TCRAP_Public/170516.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 16, 2017, Vol. 20, No. 96

                            Headlines


A U S T R A L I A

CARING CHOICE: Second Creditors' Meeting Set for May 24
GH1 PTY: Second Creditors' Meeting Set for May 22
MEDIA PLUS: Second Creditors' Meeting Set for May 23
R AND R POULTRY: Second Creditors' Meeting Set for May 23
VENSYS AUSTRALIA: First Creditors' Meeting Set for May 25


C H I N A

HONG YANG: S&P Assigns 'B' CCR; Outlook Stable


H O N G  K O N G

NOBLE GROUP: Shares Sank as Worst-Case Outcomes Get Scrutiny


I N D I A

AAROHI CONSTRUCTIONS: Ind-Ra Puts B+ Rating to Non-Cooperating
ABHINAV OVERSEAS: CARE Cuts Rating on INR1cr LT Loan to B+
ADHUNIK POWER: CARE Assigns 'D' Rating to INR2836.6cr LT Loan
ANAND MOTOR: Ind-Ra Migrates BB Rating to Non-Cooperating
ASHA STONE: Ind-Ra Migrates B Rating to Non-Cooperating

ATRA PHARMACEUTICALS: CARE Issues D Issuer Not Cooperating Rating
B.M. GUPTA: CARE Lowers Rating on INR15cr LT Loan to 'B'
BHOLENATH RICE: CARE Issues B+ Issuer Not Cooperating Rating
BHAVNAGAR ENERGY: CARE Lowers Rating on INR3302.24cr Loan to D
BLA POWER: CARE Lowers Rating on INR571.93cr LT Loan to 'D'

CHEER SAGAR: Ind-Ra Migrates BB Rating to Non-Cooperating
G R CONSTRUCTIONS: CARE Assigns B+ Rating to INR40cr LT Loan
GALAXY CONSTRUCTION: CARE Reaffirms B Rating on INR32cr Loan
GOYAL MOTORS: CARE Assigns B+ Rating to INR9cr LT Loan
H K TIMBERS: CARE Assigns 'D' Rating to INR7.50cr ST Loan

ICED DESSERTS: CARE Assigns 'B' Rating to INR15cr LT Loan
J & G TRANSFORMER: CARE Issues B+ Issuer not Cooperating Rating
JAGDAMBA TIMBERS: CARE Issues B/A4 Issuer not Cooperating Rating
JAIPRAKASH ASSOCIATES: CARE Reaffirms D INR21244.97cr Loan Rating
KBS INDUSTRIES: Ind-Ra Migrates B Rating to Non-Cooperating

KHANDWA INDUSTRIES: CARE Lowers Rating on INR12.15cr Loan to D
KIRTIMAN CEMENTS: CARE Cuts Rating on INR27cr LT Loan to B+
KRG ASSOCIATES: CARE Issues 'B' Issuer Not Cooperating Rating
NATURAL PRODUCT: Ind-Ra Assigns BB- Long-Term Issuer Rating
NIIL INFRASTRUCTURES: CARE Lowers Rating on INR50cr LT Loan to D

NV DISTILLERIES: CARE Raises Rating on INR60cr LT Loan to B
PINK CITY: CARE Reaffirms 'D' Rating on INR1790.55cr LT Loan
POWER & INSTRUMENTATION: Ind-Ra Affirms BB- LT Issuer Rating
RRB ENERGY: CARE Reaffirms 'D' Rating on INR95cr LT Loan
SHIV SHAKTI: Ind-Ra Migrates B Rating to Non-Cooperating

SINHGAD TECHNICAL: CARE Reaffirms D Rating on INR493.74cr Loan
SUKH SAGAR: CARE Issues 'D' Issuer Not Cooperating Rating
SUMMIT CORPORATION: CARE Issues D Issuer Not Cooperating Rating
SURYA CONTAINERS: CARE Downgrades Rating on INR6.85cr Loan to D
TARUN OILS: Ind-Ra Migrates B+ Rating to Non-Cooperating


J A P A N

TOSHIBA CORP: Sees JPY950BB Loss Over Westinghouse Bankruptcy
TOSHIBA CORP: Western Digital Seeks Arbitration to Block Sale


N E W  Z E A L A N D

ROSS ASSET: Collapse Prompts Insolvency Law Changes


S I N G A P O R E

MARCO POLO: Posts SGD8.2MM Net Loss in Qtr Ended Sept. 30


S O U T H  K O R E A

KUMHO TIRE: Q1 Net Loss Widens to KRW60.6BB as Demand Falls


X X X X X X X X

* BOND PRICING: For the Week May 8 to May 12, 2017


                            - - - - -


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


CARING CHOICE: Second Creditors' Meeting Set for May 24
-------------------------------------------------------
A second meeting of creditors in the proceedings of Caring Choice
Pty Ltd has been set for May 24, 2017, at 11:00 a.m., at the
offices of BRI Ferrier (SA), Level 4, 12 Pirie Street, in
Adelaide.

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 23, 2017, at 5:00 p.m.

Alan Scott and Stuart Otway of BRI Ferrier were appointed as
administrators of Caring Choice on April 7, 2017.


GH1 PTY: Second Creditors' Meeting Set for May 22
-------------------------------------------------
A second meeting of creditors in the proceedings of GH1 Pty Ltd
has been set for May 22, 2017, at 11:30 a.m., at the offices of
McGrathNicol, Level 17, 37 St Georges Terrace, in Perth, WA.

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 22, 2017, at 4:00 p.m.

Robert Michael Kirman and William Harris of McGrathNicol were
appointed as administrators of GH1 Pty on April 5, 2017.


MEDIA PLUS: Second Creditors' Meeting Set for May 23
----------------------------------------------------
A second meeting of creditors in the proceedings of Media Plus
Plus Group Pty Ltd has been set for May 23, 2017, at 10:00 a.m.,
at Level 27, 259 George Street, in Sydney.

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 22, 2017, at 4:00 p.m.

Bradd William Morelli of Jirsch Sutherland was appointed as
administrators of Media Plus on April 13, 2017.


R AND R POULTRY: Second Creditors' Meeting Set for May 23
---------------------------------------------------------
A second meeting of creditors in the proceedings of R and R
Poultry Pty. Ltd. has been set for May 23, 2017, at 10:00 a.m. at
the offices of Pilot Partners, Level 10, 1 Eagle Street,
Brisbane, Queensland.

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 22, 2017, at 5:00 p.m.

Nigel Markey and Ann Fordyce of Pilot Partners were appointed as
administrators of R and R Poultry on April 11, 2017.


VENSYS AUSTRALIA: First Creditors' Meeting Set for May 25
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Vensys
Australia Pty Ltd will be held at Suite 508, Ashington Court
147 King Street, in Sydney, on May 25, 2017, at 10:00 a.m.

William James Hamilton of WJ Hamilton was appointed as
administrators of Vensys Australia on May 15, 2017.



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


HONG YANG: S&P Assigns 'B' CCR; Outlook Stable
----------------------------------------------
S&P Global Ratings assigned its 'B' long-term corporate credit
rating to Hong Yang Group Co. Ltd.  The outlook is stable.  At
the same time, S&P assigned its 'cnBB-' long-term Greater China
regional scale rating to the China-based developer.

The rating reflects S&P's view that Hong Yang has strong local
market position and brand presence, sound execution capability,
robust rental income, and competitive funding rates.  These
strengths are tempered by Hong Yang's small but growing operating
scale with high geographical concentration in Nanjing and
Jiangsu, fast-growing exposure to joint-venture (JV) projects,
rising financial leverage, and average profitability.

In S&P's view, Hong Yang's business performance is sensitive to
conditions in the city of Nanjing in China's eastern Jiangsu
province.  Nanjing contributed 64% of contracted sales in 2016,
and S&P expects the company's focus on Nanjing to persist in the
next two years, given its strong brand presence locally.
Moreover, Nanjing still accounts for 57% of Hong Yang's land bank
as at 2016 year-end.  However, S&P expects the developer to
actively acquire land in order to further establish its market
position in Jiangsu, and to diversify outside the province.
Under S&P's base case, it forecasts the debt-to-EBITDA ratio will
slightly grow to 7.5x-8x in 2017 and 2018 while EBITDA interest
coverage mildly decreases toward 3x.

"We expect the developer to grow its contracted sales to about
renminbi (RMB) 16 billion in 2017, and rising to more than
RMB20 billion in 2018," said S&P Global Ratings credit analyst
Brian Huang.  "This follows 2016's 46% year-on-year expansion of
contracted sales to RMB12.2 billion, driven by a nearly 40% jump
in average selling prices amid favorable market conditions in
Nanjing.  In S&P's view, company's 2017 sales growth will be
supported by Nanjing's robust housing market and Hong Yang's
improved diversification."

The developer has projects in Jiangsu province's Suzhou and
Changzhou cities, as well as Hefei in neighboring Anhui province.
In first quarter of 2017, the company achieved RMB5.5 billion in
contracted sales and visibility for the year is high, based on
existing project pipelines.  However, the company's experience
outside Jiangsu is limited, hence its execution ability will be
tested as those projects outside Jiangsu start to become a
material proportion of sales from 2018 onwards.

S&P expects Hong Yang to have significant exposure to JV projects
going forward.  Based on the existing project pipeline and
sellable resources, JV projects will comprise some 40% of 2017
attributable sales.  In addition, JVs accounted for about 50% of
newly acquired attributable GFA in 2016 and this proportion may
persist in future land acquisitions due to rising land costs.
Significant JV exposure will reduce the financial transparency of
the company and increase the challenges for cost and
profitability control.

S&P views Hong Yang's current land bank of 4 million square
meters (sqm) as small, compared with similarly rated peers albeit
it remains sufficient for four to five years of development,
based on current level of contracted sales.  In addition, the
land bank is heavily concentrated in Nanjing and Jiangsu
province, with the only city outside of Jiangsu being Hefei.

"We expect the company to keep its annual land acquisition budget
at 50%-60% of contracted sales in order to support its expansion
strategy.  Nonetheless, we anticipate the company to maintain a
controlled expansion strategy, in the sense that its financial
leverage will not deteriorate materially from the current level,"
Mr. Huang said.

In S&P's opinion, Hong Yang's investment properties (IP) are
substantial and of a high quality, compared with other small to
midsize developers.  The company's IP portfolio consists of
construction-material wholesale market and home furnishing malls.

The stable outlook reflects S&P's view that Hong Yang will
achieve high contracted sales and revenue growth in the next 12
months, without a material deterioration in financial leverage.
S&P also expects the company's margins will stabilize at improved
levels as higher-margin projects are delivered, and costs of
newly acquired land are kept under control.

S&P may lower the rating if Hong Yang's debt to EBITDA
deteriorates materially, due to weaker sales execution or a more
aggressive debt-funded expansion than S&P estimates.  S&P may
also lower the rating if JV exposure increases faster than S&P's
expectation, such that off-balance-sheet debt grows significantly
with unclear prospects on profit margins.

The rating upside is limited in the coming 12 months because S&P
do not expect an improvement in the company's leverage due to its
expansion plans.  Nevertheless, S&P may raise the rating if Hong
Yang's sales growth and revenue recognition exceeds S&P's
expectation while maintaining a controlled pace of debt growth,
or he company reduces its contingent liabilities, such that its
debt-to-EBITDA ratio falls toward 5x on a sustainable basis.



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


NOBLE GROUP: Shares Sank as Worst-Case Outcomes Get Scrutiny
------------------------------------------------------------
Ranjeetha Pakiam at Bloomberg News reports that Noble Group Ltd.
shares extended a spectacular collapse and the company's bonds
sank amid concern that the embattled commodity trader will
struggle to turn around its business, with analysts highlighting
the critical importance of creditor support as they examine
potential worst-case scenarios.

The company might have to restructure if operations don't turn
the corner and a white knight doesn't step in within about six
months, Harsh Agarwal, an analyst at Deutsche Bank AG, said in a
note, while seeing the bonds as a "buy" after their decline,
according to Bloomberg. Although Noble Group isn't close to
liquidation, recovery rates are in line or higher than current
prices, he wrote in the May 12 note, Bloomberg relates.

Noble declined to comment, according to media adviser Bell
Pottinger LLP, Bloomberg says.

Bloomberg notes that the trader is facing mounting difficulties
after reporting a quarterly loss of almost $130 million, and
saying it won't return to profitability until at least 2018-2019.
It's the latest in a string of setbacks for Noble Group, which
has been selling assets and cutting costs to bolster its finances
after years marked by credit-rating downgrades and a share-price
collapse. S&P Global Ratings said last week the debt-load is
unsustainable given its current earnings path, Bloomberg says.

"Many people have asked whether the fall is going to last, or is
it still a viable entity going forward," Bloomberg quotes
Nicholas Teo, a trading strategist at KGI Securities Pte in
Singapore, as saying. Creditors need to assess whether Hong Kong-
based Noble Group is "still an entity that one should be dealing
with as a counterparty either for trading, for borrowing, for
just doing business with," he said, Bloomberg relays.

"Access to both short-term and long-term debt financing are key
for any commodity-trading business model," Macquarie Group Ltd.
analyst Conrad Werner said in a note, halving his share-price
target to 70 cents amid expectations for a full-year loss in
2017, Bloomberg relays. "And while Noble's liquidity headroom did
tick up slightly in the first quarter, it remains low in both a
historical context and relative to short-term debt, acting as a
quasi-straitjacket for Noble's ability to pursue volume growth."

Bloomberg says Noble Group is trying to press forward on at least
two fronts.  Chief Financial Officer Paul Jackaman said last week
the company is in talks with lenders over renewing a secured
borrowing facility that's been extended to the end of June,
Bloomberg recalls.

Bloomberg relates that Mr. Jackaman also said discussions with a
potential strategic investor are still ongoing, without naming
the party, which people familiar with the talks had identified as
China's state-owned Sinochem Group. The company's new chairman,
Paul Brough -- who replaced founder Richard Elman -- has been
placed in charge of reviewing strategic alternatives, adds
Bloomberg.

                         About Noble Group

Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores .Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
March 15, 2017, Fitch Ratings assigned Noble Group Limited's
(Noble, BB+/Stable) US$750 million 8.75% notes due 2022 a final
rating of 'BB+'.

This final rating follows the receipt of documents conforming to
information already received, and is in line with the expected
rating assigned on March 5, 2017.



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


AAROHI CONSTRUCTIONS: Ind-Ra Puts B+ Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Aarohi
Constructions Private Limited's (ACPL) 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 B+(ISSUER NOT
COOPERATING)' on the agency's website.  The instrument-wise
rating action is:

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

Note: ISSUER NOT COOPERATING: The ratings were assigned on
April 1, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1986, ACPL develops commercial and residential
complexes across Lucknow.


ABHINAV OVERSEAS: CARE Cuts Rating on INR1cr LT Loan to B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Abhinav Overseas (A unit of Marino Cables India Private Limited),
as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank          1         CARE B+; Issuer Not
   Facilities                        Cooperating; Revised from
                                     CARE BB- on the basis of
                                     best available information

   Short-term Bank        23         CARE A4; Issuer Not
   Facilities                        Cooperating; Based on best
                                     Available information

CARE has been seeking information from Abhinav to monitor the
rating(s) vide e-mail communications/ letters dated March 11,
2017, and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the SEBI guidelines,
CARE has reviewed the rating on the basis of publicly available
information which however, In care's opinion is not sufficient to
arrive at fair rating. Furthermore, Abhinav Overseas (A unit of
Marino Cables India Private Limited) has not paid the
surveillance fees for the rating exercise as agreed to in its
rating aggrement. In line with the extant SEBI guidelines CARE's
rating on Abhinav Overseas (A unit of Marino Cables India Private
Limited) will now be denoted as CARE B+ /CARE A4; ISSUER NOT
COOPERATING. Users of this rating (including investors, lenders
and the public at large) are hence requested to exercise caution
while using the above rating(s).

The ratings have been revised on account of decline in
profitability margins, deterioration in overall gearing &
coverage indicators and lengthening of operating cycle. The
ratings further continue to be constained by small scale of
operations, customer and geographic concentration, susceptibility
to raw material price fluctuations and presence in highly
fragmented & competitive cable manufacturing industry. The
ratings, however, continue to draw comfort from the experienced
promoters.

Detailed description of the key rating drivers

Key Rating Weaknesses
Small scale of operations: Despite being operational for around
two decades, the scale of operations has remained small which
limits the company's financial flexibility in times of stress and
deprives the entity from scale benefits.

Decline in profitability margins with deterioration in overall
gearing and coverage indicators: The decline registered in PBILDT
margin was due to higher operational expense. Furthermore,
decline in PAT margin has also taken into account higher interest
cost. The overall gearing has deterioarated owing to higher debt
levels. Also, deterioaration in coverage indicators was on
account of higher interest cost owing higher debt levels coupled
with lower GCA levels.

Elongated collection period: The collection period of the company
has elongated on y-o-y basis for the last two financial years and
stood around 6-7 months for FY16 (refers to the period April1 to
March 31). The company normally holds inventory of around one
month. Furthermore, the company received an average credit period
stood around 2 months from its suppliers for FY16.

Customer and geographic concentration: ABO is engaged in the
manufacturing and export of various size & types of wires and
cables mainly to the Nigeria. Due to a high geographic
concentration, the company is also exposed to unfavorable changes
in the government policy of that country. The top three customers
of the company accounted majority sales in past exposing the
company to client concentration risk. This also exposes the
company's revenue growth and profitability to its customer's
future growth plans.

Susceptibility to raw material price fluctuations: The main raw
materials of the company are copper, aluminum and polymers such
as PVC, HDPE, etc. Raw material costs has always been a major
contributor to total operating cost, thereby making profitability
sensitive as the prices are highly volatile and witness frequent
price fluctuations in the past. Thus, any adverse change in the
prices of the raw material may affect the profitability margins
of the company. Presence in highly fragmented and competitive
cable manufacturing industry: The initial capital expenditure
requirement for the cable manufacturing industry is not very high
which results into low entry barriers and on account of
the same the industry is abundant with a number of players both
in organized and unorganized sector. In the organized sector the
company faces competition from the reputed players in cables
manufacturing such as Havells India Limited, Finolex Cables
Limited, Sterlite Technologies Limited, etc, along with various
small and mid-sized players in the unorganized sector.
Furthermore, the switching cost for the final consumer is not
very high. Therefore, in the absence of proper distribution
channel and marketing set up for retail consumer the company is
subject to high level of competition.

Key Rating Strengths

Experienced promoters: The current management comprises of Mr.
Rakesh Jindal and Ms Rekha Jindal. Mr. Jindal has total
experience of nearly two decades of experience in manufacturing
and trading of electrical cables through his association with
ABO. Ms Rekha Jindal has total experience of more than one and
half decade through her association with ABO.

ABO, a unit of Marino Cables India Private Limited (MCIPL); is an
export-oriented unit established as a partnership firm in 1997 by
Mr. Rakesh Jindal and Ms Rekha Jindal. The firm was taken over by
Marino Cables India Private Limited (incorporated in January
2007) in 2007. ABO is operating under MCIPL which has no other
business activity.

ABO is predominantly an export-oriented unit and is engaged in
manufacturing of various size & types of cables such as Low
Tension Polyvinyl chloride (PVC) & Cross linked Polyethylene
(XLPE) Cables, High Tension Cables, Mining Cables, Control Cables
and Aerial Bunched Cables. ABO also manufactures special type of
cables like Fire Resistant Low Smoke (FRLS) Sheathing, HR
Insulated and Sheathing & Halogen Free Wire and Cables. The
company has an installed capacity to manufacture cable wires
10,000 Kms per month as on March 31, 2015, at its manufacturing
facility located in Delhi. ABO clients are predominately located
in West Africa. The company is into 100% exports and it has long-
standing association with major of clients. The company also
imports major portion of raw material (Copper and Aluminium) from
United Arab Emirates (UAE).

Furthermore, during FY16 (refers to the period April 1 to
March 31), ABO has achieved a total operating income (TOI) of
INR38.81 crore with PAT of INR0.41 crore, respectively, as
against TOI of INR33.75 crore with PAT of INR0.37 crore in FY15.


ADHUNIK POWER: CARE Assigns 'D' Rating to INR2836.6cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Adhunik Power & Natural Resources Limited (APNRL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities           2,836.60     CARE D Assigned

   Short-term Bank
   Facilities             226.11     CARE D Assigned

Detailed Rationale & Key Rating Drivers

The aforesaid rating assigned to the bank facilities of Adhunik
Power & Natural Resources Limited (APNRL) factors in the on-going
delays in debt servicing on account of stressed liquidity
position of the company. The ability of the company to improve
its liquidity and regularize its debt servicing will be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays in debt servicing
APNRL's debt servicing track record is characterized by delays in
servicing of its debt obligations. The increase in raw material
prices on account of de-allocation of coal mines led to negative
cash accruals. Further elongated operating cycle of the company
as characterised through its extended debtor's collection period
and higher inventory period has resulted in a stretched liquidity
position of the company.

Incorporated on May 3, 2005 and promoted by the Kolkata-based
Adhunik group, APNRL (erstwhile known as Adhunik Thermal Energy
Ltd.), operates a 540 MW coal-based thermal power plant in
Kandra, Saraikela district of Jharkhand. The plant has been set
up at a cost of INR3,376.7 crore (i.e.; INR6.25 crore per MW),
being financed at a debt-equity ratio of 2.74:1. The plant had
been commissioned in two phases - Phase I (270 MW) was
commissioned in Jan 2013; and Phase II (270 MW) got commissioned
in May 2013.

Adhunik group is engaged in manufacturing of steel with interests
in coal, manganese & iron ore mining.  The company has gone under
Strategic Debt Restructuring (SDR) in December 2015.

In FY16 (refers to the period April 1 to March 31), APRNL
reported loss of INR 406.99 crore on a total operating income of
INR 980.12 crore.


ANAND MOTOR: Ind-Ra Migrates BB Rating to Non-Cooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Anand Motor
Agencies Limited's 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 BB(ISSUER NOT COOPERATING)' on the agency's
website.  The instrument-wise rating actions are:

  -- INR198 mil. Fund-based working capital limits migrated to
     Non-Cooperating Category; and

  -- INR30 mil. Non-fund-based working capital limits migrated to
     Non-Cooperating Category

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
July 28, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Anand Motor Agencies was incorporated in 1987 and is engaged in
the trading of four wheelers and holds a 3S authorized dealership
of Maruti Suzuki India Limited.  The company operates out of its
head office in Lucknow.


ASHA STONE: Ind-Ra Migrates B Rating to Non-Cooperating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Asha Stone
Crusher's 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:

   -- INR30 mil. Fund-based limit migrated to Non-Cooperating
      Category; and

   -- INR20 mil. Term loan migrated to Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were assigned on
March 18, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Note: ISSUER NOT COOPERATING: The ratings were assigned on
March 18, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.


ATRA PHARMACEUTICALS: CARE Issues D Issuer Not Cooperating Rating
-----------------------------------------------------------------
CARE Ratings has been seeking information from Atra
Pharmaceuticals Limited (APL) to monitor the rating(s) vide email
communications/letters dated February 20, 2017, January 16, 2017
and November 9, 2016 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on APL's bank facilities and will now be denoted as
CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         43.11      CARE D; Issuer Not
   Facilities                        Co-operating; Based on
                                     best available information

   Short-term Bank         4.00      CARE D; Issuer Not
   Facilities                        Co-operating; Based on
                                     best available information

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

The ratings take into account feedback received from banker of
the company regarding conduct of the account of APL.

Detailed description of the key rating drivers

At the time of last rating in February 25, 2016, following were
the rating strengths and weaknesses considered:

Key Rating Weaknesses
Ongoing delays in debt servicing: The banker has confirmed that
there are ongoing delays in repayment of principal and interest
payment.

Atra Pharmaceuticals Ltd was incorporated in 1991 by Shri
Moreshwar Save who is an ex-Mayor (independent) of Aurangabad
city and former Member of Parliament (MP). The company is managed
by his son Commander Anil M. Save (ex-Indian Navy), who is the
Managing Director of the company since inception. Atra is
primarily into manufacturing of pharma intermediates,
formulations - branded generics, generics and herbals and
probiotics and trading of bulk drugs. The company has
manufacturing facilities at Aurangabad (Maharashtra) which meets
the stringent current good manufacturing practices (cGMP) norms
laid down by the World Health Organization. Moreover, Atra is
primarily into contract manufacturing, domestic sales and export
of oral solid dosages (OSD) in nutritional, cardiovascular,
urology, dental care, anti-diabetic and antimalarial therapeutic
segments. It undertakes contract manufacturing for some of the
global pharma giants such as Novartis, Merck & Co., Abbott,
Serdia Pharmaceuticals Private Limited,Mylan Laboratories Limited
etc. The company manufactures popular brands such as Calcium
Sandoz, Diamicron, Neurobion Forte and Polybion tablets for its
customers.


