TCRAP_Public/170314.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, March 14, 2017, Vol. 20, No. 52

                            Headlines


A U S T R A L I A

BOOZH WAH: First Creditors' Meeting Set for March 22
DAMAR CONSTRUCTIONS: First Creditors' Meeting Set for March 21
DEVELOPMENT DELIVERY: First Creditors' Meeting Set for March 21
GUYMER LYNNCH: Placed in Liquidation; Customers Left in Limbo
J & S FREIGHTERS: First Creditors' Meeting Set for March 21

N O & O ORDEN: First Creditors' Meeting Slated for March 21
PEABODY ENERGY: Sale of Australian Assets Remains Pending
SHARK LAKE: Abattoir Enters Voluntary Administration
* AUSTRALIA: Corporate Insolvencies Set to Increase in 2017

C H I N A

SHANDONG RUYI: Moody's Rates USD345MM Sr. Unsecured Notes at B3

H O N G  K O N G

HENGDELI HOLDINGS: Moody's Lowers Corporate Family Rating to B1

I N D I A

ABRO CHIMIQUE: CARE Reaffirms B+ Rating on INR10.8cr LT Loan
AISHWARYA TECHNOLOGIES: CARE Assigns B- Rating to INR7.11cr Loan
ARMANIA AGRO: ICRA Reaffirms 'B' Rating on INR7.35cr Loan
ASIAN AEROSOL: CARE Revises Rating on INR8.30cr LT Loan to 'B'
BABA BHUMAN: CARE Assigns 'B 'Rating to INR10.80cr LT Loan

BAFNA GINNING: ICRA Reaffirms 'B+' Rating on INR20cr Loan
BHAGYALAXMI INDUSTRIES: ICRA Reaffirms B Rating INR7.33cr Loan
BMW IRON: CARE Assigns 'D' Rating to INR46.5cr LT Loan
CB DOCTOR: CARE Assigns 'B' Rating to INR1.25cr LT Bank Loan
DESAI INFRASTRUCTURE: ICRA Reaffirms 'B' Rating on INR4.5cr Loan

DIGNUS INFRA: CARE Assigns B+ Rating to INR2.35cr LT Loan
EARTHCON CONSTRUCTIONS: CARE Reaffirms B+ Rating on INR70cr Loan
EROS INTERNATIONAL: S&P Lowers CCR to 'B-' & Puts on Watch Neg.
GOKAK TEXTILES: ICRA Cuts Rating on INR137.15cr LT Loan to D
GUJARAT STEEL: CARE Reaffirms B+ Rating on INR24cr LT Loan

IND SWIFT: ICRA Upgrades Rating on INR3.50cr Cash Loan to B+
JP SORTEX: ICRA Reaffirms B+ Rating on INR37cr Cash Loan
K.P.R AGROS: ICRA Reaffirms B+ Rating on INR14cr LT Loan
KACHCHH VENEERS: ICRA Reaffirms 'B+' Rating on INR2.0cr Loan
KANCHI KARPOORAM: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating

KUBER SECURITIES: CARE Upgrades Rating on INR2.75r LT Loan to B+
LARIYA ART: ICRA Reaffirms 'B+' Rating on INR6.75cr Loan
LATA EXPORTS: CARE Revises Rating on INR7.50cr LT Loan to 'B'
LOHIYA DEVELOPERS: ICRA Reaffirms 'B' Rating on INR5.0cr Loan
MULTIMECH ENGINEERS: ICRA Assigns 'B' Rating to INR3.96cr LT Loan

NEMLAXMI BOOKS: ICRA Reaffirms B+ Rating on INR8.86cr LT Loan
P&R ENGINEERING: ICRA Reaffirms 'D' Rating on INR22.17cr LT Loan
P&R GOGARIPUR: ICRA Reaffirms 'D' Rating on INR9.48cr LT Loan
PADMAJA FARMS: ICRA Reaffirms B+ Rating on INR6.95cr LT Loan
PAVAN COTTON: ICRA Reaffirms B+ Rating on INR10.07cr LT Loan

POWERED EPC: ICRA Reaffirms 'B' Rating on INR2.0cr Cash Loan
RADHA BALLABH: CARE Assigns 'B+' Rating to INR20cr LT Loan
RAMDEV STAINLESS: CARE Reaffirms B+ Rating on INR11.39cr Loan
RMG ALLOY: CARE Reaffirms 'D' Rating on INR257.40cr LT Loan
SEAGULL PUBLISHERS: CARE Assigns B+ Rating to INR5.98cr LT Loan

SETHU EDUCATIONAL: Ind-Ra Assigns 'BB' Rating on INR270.06MM Loan
SHAMANUR SUGARS: CARE Reaffirms 'B+' Rating on INR50.19cr Loan
SHUBH SWASTIK: ICRA Reaffirms 'B' Rating on INR6.0cr Loan
SIDDHI GANESH: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
SINGH CONSTRUCTION: CARE Assigns B+ Rating to INR3cr LT Loan

SONERI MARINE: ICRA Reaffirms B+ Rating on INR0.32cr Term Loan
SOOD AGRO: CARE Assigns B+ Rating to INR7cr LT Loan
SRI LAKSHMI: ICRA Reaffirms B+ Rating on INR34.56cr LT Loan
SRI SAI: ICRA Upgrades Rating on INR3.50cr Cash Credit to B+
STAR SHIP: CARE Reaffirms 'B' Rating on INR5cr LT Bank Loan

SURYAJYOTI SPINNING: CARE Reaffirms D Rating on INR256.7cr Loan
UDAY AUTOLINK: CARE Assigns 'D' Rating to INR34.59cr LT Loan
VINAYAK NIRMAN: ICRA Assigns B Rating to INR15cr Fund Based Loan

I N D O N E S I A

SRI REJEKI: Fitch Affirms 'BB-' Issuer Default Rating

M A L A Y S I A

1MALAYSIA: MAS Issues Prohibition Orders vs. Ex-Goldman Banker

S I N G A P O R E

EZRA HOLDINGS: Faces US$194.5MM Claim on Lewek Champion Lease
RICKMERS MARITIME: Lender May Consider Material Debt Forgiveness

X X X X X X X X

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


                            -- - -- - -


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


BOOZH WAH: First Creditors' Meeting Set for March 22
----------------------------------------------------
A first meeting of the creditors in the proceedings of Boozh Wah
Pty Limited, trading as Locavore, will be held at the offices of
Heard Phillips, Level 12, 50 Pirie Street, in Adelaide, on
March 22, 2017, at 11:00 a.m.

Andrew Heard and Anthony Phillips of Heard Phillips were
appointed as administrators of Boozh Wah on March 9, 2017.


DAMAR CONSTRUCTIONS: First Creditors' Meeting Set for March 21
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Damar
Constructions Pty Ltd will be held at the offices of Mackay
Goodwin, Level 10, 239 George Street, in Brisbane, Queensland, on
March 21, 2017, at 1:00 p.m.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Damar Constructions
on March 10, 2017.


DEVELOPMENT DELIVERY: First Creditors' Meeting Set for March 21
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Development Delivery Construction Pty Ltd, trading as Ddel
Construction, will be held at the offices of Mackay Goodwin,
Level 10, 239 George Street, in Brisbane, Queensland, on
March 21, 2017, at 2:00 p.m.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Development Delivery
on March 9, 2017.


GUYMER LYNNCH: Placed in Liquidation; Customers Left in Limbo
-------------------------------------------------------------
Frank Chung at news.com.au reports that a Victorian builder has
left families with half-finished homes and potentially thousands
of dollars out of pocket after placing his company into
liquidation.

Guymer Lynnch Pty Ltd, founded by builder Shane Guymer, was
placed into liquidation last month amid claims of shoddy work,
long build times and unpaid contractors, according to the report.

The news agency says customers in suburbs across Melbourne
including Croydon, Bundoora, Thornbury, Bulleen, Box Hill,
Cranbourne and Point Cook have been affected. Attempts to contact
Mr. Guymer by phone and email have been unsuccessful and the
firm's website has been taken down, news.com.au says.

Liquidator Greg Andrews of GS Andrews Advisory has refused
repeated requests for comment, the report notes.

"Everyone is now scrambling to find insurance [to] help them find
a new builder," said one customer, who asked to remain anonymous,
the report relays. "It really is a horrible situation to be in
and a no man's land. There are many families we are in contact
with, we have had two meetings with families in attendance for
each one."

According to news.com.au, the customer said she signed a contract
with Guymer Lynnch in July 2013. "By October 2016 it was still
nowhere near completion, so I had to end up terminating the
contract," she said.

"I am the luckiest [out of the group]. It was to the lockup stage
but there were lots of defects, lots of problems. In the frame
stage we got an independent inspector in, he said the frames were
structurally unsound and it was exposed for about nine months
through the whole winter, rain, hail, shine."

The news agency relates that the customer said the only legal
avenue most customers had was to terminate contract after one-
and-a-half years, but the "reality is that most are unable to
find another builder willing to complete the build, especially
with many of the projects being of low standard".

"In the meantime, many of us are paying interest for years on end
on a piece of dirt or half-built house being exposed to the
elements," she said.

She added that when she complained to the builder he was
indignant and said that he would pull his workers off the
building site. The customer first complained to Consumer Affairs
Victoria and the Victorian Building Authority two years ago.
"They said these are civil matters, take him to VCAT," the
customer, as cited by news.com.au, said.

Daily lists for the Victorian Civil and Administrative Tribunal
show Guymer Lynnch has been involved in at least 10 separate
cases in the past few months, the report discloses.

Last month, the Victorian Building Authority confirmed it was
"currently investigating a number of complaints against Mr. Shane
Guymer", but was unable to comment on an open investigation, adds
news.com.au.


J & S FREIGHTERS: First Creditors' Meeting Set for March 21
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of J & S
Freighters Pty Ltd t/a Range Express will be held at Essex
Conference Room, Park Motor Inn, 88 Margaret Street, in
Toowoomba, Queensland, on March 21, 2017, at 11:00 a.m.

Anne Meagher and David Michael Stimpson of were appointed as
administrators of J & S Freighters on March 9, 2017.


N O & O ORDEN: First Creditors' Meeting Slated for March 21
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of N O & O
Orden Pty Limited will be held at the offices of Cor Cordis
Chartered Accountants, One Wharf Lane, Level 20, 161 Sussex
Street, in Sydney, NSW, on March 21, 2017, at 11:30 a.m.

Jason Tang and Mark Hutchins of Cor Cordis were appointed as
administrators of N O & O Orden on March 9, 2017.


PEABODY ENERGY: Sale of Australian Assets Remains Pending
---------------------------------------------------------
In a recent regulatory filing with the Securities and Exchange
Commission, Peabody Energy Corp. said the Australian Competition
and Consumer Commission issued on Feb. 22, 2017, a Statement of
Issues in relation to a sale transaction, noting that the ACCC is
continuing to review the Transaction.

As disclosed in Peabody's Quarterly Report on Form 10-Q for the
quarter ended September 30, 2016, Peabody Australia Mining Pty
Ltd, one of the Company's Australian subsidiaries, entered into a
definitive share sale and purchase agreement, dated as of
November 3, 2016, for the sale of all of the equity interests in
Metropolitan Collieries Pty Ltd, the entity that owns
Metropolitan coal mine in New South Wales, Australia and the
associated 16.67 percent interest in the Port Kembla Coal
Terminal, to South32 Aluminium (Holdings) Pty Ltd, a subsidiary
of South32 Limited, a global mining and metals company with
operations in Australia, Southern Africa and South America.

Peabody also disclosed that the closing of the Transaction is
conditional on receipt of approval from the Australian
Competition and Consumer Commission.

The Company said it continues to work toward a successful closing
of the Transaction and does not expect the ultimate outcome of
the Transaction to impact the expected timing of the Company's
emergence from bankruptcy.

Peabody cautioned that nothing disclosed herein is intended to
be, nor should it be construed as, a solicitation for a vote on
their Second Amended Joint Plan of Reorganization filed with the
Bankruptcy Court on January 27, 2017.  The Plan will become
effective only if it is confirmed by the United States Bankruptcy
Court for the Eastern District of Missouri.  There can be no
assurance that the Bankruptcy Court will confirm the Plan or that
the Plan will be implemented successfully.

Meanwhile, Peabody Energy disclosed that on February 19, 2017,
Peabody Twentymile Mining, LLC, a subsidiary, was issued an
imminent danger order under section 107(a) of the Federal Mine
Safety and Health Act of 1977. The mine involved was the
Twentymile Mine located in Routt County, Colorado. On that date,
an inspector from the Mine Safety and Health Administration
alleged that a miner failed to de-energize a coal feeder prior to
removing metal from the moving conveyor. The miner was removed
from the area and the order was terminated without injury to any
employees or damage to any equipment.

               About Peabody Energy Corporation

Headquartered in St. Louis, Missouri, Peabody Energy Corporation
claims to be the world's largest private-sector coal company.  As
of Dec. 31, 2014, the Company owned interests in 26 active coal
mining operations located in the United States (U.S.) and
Australia.  The Company has a majority interest in 25 of those
mining operations and a 50% equity interest in the Middlemount
Mine in Australia.  In addition to its mining operations, the
Company markets and brokers coal from other coal producers,
both as principal and agent, and trade coal and freight-related
contracts through trading and business offices in Australia,
China, Germany, India, Indonesia, Singapore, the United Kingdom
and the U.S.

Peabody posted a net loss of $1.988 billion for 2015, wider from
the net loss of $777 million in 2014 and the $513 million net
loss in 2013.

At Dec. 31, 2015, the Company had total assets of $11.02 billion
against $10.1 billion in total liabilities, and stockholders'
equity of $919 million.

Peabody Energy Corp. and 153 affiliates filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.
Mo. Case No. 16-42529) on April 13, 2016, before the Honorable
Judge Barry S. Schermer.

As of the Petition Date, PEC has approximately $4.3 billion in
outstanding secured debt obligations and $4.5 billion in
outstanding unsecured debt obligations.

The Debtors tapped Jones Day as general counsel; Armstrong,
Teasdale LLP as local counsel; Lazard Freres & Co. LLC and
investment banker Lazard PTY Limited as investment banker; FTI
Consulting, Inc., as financial advisors; and Kurtzman Carson
Consultants, LLC, as claims, ballot and noticing agent.

The Office of the U.S. Trustee on April 29, 2016, appointed seven
creditors of Peabody Energy Corp. to serve on the official
committee of unsecured creditors.  The Committee retained
Morrison
& Foerster LLP as counsel, Spencer Fane LLP as local counsel,
Curtis, Mallet-Prevost, Colt & Mosle LLP as conflicts counsel,
Blackacre LLC as its independent expert, and Berkeley Research
Group, LLC, as financial advisor.

                            *     *     *

The Debtors on December 22, 2016, filed with the Bankruptcy Court
a Joint Plan of Reorganization and a related Disclosure
Statement.

On January 25, 2017, they filed the First Amended Joint Plan of
Reorganization and the First Amended Disclosure Statement.  On
January 27, they filed with the Bankruptcy Court the Second
Amended Joint Plan of Reorganization and the Second Amended
Disclosure Statement to address certain modifications resulting
from a hearing before the Bankruptcy Court on January 26.
Thereafter, on January 27, 2017, the Bankruptcy Court issued an
order approving the Disclosure Statement.  Bankruptcy Judge Barry
S. Schermer scheduled the confirmation hearing for March 16,
2017, at 10:00 A.M., Central Time.


SHARK LAKE: Abattoir Enters Voluntary Administration
----------------------------------------------------
The Esperance Express reports that more than 100 employees are in
limbo after Shark Lake abattoir went into voluntary
administration in February.

According to the report, the local meat processor will close for
two weeks, saying the company's future was in jeopardy, after
what it described as the most difficult time in the meat industry
in living memory.

Administrators Philip Newman and David Charles Quinn, from
Melbourne-based insolvency firm PCI Partners, were appointed on
February 24, The Esperance Express relates.

The slaughterhouse sources animals from a number of local farms
and processes livestock such as cattle, sheep and goats.
Melbourne-based Rami Koyu co-owns and runs the company with
Esperance-based directors John Wildberger and John Reed.

The Esperance Express relates that Mr. Koyu said record lamb and
beef prices had resulted in a difficult time for the privately
owned company.

According to the report, Mr. Koyu said Shark Lake Food Group is
one of the largest employers in region, with around 50 full-time
and up to 60 casual workers.

"Most of them are locals and some of them are working holiday
casuals," the report quotes Mr. Koyu as saying.

He said directors and stakeholders had done everything in their
power to find a solution to their soaring running costs as a
result of the high livestock prices, The Esperance Express
relays.

Director Philip Newman said it was too early to tell the future
direction of the company.

Workers were informed on February 24 that the facility would be
closed for two weeks, the report relays.

Mr. Koyu said there was no guarantee when work would continue,
the report adds.


* AUSTRALIA: Corporate Insolvencies Set to Increase in 2017
-----------------------------------------------------------
Mark Hoppe at Dynamic Business reports that Australian businesses
are set to experience an increase in insolvencies this year as a
result of another difficult economic year, according to the
recently-published Atradius Economic Outlook.  The likely 2%
increase in insolvencies puts Australia in step with the UK and
Canada, the report says.

Dynamic Business relates that the improving trend in the business
environment across Australia and other advanced economies is
expected to come to a halt this year. Changes in insolvencies
predominantly depend on movements in the business cycle.

GDP growth in Australia for 2017 is expected to be 2.8%, which is
slightly down on the 2016 rate of three per cent, Dynamic
Business discloses. This drop in the rate of growth is partly
responsible for the slightly higher insolvency forecast.

Dynamic Business says the contraction of China's economy and the
lowering of trade volumes in Asia as a whole are key factors in
the expected reduction in business for Australia, given that
China is Australia's largest trading partner and the overall
Asian market is hugely important to our own economic wellbeing.

With energy and commodity prices low, mainly due to reduced
demand from China, and President Trump withdrawing the US from
the Trans-Pacific Partnership (TPP) regional trade agreement, the
situation is only likely to get worse before it gets better, says
Dynamic Business.

Additionally, changes to Australia's corporate insolvency laws
are also set to come into effect on March 1 and September 1 this
year, which will see creditors in external administrations being
given increased powers, Dynamic Business reports.

Those additional powers for creditors will include the ability to
give directions to an external administrator, request the
external administrator to convene a meeting or provide them with
information or documents, and appoint individuals to give advice
to the creditors or the committee of inspection, according to
Dynamic Business.

Dynamic Business notes that in making a case for the changes, the
Australian Government said concerns over "inadvertent breaches of
insolvent trading laws" are frequently cited as a reason early
stage (angel) investors are reluctant to get involved in a start-
up. The government also claimed that our current insolvency laws
put too much focus on penalising and stigmatising the failures.

Other changes to come into effect include a reduction in the
current default bankruptcy period from three years to one year. A
'safe harbour' will also be introduced for directors from
personal liability for insolvent trading if the company is
undertaking a restructure, the report notes.

Also, 'ipso facto' clauses, which allow contracts to be
terminated solely due to an insolvency event, will be
unenforceable if a company is undertaking a restructure, Dynamic
Business relates.

In such an uncertain economic climate, businesses should look to
protect themselves. They can do this by carefully choosing which
businesses they trade with, what terms they offer and, ideally,
getting trade credit insurance to insulate themselves against
non-payment by partners who may be affected by the growing rate
of insolvencies, adds Dynamic Business.



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


SHANDONG RUYI: Moody's Rates USD345MM Sr. Unsecured Notes at B3
---------------------------------------------------------------
Moody's Investors Service has assigned a definitive B3 rating to
the USD345 million, 7.5%, 3-year senior unsecured notes, due 19
December 2019, issued by Prime Bloom Holdings Limited. The notes
are guaranteed by Shandong Ruyi Technology Group Co., Ltd. (B2
stable) and its wholly owned subsidiary, Forever Winner
International Development Limited (unrated).

The rating outlook is stable.

RATINGS RATIONALE

The definitive rating assignment follows Ruyi's completion of its
USD bond issuance, the final terms and conditions of which are
consistent with Moody's expectations, and the registration of
Ruyi's guarantee on the issued bonds with China's State
Administration of Foreign Exchange.

The provisional rating was assigned on 15 November 2016, and
Moody's ratings rationale was set out in a press release
published on the same day.

The principal methodology used in this rating was Retail Industry
published in October 2015.

Established in 2001, Shandong Ruyi Technology Group Co., Ltd. is
a vertically integrated textile company that engages in textile
manufacturing, trading, manufacturing and retailing of apparel,
and cotton and wool production.

The company has two listed subsidiaries, including Shenzhen Stock
Exchange-listed Shandong Jining Ruyi Woolen Textile Co. Ltd.
(unrated) and Tokyo Stock Exchange-listed Renown Incorporated
(unrated).



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


HENGDELI HOLDINGS: Moody's Lowers Corporate Family Rating to B1
---------------------------------------------------------------
Moody's Investors Service has downgraded Hengdeli Holdings
Limited's corporate family and senior unsecured ratings to B1
from Ba3.

The ratings outlook is negative.

This concludes the rating review initiated on 4 January 2017,
following the announcement by Hengdeli that it would dispose of
Xinyu Fine Watch Service Co., Ltd. (unrated) and Harvest Max
Holdings Limited (unrated).

RATINGS RATIONALE

"The downgrade reflects the continued deterioration in Hengdeli's
existing operations, as evidenced in its profit warning, as well
as the reduction in the company's scale once it completes the
sale of its core watch retailing and distribution business in
China," says Gloria Tsuen, a Moody's Vice President and Senior
Analyst.

"We believe that the company's financial profile has deteriorated
amid the weak retail watch market, and to a level that is no
longer appropriate for a Ba3 rating," adds Tsuen.

Hengdeli issued a profit warning on 13 February 2017, stating
that it expects to record a 62% year-on-year decline in profit
attributable to its equity shareholders for 2016, excluding the
impact of a goodwill impairment and a withholding tax related to
a cash dividend payment by its subsidiaries in Mainland China.

Based on the 62% decline in Hengdeli's full-year net profit from
around RMB190 million in 2015, Moody's estimates it will record a
net loss of around RMB18 million for 2H 2016, compared to a net
profit of RMB90 million for 1H 2016.

Moody's estimates that the company's end-2016 debt leverage -- as
measured by adjusted debt/EBITDA -- was over 5.5x, a level that
does not support a Ba3 corporate family rating and that is
unlikely to decline in 2017.

Hengdeli is also selling its China business, Xinyu Fine Watch
Service, and its 75.54% stake in Harvest Max to its chairman, who
owns 33% of the company.

These disposals will remove around 78% of Hengdeli's retail
revenue and 88% of its retail gross profits, based on its 1H 2016
results. Hengdeli plans to use RMB3.2 billion out of the RMB5.8
billion in net cash inflow from the disposal to reduce debt.

Moody's is concerned that the remaining businesses in the company
will be small in scale, and that it will take time to develop a
strong stream of EBITDA. Consequently, the company's debt
leverage will likely remain high in the initial period
immediately following the disposal of its China assets.

The proceeds from the asset sales, if completed, will strengthen
Hengdeli's liquidity. However, if the transaction does not
proceed and the operating environment does not improve, the
company's liquidity position could be strained by debt maturities
in the next 12 to 18 months.

Hengdeli's B1 rating continues to reflect its long track record
in selling luxury and fine watches, as well as its entrenched
relationships with key suppliers, including Swatch and LVMH,
which are both strategic shareholders.

In addition, the company has demonstrated prudent financial
management in the most recent down cycle, closing down stores,
reducing inventory, and cutting capex and dividends.

On the other hand, the rating also reflects Hengdeli's exposure
to the economic cycles associated with luxury and fine watches.

The negative outlook reflects (1) Moody's expectation that
Hengdeli's operating performance and credit metrics will remain
under pressure in the next 12-18 months, and (2) uncertainty
around the business plans, acquisition strategy, risk appetite,
and financial policy of Hengdeli after the disposal of its China
businesses.

There is no upgrade ratings pressure, given the negative outlook.
However, the ratings outlook could return to stable if Hengdeli
(1) arrests the fall in revenue, returns to profitability, and
improves its credit metrics such that its adjusted debt/EBITDA
declines to 5.0x on a sustained basis, and (2) grows in scale
after the disposal of its China businesses.

Downward ratings pressure could emerge if Hengdeli's scale,
revenue, profitability, cash flow and/or liquidity deteriorate.

Credit metrics indicative of rating downgrade pressure include
adjusted debt/EBITDA above 6.0x.

The principal methodology used in these ratings was Retail
Industry published in October 2015.

Hengdeli Holdings Limited listed on the Hong Kong Stock Exchange
in 2005, and its market capitalization totaled HKD5.8 billion as
of March 9, 2017. At end-2016, the Zhang family was the largest
shareholder, with a 33% stake, followed by the Swatch Group
(unrated) (9%) and LVMH Group (unrated) (6%).



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


ABRO CHIMIQUE: CARE Reaffirms B+ Rating on INR10.8cr LT Loan
------------------------------------------------------------
The rating for the bank facilities of Abro Chimique Pvt. Ltd.
continues to remain constrained by its susceptibility of
profitability margin to volatility in raw material prices and
working capital intensive nature of operations. Furthermore, the
rating is constrained by project stabilization risk. These
factors far outweigh the benefits derived from the experienced
promoters, however lacking experience in similar line of
business, niche product segment in the domestic market with
diversified industry application ensuring steady revenue
visibility and locational advantage.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            10.88       CARE B+; Stable Reaffirmed

The ability of the company to stabilize its operations from the
recently concluded initial project, ability of the company to
increase its level of operation and profit margins and efficient
management of the working capital would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project stabilization risk

ACPL has undertaken a greenfield project to establish a fly ash
processing unit at Bilaspur, Chhattisgarh where it is undergoing
manufacturing of chemical based products like carbon, water
glass, white carbon black, sulphate salts from chemical treatment
of fly ash. The total cost of the project was INR16.51 crore. The
unit started commercial operation on 1st August, 2016.
Accordingly there exists risk of project stabilization. During
10MFY17, the management has maintained that it has achieved TOI
of INR2.00 crore.

Susceptibility of profitability margin to volatility in raw
materials prices

The major raw materials of ACPL include fly ash, molasses, red
earth oxide, strong alkali, strong acid and miscellaneous
salts, the prices of which are volatile. Thus the company is
exposed to risk associated with the volatility in raw material
prices.

Working capital intensive nature of operations

ACPL started using working capital facility since October, 2016
and although the average fund based working capital utilization
remained satisfactory at about 20% during the last four months
ending on January 31, 2017, the same is expected to increase once
the business operations stabilizes.

Key Rating Strengths

Experienced promoters, however lacking experience in similar line
of business

The promoters of ACPL are Mr. Sanjay Kumar Agrawal, Mr. Anil
Kumar Kedia and Mr. Pati Bhasker Naidu. Mr. Agarwal (B.Com) is
having a total experience of around 28 years in diversified
business sectors like thermal based power production,
manufacturing of re-rolling and induction furnace, tobacco based
products business and real estate sector.

Albeit, the promoters have diversified business experience, they
lack business experience in similar line of business and
ACPL is the first venture for them in this segment.

Niche product segment in the domestic market with diversified
industry application ensuring steady revenue visibility

ACPL has set up a fly ash processing unit whereby it is engaged
in manufacturing of different chemical based products like
carbon, water glass, white carbon black, sulphate salts from
chemical treatment of fly ash. The manufacturing process of these
chemical based products is at a nascent stage in India and China
has been a leading player in the manufacturing process of these
products till date and India has been a net importer of these
products.

Accordingly, ACPL has a strong market potential in this segment
to take advantage of the current scenario in the domestic market
and enhance its footfalls across the markets in India having a
strong demand of these products.

Locational advantage

ACPL has set up the fly ash processing unit at Bilaspur,
Chhattisgarh, one of the major industrial hubs of India, for
manufacturing of chemical products from fly ash. The unit is
strategically located in the vicinity of power plants in
Chhattisgarh and this ensures ready availability of fly ash.
Besides fly ash, the other raw materials are also available in
the nearby area of the unit. This provides competitive advantage
for ACPL in minimizing transportation & logistic cost.

Abro Chimique Pvt. Ltd. (ACPL) was incorporated in July, 1995 as
Abro Ferrum Pvt. Ltd. (AFPL) However, AFPL remained dormant since
incorporation as the earlier promoters did not undertake any
activity in that unit. During March, 2014, the current promoters
Mr. Sanjay Kumar Agrawal, Mr. Anil Kumar Kedia and Mr. Pati
Bhasker Naidu took over the unit from the earlier management and
changed the name of the unit to ACPL.


AISHWARYA TECHNOLOGIES: CARE Assigns B- Rating to INR7.11cr Loan
----------------------------------------------------------------
CARE has been seeking information from Aishwarya Technologies &
Telecom Limited to monitor the rating(s) vide e-mail
communications and numerous phone calls. However, despite our
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         7.11       CARE B-; ISSUER NOT
   Facilities                        COOPERATING; Based on
                                     best available information

   Short-term Bank       4.50        CARE A4; ISSUER NOT
   Facilities                        COOPERATING; Based on
                                     best available information

   Long-term/Short-      6.00        CARE B-/CARE A4; ISSUER NOT
   Term Bank Facilities              COOPERATING; Based on best
                                     available information

The rating on Aishwarya Technologies & Telecom Limited's bank
facilities will now be denoted as CARE B-/CARE A4; ISSUER NOT
COOPERATING.

The ratings take into account relatively small scale of
operation, elongated operating cycle, continued losses over past
three years FY14-FY16 (refers to the period April 1 to March 31).
However, the ratings draw comfort from satisfactory experience of
the promoters in the telecom equipment industry and comfortable
capital structure.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating in Feb. 19, 2016 the following were
the rating strengths and weaknessess:

Key Rating Strengths
Experienced promoters
The promoters of ATTL, Mr. G Rama Krishna Reddy, Mr. Rama Manohar
Reddy and Mrs G Amulya Reddy have more than two decades of
experience in the telcom sector.

Growth in total operating income in FY15

ATTL exhibited a y-o-y growth in total operating income by 18.69%
in FY15 at the back of increased demand for testing and measuring
equipments from telecom service providers and also from defence
labs.

Exclusive distributorship from reputed clients

ATTL has exclusive distributorship from Sumitomo Electric
Industries, Japan for India, Bangladesh & Sri Lanka for entire
range of splicing machines. The company has further appointed re-
sellers in various parts of India, Sri Lanka & Bangladesh, for
promoting these splicing machines.

Key Rating Weaknesses
Small scale of operation
The scale of operation of the company has remained moderate with
a net worth base of INR35.53 crore as on March 31, 2015.

Decline in profit margins due to writing off old book debts and
increase in cost of material

The PBILDT margin declined significantly by 998 basis points to
1.70% in FY15 (11.68% in FY14) due to writing off bad debts and
increase in imported cost of raw material by 41%.

Elongated working capital cycle
The company has stretched operating cycle (368 days in FY15) due
to high collection days (302 days in FY15).

Aishwarya Technologies & Telecom Limited was promoted by Mr. G
Rama Manohar Reddy and Mrs G Amulya Reddy as a partnership firm
named Advanced Electronics & Communications System. ATTL was
formed by taking over the business of the said partnership firm.
ATTL is a ISO 9001:2008 certified company, which manufactures
testing & measuring equipments like data and cable fault locators
for telephone service providers, defense sector, cable TV
operators and railways. The company has its manufacturing
facilities situated at Hyderabad and it supplies a wide range of
telecom & fiber optic products to Bharat Sanchar Nigam Limited,
Tata Tele Services, Bharati Airtel, Mahanagar Telephone Nigam
Limited, railways & defense sectors in India.

During FY16, the company reported a total operating income of
INR47.38 crore (FY15- INR31.99 crore) with PBILDT of INR1.71
crore (FY15- INR0.54 crore) and a net loss of INR1.10 crore
(FY15- net loss of INR2.02 crore).


ARMANIA AGRO: ICRA Reaffirms 'B' Rating on INR7.35cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B for the
INR7.00 crore cash credit facility and INR0.35 crore term loan
facility of Armania Agro Industries. The outlook on the long term
rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Limits      7.35       [ICRA]B (Stable) Reaffirmed

Rationale
The rating reaffirmation continues to factor in the weak
financial profile of Armania Agro Industries, characterised by
thin profitability margins, a highly leveraged capital structure
and weak coverage indicators. The rating also takes into account
the low value additive nature of business, highly competitive and
fragmented industry structure resulting in low profitability
margins and exposure to the agro-climatic risks as well as
regulatory policies. Furthermore, given the firm's constitution
as a partnership firm, the rating considers the potential adverse
impact on net worth and gearing levels in case of any substantial
withdrawals from capital account, as had been observed in the
past three fiscals.

The rating, however, continues to derive comfort from the past
experience of its promoters in agro commodities trading business
and the proximity of the firm's manufacturing unit to raw
materials, primarily wheat, thus easing procurement.

The operating income is expected to witness a slight de-growth
due to the increased focus of sharbati wheat through its
associate concern. Though with the increased capacity of the
multigrain sortex machine in the current fiscal, the firm is
expected to scale up its operations and diversify the product
portfolio. The firm's ability to scale up in a profitable manner,
withstand the impact of changes in raw material prices and agro-
climatic condition on profitability and improve the capital
structure as well as credit metrics will remain the key rating
monitorables.

Key rating drivers
Credit Strengths
* Past experience of the promoters in agro commodities business
* Locational advantage by virtue of proximity to raw material;
   primarily wheat

Credit Weakness
* Limited value addition in grain processing/sorting operations
* Highly competitive and fragmented industry structure resulting
   in low profitability margins
* Operations exposed to regulatory restrictions and agro-
   climatic condition
* Risk inherent in partnership firms, where any substantial
   capital withdrawal could impact the net-worth and gearing
   levels

Description of key rating drivers highlighted:

The firm reported stable operating income of INR80.46 crore in
FY2016 with major part of revenue consisting of wheat followed by
other agro products. The profitability remains low owing to
limited value additive nature of business and highly fragmented
as well as competitive nature of the industry. The networth of
the firm continues to remain low due to continuous withdrawal of
capital from past three fiscals. On account of limited sorting
capacity, the firm opted for capacity enhancement in the current
fiscal through installation of multipurpose sortex machine to
diversify its product portfolio. The capex is to be funded
through term loan and unsecured loans from partners which exert
pressure on capital structure in the near term.

Established in 2008 as a partnership firm, Armania Agro
Industries (AAI) is involved in the business of grain
sorting/processing with the use of optical sortex machines. Its
manufacturing facility, located in Himmatnagar region of Gujarat,
is equipped with a processing capacity of 51000 MT per annum. The
promoters of the firm have extensive experience in trading
business of agro commodities through their erstwhile entity
Prakash Trading Company. The firm also has an associate concern,
'Armania Agro Foods' which is engaged in Sharbati wheat
processing business at its manufacturing facility in Madhya
Pradesh.

AAI recorded a net profit of INR0.58 crore on an operating income
of INR80.80 crore for the year ending March 31, 2016.


