margins The total operating income
(TOI) of KPFPL increased by around 39% y-o-y to INR16.85 crore
during FY16 as against INR12.15 crore during FY15 due to increase
in sales volume. However FY16, the PBILDT margin of the company
decreased by 553 bps to 11.95% as against 17.48% during FY15 on
account of increase in material cost during FY16. Also, the PAT
margin declined and remained at 0.47% during FY16 as against
1.43% during FY15 due to reduction in PBILDT in absolute terms.
The gross cash accruals (GCA) also reduced and remained at
INR1.06 crore for FY16 as against INR1.14 crore during FY15.

Key Rating Weaknesses
Moderate capital structure and debt coverage indicators
The capital structure of the company remained moderate marked by
an overall gearing of 1.64 times as on March 31, 2016 in the same
line as on March 31, 2015. The total debt of the company remained
at INR7.89 crore as on March 31, 2016 [INR6.71 crore as on
March 31, 2015].

The debt coverage indicators of the company deteriorated and
remained moderate marked by total debt to GCA of 7.41 years
[FY15: 5.88 years] on account of lower GCA and high total debt.
The interest coverage marginally improved and remained at 2.57
times [FY15: 2.12 times] in FY16 due to low PBILDT in absolute
terms.

Modest liquidity position The liquidity position of the company
remained modest marked by operating cycle of 87 days in FY16 y on
account of increase in inventory period. Further, the company's
cash flow from operations reduced to INR0.94 crore due to
increase in outstanding inventory as on balance sheet date. The
current ratio of the company remained at 1.13 times as on
March 31, 2016 The average utilization of working capital limits
remained at 95% during past 12-months ended December, 2016.
Susceptibility of profit margins to fluctuations in raw material
prices The plastic industry is cyclical with prices driven by
demand and supply conditions in the market. The prices are driven
primarily by the existing demand and supply conditions with
strong linkage to the global market. This results into risk of
price fluctuations on the inventory of raw materials as well as
finished goods.

Presence of operations in highly fragmented and competitive PVC
pipe industry

PVC Pipes manufacturing segment is a highly fragmented and
unorganized market for plastic industry with presence of
large number of small sized players. The industry is
characterized by low entry barriers due to modest capital
required and easy access to clients and suppliers.


KAPSONS INDUSTRIES: CARE Reaffirms 'D' Rating on INR129.40cr Loan
-----------------------------------------------------------------
The ratings assigned to the bank facilities of Kapsons Industries
Limited factor in the ongoing delays in the servicing of the debt
obligations due to the stressed liquidity position.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            129.40      CARE D Reaffirmed

   Short-term Bank
   Facilities             29.00      CARE D Reaffirmed

Detailed description of the key rating drivers
There are ongoing delays in the servicing of the debt
obligations. The delays are on account of weak liquidity position
as the company is unable to generate sufficient funds in a timely
manner.

The scale of operations of the company witnessed a fluctuating
trend during FY13-FY15 (refers to the period April 1 to March 31)
period. Total Operating Income (TOI) of the company declined in
FY14 on account of slowdown in demand.

Furthermore, the company reported cash losses in FY15
(Provisional) mainly due to high operational expenses and high
interest cost incurred on external borrowings. The capital
structure of the company also remained leveraged as reflected
by overall gearing ratio of 1.51x, as on March 31, 2015
(Provisional). Debt coverage indicators of the company also
remained stressed, as on March 31, 2015 (Provisional).

The average operating cycle of the company stood elongated at 318
days as on March 31, 2015 (Provisional). The same got stretched
from 233 days as on March 31, 2014 mainly on account of increase
in average collection period.

KIL was promoted in 1980 by Mr. Surinder Kumar Sehgal (Chairman)
and his brother Mr. Narinder Kumar Sehgal (Managing Director).
Both the promoters have over 35 years of experience in the
industry.

KIL was promoted by Mr. Surinder Kumar Sehgal and Mr. Narinder
Kumar Sehgal in 1980. The company is mainly engaged in the
manufacturing of electrical stampings used in the Rotating
Electrical Machinery. The company also manufactures Rotor die
cast, pressure aluminium die cast components and completely
assembled products like electrical motors and pumps. KIL has its
manufacturing facilities in Jalandhar and Pune having combined
installed capacity of 26,000 MTPA of electrical stampings, as on
September 30, 2015.

During FY15 (Provisional), KIL has reported a net loss of
INR30.10 crore on a total operating income of INR201.76 crore as
against a net loss of INR3.38 crore on a total operating income
of INR181.61 crore in FY14.


KRISHNA FASHION: ICRA Reaffirms B+ Rating on INR35.65cr Term Loan
-----------------------------------------------------------------
ICRA has re-affirmed/assigned the long-term rating on the
INR12.50-crore (enhanced from INR4.60 crore) fund-based working
capital facility and the INR35.65 crore (enhanced from INR20.76
crore) fund-based term loan facility of Krishna Fashion at
[ICRA]B+ and has also re-affirmed/assigned the short-term rating
of [ICRA]A4 on the INR1.50 crore (enhanced from INR0.75 crore)
non-fund based facility. ICRA has further re-affirmed the rating
of [ICRA]B+/[ICRA]A4 on the INR0.04 crore (previously INR0.93
crore) unallocated limits of KF. The outlook on the long-term
rating is 'Stable'.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Fund-based Working
  Capital Facilities     12.50        ICRA]B+(Stable)
                                      re-affirmed/assigned

  Fund-based Term
  Loan Facilities        35.65        [ICRA]B+(Stable)
                                      re-affirmed/assigned

  Non-Fund-based
  Facilities              1.50        [ICRA]A4
                                      re-affirmed/assigned

  Unallocated Limits      0.04        [ICRA]B+ (Stable)/[ICRA]A4
                                      re-affirmed

Rationale
The ratings re-affirmation takes into account the execution risks
pertaining to delays in commencement and stabilisation of
operations of the art silk fabric/circular knitting capex. In
light of additional debt funded capex undertaken shortly after
commissioning of the manufacturing facility, the capital
structure will remain leveraged, stretching the credit metrics in
the near to medium term. The ratings continue to be constrained
by the highly fragmented and competitive nature of the industry
due to the existence of a large number of players in the
organised and unorganised segment. Other rating concerns include
the susceptibility of margins to adverse movement in prices of
the key raw materials - nylon and polyester yarn.

The ratings, however, continue to favourably factor in the
promoter's experience in the textile sector and the presence of
group companies in the same sector. The location advantages due
to its presence in Surat, which provides easy accessibility to
key raw materials, is another rating comfort. The ratings also
take note of the moderate operating profitability and the
expected revenue growth in the current fiscal.

Key rating drivers
Credit Strengths
* Experience of promoters/management in the textile industry and
the presence of group companies in the same sector;
* Location advantages from its presence in Surat, which provides
easy accessibility to key raw materials;
* Moderate operating profitability.
Credit Weaknesses
* Execution risks pertaining to delays in commencement and
stabilisation of operations of Phase II of the capex;
* Additional debt funded nature of capex to diversify product
profile to keep capital structure leveraged and credit metrics
stretched in the medium term;
* Highly fragmented and competitive nature of the industry due
to a large number of players in the organised and unorganised
segments;
* Margins susceptible to adverse movement in prices of key raw
materials of nylon and polyester yarn.

Description of key rating drivers:
KF is a part of the Mittal Group, which has over a one-and-a-half
decade-long track record in the textile industry. The group's
presence and the promoter's experience in the textile industry
has facilitated a wide brokers' network across the country. It
has also helped establish relationships with suppliers and
customers. Over the three years since its inception, the company
has incurred sizable capex in two phases that has been largely
funded through external debt. About 70-75% of the project funding
has been met through external debt. The firm is exposed to
execution risks pertaining to delays in commencement and
stabilisation of operations. With successful trail runs for the
entire 111 water jet looms and 24 out of 48 circular knitting
machines delivered in the factory unit as of January 2017,
rendering the additional capacities operational and maintaining a
fairly high capacity utilisation level will be critical to
improve the scale of operations. The margins of KF are vulnerable
to price of key raw materials, which have depicted a volatile
trend. However, in the current scenario, the company has
benefitted from the price moderation. Government support in the
form of incentives such as the Textile Upgradation Fund Scheme
(TUFS) will be instrumental in reducing capital costs and
increasing the viability of the project. While the firm's
existing term loan is entitled to benefits under TUFS, the
sanction of the new term loan under the Amended Technology
Upgradation Fund Scheme (A-TUFS) is pending.

ICRA expects the company to report y-o-y growth in operating
income in the near term, gaining support from the additional
production capacities employed. The capex underway will diversify
the product profile to accommodate knitted fabrics, art silk
fabrics and circular knitted fabrics. Maintaining high capacity
utilisation levels, however, will be a key to increase the scale
of operations from current levels and absorb the high
depreciation and interest costs arising from the sizable debt
funded investment in gross block. The ability of the company to
scale up operations, and manage an efficient working capital
cycle will be critical from the credit perspective to limit
leveraging the capital structure. Furthermore, sanction of TUFS
for the new term loan availed, which will provide interest as
well as capital subsidy, will improve the overall project
viability. Conversely, any capital withdrawals by the partners,
inadequate profitability to accommodate interest outflows,
weakening of cash accruals position to comfortably meet the
impending debt repayments or strain on the working capital
profile increasing the reliance on external borrowings, will have
a negative bearing on the key credit metrics.

