TCRAP_Public/170502.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, May 2, 2017, Vol. 20, No. 86

                            Headlines


A U S T R A L I A

BLOOMER CONSTRUCTIONS: First Creditors' Meeting Set for May 9
COPAL ENGINEERING: Second Creditors' Meeting Set for May 8
MATON AIRCONDITIONING: First Creditors' Meeting Set for May 5
ROSETT SCAFFOLDING: Second Creditors' Meeting Set for May 8


C H I N A

361 DEGREES: Fitch Affirms BB Long-Term IDR; Outlook Stable
CHINA HONGQIAO: Fitch Cuts IDR to B+ Due to Weak Internal Control
LOGAN PROPERTY: S&P Assigns 'BB-' CCR; Outlook Stable
TIMES PROPERTY: Fitch Rates US$225MM Senior Notes at B+
YANZHOU COAL: S&P Revises Outlook to Stable & Affirms 'BB-' CCR

YINGDE GASES: S&P Affirms 'CCC-' CCR on Refinancing Risk


H O N G  K O N G

ASIA TELEVISION: Likely to Avoid Liquidation
NORD ANGLIA: S&P Puts 'B' CCR on CreditWatch Negative


I N D I A

AGRIBASE COMMODITIES: CRISIL Cuts Rating on INR4.85MM Loan to B
AMAR JYOTI: CRISIL Reaffirms 'B-' Rating on INR10.4MM Term Loan
AMARSON OVERSEAS: CRISIL Cuts Rating on INR2.79MM Loan to 'B'
ANUBHAV TRADING: CRISIL Cuts Rating on INR8MM Cash Loan to 'B'
CHAITANYA ENTERPRISES: ICRA Reaffirms 'B' Rating on INR10cr Loan

CITIZEN CARS: ICRA Lowers Rating on INR7.0cr Cash Loan to D
DHRUV OIL: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
ECOREX BUILDTECH: ICRA Assigns 'C+' Rating to INR8.0cr Loan
GAUTAM CEMENT: Ind-Ra Migrates 'B+' Rating to Non-cooperating
IBD NALANDA: ICRA Lowers Rating on INR24cr LT Loan to 'D'

JINDAL STEEL: ICRA Reaffirms 'D' Rating on INR14,841.001cr Loan
KANSARA FORGE: ICRA Reaffirms 'B+' Rating on INR3.5cr Loan
KGS ENGINEERING: ICRA Reaffirms B- Rating on INR11cr LT Loan
KKRC INFRASTRUCTURE: ICRA Assigns 'B' Rating to INR23.50cr Loan
NEW CITIZEN: ICRA Lowers Rating on INR5.0cr Cash Loan to 'D'

PACIFIC GARMENTS: ICRA Reaffirms 'D' Rating on INR4.97cr Loan
PERUMAL SPINNING: ICRA Reaffirms B+ Rating on INR11.75cr Loan
PRECISION ENGINEERING: CRISIL Reaffirms D Rating on INR9MM Loan
PV KNIT: ICRA Reaffirms B+ Rating on INR7.50cr LT Loan
RAJARAMSEVAK MULTI: Ind-Ra Migrates Rating to Non-cooperating

S KUMAR: CRISIL Downgrades Rating on INR6.6MM LT Loan to 'B'
SARITA FORGINGS: CRISIL Reaffirms 'B' Rating on INR7.5MM Loan
SHREE SIDDHIVINAYAKA: CRISIL Reaffirms 'C' Rating on INR7.5M Loan
SREE GURU: CRISIL Reaffirms 'B' Rating on INR5MM Term Loan
SUBABHALAJI SPINNING: ICRA Reaffirms B Rating on INR11.15cr Loan

TAMIL NAADU: CRISIL Lowers Rating on INR5MM Cash Loan to B
TATA MOTORS: Fitch Raises Issuer Default Rating to 'BB+
TRANS VOLT: CRISIL Reaffirms 'B' Rating on INR4.09MM LT Loan
TRIBHAWAN & CO: CRISIL Reaffirms 'B' Rating on INR10MM Loan
TUSHAR FABRICS: CRISIL Reaffirms 'B' Rating on INR4.5MM Cash Loan

VIJAY DIAM: Ind-Ra Migrates 'BB' Rating to Non-cooperating
VINAY WIRES: Ind-Ra Lowers Long-Term Issuer Rating to 'BB-'
WORLD WELFARE: CRISIL Reaffirms 'B' Rating on INR1MM Loan


I N D O N E S I A

LIPPO KARAWACI: Moody's Cuts CFR to B1; Outlook Stable
PERUSAHAAN GAS: S&P Affirms 'BB+' CCR; Outlook Positive


S I N G A P O R E

ACESIAN STAR: Subcontractors Seek to Recoup SGD5MM for Work at T4
GLOBAL A&T: Moody's Lowers CFR to Ca on Extremely Tight Liquidity


S O U T H  K O R E A

DOOSAN BOBCAT: S&P Raises CCR to 'BB-' on Parent's Performance
* SOUTH KOREA: Banks' Loan Delinquency Rate Edges Down in March


V I E T N A M

VIETNAM: Moody's Affirms B1 Debt Rating & Revises Outlook to Pos.
VIETNAM: S&P Affirms BB- Sovereign Credit Rating; Outlook Stable


X X X X X X X X

* BOND PRICING: For the Week April 24 to April 28, 2017


                            - - - - -


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


BLOOMER CONSTRUCTIONS: First Creditors' Meeting Set for May 9
-------------------------------------------------------------
A first meeting of creditors in the proceedings of Bloomer
Constructions (QLD) Pty Ltd will be held at Cliftons Brisbane,
Level 2, 288 Edward Street, in Brisbane, Queensland, on May 9,
2017, at 12:00 p.m.

Trent Andrew Devine and Sule Arnautovic of Jirsch Sutherland were
appointed as administrators of Bloomer Constructions on April 26,
2017.


COPAL ENGINEERING: Second Creditors' Meeting Set for May 8
----------------------------------------------------------
A second meeting of creditors in the proceedings of Copal
Engineering Pty Ltd has been set for May 8, 2017, at 9:00 a.m. at
the offices of Dean-Willcocks Advisory, Level2, 32 Martin Place,
in Sydney, New South Wales.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 5, 2017, at 5:00 p.m.

Anthony Wayne Elkerton and Cameron Hamish Gray of Dean-
Willcocks Advisory were appointed as administrators of Copal
Engineering on March 22, 2017.


MATON AIRCONDITIONING: First Creditors' Meeting Set for May 5
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Maton
Airconditioning and Refrigeration Pty Ltd will be held at
RSM Australia Partners, Equinox Building 4, Level 2, 70 Kent
Street, in Deakin, ACT, on May 5, 2017, at 2:00 p.m.

Frank Lo Pilato and Mitchell Herrett of RSM Australia were
appointed as administrators of Maton Airconditioning on April 24,
2017.


ROSETT SCAFFOLDING: Second Creditors' Meeting Set for May 8
----------------------------------------------------------
A second meeting of creditors in the proceedings of Rosett
Scaffolding and Access Pty. Ltd. has been set for May 8, 2017, at
12:00 p.m., at Level 5, 123 Pitt Street, in Sydney, NSW.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 27, 2017, at 4:00 p.m.

David Iannuzzi and Vincent Pirina of Veritas Advisory were
appointed as administrators of Rosett Scaffolding on March 23,
2017.




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


361 DEGREES: Fitch Affirms BB Long-Term IDR; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed 361 Degrees International Limited's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB'.
The Outlook is Stable. The company's senior unsecured rating and
the rating on its outstanding US$400 million 7.25% senior notes
due 2021 have also been affirmed at 'BB'.

The ratings are supported by the Chinese sportswear brand's
stable margins and working capital, as well as its sustained net
cash position. However, the company's small scale and market
share in an industry characterised by limited brand recognition
beyond global foreign brands constrains its rating.

KEY RATING DRIVERS

Stable Operations: 361 Degrees' stable market share as China's
fourth-largest domestic brand and healthy EBITDA margins are
underpinned by its strong production capabilities and ongoing
efficiency gains, as well as an extensive distribution network
with more than 6,000 outlets. In addition, 361 Degrees' flexible
pricing strategy and inventory monitoring systems allow it to
adapt quickly to changes in market conditions. The company has
maintained a reasonable inventory level of 4.0x-4.2x average
monthly sales.

Promising Industry Prospects: Fitch expects China's sportswear
industry to benefit from rising disposable incomes, increasing
health consciousness and supportive policies. The sales value of
sportswear in China is projected to increase at a compounded
annual growth rate of 6.4% in 2016-2018, versus 6.2% in 2008-
2013, according to Euromonitor International. 361 Degrees'
expansion has been in line with the industry average in the past
few years.

Sales Growth to Moderate: Fitch expects revenue growth for 361
Degrees to moderate in the next few years, but the company should
still benefit from the continued expansion of China's sportswear
industry. Revenue in 2017 is expected to rise in line with trade-
fair orders for the group's core brand, implying high-single-
digit to low-double-digit growth as compared with 13% yoy growth
in 2016.

Investment in Brands: 361 Degrees may benefit from growth in
brands other than its core brand, including 361 Degrees Kids, the
e-commerce business, its international operations and the high-
end outdoor brand, One Way. The company remains highly dependent
on its core brand, which accounted for approximately 85% of total
sales in 2016, but Fitch expects it to continue diversifying
earnings as contribution from new brands increases. 361 Degrees
is likely to allocate more resources to build brand awareness,
promote its technical products and invest in international
expansion and its multi-brand platform. However, Fitch does not
expects this to have a large negative impact on margins, as the
pace of investments is unlikely to exceed sales growth.

Healthy Financial Profile: 361 Degrees has a record of stable
recurring EBITDA margins and operating cash flow, and has
maintained a net cash position for the past four years. FCF
turned positive in 2016 to CNY540 million thanks to prudent
working capital management and lower capex. Fitch expects the
company to continue generating positive FCF in 2017-2019.

DERIVATION SUMMARY

361 Degrees has a smaller operating scale and is less diversified
in terms of geography and product portfolio compared with global
peers. However, the company has a strong financial profile, with
a sustained net cash position and consistently positive FCF. 361
Degrees has a smaller scale - of approximately 24% of EBITDA -
compared with branded apparel company, Levi Strauss & Co.
(BB/Stable), but benefits from higher profitability, a higher
coverage ratio and is in a net cash position against Levi's FFO
net leverage ratio of over 3x.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Mid- to high single-digit revenue growth in 2017-2020
- EBITDA margin in the range of 18%-19% in 2017-2020
- Capital expenditure of CNY200 million annually
- Receivable days and inventory days similar to 2016 levels

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
No positive rating action will be considered until 361 Degrees
significantly boosts its operating scale and market share.

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- EBITDA margin below 15% for a sustained period (2016: 19%)
- Negative FCF for a sustained period
- Failure to sustain a net cash position
- Deteriorating working capital, such as worsening trade
   receivables (including bill receivables) days or a significant
   increase in channel inventory

LIQUIDITY

Sufficient Liquidity: 361 Degrees had sufficient capital and
liquidity resources at end-2016, as reflected by the total debt
balance of CNY2.8 billion - of which CNY76 million was current
borrowings - and a readily available cash balance of CNY5.6
billion. Besides, the company's unutilised banking facilities
amounted to almost CNY4 billion in 2016. Fitch expects 361
Degrees to continue generating positive FCF from 2017 thanks to
working capital management and limited capex requirements.


CHINA HONGQIAO: Fitch Cuts IDR to B+ Due to Weak Internal Control
-----------------------------------------------------------------
Fitch Ratings has downgraded aluminium producer China Hongqiao
Group Limited's Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDRs) to 'B+' from 'BB' due to the continued
delay in publishing its 2016 annual results, which suggests
material weakness in internal controls.

Fitch has also downgraded Hongqiao's senior unsecured rating and
the ratings on its outstanding USD400 million 7.625% senior
unsecured notes due 2017 and USD300 million 6.875% senior
unsecured notes due 2018 to 'B+' from 'BB'. The senior unsecured
rating and ratings on the bonds have also been assigned Recovery
Ratings of 'RR4'. All ratings remain on Rating Watch Negative
(RWN).

KEY RATING DRIVERS

Annual Results Publication Delay: Hongqiao is unlikely to publish
its 2016 annual report by end-April 2017, pending issues raised
by its auditors. This suggests that the company has weak internal
controls, and a rating in the 'BB' category is not justified.

Publication Will Resolve RWN: The RWN will be resolved once the
company publishes its audited accounts. If the accounts are not
qualified, Fitch will reassess the rating levels based on the
updated information. However, if there is a significant
restatement of past accounts or the auditor qualifies the
financial statements, Fitch are likely to take further negative
rating action.

Delay May Trigger Covenants: According to the company, it has
received an extension on the publication of the accounts from the
banks of its syndicated loans of approximately USD700 million,
giving it time to publish by end-June 2017 instead of end-April
2017. In addition, the management said they have made necessary
arrangement with the trustees of the offshore notes to avoid the
acceleration of payments on its offshore bonds.

DERIVATION SUMMARY

Hongqiao's rating reflects its leading position in the global
aluminium industry by scale and cost structure. However, the
rating is constrained by its weak internal controls and continued
high capex and leverage. The RWN reflects the uncertainty over
the timing of publication of its audited accounts and the
potential liquidity events that it might trigger.

KEY ASSUMPTIONS

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

- Aluminium price increases in line with Fitch's commodity
forecast of USD1,600 per tonne in 2016, USD1,700/t in 2017,
USD1,700/t in 2018, USD1,750/t in 2019 and USD1,800/t in the long
term.

- Aluminium production capacity to peak at 6.5 million metric
tonnes a year in 2016, with utilisation rate of around 80% from
2017.

- Capex of CNY16 billion, CNY13 billion and CNY5 billion in 2016,
2017 and 2018, respectively.

RATING SENSITIVITIES

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

- Material restatement of financial statements or findings by the
auditor that affect financial data reliability

- Acceleration of debt repayment

Developments That May, Individually or Collectively, Lead to the
removal of the Rating Watch Negative

- Publication of 2016 annual results with unqualified auditor
opinion and in line with Fitch expectations


LOGAN PROPERTY: S&P Assigns 'BB-' CCR; Outlook Stable
-----------------------------------------------------
S&P Global Ratings said it assigned its 'BB-' long-term corporate
credit rating to Logan Property Holdings Co. Ltd.  The outlook is
stable.  S&P also assigned its 'cnBB+' long-term Greater China
regional scale rating to the China-based property developer.

"The ratings reflect Logan's high geographical concentration and
currently high leverage.  These factors are tempered by the
company's established market position in Shenzhen and decent
asset quality.  We also expect Logan's financial leverage to
improve, driven by strong revenue growth and better profitability
over the next 12 months," said S&P Global Ratings credit analyst
Brian Huang.

S&P believes Logan's high geographic concentration is unlikely to
change over the next two years.  The high concentration exposes
the company to evolving government policy and volatilities in the
local economies in which it operates.  As of the end of 2016,
about 80% of the company's land bank is in the Greater Bay area
of Guangdong, Hong Kong, and Macau.  In particular, its sizable
presence in the Shenzhen region (72% of land reserves by value)
will likely expose the company to the uncertainty of policy
changes in the city.  In 2016, about 80% of Logan's sales were
from Guangdong province.

Nevertheless, Logan's established position in its key markets,
its low-cost land bank, and good profitability support its credit
profile.  S&P expects the company's profitability and sales to
benefit from rising property price in Shenzhen, which will result
in improving margins over the next two years.  S&P forecasts the
company's gross margin will likely increase to about 33%-34%
during the period from 31.9% in 2016.  In S&P's view, Logan's
low-cost land bank of about RMB3,384/square meters could sustain
its good profitability despite higher costs for new land
acquisitions.

Logan's good sales execution and significant saleable resources
in Shenzhen should support its revenue growth and margin
expansion over the next two years.  In 2016, the company's
contracted sales increased significantly by 40% year over year to
Chinese renminbi (RMB) 28.7 billion, with 44% of the sales from
projects in the Shenzhen area, where demand is strong.

S&P expects Logan's contracted sales in 2017 to remain resilient,
and grow by about 15% year over year to roughly RMB33 billion.
The company's contracted sales for the first three months in 2017
remained strong and increased 52% year on year to RMB7.5 billion.
Logan has large saleable resources amounting to RMB68 billion in
2017, of which 52% are in Shenzhen, where housing demand among
first-time home buyers and upgraders remains solid.

S&P believes Logan will likely face some execution risks with its
plans to expand into other cities in the Greater Bay Area.  In
March 2017, the company expanded into Hong Kong through a joint
venture with KWG Property Holdings Ltd., which acquired a land
parcel for Hong Kong dollar (HK$) 16.9 billion, the highest cost
per land parcel recorded in Hong Kong.

Logan's capital expenditure is likely to remain high over the
next two years, with increasing land acquisitions and sizable
construction costs.  S&P expects Logan to maintain a strong
growth appetite, with land acquisitions totaling RMB16 billion-
RMB17 billion in 2017 and RMB17 billion-RMB18 billion in 2018.
This includes seeking opportunities in the cities in which it is
currently operating, as well as those in other cities in the
Greater Bay Area.

That said, Logan's strong revenue growth and improving
profitability should more than offset likely higher capital
expenditure during its fast expansion in the Greater Bay area,
including Shenzhen and Hong Kong.  Therefore, S&P expects Logan's
leverage to slightly improve, with ratio of debt to EBITDA stay
at 4.0x to 5.0x over 2017-2018, down from 5.5x in 2016.

The stable outlook reflects S&P's expectation that Logan will
maintain its fast revenue growth and improving profitability over
the next 12 months.  These gains should temper the impact of the
company's increased leverage and expansion of its land bank and
construction.  In S&P's base-case scenario, it expects the
company's debt-to-EBITDA ratio to stay at 4.5x-5x in 2017.

S&P could lower the rating if Logan's leverage substantially
deteriorates, such that its debt-to-EBITDA ratio stays above 5x
on a sustained basis.  This could happen if the company's growth
appetite is more aggressive than S&P's base-case assumption, or
its sales performance is materially below S&P's expectation of
RMB33 billion in 2017.

S&P could raise the rating if: (1) Logan continues to
substantially expand its operating scale and improves its project
and geographic diversity; and (2) maintains more prudent
financial management, such that the debt-to-EBITDA ratio falls
below 4x on a sustained basis.


TIMES PROPERTY: Fitch Rates US$225MM Senior Notes at B+
-------------------------------------------------------
Fitch Ratings has assigned Times Property Holdings Limited's
(Times Property; B+/Positive) US$225 million 5.75% senior notes
due 2022 a final rating of 'B+' and Recovery Rating of 'RR4'.

The notes are rated at the same level as Times Property's senior
unsecured rating because they constitute direct and senior
unsecured obligations of the company. The assignment of the final
rating follows the receipt of documents conforming to information
already received. The final rating is in line with the expected
rating assigned on April 18, 2017.

Fitch revised the Outlook on Times Property to Positive from
Stable on January 11, 2017, and Fitch may take further positive
rating action if the company can maintain leverage below 45% and
keep its landbank sufficient for three years of development. The
China homebuilder's ratings are supported by its execution track
record but constrained by the need to consistently replenish its
land bank with quality sites, which results in a fluctuation in
leverage.

KEY RATING DRIVERS

Larger Scale, Strong Sales: Times Property's contracted sales
rose 50% in 2016 to CNY29.3 billion, beating its annual target of
CNY21.5 billion by more than 35%. The average selling price (ASP)
for contracted sales climbed to CNY11,860/square metre (sq m)
from CNY9,010/sq m in 2015, mainly due to better market
performance in Foshan and Zhuhai. Times Property managed to
maintain high sales efficiency, with contracted sales/total debt
at 1.4x (1.2x at end-2015).

Times Property is targeting sales of CNY32.5 billion in 2017,
representing 11% growth over 2016. The company will be able to
retrieve around CNY28 billion from the sales proceeds, assuming a
historical cash-collection rate of 86%. January-March 2017 sales
have increased by 21% to CNY6.7 billion, with an ASP of
CNY14,800/sq m. Fitch believes that Times Property's strong cash
collection from larger sales will continue to support expansion
in the next three years.

Better Land Bank Quality: Times Property reported 13.1 million sq
m of land as of end-2016, with 17% located in Guangzhou, 35% in
Guangdong's Tier 2 cities (Foshan, Zhuhai and Zhongshan), and the
rest in less-developed noncore cities - Qingyuan, Dongguan,
Changsha and Huizhou. Fitch estimates that the company had
increased its land bank in its core markets (Guangzhou, Foshan
and Zhuhai) to 3.8 years of development activity by end-2016 from
2.9 years at end-2015.

High-Cost Acquisitions: Times Property started to acquire higher-
priced land parcels in its core markets from 2015 to expand the
share of products that appeal to upgraders and to solidify its
foothold in Guangzhou and core Tier 2 cities such as Foshan and
Zhuhai. It bought several land parcels in Foshan and Zhuhai at
above CNY12,000/sq m, resulting in an weighted-average land-
acquisition cost of more than CNY8,500/sq m in 2016, compared
with around CNY6,000/sq m in 2015 and less than CN3,000/sq m
before 2014. However, Fitch expects Times Property to add two to
three projects from urban redevelopment sites annually, to
complement high-cost land acquisitions from public auctions.

Stable Leverage: Times Property's leverage, measured by net
debt/adjusted inventory, was maintained at 33% at end-2016
compared with 35% at end-2015. Fitch expects leverage to
fluctuate while Times Property expands, particularly as the
government has implemented a series of policies since October
2016 to curb excessive increases in housing prices. The company's
sustainable sales at current levels would be key to managing the
fluctuation in leverage. Fitch will consider taking positive
rating action if Times Property is able to maintain its leverage
below 45%.

Concentration in Guangdong Province: Times Property is a regional
property developer focused on Guangdong Province in Southern
China. Guangzhou, Foshan and Zhuhai together accounted for more
than 85% of the total contracted sales in the past three years.
Fitch believe that Times Property will focus on expanding within
Guangdong Province, and is unlikely to expand into other
provinces in the near term.

DERIVATION SUMMARY

Times Property expanded by about 50% in 2016 to reach a
contracted sales scale similar to 'BB' category peers - such as
Yuzhou Properties Company Limited's (BB-/Stable)'s CNY23 billion
and China Aoyuan Property Group Limited's (BB-/Stable) CNY26
billion. Times Property had previously been constrained by
relatively high leverage (around 40%) compared with its small
scale, due to constant pressure to increase its land bank in its
core markets in Guangdong province. The company has managed to
maintain its leverage stable while significantly boosting scale
and saleable resources during the past two years to support
future growth. Fitch revised the Outlook to Positive from Stable
in January 2017, and will take further positive action if Times
Property is able to meet positive rating sensitivities on a
sustainable basis in the next 12 months.

KEY ASSUMPTIONS

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

- Contracted sales sustain above CNY30 billion in the next
  three years

- Gross profit margin (including capitalised interests) maintain
  at 20%-25% over 2017-2019

- Attributable land premium around 45% of total contracted sales
  in the next three years.

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to positive rating action include:

- Net debt/adjusted inventory sustained below 45%
- Contracted sales/total debt sustained above 1.5x
- EBITDA margin sustained above 20%. (2016: 19.4%)
- Land bank sufficient for three years of development

Future developments that may lead to the Outlook reverting to
Stable:

- Failing to maintain the positive guidelines

LIQUIDITY

Sufficient Liquidity: Times Property had cash and cash equivalent
of CNY11.9 billion (including restricted cash) as of end-2016,
compared with its CNY2 billion short-term debt. The company also
took advantage of the offshore debt-financing window in the
beginning of 2017 by issuing a USD375 million 6.25% bond due 2020
to refinance the USD305 million 12.625% bond due 2019 (already
redeemed in February 2017) and the CNY1.5 billion 10.375% bond
due 2017. The average funding cost had dropped to 8.3% by end-
2016 from 9.6% at end-2015, and Fitch expects this to drop
further to below 8% in 2017.


YANZHOU COAL: S&P Revises Outlook to Stable & Affirms 'BB-' CCR
---------------------------------------------------------------
S&P Global Ratings said it revised its outlook on Yanzhou Coal
Mining Co. Ltd. to stable from negative.  At the same time, S&P
affirmed its 'BB-' long-term corporate credit rating on the
China-based coal miner.  S&P also affirmed its 'BB-' issue
ratings on the two outstanding senior unsecured notes and S&P's
'B+' issue rating on the outstanding senior unsecured perpetual
securities that the company guarantees.  In line with the outlook
revision, S&P raised the Greater China regional scale ratings on
Yanzhou Coal and its two senior unsecured notes to 'cnBB+' from
'cnBB'.  S&P also raised the Greater China regional scale rating
on the perpetual securities to 'cnBB' from 'cnBB-'.

"We revised the outlook to stable after Yanzhou Coal reported
better-than-expected performance for 2016 due to a significant
recovery in coal prices," said S&P Global Ratings credit analyst
Claire Yuan.  "As a result, we expect the company's financial
performance to improve on stabilized thermal coal prices,
increasing sales volume, and largely flat production costs in the
next two years.  We forecast the company's debt to EBITDA ratio
to improve and stay below 6.0x during 2017-2018."

S&P expects thermal coal prices in China to remain stable in the
next 12 months due to more balanced supply and demand.  Coal
prices rebounded sharply in the second half of 2016 because of a
supply shortage caused by the 276-production-day policy.  The
government gradually relaxed the policy from September 2016 and
now allows all coal mines with proper permits to produce on a
330-day basis.  Therefore, S&P expects thermal coal supply and
demand to be more balanced in 2017, with increasing supply and
softening demand after the winter heating season leading to
thermal coal prices gradually moderating and stabilizing.  The
Chinese government considers a price of Chinese renminbi (RMB)
500 per ton to RMB570 per ton as reasonable for 5,500kcal/kg
thermal coal, and will intervene if the price falls below RMB470
per ton or rises above RMB600 per ton.

S&P forecasts Yanzhou Coal's sales volume of coal to grow by 23%
year on year in 2017 and 4%-5% in 2018-2019.  The significant
volume growth in 2017 is mainly due to the ramp up of two Inner
Mongolia mines in China and phase two of the Moolarben mine in
Australia.  S&P also forecasts the company's realized thermal
coal price to grow by mid-single digits in 2017 and then remain
flat in 2018.  In S&P's view, the increase in production volumes
and stable coal prices in China should lead to a gradual
deleveraging and improving financial performance for Yanzhou Coal
in 2017 and 2018.

"We have not factored in Yanzhou Coal's planned acquisition of
Coal & Allied Industries Ltd. in S&P's base case, because it is
still pending government and shareholder approvals.  If the
acquisition goes through, we believe it is likely to strengthen
Yanzhou Coal's competitive position in terms of enlarged scale,
extended mine life, and enhanced product portfolio.  However,
Yanzhou Coal will remain a single-commodity producer and lacks
the benefits of business integration.  We also believe that the
company will benefit from the cash flow contribution from the
acquired assets and its cash flow to leverage ratios would
improve if the transaction proceeds via equity funding," S&P
said.