ASIAN AEROSOL: CARE Revises Rating on INR8.30cr LT Loan to 'B'
--------------------------------------------------------------
The revision in the rating assigned to the bank facilities of
Asian Aerosol OAN Private Limited is mainly on account of decline
in the total operating income along with cash losses incurred
resulting in deterioration in capital structure and liquidity
position during FY16 (refers to the period April 1 to March 31).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         8.30       CARE B; Stable Revised
   Facilities                        From CARE B+

The rating continues to remain constrained on account of modest
scale of operations, leveraged capital structure and weak debt
protection metrics, working capital intensive nature of
operations along with susceptibility of margin to fluctuation in
input prices.

The rating, however, continues to derive strength from the
experienced promoters along with demonstrated financial
support and established presence of the group in the aerosol
industry.

The ability of AAPL to increase its scale of operations and
improve profitability amidst intense competition and capital
structure along with improvement in liquidity position with
efficient management of its working capital requirement
remain the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Strengths
Experienced and resourceful promoters: Mr. Bhogilal Patel is the
founder promoter of the company having an experience of nearly
four decades in the aerosol industry. Furthermore, the promoters
have regularly infused funds to support the operations of the
company.

Established group presence in the aerosol industry along with
reputed client base: AAPL derives comfort from being a part of
Asian Aerosol Group which is in similar industry with most of its
group companies working on contract manufacturing for reputed
FMCG clients.

Key Rating Weakness

Modest scale of operations and leveraged capital structure: The
overall size of operations continues to be modest with low
networth base owing to short track record of operations. Further
the owing to lower demand of its products and pricing pressure
amidst intense competition along with expiry of contract with its
major customer, TOI had declined resulting in cash losses. Owing
to losses and high debt level the capital structure remained
leveraged and debt coverage indicators remained weak.

Working capital intensive nature of operations

The operations of the company remained working capital intensive
in nature with funds largely blocked in debtor and inventory.
Furthermore, the liquidity position remained weak with below
unity current ratio and high utilization of working capital
limits.

Incorporated in 2011, Asian Aerosol OAN Private Limited promoted
by Mr. Bhogilal Patel, is engaged in the manufacturing of
aerosol-based products (viz, producing aerosol containers and
filling of aerosol products like shaving creams, gels, after
shave products, deodorants and antiperspirant) for the fast
moving consumer goods (FMGC) companies. The company has commenced
commercial operations from July 2014 at Valsad (Gujarat) with an
installed capacity of15 million cans per annum with 15% capacity
utilized during FY16. AAPL is a part of the Asian Aerosol group,
which is in existence for nearly four decades in the aerosol
industry having group turnover of around INR53.28 crore inFY16
(refers to the period April 1 to March 31). AAPL has a Memorandum
of Understanding (MOU) with One AsiaNetwork (OAN), wherein OAN
assists AAPL in the marketing arrangements in the overseas
markets and also provide support for new products developments.

During FY16, AAPL reported a total operating income of INR2.51
crore (vis-a-vis INR17.07 FY15) and net loss of INR5.19 crore
(vis-a-vis net loss INR3.18 crore in FY15). Furthermore, the
company has achieved total sales of INR5.36 crore till
December 31, 2016.


BABA BHUMAN: CARE Assigns 'B 'Rating to INR10.80cr LT Loan
----------------------------------------------------------
The rating assigned to the bank facilities of Baba Bhuman Shah Ji
Industries is constrained by its small scale and short track
record of operation, weak financial risk profile characterised by
its low profitability margin, leveraged capital structure, weak
debt coverage indicators and elongated operating cycle.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            10.80       CARE B; Stable Assigned

The rating is further constrained by the partnership nature of
constitution, susceptibility to fluctuation in raw material
prices and its presence in a fragmented nature of industry
coupled with high level of government regulation. The rating,
however, derives strength from the experienced partners along
with favourable manufacturing location Going forward, ability of
the firm to scale-up its operations while improving profitability
margins and overall solvency position along with efficient
management of working capital requirements would remain the key
rating sensitivities.

Detailed description of the key rating drivers
Key Rating Strengths
Experienced partners: Mr. Rakesh Kumar, Mr. Ram Kishan and Mr.
Rakesh Kumar have an industry experience of around one and a half
decades On the other hand, Mr. Sunil Kumar and Mr. Harish Kumar
have an industry experience of 5 years gained through their
association with BBS and the group concerns of BBS, ie, RKB and
RKR.

Location advantages: BBS's manufacturing unit is located in
Fazilka, Punjab. The area is one of the hubs for paddy/rice,
leading to its easy availability and resulting in procurement at
competitive rates and lower logistical costs.

Key Rating Weaknesses
Short track record, small scale of operations with low PAT
margins: Due to its establishment in 2014 only, the firm's
scale of operations has remained small marked by Total Operating
Income (TOI) of INR 38.19 crore in FY16 (refers to the period of
April 01 to March 31). However, the PBILDT margin of the firm
stood at a moderate level of 6.49% in FY16. The PAT margin
remained below unity during last two financial years on account
of high depreciation and interest costs.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of the firm stood leveraged with overall
gearing ratio of 8.16x as on March 31, 2016 mainly on account of
firm's high reliance on borrowings to fund various business
requirements. Additionally, the debt coverage indicators also
remained weak with the total debt to GCA at 47.31x for FY16 and
interest coverage ratio at 1.31x in FY16.

Elongated operating cycle: The operating cycle of the firm stood
elongated at 244 days for FY16. As per the banker, the average
utilization of the working capital limits remained at
approximately 95% for the last 12 months period ended November
2016.

Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: Agro-based industry is characterized by its
seasonality, due to its dependence on raw materials whose
availability is affected directly by the vagaries of nature.
Adverse climatic conditions can affect their availability and
leads to volatility in the raw material prices. Any sudden spurt
in the raw material costs may not be passed on to customers due
to firm's presence in highly competitive industry.

Fragmented nature of industry coupled with high level of
government regulation: The commodity nature of the product
makes the industry highly fragmented with numerous players
operating in the unorganized sector with very less product
differentiation.

Partnership nature of constitution: BBS's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partners' capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partners.

Baba Bhuman Shah Ji Industries (BBS) was established in February
2014 as a partnership firm by Mr. Harish Kumar, Mr. Rakesh Kumar,
Mr. Ram Kishan, Mr. Sunil Kumar, Mrs Vanita Rani and Mr. Rakesh
Kumar, sharing profit and loss in the ratio of 18%, 17%, 15%,
20%, 20% and 10%, respectively. The firm is engaged in processing
of paddy at its manufacturing facility located in Fazilka,
Punjab, with an installed capacity of 25,000 Metric Tonnes per
annum as on December 31, 2016.

BBS sells basmati and non-basmati rice directly and also through
a network of 5-10 brokers to various wholesalers based in Delhi,
Gujarat, Haryana, etc. The raw material, primarily paddy, is
procured from grain markets through commission agents based in
Punjab. BBS has two group concerns namely Ramesh Kumar Rakesh
Kumar (RKR) and Rajinder Kumar and Brother (RKB). Both these
entities were established in 2011 as a proprietorship firm and
are working as a commission agent for buying and selling of paddy
and wheat.

In FY16, BBS has achieved a total operating income (TOI) of
INR38.19 crore with PAT of 0.10 crore as against total operating
income of INR12.04 crore with PAT of 0.10 crore in FY15. In
8MFY17 (Provisional), the firm has achieved TOI of INR20.00
crore.


BAFNA GINNING: ICRA Reaffirms 'B+' Rating on INR20cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating for the INR20.00-crore,
fund-based (working capital) bank facilities of Bafna Ginning and
Pressing Private Limited at [ICRA]B+ and also reaffirmed the
short-term rating for the INR3.00-crore non-fund based bank
facilities (working capital) of the company at [ICRA]A4. The
outlook on the long-term rating is stable.

                        Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based bank
  Facilities
  (Working Capital)      20.00      [ICRA]B+ (Stable); reaffirmed

  Non-fund based
  bank facilities
  (Working Capital)       3.00      [ICRA]A4; reaffirmed

Detailed Rationale
The ratings reaffirmation factors in the company's stable
operational and financial risk profile, characterised by
continued and increased focus on low-margin trading business,
seasonality inherent in the company's business and modest
profitability margins. High proportion of low-margin trading
sales continue to drive low profitability and accruals for the
company, as reflected by a net margin of 0.5% and net cash
accrual of INR1.5 crore in FY2016. Further, given the seasonality
in working capital requirements, the company continues to depend
on working capital borrowings, which together with modest
profitability margins continue to keep the debt-coverage metrics
at moderate levels as reflected by OPBDITA/Interest of
approximately 1.6 times in FY2016. As cotton is exposed to price
variations, BGPPL's ability to limit the inventory levels against
confirmed orders on consistent basis will be critical for
avoiding any inventory losses. Notwithstanding the above
concerns, the ratings continue to factor in the considerable
experience of the promoters in cotton ginning and trading
business, and low counterparty credit risk in trading business as
export receivables are secured by Letter of Credit-backed orders.
While reaffirming the ratings, ICRA has noted the partial
reduction in BGPPL's exposure to group companies which has
supported its liquidity position.

Going forward, the company's ability to improve its profitability
margins together with the extent of funding support towards group
companies will determine its liquidity profile and debt-coverage
metrics, and thus would be the key rating sensitivities.

Key rating drivers
Credit Strengths
* Satisfactory experience of the promoters in cotton ginning
   and trading business
* Low counterparty credit risk in trading business as export
   receivables are secured by LC-backed orders

Credit Weaknesses
* Limited value addition in cotton ginning business and
   increasing proportion of low-margin trading sales drive
   low profitability and accruals
* Track record of extending sizeable support to the group
   companies; reduced exposure has supported liquidity position
   and provides comfort
* Low accruals result in dependence on debt for achieving
   growth, which together with high seasonality in working
   capital requirements translates into moderate debt-coverage
   indicators
* Seasonal nature of business results in high variability in the
   cash flows; however, absence of term debt mitigates the
   corresponding risks to some extent

Description of key rating drivers highlighted:

BGPPL is a part of Mahima Group, the promoters of which are
involved in the business of cotton trading, ginning, spinning and
knitting for about two decades. A major part (89% in FY2016) of
the company's sales takes place in the export market, wherein the
orders are LC backed and hence the counterparty risk is low.
However, the company has a modest liquidity profile owing to
volatility in working capital borrowings, given the seasonal
nature of operations. Seasonality in cotton availability, coupled
with limited value addition in ginning business and increased
proportion of low-margin trading operations leads to low
profitability and low accruals, which in turn results in modest
coverage metrics for the company. The company has, in the past,
extended sizeable support to the group concerns which had limited
its ability to invest capital towards improvement of core
operations while also affecting the liquidity profile. Reduced
exposure to group companies from ~INR12.81 crore as on March 31,
2014 to ~INR6.7 crore as on September 30, 2016 has supported the
company's liquidity position.

Analytical approach: Standalone operational and financial profile
has been considered to arrive at the issuer's rating.

BGPPL was incorporated in 1999 and is a part of Mahima Group,
promoted by Doshi family and is involved in cotton ginning,
spinning and trading activities through various entities
including BGPPL, Mahima Fibres Private Limited (rated
[ICRA]BBB(Stable)/A3+), Delight Cotton Private Limited, Pooja
Cotton, and Pooja Fibres Private Limited.

BGPPL was acquired by the existing promoters from its founders in
FY2006. The company has a ginning unit in Aurangabad
(Maharashtra), which is equipped with 22 ginning machines capable
of producing 30,000 quintals of cotton lint per annum. In
addition to the in-house ginning, the company is also involved in
trading of cotton lint and cotton yarn, which accounts for a
major part of the company's revenues.


BHAGYALAXMI INDUSTRIES: ICRA Reaffirms B Rating INR7.33cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR7.00 crore cash credit facility, INR0.33 crore term loan
facility and INR2.17 crore unallocated limits of Shree
Bhagyalaxmi Industries. The outlook on long term rating is
'Stable'.

                        Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Limits       7.33      [ICRA]B (Stable) reaffirmed
  Unallocated Limits      2.17      [ICRA]B (Stable) reaffirmed

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

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

Going forward, ICRA expects the firm to witness stagnant revenue
growth in FY2017 on the backdrop of supply shortage of raw cotton
and steep price rise. SB's profitability would continue to remain
low on account of its low value-adding operations and would
remain vulnerable to raw material price fluctuations. The firm's
ability to scale up its operations would be contingent on the
availability of raw cotton and the improvement in the domestic
demand. Furthermore, the firm's ability to improve its
profitability, manage its working capital requirements
efficiently and improve its capital structure and coverage
indicators would remain important from a credit perspective.

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

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

Description of key rating drivers highlighted:

The firm's scale of operations remains small with SB reporting an
operating income of INR27.37 crore in FY2016. Owing to limited
value-adding operations, firm's profitability remains low. SB's
inventory levels are linked to cotton prices. The firm tends to
procure higher quantities of raw cotton in a falling price regime
and stores the finished products in case the management expects
higher realisations in the short-term, leading to high working
capital requirements. The firm relies on external borrowings to
fund these requirements leading to a leveraged capital structure
as depicted by a gearing of 5.39 times as on March 31, 2016.
Furthermore, the cotton ginning and crushing industry is a highly
fragmented and competitive with numerous organised and
unorganised players due to low entry barriers, which further
restricts the pricing flexibility of the firm. However, the long
experience of partners in the industry and firm's location in
Rajkot, Gujarat, provides some comfort.

Incorporated in April 2013 as a partnership firm, Shree
Bhagyalaxmi Industries is in the business of ginning and pressing
of raw cotton. SB's manufacturing facility is located at Tankara
near Rajkot in Gujarat and is equipped with 36 fully automatic
ginning machines and 1 pressing machine with total production
capacity to manufacture ~200 cotton bales3 per day. The firm is
promoted and currently managed by nine partners, who have long
experience in the cotton industry.

During FY2016, SB reported an operating income of INR27.37 crore
and profit after tax of INR0.01 crore as against the operating
income of INR33.63 crore and profit after tax of INR0.01 crore in
FY2015.


BMW IRON: CARE Assigns 'D' Rating to INR46.5cr LT Loan
------------------------------------------------------
CARE has been seeking information from BMW Iron & Steel
Industries Ltd to monitor the ratings vide e-mail
communication/letter dated August 8, 2016, December 5, 2016,
January 13, 2017 and February 14, 2017 and numerous phone calls.
However, despite our repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              46.5      CARE D; ISSUER NOT
                                     COOPERATING; Revised from
                                     CARE BB+ on the basis of
                                     best available information

The rating on BMWISIL's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

The rating has been revised on account of delay in the repayment
of term loan installment as well as interest payment to the
banks.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while
using the above ratings.

Detailed description of the key rating drivers

The revision in rating of BMWISIL takes into account the delay in
repayment of term loan installment and interest payment to the
bank. The operation of the galvanising unit commenced in May
2014, but the other units of the plant started only in January
2015. Hence, FY16 is the first full year of operation of the
entire plant. The company was able to achieve net sales of INR29
crore in FY16. The overall gearing ratio improved to 1.22x as on
March 31, 2016 vis-a-vis 1.33x as on March 31, 2015 and remained
satisfactory. TDGCA was high around at 10x as on March 31, 2016
in view of low cash accruals.

BMW Iron & Steel Industries Ltd., incorporated in 2005, is
promoted by Kolkata-based Mr. Ram Gopal Bansal and his
sons. BMWISIL has set up a structural steel plant at Adityapur,
Jamshedpur at a cost of INR89.5 crore, funded at a debt equity
ratio of 1.21:1. The plant commenced operations in January 2015
with a delay of 3-4 months (scheduled COD was September
2014). The plant facilities include capacity of HR slitting
(2,70,000 MTPA), HR blanking (1,20,000 MTPA), galvanizing unit
(36,000 MTPA), ERW tube (96,000 MTPA) and roll shop (1,200 MTPA).
The company's operation is classified into two division viz.
Steel Service Centre (SSC) and Structural Steel (SS). The company
has signed an agreement with Tata Steel Ltd (TSL; rated CARE AA)
for SSC arrangement which includes contract manufacturing for
them, wherein raw-material is supplied by TSL. SS includes
manufacturing for captive consumption and directly sale in the
market.


CB DOCTOR: CARE Assigns 'B' Rating to INR1.25cr LT Bank Loan
------------------------------------------------------------
The ratings assigned to the bank facilities of CB Doctor
Ventilators Private Limited are constrained on account of small
scale of operations, moderate profit margins, leveraged capital
structure, moderate debt protection metrics and its working
capital intensive nature of operations. The ratings are further
constrained on account of susceptibility of its profit margins to
volatility in raw material price and forex rates coupled with
tender-driven nature of business for few contracts. The above
constraints, however, outweigh the comfort derived from the
experienced promoters with established track record of
operations.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              1.25      CARE B; Stable Assigned

   Short-term Bank
   Facilities              7.50      CARE A4 Assigned

   Long-term/Short-        3.00      CARE B; Stable/CARE A4
   term Bank Facilities              Assigned

The ability of CBVPL to increase its scale of operations and
improve its overall financial risk profile by improving its
profit margins and solvency position along with efficient
management of its working capital would remain the key rating
sensitivities.

Detailed description of key rating drivers

Key Rating Weaknesses
Small scale of operations: The total operating income (TOI)
remained small during FY16 (refers to the period April 1 to
March 31). It registered a y-o-y growth of 16.86% in FY16 to
INR22.93 crore, on the back of increase in number of orders.  The
tangible net worth also remained low as on balance sheet date.

Moderate profit margins, leveraged capital structure, moderate
debt protection metrics and working capital intensive nature of
operations:

The operating profits in FY16 stood moderate at INR1.38 crore as
against operational losses reported in FY15. The capital
structure as marked by an overall gearing ratio stood leveraged
at 3.78 times as on March31, 2016, which had improved owing to an
increase in tangible net worth coupled with a decrease in total
debt level.

The debt protection metrics also stood moderate as marked by
total debt to GCA of 8.63 times as on March 31, 2016, and
interest coverage ratio of 1.54 times in FY16. The operations are
working capital intensive in nature as marked by current ratio of
1.05 times as on March 31, 2016, low level of net cash generated
from operations and full utilization of working capital limits
for the past 12 months ended October 2016.

Susceptibility of profit margins to volatility in raw material
price and forex rates coupled with tender-driven nature of
business:

The margins are susceptible to the prices of steel as well as
foreign exchange rate fluctuation owing to export of its products
to various countries. Also, for a few orders which are tender-
driven, the work is given to the lowest bidder putting pressure
on margins for such contracts.
Key Rating Strengths

Experienced promoters with established track record of
operations:

The promoters of CBVPL have an average experience of more than 2
decades in the same line of business, while the management is
spearheaded by Mr. Saurabh Suhasbhai Mehta. Also, the company has
an established track record of operations of around a decade.

Ahmedabad-based (Gujarat) CBVPL, an ISO 9001:2008 certified
private limited company, was formed as a Joint Venture among C.
Doctor India Private Limited (India), Industrie CBI Group (Italy)
and Ventmeca (France) in April 2008. However, Ventmeca withdrew
its stake in February 2010. CBVPL is engaged into manufacturing,
commissioning and servicing of industrial fans like axial fans,
heavy duty fans, centrifugal fans as well as industrial blowers
from its facility at Vatva, Ahmedabad. The products manufactured
by CBVPL find application in wide number of industries like
power, cement, steel, fertilizer, petrochemical, etc, where
regulating the flow of air in machinery is required.

The group companies include C Doctor and Company Private Limited
(CDCPL; engaged in the business of supply and erection of
heating, ventilation and air conditioning system on turnkey
basis), C Doctor India Private Limited (CDIPL; engaged in the
business of manufacturing of industrial heaters, air cooled
condenser and industrial vacuum cleaning system) and Mehta
Machinery Manufacturers Private Limited (engaged in the business
of manufacturing of humidification ventilation plant).

During FY16 (refers to the period April 1 to March 31), CBVPL
reported a total operating income (TOI) of INR22.93 crore with a
PAT of INR0.22 crore as against TOI of INR19.62 crore with a net
loss of INR(1.76) crore in FY15. CBVPL achieved a TOI of INR9.92
crore till H1FY17 (Provisional).


DESAI INFRASTRUCTURE: ICRA Reaffirms 'B' Rating on INR4.5cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B on the
INR4.50-crore cash credit facility of Desai Infrastructure
Private Limited. ICRA has also reaffirmed the short-term rating
of [ICRA]A4 on the INR5.50-crore non-fund based bank facilities
of DIPL. The outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities        (INR crore)    Ratings
  ----------        -----------    -------
  Fund-based Limits      4.50      Reaffirmed at [ICRA]B (Stable)
  Non-fund based Limits  5.50      Reaffirmed at [ICRA]A4

Detailed rationale
The rating reaffirmation continues to remain constrained by
DIPL's modest scale of operations since the past three fiscals,
its low profitability, moderate capital structure and modest
coverage indicators. ICRA also takes into consideration the
company's stretched working capital requirement due to high
receivables outstanding as well as significant inventory holding
as on the year-end, reflected in the high inventory of 163 days
as on September 30, 2016. The ratings are also constrained by the
geographical concentration risks as most of the DIPL's ongoing
and past projects are concentrated in Gujarat. Moreover, ICRA
also notes the vulnerability of DIPL's profitability to
fluctuations in cement and steel prices and its ability to
maintain execution timelines and performance parameters due to
the presence of Liquidated Damages (LD) clauses in the contracts
remain critical. The ratings also factor in the intense
competition in the construction business due to the fragmented
industry structure and tender-based contract awarding system. The
ratings, however, favourably take note of the established track
record of the promoters in the civil construction business, which
spans over more than three decades. DIPL's status as 'AA'
category government contractor with Central and State Government
Undertakings enables it to bid for large contracts.

Going forward, considering the competitive intensity in the civil
construction business, the ability of the company to secure
regular orders to grow its revenue and improve profitability,
while maintaining a satisfactory track record of timely execution
of its projects in hand, remain important from the credit
perspective. Furthermore, efficient management of working capital
requirements will also remain crucial from the credit
perspective.

Key rating drivers
Credit strengths
* Significant experience of promoters in tendered civil
   construction business
* Moderate track record of the promoters in the road and
   building construction sector; status of "AA" class
   category contractor helps to meet technical qualification
   criteria

Credit weaknesses
* Financial profile characterised by low profitability, moderate
   capital structure and modest coverage indicators
* Delay in realisation from clients and high inventory holding
   resulted in stretched working capital intensity
* Susceptibility to political and economic risks attached to
   Gujarat, as majority of past and current projects are located
   in the state
* Vulnerability of profitability to the company's ability to
   timely execute projects and maintain performance parameters
   because of the Liquidated Damages (LD) clause present in
   contracts
* High competitive intensity in the road and building
   construction segment given the moderate complexity of work
   involved and low-entry barriers in terms of qualifications
   required for the tenders floated

Detailed description of key rating drivers highlighted:

The long track record of the promoters coupled with the presence
of experienced professionals ensures adequate in-house project
planning and execution capabilities. DIPL has an established
track record of executing projects within the scheduled
completion period. DIPL primarily derives its income from the
civil construction business and is engaged in construction of
commercial buildings, factory outlet building, residential
buildings (township), corporate club etc. However, the company
undertakes contracts only for the Gujarat region. DIPL faces
competition from a large number of players engaged in the
business of bidding for government and privately tendered
projects. There are several players in Gujarat, who have 'AA'
registration with the Government of Gujarat.

DIPL registered a top-line growth of 33%, which increased from
INR11.6 crore in FY2015 to INR15.4 crore in FY2016 through timely
completion of secured orders and execution of newly bagged
contracts. High inventory and receivables (including retention
money) have resulted in stretched working capital requirement of
63% at end-FY2016.

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.


DIGNUS INFRA: CARE Assigns B+ Rating to INR2.35cr LT Loan
---------------------------------------------------------
The ratings assigned to the bank facilities of Dignus Infra
Private Limited are constrained by its small scale of operations,
leveraged capital structure and company's presence in a
competitive industry. The ratings, however, derive strength from
experienced promoters along with reputed customer base, moderate
profitability margins, debt coverage indicators & operating cycle
and favorable outlook for the construction material industry.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             2.35       CARE B+; Stable Assigned

   Long-term Bank         3.00       CARE B+; Stable/CARE A4
   Facilities/Short-                 Assigned
   term Bank Facilities

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

Detailed description of the key rating drivers

Key Rating Strengths
Experienced promoters: Mr. Niraj Kumar Singh, Mr. Satyendra Kumar
Shahi and Mr. Ram Shiromani Patel have an industry experience of
21 years, 32 years and 29 years, respectively, through their
association with DIPL and Lloyd Insulations (India) Limited,
engaged in the similar business operations.

Reputed customer base: The company supplying to various reputed
players like Mother Dairy Fruit and Vegetable Private Limited
(rated 'CARE AAA/CARE A1+'), Laborate Pharmaceuticals India
Limited, etc. DIPL has been able to receive repetitive orders
from these customers on account of quality products being
delivered.

Moderate profitability margins and debt coverage indicators: The
profitability margins of the company stood moderate marked by
PBILDT and PAT margins of 12.23% and 5.49% respectively in FY16.
Furthermore, the debt coverage indicators of the company stood
comfortable with the interest coverage ratio of 2.81x, in FY16
and total debt to GCA ratio of 3.63x for FY16.

Moderate operating cycle: The operating cycle of the company
stood moderate at 50 days for FY16. As per the banker, the
average utilization of the working capital limits remained at
approximately 85% for the last 12 months period ended December
2016.

Positive outlook for construction material industry: Investment
in the infrastructure sector plays a crucial role in the growth
of the economy. In order to sustain the economic growth momentum,
Government of India (GOI) has been focusing on increasing
investment to augment the infrastructure in the country. Thus,
the outlook remains positive for players in construction material
industry.

Key Rating Weaknesses
Small though growing scale of operations: The company's scale of
operations has remained small marked by a total operating income
of INR15.86 crore in FY16 (refers to the period of April 01 to
March 31). Although the total operating income of the company
increased from INR4.84 crore in FY14 to INR15.86 crore in FY16.
The scale of operations, however, continues to remain small

Leveraged capital structure: The capital structure of the company
stood leveraged with overall gearing ratio of 2.73x as on
March 31, 2016, mainly on account of company's reliance on
external borrowings to fund various business requirements.

Competitive nature of industry: Indian construction material
industry is fragmented and competitive in nature as there
are a large number of players at the regional level. The company
faces stiff competition from other established players,
who offer a diverse variety of products.

Dignus Infra Private Limited was incorporated in February 2013 as
private limited company and is currently being managed by Mr.
Niraj Kumar Singh, Mr. Satyendra Kumar Shahi, Mr. Ram Shiromani
Patel and Mr. Satpal Dagar. The company is engaged in the
manufacturing of construction material like Polyurethane foam
(Puf) panels, roofing panels and various profile sheets like Hi-
Rib profile, tile profile, curved profile, etc. at its
manufacturing unit in Mohali, Punjab with total installed
capacity of 1.40 lakh SQMTR PUF panels per annum and 10.87 lakh
SQMTR profile sheets per annum as on December 31, 2016. The
company's products find usage in the construction industry, cold
storage industry, pharmaceutical industry, RO water plant
industry, etc. as walls, roofs and insulators. DIPL sells its
finished products under the brand name "DIGNUS" to wholesalers,
builders and developers located in states like Assam, Punjab,
Himachal Pradesh, Haryana, Uttar Pradesh, etc. The company also
supplies directly to many reputed customers like Mother Dairy
Fruit and Vegetable Private Limited (rated 'CARE AAA/CARE A1+'),
Laborate Pharmaceuticals India Limited. The main raw materials
for DIPL's products are Steel sheet, colour coated steel sheet
etc. which are procured from manufactures based in Punjab and
from Vardhman Industries Limited whereas the chemicals like
Polyurethane chemicals and Methylene Diphenyl Diisocyanate (MDI)
are procured directly from wholesalers located in New Delhi, Pune
etc.

In FY16, DIPL has achieved a total operating income (TOI) of
INR15.86 crore with PAT of INR0.87 crore as against total
operating income of INR10.70 crore with net loss of INR0.59 crore
in FY15. In 9MFY17 (Provisional), the company has achieved TOI of
INR10.63 crore.


EARTHCON CONSTRUCTIONS: CARE Reaffirms B+ Rating on INR70cr Loan
----------------------------------------------------------------
The rating assigned to the bank facilities of Earthcon
Constructions Private Limited continue to be constrained on
account of weak financial risk profile, excessive dependence on
customer advances for the execution of the project and inherent
risk associated with the real estate industry.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            70.00       CARE B+; Stable Reaffirmed

The rating however, continue to derives strength from long track
record of the promoters and experienced management team,
availability of major approvals for the project and availability
of fully paid land bank.

Ability of the company to maintain the sales momentum and timely
recovery of sales receipts/advances from the customers and timely
execution of the project within envisaged cost remain the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
Weak financial risk profile
The financial profile of ECPL is marked by low profitability,
high gearing and low interest coverage indicator. Profit forFY16
stood at INR1.13 crore as against INR1.18 crore for FY15,
further, overall gearing as on March 31, 2016 stood at15.66x as
against 11.46x as on march 31, 2015, the moderation in the
gearing indicator is due to increase in total debt of the
company.

Excessive dependence on customer advances for the execution of
the project

ECPL has shown excessive dependence on customer advances as a
means for project execution. For the on-going project, ECPL has
projected to fund about 55% of the total project cost by
utilizing proceeds from customer advances. Excessive dependence
on customer advances for project execution might impact the
schedule of the project if the advances are not timely received.

Key Rating Strengths
Long track record of promoters' in real estate sector and
experienced management team

Earthcon Constructions Private Limited was incorporated in
February 2005 & is promoted by Mr. Shadab Khan (Chairman &
Managing Director) who has over two decades of experience in the
field of construction & real estate development, he is a first
generation entrepreneur. Mr. Tanweer Obaid Azmi (Director) has
experience of over a decade in real estate sector and is
responsible for making strategic decisions for the company. Mr.
Mohd. Shoaib (Director) is M.B.A in finance and is responsible
for handling finance decisions of the company and has about nine
years of experience in real estate development.

Major approvals in place
All the major requisite approvals for the project 'Urban Village'
from the relevant authorities are in place. Building plan
has been approved by Uttar Pradesh Avas Vikas Parishad, Lucknow
(UPAVP).

Availability of paid land bank
ECPL is working in the real estate sector for more than 10 years,
developing residential group housing projects, during the past
years. ECPL has accumulated land bank in cities like Nainital,
Dehradun (Uttarakhand), Greater Noida, Moradabad (Uttar Pradesh)
Bhopal (Madhya Pradesh) all fully paid for. This strengthens the
development of future projects of the company.

ECPL was incorporated in February 2005 and is promoted by Mr.
Shadab Khan (Chairman & Managing Director) who has over two
decades of experience in the field of construction & real estate
development. ECPL is engaged in real estate development and
construction of residential group housing projects and has
delivered 8 projects since its incorporation and is currently
developing an affordable housing project namely Urban Village in
two phases involving development of 11.45 lakh square feet of
saleable area comprising of 878 flats with a projected cost of
INR279 crore.

In FY16 (refers to the period April 1 to March 31), ECPL has
booked PAT of INR0.13 crore (INR1.18 crore in FY15) on total
operating income of INR29.18 crore (INR67.86 crore in FY15).


EROS INTERNATIONAL: S&P Lowers CCR to 'B-' & Puts on Watch Neg.
---------------------------------------------------------------
S&P Global Ratings said that it lowered to 'B-' from 'B+' its
long-term corporate credit rating on Indian film production and
distribution company Eros International Plc.  S&P also lowered
its issue rating on Eros' proposed notes to 'B-' from 'B+'.  At
the same time, S&P put its ratings on CreditWatch with negative
implications.

S&P lowered its ratings on Eros to reflect the increasing
refinancing risk resulting from its inability to place the
proposed notes and arrange other alternate facilities.  The
CreditWatch placement reflects the possibility that the company
could fail to make timely payments on its banking facilities.  In
S&P's view, Eros' withdrawal of the notes raises the refinancing
risk on its upcoming maturities while it continues to work on
alternative means to refinance them.

S&P understands from Eros that it is currently in advanced stages
with its financiers to secure new facilities to refinance its
maturities of about US$95 million due by March 31, 2017.
Nevertheless, S&P believes there is a risk that securing
alternate finance and timely disbursement to repay the revolving
credit facility may take more time, potentially beyond the due
date of the facility.

S&P also believes that Eros also has the option to use its cash
of US$135.8 million as of Dec. 31, 2016 to avert any potential
missed payments.  However, S&P is not sure about the company's
willingness to use most of its cash to repay the upcoming
maturities in full and on a timely basis.  Also, in case of cash
being applied for the debt maturity, the company's ability to
spend on content creation will be significantly curtailed,
impeding its business position.

S&P will resolve the CreditWatch depending on the progress on
Eros' refinancing over the next week.  S&P will likely downgrade
Eros if it is does not make significant progress over the next
week and thereby further increases the risk of potential missed
payments.

A timely payment of its March 31, 2017 maturities could result in
S&P's affirmation or raising the rating after taking into account
the company's risk management practice as well as future funding
and liquidity position.


GOKAK TEXTILES: ICRA Cuts Rating on INR137.15cr LT Loan to D
------------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]D from [ICRA]BB-
to the INR137.15 crore fund-based facility and INR9.79 crore term
loans of Gokak Textiles Limited. ICRA has also revised the short-
term rating to [ICRA]D from [ICRA]A4 to the INR20.00-crore short
term fund based facility of GTL.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Term Loans            9.79      [ICRA]D/revised from [ICRA] BB-

  Long Term Fund
  Based Limits        137.15      [ICRA]D/revised from [ICRA] BB-

  Short Term Fund
  Based Limits         20.00      [ICRA]D/revised from [ICRA] A4

Rationale
The rating downgrade considers the delays observed in debt
servicing by GTL due to stretched liquidity position following
the labour unrest and consequent disruption in production in its
yarn manufacturing division in Belgaum, Karnataka.

Key rating drivers

Credit Weakness
* Delay in debt servicing due to strike due to labour strike and
   production disruption
* Weak financial profile with steep drop in operating income
   and sharp losses

Credit Strengths
* Strong parentage and group support from Shapoorji Pallonji
   Group

Description of key rating drivers highlighted:
Prolonged disruption in yarn manufacturing division in Belgaum,
Karnataka, which contributes over 90% of its operating income,
affected GTL's performance significantly in the current fiscal.
For the nine month period ending December 2016, GTL reported an
operating income (standalone) of INR39.7 crore (down 82% YoY) and
an operating and net loss of INR16.8 crore and INR29.9 crore
respectively. The production disruption follows a labour unrest
and lackout over issues of wage revision. Owing to the production
disruption and with consequent impact on the revenues and
profits, the liquidity position was affected leading to delays in
debt servicing by the company.