Established as a partnership firm in November 2014 by Mr. Vikash
Madanlal Mittal and his wife, Mrs. Renu Vikash Mittal, Krishna
Fashion is engaged in the manufacturing of knitted fabrics. It
has recently ventured into art silk fabric manufacturing and
circular knitting. KF is a group entity of the Mittal Group, and
the promoters of the group have been present in the textile
industry for over 15 years. The entity's corporate and registered
office, as well as a manufacturing facility is in Surat, Gujarat.
Vikash Madanlal Mittal is one of the key partners of the firm,
who has been engaged with the textile sector for more than 17
years. The Mittal Group consists of eight group companies engaged
in the textile industry.

KF recorded a net loss of INR0.51 crore on an operating income of
INR19.93 crore for the year-ending March 31, 2016, and a profit
before tax of INR2.95 crore on an operating income of INR19.28
crore for the eight-month period ending November 30, 2016.


KRISHNA KANHAIYYA: ICRA Assigns 'B+' Rating to INR9.90cr LT Loan
----------------------------------------------------------------
ICRA has assigned the rating of [ICRA]B+ to the INR9.90 crore
long term fund based facilities of Krishna Kanhaiyya Milk
Processing Private Limited. The outlook on the long term rating
is stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long term: Fund
  based limits           9.90       [ICRA]B+ (Stable)/assigned

Rationale
ICRA has taken a consolidated view of KKMPL and two other group
companies -- Malganga Dairy Farm (MDF), and Malganga Milk & Agro
Products Private Limited while arriving at the ratings, as the
group companies operate in the same business sector and derive
significant business synergies from each other.

The rating assigned takes into account the longstanding
experience of the promoters in the dairy industry and the
established procurement base among dairy farmers, which is
supplemented by a network of bulk milk coolers and chilling
centres, ensuring regular supply of raw milk. The ratings,
however, are constrained by the nascent stage of operations; and
limited market position in retail sales as the brand recall and
distribution network are still evolving. The capital structure of
the company was leveraged with a gearing of 5.8x in FY2016
because of high debt levels and thin accruals. ICRA also takes
note of the low operating margins that are constrained by limited
branded presence and a high proportion of sales from bulk milk
sales with lower margins. In addition, the industry is exposed to
Government regulations and the global demand-supply scenario of
milk products, where production is vulnerable to external factors
such as weather conditions and cattle diseases. Going forward,
the ability of the company to expand its scale of operations, and
manage its working capital efficiently alongside improving its
capital structure, while maintaining healthy profitability, will
remain the key sensitivity factors.

Key rating drivers
Credit Strengths
* Strong promoters' background with almost 20 years of
experience in the dairy sector
* Established procurement base ensuring regular supply of liquid
milk at competitive prices from farmers, supplemented by network
of bulk milk coolers and chilling centres.

Credit Weakness
* Nascent stage of operations with loss making operations in
FY2016
* Leveraged capital structure with high gearing of 5.8x in
FY2016 and stretched coverage indicators
* Limited presence in retail market, with brand name and
distribution network not being as strong as that of large players
in the field
* Milk production is vulnerable to external factors such as
weather conditions and cattle diseases
* Small scale of operations

Description of key rating drivers highlighted:

The company has been in operation since mid-FY2015, and it has
shown growth in operating income in FY2016 as it was its first
full year of operations. The operating margins of the company
remained low at 2.77% in FY2016 with the company reporting losses
at net level on account of higher interest cost.

The capital structure of the company is characterized by high
gearing of 5.81x in FY2016 on account of high debt levels and
loss making operations. The debt protection and interest coverage
indicators of the company were stretched with OPBDIT/Interest of
1.41x and TD/OPBDIT of 8.15x in FY2016.

Analytical approach: ICRA has taken a consolidated view of KKMPL
and two other group companies - Malganga Dairy Farm (MDF), and
Malganga Milk & Agro Products Private Limited (MMAPL) - while
arriving at the ratings, as the group companies operate in the
same business sector and derive significant business synergies
from each other.

Krishna Kanhaiyya Milk Processing Private Limited (KKMPL) was
incorporated in January 2014. It started off by selling bulk milk
to its sister concern, Malganga Dairy Farm (MDF). The company has
a capacity to process 2 lakh litres per day (LPD). It sells
pouched milk, cottage cheese (paneer) and clarified butter (ghee)
under the brand name, 'Sugo', apart from selling bulk milk to
institutional clients. KKMPL operates in the same markets as its
sister concerns namely, the districts Shirur, Shrigonda, Parner
and Karjat in Maharashtra. The company is part of the Malganga
Group, which has been in the dairy business since 1998. Its other
two entities include Malganga Dairy Farm and Malganga Milk and
Agro Products Private Limited, who are also engaged in the dairy
sector.

Status of non-cooperation with previous CRA: The company has non
co-operation history with CRISIL. It had suspended the rating of
[CRISIL] B/Stable vide release dated Nov. 29, 2016.


MARUTI GINNING: ICRA Reaffirms B+ Rating on INR6.05cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ on the
INR1.05-crore term-loan facility and the INR5.00-crore working
capital facility of Maruti Ginning and Pressing Industries. The
outlook assigned on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits       6.05      [ICRA]B+ (Stable); Reaffirmed

Rationale
The rating reaffirmation continues to remain constrained by
MGPI's modest operating scale and weak financial profile
(characterised by decline in revenue in FY2016), low
profitability, stretched capital structure and weak debt coverage
indicators. The working capital intensity of the firm remained
stretched due to high inventory holdings. The firm witnesses
intense competition because of the highly fragmented industry
structure due to low-entry barriers and low product
differentiation. The rating also takes into account the
vulnerability of the firm's profit margins to raw material
(cotton) prices, which are subject to seasonality, crop harvest
and regulatory risks.

The rating, however, continues to favourably factor in the
proximity of the firm's manufacturing unit to raw material
source, easing procurement. The rating also draws comfort from
the long experience of the partners in the cotton ginning
industry.
The firm's ability to increase its scale of operation, maintain
adequate profitability and improve its capital structure, given
the seasonality in the business, volatility in prices of cotton
bales, intense competition and high working capital requirement
will remain crucial for the credit metrics. ICRA also notes that
MGPI is a partnership concern and any substantial withdrawal from
the capital account in future could adversely impact the credit
profile of the firm.

Key rating drivers
Credit strengths
* Proximity of the manufacturing unit to the cotton producing
belt of Gujarat provides regular and easy access to raw materials
* Long experience of the partners in cotton ginning industry
Credit weaknesses
* Modest scale of operations; financial profile characterised by
low profitability, stretched capital structure as well as weak
debt coverage metrics
* Limited value addition; highly competitive and fragmented
industry structure due to low-entry barriers leads to low
operating and net margins
* Partnership firm, any substantial withdrawal from capital
accounts would impact the net worth and thereby the gearing
levels.

MGPI gins and presses raw cotton to produce cotton bales and
cotton seeds. The firm's financial profile is characterised by a
decline in revenue in the past two years on account of low volume
sales caused by sluggish demand in the market. Higher inventory
holdings in FY2016 weakened the liquidity position, resulting
into high working capital requirement, which further impacted the
capital structure as most of the working capital was funded
through bank borrowings. Further, the working capital intensity
of the firm declined mainly due to elongated payables as per
9MFY2017 provisional unaudited financials.

The firm procures Shankar-6 quality of raw cotton either directly
from local farmers or from agriculture marketing yards. Raw
cotton is procured between September and April, when the supply
is generally high. MGPI's entire sales proceeds are made to the
domestic market. The firm's revenue is largely dependent on the
sales of cotton bales. Sales of cotton bales are channeled
through brokers/agents.

The cotton ginning industry is highly fragmented due to the
presence of numerous players operating in Gujarat, leading to
high competition. The industry is also exposed to regulatory
risks with the Government imposing MSP for the purchase of raw
cotton during over-supply in the market and restricting export of
cotton bales in order to support the domestic cotton textile
industry.

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

Established in 1999, Maruti Ginning and Pressing Industries
(MGPI) is a partnership firm and is owned and managed by Mr.
Dineshkumar Kataria and Mr. Rajubhai Kataria along with other
family members. MGPI currently gins and presses raw cotton to
produce cotton bales and cotton seeds. The manufacturing unit is
located in Una, Junagadh district of Gujarat and is currently
equipped with 18 ginning machines and 1 pressing machine, with an
installed capacity to produce 180 cotton bales per day (24 hours
operation).

On March 31, 2016, the firm reported an operating income of
INR22.66 crore with a net profit of INR0.17 crore against an
operating income of INR23.91 crore with a net profit of INR0.23
crore as on March 31, 2015. Furthermore, the firm booked revenue
of INR15.79 crore till December 31, 2016, with profit before
depreciation and tax of INR0.92 crore as per the provisional
unaudited financials for 9MFY2017.


NAGARJUNA WAREHOUSING: ICRA Assigns 'B' Rating to INR7.78cr Loan
----------------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B to the INR7.78-
crore term loans and INR0.22-crore unallocated facilities of
Nagarjuna Warehousing.  The outlook on the long-term rating is
'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Term Loan               7.78       [ICRA]B (Stable); assigned
  Unallocated Amount      0.22       [ICRA]B (Stable); assigned

Rationale
The rating assigned is constrained by the execution risk with 50%
of the cost incurred as on February 01, 2017, and the high debt
funding for the project resulting in the stretched capital
structure in the near term. ICRA notes that the leasing out of
go-downs to Cotton Corporation of India/Food Corporation of India
is subject to approval from NABARD which is dependent on to NW's
ability to meet the construction norms and regulations set by
NABARD. ICRA also notes the risks associated with the partnership
nature of the firm. However, successful leasing out of godowns to
CCI / FCI would result in the fixed stream of cash flows which
would support debt repayments.