S&P's rating on Yanzhou Coal includes two notches of uplift due
to extraordinary government support.  S&P believes there is a
moderately high likelihood that the government of Shandong
province would extend extraordinary support to the company if
needed based on these company characteristics:

   -- Important role to the government.  Yanzhou Coal is one of
      the largest state-owned enterprises (SOE) in Shandong
      province and one of the largest coal producers in China.
      As one of the first coal companies that expanded outside of
      China, it plays an important role in helping the government
      to secure more coal resources worldwide.  Further, Yanzhou
      Coal is one of the coal companies identified by the
      government to be a consolidator of the segmented coal
      industry in China.

   -- Strong link with the government.  The Shandong provincial
      government owns 56.6% stakes in Yanzhou Coal via its 100%
      ownership in Yankuang Group.  In S&P's view, the local
      government has strong influence over Yanzhou Coal's
      strategy and financial planning through Yankuang Group.

The stable outlook reflects S&P's view that the Chinese coal
industry has recovered on more balanced supply and demand,
benefiting from industry decapacity.  S&P hence expects Chinese
and international thermal coal prices to remain stable in the
next one to two years.  As such, S&P expects Yanzhou Coal's
operating and financial performance to improve but still remain
highly leveraged over the next 12-24 months on stable coal prices
and increasing sales volume.

S&P could lower the ratings on Yanzhou Coal if there is an
unexpected significant drop in coal prices or much higher-than-
expected debt increase, which would lead to heightened liquidity
risk for Yankuang Group and Yanzhou Coal.  S&P could also lower
the ratings on Yanzhou Coal if there is weakened likelihood of
extraordinary government support, which S&P views to be unlikely
in the near term.

S&P may upgrade Yanzhou Coal if S&P believes both Yankuang's and
Yanzhou's profitability and cash flow to leverage ratios can
materially improve over the next 12-24 months.  Improvement in
Yanzhou Coal's ratios alone is not sufficient given that its
rating may be capped by the credit profile of Yankuang Group.  An
indication of such improvement is that both companies' debt to
EBITDA ratios drop below 5.0x for a sustained period.


YINGDE GASES: S&P Affirms 'CCC-' CCR on Refinancing Risk
--------------------------------------------------------
S&P Global Ratings said it has affirmed its 'CCC-' long-term
corporate credit rating on Yingde Gases Group Co. Ltd.  The
outlook remains negative.  S&P also affirmed its 'CC' long-term
issue rating on the outstanding senior unsecured notes that
Yingde guarantees.  At the same time, S&P affirmed its 'cnCCC-'
long-term Greater China regional scale rating on Yingde and the
'cnCC' rating on the notes.  Yingde is a China-based manufacturer
of industrial gases.

S&P affirmed the ratings to reflect its view that Yingde still
faces ongoing liquidity pressure and refinancing risk following
the change in controlling shareholder to PAG Asia Capital (PAG),
a Hong Kong-based private equity firm.

S&P believes there is uncertainty over whether Yingde can
complete refinancing of its 2017 debt maturities.  As the
controlling shareholder of Yingde, PAG is expected to lead the
refinancing arrangement for Yingde's large debt maturities due in
2017, which include its offshore bank loans and Chinese renminbi
(RMB) 880 million medium-term notes (MTN) due in July 2017.  S&P
requires a longer track record to assess PAG's ability to arrange
timely refinancing for Yingde.

S&P believes there remains a risk of accelerated payment of
Yingde's large amount of debt.  Lenders of the company's offshore
syndicated loan could accelerate payments anytime given that the
company has breached covenants on both the change of control and
net tangible assets requirements.  The company is still in the
process of obtaining waivers from lenders.  Accelerated payments
could trigger cross-defaults on the company's other debt
obligations.  An early repurchase of Yingde's total of
US$638 million notes could also occur if any credit rating agency
downgrades the company within six months of the change of
control.

Even if Yingde refinances its 2017 maturities, S&P expects
liquidity to remain stretched over the next 12 months because the
company is yet to come up with a concrete refinancing plan on its
outstanding US$395 million notes due in April 2018.  S&P believes
Yingde's free cash on hand together with cash flow generated from
operations are unlikely to fully cover its large amount of debt
due in the next 12 months.

Currently, S&P has limited visibility on the potential impact of
the change in largest shareholder on Yingde's operations.  Most
of the company's new senior management lack expertise and
experience in the industrial gas industry.  S&P views this as a
shortfall in the company's management and governance in the
interim.  S&P believes the composition of senior management is
still undergoing transition and S&P expects the company to
appoint management with industry expertise.  However, the company
could see operational volatility before it achieves stable
management, in S&P's view.

Under the current liquidity pressures, S&P expects PAG will
attempt to optimize Yingde's debt structure and lower its
borrowing costs in the next one to two years.  Therefore, S&P's
base case assumes debt will stay largely flat in 2017-2018.
However, S&P cannot rule out that PAG could eventually gear up
the company to achieve higher returns.  S&P considers PAG as
financial sponsor.  This implies that S&P believes PAG could
follow an aggressive financial strategy using debt and debt-like
instruments to maximize shareholder returns and eventually exit
the investment within a short to medium period.  As a result,
leverage could materially deviate from S&P's base case below.
S&P hence assigns FS-6 to its assessment of the company's
financial policies and lowered S&P's cash flow to leverage
assessment to highly leveraged.

The negative outlook on Yingde reflects S&P's view that the
company's liquidity will remain weak over the next six to 12
months.  There is uncertainty over the refinancing and repayment
of debt obligations, especially given that the breach of
covenants of an offshore syndicated bank loan could trigger early
repayment of other debt obligations.  A downgrade by any credit
rating agency would also trigger early repurchase of the
company's outstanding U.S. dollar notes.

S&P could lower the rating if it sees an increased likelihood of
nonrepayment of any debt obligations due in the next 12 months.
These include the onshore RMB880 million MTN due in July 2017 and
the syndicated bank loan.

Nonrepayment could occur if:

  -- The company's access to funding in the capital market or
     support from banks weakens, such that it does not secure new
     funding in the next 12 months;

  -- The acceleration of payment of syndicated loan or the U.S.
     dollar notes takes place and the company cannot receive
     timely funding for repayment from banks or shareholder.  The
     change in shareholder impairs Yingde's business operations
     and reduces its operating cash flow generation; or

  -- The company has higher working capital needs owing to
     reduced support from counterparties, including clients or
     suppliers.

S&P could revise the outlook to stable if the company establishes
a solid debt repayment plan for its offshore bank loans due in
2017 and the senior notes due in 2018, such that the company
stabilizes its liquidity position.  This could be the result of
the company issuing a new bond or drawing down from new
facilities.



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


ASIA TELEVISION: Likely to Avoid Liquidation
---------------------------------------------
Cannix Yau at South China Morning Post reports that in a new
twist to the sorry drama of Hong Kong's now-defunct Asia
Television (ATV), the company is likely to avoid going into
liquidation as a mainland China-based "white knight" has
successfully acquired its majority stake and resolved its major
debts totalling about HK$2.2 billion.

However, the embattled firm still needs to resolve its remaining
smaller debts with other creditors including a debt of HK$24
million owed to Television Broadcasts (TVB), before it can enjoy
a new lease of life for further development, the report says.

SCMP relates that the latest development came as new investor
Star Platinum Enterprises already resolved the firm's debt of
HK$2.1 billion owed to former major shareholder Wong Ching.

Star Platinum, a subsidiary of publicly listed mainland-based
firm Co-Prosperity Holdings, earlier completed the purchase of a
52.42 per cent stake in ATV via a deposit payment of HK$500
million to Mr. Wong with other undisclosed terms, according to
SCMP.

The debts of about HK$35 million in unpaid wages to 640 former
employees and HK$18 million of Insolvency Fund were also paid.

SCMP says the deal has made Star Platinum the majority
shareholder of ATV, the city's oldest TV station. ATV ceased
broadcasting on April 1 last year after its free-to-air licence
expired, following years of financial and managerial turmoil.

As the new investor is to launch a debt restructuring plan for
ATV, the High Court on April 24 halted its liquidation
proceedings and removed accounting firm Deloitte from its role as
the firm's provisional liquidator, according to the report.

The report relates that Derek Lai, vice-chair of Deloitte China,
said on April 25 that since Star Platinum had already resolved
the major debts ATV incurred, it was unlikely the TV company
would go into liquidation despite still owing smaller debts to
other creditors including TVB.

"Star Platinum needs to negotiate with the remaining creditors,"
the report quotes Mr. Lai as saying. "I hope they will support
its restructuring with ATV."

He added that ATV now had a cash flow of HK$10 million to be paid
to other creditors as well as assets worth over HK$40 million,
including a production facility in Tai Po and other equipment,
the report says.

SCMP relates that in its latest financial report last month, Co-
Prosperity said the deal with ATV could help the group diversify
its business. Apart from the entertainment industry, the group
focuses on fabric and clothing trading, money lending and
securities investments.

"The directors believe that the potential intrinsic value of ATV
can be realised if the plan to rescue ATV is successful," the
report, as cited by SCMP, said.

According to the report, the group said it could make use of
ATV's remaining assets and turn the broadcaster into a production
house in Hong Kong.

"The group has been granted access and usage of certain assets of
ATV which shall enable ATV to continue to operate and act as a
production house in Hong Kong taking advantage of its 50,000
square-metre production facility, and its film library and
archives," it said, adds SCMP.

Asia Television Limited is one of the two free television
broadcasters in Hong Kong. It was established in 1957, the first
Chinese television station in the world.

As reported in Troubled Company Reporter-Asia Pacific on Feb. 26,
2016, South China Morning Post said the High Court on Feb. 24
appointed accounting firm Deloitte as a provisional liquidator to
facilitate the station's restructuring.


NORD ANGLIA: S&P Puts 'B' CCR on CreditWatch Negative
-----------------------------------------------------
S&P Global Ratings said it placed its 'B' long-term corporate
credit rating and 'cnBB-' Greater China regional scale rating on
Nord Anglia Education Inc. on CreditWatch with negative
implications.  S&P also placed its 'B' long-term issue rating and
'cnBB-' Greater China regional scale rating on Nord Anglia's
guaranteed loans, notes, and revolving credit facility on
CreditWatch with negative implications.  The recovery rating on
Nord Anglia's existing bank loans remains at '4', indicating
S&P's expectation for average recovery (30%-40%; rounded
estimate: 40%) in the event of payment default.  Nord Anglia is a
Hong Kong-domiciled provider of premium education services with
operations across the world.

S&P placed the ratings on CreditWatch after the announced
agreement by the consortium of CPPIB and BPEA to acquire Nord
Anglia for a total consideration of US$4.3 billion, including
outstanding debt.

"We expect the merged entity to partially use debt funding to
acquire the remaining stake held by minority shareholders,
potentially worsening the company's debt leverage well beyond
S&P's forecasts of 7.0x-7.5x in 2017 and 6.5x-7.0x in 2018 for
its debt-to-EBITDA ratio and 2.0x-2.5x in 2017 and 2.5x-3.0x in
2018 for its EBITDA interest coverage ratio," said S&P Global
Ratings credit analyst Clifford Kurz.

Although Nord Anglia has a high EBITDA margin and strong
operating cash flow projected at about US$130 million in the next
12 months, the potential for higher debt leverage, coupled with
the possibility for additional acquisitions over the next 12-24
months, could delay the company's deleveraging plan during that
time.

S&P expects Nord Anglia's shareholders to approve the
transaction, given Premier Education Holdings Ltd., an affiliate
of BPEA, owns approximately 67% of Nord Anglia's outstanding
shares, and has agreed to vote in favor of the deal.

S&P aims to resolve its CreditWatch within the next 90 days or
when S&P has more details on the transaction, whichever is
sooner.

S&P may lower its ratings by one notch if the merger results in
significantly higher leverage, as indicated by an EBITDA interest
coverage ratio of below 2.0x with no sign of improvement.  S&P
may also lower the rating if S&P believes Nord Anglia's liquidity
position has deteriorated significantly.  This could occur as a
result of more aggressive and cash-exhaustive acquisitions than
expected and the company's operating results weakening
materially, although S&P considers such a scenario as remote.

S&P could affirm the rating if the transaction does not
materially increase debt leverage for Nord Anglia above S&P's
base-case forecast and the company can maintain an EBITDA
interest coverage comfortably above 2.0x on a sustainable basis.



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


AGRIBASE COMMODITIES: CRISIL Cuts Rating on INR4.85MM Loan to B
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Agribase
Commodities (ABC) for obtaining information through letters and
emails dated January 19, 2017 and February 09, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             4.85      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB-/Stable')

   Foreign Exchange         .33      CRISIL A4 (Issuer Not
   Forward                           Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Term Loan               0.16      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Warehouse Receipts      1.15      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Agribase Commodities. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Agribase Commodities is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B rating category or lower.' Based on
the last available information, CRISIL has downgraded the rating
to CRISIL B/Stable/CRISIL A4.

Set up as a partnership firm in 1997, ABC is engaged in the
processing and sale of cashew kernels. The firm operates through
a processing facility located near Mangalore (Karnataka) and is
managed by Mr. Umesh Kamath, the managing partner.


AMAR JYOTI: CRISIL Reaffirms 'B-' Rating on INR10.4MM Term Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Amar Jyoti
Industries Pvt Ltd for obtaining information through letters and
emails dated January 19, 2017, and February 9, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            4        CRISIL B-/Stable (Issuer Not
                                   Cooperating; Rating
                                   Reaffirmed)

   Term Loan            10.4       CRISIL B-/Stable (Issuer Not
                                   Cooperating; Rating
                                   Reaffirmed)

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Amar Jyoti Industries Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Amar Jyoti Industries Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL B
rating category or lower.' Based on the last available
information, CRISIL has reaffirmed the rating at CRISIL B-
/Stable.

Incorporated in 2013, AJIPL is promoted by Mr. Amar Nath Pandey
and Mrs. Vinita Joy. The company is engaged in processing of
paddy into par-boiled rice with total capacity of 8 tonnes per
hour (TPH). The processing unit is located at Muzaffarpur
(Bihar).


AMARSON OVERSEAS: CRISIL Cuts Rating on INR2.79MM Loan to 'B'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Amarson
Overseas Private Limited (AOPL; part of the Amarson group) for
obtaining information through letters and emails dated
January 19, 2017, and February 9, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Foreign Currency
   Term Loan               1.71       CRISIL B (Issuer Not
                                      Cooperating; Downgraded
                                      from CRISIL BB+/Stable)

   Foreign Exchange
   Forward                 1.50       CRISIL A4 (Issuer Not
                                      Cooperating; Downgraded
                                       from CRISIL A4+)

   Inland/Import
   Letter of Credit        0.50       CRISIL A4 (Issuer Not
                                      Cooperating; Downgraded
                                      from CRISIL A4+)

   Overdraft               2.00       CRISIL B/Stable (Issuer
                                      Not Cooperating; Downgraded
                                      from CRISIL BB+/Stable)

   Packing Credit          1.50       CRISIL A4 (Issuer Not
                                      Cooperating; Downgraded
                                      from CRISIL A4+)

   Proposed Long Term      2.79       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating; Downgraded
                                      from CRISIL BB+/Stable)

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Amarson Overseas Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Amarson Overseas Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL B
rating category or lower.' Based on the last available
information, CRISIL has downgraded the rating to CRISIL
B/Stable/CRISIL A4.

Incorporated in 1988 and based in New Delhi, AOPL manufactures
bar codes, stickers, hand tags, woven and printed labels, and
mono cartons. It is promoted by Mr. Yogesh Kakar. Its
manufacturing unit is in Greater Noida (Uttar Pradesh). The
company operates under the name of 'Regency Packaging'.


ANUBHAV TRADING: CRISIL Cuts Rating on INR8MM Cash Loan to 'B'
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Anubhav
Trading (ANT) for obtaining information through letters and
emails dated January 19, 2017, and February 9, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Cash            8        CRISIL B/Stable (Issuer Not
   Credit Limit                      Cooperating; Downgraded
                                     from CRISIL B+/Stable)

   Proposed Long Term       1        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     CRISIL B+/Stable)

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Anubhav Trading. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Anubhav Trading is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B rating category or lower.' Based on
the last available information, CRISIL has downgraded the rating
to CRISIL B/Stable.

ANT was established in 2008 as a proprietorship firm of Mr. Dilip
Kumar Jaiswal. It is an authorised distributor of electronic
appliances of various companies, such as LG Electronics India Pvt
Ltd (LG), Whirlpool of India Ltd (Whirlpool), Voltas Ltd
(Voltas), Symphony Ltd (Symphony), and Hitachi, in North Bihar.


CHAITANYA ENTERPRISES: ICRA Reaffirms 'B' Rating on INR10cr Loan
----------------------------------------------------------------
ICRA Ratings has reaffirmed the long term rating at [ICRA]B  to
the INR10.00 crore fund based limits of Chaitanya Enterprises.
The outlook on the long term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Limits       10.00     [ICRA]B(Stable) Re-affirmed

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with CE, ICRA has been trying to seek information 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 November 1, 2016, the
company's rating is now denoted as: "[ICRA]B(Stable); 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.

Analytical approach: For arriving at the ratings, ICRA has
applied its rating methodologies as indicated below

Chaitanya Enterprises, established in the year 2010, is engaged
in ginning and pressing of cotton. It is a partnership firm
promoted by Mr. A. Srinivasa Rao and Smt. A Manimala. The ginning
and pressing factory is located in Guntur district of Andhra
Pradesh. The ginning facility includes 36 Gins, Auto Pressing and
Auto feeder. Each gin has a capacity of producing 70 kgs of lint
per hour. Each baling press has a capacity of 15 bales per hour.


CITIZEN CARS: ICRA Lowers Rating on INR7.0cr Cash Loan to D
-----------------------------------------------------------
ICRA Ratings has revised the long-term rating assigned to the INR
7.00-crore fund-based limits and the INR 3.00-crore unallocated
limits of Citizen Cars (CC) from [ICRA]BB- (Stable) to [ICRA]D.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based-Cash         7.00      [ICRA]D; Revised from
  Credit                            [ICRA]BB- (Stable)

Rationale

The revision in the rating considers the delays observed in
servicing of debt obligations, primarily on account of liquidity
issues faced during the period of demonetisation.

Analytical approach: For arriving at the rating, ICRA has applied
its rating methodologies as indicated below.

Established in 1998 by Mr. Haneef Sait as a proprietorship firm
in Bangalore, Citizen Cars is a private pre-owned car (POC)
dealer which primarily deals in high-end range of cars. The major
car brands include- Ford, Honda, Hyundai, Rolls Royce, Bentley,
Land Rover, ToyotaBenz, BMW, Audi, Bugatti, Harley Davidson,
Lamborghini, Jaguar, Volkswagen, Chevrolet and Skoda. It has one
leased showroom in Hebbal which has a capacity of keeping ~110
cars. Prior to 2013, it was operating in an owned showroom in
Banaswadi which had a capacity of keeping ~60 cars. It has a
sister concern, called, New Citizen Cars which is also a private
POC dealer and operates out of a showroom with a capacity of
keeping ~60 cars in Banswadi, Bangalore.


DHRUV OIL: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dhruv Oil &
Protein (DOP) a Long-Term Issuer Rating of 'IND BB'.  The Outlook
is Stable.  The instrument-wise rating actions are:

   -- INR85 mil. Fund-based limits assigned with 'IND BB/Stable'
      rating; and

   -- INR31.15 mil. Term loan assigned with 'IND BB/Stable'
      rating

                        KEY RATING DRIVERS

The ratings reflect DOP's short operational track record, given
it commenced commercial operations in September 2015.  FY17 was
the first full year of operations.  According to provisional
financials for FY17, revenue was INR622 million (FY16: INR304
million), operating EBITDA margin was 7.0% (6.0%), interest
coverage was 5.4x (4.3x) and net leverage was 2.1x (3.4x).

Moreover, the ratings are constrained by the partnership
structure of the firm.

The ratings, however, are supported by DOP's comfortable
liquidity position, indicated by an average maximum working
capital utilization of 62.9% during the 12 months ended March
2017, and strong association with B.R. Oil Industries Private
Limited (BROIPL; 'IND BB+'/Stable) on account of common promoters
and strong inter-operational linkages as DOP sells the majority
of its products to BROIPL.

                       RATING SENSITIVITIES

Negative: A decline in profitability leading to a deterioration
in credit metrics would be negative for the ratings.

Positive: An improvement in the scale of operations and overall
credit metrics would be positive for the ratings.

COMPANY PROFILE

Incorporated in 18 September 2014, DOP refines mustard oil and
manufactures mustard oil cakes in Morena, Madhya Pradesh.  DOP is
managed by six partners.


ECOREX BUILDTECH: ICRA Assigns 'C+' Rating to INR8.0cr Loan
-----------------------------------------------------------
ICRA Ratings has assigned the long-term rating of [ICRA]C+ to the
INR10.00-crore fund based facilities of Ecorex Buildtech Private
Limited.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limit-
  Cash Credit             2.00      [ICRA]C+ assigned

  Fund-based Limit-
  OD Against tangible
  security                8.00      [ICRA]C+ assigned

Rationale

The assigned rating takes into account EBPL's small scale of
current operations, and weak financial profile characterised by
losses at the net level and a highly leveraged capital structure.
The rating is also constrained by the severe competition in the
AAC-blocks manufacturing space due to presence of substitutes as
well as other players and limited track record of the promoters
in manufacturing of AAC blocks. The rating also factors in the
vulnerability of operations to the cyclicality in the real-estate
sector and the low entry barriers amid low technological
requirement of AAC blocks manufacturing operations.
The rating, however, derives comfort from the stable demand
outlook for AAC blocks with increasing acceptance of the product
in the domestic market. The rating also takes into account the
location-specific advantages derived by the company through its
proximity to major raw material sources.

Going forward, the company's ability to scale up operations,
while improving its profitability as well as capital structure
and servicing the debt obligations in a timely manner, would be
the key rating sensitivities.

Key rating drivers

Credit strengths

* Positive demand outlook for AAC blocks on account of increased
   acceptance of the product in the Indian market

* Location-specific advantages on account of proximity to major
   raw material sources

Credit weaknesses

* Small scale of current operations and limited experience of
   the promoters in the AAC-blocks manufacturing business

* Weak financial profile characterised by losses at net level
   and a highly leveraged capital structure

* High competition due to low entry barriers, capacity additions
   by various existing players as well as established presence of
   substitutes like clay bricks

* Exposed to cyclicality in the real estate industry

Description of key rating drivers:

During FY2016, the first full year of operations, the capacity
utilisation of the AAC blocks remained low at ~11%. The capacity
utilisation increased to ~23% during H1FY2017, but it still
remained at a low level considering the initial year of its
operations. Fly ash constitutes almost 70% of the total raw
materials consumed in manufacturing of AAC blocks. By virtue of
its location, the company enjoys proximity to its major raw
material, which ensures regular supply and also keep inward
freight costs under control. The AAC blocks industry in India has
several established players and EBPL faces stiff competition from
them. Besides, on account of low entry barriers with operations
being less technology and capital intensive, the industry is
expected to witness significant increase in installed capacity
with major capacity addition lined up in the near term. This
could lead to increased competitive intensity, going forward,
resulting in pressure on pricing ability and profitability of the
company. Although AAC blocks are increasingly being accepted in
the market, the company continues to face competition from the
manufacturers of clay bricks, which are cheaper, thereby
impacting its pricing flexibility. EBPL also remains exposed to
the cyclicality inherent in real-estate sector, which may impact
demand and realisations for AAC blocks.

The operating income of the company remained at a nominal level
due to low off-take in the initial year of its operations. The
company incurred operating losses in FY2016 due to production
losses incurred during stabilisation of operations. In H1FY2017,
the company posted healthy operating margins. However, due to
high interest and depreciation cost on the back of debt-funded
capex incurred in the recent past to set up the unit, the company
posted losses at net level during H1FY2017.

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

Incorporated in 2012, Ecorex Buildtech Private Limited (EBPL) has
a Autoclaved Aerated Concrete (AAC) blocks manufacturing unit
with an installed capacity of 150,000 cubic meter per annum at
Bhurwadih Khurd village near Raipur, Chhattisgarh. The company
sells AAC blocks under the brand name 'ECOREX'. The manufacturing
operations of the unit started in December, 2014.


GAUTAM CEMENT: Ind-Ra Migrates 'B+' Rating to Non-cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Gautam Cement
Works' (GCW) Long-Term Issuer Rating to the non-cooperating
category.  The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.  The rating will
now appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website.  The instrument-wise rating actions are:

   -- INR13.3 mil. Long-term loans migrated to Non-Cooperating
      Category;

   -- INR50.0 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category; and

   -- INR60.0 mil. Non-fund-based working capital loan migrated
      to Non-Cooperating Category

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
March 18, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

GCW was established as a partnership firm in 1972.  It
manufactures highly durable and heavy duty pre-stressed concrete
poles.  These poles are used extensively in the electrical
industry.  It has manufacturing units in Tamil Nadu and a head
office in Rajasthan.


IBD NALANDA: ICRA Lowers Rating on INR24cr LT Loan to 'D'
---------------------------------------------------------
ICRA Ratings has revised the long-term rating to [ICRA]D from
[ICRA]B for the INR 32.52-crore long-term bank lines of IBD
Nalanda Infrastructure Pvt Ltd.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term Fund-        24.00      [ICRA]D; revised from
  Based-TL                          [ICRA]B

  Long-term-              8.52      [ICRA]D; revised from
  Unallocated                       [ICRA]B

Rationale

The rating revision factors in the delay in servicing the
company's obligations. The company's cash flow position has been
under pressure because of weaker-than-expected sales velocity and
collection efficiency of its ongoing projects. The rating will
remain sensitive to the improvement in the debt servicing track
record of the company.

Key rating drivers

Credit weaknesses

* Irregularities in debt servicing
* Weak sales and collection progress
* Geographic concentration risk as all the projects are in
Bhopal

Detailed description of key rating drivers:

IBDN is currently executing two projects 'Gold Villa' and 'Royal
City'. Given the weak market scenario, IBDN's sales velocity and
collection efficiency have been lower than expected. These
coupled with step up in debt repayments has resulted in cash flow
mismatches and debt servicing delays.

Analytical approach: For arriving at the ratings, ICRA has
applied its rating methodologies as indicated below

IBDN was incorporated in 2009 and is the flagship company of the
IBD Group of Central India. IBDN is headed by Mr. Ajay Bhadauria,
who holds 6.51% stake. Currently, the company is executing two
projects in Jabalpur, Madhya Pradesh which are in various stages
of execution. 'Royal City' is the affordable housing project of
the company and 'Gold Villa' is the high-end residential
apartment project. The total saleable area of all the projects
combined is 6.27 lakhs square feet, with 523 units in total. The
total project cost is estimated at INR79.51 crore and is expected
to be funded by customer advances and promoter's contribution, in
different proportion.