Gokak Textiles Limited was incorporated in 2007, subsequent to a
scheme of demerger of the textile arm of Forbes Gokak Limited
(FGL) into a separate company -- Gokak Textiles Limited with
effect from April 1, 2007. GTL has three manufacturing units -- a
spinning mill at Gokak Falls (Karnataka), garment manufacturing
unit in Belgaum district of Karnataka and one unit at Ludhiana
(Punjab). The spinning mill at Gokak Falls produces cotton yarn
(grey and dyed) and other value-added yarns such as
bamboo/multimodal yarns, m‚lange yarns, compact yarns and organic
yarns apart from small volumes of readymade items such as cotton
canvas and terry towels. The Belgaum unit specializes in
readymade knitted garments including combed polo and T-shirts for
export markets. The third unit in Ludhiana manufactures cotton
sweaters for domestic and export markets. GTL has an installed
capacity of 121,188 spindles and 1,104 rotors for cotton yarn
with a manufacturing capacity of 30,000 tonnes of yarn per annum.
During 2010-11, the company also forayed into branded business
with the launch of inner wear brand, "FACIT". The company has a
captive hydro power capacity of 10.8 MW. During 2011-12, the
company hived off its power generation business under a newly
formed subsidiary named "Gokak Power & Energy Limited (GPEL)".
While GTL holds 51 percent stake in GPEL, the remaining 49
percent is held by Shapoorji Pallonji Infrastructure Capital
Company Limited.

For 9 month period ending December 2016, GTL, on standalone
basis, reported an operating income of INR39.7 crore and net loss
of INR29.9 crore.


GUJARAT STEEL: CARE Reaffirms B+ Rating on INR24cr LT Loan
----------------------------------------------------------
The ratings assigned to the bank facilities of Gujarat Steel and
Pipes continue to remain constrained due to the firm's modest
scale of operations, thin operating profit margin inherent to
trading nature of business, elevated leverage and working capital
intensive nature of operation. The ratings also factor in the
decline in Total Operating Income (TOI) during FY16 (refer to the
period April 1 to March 31) on back of subdued demand of steel
products and partnership constitution which exposes to withdrawal
of capital by partners, and its presence in the highly
competitive steel trading segment.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             24.00      CARE B+; Stable/CARE A4
                                     Reaffirmed

The rating, however, continue to derive strength from the
partners' vast experience in the steel trading and distribution
business and long track record of the firm as a distributor of
long steel products of Rashtriya Ispat Nigam Limited (RINL;
rated: 'CARE A+') in the state of Gujarat.

The ability of GSP to grow its scale of operations along with
improvement in its profitability and capital structure would be
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Subdued demand led to decline in TOI during FY16 and leverage
remained elevated: During FY16, GSP reported a Y-o-Y decline of
around 20% in its TOI owing to subdued demand from the end user
industry. However, its operating profitability improved
marginally due to increase in traded margins earned during the
year. Furthermore, its leverage marked by overall gearing
continued to remain elevated as on March 31, 2016.

Working capital intensive operations and presence in a fragmented
and competitive steel industry: Owing to trading nature of
business, the operations of GSP remained working capital
intensive as most of the capital employed was deployed in net
working capital. Furthermore, GSP operates in a highly fragmented
and competitive market with the presence of large number of
players. This limits the pricing flexibility of the incumbents.
Furthermore, the bargaining power of GSP against its major
supplier RINL and the customers remains weak.

Susceptibility of operating margins to volatility in price of
traded goods: The steel industry is cyclical with prices driven
primarily by the existing demand and supply conditions with
strong linkage to the global market. The firm holds inventory of
around two months which makes its operation margin susceptible to
any sharp adverse price movement of steel.

Key Rating Strength
Experienced partners: The key promoter, Mr. Rajnikant Shah has
around five decades of experience in the trading of iron
and steel products. All the other partners in business have
adequate experience and are actively involved in business
operations.

Authorised distributor of RINL in Gujarat region: GSP is engaged
in the trading of steel products since 1983 and is associated
with RINL since 1992. GSP purchases steel products from RINL in
bulk quantity and sells it to various stockists and end users
like retail customer, real estate developers, infrastructure, and
automobile companies. GSP sources primarily rounds and billets
from RINL's branch office in Ahmedabad.

Constituted in 1983 as partnership firm, GSP was established by
Ahmedabad-based Mr. Rajnikant P Shah. Entity is primarily engaged
in the trading of long steel products like rounds, billets,
angles, beams, bloom, channel, pipes, sheets, plates, TMT Bars
and wires. The firm is one of the four authorized distributors
for billets and rounds in Gujarat region for RINL.

As per the audited result for FY16, GSP reported a PAT of INR0.36
crore [Rs.0.62 crore in FY15] on a TOI of INR128.82 crore
[Rs.161.33 crore in FY15].


IND SWIFT: ICRA Upgrades Rating on INR3.50cr Cash Loan to B+
------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the
INR914.30 crore fund based limits and INR34.27 crore unallocated
limits of Ind Swift Laboratories Limited at [ICRA]D. ICRA has
also reaffirmed its short term rating assigned to the INR265.00
crore non fund based limits at [ICRA]D.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long Term-Cash        3.50      [ICRA]B+ (Stable); Upgraded
  Credit                          from [ICRA]B

  Short Term-Non
  Fund Based Limit      3.50      [ICRA]A4; Re-affirmed

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 ISLL, 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

ISLL, part of the Ind-Swift Group based at Chandigarh, was
promoted in 1995 by Ind-Swift Limited in joint venture with the
Punjab State Industrial Development Corporation Limited (PSIDC).
ISLL went public in 1997 and subsequently in 2002-03, PSIDC
exited from ISLL. Ind-Swift Laboratories is a medium sized
manufacturer of Active Pharmaceuticals Ingredients (APIs) and
Advanced Intermediates with presence mostly in domestic markets
and certain semi-regulated markets. The company develops,
manufactures and supplies bulk drugs to various domestic
formulations companies and leading generic players across semi-
regulated markets (with predominant presence in East European
Markets).

Credit Weakness
* Moderate scale of operations limits economies of scale
* Stressed capital structure as reflected by gearing of
   1.80 times as on March 31, 2016
* Stretched liquidity as evident by the full utilization of
   working capital limit; with increasing scale of operations,
   timely enhancement will be critical
* Risk of capital withdrawal due to the proprietorship nature
   of the firm
* Fragmented and highly competitive nature of the industry

Description of key rating drivers highlighted:

SSEM used to derive revenues from earth work related activities
till FY 2015 which majorly included excavation and site
development, among others. The firm ventured into civil
construction during FY 2016 and bagged orders from Karnataka
Industrial Area Development Board, Bangalore Development
Authority etc which led to significant jump in its top line from
INR13.04 crore in FY 2015 to INR41.25 crore in FY2016. The firm's
operations are largely based in Karnataka because of which the
firm faces significant geographical concentration risk. Owing to
the debt funded capex and high utilization of working capital
limits to support the revenue growth, the firm's capital
structure and liquidity remain stressed. Hence, the firm's
ability to receive timely limit enhancements to meet its
increasing working capital requirements remains crucial. The
revenue growth is expected to remain moderate which in turn
depends on the ability of the company to bag new orders and
timely execution of the same.

Established in 1990, SSEM was engaged in earth work related
activities like excavation and site development, among others
till FY 2015. During FY 2016, the firm ventured into civil
construction business. The entity is a proprietorship concern
owned and managed by Mr. P. Raghupathy. The firm is based out of
Bangalore, Karnataka. The proprietor has an experience of more
than three decades in this line of business through other
entities in the past.

For FY 20116, the company reported a net profit of INR1.76 crore
on an operating income of INR41.25 crore against a net profit of
INR0.54 crore on an operating income of INR13.04 crore for FY
20115.


JP SORTEX: ICRA Reaffirms B+ Rating on INR37cr Cash Loan
--------------------------------------------------------
ICRA has reaffirmed its long-term rating assigned to the
INR37.00-crore cash-credit limit at [ICRA]B+. ICRA has also
reaffirmed its long term rating of [ICRA]B+ and short-term rating
of [ICRA]A4 assigned to the INR3.00-crore unallocated limits of
JP Sortex Private Limited. The outlook on the long-term rating is
Stable.

                     Amount
  Facilities      (INR crore)    Ratings
  ----------      -----------    -------
  Cash Credit         37.00      [ICRA]B+(Stable) Reaffirmed
  Unallocated          3.00      [ICRA]B+(Stable)/[ICRA]A4
                                 Reaffirmed

The ratings take into account the extensive experience of the
promoters in the rice-milling industry and the stable long-term
demand prospects of the rice industry. However, the ratings are
constrained by decline in the company's operating income in
FY2016, driven by decrease in sales volumes as well as
realisations, intensely competitive nature of the industry (which
exerts pressure on the company's operating margins) and the
vulnerability of the company's profitability to adverse movements
in foreign exchange rates. The ratings also take into account the
vulnerability of the company's operations to agro-climatic risks,
which can affect the pricing and availability of paddy and the
high working capital intensity of operations. The company's thin
profitability coupled with its large working capital borrowings
translate into an adverse capital structure and weak debt-
protection indicators. Going forward, JPSPL's ability to continue
with its growth momentum, while improving its margins and
optimally managing its working capital cycle will constitute the
key rating sensitivities.

As a part of its process and in accordance with its rating
agreement with JPSPL, ICRA had sent repeated reminders to the
company for payment of surveillance fee that became overdue.
Despite multiple requests, the company's management have remained
non-cooperative. ICRA's Rating Committee has taken a rating view
based on the 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] B+(Stable)/[ICRA]A4;
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 2001, JPSPL is primarily involved in the milling
of basmati rice. The company's milling unit is located in
Firozpur, Punjab, in close proximity to the local grain market.
It sells rice under its five registered brands in the domestic
market which include Rice-o-Punjab, Rice-o-India, 5 Horses, 65
and JPA. JPSPL sells its product across India including New
Delhi, Tamil Nadu, Gujarat, Maharashtra and Madhya Pradesh, and
also exports rice primarily to the Middle East countries through
merchant exporters.


K.P.R AGROS: ICRA Reaffirms B+ Rating on INR14cr LT Loan
--------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR14.00 (revised from 14.80 crore) fund based bank limits
and INR6.00 (revised from INR5.20 crore) unallocated limits of
K.P.R Agros Poultries Private Limited. The outlook assigned on
long term rating is Stable.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long Term Fund
  based Limits         14.00      [ICRA]B+(Stable); Reaffirmed

  Long term
  Unallocated Limits    6.00      [ICRA]B+(Stable); Reaffirmed

Rationale
The rating re-affirmation takes into account the modest scale of
operations in the poultry farming business with weak financial
profile as reflected in the high gearing, stretched coverage
indicators, and constrained liquidity position as indicated in
high working capital intensity of 38% for FY2016 and high average
utilization of working capital limits over the past 12 months.
The ratings are also constrained by the fluctuations associated
with the feed costs vis-a-vis volatility in egg prices. The
rating also factors in significant repayment obligations of the
company in the medium term. However, the assigned ratings draw
comfort from the vast experience of the management in the poultry
farming and the healthy demand outlook for the layer eggs on
account of increasing acceptance of eggs as a daily meal
component.
Going forward the ability of company to scale up the operations,
improve profitability while effectively managing the working
capital requirements would be key rating sensitivities.

Key rating drivers

Credit Strengths
* Experienced management in the poultry industry.
* Healthy demand outlook for the layers segment of the industry;
   Demand for eggs expected to increase

Credit Weakness
* Cyclicality associated with the Indian poultry industry and
   resultant volatility in prices of eggs
* Vulnerability to rise in feed prices (primarily maize and
   soya) which account for ~85%-92% of raw material consumption
* Stretched capital structure as indicated by the high gearing
   levels
* High working capital intensity of operation on account of
   inventory maintained

Description of key rating drivers highlighted:

KPR has been involved in the poultry business since 2008. The
company is engaged in sale of table eggs of the Vencobb breed
(Venkateswara Hatcheries) which have wide market acceptance .The
scale of the company has been moderate over the years; Operating
Income of the company has witnessed a growth of 7.68% during FY16
owing to higher volumes and increase in price realizations on
eggs sold. Inventory holding has remained high over the last few
years increasing the overall working capital intensity of
operation which has been 34% -- 38% over the last 5 financial
years. KPR's capital structure has remained stretched over the
past few years owing to the high debt levels of the company vis-
a-vis the low tangible net worth levels. The operating incomes of
the company have been impacted by volatility in feed prices which
comprises approximately 85%-92% of the raw material consumption.
The egg prices are in line with the NECC benchmark rates. KPR's
margins are susceptible to cyclicality associated with the Indian
poultry industry. The company's management has more than a decade
experience in poultry industry. Demand for eggs is expected to
increase in future on account of increasing acceptance of eggs as
a daily meal component.

K. P. R. Agro Poultries Private Limited (KPR) was promoted by Mr.
K. Bhaskar Raghu Rama Reddy in 2008 as a proprietorship firm
named K P R Agro. In 2012, the constitution of the firm was
changed to private limited and name was changed to K. P. R. Agro
Poultries Private Limited. The company is engaged in the business
of commercial layer poultry farming. The company operates through
its unit located at Hagarai Bommanahalli (capacity of 529000
layers), Bellary district of Karnataka and is involved in sales
of table eggs.

As per the audited financial for FY2016 the company registered
PAT levels of INR0.37 crore on an Operating Income of INR45.02
crore as against the PAT levels of INR0.33 crore on an Operating
Income of INR41.81 crore in FY2015.


KACHCHH VENEERS: ICRA Reaffirms 'B+' Rating on INR2.0cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR2.00
crore cash-credit facility (sub-limit to cash credit) of Kachchh
Veneers Private Limited at [ICRA]B+. ICRA has also reaffirmed the
short-term rating of [ICRA]A4 assigned to the INR16.50 -crore
short-term facility of KVPL. ICRA has assigned long-term and
short-term ratings at [ICRA]B+/A4 to the INR0.50 crore
unallocated limits of KVPL. The outlook on the long-term rating
is Stable.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Cash Credit          (2.00)     [ICRA]B+ (Stable) reaffirmed
  Letter of Credit     16.50      [ICRA]A4 reaffirmed
  Unallocated Limits    0.50      [ICRA]B+ (Stable)/A4 assigned

Rationale
The reaffirmation of the ratings continues to take into account
the weak financial risk profile of the company, characterised by
de-growth in the scale of operations in FY2016, weak
profitability and return indicators and moderate coverage
indicators. The ratings also factor in the highly competitive
business environment as well as availability of cheaper
substitutes which lead to pricing pressure. ICRA also notes the
vulnerability of profitability to adverse fluctuation in imported
timber prices and currency fluctuations given the company's high
dependence on imports. The ratings, however, favourably factor in
the long track record of the promoter group in the timber
business along with the group's presence across the timber value
chain, which benefits in terms of marketing and cross-selling
activities. The ratings also take into consideration the
location-specific advantage in terms of sourcing of timber as the
company's manufacturing facility is located near the Kandla port.

The operating income is expected to witness modest growth due to
the inclusion of timber trading from December 2015. The
profitability is expected to remain low due to stiff competition
and remain sensitive to the movement in raw material prices and
foreign exchange rate fluctuations while the gearing level is
expected to remain moderate. The ability of the company to
improve profitability amid intense competition, improve its
capital structure and manage working capital effectively will
remain critical from the credit perspective.

Key Rating Drivers

Credit Strengths
* Long track record of the promoter group in timber-related
   business and the group's presence across the timber value
   chain benefits in terms of marketing and cross selling
* Proximity to Kandla port results in ease of procurement of
   imported timber
Credit Weaknesses
* Weak financial risk profile characterised by de-growth in
   scale of operations in FY2016, weak profitability and moderate
   coverage indicators
* Intense competitive pressures due to low entry barriers,
   fragmented nature of the industry and availability of cheaper
   substitutes
* Profitability is exposed to volatility in imported timber
   price movements
* Profitability vulnerable to currency fluctuations due to
   import-oriented nature of operations in the absence of a
   formal hedging policy

Description of key rating drivers highlighted:

The company is primarily into the manufacturing of veneer and
trading of timber. In FY2014, the company diversified into the
manufacturing of plywood, block board, flush door etc. on the
leased premises of its group company. Post the ban on the Gurjan
logs2, the company started importing the veneers made out of
Gurjan logs from December 2014, which are traded by the company.
The total sales in FY2016 fell 24% compared to FY2015 sales
figures mainly due to subdued demand, given slowdown in the real-
estate industry. It has a veneer manufacturing facility with a
capacity to produce 10,000 cubic metres annually (assuming 12
hours of operation daily). The capacity utilisation of the
company has reduced to 28% in FY2016 against 40%-55% in the last
three fiscals due to muted demand. Around 51% and 33% of the
total sales in FY2016 and 9MFY2017 were made to the group company
-- Dolby Plywood Private Limited (DPPL). With the top-five
customers accounting for 70% and 50% of the total sales in FY2016
and 9MFY2017, respectively (DPPL forming major portion of sales),
the customer concentration remains moderate. The veneer industry
is highly fragmented due to the presence of a large number of
organised and unorganised players. Besides, the domestic market
faces competition from cheap imports from China, Malaysia and
Indonesia. In addition, the fortunes of the industry are linked
to the real-estate industry, which is cyclical in nature. The
company witnessed reduced volume off-take in FY2016 owing to the
slowdown in the real-estate industry.

Analytical approach:
For arriving at the ratings, ICRA has considered the business and
the financial risk profiles of Kachchh Veneers Private Limited.

Incorporated in 1997, Kachchh Veneers Private Limited (KVPL) is
into the business of trading timber logs and manufacturing
veneer, plywood, block board, flush door and other related
products. The company is part of the Goyal Group which has long
experience in the manufacturing of timber products, plywood and
veneers. The company is based out of Gandhidham (in Kutch
district of Gujarat), near Kandla Port. The other companies
operating under the same group includes, Lohit Boards & Panels
Private Limited, Dolby Plyboards Private Limited, Prestige
Veneers Private Limited, Goyal Timber Trades, Cha Indica Private
Limited, and Loang Tong Tea Company.


KANCHI KARPOORAM: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kanchi Karpooram
Limited (KKL) a Long-Term Issuer Rating of 'IND BB-'.  The
Outlook is Stable.  The instrument-wise rating actions are:

   -- INR70 mil. Fund-based facilities assigned with
      IND BB-/Stable/IND A4+ rating; and

   -- INR100 mil. Non-fund-based facilities assigned with IND A4+
      Rating

                        KEY RATING DRIVERS

The ratings reflect KKL's small scale of operations, volatile
EBITDA margin and weak credit metrics.  Revenue was INR565
million in FY16 (FY15: INR528 million), while EBITDA margin
fluctuated between 4.4% and 11.6% over FY13-FY16 due to volatile
raw material prices. In FY16, net leverage (total Ind-Ra adjusted
net debt/operating EBITDA) was 4.6x (FY15: 7.5x) and EBITDA
interest cover (operating EBITDA/gross interest expense) was 2x
(1.3x).  The improvement in interest coverage and net leverage in
FY16 was due to a decline in the use of short-term debt.  KKL
booked INR410 million in revenue for 9MFY17.

The ratings also reflect a moderate liquidity position of KKL,
indicated by an average utilization of fund-based working capital
facilities of about 89% during the 12 months ended January 2017;
risks faced due to the company's high dependence on imports of
alpha-pinene (used in camphor manufacturing); and its exposure to
forex fluctuations.

The ratings, however, are supported by the promoters' experience
of over two decades in the camphor industry and well established
relationships with customers.

                       RATING SENSITIVITIES

Negative: Any deterioration in EBITDA margin leading to a
sustained deterioration in credit metrics could be negative for
the ratings.

Positive: Any substantial improvement in revenue and EBITDA
margin leading to a sustained improvement in credit metrics will
be positive for the ratings.

COMPANY PROFILE

Incorporated in 1992, KKL was reconstituted as a public limited
company in 1995, with a capital of INR41.2 million.  Based in
Kanchipuram, KKL manufactures camphor and by-products dipentene,
sodium acetate trihydrate and pine tar.

The company has an installed capacity of 3,000 metric tons per
annum, with a 65% capacity utilization.


KUBER SECURITIES: CARE Upgrades Rating on INR2.75r LT Loan to B+
----------------------------------------------------------------
The revision in the rating assigned to the bank facilities of
Kuber Securities factors in the profitable scale up of operations
and improvement in the gearing levels. The rating continues to
derive strength from its experienced promoters, low off-take risk
for sale of generated electricity (through windmill) and tax
benefits under Income Tax Act.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             2.75       CARE B+; Stable Upgraded
                                     from CARE B

The ratings also take into account the firm's registration with
CDM Executive Board (CDMEB) which will enable the firm to
generate additional revenue.

These rating strengths are, however, partially offset by its
small scale of operations, highly volatile income profile and
high market risk due to significant proprietary trading. The
rating also takes into account constitution of the entity as a
partnership firm.

Going forward, scaling up of operations with sustainable profit
margins amidst intense competition would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Profitable scale up of operations
During FY16 the total operating income has registered a y-o-y
growth of 143% and increased to INR8.02 crore as against INR3.30
crore in FY15. Kuber generates revenue from two segments viz
securities trading and selling of power generated through wind
mill. The profitability of the company also improved, PBILDT
stood at INR4.12 crore as against -0.57 crore in FY15, PAT for
FY16 stood at INR6.97 crore as against loss of INR2.47 crore in
FY15.

Comfortable gearing levels
Total debt of Kuber as on March 31, 2016, stood at INR7.29 crore,
which comprised of INR3.81 crore of bank term loans, INR2.80
crore of vehicle loans and INR0.67 crore of unsecured loans from
promoters. Overall gearing ratio stood comfortable at 0.49x as on
March 31, 2016 as against 0.61x as on March 31, 2015, the
improvement is on account of repayment of term loans by the firm.

Established promoter group
Kuber is managed by two partners Mr. Mul Chand Malu and Mr. Vikas
Malu who belong to the Kuber family. Mr. Mul Chand Malu is the
founder & promoter of the group and has an experience of more
than 30 years in varied business segments such as securities,
trading of tobacco, cigarettes, etc.

Low off-take risk and O&M agreement with SISL and registration
with CDM Executive Board

Kuber has entered into Power Purchase Agreement (PPA) with GUVNL
for sale of generated electricity at an agreed price of INR3.37
per unit for 20 years. The above agreement reduces the off-take
risk for the generated electricity and thus ensures steady inflow
of revenue streams. The credit risk related to off-taker is also
low given the healthy credit profile of GUVNL.

Kuber has also entered into O&M agreement with Suzlon

Infrastructure Services Limited wherein SISL would be responsible
for operating and maintaining Wind Turbine Generators (WTG) for a
period of 20 years w.e.f. April 1, 2009.

Further, Kuber's energy development business is based on Clean
Development Mechanism (CDM), for which the firm is eligible for
Carbon Credit, as per the Kyoto Protocol. For being eligible to
sell CER (Certified Emission Reduction) Units and earn revenue.
The registration of project with CDM Executive Board (CDMEB) is
completed. Now the firm will be entitled to sell CER Units and
earn revenue.

The firm is eligible for tax benefits under section 80IA of the
Income Tax Act, 1961, wherein the firm's income from wind
mill operations is exempt from tax for a period of any 10 years
out of 15 years from the start of operations. The firm has
exercised this option from FY13.

Key Rating Weaknesses
Small size of operations and constitution of the entity as a
partnership firm

Kuber operates at a small scale with low revenue base from both
proprietary trading as well as wind energy business. However,
during FY16, the firm registered total operating income of
INR8.02 crore as against INR3.28 crore during FY15.

The increase in total operating income is on account of scale up
of operations in its securities trading business segment, but it
still remained low. Further, Kuber's constitution as a
partnership firm limits the firm's access to capital market
thereby restricting its financial flexibility. The firm also
faces the risk of withdrawal of funds by partners.  High market
risk owing to significant proprietary trading and volatile income
profile

The firm derives a significant proportion of its revenues from
the proprietary trading business. However, during FY16, the
firm earned 75% of its revenues from the trading business as
against 46% in FY15. This exposes the firm to the fluctuations
and volatile nature of securities business. In the past years,
Kuber has reported large fluctuation in income and profitability
primarily due to high volatility in the proprietary trading
segment. Total income from securities trading stood at INR6.04
crore in FY16 as against INR1.51 crore during FY15, whereas the
income from wind power generation stood at INR1.79 crore in FY16
as against INR1.77 crore in FY15.

Established in the year 1998, Kuber Securities is a partnership
firm promoted by Mr. Mul Chand Malu and Mr. Vikas Malu with equal
profit sharing arrangements. Kuber is a part of KUBER group
promoted by Mr. Mul Chand Malu.  The group has diversified
presence in many businesses viz. tobacco products, cigarettes,
snacks, music industry etc. across varied group entities.

Kuber is engaged in the business of trading in securities and
generation of electricity through wind mill. During FY16, the
firm derived about 75% of its revenues from securities trading
segment and the rest was contributed by wind power segment.

In FY16 (refers to the period April 1 to March 31), Kuber has
booked PAT of INR6.53 crore (loss of INR2.47 crore in FY15) on
total operating income of INR8.02 crore (Rs.3.30 crore in FY15).


LARIYA ART: ICRA Reaffirms 'B+' Rating on INR6.75cr Loan
--------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ to the
INR6.75 crore (enhanced from INR5.70 crore) fund-based facility
of Lariya Art Palace Private Limited. ICRA has also re-affirmed
the long-term rating of [ICRA]B+ and short-term rating of
[ICRA]A4 on the INR0.25 crore (reduced from INR1.30 crore)
unallocated limits of LAPPL. The outlook on the long-term rating
is 'Stable'.

                        Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based Limits       6.75       [ICRA]B+; re-affirmed,
                                     Stable outlook assigned

  Long-term/Short-
  term Unallocated
  Limit                   0.25       [ICRA]B+/A4; re-affirmed

Rationale
The rating re-affirmation takes into account the healthy growth
in the operating income with improved profitability; although
accompanied by loss at net level arising out of extra-ordinary
loss reported due to a fire accident in FY2016 which has also
resulted in increased gearing levels.

ICRA's ratings continue to take into account the high competitive
intensity to which LAPPL is exposed, which limits its bargaining
power. The ratings also continue to factor in the vulnerability
of the company's profitability to foreign exchange fluctuations
due to lack of a hedging mechanism. Moreover, the ratings
continue to factor in risks associated with LAPPL's concentrated
customer base, as more than 60% of its revenues are derived from
five major customers. The ratings also continue to take
cognizance of the company's modest scale of operations,
relatively high working capital requirements and low net-worth.
ICRA notes the company's stretched liquidity position, as
reflected by the high utilisation of its bank limits as well as
weak DSCR level. However, the ratings derive comfort from the
extensive experience of the promoters and the company's
established relationships with its key customers, enabling it to
procure repeat orders.

Going forward, the company's ability to attain a sustained
improvement in scale in a profitable manner, while optimally
managing its working capital intensity thereby resulting in
improved liquidity situation, will be the key rating
sensitivities.

Key Rating Drivers

Credit Strengths
* Established track record and diverse experience of promoters
   in the handicraft industry
* Healthy growth in the top-line, coupled with strong order book
   position on account of positive demand in the handicraft
   industry.

Credit Weaknesses
* Loss on account of fire at the premises in FY2016 led to net
   loss for the company thereby resulting in increased gearing
   level
* Working capital intensive nature of operations mainly due to
   high inventory and debtors
* Vulnerability of margins to any adverse movements in foreign
   exchange rates
* Competitive and fragmented industry structure continues to
   exert pressures on company's revenue growth and profitability

Description of key rating drivers highlighted:

The promoters and their families have been involved in the
furniture business for more than a decade and have gained a
thorough knowledge of the market. Their long presence in the
industry has helped the company to establish strong relationships
with its suppliers and customers. LAPPL has gradually started
shifting its suppler base in an effort to shift from raw wood and
iron to procuring semi-processed wood and iron in order to reduce
the overall processing cost and focus more on finishing and
marketing aspects. This led to increase in supplier concentration
risks in FY2016. However, this was accompanied by an increase in
the operating margins to 12.14% in FY 2016 as against 8.79% in FY
2015 due to decrease in consumables and manufacturing overheads
as the company started procuring semi-processed material
procurements. Furthermore, this effort also led to reduction in
inventory holding requirements, leading to lower working capital
intensity. However, the extra-ordinary loss of INR1.81 crore
recorded from the loss due to fire led to loss at the net level.

Incorporated in 2004, LAPPL is a closely held private limited
company engaged in manufacturing and exporting handicraft
furniture. The company deals in wooden as well as wrought iron
furniture and mainly caters to the exports markets of North
America and Europe. The company's manufacturing facility at
Jodhpur (Rajasthan), employs more than 150 labourers and artisans
for craft work.

LAPPL recorded a net loss of INR0.31 crore on an operating income
of INR20.74 crore in FY2016 as against a net profit of INR0.04
crore on an operating income of INR12.09 crore in the previous
year.


LATA EXPORTS: CARE Revises Rating on INR7.50cr LT Loan to 'B'
-------------------------------------------------------------
The revision in long-term rating assigned to the bank facilities
of Lata Exports Apparels Private Limited takes into account
decline in total operating income, deterioration of capital
structure and debt coverage indicators along with elongation of
operating cycle during FY16 (refers to the period April 1 to
March 31).

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

   Short-term Bank
   Facilities              6.75      CARE A4 Reaffirmed

The ratings continue to remain constrained on account of its
relatively modest scale of operations, low and fluctuating
profitability, leveraged capital structure, weak debt coverage
indicators and working capital intensive nature of operations.
The ratings further continue to be constrained by its presence in
a highly competitive and fragmented industry, susceptibility of
margins to volatility in raw material prices along with foreign
exchange fluctuation risk. The ratings, however, continue to
derive strength from experience of the promoters in the textile
industry and their demonstrated financial support.

Ability of LEAPL to increase its scale of operations with
improvement in profitability margins amidst intense competition
and capital structure with continued financial support coupled
with efficient management of working capital cycle are the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths
Experienced partners along with demonstrated financial support:
The key promoter of LEAPL, Mr. C V Karthikeyan has more than five
decades of experience, while the other director Ms Meghana
Karthikeyan has more than two decades of experience. Over the
years with their experience the entity has been able to maintain
relation with clients and have been able to secure regular orders
from them. Moreover, the promoters have also been supporting
LEAPL through infusion of funds.

Key Rating Weakness
Modest scale of operations with low and fluctuating
profitability:
The overall size of operations continues to be modest with low
net worth base owing to losses in the past thus limiting its
financial flexibility and depriving it of benefits of economies
of scale. The profit margins remained low and have been
fluctuating during the last three years ending FY16owing to high
contribution of input material cost i.e. fabric prices of which
have been fluctuating.

Leveraged capital structure and stressed debt coverage indicators
Owing to low net worth and high dependence on external borrowings
the capital structure of the company remained leveraged.
Furthermore, the debt coverage indicators remained stressed owing
to low profitability.

Working capital intensive nature of operations

The operations of the company remained working capital intensive
in nature with high amount of funds blocked in inventory
resulting in high utilization of working capital limits.
Furthermore, the current ratio remained weak at near unity level
reflecting stretched liquidity position.

Incorporated in 1996 by the Karthikeyan family, Lata Exports
Apparels Private Limited (LEAPL) is engaged into manufacturing of
ready-made garments and uniforms for men, women and children. It
exports its products to USA, UK, Germany, Mexico and Australia
(contributing about 56.30% to total income) and domestically to
retailers and wholesalers(contributing around 13.72% to total
income). Furthermore, LEAPL undertakes job work of garment
manufacturing for other entities and brands such as Ashima
Limited and India Fashions Limited (contributing about 29.98% to
total income during FY16). LEAPL has its manufacturing facility
at Bhiwandi with an installed capacity of 75,000 pieces per month
having capacity utilisation of 65% during FY16.

During FY16 provisional (refers to the period April 1 to
March 31), LEAPL posted total operating income of INR10.66 crore
(vis-a-vis INR18.89 crore in FY15) and net loss of INR0.38 crore
(vis-a-vis net loss of INR3.00 crore in FY15). Furthermore,
LEAPL has reported total income of INR5.30 crore till January 31,
2017.


LOHIYA DEVELOPERS: ICRA Reaffirms 'B' Rating on INR5.0cr Loan
-------------------------------------------------------------
ICRA has reaffirmed its long-term rating on the INR5.0-crore
fund-based facilities and the INR0.50-crore non-fund based
facilities of Lohiya Developers at [ICRA]B. The outlook on the
long-term rating is 'Stable'. ICRA has revoked the suspension on
the INR5.50-crore limits of Lohiya Developers.

                        Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based Limits        5.0       [ICRA]B(Stable); reaffirmed;
                                     suspension revoked

   Non-fund Based Limits   0.5       [ICRA]B(Stable); reaffirmed;
                                     suspension revoked

Rationale
ICRA's ratings are constrained by the stretched liquidity
position and the small scale operations of the firm. The ratings
are further constrained by the high geographic concentration
risks, the weak leverage and coverage indicators. ICRA also notes
the risks emanating from the partnership constitution of the
firm, which exposes it to risks related to withdrawal of capital,
dissolution etc. The ratings, however, factor in the experience
of the firm's promoters in the civil construction sector, their
established relationships with clients, as well as the revenue
visibility offered by the firm's healthy pending order book.
Going forward, the firm's ability to execute its orders in a
timely manner, improve its operating scale while optimally
managing its working capital cycle and improve its coverage
indicators will be the key rating sensitivity.

Key rating drivers
Credit strengths
* Experience of the promoters in the construction business
* Healthy pending order book

Credit weaknesses
* Decline in operating scale due to delay in project execution
* High working capital intensity and stretched liquidity
   position resulting in high utilisation of limits
* High geographical concentration risk
* Risk associated with partnership nature of firm such as
   withdrawal of funds

Description of key rating drivers highlighted:

The firm's revenue declined by 30% in FY2016 due to delays in
project execution and funding constraints. The firm has remained
dependent on the receipt of payments from its clients in order to
fund further execution. This is crucial given that its bank
limits have remained highly utilised, resulting in limited
flexibility. The firm's operations are regionally concentrated
and it is also dependent on a few clients as per the current
order book. The firm's working capital intensity was high
(110.5%) in FY2016 due to high inventory (411 days in FY2016),
which also consisted of bills pending client approvals. However,
the firm is expected to revive its operating scale in the current
fiscal with better execution progress and a healthy pending order
book worth approximately Rs 63.54 crore as of Feb, 2017. The
firm's ability to fund its execution and improve its operating
and liquidity metrics will be the key rating sensitivity.