B.M. GUPTA: CARE Lowers Rating on INR15cr LT Loan to 'B'
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
B.M. Gupta Estates Private Limited, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank          15        CARE B; Issuer Not
   Facilities                        Cooperating; Revised from
                                     CARE BB

   Short-term Bank         15        CARE A4; Issuer Not
                                     Cooperating

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from B.M. Gupta Estates Private
Limited to monitor the rating(s) vide e-mail communications/
letters dated February 22, 2017, and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating.
Furthermore, B.M.Gupta Estates Private Limited has not paid the
surveillance fees for the rating exercise as agreed to in its
rating agreement. In line with the extant SEBI guidelines CARE's
rating on B.M. Gupta Estates Private Limited will now be denoted
as CARE B /CARE A4; ISSUER NOT COOPERATING*. Users of this rating
(including investors, lenders and the public at large) are hence
requested to exercise caution while using the above rating(s).

The rating has been revised on account of subdued industry
scenario wherein several commercial/retail properties were
under- performers or have been loss-making, being shut-down or
redeveloped into offices. The commercial segment was
under pressure due to macro and micro factors, the commercial
space owners find it difficult to keep their properties
occupied as there was higher addition in the commercial real
estate properties which resulted into surplus supply.

Furthermore, in the absence of any cooperation from the client;
CARE is unable to comment upon the updated financial risk profile
of the company.

Detailed description of the key rating drivers

At the time of last rating in February 4, 2016, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Short track record coupled with small scale of operations: BMG
commenced its operations from August 14, 2011 reflecting short
track record of operations. The scale of operations stood small
which limits the company's financial flexibility in times of
stress and deprives it of scale benefits.

Leverage capital structure: The capital structure of the company
improved still continued to remain leveraged on account of high
debt levels as compared to moderate tangible net worth.

Dependence on the retail consumption/spending: Shopping malls are
dependent on the retail consumption pattern which, in turn, is
dependent on the macro-economic scenario as any deterioration in
the macro-economic indicators will lead to reduced consumer
spending. In such a scenario, BMG Mall runs the risk of non-
renewal / downward revision of rental agreements.

Intense competition from other shopping malls: Although BMG is
one of the major mall but other shopping malls (City mall, V
square mall etc.) are providing alternate shopping experience to
retail consumer and thereby increasing competition.

Key Rating Strengths

Experienced promoters in the metal industry though limited
experience in running a mall: BMG group is promoted by four
brothers namely Mr. Radhey Shyam Gupta, Mr. Vijay Kumar Gupta,
Mr. Ripu Dhaman Gupta and Mr. Ravi Shankar Gupta. BMG Mall is the
first foray of the management in this line of business. All of
the promoters have experience of more than three and half decade
of experience in the trading industry through its associate
concerns namely Gupta Metal Sheets Limited but development and
management of shopping malls is a new venture for them.
Moderate profitability margins and satisfactory coverage
indicators: The profitability margins of the company stood
moderate and in line with the previous years. Furthermore, the
debt coverage indicators stood satisfactory on account of
moderate profitability margins.

Reputed client base coupled with advantageous location of the
mall: BMG has reputed and diversified clients' base ranging in
retail, food & beverage and entertainment industry. The major
brands having presence in the shopping mall

Reliance Super, BATA, Nike, Woodland, Peter England, Monte Carlo,
Van Hussain, Croma fashion, Louise Phillips etc. which attracts
traffic in the mall. BMG Mall was the first major mall opened at
Rewari, Haryana. In the last decade, Rewari witnessed a
population growth at about 40% and the population count is
expected to continue in the same manner in the future as well.
Demand for retail malls and other facilities like restaurants,
multiplexes and gaming zones have been increasing in Tier III
cities like Rewari. Therefore, by virtue of being the first mall
in Rewari, growing urban population and growing demand for such
facilities in Rewari, BMG Mall is likely to benefit in the future
as well.

Rewari-based (Haryana) B.M. Gupta Estates Private Limited (BMG)
incorporated in 2004 as a private limited company is promoted by
four brothers namely Mr. Radhey Shyam Gupta, Mr. Vijay Kumar
Gupta, Mr. Ripu Dhaman Gupta and Mr. Ravi Shankar Gupta. BMG owns
a shopping mall in Rewari (Haryana) under the name "BMG Mall"
which became operational in August 14, 2011. BMG business
encompasses leasing/sale of shopping space, running of multiplex
cinemas (under the name BMG cinemas), food court (under the name
First Bite), gaming zone (under the name Fantoos), retail unit
(BMG Retail, under which it runs various retail shops) and
maintenance of the mall. The mall has two floors with total
leasable/saleable area of 1.25 lakh square feet out of which 32%
of area has been let out to various lessees engaged in a
different industry. There are 105 shopping spaces of various
sizes from 275 to 24350 square feet. Additionally, BMG is also
engaged in trading of nonferrous metal under the name BMG metal
at its mall. The company procures its traded products from
importers and traders based in pan India and sells the same to
its associate concerns and traders based in India.


BHOLENATH RICE: CARE Issues B+ Issuer Not Cooperating Rating
------------------------------------------------------------
CARE Ratings has been seeking information from Bholenath Rice
Mills (BRM) to monitor the rating(s) vide e-mail communications/
letters dated February 22, 2017, March 4, 2017 and March 22,
2016, and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on BRM's bank facilities will now be denoted as
CARE B+; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            5.76        CARE B+; Issuer Not
                                     Cooperating

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

Detailed description of the key rating drivers

At the time of last rating in February 01, 2017, following were
the rating strengths and weaknesses considered:

Key Rating Strengths

Experienced promters: Mr. Santosh Tangadpalliwar has an
experience of more than one and a half decade in rice industry.
Prior to BRM, he was associated with his proprietorship firm,
namely, Santosh Sudhakar Tangadpalliwar (SST) since 1996. Being
in the industry for such a long period has helped him in gaining
adequate acumen about the industry. Furthermore, the longstanding
experience of the Mr. Santosh has led to strong relationships
with the customers.

Locational advantage due to proximity to paddy-growing areas: BRM
is located in Chandrapur which is located in the proximity of
paddy growing belt in Nagpur. Thus, BRM enjoys locational
advantage due to proximity to paddy-growing areas and markets.

Key Rating Weaknesses

Moderate scale of operations: BRM's scale of operations is
moderate with revenue of INR21.43 crore in FY15 (refers to the
period April 1 to March 31) and its net worth stood at INR1.91
crore as on March 31, 2015. Low profit margins and weak debt
coverage indicators: Profit margins of the firm are low with
PBILST margin in the range of 3% to 4% in the three years period
ending March 31, 2015. Furthermore, APAT margin of the firm is
low led by high fixed capital expenses and was registered in the
range of 0.30% to 0.70% at the end of three-year period ending
March 31, 2016. Debt coverage of the firm is weak led by high
dependence on external borrowings and low profit margins with
total debt ot GCA ratio of above 15x at the end of FY15.

Working capital intensive nature of operations: Operations of the
firm are working capital intensive due to high inventory held by
the firm due to seasonal nature of operations.

Highly regulated industry: The Minimum Selling Price (MSP) of
rice is regulated by the Government and is revised as per
Government policies directly affecting the firm's profit margins
leading to highly regulated nature of industry.

Fragmented nature of industry: The rice milling industry is
characterized by low entry barriers and high number of players
leading to fragmented nature of the industry.

Bholenath Rice Mills (BRM) was established as a partnership firm
in January 2006. The firm is engaged in milling and processing of
paddy. The processing facility is located at Chandrapur,
Maharashtra with an installed capacity to process 75,600 quintals
of paddy per annum. The major raw material for the firm is paddy
which it procures directly from farmers. The finished product of
BRM includes rice, broken rice and by products i.e. rice bran and
bagda. The firm sells its finished product under the brand name
"Mrugnayani" and "Arya Gold". It sells its products through 6
agents covering five states of India viz. Maharashtra, Madhya
Pradesh, Gujarat, Chhattisgarh and Karnataka.


BHAVNAGAR ENERGY: CARE Lowers Rating on INR3302.24cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bhavnagar Energy Company Limited (BECL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank      3,302.24      CARE D Revised from
   Facilities                        CARE BB+; Negative

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
Bhavnagar Energy Company Limited (BECL) takes into account
ongoing delays in servicing of debt obligations.

Detailed description of the key rating drivers

After prolonged delay in execution of BECL's lignite based power
plant alongwith cost overrun, Unit-I of the plant achieved
commercial operations on May 16, 2016 while Unit-II achieved it
on March 27, 2017. However, due to significantly sub-optimal
level of plant load factor (PLF) alongwith significant project
cost overrun, there is drastic under-recovery of fixed charges.
This has led to lower than envisaged cash flows resulting in
stressed liquidity and delays in debt servicing.

BECL is a special purpose vehicle (SPV) promoted by seven Gujarat
state Public Sector Units (PSUs), to establish and operate a 500
Megawatt (MW; 2 x 250 MW units) lignite-based pithead power plant
at Padva village, near Bhavnagar in Gujarat. BECL has power
purchase agreement (PPA) for 25 years with Gujarat Urja Vikas
Nigam Ltd. for off-take of power on ex-plant (bus bar) basis.
The project implementation started in February 2010 and COD of
the first unit of 250 MW (Unit-I) was originally envisaged in
February 2013 (three years from project start date), and COD of
second unit of 250 MW (Unit-II) was envisaged in May 2013, at an
initial project cost of INR3,742 crore (Rs.7.48 crore per mw) and
debt equity ratio of 4:1.

However, there has been an aggregate delay of 46 months in the
project execution from the original COD of May 2013 to revised
project COD of March 27, 2017. While Unit-I of the project (250
MW) achieved COD on May 16, 2016, the Unit-II achieved COD on
March 27, 2017. However, despite achieving COD, the plant has
been facing various teething issues in achieving sustained power
generation on a commercial basis.


BLA POWER: CARE Lowers Rating on INR571.93cr LT Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
BLA Power Private Limited (BLA), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities           571.93       CARE D Revised from
                                     CARE B

   Short-term Bank
   Facilities             4.60       CARE D Revised from
                                     CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
BLA Power Private Limited (BLA) takes into consideration
weakening of the liquidity profile resulting in ongoing delay in
servicing of debt obligations. Debt of BLA was restructured
in FY15; however the financial risk profile further weakened and
BLA approached for the Scheme for Sustainable Structuring of
Stress Assets (S4A) in June 2016.

The ratings continue to be constrained by short track record of
operations, and weak financial risk profile. The rating,
however, derives strength from experience of the promoters.

Detailed description of the key rating drivers

Key Rating Weaknesses
Delay in debt obligation; implementation of Scheme for
Sustainable Structuring of Stress Assets (S4A)

BLA earned lower realization from the power sold in the open
market during FY16 than what was estimated during CDR mechanism,
resulted in the inability of the company to service its entire
debt with the present cash flow. On June 30, 2016, BLA approached
its banker for the S4A scheme to convert its existing debt of
INR547 crore into sustainable and unsustainable debt.

Continuous weak financial profile
BLA's revenue deteriorated from INR117.7 crore in FY15 to INR54.9
crore in FY16 owing to shutdown of operations during the year due
to unavailability of fuel. The same resulted in operating loss of
INR2.4 crore and net loss of INR57.8 crore in FY16. The overall
gearing ratio stood at an aggressive level of 4.91 times as on
March 31, 2016. With the S4A model implemented, the gearing level
is expected to improve going forward.

Short track record of operations
It has a relatively short track record of commercial operation
with the company having commenced production of thermal power
(unit I - 45 MW) in April 2012. While the Unit-II is yet to
commence operations due to unavailability of working capital
limit.

Key Rating Strengths

Experienced promoters
BLA is a closely held family managed business. The main promoter
of BLA group is Mr. Anup Agarwalla, a MS (B.S.B.A. Washington
University in St. Louis), aged around 45 years who has over 25
years of business experience.

Operational performance expected to improve owing to availability
of long-term power purchase agreement (PPA) for the entire
capacity.

The company has signed PPAs with the State Government of Madhya
Pradesh (5% of the capacity) and MP Power Transmission Company
Ltd (30% of the capacity) for both the units. In June 2016, BLA
entered into power purchase agreement (PPA) with Prism Cement Ltd
(PCL) under the group captive consumption to supply 65% (25MW) of
power by acquiring 15.23% stake in BLA for INR21 crore. The unit-
I is currently running at 100% capacity.

BLA has signed PPA with Global Energy Pvt Ltd, a group company
for the balance 65% of the power at a tariff of INR3.98/unit
under the group captive scheme ensuring 100% selling arrangement
for Unit II also. Further the unit has also been sanctioned with
working capital limit.

BLA was incorporated in 2006 for setting up a 90-MW coal-based
power project at Gadarwara in Madhya Pradesh in two phases of 45
MW each. The first phase of the project became operational in
April 2012 (with a delay of around 9 months), while the COD of
the second phase was achieved in March 2016 (with a delay of two
years).

During FY16 (refers to the period April 1 to March 31), BLA
incurred a loss of INR57.77 crore on total income of INR54.98
crore. BLA approached its banker for the S4A scheme to convert
its existing debt of INR547 crore into sustainable and
unsustainable debt as the company's cash flow is not capable to
service the entire debt.


CHEER SAGAR: Ind-Ra Migrates BB Rating to Non-Cooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Cheer Sagar
Exports' (CSE) 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 BB(ISSUER NOT COOPERATING)' on the agency's
website.  The instrument-wise rating action is:

   -- INR96 mil. Fund-based limit migrated to Non-Cooperating
      Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 20, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

CSE manufactures and exports garments and home textiles.  The
company exports a majority of its products to Japan, the US and
Australia.


G R CONSTRUCTIONS: CARE Assigns B+ Rating to INR40cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
G R Constructions (GRC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              40        CARE B+; Stable

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of G R Constructions
(GRC) is constrained by modest scale of operations along with
geographic concentration risk, fluctuating total operating income
and profitability margins during review period, project execution
and saleability risk and constitution of the entity as
partnership firm. However, the rating is underpinned by
experience of partners' in the real estate sector with favorable
location of the project, satisfactory capital structure and debt
coverage indicators and stable outlook of real estate sector.

Going forward, the firm's ability to complete the project in a
timely manner and its ability to sell the units and collect
advances as envisaged would be the key rating sensitivities.

Detailed Description of the key rating drivers

Key Rating Weaknesses
Small scale of operations with geographical concentration risk:
The firm started its commercial operations in 1999. Despite long
track record, the scale of operations remained modest at 55.26
crore in FY16 (refers to the period April 1 to March 31) coupled
with low networth of INR19.18 crore as on March 31, 2016. GRC is
primarily located in the Karnataka State and executing projects
in and around Bangalore which reflects high geographical
concentration risk. As Bangalore is a developed city, GRC is
likely to be face intense competition from well-established
players as well.

Fluctuating total operating income and profitability margins
during the review period: The total operating income (TOI) of the
firm is fluctuating during review period since majority of the
unsold flats were sold in FY15.

The PBILDT margins of the firm have been fluctuating during the
review period. The PBILDT margin of the firm has increased from
8.71% in FY15 to 19.41% in FY16 since majority of cost associated
with construction of apartments were incurred during FY15.
Furthermore, the firm had maintained adequate raw material in
FY15 for the execution of the project which resulted in lower
material cost in FY16. In line with fluctuation in PBILDT, the
PAT margin of the firm has also been fluctuating during the
review period from 3.43% in FY15 to 7.82% in FY16.

Project execution and saleability risk: The firm has undertaken
construction of two residential projects in the name of 'GR
Sankalpa' and 'GR Shrusti'. GR Sankalpa consists of 185 flats and
GR Shrusti 51 flats. The sale price of each flat ranges between
INR0.40 crore and INR0.70 crore with an average selling price of
INR~4,000/- per sq. ft. The total project cost of GR Sankalpa is
estimated at INR76.68 crore of which INR25.99 crore is expected
to be contributed by promoter's fund, INR26 crore through term
loan and remaining through customer advances. For GR Shrusti, the
total project cost is INR19.80 crore of which INR9.05 crore
contributed by the promoter's fund, INR8 crore through term loan
and remaining through customer advances. As on February 28, 2017,
the firm has received customer advances of INR33.85 crore and
INR2.33 crore, respectively, for GR Sankalpa and GR Shrusti
projects, respectively. The firm's ability to complete the
project in timely manner and its ability to sell the units and
collect advances will remain critical from the credit
perspective.

Constitution of the entity as a partnership firm: Constitution as
a partnership firm has the inherent risk of possibility of
withdrawal of the partner's capital at the time of personal
contingency which will affect its capital structure. Moreover,
partnership firms have restricted access to external borrowing
which limits their growth opportunities to some extent.

Key Rating Strengths
Experience of the promoters in the real estate industry: GRC was
promoted by Mr. Ramana Babu have been engaged in the business of
real estate for more than one decade and has an overall
experience of 30 year. Mr. Eshwar Naidu has around 20 years of
experience in the real estate industry.

Satisfactory capital structure and debt coverage indicators: The
capital structure of the firm marked by overall gearing ratio
stood satisfactory and improved from 2.55x as on March 31, 2014,
to 1.39x as on March 31, 2016, mainly due to increase in tangible
networth on account of accretion of profit. However, the debt
levels (primarily long-term loans) of the firm have been
increasing year-on-year for the execution of the projects.

The total debt/GCA has been improving y-o-y from 7.89x in FY14 to
5.16x in FY16 due to satisfactory growth in GCA albeit marginal
fluctuation. The PBILDT interest coverage, though stood
satisfactory, deteriorated from 4.47x in FY14 to 3.57x in FY16
due to increase in interest expenses on account of increase in
debt levels.

Favorable location of the project: The current projects are
located at one of the developing residential and commercial
areas of Bangalore. The project is having a location advantage as
it is located at IT Bay of Bangalore, as well the city is the
hub of IT companies in India. The apartments include good
amenities like park, swimming pool, gym, children play area,
besides others.

Development in real estate sector along with government
initiative's for Real estate companies: The Indian real estate
sector has witnessed high growth in recent times with the rise in
demand for office as well as residential spaces. The Government
of India along with the governments of the respective states has
taken several initiatives to encourage the development in the
sector. The Smart City Project, where there is a plan to build
100 smart cities, is a prime opportunity for the real estate
companies.


GALAXY CONSTRUCTION: CARE Reaffirms B Rating on INR32cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Galaxy Construction and Contractors Private Limited (GCCPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              32        CARE B; Stable Reaffirmed

   Short-term Bank
   Facilities               2        CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of Galaxy
Construction and Contractors Private Limited (GCCPL), are
constrained on account of modest scale of operations with
leveraged capital structure, working capital nature of operations
characterized by the elongated working capital cycle,
geographically concentrated order book position, fluctuations in
raw material prices, intense competition along with tender based
nature of operations.

The ratings, however, derive benefits from the experience of
promoters along with the long track record of operations, steady
growth in revenue, healthy order book position providing revenue
visibility over the medium-term and healthy profitability
margins.

The ability of the company to improve the working capital
management and liquidity position along with increase in scale
of operations and improvement in the capital structure are the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Long experience of the promoters and established track record of
operations: The promoters Mr. Deepak Gugale and Mr. Amit Thepade
are well qualified and have a long experience of more than one
and half decades in the construction industry.

Steady growth of revenue with moderate order book position
providing revenue visibility over the medium-term: The total
operating income of the company has reported a CAGR of about 31%
over the last three years period ending FY16. Increase in the
order book position along with repeat work orders (from private
customers) from its existing clientele has to led a stable growth
in the revenue over the years. The order book of GCCPL comprises
of 5 projects to be executed over the period of next 2 years with
order book to FY16 sales ratio of 2.57x, thus providing a
moderate revenue visibility over the medium-term.

Healthy profitability margins: The Profitability margins remained
healthy in the range of 14%-15% during last three years ending
FY16. However, the same have been fluctuating owing to
fluctuation in input material cost and other manufacturing
expenses.

Key rating weakness
Exposed to geographical concentration risk of order book
The company in past has generated revenue through projects
executed in Maharashtra region. Furthermore, out of its
total order book position, all the projects are within the region
of Maharashtra, thereby making the entity susceptible to
geographical concentration risk.

Exposed to fluctuations in raw material prices
The total raw material cost accounts for about 74.58% of the
total operating income and have fluctuating market prices.
Furthermore, the company do not have a built in price escalation
clause for every contract leading to price fluctuation risk.

Intense competition faced by the entity along with tender based
nature of operations: Tender driven nature and lengthy bidding
process can impact the revenue growth of the entity while timely
completion of orders and translation of the same into revenues is
essential.

Working capital intensive nature of business: Operations continue
to be working-capital-intensive in nature due to greater time lag
between receipts and payments. Delays in collecting proceeds from
its government contracts and funds blocked accentuate the need
for working capital which remained utilized at high level.

Incorporated in the year 2001, Galaxy Construction and
Contractors Private Limited (GCCPL) is promoted by Mr. Deepak
Gugale and Mr. Amit Thepade. The promoters have a long experience
of more than one and half decades in the construction industry.

GCCPL is engaged in the civil construction of commercial and
residential projects and undertakes project on contract basis
for various customers including government, semi-government and
private entities.

The company has in the past executed various projects for clients
such as Maharashtra State Electricity Distribution Company
Limited *MSEDCL; 'CARE A+ (SO)'+, Mantri Developers Private
Limited, Industrial Training Institute - Barshi and such other.
The company has executed orders worth INR175 crore in the past
three years, and it has current O/B position worth INR229.59
crore as on December 31, 2016.


GOYAL MOTORS: CARE Assigns B+ Rating to INR9cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Goyal Motors (GM), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities               9        CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Goyal Motors (GM)
is constrained by its short track record of operations, weak
financial risk profile and constitution of the entity being a
proprietorship concern. The rating is further constrained by the
intense competition from other dealers, regional concentration
and fortunes linked to the performance of Tata Motors Limited
(TML). The rating, however, derives strength from the experienced
promoter, sole distributor of TML in the location and association
with a reputed original equipment manufacturer (OEM).

Going forward, continuation of dealership of TML vehicles and
improving its overall solvency position along with managing the
working capital requirements efficiently will remain the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
Small scale of operations, weak overall solvency position and
high reliance on the working capital borrowings: The scale of
operations of the firm stood small marked by Total Operating
Income (TOI) of INR2.77 crore in the eight months of its
operations of sale of spare parts of TML and sale of second hand
passenger vehicles in FY16 (refers to the period April 1 to
March 31). The firm had a weak capital structure with overall
gearing ratio of 2.07x, as on March 31, 2016 on account of higher
utilization of cash credit limits. The average utilisation of the
cash credit limit stood at about 90% for the 12 months period
ended February-2017.

Short track record of operations: The operations of the firm
started in August-2015.

Constitution of the entity as a proprietorship concern: GM's
constitution as a proprietorship firm has the inherent risk of
possibility of withdrawal of the proprietor's capital at the time
of personal contingency and the firm being dissolved upon
the death/retirement/insolvency of the proprietor.

Intense competition from other dealers with regional
concentration: The sales and distribution of automobiles,
especially two wheelers market segment is marked by intense
competition attributable to presence of several dealers in
the nearby areas.

Fortune linked to the performance of TML: The fortunes of GM are
closely linked to Tata Motors Limited, being the only supplier of
the firm.

Key Rating Strengths

Experienced promoter: GM, promoted by Mr. Amit Goyal, is an
authorized dealer of Tata Motors Limited. Mr. Amit Goyal has an
experience of more than 25 years in the industry through his
association with GM and other group concerns engaged in the
similar line of business.

Sole distributor in the location: The firm is a sole authorized
dealer of TML in Patiala, Punjab. Being a sole authorized
dealer gives GM higher client base and larger demand catering
opportunity.

Association with a reputed OEM- TML: In domestic passenger car
market, TML has established market position underpinned by the
strong position of its Bolt, Indica, Indigo, Sumo, Safari, Zest
and Tiago models in the passenger car segment. GM benefits from
the market presence and growth of TML.

Goyal Motors (GM) was established as a proprietorship firm by Mr.
Amit Goyal with commencement of operations from August-2015. The
firm is an authorized dealer of Tata Motors Ltd. [TML; rated
'CARE AA+'] and is engaged in the sale of passenger vehicles,
servicing of vehicles and sale of spare parts. The firm owns &
operates a showroom at Patiala (started operations from May-
2016), providing 3S (sales, service and spare parts) facilities.

In FY16 (refers to the period April 1 to March 31), the firm
reported a total operating income of INR2.77 crore with PAT
of INR0.01 crore. In 11MFY17 (Provisional), the firm has achieved
a total operating income of INR26 crore.


H K TIMBERS: CARE Assigns 'D' Rating to INR7.50cr ST Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of H K
Timbers Private Limited (HTPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.00       CARE D Assigned

   Short-term Bank
   Facilities             7.50       CARE D Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of H K Timbers Private
Limited (HTPL) is constrained on account of on-going delays in
its debt servicing due to weak liquidity position. Establishing a
clear track record of timely servicing its debt obligations along
with improvement in the liquidity position remain the key rating
sensitivities.