JINDAL STEEL: ICRA Reaffirms 'D' Rating on INR14,841.001cr Loan
---------------------------------------------------------------
ICRA Ratings has reaffirmed the [ICRA]D rating for the INR25,288-
crore (reduced from INR33,188 crore) bank facilities and
INR1,562-crore (reduced from INR3,212 crore) non-convertible
debentures of Jindal Steel & Power Limited.  Rating of [ICRA]D
for the INR1,250-crore commercial-paper programme of JSPL stands
withdrawn, as there is no amount outstanding against the rated
instrument. The company has not placed any commercial paper since
March 2016.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Bank Facilities
  Term Loans          14,841.001    [ICRA]D/reaffirmed

  Fund Based Working
  Capital Facilities    3,600.00    [ICRA]D/reaffirmed


  Non Fund Based
  Facilities           4,800.002    [ICRA]D/reaffirmed

  Short-term Loans     2,047.00     [ICRA]D/reaffirmed


  Market Instruments
  Non Convertible
  Debentures           1,562.00     [ICRA]D/reaffirmed

  Commercial Paper     1,250.00     Rating withdrawn

Detailed rationale

The rating reaffirmation factors in irregularities in debt
servicing by the company owing to weakened liquidity position in
the past two years, as a result of profitability pressures,
sizeable debt repayments and delays in debt-refinancing. In this
context, ICRA takes note of the recent conclusion of refinancing
for part of company's debt, which has facilitated a reduction in
its annual debt repayment obligations, as well as favorable
sectoral developments which are supporting an improvement in
company's profitability, thereby easing liquidity pressures to an
extent. With scheduled commissioning of cost-efficient capacities
in Angul unit during FY2018, ICRA expects a further improvement
in company's profitability metrics going forward. Nevertheless,
the company's ability to refinance the overseas debt in its
Mauritius subsidiary in a timely manner as well as achieve a
further sustained improvement in profitability will remain
crucial for its credit profile, given the elevated debt levels
and sizeable repayment obligations on a consolidated basis.

These apart, JSPL's performance continues to remain exposed to
inherent vulnerability of the steel business to volatility in
demand and metal prices as well as price and supply risks
associated with coal and iron ore sourcing in the absence of
commensurate captive mines. Nevertheless, raw material risk is
partially mitigated given the access to captive iron ore mine for
part of the capacity as well as ramp up of coal production in
Mozambique and Australia from H2 FY2017 onwards.

ICRA notes that JSPL has a strong asset base, healthy operational
track record in steel and power sectors, favourably-located
plants in proximity to various coal and iron ore mines,
diversified and value added product portfolio, and sizeable scale
of operations. The strengths are expected to be augmented further
by the scheduled commissioning of company's new capacities in
Angul during FY2018, which will result in a significant increase
in its domestic steel-making capacity.

Going forward, regularization of debt servicing, refinancing of
Mauritius subsidiary's debt and deleveraging of balance sheet
will be the key rating sensitivities. Besides, the company's
ability to operate its enhanced capacities at healthy levels,
will determine the extent of improvement in its cash accruals and
hence its debt servicing ability going forward.

Key rating drivers

Credit weaknesses

* Delays in payment of debt obligations, emanating from the
   weak liquidity position

* Elevated debt levels; refinancing of part debt has, however,
   eased pressure on cash flows to some extent

* Exposure to price and supply risks associated with coal and
   iron ore sourcing in the absence of commensurate captive
   mines; captive iron ore mine for part of the capacity
   partially mitigates the risks

* Inherent vulnerability of the steel as well as power business
   to volatility in demand and prices

Credit strengths

* Cost competitiveness emanating from economies of scale,
   integrated operations and attractive location of the plants
   in proximity to various coal and iron ore mines, which will
   be further supported by the scheduled commissioning of a
   large blast furnace capacity at Angul in Q1 FY 2018

* Flexibility derived from diversified product portfolio with
   forward integration into value-added products

Description of key rating drivers:

Incorporated in 1998, JSPL has nearly two decades of established
track record in successful commissioning of Greenfield capacities
in steel & power segments as well as running its plants at
healthy capacity utilization. Company's steel operations are
vertically integrated, encompassing the entire value chain from
captive iron ore mines for Raigarh plant, iron-ore beneficiation
and coal washing to generation of power and production of high
value-added products such as heavy and medium plates and rail
structurals. The integration in operations helps the company
control its costs, thereby resulting in operating efficiencies.
Till FY2015, the company also had access to coal from its
favourably-located captive mines for its steel as well as power
operations, which helped in achieving high operational
efficiencies. However these coal blocks were de-allocated, making
the company dependent on external sources for coal from April
2015 onwards. Given this and lack of captive iron ore mines for
Angul operations, the company's exposure to price and supply
risks for its key raw materials increased.

Nevertheless, location of both plants in mineral-rich states as
well as ramp up of coal production in group's Mozambique and
Australia mines from H2 FY2017 onwards, provides comfort.
Over the last five years, JSPL undertook sizeable capex across
segments. The capex included setting up of steel and power plant
in Angul (Odisha), pellet plant in Barbil (Odisha), power
generation capacity in a subsidiary (Jindal Power Ltd), steel
capacity at Oman and coking coal mines in Mozambique and
Australia. Sizeable debt-funded capital expenditure and
investments undertaken by the company over the years coincided
with the cyclical downturn in the steel sector, thereby making
optimum utilization of the new capacities challenging. While
JSPL's cost-competitiveness coupled with a high level of
integration in steel manufacturing operations reduces the
susceptibility of its profitability to downturns in the steel
industry, the company is not totally protected from the vagaries
of the sector and has witnessed volatility in its operating
profitability in the recent times owing to tough operating
environment for the sector. Resultant pressures on operating cash
flows made the company dependent on monetisation of non-core
assets as well as refinancing of its debt obligations.

ICRA notes that JSPL has reported healthy sales volumes in Q3 and
Q4 FY2017 taking annual volumes for FY2017 to an all-time high
for the company. This together with the cost rationalisation
efforts undertaken by the company facilitated a 136% YoY growth
in consolidated OPBDITA to INR1277 crore in Q3FY2017 from INR542
crore in Q3FY2016. Further in Q4FY2017, JSPL got a part of its
long-term borrowings refinanced under 5/25 scheme, whereby the
tenure of these loans has been elongated3. Although this together
with commissioning of incremental capacities at Angul is expected
to ease the pressure on company's cash flows, its ability to
refinance the overseas debt in Mauritius subsidiary in a timely
manner to elongate its maturity profile, continues to remain
crucial for its credit profile.

Analytical approach: The consolidated operational and financial
profiles have been considered to arrive at the issuer's rating.

Jindal Steel and Power Limited is one of India's major primary
integrated steel producers with a significant presence in power
generation and mining. Its manufacturing units are located in
Raigarh (Chhattisgarh), Angul (Odisha), Barbil (Odisha), Patratu
(Jharkhand), and Oman. While JSPL's integrated operations in
India encompass capacities of 5.25 million tonnes per annum
(mtpa) of iron making, 9.0 mtpa of pellets, 6.1 mtpa of liquid
steel and 6.55 mtpa of finished steel; the operations in Oman
include capacities of 1.5 million tonnes per annum (mtpa) of iron
making, 2.0 mtpa of liquid steel and 1.4 mtpa of finished steel.
The company's products include plates & coils, parallel flange
beams & columns, rails, angles & channels, wire rods, TMT rebars,
fabricated sections among other finished and semi-finished
products.

Currently, JSPL has iron making capacity of 2.125 MTPA through
blast furnace route and 1.32 MTPA through direct-reduced iron
(DRI) route at Raigarh, 1.8 MTPA through DRI route at Angul and
1.5 MTPA through gas-based hot-briquetted iron (HBI) route at
overseas operations in Oman. JSPL's consolidated iron making
capacity is set to increase to about 10mtpa in FY2018 with the
proposed commissioning of a large blast furnace in Angul
(Odisha).

JSPL also has a captive power capacity of about 1,650 megawatts
(MW) at Raigarh and Angul. Besides, Jindal Power Ltd (JPL), a
subsidiary of JSPL, has power capacity of 3,400 megawatts (MW).
JSPL's international operations include interests in coking coal
mining assets in Australia, thermal/coking coal mining assets in
Mozambique, and anthracite coal mining assets in South Africa.

As per provisional and unaudited financials for 9MFY2017, the
company has reported an operating income of INR14,760 crore, and
operating profit of INR3,140 crore on a consolidated basis.
In FY2016, JSPL had reported an operating income of INR18,105
crore, operating profit of INR3,110 crore, and net loss of
INR1,999 crore on a consolidated basis, as compared to an
operating income of INR19,359 crore, operating profit of INR5,764
crore and net loss of INR1,455 crore in FY2015.


KANSARA FORGE: ICRA Reaffirms 'B+' Rating on INR3.5cr Loan
----------------------------------------------------------
ICRA Ratings has reaffirmed the long term rating assigned to the
INR6.00 crore fund based limits of Kansara Forge & Wires Private
Limited at [ICRA]B+. ICRA has also reaffirmed its short term
rating assigned to the INR2.00 crore non fund based limits of
KFWPL at [ICRA]A4. The outlook on the long term rating is Stable.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Cash Credit           2.50      [ICRA] B+ (Stable) Reaffirmed
  Term Loan             3.50      [ICRA] B+ (Stable) Reaffirmed
  Non Fund Based
  Limits                2.00      [ICRA]A4 Reaffirmed

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with KFWPL, ICRA has been trying to seek information 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 November 1, 2016, the
company's rating is now denoted as: "[ICRA]B+ (Stable)/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.

Kansara Forge & Wires Private Limited (KFWPL), incorporated in
2000, is engaged in manufacturing of steel drawn wires used for
the manufacturing of rollers for bearings. The company was
founded by the Kansara Group and began its commercial operations
from January 2013. The manufacturing unit is located at Jodhpur
with an annual production capacity of 12 Metric Tonne Per Day
(MTPD).


KGS ENGINEERING: ICRA Reaffirms B- Rating on INR11cr LT Loan
------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA] B- for
the INR11.00 crore unallocated long-term facilities of KGS
Engineering Limited. The outlook on the long term rating is
Stable. ICRA has also reaffirmed the short term rating of
[ICRA] A4 to the INR7.00 crore non fund based bank limits of
KGSEL.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long term: Fund
  Based facilities        11.00      [ICRA]B- Reaffirmed


  Short term: Non-
  Fund Based facilities    7.00      [ICRA]A4 (Stable) Reaffirmed

Rationale

The reaffirmation of the ratings takes into account the reputed
clientele comprising large players in the major EPC contractors
and power equipment suppliers and the low industry concentration
risk. The ratings also take into account the relatively moderate
order book position of INR8.05 crore as on March 2017, following
order inflows from large power and infrastructure players
providing revenue visibility in the near term. The rating
continues to draw comfort from the track record of the company in
the engineering business for over three decades.

The ratings, however, are constrained by the moderate scale of
the company's operations over the years and the subdued demand
for KGSEL's products amongst its end customers, which has
resulted in sharp decline in the company's revenues over the last
two fiscals. Stretched working capital metrics driven by high
receivables and inventory position as on March 2016, which has
led to almost full utilization of the working capital limits
availed from the bank. The ratings also take into account the
continued weakening of the financial profile of the company due
to erosion in the networth caused by net losses incurred over the
last two fiscals. High dependence on working capital debt coupled
with low equity base has resulted in a stressed capital structure
characterised by high gearing. The ratings also factors in the
cyclical as well as highly fragmented nature of the industry,
which limits the pricing flexibility.

Key rating drivers

Credit Strengths

* Part of the KGS group, which has interests in real estate,
   construction, paper and infrastructure development

* Established track record of operations for over 34 years; key
   management personnel with strong technical experience in the
   field

* Moderate unexecuted order book position of INR 8.05 crore as
   on March 2017

* Reputed customer profile which includes major EPC contractors
   and power equipment suppliers; company's products have been
   approved by major end customers and engineering consultants

Credit Weakness

* Modest scale of operations

* Net losses incurred during the past two years of operations
   causing stress on accruals.

* Financial profile characterized by aggressive capital
   structure and stretched coverage indicators

* High receivables and inventory position as on March 2016,
   leading to stressed working capital intensity of the business;
   results in high reliance on working capital limits from the
   bank

* Vulnerability of order inflows and project execution to capex
   cyclicality; partly mitigated by exposure across end-user
   industries like cement, steel, infrastructure, power, etc

* High competitive intensity in the industry on account of low
   product differentiation

Description of key rating drivers highlighted above:

The ratings continue to be constrained by the company's small
scale of operations and high working capital requirements. Due to
the subdued demand for KGSEL's products, on the back of financial
and operational difficulties faced by its end customers, KGSEL
registered sharp decline in the revenues for the last two
fiscals. With increased debtor levels on the back of delays in
payments from large players and increased inventory with a number
of orders currently under execution, the overall working capital
intensity was significantly higher as on March 2016 and is
expected to remain high in FY2017 as well.

The Company registered stable revenue during the 9MFY2017
relative to FY2016, on the back of moderate order inflows during
the year. The major customers were ABB India Ltd, BHEL, L&T Ltd
who had accounted for a combined 48% of the total revenues in
9MFY2017. With an improved order book position of INR 8.05 crore
as on March 2017 and moderate improvement in overall demand,
KGSEL is expected to stabilise its operations and generate
consistent revenues in the near term. However, the company has
been making operating losses for the last two fiscals on account
of sharp de-growth in revenues and higher fixed costs. The net
margins have also broadly followed the operating margins with
high interest cost and depreciation.

KGS Engineering Limited (KGSEL) was founded in 1979 as Stardrive
Busducts Private Limited and is engaged in the manufacturing of
electrical bus ducts, which are used to carry high voltage
current between electrical equipments. The company underwent a
change in ownership in 2005, when the Chennai based KGS group
purchased a controlling stake in the company. With the entire
shareholding being taken over by the KGS group in 2010, the name
of the company was changed to KGS Engineering Limited in 2010.
KGSEL has its own manufacturing facility in Erulipattu, near
Chennai, with production facilities that conform to the relevant
manufacturing standards. The company manufactures Low Tension
(LT) and High Tension (HT) bus ducts up to 33 kV voltage and 5000
A current rating. KGSEL's customers include leading engineering,
procurement and construction contractors and power equipment
manufacturers such as L&T, McNally Bharat, Siemens, Alstom, ABB,
etc.

For FY 2016, KGSEL reported a net loss of INR 3.1 crore on an
operating income of INR9.3 crore as against a net loss of INR 5.6
crore on an operating income of INR 16.7 crore FY2015.


KKRC INFRASTRUCTURE: ICRA Assigns 'B' Rating to INR23.50cr Loan
---------------------------------------------------------------
ICRA Ratings has assigned the long-term rating of [ICRA]B to the
INR10.50-crore fund-based bank facilities and INR23.50-crore non-
fund based limits of KKRC Infrastructure Private Limited. The
outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based-Cash
  Credit                  10.50      [ICRA]B (Stable); Assigned

  Non fund-based-
  Bank guarantee          23.50      [ICRA]B (Stable); Assigned

Rationale

The assigned ratings are constrained by KKRCIPL's small scale of
operations in a highly competitive construction industry
resulting in thin operating margins, and significant decline in
operating income over the past three years owing to delay in
execution of Mokhabardi Lift Irrigation project. The rating also
considers stretched liquidity position of the company
characterised by high utilisation of working capital limits owing
to high inventory and receivable position as on March 31, 2016.
The ratings, however, positively factor in the long track record
of promoters in civil construction work and unexecuted order book
to operating income ratio of 3.37 times as on February 28, 2017
providing revenue visibility over the medium term.

Going forward, the company's ability to execute current orders in
a timely manner and manage the rising working capital requirement
will be the key rating sensitivity.

Key rating drivers

Credit strengths

* Significant experience (of over three decades) of the
   promoters in civil-construction business resulting in an
   established customer base

* The adjusted order book / operating income of 3.37 times as
   on February 28, 2017 provides revenue visibility for the
   medium term

Credit weaknesses

* Small scale of operations with revenue of INR26.02 crore and
   INR23.76 crore during FY2015 and FY2016, respectively

* Delayed receivables and slow movement of ongoing projects for
   Maharashtra Government during FY2015 and FY2016 resulted into
   high debtor days and stretched liquidity position

* Significant competition from well-established and reputed
   players of the industry keeps the margin under check

* High Geographic and Customer concentration with all the
   projects being undertaken in the states of Maharashtra,
   Madhya Pradesh and Andhra Pradesh.

Description of key rating drivers:

The company has been involved in civil construction for more than
three decades and undertakes civil construction work for
irrigation projects at present. The company has an outstanding
order book of INR143.32 crore as on February 28, 2017 comprising
of projects from irrigation departments of Andhra Pradesh,
Maharashtra and Chhattisgarh. The scope of work includes
construction of irrigation facilities at various sites of the
said states.

The geographic and customer concentration remains high as the
company executes projects related to irrigation facilities in
Maharashtra, Madhya Pradesh and Andhra Pradesh. Its end clients
are the state irrigation departments. The company executes the
projects on its own and also goes for subcontracting of work as
per feasibility and requirement.

The company's operating income declined from INR75.66 crore in
FY2011 to INR23.76 crore in FY2016 on account of slow movement of
orders at hand, particularly orders from Maharashtra Government
due to right of way issues.

The working capital utilization remains high for the company
owing to high debtor days resulting in stretched liquidity.


NEW CITIZEN: ICRA Lowers Rating on INR5.0cr Cash Loan to 'D'
------------------------------------------------------------
ICRA Ratings has revised the long-term rating assigned to the INR
5.00-crore fund-based limits and the INR 5.00-crore unallocated
limits of New Citizen Cars (NCC) from [ICRA]B+ to [ICRA]D.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based-Cash         5.00      [ICRA]D; Revised from
  Credit                            [ICRA]B+

  Unallocated             5.00      [ICRA]D; Revised from
                                    [ICRA]B+

Rationale
The revision in the rating considers the delays observed in
servicing of debt obligations, primarily on account of liquidity
issues faced during the period of demonetisation.

Established in 2010 by Mr. Ghouse Sait (son of Mr. Haneef Sait)
as a proprietorship firm in Bangalore, New Citizen Cars is a
private pre-owned car (POC) dealer which primarily deals in high-
end range of cars. The major car brands include Ford, Honda,
Hyundai, Rolls Royce, Bentley, Land Rover, Toyota, Benz, BMW,
Audi, Bugatti, Harley Davidson, Lamborghini, Jaguar, Volkswagen,
Chevrolet and Skoda. The firm has one showroom in Banswadi, which
has a capacity of keeping ~60 cars. It has a sister concern,
called Citizen Cars, which is also a private POC dealer and
operates out of a showroom with a capacity of keeping ~110 cars
in Hebbal, Bangalore.


PACIFIC GARMENTS: ICRA Reaffirms 'D' Rating on INR4.97cr Loan
-------------------------------------------------------------
ICRA Ratings has reaffirmed its long-term rating and short-term
rating of [ICRA]D on the INR8.72-crore loan facilities of Pacific
Garments Private Limited.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term-fund-
  based facilities        4.97      [ICRA]D; re-affirmed

  Short-term-fund-
  based facilities        3.75      [ICRA]D; re-affirmed

Rationale
The rating action is based on the previous delays in debt
servicing by the firm. As part of its process and in accordance
with its rating agreement with CPD, 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 the best available information.
In line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, the company's rating is now denoted as:
"[ICRA] D ISSUER NOT COOPERATING". The lenders, investors and
other market participants may exercise appropriate caution while
using this rating, given that it is based on limited or no
updated information on the company's performance since the time
it was last rated.

Incorporated in 1995 by Mrs. Madhushree Gupta, PGPL is a private
limited company engaged in manufacturing and exporting of women's
garments. The firm's manufacturing unit is located in Noida.


PERUMAL SPINNING: ICRA Reaffirms B+ Rating on INR11.75cr Loan
-------------------------------------------------------------
ICRA Ratings has reaffirmed the long term rating of [ICRA]B+
outstanding on the INR2.85 crore (enhanced from INR0.0 crore)
term loans and the INR11.75 crore (enhanced from INR9.75 crore)
long term fund based facilities of Perumal Spinning Mills Private
Limited. ICRA has also assigned the short term rating of [ICRA]A4
outstanding on the INR2.00 crore short term non-fund based limits
of PSMPL. ICRA has also assigned [ICRA]B+/[ICRA]A4 to the long-
term/short-term unallocated facilities of PSMPL. The outlook on
the long term rating is stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term: Term
  Loan                    2.85      [ICRA]B+ (Stable)/reaffirmed

  Long-term: Fund
  based facilities       11.75      [ICRA]B+ (Stable)/ reaffirmed

  Short-term: Non-
  fund based
  facilities              2.00      [ICRA]A4/assigned

  Long-term/Short-
  term: Unallocated
  facilities              0.15      [ICRA]B+(Stable)/[ICRA]A4/
                                    assigned


Rationale
The assigned rating factors in the significant experience of the
promoters in the textile industry for over a decade. Rating also
positively factor in PSMPL's long standing relationship with
customers and product profile comprising of yarn in the range of
40s to 60s. Rating also takes into account the financial risk
profile characterized by thin net margins and low return
indicators. The rating is further constrained by the Company's
small scale of operations which restricts economies of scale,
highly geared capital structure, exposure of its revenues and
profitability to volatility in cotton and yarn prices and its
presence in the medium count segment in a highly fragmented
spinning industry, where high competition coupled with low
product differentiation limits pricing flexibility.

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

Key rating drivers

Credit Strengths

* Experience of the promoters in the textile industry and
   established presence of the firm in Coimbatore

* Long standing business relationship with its customers
   who continue to support volumes through repeat orders

Credit Weakness

* Present small scale of operations which restrict financial
   flexibility to an extent.

* Financial profile characterized by thin net profit margins and
   low return indicators.

* Limited pricing flexibility, with profits exposed to
   volatility in yarn prices

* Intense competition in the industry with organised and
   unorganised players restricting price flexibility

Description of key rating drivers highlighted:

PSMPL is a small scale player in a competitive industry (spinning
mills); nevertheless, the promoter has longstanding experience in
the industry of almost two decades. Further, the company has been
able to consistently obtain orders from its customers and has
also been able to add new clients to its portfolio. The Company
concentrates on production of medium to finer count yarns in the
range of 40s to 60s, with 40s counts majorly contributing to the
revenue. The small scale of operations coupled with intense
competition arising from the highly fragmented nature of the
domestic textile industry limits its pricing flexibility. The
company has purchased new machinery through debt funded capital
expenditure which is expected to increase the turnover of the
company, however the scale of operations is expected to remain
small albeit some improvement.

The concern has recorded improvement in the financial risk
profile with marginal growth in operating income in FY2016.
However, the profit margins have also marginally improved in the
period under study. PSMPL has high capital structure and coverage
indicators. Working capital intensity has been high albeit a
marginal improvement for the period under study.

PSMPL, incorporated in 1989 by Mr. S. Perumal, is primarily
engaged in manufacture of cotton yarn. The Company produces
medium counts of carded/combed yarn (in the count range of 40s to
60s) and supplies primarily to domestic garment manufacturers.
The Company operates with an installed capacity of 14,112
spindles and its manufacturing facility is located in Salem
(Tamil Nadu). The Company is closely held by Mr. P Ashokaraman
(son of Mr. S Perumal) and his son.

In FY2016, PSMPL reported a net profit of INR0.15 crore on an
operating income of INR30.70 crore, as compared to a net loss of
INR0.06 crore on an operating income of INR28.95 crore in FY2015.


PRECISION ENGINEERING: CRISIL Reaffirms D Rating on INR9MM Loan
---------------------------------------------------------------
CRISIL Ratings Ratings has been consistently following up with
Precision Engineering Corporation (PEC) for obtaining information
through letters and emails dated November 21, 2016, and December
22, 2016, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee           7         CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Cash Credit              9         CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Letter of Credit         2         CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Term Loan                2         CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Precision Engineering
Corporation. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Precision Engineering
Corporation is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL B
rating category or lower.' Based on the last available
information, CRISIL has reaffirmed the rating at CRISIL D/CRISIL
D.

PEC was originally set up as a proprietorship concern by Mr. H D
Gupta in 1982, as an ancillary to Bhilai Steel Plant; it
gradually added other customers. In 2010, it was reconstituted as
a partnership firm after the founder's son, Mr. Vaibhav Gupta,
joined the business. PEC manufactures heat exchanger coils used
in boilers in power plants. Its manufacturing facility and office
are in Bhilai (Chhattisgarh).


PV KNIT: ICRA Reaffirms B+ Rating on INR7.50cr LT Loan
------------------------------------------------------
ICRA Ratings has reaffirmed the long term rating assigned to the
INR 0.09 crore1 term loans, the INR 7.50 crore fund based
facilities and the INR 3.58 crore proposed facilities of PV Knit
Fashions at [ICRA]B+. ICRA has also reaffirmed the short term
rating assigned to the INR 0.15 crore non-fund based facilities
of PVKF at [ICRA]A4. The outlook on the long term rating is
Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term: Term
  Loan                    0.09      [ICRA]B+(Stable) Reaffirmed

  Long-term: Fund
  based facilities        7.50      [ICRA]B+(Stable) Reaffirmed

  Long-term: Proposed
  facilities              3.58      [ICRA]B+(Stable) Reaffirmed

  Short-term: Non-
  fund based facilities   0.15      [ICRA]A4 Reaffirmed

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with PVKF, ICRA had sent repeated reminders to the company for
information and 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
November 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.

PV Knit Fashions, incorporated in the year 1989 by Mr. Ramasamy,
is engaged in manufacturing and export of garments, primarily to
European markets. The firm manufactures knitted garments like T-
shirts, polo shirts, sweatshirts, nightwear, pyjamas, shorts,
skirts, trousers etc. It has in-house facilities for knitting,
printing, embroidering, cutting, stitching, and packaging, and
outsources dyeing and bleaching to sister concerns. PVKF has 10
knitting machines with a capacity to produce 1,600 kg of fabric
per day and 250 sewing units to manufacture upto 10,000 pieces of
garments (basic style) per day. The firm is a government
recognized one star trading house and is ISO 9001:2000 and SA
8000
certified.

The company reported an operating income of INR 19.7 crore and
profit after tax of INR 0.4 crore in FY2016 as against the
operating income of INR 22.0 crore and profit after tax of INR0.3
crore in FY2015.