Lohiya Developers was incorporated in 2008 by Mr. Munendra Singh
Lohiya as a proprietorship firm. In FY2015, Mr. Munendra Singh
along with Mr. Jagmal Singh converted it into a partnership
company, with shares of 60% and 40%, respectively. In FY2016, Mr.
Manuj Lohiya became partner with 40% stake, along with Mr.
Munendra Singh and Mr. Jagmal Singh, which reduced the share to
40% and 20% respectively. The firm is engaged in civil
construction works, primarily in construction and upgradation of
roads. The operations of the firm are primarily confined to
districts of Uttar Pradesh and Uttarakhand and its clients
include Public works Department (PWD), Pradhan Mantri Gram Sadak
Yojna (PMGSY), Hapur Pilkhuwa Development Authority (HPDA) etc.
The company reported an OI of INR4.99 crore and a profit after
tax (PAT) of INR0.23 crore in FY2016, as compared to an OI of
INR17.20 crore and a PAT of INR0.46 crore in the previous year.


MULTIMECH ENGINEERS: ICRA Assigns 'B' Rating to INR3.96cr LT Loan
-----------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B outstanding on
the INR3.96 crore long term fund based limits of Multimech
Engineers. ICRA has also assigned the short term rating of
[ICRA]A4 outstanding on the INR3.90 crore short term non-fund
based limits ME. ICRA has also assigned [ICRA]B/[ICRA]A4 to the
INR0.14 crore unallocated facilities of ME. The outlook on the
long term rating is stable.

                        Amount
  Facilities          (INR crore)    Ratings
  ----------          -----------    -------
  Long-term: Fund
  based facilities         3.96      [ICRA]B (Stable)/assigned

  Short-term: Non-
  fund based facilities    3.90      [ICRA]A4/assigned

  Long-term/short-         0.14      [ICRA]B (Stable)/[ICRA]A4
  term: Unallocated                  assigned
  facilities

Rationale
The assigned rating factors in the significant experience of the
promoters in fabrication business for over a decade. Rating also
positively factor in ME's widening network of reputed clientele
which has partly aided increase in operating income in FY2016.
Rating also takes into account the financial risk profile
characterized moderate capital structure albeit with low net
worth as on March 31, 2016. The rating also considers modest
order book size, albeit with high customer concentration, which
provides revenue visibility over the near term. The rating,
however, is constrained by the highly competitive and fragmented
nature of the industry which exerts pressure on the profitability
margins. Further, the margins remain vulnerable to the volatility
in the input prices. The ratings also take note of the high
working capital intensity resulting in high utilization of
working capital limits.

Going forward, the concern's ability to scale up its operations
while improving its profitability are key rating sensitivities.

Key rating drivers
Credit Strengths
* Experience of promoters in the fabrication business for over
   a decade and expertise in product engineering
* Repeat orders from reputed customers and constant addition of
   new customers
* Financial profile characterized by moderate capital structure
   albeit with low net worth and considerable increase in
   operating income in FY2016

Credit Weakness

* Highly competitive and fragmented nature of industry
   restricting pricing flexibility
* High Customer concentration risk with growth driven primarily
   driven by income from few major clients
* Profit margins exposed to volatility in input prices viz.
   steel
* High working capital intensity owing to long manufacturing
   cycles for few products

Description of key rating drivers highlighted:

ME is a small scale player in a competitive industry (fabrication
of structural steels and industrial process equipment);
nevertheless, the promoter has longstanding experience in the
industry of over decade. Further, the concern has been able to
consistently obtain orders from its customers and has also been
able to add new and reputed clients to its portfolio. The
concern, given its small scale of operations is also exposed to
high customer concentration risks. The concern had increased its
production capacity in FY2016 and it also has expansion plans in
FY2017 which are funded through external debt and internal
accruals. The expansion is expected to increase the turnover of
the concern, however the scale of operations is expected to
remain small albeit some improvement.

The concern has recorded improvement in the financial risk
profile with healthy growth in operating income in FY2016.
However, the profit margins remain low in the period under study.
ME has moderate capital structure and coverage indicators. The
Net Worth position of the concern continues to be modest and the
likelihood of the promoters bringing in additional funding is
uncertain. Working capital intensity has been mostly high for the
period under study owing to high inventory days arising from the
long manufacturing cycl2020es for various products.

Multimech Engineers (ME) started in 2005 by Mr. Sivakumar. The
concern is predominantly engaged in fabrication of structural
steels and industrial process equipment such as pressure vessels,
oil and chemical storage tanks, water storage tanks, air
receivers, heat exchangers, fabricated valve bodies & vanes,
earth moving equipment spares, paper, cement & sugar mills
components, heavy equipments. The concern also offers heavy duty
machining, dished ends pressing, and engineering components.

In FY2016, ME reported a net profit of INR0.2 crore on an
operating income of INR10.4 crore, as compared to a net profit of
INR0.2 crore on an operating income of INR3.5 crore in FY2015.


NEMLAXMI BOOKS: ICRA Reaffirms B+ Rating on INR8.86cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR8.00 crore cash credit facility, INR0.86 crore term loan
facility and INR2.04 crore unallocated limits of Nemlaxmi Books
(India) Private Limited. The outlook on long term rating is
'Stable'. ICRA has also reaffirmed the short-term rating of
[ICRA]A4 assigned to the INR0.72 crore non-funds based limits of
NBIPL.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Fund Based Limits     8.86      [ICRA]B+ (Stable) reaffirmed
  Non-Fund Based
  Limits                0.72      [ICRA]A4 reaffirmed

  Unallocated Limits    2.04      [ICRA]B+ (Stable) reaffirmed

Rationale
The ratings reaffirmation reflects the company's modest scale of
operations and moderate financial risk profile, characterised by
average profitability margins, moderate debt-coverage indicators,
leveraged capital structure and tight liquidity profile as
evident from high fund-based limit utilisation due to high
inventory holdings and elongated receivables. The ratings
continue to remain constrained by the highly competitive and
fragmented domestic industry structure and vulnerability of
company's profitability to raw material price fluctuations. The
profitability also remains exposed to foreign exchange rate
fluctuations in light of large portion of exports and absence of
any formal hedging policy.

The ratings, however, take comfort from the long experience of
the promoters as well as long track record of the company of over
two decades in the paper and paper-based stationery products
industry and well established client network of the company. ICRA
has also taken into consideration the established brand and
product quality of the company, which ensures stable order flow
both from domestic and overseas markets.

The company's operating income is expected to increase at a
moderate pace in FY2017 with the anticipated increase in its
sales volumes supported by the stable demand outlook for paper
stationery products and with the addition of several new overseas
customers. Furthermore, the company's profitability is expected
to improve going forward because of savings in job work and
logistics cost following the installation of printing machine in
the current financial year. NBIPL's capital structure is likely
to remain leveraged in the near to medium term owing to debt-
funded capital expenditure towards the installation of printing
machine. The ability of the company to increase its scale of
operations in a profitable manner and to pass on any increase in
input costs to its customers, generate adequate cash accruals to
support the scheduled repayments and manage its working capital
requirements efficiently would be some of the key rating
sensitivities.

Key rating drivers

Credit Strengths
* Long track record of the company of over two decades in
   manufacturing of paper stationery
* Established brand and product quality ensures stable order
   flow both from domestic and overseas markets

Credit Weakness
* Moderate financial risk profile characterised by average
   profitability margins, moderate debt-coverage indicators,
   leveraged capital structure and high working capital intensity
* Modest scale of operations
* Vulnerability of company's profitability to adverse
   fluctuations in prices of key raw material i.e. paper
* High competition from larger organised players as well as
   unorganised sector due to fragmented nature of the industry
* Exposure to foreign exchange rate fluctuations in light of
   large portion of exports with minimal imports and absence of
   any formal hedging policy

Description of key rating drivers highlighted:

NBIPL had tried to focus more on export sales on account of
better margins realised from the same. The major overseas markets
for the company are in Africa and Europe; South Africa and
Ethiopia being major markets in particular. Since FY2015 the
company has added several new customers with a view to diversify
its export customers mix and to increase its scale of operations,
whereby it has added few of the Europe and Ethiopia based
customers and expects increased order inflow in near term from
the newly acquired customers. Although, the industry is highly
competition intensive due to presence of numerous organised and
unorganised players, the long experience of the promoters in the
industry and gradual rise in demand for its products led to
healthy revenue growth in FY2016. The operating margin, however,
declined substantially in FY2016 over FY2015 as the company was
not able to pass on the increase in raw material prices amid
stiff competition and to increase its scale of business. The
company's capital structure remained leveraged with gearing of
2.15 times as on March 31, 2016. High inventory requirements and
stretched receivables have kept the working capital intensity
high in the past. Further, with the large proportion of exports
sales in total sales and in the absence of any regular hedging
policy, the profitability of the company remains exposed to any
movements in foreign currency exchange rates.

Established in 1992, Nemlaxmi Books (India) Private Limited was
promoted by Mr. Vimal Sekhani for manufacturing and trading of
paper and paper-based stationery products. The registered office
and manufacturing facility of NBIPL are located at Surat,
Gujarat. The company commenced its commercial operations in 1992
and its product portfolio includes notebooks/ exercise books,
drawing books, spiral pads, ruled paper, filler paper, exam
boards, etc. The company sells these products under the brand
names 'Gravity' and 'Classic' and carry a trademark namely
'Genius'. The promoters of the company have long experience of
over five decades in the paper trading and manufacturing
industry.

During FY2016, NBIPL reported an operating income of INR36.58
crore and profit after tax of INR1.88 crore as against the
operating income of INR31.25 crore and profit after tax of
INR0.51 crore in FY2015.


P&R ENGINEERING: ICRA Reaffirms 'D' Rating on INR22.17cr LT Loan
----------------------------------------------------------------
ICRA has reaffirmed its long term rating assigned to the INR22.17
crore fund based facilities of P&R Engineering Services Private
Limited at [ICRA]D.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Long Term Fund
  Based                22.17        Reaffirmed at [ICRA]D

The rating action is based on the continued delays in the
company's debt servicing. As part of its process and in
accordance with its rating agreement with PRESPL, ICRA has been
trying to seek information as well as repeated reminders to the
company for payment of surveillance fee that became overdue from
the company so as to undertake a surveillance of the ratings, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite
information, 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.

PRESPL is promoted by the P&R Group to develop, own and operate a
7.5 MW small hydro project in Jammu & Kashmir, District Budgam.
This is a run of the river type scheme on Doodhganga, a tributary
of Jhelum, which will utilize flows of the river to harness
approximately 204m of net head.


P&R GOGARIPUR: ICRA Reaffirms 'D' Rating on INR9.48cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating assigned to the INR9.48
crore fund based facilities of P&R Gogaripur Hydro Power Private
Limited at [ICRA]D.

                          Amount
  Facilities           (INR crore)     Ratings
  ----------           -----------     -------
  Long Term Fund Based     9.48        Reaffirmed at [ICRA]D

The rating action is based on the continued delays in the
company's debt servicing. As part of its process and in
accordance with its rating agreement with PRGPL, ICRA has been
trying to seek information as well as repeated reminders to the
company for payment of surveillance fee that became overdue from
the company so as to undertake a surveillance of the ratings, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite
information, 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.

PRGPL is promoted by the P&R Group to develop, own and operate a
2 MW small hydro project in District Karnal, Haryana. This is a
canal based project on NBK Diversion Channel of Western Jamuna
canal (WJC) Main Branch, to harness approximately 2.75m of net
head.


PADMAJA FARMS: ICRA Reaffirms B+ Rating on INR6.95cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ to the
INR6.95 crore (revised from INR6.00 crore) fund based bank limits
and INR3.05 crore (revised from INR4.00 crore) unallocated limits
of Padmaja Farms.  The outlook assigned on long term rating is
Stable.

                        Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long Term Fund
  based Limits           6.95        [ICRA]B+(Stable); Reaffirmed

  Long term
  Unallocated Limits     3.05        [ICRA]B+(Stable); Reaffirmed

Rationale
The rating re-affirmation takes into account the small scale of
operations of the firm in the poultry farming business with weak
financial profile as reflected in the high gearing, stretched
coverage indicators, and constrained liquidity position as
indicated in high working capital intensity of 32% for FY2016 and
high average utilization of working capital limits in the past 12
months. The ratings are also constrained by the fluctuations
associated with the feed costs vis-a-vis volatility in egg prices
in FY2016. However, the assigned ratings draws comfort the vast
experience of the management in the poultry farming and the
healthy demand outlook for the layer eggs on account of
increasing acceptance of eggs as a daily meal component.

Going forward the ability of company to scale up the operations,
improve profitability while effectively managing the working
capital requirements would be key rating sensitivities.

Key rating drivers
Credit Strengths
* Experienced management in the poultry industry.
* Healthy demand outlook for the layers segment of the industry;
   Demand for eggs expected to increase

Credit Weakness
* Small scale of operations
* Cyclicality associated with the Indian poultry industry and
   resultant volatility in prices of eggs
* Vulnerability to rise in feed prices (primarily maize and
   soya) which account for approximately 87%-90% of raw material
   consumption
* Weak financial profile characterized by low profitability,
   high gearing and depressed coverage indicators

Description of key rating drivers highlighted:

PF's operates poultry farms with a total capacity of 3,07,374
layer birds. The scale of operations remained small despite
consistent growth over the past five years. The operating income
of the firm increased by 10% to INR31.20 crore in FY 2016. PF's
capital structure has remained stretched over the past few years
owing to the high debt levels of the company vis-a-vis the low
tangible net worth levels, the coverage indicators have also been
weak due to high debt levels and low net worth base of the firm.
The margins of the company have been impacted by volatility in
feed prices which comprises approximately 87%-90% of the raw
material consumption. The firm is also affected by Cyclicality
associated with the Indian poultry industry and resultant
volatility in prices of eggs. The partners of the firm have more
than a decade experience in poultry farming industry. Demand for
eggs is expected to increase with increase in acceptance of eggs
as a daily meal component.

Padmaja Farms operates poultry farms with a total capacity of
3,07,374 layer birds in Basapura and Bullapur Village, Koppal
district, Karnataka. The farm at Bullapur has capacity of
1,65,000 and the farm at Basapura has capacity of 1,42,374. The
firm is engaged in sale of table eggs.

As per the audited financial for FY2016 the company registered
PAT levels of INR0.08 crore on an Operating Income of INR31.20
crore as against the PAT levels of INR0.06 crore on an Operating
Income of INR28.36 crore in FY2015.


PAVAN COTTON: ICRA Reaffirms B+ Rating on INR10.07cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR10.07 crore (revised from INR6.32 crore) fund based limits
and INR0.22 crore (revised from INR3.97 crore) unallocated limits
of Pavan Cotton Products Pvt. Ltd. ICRA has also reaffirmed short
term rating of [ICRA]A4 to the INR0.24 crore non-fund based
limits of PCPPL. The outlook on the long term rating is Stable.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long Term Fund
  Based Limits          10.07     Reaffirmed at [ICRA]B+ (Stable)

  Short Term Non-
  Fund Based Limits      0.24     Reaffirmed at [ICRA]A4

  Long Term
  Unallocated Limits     0.22     Reaffirmed at [ICRA]B+ (Stable)

Rationale
The ratings' reaffirmation factors in small scale of operations
of the company in the highly fragmented and competitive spinning
industry which restricts the ability of the company to pass on
hike in input costs. The revenues and profitability of the
company declined during FY2016 on account of decrease in
realizations. The revenues declined further in 9m, FY2017 owing
to lower capacity utilization as the company has been cautious
given the volatility in yarn and cotton lint prices. The rating
is further constrained by weak financial profile of the company
as reflected from high gearing of 1.41 times as on March 31, 2016
and weak debt coverage indicators as indicated by interest
coverage of 1.93 times, and Total Debt/OPBDITA at 4.10 times
during FY2016. The rating also takes into account high working
capital utilization of limits during the last one year due to
higher receivables of power subsidy, interest subsidy and VAT
from state government, however the company has taken new working
capital demand loan during April 2016 which improved the
liquidity position of the company. PCPPL is exposed to regulatory
risk and fluctuations in raw material (cotton) and yarn prices as
seen during the last two years. The ratings however, positively
factor in the long track record and active involvement of
promoters in the spinning industry and favorable location in
Guntur district of Andhra Pradesh providing easy access to raw
material and savings on logistics cost. ICRA also notes that the
increase in power subsidy per unit will provide financial support
to the company.

Key rating drivers
Credit Strengths
* Experienced promoters having more than two decades of
   experience in cotton industry
* Proximity to cotton growing areas of Guntur in the state of
   Andhra Pradesh provides competitive advantage in terms of raw
   material availability and logistics
* Increase in rate of power subsidy to INR2/unit will result in
   lower power costs and improved profitability from FY2017

Credit Weakness
* Small scale of operation, commoditized nature of the product
   and highly fragmented nature of the industry limit the
   company's ability to pass on the hike in input costs.
* Decrease in revenues and profitability of the company in
   FY2016 on account of decrease in realizations, and in 9m,
   FY2017 owing to decrease in capacity utilization
* Exposed to regulatory risk and volatility in the raw material
   prices as witnessed during the last 2 years
* Moderate financial profile characterized by moderate gearing
   at 1.41 times as on March 31, 2016 and moderate coverage
   indicators
* High working capital intensity during FY2016 due to higher
   receivables (TUFS, Power subsidy and VAT) from government,
   however the company has taken new working capital loan during
   April 2016 leading to improved liquidity

Description of key rating drivers highlighted:

The scale of operations of the company decreased from INR22.94
crore in FY2015 to INR17.93 crore in FY2016 on account of
decrease in realizations. The government of Andhra Pradesh has
sanctioned power subsidy of INR2/unit in November 2016, for a
period of 5 years in continuation with the previous subsidy which
would help the company reduce its power costs in the current year
and near term. The company has taken working capital demand loan
of INR5.00 crore during April 2016 resulting in improved
liquidity which had been constrained in FY2016 on account of high
receivables form government towards taxes and subsidies.

Analytical approach:
For arriving at the ratings ICRA has considered the standalone
financial performance of Pavan Cotton Products Pvt. Ltd. along
with recent operational developments. The company does not have
any subsidiary and operates as a standalone entity.

Incorporated in 1992, PCPPL is a cotton spinning mill based in
the Guntur district of Andhra Pradesh. Promoted by Mr. V. Gopal
Rao, PCPPL is a 100% promoter held company which was initially
engaged in cotton ginning and trading. The company diversified
into manufacturing of cotton yarn in 2001 by setting up a
spinning mill with an installed capacity of 3,024 spindles. In
2007, the company undertook a major expansion drive by installing
additional 10,224 spindles thereby increasing the total installed
spindle capacity to 13,248. Subsequent to the expansion of its
spindle capacity, the company ceased all its ginning and trading
activities and is focused only on the manufacture of yarn. While
the current installed machinery is capable of producing a count
range of 30s to 60s, the 40s count has dominated PCPPL's product
profile in all the past financial years.

As per audited financials for FY2016, PCPPL reported an operating
income of INR17.93 crore with profit after tax of INR0.20 crore
as against INR22.94 crore of operating income with net loss of
INR0.13 crore in FY2015. As per provisional financials for 6M
FY2017, PCPPL reported an operating income of INR12.55 crore with
OPBDIT of INR1.58 crore (unaudited and provisional).


POWERED EPC: ICRA Reaffirms 'B' Rating on INR2.0cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B assigned to
the INR2.0 crore cash credit facilities of Powered EPC Services
Limited. ICRA also reaffirms the short term rating at [ICRA]A4
assigned to the INR5.06 crore non fund based bank guarantee
facilities of PESL. The outlook on the long term rating is
'Stable'.

                              Amount
  Facilities               (INR crore)     Ratings
  ----------               -----------     -------
  Long Term-Cash Credit         2.00       [ICRA]B(Stable);
                                           reaffirmed
  Short term-Bank Guarantee     5.06       [ICRA]A4; reaffirmed

Rationale
The reaffirmation of ratings continues to be constrained by the
small scale of operations that limit the operational and
financial flexibility to an extent, the fragmented nature of the
industry with the presence of large number of players and the low
bargaining power with the customers that keeps the profitability
under check. The ratings factor in the moderate financial profile
of the company marked by low net worth and exposure of the
company's profitability to changes in raw material prices during
the course of the project execution. Further, the pending order
book as on date is modest at INR4.26 crore, which is 0.12 times
the operating income recorded in FY2016's, indicating limited
revenue visibility; however the company is in advanced stages of
discussion for additional projects. The ratings, however,
positively factor in the established presence of the promoters in
the various business activities like information and
communication solutions, telecom equipments, telecom networks,
e-governance networks and real estate development. The ratings
also take into account the demand from varied sectors and the
positive long-term outlook in key end-user industries such as
power and infrastructure. Going forward, the ability of the
company to secure further orders, and improve its scale of
operations and margins while effectively managing its working
capital requirements would be the key rating sensitivities.

Key rating drivers
Credit Strengths
* Established presence of the promoters in the various business
   activities like information and communication solutions,
   telecom equipments, telecom networks, e-governance networks
   and real estate development
* Demand from varied sectors and the positive long-term outlook
   in key end-user industries such as power and infrastructure.

Credit Weakness
* Small scale of operations that limits operational and
   financial flexibility to an extent
* Fragmented nature of the industry with the presence of large
   number of players and the low bargaining power with the
   customers that keeps the profitability under check
* Moderate financial profile of the company marked by low net
   worth and exposure of the company's profitability to changes
   in raw material prices during the course of the project
   execution
* Modest pending order book as on date of INR4.26 crore, which
   is 0.12 times the operating income recorded in FY2016,
   indicating limited revenue visibility; however the company is
   in advanced stages of discussion for additional projects

Description of key rating drivers highlighted:

PESL is a group company of Untied Telecoms Limited and the
promoters of the group have established presence in the various
business activities like information and communication solutions,
telecom equipments, telecom networks, e-governance networks and
real estate development. The company is engaged in the electrical
projects that include procurement of raw materials, erection of
substations, transmission lines and commissioning that would
involve end to end testing before handing over the project.
Majority of the projects executed by the company are for UTL
group companies and some other private companies. Almost all the
projects are inclusive of material and labour expenses and do not
have any price escalation clause, exposing the company's margins
to cost escalations. Due to fragmented nature and low entry
barriers of the industries there are large number of organized
and unorganized players in this industry which leads to high
competitive intensity and keeps the margins of the company under
check. The company has order book of INR37.18 crore of which the
company has executed INR32.89 crore of orders resulting in
pending order book of INR4.26 crore as on January 31, 2016,
resulting in limited visibility of revenues, however the company
is in advanced stages of discussion for additional projects.

Powered EPC Services Limited, established in 2011, initially is
an electrical contractor to execute projects for the United
Telecoms Limited group companies like Betul Wind Farms Ltd, later
PESL diversified its customer base and started executing
electrical projects to various private players like ANL- Embassy
Consortium and Sun Photo Voltaic Energy Pvt Ltd etc. Dr. P Raja
Mohan Rao and Mr. C V Rao are the promoters of the company, who
are the common promoters of the UTL group. The contract work
mainly involves procurement of materials from the vendors and
erection of substations and transmission lines, among others,
before handing over the projects to the customers.

The company reported a net profit of INR1.21 crore on an
operating income of INR35.50 crore in FY2016.


RADHA BALLABH: CARE Assigns 'B+' Rating to INR20cr LT Loan
----------------------------------------------------------
The rating assigned to the bank facilities of Radha Ballabh
Health Care & Research Institute Private Ltd is constrained by
its small scale of operations, project risk, stringent regulatory
framework for healthcare sector, reputational intensive sector,
moderate capital structure with moderate debt coverage indicators
and its presence in the fragmented healthcare industry. The
rating, however, derives strength from its satisfactory track
record with qualified &experienced promoters and management,
satisfactory occupancy rate and satisfactory profit margins.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities               20       CARE B+; Stable Assigned

The ability to maintain high service quality, achieve higher
occupancy level, timely completion of ongoing project & derive
benefit out of it as envisaged, improvement in scale of
operations and its ability to maintain profit margins will be the
keyrating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
Small scale of operations: The size of the operations of the
company remained small, with total operating income of INR4.84
crore for FY16 (refers to the period April 1 to March 31) and
networth of INR2.57 crore as on March 31, 2016.

Project risk: RHCPL is currently setting up a 150 bedded cancer &
multispecialty hospital with palliative care in Patna, Bihar with
aggregate project cost of INR49.32 crore. The project will be
financed at a debt equity of 0.68x. Till January 18, 2017, RHCPL
has spent around INR3.0 crore and the same is estimated to be
complete by April 2018. Since the project is into initial stage
of implementation, the project implementation risk exists.

Stringent regulatory framework for healthcare sector: Despite the
increasing trend of privatisation of healthcare sector in India,
the sector continues to operate under stringent regulatory
control. Accordingly, regulatory challenges continue to pose a
significant risk to private healthcare as the same is highly
susceptible to changes in regulatory framework. Reputational
intensive sector: Healthcare is a highly sensitive sector where
any mishandling of a case or negligence on part of any doctor
and/or staff of the unit can lead to distrust among the masses.
Thus, all the healthcare providers need to monitor each case
diligently and maintain standard of services in order to avoid
the occurrence of any unforeseen incident. They also need to
maintain high vigilance to avoid any malpractice at any pocket.

Moderate capital structure with moderate debt coverage
indicators: The capital structure of the company remained
moderate marked by debt equity and overall gearing ratios at
0.47x and 1.59x, respectively, as on March 31, 2016. The debt
protection metrics remained moderate marked by interest coverage
of 4.64x and total debt to gross cash accruals at6.84x for FY16.

Fragmented healthcare industry: The healthcare sector is highly
fragmented with few large players in the organized sector and
numerous small players in the unorganised sector leading to high
level of competition in the business. Thus, differentiating
factors like range of services offered, quality of service,
parentage of doctors, success rate in treatment of complex cases,
etc. will be crucial in order to attract patients and to maintain
healthy occupancy.

Key Rating Strengths

Satisfactory track record with qualified & experienced promoter
and management: The promoter director, Dr. Dr Rabindra Narain
Singh (Chairman; aged 68 years), has around four decades of
experience in the medical field with various hospital &
institutions. He holds degree like M.B.B.S., MS Ortho, FRCS and
FIAMS degrees and is a renowned person (in the field of
Orthopaedic and awarded Padmashri by the President of India) in
the state. He looks after the overall management of the hospital
with adequate support from co-director Dr V.P. Singh (MBBS, MS
Ortho, aged 49 years) having an experience of 12 years in the
health care industry.

Satisfactory occupancy rate: The overall occupancy level was in
the range of 80% to 88% during last three years (FY14-FY16).

Satisfactory profitability margins: The profit margins of the
company remained satisfactory marked by PBILDT margin of41.14%
and PAT margin of 5.84% in FY16.

RHCPL was incorporated on April 01, 2004, for setting up
healthcare facilities by the Singh family of Patna, Bihar.
Presently, RHCPL is running an orthopaedic hospital in the name
of Anup Institute of Orthopedics & Rehabilitation (AIOR) located
at Patna, Bihar with bed capacity of 150.

During FY16 (Audited), RCHPL reported APAT of INR0.28 crore
(Rs.0.75 crore in FY15) on total operating income of INR4.84
crore (Rs.3.86 crore in FY15). Furthermore during 9MFY17, the
company has achieved revenue of INR4.50 crore.


RAMDEV STAINLESS: CARE Reaffirms B+ Rating on INR11.39cr Loan
-------------------------------------------------------------
The rating assigned to the bank facilities of Ramdev Stainless
Strips Private Limited continues to remain constrained on account
of its financial risk profile marked by modest scale of
operations with thin profitability margins, weak solvency
position, moderate liquidity position and significant intergroup
transactions. The rating, further, remains constrained due to its
presence in the highly fragmented and competitive downstream
segment of the steel industry and raw material price variability.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities           11.39        CARE B+; Stable Reaffirmed

The rating, however, continues to derive strength from vast
experience of the promoters in Stainless Steel (SS) industry
for more than three decades.

RSSPL's ability to increase its scale of operations with
improvement in capital structure and liquidity position are the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness
Continuous net loss with weak solvency position and stressed
liquidity profile

RSSPL has registered net loss consequently from last two
financial years ended FY16 due to interest cost. The capital
structure stood highly leveraged with weak debt coverage
indicator, further liquidity profile of the company remains
stressed with high operating cycle and stressed liquidity ratios.
Continuous growth in Total Operating Income TOI of the company
has increasing continuously in last three financial year ended
FY16. Furthermore, during FY16, TOI of RSSPL has increased
marginally over FY15.

Significant Intergroup Transactions
Key raw material for RSSPL is SS flats. SS Flat manufacturers
sell their products to SS utensil manufacturers only. Therefore,
RSSPL route their majority of SS Flats purchases through SSI
which is engaged in manufacturing of SS utensils. Further, RSSPL
manufactures only eight varieties of utensils only and it sells
SS sheets and circles to SSI. SSI further processes them and
converts them into SS utensils. SSI markets the products with
brand name of "Sunshine" and "Jupiter"

Key Rating Strengths
Vast Experience of the Promoters in Stainless Steel (Ss) Industry
Mr Mohan Lal Agarwal, Managing Director, has over three decades
of experience in the manufacturing of SS sheets & circles through
its associate concerns, JPI (formed in 1980) and JPE (formed in
1985) and has more than five year experience in manufacturing of
utensils through Sunshine Steels Industries (SSI; formed in
2007). He looks after overall affairs of RSSPL and is assisted by
his grandson Mr. Raghav Agarwal, Director. Mr. Raghav Agarwal has
an experience of more than a decade in the industry. Further,
RSSPL also have team of qualified professionals who also help out
in managing day to day affairs.

Jodhpur (Rajasthan) based RSSPL, incorporated in May, 2010, is
promoted by Mr. Mohan Lal Agarwal along with his family members.
RSSPL was formed with a purpose to manufacture Stainless Steel
(SS) sheets & circles and utensils from SS flats. RSSPL does
cutting, rolling, re-rolling , annealing, pickling and grinding
process to convert SS flat into sheets/circles and consequently
to utensils. The company took the plant & machineries of its
group concerns, Jupitor Industries (JPI) and Jupitor Enterprises
(JPE), on lease to manufacture SS sheets & circles and undertook
a project for manufacturing of utensils. It started commercial
production of SS sheets & circles and utensils from October,
2011. The plant of the company is located at Jodhpur with an
installed capacity of 9000 Metric Tonne Per Annum (MTPA) for
manufacturing of SS sheets and 3,000 MTPA for manufacturing SS
utensils as on March 31, 2016. It sales its product under the
brand name of 'Jupitor' and 'Sunshine'.

During FY16 (refers to the period of March 31 to April 1), RSSPL
has reported a total operating income of INR74.02 crore with a
net loss of INR0.44 crore.


RMG ALLOY: CARE Reaffirms 'D' Rating on INR257.40cr LT Loan
-----------------------------------------------------------
CARE reaffirms ratings of RMG Alloy Steel Ltd:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            257.40      CARE D Reaffirmed

   Short-term Bank
   Facilities            155.98      CARE D Reaffirmed

The ratings factor in the ongoing delays in servicing of debt
obligations by the company on account of its weak liquidity
position as a result of continuing net losses.

Detailed description of the key rating drivers

Key Rating Weaknesses
Ongoing delays in debt servicing -- On account of continued
operating losses, there have been instances of delay in
interest payment on the term loan and overdrawals in working
capital limits.

RMG Alloy Steel Ltd is engaged in manufacturing of alloy steel
and steel seamless pipes/tubes at its facilities located in
Jhagadia, Gujarat. The steel produced by RMGL is mainly used for
auto-manufacturing/auto components, earth-moving equipment and
bearing applications, while seamless pipes and tubes find
application mainly in boilers, which are required in the power
sector. Due to inefficiencies in the plant on account of lack of
critical equipment, the operations of the company were
unprofitable. Subsequently, the company became a sick unit in
August 1999 and has been under the purview of the Board for
Industrial and Financial Reconstruction (BIFR) since then. In
2009, the Welspun group, having experience in the steel industry
and clientele in oil & gas and petroleum industry, took the
ownership of RMGL.


SEAGULL PUBLISHERS: CARE Assigns B+ Rating to INR5.98cr LT Loan
---------------------------------------------------------------
The rating assigned to the bank facilities of Seagull Publishers
Private Limited is primarily constrained by short track record
and small scale of operations coupled with low net worth base,
low profitability margins, leveraged capital structure and
working capital intensive nature of operations. The rating is
further constrained by fragmented nature of the printing and
publishing industry.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.98       CARE B+; Stable Assigned

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

Detailed description of the key rating drivers

Key rating weakness
Short track record, Small scale of operations The company started
operations in March 2015 and has only a year of track record with
very small scale of operations; the scale of operations of SPPL
has stood small which limits the company's financial flexibility
in times of stress and deprives it of scale benefits. However,
the experience of the promoters in the publishing business
partially offsets this risk.

Low profitability margins: The Company's profitability margins
have been on the lower side owing to the intense market
competition given the highly fragmented nature of the industry.
This apart, interest burden on working capital borrowing also
restricts the net profitability of the company.

Leveraged capital structure: The capital structure of the company
stood leveraged on account of low net worth base coupled with
high dependence on external borrowings to meet the working
capital requirements coupled

Working capital intensive nature of operations: The collection
period stood elongated since majority of income accrue during
last quarter the same results into high receivable as on balance
sheet date. The company normally allows a credit period of around
6-7 months to its customers and the realization happens once the
books are sold to customers. Furthermore, high average
utilization of working capital limits during the 12-months ending
November 2016, reflects working capital intensive nature of
operations.

Competitive nature of industry
The printing and publication industry is characterized by a high
level of fragmentation and regional concentration, with
very little differentiation in terms of service offering. PIPL
faces direct competition from various organized and
unorganized players in the market.

Key rating strength
Experienced Promoters: SPPL business risk profile is supported by
experienced promoter Mr. Arvind Singh who has an experience of
running a publishing house for one and a half decades through his
association with other group associates.

Uttar Pradesh-based Seagull Publishers Private Limited was
incorporated in 2015 and is currently being managed by the
promoters, Mr. Arvind Singh and Mrs Pramila Singh. The company is
primarily engaged in publishing of school books from nursery
class to 8th class based on National Council of Educational
Research and Training (NCERT), Indian Certificate for Secondary
Education (ICSE), Central Board of Secondary Education (CBSE) and
other state board curriculum. The company supplies to private
schools, spread out across India through distributors, book fairs
and online portal. SPPL procures the raw material i.e. paper from
wholesalers and retailers from the local and domestic market.
Kriti Prakashan Private Limited, Kriti Printers and Publishers
Private Limited, Kriti Prakashan and Printer Private Limited,
Universal Books are group associates and all engaged in printing
and publishing business and Kriti Kids and Health Care Private
Limited engaged in trading of medicines.

In FY16 (refers to the period March 1 to April 31), SPPL achieved
a total operating income (TOI) of INR13.88 crore with PAT of
INR0.08 crore. The company has achieved total operating income of
INR2.14 crore 8MFY17 (refers to the period April 1 to November 30
based on provisional results).