Detailed description of the key rating drivers

Key rating weaknesses

Ongoing delays in debt servicing
As per the written feedback from banker, there have been frequent
instances of LC Devolvement in the month of February and March
2017. As per the interaction with the banker, need based
temporary overdraft were also sanctioned to HTPL and were
regularized later on.

Moderate scale of operations and thin profitability
Overall operations of HTPL stood moderate marked by total
operating income of INR36.25 crore during FY16 (refers to the
period April 1 to March 31) and profitability remained thin
marked by low PBILDT margin and thin PAT margin. Consequently,
gross cash accruals (GCA) also remained low during FY16.

Financial risk profile marked by leveraged capital structure,
weak debt coverage indicators and weak liquidity position Capital
structure of HTPL stood leveraged marked by an overall gearing
ratio of 3.01 times as on March 31, 2016 mainly on account of
high debt level as compared to net worth base. Debt coverage
indicators also stood weak marked by high total debt to GCA ratio
and moderately weak interest coverage ratio as on March 31, 2016.
The liquidity position of HTPL remained weak marked by current
ratio of 1.17 times as on March 31, 2016 and the elongated
working capital cycle during FY16.

Presence in a highly fragmented industry
HTPL operates in a highly fragmented and competitive trading
industry wherein large numbers of unorganized players are
present, wherein it has a very low bargaining power against its
customers as well as its suppliers. This coupled with limited
value addition in trading puts pressure on the profitability
margins as well.

Key rating strengths

Experienced Management along with established operation
Mr Rajeshbhai Rudani possesses more than decade of experience in
the timber industry and looks after overall management and
functioning of the company. Other directors, Mr. Jagdish Rudani,
Mr. Bharatbhai Rudani, Mr. Dheerajbhai Patel etc. looks after
different departments like administration, purchase, production,
sales etc. Location advantage resulting in easy access of raw
material
HTPL is located at Gandhidham (Kutch), which is near to Kandla
port, which enjoys good road & rail connectivity leading
to better lead-time and facilitates import and delivery of
finished products in a timely manner.

Gandhidham-based (Gujarat) HTPL was incorporated in 2012 by
Rudani and Patel Family and currently managed by Mr. Rajeshkumar
Rudani and other family members. Mr. Rajeshbhai Rudani possesses
10 years of experience in wood and wood products industry. HTPL
is engaged into manufacturing of veneer sheets, manufacturing of
plyboard, particle board and other plyboard products. H K Lumbers
LLP Is the group entities of HTPL, which is engaged in same line
of business saw milling and planning of wood.

During FY16 (refers to the period April 1 to March 31), HTPL
reported PAT of INR0.15 crore as against INR0.18 crore in FY15
on a total operating income (TOI) of INR36.25 crore as against
INR40.58 crore in FY15. HPTL has achieved TOI of INR20.53
crore during 11MFY17 (Prov.).


ICED DESSERTS: CARE Assigns 'B' Rating to INR15cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Iced Desserts and Food Parlours (India) Private Limited (IDFPL),
as:

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

Detailed Rationale

The rating assigned to the bank facilities of Iced Desserts and
Food Parlours (India) Private Limited (IDFPL) is constrained by
presence in highly regulated liquor industry, moderate entry
barriers and short duration of agreement with the principal
company, thin profit margins and weak debt coverage indicators.
The rating also takes into account change in the business model
from super distributer to commission agent w.e.f. April 1, 2016,
and impact of the same on the financial risk profile of the
company.

The rating derives strengths from being a part of N. R. group
which has established existence in the liquor trading business
and has been a commission agent for Kingfisher brand of beer from
United Breweries Ltd. (UBL).

The ability of the company to improve scale of operation and debt
coverage indicators are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths
Part of N. R. group which has long track record and experience of
promoter in trading of liquor The promoter Mr. Neeraj Rawal
started his liquor trading business in Hyderabad in 1978 and has
wide experience in the business. The N. R. group has presence of
more than four decades in alcohol and beverages distribution in
the states of Maharashtra, Andhra Pradesh, Telangana, Madhya
Pradesh, Karnataka and Kolkata. The group trades in the varied
brands of liquor namely United Sprits, Diageo, United Breweries,
Heineken, Brown Forman, etc. Association with well-known brands
of United Breweries Limited IDFPL has been associated with UBL
earlier as a super distributor its Kingfisher brand of beer for
16 years. Later, the company became a commission agent of UBL
w.e.f April 1, 2016, for the entire Maharashtra region except
Mumbai. The company deals in more than 20 variants of Kingfisher
beer with with Kingfisher Strong beer and Kingfisher Premium
(mild beer) being the major revenue contributors for IDFPL.

Key Rating Weaknesses
Change in the business model from Super distributer to Commission
agent W.e.f April 1, 2016, IDFPL has changed its business model
from super distributor to commission agent of UBL for entire
Maharashtra except Mumbai. The change was on account of heavy
charges in excise license renewal fees which is calculated on
number of packets sold by the company and it is due to new
notification by the Government of India on changes in excise fees
structure as on dated January 30, 2016. Prior to the new
notification the excise fees was calculated on the based number
of depots.

Presence in the highly regulated liquor industry

Liquor is a state subject and hence, each state formulates its
own policies and there are no uniform nation-wide laws governing
the sector. There are restrictions on the inter-state movement of
liquor and such movement invites a tax which has a significant
bearing on the pricing of the final product and curtails
profitability to a large extent.

Short duration of agreement
The commission agency is exclusively awarded for the distributors
of specific brand for specific territories by the principal
company. The agency rights are generally awarded based on the
mutual understanding and the past performance of the agent. The
agreement with UBL is for the period of one year i.e. from to
April 1, 2016 to March 31, 2017, and has to be renewed every
year.

Financial risk profile marked by thin profit margins, weak
capital structure and debt coverage indicators

The company's total operating income (TOI) has registered
marginal growth of 2% in FY16 (refers to the period April 1 to
March 31) to INR1,558 crore as compared with INR1,527 crore in
FY15 due to sub
duded demand. However, PBILDT for FY16 is increased to INR3.66
crore as compared with INR3.50 crore in FY15 due to lower in
administration cost in FY16. The profit after tax has increased
to INR1.33 crore in FY16 against INR0.85 crore in FY15 on account
of lower tax rate in FY16 which is 25% against 46% in FY15. The
company has fully repaid and closed the cash credit limit on
August 30, 2016, as there is no inventory required to keep in the
books as a commission agent. The debt profile of the
company consist of preference shares amounted to INR0.73 crore
from the group companies and unsecured loans from the related
parties amounted to INR0.49 crore and loans from financial
institutions amounted to INR9.55 crore. With the heavy debt
burdon and low net worth base. The overall gearing and debt to
equity ratio remained weak at 2.84x and 1.39x, respectively, in
FY16. The total Debt to Gross cash accrual is also weak at 26.30x
in FY16

Iced Desserts and Food Parlours (India) private limited (ICFPL)
was established in 1994 and is a part of the N. R. Group of
Companies promoted by Mr. Neeraj Rawal. The company was engaged
in Super Distributorship of Kingfisher beer brand of UBL for
entire Maharashtra except Mumbai and was operating through
warehouses situated in Aurangabad and Ambarnath having capacity
of 50,000 and 80,000 cases, respectively. With effect from April
1, 2016, ICFPPL has been appointed as a Commission Agent by
United Breweries Ltd. During FY16, the company reported Profit
After Tax (PAT) of INR1.33 crore on total revenue of INR15,58.02
crore.


J & G TRANSFORMER: CARE Issues B+ Issuer not Cooperating Rating
---------------------------------------------------------------
CARE Ratings has been seeking information from J & G Transformer
Company to monitor the rating(s) vide e-mail communications/
letters dated March 3, 2017 and March 1, 2017 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the rating.
In line with the SEBI guidelines, CARE has reviewed the rating on
the basis of publicly available information which, however, In
care's opinion is not sufficient to arrive at fair rating.
Furthermore, J & G Transformer Company has not paid the
surveillance fees for the rating exercise as agreed to in its
rating agreement. The ratings of J & G Transformer Company will
now be denoted as CARE B+; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        12.95       CARE B+; Issuer not
   Facilities                        cooperating

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

The rating takes into account small scale of operations, weak
financial risk profile marked by leveraged capital structure,
weak debt coverage indicators and low profitability margins,
working capital intensive nature of operations, exposure to
raw material price volatility and presence in highly competitive
transformer industry and tender-driven nature of business.
However the risk is partially mitigated by experience promoters
in transformer industry.

Detailed description of the key rating drivers

At the time of last rating on September 1, 2016 the following
were the rating strengths and weaknesses (Updated for the
information available from the registrar of companies.

Credit Risk Assessment

Key Rating Weakness
Small scale of operations: The total operating income of the
company continues to remain small which inherently limits
the company's financial flexibility in times of stress and
deprives it of scale benefits.

Weak financial risk profile: The profitability margins remained
on lower side mainly on account of competitive industry. The
capital structure remained leveraged on account of high
dependence on working capital borrowings. Also, the debt coverage
indicators of the company remained weak on account of low
profitability.

Working capital intensive nature of operations: JGT's operations
continues to remain working-capital intensive with high operating
cycle. There is usually a delay in the recovery of debtors on
account of procedural delays. The company is required to maintain
adequate inventory of raw material for smooth running of its
production processes and requires varying inspections and
approvals before dispatching of goods. This result in higher
inventory holding period.  Furthermore, the average working
capital utilization of fund-based sanctioned limit was almost
full for the last 12-month period ended February, 2017.

Exposure to raw material price volatility: Raw material is the
single largest cost of the company which contributes majority of
the total cost of production. The key raw materials for
transformer manufacturing are copper, aluminum, Cold Rolled
Grain-Oriented (CRGO) and transformer oil, etc. Price for this
product is mainly driven by demand and supply conditions with
strong linkage to the global market. JGT's operating margins are
susceptible to volatility associated with its raw material prices
which fluctuated widely with global demand and supply scenario.
Furthermore, majority of the orders are small in size and are
normally fixed price in nature due to which any change in the
market price of inventory holding is normally borne by the
company because of the competitive nature of the industry.

Presence in highly competitive transformer industry and tender-
driven nature of business: Transformer industry especially
distribution transformer segment is highly competitive with
presence of many organized and unorganized players. The
competition in the domestic transformer industry has been
increasing due to factors like diversion of export focused
production capacity to cater to domestic market on the back of
upheavals in the advanced economies, import of cheaper equipment,
especially from China and large number of smaller players with
limited capacity entering in the industry due to its high
profitability and easy availability of technology. Also, as most
of the business is tender-driven, the incumbent players have less
advantage due to aggressive bidding from players seeking entry in
the market. The tender- based business is characterized by
intense competition and the growth of the business depends on its
ability to successfully bid for the tenders and emerge as the
lowest bidder.

Key Rating Strength

Experienced promoter: The promoter of the firm has an experience
of 7 years in transformer industry out of this total three
decades through varied industries. Further the promoter is
assisted by a team a professionals to take care of the day-to-day
operations of the firm.

Gurgaon-based (Haryana) JGT was originally established as
proprietorship firm by Mr. Monohar Lal Bera in 2009. The firm
was reconstituted into private limited company in 2015 and is
currently being managed by Mr. Monohar Lal Bera and Mrs Usha
Gera. JGT is engaged in the manufacturing of power & distribution
transformers. JGT is also engaged in maintenance and repairing of
transformers. The company has unit for manufacturing of
transformers with capacities ranging from 25 KVA to 10,000 KVA.
The manufacturing capacity of the company is located in Dhorka,
Gurgaon, with an installed capacity of 18,000 transformer as on
March 31, 2016. The main raw materials for manufacturing
transformer are aluminium, copper, Cold Rolled Grain Oriented
(CRGO) and transformer oil. The company procures the raw material
from the regional players situated in nearby area. The company
customer vase mainly includes state electricity boards and
DISCOMS.


JAGDAMBA TIMBERS: CARE Issues B/A4 Issuer not Cooperating Rating
----------------------------------------------------------------
CARE has been seeking information from Jagdamba Timbers Private
Limited, to monitor the rating(s) vide e-mail
communications/letters dated March 6, 2017, and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the
ratings. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. Furthermore, Jagdamba Timbers Private Limited, has not
paid the surveillance fees for the rating exercise as agreed to
in its rating agreement. In line with the SEBI guidelines, CARE
has reviewed the rating on the basis of publicly available
information which however, In care's opinion is not sufficient to
arrive at fair rating. The ratings of Jagdamba Timbers Private
Limited will now be denoted as CARE B/A4; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Short-term Bank        11         CARE A4; Issuer not
   Facilities                        cooperating; Based on
                                     best available information

   Long/Short-term         2         CARE B/CARE A4; Issuer not
   Bank Facilities                   cooperating; Based on best
                                     Available information

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

The rating takes into account short track record of operations
and small scale of operations, working capital intensive nature
of operations, low profitability margin, leveraged capital
structure and weak coverage indicators, intense competition and
dependence on real estate sector, vulnerability to fluctuation in
price of timber and currency rates. However the risk is mitigated
by experienced and resourceful promoters in timber industry.

Detailed description of the key rating drivers

At the time of last rating as on March 26, 2016. The following
were the rating strengths and weaknesses (Updated for the
information available from the registrar of companies.

Credit Risk Assessment

Key Rating Weakness
Short track record of operations and small scale of operations:
The company has short track record of operations with very small
scale of operations which limits the company financial
flexibility in times of stress and deprive of scale benefits.
Working capital intensive nature of operations: JTPL procures
timber from overseas markets and maintains inventory in form of
logs of around 46 days in FY16. The working capital requirements
are largely met through high credit period given by its suppliers
and working capital borrowings. The working capital limits
remained fully utilized during the 12 months ended February 2017.

Low profitability margin, Leveraged capital structure and weak
coverage indicators: The profitability margins of the company
continued to remain low due to the limited value addition done by
the company. The capital structure of the company stood leveraged
owing to high LC backed creditors. Furthermore, the debt coverage
indicators also stood weak due to high debt levels coupled with
low profitability.

Intense competition and dependence on real estate sector: The
timber industry is marked by the presence of unorganized players
who primarily cater to the regional demand to reduce incidence of
high transportation costs as price is the main differentiating
factor in the timber industry. Further, timber industry is
primarily dependent upon the demand of real estate and
construction sector across the globe.

Vulnerability to fluctuation in price of timber and currency
rates: JTPL mainly procures timber through imports backed
by L/C mainly from Malaysia, Canada and Russia which then
subsequently sized at its saw mill units. Due to a high
geographic concentration, the company is also exposed to
unfavorable changes in the government policy of that country.
With initial cash outlay for purchases in foreign currency and
significant chunk of purchases incurred in foreign currency, the
company is exposed to the fluctuation in exchange rates.

Key Rating Strength

Experienced and resourceful promoters: The directors of the
company have an experience of more than one decade together
particularly in timber industry out of total six decades of
experience in varied industry. They collectively look after the
overall operations of the company.

Karnal-based (Haryana) JTPL was incorporated in November 2010 as
a closely-held private limited company promoted by Mr. Radhey
Shyam Jain and his son Mr. Niraj Jain. The company is engaged in
trading and processing of timber logs which are sold in domestic
market mainly in Punjab, Delhi and Haryana region. The timber is
imported (backed by L/C for up to 180 days) mainly from Malaysia
(around 95%), Canada and Russia which are subsequently sized at
its saw mill units in Gandhidham, Gujarat, into various
commercial sizes as per the requirement of its customers. The
company operates from
its offices located in Karnal (Haryana) and Gandhidham (Gujarat).
The customers of JTPL mainly include traders and wholesalers
located in Delhi Punjab, and Haryana.

The company has achieved the total operating income of INR25.18
crore and PAT of INR0.09 crore in FY16 (period refer to April 1
to March 31) as against INR39.20 crore and INR0.09 crore in FY15.


JAIPRAKASH ASSOCIATES: CARE Reaffirms D INR21244.97cr Loan Rating
-----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Jaiprakash Associates Ltd (JAL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities          21,244.97     CARE D Reaffirmed

   Short-term Bank
   Facilities           2,513.00     CARE D Reaffirmed

   Long-term/Short-
   Term Bank
   Facilities           5,457.23     CARE D/CARE D Reaffirmed

   Long-term Non-
   Convertible
   Debentures
   (aggregate) IV,
   VIII, X, XII, XIII   1,749.25     CARE D Reaffirmed


   Long-term Non-
   Convertible
   Debentures XI           - -        Withdrawn *

* CARE has withdrawn the rating assigned to the 10.75% Non-
Convertible Debenture issue of Jaiprakash Associates
Limited with immediate effect, as the company has repaid the
aforementioned NCD issue in full and there is no amount
outstanding under the said issue as on date.

Detailed Rationale & Key Rating Drivers

The ratings of the bank facilities and instruments of Jaiprakash
Associates Ltd (JAL) continue to factor in delays in debt
servicing by the company due to its weak liquidity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Weak financial performance in FY16 and 9MFY17
During FY16 (standalone), the company's net loss stood at
INR3,239.91 crore on total operating income of INR8,852.06 crore
as against net loss of INR1,278.74 crore on total operating
income of INR11,175.46 crore in FY15 (refers to the period April
1 to March 31). During 9MFY17 (unaudited), the company reported
net loss of INR2,479.17 crore on total operating income of
INR4,859.91 crore. On account of deterioration in the company's
financial performance and delay in receipt of funds through sale
of assets; the liquidity position of the company has continued to
remain weak, leading to ongoing delays in debt servicing.

Key Rating Strengths

Sale of cement plants
The scheme of arrangement between JAL and Ultratech Cement Ltd
for sale of part of JAL's cement business for has been sanctioned
by the National Company Law Tribunal, Allahabad Bench. Also, the
company has entered into a binding offer to sell its 74% stake in
Bhilai Jaypee Cement Ltd and Nigrie cement unit of Jaiprakash
Power Ventures Ltd to Orient Cement Ltd.

JAL is the flagship company of the Jaypee group and is engaged in
engineering and construction, cement, real estate and hospitality
businesses. JAL is one of the leading cement manufacturers in
India with JAL's and its subsidiaries' installed capacity of
about 28 million tonnes per annum (MTPA) and under implementation
capacity of around 5 MTPA on a consolidated basis as on March 31,
2016. JAL is also engaged in the construction business in the
field of civil engineering, design and construction of hydro-
power, river valley projects. JAL is also undertaking power
generation, power transmission, real estate, road BOT and
fertilizer businesses through its various subsidiaries/SPVs.


KBS INDUSTRIES: Ind-Ra Migrates B Rating to Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated KBS Industries
Private Limited's 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:

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

   -- INR9.9 mil. Term loan migrated to Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were assigned on
Feb. 26, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

KBS Industries was incorporated in December 2012 by Arjun
Khetrapal and Somya Khetrapal.  The company manufactures copper
wire rods.


KHANDWA INDUSTRIES: CARE Lowers Rating on INR12.15cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Khandwa Industries Private Limited (KIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         12.15      CARE D; Issuer not
   Facilities                        cooperating; Revised from
                                     CARE B+ on the basis of
                                     Best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Khandwa Industries Private
Limited (KIPL) to monitor the rating(s) vide e-mail
communications/letters dated November 28, 2016, December 7, 2016,
December 17, 2016, January 7, 2017, February 1, 2017,
February 17, 2017, March 17, 2017, and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which,
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Khandwa Industries Private Limited's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The rating has been revised since the account has become NPA on
the back of ongoing delay in its debt servicing.

Detailed description of the key rating drivers

Delay in debt servicing
The rating has been revised since the account has become NPA on
the back of ongoing delay in its debt servicing due to weak
liquidity position.

KIPL was incorporated in the year 2008 for manufacturing of
cotton bales & seeds and trading of cotton bales, oil, cakes and
seeds. KIPL is promoted by the Gupta family who are into the
cotton business since the year 1950. Mr. Sandeep Gupta and Ms
Ramadevi Gupta are actively involved in operations of KIPL. KIPL
is primarily engaged in trading of ginned cotton. It also has an
installed capacity of processing 12800 metric tons per annum
(MTPA) of cotton seeds and 6700 MTPA of ginned cotton as on
March 31, 2015.

During FY16 (A; refers to the period April 1 to March 31), KIPL
reported losses of INR5.42 crore on a TOI of INR10.27 crore
as against losses of INR0.95 crore on a TOI of INR61.43 crore
during FY15.


KIRTIMAN CEMENTS: CARE Cuts Rating on INR27cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
from Kirtiman Cements & Packaging Industries Limited (KCPIL), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         27        CARE B+; Issuer Not
   Facilities                       Cooperating; Revised from
                                    CARE BB- based on best
                                    available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Kirtiman Cements &
Packaging Industries Limited (KCPIL), to monitor the rating(s)
vide e-mail communications/ letters dated April 3, 2017, and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In-line with the SEBI guidelines, CARE
has reviewed the rating on the basis of publicly available
information which however, In care's opinion is not sufficient to
arrive at fair rating. Furthermore, Kirtiman Cements & Packaging
Industries Limited has not paid the surveillance fees for the
rating exercise as agreed to in its rating agreement. The ratings
of Kirtiman Cements & Packaging Industries Limited (KCPIL) will
now be denoted as CARE B+; ISSUER NOT COOPERATING.

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

The rating has been revised on account of deterioaraion in
capital structure & coverage indicators and lengthening of
operating cycle. The rating further continues to be constained by
modest scale of operations, low profitability margins,
susceptibility of margins to volatile raw material prices along
with high degree of competition in woven sacks industry leading
to low bargaining power. The rating, however, continues to draw
comfort from experience of the promoter in packaging industry and
established marketing arrangement and customer base.

Detailed description of the key rating drivers

Key Rating Weaknesses
Modest scale of operations: The total operating income of the
company continues to remain modest which inherently limits the
company's financial flexibility in times of stress and deprives
it of scale benefits.

Low profitability margins: Profitability margins continue to
remain low for FY16 (refers to the period April 1 to March 31)
owing to trading activity which inherently have lower
profitability margin.

Deterioration in capital structure and coverage indicators: As on
March 31, 2016, despite infusion of funds by the directors and
accretion of profits to reserves, the capital structure
deteriorated owing to higher debt levels as compared to tangible
net worth. Furthermore, coverage indicators also deteriorated
mainly on account of higher debt levels consequently resulting
into higher interest cost.

Elongation of operations cycle: The operating cycle of the
company elongated mainly on account of higher average inventory
holding period in FY16. The company normally receives credit
period of 10-15 days and gives a credit of around one month to
its customers. The working capital needs being largely met
through bank borrowings which resulted into 100% utilization of
the working capital limits during the 12 months ended March 2017.

Susceptibility of margins to volatile raw material prices: As the
primary raw material PP granules, which is a crude oil derivative
and its prices remain highly volatile. Therefore, the operating
margin of the company remains susceptible to any sharp movement
in raw material prices. However, the company was able to pass on
the increase in the prices to the end customers to some extent,
as prices were negotiated monthly on bilateral basis.

High degree of competition in woven sacks industry leading to low
bargaining power: The Indian flexible packaging industry is
highly fragmented on account of the low capital intensity and
technology requirements, easy availability of raw materials, low
entry barriers and small gestation period. The intense industry
competition will continue to exert pricing pressures on KCPL.

Key Rating Strengths

Experience of the promoter in packaging industry: Mr. Ashwani
Kumar Oberoi, Managing Director and promoter of the company, has
more than 25 years of experience in the manufacture of poly-woven
sacks and packaging industry. The promoter look after day-to-day
operations of the company and they are assisted by team of
experienced professionals.

Established marketing arrangement and customer base: KCPIL has
well-established marketing arrangements through dealers. The
manufacturing is usually order backed with orders in hand for one
to two months. The company also manufactures in addition to the
orders received for its general products. Furthermore, the
customer base of the company mainly comprises cattle feed,
poultry feed manufacturers and vegetable produce companies,
cement manufacturers and other agro allied industries.

Incorporated in 1996, Kirtiman Cements and Packaging Industries
Limited (KCPIL) is promoted by Mr. Ashwani Kumar Oberoi, Mr.
Sunil Kumar Oberoi and their family members. KCPIL has been
operational since August 2008 and is engaged into manufacturing
of Poly Propylene (PP) woven fabric bags used in packaging
industry. Apart from PP woven bags, the company also supplies PP
woven fabric to traders. KCPIL has its manufacturing facility
with total installed capacity of 6800 Metric Tonnes (MT) per
annum as on as on March 31, 2015 to manufacture PP woven bags
located in Yamuna Nagar, Haryana. The products are mainly used
for packaging cement, rice, chemicals, and vegetables etc.
Company is a part of the Ashwani Oberoi Construction Company
(AOCC) group which is engaged in the real estate line of
business.

The company has achieved the total operating income of INR98.98
crore and PAT of INR0.64 crore in FY16 as against INR91.89 crore
and INR0.53 crore, respectively, in FY15.