RAJARAMSEVAK MULTI: Ind-Ra Migrates Rating to Non-cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rajaramsevak
Multipurpose Cold Storage Private Limited's (RMCSPL) Long-Term
Issuer Rating to the non-cooperating category.  The issuer did
not participate in the rating exercise, despite continuous
requests and follow-ups by the agency.  Therefore, investors and
other users are advised to take appropriate caution while using
these ratings.  The rating will now appear as 'IND B+(ISSUER NOT
COOPERATING)' on the agency's website.  The instrument-wise
rating actions are:

   -- INR50.5 mil. Term loan migrated to Non-Cooperating
      Category;

   -- INR87.5 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category; and

   -- INR2 mil. Non-fund-based working capital loan migrated to
      Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 10, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

RMCSPL was incorporated in February 2012 in Kolkata, West Bengal
by Rajaram Chakraborty and his family members.  The company
provides a 1,83,000 quintals cold storage facility to potato
farmers and traders on a rental basis.  The facility is located
in Medinipur, West Bengal.


S KUMAR: CRISIL Downgrades Rating on INR6.6MM LT Loan to 'B'
------------------------------------------------------------
CRISIL Ratings has been consistently following up with S Kumar
Engineering Industries (SKEI) for obtaining information through
letters and emails dated November 28, 2016 and December 19, 2016,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1.4       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Bill Discounting        6.0       CRISIL B (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

   Cash Credit             6.6       CRISIL B (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

   Long Term Loan          6.0       CRISIL B (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Working        6.6       CRISIL B/Stable (Issuer Not
   Capital Facility                  Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')


'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of S Kumar Engineering
Industries. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for S Kumar Engineering Industries
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B rating
category or lower.' Based on the last available information,
CRISIL has downgraded the long term rating to CRISIL B/Stable and
reaffirmed short term rating at CRISIL A4.

SKEI, established in 2008, is a partnership firm of Mr. P Senthil
Kumar and his brother Mr. P Saravana Kumar. The firm fabricates
steel structural products and manufactures boiler components such
as valves, controllers, pressure gauges, coils, springs, and
ducts. Its manufacturing facility is in Trichy (Tamil Nadu).


SARITA FORGINGS: CRISIL Reaffirms 'B' Rating on INR7.5MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sarita
Forgings Private Limited (SFPL) for obtaining information through
letters and emails dated November 24, 2016, and January 17, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             7.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter Of Guarantee     1.25      CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit        0.75      CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan               2.80      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sarita Forgings Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Sarita Forgings Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL B
rating category or lower.' Therefore, on account of inadequate
information and lack of management co-operation, based on the
last available information, CRISIL has downgraded long rating to
CRISIL B/Stable and reaffirmed short term rating at CRISIL A4.

SFPL was set up in 1995 by Mr. Anil Jain and Mr. Pramod Jain. It
manufactures forged items and has a manufacturing facility in
Ludhiana (Punjab).


SHREE SIDDHIVINAYAKA: CRISIL Reaffirms 'C' Rating on INR7.5M Loan
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shree
Siddhivinayaka Agro Extractions Private Limited (SSAEPL) for
obtaining information through letters and emails dated
November 21, 2016 and December 22, 2016, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              7.5      CRISIL C (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       5.0      CRISIL C (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Shree Siddhivinayaka Agro
Extractions Private Limited. This restricts CRISIL's ability to
take a forward looking view on the credit quality of the entity.
CRISIL believes that the information available for Shree
Siddhivinayaka Agro Extractions Private Limited is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL B rating category or
lower.' Based on the last available information, CRISIL has
reaffirmed the rating at CRISIL C.

SSAEPL was established in 1988 as a private limited company by
Mr. Purshottam Pallod and his family members. The company is
engaged in processing of soya bean seeds to produce soya-bean
oil, and soya-bean de-oiled cakes. The company's plant is located
in Zaheerabad, Andhra Pradesh.


SREE GURU: CRISIL Reaffirms 'B' Rating on INR5MM Term Loan
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Sree Guru
Raghavendra Farm (SGRF) for obtaining information through letters
and emails dated November 28, 2016 and January 17, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                5        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sree Guru Raghavendra Farm.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Sree Guru Raghavendra Farm is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B rating
category or lower.' Based on the last available information,
CRISIL has reaffirmed the rating at CRISIL B/Stable.

SGRF, set up as a partnership firm, operates a poultry farm in
Davangere (Karnataka) with capacity of 180,000 layer birds. Its
operations are managed by Mr. M Ramesh. The promoter family has
been in the poultry farming business for over two decades.


SUBABHALAJI SPINNING: ICRA Reaffirms B Rating on INR11.15cr Loan
----------------------------------------------------------------
ICRA Ratings has reaffirmed the long term rating of [ICRA]B
outstanding on the INR11.15 crore (enhanced from INR10.0 crore)
term loans and the INR3.00 crore long term fund based facilities
of Subabhalaji Spinning Mills India Private Limited. ICRA has
also reaffirmed the short term rating of [ICRA]A4 (pronounced
ICRA A four) outstanding on the INR1.49 crore short term non-fund
based limits of SSMIPL. The outlook on the long term rating is
stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term: Term
  Loan                   11.15      [ICRA]B (Stable)/reaffirmed

  Long-term: Fund
  based facilities        3.00      [ICRA]B (Stable)/reaffirmed

  Short-term: Non-
  fund based facilities   1.49      [ICRA]A4/reaffirmed

Rationale

The assigned rating factors in the promoter's long standing
experience in the textile industry and the operational support
extended by the group entitites. Rating also positively factor in
SSMIPL's healthy operating margins albeit a marginal decline in
FY2016 owing to favorable pricing and high margin job work
revenues. However, the ratings are constrained by the leveraged
capital structure, which is expected to be stressed on account of
additional term loans been taken for capacity expansion. The
resultant increase in the interest cost is also expected to
stress the coverage metrics over the medium term. The rating is
further constrained by the Company's small scale of operations
which restricts economies of scale, exposure of its revenues and
profitability to volatility in cotton and yarn prices and its
presence in the medium count segment in a highly fragmented
spinning industry, where high competition coupled with low
product differentiation limits pricing flexibility.

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

Key rating drivers

Credit Strengths

* Operational support from group entities lends revenue
   visibility over the medium term

* Significant experience of the promoters in the textile
business

Credit Weakness

* Small scale of operations restricts scale economies;
   concentration risks in revenue profile

* Stretched receivables, particularly from group entities,
   affect company's working-capital-cycle and in-turn stress its
   liquidity profile

* Financial profile characterised by stretched capital structure
   and coverage metrics

Description of key rating drivers highlighted:

SSMIPL is a small scale player in a competitive industry
(spinning mills); nevertheless, the promoter has longstanding
experience in the industry of almost two decades. SSMIPL's
business is largely driven by the order flows from group
companies, with sales to the four group entities contributing to
over 58% of the total revenues. The management in order to reduce
its dependence on group companies and to cater to external demand
has expanded its capacity and has taken orders from third parties
for supply of yarn and cloth. The company has added new customers
in the current fiscal which is expected to bring down the client
concentration risk further. Further, the company has been able to
consistently obtain orders from its customers and has also been
able to add new clients to its portfolio. The Company
concentrates on production of medium count yarns with 40s counts
majorly contributing to the revenue. The small scale of
operations coupled with intense competition arising from the
highly fragmented nature of the domestic textile industry limits
its pricing flexibility. The company had increased its production
capacity in the current fiscal through debt funded capital
expenditure. The expansion is expected to increase the turnover
of the firm, however the scale of operations is expected to
remain small albeit some improvement.

The concern has recorded improvement in the financial risk
profile with marginal growth in operating income in FY2016.
However, the profit margins have marginally declined in the
period under study mainly due to interest expenses. SSMIPL has
high capital structure and coverage indicators. Working capital
intensity has been high for the period under study.

Sre Venkatachalapathy Textiles was started by late Mr.
Venkataswamy Naidu in 1988 as a sole proprietorship and was
converted into a partnership firm in 1999. The firm started its
operations as a manufacturer of cotton yarn in 40s count and has
expanded its operations to weaving and yarn dyeing. The firm
currently operates with 13,200 spindles and has a capacity to
manufacture 50,000 meters of grey cloth per week. About 50% of
the yarn manufactured by the firm is sold directly to customers
while the rest is processed further to make fabric.

In FY2016, SSMIPL reported a net profit of INR0.44 crore on an
operating income of INR27.25 crore, as compared to a net loss of
INR0.72 crore on an operating income of INR22.29 crore in FY2015.


TAMIL NAADU: CRISIL Lowers Rating on INR5MM Cash Loan to B
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Tamil
Naadu Edible Oils Private Limited (TNEOPL) for obtaining
information through letters and emails dated January 19, 2017 and
February 9, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit               5       CRISIL B/Stable (Issuer
                                     Not Cooperating; Downgraded
                                     from 'CRISIL A4+')

  Letter of Credit          20       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Tamil Naadu Edible Oils
Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Tamil Naadu Edible
Oils Private Limited is consistent with 'Scenario 1' outlined in
the 'Framework for Assessing Consistency of Information with
CRISIL B rating category or lower.' Based on the last available
information, CRISIL has downgraded the rating to CRISIL
B/Stable/CRISIL A4.

TNEOPL, incorporated in 1989, refines edible sunflower oil. The
company is promoted by Mr. Mahavir P Gupta and his family
members.


TATA MOTORS: Fitch Raises Issuer Default Rating to 'BB+
-------------------------------------------------------
Fitch Ratings has upgraded India-based Tata Motors Limited's
(TML) Long-Term Issuer Default Rating (IDR) to 'BB+' from 'BB'.
The Outlook is Stable.

The upgrade reflects the sustained improvement in TML's Indian
automotive business over the last two years, supported by growing
commercial vehicle volumes, successful new product launches in
the passenger vehicle segment, as well as the management's
renewed focus on meeting medium-term capital needs in its Indian
operations via internally generated funds. Fitch expects TML will
continue to grow its India business and capture more market share
over the medium-term. TML's rating also reflects its 100%
subsidiary Jaguar Land Rover Automotive plc's (JLR, BB+/Stable)
strong credit profile. JLR's EBITDA accounted for close to 85% of
TML's consolidated EBITDA in the fiscal year ended on 31 March
2016 (FY16).

KEY RATING DRIVERS

Recovering Indian Operation: TML's renewed focus on passenger
vehicles in the last two years has translated into successful
launches in the segment. For example, the launch of the Tata
Tiago in April 2016 drove double-digit volume growth in TML's
passenger-vehicle segment for 9MFY17. TML's commercial-vehicle
division's reported more muted volume growth of about 1% over the
same period (FY16: 3%) as the Indian government's demonetisation
of large notes at the end of 2016 took a toll on demand. Fitch
expects demand for commercial vehicles to improve in the next 12-
18 months supported by improving economic activity. TML's Medium
& Heavy Commercial Vehicle business has historically been a
strong performer, and boasts a domestic market share of more than
50%.

Strong Growth in JLR: JLR reported strong volume growth of 17%
yoy in 9MFY17, underpinned by strong contribution from the new
Jaguar F-PACE, which offset the decline in the Land Rover
Discovery and discontinuation of the Land Rover Defender over the
same period. Fitch expects JLR's Land Rover products - mainly
luxury SUVs - to continue to benefit from robust demand in both
developed and developing markets. JLR's launch of the new Jaguar
XE and F-PACE fill in important gaps in JLR's product portfolio.
JLR's strategy to target high-end customers with premium products
resulted in higher EBITDA margin than its rating peers, who have
a higher mix of mass-market offerings.

High Capex, Strong Financials: Fitch expects TML to invest around
GBP3.2 billion in JLR in FY17 to fund capacity expansion, engine
manufacturing, vehicle architecture and new technologies to meet
carbon emission requirements. The investments include a new
manufacturing facility for JLR in Slovakia with an initial
capacity of 150,000 units that is targeted for completion by
2018. These are likely to contribute to negative FCF in FY17,
despite improving cash flows from operations. TML will also have
about INR40 billion of annual capex for its Indian business,
mainly for new launches of passenger vehicles. Fitch expects
TML's financial profile to remain strong over the medium term in
spite of the high capex, supported by improving operating cash
flows and the INR74.3 billion rights issue in FY16. Fitch expects
TML's leverage (net adjusted debt/EBITDAR) to remain around 1.0x
over the medium term (FY16: 0.5x; FY15: 0.8x).

Strategic Importance to TSOL: TML's rating continues to benefit
from a one notch uplift on account of the moderate linkages with
its stronger shareholder Tata Sons Limited (TSOL), as defined in
Fitch's Parent and Subsidiary Rating Linkage criteria. Fitch
believes TSOL is likely to continue to extend support TML, if
required, given the latter's strategic importance to the Tata
group, and the reputational risk arising from the shared Tata
brand. For example, TSOL subscribed in full to its share of TML's
INR74.3 billion rights issue in FY16, and has provided financial
support to TML in the past. Any weakening of linkages between the
group and TML, or deterioration in the group's ability to provide
support is likely to affect the ratings negatively.

DERIVATION SUMMARY

TML's standalone rating of 'BB' is well-positioned relative to
peers in each major metric. TML's standalone rating is one-notch
lower than that of Peugeot S.A. (BB+/Stable). TML has a more
premium product offering, through JLR, for which demand has
generally been less cyclical compared with those of competitors
offering mass-market products, such as Peugeot. This is
counterbalanced by Peugeot's considerably larger operating scale
and its stronger financial profile. TML's premium product
offering versus that of Fiat Chrysler Automobiles N.V. (BB-
/Positive) counterbalances its smaller operating scale, resulting
in a higher standalone rating for TML.

Fitch assesses TML's linkages with its stronger shareholder TSOL
to be moderate as defined in Fitch criteria, driven by TML's
strategic importance to TSOL, which is evident in the tangible
support that TSOL has extended through equity injections.
Consequently, Fitch apply a one notch uplift to TML's standalone
profile.

KEY ASSUMPTIONS

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

- JLR continues to report volume growth of about 7%-8% over
   FY17-FY20 and EBITDA margin stabilises at around 14% due to
   increasing economies of scale as volumes grow, and a focus on
   in-house R&D and key components procurement.

- India operations to see sustained volume growth, but EBITDA
   margin to remain at around 3%-4% because of intense
   competition in passenger vehicles, and rising raw material
   and marketing costs.

- Capex/revenue of 12%-14% in FY17 and FY18

- Maximum annual dividend payment estimated at INR7.0 billion
   for FY17-FY20

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action

- Fitch does not expect any positive rating action in the medium
   term as it takes time for the group to increase scale to a
   level that is similar with its global peers. Positive rating
   action may result if the TML group materially increases the
   volume and breadth of its products, while maintaining
   profitability and a strong financial profile.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- A weakening of linkages between the Tata Group and TML

- Consolidated net adjusted debt /EBITDAR (excluding TML's
   auto financing subsidiary Tata Motors Finance Limited)
   exceeding 1.5x on a long-term basis due to weaker sales
   or profitability (either at TML or JLR ), or due to higher
   than expected debt-funded investments

LIQUIDITY

Healthy Liquidity: TML's readily available cash balance of
INR505.2 billion at 31 March 2016 and undrawn committed banking
facilities of INR339.4 billion were adequate to meet INR171.9
billion of debt maturing in FY17 and FY18. Fitch expects
available liquidity to comfortably cover projected negative FCF
of around INR74 billion in FY17.

JLR had cash and financial deposits of GBP3.8 billion and undrawn
committed bank lines of GBP1.9 billion at end-2016.


TRANS VOLT: CRISIL Reaffirms 'B' Rating on INR4.09MM LT Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Trans Volt
Engineering (TVE) for obtaining information through letters and
emails dated January 19, 2017, and February 9, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             0.5       CRISIL B (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan          0.41      CRISIL B (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      4.09      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)


'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Trans Volt Engineering. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Trans Volt Engineering is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL B rating category or
lower.' Based on the last available information, CRISIL has
reaffirmed the rating at CRISIL B/Stable.

TVE, established in 2008 as a proprietary firm by Mr. Anirudha
Chavan, manufactures radiators for electrical transformers. Its
manufacturing facility is located in Pirangut near Pune.


TRIBHAWAN & CO: CRISIL Reaffirms 'B' Rating on INR10MM Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Tribhawan
& Co. (TAC) for obtaining information through letters and emails
dated January 19, 2017, and February 9, 2017, among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Warehouse Receipts      10        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Tribhawan and Co.. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Tribhawan and Co. is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B rating category or lower.' Based on
the last available information, CRISIL has reaffirmed the rating
at CRISIL B/Stable.

TAC is a proprietorship firm promoted by Mr. Anil Jain. It trades
in paddy and rice (Basmati and Parmal), and has been in this
business for a few decades.


TUSHAR FABRICS: CRISIL Reaffirms 'B' Rating on INR4.5MM Cash Loan
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Tushar
Fabrics for obtaining information through letters and emails
dated January 19, 2017 and February 9, 2017, among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             4.5       CRISIL B/Stable (Issuer
                                     Not Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit        1.0       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan               0.62      CRISIL B/Stable (Issuer
                                     Not Cooperating; Rating
                                     Reaffirmed)

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Tushar Fabrics. This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. CRISIL believes that the information
available for Tushar Fabrics is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B rating category or lower.' Based on the
last available information, CRISIL has downgraded the long term
rating to CRISIL B/Stable and reaffirmed short terrm rating at
CRISIL A4.

Tushar Fabrics, formed in 2005 by Mr. Jatinbhai Madrasi and Mrs.
Vandanaben Madrasi, weaves and knits grey fabric out of viscose
and cotton yarn. The company has its facility at Surat (Gujarat).
The fabric produced is sold in the domestic market and is
primarily used for women's dress material.


VIJAY DIAM: Ind-Ra Migrates 'BB' Rating to Non-cooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vijay Diam's
(VD) Long-Term Issuer Rating to the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.  The rating will
now appear as 'IND BB(ISSUER NOT COOPERATING)' on the agency's
website.  The instrument-wise rating action is:

   -- INR100 mil. Fund-based limit migrated to Non-Cooperating
      Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 21, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2012, Vijay Diam manufactures and processes cut
and polished diamonds.


VINAY WIRES: Ind-Ra Lowers Long-Term Issuer Rating to 'BB-'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vinay Wires &
Poly Products Private Limited's (VWPPPL) Long-Term Issuer Rating
to 'IND BB-' from 'IND BB'.  The Outlook is Stable.  Instrument-
wise rating actions are:

   -- INR100 mil. Fund-based limit lowered to 'IND BB-/Stable'
      rating;

   -- INR100 mil. Fund-based limit affirmed with 'IND A4+'
      rating; and

   -- INR140 mil. Non-fund-based limit affirmed with 'IND A4+'
      rating

                         KEY RATING DRIVERS

The downgrade reflects a decline in VWPPPL's credit profile due
to presence in a highly fragmented and competitive industry, and
tight liquidity position.  Revenue declined to INR1.046 billion
in FY16 (FY15: INR1,098 million), operating EBITDA margin to
2.76%, (4.28%), net financial leverage (total adjusted net
debt/operating EBITDAR) to 8.26x (5.73x) and net interest
coverage (operating EBITDA/net interest expense + rents) to 1.03x
(1.38x).

The company's average maximum utilization of working capital
limits was 99.41% for the 12 months ended March 2017.

However, the ratings are supported by a two-decade-long
experience of VWPPPL's directors in the same line of business, as
well as the company's strong relationship with its customers and
suppliers. The ratings also factor in low customer concentration
risk as the top 10 customers contributed 19% to the total sales
in FY16.

                        RATING SENSITIVITIES

Positive: A significant improvement in revenue along with an
improvement in its liquidity position and the overall credit
metrics will be positive for the ratings.

Negative: Any further decline in revenue growth and/or
profitability margin leading to deterioration in the credit
metrics will be negative for the ratings.

COMPANY PROFILE

Incorporated in 1999, VWPPPL manufactures cast polypropylene
film, blister film, opaque film, blister pack film, metalized
cast polypropylene film (an intermediate product used as
packaging material for FMCG products), blister packaging film,
electric resistance welded steel pipes, black electric resistance
welded pipes, pipe fittings, steel scraps and billets.


WORLD WELFARE: CRISIL Reaffirms 'B' Rating on INR1MM Loan
---------------------------------------------------------
CRISIL Ratings has been consistently following up with World
Welfare Society (WWS) for obtaining information through letters
and emails dated January 19, 2017, and February 9, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Fund-           1         CRISIL B/Stable (Issuer Not
   Based Bank Limits                  Cooperating; Rating
                                      Reaffirmed)

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of World Welfare Society. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for World Welfare Society is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL B rating category or
lower.' Based on the last available information, CRISIL has
reaffirmed the rating at CRISIL B/Stable.

WWS, a not-for-profit society, is managed by its secretary Mr.
Virendra Tripathi, vice president Mr. Hanuman Prasad, and
president Mr. Rajdutt Tiwari. The society's head office is in the
Lucknow district (Uttar Pradesh). It is engaged in various
schemes operated by the state and central governments in
Shravasti, Lucknow, and surrounding areas. Services include
providing hot cooked food in anganwadi centres under the
Integrated Child Development Services Scheme, free meals under
the Mid-Day Meal Scheme, amenities under the Swachh Bharat
Mission and others.



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


LIPPO KARAWACI: Moody's Cuts CFR to B1; Outlook Stable
------------------------------------------------------
Moody's Investors Service has downgraded to B1 from Ba3 the
corporate family rating of Lippo Karawaci Tbk (P.T.) and the
senior unsecured rating of the bonds issued by Theta Capital Pte.
Ltd. -- guaranteed by and a wholly owned subsidiary of Lippo
Karawaci.

At the same time, Moody's has changed the outlook to stable from
negative.

RATINGS RATIONALE

"The downgrades reflect the weak operating performance of Lippo
Karawaci's property development business, led by continued delays
in its new project launches and uncertainty over the completion
of its targeted asset sales in 2017. Consequently, Moody's
expects the developer's financial profile will remain outside the
parameters of its Ba3 corporate family rating over at least next
12-18 months," says Jacintha Poh, a Moody's Vice President and
Senior Analyst.

Lippo Karawaci achieved only IDR1.2 trillion of marketing sales
in 2016, significantly below its target of IDR3.5 trillion. The
developer also completed only IDR938 billion of asset sales
compared to its target of IDR1.7 trillion for the same year.

While the developer targets to achieve IDR3.1 trillion of
marketing sales and IDR6.8 trillion of asset sales in 2017,
Moody's believes those targets are optimistic and expects the
developer to lower its targets in the second half of this year.

The developer has not launched any new projects since the
beginning of this year, as it did not receive sufficient demand
for priority passes at its key project, Urban Homes -- a
residential property development targeting the lower-middle
income group. Indonesian developers typically use sales of
priority passes to gauge market demand before deciding on a new
launch.

Moody's base case expectation is for Lippo Karawaci to achieve
marketing sales of IDR2 trillion and complete asset sales of
IDR0.8 trillion in 2017. Hence, Moody's expects its leverage --
as measured by adjusted debt/homebuilding EBITDA -- in 2017 to be
around 5.0x and its interest coverage ratio -- as measured by
adjusted homebuilding EBIT/interest expense -- to be around 2.0x.

For the full year 2016, the developer recorded adjusted
debt/homebuilding EBITDA of 3.9x and adjusted homebuilding
EBIT/interest expense of 2.2x.

"Lippo Karawaci's B1 rating is supported by its diversified
business profile - which allows it to generate a well-balanced
stream of recurring revenue from multiple business segments - and
non-recurring revenue from real estate development," adds Poh,
who is also the Lead Analyst for Lippo Karawaci and the
Indonesian real estate sector.

The bulk of Lippo Karawaci's recurring income comes from the
resilient and growing healthcare segment, which provides a
cushion against the business and execution risks associated with
real estate development, while also partly mitigating the lumpy
nature of development cash flows.

In addition, Lippo Karawaci has no near-term refinancing risk.
Its next major debt maturity will only be in 2022, after the call
redemption of its USD403 million notes due 2020 in November 2016.

The stable ratings outlook reflects Moody's expectation that
Lippo Karawaci will remain well-supported by its recurring income
and maintain financial discipline while pursuing growth.

The ratings are unlikely to be upgraded over the near term given
its weak marketing sales. However, positive momentum could build
if Lippo Karawaci shows progress in achieving marketing sales of
at least IDR3 trillion in 2017 and demonstrates its ability to
maintain a stable financial profile, such that adjusted
debt/homebuilding EBITDA is below 4.0x and adjusted homebuilding
EBIT/interest expense is above 3.0x.

On the other hand, the ratings could be downgraded if Lippo
Karawaci's financial and liquidity profile weaken owing to: (1) a
failure to execute its business plans, (2) a further reduction in
its ownership of Siloam International Hospitals Tbk PT (unrated)
to below 60%, (3) a deterioration in the property market, leading
to protracted weakness in its operations and credit profile, and
(4) a material depreciation in the rupiah, which may increase the
company's debt-servicing obligations.

Metrics indicative of downward rating pressure include adjusted
debt/EBITDA above 5.5x and adjusted homebuilding EBIT/interest
expense below 2.0x on a sustained basis.

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

Lippo Karawaci Tbk (P.T.) is one of the largest property
developers in Indonesia, with a sizable land bank of around 1,330
hectares as of December 31, 2016. It owns and/or manages - either
directly or via its real estate investment trusts - 46 malls, 23
hospitals and nine hotels. Lippo Karawaci owns a 33% stake in
First REIT (unrated) and a 29% stake in Lippo Malls Indonesia
Retail Trust (Baa3 stable).


PERUSAHAAN GAS: S&P Affirms 'BB+' CCR; Outlook Positive
-------------------------------------------------------
S&P Global Ratings said it affirmed its 'BB+' long-term corporate
credit rating on PT Perusahaan Gas Negara (Persero) Tbk. (PGN).
The outlook is positive.  At the same time, S&P affirmed the
'BB+' long-term issue rating on the company's senior unsecured
notes.  S&P also affirmed its 'axBBB+' long-term ASEAN regional
scale rating on the company.  PGN is an Indonesia-based state-
owned company primarily engaged in gas distribution and
transmission (T&D).

"We are affirming our rating on PGN because the lightly regulated
piped-gas business affords sufficient cash flow stability to
compensate for PGN's weaker business mix following its expansion
into oil and gas exploration and production (E&P)," said S&P
Global Ratings credit analyst Vishal Kulkarni.

While a greater proportion of cash flows will in future derive
from the weaker and more volatile E&P business, S&P concludes
that PGN's operating and financial characteristics remain
commensurate with an investment-grade SACP, at 'bbb-'.  The SACP
is bolstered by still-significant piped-gas cash flows,
supportive regulations, and PGN's healthy margins relative to
peers.  It is also supported by the company's entrenched business
position, and its ability and willingness to control leverage
through reduced spending.

The sovereign credit rating on Indonesia (BB+/Positive/B;
axBBB+/axA-2) continues to constrain the final rating on PGN.
The company is majority-owned by the government, whose underlying
credit characteristics are weaker than those of the company.  PGN
as a state-owned company is exposed to negative extraordinary
government intervention.