Key rating drivers
Credit Strengths
* Prior experience of promoter in the agri warehousing industry
* Assured revenue stream from FCI/CCI regardless of actual
capacity utilization, subject to the warehouse meeting the
construction norms set by NABARD
* Availability of Subsidy from government
Credit Weaknesses
* Project execution risk with regard to timely completion of the
project within the proposed cost
* Commencement subjected to approval from NABARD
* Debt funded capital expenditure would result in stretched
capital structure in the near term
* Liability for storage losses
* Risks associated with the partnership nature of the firm

Description of key rating drivers highlighted:

Nagarjuna Warehousing is constructing three Godowns, with each
godown having a storage capacity of 8000MT, with aggregate
capacity of 24,000MT. The godowns are being constructed on an
area of 3.78 acres taken on a lease basis for 16 years. Each
godown has a storage area of 40,800 Square feet with total
storage space amounting to 1,22,400 square feet.

The project is eligible for subsidy @33.33% of the cost of the
project under Integrated Scheme for Agricultural Marketing (ISAM)
of Ministry of Agriculture in which NABARD will release 50% of
eligible subsidy as advance and the balance 50% will be released
after completion of the project. The project is eligible to
receive INR2.40 crore as subsidy.

The total cost of the project is estimated at INR10.54 crore
which is to be funded through the term loan of INR7.78 crore and
promoter's contribution of INR2.76 crore in the form of equity.
As on date INR5.55 crore of the total project cost of INR10.54
has been incurred which was funded by bank term loan of INR2.79
crore and INR2.76 crore from promoter's contribution. The project
is expected to be completed by August 2017.

Going forward, successful and timely completion of the project
and the ability of the firm to get requisite approvals for
leasing out of go-downs are the key rating sensitivities.

Nagarjuna Warehousing, a partnership concern established in 2015,
is engaged in the construction of godowns and leasing out to
FCI/CCI. The firm is in the process of constructing 3 godowns
with aggregate capacity of 24,000 MT at Gajalpuram village,
Thripuraram Mandal of Nalgonda district, which are expected to
commence operations in September, 2017. The total cost of the
project is estimated at INR10.54 crore which is to be funded
through INR7.78 crore of term loans and equity of INR2.76 crore.


PALAK FERRO: ICRA Reaffirms 'D' Rating on INR13.80cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR6.20
crore1 fund based facilities of Palak Ferro Alloys at [ICRA]D.
ICRA has also reaffirmed its long term and short term rating
assigned to the unallocated limit of INR13.80 crore at [ICRA]D.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Cash Credit             6.10        Reaffirmed at [ICRA]D
  Term Loan               0.10        Reaffirmed at [ICRA]D
  Unallocated            13.80        Reaffirmed at [ICRA]D

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

Established in 2008 as a proprietorship firm by Mr. Rahul
Parwani, PFA is engaged in the manufacturing of ferro alloys and
manganese oxides. The firm has its manufacturing facility located
at Nagpur, Maharashtra. PFA has an installed capacity of 1500
MTPA for manufacturing ferro alloys such as medium carbon (MC)-
ferro manganese, low carbon (LC) - ferro manganese and silico
manganese, and 1500 MT for manufacturing manganese oxides. Ferro
alloys find application in the steel industry whereas manganese
oxides are used in the fertilizer industry.


RUSHABH FLOUR: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rushabh Flour
Mills Pvt Ltd a Long-Term Issuer Rating of 'IND BB'.  The Outlook
is Stable.  The instrument-wise rating actions is:

   -- INR90 mil. Cash credit facility assigned with
      IND BB/Stable/IND A4+ rating

                         KEY RATING DRIVERS

The ratings reflect Rushabh's moderate credit profile.  Revenue
increased to INR833 million in FY16 from INR706 million in FY15,
driven by a rise in orders.  Meanwhile, Rushabh registered
INR780 million in revenue for April 1, 2016- Jan. 22, 2017.  In
FY16, net leverage (total Ind-Ra adjusted net debt/operating
EBITDAR) was 5.1x (FY15: 5.7x) and gross interest cover
(operating EBITDA/gross interest expense) was 1.7x (1.8x).
EBITDA margin remained thin in the range of 1.7%-1.9% during
FY13-FY16 due to stiff competition in the industry.  Rushabh does
not have major capex plans up to FY18.  This is likely to support
credit metrics until FY18.

The ratings also reflect the company's tight liquidity position.
It utilized fund-based facilities at maximum average of 96% over
the 12 months ended December 2016.  Net working capital cycle
improved to 33 days in FY16 from 38 days in FY15 on account of an
increase in creditor days due to long-standing relationships.

The ratings, however, are supported by the promoters' experience
of around six decades in the flour manufacturing industry.

                      RATING SENSITIVITIES

Negative: Sustained deterioration in EBITDA margin and credit
metrics could be negative for the rating.

Positive: A significant increase in revenue and EBITDA margin
leading to a sustained improvement in credit metrics could be
positive for the rating.

COMPANY PROFILE

Incorporated in 2007, Rushabh manufactures wheat products such as
flour, semolina (rava) and tandoori flour.  The company
undertakes purchases and sales through brokers.  It sells
finished products under the Royal Classics brand.  It caters to
customers across Gujarat and Maharashtra.  It has an installed
capacity of 525 tonnes per day and utilizes 57% of the installed
capacity.


SANGAM HANDICRAFT: CARE Assigns B+ Rating to INR5.80cr LT Loan
--------------------------------------------------------------
The rating assigned to the bank facilities of Sangam Handicraft
Private Limited is primarily constrained on account of modest
scale of operations with thin profitability and leveraged capital
structure, working capital intensive nature of operations and
susceptibility of operating profitability to volatile gold
prices. The rating is also constrained due to presence in a
highly competitive and fragmented Gems & Jewellery (G&J)
industry.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.80       CARE B+; Stable Assigned

The rating, however, derives strength from the experienced
promoters and long track record of operation in the jewellery
industry.

The ability of the company to increase in scale of operations and
improvement in overall financial risk profile coupled with better
management of working capital would be the key rating
sensitivities.

Detailed description of the key rating drivers
Key Rating Weakness
Modest scale of operations with thin profitability and leveraged
capital structure

Total Operating Income (TOI) of the company witnessed volatile
trend in last four financial years ended FY16 (refers to the
period of March 31 to April 1) owing to fluctuating gold and
silver prices as well as its presence in the highly competitive
and fragmented industry. The scale of operations of the company
stood at modest level with Total Operating Income (TOI) of
INR61.26 crore and thin profitability margins. Furthermore, the
solvency position stood weak owing to higher debt and low GCA
level.

Working capital intensive nature of operations
Operations of SHPL are working capital intensive in nature marked
by average and maximum utilization of fund-based working capital
bank borrowings of SHPL stood high at 90% for the last 12 months
ended December 2016. Furthermore, it has high investment in
inventory.

Experienced partners and long track record of operation in the
jewellery industry

SHPL is operational since 1997 and it has long track record of
operations of around two decades. Mr Subhash Gupta, director, has
around three decades of experience in the industry and looks
after overall affairs of the company.

Jaipur-based (Rajasthan) SHPL was established in 1997 as a
private limited company by Mr Shubhash Gupta and his family
members. SHPL is engaged in manufacturing of silver and gold
coins, biscuits shields, Trophys, Utensils, etc. It majorly sells
to the government department and banks like UCO bank, State Bank
of Bikaner and Jaipur and direct customers and wholesalers as
well. The company has an installed capacity to manufacture 86 kgs
per day (KGPD) of silver and gold articles.


SEANTO MINERALS: ICRA Reaffirms 'D' Rating on INR3.0cr Cash Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR3.00
crore fund based facilities of Seanto Minerals and Energy Limited
at [ICRA]D. ICRA has also reaffirmed its short term rating
assigned to the INR3.00 crore non fund based limits at [ICRA]D.
ICRA has also reaffirmed its long term and short term rating
assigned to the INR2.00 crore unallocated limits at [ICRA]D.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Cash Credit             3.00      Reaffirmed at [ICRA]D
  Letter of Credit        3.00      Reaffirmed at [ICRA]D
  Unallocated             2.00      Reaffirmed at [ICRA]D

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

Incorporated in 2008, Seanto Minerals and Energy Limited (SMAEL)
is promoted by Mr. Sanjay Sanghai and his family. The company is
engaged in trading of textiles and ferrous products. Key products
traded by the company include shirtings and denims, stainless
steel plates and heavy melting scrap.


SERVOCONTROLS: ICRA Reaffirms B+ Rating on INR5.0cr LT Loan
-----------------------------------------------------------
ICRA reaffirms the long-term rating at [ICRA]B+ for the INR2.08
crore (enhanced from INR2.00 crore) term-loan facility, INR5.00
core fund based facility and INR1.00 crore (reduced from INR2.00
crore) unallocated limits of Servocontrols and Hydraulics (I)
Private Limited. ICRA also reaffirms the short term rating at
[ICRA]A4 for the INR2.92 crore (enhanced from 2.00 crore) non
fund based limit and INR0.75 crore interchangeable limit of the
company. The outlook on the long term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Term Loans              2.08      [ICRA]B+ (Stable) Reaffirmed
  Long Term-Fund
  Based Limit             5.00      [ICRA]B+ (Stable) Reaffirmed

  Long Term-Unallocated   1.00      [ICRA]B+ (Stable) Reaffirmed

  Short Term- Non
  Fund Based Limit        2.92      [ICRA]A4 Reaffirmed

  Short Term-
  Interchangeable        (0.75)     [ICRA]A4 Reaffirmed
  Limit

Rationale
The reaffirmation in ratings takes into account the significant
experience of the promoters in the engineering industry and the
established relationship with reputed customers as well as
suppliers. The company's revenues remain fairly diversified
across a wide product portfolio which finds its application
across multiple industries, and the strong order book position
enhances revenue visibility going forward. The ratings are,
however, constrained by the revenue de-growth during FY2016 owing
to subdued demand in the end user industry and the modest scale
of operations limiting company's operational and financial
flexibility. The ratings are also constrained by the company's
moderate financial profile characterised by thin accruals,
moderate margins, and stretched capital structure. The ratings
also factor in increase in the working capital intensity during
FY2016 owing to significant inventory holding and delayed bill
clearance from major customers, resulting in stretched liquidity
profile. Owing to high reliance on imports for its raw materials,
the margins continue to remain vulnerable to foreign exchange
rates fluctuations.