Status of non-cooperation with previous CRA: ICRA has suspended
(June 2016) the long-term rating of [ICRA]B due to  lack of
cooperation by the client to provide any further information.


KRG ASSOCIATES: CARE Issues 'B' Issuer Not Cooperating Rating
-------------------------------------------------------------
CARE has been seeking information from KRG Associates (KRG) to
monitor the rating(s) vide e-mail communications/ letters dated
April 3, 2017, and numerous phone calls. However, despite CARE's
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the ratings. In line with the extant SEBI
guidelines CARE's rating on KRG Associates bank facilities will
now be denoted as CARE B; ISSUER NOT COOPERATING*. Users of these
ratings (including investors, lenders and the public at large)
are hence requested to exercise caution while using the above
rating(s).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank          12        CARE B; Issuer not
   Facilities                         cooperating

Detailed description of the key rating drivers

At the time of last rating in May 05, 2016, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

No prior experience of the partners in the hotel industry: The
partners have no prior experience in the hotel industry. Mr
Kulwant Rai Chhabra and Mr. Abhishek Chhabra are having
experience as an income tax consultant. Mr. Ankush Chhabra is
engaged in trading business (mobiles) in Kurukshetra region.
Beside this, all the partner are promoters in rice mill named
Shiv Shankar Rice Mill. Furthermore, Mr. Rajesh Popli and Mr.
Ankush Chhabra are directors in A.P.I Motors (P) Ltd a
threewheeler manufacturing unit at Bhagwanpur (Roorkee).

Residual project execution and stabilization risk associated with
the debt funded green-field project: KRG was undertaking green
field project for setting up a new hotel on national highway
no.28 in Kuruksherta. The total project cost was estimated at
INR21.06 crore, which was be funded with a term debt of INR12
crore and promoter contribution of INR9.06 crore. As on January,
2016 KRG associates had incurred an expenditure of INR7.96 crore
towards the project and the same was funded through term loan of
INR2.75 crore and balance from the partner's contribution. The
hotel was expected to be operational by June 2017 thus execution
of the project within the envisaged cost and time and
stabilization and streamlining of revenue thereafter remains a
concern.

The total cost of project was INR21.06 crore which firm was
funded through term loan of INR12 crore and partner's
contribution of INR9.06 crore. The debt has already been tied up
which provide visibility for funding of the project.

Highly fragmented and competitive nature of the industry: The
Indian hotel industry is highly fragmented in nature with the
presence of a large number of organized and unorganized players
spread across various regions. Due to the competitive nature of
the hotel industry and presence of numerous players will limit
the pricing flexibility of the firm. The hotel faces competition
in the vicinity from various hotels. Moreover, opening of fast-
food and quick-service segment restaurants such as McDonalds on
the highways would intensify the competition.

Kurukshetra-based (Haryana) KRG established in September 2013 as
a partnership firm by Mr. Kulwant Rai Chhabra, Mr. Rajesh Popli,
Mr. Gulshan Chhabra, Mr. Abhishek Chhabra and Mr. Ankush Chhabra.
KRG was undertaking a greenfield project for constructing a three
star hotel and resort at Kurukshetra. The estimated cost of
project was INR21.06 crore.

The proposed hotel will be built on a land of 3 acres which would
be situated on a national highway no. 28 which links Punjab,
Himachal Pradesh and Haryana to Delhi. The hotel will have 24
rooms, banquet hall (600 person capacity), mini banquet hall (120
person capacity) and a restaurant. The hotel is proposed to
commence commercial operations by June 2017.


NATURAL PRODUCT: Ind-Ra Assigns BB- Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Natural Product
Bio Tech Limited's (NPBL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.  The instrument-wise rating actions are:

  -- INR200.00 mil. Proposed term loan* assigned with provisional
     IND BB-/Stable rating

* The rating is provisional and shall be confirmed upon the
sanction and execution of the loan documents for the above
facility by NPBL to the satisfaction of Ind-Ra.  The maturity
date for the facility is as per the proposal submitted to the
bank.

                         KEY RATING DRIVERS

The ratings reflect time and cost overrun risks in NPBL's first
ongoing commercial project Global Foyer in Palam Vihar, Gurugram.
As of March 2017, 42% of the project was booked.

The ratings factor in that NPBL has received 34% of the total
project value.

The ratings, however, are supported by about six years of
experience of the promoter in residential and commercial real
estate projects, and the project's proximity to a luxury mall.

The project is in the middle stage of completion.  According to
the management, NPBL has incurred 55% (INR535.30 million) of the
total costs. The management expects to incur an additional cost
of INR434.80 million (45%).

                        RATING SENSITIVITIES

Negative: Time and cost overruns or cancellations of sold plots
leading to stressed cash flows could lead to a negative rating
action.

Positive: An improvement in sales, along with timely receipt of
advances from customers, leading to stronger cash flows could
lead to a positive rating action.

COMPANY PROFILE

NPBL's registered office is in Guwahati, Assam.  It is engaged in
real estate development and undertaking the construction of
Global Foyer in Gurugram.


NIIL INFRASTRUCTURES: CARE Lowers Rating on INR50cr LT Loan to D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
NIIL Infrastructures Pvt. Ltd. (NIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              50        CARE D; Issuer not
                                     cooperating; Revised from
                                     CARE BB- on the basis of
                                     best available information

CARE has been seeking information from NIIL Infrastructures Pvt.
Ltd. (NIPL), to monitor the rating(s) vide e-mail communications/
letters dated May 19, 2016, July 1, 2016, September 22, 2016,
November 16, 2016, December 6, 2016, March 6, 2017 and numerous
phone calls. However, despite CARE's repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on NIIL Infrastructures Pvt.
Ltd.'s bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

Delay in debt servicing

The rating has been revised on the back of irregularity in the
debt servicing and the account has become NPA.

Key Rating Weaknesses

Delay in debt servicing
On the back of delay in debt servicing the account has become
NPA.

NIIL (erstwhile Nikhil Infrastructures Indus Limited) was
incorporated on October 9, 2007 as a limited company to carry
out the real estate development and is a part of IBD group. On
April 7, 2010, the name of the company was changed to NIIL
Infrastructures Limited and on August 2, 2011 it was converted
into a private limited company. NIIL is promoted by Mr. Vinay
Bhadauria, who is an engineer by qualification and has rich
experience in the logistics and management at Naval Dockyard,
Mumbai. The promoters have over a decade long experience in the
construction of residential and commercial buildings. At present,
NIIL is executing a residential project (Township), namely,
'Florence Platinum' at Agra. The implementation of Phase-I which
consisted construction of 345 units of (2/3/4/5 BHK) residential
properties has been concluded in March 2014. NIIL is presently
developing Phase-II (3/4 BHK) with total build-up area of 524,880
Sq. ft. The land is owned by the company. NIIL has received all
land and other clearances for the project. Phase-II is at advance
stage of construction.


NV DISTILLERIES: CARE Raises Rating on INR60cr LT Loan to B
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
NV Distilleries Private Limited (NVDPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         60         CARE B; Stable Revised
   Facilities                        from CARE D
   (Fund-based)

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
NV Distilleries Private Limited (NVDPL) takes into account its
satisfactory track record of debt servicing. The rating continues
to be constrained by the weak financial profile, working capital
intensive nature of operations, susceptibility to volatility in
raw material prices, and exposure to change in state policies
regarding pricing and sales.

The rating, however, derives strength from the experienced
promoters and management with presence of group companies in
related business, strategic location with a large nearby market,
abundant availability of grain and protective environment for
existing players due to restrictive licensing acting as high
entry barriers.

The ability of NVDPL to maintain its financial discipline along
with maintenance of growth in the total income and improvement in
profitability margins with a better raw material price risk
management would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
Satisfactory track record of debt servicing and improving though
weak financial risk profile

There were delays in servicing of debt obligations by the company
on account of its stressed liquidity position during FY15 (refers
to the period April 1 to March 31). However, the company has been
timely servicing its debt obligations since April 01, 2016, using
the equity funds infused by the promoters to the extent of
INR9.25 crore during FY15 and INR49.25 crore during FY16.

NVDL has witnessed improvement in its financial risk profile
during FY16. The company earned revenue from operations of
INR274.91 crore and profits after taxes of INR4.10 crore. The
cash accruals generated from the operations of NVDPL remained
adequate at INR21.67 crore on account of high non-cash (viz.
depreciation) expenditure incurred by the company. The overall
gearing of the company has improved to 0.47x as on March 31,
2016, from 1.05x as on March 31, 2015, with repayment of long-
term debt to the extent of INR8.07 crore and increase in net
worth to INR171.54 crore on backing of aforementioned equity
infusion by the promoters during the year.

Cyclicality in the raw material prices
The margins are highly susceptible to the volatility in the price
of rice flour as a basic raw material. Rice prices are in turn
governed by various factors like government regulations, rice
productions, seasonal changes, etc. Furthermore, NVDPL operates
only a grain-based distillery and there is no mechanism in place
to shift the production to other raw materials like molasses,
etc, when rice prices move in adverse directions. The raw
material costs constitute a significant part of cost of
production of the company varying between ranges of 60% and 70%.
Thus, NVDPL's profitability is exposed to the price fluctuation
risk of rice.

Highly regulated industry
Liquor industry is highly regulated in India with each state
controlling the production, sales and duty structure
independently. As a result, there are difficulties in transfer of
production from one state to another along with huge burden of
duties and taxes. The state controls the licenses for production,
distributorship and retailing also.

Key Rating Strengths

Experienced promoters, management & group companies in related
business

NVDPL is promoted by Mr. Ashok Jain (Chairman) and Mr. Sameer
Goyal (Managing Director), both of whom have rich experience of
nearly three decades and two decades respectively in the
alcoholic beverage industry. The association of the promoters to
other group companies engaged in similar line of operations
provides NVDPL a strategic advantage to leverage on vast
experience of operations in the industry. The promoters are also
well supported by a professional and experienced management team.

Strategic Location with a large market and abundant availability
of grain in vicinity of plant

NVDL has set up grain-based distillery in Ambala (Haryana) which
provide locational advantage in terms of availability of raw
material (grains) in the state of Haryana and nearby states
(Punjab and UP). Moreover, the company distributes country liquor
in Haryana and nearby states which are some of the biggest
consumers of liquor in northern region.

NV Distilleries Pvt. Ltd (erstwhile NV Distilleries Ltd.) is a
part of NV group which consists of group companies namely NV
International Private Ltd (CARE C; last reviewed in March 2017),
NV Distilleries & Breweries Pvt Ltd (CARE D; Last reviewed in
March 2016), NV Distilleries & Breweries (North east) Pvt Ltd, NV
Resorts Pvt Ltd and Gemini distilleries (Goa) Pvt Ltd.

The company is promoted by Mr. Ashok Jain and Mr. Sameer Goyal
who have long-standing experience of three decades and two
decades, respectively, in the alcoholic beverage industry.

NVDPL started in the year 1999, has set up a grain-based
distillery in Ambala (Haryana), with an installed capacity of 75
KL per day. The company commenced its commercial production in
November 2008 having a captive power generation plant (2.5 MW).

The company realizes revenue primarily from sale of extra neutral
alcohol (ENA), Indian Made Foreign Liquor facilities (IMFL)
(capacity-48 lakh cases per annum) and Country Liquor (capacity-
48 lakh cases per annum). The company carries out bottling
operations for M/s. Pernod Ricard India Private Ltd for
production of their brands.


PINK CITY: CARE Reaffirms 'D' Rating on INR1790.55cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Pink City Expressway Pvt. Ltd (PCEPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities           1790.55      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Pink City
Expressway Pvt. Ltd (PCEPL) continues to take into account the
ongoing delays in the servicing of debt obligations by the
company due to its stretched liquidity position. The rating also
factor in the consistent delay in the completion of the project
on account of issues related to land acquisition, shifting of
utilities and delay in mobilization of resources. However, the
rating takes cognizance of the strategic location of the project
and issuance of provisional completion certificate by the
National Highway Authority of India.

Going forward, the company's ability to improve its debt
servicing track record would remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness
Ongoing delays in debt servicing: PCEPL is facing stretched
liquidity position due to prolonged delay in the completion of
the project and resultant increase in the project costs. As a
result, there has been consistent delay in the payment of
interest on the term loan availed by the company for the funding
of the project. Previously, the company had to submit a
restructuring proposal to its consortium bankers for revision in
project cost (from INR3,009 crore to INR 3,269 crore) and COD
(from August 2013 to October 2014). The restructuring proposal
was approved by all the lenders in Q1FY15 (refers to the period
April 1 to June 30) and was further amended on March 19, 2015.
However, owing to further delays in handing over of the land by
NHAI and on the request of the company, the Banks had approved
further extension of COD by one year.

Persistent delays in project completion: The company has still
not received the entire land required for completion of 57
structures and entire six-laning of the project highway. Out of
the 57 structures, only 54 have been completed. The service road
of 410.4 km had to be built, out of which 73.8 km is pending and
29.1 km of stretch is facing certain hindrances. NHAI is required
to provide land free from all encumbrances and there are still
encroachments on certain portions of the land handed over to
PCEPL. As against the original date of commencement of commercial
operation (DCCO) of October 2011, the commercial operation date
(COD) has been revised multiple times with last revised estimated
date of completion of the project being September 2017.

Toll based nature of the project: Revenue in a toll based road
project is simultaneously dependent on rate of traffic growth and
growth in toll rates. Thus, PCEPL is exposed to unpredictable
cash flows arising out of traffic fluctuation. Moreover, PCEPL
will have to share 48.06% of toll revenue with NHAI and the same
will increase 1% every year starting FY10 (refers to the period
April 1 to March 31).

Key Rating Strengths
Strategic location of the stretch: The project is on existing
Delhi-Mumbai section of NH- 8 that passes through 2 states
connecting Haryana & Rajasthan traversing through towns of
Manesar, Dharuhera and Bawal industrial hubs of the state of
Haryana and through Behror, Kotputli, Shahpura and Manoharpura in
Rajasthan. After the rapid development of Gurgaon (one of the
most prominent outsourcing & offshoring hubs in South Asia), the
highway has attained strategic importance. Besides this, the
policies of the Haryana government to develop various industrial
hubs and expanding the existing industrial area has led to
increased use of the said highway.

Issuance of provisional completion of certificate: NHAI has
issued a provisional completion certificate (PCC) for completion
of 88% of the physical work on the project. There are 57
identified structures along with entire six laning which are
required to be completed. Out of these, PCEPL had already
completed 54 structures while another 2 structures were under
various stages of construction. The structure work is expected to
be completed by September 2017.

PCEPL is an SPV formed by ETA Group of Dubai (51% stake) and KMC
Group of Hyderabad (49% stake) in the year 2008. IKSHU
Infrastructure Pvt Ltd was inducted in FY13 with 13% stake
dilution by each of the sponsors. The company was incorporated on
April 2, 2008 to undertake the improvement, operation and
maintenance including strengthening and widening of the existing
4-lane road to 6-lane highway with service lane on either side
from 42.7 km to 273 km (a length of 225.6 km) in the states of
Haryana and Rajasthan on NH-8 (Gurgaon-Kotputli-Jaipur Section)
on BOT basis. The project was awarded to a consortium led by ETA
group of Dubai and KMC Constructions Ltd. of Hyderabad on a
competitive bidding process, wherein the ETA-KMC consortium
quoted the highest revenue share (from toll collections) of
48.06% with NHAI to be increased by 1% every year. The concession
period is for 12 years till April 2, 2021 (including original
construction period of 30 months).

During FY16, the company has reported total operating income of
INR871.46 crore with net losses of INR37.59 crore.


POWER & INSTRUMENTATION: Ind-Ra Affirms BB- LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Power &
Instrumentation (Gujarat) Ltd.'s (P&IL) Long-Term Issuer Rating
at 'IND BB-'.  The Outlook is Stable.  The instrument-wise rating
actions are:

  -- INR140 mil. Fund-based limits affirmed with 'IND BB-/Stable'
     rating;

  -- INR160 mil. Non-fund-based limits affirmed with 'IND A4+'
     Rating; and

  -- INR100 mil. Non-fund-based limits* affirmed with
     'IND BB-/Stable/IND A4+' rating

                         KEY RATING DRIVERS

The ratings reflect P&IL's continued moderate scale of operations
and credit metrics.  According to provisional financials for
11MFY17, revenue was INR563 million (FY16: INR512 million; FY15:
INR452 million), gross interest coverage (EBITDA/gross interest)
was 2.1x (1.8x; 2.5x), net financial leverage (net debt/EBITDA)
was 3.6x (3.4x; 3.4x) and operating EBITDA margin was 6.9% (6.8%;
6.3%).  The increase in revenue was due to timely completion of
work orders.  Meanwhile, the marginal improvement in EBITDA
margin was due to a decline in costs of raw materials.

The ratings also reflect the tender-based nature of the business
and the company's tight liquidity position.  P&IL's average
maximum utilization of working capital limits during the 12
months ended April 2017 was 100%.

The ratings, however, are supported by the company's promoters'
three decades of experience in electrical installation works and
work order position of INR500 million (0.97x of FY16 revenue).

                       RATING SENSITIVITIES

Negative: Any deterioration in the credit metrics will be
negative for the ratings.

Positive: A sustained improvement in the credit metrics could
lead to a positive rating action.

COMPANY PROFILE

Incorporated in 1982, P&IL provides engineering, procurement and
construction solutions for the electrical requirements of reputed
state-owned companies such as Ajmer Vidyut Vitran Nigam Limited,
Mahanagar Telephone Nigam Limited, Chennai Port Trust, ISRO
Satellite Centre and Indian Institute of Science Education and
Research (IISER, Bhopal) and Airport Authority of India.

The company is now managed by four directors: Mr. Padmaraj P
Pillai, Ms. L Padmavathi Pillai, Mr. Sumeet D Agnihotri and
Mr. Sriram Padmanabhan Nair.


RRB ENERGY: CARE Reaffirms 'D' Rating on INR95cr LT Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
RRB Energy Limited (RRB), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              95        CARE D Reaffirmed

   Long/Short-term
   Bank Facilities         40        CARE D/CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of RRB Energy Limited
(RRB) continue to take into account delay in servicing of debt
obligations by the company due to its weak liquidity position.

Detailed description of the key rating drivers

Key Rating Strengths
Improved order book position: The company's orderbook strength
has improved with domestic orders in hand of total order value of
INR386.11 crore and two export orders of about USD 1.51 billion
for Kyrgyzstan USA. However timely execution of orders in hand
and timely receipt of payments remain crucial.

Key Rating Weaknesses
Weak financial performance in FY16: During FY16 (refers to the
period April 1 to March 31), the company's net loss stood
at INR29.04 crore on total operating income of INR132.77 crore.
Due to weak operating and financial performance over the last few
years, the liquidity position continued to remain weak leading to
delays in debt servicing by the company. RRB's fund based limits
have remained over-utilized. However, the company received
advances of USD 2.5 million from one of its customer viz.
Enviromax Pellets Inc. USA in March, 2017, leading to improvement
in the company's liquidity position.

Incorporated in 1987, RRBEL (formerly Vestas RRB India Limited)
engaged in the business of manufacture, erection and
commissioning of Wind Electric Generators (WEGs) and also
provides after-sales services and maintenance services for WEGs.
It currently manufactures WEGs with capacity of 225 KW, 500 KW
and 600 KW. RRBEL also has developed 1.8 MW WEG and has received
the certificate from GL Garrad Hassan (GL-GH) of Germany. The
Centre for Wind Energy Technology (CWET) has accordingly listed
company's 1.8 MW WEG in their Revised List of Models and
Manufacturers (RLMM). The company has manufacturing facilities
located at Chennai and New Delhi. RRBEL has ISO 9001:2008 and ISO
14001:2004 certification for manufacture, installation and
servicing of WEGs by Det Norske Veritas (DNV), Netherlands.


SHIV SHAKTI: Ind-Ra Migrates B Rating to Non-Cooperating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shiv Shakti Rice
Mills' 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 action is:

   -- INR150 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 20, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Shiv Shakti Rice Mills, a partnership entity incorporated in
2008, runs a 5 tonnes/hour rice mill in Sangrur, Punjab.


SINHGAD TECHNICAL: CARE Reaffirms D Rating on INR493.74cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sinhgad Technical Education Society (STES), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            493.74      CARE D Suspension
                                     revoked and Reaffirmed

   Short-term Bank
   Facilities             24.45      CARE D Suspension
                                     revoked and Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of Sinhgad Technical
Education Society (STES), continue to factor in the ongoing
delays in debt servicing by STES due to its stressed liquidity
position.

The ratings continue to derive strength from experienced
management council and large number of institutes offering
diverse courses.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing
There are on-going delays in servicing of its debt obligations of
bank facilities due to the society's stretched liquidity
position.

Significant decrease in surplus
During FY16 (refers to the period April 1 to March 31), STES
reported surplus of INR34.64 crore on total operating income
of INR638.88 crore as compared to surplus of INR62.01 crore on
total operating income of INR609.77 crore.

Competition from the more established Engineering and Management
Institutes in and around Maharashtra

There are a number of larger and more established institutes with
longer track record in and around Maharashtra that offer
technical and management education. Thus, STES faces competition
from these institutes.

Key Rating Strengths

Experienced Management Council
The members of Managing Council all of whom have wide experience
in the field of education. The founder of the Society Prof. M.N.
Navale is a Post Graduate in Electrical Engineering from the
Government College of Engineering, Pune and had worked with
Bharati Vidyapeeth in various capacities till 1992 before
establishing STES in 1993.

Large number of Institutes offering diverse courses
STES manages 59 institutes that include higher education colleges
and pre-primary, primary and secondary schools. The higher
education colleges provide full time courses in the fields of
Engineering, Pharmacy, Architecture, Interior Decoration,
Medical, Dental, Nursing and Physiotherapy. The courses offered
by STES have been approved by the All India Council of Technical
Education (AICTE) and the Government of Maharashtra. These
courses are affiliated to the University of Pune.

STES was registered under the Societies Registration Act, 1860 in
August 1993. It is also registered under the Bombay Public Trust
Act, 1950.

STES manages 59 higher education colleges and pre-primary,
primary and secondary schools. These schools and colleges provide
full time courses in the fields of Engineering, Management,
Pharmacy, Architecture, Gemology and Jewellery Designing, etc.
The educational courses offered by the various institutes of STES
are recognized by the All India Council of Technical Education
(AICTE) and the Government of Maharashtra.

During FY16, STES recorded total operating income of INR638.88
crore and surplus of INR34.64 crore as against total operating
income of INR609.77 crore and surplus of INR62.01 crore during
FY15.


SUKH SAGAR: CARE Issues 'D' Issuer Not Cooperating Rating
---------------------------------------------------------
CARE has been seeking information from Sukh Sagar Motors Private
Limited (SSMPL), to monitor the rating(s) vide e-mail
communications/letters dated October 3, 2016, November 15, 2016,
December 1, 2016, January 5, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Sukh Sagar Motors Private Limited's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         6.48       CARE D; Issuer not
   Facilities                        cooperating; based on best
                                     available information

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

Detailed description of the key rating drivers

Delay in debt servicing
There are on gong delay in debt servicing owing to which the
account has become NPA.

Sukh Sagar Motors Private Limited (SSMPL), incorporated in the
year 2008, is promoted by Mr. Amandeep Singh Khanna and family
members. The company has entered into an authorized dealership
agreement with Tata Motors Limited (TML) for sales and service of
passenger cars along with sale of spare parts in Jabalpur, Madhya
Pradesh. SSMPL's revenue sources include sale of vehicles and
their spare parts, service income, target incentive from TML and
commission from financers. SSMPL has constructed and designed one
showroom at Jabalpur as per the requirement of TML on lease hold
land which is owned by its group company'Khanna Properties
Infrastructures Private Limited (KPIPL)'.The company also
operates through four branches (showrooms)on rented basis at
Katni, Dindori, Mandala, and Shahdol.


SUMMIT CORPORATION: CARE Issues D Issuer Not Cooperating Rating
---------------------------------------------------------------
CARE has been seeking information from Summit Corporation Private
Limited (SCPL) to monitor the rating(s) vide e-mail
communications/letters dated February 7, 2017, February 17,2017
and February 20, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on SCPL's bank facilities and will now be denoted as CARE
D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         11.17      CARE D; Issuer Not
   Facilities                        Cooperating; Based on
                                     best available information

   Short-term Bank         1.50      CARE D; Issuer Not
   Facilities                        Cooperating; Based on
                                     best available information

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

The ratings take into account feedback received from banker of
the company regarding conduct of the account of SCPL.

Detailed description of the key rating drivers

At the time of last rating in January 27, 2017, following were
the rating strengths and weaknesses considered:

Key Rating Weaknesses

Ongoing delays in debt servicing: The banker has confirmed on
mail that there are instances of LC devolvement in the past six
months.