SETHU EDUCATIONAL: Ind-Ra Assigns 'BB' Rating on INR270.06MM Loan
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sethu
Educational Trust's (SET) bank facility this rating:

   -- INR270.06 mil. Term loan assigned with IND BB/Stable
      rating;

                         KEY RATING DRIVERS

The ratings are constrained by the increase in SET's debt burden
since FY13, as reflected in its debt to current balance before
interest and depreciation (CBBID) ratio of 3.05x in FY16 (FY15:
3.12x; FY14: 2.39x).  The trust's debt service coverage ratio
improved to 0.97x in FY16 from 0.71x in FY15, but it still
depends on the trustees for financial support in the form of
unsecured loans for principal repayments.

SET's weak operational effectiveness also constrains the rating.
Although its annual approved intake for engineering courses
increased to 1,590 in FY17 from 1,476 seats in FY16, the number
of enrolled students marginally fell to 1,131 and 1,153 in FY17
and FY16, respectively, from 1,194 in FY14.  The fall in annual
enrolments in FY16 and FY17 was mainly due to a fall in demand
for postgraduate courses.  However, the total students' headcount
increased at a CAGR of 4.25% to 4,420 in FY17 from 4,067 in FY15,
on the back of a growing demand for undergraduate courses.

SET's available funds -- cash and unrestricted investments --
provide a weak financial cushion to both financial leverage
(FY16: 7.28%) and operating expenditure (FY16: 8.87%).  The
trust's collection period increased to 23 days in FY16 from 21
days in FY15 due to the deferment of fee reimbursement by the
state government.

However, SET's decent reasonable operating margins since FY11 are
positive for the rating.  Its operating profit margin increased
by 2.64 percentage points year-on-year to 28.12% in FY16  from
25.48% in FY15 due to a 15.11%yoy increase in operating income
(15.11% yoy) as against operating expenditures (11.03% yoy).  The
only worrisome factor is other operating expenses, driven by
administrative expenses, which increased at a 21.83% CAGR during
FY11-FY16. Ind-Ra believes this could hamper the trust's prudent
profitability.

SET's revenue is dominated by tuition fee income, constituting an
average of 97.80% of the total revenue during FY11-FY16.  Tuition
fee income increased at a CAGR of 18.83% during FY11-FY16 and
reported total income was INR417.85 million in FY16 (FY15:
INR365.12 million).  Staff costs (average FY11-FY16: 46.28%) were
the prime contributor to total expenditures, followed by other
operating expenditure (average 33.67%). SET reported a fall in
net operating surplus to INR32.38 million in FY16 (FY15: INR38.35
million) and its current balance margin was 7.75% (10.50%).

                        RATING SENSITIVITIES

Positive: The rating could be upgraded if SET discharges the
higher debt and there is an increase in student enrolments,
resulting in an improvement in leverage ratios and profitability.

Negative: A substantial increase in the debt burden, along with a
limited increase in operating income as well as stress on SET's
liquidity profile, could result in a negative rating action.

COMPANY PROFILE

SET was started with just three disciplines in 1995.  It now
offers courses in 11 disciplines of B.E/ B. Tech and five
disciplines of M.E programs with annual intake of 1,590 students.
All courses are affiliated to Anna University, Chennai.  SET is
situated in Kariapatti in Virudhunagar district, Tamil Nadu.


SHAMANUR SUGARS: CARE Reaffirms 'B+' Rating on INR50.19cr Loan
--------------------------------------------------------------
The ratings assigned to the bank facilities of Shamanur Sugars
Limited continues to be constrained by the weak capital
structure, working capital intensive nature of operations,
cyclicality, agro-climatic risk and highly regulated nature of
the industry.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities-Cash
   Credit                 50.19      CARE B+; Stable Reaffirmed

   Short term Bank
   Facilities             65.00      CARE A4 Reaffirmed

The ratings, however, derive strength from experience of the
promoters with long-standing presence in the industry,
improvement in operating margins during FY16 supported by
improvement in sugar prices and integrated nature of business
operations.

Going forward, the ability of the company to improve earnings and
profitability margins, and effective management of working
capital would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
Working capital intensive nature of operations
The company's operations are highly dependent on working capital
due to high level of stockholding coupled with low credit on cane
purchase, making the operations of SMSL working capital
intensive.

Weak Capital structure:
The capital structure of SMSL continues to remain weak with the
overall gearing and TDGCA of 2.34x and 13.72 years respectively
as on March 31, 2016 During FY16, the promoters have infused
funds in the form of unsecured loans of INR5.08 cr.

Improvement in operating margins
During FY16, financial performance of the company improved driven
by the contribution of the distillery division and improvement in
sales realizations in sugar division. Though the PBILDT margins
improved in FY16 on account of higher interest cost, owing to
high working capital borrowing to hold inventory, the PAT margins
continued to remain thin.

The company operates a fully integrated sugar mill with aggregate
crushing capacity of 2500 tonnes of cane per day (TCD), a co-
generation plant (based on multi-fuel technology), with an
installed capacity of 22 MW and an ethanol plant with 60 KLPD-
capacity. The growth in income was contributed by the ethanol
division. The ethanol unit grew by 48% in volume terms and 34% in
value terms. Though the production of the sugar division was
marginally lower than FY15 levels, the average sales realization
improved to INR2713/quintal from INR2638/quintal. However the
recovery rate has gone down to 8.03% on account of use of B-Heavy
molasses for ethanol production. During FY16, the power produced
through the co-gen unit of SMSL was 78.70Mu (PY: 78.5 Mu), part
of which was used for captive consumption and the remaining
was sold at an average realization of INR 5.12 per unit.

SMSL is a public limited company, commenced commercial operations
in 1999, promoted by Mr. S. Shivashankarappa. SMSL operates an
integrated sugar mill with aggregate crushing capacity of 2,500
tonnes of cane per day (TCD), a multi fuel cogeneration plant of
22 MW and distillery with 60 KLPD capacity. The facility is based
out in central Karnataka. The day-to-day operations are managed
by Mr. SS Bakkesh (MD), son of promoter, Mr. S Shivashankarappa.
The promoters have more than three decades of experience in the
sugar industry.

During FY16, SMSL registered a PAT of 1.22 crore on a total
operating income of INR224.21 crore as against a PAT of INR0.39
crore on a total operating income of INR217.48 crore in FY15.


SHUBH SWASTIK: ICRA Reaffirms 'B' Rating on INR6.0cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR6.00 crore cash credit facility of Shubh Swastik Dal Mill
Company Private Limited. The outlook on the long-term rating is
'Stable'.

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

Rationale
The reaffirmation of rating takes into account SSDMCPL's
relatively small scale of current operations, and weak financial
profile as reflected by low profitability and return indicators
on account of low value-additive nature of the business and
subdued coverage indicators. The rating also considers the high
working-capital intensive nature of the business, necessitated by
large inventory holdings that exert pressure on the liquidity
position of the company. Moreover, the highly competitive nature
of the industry, characterised by the presence of a large number
of players, keeps the company's profitability under check.
SSDMCPL also remains vulnerable to adverse changes in Government
policies towards agro-based commodities. Besides, there is agro-
climatic risk as pulses are an agricultural commodity.

The rating, however, derives comfort from the long experience of
the promoters in the pulses-processing industry, and proximity to
raw material sources, leading to low procurement cost and easy
availability of pulses. The rating also considers the favourable
demand prospects of pulses in the domestic market driven by
varied applications and increasing population.

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

Key rating drivers

Credit Strengths
* Long experience of the promoters in the pulses-processing
   industry
* Proximity to raw-material sources, leading to low procurement
   cost and easy availability of pulses
* Favorable demand prospects of pulses in the domestic market,
   driven by varied applications and increasing population

Credit Weakness
* Relatively small scale of current operations
* Weak financial profile as reflected by low profitability,
   weak return indicators and subdued coverage indicators
* High working capital intensity of the business exerts pressure
   on the liquidity position of the company
* Margins remain susceptible to price movement of pulses that
   are subject to seasonality and Government intervention
* Competitive business environment due to fragmented nature of
   the industry with presence of multiple players in the
   organised and unorganised segments

Description of key rating drivers highlighted:

SSDMCPL was incorporated as a private limited company in 2011 by
the Raipur-based Sachdev family who has a long experience in the
pulses-processing industry. It is involved in the processing of
various pulses at Raipur in Chhattisgarh. The company has a
combined processing capacity of 50 MT per day of red gram (arhar
dal), red lentil (masoor dal), bengal gram (chana dal), yellow
peas (matar dal), corn flakes, soya bean nuggets etc. The
company's produce is sold to the traders, wholesalers, flour
mills and local retailers directly and through brokers located in
Chhattisgarh, Odisha, Jharkhand and West Bengal. The pulses are
sold under the company's brands "Man Pasand", "Tiger",
"Kingfisher" and "Kangaroo". The primary raw material, un-milled
or semi-milled pulses, is easily available in Chhattisgarh and
other neighbouring states. The raw material requirements are
therefore met mainly by traders and brokers. However, ICRA notes
the agro-climatic risks, which can affect the availability of
pulses during adverse weather conditions, and the pulses-
processing industry is characterised by intense competition due
to low product differentiation, and consequent high fragmentation
and low entry barriers, which limit the pricing flexibility of
the participants, including SSDMCPL.

The company's operating income increased from INR31.35 crore in
FY2015 to INR32.25 crore in FY2016, depicting a growth of
approximately 3%, primarily on account of increase in average
sales realisation. The operating profit margin continued to
remain thin and stood at 2.21% in FY2016 on the back of low
value-additive and highly competitive business. The capital
structure remained leveraged. High debt level, coupled with low
profitability has kept the debt coverage indicators weak. The
firm's working capital intensity of operations has remained high
due to high inventory holding, as reflected by net working
capital relative to operating income (NWC/OI) of 19% in FY2016.

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

Shubh Swastik Dal Mill Company Private Limited (SSDMCPL)
processes red gram (arhar dal), red lentil (masoor dal), bengal
gram (chana dal), yellow peas (matar dal), corn flakes, soya bean
nuggets among others at its facility in Raipur, Chhattisgarh,
with an installed capacity of 50 metric tonnes (MT) per day.
Promoted by the Raipur-based Sachdev family, the entity was set
up in 2002 as a proprietorship concern named Swastik Industries,
and was converted into a private limited company in 2011. The
promoters have a long experience in the pulses-processing
industry.


SIDDHI GANESH: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Siddhi Ganesh
Rice Industries (SGRI) a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable.  The agency has taken this rating action
on the firm's fund-based limits:

   -- INR57.5 mil. Fund-based limits assigned with IND B+/Stable
      rating

                         KEY RATING DRIVERS

The ratings reflect SGRI's weak credit metrics. In FY16 net
leverage (total adjusted net debt/operating EBITDA) was 5.0x
(FY15: 4.7x), gross interest coverage (operating EBITDA/gross
interest expense) was 1.7x (1.8x) and EBITDA margin was 4.9%
(4.4%)

The ratings are primarily constrained by SGRI's short operational
track record coupled with small scale of operations (revenue --
FY16: INR226 million, FY15: INR188 million) in a highly
fragmented and competitive agro industry.  Provisional 9MFY17
financials indicate revenue of INR164.17 million.

The ratings are further constrained by SGRI's weak liquidity
profile as reflected in its maximum working capital limit
utilization of 99% during the 12 months ended January 2017.  The
ratings factor in the limited experience of the firm's promoters
in the rice milling business and seasonal nature of availability
of paddy leading to working capital intensity.

The ratings, however, are supported by SGRI's proximity to major
paddy-growing areas enabling easy availability of paddy,
logistics advantage and local customer base.

                        RATING SENSITIVITIES

Negative: A dip in the operating profitability, leading to
deterioration in the credit metrics could be negative for the
ratings.

Positive: Substantial growth in the revenue leading to an
improvement in the credit metrics could be positive for the
ratings.

COMPANY PROFILE

SGRI was incorporated in 2008 by the Kela family of Kurud,
Chhattisgarh for setting up a 14,400MTPA paddy processing unit in
Dhamtari district.  The firm commenced commercial production in
November 2009.


SINGH CONSTRUCTION: CARE Assigns B+ Rating to INR3cr LT Loan
------------------------------------------------------------
The rating assigned to the bank facilities of Singh Construction
Private Limited are constrained by its small scale of operation,
significant geographical concentration with single state
operation, volatility associated with input prices, working
capital intensive nature of business and high competition in the
industry on account of low complexity of work involved with
sluggish economic scenario. The aforesaid constraints are
partially offset by its experienced promoters with long track
record of operations, moderate order book position indicating
satisfactory revenue visibility and comfortable capital
structure.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             3.00       CARE B+; Stable Assigned

   Short-term Bank
   Facilities            10.00       CARE A4 Assigned

Ability of the company to maintain a healthy order book position,
ability to execute orders within stipulated time period, timely
receipt of contract proceeds and ability to manage working
capital effectively would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths
Experienced promoters with long track record of operations: The
key promoter, Mr. Shailesh Kumar Singh has an experience of more
than two decades in the civil construction industry. He looks
after the overall management of the company, with adequate
support from other directors and a team of experienced personnel.
The long experience of the directors has supported its business
risk profile to a large extent. Further, SCPL commenced
commercial operation in 1984 (as a partnership concern) and
accordingly has a long track record of commercial operation.

Moderate order book position indicating satisfactory revenue
visibility: SCPL has moderate order book position of INR24.64
crore as on January 31, 2017, executable within the next 12
months, providing moderate revenue visibility.

Comfortable capital structure: The debt profile of the company
consists of cash credit limit from bank and unsecured loans. The
overall gearing ratio remained comfortable at below unity at
0.53x as on March 31, 2016.

Key Rating Weaknesses
Small scale of operation: SCPL is a relatively small player in
the construction business, with total operating income and PAT of
INR27.45 crore and INR0.93 crore, respectively, in FY16. Further,
the net worth base and total capital employed was low at INR13.50
crore and INR20.33 crore respectively, as on Mar.31, 2016. As
such, the entity has a limited cushion in times of stress. This
apart, the profitability of the company has been moderate over
the years due to volatility in the prices of input materials. The
PBILDT margin was 12.55% and PAT margin was 3.39% during FY16.
The management is stated to have achieved total operating income
of INR14 crore during 9MFY17.

Significant geographical concentration with single state
operation: SCPL operates in the state of Bihar with majority of
the projects executed for construction and maintenance of roads
with Government departments. In view of its presence
in a single state, the company is exposed to geographical
concentration risk to a large extent.

Volatility associated with input prices: Steel, bitumen, cement
and pipes are the major inputs for SCPL, the prices of which are
highly volatile. Moreover, the company does not have any long
term contracts with the suppliers for the purchase of the
aforesaid input materials. Hence, the profitability margins of
the company are exposed to any sudden spurt in the input material
prices. In absence of escalation clauses in the majority of
contracts, any increase in input prices will affect the
profitability of the company.

Working capital intensive nature of the business: SCPL's business
being construction and maintenance of roads is working capital
intensive by nature. Accordingly, the average utilization of the
cash credit limit remained high at about 95% during the last 12
months ended January 31, 2017.

High competitive intensity on account of low complexity of work
involved with sluggish economic scenario: The Company has to bid
for contracts based on tenders and upon successful technical
evaluation of various bidders, the lowest bid is awarded the
contract. Since the type of work done by SCPL is mostly
commoditised, the company faces intense competition from other
players. The company receives projects which majorly are of a
short to medium tenure.

Incorporated in September 2010, Singh Construction Private
Limited is engaged in construction and maintenance of roads in
different regions of Bihar. The company was earlier set up as a
partnership concern by Mr. Shailesh Kumar Singh in 1984. SCPL is
enlisted with various government entities like NHPC Ltd., Road
Construction Department (RCD), Rural Works Department (RWD) etc.
Mr. Shailesh Kumar Singh (aged, 54 years), having more than two
decades of experience in the construction, looks after
the day to day operations of the company. He is supported by
other director Mrs. Kiran Singh (aged, 52 years) and a team of
experienced professionals.

During FY16 (refers to the period April 1 to March 31), the
Company reported a total operating income of INR27.45 crore
and PAT of INR0.93 crore in FY16 as against a total operating
income of INR39.46 crore and PAT of INR1.20 crore in FY15.
The Company has achieved a turnover of INR14 crore during 9MFY17.


SONERI MARINE: ICRA Reaffirms B+ Rating on INR0.32cr Term Loan
--------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ to the
INR0.32 crore term loan facility of Soneri Marine Foods. ICRA has
also re-affirmed the short-term rating of [ICRA]A4 to the INR5.00
crore (reduced from INR6.00 crore) fund based PC/FBD/FBP/PCFC/EBR
and the INR0.20 crore (reduced from INR0.40 crore) non-fund based
credit exposure limit (CEL) of SMF. ICRA has further re-affirmed
the [ICRA]B+/[ICRA]A4 rating on the INR1.20-crore unallocated
limits of SMF. The outlook assigned on the long-term rating is
'Stable'.

                          Amount
  Facilities            (INR crore)     Ratings
  ----------            -----------     -------
  Fund-based Term            0.32       [ICRA]B+ (Stable)
  Loan                                  re-affirmed

  Fund-based EPC/FBD/
  FBP/PCFC/EBR               5.00       [ICRA]A4 re-affirmed

  Non-fund based CEL         0.20       [ICRA]A4 re-affirmed

  Unallocated Limits         1.20       [ICRA]B+ (Stable)/
                                        [ICRA]A4 re-affirmed

Rationale
The re-affirmation of ratings continues to be constrained by
SMF's declined operating income in FY2016 and stretched financial
profile on account of increase in gearing level in FY2016. ICRA
notes the moderate coverage indicators and modest operating
margins, which remain susceptible to intense competition in the
seafood industry amid fluctuations in international seafood
prices. The ratings also take into account the high working
capital intensity of the firm because of high inventory days
leading to high working capital utilisation. However, comfort can
be driven from long credit availed from the suppliers. The
profitability is further exposed to fluctuations in raw material
prices as well as the inherent risks such as susceptibility to
diseases, climate changes and government regulations.
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, favourably factor in the long experience of
the promoter in the seafood processing business. The ratings
continue to favourably factor in the firm's processing plant in
Veraval, Gujarat in the proximity to the fishing belt of the west
coast ensuring adequate supply of seafood. The ratings, also
favourably considers the geographically diversified clientele
with the growing demand of Indian seafood in overseas market.

ICRA expects the operating income of the firm to witness growth
in FY2017 driven by increasing demand and increase realisation.
The profitability of the firm however will continue to remain
exposed to adverse fluctuations in raw material prices given the
firm's limited bargaining power with customers. In ICRA's view,
the ability of the firm to efficiently manage the impact of raw
material price changes on its profitability thereby improving the
margins and improve its capital structure by managing working
capital requirements will remain the key rating sensitivities.

Key Rating Drivers
Credit Strengths
* Long established experience of promoters in the seafood
   industry
* Proximity to the fishing belt offer easy accessibility to
   raw materials; established relationship with suppliers for
   uninterrupted supply of raw materials.
* Geographically diversified clientele across Vietnam, Korea,
    Malaysia, Tunisia, Qatar, EU Countries and the USA.

Credit Weakness
* De-growth in operating income in FY2016
* Weak financial profile characterised by low profitability,
   leveraged capital structure with moderate coverage indicators
   and stretched liquidity as evident from high working capital
   intensity.
* Inherent risk in seafood industry like susceptibility to
   diseases, climatic risk and Government policies.
* Risk associated with partnership status of SMF; any
   substantial withdrawal would adversely affect the capital
   structure of the firm.

Description of Key Rating Drivers Highlighted:

SMF's financial profile is characterised by low net
profitability, increase in gearing level from 2.42 times as on
March 31, 2015 to 2.53 times as on March 31, 2016 due to stretch
capital structure. Moreover, most of the working capital
requirement is funded through bank borrowings as reflected from
high working capital utilisation of 98.26% during the November
2015 to January 2017 period. In addition, the high working
capital intensity of the firm from high inventory holding leads
to a stretched liquidity position. Furthermore, the operating
income of the firm declined to INR24.83 crore in FY2016 from
INR30.76 crore in FY2015 due to decline sales volume despite of
increase realisation of seafood products.

The Indian seafood industry is highly fragmented in nature,
characterised by a large number of organised and unorganised
players. Low entry barriers, lack of product differentiation,
volatility of raw material in terms of availability and pricing,
and the low value additive nature of the industry results in high
competition among industry players. Furthermore, the
profitability is susceptible to diseases, climate changes and
Government regulations. However, the long experience of the
promoters and the geographically diversified clientele support
SMF in facing competition amid low entry barriers in the seafood
industry.

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


SOOD AGRO: CARE Assigns B+ Rating to INR7cr LT Loan
---------------------------------------------------
The rating assigned to the bank facilities of Sood Agro Mills is
constrained by its small and fluctuating scale of operations,
weak financial risk profile characterised by low profitability
margins, leveraged capital structure and weak debt coverage
indicators. The rating is further constrained by firm's
concentrated revenue stream, constitution being a partnership
firm and its presence in a competitive industry with high
government regulation. The rating, however, derives strength from
experienced partners in the agro processing industry with
established track record of entity along with reputed customer
base, moderate operating cycle and location advantages.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities               7        CARE B+; Stable Assigned

Going forward, the ability of the firm to scale-up its operations
while improving its profitability margins and diversify its
customer base would remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
Small & fluctuating scale of operations along with low
profitability margins: Despite being in operations for around
four decades, the firm's scale of operations has remained small
marked by total operating income (TOI) of INR25.52 crore inFY16
(refers to the period April 1 to March 31). Furthermore, the
profitability margins of the firm stood low marked by PBILDT
margin and PAT margin of 3.43% and 0.16%, respectively, in FY16.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of the firm stood leveraged with overall
gearing ratio of 2.06x as on March 31, 2016. Additionally, the
debt coverage indicators also remained weak with the total debt
to GCA at 17.76x for FY16 and interest coverage ratio at 1.43x in
FY16.

Competitive nature of industry coupled with high level of
government regulation: The commodity nature of the product
makes the industry highly fragmented with numerous players
operating in the unorganized sector with very less product
differentiation.

Partnership nature of constitution: SAM's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partners' capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partners.

Key rating strengths
Experienced partners in the agro processing industry with
established track record of entity: SAM was established in1978
and has a long track record of operations of four decades in the
agro processing industry. Mr. Sanjiv Sood has nearly three and a
half decades of experience while Mr. Gopal Sood and Mr. Dinam
Sood have two decades and one decade of experience, respectively,
in agro processing industry through their association with this
entity only.

Location advantages: SAM's manufacturing unit is located in
Patiala, Punjab. The area is one of the main hubs for
wheat/paddy, leading to its easy availability of raw material.
The presence of SAM in Punjab gives it an advantage in terms of
easy availability of the raw material as well as favorable
pricing terms.

Reputed customer base though concentrated revenue stream: The
firm is into processing of wheat and is supplying to various
reputed players as mentioned above. However, the customer base is
concentrated with top 3 customers contributing approximately 60%
of the total sales in FY16.

Moderate operating cycle: The operating cycle of the firm stood
moderate marked by 53 days for FY16. The average utilization of
the cash credit limit stood at approximately 30% for the last 12
months period ended January 2017.

The entity was originally established in 1978 as a partnership
firm named 'Sood Rice Mills' by Mr. Surinder Kumar Sood, Mr
Rajinder Kumar Sood and Mr. Narinder Kumar Sood and was engaged
in milling of rice. The name was later on changed to Sood Agro
Mills (SAM) in 1997 and the firm ventured mainly into the
business of wheat processing along with milling of rice. SAM is
currently being managed by Mr. Sanjiv Sood and his brothers, Mr.
Gopal Sood & Mr. Dinam Sood, sharing profit and losses in the
ratio of 1:1:2, respectively. The firm undertakes processing of
wheat at its manufacturing facility in Patiala, Punjab with an
installed capacity of 43,200 metric tonnes per annum, as on
December 31, 2016. The firm is also engaged in rice milling for
the Government of Punjab on job work basis with an installed
capacity of 1080 metric tones per annum, as on December 31, 2016.
Income derived from job work, however, stood at approximately 2%
of gross sales in FY16. The main product line of SAM consists of
wheat flour, white flour, semolina and bran. SAM sells its
products directly to various wholesalers and institutional
clients located across North India. The customer base includes
ITC Limited, Jubilant Food Works Limited, Kitty Industries
Private Limited (rated 'CARE BBB+'), etc. The main raw material
i.e. wheat is procured from Food Corporation of India and from
local grain market through commission agents based in Punjab.

In FY16, SAM has achieved a total operating income (TOI) of
INR25.52 crore with PAT of INR0.04 crore as against total
operating income of INR28.58 crore with PAT of INR0.07 crore in
FY15. In 9MFY17 (Provisional), the firm has achieved TOI of
INR23.42 crore.


SRI LAKSHMI: ICRA Reaffirms B+ Rating on INR34.56cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR34.56 Crore (revised from INR33.79 crore) fund based of
Sri Lakshmi Poultry Complex Private Limited. ICRA has also
reaffirmed the ratings of [ICRA]B+/[ICRA]A4 to the INR5.44 crore
(revised from INR6.21 crore) unallocated limits of SLPCPL. The
outlook on long term rating is Stable.

                     Amount
  Facilities       (INR crore)      Ratings
  ----------       -----------      -------
  Long Term Fund
  based Limits          34.56       [ICRA]B+(Stable); Reaffirmed

  Long term
  Unallocated Limits     5.44       [ICRA]B+(Stable)/[ICRA]A4;
                                    Reaffirmed

Rationale
The rating re-affirmation takes into account the modest scale of
operations of the company in the poultry farming business with
weak financial profile as reflected in the high gearing,
stretched coverage indicators, and constrained liquidity position
as indicated in high working capital intensity of 28% for FY2016
and high average utilization of working capital limits over the
past 12 months. The ratings are also constrained by the
fluctuations associated with the feed costs vis-a-vis volatility
in egg prices. The rating also factors in significant repayment
obligations of the company in the medium term. However, the
assigned ratings draws comfort from approximately 26.58% growth
in operating income in FY 2016, the vast experience of the
management in the poultry farming and the healthy demand outlook
for the layer eggs on account of increasing acceptance of eggs as
a daily meal component.

Going forward the ability of company to scale up the operations,
improve profitability while effectively managing the working
capital requirements would be key rating sensitivities.

Key rating drivers
Credit Strengths
* More than 10 years of experience of the promoters in poultry
   industry
* Favorable long term demand prospects for the Indian poultry
   industry
* Healthy revenue growth of approximately 26% in FY 2016

Credit Weakness
* Cyclicality associated with the Indian poultry industry and
   resultant volatility in prices of eggs
* Vulnerability to rise in feed prices (primarily maize and
   soya) which account for over 85% of raw material consumption
* Financial profile characterized by thin margins, highly geared
   capital structure and stretched liquidity position
* Vulnerability to disease outbreaks which can impact the
   operating revenue to a large extent

Description of key rating drivers highlighted:

SLPCPL is engaged in commercial layer poultry farming with the
total installed capacity of 13,16,912 layer birds spread across
five farms in different locations. The Operating Income of the
company has witnessed a growth of approximately 26% during FY16
owing to higher volumes and increase in price realizations on
eggs sold. Inventory holding has remained high over the last few
years increasing the overall working capital intensity of
operation; however working capital intensity moderated to 28% in
FY2016 as against 31.50% in FY 2015 with marginal reduction in
inventory holding period and increase in creditors. High working
capital requirements, coupled with significant repayment
obligations, stretched the liquidity profile of the company.
SLPCPL's capital structure has remained stretched over the past
few years owing to the high debt levels of the company vis-a-vis
the low tangible net worth levels. The margins of the company
have been impacted by volatility in feed prices which comprises
>85% of the raw material consumption. The egg prices are in line
with the NECC benchmark rates. SLPCPL's margins are susceptible
to cyclicality associated with the Indian poultry industry. The
company's management has more than a decade experience in poultry
industry. Demand for eggs is expected to increase in future on
account of increasing acceptance of eggs as a daily meal
component.

Sri Lakshmi Poultry Complex Private Limited was initially formed
as a partnership firm in 1989 and subsequently incorporated as a
private limited company in October, 2014. The company is engaged
in commercial layer poultry farming. The total installed capacity
of 1316912 layer birds spread is across five farms in different
locations in Devangere district in Karnataka.

As per the audited financial for FY2016 the company registered
PAT levels of INR0.55 crore on an Operating Income of INR111.17
crore as against the PAT levels of INR0.46 crore on an Operating
Income of INR87.82 crore in FY2015.


SRI SAI: ICRA Upgrades Rating on INR3.50cr Cash Credit to B+
------------------------------------------------------------
ICRA has upgraded the long term rating from [ICRA]B to [ICRA]B+
assigned to the INR3.50 crore cash credit facility of Sri Sai
Earth Movers. ICRA has re-affirmed the short term rating at
[ICRA]A4 assigned to the INR3.50 crore non-fund based facility of
SSEM. The outlook assigned on the long-term rating is 'Stable'.

                     Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Long Term-Cash        3.50       [ICRA]B+ (Stable); Upgraded
  Credit                           from [ICRA]B

  Short Term-Non
  Fund Based Limit      3.50       [ICRA]A4; Re-affirmed

Rationale
The rating upgrade factors in SSEM's healthy revenue growth
during FY 2016 primarily driven by the orders received under the
civil construction segment. The ratings continue to take comfort
from the long track record of the proprietor of more than three
decades in the earth work/civil construction industry. The
ratings are, however, constrained by the moderate scale of the
firm's operations that limits economies of scale and the stressed
capital structure owing to the debt-funded capex undertaken by
the firm. The ratings also remain constrained by the stretched
liquidity position as evident from the high working capital
utilization. The ratings also consider the highly fragmented and
competitive nature of the industry and the risk of capital
withdrawal arising due to the proprietorship nature of the firm.
Going forward, significant debt repayment obligation over near to
medium term is expected to exert pressure on the firm's
liquidity. Nevertheless, ability of the firm to bag and
successfully execute the bigger contracts, along with the ability
to secure enhancement in bank limits and fund margin requirement
will be key rating sensitivity.

Key rating drivers

Credit Strengths
* Long experience of the proprietor in the earth work/civil
   construction industry
* Healthy revenue growth in FY 2016
* Moderate operating profitability, notwithstanding the dip in
   FY 2016

Credit Weakness
* Moderate scale of operations limits economies of scale
* Stressed capital structure as reflected by gearing of 1.80
   times as on March 31, 2016
* Stretched liquidity as evident by the full utilization of
   working capital limit; with increasing scale of operations,
   timely enhancement will be critical
* Risk of capital withdrawal due to the proprietorship nature
   of the firm
* Fragmented and highly competitive nature of the industry

Description of key rating drivers highlighted:

SSEM used to derive revenues from earth work related activities
till FY 2015 which majorly included excavation and site
development, among others. The firm ventured into civil
construction during FY 2016 and bagged orders from Karnataka
Industrial Area Development Board, Bangalore Development
Authority etc which led to significant jump in its top line from
INR13.04 crore in FY 2015 to INR41.25 crore in FY2016. The firm's
operations are largely based in Karnataka because of which the
firm faces significant geographical concentration risk. Owing to
the debt funded capex and high utilization of working capital
limits to support the revenue growth, the firm's capital
structure and liquidity remain stressed. Hence, the firm's
ability to receive timely limit enhancements to meet its
increasing working capital requirements remains crucial. The
revenue growth is expected to remain moderate which in turn
depends on the ability of the company to bag new orders and
timely execution of the same.

Established in 1990, SSEM was engaged in earth work related
activities like excavation and site development, among others
till FY 2015. During FY 2016, the firm ventured into civil
construction business. The entity is a proprietorship concern
owned and managed by Mr. P. Raghupathy. The firm is based out of
Bangalore, Karnataka. The proprietor has an experience of more
than three decades in this line of business through other
entities in the past.

For FY 20116, the company reported a net profit of INR1.76 crore
on an operating income of INR41.25 crore against a net profit of
INR0.54 crore on an operating income of INR13.04 crore for FY
20115.


STAR SHIP: CARE Reaffirms 'B' Rating on INR5cr LT Bank Loan
-----------------------------------------------------------
The ratings assigned to the bank facilities of Star Ship Breaking
Corporation continue to remain constrained on account of its
small scale of operations, low cash accruals, leveraged capital
structure and weak debt coverage indicators.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5          CARE B; Stable Reaffirmed

   Short-term Bank
   Facilities            30          CARE A4 Reaffirmed

The ratings further continue to remain constrained due to
partnership nature of business operation coupled with
operations in volatile, fragmented and competitive nature of the
ship-breaking industry.

The ratings, however, continue to derive benefits from the vast
experience of the partners and comfortable liquidity
position.

The ability of SSBC to increase its scale of operations by
acquiring new ships for breaking coupled with an improvement in
profit margins, capital structure and debt coverage indicators
remains the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
Small scale of operations, low cash accruals, leveraged capital
structure and weak debt coverage indicators SSBC's total
operating income (TOI) witnessed a y-o-y increase of about 41.86%
on account of increase in other income.  However, it stood very
low at INR0.37 crore in FY16 (refers to the period April 1 to
March 31), while GCA also stood low at INR0.11 crore as no major
ship-breaking activity was carried out in FY16.

On the back of low net worth base and high debt level i.e.
primarily in the form of unsecured loans, capital structure
stood weak marked by high overall gearing of 2.97x as on March
31, 2016. Furthermore, low level of cash accruals and high debt
level has also led to weak total debt to GCA of 84.84x as on
March 31, 2016.

Partnership nature of business operation coupled with operations
in volatile, fragmented and competitive nature of the ship-
breaking industry

Being a partnership firm, SSBC is exposed to risk of withdrawal
of capital by the partners in case of need arises which could put
pressure on capital structure of firm. Furthermore, ship-breaking
industry is highly fragmented in nature wherein large number of
players operates within same vicinity. In addition to this,
operations also remain volatile as business activities will be
carried out only when ships will be available for breaking.

Key Rating Strengths
Vast experience of the partners into ship-breaking industry
Mr Ashraf Lakhani and Mr. Kashid Dholia possess an experience of
over a decade in ship-breaking business. They were involved in
scrap trading business for around 10 years prior to starting
SSBC. Over the period, they have established good relation with
intermediaries and the market players prevailing in ship-breaking
industry. Furthermore, partners are also associated with other
entity Sanjay Trade Corporation (STC rated 'CARE B') which is
also engaged into ship-breaking industry.

Comfortable liquidity position
Liquidity position of SSBC remained comfortable marked by
comfortable current ratio and low average working capital
utilization at 10% during 12 months ended January 2017.

SSBC is a partnership firm established by Mr. Arif Lakhani and
two other partners Mr. Kashid Dholia and Mr. Ashraf Lakhani
during the year 1998. After death of Mr. Ashraf Lakhani in April
2013, the operation of the firm was carried out by rest two
partners during FY13. Mr. Arif Lakhani left the partnership firm
and his son Mr. Imran Lakhani joined the partnership firm in
FY16. SSBC is engaged in the ship-breaking activity. SSBC
purchases ships, primarily bulk carriers and cargo ships, either
directly from ship owners or agents which is then sold as scrap.
The ship-breaking operations are carried out at premises which
are taken on lease for tenure of 10 years from Alang Port from
Gujarat Maritime Board (GMB). SSBC purchase ships mainly from
brokers through open market and sells scraps through brokers
mainly in Gujarat which is being used for
manufacturing of TMT bars.