Going forward, the ability of the company to achieve healthy
revenue growth and improve profitability while managing foreign
exchange fluctuations will remain key rating sensitivities.

Key rating drivers
Credit Strengths
* Longstanding experience of promoters of more than 15 years in
the engineering Industry
* Renowned client base and strong portfolio of executed orders
enhances business prospects
* Business remains supported with products finding application
across multiple industries
* Healthy order book position enhances revenue visibility
Credit Weakness
* Modest scale of operations restricting scale economics and
financial flexibility
* Project specific requirements resulting in slow volumes and
high order volatility; decline in operating
income in FY2016
* Moderately high working capital intensity owing to significant
inventory holding and delayed bill
clearance from major customers
* Moderate margins which remain exposed to input price and
foreign currency fluctuations
* Stretched capital structure and coverage indicators

Description of key rating drivers highlighted:

The company manufactures custom designed products like hydraulic
valves, servo valves, manifold block systems, hydraulic servo
actuators, temposonic sensors etc. according to the requirements
of the customers. The product portfolio of the company consists
of more than 400 types of products; manifold blocks and
temposonic sensors accounts for about 40-45% of the total
revenues. The customers of the company predominantly consists of
construction equipment manufacturers; the products also finds
application across other industries like power generation, steel
mills, test rigs, railways, cement, plastic, aerospace, etc. With
weak demand from the end user industry, mainly construction
equipment industry the operating income of the company witnessed
de-growth of 10.3% from INR20.8 crore in FY2015 to INR18.7 crore
in FY2016. According to the provisional financials for 9M FY2017,
the company has registered a turnover of INR13.7 crore.

Over last two years, around 65% of the raw materials are procured
through imports, which expose margins to foreign exchange rates
fluctuations in the absence of any formal hedging mechanism.
Additionally the company's profitability continues to be
vulnerable to fluctuations in raw material prices.

However, the long experience of its promoters in the engineering
industry and established relationship with its clients as
evidenced by repeat orders offers comfort. As on December 31,
2016, SHIPL has a healthy order-book position of about INR21.4
crore, primarily dominated by like Bharat Earth Movers Limited
(BEML) and Bharat Electronics Limited (BEL). SHIPL's capital
structure remains moderate with gearing at 2.6 times as on
March 31, 2016 and 2.4 times as on December 31, 2016. Also, the
coverage indicators remain moderate with interest cover (OPBITDA
/ Interest & Finance charges) at 1.6 times during FY2016 and 2.0
times during 9M FY2017. Significant inventory holding and delayed
bill clearance from major customers resulted in high working
capital intensity during FY2016. The working capital intensity
further increased during 9M FY2017 due to stretched receivables.
Servocontrols & Hydraulics (I) Private Limited, head quartered in
Belgaum, is involved in designing and manufacturing of hydraulic
valves, servo valves, manifold block systems, hydraulic servo
actuators, temposonic sensors etc. The company also manufactures
hydraulic power packs (comprising of joysticks) and wire
harnessing systems for construction equipment industry. The
company is promoted by Mr. Deepak Dhadoti and his brother Mr.
Dinesh Dhadute who are qualified engineers with extensive
experience in the engineering industry. The company started its
operations in 2005 with commissioning of its manufacturing
facility in Udyambag Belgaum. SHIPL has built its technical
capabilities over the years working in collaboration with reputed
companies like Hydraforce Hydraulics, UK and MTS Systems
Corporation, USA. The company presently is operating out of a
manufacturing set up built over 25000 sq ft of area in Udyambag,
Belgaum with a staff of more than 150 people. The company's
products find application across wide range of industries and
sectors like Automotive, Construction Equipment & Mining, and
Power Generation.

SHIPL recorded a net profit of INR0.03 crore on an operating
income of INR18.69 crore for the year ending March 31, 2016. As
per the provisional financials, the company recorded a profit
before tax of INR0.41 Crore on an operating income of INR13.72
Crore during 9M FY2017.


SHIV SHAKTI: CARE Puts B+ Rating on Notice of Withdrawal
--------------------------------------------------------
CARE has placed the outstanding rating assigned to the bank
facilities of Shiv Shakti Sponge Iron Limited on 'Notice of
Withdrawal', with immediate effect. The aforesaid rating would
continue to remain on 'Notice of Withdrawal' for a period
of ninety days, after which the rating would stand withdrawn. The
above action has been taken at the request of the company on
account of the bank facilities falling below the threshold for
external rating and as per CARE's rating withdrawal policy.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            7.00       CARE B+; Stable Rating placed
                                    on Notice of Withdrawal for
                                    90 days

Shiv Shakti Sponge Iron Ltd, incorporated in August 2000, is
currently promoted by Mr. Amit Kumar Singh & his two brothers of
the Amit group. SSSL is engaged in manufacturing of sponge iron,
having total installed capacity of 60,000 MTPA. This apart, the
company is also engaged in trading of various steel products
including round cuttings, MS wire, channels and plates.


SHREE SIDDHESHWARI: ICRA Reaffirms B+ Rating on INR16cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B+ for the fund
based limits of Shree Siddheshwari Ginning Company. The outlook
on the long term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Limits-
  Term loans              3.21      [ICRA]B+ (Stable) reaffirmed

  Fund Based Limits-
  Cash Credit            16.00      [ICRA]B+ (Stable) reaffirmed

Detailed Rationale
The rating re-affirmation continues to be constrained by the
firm's weak financial risk profile characterised by modest scale
of operations, relatively high gearing levels and weak coverage
indicators. The rating is also constrained on account of the
highly competitive and fragmented industry structure with low
entry barriers resulting into low profitability. The rating is
further constrained by the vulnerability of the firm's
profitability to agro-climatic risks and exposure to regulatory
risks.

The rating, however, continues to positively consider the past
experience of over a decade of the promoters in the cotton
ginning and pressing industry and the location advantage enjoyed
by the firm by virtue of its location in Gujarat, an area with
easy availability of quality raw cotton.

Key rating drivers
Credit Strengths
* Long standing experience of the promoters in the cotton
ginning and pressing industry
* Favorable location of the firm by the virtue of being situated
in Gujarat, an area with easy availability of quality raw cotton
Credit Weakness
* Weak financial risk profile characterized by modest scale of
operations, relatively high gearing levels and weak coverage
indicators
* Low operating profit margins on account of limited value
addition and highly competitive fragmented industry structure
arising from low entry barriers
* Profitability vulnerable to movements of raw material prices
i.e. raw cotton, which are subject to seasonality and crop
harvest
* Regulatory risks in terms of MSP being fixed by the Government
which has at times been higher than prevailing market price; and
restrictions on cotton exports that can limit opportunities for
the firm going forward

Detailed description of key rating drivers highlighted:

The firm is engaged in cotton ginning business which is
characterized by intense competition due to presence of various
ginning units in Gujarat. However, the firm benefits from
promoter's wide experience and established relationships with
clients. The firm's scale of operations remained modest with low
operating profitability which is inherent in the ginning business
due to low value added nature of operations. The higher reliance
on the working capital facility has resulted into leverage
capital structure with gearing of 2.37 times as on March 31,
2016. Consecutively, low profitability coupled with higher
working capital requirements has resulted into weak coverage
indicators as reflected by interest coverage at 1.35 times and
NCA/Debt at 4% in FY2016. The firm's profitability is vulnerable
to any adverse change in raw cotton prices and regulatory risks.

Analytical approach: For arriving at the ratings ICRA has
considered the standalone financial performance of Shree
Siddheshwari Ginning Company, along with recent operational
developments. The firm does not have any subsidiary and operates
as a standalone entity.

Established in 2004 as a partnership firm, Shree Siddheshwari
Ginning Company is engaged in ginning and pressing of raw cotton
to produce cotton bales and cotton seeds. The plant is equipped
with 38 ginning machines and 1 pressing machine with installed
capacity of producing 12,904 Metric Tonnes of cotton per annum
and 25,807 Metric Tonnes of cotton seeds per annum. The promoters
are also associated with group concern-Shree Siddheshwari Oil
Industries engaged in seed crushing business.


SONA WIRES: CARE Reaffirms B+ Rating on INR3.91cr LT Loan
---------------------------------------------------------
The ratings assigned to the bank facilities of Sona Wires Private
Limited continue to take into account its small scale of
operation with thin profit margin, susceptibility of
profitability to volatility in raw material prices, presence in
the highly competitive and fragmented industry, working capital
intensive nature operation and weak debt protection metrics. The
ratings, however, derive strength from the experienced promoters,
long track record of operation, stable financial performance in
FY16 (refers to the period April 1 to March 31) and satisfactory
capital structure.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             3.91       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities             2          CARE A4 Reaffirmed

Growth in scale of operation with improvement in profitability,
sustenance of capital structure with improvement in liquidity
position along with effective management of working capital are
the key rating sensitivities.