Analytical approach:

Standalone
Pune-based, Summit Corporation Private Limited (SCPL) was
incorporated in the year 2012, formerly known as Bharat J Com
India Private Limited, which was incorporated in the year 2006.
On January 2, 2012, the name was changed to SCPL. SCPL is engaged
in the manufacturing of fabricated sheet metal items for
engineering
and automobile companies. The company also undertakes projects on
turnkey basis for companies, which include supply, installation
and commissioning assistance, shop fabrication and installation
of pressure vessels, installation of storage tanks and others.
The company undertakes processes like CNC laser cutting,
punching,
bending, overhauling and maintenance for the same.

Raw material required for fabrication includes sheet metal and
structured steel, which is procured from domestic steel
manufacturers and traders like Bansal Steel Traders, Lohan Ispat
India Limited, Jindal Stainless Steelway Limited and other.

SCPL is a part of the Sumeet group, which include associate
companies, Sumeet Facilities Pvt. Ltd., Unique Delta Force
Security Private Limited, Delta Works Wear (manufacturers of
industrial works wear), Eagle Industrial Services Pvt. Ltd.,
Unique Delta Force E-security Pvt. Ltd. and others.


SURYA CONTAINERS: CARE Downgrades Rating on INR6.85cr Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Surya Containers Pvt. Ltd. (SCPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              6.82      CARE D; Issuer not
                                     cooperating; Revised from
                                     CARE BB on the basis of
                                     best available information

   Short-term Bank
   Facilities              6.00      CARE D; Issuer not
                                     cooperating; Revised from
                                     CARE A4 on the basis of
                                     best available information

CARE has been seeking information from Surya Containers Pvt. Ltd.
(SCPL), to monitor the rating(s) vide e-mail communications/
letters dated December 8, 2016, December 31, 2016, January 21,
2017, February 24, 2017 and March 10, 2017 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on SCPL's bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The rating has been revised on the back of irregularity in debt
servicing owing to which the account has become NPA.

Key Rating Weaknesses

Delay in debt servicing
There are on going delays in debt servicing owing to which the
account has become NPA.

Incorporated in the year 1993, SCPL was promoted by Mr.
Banwarilal Chaudhary and family members. It is engaged in
manufacturing and supplying of Industrial Drums and Barrels (Mild
steel) with an installed capacity of 3,00,000 units of drums and
2,50,000 units of barrels per annum as on March 31, 2016 at its
plant located at Gandhinagar, Gujarat. SCPL manufactures drums
and with storage capacity of 10 Liters to 235 Liters which are
used in storing chemicals, pesticide, food, oils, bulk drugs,
pharmaceuticals and other high value products.


TARUN OILS: Ind-Ra Migrates B+ Rating to Non-Cooperating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Tarun Oils
Private Limited's (TOPL) 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:

   -- INR81.5 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 6, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

TOPL was incorporated in 2003 by Mr. Rajendra Mittal and
primarily manufactures mustard oil and mustard cake.  The company
has an installed capacity of 17,820mtpa and mainly caters to
Uttar Pradesh, Madhya Pradesh and Delhi.



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


TOSHIBA CORP: Sees JPY950BB Loss Over Westinghouse Bankruptcy
-------------------------------------------------------------
Nikkei Asian Review reports that Toshiba Corp. on May 15 released
its unaudited full-year earnings estimates for fiscal 2016, which
saw it post a net loss of JPY950 billion ($8.3 billion).

Nikkei relates that the ailing electronics maker said its net
loss widened by JPY490 billion from the previous year as it
booked losses stemming from its U.S. nuclear unit Westinghouse
Electric filing for Chapter 11 bankruptcy. It said it expected to
post revenue of JPY4.87 trillion in the year ended March 31,
2017, compared with JPY5.15 trillion the year before, and
operating profit of JPY270 billion from an operating loss of
JPY483 billion the year before, Nikkei discloses.

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

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

The TCR-AP reported on March 21, 2017, that S&P Global Ratings
has lowered its long-term corporate credit rating on Japan-based
capital goods and diversified electronics company Toshiba Corp.
two notches to 'CCC-' from 'CCC+' and lowered the senior
unsecured debt rating three notches to 'CCC-' from 'B-'.
Both ratings remain on CreditWatch with negative implications.
Also, S&P is keeping its 'C' short-term corporate credit and
commercial paper program ratings on the company on CreditWatch
negative.  The long- and short-term ratings on Toshiba have
remained on CreditWatch with negative implications since December
2016, when S&P also lowered the long-term ratings because of the
likelihood that the company might recognize massive losses in its
U.S. nuclear power business; S&P kept them on CreditWatch
negative when it lowered the long- and short-term ratings in
January 2017.

                          About Toshiba

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

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

The TCR-AP reported on March 21, 2017, that S&P Global Ratings
has lowered its long-term corporate credit rating on Japan-based
capital goods and diversified electronics company Toshiba Corp.
two notches to 'CCC-' from 'CCC+' and lowered the senior
unsecured debt rating three notches to 'CCC-' from 'B-'.
Both ratings remain on CreditWatch with negative implications.
Also, S&P is keeping its 'C' short-term corporate credit and
commercial paper program ratings on the company on CreditWatch
negative.  The long- and short-term ratings on Toshiba have
remained on CreditWatch with negative implications since December
2016, when S&P also lowered the long-term ratings because of the
likelihood that the company might recognize massive losses in its
U.S. nuclear power business; S&P kept them on CreditWatch
negative when it lowered the long- and short-term ratings in
January 2017.


TOSHIBA CORP: Western Digital Seeks Arbitration to Block Sale
-------------------------------------------------------------
Ian King, Pavel Alpeyev and Takako Taniguchi at Bloomberg News
report that Western Digital Corp. is taking legal action to try
to guarantee a say in who gets to buy the chip unit of Toshiba
Corp., its partner in a manufacturing joint venture.

The U.S. company invoked an arbitration clause in their business
agreement, which could postpone a sale Toshiba needs to complete
quickly, Bloomberg relates. In preparation for the divestment,
the Japanese technology company transferred ownership of the unit
to a separate legal entity but didn't get permission before doing
so, according to Western Digital, Bloomberg relays. The two
should enter binding arbitration to resolve the dispute, Western
Digital said.

In response, Toshiba said it hasn't received any notice of
arbitration, and rejected claims that the process is in breach of
the joint venture agreement, according to Bloomberg.

Bloomberg says the companies are increasingly at odds as Toshiba
tries to raise cash needed to keep itself afloat following a
disastrous investment in nuclear power. The joint venture may
find itself at risk if Toshiba's chipmaking operation is snapped
up by a Western Digital competitor. Western Digital executives
have described Toshiba's situation as "desperate."

"We firmly believe that we provide Toshiba with the optimal
solution to address its challenges and that we are the best
partner to advance its legacy of technology innovation in Japan,"
the report quotes Western Digital Chief Executive Officer Steve
Milligan as saying in a statement. "Toshiba's attempt to spin out
its joint venture interests into an affiliate and then sell that
affiliate is explicitly prohibited without SanDisk's consent."

According to Bloomberg, Toshiba said in an emailed statement that
it will continue to handle the sale properly, and that Western
Digital has "no grounds" to interfere with the process.

"The possibility of this dispute delaying the chip unit sale is
bad news for Toshiba's shares," Bloomberg quotes Hideki Yasuda,
an analyst at Ace Research Institute, as saying. "Toshiba's
memory business is very appealing and has attracted a lot of
potential buyers. But Western Digital, just coming out of a major
acquisition itself, simply can't afford it and must make the most
out of its position as a joint venture partner to get to an
outcome more favorable to itself," Bloomberg relays.

                          About Toshiba

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

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

The TCR-AP reported on March 21, 2017, that S&P Global Ratings
has lowered its long-term corporate credit rating on Japan-based
capital goods and diversified electronics company Toshiba Corp.
two notches to 'CCC-' from 'CCC+' and lowered the senior
unsecured debt rating three notches to 'CCC-' from 'B-'.
Both ratings remain on CreditWatch with negative implications.
Also, S&P is keeping its 'C' short-term corporate credit and
commercial paper program ratings on the company on CreditWatch
negative.  The long- and short-term ratings on Toshiba have
remained on CreditWatch with negative implications since December
2016, when S&P also lowered the long-term ratings because of the
likelihood that the company might recognize massive losses in its
U.S. nuclear power business; S&P kept them on CreditWatch
negative when it lowered the long- and short-term ratings in
January 2017.



====================
N E W  Z E A L A N D
====================


ROSS ASSET: Collapse Prompts Insolvency Law Changes
---------------------------------------------------
BusinessDesk reports that the Ross Asset Management Ponzi scheme
and the collapse of consumer electronics retailer Dick Smith have
prompted recommended changes to insolvency law that's currently
under review.

According to BusinessDesk, the Ministry for Business, Innovation
and Employment is seeking feedback on a number of recommendations
to amend the law, including how administrators deal with Ponzi
schemes. Because the Ross Asset Management case is currently
before the Supreme Court, the MBIE paper doesn't settle on any
recommendations, saying once a judgment is reached the government
should consider changes on the presumption of a good faith
defence for an investor claiming fictitious investments, and
whether to set up a compensation scheme, the report says.

BusinessDesk relates that the paper also recommends ranking gift
vouchers on par with layby purchases after the Dick Smith
collapse highlighted the lack of consumer protection for those
holders, and proposes changes to voidable transactions, which
case law has shifted towards the interests of individual
creditors.

"The working group recommends a number of changes to the voidable
transaction regime that it believes would better balance the
competing interests of individual creditors and all creditors,"
the report quotes Commerce Minister Jacqui Dean as saying in a
statement. "I am releasing this report for consultation so I can
hear from all interested parties whether the Insolvency Working
Group's recommendations would strike the right balance between
these two important but conflicting objectives."

Last year the government announced plans to introduce a new
licensing regime for insolvency practitioners in the first step
of a broader review of the law, BusinessDesk recalls. The working
group was tasked with investigating the industry, particularly
problems with voluntary company liquidations and the use of
phoenix companies where assets are transferred to a near-
identical entity to dodge liabilities, BusinessDesk relates. It
recommended law changes after finding too many insolvency
practitioners fell well short of expected standards by
overcharging or failing to protect creditors' interests, says
BusinessDesk.

MBIE is also seeking feedback on introducing a director
identification number to help identify which companies someone is
currently associated with, or has been a director of in the past,
adds BusinessDesk.

The public has until June 23 to submit on the two papers,
BusinessDesk notes.

                        About Ross Asset

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership);
   -- Mercury Asset Management Limited (In Receivership);
   -- Dagger Nominees Limited (In Receivership);
   -- Ross Investment Management Limited (In Receivership);
   -- Ross Unit Trust Management Limited (In Receivership); and
   -- United Asset Management Limited (In Receivership).



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


MARCO POLO: Posts SGD8.2MM Net Loss in Qtr Ended Sept. 30
---------------------------------------------------------
The Strait Times reports that financially ailing marine logistics
company Marco Polo Marine has sunk deeper into the red in its
latest financial results, even as it struggles to restructure its
debt.

In its second-quarter financial results released on May 14, the
company posted an SGD8.2 million net loss, from a SGD1.2 million
net loss a year earlier, the report discloses. The worsening
bottom line came despite an 8 per cent rise in revenue to SGD12.8
million.

For the first half of the year, the company posted a net loss of
SGD4.8 million, from SGD1.1 million in the same period a year
earlier. Revenue dived 16 per cent to SGD24.3 million, The Strait
Times discloses.

According to The Strait Times, loss per share for the first half
of the year was 1.42 cents, up from a loss per share of 0.33 cent
in the previous financial year.

Net asset value per share was 46.1 cents as at March 31, down
from 47.2 cents as at Sept. 30, the report relays.

One key factor that lifted second-quarter revenue was a
17 per cent jump in shipbuilding and repair operations to SGD8.7
million, says The Strait Times.

The report adds that the company also gave an update on its
efforts to restructure its debt, as well as a push to bring in
new strategic investors.

"The company is not confident at this juncture that it would be
able to eventually bridge the gap between the expectations of the
lenders and the conditions set by the strategic investors as part
of the proposed refinancing and debt restructuring," Marco Polo,
as cited by the Strait Times, said.  "The group has also seen, in
recent days, an increasing number of reservation-of-rights
letters and demand letters, including a statutory demand, from
creditors."

The Strait Times says that in a separate announcement May 14,
Marco Polo said it would be holding informal talks with some bond
holders on May 18.

According to the report, the meeting involves investors holding
Series 001 SGD50 million 5.75 per cent bonds due in 2016.

The Strait Times says the meeting is being moderated by the
Securities Investors Association (Singapore) and will be held at
the Capital Tower in Robinson Road.

Marco Polo indicated earlier this month that it was meeting some
resistance from bankers as it sought to restructure its debt,
adds The Strait Times.

Singapore-based Marco Polo Marine Ltd (SGX:5LY) --
http://www.marcopolomarine.com.sg/-- engages in marine logistics
services. The Company's segments include Ship chartering
services, which relates to charter hire activities, and Ship
building and repair services, which relates to ship building and
ship repair activities.  Its shipping business consists of
offshore support and marine logistics services, and relates to
the chartering of offshore supply vessels (OSVs), which include
anchor handling tug supply vessels (AHTS) for deployment in the
regional waters, including the Gulf of Thailand, Malaysia,
Indonesia and Australia, as well as the chartering of tugboats
and barges to customers, which are engaged in the mining,
commodities, construction, infrastructure and land reclamation
industries.  Its shipyard business relates to ship building, as
well as the provision of ship maintenance, repair, outfitting and
conversion services that are carried out through its shipyard in
Batam, Indonesia.



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


KUMHO TIRE: Q1 Net Loss Widens to KRW60.6BB as Demand Falls
-----------------------------------------------------------
Yonhap News Agency reports that Kumho Tire Co. said on May 15
that its first-quarter losses widened from a year earlier on
lower demand from major markets.

Kumho Tire's net losses reached KRW60.6 billion (US$54 million)
for the three months ended March 31, compared with a loss of
KRW15.4 billion a year earlier, the company said in a statement,
Yonhap relays.

"Lower demand from the United States and Europe hit a blow to our
overall sales. Moreover, sharp declines in tire sales in China
amid a row over the deployment of the Terminal High Altitude Area
Defense system also drove down sales," the statement said.

Yonhap notes that South Korean companies with operations in China
have suffered declining sales due to countrywide local campaigns
against Korean products.

Yonhap says China has opposed the U.S. anti-missile system's
installation in South Korea, arguing its powerful "X-band" radar
could be used against it. Seoul and Washington have said it is
aimed at countering missile threats from North Korea.

Kumho Tire shifted to an operating loss of KRW28.2 billion in the
first quarter from an operating profit of KRW15.1 billion in the
year-ago period, Yonhap discloses. Sales fell 4.6 percent to
KRW790.9 billion from KRW701.8 billion during the same period, it
said.

Kumho Tire was placed under a creditor-led workout program in
2009 after its parent company was hit by a liquidity problem
following its takeover of Daewoo Engineering and Construction Co.
At that time, Kumho Asiana Group Chairman Park Sam-koo was given
a priority option to buy back the tiremaker should the creditors
of Kumho Tire decide to sell the company, according to Yonhap
News Agency.

The creditors signed a deal in April to sell their combined
42.01% stake in the tiremaker to Doublestar for KRW955 billion
(US$831 million), added Yonhap.



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


* BOND PRICING: For the Week May 8 to May 12, 2017
--------------------------------------------------

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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD          11.50    04/01/19      USD      1.14
ARTSONIG PTY LTD          11.50    04/01/19      USD      1.14
BOART LONGYEAR MANAGEME    7.00    04/01/21      USD     14.50
BOART LONGYEAR MANAGEME    7.00    04/01/21      USD     15.00
BOART LONGYEAR MANAGEME   10.00    10/01/18      USD     74.05
BOART LONGYEAR MANAGEME   10.00    10/01/18      USD     74.38
CML GROUP LTD              9.00    01/29/20      AUD      1.04
CRATER GOLD MINING LTD    10.00    08/18/17      AUD     20.00
HILLGROVE RESOURCES LTD    6.00    12/20/19      AUD      2.30
KEYBRIDGE CAPITAL LTD      7.00    07/31/20      AUD      0.72
LAKES OIL NL              10.00    05/31/18      AUD      8.03
MIDWEST VANADIUM PTY LT   11.50    02/15/18      USD      2.10
MIDWEST VANADIUM PTY LT   11.50    02/15/18      USD      2.10
PALADIN ENERGY LTD         7.00    03/31/20      USD     68.00
PALADIN ENERGY LTD         6.00    04/30/17      USD     70.00
RELIANCE RAIL FINANCE P    2.14    09/26/23      AUD     66.76
RELIANCE RAIL FINANCE P    2.14    09/26/23      AUD     66.76
STOKES LTD                10.00    06/30/17      AUD      0.32
TREASURY CORP OF VICTOR    0.50    11/12/30      AUD     69.91