With an objective to increase integration and control over gas
sourcing, PGN has built up an oil and gas E&P asset portfolio by
deploying about US$2.0 billion in capital in the past two years.
As a result of this aggressive investment outside of PGN's legacy
gas T&D business, S&P projects the E&P segment will contribute
about 30% of PGN's consolidated cash flow by 2018.  S&P is
revising its assessment of PGN's business risk profile to fair
from satisfactory to reflect S&P's expectation on the rising E&P
contribution.  S&P expects PT Saka Energi Indonesia, PGN's E&P
subsidiary, to ramp up production in 2017.  In S&P's estimate,
Saka will contribute up to US$300 million-US$325 million EBITDA
of PGN's consolidated EBITDA of US$900 million-US$950 million.
S&P assess Saka's business risk as weak.

In S&P's view, E&P is riskier than PGN's core business of piped-
gas T&D.  The E&P business risk is characterized by hydrocarbon
price fluctuations -- at times sharp -- and related to global
economic activity, geopolitical tensions, and supply-side
controls.  In addition, PGN's E&P business is small in scale, has
a short operating record, and geographical and cash flow
concentration from a few fields in Indonesia.  In all, increasing
cash flows from a riskier business, rolled out with aggressive
investments through a subsidiary, weaken PGN's credit profile.
This is behind S&P's downward revision of the business profile
for PGN.

Meanwhile, PGN's distribution business has shown signs of gradual
weakness, in S&P's opinion.  The company's gas T&D volumes have
been stagnant over past two years.  Average margins per unit of
gas distribution have been trending down gradually from above
US$3 per unit towards US$2.5-US$2.7 a unit.  This operating
softness reflects relatively lukewarm demand for gas from power
and industrial segments in Indonesia, selective price discounts
provided to maintain gas offtake, and increasing gas-procurement
costs.

S&P expects the company's T&D margins to remain subdued over next
two to three years; however, S&P believes they are still healthy
compared with PGN's regional peers'.  And while PGN is exposed to
gas volume risk, competition, and pricing pressures, the company
operates in a regulatory framework that allows adequate cost
pass-through and where upstream oil and gas regulators are
actively involved is gas sales.

S&P forecasts PGN's capital expenditure (capex) for 2017-2019 at
about US$2.0 billion, some 20% lower than we expected last year.
This drop in expected capex should help PGN sustain its financial
ratios during periods when the cash flow generation from core
distribution business is stagnant.  S&P now expects capex to be
back-ended as PGN deferred investments in the gas-distribution
business following the recent softness in gas demand and weaker
distribution margins.  About 50% of cumulative capex over 2017-
2019 is earmarked for E&P upstream assets, to ramp up production
in existing fields and for the exploration of one field.  S&P
believes PGN will keep its investment plants flexible, and
possibly step up investments if gas demand improves and the
government renews its push to increase investments in critical
infrastructure and energy security.

S&P believes volumes and spreads in PGN's gas distribution
business are at or near bottom.  S&P's economists anticipate a
modest pick-up in Indonesia's GDP growth in 2017 onwards, which
could support gas demand.  However, S&P believes the recovery in
volumes and spreads will be slow.  Hydrocarbon prices will also
recover, but very slowly, under S&P's base-case assumption for
Brent crude prices.  As a result, S&P is lowering its forecasts
on PGN's EBITDA from distribution to about US$600 million
annually over the next two years, down from a range of US$750
million- US$900 million.  S&P's expectation of annual E&P EBITDA
is somewhat higher at US$300 million-US$325 million, compared
with S&P's forecast of US$200 million-US$250 million last year.
This increase comes on the back of new fields becoming
operational.

S&P also forecasts PGN's ratio of funds from operations (FFO) to
debt to average about 26%-27% over the next two to three years.
In S&P's base case, PGN will partly be able to fund its revised
investment forecast and dividends with internal accruals and
cash. S&P estimates US$400 million in debt will be necessary to
fund the expanding capex in 2018-19, as per S&P's base case.

S&P's expectation of weaker operating metrics for PGN does not
change S&P's view on the company's role or importance to the
government of Indonesia.  The government remains involved in
PGN's gas pricing from procurement through to sales to end
customers in order to ensure that PGN earns respectable margins.
The government also oversees PGN's investments and shareholder
distributions.  S&P expects the government to maintain its
majority ownership of the company and its special share through
the Ministry of State-Owned Enterprises.  The company also
continues to play an important role for the economy by building
and operating gas transportation infrastructure across Indonesia.

The Indonesian government has been considering an exhaustive
ownership reorganization of major state-owned companies.  This
has translated into corporate changes in the mining sector and
may, at some point, lead to a potential ownership reorganization
of state-owned oil and gas companies.  S&P's base case does not
include any such changes to PGN's ownership.  S&P would review
its assessment of PGN's status as a government-related entity,
and Saka's status within its prospective group, in the event of
such a change in ownership.

The positive outlook on PGN reflects the outlook on the sovereign
credit rating on Indonesia.  Moreover, S&P anticipates that the
SACP of PGN could sustain at 'bbb-', and as such S&P's rating on
PGN would be adjusted in the event of a sovereign upgrade.  The
SACP of PGN reflects S&P's view that the company's financial
ratios will be sustained, with the ratio of FFO to debt at 25%-
30%, supported by the company's majority cash flows from its
stable regulated business and the ramp-up of the E&P segment.

S&P will upgrade PGN if S&P raises the sovereign rating on
Indonesia, provided S&P's assessment of the company's SACP
remains at least 'bbb-' and PGN's relationship with the
government remains unchanged.  The prospect for a higher SACP
assessment for PGN is limited over the next 12 months, given
S&P's expectations of growing cash flows from E&P and moderate
operating performance of regulated gas T&D business.  Nonetheless
an improvement in the SACP would most likely be driven by a
sustained improvement in gas distribution volumes and margins, no
further proportionate increase in contribution of cash flows from
the E&P business, and adherence to prudent capital spending that
S&P currently expects. An FFO-to-debt ratio sustaining above 35%
and contribution to cash flows from the E&P business remaining
below one-third will indicate such an improvement.

S&P will revise the rating outlook on PGN to stable if S&P takes
a similar action on Indonesia or if the company's SACP weakens to
'bb+'.  S&P will lower the rating on PGN if, irrespective of the
sovereign rating upgrade, the company's SACP weakens below 'bb+'.

S&P would also lower its assessment of PGN's SACP if the
company's FFO-to-debt ratio falls toward 23% on a sustained
basis.  S&P believes this scenario would most likely arise if the
company's capital spending increased substantially beyond S&P's
base case with no commensurate improvement in cash flows.  S&P
could also lower the SACP if the contribution of higher-risk
upstream activities increased above 35% of consolidated EBITDA on
a sustained basis, diluting the contribution from lower risk gas
transmission and distribution operations.



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


ACESIAN STAR: Subcontractors Seek to Recoup SGD5MM for Work at T4
-----------------------------------------------------------------
Grace Leong at The Strait Times reports that a dispute between
two large contractors at Changi Airport's Terminal 4 is
inflicting serious cash-flow problems on a group of local
subcontractors.

According to the report, the dispute between Acesian Star and
main T4 contractor Takenaka Corp is creating ripple effects that
are squeezing four subcontractors. Acesian Star, a unit of
Catalist-listed Acesian Partners, is battling Takenaka over the
value of work it carried out and various deductions imposed by
the Japanese company.

Acesian Star is now in judicial management after going cash-flow
insolvent, according to Mr. Wong Kok Chye, Acesian Partners'
group chief executive and executive director, in court papers,
the report relays.

ST relates that the move has created huge problems for four
subcontractors that Acesian Star hired to do air-conditioning and
mechanical ventilation work for the company.

According to the report, the four firms said they are owed more
than SGD5.2 million but cannot start enforcement proceedings to
recover the money because Acesian Star is now in judicial
management.

They are among 118 unsecured creditors who are owed about
SGD37 million by Acesian Star as of March 20, the report relates
citing judicial manager Deloitte & Touche.

"The four subcontractors feel they have been drawn into the
dispute between Takenaka and Acesian Stars," the report quotes
John Lim, a partner of law firm Malkin & Maxwell and a member of
the creditors' committee, as saying.

"These subcontractors expended time, supplied materials and
deployed manpower to the (T4) project.

"Despite the successful completion of the terminal's
construction, they have not been fully paid for work carried out.
Such non-payments would invariably affect cash flow of many
subcontractors."

Acesian Star, which is claiming damages of at least SGD22 million
from Takenaka, told the Japanese firm in February that it
intended to refer the disputes to arbitration under the Singapore
International Arbitration Centre.

But for the subcontractors, they are uncertain as to what the
arbitration process will mean for them, the report relates.


GLOBAL A&T: Moody's Lowers CFR to Ca on Extremely Tight Liquidity
-----------------------------------------------------------------
Moody's Investors Service has downgraded Global A&T Electronics
Ltd.'s (GATE) corporate family rating (CFR) and senior secured
ratings to Ca from Caa3.

The ratings outlook remains negative.

RATINGS RATIONALE

The downgrade of GATE's CFR and senior secured bond ratings to Ca
reflects the company's extremely tight liquidity situation and
highly leveraged balance sheet, raising the likelihood of a
requisite restructuring event or interest payment default over
the next six months.

At March 31, 2017, GATE's outstanding debt totaled $1.1 billion,
and comprised entirely of senior secured notes due February 2019.
The company's next interest payment on these notes -- of $55-$60
million - is payable on August 1, 2017.

"Despite the absence of any significant near-term debt maturities
until February 2019, GATE's capital structure is untenable, with
another sizeable interest payment coming due in August 2017 and
just $77 million of cash on the balance sheet at March 31, 2017,"
says Annalisa DiChiara, a Moody's Vice President and Senior
Credit officer.

"Given the company's weak profitability and ongoing capital
expenditures, Moody's believes that GATE will be unable to fund
its interest payments over the next 12 months," adds DiChiara.
"Moody's also notes that the company has no back up credit
facilities."

GATE benefits from a 30 day remedy period should it not meet its
interest payment. Once that expires, the trustee, or the trustee
at the request of the note holders, or the holders of at least
25% in outstanding aggregate principal amount of the outstanding
notes may declare the notes to be immediately due and payable.

While GATE has stated it continues to explore and develop
strategic options including possible changes to its capital
structure, no specific details regarding the progress of the
negotiations and discussions have been publicly announced.

In addition, according to the company's recently released annual
report, GATE's independent auditors concluded that they were not
able to obtain sufficient audit evidence regarding the likely
outcome of any negotiations with the holders of the senior
secured notes, in relation to the interest payment obligations.
As a result, the independent auditors have issued a disclaimer of
opinion on GATE's consolidated financial statements for the year
ended December 31, 2016.

At the same time, the outcome of the company's ongoing litigation
with some of its bondholders remains unclear.

The ratings outlook is negative, capturing the likelihood that
the risk of default will continue to intensify over the next six
months. Should a default occur, Moody's estimates that the
prospect of a full recovery of principal and interest for the
senior secured bondholders will be low.

A ratings upgrade is unlikely, unless the debt is reduced
significantly, resulting in an improved capital structure, with
adequate liquidity.

The principal methodology used in these ratings was Semiconductor
Industry Methodology published in December 2015.

Global A&T Electronics Ltd. (GATE) is a leading provider of
semiconductor assembly and test services. It operates under the
name UTAC, with manufacturing facilities in Singapore, Taiwan,
Thailand and China. UTAC (unrated) was privatized through a
leveraged buy-out by a private equity group led by TPG Capital
(47.7%) and Affinity Equity Partners (47.7%) in October 2007.



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


DOOSAN BOBCAT: S&P Raises CCR to 'BB-' on Parent's Performance
--------------------------------------------------------------
S&P Global Ratings said it has raised to 'BB-' from 'B+' its
long-term corporate credit rating on Doosan Bobcat Inc. (DBI), a
Korea-based holding company in the construction equipment market.
The outlook is stable.

At the same time, S&P raised its issue rating to 'BB' from 'BB-'
while maintaining the recovery rating at '2' on the $945 million
senior secured term loan belonging to DBI's subsidiaries Clark
Equipment Co. (CEC) and Doosan Holdings Europe Ltd. (DHEL) that
is due in 2021.  CEC and DHEL are coborrowers of the term loan,
and DBI is the guarantor.  The stand-alone credit profile (SACP)
of DBI remains 'bb'.

S&P expects the Doosan Infracore Co. Ltd. (DI; not rated) group,
which includes DBI, to continue to improve its credit quality
gradually over the next one to two years from a much improved
level in 2016.  S&P estimates the group's adjusted debt to EBITDA
ratio to improve to around 5.0x-6.0x in 2017 and 2018, compared
with 6.7x in 2016 and over 10x in 2015, under S&P's base-case
scenario.  S&P bases its expectation on the group' steady
operating performance and ongoing restructuring and cost
reduction efforts.  In S&P's view, recovering demand in China is
likely to bolster the heavy construction equipment business of
the group and steady demand in the U.S. is likely to benefit
DBI's compact construction equipment business.

DI group has improved its financial metrics significantly in
2016. The group sold its machine tool business in early 2016 for
about US$1 billion as part of its business restructuring efforts
and used the proceeds to repay debt.  Also, DI has tightly
managed its operating costs through an early retirement program
and other cost control efforts.  These measures, together with
proceeds of about US$200 million from DBI's IPO in late 2016,
have helped the group substantially reduce its leverage.

S&P expects DI to modestly benefit from the demand recovery in
China's heavy construction equipment market.  S&P anticipates
improving market conditions for construction machinery sector in
China over the next one to two years, primarily owing to rising
public fixed-asset investments such as in infrastructure projects
and likely kick off of machinery replacement cycle.  On the back
of favorable market conditions in China, S&P expects DI to show
good performance and generate somewhat positive free operating
cash flows over the next 12 months.

S&P also expects DBI to continue to register good and stable
operating performance over the next one to two years mainly on
the back of steady demand in the U.S. construction equipment
market and improved cost efficiency from labor restructuring and
the closure of a high-cost facility in Europe.  Also, S&P
believes the company will modestly benefit from product mix
improvement, supported by an increasing proportion of high margin
products such as compact track loaders.

S&P anticipates DBI to generate positive free cash flows over the
next two years, given its good operating cash flows and moderate,
though somewhat increasing, capital investments.  S&P expects the
company to use some free cash flow to reduce its debt, as seen by
its recent early repayments on the term loan of about $210
million in 2016.  Under S&P's base case, it estimates DBI's
adjusted debt to EBITDA ratio to moderately improve to about
2.5x-2.7x in 2017 and 2018, compared with 2.9x in 2016 and 3.4x
in 2015.

Reflecting the above mentioned factors, S&P raised DI's group
credit profile (GCP) to 'b+' from 'b', which results in the
upward revision of DBI's corporate credit rating to 'BB-' from
'B+'.

The 'BB-' corporate credit rating on DBI is higher than the 'b+'
GCP because S&P believes that DBI is somewhat distanced from its
parent in financial terms as it operates under different
bankruptcy codes.  S&P views DBI as severable from the group and
able to maintain its major operational functions fairly
independently from the group.  Also, covenants in DBI's term
loans should restrict somewhat the potential for the parent to
extract value, in S&P's view.

Nonetheless, the corporate credit rating on DBI is lower than its
'bb' SACP because of the group's weaker credit profile with less-
than-adequate liquidity and large ownership stake with very close
management ties.  DI group still has a high portion of short-term
debt with ongoing refinancing needs, which are sensitive to its
banking relationships and credit market conditions.  However, S&P
views that DI could utilize some portion of its DBI shareholdings
to address liquidity issues if necessary.  DI currently has 59.3%
ownership of DBI, and S&P expects DI will continue to maintain
its majority stake at least in the near term.

The stable outlook on DBI reflects S&P's expectation that the
company will maintain stable profitability and modestly improve
its financial metrics over the next one to two years thanks to
its well-established market position and good cash flows.

The ratings could come under pressure if S&P lowers the GCP for
the parent group, mainly due to weakening liquidity potentially
because of the significant deterioration in the group's credit
market standing.  Also, S&P may lower the rating if it revises
down the SACP for DBI to 'b+' or below as a result of significant
deterioration in profitability and financial measures,
potentially owing to a weakening market position or decreasing
demand.  An increase in DBI's debt to EBITDA after S&P Global
Ratings' adjustments to about 5.0x would indicate such a
deterioration.

In a remote scenario, S&P may raise the rating if the parent DI
group improves its profitability and reduces its debt
significantly with prudent financial policies and, as a result,
debt to EBITDA for the group approaches 4.0x on a sustainable
basis.  S&P could also raise the rating if DBI's ties with its
parent group weaken significantly, possibly due to the parent
selling a significant portion of its shares in DBI.


* SOUTH KOREA: Banks' Loan Delinquency Rate Edges Down in March
---------------------------------------------------------------
Yonhap News Agency reports that the loan delinquency rate of
South Korean banks edged down in March from a month earlier as
they wrote off bad loans, government data showed on May 1.

The delinquency rate for their won-denominated loans stood at
0.51 percent at the end of March, down 0.06 percentage point from
a month earlier, Yonhap relates citing data by the Financial
Supervisory Service (FSS).

Loans with both the principal and interest overdue by one month
or more are considered delinquent, Yonhap says.

According to the report, the decline came as KRW1.2 trillion
(US$1 billion) worth of loans turned sour in March, down
KRW100 billion from February, according to the data. It also
showed that KRW2 trillion worth of debt was written off.

Yonhap says the outstanding amount of delinquent loans reached
KRW7.3 trillion at end-March, down KRW800 billion from the
previous month.

The overall overdue rate for corporate loans shed 0.06 percentage
point on-month to 0.67% at the end of March. The delinquency rate
for household loans stood at 0.26%, down 0.03 percentage points
from the previous month, the FSS said, adds Yonhap.



=============
V I E T N A M
=============


VIETNAM: Moody's Affirms B1 Debt Rating & Revises Outlook to Pos.
-----------------------------------------------------------------
Moody's Investors Service has affirmed the Government of
Vietnam's B1 issuer and senior unsecured debt ratings and revised
the outlook to positive from stable.

The positive outlook is based on Moody's expectations that:

1. Strong foreign direct investment (FDI) inflows, fostered by
ongoing economic reform, will continue to diversify the economy
and enhance economic performance compared to rating peers;

2. Macroeconomic and external stability will be maintained; and

3. In turn, strong growth and a stable macroeconomic environment
will help stabilize government debt around current levels.

Concurrently, Moody's has raised Vietnam's local-currency (LC)
bond and deposit ceilings to Baa3 from Ba1.

The country's foreign-currency (FC) bond and deposit ceilings
remain at Ba2 and B2, respectively. In addition, the short-term
FC bond and deposit ceilings were unchanged at "Not Prime.''

RATINGS RATIONALE

FIRST DRIVER -- FDI PERFORMANCE ENHANCES ECONOMIC STRENGTH

The first driver of the outlook change is Moody's expectation
that strong FDI inflows-spurred in part by the ongoing progress
on economic reform and liberalization-will continue to sustain
Vietnam's robust economic performance relative to peers. FDI
allows Vietnam to diversify its economy and gain market share in
international trade, contributing to prospects of sustained
strong GDP growth.

The country's improving competitiveness and reform impetus have
supported net FDI inflows averaging 5.2% of GDP between 2014 and
2016, higher than the B1-rated median of 3.6%. Vietnam has also
benefited from its entry into several free trade agreements in
recent years, which have spurred the liberalization of the
economy. As a result of improvements to the investment climate,
Vietnam's ranking rose to 60th out of 138 countries in the 2016-
2017 World Economic Forum Global Competitiveness Index, up from
70th in 2013-2014, while its showing in the World Bank's Doing
Business Indicators similarly rose to 82nd out of 190 countries
in 2017 from 99th in 2014.

Robust FDI inflows have spurred gross fixed capital formation,
allowing export growth to outperform regional and rating peers
amidst slow global trade and lower commodity prices. Vietnam has
become a more important node in the regionally dispersed supply
chain for electronics, especially for mobile phones, as foreign
investments have helped to diversify the economy towards higher
value-added manufacturing. As a result, Vietnam has gained market
share with its share of world exports nearly doubling to 1.2% in
2016 from 0.7% in 2013.

With ongoing improvements to infrastructure, rapid growth in the
population of working age, and the government's continued focus
on reform to support FDI, Moody's expects economic growth to
remain robust at around 6.3% per annum through 2019, nearly twice
as high as the B1-rated median of 3.3%.

SECOND DRIVER -- MACROECONOMIC AND EXTERNAL STABILITY WILL
CONTINUE

Together with strong growth, Moody's expects macroeconomic
stability to be maintained.

In contrast, the period of rapid economic growth prior to 2012
coincided with high inflation, wide current account deficits,
exchange rate volatility, and an overheating property market.

After falling to an all-time low in 2015, inflation has picked up
due to administrative price increases for health and education.
Inflation reached 5.0% in the first quarter of 2017, after
averaging 2.7% in 2016 and 0.6% in 2015. In 2017 on average,
Moody's expects inflation to remain below the official target of
5% as administrative price pressures ease. Moderate inflation
supports consumer purchasing power and helps contain local
currency borrowing costs for the government. The de-dollarization
trend in recent years and the concurrent deepening of local
capital markets also foster moderate inflation by promoting
relative stability of the exchange rate and much reduced reliance
on an unofficial exchange rate.

Moreover, Vietnam has registered six consecutive full-year
current account surpluses, driven by the robustness of exports
and steady remittance inflows. These surpluses have combined with
strong FDI inflows to help rebuild foreign exchange buffers from
lows reached in 2011. The adoption of a more flexible exchange
rate regime in 2016 also contributes to Moody's expectation that
foreign exchange reserves will remain ample pointing to very low
external vulnerability risk.

THIRD DRIVER -- PROSPECTIVE DEBT STABILIZATION AND AN IMPROVED
FUNDING PROFILE

In turn, the robust growth outlook and macroeconomic stability
provide a favorable backdrop for the stabilization of the
government's debt burden, which Moody's expects to have peaked at
below 55% of GDP in 2016. The absence of significant revenue
reform or expenditure consolidation so far precludes a more rapid
pace of debt reduction.

In the context of wide fiscal deficits that have led to a 14
percentage-point rise in direct government debt between 2012 and
2016 according to Moody's estimates, both the government and the
National Assembly recently reaffirmed the public debt ceiling--
which largely encompasses direct government debt and government-
guaranteed debt--at 65% of GDP.

In the near term, Moody's expects revenue to pick up along with
the robustness of domestic demand and international oil prices,
assuming that the government will not pass additional corporate
tax cuts that further erode the revenue base. On the expenditure
side, the government has made adjustments to administered prices
for education and healthcare to help control current expenditure.
Deficit reduction will also depend in part on the projected
receipts from the privatization of SOEs, which Moody's does not
consider as a revenue item.

At this stage, Moody's does not expects the government's debt
burden to decline. First, Moody's expects only a gradual
reduction in public expenditure given the existing commitments
for capital spending, particularly on infrastructure. Moreover,
the government has yet to pursue major reforms to reverse the
decline in the revenue as a share of GDP since 2010, precipitated
in part by lower oil prices, in the context of generous fiscal
incentives to attract foreign investors and the country's
international commitments to lower tariff barriers. In addition,
improved economic performance has not accrued to higher
government revenue given the reduction of corporate tax rates
twice since 2014.

Improved fiscal strength also relates to changes in the funding
structure of government debt. The government increasingly relies
on domestic and local currency sources of financing, which has
led to a drop in the share of the government's debt stock
denominated in foreign currency. This ratio fell to 39.8% in 2016
from 49.9% in 2013 and 61.0% in 2011, helping to reduce Vietnam's
susceptibility to exchange rate shocks. At the same time, non-
resident participation in the local-currency government bond
market is low at around 5% of the total.

As long as Vietnam maintains external surpluses that contribute
to ample local liquidity, as well as robust employment that
contributes to deposit growth in the banking system and generates
contributions to the compulsory state insurance fund, Moody's
projects that the government's balance sheet's exposure to
external shocks will continue to fall.

RATIONALE AFFIRMING THE B1 RATING

Vietnam's B1 issuer rating incorporates credit strengths,
including the size and diversity of the country's economy and its
robust growth performance relative to similarly-rated peers. It
has also consistently improved its showing in cross-country
assessments of institutional quality in recent years,
particularly with regards to government effectiveness, albeit
from low levels.

These strengths are balanced against low GDP per capita, as well
as the vulnerabilities posed by wide fiscal deficits and the
accumulation of debt over the past few years. Nevertheless,
sizeable financial support from official creditors at
concessional terms has prevented a marked deterioration in debt
affordability.

The banking system continues to pose prominent but manageable
contingent risks. The recovery of domestic demand since 2015 has
coincided with rapid credit growth, challenging a system still
encumbered by poor capital adequacy and legacy non-performing
loans. Nevertheless, the benign inflation outlook and somewhat
stricter underwriting standards as compared to previous credit
booms mitigate financial stability risks.

WHAT COULD CHANGE THE RATING -- UP

An upgrade to Vietnam's credit rating could result from: 1) the
passage of concrete measures that lead to a significant reduction
in the government's debt burden; and 2) in light of rapid credit
growth over the past couple of years, a further improvement in
the intrinsic financial strength of the banking system and the
state-owned enterprise sector that significantly diminishes
contingent risks to the government and lowers macro-financial
risks.

WHAT COULD CHANGE THE RATING -- DOWN

In light of the positive outlook, a downgrade is unlikely but
Moody's could revise Vietnam's rating outlook to stable if the
government was unable to arrest the deterioration of fiscal and
debt metrics. Moreover, a downgrade could result from: 1) a
reemergence of macroeconomic instability, leading to higher
inflation, a rise in debt-servicing costs, and/or a worsening of
the country's external payments position; 2) a material and
durable weakening in economic performance relative to peers; or
3) a sizeable crystallization of contingent risks from either the
banking system or the SOE sector.

GDP per capita (PPP basis, US$): 6,399 (2016 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 6.2% (2016 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 4.7% (2016 Actual)

Gen. Gov. Financial Balance/GDP: -5.7% (2016 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: 4.2% (2016 Actual) (also known as
External Balance)

External debt/GDP: 44.1% (2016 Actual)

Level of economic development: High level of economic resilience

Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.

On April 26, 2017, a rating committee was called to discuss the
rating of the Government of Vietnam. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have not materially increased.
The issuer's institutional strength/ framework, have materially
changed. The issuer's governance and/or management, have
materially changed. The issuer's fiscal or financial strength,
including its debt profile, has materially increased. The
systemic risk in which the issuer operates has not materially
changed. The issuer's susceptibility to event risks has not
materially changed. An analysis of this issuer, relative to its
peers, indicates that a repositioning of its rating would be
appropriate.