During FY16 (A), SSBC reported PAT of INR0.10 crore on a TOI of
INR0.37 crore as against PAT of INR0.04 crore on a TOI of INR0.26
crore during FY15. Up to January 23, 2017 (Prov.), SSBC has
achieved a turnover of INR59.71 crore.


SURYAJYOTI SPINNING: CARE Reaffirms D Rating on INR256.7cr Loan
---------------------------------------------------------------
The ratings assigned to the bank facilities of Suryajyoti
Spinning Mills Limited takes into account continued weak
financial profile and stretched liquidity position of the company
resulting in delays in servicing debt obligations.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities           256.70       CARE D Reaffirmed

   Short-term Bank
   Facilities            52.32       CARE D Reaffirmed

Detailed description of the key rating drivers

Key Rating Weaknesses
Stretched liquidity position resulting in delays in servicing
debt obligation

The company has been facing subdued financial performance since
the last three years on account of sluggish demand for cotton
yarn in the domestic and export markets and the same continued
during FY16 (refers to the period April 1 to March 31). The
financial parameters continued to remain weak during FY16 with
the company reporting net loss and cash loss during the year.

Key Rating Strengths
Experienced Promoters
Mr Ravinder Kumar (Managing Director), the main promoter, has
more than four decades of experience in the textile industry. His
son, Mr. Arun Kumar Agarwal (Executive Director), is also
associated with the company from 1995 onwards and is also
actively involved in the day-to-day operations of SSML.

Suryajyoti Spinning Mills Ltd., promoted by Mr. Ravinder Kumar
Agarwal (Managing Director), was incorporated in 1983, and
commenced operations from January 1991. SSML commenced operations
with installed capacity of 5,040 spindles and gradually increased
it to 86,560 spindles. The manufacturing units are located at
Makthal, Burgul and Rajapur Villages of Mahaboobnagar District,
Telangana. SSML manufactures medium to coarser counts of carded
and combed cotton yarn and various blends of synthetic yarn such
as polyester (100%), viscose (100%) and polyesterviscose/
polyester-cotton blends. SSML also has a fabric manufacturing
unit with an installed capacity of 20 Million Meters Per Annum.


UDAY AUTOLINK: CARE Assigns 'D' Rating to INR34.59cr LT Loan
------------------------------------------------------------
The rating assigned to the bank facilities of Uday Autolink
Private Limited is primarily constrained on account of instances
of delay in debt servicing due to its weak liquidity position.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             34.59      CARE D Assigned

Establishing a clear track record of timely servicing of debt
obligations along with improvement in the liquidity position is
the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses
Delays in debt servicing owing to weak liquidity position
On the back of weak operating performance and liquidity, there
has been delay in debt servicing by the company.

UAPL's liquidity position remained weak marked by below unity
current ratio as on March 31, 2016 and full utilization of
its working capital bank borrowing for the last 12 month period
ended February 2017. Furthermore, UAPL has been reporting cash
losses since last three year period ended FY16.

Ahmedabad-based UAPL was incorporated on July 7, 2011 by Mr. Uday
Bhatt & Ms Mohiniben Bhatt. UAPL is an authorized dealer of
Maruti Suzuki India Limited. It is engaged in selling of Maruti
Suzuki India Limited's passenger cars & provides after sales
services to the customers. UAPL's showroom/workshop is located at
Kathwada village in Ahmedabad district of Gujarat. UAPL is a part
of a diversified Galaxy Group having business interests in real
estate, hospitality, etc.

During FY16 (refers to the period April 1 to March 31), UAPL
reported net loss of INR5.66 crore on a TOI of INR78.41 crore as
against net loss of INR5.64 crore on a TOI of INR91.51 crore
during FY15.


VINAYAK NIRMAN: ICRA Assigns B Rating to INR15cr Fund Based Loan
----------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR15.00
crore fund based limits of Vinayak Nirman Private Limited. The
outlook on the long term rating is 'Stable'.

                        Amount
  Facilities          (INR crore)     Ratings
  ----------          -----------     -------
  Fund Based Limits       15.00       [ICRA]B (Stable)

Rationale
The rating assigned to VNPL takes into account the funding and
refinancing and saleability risks, given the ongoing slowdown in
the real estate sector for both the projects under execution.
Despite the advanced stage of construction, there is an unsold
inventory of 35% for the commercial project, Vinayak Plaza, and
47% for the residential project, Varuna Gardens. Given the
limited committed capital available on current bookings, the
funding or refinancing risk to meet the term loan repayment
obligations pertaining to the bank loan availed for the
commercial project is high. Further inter-group dealings also
limit financial flexibility. In light of this, the pace of future
bookings and retention of unsecured loans in business will be
critical from a credit perspective.

Nevertheless, the assigned rating draws comfort from the
favourable location of both residential and commercial projects
in Varanasi, which after witnessing time over-runs are currently
in their final stages of completion. ICRA also notes the
relatively strong net-worth base, which has led to the
comfortable capital structure of the company.

Key rating drivers

Credit Strengths
* Locational advantage derived from key location of the
   commercial project, Vinayak Plaza, and good locality of the
   residential project, Varuna Gardens, in Varanasi.

* Comfortable gearing levels, following a relatively strong
   net-worth base.

Credit Weakness
* Saleability risks due to significant unsold inventory of the
   projects, despite advanced stage of construction for both
   projects under execution.

* Exposed to ongoing slowdown in the real estate sector and
   inherent cyclicality in the sector

* Funding or refinancing risks to meet term loan repayment
   obligations; future bookings, collections from customers and
   retention of unsecured loans will be critical, given limited
   committed capital available on current bookings.

* Inter-group dealings limit financial flexibility.

Detailed description of key rating drivers:

Vinayak Nirman Private Limited is currently developing a
commercial project 'Vinayak Plaza' and a residential project
'Varuna Gardens' in Varanasi. The commercial project Vinayak
Plaza has a project cost of approximately Rs. 57.54 crore against
which the company has incurred a cost of approximately Rs. 56.13
crore till December 2016. After considerable time overrun and
cost overrun, the project is in final stage of completion and is
expected to be complete by May 2017. Despite the advance stage of
construction, it has received booking of approximately 65% of
saleable area till December 2016 indicating high market risk for
unsold inventory amid sluggish demand in the real estate sector.
Since this is a externally debt funded capex, with a pending term
loan repayment of approximately Rs. 10.50 crore, inability to
liquidate unsold inventory and generate sales from it may lead to
cash flow mismatch given the limited committed capital of INR1.41
crore available from sold units.

The residential project Varuna Gardens is estimated to have a
project cost of approximately Rs. 169.07 crore against which the
company has incurred a cost of approximately Rs. 168.96 crore
till December 2016. After considerable time overrun and cost
overrun, the project is in final stage of completion and is
expected to be complete by April 2017. Despite the advance stage
of construction, the company could achieve sales for
approximately 52% of its saleable area till December 2016
indicating high market risk for the unsold inventory. However,
the project has being internally funded through unsecured loans
of approximately Rs. 31.07 crore from promoters the repayments of
the same are expected to be flexible in nature; this shall proved
comfort to cash flow profile of the company to some extent. With
a committed capital from sold inventory of approximately Rs. 6.22
crore, the collection efficiency and pace of future bookings will
be critical from the cash flow perspective. Furthermore, the
sizable loans and advances extended to group companies limits the
company's financial flexibility.

Going forward, the ability of the company to capitalise on the
location advantage of the projects by liquidating its unsold
inventory and accruing revenues to comfortably meet its term
loans repayments will remain the key monitorable. Conversely, any
delays in bookings of unsold inventory, sales realisation amid
risk of booking cancellation or withdrawal of unsecured loans
from business may lead to funding gaps and to refinancing risks.
Analytical approach: To arrive at the ratings ICRA has taken into
account the standalone financials of the firm along with key
operational developments in the recent past.

Incorporated in 2005, Vinayak Nirman Private Limited develops
residential and commercial projects in Varanasi, Uttar Pradesh.
VNPL is currently developing a commercial project -- Vinayak
Plaza -- and a residential project -Varuna Gardens -- in
Varanasi. The company has other group entities, which are engaged
in the real estate, hotel and textile sectors. Its group
companies -- Vinayak Vihar Private Limited and GAD Associates --
operate in the real estate sector. Vijay Silk House Private
Limited, VSH Silk Mills Limited and Rama Textiles Private Limited
operate in the textile sector; while White Pearl Hotel &
Investments Private Limited operates in the hospitality sector.

Mr. Ganesh Kumar Gupta, Mr. Sarvesh Kumar Agarwal and Mr. Vinod
Kumar Singal are the directors and key management personnel of
the company.

The company recorded an OI of approximately INR9.13 crore as on
Dec. 31, 2016 against an OI of approximately INR22.07 crore as on
March 31, 2016.



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


SRI REJEKI: Fitch Affirms 'BB-' Issuer Default Rating
-----------------------------------------------------
Fitch Ratings has affirmed Indonesia-based integrated fabric and
garment manufacturer PT Sri Rejeki Isman Tbk's Long-Term Issuer
Default Rating (IDR) at 'BB-'. Fitch Ratings Indonesia has also
affirmed the National Long-Term Rating at 'A+(idn)'. The Outlook
is Stable.

The affirmation reflects robust operating performance and
increasing operating scale. Sritex's major capacity expansion
programme is drawing to a close, and consequently, Fitch expects
its EBITDA to increase to around USD150 million in 2017 and
USD170 million in 2018, from USD118 million in 2015 before the
expansion. However leverage, measured by net adjusted
debt/EBITDAR, stood at 3.7x at end-2016, which is high for
Sritex's ratings. Leverage rose because the company's working
capital cycle lengthened amid increased sales of finished fabric
and garments. Fitch expects leverage to fall to around 3.0x by
end-2017, supported by higher volumes of export sales, which have
a shorter cash cycle. However Fitch may consider negative rating
action if Sritex is unable to reduce its leverage to around 3.0x
by this deadline.

'A' National Ratings denote expectations of low default risk
relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may
affect the capacity for timely repayment to a greater degree than
is the case for financial commitments denoted by a higher rated
category.

KEY RATING DRIVERS

High Working Capital Risks: Sritex's ability to manage its
working capital over the next two years, as it markets its new
production capacity, is a key credit risk. Its net cash cycle
increased to 185 days in 2016, from 150 days in 2015, and Fitch
expects a further increase to around 200 days in 2017. The rising
mix of finished fabrics and garments in Sritex's sales has
lengthened the working capital cycle; however, this is
counterbalanced by the company's ability to prioritise export
sales over domestic sales. Sritex expects to improve its credit
terms with suppliers without negatively affecting profitability,
although the efficacy of this strategy remains to be seen.

Vertical Integration, Growing Exports: Fitch expects around 55%-
60% of Sritex's revenue to stem from the export of finished
fabric and garments over the next two years, up from around 50%
in 2016. Sritex sources yarn and raw fabric from its own mills
and produces speciality garments, such as military uniforms,
which have higher profit margins. The company is a nominated
supplier to several of its main buyers, which is a key credit
strength, and is supported by its record of delivering to
customers' required quality and cost and on time.

Sufficient Production Capacity: Sritex is Indonesia's largest
vertically integrated fabric and garment manufacturer. The
company will have an annual production capacity of 654,000 bales
of yarn by end-2017, representing a 16% yoy increase; 180 million
metres of greige cloth, a 50%-plus yoy increase; 240 million
yards of finished fabric, a 100%-plus yoy increase; and 30
million pieces of garments, a 50%-plus yoy increase. The company
may expand its spinning capacity further in 2018 or 2019, but
this is subject to the level of external demand.

Currency Risk Mostly Hedged: Over half of Sritex's 2016 revenue
stemmed from exports, up from 42% in 2014. A bulk of its domestic
sales is also exported indirectly and is therefore linked to the
US dollar exchange rate. Consequently Sritex has a significant
natural hedge against foreign-currency costs, which was evident
in 2015 and 2016 when its EBITDA margin remained largely intact
in the face of severe currency volatility.

DERIVATION SUMMARY

Sritex's rating sits comfortably in between its main peers, 361
Degrees International Limited (BB/Stable) and PT Pan Brothers Tbk
(B/Positive). 361 Degrees is an established Chinese sportswear
brand-owner and producer across four brands and four product
categories, with a 4% market share. It has similar operating
scale to Sritex and slightly thinner EBITDA margins. However it
has a significantly stronger financial profile, with cash
reserves exceeding debt, which justifies its higher rating.
Pan Brothers is a small Indonesian garment manufacturer with high
leverage due to the aggressive expansion of its production
capacity over the last two years. Sritex has a stronger business
profile that reflects its larger operating scale and integrated
nature of operations, with a solid position in textile
manufacturing that limits its operating leverage when compared
with Pan Brothers. Together with its stronger financial profile,
Sritex's Long-Term IDR is two notches higher than that of Pan
Brothers.

KEY ASSUMPTIONS

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

-- Revenue growth of 9% in 2017 and 15% in 2018 (2016: 8%), as
   Sritex's capacity expansion comes to a close and sales gain
   momentum.
-- EBITDAR margins to remain between 20%-21% (2016:19%) in the
   next two years.
-- Net cash collection cycle to increase to 200 days in 2017 and
   215 days in 2018
-- Capex to remain minimal at maintenance levels of around USD15
   million per annum.
-- A low dividend payout in line with the company's record.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

Fitch does not expect positive rating action for the next two
years, as Sritex's leverage, measured by net adjusted
debt/EBITDAR, is likely to remain high for its ratings as it
ramps up sales to fill its new production capacity.

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

-- Inability to lower leverage to around 3.0x by end-2017 (2016:
   3.7x; 2015: 3.2x).
-- A sustained weakening in EBITDAR margins.

LIQUIDITY

Satisfactory Liquidity: Sritex had readily available cash of
USD88 million at end-2016, including cash of around USD28
million, most of which is earmarked as collateral against
specific bank borrowings. This compares well with the USD30
million medium-term note maturing in 2017 and Fitch expectations
that the company will generate neutral free cash flow in 2017.
Sritex also had more than USD100 million in bank loans
outstanding for funding working capital requirements, which Fitch
expects will be rolled over in the normal course of business, and
a further USD215 million of approved but unused bank facilities
at end-January 2017, which it could use to fund working capital
if required.

FULL LIST OF RATING ACTIONS

PT Sri Rejeki Isman Tbk
-- Long-Term IDR: affirmed at 'BB-'; Outlook Stable
-- Senior unsecured long-term rating: affirmed at 'BB-'
-- National Long-Term Rating: affirmed at 'A+(idn)'; Outlook
    Stable

Golden Legacy Pte Ltd (subsidiary)
-- Senior unsecured long-term rating on outstanding USD350
    million 8.25% bond due in 2021: affirmed at 'BB-'



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


1MALAYSIA: MAS Issues Prohibition Orders vs. Ex-Goldman Banker
--------------------------------------------------------------
The Monetary Authority of Singapore (MAS) on March 13 said that
it has issued a 10-year Prohibition Order (PO) against Mr. Tim
Leissner, a former director of Goldman Sachs (Singapore) Pte.

MAS has also served notice of its intention to issue POs against
three individuals who were investigated by the Commercial Affairs
Department (CAD) on 1MDB-related matters, and consequently
convicted by the Courts in Singapore.

The three individuals are Mr. Jens Fred Sturzenegger, former
branch manager of Falcon Private Bank Ltd, Singapore branch
(Falcon Bank), as well as Mr. Yak Yew Chee and Ms Yvonne Seah Yew
Foong, both of whom were former employees of BSI Bank Limited
(BSI Bank). Given   the gravity of their misconduct, MAS intends
to issue lifetime POs against Mr. Sturzenegger and Mr. Yak, and a
15-year PO against Ms Seah.

Mr. Tim Leissner
In December 2016, MAS served notice of its intention to issue a
PO against Mr. Leissner and invited him to submit written
representations as to why a PO should not be made against him.
Mr. Leissner was found to have issued in June 2015 an
unauthorised letter to a financial institution based in
Luxembourg, and to have made false statements on behalf of
Goldman Sachs (Asia) L.L.C., without the firm's knowledge.

Following careful consideration of the representations made by
Mr. Leissner and the relevant facts, MAS has decided to issue a
PO for a period of 10 years against Mr. Leissner with effect from
13 March 2017. Mr. Leissner will be prohibited for a period of 10
years from: (i) performing any regulated activity under the
Securities and Futures Act and (ii) taking part, directly or
indirectly, in the management of any capital market services firm
in Singapore.

Mr. Jens Fred Sturzenegger
MAS has served a notice of its intention to issue a PO against
Mr. Sturzenegger, who was the Branch Manager of Falcon Bank from
August 2011 to October 2016.

As Branch Manager, Mr. Sturzenegger was responsible for ensuring
the sound management of Falcon Bank and its compliance with
regulations, notices and directives issued by MAS, as well as any
other relevant laws and regulations.

On Jan. 11, 2017, Mr. Sturzenegger was convicted on several
charges, which included (i) consenting to Falcon Bank's failure
to file any suspicious transaction report on the inflows into
Falcon Bank; (ii) failing to disclose information on suspicious
outflows from Falcon Bank; and (iii) furnishing false information
to MAS and CAD to cover up his relationship with Mr. Low Taek Jho
as well as his knowledge of Mr. Low's involvement in the bank
accounts maintained by Falcon Bank.

Mr. Yak Yew Chee and Ms Yvonne Seah
MAS has served notice of its intention to issue POs against Mr.
Yak and Ms Seah, former representatives of BSI Bank.2

Mr Yak was a senior private banker with BSI Bank between 2010 and
2016 and held the designation of Managing Director.  He was the
relationship manager for Mr. Low and Mr. Low's father. As the
second most senior private banker after Mr. Yak in the latter's
team, Ms Seah closely assisted Mr. Yak in managing the
relationship with Mr. Low and his father.

On Nov. 11, 2016, Mr. Yak was convicted on charges of forging
reference letters to entities based in Switzerland, using the
letterhead of BSI Bank. On 16 December 2016, Ms Seah was
convicted for intentionally aiding Mr. Yak to forge reference
letters. The letters were issued to misrepresent Mr. Low's net
worth or conceal the source of Mr. Low's fund transfers. Mr. Yak
and Ms Seah had also failed to report the suspicious movement of
funds by Mr. Low.

The proposed POs will prohibit Mr. Sturzenegger and Mr. Yak for
life, and Ms Seah for a period of 15 years, from:

   (i) performing any regulated activity or acting as a
       representative in respect of any regulated activity as
       stipulated under the Securities and Futures Act;

  (ii) taking part, directly or indirectly, in the management of,
       acting as a director of, or becoming a substantial
       shareholder of, any holder of a capital market services
       licence or any exempt person under the Securities and
       Futures Act.

(iii) providing any financial advisory service as stipulated
       under the Financial Advisers Act; and

  (iv) taking part, directly or indirectly, in the management of,
       acting as a director of, or becoming a substantial
       shareholder of, a licensed financial adviser or exempt
       financial adviser under the Financial Advisers Act.

Mr. Ong Chong Tee, Deputy Managing Director (Financial
Supervision), MAS, said, "MAS will not tolerate conduct by any
finance professional that threatens to undermine trust and
confidence in Singapore's financial system. MAS will not hesitate
to bar such individuals from carrying out regulated activities in
the financial industry. It is imperative that industry
professionals and representatives of financial institutions are
fit and proper persons. They must be worthy of the trust that
people place in them and their institutions."

                           About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015.  The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.



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


EZRA HOLDINGS: Faces US$194.5MM Claim on Lewek Champion Lease
-------------------------------------------------------------
The Business Times reports that Ezra Holdings is facing a claim
for US$194.5 million as the guarantor of a bareboat charter on
pipelay vessel Lewek Champion.

Ezra disclosed the claim in an announcement issued on March 12,
stating that Hai Jiang 1401 Pte Ltd, the vessel-owning unit of
ICBC Financial Leasing Co Ltd, has demanded a payment of the
termination sum of US$194.5 million within 15 days from the date
of a notice of termination, The Business Times says.

The Business Times relates that the notice of termination was
served to Ezra on March 9, 2017, two days after Ezra's associate
Emas Chiyoda Subsea (ECS) and its affiliates filed a debtor's
motion with the US Bankruptcy Court to reject a back-to-back
bareboat charter dated Feb. 19, 2014 on Lewek Champion, a vessel
in Emas Offshore Limited's (EOL) operating fleet.

According to the report, Hai Jiang 1401 noted the debtor's motion
filed to reject the bareboat charter in its notice of
termination.

The Business Times says first, Lewek Champion Shipping Pte Ltd, a
wholly owned subsidiary of EOL, has defaulted on payment of
US$1.6 million payable under the bareboat charter.

Second, ECS being the sub-sub-charterer of the vessel, has also
filed an application to the Singapore courts for a stay order on
claims against the company, following a Chapter 11 application
with the US bankruptcy court.

Third, Lewek Champion was seized and/or detained by Huisman
Equipment BV in Xiamen, China since Feb. 18, 2017, the report
relays.

Hai Jiang 1401 had appointed Joshua James Taylor --
joshua.taylor@fticonsulting.com -- and Yit Chee Wah --
steven.yit@fticonsulting.com -- of FTI Consulting (S) Pte Ltd as
the joint receivers and managers of certain assets of the vessel
charterer, Lewek Champion Shipping Pte Ltd, The Business Times
discloses.

Ezra and its affected direct or indirect subsidiaries are seeking
legal advice on the impact of Hai Jiang 1401's notice of
termination, claim and appointment of joint receivers and
managers, the report adds.

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


RICKMERS MARITIME: Lender May Consider Material Debt Forgiveness
----------------------------------------------------------------
Rickmers Trust Management Pte. Ltd., in its capacity as trustee-
manager of Rickmers Maritime as issuer of SGD100 million 8.45 per
cent notes due 2017 (the Notes), provided an update in relation
to the restructuring of the Notes.

The Trustee-Manager held discussions on March 7, 2017, with HSH
Nordbank AG, its largest senior lender to ascertain whether
Ferrier Hodgson, the senior lender's financial adviser had
secured a credible alternative restructuring proposal to achieve
a restructuring of the Notes, following its discussions and
engagement with certain holders of the Notes (the "Noteholders")
and the senior lender.

The senior lender informed the Trustee-Manager that its financial
adviser's proposed restructuring proposal for the restructuring
of the Notes was not acceptable to the senior lender; the senior
lender advised the Trustee-Manager to formulate a revised
restructuring proposal. The Trustee-Manager was made to
understand that no further discussions between the senior lender
and its financial adviser are currently ongoing in relation to
any restructuring proposal and, as such, expects that the
restructuring of the Notes is likely to be further delayed.

In view of the above development, the senior lender has indicated
to the Trustee-Manager that it may be willing, subject to further
internal deliberations and approvals, to consider a material debt
forgiveness of the existing loans that it has extended to the
Trust, if the Trust is able to secure similar, substantial debt
forgiveness from the Noteholders and its other unsecured
creditors and raise additional equity, and provided that its
recovery would in this case be higher than its recovery from an
immediate winding-up of the Trust and that recovery of its debt
will not be prejudiced by the claims of other creditors of the
Trust. In all other cases, the senior lender indicated it would
support an orderly winding-up of the Trust.

Further to the above, the Trustee-Manager is currently in
discussions with its advisers to formulate a new framework for
restructuring the liabilities of the Trust and intends to present
such new restructuring proposal to its creditors and Noteholders
when it has been finalized.

The Trustee-Manager will update its Noteholders and unitholders
if there is any further development, and where necessary, to
obtain the approval of Noteholders and/or unitholders for any
resolutions which may be required. Given that the Trust is
formulating a new proposal for the restructuring of its
liabilities, the Trustee-Manager is of the view that there is
still basis for the Trust to continue and the Trust should not be
wound up in accordance with its trust deed at this time.

Rickmers Maritime (SGX:B1ZU) -- http://www.rickmers-maritime.com/
-- is a Singapore-based business trust that owns and operates
containerships mainly under fixed-rate time charters to global
container liner companies. The Trust owns a portfolio of
approximately 20 containerships ranging from 3,450 twenty foot
equivalent unit (TEU) to 5,060 TEU, offering a total capacity of
approximately 66,410 TEU. The Company's subsidiaries include
Kaethe Navigation Limited, Richard II Navigation Limited, Henry
II Navigation Limited, Moni II Navigation Limited, Vicki Rickmers
Navigation Limited, Maja Rickmers Navigation Limited, Laranna
Rickmers Navigation Limited, Sabine Rickmers Navigation Limited,
Clan Navigation Limited and Ebba Navigation Limited. The Trust is
managed by Rickmers Trust Management Pte. Ltd.



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


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

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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD           11.50    04/01/19      USD      1.14
ARTSONIG PTY LTD           11.50    04/01/19      USD      1.14
BOART LONGYEAR MANAGEMEN    7.00    04/01/21      USD      6.25
BOART LONGYEAR MANAGEMEN    7.00    04/01/21      USD      6.25
BOART LONGYEAR MANAGEMEN   10.00    10/01/18      USD     74.50
BOART LONGYEAR MANAGEMEN   10.00    10/01/18      USD     74.50
CML GROUP LTD               9.00    01/29/20      AUD      1.02
HILLGROVE RESOURCES LTD     6.00    12/20/19      AUD      2.10
KEYBRIDGE CAPITAL LTD       7.00    07/31/20      AUD      0.72
LAKES OIL NL               10.00    03/31/17      AUD      4.13
LAKES OIL NL               10.00    05/31/18      AUD      8.00
MIDWEST VANADIUM PTY LTD   11.50    02/15/18      USD      2.00
MIDWEST VANADIUM PTY LTD   11.50    02/15/18      USD      2.00
RELIANCE RAIL FINANCE PT    2.15    09/26/23      AUD     67.57
RELIANCE RAIL FINANCE PT    2.15    09/26/23      AUD     67.57
STOKES LTD                 10.00    06/30/17      AUD      0.30
TREASURY CORP OF VICTORI    0.50    11/12/30      AUD     67.57