CHINA
-----

AKESU XINCHENG ASSET IN    7.50    10/10/18      CNY     51.06
ALXA LEAGUE INFRASTRUCT    6.40    03/14/20      CNY     61.13
ANKANG DEVELOPMENT & IN    6.35    03/06/20      CNY     60.96
ANQING URBAN CONSTRUCTI    6.76    12/31/19      CNY     61.74
ANQING URBAN CONSTRUCTI    6.76    12/31/19      CNY     61.80
ANSHAN CITY CONSTRUCTIO    8.25    03/05/19      CNY     41.60
ANSHUN STATE-RUN ASSETS    6.98    01/10/20      CNY     61.56
ANSHUN STATE-RUN ASSETS    6.98    01/10/20      CNY     61.71
ANYANG INVESTMENT GROUP    8.00    04/17/19      CNY     61.87
BAICHENG ZHONGXING URBA    7.00    12/18/19      CNY     58.50
BAICHENG ZHONGXING URBA    7.00    12/18/19      CNY     61.47
BAISHAN URBAN CONSTRUCT    7.00    07/31/19      CNY     59.01
BAISHAN URBAN CONSTRUCT    7.00    07/31/19      CNY     60.42
BAODING NATIONAL HI-TEC    7.33    12/24/19      CNY     61.71
BAOJI INVESTMENT GROUP     7.14    12/26/18      CNY     51.05
BAOJI INVESTMENT GROUP     7.14    12/26/18      CNY     51.61
BAOSHAN STATE-OWNED ASS    7.30    12/10/19      CNY     60.00
BAOSHAN STATE-OWNED ASS    7.30    12/10/19      CNY     62.02
BAOTOU STATE OWNED ASSE    7.03    09/17/19      CNY     61.59
BAYANNUR URBAN DEVELOPM    6.40    03/15/20      CNY     61.20
BAYANNUR URBAN DEVELOPM    6.40    03/15/20      CNY     61.53
BAYINGUOLENG INNER MONG    7.48    09/10/18      CNY     50.01
BAYINGUOLENG INNER MONG    7.48    09/10/18      CNY     51.02
BEIJING CAPITAL DEVELOP    5.95    05/29/19      CNY     60.77
BEIJING CHAOYANG STATE-    5.25    03/27/20      CNY     60.44
BEIJING CHAOYANG STATE-    5.25    03/27/20      CNY     74.40
BEIJING CONSTRUCTION EN    5.95    07/05/19      CNY     59.30
BEIJING CONSTRUCTION EN    5.95    07/05/19      CNY     60.61
BEIJING ECONOMIC TECHNO    5.29    03/06/18      CNY     40.27
BEIJING GUCAI GROUP CO     8.28    12/15/18      CNY     72.89
BEIJING XINGZHAN STATE     6.48    08/31/19      CNY     61.19
BENGBU URBAN INVESTMENT    5.78    08/10/17      CNY     30.03
BIJIE XINTAI INVESTMENT    7.15    08/20/19      CNY     61.77
BINZHOU BINCHENG DISTRI    6.50    07/05/19      CNY     60.99
C&D REAL ESTATE CO LTD     6.15    04/03/20      CNY     61.50
CANGZHOU CONSTRUCTION &    6.72    01/23/20      CNY     61.72
CHANGDE CITY CONSTRUCTI    6.50    02/25/20      CNY     61.51
CHANGDE CITY CONSTRUCTI    6.50    02/25/20      CNY     61.64
CHANGDE ECONOMIC DEVELO    7.19    09/12/19      CNY     61.76
CHANGDE ECONOMIC DEVELO    7.19    09/12/19      CNY     61.97
CHANGSHA CITY CONSTRUCT    6.95    04/24/19      CNY     55.60
CHANGSHA CITY CONSTRUCT    6.95    04/24/19      CNY     61.24
CHANGSHA COUNTY XINGCHE    8.35    04/06/19      CNY     41.70
CHANGSHA COUNTY XINGCHE    8.35    04/06/19      CNY     41.99
CHANGSHA HIGH TECHNOLOG    7.30    11/22/17      CNY     40.30
CHANGSHA PILOT INVESTME    6.70    12/10/19      CNY     61.75
CHANGSHU BINJIANG URBAN    6.85    04/27/19      CNY     61.03
CHANGSHU CITY OPERATION    8.00    01/16/19      CNY     40.41
CHANGSHU CITY OPERATION    8.00    01/16/19      CNY     41.50
CHANGXING URBAN CONSTRU    6.80    11/30/19      CNY     61.27
CHANGXING URBAN CONSTRU    6.80    11/30/19      CNY     61.78
CHANGYI ECONOMIC AND DE    7.35    10/30/20      CNY     72.80
CHANGZHI CITY CONSTRUCT    6.46    02/26/20      CNY     61.06
CHANGZHOU HI-TECH GROUP    6.18    03/21/20      CNY     61.14
CHANGZHOU HI-TECH GROUP    6.18    03/21/20      CNY     62.11
CHANGZHOU JINTAN DISTRI    8.30    03/14/19      CNY     41.57
CHANGZHOU JINTAN DISTRI    8.30    03/14/19      CNY     41.80
CHANGZHOU WUJIN CITY CO    6.22    06/08/18      CNY     50.00
CHANGZHOU WUJIN CITY CO    6.22    06/08/18      CNY     50.40
CHAOHU URBAN TOWN CONST    7.00    12/24/19      CNY     61.58
CHAOHU URBAN TOWN CONST    7.00    12/24/19      CNY     61.73
CHAOYANG CONSTRUCTION I    7.30    05/25/19      CNY     61.36
CHENGDU CITY DEVELOPMEN    6.18    01/14/20      CNY     61.31
CHENGDU CITY DEVELOPMEN    6.18    01/14/20      CNY     61.50
CHENGDU ECONOMIC&TECHNO    6.50    07/17/18      CNY     50.52
CHENGDU ECONOMIC&TECHNO    6.50    07/17/18      CNY     50.53
CHENGDU ECONOMIC&TECHNO    6.55    07/17/19      CNY     61.14
CHENGDU ECONOMIC&TECHNO    6.55    07/17/19      CNY     61.37
CHENGDU HI-TECH INVESTM    6.28    11/20/19      CNY     61.15
CHENGDU HI-TECH INVESTM    6.28    11/20/19      CNY     61.30
CHENGDU XINCHENG XICHEN    8.35    03/19/19      CNY     41.26
CHENGDU XINCHENG XICHEN    8.35    03/19/19      CNY     41.66
CHENGDU XINDU XIANGCHEN    8.60    12/13/18      CNY     72.76
CHENGDU XINGCHENG INVES    6.17    01/28/20      CNY     61.50
CHENGDU XINGCHENG INVES    6.17    01/28/20      CNY     61.74
CHENGDU XINGJIN URBAN C    7.30    11/27/19      CNY     61.78
CHENGDU XINGJIN URBAN C    7.30    11/27/19      CNY     62.11
CHENZHOU URBAN CONSTRUC    7.34    09/13/19      CNY     61.89
CHIFENG CITY CONSTRUCTI    6.18    05/18/17      CNY     50.05
CHIFENG CITY HONGSHAN I    7.20    07/25/19      CNY     60.93
CHINA CITY CONSTRUCTION    4.93    07/14/20      CNY     40.38
CHINA CITY CONSTRUCTION    5.55    12/17/17      CNY     40.38
CHINA GOVERNMENT BOND      1.64    12/15/33      CNY     74.11
CHIZHOU CITY MANAGEMENT    7.17    10/17/19      CNY     61.60
CHIZHOU CITY MANAGEMENT    7.17    10/17/19      CNY     61.66
CHONGQING BEIFEI INDUST    7.13    12/25/19      CNY     62.09
CHONGQING CHANGSHOU DEV    7.45    09/25/19      CNY     61.72
CHONGQING CHANGSHOU DEV    7.45    09/25/19      CNY     61.79
CHONGQING FULING DISTRI    8.40    03/23/19      CNY     73.05
CHONGQING FULING DISTRI    8.40    03/23/19      CNY     73.06
CHONGQING FULING STATE-    6.39    01/21/20      CNY     61.36
CHONGQING HECHUAN RURAL    8.28    04/10/18      CNY     25.63
CHONGQING HECHUAN URBAN    6.95    01/06/18      CNY     40.55
CHONGQING HONGRONG CAPI    7.20    10/16/19      CNY     61.92
CHONGQING JIANGJIN HUAX    6.95    01/06/18      CNY     40.48
CHONGQING JIANGJIN HUAX    7.46    09/21/19      CNY     61.71
CHONGQING JIANGJIN HUAX    7.46    09/21/19      CNY     61.77
CHONGQING JINYUN ASSET     6.75    06/18/19      CNY     60.85
CHONGQING JINYUN ASSET     6.75    06/18/19      CNY     60.93
CHONGQING LAND PROPERTI    7.35    04/25/19      CNY     61.66
CHONGQING LAND PROPERTI    7.35    04/25/19      CNY     61.89
CHONGQING MAIRUI CITY I    6.82    08/17/19      CNY     61.13
CHONGQING NAN'AN URBAN     6.29    12/24/17      CNY     39.92
CHONGQING NAN'AN URBAN     8.20    04/09/19      CNY     41.62
CHONGQING NANCHUAN DIST    7.35    09/06/19      CNY     61.53
CHONGQING NANCHUAN DIST    7.35    09/06/19      CNY     61.75
CHONGQING QIANJIANG CIT    8.40    03/23/19      CNY     73.10
CHONGQING QIANJIANG CIT    8.40    03/23/19      CNY     73.11
CHONGQING QIJIANG EAST     6.75    01/29/20      CNY     61.65
CHONGQING THREE GORGES     6.40    01/23/19      CNY     50.93
CHONGQING XINGRONG HOLD    8.35    04/19/19      CNY     60.30
CHONGQING XINGRONG HOLD    8.35    04/19/19      CNY     61.82
CHONGQING XIYONG MICRO-    6.76    07/25/19      CNY     61.43
CHONGQING YONGCHUAN HUI    7.49    03/14/18      CNY     40.97
CHONGQING YONGCHUAN HUI    7.33    10/16/19      CNY     61.94
CHONGQING YONGCHUAN HUI    7.33    10/16/19      CNY     62.06
CHONGQING YUFU ASSET MA    6.50    09/04/19      CNY     61.52
CHONGQING YULONG ASSET     6.87    05/31/19      CNY     61.36
CHONGQING YUXING CONSTR    7.29    12/08/17      CNY     40.57
CHONGQING YUXING CONSTR    7.30    12/10/19      CNY     61.82
CHONGQING YUXING CONSTR    7.30    12/10/19      CNY     62.13
CHUXIONG AUTONOMOUS DEV    6.08    10/18/17      CNY     50.21
CHUXIONG AUTONOMOUS DEV    6.60    03/29/20      CNY     61.24
CHUZHOU CITY CONSTRUCTI    6.81    11/23/19      CNY     61.30
CHUZHOU CITY CONSTRUCTI    6.81    11/23/19      CNY     61.31
CHUZHOU TONGCHUANG CONS    7.05    01/09/20      CNY     56.30
CHUZHOU TONGCHUANG CONS    7.05    01/09/20      CNY     62.07
CIXI STATE OWNED ASSET     6.60    09/20/19      CNY     61.28
DALI ECONOMIC DEVELOPME    8.80    04/24/19      CNY     62.11
DALIAN CHANGXING ISLAND    6.60    01/25/20      CNY     60.87
DALIAN CHANGXING ISLAND    6.60    01/25/20      CNY     64.00
DALIAN DETA INVESTMENT     6.50    11/15/19      CNY     61.45
DALIAN LVSHUN CONSTRUCT    6.78    07/02/19      CNY     60.98
DALIAN LVSHUN CONSTRUCT    6.78    07/02/19      CNY     61.26
DALIAN MACHINE TOOL GRO    7.00    07/30/18      CNY     53.94
DALIAN RONGQIANG INVEST    8.60    03/30/19      CNY     73.53
DANDONG CITY DEVELOPMEN    5.84    09/06/17      CNY     39.96
DANDONG CITY DEVELOPMEN    6.63    12/21/18      CNY     70.45
DANYANG INVESTMENT GROU    8.10    03/06/19      CNY     41.52
DAQING GAOXIN STATE-OWN    6.88    12/05/19      CNY     61.84
DAQING GAOXIN STATE-OWN    6.88    12/05/19      CNY     63.00
DAQING URBAN CONSTRUCTI    6.55    10/23/19      CNY     61.36
DASHIQIAO URBAN CONSTRU    6.58    02/21/20      CNY     60.90
DASHIQIAO URBAN CONSTRU    6.58    02/21/20      CNY     61.27
DATONG ECONOMIC CONSTRU    6.50    06/01/17      CNY     39.60
DATONG ECONOMIC CONSTRU    6.50    06/01/17      CNY     40.04
DAXING ANLING FORESTRY     7.08    10/23/19      CNY     31.17
DAXING ANLING FORESTRY     7.08    10/23/19      CNY     61.39
DAZHOU INVESTMENT CO LT    6.99    12/25/19      CNY     61.65
DAZHOU INVESTMENT CO LT    6.99    12/25/19      CNY     61.80
DEYANG CITY CONSTRUCTIO    6.99    12/26/19      CNY     61.55
DEYANG CITY CONSTRUCTIO    6.99    12/26/19      CNY     61.93
DEZHOU DEDA URBAN CONST    7.14    10/18/19      CNY     62.07
DONGBEI SPECIAL STEEL G    6.10    01/15/18      CNY     40.00
DONGBEI SPECIAL STEEL G    7.40    07/17/17      CNY     40.00
DONGBEI SPECIAL STEEL G    6.50    03/27/16      CNY     40.00
DONGBEI SPECIAL STEEL G    7.00    07/10/16      CNY     40.00
DONGBEI SPECIAL STEEL G    6.30    09/24/16      CNY     40.00
DONGBEI SPECIAL STEEL G    5.88    05/05/16      CNY     40.00
DONGBEI SPECIAL STEEL G    5.63    04/12/18      CNY     40.00
DONGBEI SPECIAL STEEL G    8.30    09/06/16      CNY     40.00
DONGBEI SPECIAL STEEL G    8.20    06/06/16      CNY     40.00
DONGTAI COMMUNICATION I    7.39    07/05/18      CNY     50.51
DONGTAI COMMUNICATION I    7.39    07/05/18      CNY     50.62
DONGTAI UBAN CONSTRUCTI    7.10    12/26/19      CNY     61.95
DONGTAI UBAN CONSTRUCTI    7.10    12/26/19      CNY     62.08
DONGYING CITY URBAN ASS    6.75    04/20/18      CNY     70.75
DRILL RIGS HOLDINGS INC    6.50    10/01/17      USD     29.00
DRILL RIGS HOLDINGS INC    6.50    10/01/17      USD     29.75
ENSHI URBAN CONSTRUCTIO    7.55    10/22/19      CNY     62.23
ERDOS DONGSHENG CITY DE    8.40    02/28/18      CNY     25.06
EZHOU CITY CONSTRUCTION    7.08    06/19/19      CNY     61.13
FEICHENG CITY ASSETS MA    7.10    08/14/18      CNY     50.83
FENGHUA CITY INVESTMENT    7.45    09/24/19      CNY     62.01
FUJIAN LONGYAN CITY CON    7.45    08/14/19      CNY     61.70
FUJIAN NANPING HIGHWAY     6.69    01/28/20      CNY     61.36
FUJIAN NANPING HIGHWAY     6.69    01/28/20      CNY     61.51
FUJIAN NANPING HIGHWAY     7.90    10/26/18      CNY     72.33
FUQING CITY STATE-OWNED    6.66    03/01/21      CNY     72.88
FUSHUN URBAN INVESTMENT    5.95    05/11/18      CNY     70.25
FUXIN INFRASTRUCTURE CO    7.55    10/10/19      CNY     60.00
FUXIN INFRASTRUCTURE CO    7.55    10/10/19      CNY     61.97
FUZHOU INVESTMENT DEVEL    7.75    02/28/18      CNY     50.51
FUZHOU INVESTMENT DEVEL    6.78    01/16/20      CNY     61.85
FUZHOU URBAN AND RURAL     6.35    09/25/18      CNY     50.67
FUZHOU URBAN AND RURAL     6.35    09/25/18      CNY     51.00
GANSU PROVINCIAL HIGHWA    6.75    11/16/18      CNY     71.24
GANSU PROVINCIAL HIGHWA    7.20    09/19/18      CNY     71.75
GANZHOU CITY DEVELOPMEN    6.40    07/10/18      CNY     50.00
GANZHOU CITY DEVELOPMEN    6.40    07/10/18      CNY     50.64
GANZHOU DEVELOPMENT ZON    6.70    12/26/18      CNY     50.84
GANZHOU DEVELOPMENT ZON    6.70    12/26/18      CNY     51.05
GAOMI STATE-OWNED ASSET    6.75    11/15/18      CNY     50.74
GAOMI STATE-OWNED ASSET    6.75    11/15/18      CNY     50.97
GAOMI STATE-OWNED ASSET    6.70    11/15/19      CNY     61.29
GAOMI STATE-OWNED ASSET    6.70    11/15/19      CNY     61.34
GONGYI STATE OWNED ASSE    6.70    01/18/20      CNY     60.59
GONGYI STATE OWNED ASSE    6.70    01/18/20      CNY     61.06
GUANG ZHOU PANYU COMMUN    6.30    04/12/19      CNY     50.95
GUANG ZHOU PANYU COMMUN    6.30    04/12/19      CNY     50.96
GUANGAN INVESTMENT HOLD    8.18    04/25/19      CNY     60.01
GUANGAN INVESTMENT HOLD    8.18    04/25/19      CNY     61.99
GUANGXI BAISE DEVELOPME    6.50    07/04/19      CNY     60.78
GUANGXI BAISE DEVELOPME    6.50    07/04/19      CNY     60.79
GUANGXI LAIBIN URBAN CO    8.36    03/14/19      CNY     71.01
GUANGXI LAIBIN URBAN CO    8.36    03/14/19      CNY     73.21
GUANGYUAN INVESTMENT HO    7.25    11/26/19      CNY     61.01
GUANGYUAN INVESTMENT HO    7.25    11/26/19      CNY     61.70
GUILIN ECONOMIC CONSTRU    6.90    05/09/18      CNY     50.35
GUILIN ECONOMIC CONSTRU    6.90    05/09/18      CNY     50.55
GUIYANG ECO&TECH DEVELO    8.42    03/27/19      CNY     41.83
GUIYANG JINYANG CONSTRU    6.70    10/24/18      CNY     46.90
GUIYANG JINYANG CONSTRU    6.70    10/24/18      CNY     50.69
GUIYANG PUBLIC RESIDENT    6.70    11/06/19      CNY     61.33
GUIYANG PUBLIC RESIDENT    6.70    11/06/19      CNY     62.00
GUIYANG URBAN DEVELOPME    6.20    02/28/20      CNY     60.66
GUOAO INVESTMENT DEVELO    6.89    10/29/18      CNY     44.40
GUOAO INVESTMENT DEVELO    6.89    10/29/18      CNY     50.74
HAIAN COUNTY CITY CONST    8.35    03/28/18      CNY     25.05
HAIAN COUNTY CITY CONST    8.35    03/28/18      CNY     25.69
HAICHENG URBAN INVESTME    8.39    11/07/18      CNY     71.30
HAICHENG URBAN INVESTME    8.39    11/07/18      CNY     72.40
HAIMEN CITY DEVELOPMENT    8.35    03/20/19      CNY     41.00
HAIMEN CITY DEVELOPMENT    8.35    03/20/19      CNY     41.64
HAINING STATE-OWNED ASS    6.08    03/06/20      CNY     61.42
HAINING STATE-OWNED ASS    7.80    09/20/18      CNY     71.85
HAINING STATE-OWNED ASS    7.80    09/20/18      CNY     72.07
HANDAN CITY CONSTRUCTIO    7.05    12/24/19      CNY     61.97
HANDAN CITY CONSTRUCTIO    7.05    12/24/19      CNY     62.00
HANGZHOU CANAL COMPREHE    6.00    04/02/20      CNY     61.05
HANGZHOU CANAL COMPREHE    6.00    04/02/20      CNY     81.00
HANGZHOU HIGH-TECH INDU    6.45    01/28/20      CNY     61.13
HANGZHOU HIGH-TECH INDU    6.45    01/28/20      CNY     61.52
HANGZHOU MUNICIPAL CONS    5.90    04/25/18      CNY     50.20
HANGZHOU MUNICIPAL CONS    5.90    04/25/18      CNY     50.28
HANGZHOU XIAOSHAN ECO&T    6.70    12/26/18      CNY     51.04
HANGZHOU YUHANG CITY CO    7.55    03/29/19      CNY     40.50
HANGZHOU YUHANG CITY CO    7.55    03/29/19      CNY     41.33
HANGZHOU YUHANG INNOVAT    6.50    03/18/20      CNY     62.01
HANGZHOU YUHANG INNOVAT    6.50    03/18/20      CNY     82.80
HANZHONG CITY CONSTRUCT    7.48    03/14/18      CNY     40.30
HANZHONG CITY CONSTRUCT    7.48    03/14/18      CNY     40.89
HARBIN HELI INVESTMENT     7.48    09/26/18      CNY     71.52
HARBIN HELI INVESTMENT     7.48    09/26/18      CNY     71.75
HEBEI SHUNDE INVESTMENT    6.98    12/05/19      CNY     61.59
HEBEI SHUNDE INVESTMENT    6.98    12/05/19      CNY     61.69
HEFEI GAOXIN DEVELOPMEN    7.98    03/22/19      CNY     72.75
HEFEI GAOXIN DEVELOPMEN    7.98    03/22/19      CNY     72.76
HEFEI HAIHENG INVESTMEN    7.30    06/12/19      CNY     61.61
HEFEI INDUSTRIAL INVEST    6.30    03/20/20      CNY     61.42
HEFEI INDUSTRIAL INVEST    6.30    03/20/20      CNY     81.75
HEFEI TAOHUA INDUSTRIAL    8.79    03/27/19      CNY     40.30
HEFEI TAOHUA INDUSTRIAL    8.79    03/27/19      CNY     42.06
HEFEI XINCHENG STATE-OW    7.88    04/23/19      CNY     61.45
HEFEI XINCHENG STATE-OW    7.88    04/23/19      CNY     61.53
HEGANG KAIYUAN CITY INV    6.50    07/19/19      CNY     61.31
HEIHE CITY CONSTRUCTION    8.48    03/23/19      CNY     73.50
HENAN JIYUAN CITY CONST    7.50    09/25/19      CNY     61.90
HENGYANG CITY CONSTRUCT    7.06    08/13/19      CNY     61.84
HEYUAN CITY URBAN DEVEL    6.55    03/19/20      CNY     61.15
HEYUAN CITY URBAN DEVEL    6.55    03/19/20      CNY     81.85
HUAIAN CITY URBAN ASSET    6.87    12/26/19      CNY     62.09
HUAIAN CITY URBAN ASSET    6.87    12/26/19      CNY     62.80
HUAIAN CITY WATER ASSET    8.25    03/08/19      CNY     40.51
HUAIAN CITY WATER ASSET    8.25    03/08/19      CNY     41.85
HUAI'AN DEVELOPMENT HOL    7.20    09/06/19      CNY     61.83
HUAIAN QINGHE NEW AREA     6.79    04/29/17      CNY     40.00
HUAIAN QINGHE NEW AREA     6.68    01/24/20      CNY     61.52
HUAIAN QINGHE NEW AREA     6.68    01/24/20      CNY     61.53
HUAIBEI CITY CONSTRUCTI    6.68    12/17/18      CNY     50.50
HUAIBEI CITY CONSTRUCTI    6.68    12/17/18      CNY     51.04
HUAIHUA CITY CONSTRUCTI    8.00    03/22/18      CNY     25.50
HUAIHUA CITY CONSTRUCTI    8.00    03/22/18      CNY     25.58
HUANGGANG CITY CONSTRUC    7.10    10/19/19      CNY     61.53
HUANGGANG CITY CONSTRUC    7.10    10/19/19      CNY     62.06
HUANGSHI URBAN CONSTRUC    6.96    10/25/19      CNY     61.42
HUIAN STATE ASSETS INVE    7.50    10/15/19      CNY     61.91
HULUDAO INVESTMENT GROU    8.47    03/01/19      CNY     61.20
HUNAN CHANGDE DEYUAN IN    7.18    10/18/18      CNY     51.13
HUNAN CHENGLINGJI HARBO    7.70    10/15/18      CNY     51.20
HUNAN CHENGLINGJI HARBO    7.70    10/15/18      CNY     51.25
HUNAN ZHAOSHAN ECONOMIC    7.00    12/12/18      CNY     50.92
HUNAN ZHAOSHAN ECONOMIC    7.00    12/12/18      CNY     50.93
HUZHOU NANXUN STATE-OWN    8.15    03/31/19      CNY     41.75
HUZHOU URBAN CONSTRUCTI    7.02    12/21/17      CNY     40.50
HUZHOU URBAN CONSTRUCTI    6.70    12/14/19      CNY     61.27
HUZHOU WUXING NANTAIHU     7.71    02/17/18      CNY     40.81
INNER MONGOLIA HIGH-TEC    7.20    09/25/19      CNY     60.01
INNER MONGOLIA HIGH-TEC    7.20    09/25/19      CNY     61.41
JIAMUSI NEW ERA INFRAST    8.25    03/22/19      CNY     40.51
JIAMUSI NEW ERA INFRAST    8.25    03/22/19      CNY     41.68
JIAN CITY CONSTRUCTION     7.80    04/20/19      CNY     60.51
JIAN CITY CONSTRUCTION     7.80    04/20/19      CNY     61.79
JIANAN INVESTMENT HOLDI    7.68    09/04/19      CNY     61.50
JIANAN INVESTMENT HOLDI    7.68    09/04/19      CNY     61.97
JIANGDONG HOLDING GROUP    6.90    03/27/19      CNY     41.13
JIANGDU XINYUAN INDUSTR    8.10    03/23/19      CNY     40.01
JIANGDU XINYUAN INDUSTR    8.10    03/23/19      CNY     41.69
JIANGMEN CITY BINJIANG     6.60    02/28/20      CNY     62.00
JIANGSU DAFENG HARBOR H    7.98    11/15/17      CNY     50.01
JIANGSU HANRUI INVESTME    8.16    03/01/19      CNY     41.00
JIANGSU HANRUI INVESTME    8.16    03/01/19      CNY     41.74
JIANGSU HUAJING ASSETS     5.68    09/28/17      CNY     25.00
JIANGSU JINGUAN INVESTM    6.40    01/28/19      CNY     50.76
JIANGSU LIANYUN DEVELOP    6.10    06/19/19      CNY     60.51
JIANGSU LIANYUN DEVELOP    6.10    06/19/19      CNY     60.82
JIANGSU NANJING PUKOU E    7.10    10/08/19      CNY     61.28
JIANGSU NANJING PUKOU E    7.10    10/08/19      CNY     61.47
JIANGSU NEWHEADLINE DEV    7.00    08/27/20      CNY     72.06
JIANGSU NEWHEADLINE DEV    7.00    08/27/20      CNY     72.55
JIANGSU SUHAI INVESTMEN    7.20    11/07/19      CNY     60.01
JIANGSU SUHAI INVESTMEN    7.20    11/07/19      CNY     61.70
JIANGSU TAICANG PORT DE    7.66    05/16/19      CNY     61.83
JIANGSU WUZHONG ECONOMI    8.05    12/16/18      CNY     72.68
JIANGSU WUZHONG ECONOMI    8.05    12/16/18      CNY     73.42
JIANGSU XISHAN ECONOMIC    6.99    11/01/19      CNY     61.66
JIANGSU ZHANGJIAGANG EC    6.98    11/16/19      CNY     61.78
JIANGXI HEJI INVESTMENT    8.00    09/04/19      CNY     62.04
JIANGXI HEJI INVESTMENT    8.00    09/04/19      CNY     62.37
JIANGYAN STATE OWNED AS    6.85    12/03/19      CNY     61.39
JIANGYIN CITY CONSTRUCT    7.20    06/11/19      CNY     60.00
JIANGYIN CITY CONSTRUCT    7.20    06/11/19      CNY     61.53
JIANGYIN GAOXIN DISTRIC    6.60    02/27/20      CNY     61.89
JIANHU URBAN CONSTRUCTI    6.50    02/22/20      CNY     61.16
JIANHU URBAN CONSTRUCTI    6.50    02/22/20      CNY     61.62
JIASHAN STATE-OWNED ASS    6.80    06/06/19      CNY     61.56
JIAXING CULTURE FAMOUS     8.16    03/08/19      CNY     41.76
JIAXING ECONOMIC&TECHNO    6.78    06/14/19      CNY     60.90
JIAXING ECONOMIC&TECHNO    6.78    06/14/19      CNY     61.33
JILIN CITY CONSTRUCTION    6.34    02/26/20      CNY     61.16
JILIN CITY CONSTRUCTION    6.34    02/26/20      CNY     61.29
JINAN CITY CONSTRUCTION    6.98    03/26/18      CNY     25.15
JINAN CITY CONSTRUCTION    6.98    03/26/18      CNY     25.61
JINAN XIAOQINGHE DEVELO    7.15    09/05/19      CNY     61.64
JINAN XIAOQINGHE DEVELO    7.15    09/05/19      CNY     61.83
JINGDEZHEN STATE-OWNED     7.48    03/23/18      CNY     50.51
JINGDEZHEN STATE-OWNED     7.48    03/23/18      CNY     51.11
JINGJIANG BINJIANG XINC    6.80    10/23/18      CNY     50.87
JINGJIANG BINJIANG XINC    6.80    10/23/18      CNY     50.87
JINGZHOU URBAN CONSTRUC    7.98    04/24/19      CNY     61.62
JINING CITY CONSTRUCTIO    8.30    12/31/18      CNY     41.68
JINING CITY YANZHOU DIS    8.50    12/28/17      CNY     25.59
JINING HI-TECH TOWN CON    6.60    01/28/20      CNY     61.37
JINING HI-TECH TOWN CON    6.60    01/28/20      CNY     61.80
JINING WATER SUPPLY GRO    7.18    01/22/20      CNY     62.17
JINSHAN STATE-OWNED ASS    6.65    11/27/19      CNY     61.71
JINZHONG CITY PUBLIC IN    6.50    03/18/20      CNY     61.96
JINZHOU CITY INVESTMENT    7.08    06/13/19      CNY     61.21
JINZHOU CITY INVESTMENT    7.08    06/13/19      CNY     61.21
JISHOU HUATAI STATE OWN    7.37    12/12/19      CNY     61.81
JIUJIANG CITY CONSTRUCT    8.49    02/23/19      CNY     40.30
JIUJIANG CITY CONSTRUCT    8.49    02/23/19      CNY     41.99
JIUJIANG FUHE CONSTRUCT    6.10    03/19/19      CNY     50.31
JIUJIANG FUHE CONSTRUCT    6.10    03/19/19      CNY     50.42
JIUJIANG STATE-OWNED AS    6.68    03/07/20      CNY     61.83
JIXI STATE OWN ASSET MA    7.18    11/08/19      CNY     61.65
JIXI STATE OWN ASSET MA    7.18    11/08/19      CNY     61.79
KAIFENG DEVELOPMENT INV    6.47    07/11/19      CNY     61.13
KARAMAY URBAN CONSTRUCT    7.15    09/04/19      CNY     61.41
KARAMAY URBAN CONSTRUCT    7.15    09/04/19      CNY     61.74
KASHI URBAN CONSTRUCTIO    7.18    11/27/19      CNY     61.98
KUNMING CITY CONSTRUCTI    7.60    04/13/18      CNY     25.31
KUNMING CITY CONSTRUCTI    7.60    04/13/18      CNY     25.65
KUNMING DIANCHI INVESTM    6.50    02/01/20      CNY     61.50
KUNMING INDUSTRIAL DEVE    6.46    10/23/19      CNY     61.17
KUNMING INDUSTRIAL DEVE    6.46    10/23/19      CNY     61.31
KUNMING WUHUA DISTRICT     8.60    03/15/18      CNY     25.67
KUNMING WUHUA DISTRICT     8.60    03/15/18      CNY     25.78
KUNSHAN ENTREPRENEUR HO    6.28    11/07/19      CNY     61.39
KUNSHAN HUAQIAO INTERNA    7.98    12/30/18      CNY     41.51
LAIWU CITY ECONOMIC DEV    6.50    03/01/18      CNY     30.34
LANZHOU CITY DEVELOPMEN    8.20    12/15/18      CNY     69.50
LANZHOU CITY DEVELOPMEN    8.20    12/15/18      CNY     69.51
LEQING CITY STATE OWNED    6.50    06/29/19      CNY     61.01
LESHAN STATE-OWNED ASSE    6.99    03/18/18      CNY     40.60
LESHAN STATE-OWNED ASSE    6.99    03/18/18      CNY     40.82
LIAONING YAODU DEVELOPM    7.35    12/12/19      CNY     60.86
LIAOYANG CITY ASSETS OP    7.10    11/13/19      CNY     61.63
LIAOYANG CITY ASSETS OP    6.88    06/13/18      CNY     65.74
LIAOYUAN STATE-OWNED AS    8.17    03/13/19      CNY     40.01
LIAOYUAN STATE-OWNED AS    8.17    03/13/19      CNY     41.69
LIJIANG GUCHENG MANAGEM    6.68    07/26/19      CNY     61.18
LINAN CITY CONSTRUCTION    8.15    03/09/18      CNY     25.60
LINAN CITY CONSTRUCTION    8.15    03/09/18      CNY     25.62
LINCANG STATE-OWNED ASS    6.58    04/11/20      CNY     61.18
LINHAI CITY INFRASTRUCT    6.30    03/21/20      CNY     60.50
LINHAI CITY INFRASTRUCT    6.30    03/21/20      CNY     61.35
LINYI CITY ASSET MANAGE    6.68    12/12/19      CNY     61.66
LINYI CITY ASSET MANAGE    6.80    03/24/20      CNY     72.50
LINYI ECONOMIC DEVELOPM    8.26    09/24/19      CNY     62.73
LINYI INVESTMENT DEVELO    8.10    03/27/18      CNY     25.80
LIUPANSHUI DEVELOPMENT     6.97    12/03/19      CNY     61.77
LIUZHOU DONGCHENG INVES    8.30    02/15/19      CNY     40.51
LIUZHOU DONGCHENG INVES    8.30    02/15/19      CNY     41.82
LIUZHOU INVESTMENT HOLD    6.98    08/15/19      CNY     61.10
LIYANG CITY CONSTRUCTIO    6.20    03/08/20      CNY     61.25