The principal methodology used in this rating was Sovereign Bond
Ratings published in December 2016.


VIETNAM: S&P Affirms BB- Sovereign Credit Rating; Outlook Stable
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term and 'B' short-
term sovereign credit ratings on Vietnam. The outlook is stable.
At the same time, S&P affirmed its 'axBB+/axB' ASEAN regional
scale rating on Vietnam.  The transfer and convertibility
assessment remains unchanged at 'BB-'.

                             RATIONALE

The ratings on Vietnam reflect the country's lower middle-income,
banking sector weakness, and the country's emerging institutional
settings that hamper policy responsiveness.  These weaknesses are
offset by Vietnam's external settings that feature broadly
balanced external accounts, strong foreign direct investment
(FDI) inflows, and a modest external debt burden.

Although Vietnam has a lower middle income economy, with GDP per
capita estimated at nearly US$2,400 in 2017, it is relatively
diversified.  Recent improvements in macroeconomic stability have
supported strong performance in the sizable foreign-owned and
export-focused manufacturing sector (electronics, telephones, and
clothing).  This strength will likely be offset by weaker
domestic activity; low household and company sector leverage
encourages growth but is offset by weak banks and government
enterprises, and shortfalls in infrastructure.  S&P expects real
GDP per capita growth at 5.1% in 2017 (approximately the same
rate as 2016) and in the next few years.

Uncertain conditions in export markets and the slow response to
government enterprise reforms, fiscal consolidation, and banking
sector resolution add downside risks to this growth outlook.

S&P views the financial and technical assistance Vietnam receives
from donors as supportive to the rating.  The government's
socioeconomic development plans also provide useful policy
anchors that have improved macroeconomic stability and the
inflationary environment in the past two years.  That said,
policymaking remains highly centralized and opaque under the one-
party system, and the government's ability to develop and
implement swift policy responses, if required, is uncertain.
Moreover, large fiscal deficits and a sustained rise in Vietnam's
debt burden, with net general government debt at 46.6% in 2016,
signal a further delay in fiscal consolidation.  Fiscal deficits
(including off-budget capital expenditure) have averaged 6.4% of
GDP over 2012-2016, and we forecast that they will average 4.9%
over 2017-2020.  S&P estimates the deficits will bring the net
general government debt burden to 48.3% of GDP in 2017.

Vietnam's debt burden may prove higher than S&P forecasts if it
borrows more to address the shortfall in basic services and
infrastructure that features prominently in its capital spending
plans.  The government's fiscal flexibility could also be
constrained by guarantees related to its state-owned enterprises
that we estimate at approximately 12% of GDP.

Although Vietnam's fiscal settings will be stretched in the
absence of more purposeful fiscal consolidation, its external
metrics are adequate.  Its current account is likely to remain
broadly in balance annually to 2020.  Robust manufacturing and
services (mainly tourism) exports and large (and rising)
remittances will counteract strong growth in the import of
capital and consumption goods.  Strong foreign direct investment
(FDI) in manufacturing, combined with competitive unit labor
costs relative to peers' (Malaysia, Thailand, and Indonesia) and
a large young educated labor market, implies further strength in
exports over 2017-2020.  Participation in free trade agreements
could provide further upside to Vietnam's export earnings.
Although the failure of the Trans Pacific Partnership (TPP) will
undermine long-term reform momentum, S&P expects Vietnam to
continue to pursue enhanced market access via other bilateral and
multilateral free trade initiatives.

Vietnam has transitioned into a modest net external debt
position, shown by its narrow net external debt (the ratio of
gross external debt less official reserves and financial sector
external assets to current account receipts [CARs]) averaging
11.5% over 2017-2020.  At the same time, S&P expects external
liquidity (measured by the ratio of gross external financing
needs to CARs and usable reserves) will remain above 90% over the
period.  S&P do not expect to see a marked deterioration in
Vietnam's external financing stemming from a reduction in
disbursements from donors, or from a shift in foreign direct
investments or portfolio equity investments.

Other factors that mitigate risks associated with Vietnam's
international liabilities include a low reliance on external
savings by Vietnam's combined bank and company sectors, as well
as the moderate and mainly long-term and concessional nature of
the government's external borrowings.

Vietnam's banks benefit from being in an external net asset
position, with limited linkages to global markets.  That said,
system stability is hampered by high nonperforming assets and
cross-ownership, connected lending, and legacy exposure to
borrowers affected by 2009-2012 real estate downturn.  Capital
adequacy is reportedly above the 9% regulatory minimum, but
unclear loan classification and provisioning, combined with
government policies directed at the resolution of distressed
banks through the Vietnam Asset Management Co. (VAMC), weigh on a
fuller assessment of the condition and outlook for Vietnam's
financial system. Our Bank Industry Credit Risk Assessment for
Vietnam is '9' (with '1' being the highest assessment and '10'
being the lowest).

In S&P's view, the State Bank of Vietnam has a limited ability to
support sustainable economic growth while attenuating economic or
financial shocks.  This reflects its limited independence;
ability to coordinate monetary policies with fiscal, economic,
and development policies; use of market-orientated instruments to
conduct policy; and record in maintaining low inflation.
Nevertheless, the central bank has made notable progress in
liberalizing its exchange rate regime, having adopted a more
market-oriented framework that allows the dong to trade more
freely.  Further progress on this front, combined with a deeper
and more diversified financial and capital market, may facilitate
the development of a more-effective monetary policy framework and
improved credit metrics.

                              OUTLOOK

The stable outlook reflects S&P's expectation that Vietnam's
growth prospects will continue to improve, leading to gains in
its key economic and fiscal credit measures.

This outlook assumes progress on growth-enhancing improvements
over the next three to five years.

S&P may lower the ratings if:

   -- Vietnam's banks weaken further;

   -- Government debt rises considerably from current levels,
      either because of further delays in fiscal consolidation
      or the crystallization of contingent liabilities, in
      particular by support for Vietnamese banks (including
      VAMC);

   -- Vietnam's external position weakens as a result of higher-
      than-expected external borrowing from the public, private,
      or financial sectors.

S&P may raise its ratings if the government's reform program
results in substantially better growth, fiscal outturns, and
banking system resolution than S&P currently expects.  S&P
considers this scenario unlikely over the next year, however.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that the external assessment had
deteriorated, and the monetary assessment had improved.  All
other key rating factors were unchanged.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion.  The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook.  The weighting of
all rating factors is described in the methodology used in this
rating action.

RATINGS LIST

Ratings Affirmed

Vietnam (Socialist Republic of)
Sovereign Credit Rating                BB-/Stable/B
ASEAN Regional Scale                   axBB+/--/axB
Transfer & Convertibility Assessment
  Local Currency                        BB-

Vietnam (Socialist Republic of)
Senior Unsecured                       BB-
Commercial Paper                       B



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


* BOND PRICING: For the Week April 24 to April 28, 2017
-------------------------------------------------------

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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD             11.50   04/01/19    USD       1.13
ARTSONIG PTY LTD             11.50   04/01/19    USD       1.13
BOART LONGYEAR MANAGEMEN      7.00   04/01/21    USD       6.15
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      67.70
RELIANCE RAIL FINANCE PT      2.15   09/26/23    AUD      67.70
STOKES LTD                   10.00   06/30/17    AUD       0.25
TREASURY CORP OF VICTORI      0.50   11/12/30    AUD      67.57