Detailed description of the key rating drivers
Key Rating Weaknesses
Small scale of operation with thin profit margin: SONA is a small
player having an annual turnover of INR28.40 crore in FY16
(INR29.36 crore in FY15). Furthermore, given the trading nature
of business and intense competition, SONA operates on a thin
margin. PBILDT and PAT margin continued to remain thin at 2.72%
and 0.41% respectively in FY16 vis-Ö-vis 2.66% and 0.27% in FY15.

Profitability susceptible to volatility in raw material prices:

The major raw materials of SONA are wire rod, Hard bright (H.B)
wire etc., the prices of which are highly volatile. Hence, any
adverse movement in raw material prices may affect the
profitability of the company.

Working capital intensive nature of operation: SONA's operations
are working capital intensive in nature as the company needs to
extend higher credit period to its clients (about two months) due
to its low bargaining power attributable to its small size.
Furthermore, the company usually maintains inventory of about
four months. This leads to higher operating cycle at 172 days in
FY16 (174 days in FY15). The average utilisation of working
capital remains close to 100% during the last 12 months ended
January, 2017 with several instances of over-drawings. However,
the same was regularised within 14-20 days.

Weak debt protection metrics: Total debt/GCA continued to remain
weak at 31.89x as on March 31, 2016 (37.62x as on March 31, 2015)

Key Rating Strengths
Experienced promoters and long track record of operation: The
promoter of SONA, Mr. S K Jain, is having more than three decades
of experience in manufacturing of wires, ferro alloys and trading
activities of steel and steel related products. Presently, the
day to day operations of the company is looked after by Mr. S K
Jain. Moreover, SONA is in operations for about three decades and
thereby has an established track record of operations.

Stable financial performance in FY16: SONA's total operating
income declined marginally by about 3% y-o-y to INR28.4 crore in
FY16 driven by decline in trading sales of H.B wires and stoppage
of trading sales of G.I. However, growth in relatively high
margin manufacturing sales led to slight increase in the PBILDT
margin from 2.66% in FY15 to 2.72% in FY16.

Interest coverage ratio marginally improved from 1.05x in FY15 to
1.12x in FY16 mainly due to decline in interest charges. The
company generated cash accruals of INR0.15 crore vis-a-vis debt
repayment obligation of INR0.39 crore in FY16. The shortfall is
debt repayment is met out of short term borrowings. During 9MFY17
(provisional), the company has achieved total revenue of about
INR12.8 crore.

Comfortable capital structure
The capital structure continued to remain comfortable, marked by
its satisfactory debt equity ratio at 0.23x and overall gearing
ratio at 0.49x as on March 31, 2016 as against 0.27x and 0.52x
respectively as on March 31, 2015.

Sona Wires Private Limited was incorporated in July, 1986 by Mr.
S K Jain of Raipur, Chhattisgarh along with his family members.
SONA is mainly engaged in trading of steel wires (accounted for
about 80% of total revenue in FY16) along with manufacturing of
Galvanised Iron (G.I.) wire (installed capacity 5200 MTPA) and
Stay wires (installed capacity 2564 MTPA). The products sold by
SONA are largely used in industries like power, construction,
automobile, engineering, etc. Presently, the day-to-day affairs
of the company are looked after by Mr. S K Jain, (Director) with
adequate support from the other director Mr. P K Jain.

SONA earned a PAT of INR0.12 crore on total operating income of
INR28.40 crore in FY16 as compared with a PAT of INR0.08 crore on
a total operating income of INR29.36 crore in FY15. During,
9MFY17, SONA, has achieved net sales of about INR12.8 crore.


SRI RAM: ICRA Raises Rating on INR5.0cr Term Loan to B+
-------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B+ from [ICRA]B
for the INR2.50 crore (reduced from INR2.68 crore) term loans and
INR5.00 crore (enhanced from INR2.00 crore) cash credit facility
of Sri Ram Industries. The outlook on the long term rating is
'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Term Loans              2.50       [ICRA]B+ (Stable); upgraded
                                     from [ICRA]B

  Long Term-Fund          5.00       [ICRA]B+ (Stable); upgraded
  Based Limit                        from [ICRA]B

ICRA has placed the [ICRA]A4 rating assigned to the INR2.32 crore
long term/ short term unallocated of the firm on notice of
withdrawal for 90 days at the request of the firm. As per ICRA's
policy, the ratings will be withdrawn after 90 days from the date
of this withdrawal notice

Rationale
The rating upgrade takes into account significant improvement in
scale of operations of the firm with an increase in operating
income from Rs 3.84 crore in FY2015 to Rs 29.79 crore in FY2016
owing to capacity expansion. The rating also derives comfort long
experience of the promoters in the rice industry, the proximity
of the firm to paddy-growing areas in Raichur and nearby
districts, in turn, facilitating easy procurement of raw
materials and favourable demand prospects of rice. The rating is
however constrained by the moderate scale of operations of the
firm and weak capital structure due to the highly working capital
intensive nature of operations and small net worth, leading to
high gearing of 5.20 times, and moderate coverage indicators with
interest cover and NCA/ Total debt at 2.71 times and 10.15%
respectively as on March 31, 2016. The rating also factors in the
intensely competitive nature of the rice industry with presence
of several large and small-scale players which constraints
margins. The rating also takes into account the susceptibility of
revenues and margins to inherent agro-climatic risks and
government policies which impact the availability and the prices
of the paddy. Going forward, the firm's ability to achieve
healthy revenue growth, improve its profitability levels and
manage its working capital requirements will remain the key
rating sensitivities.

Key rating drivers
Credit Strengths
* Longstanding experience of promoters in the rice milling
business
* Healthy revenue growth post capacity expansion
* Stable demand outlook, given that rice forms an important part
of the staple diet in much of India
* Presence in a major rice growing area results in easy
availability of key raw material, paddy
Credit Weakness
* Moderate scale of operations resulting in limited economies of
scale
* Financial profile characterized by thin operating margins,
small net worth, high gearing and moderate coverage indicators
* Intense competition marked by presence of large number of
players owing to low entry barriers in terms of readily available
technology and small investment, leading to pricing pressures
* Inherent agro-climatic risks and government policies which
impact the availability and the prices of the paddy, which in
turn affect the profitability of the firm
* Risks arising from partnership nature of the firm

Description of key rating drivers highlighted:

Sri Ram Industries is engaged in the milling of paddy, and
produces raw rice with an installed capacity of ~35000 MTPA. The
promoters have over four decades for experience in rice milling
industry. The firm's plant is located in Manvi which is
surrounded by paddy growing areas such as Raichur, Sindhnoor,
Gangawati and Davangere. Since most of the paddy is procured from
these areas, it results in low transportation cost for the firm.
SRI primarily sells to dealers across Karnataka, Tamil Nadu,
Maharastra, Telangana and Andhra Pradesh. The rice milling
industry remains highly fragmented and competitive in nature
owing to presence of large number of unorganized and organized
players which further increases the pressure on the operating
margins. The of revenues and margins remain susceptibile to agro-
climatic risks which impact the availability of the paddy in
adverse weather condition.

The operating income of the firm witnessed a significant growth
from INR3.84 crore in FY2015 to INR29.79 crore in FY2016 owing to
increase in production as a result of increased capacity of the
firm. The firm has registered revenue of INR23.87 crore during 9M
FY2017. However the scale of operations remains moderate,
limiting the operational and financial flexibility of the firm.
Being a working capital intensive business, the miller has to
stock paddy by the end of each season till the next season as the
price and quantity of paddy is better during the harvesting
season; the inventory holding period continues to remain high.
Thus, the debt levels witnessed a rise in FY2016 with higher
working capital requirements with increased scale of operations,
which coupled with thin accruals, resulted in stretched gearing
of 5.20 times as on March 31, 2016. Going forward, the firm's
ability to achieve healthy revenue growth, improve its
profitability levels and accruals while managing its working
capital requirements would be key to improving its overall credit
profile.

Incorporated in 2007, Sri Ram Industries is a partnership firm
involved in the milling of paddy and produces raw rice. The firm
has a milling unit in Manvi, Raichur district, Karnataka with an
installed capacity of 4 MT per hour of milling. The firm's plant
is spread over 3.5 acres with a storage capacity of 80,000 bags
(75 kg each) of paddy and 250 MT of rice. The firm sells raw rice
under 8 brands namely 'KDM', 'Ram', 'Shilpa', 'RSK', 'MVM',
'AKS', 'VTC' and ,'Double Parrot'. Also the firm sells broken
rice under 2 brands namely 'Rabbit' and 'Helicopter'.

SRI recorded a net profit of INR0.41 crore on an operating income
of INR18.69 crore for the year ending March 31, 2016.


SRI VARADHARAJA: ICRA Upgrades Rating on INR6.50cr LT Loan to B+
----------------------------------------------------------------
ICRA has upgraded its long-term rating on the INR6.50-crore fund-
based facilities of Sri Varadharaja Fruit Products Private
Limited to [ICRA]B+ from [ICRA]B-. The outlook on the long-term
rating is 'Stable'.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Long-term-Fund          6.50        [ICRA]B+ (Stable); upgraded
  Based Limits                        from [ICRA]B-

Rationale
The rating upgrade is driven by the steady financial performance
of SVFP, whereby its top-line grew at a CAGR of ~25% in the last
five years; and the improvement in the capital structure, as
reflected in the reduction in the gearing ratio (1.98 times in
FY2016 over 2.26 times in FY2015). ICRA also takes note of the
improved financial discipline, where the company was regular in
its debt repayments. The rating continues to draw comfort from
the extensive experience of the promoters in the beverage
industry, SVFP's long track record of operations, its wide
distribution network and established relationships with reputed
clients.
However, the rating is constrained by SVFP's low profit margins
because of intense competition in the industry. The rating also
takes into account the seasonal nature of the business and the
company's relatively modest scale of operations. It also factors
in the SVFP's high working capital intensity on account of high
inventory levels. The low profitability, coupled with high debt,
has resulted in weak coverage indicators, with elevated
TD/OPBDITA and weak NCA/TD.