LIYANG CITY CONSTRUCTIO    8.20    11/08/18      CNY     68.52
LONGHAI STATE-OWNED ASS    8.25    12/02/17      CNY     40.77
LONGHAI STATE-OWNED ASS    8.25    12/02/17      CNY     41.00
LOUDI CITY CONSTRUCTION    7.28    10/19/18      CNY     50.87
LOUDI CITY CONSTRUCTION    7.28    10/19/18      CNY     51.15
LUOHE CITY CONSTRUCTION    6.99    10/30/19      CNY     61.70
LUOYANG CITY DEVELOPMEN    6.89    12/31/19      CNY     62.14
MAANSHAN ECONOMIC TECHN    7.10    12/20/19      CNY     61.06
MIANYANG INVESTMENT HOL    7.70    03/26/19      CNY     71.60
MIANYANG INVESTMENT HOL    7.70    03/26/19      CNY     72.50
MIANYANG SCIENCE TECHNO    6.30    07/22/18      CNY     52.89
MIANYANG SCIENCE TECHNO    7.16    05/15/19      CNY     59.10
MIANYANG SCIENCE TECHNO    7.16    05/15/19      CNY     61.28
MINXIXINGHANG STATE-OWN    6.20    03/26/19      CNY     50.78
MINXIXINGHANG STATE-OWN    6.20    03/26/19      CNY     51.01
MUDANJIANG STATE-OWNED     7.08    08/30/19      CNY     61.14
MUDANJIANG STATE-OWNED     7.08    08/30/19      CNY     61.17
NANAN CITY TRADE INDUST    8.50    04/25/19      CNY     62.00
NANCHANG CITY CONSTRUCT    6.19    02/20/20      CNY     61.73
NANCHANG CITY CONSTRUCT    6.19    02/20/20      CNY     82.30
NANCHANG ECONOMY TECHNO    6.88    01/09/20      CNY     62.67
NANCHANG MUNICIPAL PUBL    5.88    02/25/20      CNY     61.11
NANCHONG DEVELOPMENT IN    6.69    01/28/20      CNY     60.75
NANCHONG DEVELOPMENT IN    6.69    01/28/20      CNY     61.64
NANCHONG ECONOMIC DEVEL    8.16    04/26/19      CNY     61.84
NANJING JIANGNING SCIEN    7.29    04/28/19      CNY     61.38
NANJING NEW&HIGH TECHNO    6.94    09/07/19      CNY     61.26
NANJING NEW&HIGH TECHNO    6.94    09/07/19      CNY     61.46
NANJING STATE OWNED ASS    5.40    03/06/20      CNY     60.58
NANJING STATE OWNED ASS    5.40    03/06/20      CNY     81.85
NANJING URBAN CONSTRUCT    5.68    11/26/18      CNY     50.75
NANJING URBAN CONSTRUCT    5.68    11/26/18      CNY     50.96
NANJING XINGANG DEVELOP    6.80    01/08/20      CNY     61.00
NANJING XINGANG DEVELOP    6.80    01/08/20      CNY     61.88
NANTONG CITY GANGZHA DI    7.15    01/09/20      CNY     61.97
NANTONG CITY GANGZHA DI    7.15    01/09/20      CNY     62.29
NANTONG CITY TONGZHOU D    6.80    05/28/19      CNY     61.00
NANTONG CITY TONGZHOU D    6.80    05/28/19      CNY     61.31
NEIJIANG INVESTMENT HOL    7.00    07/19/18      CNY     50.63
NEIJIANG INVESTMENT HOL    7.00    07/19/18      CNY     50.67
NEIMENGGU XINLINGOL XIN    7.62    02/25/18      CNY     40.76
NINGBO CITY YINZHOU CIT    6.50    03/18/20      CNY     61.78
NINGBO EASTERN NEW TOWN    6.45    01/21/20      CNY     61.36
NINGBO URBAN CONSTRUCTI    7.39    03/01/18      CNY     25.56
NINGBO URBAN CONSTRUCTI    7.39    03/01/18      CNY     25.57
NINGBO ZHENHAI HAIJIANG    6.65    11/28/18      CNY     50.97
NINGDE CITY STATE-OWNED    6.25    10/21/17      CNY      9.98
NONGGONGSHANG REAL ESTA    6.29    10/11/17      CNY     40.12
PANJIN CONSTRUCTION INV    7.50    05/17/19      CNY     60.10
PANJIN CONSTRUCTION INV    7.42    03/01/18      CNY     61.13
PANJIN CONSTRUCTION INV    7.50    05/17/19      CNY     61.34
PANJIN PETROLEUM HIGH T    6.95    01/10/20      CNY     61.25
PANJIN PETROLEUM HIGH T    6.95    01/10/20      CNY     61.57
PEIXIAN STATE-OWNED ASS    7.20    12/06/19      CNY     61.79
PEIXIAN STATE-OWNED ASS    7.20    12/06/19      CNY     62.37
PENGLAI CITY PENGLAIGE     6.80    01/30/21      CNY     71.06
PENGLAI CITY PENGLAIGE     6.80    01/30/21      CNY     72.40
PINGDINGSHAN CITY DEVEL    7.86    05/08/19      CNY     61.68
PINGDINGSHAN CITY DEVEL    7.86    05/08/19      CNY     61.74
PINGHU CITY DEVELOPMENT    7.20    09/18/19      CNY     60.20
PINGHU CITY DEVELOPMENT    7.20    09/18/19      CNY     61.62
PINGTAN COMPOSITE EXPER    6.58    03/15/20      CNY     61.50
PINGTAN COMPOSITE EXPER    6.58    03/15/20      CNY     61.83
PINGXIANG URBAN CONSTRU    6.89    12/10/19      CNY     61.39
PINGXIANG URBAN CONSTRU    6.89    12/10/19      CNY     61.45
PIZHOU RUNCHENG ASSET O    7.55    09/25/19      CNY     62.27
PUER CITY STATE OWNED A    7.38    06/20/19      CNY     61.34
PUTIAN STATE-OWNED ASSE    8.10    03/21/19      CNY     41.61
PUTIAN STATE-OWNED ASSE    8.10    03/21/19      CNY     41.85
PUYANG INVESTMENT GROUP    6.98    10/29/19      CNY     61.68
QIANAN XINGYUAN WATER I    6.45    07/11/18      CNY     49.00
QIANAN XINGYUAN WATER I    6.45    07/11/18      CNY     50.53
QIANDONG NANZHOU DEVELO    8.80    04/27/19      CNY     62.08
QIANDONGNANZHOU KAIHONG    7.80    10/30/19      CNY     61.66
QIANXI NANZHOU HONGSHEN    6.99    11/22/19      CNY     60.00
QIANXI NANZHOU HONGSHEN    6.99    11/22/19      CNY     61.03
QINGDAO CITY CONSTRUCTI    6.89    02/16/19      CNY     41.00
QINGDAO CITY CONSTRUCTI    6.89    02/16/19      CNY     41.06
QINGDAO HUATONG STATE-O    7.30    04/18/19      CNY     61.55
QINGDAO HUATONG STATE-O    7.30    04/18/19      CNY     62.05
QINGDAO JIAOZHOU CITY D    6.59    01/25/20      CNY     61.69
QINGZHOU HONGYUAN PUBLI    6.50    05/22/19      CNY     29.60
QINGZHOU HONGYUAN PUBLI    6.50    05/22/19      CNY     30.30
QINGZHOU HONGYUAN PUBLI    7.25    10/19/18      CNY     50.89
QINGZHOU HONGYUAN PUBLI    7.25    10/19/18      CNY     51.08
QINGZHOU HONGYUAN PUBLI    7.35    10/19/19      CNY     61.68
QINGZHOU HONGYUAN PUBLI    7.35    10/19/19      CNY     62.13
QINHUANGDAO DEVELOPMENT    7.46    10/17/19      CNY     61.85
QINHUANGDAO DEVELOPMENT    7.46    10/17/19      CNY     62.15
QINZHOU CITY DEVELOPMEN    6.72    04/30/17      CNY     50.00
QITAIHE CITY CONSTRUCTI    7.30    10/18/19      CNY     60.88
QITAIHE CITY CONSTRUCTI    7.30    10/18/19      CNY     61.11
QUANZHOU QUANGANG PETRO    8.40    04/16/19      CNY     41.63
QUANZHOU QUANGANG PETRO    8.40    04/16/19      CNY     41.74
QUANZHOU TAISHANG INVES    7.08    12/10/19      CNY     61.75
QUANZHOU URBAN CONSTRUC    6.48    01/11/20      CNY     61.83
QUANZHOU URBAN CONSTRUC    6.48    01/11/20      CNY     62.60
QUJING DEVELOPMENT INVE    7.25    09/06/19      CNY     61.54
QUJING DEVELOPMENT INVE    7.25    09/06/19      CNY     61.55
RONGCHENG ECONOMIC DEVE    6.45    03/18/20      CNY     61.57
RUDONG COUNTY DONGTAI S    7.10    01/31/18      CNY     50.74
RUDONG COUNTY DONGTAI S    7.45    09/24/19      CNY     61.67
RUDONG COUNTY DONGTAI S    7.45    09/24/19      CNY     62.00
RUGAO COMMUNICATIONS CO    8.51    01/26/19      CNY     52.28
RUGAO COMMUNICATIONS CO    6.70    02/01/20      CNY     61.65
RUGAO COMMUNICATIONS CO    6.70    02/01/20      CNY     63.00
RUIAN STATE OWNED ASSET    6.93    11/26/19      CNY     61.44
RUIAN STATE OWNED ASSET    6.93    11/26/19      CNY     61.80
SANMENXIA CITY FINANCIA    6.68    01/29/20      CNY     61.54
SANMENXIA CITY FINANCIA    6.68    01/29/20      CNY     61.61
SANMING CITY CONSTRUCTI    6.40    03/05/20      CNY     61.55
SANMING CITY CONSTRUCTI    6.40    03/05/20      CNY     61.70
SANMING STATE-OWNED ASS    6.92    12/05/19      CNY     62.02
SANMING STATE-OWNED ASS    6.99    06/14/18      CNY     71.03
SHANDONG SHANSHUI CEMEN    6.20    05/12/17      CNY     66.29
SHANDONG TAIFENG HOLDIN    5.80    03/12/20      CNY     58.41
SHANDONG TAIFENG HOLDIN    5.80    03/12/20      CNY     58.54
SHANGHAI CHENGTOU CORP     4.63    07/30/19      CNY     60.20
SHANGHAI FENGXIAN NANQI    6.25    03/05/20      CNY     61.40
SHANGHAI JIADING INDUST    6.71    10/10/18      CNY     50.80
SHANGHAI JINSHAN URBAN     6.60    12/21/19      CNY     61.20
SHANGHAI LUJIAZUI DEVEL    5.98    03/11/19      CNY     71.50
SHANGHAI LUJIAZUI DEVEL    5.79    02/25/19      CNY     71.80
SHANGHAI LUJIAZUI DEVEL    5.98    03/11/19      CNY     72.04
SHANGHAI MINHANG URBAN     6.48    10/23/19      CNY     61.29
SHANGHAI MINHANG URBAN     6.48    10/23/19      CNY     61.30
SHANGHAI REAL ESTATE GR    6.12    05/17/17      CNY     40.07
SHANGHAI SONGJIANG TOWN    6.28    08/15/18      CNY     50.51
SHANGHAI SONGJIANG TOWN    6.28    08/15/18      CNY     50.66
SHANGHAI URBAN CONSTRUC    5.25    11/30/19      CNY     60.53
SHANGQIU DEVELOPMENT IN    6.60    01/15/20      CNY     61.23
SHANGRAO CITY CONSTRUCT    7.30    09/10/19      CNY     62.01
SHANGXI HUAYU OF CHINAC    5.53    12/26/17      CNY     39.92
SHANGYU COMMUNICATIONS     6.70    09/11/19      CNY     61.50
SHANGYU COMMUNICATIONS     6.70    09/11/19      CNY     61.63
SHAOGUAN JINYE DEVELOPM    7.30    10/18/19      CNY     61.78
SHAOGUAN JINYE DEVELOPM    7.30    10/18/19      CNY     62.01
SHAOXING CHENGBEI XINCH    6.21    06/11/18      CNY     50.39
SHAOXING CHENGZHONGCUN     6.50    01/24/20      CNY     61.17
SHAOXING CHENGZHONGCUN     6.50    01/24/20      CNY     62.20
SHAOXING HI-TECH INDUST    6.75    12/05/18      CNY     50.92
SHAOXING KEQIAO DISTRIC    6.30    02/26/19      CNY     51.10
SHAOXING PAOJIANG INDUS    6.90    10/31/19      CNY     61.73
SHAOXING URBAN CONSTRUC    6.40    11/09/19      CNY     60.10
SHAOXING URBAN CONSTRUC    6.40    11/09/19      CNY     61.58
SHAOYANG CITY CONSTRUCT    7.40    09/11/18      CNY     50.13
SHAOYANG CITY CONSTRUCT    7.40    09/11/18      CNY     51.02
SHENYANG HEPING DISTRIC    6.85    11/13/19      CNY     61.37
SHENYANG MACHINE TOOL C    6.50    04/09/20      CNY     47.06
SHENZHEN LONGGANG DISTR    6.18    03/27/19      CNY     50.89
SHENZHEN LONGGANG DISTR    6.18    03/27/19      CNY     51.36
SHISHI STATE OWNED INVE    7.40    09/13/19      CNY     61.87
SHIYAN CITY INFRASTRUCT    7.98    04/20/19      CNY     61.88
SHOUGUANG JINCAI STATE-    6.70    10/23/19      CNY     61.59
SHOUGUANG JINCAI STATE-    6.70    10/23/19      CNY     61.90
SHUANGLIU SHINE CHINE C    8.40    03/16/19      CNY     73.14
SHUANGLIU SHINE CHINE C    8.48    03/16/19      CNY     73.22
SHUANGYASHAN DADI CITY     6.55    12/25/19      CNY     61.60
SHUANGYASHAN DADI CITY     6.55    12/25/19      CNY     81.49
SHUYANG JINGYUAN ASSET     6.50    12/03/19      CNY     61.24
SHUYANG JINGYUAN ASSET     6.50    12/03/19      CNY     61.27
SICHUAN COAL INDUSTRY G    7.45    12/25/16      CNY     50.75
SICHUAN COAL INDUSTRY G    5.94    05/15/17      CNY     50.75
SICHUAN COAL INDUSTRY G    7.70    01/09/18      CNY     50.75
SICHUAN COAL INDUSTRY G    7.80    09/27/17      CNY     50.75
SICHUAN DEVELOPMENT HOL    5.40    11/10/17      CNY     30.12
SONGYUAN URBAN DEVELOPM    7.30    08/29/19      CNY     60.00
SONGYUAN URBAN DEVELOPM    7.30    08/29/19      CNY     61.21
STAR LAKE BIOSCIENCE CO    5.80    07/07/17      CNY     59.90
SUIZHOU DEVELOPMENT INV    7.50    08/22/19      CNY     61.96
SUQIAN ECONOMIC DEVELOP    7.50    03/26/19      CNY     41.16
SUQIAN WATER GROUP CO      6.55    12/04/19      CNY     61.33
SUZHOU CITY CONSTRUCTIO    7.45    03/12/19      CNY     41.29
SUZHOU CITY CONSTRUCTIO    6.40    04/17/20      CNY     61.43
SUZHOU FENHU INVESTMENT    7.00    10/22/17      CNY     50.38
SUZHOU INDUSTRIAL PARK     5.79    05/30/19      CNY     61.06
SUZHOU NEW & HI-TECH IN    7.98    09/27/18      CNY     72.28
SUZHOU TECH CITY DEVELO    7.32    11/01/18      CNY     51.14
SUZHOU URBAN CONSTRUCTI    5.79    10/25/19      CNY     61.19
SUZHOU WUJIANG COMMUNIC    6.80    10/31/20      CNY     65.20
SUZHOU WUJIANG COMMUNIC    6.80    10/31/20      CNY     73.04
SUZHOU WUJIANG EASTERN     8.05    12/05/18      CNY     72.61
SUZHOU WUJIANG EASTERN     8.05    12/05/18      CNY     72.86
SUZHOU XIANGCHENG URBAN    6.95    09/03/19      CNY     61.25
SUZHOU XIANGCHENG URBAN    6.95    09/03/19      CNY     61.80
TAIAN CITY TAISHAN INVE    6.76    01/25/20      CNY     61.86
TAICANG ASSET MANAGEMEN    8.25    12/31/18      CNY     72.55
TAICANG ASSET MANAGEMEN    8.25    12/31/18      CNY     73.03
TAICANG HENGTONG INVEST    7.45    10/30/19      CNY     61.85
TAICANG URBAN CONSTRUCT    6.75    01/11/20      CNY     60.03
TAICANG URBAN CONSTRUCT    6.75    01/11/20      CNY     61.85
TAIXING ZHONGXING STATE    8.29    03/27/18      CNY     25.65
TAIXING ZHONGXING STATE    8.29    03/27/18      CNY     25.75
TAIYUAN HIGH-SPEED RAIL    6.50    10/30/20      CNY     72.09
TAIYUAN LONGCHENG DEVEL    6.50    09/25/19      CNY     61.18
TAIZHOU CITY HUANGYAN D    6.85    12/17/18      CNY     50.85
TAIZHOU CITY HUANGYAN D    6.85    12/17/18      CNY     50.86
TAIZHOU HAILING ASSETS     8.52    03/21/19      CNY     41.20
TAIZHOU HAILING ASSETS     8.52    03/21/19      CNY     41.81
TAIZHOU JIAOJIANG STATE    7.46    09/13/20      CNY     71.51
TAIZHOU JIAOJIANG STATE    7.46    09/13/20      CNY     73.50
TAIZHOU TRAFFIC INDUSTR    6.15    03/11/20      CNY     60.87
TAIZHOU TRAFFIC INDUSTR    6.15    03/11/20      CNY     61.21
TAIZHOU XINTAI GROUP CO    6.85    08/14/18      CNY     50.60
TAIZHOU XINTAI GROUP CO    6.85    08/14/18      CNY     50.76
TANGSHAN NANHU ECO CITY    7.08    10/16/19      CNY     61.75
TENGZHOU CITY STATE-OWN    6.45    05/24/18      CNY     58.00
TENGZHOU CITY STATE-OWN    6.45    05/24/18      CNY     60.86
TIANJIN BINHAI NEW AREA    5.00    03/13/18      CNY     40.07
TIANJIN BINHAI NEW AREA    5.00    03/13/18      CNY     40.30
TIANJIN BINHAI NEW AREA    5.19    03/13/20      CNY     60.27
TIANJIN DONGFANG CAIXIN    7.99    11/23/18      CNY     72.34
TIANJIN ECO-CITY INVEST    6.76    08/14/19      CNY     61.27
TIANJIN ECONOMIC TECHNO    6.20    12/03/19      CNY     61.24
TIANJIN ECONOMIC TECHNO    6.20    12/03/19      CNY     61.39
TIANJIN HANBIN INVESTME    8.39    03/22/19      CNY     41.76
TIANJIN HI-TECH INDUSTR    7.80    03/27/19      CNY     41.35
TIANJIN HI-TECH INDUSTR    7.80    03/27/19      CNY     41.36
TIANJIN JINNAN CITY CON    6.95    06/18/19      CNY     61.21
TIANJIN JINNAN CITY CON    6.95    06/18/19      CNY     61.50
TIELING PUBLIC ASSETS I    7.34    05/29/18      CNY     50.50
TIELING PUBLIC ASSETS I    7.34    05/29/18      CNY     50.51
TIGER FOREST & PAPER GR    5.38    06/14/17      CNY     59.71
TONGCHUAN DEVELOPMENT I    7.50    07/17/19      CNY     61.50
TONGLIAO TIANCHENG URBA    7.75    09/24/19      CNY     60.01
TONGLIAO TIANCHENG URBA    7.75    09/24/19      CNY     62.25
TONGLIAO URBAN INVESTME    5.98    09/01/17      CNY     40.15
TONGLIAO URBAN INVESTME    6.64    04/09/20      CNY     61.03
TONGLIAO URBAN INVESTME    6.64    04/09/20      CNY     61.18
TONGREN FANJINGSHAN INV    6.89    08/02/19      CNY     60.01
TONGREN FANJINGSHAN INV    6.89    08/02/19      CNY     61.26
ULANQAB CITY JI NING DI    6.88    03/19/20      CNY     58.00
ULANQAB CITY JI NING DI    6.88    03/19/20      CNY     60.22
URUMQI CITY CONSTRUCTIO    6.35    07/09/19      CNY     61.24
URUMQI ECO&TECH DEVELOP    8.58    01/10/19      CNY     52.16
URUMQI HIGH-TECH INVEST    6.18    03/05/20      CNY     60.69
URUMQI HIGH-TECH INVEST    6.18    03/05/20      CNY     60.90
URUMQI STATE-OWNED ASSE    6.48    04/28/18      CNY     50.31
URUMQI STATE-OWNED ASSE    6.48    04/28/18      CNY     50.38
WAFANGDIAN STATE-OWNED     8.55    04/19/19      CNY     62.05
WEIFANG BINHAI INVESTME    6.16    04/16/21      CNY     71.63
WEIFANG DONGXIN CONSTRU    6.88    11/20/19      CNY     61.38
WEIFANG DONGXIN CONSTRU    6.88    11/20/19      CNY     61.77
WEIHAI WENDENG URBAN PR    6.38    03/06/20      CNY     61.06
WEIHAI WENDENG URBAN PR    6.38    03/06/20      CNY     61.54
WEINAN CITY INVESTMENT     6.69    01/15/20      CNY     61.32
WEINAN CITY INVESTMENT     6.69    01/15/20      CNY     61.63
WENLING CITY STATE OWNE    7.18    09/18/19      CNY     61.00
WENLING CITY STATE OWNE    7.18    09/18/19      CNY     62.26
WENZHOU ANJUFANG CITY D    7.65    04/24/19      CNY     61.25
WENZHOU ECONOMIC-TECHNO    6.49    01/15/20      CNY     61.36
WUHAI CITY CONSTRUCTION    8.20    03/31/19      CNY     40.75
WUHAI CITY CONSTRUCTION    8.20    03/31/19      CNY     41.61
WUHAN METRO GROUP CO LT    5.70    02/04/20      CNY     61.05
WUHAN METRO GROUP CO LT    5.70    02/04/20      CNY     61.16
WUHAN REAL ESTATE GROUP    5.90    03/22/19      CNY     50.80
WUHAN URBAN CONSTRUCTIO    5.60    03/08/20      CNY     60.76
WUHU ECONOMIC TECHNOLOG    6.70    06/08/18      CNY     50.40
WUHU XINMA INVESTMENT C    7.18    11/14/19      CNY     61.60
WUHU XINMA INVESTMENT C    7.18    11/14/19      CNY     61.87
WUJIANG ECONOMIC TECHNO    6.88    12/27/19      CNY     61.90
WUXI MUNICIPAL CONSTRUC    6.60    09/17/19      CNY     61.34
WUXI MUNICIPAL CONSTRUC    6.60    09/17/19      CNY     61.35
WUXI TAIHU INTERNATIONA    7.60    09/17/19      CNY     61.81
WUXI TAIHU INTERNATIONA    7.60    09/17/19      CNY     61.82
WUXI XIDONG NEW TOWN CO    6.65    01/28/20      CNY     61.43
WUXI XIDONG NEW TOWN CO    6.65    01/28/20      CNY     61.83
WUXI XIDONG TECHNOLOGY     5.98    10/26/18      CNY     70.54
WUXI XIDONG TECHNOLOGY     5.98    10/26/18      CNY     73.45
WUZHOU DONGTAI STATE-OW    7.40    09/03/19      CNY     61.86
XIAMEN XINGLIN CONSTRUC    6.60    02/22/20      CNY     61.63
XIAMEN XINGLIN CONSTRUC    6.60    02/22/20      CNY     81.80
XI'AN AEROSPACE BASE IN    6.96    11/08/19      CNY     61.76
XIAN CHANBAHE DEVELOPME    6.89    08/03/19      CNY     61.13
XI'AN HI-TECH HOLDING C    5.70    02/26/19      CNY     50.59
XI'AN HI-TECH HOLDING C    5.70    02/26/19      CNY     50.78
XI'AN URBAN INDEMNIFICA    7.31    03/18/19      CNY     72.31
XI'AN URBAN INDEMNIFICA    7.31    03/18/19      CNY     72.49
XIANGTAN CITY CONSTRUCT    8.00    03/16/19      CNY     40.00
XIANGTAN CITY CONSTRUCT    8.00    03/16/19      CNY     41.76
XIANGTAN HI-TECH GROUP     6.90    01/15/20      CNY     61.47
XIANGTAN HI-TECH GROUP     6.90    01/15/20      CNY     61.80
XIANGTAN JIUHUA ECONOMI    7.43    08/29/19      CNY     61.63
XIANGYANG CITY CONSTRUC    8.12    01/12/19      CNY     41.51
XIANGYANG CITY CONSTRUC    8.12    01/12/19      CNY     41.56
XIANNING CITY CONSTRUCT    7.50    08/31/18      CNY     50.99
XIANNING CITY CONSTRUCT    7.50    08/31/18      CNY     51.29
XIANYANG MUNICIPAL CONS    7.90    12/09/17      CNY     40.05
XIAOGAN URBAN CONSTRUCT    8.12    03/26/19      CNY     41.65
XINGHUA URBAN CONSTRUCT    7.25    10/23/18      CNY     50.84
XINGHUA URBAN CONSTRUCT    7.25    10/23/18      CNY     50.95
XINING CITY INVESTMENT     7.70    04/27/19      CNY     61.73
XINJIANG SHIHEZI DEVELO    7.50    08/29/18      CNY     50.91
XINJIANG UYGUR AR HAMI     6.25    07/17/18      CNY     50.44
XINXIANG INVESTMENT GRO    6.80    01/18/18      CNY     40.38
XINXIANG INVESTMENT GRO    5.85    04/15/20      CNY     61.02
XINYANG HUAXIN INVESTME    6.95    06/14/19      CNY     61.42
XINYU CITY CONSTRUCTION    7.08    12/13/19      CNY     61.87
XINZHOU CITY ASSET MANA    7.39    08/08/18      CNY     50.87
XUCHANG GENERAL INVESTM    7.78    04/27/19      CNY     61.77
XUZHOU ECONOMIC TECHNOL    8.20    03/07/19      CNY     41.72
XUZHOU XINSHENG CONSTRU    7.48    05/08/18      CNY     50.82
YAAN STATE-OWNED ASSET     7.39    07/04/19      CNY     60.90
YANCHENG CITY DAFENG DI    7.08    12/13/19      CNY     61.84
YANCHENG CITY DAFENG DI    7.08    12/13/19      CNY     63.00
YANCHENG ORIENTAL INVES    5.75    06/08/17      CNY     50.05
YANCHENG ORIENTAL INVES    5.75    06/08/17      CNY     50.30
YANCHENG ORIENTAL INVES    6.99    10/26/19      CNY     61.94
YANCHENG SOUTH DISTRICT    6.93    10/26/19      CNY     61.50
YANCHENG SOUTH DISTRICT    6.93    10/26/19      CNY     61.89
YANGZHONG URBAN CONSTRU    7.10    03/26/18      CNY     50.57
YANGZHOU HANJIANG URBAN    6.20    03/12/20      CNY     61.21
YANGZHOU HANJIANG URBAN    6.20    03/12/20      CNY     61.30
YANGZHOU URBAN CONSTRUC    6.30    07/26/19      CNY     61.05
YANTAI CITY MOUPING DIS    8.05    03/04/19      CNY     71.01
YANTAI DEVELOPMENT ZONE    5.70    04/10/20      CNY     60.64
YANTAI DEVELOPMENT ZONE    5.70    04/10/20      CNY     61.06
YANTAI URBAN CONSTRUCTI    5.99    03/14/20      CNY     61.27
YIBIN STATE-OWNED ASSET    5.80    05/23/18      CNY     70.58
YICHANG MUNICIPAL FINAN    7.12    10/16/19      CNY     61.47
YICHANG MUNICIPAL FINAN    7.12    10/16/19      CNY     62.02
YICHANG URBAN CONSTRUCT    6.85    11/08/19      CNY     61.32
YICHANG URBAN CONSTRUCT    6.85    11/08/19      CNY     61.70
YICHUN CITY CONSTRUCTIO    7.35    07/24/19      CNY     59.00
YICHUN CITY CONSTRUCTIO    7.35    07/24/19      CNY     61.45
YIJINHUOLUOQI HONGTAI C    8.35    03/19/19      CNY     61.96
YIJINHUOLUOQI HONGTAI C    8.35    03/19/19      CNY     61.97
YILI STATE-OWNED ASSET     6.70    11/19/18      CNY     50.95
YINGKOU CITY CONSTRUCTI    7.98    04/18/20      CNY     73.55
YINGKOU COASTAL DEVELOP    7.08    11/16/19      CNY     61.09
YINGKOU COASTAL DEVELOP    7.08    11/16/19      CNY     61.16
YINGKOU ECO & TECH DEVE    6.17    04/08/20      CNY     60.00
YIXING CITY DEVELOPMENT    6.90    10/10/19      CNY     61.21
YIXING CITY DEVELOPMENT    6.90    10/10/19      CNY     61.29
YIYANG CITY CONSTRUCTIO    7.36    08/24/19      CNY     61.62
YIYANG GAOXIN TECHNOLOG    6.70    03/13/20      CNY     61.12
YIYANG GAOXIN TECHNOLOG    6.70    03/13/20      CNY     61.49
YIZHENG CITY CONSTRUCTI    7.78    06/14/19      CNY     61.86
YUHUAN COUNTY COMMUNICA    7.15    10/12/19      CNY     61.56
YULIN CITY INVESTMENT O    6.81    12/04/18      CNY     51.00
YULIN URBAN CONSTRUCTIO    6.88    11/26/19      CNY     61.93
YUNCHENG URBAN CONSTRUC    7.48    10/15/19      CNY     62.30
YUNNAN PROVINCIAL INVES    5.25    08/24/17      CNY     40.00
YUYAO ECONOMIC DEVELOPM    6.75    03/04/20      CNY     61.50
YUYAO ECONOMIC DEVELOPM    6.75    03/04/20      CNY     61.50
YUYAO WATER RESOURCE IN    7.20    10/16/19      CNY     62.07
ZHANGJIAGANG JINCHENG I    6.23    01/06/18      CNY     30.32
ZHANGJIAGANG MUNICIPAL     6.43    11/27/19      CNY     61.34
ZHANGJIAJIE ECONOMIC DE    7.40    10/18/19      CNY     62.09
ZHANGJIAKOU CONSTRUCTIO    7.00    10/26/19      CNY     61.33
ZHANGJIAKOU TONGTAI HOL    6.90    07/05/18      CNY     70.48
ZHANGZHOU CITY CONSTRUC    6.60    03/26/20      CNY     61.84
ZHAOYUAN STATE-OWNED AS    6.64    12/31/19      CNY     61.66
ZHEJIANG HUZHOU HUANTAI    6.70    11/28/19      CNY     61.78
ZHEJIANG JIASHAN ECONOM    7.05    12/03/19      CNY     61.52
ZHEJIANG JIASHAN ECONOM    7.05    12/03/19      CNY     61.99
ZHEJIANG PROVINCE DEQIN    6.40    02/22/20      CNY     61.25
ZHEJIANG PROVINCE DEQIN    6.90    04/12/18      CNY     70.70
ZHENGZHOU CITY CONSTRUC    6.37    12/03/19      CNY     61.00
ZHENGZHOU CITY CONSTRUC    6.37    12/03/19      CNY     61.45
ZHENJIANG CULTURE AND T    5.86    05/06/17      CNY     50.00
ZHENJIANG CULTURE AND T    5.86    05/06/17      CNY     50.02
ZHENJIANG CULTURE AND T    6.60    01/30/20      CNY     60.95
ZHENJIANG TRANSPORTATIO    7.29    05/08/19      CNY     61.19
ZHONGSHAN TRANSPORTATIO    6.65    08/28/18      CNY     50.66
ZHONGSHAN TRANSPORTATIO    6.65    08/28/18      CNY     51.20
ZHOUSHAN DINGHAI STATE-    7.25    08/31/20      CNY     72.82
ZHOUSHAN DINGHAI STATE-    7.25    08/31/20      CNY     72.94
ZHUCHENG ECONOMIC DEVEL    7.50    08/25/18      CNY     30.69
ZHUCHENG ECONOMIC DEVEL    6.40    04/26/18      CNY     37.50
ZHUCHENG ECONOMIC DEVEL    6.40    04/26/18      CNY     40.30
ZHUCHENG ECONOMIC DEVEL    6.80    11/29/19      CNY     61.53
ZHUCHENG ECONOMIC DEVEL    6.80    11/29/19      CNY     61.86
ZHUHAI HUAFA GROUP CO L    8.43    02/16/18      CNY     25.61
ZHUHAI HUAFA GROUP CO L    8.43    02/16/18      CNY     25.64
ZHUJI CITY CONSTRUCTION    6.92    12/19/19      CNY     61.84
ZHUJI CITY CONSTRUCTION    6.92    07/05/18      CNY     71.01
ZHUJI CITY CONSTRUCTION    6.92    07/05/18      CNY     71.10
ZHUMADIAN INVESTMENT CO    6.95    11/26/19      CNY     61.68
ZHUZHOU GECKOR GROUP CO    7.50    09/10/19      CNY     62.19
ZHUZHOU GECKOR GROUP CO    7.82    08/18/18      CNY     71.81
ZHUZHOU YUNLONG DEVELOP    6.78    11/19/19      CNY     61.64
ZIBO CITY PROPERTY CO L    5.45    04/27/19      CNY     36.00
ZIBO CITY PROPERTY CO L    6.83    08/22/19      CNY     61.52
ZIBO CITY PROPERTY CO L    6.83    08/22/19      CNY     61.70
ZIGONG GAOXIN INVESTMEN    6.30    03/13/20      CNY     61.13
ZIGONG STATE-OWNED ASSE    6.86    06/17/18      CNY     70.86
ZIYANG CITY CONSTRUCTIO    7.58    01/09/19      CNY     51.11
ZOUCHENG CITY ASSET OPE    7.02    01/12/18      CNY     20.18
ZOUCHENG CITY ASSET OPE    6.18    03/12/19      CNY     50.73
ZOUPING COUNTY STATE-OW    6.98    04/27/18      CNY     70.01
ZOUPING COUNTY STATE-OW    6.98    04/27/18      CNY     70.71
ZUNYI INVESTMENT GROUP     8.53    03/13/19      CNY     40.71
ZUNYI INVESTMENT GROUP     8.53    03/13/19      CNY     41.85
ZUNYI ROAD & BRIDGE ENG    7.15    08/17/20      CNY     72.83
ZUNYI STATE-OWNED ASSET    6.98    12/26/19      CNY     61.73