CHINA
-----

AKESU XINCHENG ASSET INV    7.50    10/10/18      CNY     51.24
ANKANG DEVELOPMENT & INV    6.35    03/06/20      CNY     81.23
ANQING URBAN CONSTRUCTIO    6.76    12/31/19      CNY     62.24
ANSHAN CITY CONSTRUCTION    8.25    03/05/19      CNY     41.81
ANSHAN CITY CONSTRUCTION    6.39    04/25/20      CNY     73.67
ANSHUN STATE-RUN ASSETS     6.98    01/10/20      CNY     61.87
ANSHUN STATE-RUN ASSETS     6.98    01/10/20      CNY     61.88
ANYANG INVESTMENT GROUP     8.00    04/17/19      CNY     61.79
BAICHENG ZHONGXING URBAN    7.00    12/18/19      CNY     61.14
BAISHAN URBAN CONSTRUCTI    7.00    07/31/19      CNY     61.42
BANGBU CITY INVESTMENT H    5.78    08/10/17      CNY     30.14
BANGBU CITY INVESTMENT H    6.30    09/11/20      CNY     82.12
BAODING NATIONAL HI-TECH    7.33    12/24/19      CNY     62.85
BAOJI INVESTMENT GROUP C    7.14    12/26/18      CNY     51.30
BAOJI INVESTMENT GROUP C    7.14    12/26/18      CNY     51.61
BAOSHAN STATE-OWNED ASSE    7.30    12/10/19      CNY     60.00
BAOSHAN STATE-OWNED ASSE    7.30    12/10/19      CNY     61.92
BAOTOU STATE OWNED ASSET    7.03    09/17/19      CNY     62.08
BAYINGUOLENG INNER MONGO    7.48    09/10/18      CNY     51.03
BEIJING CAPITAL DEVELOPM    5.95    05/29/19      CNY     60.82
BEIJING CHAOYANG STATE-O    5.25    03/27/20      CNY     74.35
BEIJING CONSTRUCTION ENG    5.95    07/05/19      CNY     60.85
BEIJING CONSTRUCTION ENG    5.95    07/05/19      CNY     60.91
BEIJING ECONOMIC TECHNOL    5.29    03/06/18      CNY     40.14
BEIJING FUTURE SCIENCE P    6.28    09/22/19      CNY     69.54
BEIJING GUCAI GROUP CO L    8.28    12/15/18      CNY     73.39
BEIJING JINGMEI GROUP CO    6.14    09/09/20      CNY     72.16
BEIJING XINGZHAN STATE O    6.48    08/31/19      CNY     56.83
BEIJING XINGZHAN STATE O    6.48    08/31/19      CNY     61.54
BIJIE XINTAI INVESTMENT     7.15    08/20/19      CNY     61.60
BINZHOU BINCHENG DISTRIC    6.50    07/05/19      CNY     61.36
BINZHOU BINCHENG DISTRIC    6.50    07/05/19      CNY     61.50
CANGZHOU CONSTRUCTION &     6.72    01/23/20      CNY     60.10
CANGZHOU CONSTRUCTION &     6.72    01/23/20      CNY     61.68
CHANGDE CITY CONSTRUCTIO    6.50    02/25/20      CNY     57.29
CHANGDE CITY CONSTRUCTIO    6.50    02/25/20      CNY     62.47
CHANGDE ECONOMIC DEVELOP    7.19    09/12/19      CNY     58.05
CHANGDE ECONOMIC DEVELOP    7.19    09/12/19      CNY     61.76
CHANGSHA CITY CONSTRUCTI    6.95    04/24/19      CNY     61.66
CHANGSHA COUNTY XINGCHEN    8.35    04/06/19      CNY     56.80
CHANGSHA COUNTY XINGCHEN    8.35    04/06/19      CNY     62.31
CHANGSHA PILOT INVESTMEN    6.70    12/10/19      CNY     62.09
CHANGSHU BINJIANG URBAN     6.85    04/27/19      CNY     61.33
CHANGSHU CITY OPERATION     8.00    01/16/19      CNY     40.71
CHANGSHU CITY OPERATION     8.00    01/16/19      CNY     41.46
CHANGXING URBAN CONSTRUC    6.80    11/30/19      CNY     57.55
CHANGXING URBAN CONSTRUC    6.80    11/30/19      CNY     61.49
CHANGYI ECONOMIC AND DEV    7.35    10/30/20      CNY     70.10
CHANGYI ECONOMIC AND DEV    7.35    10/30/20      CNY     72.63
CHANGZHI CITY CONSTRUCTI    6.46    02/26/20      CNY     61.15
CHANGZHOU JINTAN DISTRIC    8.30    03/14/19      CNY     62.14
CHANGZHOU WUJIN CITY CON    6.22    06/08/18      CNY     50.55
CHAOHU URBAN TOWN CONSTR    7.00    12/24/19      CNY     61.88
CHAOHU URBAN TOWN CONSTR    7.00    12/24/19      CNY     83.60
CHAOYANG CONSTRUCTION IN    7.30    05/25/19      CNY     61.25
CHENGDU CITY DEVELOPMENT    6.18    01/14/20      CNY     57.73
CHENGDU CITY DEVELOPMENT    6.18    01/14/20      CNY     61.54
CHENGDU ECONOMIC&TECHNOL    6.50    07/17/18      CNY     50.52
CHENGDU ECONOMIC&TECHNOL    6.50    07/17/18      CNY     50.81
CHENGDU ECONOMIC&TECHNOL    6.55    07/17/19      CNY     61.49
CHENGDU ECONOMIC&TECHNOL    6.55    07/17/19      CNY     62.50
CHENGDU HI-TECH INVESTME    6.28    11/20/19      CNY     55.29
CHENGDU HI-TECH INVESTME    6.28    11/20/19      CNY     61.55
CHENGDU XINCHENG XICHENG    8.35    03/19/19      CNY     62.13
CHENGDU XINCHENG XICHENG    8.35    03/19/19      CNY     62.21
CHENGDU XINDU XIANGCHENG    8.60    12/13/18      CNY     73.05
CHENGDU XINGCHENG INVEST    6.17    01/28/20      CNY     55.92
CHENGDU XINGCHENG INVEST    6.17    01/28/20      CNY     62.02
CHENGDU XINGJIN URBAN CO    7.30    11/27/19      CNY     62.15
CHENGDU XINGJIN URBAN CO    7.30    11/27/19      CNY     62.59
CHENZHOU URBAN CONSTRUCT    7.34    09/13/19      CNY     61.94
CHENZHOU URBAN CONSTRUCT    7.34    09/13/19      CNY     61.95
CHENZHOU XINTIAN INVESTM    6.30    07/17/20      CNY     73.80
CHIFENG CITY HONGSHAN IN    7.20    07/25/19      CNY     61.12
CHIFENG CITY INFRASTRUCT    6.18    05/18/17      CNY     50.16
CHINA CITY CONSTRUCTION     4.93    07/14/20      CNY     11.81
CHINA CITY CONSTRUCTION     3.97    03/01/21      CNY     25.49
CHINA CITY CONSTRUCTION     5.55    12/17/17      CNY     42.88
CHINA GOVERNMENT BOND       1.64    12/15/33      CNY     72.88
CHIZHOU CITY MANAGEMENT     7.17    10/17/19      CNY     61.60
CHIZHOU CITY MANAGEMENT     7.17    10/17/19      CNY     61.84
CHONGQING BEIFEI INDUSTR    7.13    12/25/19      CNY     61.98
CHONGQING BEIFEI INDUSTR    7.13    12/25/19      CNY     62.00
CHONGQING CHANGSHOU DEVE    7.45    09/25/19      CNY     62.02
CHONGQING CHANGSHOU DEVE    7.45    09/25/19      CNY     62.05
CHONGQING CITY CONSTRUCT    5.12    05/21/20      CNY     74.47
CHONGQING FULING STATE-O    6.39    01/21/20      CNY     55.02
CHONGQING FULING STATE-O    6.39    01/21/20      CNY     61.89
CHONGQING HECHUAN RURAL     8.28    04/10/18      CNY     50.85
CHONGQING HECHUAN URBAN     6.95    01/06/18      CNY     40.62
CHONGQING HONGRONG CAPIT    7.20    10/16/19      CNY     61.72
CHONGQING JIANGJIN HUAXI    6.95    01/06/18      CNY     40.62
CHONGQING JIANGJIN HUAXI    7.46    09/21/19      CNY     62.02
CHONGQING JIANGJIN HUAXI    7.46    09/21/19      CNY     62.17
CHONGQING JINYUN ASSET M    6.75    06/18/19      CNY     60.91
CHONGQING JINYUN ASSET M    6.75    06/18/19      CNY     61.26
CHONGQING LAND PROPERTIE    7.35    04/25/19      CNY     62.11
CHONGQING MAIRUI CITY IN    6.82    08/17/19      CNY     61.56
CHONGQING NAN'AN URBAN C    6.29    12/24/17      CNY     40.46
CHONGQING NAN'AN URBAN C    8.20    04/09/19      CNY     62.04
CHONGQING NANCHUAN DISTR    7.35    09/06/19      CNY     61.88
CHONGQING NANCHUAN DISTR    7.35    09/06/19      CNY     61.91
CHONGQING QIJIANG EAST N    6.75    01/29/20      CNY     61.89
CHONGQING THREE GORGES I    6.40    01/23/19      CNY     50.92
CHONGQING XINGRONG HOLDI    8.35    04/19/19      CNY     61.99
CHONGQING XIYONG MICRO-E    6.76    07/25/19      CNY     61.76
CHONGQING YONGCHUAN HUIT    7.33    10/16/19      CNY     61.82
CHONGQING YONGCHUAN HUIT    7.33    10/16/19      CNY     62.05
CHONGQING YONGCHUAN HUIT    7.49    03/14/18      CNY     70.92
CHONGQING YUFU ASSET MAN    6.50    09/04/19      CNY     56.10
CHONGQING YUFU ASSET MAN    6.50    09/04/19      CNY     61.77
CHONGQING YULONG ASSET M    6.87    05/31/19      CNY     61.23
CHONGQING YUXING CONSTRU    7.29    12/08/17      CNY     40.69
CHONGQING YUXING CONSTRU    7.30    12/10/19      CNY     62.03
CHONGQING YUXING CONSTRU    7.30    12/10/19      CNY     62.10
CHUXIONG AUTONOMOUS DEVE    6.08    10/18/17      CNY     50.23
CHUZHOU CITY CONSTRUCTIO    6.81    11/23/19      CNY     61.72
CHUZHOU CITY CONSTRUCTIO    6.81    11/23/19      CNY     62.15
CHUZHOU TONGCHUANG CONST    7.05    01/09/20      CNY     56.25
CHUZHOU TONGCHUANG CONST    7.05    01/09/20      CNY     62.05
CIXI STATE OWNED ASSET I    6.60    09/20/19      CNY     57.82
CIXI STATE OWNED ASSET I    6.60    09/20/19      CNY     61.80
DALI ECONOMIC DEVELOPMEN    8.80    04/24/19      CNY     62.32
DALIAN CHANGXING ISLAND     6.60    01/25/20      CNY     61.87
DALIAN DETA INVESTMENT C    6.50    11/15/19      CNY     61.44
DALIAN LVSHUN CONSTRUCTI    6.78    07/02/19      CNY     57.03
DALIAN LVSHUN CONSTRUCTI    6.78    07/02/19      CNY     61.16
DANDONG CITY DEVELOPMENT    6.63    12/21/18      CNY     70.86
DANYANG INVESTMENT GROUP    8.10    03/06/19      CNY     61.89
DANYANG INVESTMENT GROUP    6.81    10/23/19      CNY     72.16
DAQING GAOXIN STATE-OWNE    6.88    12/05/19      CNY     61.74
DAQING GAOXIN STATE-OWNE    6.88    12/05/19      CNY     63.00
DAQING URBAN CONSTRUCTIO    6.55    10/23/19      CNY     61.45
DASHIQIAO URBAN CONSTRUC    6.58    02/21/20      CNY     60.94
DASHIQIAO URBAN CONSTRUC    6.58    02/21/20      CNY     61.11
DATONG ECONOMIC CONSTRUC    6.50    06/01/17      CNY     39.89
DAXING ANLING FORESTRY G    7.08    10/23/19      CNY     30.00
DAXING ANLING FORESTRY G    7.08    10/23/19      CNY     51.12
DAZHOU INVESTMENT CO LTD    6.99    12/25/19      CNY     58.72
DAZHOU INVESTMENT CO LTD    6.99    12/25/19      CNY     61.76
DEYANG CITY CONSTRUCTION    6.99    12/26/19      CNY     61.51
DEYANG CITY CONSTRUCTION    6.99    12/26/19      CNY     61.93
DEZHOU DEDA URBAN CONSTR    7.14    10/18/19      CNY     62.05
DONGBEI SPECIAL STEEL GR    7.40    07/17/17      CNY     40.00
DONGBEI SPECIAL STEEL GR    5.88    05/05/16      CNY     40.00
DONGBEI SPECIAL STEEL GR    5.63    04/12/18      CNY     40.00
DONGBEI SPECIAL STEEL GR    6.30    09/24/16      CNY     40.00
DONGBEI SPECIAL STEEL GR    6.50    03/27/16      CNY     40.00
DONGBEI SPECIAL STEEL GR    6.10    01/15/18      CNY     40.00
DONGBEI SPECIAL STEEL GR    7.00    07/10/16      CNY     40.00
DONGBEI SPECIAL STEEL GR    8.20    06/06/16      CNY     40.00
DONGBEI SPECIAL STEEL GR    8.30    09/06/16      CNY     40.00
DONGTAI COMMUNICATION IN    7.39    07/05/18      CNY     50.70
DONGTAI UBAN CONSTRUCTIO    7.10    12/26/19      CNY     62.14
DONGTAI UBAN CONSTRUCTIO    7.10    12/26/19      CNY     84.40
DRILL RIGS HOLDINGS INC     6.50    10/01/17      USD     46.50
DRILL RIGS HOLDINGS INC     6.50    10/01/17      USD     47.50
ENSHI URBAN CONSTRUCTION    7.55    10/22/19      CNY     62.13
ERDOS DONGSHENG CITY DEV    8.40    02/28/18      CNY     25.00
ERDOS DONGSHENG CITY DEV    8.40    02/28/18      CNY     25.22
EZHOU CITY CONSTRUCTION     7.08    06/19/19      CNY     61.48
FEICHENG CITY ASSETS MAN    7.10    08/14/18      CNY     50.97
FENGCHENG CITY CONSTRUCT    7.50    02/28/21      CNY     72.16
FENGHUA CITY INVESTMENT     7.45    09/24/19      CNY     61.66
FENGHUA CITY INVESTMENT     7.45    09/24/19      CNY     62.20
FUJIAN LONGYAN CITY CONS    7.45    08/14/19      CNY     61.86
FUJIAN NANPING HIGHWAY C    6.69    01/28/20      CNY     61.56
FUJIAN NANPING HIGHWAY C    6.69    01/28/20      CNY     61.70
FUJIAN NANPING HIGHWAY C    7.90    10/26/18      CNY     72.77
FUQING CITY STATE-OWNED     6.66    03/01/21      CNY     72.50
FUSHUN URBAN INVESTMENT     5.95    05/11/18      CNY     70.31
FUXIN INFRASTRUCTURE CON    7.55    10/10/19      CNY     60.00
FUXIN INFRASTRUCTURE CON    7.55    10/10/19      CNY     62.13
FUZHOU INVESTMENT DEVELO    6.78    01/16/20      CNY     57.73
FUZHOU INVESTMENT DEVELO    6.78    01/16/20      CNY     61.88
FUZHOU URBAN AND RURAL C    6.35    09/25/18      CNY     46.00
FUZHOU URBAN AND RURAL C    6.35    09/25/18      CNY     50.72
GANSU PROVINCIAL HIGHWAY    6.75    11/16/18      CNY     71.59
GANSU PROVINCIAL HIGHWAY    7.20    09/19/18      CNY     71.94
GANZHOU CITY DEVELOPMENT    6.40    07/10/18      CNY     50.70
GANZHOU DEVELOPMENT ZONE    6.70    12/26/18      CNY     47.70
GANZHOU DEVELOPMENT ZONE    6.70    12/26/18      CNY     51.15
GAOMI STATE-OWNED ASSETS    6.75    11/15/18      CNY     47.36
GAOMI STATE-OWNED ASSETS    6.75    11/15/18      CNY     50.92
GAOMI STATE-OWNED ASSETS    6.70    11/15/19      CNY     58.63
GAOMI STATE-OWNED ASSETS    6.70    11/15/19      CNY     61.51
GONGYI STATE OWNED ASSET    6.70    01/18/20      CNY     60.77
GUANGAN INVESTMENT HOLDI    8.18    04/25/19      CNY     61.80
GUANGXI BAISE DEVELOPMEN    6.50    07/04/19      CNY     61.04
GUANGXI BAISE DEVELOPMEN    6.50    07/04/19      CNY     61.10
GUANGYUAN INVESTMENT HOL    7.25    11/26/19      CNY     61.81
GUILIN ECONOMIC CONSTRUC    6.90    05/09/18      CNY     46.63
GUILIN ECONOMIC CONSTRUC    6.90    05/09/18      CNY     50.77
GUIYANG ECO&TECH DEVELOP    8.42    03/27/19      CNY     61.86
GUIYANG JINYANG CONSTRUC    6.70    10/24/18      CNY     46.90
GUIYANG JINYANG CONSTRUC    6.70    10/24/18      CNY     51.09
GUIYANG PUBLIC RESIDENTI    6.70    11/06/19      CNY     61.55
GUIYANG PUBLIC RESIDENTI    6.70    11/06/19      CNY     62.00
GUIYANG URBAN DEVELOPMEN    6.20    02/28/20      CNY     60.67
GUOAO INVESTMENT DEVELOP    6.89    10/29/18      CNY     43.86
GUOAO INVESTMENT DEVELOP    6.89    10/29/18      CNY     50.96
HAIAN COUNTY CITY CONSTR    8.35    03/28/18      CNY     50.97
HAIAN COUNTY CITY CONSTR    8.35    03/28/18      CNY     50.99
HAICHENG URBAN INVESTMEN    8.39    11/07/18      CNY     72.61
HAICHENG URBAN INVESTMEN    8.39    11/07/18      CNY     73.51
HAIMEN CITY DEVELOPMENT     8.35    03/20/19      CNY     61.97
HAINING STATE-OWNED ASSE    7.80    09/20/18      CNY     72.16
HAINING STATE-OWNED ASSE    7.80    09/20/18      CNY     72.47
HAINING STATE-OWNED ASSE    6.08    03/06/20      CNY     82.70
HANDAN CITY CONSTRUCTION    7.05    12/24/19      CNY     62.00
HANDAN CITY CONSTRUCTION    7.05    12/24/19      CNY     62.34
HANGZHOU HIGH-TECH INDUS    6.45    01/28/20      CNY     56.28
HANGZHOU HIGH-TECH INDUS    6.45    01/28/20      CNY     61.61
HANGZHOU MUNICIPAL CONST    5.90    04/25/18      CNY     50.33
HANGZHOU MUNICIPAL CONST    5.90    04/25/18      CNY     50.41
HANGZHOU XIAOSHAN ECO&TE    6.70    12/26/18      CNY     51.36
HANGZHOU YUHANG CITY CON    7.55    03/29/19      CNY     60.00
HANGZHOU YUHANG CITY CON    7.55    03/29/19      CNY     61.68
HANGZHOU YUHANG INNOVATI    6.50    03/18/20      CNY     74.69
HANZHONG CITY CONSTRUCTI    7.48    03/14/18      CNY     71.13
HARBIN HELI INVESTMENT H    7.48    09/26/18      CNY     71.83
HARBIN HELI INVESTMENT H    7.48    09/26/18      CNY     71.89
HARBIN WATER INVESTMENT     5.70    05/06/20      CNY     73.96
HEBEI SHUNDE INVESTMENT     6.98    12/05/19      CNY     61.85
HEBEI SHUNDE INVESTMENT     6.98    12/05/19      CNY     62.04
HEFEI HAIHENG INVESTMENT    7.30    06/12/19      CNY     61.44
HEFEI TAOHUA INDUSTRIAL     8.79    03/27/19      CNY     62.30
HEFEI XINCHENG STATE-OWN    7.88    04/23/19      CNY     61.83
HEFEI XINCHENG STATE-OWN    7.88    04/23/19      CNY     61.91
HEGANG KAIYUAN CITY INVE    6.50    07/19/19      CNY     61.54
HENAN JIYUAN CITY CONSTR    7.50    09/25/19      CNY     62.21
HENGYANG CITY CONSTRUCTI    7.06    08/13/19      CNY     61.90
HENGYANG CITY CONSTRUCTI    7.06    08/13/19      CNY     62.04
HUAIAN CITY URBAN ASSET     6.87    12/26/19      CNY     56.65
HUAIAN CITY URBAN ASSET     6.87    12/26/19      CNY     62.02
HUAIAN CITY WATER ASSET     8.25    03/08/19      CNY     62.09
HUAI'AN DEVELOPMENT HOLD    6.80    03/24/17      CNY     41.72
HUAI'AN DEVELOPMENT HOLD    7.20    09/06/19      CNY     55.02
HUAI'AN DEVELOPMENT HOLD    7.20    09/06/19      CNY     61.75
HUAIAN QINGHE NEW AREA I    6.79    04/29/17      CNY     39.88
HUAIAN QINGHE NEW AREA I    6.68    01/24/20      CNY     61.41
HUAIBEI CITY CONSTRUCTIO    6.68    12/17/18      CNY     50.21
HUAIBEI CITY CONSTRUCTIO    6.68    12/17/18      CNY     50.96
HUAIHUA CITY CONSTRUCTIO    8.00    03/22/18      CNY     50.21
HUAIHUA CITY CONSTRUCTIO    8.00    03/22/18      CNY     50.88
HUANGGANG CITY CONSTRUCT    7.10    10/19/19      CNY     61.82
HUANGGANG CITY CONSTRUCT    7.10    10/19/19      CNY     62.04
HUANGSHI URBAN CONSTRUCT    6.96    10/25/19      CNY     61.87
HUIAN STATE ASSETS INVES    7.50    10/15/19      CNY     62.16
HULUDAO INVESTMENT GROUP    8.47    03/01/19      CNY     60.00
HUNAN CHANGDE DEYUAN INV    7.18    10/18/18      CNY     50.93
HUNAN CHENGLINGJI HARBOR    7.70    10/15/18      CNY     51.42
HUNAN CHENGLINGJI HARBOR    7.70    10/15/18      CNY     51.44
HUNAN ZHAOSHAN ECONOMIC     7.00    12/12/18      CNY     50.71
HUZHOU MUNICIPAL CONSTRU    7.02    12/21/17      CNY     40.59
HUZHOU MUNICIPAL CONSTRU    6.70    12/14/19      CNY     61.52
HUZHOU NANXUN STATE-OWNE    8.15    03/31/19      CNY     61.91
HUZHOU WUXING NANTAIHU C    7.71    02/17/18      CNY     41.56
INNER MONGOLIA HIGH-TECH    7.20    09/25/19      CNY     61.70
JIAMUSI NEW ERA INFRASTR    8.25    03/22/19      CNY     60.80
JIAMUSI NEW ERA INFRASTR    8.25    03/22/19      CNY     61.60
JIAN CITY CONSTRUCTION I    7.80    04/20/19      CNY     62.01
JIANAN INVESTMENT HOLDIN    7.68    09/04/19      CNY     60.00
JIANAN INVESTMENT HOLDIN    7.68    09/04/19      CNY     62.43
JIANGDONG HOLDING GROUP     6.90    03/27/19      CNY     61.01
JIANGDU XINYUAN INDUSTRI    8.10    03/23/19      CNY     62.39
JIANGMEN CITY BINJIANG C    6.60    02/28/20      CNY     62.19
JIANGSU DAFENG HARBOR HO    7.98    11/15/17      CNY     50.42
JIANGSU HANRUI INVESTMEN    8.16    03/01/19      CNY     41.33
JIANGSU HUAJING ASSETS M    5.68    09/28/17      CNY     25.12
JIANGSU JINGUAN INVESTME    6.40    01/28/19      CNY     50.78
JIANGSU LIANYUN DEVELOPM    6.10    06/19/19      CNY     60.74
JIANGSU LIANYUN DEVELOPM    6.10    06/19/19      CNY     60.97
JIANGSU NANJING PUKOU EC    7.10    10/08/19      CNY     61.56
JIANGSU NANJING PUKOU EC    7.10    10/08/19      CNY     61.76
JIANGSU NEWHEADLINE DEVE    7.00    08/27/20      CNY     72.53
JIANGSU NEWHEADLINE DEVE    7.00    08/27/20      CNY     72.91
JIANGSU SUHAI INVESTMENT    7.20    11/07/19      CNY     61.99
JIANGSU TAICANG PORT DEV    7.66    05/16/19      CNY     62.14
JIANGSU WUZHONG ECONOMIC    8.05    12/16/18      CNY     66.22
JIANGSU WUZHONG ECONOMIC    8.05    12/16/18      CNY     72.87
JIANGSU XISHAN ECONOMIC     6.99    11/01/19      CNY     61.75
JIANGSU XISHAN ECONOMIC     6.99    11/01/19      CNY     69.60
JIANGSU ZHANGJIAGANG ECO    6.98    11/16/19      CNY     62.29
JIANGXI HEJI INVESTMENT     8.00    09/04/19      CNY     62.39
JIANGXI HEJI INVESTMENT     8.00    09/04/19      CNY     62.43
JIANGYAN STATE OWNED ASS    6.85    12/03/19      CNY     61.70
JIANGYAN STATE OWNED ASS    6.85    12/03/19      CNY     61.77
JIANGYIN CITY CONSTRUCTI    7.20    06/11/19      CNY     61.51
JIANGYIN CITY CONSTRUCTI    7.20    06/11/19      CNY     61.80
JIANGYIN GAOXIN DISTRICT    6.60    02/27/20      CNY     61.68
JIANHU URBAN CONSTRUCTIO    6.50    02/22/20      CNY     61.45
JIANHU URBAN CONSTRUCTIO    6.50    02/22/20      CNY     61.70
JIASHAN STATE-OWNED ASSE    6.80    06/06/19      CNY     61.48
JIAXING CULTURE FAMOUS C    8.16    03/08/19      CNY     61.79
JIAXING ECONOMIC&TECHNOL    6.78    06/14/19      CNY     57.28
JIAXING ECONOMIC&TECHNOL    6.78    06/14/19      CNY     61.24
JILIN CITY CONSTRUCTION     6.34    02/26/20      CNY     58.63
JILIN CITY CONSTRUCTION     6.34    02/26/20      CNY     61.64
JIMO CITY URBAN DEVELOPM    8.10    12/17/19      CNY     71.50
JINAN CITY CONSTRUCTION     6.98    03/26/18      CNY     50.60
JINAN XIAOQINGHE DEVELOP    7.15    09/05/19      CNY     61.72
JINAN XIAOQINGHE DEVELOP    7.15    09/05/19      CNY     61.80
JINGJIANG BINJIANG XINCH    6.80    10/23/18      CNY     50.79
JINGJIANG BINJIANG XINCH    6.80    10/23/18      CNY     51.15
JINGZHOU URBAN CONSTRUCT    7.98    04/24/19      CNY     61.99
JINING CITY CONSTRUCTION    8.30    12/31/18      CNY     41.96
JINING CITY YANZHOU DIST    8.50    12/28/17      CNY     25.58
JINING HI-TECH TOWN CONS    6.60    01/28/20      CNY     61.50
JINING HI-TECH TOWN CONS    6.60    01/28/20      CNY     61.73
JINING WATER SUPPLY GROU    7.18    01/22/20      CNY     62.36
JINSHAN STATE-OWNED ASSE    6.65    11/27/19      CNY     61.99
JINZHOU CITY INVESTMENT     7.08    06/13/19      CNY     61.11
JINZHOU CITY INVESTMENT     7.08    06/13/19      CNY     61.74
JISHOU HUATAI STATE OWNE    7.37    12/12/19      CNY     61.93
JISHOU HUATAI STATE OWNE    7.37    12/12/19      CNY     62.13
JIUJIANG CITY CONSTRUCTI    8.49    02/23/19      CNY     42.27
JIXI STATE OWN ASSET MAN    7.18    11/08/19      CNY     61.69
JIXI STATE OWN ASSET MAN    7.18    11/08/19      CNY     61.97
KAIFENG DEVELOPMENT INVE    6.47    07/11/19      CNY     60.95
KARAMAY URBAN CONSTRUCTI    7.15    09/04/19      CNY     61.77
KARAMAY URBAN CONSTRUCTI    7.15    09/04/19      CNY     61.87
KASHI URBAN CONSTRUCTION    7.18    11/27/19      CNY     61.97
KUNMING CITY CONSTRUCTIO    7.60    04/13/18      CNY     50.55
KUNMING CITY CONSTRUCTIO    7.60    04/13/18      CNY     50.87
KUNMING DIANCHI INVESTME    6.50    02/01/20      CNY     62.06
KUNMING INDUSTRIAL DEVEL    6.46    10/23/19      CNY     56.84
KUNMING INDUSTRIAL DEVEL    6.46    10/23/19      CNY     61.40
KUNMING WUHUA DISTRICT S    8.60    03/15/18      CNY     50.90
KUNMING WUHUA DISTRICT S    8.60    03/15/18      CNY     50.94
KUNSHAN ENTREPRENEUR HOL    6.28    11/07/19      CNY     57.73
KUNSHAN ENTREPRENEUR HOL    6.28    11/07/19      CNY     61.32
KUNSHAN HUAQIAO INTERNAT    7.98    12/30/18      CNY     41.50
LAIWU CITY ECONOMIC DEVE    6.50    03/01/18      CNY     30.31
LANZHOU CITY DEVELOPMENT    8.20    12/15/18      CNY     63.32
LANZHOU CITY DEVELOPMENT    8.20    12/15/18      CNY     69.84
LEQING CITY STATE OWNED     6.50    06/29/19      CNY     61.09
LESHAN STATE-OWNED ASSET    6.99    03/18/18      CNY     70.74
LESHAN STATE-OWNED ASSET    6.99    03/18/18      CNY     70.86
LIAONING YAODU DEVELOPME    7.35    12/12/19      CNY     61.22
LIAOYANG CITY ASSETS OPE    7.10    11/13/19      CNY     60.30
LIAOYANG CITY ASSETS OPE    7.10    11/13/19      CNY     62.12
LIAOYANG CITY ASSETS OPE    6.88    06/13/18      CNY     66.00
LIAOYUAN STATE-OWNED ASS    8.17    03/13/19      CNY     59.50
LIAOYUAN STATE-OWNED ASS    8.17    03/13/19      CNY     62.04
LIJIANG GUCHENG MANAGEME    6.68    07/26/19      CNY     61.44
LINAN CITY CONSTRUCTION     8.15    03/09/18      CNY     50.78
LINAN CITY CONSTRUCTION     8.15    03/09/18      CNY     50.80
LINYI CITY ASSET MANAGEM    6.68    12/12/19      CNY     57.91
LINYI CITY ASSET MANAGEM    6.68    12/12/19      CNY     61.97
LINYI ECONOMIC DEVELOPME    8.26    09/24/19      CNY     62.96
LINYI INVESTMENT DEVELOP    8.10    03/27/18      CNY     50.87
LISHUI URBAN CONSTRUCTIO    5.80    05/29/20      CNY     73.24
LIUPANSHUI DEVELOPMENT I    6.97    12/03/19      CNY     56.80
LIUPANSHUI DEVELOPMENT I    6.97    12/03/19      CNY     61.58
LIUZHOU DONGCHENG INVEST    8.30    02/15/19      CNY     41.00
LIUZHOU DONGCHENG INVEST    8.30    02/15/19      CNY     41.94
LIUZHOU INVESTMENT HOLDI    6.98    08/15/19      CNY     61.59
LIYANG CITY CONSTRUCTION    8.20    11/08/18      CNY     68.96
LONGHAI STATE-OWNED ASSE    8.25    12/02/17      CNY     40.00
LONGHAI STATE-OWNED ASSE    8.25    12/02/17      CNY     40.93
LOUDI CITY CONSTRUCTION     7.28    10/19/18      CNY     51.09
LOUDI CITY CONSTRUCTION     7.28    10/19/18      CNY     51.20
LUOHE CITY CONSTRUCTION     6.81    03/30/17      CNY     30.03
LUOHE CITY CONSTRUCTION     6.81    03/30/17      CNY     30.05
LUOHE CITY CONSTRUCTION     6.99    10/30/19      CNY     61.69
LUOYANG CITY DEVELOPMENT    6.89    12/31/19      CNY     61.92
MAANSHAN ECONOMIC TECHNO    7.10    12/20/19      CNY     62.00
MIANYANG SCIENCE TECHNOL    6.30    07/22/18      CNY     53.11
MIANYANG SCIENCE TECHNOL    7.16    05/15/19      CNY     60.02
MIANYANG SCIENCE TECHNOL    7.16    05/15/19      CNY     61.21
MUDANJIANG STATE-OWNED A    7.08    08/30/19      CNY     61.01
MUDANJIANG STATE-OWNED A    7.08    08/30/19      CNY     61.38
NANAN CITY TRADE INDUSTR    8.50    04/25/19      CNY     62.37
NANCHANG CITY CONSTRUCTI    6.19    02/20/20      CNY     56.19
NANCHANG CITY CONSTRUCTI    6.19    02/20/20      CNY     61.41
NANCHANG ECONOMY TECHNOL    6.88    01/09/20      CNY     61.90
NANCHANG MUNICIPAL PUBLI    5.88    02/25/20      CNY     57.64
NANCHANG MUNICIPAL PUBLI    5.88    02/25/20      CNY     61.44
NANCHONG DEVELOPMENT INV    6.69    01/28/20      CNY     61.85
NANCHONG DEVELOPMENT INV    6.69    01/28/20      CNY     82.34
NANCHONG ECONOMIC DEVELO    8.16    04/26/19      CNY     62.22
NANJING JIANGNING SCIENC    7.29    04/28/19      CNY     61.40
NANJING NEW&HIGH TECHNOL    6.94    09/07/19      CNY     61.54
NANJING NEW&HIGH TECHNOL    6.94    09/07/19      CNY     61.62
NANJING STATE OWNED ASSE    5.40    03/06/20      CNY     60.95
NANJING STATE OWNED ASSE    5.40    03/06/20      CNY     73.83
NANJING URBAN CONSTRUCTI    5.68    11/26/18      CNY     45.97
NANJING URBAN CONSTRUCTI    5.68    11/26/18      CNY     50.77
NANJING XINGANG DEVELOPM    6.80    01/08/20      CNY     55.92
NANJING XINGANG DEVELOPM    6.80    01/08/20      CNY     61.93
NANTONG CITY GANGZHA DIS    7.15    01/09/20      CNY     62.09
NANTONG CITY GANGZHA DIS    7.15    01/09/20      CNY     62.23
NANTONG CITY TONGZHOU DI    6.80    05/28/19      CNY     61.41
NEIJIANG INVESTMENT HOLD    7.00    07/19/18      CNY     48.71
NEIJIANG INVESTMENT HOLD    7.00    07/19/18      CNY     50.90
NEIMENGGU XINLINGOL XING    7.62    02/25/18      CNY     41.01
NINGBO CITY ZHENHAI INVE    6.48    04/12/17      CNY     39.93
NINGBO EASTERN NEW TOWN     6.45    01/21/20      CNY     61.38
NINGBO URBAN CONSTRUCTIO    7.39    03/01/18      CNY     24.49
NINGBO URBAN CONSTRUCTIO    7.39    03/01/18      CNY     25.66
NINGBO ZHENHAI HAIJIANG     6.65    11/28/18      CNY     51.03
NINGDE CITY STATE-OWNED     6.25    10/21/17      CNY     10.17
NONGGONGSHANG REAL ESTAT    6.29    10/11/17      CNY     40.40
PANJIN CONSTRUCTION INVE    7.50    05/17/19      CNY     60.00
PANJIN CONSTRUCTION INVE    7.42    03/01/18      CNY     61.21
PANJIN CONSTRUCTION INVE    7.50    05/17/19      CNY     61.47
PANJIN PETROLEUM HIGH TE    6.95    01/10/20      CNY     61.50
PANJIN PETROLEUM HIGH TE    6.95    01/10/20      CNY     61.89
PEIXIAN STATE-OWNED ASSE    7.20    12/06/19      CNY     62.15
PEIXIAN STATE-OWNED ASSE    7.20    12/06/19      CNY     62.37
PENGLAI CITY PENGLAIGE T    6.80    01/30/21      CNY     71.55
PENGLAI CITY PENGLAIGE T    6.80    01/30/21      CNY     72.81
PI COUNTY STATE-OWNED AS    7.25    10/15/20      CNY     74.42
PINGDINGSHAN CITY DEVELO    7.86    05/08/19      CNY     61.76
PINGDINGSHAN CITY DEVELO    7.86    05/08/19      CNY     61.86
PINGHU CITY DEVELOPMENT     7.20    09/18/19      CNY     60.20
PINGHU CITY DEVELOPMENT     7.20    09/18/19      CNY     61.80
PINGXIANG URBAN CONSTRUC    6.89    12/10/19      CNY     61.73
PINGXIANG URBAN CONSTRUC    6.89    12/10/19      CNY     84.05
PIZHOU RUNCHENG ASSET OP    7.55    09/25/19      CNY     60.50
PIZHOU RUNCHENG ASSET OP    7.55    09/25/19      CNY     62.12
PUER CITY STATE OWNED AS    7.38    06/20/19      CNY     61.68
PUTIAN STATE-OWNED ASSET    8.10    03/21/19      CNY     61.92
PUYANG INVESTMENT GROUP     6.98    10/29/19      CNY     61.68
QIANAN XINGYUAN WATER IN    6.45    07/11/18      CNY     50.67
QIANDONG NANZHOU DEVELOP    8.80    04/27/19      CNY     63.14
QIANDONGNANZHOU KAIHONG     7.80    10/30/19      CNY     61.65
QIANXI NANZHOU HONGSHENG    6.99    11/22/19      CNY     61.60
QINGDAO CITY CONSTRUCTIO    6.89    02/16/19      CNY     41.19
QINGDAO CITY CONSTRUCTIO    6.89    02/16/19      CNY     41.38
QINGDAO HUATONG STATE-OW    7.30    04/18/19      CNY     55.97
QINGDAO HUATONG STATE-OW    7.30    04/18/19      CNY     61.40
QINGDAO JIAOZHOU CITY DE    6.59    01/25/20      CNY     61.87
QINGZHOU HONGYUAN PUBLIC    6.50    05/22/19      CNY     28.00
QINGZHOU HONGYUAN PUBLIC    6.50    05/22/19      CNY     30.42
QINGZHOU HONGYUAN PUBLIC    7.25    10/19/18      CNY     51.13
QINGZHOU HONGYUAN PUBLIC    7.25    10/19/18      CNY     51.17
QINGZHOU HONGYUAN PUBLIC    7.35    10/19/19      CNY     54.12
QINGZHOU HONGYUAN PUBLIC    7.35    10/19/19      CNY     62.03
QINHUANGDAO DEVELOPMENT     7.46    10/17/19      CNY     61.99
QINHUANGDAO DEVELOPMENT     7.46    10/17/19      CNY     62.15
QINZHOU CITY DEVELOPMENT    6.72    04/30/17      CNY     50.14
QITAIHE CITY CONSTRUCTIO    7.30    10/18/19      CNY     61.01
QUANZHOU QUANGANG PETROC    8.40    04/16/19      CNY     61.59
QUANZHOU QUANGANG PETROC    8.40    04/16/19      CNY     62.02
QUANZHOU TAISHANG INVEST    7.08    12/10/19      CNY     61.99
QUANZHOU URBAN CONSTRUCT    6.48    01/11/20      CNY     56.47
QUANZHOU URBAN CONSTRUCT    6.48    01/11/20      CNY     61.88
QUJING DEVELOPMENT INVES    7.25    09/06/19      CNY     62.73
QUJING DEVELOPMENT INVES    7.25    09/06/19      CNY     62.80
RUDONG COUNTY DONGTAI SO    7.10    01/31/18      CNY     50.86
RUDONG COUNTY DONGTAI SO    7.45    09/24/19      CNY     61.94
RUDONG COUNTY DONGTAI SO    7.45    09/24/19      CNY     62.00
RUGAO COMMUNICATIONS CON    8.51    01/26/19      CNY     52.12
RUGAO COMMUNICATIONS CON    6.70    02/01/20      CNY     62.14
RUGAO COMMUNICATIONS CON    6.70    02/01/20      CNY     63.00
RUIAN STATE OWNED ASSET     6.93    11/26/19      CNY     61.71
RUIAN STATE OWNED ASSET     6.93    11/26/19      CNY     61.93
SANMENXIA CITY FINANCIAL    6.68    01/29/20      CNY     61.64
SANMENXIA CITY FINANCIAL    6.68    01/29/20      CNY     61.98
SANMING CITY CONSTRUCTIO    6.40    03/05/20      CNY     61.56
SANMING STATE-OWNED ASSE    6.92    12/05/19      CNY     62.01
SANMING STATE-OWNED ASSE    6.99    06/14/18      CNY     71.33
SHANGHAI CHENGTOU CORP      4.63    07/30/19      CNY     60.24
SHANGHAI FENGXIAN NANQIA    6.25    03/05/20      CNY     61.35
SHANGHAI JIADING INDUSTR    6.71    10/10/18      CNY     50.91
SHANGHAI JINSHAN URBAN C    6.60    12/21/19      CNY     61.50
SHANGHAI JINSHAN URBAN C    6.60    12/21/19      CNY     61.64
SHANGHAI LUJIAZUI DEVELO    5.79    02/25/19      CNY     65.85
SHANGHAI LUJIAZUI DEVELO    5.79    02/25/19      CNY     71.79
SHANGHAI MINHANG URBAN C    6.48    10/23/19      CNY     57.23
SHANGHAI MINHANG URBAN C    6.48    10/23/19      CNY     61.79
SHANGHAI REAL ESTATE GRO    6.12    05/17/17      CNY     39.89
SHANGHAI SONGJIANG TOWN     6.28    08/15/18      CNY     45.98
SHANGHAI SONGJIANG TOWN     6.28    08/15/18      CNY     50.67
SHANGHAI URBAN CONSTRUCT    5.25    11/30/19      CNY     60.45
SHANGQIU DEVELOPMENT INV    6.60    01/15/20      CNY     61.60
SHANGRAO CITY CONSTRUCTI    7.30    09/10/19      CNY     57.73
SHANGRAO CITY CONSTRUCTI    7.30    09/10/19      CNY     61.94
SHANGYU COMMUNICATIONS I    6.70    09/11/19      CNY     61.81
SHAOGUAN JINYE DEVELOPME    7.30    10/18/19      CNY     61.97
SHAOGUAN JINYE DEVELOPME    7.30    10/18/19      CNY     62.14
SHAOXING CHENGBEI XINCHE    6.21    06/11/18      CNY     50.32
SHAOXING CHENGZHONGCUN R    6.50    01/24/20      CNY     56.10
SHAOXING CHENGZHONGCUN R    6.50    01/24/20      CNY     61.85
SHAOXING HI-TECH INDUSTR    6.75    12/05/18      CNY     50.96
SHAOXING KEQIAO DISTRICT    6.30    02/26/19      CNY     50.51
SHAOXING KEQIAO DISTRICT    6.30    02/26/19      CNY     51.10
SHAOXING PAOJIANG INDUST    6.90    10/31/19      CNY     62.05
SHAOXING URBAN CONSTRUCT    6.40    11/09/19      CNY     61.41
SHAOYANG CITY CONSTRUCTI    7.40    09/11/18      CNY     50.97
SHENYANG HEPING DISTRICT    6.85    11/13/19      CNY     61.62
SHENYANG MACHINE TOOL CO    6.50    04/09/20      CNY     49.59
SHISHI STATE OWNED INVES    7.40    09/13/19      CNY     61.68
SHIYAN CITY INFRASTRUCTU    7.98    04/20/19      CNY     61.76
SHOUGUANG JINCAI STATE-O    6.70    10/23/19      CNY     58.18
SHOUGUANG JINCAI STATE-O    6.70    10/23/19      CNY     61.75
SHUANGYASHAN DADI CITY C    6.55    12/25/19      CNY     61.25
SHUANGYASHAN DADI CITY C    6.55    12/25/19      CNY     81.49
SHUYANG JINGYUAN ASSET O    6.50    12/03/19      CNY     55.92
SHUYANG JINGYUAN ASSET O    6.50    12/03/19      CNY     61.61
SICHUAN DEVELOPMENT HOLD    5.40    11/10/17      CNY     30.21
SONGYUAN URBAN DEVELOPME    7.30    08/29/19      CNY     61.00
SUIZHOU DEVELOPMENT INVE    7.50    08/22/19      CNY     61.92
SUQIAN ECONOMIC DEVELOPM    7.50    03/26/19      CNY     61.42
SUQIAN WATER GROUP CO       6.55    12/04/19      CNY     61.80
SUZHOU CITY CONSTRUCTION    7.45    03/12/19      CNY     61.45
SUZHOU FENHU INVESTMENT     7.00    10/22/17      CNY     50.20
SUZHOU FENHU INVESTMENT     7.00    10/22/17      CNY     50.44
SUZHOU INDUSTRIAL PARK T    5.79    05/30/19      CNY     55.92
SUZHOU INDUSTRIAL PARK T    5.79    05/30/19      CNY     60.80
SUZHOU TECH CITY DEVELOP    7.32    11/01/18      CNY     51.09
SUZHOU URBAN CONSTRUCTIO    5.79    10/25/19      CNY     55.65
SUZHOU URBAN CONSTRUCTIO    5.79    10/25/19      CNY     61.44
SUZHOU WUJIANG COMMUNICA    6.80    10/31/20      CNY     65.21
SUZHOU WUJIANG COMMUNICA    6.80    10/31/20      CNY     72.76
SUZHOU WUJIANG EASTERN S    8.05    12/05/18      CNY     69.45
SUZHOU WUJIANG EASTERN S    8.05    12/05/18      CNY     72.84
SUZHOU XIANGCHENG URBAN     6.95    09/03/19      CNY     61.54
SUZHOU XIANGCHENG URBAN     6.95    09/03/19      CNY     61.88
TAIAN CITY TAISHAN INVES    6.64    03/02/18      CNY     40.20
TAIAN CITY TAISHAN INVES    6.76    01/25/20      CNY     58.78
TAIAN CITY TAISHAN INVES    6.76    01/25/20      CNY     62.19
TAICANG ASSET MANAGEMENT    8.25    12/31/18      CNY     72.92
TAICANG ASSET MANAGEMENT    8.25    12/31/18      CNY     72.93
TAICANG HENGTONG INVESTM    7.45    10/30/19      CNY     62.20
TAICANG URBAN CONSTRUCTI    6.75    01/11/20      CNY     60.01
TAICANG URBAN CONSTRUCTI    6.75    01/11/20      CNY     62.32
TAIXING ZHONGXING STATE-    8.29    03/27/18      CNY     50.69
TAIXING ZHONGXING STATE-    8.29    03/27/18      CNY     50.89
TAIYUAN HIGH-SPEED RAILW    6.50    10/30/20      CNY     72.49
TAIYUAN LONGCHENG DEVELO    6.50    09/25/19      CNY     61.34
TAIZHOU CITY HUANGYAN DI    6.85    12/17/18      CNY     51.00
TAIZHOU CITY HUANGYAN DI    6.85    12/17/18      CNY     51.06
TAIZHOU HAILING ASSETS M    8.52    03/21/19      CNY     61.91
TAIZHOU JIAOJIANG STATE     7.46    09/13/20      CNY     73.00
TAIZHOU JIAOJIANG STATE     7.46    09/13/20      CNY     73.77
TAIZHOU XINTAI GROUP CO     6.85    08/14/18      CNY     50.82
TAIZHOU XINTAI GROUP CO     6.85    08/14/18      CNY     50.87
TANGSHAN NANHU ECO CITY     7.08    10/16/19      CNY     61.80
TENGZHOU CITY STATE-OWNE    6.45    05/24/18      CNY     55.02
TIANJIN BINHAI NEW AREA     5.00    03/13/18      CNY     63.80
TIANJIN BINHAI NEW AREA     5.00    03/13/18      CNY     70.30
TIANJIN DONGFANG CAIXIN     7.99    11/23/18      CNY     72.71
TIANJIN ECO-CITY INVESTM    6.76    08/14/19      CNY     59.53
TIANJIN ECO-CITY INVESTM    6.76    08/14/19      CNY     61.41
TIANJIN ECONOMIC TECHNOL    6.20    12/03/19      CNY     55.92
TIANJIN ECONOMIC TECHNOL    6.20    12/03/19      CNY     61.51
TIANJIN HANBIN INVESTMEN    8.39    03/22/19      CNY     61.92
TIANJIN HI-TECH INDUSTRY    7.80    03/27/19      CNY     56.74
TIANJIN HI-TECH INDUSTRY    7.80    03/27/19      CNY     61.79
TIANJIN JINNAN CITY CONS    6.95    06/18/19      CNY     61.35
TIANJIN JINNAN CITY CONS    6.95    06/18/19      CNY     61.50
TIELING PUBLIC ASSETS IN    7.34    05/29/18      CNY     50.83
TIELING PUBLIC ASSETS IN    7.34    05/29/18      CNY     50.85
TIGER FOREST & PAPER GRO    5.38    06/14/17      CNY     60.13
TONGCHUAN DEVELOPMENT IN    7.50    07/17/19      CNY     62.30
TONGLIAO TIANCHENG URBAN    7.75    09/24/19      CNY     62.01
TONGLIAO URBAN INVESTMEN    5.98    09/01/17      CNY     40.12
TONGREN FANJINGSHAN INVE    6.89    08/02/19      CNY     61.36
URUMQI CITY CONSTRUCTION    6.35    07/09/19      CNY     61.14
URUMQI ECO&TECH DEVELOPM    8.58    01/10/19      CNY     52.09
URUMQI HIGH-TECH INVESTM    6.18    03/05/20      CNY     61.06
URUMQI STATE-OWNED ASSET    6.48    04/28/18      CNY     50.52
URUMQI STATE-OWNED ASSET    6.48    04/28/18      CNY     50.52
WAFANGDIAN STATE-OWNED A    8.55    04/19/19      CNY     62.46
WEIFANG DONGXIN CONSTRUC    6.88    11/20/19      CNY     61.63
WEIFANG DONGXIN CONSTRUC    6.88    11/20/19      CNY     61.81
WEIHAI WENDENG URBAN PRO    6.38    03/06/20      CNY     61.45
WEINAN CITY INVESTMENT G    6.69    01/15/20      CNY     61.57
WEINAN CITY INVESTMENT G    6.69    01/15/20      CNY     61.63
WENLING CITY STATE OWNED    7.18    09/18/19      CNY     61.93
WENZHOU ANJUFANG CITY DE    7.65    04/24/19      CNY     61.54
WENZHOU ECONOMIC-TECHNOL    6.49    01/15/20      CNY     58.18
WENZHOU ECONOMIC-TECHNOL    6.49    01/15/20      CNY     61.53
WUHAI CITY CONSTRUCTION     8.20    03/31/19      CNY     61.00
WUHAI CITY CONSTRUCTION     8.20    03/31/19      CNY     61.61
WUHAN METRO GROUP CO LTD    5.70    02/04/20      CNY     57.73
WUHAN METRO GROUP CO LTD    5.70    02/04/20      CNY     61.63
WUHU ECONOMIC TECHNOLOGY    6.70    06/08/18      CNY     50.70
WUHU XINMA INVESTMENT CO    7.18    11/14/19      CNY     61.71
WUHU XINMA INVESTMENT CO    7.18    11/14/19      CNY     61.88
WUJIANG ECONOMIC TECHNOL    6.88    12/27/19      CNY     61.65
WUJIANG ECONOMIC TECHNOL    6.88    12/27/19      CNY     61.77
WUXI MUNICIPAL CONSTRUCT    6.60    09/17/19      CNY     61.56
WUXI MUNICIPAL CONSTRUCT    6.60    09/17/19      CNY     61.60
WUXI TAIHU INTERNATIONAL    7.60    09/17/19      CNY     57.73
WUXI TAIHU INTERNATIONAL    7.60    09/17/19      CNY     62.15
WUXI XIDONG NEW TOWN CON    6.65    01/28/20      CNY     61.55
WUXI XIDONG NEW TOWN CON    6.65    01/28/20      CNY     62.02
WUXI XIDONG TECHNOLOGY I    5.98    10/26/18      CNY     66.25
WUXI XIDONG TECHNOLOGY I    5.98    10/26/18      CNY     71.32
WUZHOU DONGTAI STATE-OWN    7.40    09/03/19      CNY     62.07
XIAMEN XINGLIN CONSTRUCT    6.60    02/22/20      CNY     61.76
XIAMEN XINGLIN CONSTRUCT    6.60    02/22/20      CNY     81.80
XI'AN AEROSPACE BASE INV    6.96    11/08/19      CNY     61.91
XIAN CHANBAHE DEVELOPMEN    6.89    08/03/19      CNY     61.54
XI'AN HI-TECH HOLDING CO    5.70    02/26/19      CNY     47.50
XI'AN HI-TECH HOLDING CO    5.70    02/26/19      CNY     50.89
XIANGLU PETROCHEMICALS C    6.01    04/27/17      CNY     39.71
XIANGTAN CITY CONSTRUCTI    8.00    03/16/19      CNY     60.00
XIANGTAN CITY CONSTRUCTI    8.00    03/16/19      CNY     61.72
XIANGTAN HI-TECH GROUP C    6.90    01/15/20      CNY     61.70
XIANGTAN HI-TECH GROUP C    6.90    01/15/20      CNY     61.84
XIANGTAN JIUHUA ECONOMIC    7.43    08/29/19      CNY     61.90
XIANGYANG CITY CONSTRUCT    8.12    01/12/19      CNY     40.60
XIANGYANG CITY CONSTRUCT    8.12    01/12/19      CNY     41.53
XIANNING CITY CONSTRUCTI    7.50    08/31/18      CNY     51.23
XIANNING CITY CONSTRUCTI    7.50    08/31/18      CNY     51.29
XIAOGAN URBAN CONSTRUCTI    8.12    03/26/19      CNY     62.11
XINGHUA URBAN CONSTRUCTI    7.25    10/23/18      CNY     50.98
XINING CITY INVESTMENT &    7.70    04/27/19      CNY     61.96
XINJIANG SHIHEZI DEVELOP    7.50    08/29/18      CNY     51.15
XINJIANG UYGUR AR HAMI Z    6.25    07/17/18      CNY     50.46
XINXIANG INVESTMENT GROU    6.80    01/18/18      CNY     40.61
XINYANG HUAXIN INVESTMEN    6.95    06/14/19      CNY     61.33
XINYU CITY CONSTRUCTION     7.08    12/13/19      CNY     61.50
XINYU CITY CONSTRUCTION     7.08    12/13/19      CNY     62.15
XINZHOU CITY ASSET MANAG    7.39    08/08/18      CNY     51.18
XUCHANG GENERAL INVESTME    7.78    04/27/19      CNY     62.11
XUZHOU ECONOMIC TECHNOLO    8.20    03/07/19      CNY     41.89
XUZHOU ECONOMIC TECHNOLO    8.20    03/07/19      CNY     55.94
XUZHOU XINSHENG CONSTRUC    7.48    05/08/18      CNY     50.99
XUZHOU XINSHENG CONSTRUC    7.48    05/08/18      CNY     51.00
YAAN STATE-OWNED ASSET O    7.39    07/04/19      CNY     61.69
YANCHENG CITY DAFENG DIS    7.08    12/13/19      CNY     62.02
YANCHENG CITY DAFENG DIS    7.08    12/13/19      CNY     63.00
YANCHENG ORIENTAL INVEST    5.75    06/08/17      CNY     49.86
YANCHENG ORIENTAL INVEST    6.99    10/26/19      CNY     61.85
YANCHENG SOUTH DISTRICT     6.93    10/26/19      CNY     61.77
YANGZHONG URBAN CONSTRUC    7.10    03/26/18      CNY     70.87
YANGZHOU URBAN CONSTRUCT    6.30    07/26/19      CNY     61.09
YIBIN STATE-OWNED ASSET     5.80    05/23/18      CNY     70.73
YICHANG MUNICIPAL FINANC    7.12    10/16/19      CNY     61.83
YICHANG URBAN CONSTRUCTI    6.85    11/08/19      CNY     58.49
YICHANG URBAN CONSTRUCTI    6.85    11/08/19      CNY     61.68
YICHANG URBAN CONSTRUCTI    8.13    11/17/19      CNY     72.88
YICHUN CITY CONSTRUCTION    7.35    07/24/19      CNY     61.68
YIJINHUOLUOQI HONGTAI CI    8.35    03/19/19      CNY     62.13
YIJINHUOLUOQI HONGTAI CI    8.35    03/19/19      CNY     62.14
YILI STATE-OWNED ASSET I    6.70    11/19/18      CNY     51.15
YINCHUAN URBAN CONSTRUCT    6.28    03/09/17      CNY     25.00
YINGKOU CITY CONSTRUCTIO    7.98    04/18/20      CNY     73.23
YINGKOU COASTAL DEVELOPM    7.08    11/16/19      CNY     61.19
YINGKOU COASTAL DEVELOPM    7.08    11/16/19      CNY     61.29
YIXING CITY DEVELOPMENT     6.90    10/10/19      CNY     61.57
YIXING CITY DEVELOPMENT     6.90    10/10/19      CNY     61.71
YIYANG CITY CONSTRUCTION    7.36    08/24/19      CNY     61.62
YIZHENG CITY CONSTRUCTIO    7.78    06/14/19      CNY     62.16
YIZHENG CITY CONSTRUCTIO    7.78    06/14/19      CNY     62.40
YUEYANG CITY CONSTRUCTIO    6.05    07/12/20      CNY     73.87
YUHUAN COUNTY COMMUNICAT    7.15    10/12/19      CNY     56.27
YUHUAN COUNTY COMMUNICAT    7.15    10/12/19      CNY     61.81
YULIN CITY INVESTMENT OP    6.81    12/04/18      CNY     51.25
YULIN URBAN CONSTRUCTION    6.88    11/26/19      CNY     61.88
YUNCHENG URBAN CONSTRUCT    7.48    10/15/19      CNY     62.34
YUNNAN PROVINCIAL INVEST    5.25    08/24/17      CNY     40.18
YUYAO ECONOMIC DEVELOPME    6.75    03/04/20      CNY     81.79
YUYAO WATER RESOURCE INV    7.20    10/16/19      CNY     62.14
ZHANGJIAGANG JINCHENG IN    6.23    01/06/18      CNY     30.36
ZHANGJIAGANG MUNICIPAL P    6.43    11/27/19      CNY     61.56
ZHANGJIAJIE ECONOMIC DEV    7.40    10/18/19      CNY     62.06
ZHANGJIAKOU CONSTRUCTION    7.00    10/26/19      CNY     61.56
ZHANGJIAKOU TONGTAI HOLD    6.90    07/05/18      CNY     71.23
ZHAOYUAN STATE-OWNED ASS    6.64    12/31/19      CNY     61.90
ZHEJIANG HUZHOU HUANTAIH    6.70    11/28/19      CNY     57.73
ZHEJIANG HUZHOU HUANTAIH    6.70    11/28/19      CNY     61.44
ZHEJIANG JIASHAN ECONOMI    7.05    12/03/19      CNY     58.12
ZHEJIANG JIASHAN ECONOMI    7.05    12/03/19      CNY     61.96
ZHEJIANG PROVINCE DEQING    6.40    02/22/20      CNY     55.20
ZHEJIANG PROVINCE DEQING    6.40    02/22/20      CNY     61.47
ZHEJIANG PROVINCE DEQING    6.90    04/12/18      CNY     70.86
ZHENGZHOU CITY CONSTRUCT    6.37    12/03/19      CNY     56.10
ZHENGZHOU CITY CONSTRUCT    6.37    12/03/19      CNY     61.58
ZHENGZHOU PUBLIC HOUSING    5.98    07/17/20      CNY     74.87
ZHENJIANG CULTURE AND TO    5.86    05/06/17      CNY     50.11
ZHENJIANG CULTURE AND TO    6.60    01/30/20      CNY     61.43
ZHENJIANG TRANSPORTATION    7.29    05/08/19      CNY     61.11
ZHENJIANG TRANSPORTATION    7.29    05/08/19      CNY     61.53
ZHONGSHAN TRANSPORTATION    6.65    08/28/18      CNY     50.94
ZHONGSHAN TRANSPORTATION    6.65    08/28/18      CNY     51.20
ZHOUSHAN DINGHAI STATE-O    7.25    08/31/20      CNY     68.46
ZHOUSHAN DINGHAI STATE-O    7.25    08/31/20      CNY     73.07
ZHUCHENG ECONOMIC DEVELO    7.50    08/25/18      CNY     30.61
ZHUCHENG ECONOMIC DEVELO    6.40    04/26/18      CNY     37.52
ZHUCHENG ECONOMIC DEVELO    6.40    04/26/18      CNY     40.46
ZHUCHENG ECONOMIC DEVELO    6.80    11/29/19      CNY     61.69
ZHUCHENG ECONOMIC DEVELO    6.80    11/29/19      CNY     61.84
ZHUHAI HUAFA GROUP CO LT    8.43    02/16/18      CNY     25.77
ZHUHAI HUAFA GROUP CO LT    8.43    02/16/18      CNY     25.80
ZHUHAI HUAFA GROUP CO LT    5.50    06/05/19      CNY     68.33
ZHUJI CITY CONSTRUCTION     6.92    12/19/19      CNY     62.06
ZHUJI CITY CONSTRUCTION     6.92    07/05/18      CNY     71.24
ZHUMADIAN INVESTMENT CO     6.95    11/26/19      CNY     60.10
ZHUMADIAN INVESTMENT CO     6.95    11/26/19      CNY     62.05
ZHUZHOU GECKOR GROUP CO     7.50    09/10/19      CNY     61.92
ZHUZHOU GECKOR GROUP CO     7.50    09/10/19      CNY     62.07
ZHUZHOU GECKOR GROUP CO     7.82    08/18/18      CNY     71.80
ZHUZHOU YUNLONG DEVELOPM    6.78    11/19/19      CNY     61.61
ZHUZHOU YUNLONG DEVELOPM    6.78    11/19/19      CNY     82.00
ZIBO CITY PROPERTY CO LT    5.45    04/27/19      CNY     36.31
ZIBO CITY PROPERTY CO LT    6.83    08/22/19      CNY     61.84
ZIGONG STATE-OWNED ASSET    6.86    06/17/18      CNY     70.99
ZIYANG CITY CONSTRUCTION    7.58    01/09/19      CNY     51.26
ZOUCHENG CITY ASSET OPER    7.02    01/12/18      CNY     20.32
ZOUPING COUNTY STATE-OWN    6.98    04/27/18      CNY     70.15
ZOUPING COUNTY STATE-OWN    6.98    04/27/18      CNY     70.97
ZUNYI INVESTMENT GROUP L    8.53    03/13/19      CNY     61.87
ZUNYI ROAD & BRIDGE ENGI    7.15    08/17/20      CNY     73.00
ZUNYI STATE-OWNED ASSET     6.98    12/26/19      CNY     62.06