Going forward, the ability of the company to improve its margins,
scale up its operations and strengthen its coverage indicators
will be the key rating sensitivity.

Key rating drivers
Credit Strengths
* Long experience of the promoters in the beverages industry
* Growth in top-line at a CAGR of ~25% in five years
* Reputed and diversified customer profile

Credit Weakness
* Almost full utilisation of working capital limits
* Fragmented industry with the presence of many small players
leads to lower margins
* Subdued debt protection metrics owing to low profitability

Detailed description of key rating drivers highlighted:
SVFP manufactures aerated soft drinks under the brand name 'Top
Cola', and processes fruit pulp to produce fruit juice, which is
sold under the brand name, 'Mr Fresh'. Starting as a bottling
partner for Thums Up, the company's promoters have extensive
experience of more than four decades in the beverage industry, by
virtue of which SVFP has a network of dealers and distributors in
the states of Punjab, Jammu and Kashmir, Himachal Pradesh and
Haryana. Apart from its traditional markets, the company also
sells its products in modern retail stores such as Metro Cash and
Carry, Reliance Fresh etc. SVFP's top-line has grown at a healthy
CAGR of ~25% over the last five years.

The company is required to store fruit pulp during the season to
manufacture its products (i.e., juices) throughout the year,
resulting in high inventory holding. Because of small number of
creditors, the company's operations are working capital
intensive, resulting in high dependence on working capital
limits. Furthermore, owing to high industry competition and
fragmentation, SVFP's margins are under pressure.

SVFP was incorporated in 2000 and in 2010, the company was taken
over by the Asianlak group, which is promoted by Mr. Radhe Shyam
Poddar and his sons, Mr. Gopal Poddar and Mr. Neeraj Poddar. The
company sells its fruit juices under the brand name 'Mr. Fresh'
in various flavours such as mango, apple, lichi, guava, mixed
fruit, etc. and soft drink under the brand name 'Top Cola'.
The company reported a net profit after tax of INR0.50 crore on
an operating income of INR30.42 crore in FY2016, as against a net
profit after tax of INR0.44 crore on an operating income of
INR27.71 crore in FY2015.


SURYA WIRES: CARE Reaffirms B+ Rating on INR19.60cr LT Loan
-----------------------------------------------------------
The ratings assigned to the bank facilities of Surya Wires
Private Limited continue to take into account SWPL's thin profit
margin, susceptible of profitability to volatility in raw
material prices, presence in the highly competitive and
fragmented industry, working capital intensive nature of
operations, moderation in financial performance in FY16 (refers
to the period April 1 to March 31) and leveraged capital
structure with weak debt protection metrics. The ratings,
however, derive strength from experienced promoters, long track
record of operation and reputed client profile.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            19.60       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities             9          CARE A4 Reaffirmed

   Long-term/Short-
   term Bank Facilities   4          CARE B+; Stable/CARE A4
                                     Reaffirmed

Growth in the scale of operation with improvement in
profitability and capital structure along with effective
management of working capital are the key rating sensitivities.

Detailed description of the key rating drivers
Key Rating Weaknesses
Thin profit margin: Given the high proportion of trading sales in
the total revenue and intense competition in the sector,
SWPL operates on thin profit margins. The PBILDT margin continues
to remain thin and deteriorated further from 3.75% in FY15 to
2.19% in FY16.

Profitability susceptible to fluctuations in raw material price:
Given the volatility in its major raw materials comprising
around 98% of its total cost of sales (excluding cost of traded
goods) any adverse movement in raw material price without
any corresponding movement in finished goods price may affect the
profitability of the company.

Working capital intensive nature of operation: SWPL's operations
are working capital intensive in nature as the company need to
extend higher credit period to its clients on account of its low
bargaining power owing to its moderate scale of operations.
Furthermore, the company usually maintains inventory of about two
months. The operating cycle continued to remain elongated at 115
days in FY16 (118 days in FY15). This led to high average working
capital utilisation at around 100% during last 12 months ended on
January 2017.

Moderation in financial performance in FY16 and 9MFY17: SWPL's
total operating income grew by about 17% y-o-y to INR148.17 crore
in FY16. However, the PBILDT margin moderated from 3.75% in FY15
to 2.19% in FY16 mainly due to decline in sales realisation from
manufacturing sales along with proportionate increase in
relatively low margin trading sales in the total operating
income. The interest coverage ratio continues to remain below
unity. The company serviced its interest obligations out of
increase in short term sources. Till 9MFY17, the company has
achieved net sales of about INR86.36 crore.

Leveraged capital structure and weak debt protection metrics: The
capital structure continued to remain leveraged, marked by high
overall gearing ratio at 2.66x as on March 31, 2016 as against
2.71x as on March 31, 2015. Total debt/GCA continued to remain
weak and deteriorated further from 78.16x in FY15 to 102.23x in
FY16 due to decline in gross cash accruals.

Key Rating Strengths
Experienced promoters and long track record of operation: SWPL
was promoted by Mr. S.K. Jain, having more than three decades of
experience in manufacturing of steel wires, ferro alloys and
trading of steel and steel-related products. He looks after the
day-to-day affairs of the company with support from other
director Mr. Harsh Agarwal. Moreover, SWPL commenced operations
from 1983 and accordingly has a long track record of operation.

Reputed client profile: SWPL has an impressive client portfolio,
which includes many reputed government organisations.

SWPL was established in 1983 as a proprietorship entity by
Raipur-based Mr. S. K. Jain. In 1989, the erstwhile
proprietorship entity was converted into a private limited
company. SWPL is engaged in manufacturing of steel wires (G.I.
wire, HB wires, Stay wire, G.I. barbed wire, etc) along with
trading of steel wires and MS bars/rounds. The manufacturing
facility of SWPL is located in Raipur with an installed capacity
of 74,000 MTPA. Trading activities contributed around 63% of the
total operating income during FY16 (around 56% in FY15). The
products are largely used in industries like power, construction,
automobile, engineering, etc. SWPL primarily sells its products
to wire dealers and retailers. Apart from this it, also
participates in tender issued by various government entities for
supply of steel wires.

The day-to-day affairs of the company are looked after by Mr. S.
K. Jain, MD, with adequate support from other director Mr. Harsh
Agarwal and a team of experienced personnel.

SWPL earned a PAT of INR0.07 crore on total operating income of
INR148.18 crore in FY16 as compared with a PAT of INR0.13 crore
on a total operating income of INR126.77 crore in FY15. During
9MFY17, SWPL has achieved net sales of about INR86.36 crore.



SWASHRYEE MAHILA: ICRA Assigns B+ Rating to INR10cr LT Loan
-----------------------------------------------------------
ICRA has assigned the rating of [ICRA]B+(Stable) with a stable
outlook to the INR10 crore long-term bank lines of Swashryee
Mahila Sakh Sahkari Sanstha Maryadit.

                          Amount
  Facilities           (INR crore)    Ratings
  ----------           -----------    -------
  Long-term bank lines     10.00      [ICRA]B+(Stable); assigned

Rationale
The assigned rating takes into account the relatively small scale
of operations of SMSSM, as reflected in its membership base of
around 14,000 and deposits of INR10.73 crore and loan portfolio
of INR8.89 crore as on November 30, 2016. While the society's
loan book consists of group loans (~80% of the portfolio as on
November 30, 2016)) and individual loans (20%), ICRA notes that
the book is concentrated towards loans for small business (52%);
other loans include loans for housing (12%), agriculture and
cattle (11%), seasonal businesses (11%), and education (7%). The
rating is constrained by the entity's constitution as a society
which limits its access to external capital. SMSSM is thus
entirely dependent on internal accruals and contributions from
members for own capital, which has impacted its ability to raise
debt and expand operations. The rating also factors in the
society's limited financial flexibility with dependence entirely
on customer deposits, high geographical concentration with
presence limited to some regions of Madhya Pradesh (M.P.). ICRA
also takes note of the lack of regulatory oversight for multi-
state co-operative societies and the inherent uncertainty
associated with future regulatory tightening.

Key Rating Drivers Credit Strengths
* Good track record of operations albeit on a small scale
* Depth of engagement with clients by virtue of their being
members of the society and partners to dividend
* Range of offerings, including of savings and loan products for
the member to chose as per her financial condition
* Improvement in profitability in FY2016, supported by a 48%
growth in the income generating loan portfolio
Credit Challenges
* Limited funding with dependence on customer deposits
* Capital structure highly skewed towards deposits from members
* Competition from other organisations engaged in similar
operations

Key Rating Sensitivities
* Strengthening of regulatory supervision of credit co-operative
societies in terms of capital requirements, NPA recognition,
provisioning norms, and reserve requirements could have a
negative impact on the entity's financials.

Description of key rating drivers highlighted:

The society, founded in 1989, is registered under the M.P. Co-
operative Society (Amendment) Act, 2012 and the M.P. Co-operative
Society Rules, 1962.