CHINA
-----

AKESU XINCHENG ASSET INV      7.50   10/10/18    CNY      51.50
ANKANG DEVELOPMENT & INVE     6.35   03/06/20    CNY      81.00
ANQING URBAN CONSTRUCTIO      6.76   12/31/19    CNY      62.25
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            7.00   12/18/19    CNY      61.02
BAISHAN URBAN CONSTRUCTI      7.00   07/31/19    CNY      60.74
BANGBU CITY INVESTMENT H      5.78   08/10/17    CNY      30.30
BAODING NATIONAL HI-TECH      7.33   12/24/19    CNY      63.64
BAOJI INVESTMENT GROUP C      7.14   12/26/18    CNY      50.69
BAOJI INVESTMENT GROUP C      7.14   12/26/18    CNY      51.64
BAOSHAN STATE-OWNED ASSE      7.30   12/10/19    CNY      62.09
BAOSHAN STATE-OWNED ASSE      7.30   12/10/19    CNY      62.20
BAOTOU STATE OWNED ASSET      7.03   09/17/19    CNY      61.82
BAYINGUOLENG INNER MONGO      7.48   09/10/18    CNY      50.90
BEIJING CAPITAL DEVELOPM      5.95   05/29/19    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      70.32
BEIJING GUCAI GROUP CO L      8.28   12/15/18    CNY      73.19
BEIJING XINGZHAN STATE O      6.48   08/31/19    CNY      61.37
BEIJING XINGZHAN STATE O      6.48   08/31/19    CNY      61.77
BIJIE XINTAI INVESTMENT       7.15   08/20/19    CNY      61.60
BINZHOU BINCHENG DISTRIC      6.50   07/05/19    CNY      61.52
CANGZHOU CONSTRUCTION &       6.72   01/23/20    CNY      60.11
CANGZHOU CONSTRUCTION &       6.72   01/23/20    CNY      61.68
CHANGSHA CITY CONSTRUCTI      6.95   04/24/19    CNY      62.15
CHANGSHA COUNTY XINGCHEN      8.35   04/06/19    CNY      62.00
CHANGSHA COUNTY XINGCHEN      8.35   04/06/19    CNY      62.03
CHANGSHA PILOT INVESTMEN      6.70   12/10/19    CNY      62.42
CHANGSHU BINJIANG URBAN       6.85   04/27/19    CNY      61.02
CHANGSHU BINJIANG URBAN       6.85   04/27/19    CNY      61.56
CHANGSHU CITY OPERATION       8.00   01/16/19    CNY      40.74
CHANGSHU CITY OPERATION       8.00   01/16/19    CNY      41.33
CHANGXING URBAN CONSTRUC      6.80   11/30/19    CNY      61.48
CHANGXING URBAN CONSTRUC      6.80   11/30/19    CNY      61.55
CHANGYI ECONOMIC AND DEV      7.35   10/30/20    CNY      73.28
CHANGZHOU JINTAN DISTRIC      8.30   03/14/19    CNY      61.59
CHANGZHOU WUJIN CITY CON      6.22   06/08/18    CNY      50.77
CHANGZHOU WUJIN CITY CON      6.22   06/08/18    CNY      50.80
CHAOHU URBAN TOWN CONSTR      7.00   12/24/19    CNY      61.65
CHAOHU URBAN TOWN CONSTR      7.00   12/24/19    CNY      83.60
CHAOYANG CONSTRUCTION IN      7.30   05/25/19    CNY      61.71
CHENGDU CITY DEVELOPMENT      6.18   01/14/20    CNY      61.51
CHENGDU CITY DEVELOPMENT      6.18   01/14/20    CNY      61.56
CHENGDU ECONOMIC&TECHNOL      6.50   07/17/18    CNY      50.50
CHENGDU ECONOMIC&TECHNOL      6.50   07/17/18    CNY      50.97
CHENGDU ECONOMIC&TECHNOL      6.55   07/17/19    CNY      61.56
CHENGDU ECONOMIC&TECHNOL      6.55   07/17/19    CNY      62.50
CHENGDU HI-TECH INVESTME      6.28   11/20/19    CNY      61.30
CHENGDU HI-TECH INVESTME      6.28   11/20/19    CNY      61.52
CHENGDU XINCHENG XICHENG      8.35   03/19/19    CNY      62.26
CHENGDU XINCHENG XICHENG      8.35   03/19/19    CNY      62.64
CHENGDU XINDU XIANGCHENG      8.60   12/13/18    CNY      73.18
CHENGDU XINGCHENG INVEST      6.17   01/28/20    CNY      61.55
CHENGDU XINGJIN URBAN CO      7.30   11/27/19    CNY      62.18
CHENGDU XINGJIN URBAN CO      7.30   11/27/19    CNY      62.60
CHENZHOU URBAN CONSTRUCT      7.34   09/13/19    CNY      61.94
CHENZHOU URBAN CONSTRUCT      7.34   09/13/19    CNY      61.97
CHIFENG CITY HONGSHAN IN      7.20   07/25/19    CNY      60.72
CHIFENG CITY INFRASTRUCT      6.18   05/18/17    CNY      50.08
CHINA CITY CONSTRUCTION       3.97   03/01/21    CNY      14.24
CHINA CITY CONSTRUCTION       5.55   12/17/17    CNY      45.00
CHINA GOVERNMENT BOND         1.64   12/15/33    CNY      72.74
CHIZHOU CITY MANAGEMENT       7.17   10/17/19    CNY      61.57
CHONGQING BEIFEI INDUSTR      7.13   12/25/19    CNY      61.89
CHONGQING BEIFEI INDUSTR      7.13   12/25/19    CNY      62.06
CHONGQING CHANGSHOU DEVE      7.45   09/25/19    CNY      62.00
CHONGQING CHANGSHOU DEVE      7.45   09/25/19    CNY      62.12
CHONGQING FULING STATE-O      6.39   01/21/20    CNY      61.42
CHONGQING FULING STATE-O      6.39   01/21/20    CNY      62.12
CHONGQING HECHUAN RURAL       8.28   04/10/18    CNY      50.80
CHONGQING HECHUAN RURAL       8.28   04/10/18    CNY      51.03
CHONGQING HECHUAN URBAN       6.95   01/06/18    CNY      40.51
CHONGQING HONGRONG CAPIT      7.20   10/16/19    CNY      61.14
CHONGQING HONGRONG CAPIT      7.20   10/16/19    CNY      61.83
CHONGQING JIANGJIN HUAXI      6.95   01/06/18    CNY      40.94
CHONGQING JIANGJIN HUAXI      7.46   09/21/19    CNY      62.00
CHONGQING JIANGJIN HUAXI      7.46   09/21/19    CNY      62.46
CHONGQING JINYUN ASSET M      6.75   06/18/19    CNY      61.16
CHONGQING JINYUN ASSET M      6.75   06/18/19    CNY      61.41
CHONGQING LAND PROPERTIE      7.35   04/25/19    CNY      61.14
CHONGQING MAIRUI CITY IN      6.82   08/17/19    CNY      61.03
CHONGQING NAN'AN URBAN C      6.29   12/24/17    CNY      40.55
CHONGQING NAN'AN URBAN C      8.20   04/09/19    CNY      62.07
CHONGQING NANCHUAN DISTR      7.35   09/06/19    CNY      61.80
CHONGQING NANCHUAN DISTR      7.35   09/06/19    CNY      61.92
CHONGQING QIJIANG EAST N      6.75   01/29/20    CNY      61.43
CHONGQING THREE GORGES I      6.40   01/23/19    CNY      50.96
CHONGQING THREE GORGES I      6.40   01/23/19    CNY      76.82
CHONGQING XINGRONG HOLDI      8.35   04/19/19    CNY      62.12
CHONGQING XIYONG MICRO-E      6.76   07/25/19    CNY      61.38
CHONGQING YONGCHUAN HUIT      7.33   10/16/19    CNY      62.32
CHONGQING YONGCHUAN HUIT      7.33   10/16/19    CNY      62.33
CHONGQING YONGCHUAN HUIT      7.49   03/14/18    CNY      70.33
CHONGQING YUFU ASSET MAN      6.50   09/04/19    CNY      62.00
CHONGQING YULONG ASSET M      6.87   05/31/19    CNY      61.53
CHONGQING YUXING CONSTRU      7.29   12/08/17    CNY      40.87
CHONGQING YUXING CONSTRU      7.30   12/10/19    CNY      61.54
CHONGQING YUXING CONSTRU      7.30   12/10/19    CNY      61.99
CHUXIONG AUTONOMOUS DEVE      6.08   10/18/17    CNY      50.84
CHUZHOU CITY CONSTRUCTIO      6.81   11/23/19    CNY      61.95
CHUZHOU TONGCHUANG CONST      7.05   01/09/20    CNY      60.15
CHUZHOU TONGCHUANG CONST      7.05   01/09/20    CNY      62.14
CIXI STATE OWNED ASSET I      6.60   09/20/19    CNY      60.68
CIXI STATE OWNED ASSET I      6.60   09/20/19    CNY      61.76
DALI ECONOMIC DEVELOPMEN      8.80   04/24/19    CNY      62.25
DALIAN CHANGXING ISLAND       6.60   01/25/20    CNY      61.71
DALIAN DETA INVESTMENT C      6.50   11/15/19    CNY      61.73
DALIAN LVSHUN CONSTRUCTI      6.78   07/02/19    CNY      60.98
DALIAN LVSHUN CONSTRUCTI      6.78   07/02/19    CNY      61.03
DANDONG CITY DEVELOPMENT      5.84   09/06/17    CNY      40.01
DANDONG CITY DEVELOPMENT      6.63   12/21/18    CNY      70.68
DANYANG INVESTMENT GROUP      8.10   03/06/19    CNY      61.96
DAQING GAOXIN STATE-OWNE      6.88   12/05/19    CNY      61.80
DAQING GAOXIN STATE-OWNE      6.88   12/05/19    CNY      63.00
DAQING URBAN CONSTRUCTIO      6.55   10/23/19    CNY      61.30
DAQING URBAN CONSTRUCTIO      6.55   10/23/19    CNY      61.49
DATONG ECONOMIC CONSTRUC      6.50   06/01/17    CNY      40.10
DAXING ANLING FORESTRY G      7.08   10/23/19    CNY      50.85
DAXING ANLING FORESTRY G      7.08   10/23/19    CNY      50.88
DAZHOU INVESTMENT CO LTD      6.99   12/25/19    CNY      60.95
DAZHOU INVESTMENT CO LTD      6.99   12/25/19    CNY      61.80
DEYANG CITY CONSTRUCTION      6.99   12/26/19    CNY      61.56
DEZHOU DEDA URBAN CONSTR      7.14   10/18/19    CNY      62.41
DONGBEI SPECIAL STEEL GR      5.88   05/05/16    CNY      40.00
DONGBEI SPECIAL STEEL GR      6.10   01/15/18    CNY      40.00
DONGBEI SPECIAL STEEL GR      8.30   09/06/16    CNY      40.00
DONGBEI SPECIAL STEEL GR      6.50   03/27/16    CNY      40.00
DONGBEI SPECIAL STEEL GR      8.20   06/06/16    CNY      40.00
DONGBEI SPECIAL STEEL GR      7.40   07/17/17    CNY      40.00
DONGBEI SPECIAL STEEL GR      5.63   04/12/18    CNY      40.00
DONGBEI SPECIAL STEEL GR      7.00   07/10/16    CNY      40.00
DONGBEI SPECIAL STEEL GR      6.30   09/24/16    CNY      40.00
DONGTAI COMMUNICATION IN      7.39   07/05/18    CNY      50.75
DONGTAI UBAN CONSTRUCTIO      7.10   12/26/19    CNY      61.73
DONGTAI UBAN CONSTRUCTIO      7.10   12/26/19    CNY      84.40
ENSHI URBAN CONSTRUCTION      7.55   10/22/19    CNY      62.14
ERDOS DONGSHENG CITY DEV      8.40   02/28/18    CNY      49.94
ERDOS DONGSHENG CITY DEV      8.40   02/28/18    CNY      50.08
EZHOU CITY CONSTRUCTION       7.08   06/19/19    CNY      61.55
FEICHENG CITY ASSETS MAN      7.10   08/14/18    CNY      50.83
FENGHUA CITY INVESTMENT       7.45   09/24/19    CNY      61.97
FENGHUA CITY INVESTMENT       7.45   09/24/19    CNY      62.24
FUJIAN LONGYAN CITY CONS      7.45   08/14/19    CNY      61.77
FUJIAN NANPING HIGHWAY C      6.69   01/28/20    CNY      61.49
FUJIAN NANPING HIGHWAY C      6.69   01/28/20    CNY      61.73
FUJIAN NANPING HIGHWAY C      7.90   10/26/18    CNY      73.10
FUSHUN URBAN INVESTMENT       5.95   05/11/18    CNY      70.18
FUXIN INFRASTRUCTURE CON      7.55   10/10/19    CNY      61.65
FUZHOU INVESTMENT DEVELO      6.78   01/16/20    CNY      61.51
FUZHOU INVESTMENT DEVELO      6.78   01/16/20    CNY      62.15
FUZHOU URBAN AND RURAL C      6.35   09/25/18    CNY      50.76
FUZHOU URBAN AND RURAL C      6.35   09/25/18    CNY      50.76
GANSU PROVINCIAL HIGHWAY      6.75   11/16/18    CNY      71.39
GANSU PROVINCIAL HIGHWAY      7.20   09/19/18    CNY      72.24
GANZHOU CITY DEVELOPMENT      6.40   07/10/18    CNY      50.83
GANZHOU DEVELOPMENT ZONE      6.70   12/26/18    CNY      50.97
GANZHOU DEVELOPMENT ZONE      6.70   12/26/18    CNY      51.22
GAOMI STATE-OWNED ASSETS      6.75   11/15/18    CNY      50.25
GAOMI STATE-OWNED ASSETS      6.75   11/15/18    CNY      50.95
GAOMI STATE-OWNED ASSETS      6.70   11/15/19    CNY      61.42
GAOMI STATE-OWNED ASSETS      6.70   11/15/19    CNY      61.49
GONGYI STATE OWNED ASSET      6.70   01/18/20    CNY      61.02
GUANGAN INVESTMENT HOLDI      8.18   04/25/19    CNY      61.85
GUANGXI BAISE DEVELOPMEN      6.50   07/04/19    CNY      60.98
GUANGXI BAISE DEVELOPMEN      6.50   07/04/19    CNY      61.28
GUANGYUAN INVESTMENT HOL      7.25   11/26/19    CNY      61.48
GUILIN ECONOMIC CONSTRUC      6.90   05/09/18    CNY      50.80
GUILIN ECONOMIC CONSTRUC      6.90   05/09/18    CNY      51.70
GUIYANG ECO&TECH DEVELOP      8.42   03/27/19    CNY      62.00
GUIYANG JINYANG CONSTRUC      6.70   10/24/18    CNY      51.16
GUIYANG JINYANG CONSTRUC      6.70   10/24/18    CNY      51.40
GUIYANG PUBLIC RESIDENTI      6.70   11/06/19    CNY      61.82
GUIYANG PUBLIC RESIDENTI      6.70   11/06/19    CNY      63.00
GUOAO INVESTMENT DEVELOP      6.89   10/29/18    CNY      47.45
GUOAO INVESTMENT DEVELOP      6.89   10/29/18    CNY      50.96
HAIAN COUNTY CITY CONSTR      8.35   03/28/18    CNY      50.91
HAIAN COUNTY CITY CONSTR      8.35   03/28/18    CNY      51.07
HAICHENG URBAN INVESTMEN      8.39   11/07/18    CNY      72.62
HAIMEN CITY DEVELOPMENT       8.35   03/20/19    CNY      61.97
HAINING STATE-OWNED ASSE      7.80   09/20/18    CNY      72.25
HAINING STATE-OWNED ASSE      7.80   09/20/18    CNY      72.63
HANDAN CITY CONSTRUCTION      7.05   12/24/19    CNY      62.27
HANDAN CITY CONSTRUCTION      7.05   12/24/19    CNY      62.83
HANGZHOU HIGH-TECH INDUS      6.45   01/28/20    CNY      61.50
HANGZHOU HIGH-TECH INDUS      6.45   01/28/20    CNY      61.90
HANGZHOU MUNICIPAL CONST      5.90   04/25/18    CNY      50.12
HANGZHOU MUNICIPAL CONST      5.90   04/25/18    CNY      50.54
HANGZHOU XIAOSHAN ECO&TE      6.70   12/26/18    CNY      51.40
HANGZHOU YUHANG CITY CON      7.55   03/29/19    CNY      62.04
HANZHONG CITY CONSTRUCTI      7.48   03/14/18    CNY      71.36
HARBIN HELI INVESTMENT H      7.48   09/26/18    CNY      71.89
HARBIN HELI INVESTMENT H      7.48   09/26/18    CNY      72.05
HEBEI SHUNDE INVESTMENT       6.98   12/05/19    CNY      61.09
HEBEI SHUNDE INVESTMENT       6.98   12/05/19    CNY      61.99
HEFEI HAIHENG INVESTMENT      7.30   06/12/19    CNY      61.30
HEFEI TAOHUA INDUSTRIAL       8.79   03/27/19    CNY      62.38
HEFEI XINCHENG STATE-OWN      7.88   04/23/19    CNY      61.79
HEFEI XINCHENG STATE-OWN      7.88   04/23/19    CNY      62.15
HEGANG KAIYUAN CITY INVE      6.50   07/19/19    CNY      61.02
HENAN JIYUAN CITY CONSTR      7.50   09/25/19    CNY      62.51
HENGYANG CITY CONSTRUCTI      7.06   08/13/19    CNY      61.90
HUAIAN CITY URBAN ASSET       6.87   12/26/19    CNY      62.12
HUAIAN CITY URBAN ASSET       6.87   12/26/19    CNY      62.80
HUAIAN CITY WATER ASSET       8.25   03/08/19    CNY      62.33
HUAI'AN DEVELOPMENT HOLD      6.80   03/24/17    CNY      41.77
HUAI'AN DEVELOPMENT HOLD      7.20   09/06/19    CNY      61.72
HUAI'AN DEVELOPMENT HOLD      7.20   09/06/19    CNY      62.05
HUAIAN QINGHE NEW AREA I      6.79   04/29/17    CNY      39.97
HUAIAN QINGHE NEW AREA I      6.68   01/24/20    CNY      61.84
HUAIBEI CITY CONSTRUCTIO      6.68   12/17/18    CNY      50.92
HUAIHUA CITY CONSTRUCTIO      8.00   03/22/18    CNY      50.67
HUAIHUA CITY CONSTRUCTIO      8.00   03/22/18    CNY      50.92
HUANGGANG CITY CONSTRUCT      7.10   10/19/19    CNY      62.16
HUANGGANG CITY CONSTRUCT      7.10   10/19/19    CNY      62.61
HUANGSHI URBAN CONSTRUCT      6.96   10/25/19    CNY      62.03
HUIAN STATE ASSETS INVES      7.50   10/15/19    CNY      62.07
HUNAN CHANGDE DEYUAN INV      7.18   10/18/18    CNY      51.13
HUNAN CHANGDE DEYUAN INV      7.18   10/18/18    CNY      51.24
HUNAN CHENGLINGJI HARBOR      7.70   10/15/18    CNY      51.38
HUNAN CHENGLINGJI HARBOR      7.70   10/15/18    CNY      51.44
HUNAN ZHAOSHAN ECONOMIC       7.00   12/12/18    CNY      51.08
HUNAN ZHAOSHAN ECONOMIC       7.00   12/12/18    CNY      77.25
HUZHOU MUNICIPAL CONSTRU      7.02   12/21/17    CNY      40.64
HUZHOU MUNICIPAL CONSTRU      6.70   12/14/19    CNY      62.13
HUZHOU NANXUN STATE-OWNE      8.15   03/31/19    CNY      61.97
HUZHOU WUXING NANTAIHU C      7.71   02/17/18    CNY      71.12
INNER MONGOLIA HIGH-TECH      7.20   09/25/19    CNY      61.83
INNER MONGOLIA ZHUNGEER       6.94   05/10/18    CNY      75.10
JIAMUSI NEW ERA INFRASTR      8.25   03/22/19    CNY      61.70
JIAN CITY CONSTRUCTION I      7.80   04/20/19    CNY      61.97
JIANAN INVESTMENT HOLDIN      7.68   09/04/19    CNY      61.28
JIANGDONG HOLDING GROUP       6.90   03/27/19    CNY      60.93
JIANGDU XINYUAN INDUSTRI      8.10   03/23/19    CNY      61.89
JIANGSU HANRUI INVESTMEN      8.16   03/01/19    CNY      61.64
JIANGSU HUAJING ASSETS M      5.68   09/28/17    CNY      25.08
JIANGSU HUAJING ASSETS M      5.68   09/28/17    CNY      25.13
JIANGSU JINGUAN INVESTME      6.40   01/28/19    CNY      50.37
JIANGSU JINGUAN INVESTME      6.40   01/28/19    CNY      50.94
JIANGSU LIANYUN DEVELOPM      6.10   06/19/19    CNY      60.67
JIANGSU LIANYUN DEVELOPM      6.10   06/19/19    CNY      60.83
JIANGSU NANJING PUKOU EC      7.10   10/08/19    CNY      61.62
JIANGSU NANJING PUKOU EC      7.10   10/08/19    CNY      61.74
JIANGSU NEWHEADLINE DEVE      7.00   08/27/20    CNY      72.40
JIANGSU NEWHEADLINE DEVE      7.00   08/27/20    CNY      72.69
JIANGSU SUHAI INVESTMENT      7.20   11/07/19    CNY      61.61
JIANGSU TAICANG PORT DEV      7.66   05/16/19    CNY      62.25
JIANGSU WUZHONG ECONOMIC      8.05   12/16/18    CNY      73.11
JIANGSU WUZHONG ECONOMIC      8.05   12/16/18    CNY      73.42
JIANGSU XISHAN ECONOMIC       6.99   11/01/19    CNY      61.90
JIANGSU XISHAN ECONOMIC       6.99   11/01/19    CNY      69.60
JIANGSU ZHANGJIAGANG ECO      6.98   11/16/19    CNY      62.05
JIANGXI HEJI INVESTMENT       8.00   09/04/19    CNY      61.99
JIANGXI HEJI INVESTMENT       8.00   09/04/19    CNY      62.38
JIANGYAN STATE OWNED ASS      6.85   12/03/19    CNY      61.77
JIANGYAN STATE OWNED ASS      6.85   12/03/19    CNY      62.10
JIANGYIN CITY CONSTRUCTI      7.20   06/11/19    CNY      62.03
JIANGYIN CITY CONSTRUCTI      7.20   06/11/19    CNY      62.90
JIASHAN STATE-OWNED ASSE      6.80   06/06/19    CNY      61.95
JIAXING CULTURE FAMOUS C      8.16   03/08/19    CNY      61.73
JIAXING ECONOMIC&TECHNOL      6.78   06/14/19    CNY      61.00
JIAXING ECONOMIC&TECHNOL      6.78   06/14/19    CNY      61.28
JINAN CITY CONSTRUCTION       6.98   03/26/18    CNY      50.36
JINAN CITY CONSTRUCTION       6.98   03/26/18    CNY      50.70
JINAN XIAOQINGHE DEVELOP      7.15   09/05/19    CNY      61.85
JINAN XIAOQINGHE DEVELOP      7.15   09/05/19    CNY      61.88
JINGJIANG BINJIANG XINCH      6.80   10/23/18    CNY      50.86
JINGJIANG BINJIANG XINCH      6.80   10/23/18    CNY      50.90
JINGZHOU URBAN CONSTRUCT      7.98   04/24/19    CNY      61.99
JINING CITY CONSTRUCTION      8.30   12/31/18    CNY      41.62
JINING CITY YANZHOU DIST      8.50   12/28/17    CNY      25.78
JINING HI-TECH TOWN CONS      6.60   01/28/20    CNY      61.68
JINING HI-TECH TOWN CONS      6.60   01/28/20    CNY      61.80
JINING WATER SUPPLY GROU      7.18   01/22/20    CNY      61.54
JINSHAN STATE-OWNED ASSE      6.65   11/27/19    CNY      62.03
JINZHOU CITY INVESTMENT       7.08   06/13/19    CNY      61.16
JINZHOU CITY INVESTMENT       7.08   06/13/19    CNY      61.18
JISHOU HUATAI STATE OWNE      7.37   12/12/19    CNY      61.39
JISHOU HUATAI STATE OWNE      7.37   12/12/19    CNY      62.32
JIUJIANG CITY CONSTRUCTI      8.49   02/23/19    CNY      62.26
JIXI STATE OWN ASSET MAN      7.18   11/08/19    CNY      61.91
JIXI STATE OWN ASSET MAN      7.18   11/08/19    CNY      62.68
KAIFENG DEVELOPMENT INVE      6.47   07/11/19    CNY      61.35
KARAMAY URBAN CONSTRUCTI      7.15   09/04/19    CNY      61.85
KARAMAY URBAN CONSTRUCTI      7.15   09/04/19    CNY      61.92
KASHI URBAN CONSTRUCTION      7.18   11/27/19    CNY      61.71
KUNMING CITY CONSTRUCTIO      7.60   04/13/18    CNY      50.90
KUNMING CITY CONSTRUCTIO      7.60   04/13/18    CNY      51.00
KUNMING DIANCHI INVESTME      6.50   02/01/20    CNY      61.86
KUNMING INDUSTRIAL DEVEL      6.46   10/23/19    CNY      61.44
KUNMING INDUSTRIAL DEVEL      6.46   10/23/19    CNY      63.01
KUNMING WUHUA DISTRICT S      8.60   03/15/18    CNY      51.03
KUNMING WUHUA DISTRICT S      8.60   03/15/18    CNY      51.10
KUNSHAN ENTREPRENEUR HOL      6.28   11/07/19    CNY      61.19
KUNSHAN ENTREPRENEUR HOL      6.28   11/07/19    CNY      61.54
KUNSHAN HUAQIAO INTERNAT      7.98   12/30/18    CNY      41.55
LAIWU CITY ECONOMIC DEVE      6.50   03/01/18    CNY      60.32
LANZHOU CITY DEVELOPMENT      8.20   12/15/18    CNY      66.60
LANZHOU CITY DEVELOPMENT      8.20   12/15/18    CNY      69.65
LEQING CITY STATE OWNED       6.50   06/29/19    CNY      61.00
LEQING CITY STATE OWNED       6.50   06/29/19    CNY      62.00
LESHAN STATE-OWNED ASSET      6.99   03/18/18    CNY      72.00
LESHAN STATE-OWNED ASSET      6.99   03/18/18    CNY      71.45
LIAONING YAODU DEVELOPME      7.35   12/12/19    CNY      61.16
LIAOYANG CITY ASSETS OPE      7.10   11/13/19    CNY      61.58
LIAOYANG CITY ASSETS OPE      6.88   06/13/18    CNY      65.50
LIAOYANG CITY ASSETS OPE      6.88   06/13/18    CNY      65.95
LIAOYUAN STATE-OWNED ASS      8.17   03/13/19    CNY      61.88
LIJIANG GUCHENG MANAGEME      6.68   07/26/19    CNY      61.38
LINAN CITY CONSTRUCTION       8.15   03/09/18    CNY      50.45
LINAN CITY CONSTRUCTION       8.15   03/09/18    CNY      50.82
LINYI CITY ASSET MANAGEM      6.68   12/12/19    CNY      61.74
LINYI CITY ASSET MANAGEM      6.68   12/12/19    CNY      61.93
LINYI ECONOMIC DEVELOPME      8.26   09/24/19    CNY      63.04
LINYI INVESTMENT DEVELOP      8.10   03/27/18    CNY      50.65
LIUPANSHUI DEVELOPMENT I      6.97   12/03/19    CNY      61.67
LIUZHOU DONGCHENG INVEST      8.30   02/15/19    CNY      60.80
LIUZHOU DONGCHENG INVEST      8.30   02/15/19    CNY      61.80
LIUZHOU INVESTMENT HOLDI      6.98   08/15/19    CNY      61.33
LIYANG CITY CONSTRUCTION      8.20   11/08/18    CNY      68.98
LONGHAI STATE-OWNED ASSE      8.25   12/02/17    CNY      41.21
LOUDI CITY CONSTRUCTION       7.28   10/19/18    CNY      51.02
LOUDI CITY CONSTRUCTION       7.28   10/19/18    CNY      51.31
LUOHE CITY CONSTRUCTION       6.81   03/30/17    CNY      29.76
LUOHE CITY CONSTRUCTION       6.81   03/30/17    CNY      30.06
LUOHE CITY CONSTRUCTION       6.99   10/30/19    CNY      61.21
LUOYANG CITY DEVELOPMENT      6.89   12/31/19    CNY      61.69
LUOYANG CITY DEVELOPMENT      6.89   12/31/19    CNY      62.64
MAANSHAN ECONOMIC TECHNO      7.10   12/20/19    CNY      62.15
MIANYANG SCIENCE TECHNOL      6.30   07/22/18    CNY      53.03
MIANYANG SCIENCE TECHNOL      7.16   05/15/19    CNY      61.04
MUDANJIANG STATE-OWNED A      7.08   08/30/19    CNY      61.14
MUDANJIANG STATE-OWNED A      7.08   08/30/19    CNY      61.29
NANAN CITY TRADE INDUSTR      8.50   04/25/19    CNY      63.31
NANCHANG ECONOMY TECHNOL      6.88   01/09/20    CNY      62.00
NANCHONG DEVELOPMENT INV      6.69   01/28/20    CNY      61.96
NANCHONG DEVELOPMENT INV      6.69   01/28/20    CNY      82.34
NANCHONG ECONOMIC DEVELO      8.16   04/26/19    CNY      61.95
NANJING JIANGNING SCIENC      7.29   04/28/19    CNY      61.48
NANJING NEW&HIGH TECHNOL      6.94   09/07/19    CNY      61.49
NANJING NEW&HIGH TECHNOL      6.94   09/07/19    CNY      61.98
NANJING URBAN CONSTRUCTI      5.68   11/26/18    CNY      50.96
NANJING URBAN CONSTRUCTI      5.68   11/26/18    CNY      51.08
NANJING XINGANG DEVELOPM      6.80   01/08/20    CNY      62.00
NANJING XINGANG DEVELOPM      6.80   01/08/20    CNY      62.23
NANTONG CITY GANGZHA DIS      7.15   01/09/20    CNY      62.22
NANTONG CITY GANGZHA DIS      7.15   01/09/20    CNY      62.53
NANTONG CITY TONGZHOU DI      6.80   05/28/19    CNY      61.00
NANTONG CITY TONGZHOU DI      6.80   05/28/19    CNY      61.37
NEIJIANG INVESTMENT HOLD      7.00   07/19/18    CNY      50.84
NEIJIANG INVESTMENT HOLD      7.00   07/19/18    CNY      51.32
NEIMENGGU XINLINGOL XING      7.62   02/25/18    CNY      70.84
NINGBO CITY ZHENHAI INVE      6.48   04/12/17    CNY      40.10
NINGBO EASTERN NEW TOWN       6.45   01/21/20    CNY      61.28
NINGBO URBAN CONSTRUCTIO      7.39   03/01/18    CNY      50.50
NINGBO URBAN CONSTRUCTIO      7.39   03/01/18    CNY      50.73
NINGBO ZHENHAI HAIJIANG       6.65   11/28/18    CNY      51.24
NINGDE CITY STATE-OWNED       6.25   10/21/17    CNY       9.75
NONGGONGSHANG REAL ESTAT      6.29   10/11/17    CNY      40.44
PANJIN CONSTRUCTION INVE      7.50   05/17/19    CNY      60.30
PANJIN CONSTRUCTION INVE      7.50   05/17/19    CNY      61.34
PANJIN PETROLEUM HIGH TE      6.95   01/10/20    CNY      61.79
PANJIN PETROLEUM HIGH TE      6.95   01/10/20    CNY      62.00
PEIXIAN STATE-OWNED ASSE      7.20   12/06/19    CNY      62.37
PEIXIAN STATE-OWNED ASSE      7.20   12/06/19    CNY      62.86
PENGLAI CITY PENGLAIGE T      6.80   01/30/21    CNY      71.69
PENGLAI CITY PENGLAIGE T      6.80   01/30/21    CNY      72.83
PINGDINGSHAN CITY DEVELO      7.86   05/08/19    CNY      61.90
PINGDINGSHAN CITY DEVELO      7.86   05/08/19    CNY      61.93
PINGHU CITY DEVELOPMENT       7.20   09/18/19    CNY      61.71
PINGHU CITY DEVELOPMENT       7.20   09/18/19    CNY      61.95
PINGXIANG URBAN CONSTRUC      6.89   12/10/19    CNY      61.72
PINGXIANG URBAN CONSTRUC      6.89   12/10/19    CNY      84.05
PIZHOU RUNCHENG ASSET OP      7.55   09/25/19    CNY      62.17
PIZHOU RUNCHENG ASSET OP      7.55   09/25/19    CNY      62.70
PUER CITY STATE OWNED AS      7.38   06/20/19    CNY      61.53
PUTIAN STATE-OWNED ASSET      8.10   03/21/19    CNY      61.75
PUTIAN STATE-OWNED ASSET      8.10   03/21/19    CNY      62.03
PUYANG INVESTMENT GROUP       6.98   10/29/19    CNY      61.63
QIANAN XINGYUAN WATER IN      6.45   07/11/18    CNY      50.31
QIANDONG NANZHOU DEVELOP      8.80   04/27/19    CNY      62.55
QIANDONGNANZHOU KAIHONG       7.80   10/30/19    CNY      61.65
QIANXI NANZHOU HONGSHENG      6.99   11/22/19    CNY      61.36
QIANXI NANZHOU HONGSHENG      6.99   11/22/19    CNY      61.99
QINGDAO CITY CONSTRUCTIO      6.19   02/16/17    CNY      40.00
QINGDAO CITY CONSTRUCTIO      6.19   02/16/17    CNY      40.00
QINGDAO CITY CONSTRUCTIO      6.89   02/16/19    CNY      61.27
QINGDAO CITY CONSTRUCTIO      6.89   02/16/19    CNY      61.44
QINGDAO HUATONG STATE-OW      7.30   04/18/19    CNY      61.45
QINGDAO HUATONG STATE-OW      7.30   04/18/19    CNY      62.05
QINGDAO JIAOZHOU CITY DE      6.59   01/25/20    CNY      62.01
QINGZHOU HONGYUAN PUBLIC      6.50   05/22/19    CNY      30.00
QINGZHOU HONGYUAN PUBLIC      6.50   05/22/19    CNY      30.02
QINGZHOU HONGYUAN PUBLIC      7.25   10/19/18    CNY      51.13
QINGZHOU HONGYUAN PUBLIC      7.25   10/19/18    CNY      51.33
QINGZHOU HONGYUAN PUBLIC      7.35   10/19/19    CNY      61.94
QINGZHOU HONGYUAN PUBLIC      7.35   10/19/19    CNY      62.23
QINHUANGDAO DEVELOPMENT       7.46   10/17/19    CNY      62.00
QINHUANGDAO DEVELOPMENT       7.46   10/17/19    CNY      62.15
QINZHOU CITY DEVELOPMENT      6.72   04/30/17    CNY      50.22
QITAIHE CITY CONSTRUCTIO      7.30   10/18/19    CNY      61.36
QITAIHE CITY CONSTRUCTIO      7.30   10/18/19    CNY      61.58
QUANZHOU QUANGANG PETROC      8.40   04/16/19    CNY      62.23
QUANZHOU QUANGANG PETROC      8.40   04/16/19    CNY      62.37
QUANZHOU TAISHANG INVEST      7.08   12/10/19    CNY      62.17
QUANZHOU TAISHANG INVEST      7.08   12/10/19    CNY      62.18
QUANZHOU URBAN CONSTRUCT      6.48   01/11/20    CNY      62.19
QUANZHOU URBAN CONSTRUCT      6.48   01/11/20    CNY      62.60
QUJING DEVELOPMENT INVES      7.25   09/06/19    CNY      62.55
QUJING DEVELOPMENT INVES      7.25   09/06/19    CNY      62.89
RUDONG COUNTY DONGTAI SO      7.10   01/31/18    CNY      51.04
RUDONG COUNTY DONGTAI SO      7.45   09/24/19    CNY      61.76
RUDONG COUNTY DONGTAI SO      7.45   09/24/19    CNY      62.00
RUGAO COMMUNICATIONS CON      8.51   01/26/19    CNY      52.53
RUGAO COMMUNICATIONS CON      6.70   02/01/20    CNY      61.64
RUGAO COMMUNICATIONS CON      6.70   02/01/20    CNY      63.00
RUIAN STATE OWNED ASSET       6.93   11/26/19    CNY      62.66
RUIAN STATE OWNED ASSET       6.93   11/26/19    CNY      62.06
SANMENXIA CITY FINANCIAL      6.68   01/29/20    CNY      61.49
SANMENXIA CITY FINANCIAL      6.68   01/29/20    CNY      61.84
SANMING STATE-OWNED ASSE      6.92   12/05/19    CNY      62.26
SANMING STATE-OWNED ASSE      6.99   06/14/18    CNY      71.26
SHANGHAI CHENGTOU CORP        4.63   07/30/19    CNY      59.93
SHANGHAI JIADING INDUSTR      6.71   10/10/18    CNY      50.85
SHANGHAI JIADING INDUSTR      6.71   10/10/18    CNY      50.86
SHANGHAI JINSHAN URBAN C      6.60   12/21/19    CNY      61.38
SHANGHAI JINSHAN URBAN C      6.60   12/21/19    CNY      61.65
SHANGHAI MINHANG URBAN C      6.48   10/23/19    CNY      61.65
SHANGHAI MINHANG URBAN C      6.48   10/23/19    CNY      62.10
SHANGHAI REAL ESTATE GRO      6.12   05/17/17    CNY      39.88
SHANGHAI SONGJIANG TOWN       6.28   08/15/18    CNY      50.80
SHANGHAI URBAN CONSTRUCT      5.25   11/30/19    CNY      61.14
SHANGQIU DEVELOPMENT INV      6.60   01/15/20    CNY      61.72
SHANGRAO CITY CONSTRUCTI      7.30   09/10/19    CNY      61.81
SHANGRAO CITY CONSTRUCTI      7.30   09/10/19    CNY      62.48
SHANGYU COMMUNICATIONS I      6.70   09/11/19    CNY      61.94
SHANGYU COMMUNICATIONS I      6.70   09/11/19    CNY      62.50
SHAOGUAN JINYE DEVELOPME      7.30   10/18/19    CNY      62.10
SHAOGUAN JINYE DEVELOPME      7.30   10/18/19    CNY      62.13
SHAOXING CHENGBEI XINCHE      6.21   06/11/18    CNY      50.59
SHAOXING CHENGZHONGCUN R      6.50   01/24/20    CNY      61.61
SHAOXING CHENGZHONGCUN R      6.50   01/24/20    CNY      82.30
SHAOXING HI-TECH INDUSTR      6.75   12/05/18    CNY      51.20
SHAOXING PAOJIANG INDUST      6.90   10/31/19    CNY      61.82
SHAOXING URBAN CONSTRUCT      6.40   11/09/19    CNY      61.83
SHAOYANG CITY CONSTRUCTI      7.40   09/11/18    CNY      50.00
SHAOYANG CITY CONSTRUCTI      7.40   09/11/18    CNY      51.08
SHENYANG HEPING DISTRICT      6.85   11/13/19    CNY      61.70
SHENYANG MACHINE TOOL CO      6.50   04/09/20    CNY      69.51
SHISHI STATE OWNED INVES      7.40   09/13/19    CNY      61.66
SHIYAN CITY INFRASTRUCTU      7.98   04/20/19    CNY      62.28
SHOUGUANG JINCAI STATE-O      6.70   10/23/19    CNY      61.61
SHOUGUANG JINCAI STATE-O      6.70   10/23/19    CNY      61.85
SHUANGYASHAN DADI CITY C      6.55   12/25/19    CNY      61.18
SHUANGYASHAN DADI CITY C      6.55   12/25/19    CNY      81.49
SHUYANG JINGYUAN ASSET O      6.50   12/03/19    CNY      61.27
SHUYANG JINGYUAN ASSET O      6.50   12/03/19    CNY      61.38
SICHUAN DEVELOPMENT HOLD      5.40   11/10/17    CNY      30.22
SONGYUAN URBAN DEVELOPME      7.30   08/29/19    CNY      60.68
SONGYUAN URBAN DEVELOPME      7.30   08/29/19    CNY      61.69
SUIZHOU DEVELOPMENT INVE      7.50   08/22/19    CNY      62.12
SUQIAN ECONOMIC DEVELOPM      7.50   03/26/19    CNY      61.49
SUQIAN ECONOMIC DEVELOPM      7.50   03/26/19    CNY      61.55
SUQIAN WATER GROUP CO         6.55   12/04/19    CNY      61.90
SUQIAN WATER GROUP CO         6.55   12/04/19    CNY      62.07
SUZHOU CITY CONSTRUCTION      7.45   03/12/19    CNY      61.54
SUZHOU FENHU INVESTMENT       7.00   10/22/17    CNY      50.52
SUZHOU INDUSTRIAL PARK T      5.79   05/30/19    CNY      60.80
SUZHOU INDUSTRIAL PARK T      5.79   05/30/19    CNY      61.50
SUZHOU TECH CITY DEVELOP      7.32   11/01/18    CNY      51.36
SUZHOU URBAN CONSTRUCTIO      5.79   10/25/19    CNY      61.43
SUZHOU URBAN CONSTRUCTIO      5.79   10/25/19    CNY      61.45
SUZHOU WUJIANG COMMUNICA      6.80   10/31/20    CNY      73.40
SUZHOU WUJIANG EASTERN S      8.05   12/05/18    CNY      72.87
SUZHOU WUJIANG EASTERN S      8.05   12/05/18    CNY      73.38
SUZHOU XIANGCHENG URBAN       6.95   09/03/19    CNY      61.49
SUZHOU XIANGCHENG URBAN       6.95   09/03/19    CNY      62.10
TAIAN CITY TAISHAN INVES      6.76   01/25/20    CNY      61.84
TAIAN CITY TAISHAN INVES      6.76   01/25/20    CNY      62.38
TAICANG ASSET MANAGEMENT      8.25   12/31/18    CNY      73.11
TAICANG ASSET MANAGEMENT      8.25   12/31/18    CNY      73.13
TAICANG HENGTONG INVESTM      7.45   10/30/19    CNY      62.38
TAICANG URBAN CONSTRUCTI      6.75   01/11/20    CNY      61.79
TAICANG URBAN CONSTRUCTI      6.75   01/11/20    CNY      62.19
TAIXING ZHONGXING STATE-      8.29   03/27/18    CNY      51.05
TAIXING ZHONGXING STATE-      8.29   03/27/18    CNY      51.07
TAIYUAN HIGH-SPEED RAILW      6.50   10/30/20    CNY      72.72
TAIYUAN LONGCHENG DEVELO      6.50   09/25/19    CNY      61.44
TAIZHOU CITY HUANGYAN DI      6.85   12/17/18    CNY      50.61
TAIZHOU CITY HUANGYAN DI      6.85   12/17/18    CNY      50.96
TAIZHOU HAILING ASSETS M      8.52   03/21/19    CNY      61.66
TAIZHOU HAILING ASSETS M      8.52   03/21/19    CNY      62.10
TAIZHOU JIAOJIANG STATE       7.46   09/13/20    CNY      74.16
TAIZHOU XINTAI GROUP CO       6.85   08/14/18    CNY      50.81
TAIZHOU XINTAI GROUP CO       6.85   08/14/18    CNY      51.10
TANGSHAN NANHU ECO CITY       7.08   10/16/19    CNY      61.83
TANGSHAN NANHU ECO CITY       7.08   10/16/19    CNY      80.51
TENGZHOU CITY STATE-OWNE      6.45   05/24/18    CNY      60.00
TIANJIN BINHAI NEW AREA       5.00   03/13/18    CNY      70.41
TIANJIN BINHAI NEW AREA       5.00   03/13/18    CNY      70.89
TIANJIN DONGFANG CAIXIN       7.99   11/23/18    CNY      73.13
TIANJIN ECO-CITY INVESTM      6.76   08/14/19    CNY      60.95
TIANJIN ECO-CITY INVESTM      6.76   08/14/19    CNY      61.19
TIANJIN ECONOMIC TECHNOL      6.20   12/03/19    CNY      61.45
TIANJIN ECONOMIC TECHNOL      6.20   12/03/19    CNY      61.59
TIANJIN HANBIN INVESTMEN      8.39   03/22/19    CNY      62.01
TIANJIN HI-TECH INDUSTRY      7.80   03/27/19    CNY      61.96
TIANJIN HI-TECH INDUSTRY      7.80   03/27/19    CNY      62.90
TIANJIN JINNAN CITY CONS      6.95   06/18/19    CNY      61.07
TIANJIN JINNAN CITY CONS      6.95   06/18/19    CNY      63.00
TIELING PUBLIC ASSETS IN      7.34   05/29/18    CNY      50.83
TIELING PUBLIC ASSETS IN      7.34   05/29/18    CNY      50.92
TIGER FOREST & PAPER GRO      5.38   06/14/17    CNY      59.14
TONGCHUAN DEVELOPMENT IN      7.50   07/17/19    CNY      60.75
TONGLIAO TIANCHENG URBAN      7.75   09/24/19    CNY      62.07
TONGLIAO URBAN INVESTMEN      5.98   09/01/17    CNY      39.93
TONGREN FANJINGSHAN INVE      6.89   08/02/19    CNY      61.79
URUMQI CITY CONSTRUCTION      6.35   07/09/19    CNY      61.55
URUMQI ECO&TECH DEVELOPM      8.58   01/10/19    CNY      52.22
URUMQI STATE-OWNED ASSET      6.48   04/28/18    CNY      50.76
URUMQI STATE-OWNED ASSET      6.48   04/28/18    CNY      51.60
WAFANGDIAN STATE-OWNED A      8.55   04/19/19    CNY      62.19
WEIFANG DONGXIN CONSTRUC      6.88   11/20/19    CNY      61.78
WEIFANG DONGXIN CONSTRUC      6.88   11/20/19    CNY      61.84
WEINAN CITY INVESTMENT G      6.69   01/15/20    CNY      60.76
WEINAN CITY INVESTMENT G      6.69   01/15/20    CNY      61.52
WENLING CITY STATE OWNED      7.18   09/18/19    CNY      61.72
WENZHOU ANJUFANG CITY DE      7.65   04/24/19    CNY      61.68
WENZHOU ECONOMIC-TECHNOL      6.49   01/15/20    CNY      60.53
WENZHOU ECONOMIC-TECHNOL      6.49   01/15/20    CNY      61.89
WUHAI CITY CONSTRUCTION       8.20   03/31/19    CNY      61.05
WUHAI CITY CONSTRUCTION       8.20   03/31/19    CNY      61.61
WUHAN METRO GROUP CO LTD      5.70   02/04/20    CNY      61.50
WUHAN METRO GROUP CO LTD      5.70   02/04/20    CNY      61.68
WUHU ECONOMIC TECHNOLOGY      6.70   06/08/18    CNY      51.10
WUHU ECONOMIC TECHNOLOGY      6.70   06/08/18    CNY      51.10
WUHU XINMA INVESTMENT CO      7.18   11/14/19    CNY      61.82
WUHU XINMA INVESTMENT CO      7.18   11/14/19    CNY      61.82
WUJIANG ECONOMIC TECHNOL      6.88   12/27/19    CNY      61.73
WUJIANG ECONOMIC TECHNOL      6.88   12/27/19    CNY      62.06
WUXI MUNICIPAL CONSTRUCT      6.60   09/17/19    CNY      61.66
WUXI MUNICIPAL CONSTRUCT      6.60   09/17/19    CNY      61.70
WUXI TAIHU INTERNATIONAL      7.60   09/17/19    CNY      62.20
WUXI XIDONG NEW TOWN CON      6.65   01/28/20    CNY      61.45
WUXI XIDONG NEW TOWN CON      6.65   01/28/20    CNY      61.55
WUXI XIDONG TECHNOLOGY I      5.98   10/26/18    CNY      71.77
WUZHOU DONGTAI STATE-OWN      7.40   09/03/19    CNY      62.21
XI'AN AEROSPACE BASE INV      6.96   11/08/19    CNY      62.01
XIAN CHANBAHE DEVELOPMEN      6.89   08/03/19    CNY      61.54
XIANGTAN CITY CONSTRUCTI      8.00   03/16/19    CNY      61.58
XIANGTAN CITY CONSTRUCTI      8.00   03/16/19    CNY      63.00
XIANGTAN HI-TECH GROUP C      6.90   01/15/20    CNY      61.89
XIANGTAN JIUHUA ECONOMIC      7.43   08/29/19    CNY      62.09
XIANGYANG CITY CONSTRUCT      8.12   01/12/19    CNY      41.65
XIANGYANG CITY CONSTRUCT      8.12   01/12/19    CNY      41.91
XIANNING CITY CONSTRUCTI      7.50   08/31/18    CNY      51.30
XIANYANG MUNICIPAL CONST      7.90   12/09/17    CNY      41.09
XIAOGAN URBAN CONSTRUCTI      8.12   03/26/19    CNY      62.08
XINGHUA URBAN CONSTRUCTI      7.25   10/23/18    CNY      51.78
XINING CITY INVESTMENT &      7.70   04/27/19    CNY      61.94
XINING CITY INVESTMENT &      7.70   04/27/19    CNY      62.00
XINJIANG SHIHEZI DEVELOP      7.50   08/29/18    CNY      49.33
XINJIANG UYGUR AR HAMI Z      6.25   07/17/18    CNY      51.70
XINXIANG INVESTMENT GROU      6.80   01/18/18    CNY      40.66
XINYANG HUAXIN INVESTMEN      6.95   06/14/19    CNY      61.38
XINYANG HUAXIN INVESTMEN      6.95   06/14/19    CNY      61.40
XINYU CITY CONSTRUCTION       7.08   12/13/19    CNY      61.69
XINYU CITY CONSTRUCTION       7.08   12/13/19    CNY      82.00
XINZHOU CITY ASSET MANAG      7.39   08/08/18    CNY      50.86
XUCHANG GENERAL INVESTME      7.78   04/27/19    CNY      61.93
XUZHOU ECONOMIC TECHNOLO      8.20   03/07/19    CNY      60.35
XUZHOU ECONOMIC TECHNOLO      8.20   03/07/19    CNY      62.66
XUZHOU XINSHENG CONSTRUC      7.48   05/08/18    CNY      50.78
XUZHOU XINSHENG CONSTRUC      7.48   05/08/18    CNY      51.35
YAAN STATE-OWNED ASSET O      7.39   07/04/19    CNY      62.62
YANCHENG CITY DAFENG DIS      7.08   12/13/19    CNY      61.91
YANCHENG CITY DAFENG DIS      7.08   12/13/19    CNY      63.00
YANCHENG ORIENTAL INVEST      5.75   06/08/17    CNY      49.89
YANCHENG ORIENTAL INVEST      6.99   10/26/19    CNY      62.01
YANCHENG SOUTH DISTRICT       6.93   10/26/19    CNY      62.10
YANCHENG SOUTH DISTRICT       6.93   10/26/19    CNY      62.50
YANGZHONG URBAN CONSTRUC      7.10   03/26/18    CNY      70.91
YANGZHOU URBAN CONSTRUCT      6.30   07/26/19    CNY      61.15
YANGZHOU URBAN CONSTRUCT      6.30   07/26/19    CNY      61.60
YIBIN STATE-OWNED ASSET       5.80   05/23/18    CNY      70.86
YICHANG MUNICIPAL FINANC      7.12   10/16/19    CNY      62.17
YICHANG URBAN CONSTRUCTI      6.85   11/08/19    CNY      61.54
YICHANG URBAN CONSTRUCTI      6.85   11/08/19    CNY      62.07
YICHUN CITY CONSTRUCTION      7.35   07/24/19    CNY      60.73
YIJINHUOLUOQI HONGTAI CI      8.35   03/19/19    CNY      59.22
YIJINHUOLUOQI HONGTAI CI      8.35   03/19/19    CNY      60.06
YILI STATE-OWNED ASSET I      6.70   11/19/18    CNY      51.16
YILI STATE-OWNED ASSET I      6.70   11/19/18    CNY      52.09
YINCHUAN URBAN CONSTRUCT      6.28   03/09/17    CNY      25.03
YINGKOU CITY CONSTRUCTIO      7.98   04/18/20    CNY      73.37
YINGKOU COASTAL DEVELOPM      7.08   11/16/19    CNY      61.16
YINGKOU COASTAL DEVELOPM      7.08   11/16/19    CNY      61.48
YIXING CITY DEVELOPMENT       6.90   10/10/19    CNY      61.71
YIXING CITY DEVELOPMENT       6.90   10/10/19    CNY      61.73
YIYANG CITY CONSTRUCTION      7.36   08/24/19    CNY      61.84
YIZHENG CITY CONSTRUCTIO      7.78   06/14/19    CNY      62.01
YIZHENG CITY CONSTRUCTIO      7.78   06/14/19    CNY      62.40
YUHUAN COUNTY COMMUNICAT      7.15   10/12/19    CNY      61.83
YULIN CITY INVESTMENT OP      6.81   12/04/18    CNY      51.01
YULIN URBAN CONSTRUCTION      6.88   11/26/19    CNY      61.78
YULIN URBAN CONSTRUCTION      6.88   11/26/19    CNY      61.94
YUNCHENG URBAN CONSTRUCT      7.48   10/15/19    CNY      62.18
YUNNAN PROVINCIAL INVEST      5.25   08/24/17    CNY      40.20
YUNNAN PROVINCIAL INVEST      5.25   08/24/17    CNY      40.21
YUYAO WATER RESOURCE INV      7.20   10/16/19    CNY      62.31
ZHANGJIAGANG JINCHENG IN      6.23   01/06/18    CNY      30.32
ZHANGJIAGANG MUNICIPAL P      6.43   11/27/19    CNY      61.69
ZHANGJIAJIE ECONOMIC DEV      7.40   10/18/19    CNY      62.23
ZHANGJIAKOU CONSTRUCTION      7.00   10/26/19    CNY      62.02
ZHANGJIAKOU TONGTAI HOLD      6.90   07/05/18    CNY      71.37
ZHAOYUAN STATE-OWNED ASS      6.64   12/31/19    CNY      62.04
ZHEJIANG HUZHOU HUANTAIH      6.70   11/28/19    CNY      62.70
ZHEJIANG JIASHAN ECONOMI      7.05   12/03/19    CNY      62.08
ZHEJIANG JIASHAN ECONOMI      7.05   12/03/19    CNY      84.43
ZHEJIANG PROVINCE DEQING      6.90   04/12/18    CNY      70.94
ZHENGZHOU CITY CONSTRUCT      6.37   12/03/19    CNY      62.00
ZHENGZHOU CITY CONSTRUCT      6.37   12/03/19    CNY      62.20
ZHENJIANG CULTURE AND TO      5.86   05/06/17    CNY      50.00
ZHENJIANG CULTURE AND TO      5.86   05/06/17    CNY      50.38
ZHENJIANG CULTURE AND TO      6.60   01/30/20    CNY      61.06
ZHENJIANG TRANSPORTATION      7.29   05/08/19    CNY      61.09
ZHENJIANG TRANSPORTATION      7.29   05/08/19    CNY      61.45
ZHONGSHAN TRANSPORTATION      6.65   08/28/18    CNY      50.80
ZHONGSHAN TRANSPORTATION      6.65   08/28/18    CNY      51.20
ZHOUSHAN DINGHAI STATE-O      7.25   08/31/20    CNY      73.11
ZHOUSHAN DINGHAI STATE-O      7.25   08/31/20    CNY      73.23
ZHUCHENG ECONOMIC DEVELO      7.50   08/25/18    CNY      30.62
ZHUCHENG ECONOMIC DEVELO      6.40   04/26/18    CNY      40.46
ZHUCHENG ECONOMIC DEVELO      6.40   04/26/18    CNY      40.52
ZHUCHENG ECONOMIC DEVELO      6.80   11/29/19    CNY      61.73
ZHUCHENG ECONOMIC DEVELO      6.80   11/29/19    CNY      62.08
ZHUHAI HUAFA GROUP CO LT      8.43   02/16/18    CNY      50.79
ZHUHAI HUAFA GROUP CO LT      8.43   02/16/18    CNY      50.84
ZHUJI CITY CONSTRUCTION       6.92   12/19/19    CNY      62.06
ZHUJI CITY CONSTRUCTION       6.92   07/05/18    CNY      71.46
ZHUJI CITY CONSTRUCTION       6.92   07/05/18    CNY      71.75
ZHUMADIAN INVESTMENT CO       6.95   11/26/19    CNY      62.03
ZHUZHOU GECKOR GROUP CO       7.50   09/10/19    CNY      62.22
ZHUZHOU GECKOR GROUP CO       7.50   09/10/19    CNY      62.72
ZHUZHOU GECKOR GROUP CO       7.82   08/18/18    CNY      71.91
ZHUZHOU YUNLONG DEVELOPM      6.78   11/19/19    CNY      61.87
ZHUZHOU YUNLONG DEVELOPM      6.78   11/19/19    CNY      82.00
ZIBO CITY PROPERTY CO LT      5.45   04/27/19    CNY      36.06
ZIBO CITY PROPERTY CO LT      6.83   08/22/19    CNY      61.49
ZIGONG STATE-OWNED ASSET      6.86   06/17/18    CNY      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      70.68
ZUNYI INVESTMENT GROUP L      8.53   03/13/19    CNY      62.50
ZUNYI ROAD & BRIDGE ENGI      7.15   08/17/20    CNY      62.80
ZUNYI ROAD & BRIDGE ENGI      7.15   08/17/20    CNY      74.00
ZUNYI STATE-OWNED ASSET       6.98   12/26/19    CNY      62.10