HONG KONG
---------

CHINA CITY CONSTRUCTION     5.35    07/03/17      CNY     65.13


INDONESIA
---------

BERAU COAL ENERGY TBK PT    7.25    03/13/17      USD     35.57
BERAU COAL ENERGY TBK PT    7.25    03/13/17      USD     36.01
DAVOMAS INTERNATIONAL FI   11.00    12/08/14      USD      1.24
DAVOMAS INTERNATIONAL FI   11.00    05/09/11      USD      1.24
DAVOMAS INTERNATIONAL FI   11.00    12/08/14      USD      1.24
DAVOMAS INTERNATIONAL FI   11.00    05/09/11      USD      1.24


INDIA
-----

3I INFOTECH LTD             2.50    03/31/25      USD     14.63
BLUE DART EXPRESS LTD       9.30    11/20/17      INR     10.12
BLUE DART EXPRESS LTD       9.40    11/20/18      INR     10.26
BLUE DART EXPRESS LTD       9.50    11/20/19      INR     10.39
CAPRI GLOBAL CAPITAL LTD    9.50    02/17/20      INR      0.75
GTL INFRASTRUCTURE LTD      5.03    11/09/17      USD     33.75
JAIPRAKASH ASSOCIATES LT    5.75    09/08/17      USD     43.00
JAIPRAKASH POWER VENTURE    7.00    02/13/49      USD     20.00
JCT LTD                     2.50    04/08/11      USD     27.00
L&T HOUSING FINANCE LTD     8.05    02/17/20      INR      0.63
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      1.53
REI AGRO LTD                5.50    11/13/14      USD      1.53
SVOGL OIL GAS & ENERGY L    5.00    08/17/15      USD      1.51


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     74.00
MICRON MEMORY JAPAN INC     2.10    11/29/12      JPY      5.38
MICRON MEMORY JAPAN INC     2.03    03/22/12      JPY      5.38
MICRON MEMORY JAPAN INC     2.29    12/07/12      JPY      5.38
TAKATA CORP                 0.85    03/06/19      JPY     41.50
TAKATA CORP                 0.58    03/26/21      JPY     45.00
TAKATA CORP                 1.02    12/15/17      JPY     49.50


KOREA
-----

2014 KODIT CREATIVE THE     5.00    12/25/17      KRW     35.11
2014 KODIT CREATIVE THE     5.00    12/25/17      KRW     35.11
2016 KIBO 1ST SECURITIZA    5.00    09/13/18      KRW     30.88
DAEWOO SHIPBUILDING & MA    3.79    04/21/19      KRW     74.96
DOOSAN CAPITAL SECURITIZ   20.00    04/22/19      KRW     50.99
EXPORT-IMPORT BANK OF KO    1.70    09/22/30      KRW     73.35
HYUNDAI MERCHANT MARINE     1.00    07/07/21      KRW     50.38
HYUNDAI MERCHANT MARINE     1.00    04/07/21      KRW     52.75
KIBO ABS SPECIALTY CO LT   10.00    08/22/17      KRW     24.72
KIBO ABS SPECIALTY CO LT    5.00    02/25/19      KRW     29.37
KIBO ABS SPECIALTY CO LT    5.00    12/25/17      KRW     33.46
KIBO ABS SPECIALTY CO LT    5.00    03/29/18      KRW     34.03
KOREA SOUTH-EAST POWER C    1.10    12/07/42      KRW     54.45
KOREA SOUTH-EAST POWER C    4.44    12/07/42      KRW     54.80
LSMTRON DONGBANGSEONGJAN    4.53    11/22/17      KRW     34.47
MERITZ CAPITAL CO LTD       5.44    09/29/46      KRW     35.98
OKC SECURITIZATION SPECI   10.00    01/03/20      KRW     29.23
OKC SECURITIZATION SPECI    3.00    02/17/42      KRW     52.18
SHINHAN BANK                3.83    12/08/31      KRW     71.49
SHINHAN BANK                3.83    12/08/31      KRW     71.49
SINBO SECURITIZATION SPE    5.00    10/30/19      KRW     18.51
SINBO SECURITIZATION SPE    5.00    02/25/20      KRW     27.15
SINBO SECURITIZATION SPE    5.00    01/28/20      KRW     27.24
SINBO SECURITIZATION SPE    5.00    12/30/19      KRW     27.43
SINBO SECURITIZATION SPE    5.00    09/30/19      KRW     28.36
SINBO SECURITIZATION SPE    5.00    08/27/19      KRW     28.79
SINBO SECURITIZATION SPE    5.00    07/29/19      KRW     29.08
SINBO SECURITIZATION SPE    5.00    03/13/19      KRW     29.19
SINBO SECURITIZATION SPE    5.00    06/25/19      KRW     29.43
SINBO SECURITIZATION SPE    5.00    03/18/19      KRW     30.51
SINBO SECURITIZATION SPE    5.00    03/18/19      KRW     30.51
SINBO SECURITIZATION SPE    5.00    02/27/19      KRW     30.70
SINBO SECURITIZATION SPE    5.00    02/27/19      KRW     30.70
SINBO SECURITIZATION SPE    5.00    01/30/19      KRW     30.94
SINBO SECURITIZATION SPE    5.00    01/30/19      KRW     30.94
SINBO SECURITIZATION SPE    5.00    12/23/18      KRW     31.32
SINBO SECURITIZATION SPE    5.00    12/23/18      KRW     31.32
SINBO SECURITIZATION SPE    5.00    07/29/18      KRW     31.37
SINBO SECURITIZATION SPE    5.00    06/25/18      KRW     31.72
SINBO SECURITIZATION SPE    5.00    05/26/18      KRW     32.00
SINBO SECURITIZATION SPE    5.00    09/26/18      KRW     32.30
SINBO SECURITIZATION SPE    5.00    09/26/18      KRW     32.30
SINBO SECURITIZATION SPE    5.00    09/26/18      KRW     32.30
SINBO SECURITIZATION SPE    5.00    08/29/18      KRW     32.56
SINBO SECURITIZATION SPE    5.00    08/29/18      KRW     32.56
SINBO SECURITIZATION SPE    5.00    07/24/18      KRW     33.14
SINBO SECURITIZATION SPE    5.00    07/24/18      KRW     33.14
SINBO SECURITIZATION SPE    5.00    06/27/18      KRW     33.39
SINBO SECURITIZATION SPE    5.00    06/27/18      KRW     33.39
SINBO SECURITIZATION SPE    5.00    12/23/17      KRW     33.48
SINBO SECURITIZATION SPE    5.00    03/12/18      KRW     34.23
SINBO SECURITIZATION SPE    5.00    03/12/18      KRW     34.23
SINBO SECURITIZATION SPE    5.00    02/11/18      KRW     34.36
SINBO SECURITIZATION SPE    5.00    02/11/18      KRW     34.36
SINBO SECURITIZATION SPE    5.00    01/15/18      KRW     34.91
SINBO SECURITIZATION SPE    5.00    01/15/18      KRW     34.91
SINBO SECURITIZATION SPE    5.00    10/01/17      KRW     35.69
SINBO SECURITIZATION SPE    5.00    10/01/17      KRW     35.69
SINBO SECURITIZATION SPE    5.00    10/01/17      KRW     35.69
SINBO SECURITIZATION SPE    5.00    08/16/17      KRW     37.19
SINBO SECURITIZATION SPE    5.00    08/16/17      KRW     37.19
SINBO SECURITIZATION SPE    5.00    07/24/17      KRW     37.74
SINBO SECURITIZATION SPE    5.00    06/07/17      KRW     39.71
SINBO SECURITIZATION SPE    5.00    06/07/17      KRW     39.71
SINBO SECURITIZATION SPE    5.00    07/08/17      KRW     41.07
SINBO SECURITIZATION SPE    5.00    07/08/17      KRW     41.07
SINBO SECURITIZATION SPE    5.00    03/13/17      KRW     77.14
SINBO SECURITIZATION SPE    5.00    03/13/17      KRW     77.14
TONGYANG CEMENT & ENERGY    7.50    04/20/14      KRW     70.00
TONGYANG CEMENT & ENERGY    7.50    09/10/14      KRW     70.00
TONGYANG CEMENT & ENERGY    7.50    07/20/14      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
U-BEST SECURITIZATION SP    5.50    11/16/17      KRW     36.09
WOONGJIN ENERGY CO LTD      3.00    12/19/19      KRW     60.54


SRI LANKA
---------

SRI LANKA GOVERNMENT BON    5.35    03/01/26      LKR     60.84
SRI LANKA GOVERNMENT BON    8.00    01/01/32      LKR     66.87
SRI LANKA GOVERNMENT BON    6.00    12/01/24      LKR     67.56
SRI LANKA GOVERNMENT BON    9.00    06/01/43      LKR     68.48
SRI LANKA GOVERNMENT BON    9.00    11/01/33      LKR     71.87
SRI LANKA GOVERNMENT BON    9.00    06/01/33      LKR     72.26
SRI LANKA GOVERNMENT BON    9.00    10/01/32      LKR     72.86
SRI LANKA GOVERNMENT BON    7.00    10/01/23      LKR     75.00


MALAYSIA
--------

ADVANCE SYNERGY BHD         2.00    01/26/18      MYR      0.07
BARAKAH OFFSHORE PETROLE    3.50    10/24/18      MYR      0.65
BERJAYA CORP BHD            2.00    05/29/26      MYR      0.38
BERJAYA CORP BHD            5.00    04/22/22      MYR      0.52
BIMB HOLDINGS BHD           1.50    12/12/23      MYR     74.81
BRIGHT FOCUS BHD            2.50    01/22/31      MYR     72.53
ELK-DESA RESOURCES BHD      3.25    04/14/22      MYR      0.95
HIAP TECK VENTURE BHD       5.00    06/27/21      MYR      0.32
I-BHD                       2.50    10/09/19      MYR      0.44
IRE-TEX CORP BHD            1.00    06/10/19      MYR      0.03
LAND & GENERAL BHD          1.00    09/24/18      MYR      0.19
MALTON BHD                  6.00    06/30/18      MYR      1.02
PERWAJA HOLDINGS BHD        7.00    03/26/19      MYR      0.04
PUC FOUNDER MSC BHD         4.00    02/15/19      MYR      0.06
REDTONE INTERNATIONAL BH    2.75    03/04/20      MYR      0.14
SAM ENGINEERING & EQUIPM    4.00    09/25/17      MYR      3.78
SEE HUP CONSOLIDATED BHD    4.60    12/22/17      MYR      0.13
SENAI-DESARU EXPRESSWAY     1.35    06/30/31      MYR     53.91
SENAI-DESARU EXPRESSWAY     1.35    12/31/30      MYR     55.27
SENAI-DESARU EXPRESSWAY     1.35    06/28/30      MYR     56.63
SENAI-DESARU EXPRESSWAY     1.35    12/31/29      MYR     57.93
SENAI-DESARU EXPRESSWAY     1.35    06/29/29      MYR     59.24
SENAI-DESARU EXPRESSWAY     1.35    12/29/28      MYR     60.53
SENAI-DESARU EXPRESSWAY     1.35    06/30/28      MYR     61.84
SENAI-DESARU EXPRESSWAY     1.35    12/31/27      MYR     63.13
SENAI-DESARU EXPRESSWAY     1.35    06/30/27      MYR     64.39
SENAI-DESARU EXPRESSWAY     1.35    12/31/26      MYR     65.72
SENAI-DESARU EXPRESSWAY     1.35    06/30/26      MYR     67.09
SENAI-DESARU EXPRESSWAY     1.35    12/31/25      MYR     68.49
SENAI-DESARU EXPRESSWAY     1.15    06/30/25      MYR     68.58
SENAI-DESARU EXPRESSWAY     0.50    12/31/38      MYR     69.17
SENAI-DESARU EXPRESSWAY     1.15    12/31/24      MYR     70.08
SENAI-DESARU EXPRESSWAY     0.50    12/30/39      MYR     70.53
SENAI-DESARU EXPRESSWAY     0.50    12/31/40      MYR     71.53
SENAI-DESARU EXPRESSWAY     1.15    06/28/24      MYR     71.64
SENAI-DESARU EXPRESSWAY     0.50    12/31/41      MYR     72.38
SENAI-DESARU EXPRESSWAY     1.15    12/29/23      MYR     73.20
SENAI-DESARU EXPRESSWAY     0.50    12/31/42      MYR     73.45
SENAI-DESARU EXPRESSWAY     0.50    12/31/43      MYR     74.32
SENAI-DESARU EXPRESSWAY     1.15    06/30/23      MYR     74.80
SOUTHERN STEEL BHD          5.00    01/24/20      MYR      1.38
THONG GUAN INDUSTRIES BH    5.00    10/10/19      MYR      4.30
UNIMECH GROUP BHD           5.00    09/18/18      MYR      1.05
VIZIONE HOLDINGS BHD        3.00    08/08/21      MYR      0.05
YTL LAND & DEVELOPMENT B    3.00    10/31/21      MYR      0.47


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     51.25
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      1.91
BERAU CAPITAL RESOURCES    12.50    07/08/15      USD     36.26
BERAU CAPITAL RESOURCES    12.50    07/08/15      USD     36.51
BLD INVESTMENTS PTE LTD     8.63    03/23/15      USD      4.66
BUMI CAPITAL PTE LTD       12.00    11/10/16      USD     54.71
BUMI CAPITAL PTE LTD       12.00    11/10/16      USD     55.00
BUMI INVESTMENT PTE LTD    10.75    10/06/17      USD     54.84
BUMI INVESTMENT PTE LTD    10.75    10/06/17      USD     56.10
ENERCOAL RESOURCES PTE L    9.25    04/07/18      USD     45.38
EZION HOLDINGS LTD          4.88    06/11/21      SGD     52.38
EZION HOLDINGS LTD          5.10    03/13/20      SGD     62.88
EZION HOLDINGS LTD          4.70    05/22/19      SGD     70.88
EZION HOLDINGS LTD          4.85    01/23/19      SGD     74.50
EZRA HOLDINGS LTD           4.88    04/24/18      SGD     28.00
FALCON ENERGY GROUP LTD     5.50    09/19/17      SGD     70.45
INDO INFRASTRUCTURE GROU    2.00    07/30/10      USD      1.00
ORO NEGRO DRILLING PTE L    7.50    01/24/19      USD     68.38
OSA GOLIATH PTE LTD        12.00    10/09/18      USD      1.75
PACIFIC INTERNATIONAL LI    7.25    11/16/18      SGD     74.75
PACIFIC RADIANCE LTD        4.30    08/29/18      SGD     30.00
RICKMERS MARITIME           8.45    05/15/17      SGD     21.25
SWIBER CAPITAL PTE LTD      6.50    08/02/18      SGD      5.00
SWIBER CAPITAL PTE LTD      6.25    10/30/17      SGD      5.00
SWIBER HOLDINGS LTD         5.55    10/10/16      SGD      5.00
SWIBER HOLDINGS LTD         7.75    09/18/17      CNY      9.00
SWIBER HOLDINGS LTD         7.13    04/18/17      SGD     11.63
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     58.00
DEBT AND ASSET TRADING C    1.00    10/10/25      USD     58.18



                             *********

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

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

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


                            *********


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

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



                 *** End of Transmission ***