The society has had a steady member base with over 14,000 members
as on December 31, 2016. As per society's philosophy, the
engagement with clients is by virtue of their members and
partners to dividend. The promoters of the society have over 25
years of experience in lending operations. SMSSM's deposits from
members stood at INR10.25 crore as on November 30, 2016 (INR 8.65
crore as on March 31, 2016); the society's Swayam Siddha savings
is the largest contributor accounting for 37% of total savings as
on November 30, 2016, followed by recurring deposits (15%), fixed
deposits (14%), savings deposits (10%), and compulsory deposits
(10%). As on November 30, 2016, the society's outstanding
advances stood at INR8.89 crore consisting of Swayam Siddha loans
(self-empowering loans; 73%) and depositor/guarantor loans (27%).
The entity has a comfortable liquidity profile with deposits
ranging in tenures from one year to 21 years. The society however
has limited financial flexibility in the absence of bank
facilities and complete dependence on members for funding. While
the society benefits from the current low regulatory oversight
for co-operative societies, any changes in the regulatory
framework for the sector would remain a key rating sensitivity.

The society's operations are largely concentrated around Indore
in M.P. While the society plans to expand to other districts, it
will remain focussed around Indore. ICRA notes that the entity's
net-worth, comprising of membership fee, can be affected in case
of members leaving the society. The society faces competition
from other MFIs operating in the area.

During FY2016, the society's total income grew by 19% to INR1.53
crore. With higher interest expenses of INR0.51 crore in FY2016
as against INR0.42 crore in FY2015, its net interest margin (as a
percentage of average total assets, ATA) moderated to 8.61% in
FY2016 from 9.16% in FY2015. However, with a decline in its
operating expenses to 8.55% in FY2016 from 10.73% in FY2015, the
society's profitability (profit after tax/ATA) improved to 2.57%
in FY2016 from 0.93% in FY2015. Also, the improvement in
profitability is also attributable to 48% YoY rise in income
generating loan portfolio in FY2016.

Swashryee Mahila Sakh Sahkari Sanstha Maryadit (SMSSM) is a
credit co-operative society registered under the M.P. Co-
operative Society (Amendment) Act, 2012 and the M.P. Co-operative
Society Rules, 1962. The society was set up by Mrs. Manorama
Joshi in 1989 with the objective of empowering women engaged in
unorganised sectors to be self-sufficient and independent.

The society encourages its members to save through its various
schemes, and also provides loans for various income generating
activities. It had a loan portfolio of INR8.89 crore as on
November 30, 2016, including loans for small businesses (52% of
the portfolio), seasonal loan (11%), education loan (7%), housing
loan (12%), and agriculture & cattle loan (11%).


VADIVEL PYROTECHS: ICRA Reaffirms B+ Rating on INR15cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR15.00 crore fund based facilities of Vadivel Pyrotechs Private
Limited. The outlook on the long term rating is stable.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long term: Fund
  Based facilities        15.00      [ICRA]B+ (Stable) Reaffirmed

Rationale
Ratings reaffirmation takes into consideration the VPPL's modest
scale of operations and the leveraged capital structure
characterized by high gearing. The ratings also take into account
the decline in the operating income in FY2016 on account of
subdued demand prevailed for domestic firecrackers and the high
working capital intensity due to elevated inventory position. The
ratings continues to be constrained by high competition from
larger players as well as the highly fragmented nature of the
industry which impacts the pricing flexibility and limits scope
for margin expansion. ICRA further takes into consideration the
high labour churns due to hazardous nature of fireworks
manufacturing and associated risks, despite stringent Government
regulations/safety standards.

However, the ratings reaffirmation positively takes into
consideration the healthy operating margins the company is able
to maintain over the years and the moderate coverage indicators.
The ratings continue to draw comfort from the considerable
experience of the promoters of over five decades in the fireworks
manufacturing business along with longstanding relationship with
customers and suppliers.

Key rating drivers
Credit Strengths
* Experience of the promoters in the fireworks manufacturing
business with longstanding relationship with customers and
suppliers.
* Healthy operating margins and coverage indicators
Credit Weakness
* Modest scale of operations coupled with high competition from
larger players as well as highly fragmented nature of the
industry which impacts the pricing flexibility and limits scope
for margin expansion
* Company's margins are exposed to risk of increase in raw
material prices, as it could not be passed on to customers.
* High labour churn due to hazards involved in fireworks
manufacturing and associated risks despite safety guidelines and
Government regulations
* Leveraged capital structure characterized by high gearing and
high working capital intensity on the back of elevated inventory
position

Description of key rating drivers highlighted:

Subdued demand prevailed for domestic firecrackers and the impact
of cheap Chinese imports during FY2016 had resulted in de-growth
in revenue for VPPL. However with new customer additions and
increased sales volume from the existing customers during the
9MFY2017 period, VPPL was able to sustain its operating income
and register moderate growth in top-line over the period. The
operating margins have also marginally improved in FY2016 and
expected to remain robust in FY2017 with stable price realization
and reduced employee and other manufacturing expenses.

Nevertheless, VPPL's high inventory holding has resulted in
increased working capital requirements thus resulting in
significant increase in overall debt levels. Due to this, VPPL's
capital structure has remained leveraged with a gearing of 2.7
times for FY2016.

In FY2016, VPPL reported a net profit of INR0.50 crore on an
operating income of INR31.6 crore as against net profit of
INR0.02 crore on an operating income of INR33.7 crore in FY2015.

VPPL is primarily engaged in manufacturing of fireworks. It
sources raw materials indigenously and a majority of its
customers are located in North India. It was formed in 2011, by
consolidating the businesses of four entities managed by the
promoter group. The Company, which has four manufacturing
facilities in and around Sivakasi, has leased six more
manufacturing facilities since April 2013 from the promoter
group. The promoters of the company are Mr. V Arumugasamy and Mr.
A Vasantha Vikash.


* Indian Bank Q3FY17 Earnings Show Effects of Demonetization
------------------------------------------------------------
Moody's Investors Service says that the earnings of Indian banks
for Q3 FY2017 show that the government's decision to remove a
high proportion of notes from circulation (demonetization) has
led to a slowdown in economic activity that weighed on demand for
credit among companies and retail borrowers during Q3 FY2017.

"Overall, demonetization has significantly impacted credit demand
and deposit growth, but the effect on asset quality has been
mixed, while retail payment systems -- such as card transactions
and mobile wallets -- have benefitted," says Srikanth Vadlamani,
a Moody's Vice President and Senior Credit Officer.

Moody's conclusions were contained in its just-released report on
its 15 rated banks in India, "Banks -- India: Q3 Earnings
Highlight Pressures from Demonetization; NPL trends mixed". The
Indian government announced its demonetization program on 8
November 2016.

"Looking ahead, while commentary from the banks points to a rise
in activity in January, it is still below the levels seen in
October, and Moody's expects the quarter ending 31 March 2017 to
show more adverse trends; but the impact on asset quality from
demonetization should be manageable for the banking sector," adds
Vadlamani.

For example, while the banks' retail segment has seen some
weakness, its biggest part -- home loans -- has shown a stable
performance. More importantly, economic growth seems to be
recovering from demonetization, although gradually, which should
cushion the impact on the banks' overall asset quality.

While deposit growth has been strong this quarter, driven by the
demonetization inflows, it should moderate going forward as cash
availability increases and restrictions on cash withdrawals
expire, a moderation will occur in deposit growth over the next
12-18 months. Overall, banks' deposit base should see a
sustainable increase of 1-2% on account of demonetization.

Retail payment systems such as a cards and mobile wallets have
seen a significant increase in transactions, and should continue
to see healthy growth. At the same time, given the low base, cash
will remain the dominant source of retail transactions for the
foreseeable future.

Outside of the impact of demonetization, asset quality trends
were mixed.

Both of Axis Bank Ltd (Baa3 positive, baa3) and ICICI Bank
Limited's (ICICI, Baa3 positive, baa3) have seen significant
additions to their NPLs from outside of their already announced
watchlist accounts. While Moody's has been expecting asset
quality to deteriorate for both, Moody's had expected the
deterioration to come predominantly from their watchlist
accounts. A continuation of the increasing non-watchlist NPL
trend would put negative pressure on the banks' credit profiles.

Asset quality for private sector banks will likely deteriorate.
Increased non-performing loans (NPLs) from outside the watchlists
of Axis Bank Ltd (Baa3 positive, baa3) and ICICI Bank Limited's
(ICICI, Baa3 positive, baa3) are pressuring their credit
profiles.

Meanwhile, asset quality trends for public sector banks have been
more benign, and the pace of deterioration has slowed in the past
two quarters from the levels seen in FY2016.

However, IDBI Bank Ltd (Baa3 stable, b1) has been a negative
exception, with the bank seeing significant additions to its NPLs
during Q3 FY2017.

Net interest margins will also come under pressure as banks
gradually adopt the marginal cost of funds lending rate to price
their loans So far, less than 20% of the banks' variable-rate
loans have been repriced to MCLR as opposed to their base rate.
Because the MCLR is around 85 basis points (bps) lower than base
rate, Moody's expects the downward trend in net interest margins
to persist.



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


MITSUBISHI MOTORS: S&P Revises Outlook on 'BB-' CCR to Stable
-------------------------------------------------------------
S&P Global Ratings said it has revised upward its outlook on its
'BB-' long-term corporate credit rating on Japan-based automaker
Mitsubishi Motors Corp. to stable from negative.  At the same
time, S&P affirmed the long-term corporate credit rating on the
company.

S&P bases the outlook revision on its view that the automaker's
operating performance and financial standing face a reduced risk
compared with previously of materially deteriorating again in the
coming one to two years.  This is because sales of Mitsubishi
Motors' domestic unit are bottoming out, having plunged as a
result of its admission that it falsified fuel-economy test data,
and are unlikely to decline further, in S&P's view.  Also, under
its new management it is establishing internal controls that put
more focus on profitability.