HONG KONG
---------

CHINA CITY CONSTRUCTION       5.35   07/03/17    CNY      65.15


INDONESIA
---------

BERAU COAL ENERGY TBK PT      7.25   03/13/17    USD      35.50
BERAU COAL ENERGY TBK PT      7.25   03/13/17    USD      36.05
DAVOMAS INTERNATIONAL FI     11.00   05/09/11    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   12/08/14    USD       1.24


INDIA
-----

3I INFOTECH LTD               2.50   03/31/25    USD      14.38
BLUE DART EXPRESS LTD         9.30   11/20/17    INR     10.15
BLUE DART EXPRESS LTD         9.40   11/20/18    INR     10.28
BLUE DART EXPRESS LTD         9.50   11/20/19    INR     10.39
CAPRI GLOBAL CAPITAL          9.50   02/17/20    INR      0.75
GTL INFRASTRUCTURE LTD        5.03   11/09/17    USD      29.00
JAIPRAKASH ASSOCIATES LT      5.75   09/08/17    USD      44.38
JAIPRAKASH POWER VENTURE      7.00   02/13/49    USD      21.00
JCT LTD                       2.50   04/08/11    USD      27.00
PRAKASH INDUSTRIES LTD        5.25   04/30/15    USD      20.75
PYRAMID SAIMIRA THEATRE       1.75   07/04/12    USD       1.00
REI AGRO LTD                  5.50   11/13/14    USD       1.52
REI AGRO LTD                  5.50   11/13/14    USD       1.52
SVOGL OIL GAS & ENERGY L      5.00   08/17/15    USD       1.58


JAPAN
-----

AVANSTRATE INC                5.55   10/31/17    JPY      30.50
AVANSTRATE INC                5.55   10/31/17    JPY      37.00
FUKUSHIMA BANK LTD/THE        1.19   12/05/23    JPY      72.38
MICRON MEMORY JAPAN INC       2.03   03/22/12    JPY       5.38
MICRON MEMORY JAPAN INC       2.10   11/29/12    JPY       5.38
MICRON MEMORY JAPAN INC       2.29   12/07/12    JPY       5.38
TAKATA CORP                   0.58   03/26/21    JPY      42.50
TAKATA CORP                   0.85   03/06/19    JPY      44.00
TAKATA CORP                   1.02   12/15/17    JPY      48.00


KOREA
-----

2014 KODIT CREATIVE THE       5.00   12/25/17    KRW      35.10
2014 KODIT CREATIVE THE       5.00   12/25/17    KRW      35.10
2016 KIBO 1ST SECURITIZA      5.00   09/13/18    KRW      30.63
DONGBU METAL CO LTD           5.75   04/16/20    KRW      69.18
DOOSAN CAPITAL SECURITIZ     20.00   04/22/19    KRW      50.37
EXPORT-IMPORT BANK OF KO      1.70   09/22/30    KRW      73.94
HANJIN SHIPPING CO LTD        2.00   05/23/17    KRW       3.30
HANJIN SHIPPING CO LTD        5.90   06/07/17    KRW       4.13
HYUNDAI MERCHANT MARINE       1.00   07/07/21    KRW      50.88
HYUNDAI MERCHANT MARINE       1.00   04/07/21    KRW      53.00
KIBO ABS SPECIALTY CO LT     10.00   08/22/17    KRW      24.58
KIBO ABS SPECIALTY CO LT      5.00   02/25/19    KRW      29.17
KIBO ABS SPECIALTY CO LT      5.00   12/25/17    KRW      33.19
KIBO ABS SPECIALTY CO LT      5.00   03/29/18    KRW      33.67
KOREA SOUTH-EAST POWER C      4.38   12/07/42    KRW      53.68
KOREA SOUTH-EAST POWER C      4.44   12/07/42    KRW      54.04
LSMTRON DONGBANGSEONGJAN      4.53   11/22/17    KRW      34.18
MERITZ CAPITAL CO LTD         5.44   09/29/46    KRW      35.24
OKC SECURITIZATION SPECI     10.00   01/03/20    KRW      28.86
SHINHAN BANK                  3.83   12/08/31    KRW      71.17
SHINHAN BANK                  3.83   12/08/31    KRW      71.17
SINBO SECURITIZATION SPE      5.00   10/30/19    KRW      18.48
SINBO SECURITIZATION SPE      5.00   02/25/20    KRW      26.97
SINBO SECURITIZATION SPE      5.00   01/28/20    KRW      27.06
SINBO SECURITIZATION SPE      5.00   12/30/19    KRW      27.23
SINBO SECURITIZATION SPE      5.00   09/30/19    KRW      28.14
SINBO SECURITIZATION SPE      5.00   08/27/19    KRW      28.57
SINBO SECURITIZATION SPE      5.00   07/29/19    KRW      28.85
SINBO SECURITIZATION SPE      5.00   03/13/19    KRW      28.95
SINBO SECURITIZATION SPE      5.00   06/25/19    KRW      29.21
SINBO SECURITIZATION SPE      5.00   03/18/19    KRW      30.26
SINBO SECURITIZATION SPE      5.00   03/18/19    KRW      30.26
SINBO SECURITIZATION SPE      5.00   02/27/19    KRW      30.49
SINBO SECURITIZATION SPE      5.00   02/27/19    KRW      30.49
SINBO SECURITIZATION SPE      5.00   01/30/19    KRW      30.72
SINBO SECURITIZATION SPE      5.00   01/30/19    KRW      30.72
SINBO SECURITIZATION SPE      5.00   12/23/18    KRW      31.09
SINBO SECURITIZATION SPE      5.00   12/23/18    KRW      31.09
SINBO SECURITIZATION SPE      5.00   07/29/18    KRW      31.11
SINBO SECURITIZATION SPE      5.00   06/25/18    KRW      31.45
SINBO SECURITIZATION SPE      5.00   05/26/18    KRW      31.72
SINBO SECURITIZATION SPE      5.00   09/26/18    KRW      32.05
SINBO SECURITIZATION SPE      5.00   09/26/18    KRW      32.05
SINBO SECURITIZATION SPE      5.00   09/26/18    KRW      32.05
SINBO SECURITIZATION SPE      5.00   08/29/18    KRW      32.30
SINBO SECURITIZATION SPE      5.00   08/29/18    KRW      32.30
SINBO SECURITIZATION SPE      5.00   06/07/17    KRW      32.43
SINBO SECURITIZATION SPE      5.00   06/07/17    KRW      32.43
SINBO SECURITIZATION SPE      5.00   07/24/18    KRW      32.86
SINBO SECURITIZATION SPE      5.00   07/24/18    KRW      32.86
SINBO SECURITIZATION SPE      5.00   06/27/18    KRW      33.10
SINBO SECURITIZATION SPE      5.00   06/27/18    KRW      33.10
SINBO SECURITIZATION SPE      5.00   12/23/17    KRW      33.21
SINBO SECURITIZATION SPE      5.00   03/12/18    KRW      33.83
SINBO SECURITIZATION SPE      5.00   03/12/18    KRW      33.83
SINBO SECURITIZATION SPE      5.00   02/11/18    KRW      34.09
SINBO SECURITIZATION SPE      5.00   02/11/18    KRW      34.09
SINBO SECURITIZATION SPE      5.00   01/15/18    KRW      34.63
SINBO SECURITIZATION SPE      5.00   01/15/18    KRW      34.63
SINBO SECURITIZATION SPE      5.00   10/01/17    KRW      35.37
SINBO SECURITIZATION SPE      5.00   10/01/17    KRW      35.37
SINBO SECURITIZATION SPE      5.00   10/01/17    KRW      35.37
SINBO SECURITIZATION SPE      5.00   07/24/17    KRW      35.79
SINBO SECURITIZATION SPE      5.00   08/16/17    KRW      35.85
SINBO SECURITIZATION SPE      5.00   08/16/17    KRW      35.85
SINBO SECURITIZATION SPE      5.00   07/08/17    KRW      38.73
SINBO SECURITIZATION SPE      5.00   07/08/17    KRW      38.73
SINBO SECURITIZATION SPE      5.00   03/13/17    KRW      62.32
SINBO SECURITIZATION SPE      5.00   03/13/17    KRW      62.32
SINBO SECURITIZATION SPE      5.00   02/21/17    KRW      73.07
SINBO SECURITIZATION SPE      5.00   02/21/17    KRW      73.07
TONGYANG CEMENT & ENERGY      7.50   09/10/14    KRW      71.00
TONGYANG CEMENT & ENERGY      7.50   04/20/14    KRW      71.00
TONGYANG CEMENT & ENERGY      7.30   06/26/15    KRW      71.00
TONGYANG CEMENT & ENERGY      7.30   04/12/15    KRW      71.00
TONGYANG CEMENT & ENERGY      7.50   07/20/14    KRW      71.00
U-BEST SECURITIZATION SP      5.50   11/16/17    KRW      35.78
WOONGJIN ENERGY CO LTD        3.00   12/19/19    KRW      59.61
WOORI BANK                    5.21   12/12/44    KRW     352.69


SRI LANKA
---------

SRI LANKA GOVERNMENT BON      5.35   03/01/26    LKR      60.84
SRI LANKA GOVERNMENT BON      6.00   12/01/24    LKR      66.87
SRI LANKA GOVERNMENT BON      8.00   01/01/32    LKR      67.56
SRI LANKA GOVERNMENT BON      9.00   06/01/43    LKR      71.87
SRI LANKA GOVERNMENT BON      9.00   11/01/33    LKR      73.80
SRI LANKA GOVERNMENT BON      9.00   06/01/33    LKR      74.21
SRI LANKA GOVERNMENT BON      9.00   10/01/32    LKR      74.65


MALAYSIA
--------

ADVANCE SYNERGY BHD           2.00   01/26/18    MYR       0.07
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       0.34
I-BHD                         2.50   10/09/19    MYR       0.46
IRE-TEX CORP BHD              1.00   06/10/19    MYR       0.04
LAND & GENERAL BHD            1.00   09/24/18    MYR       0.20
MALTON BHD                    6.00   06/30/18    MYR       1.03
PERWAJA HOLDINGS BHD          7.00   03/26/19    MYR       0.04
PUC FOUNDER MSC BHD           4.00   02/15/19    MYR       0.05
REDTONE INTERNATIONAL BH      2.75   03/04/20    MYR       0.15
SEE HUP CONSOLIDATED BHD      4.60   12/22/17    MYR       0.16
SENAI-DESARU EXPRESSWAY       1.35   06/30/31    MYR      53.47
SENAI-DESARU EXPRESSWAY       1.35   12/31/30    MYR      54.72
SENAI-DESARU EXPRESSWAY       1.35   06/28/30    MYR      56.08
SENAI-DESARU EXPRESSWAY       1.35   12/31/29    MYR      57.43
SENAI-DESARU EXPRESSWAY       1.35   06/29/29    MYR      58.85
SENAI-DESARU EXPRESSWAY       1.35   12/29/28    MYR      60.27
SENAI-DESARU EXPRESSWAY       1.35   06/30/28    MYR      61.70
SENAI-DESARU EXPRESSWAY       1.35   12/31/27    MYR      63.09
SENAI-DESARU EXPRESSWAY       1.35   06/30/27    MYR      64.42
SENAI-DESARU EXPRESSWAY       1.35   12/31/26    MYR      65.80
SENAI-DESARU EXPRESSWAY       1.35   06/30/26    MYR      67.18
SENAI-DESARU EXPRESSWAY       0.50   12/31/38    MYR      68.34
SENAI-DESARU EXPRESSWAY       1.35   12/31/25    MYR      68.59
SENAI-DESARU EXPRESSWAY       1.15   06/30/25    MYR      68.66
SENAI-DESARU EXPRESSWAY       0.50   12/30/39    MYR      69.68
SENAI-DESARU EXPRESSWAY       1.15   12/31/24    MYR      70.13
SENAI-DESARU EXPRESSWAY       0.50   12/31/40    MYR      70.64
SENAI-DESARU EXPRESSWAY       0.50   12/31/41    MYR      71.47
SENAI-DESARU EXPRESSWAY       1.15   06/28/24    MYR      71.67
SENAI-DESARU EXPRESSWAY       0.50   12/31/42    MYR      72.51
SENAI-DESARU EXPRESSWAY       1.15   12/29/23    MYR      73.22
SENAI-DESARU EXPRESSWAY       0.50   12/31/43    MYR      73.35
SENAI-DESARU EXPRESSWAY       0.50   12/30/44    MYR      74.11
SENAI-DESARU EXPRESSWAY       0.50   12/29/45    MYR      74.79
SENAI-DESARU EXPRESSWAY       1.15   06/30/23    MYR      74.80
SOUTHERN STEEL BHD            5.00   01/24/20    MYR       1.27
THONG GUAN INDUSTRIES BH      5.00   10/10/19    MYR       4.36
UNIMECH GROUP BHD             5.00   09/18/18    MYR       1.07
VIZIONE HOLDINGS BHD          3.00   08/08/21    MYR       0.05
YTL LAND & DEVELOPMENT B      3.00   10/31/21    MYR       0.47


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       1.65
BERAU CAPITAL RESOURCES      12.50   07/08/15    USD      33.50
BERAU CAPITAL RESOURCES      12.50   07/08/15    USD      34.04
BLD INVESTMENTS PTE LTD       8.63   03/23/15    USD       4.69
BUMI CAPITAL PTE LTD         12.00   11/10/16    USD      56.76
BUMI CAPITAL PTE LTD         12.00   11/10/16    USD      57.13
BUMI INVESTMENT PTE LTD      10.75   10/06/17    USD      55.52
BUMI INVESTMENT PTE LTD      10.75   10/06/17    USD      57.38
ENERCOAL RESOURCES PTE L      9.25   08/05/14    USD      46.75
EZION HOLDINGS LTD            4.88   06/11/21    SGD      53.50
EZION HOLDINGS LTD            5.10   03/13/20    SGD      62.38
EZION HOLDINGS LTD            4.70   05/22/19    SGD      71.50
EZION HOLDINGS LTD            4.85   01/23/19    SGD      74.48
EZRA HOLDINGS LTD             4.88   04/24/18    SGD      28.00
FALCON ENERGY GROUP LTD       5.50   09/19/17    SGD      70.00
INDO INFRASTRUCTURE GROU      2.00   07/30/10    USD       1.00
INTERNATIONAL HEALTHWAY       7.00   04/27/17    SGD      71.38
INTERNATIONAL HEALTHWAY       6.00   02/06/18    SGD      72.63
NEPTUNE ORIENT LINES LTD      4.40   06/22/21    SGD      69.75
NEPTUNE ORIENT LINES LTD      4.65   09/09/20    SGD      73.50
ORO NEGRO DRILLING PTE L      7.50   01/24/19    USD      65.00
OSA GOLIATH PTE LTD          12.00   10/09/18    USD      62.63
PACIFIC INTERNATIONAL LI      7.25   11/16/18    SGD      72.38
PACIFIC RADIANCE LTD          4.30   08/29/18    SGD      45.00
RICKMERS MARITIME             8.45   05/15/17    SGD      21.25
SWIBER CAPITAL PTE LTD        6.50   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
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      58.16



                             *********

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

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

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


                            *********


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

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