Mitsubishi Motors' admission in April 2016 that it falsified
fuel-economy test data dealt a heavy blow to its domestic auto
sales, which dove more than 30% year on year in the fiscal first
half (April 1-Sept. 30, 2016).  However, domestic sales turned up
year on year in the October-December 2016 quarter in a sign they
are bottoming out.  Domestic sales are unlikely to tumble
further, in S&P's view, particularly since we think the company's
rollout of minor changes in key vehicle models could help
increase sales.  S&P also believes losses related to data
falsification are unlikely to exceed the JPY199.7 billion the
company expects to record in fiscal 2016 (ending March 31, 2017).
Of these related losses, the company already booked JPY159.7
billion in extraordinary losses by end-December 2016 for
reimbursements to suppliers and impairment losses at its mini-
vehicle plant.

Following an injection of equity, Mitsubishi Motors received some
new management team members from Nissan Motor Co. Ltd.  The new
management has adopted initiatives to strengthen internal
controls, such as closer monitoring of monthly sales and
earnings, and to reduce procurement costs in particular.  It has
begun to apply firm operational controls over sales incentives
and inventory management with increased focus on profitability as
a result of the establishment of a regime that can swiftly
respond to external changes.  As a result, S&P expects Mitsubishi
Motors to further increase operational efficiency and reduce
additional costs in the next one to two years, thereby
underpinning its operating performance.

While Mitsubishi Motors' EBITDA margin after S&P Global Ratings'
adjustments is likely to slip to about 3% in fiscal 2016 from
8.9% in fiscal 2015, S&P expects it to improve to mid-5% in
fiscal 2017.  Nevertheless, downward pressure on Mitsubishi
Motors' profitability will continue for the time being and its
sales presence and competitiveness in key global auto markets
will remain limited.  Therefore, S&P continues to assess
Mitsubishi Motors' business risk profile as weak.

Mitsubishi Motors maintains a net cash position thanks in part to
Nissan Motor's JPY237 billion capital injection in October 2016.
S&P expects key cash flow indicators for Mitsubishi Motors to
remain at favorable levels relative to S&P's rating on the
company.  S&P also believes the company will maintain its
conservative financial management.  As a result, S&P continues to
assess Mitsubishi Motors' financial risk profile as modest.

Mitsubishi Motors and Nissan Motor plan to reap additional
benefits from the alliance in various areas, such as joint
procurement and sharing of vehicle platforms and technology.  S&P
will analyze whether these initiatives will help Mitsubishi
Motors lift its operating performance and strengthen its internal
controls, taking into account its as-yet-unannounced strategic
alliance plan for the medium term.  In addition to any effects on
its business and financial standing, S&P will also examine its
assessment of Mitsubishi Motors' status within the Nissan Motor
group, including whether Mitsubishi Motors' strategic importance
to the group will increase, and S&P will determine the impact on
its rating on Mitsubishi Motors.

S&P will consider upgrading Mitsubishi Motors if S&P sees a
heightened likelihood that its EBITDA margin will stabilize above
6%.  This could occur if the negative effects of the data
falsification on earnings completely run their course, the
automaker effectively strengthens its monitoring of monthly unit
sales and profits, and it realizes benefits from its alliance
with Nissan Motor.  S&P will also consider an upgrade if it
determines that it has strengthened control of its operations
with measures to preempt improper conduct and has improved the
effectiveness of its internal risk controls and governance.  S&P
will also consider an upgrade if it determines that the company's
importance to Nissan Motor's long-term group strategy has
increased.

Conversely, S&P would consider downgrading Mitsubishi Motors if
its operating performance substantially worsens again as a result
of an increase in losses related to data falsification; a
material decline in overseas unit sales, particularly in key
Southeast Asian markets; or drastic movements in foreign exchange
rates.  S&P would also consider a downgrade if free cash flow
turns largely negative as a result of increased investments and
S&P sees a heightened likelihood of adjusted funds from
operations (FFO) to debt falling below 60%.  A lack of
improvement in governance, which could show in the form of other
improper conduct, would also cause S&P to consider a downgrade.



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


S I2I: Shareholders Call for Voluntary General Offer
----------------------------------------------------
Ann Williams at South China Morning Post reports that S i2i Ltd,
a watch-list firm on the Singapore Exchange's mainboard, has been
served a letter by a group of shareholders calling for either the
company's chairman to make a voluntary general offer or for a
change of directors to prepare for a winding down of the company
though a disposal of its assets.

SCMP says the group of shareholders, who say they collectively
own a substantial amount of the company shares, are represented
by Blue Ocean Capital Partners Pte Ltd, a financial consultancy
services firm.

"S i2i's shareholder value has unwittingly been severely impacted
by the lack of a clear and cogent turnaround plan. In the last
two years S i2i has been placed on the SGX watch list and is in
imminent danger of being suspended and possibly delisted," the
report quotes Blue Ocean's founder and chairman, Mr. Loo Cheng
Guan, as saying.  "For long-forebearing shareholders, the
remaining value, if left disregarded, runs the risk of being
destroyed altogether under the stewardship of its current board
of directors."

S i2i was placed on SGX's watch list on March 4, 2015, and had
until March 3 this year to meet the listing manual requirements,
the report recalls. It was allowed to extend this deadline for
another 12 months to March 2018.

According to SCMP, Blue Ocean said in its letter dated Feb 21,
2017, that while S i2i's chairman and single largest shareholder,
Bhupendra Kumar Modi, "may have tried his best" to satisfy the
listing requirements, these efforts were "clearly insufficient".

It proposed now that Mr.  Modi make a voluntary unconditional
general offer for S i2i shares at S$3.77 per share, based on the
company's net tangible assets of S$51.73 million and total issued
shares of 13.7 million as at September 2016, SCMP says.

The company's shares were trading at S$2.29, up 1.8 per cent, at
1:40 p.m. on Feb. 27, the report notes.

SCMP says that for the winding down option, the group is asking
that the board to be reconstituted to formulate and execute such
a plan by voluntary resignation of its four current directors and
the appointment of Mr. Loo and Mr. Daniel Lin, Blue Ocean
executive director, as new directors.

S i2i Limited is a Singapore-based company engaged in rendering
of telecommunication services and research and development,
distribution of telecommunication handset, related products and
services, design and marketing of telecommunication software. The
Company's distribution of operator products and services segment
includes the distribution of mobile prepaid cards. The
information and communication technology (ICT) distribution and
managed services segment includes the supply, rental, maintenance
and servicing of computer hardware and peripheral equipment;
systems integration service; computer advising and consultation
services; mobile voice over Internet protocol (VoIP) and VoIP
telephony services; enterprise service; wholesale termination
services; technology licensing, and Internet infrastructure and
e-business applications consulting services. The mobile devices
distribution and retail segment includes sales of mobile
handsets, related products and services.



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


DAEWOO SHIPBUILDING: Ex-KDB Chief Questioned Over Shipyard Crisis
---------------------------------------------------------------
Yonhap News Agency reports that a former head of South Korea's
state-run Korea Development Bank (KDB) was questioned by
prosecutors on Feb. 27 in connection to management troubles at
cash-strapped Daewoo Shipbuilding & Marine Engineering Co.

Hong Ky-ttack appeared at the Seoul Central District Prosecutors'
Office in southern Seoul to undergo questioning after a local
civic group filed a complaint against him in June last year,
according to Yonhap.

Yonhap relates that People's Solidarity for Participatory
Democracy accused Hong, who led KDB from 2013 to 2016, of
business malpractice for lending the shipyard money without
thoroughly checking its financial situation.

Hong's predecessor Kang Man-soo is standing trial for similar
allegations, the report says.

Yonhap notes that the shipyard should pay off or refinance up to
KRW1 trillion (US$869 million) worth of debts that mature this
year, but the shipbuilder's financial status is not good enough
to deal with the situation amid a dearth of new orders and a
delay in the delivery of drill ships.

Earlier this month, KDB, the main creditor for the shipyard,
ruled out any additional cash injections into the company, which
means that Daewoo Shipbuilding has to pay off or refinance the
maturing debt on its own, Yonhap recalls.

South Korean shipbuilders have been under severe financial strain
since the 2008 global economic crisis, which sent new orders
tumbling amid a glut of vessels and tougher competition from
Chinese rivals, notes the report.

                     About Daewoo Shipbuilding

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.

The shipyard, along with two other major South Korean
shipbuilders, are currently undergoing self-created debt-
restructuring plans in the face of a decrease in new orders
caused by the protracted global economic slump, according to
Yonhap News.


* SOUTH KOREA: Banks' Loan Delinquency Rate Rises in January
------------------------------------------------------------
Yonhap News Agency reports that the delinquency rate of domestic
banks' won-denominated loans edged up in January from a month
earlier, South Korea's financial watchdog said on Feb. 27.

The delinquency rate for bank loans came to 0.53 percent in
January, up from 0.47 percent in December, Yonhap discloses
citing the Financial Supervisory Service (FSS).

The rate stood at 0.81 percent in October and 0.64 percent in
November, the report relays.

Yonhap adds that the delinquency rate of loans extended to large
firms stood at 0.71 percent in January, down 0.06 percentage
point from a month earlier.

Meanwhile, that of loans to small and midsized firms and
households rose 0.11 percentage point and 0.02 percentage point,
respectively, on-month to 0.74 percent and 0.28 percent in
January, Yonhap reports.



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


* BOND PRICING: For the Week Feb. 20 to Feb. 24, 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



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

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

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


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

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

Copyright 2017.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552.



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