HONG KONG
---------

CHINA CITY CONSTRUCTION    5.35    07/03/17      CNY     70.00


INDONESIA
---------

BERAU COAL ENERGY TBK P    7.25    03/13/17      USD     38.54
BERAU COAL ENERGY TBK P    7.25    03/13/17      USD     44.13
DAVOMAS INTERNATIONAL F   11.00    12/08/14      USD      1.44
DAVOMAS INTERNATIONAL F   11.00    12/08/14      USD      1.44
DAVOMAS INTERNATIONAL F   11.00    05/09/11      USD      1.45
DAVOMAS INTERNATIONAL F   11.00    05/09/11      USD      1.45


INDIA
-----

3I INFOTECH LTD            2.50    03/31/25      USD     17.38
BLUE DART EXPRESS LTD      9.30    11/20/17      INR     10.11
BLUE DART EXPRESS LTD      9.40    11/20/18      INR     10.27
BLUE DART EXPRESS LTD      9.50    11/20/19      INR     10.41
GTL INFRASTRUCTURE LTD     5.03    11/09/17      USD     36.88
JAIPRAKASH ASSOCIATES L    5.75    09/08/17      USD     41.25
JAIPRAKASH POWER VENTUR    7.00    02/13/49      USD     10.00
JCT LTD                    2.50    04/08/11      USD     27.00
JM FINANCIAL CREDIT SOL    9.00    03/23/22      INR      0.71
PRAKASH INDUSTRIES LTD     5.25    04/30/15      USD     21.00
PYRAMID SAIMIRA THEATRE    1.75    07/04/12      USD      1.00
REI AGRO LTD               5.50    11/13/14      USD      1.54
REI AGRO LTD               5.50    11/13/14      USD      1.54
SVOGL OIL GAS & ENERGY     5.00    08/17/15      USD      1.48


JAPAN
-----

AVANSTRATE INC             5.55    10/31/17      JPY     30.00
AVANSTRATE INC             5.55    10/31/17      JPY     37.00
FUKUSHIMA BANK LTD/THE     1.19    12/05/23      JPY     74.38
MICRON MEMORY JAPAN INC    2.03    03/22/12      JPY     13.13
MICRON MEMORY JAPAN INC    2.10    11/29/12      JPY     13.13
MICRON MEMORY JAPAN INC    2.29    12/07/12      JPY     13.13
TAKATA CORP                0.58    03/26/21      JPY     60.00
TAKATA CORP                0.85    03/06/19      JPY     62.63
TAKATA CORP                1.02    12/15/17      JPY     68.38


KOREA
-----

2014 KODIT CREATIVE THE    5.00    12/25/17      KRW     35.56
2014 KODIT CREATIVE THE    5.00    12/25/17      KRW     35.56
2016 KIBO 1ST SECURITIZ    5.00    09/13/18      KRW     31.31
CHEJU REGIONAL DEVELOPM    3.00    07/25/18      KRW     25.49
DAEWOO SHIPBUILDING & M    3.79    04/21/19      KRW     64.30
DAEWOO SHIPBUILDING & M    3.28    03/19/18      KRW     66.39
DAEWOO SHIPBUILDING & M    3.50    11/29/17      KRW     66.82
DOOSAN CAPITAL SECURITI   20.00    04/22/19      KRW     52.21
HYUNDAI MERCHANT MARINE    1.00    07/07/21      KRW     49.63
HYUNDAI MERCHANT MARINE    1.00    04/07/21      KRW     52.13
KIBO ABS SPECIALTY CO L    5.00    02/25/19      KRW     29.80
KIBO ABS SPECIALTY CO L   10.00    08/22/17      KRW     30.57
KIBO ABS SPECIALTY CO L    5.00    12/25/17      KRW     33.86
KIBO ABS SPECIALTY CO L    5.00    03/29/18      KRW     34.36
KOREA SOUTH-EAST POWER     4.38    12/07/42      KRW     55.51
KOREA SOUTH-EAST POWER     4.44    12/07/42      KRW     55.99
LSMTRON DONGBANGSEONGJA    4.53    11/22/17      KRW     34.89
MERITZ CAPITAL CO LTD      5.66    04/28/46      KRW     36.52
MERITZ CAPITAL CO LTD      5.44    09/29/46      KRW     37.08
OKC SECURITIZATION SPEC   10.00    01/03/20      KRW     30.01
OKC SECURITIZATION SPEC    3.00    02/17/42      KRW     52.33
SAMPYO CEMENT CO LTD       7.50    04/20/14      KRW     70.00
SAMPYO CEMENT CO LTD       7.30    06/26/15      KRW     70.00
SAMPYO CEMENT CO LTD       7.30    04/12/15      KRW     70.00
SAMPYO CEMENT CO LTD       7.50    09/10/14      KRW     70.00
SAMPYO CEMENT CO LTD       7.50    07/20/14      KRW     70.00
SHINHAN BANK               3.83    12/08/31      KRW     73.67
SHINHAN BANK               3.83    12/08/31      KRW     73.67
SINBO SECURITIZATION SP    5.00    10/30/19      KRW     18.57
SINBO SECURITIZATION SP    5.00    02/25/20      KRW     27.56
SINBO SECURITIZATION SP    5.00    01/28/20      KRW     27.67
SINBO SECURITIZATION SP    5.00    12/30/19      KRW     27.87
SINBO SECURITIZATION SP    5.00    06/24/19      KRW     28.61
SINBO SECURITIZATION SP    5.00    09/30/19      KRW     28.81
SINBO SECURITIZATION SP    5.00    08/27/19      KRW     29.23
SINBO SECURITIZATION SP    5.00    07/29/19      KRW     29.52
SINBO SECURITIZATION SP    5.00    03/13/19      KRW     29.58
SINBO SECURITIZATION SP    5.00    06/25/19      KRW     29.87
SINBO SECURITIZATION SP    5.00    03/18/19      KRW     30.92
SINBO SECURITIZATION SP    5.00    03/18/19      KRW     30.92
SINBO SECURITIZATION SP    5.00    02/27/19      KRW     31.15
SINBO SECURITIZATION SP    5.00    02/27/19      KRW     31.15
SINBO SECURITIZATION SP    5.00    01/30/19      KRW     31.39
SINBO SECURITIZATION SP    5.00    01/30/19      KRW     31.39
SINBO SECURITIZATION SP    5.00    12/23/18      KRW     31.77
SINBO SECURITIZATION SP    5.00    12/23/18      KRW     31.77
SINBO SECURITIZATION SP    5.00    07/29/18      KRW     31.79
SINBO SECURITIZATION SP    5.00    06/25/18      KRW     32.14
SINBO SECURITIZATION SP    5.00    05/26/18      KRW     32.44
SINBO SECURITIZATION SP    5.00    09/26/18      KRW     32.74
SINBO SECURITIZATION SP    5.00    09/26/18      KRW     32.74
SINBO SECURITIZATION SP    5.00    09/26/18      KRW     32.74
SINBO SECURITIZATION SP    5.00    08/29/18      KRW     33.00
SINBO SECURITIZATION SP    5.00    08/29/18      KRW     33.00
SINBO SECURITIZATION SP    5.00    07/24/18      KRW     33.58
SINBO SECURITIZATION SP    5.00    07/24/18      KRW     33.58
SINBO SECURITIZATION SP    5.00    06/27/18      KRW     33.84
SINBO SECURITIZATION SP    5.00    06/27/18      KRW     33.84
SINBO SECURITIZATION SP    5.00    12/23/17      KRW     33.88
SINBO SECURITIZATION SP    5.00    03/12/18      KRW     34.52
SINBO SECURITIZATION SP    5.00    03/12/18      KRW     34.52
SINBO SECURITIZATION SP    5.00    02/11/18      KRW     34.80
SINBO SECURITIZATION SP    5.00    02/11/18      KRW     34.80
SINBO SECURITIZATION SP    5.00    01/15/18      KRW     35.35
SINBO SECURITIZATION SP    5.00    01/15/18      KRW     35.35
SINBO SECURITIZATION SP    5.00    10/01/17      KRW     36.86
SINBO SECURITIZATION SP    5.00    10/01/17      KRW     36.86
SINBO SECURITIZATION SP    5.00    10/01/17      KRW     36.86
SINBO SECURITIZATION SP    5.00    08/16/17      KRW     41.43
SINBO SECURITIZATION SP    5.00    08/16/17      KRW     41.43
SINBO SECURITIZATION SP    5.00    07/24/17      KRW     42.79
SINBO SECURITIZATION SP    5.00    07/08/17      KRW     47.30
SINBO SECURITIZATION SP    5.00    07/08/17      KRW     47.30
SINBO SECURITIZATION SP    5.00    06/07/17      KRW     47.71
SINBO SECURITIZATION SP    5.00    06/07/17      KRW     47.71
U-BEST SECURITIZATION S    5.50    11/16/17      KRW     36.55
WOONGJIN ENERGY CO LTD     3.00    12/19/19      KRW     62.18
WOORI BANK                 5.21    12/12/44      KRW    340.03


SRI LANKA
---------

SRI LANKA GOVERNMENT BO    5.35    03/01/26      LKR     61.34
SRI LANKA GOVERNMENT BO    8.00    01/01/32      LKR     67.75
SRI LANKA GOVERNMENT BO    6.00    12/01/24      LKR     68.01
SRI LANKA GOVERNMENT BO    9.00    06/01/43      LKR     69.08
SRI LANKA GOVERNMENT BO    9.00    11/01/33      LKR     72.76
SRI LANKA GOVERNMENT BO    9.00    06/01/33      LKR     73.25
SRI LANKA GOVERNMENT BO    9.00    10/01/32      LKR     73.72


MALAYSIA
--------

ADVANCE SYNERGY BHD        2.00    01/26/18      MYR      0.10
BARAKAH OFFSHORE PETROL    3.50    10/24/18      MYR      0.61
BERJAYA CORP BHD           2.00    05/29/26      MYR      0.39
BERJAYA CORP BHD           5.00    04/22/22      MYR      0.48
BRIGHT FOCUS BHD           2.50    01/22/31      MYR     72.92
ELK-DESA RESOURCES BHD     3.25    04/14/22      MYR      0.96
HIAP TECK VENTURE BHD      5.00    06/27/21      MYR      0.31
I-BHD                      2.50    10/09/19      MYR      0.43
IRE-TEX CORP BHD           1.00    06/10/19      MYR      0.03
LAND & GENERAL BHD         1.00    09/24/18      MYR      0.16
MALTON BHD                 6.00    06/30/18      MYR      1.36
PERWAJA HOLDINGS BHD       7.00    03/26/19      MYR      0.05
PUC FOUNDER MSC BHD        4.00    02/15/19      MYR      0.09
REDTONE INTERNATIONAL B    2.75    03/04/20      MYR      0.18
SEE HUP CONSOLIDATED BH    4.60    12/22/17      MYR      0.15
SENAI-DESARU EXPRESSWAY    1.35    06/30/31      MYR     54.19
SENAI-DESARU EXPRESSWAY    1.35    12/31/30      MYR     55.52
SENAI-DESARU EXPRESSWAY    1.35    06/28/30      MYR     56.90
SENAI-DESARU EXPRESSWAY    1.35    12/31/29      MYR     58.23
SENAI-DESARU EXPRESSWAY    1.35    06/29/29      MYR     59.61
SENAI-DESARU EXPRESSWAY    1.35    12/29/28      MYR     60.97
SENAI-DESARU EXPRESSWAY    1.35    06/30/28      MYR     62.34
SENAI-DESARU EXPRESSWAY    1.35    12/31/27      MYR     63.67
SENAI-DESARU EXPRESSWAY    1.35    06/30/27      MYR     64.98
SENAI-DESARU EXPRESSWAY    1.35    12/31/26      MYR     66.33
SENAI-DESARU EXPRESSWAY    1.35    06/30/26      MYR     67.69
SENAI-DESARU EXPRESSWAY    1.35    12/31/25      MYR     69.04
SENAI-DESARU EXPRESSWAY    1.15    06/30/25      MYR     69.12
SENAI-DESARU EXPRESSWAY    0.50    12/31/38      MYR     69.78
SENAI-DESARU EXPRESSWAY    1.15    12/31/24      MYR     70.58
SENAI-DESARU EXPRESSWAY    0.50    12/30/39      MYR     71.17
SENAI-DESARU EXPRESSWAY    0.50    12/31/40      MYR     72.13
SENAI-DESARU EXPRESSWAY    1.15    06/28/24      MYR     72.13
SENAI-DESARU EXPRESSWAY    0.50    12/31/41      MYR     73.00
SENAI-DESARU EXPRESSWAY    1.15    12/29/23      MYR     73.68
SENAI-DESARU EXPRESSWAY    0.50    12/31/42      MYR     73.99
SENAI-DESARU EXPRESSWAY    0.50    12/31/43      MYR     74.96
SOUTHERN STEEL BHD         5.00    01/24/20      MYR      1.29
THONG GUAN INDUSTRIES B    5.00    10/10/19      MYR      4.39
UNIMECH GROUP BHD          5.00    09/18/18      MYR      1.03
VIZIONE HOLDINGS BHD       3.00    08/08/21      MYR      0.07
YTL LAND & DEVELOPMENT     3.00    10/31/21      MYR      0.47


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

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


SINGAPORE
---------

INDO INFRASTRUCTURE GRO    2.00    07/30/10      USD      1.00
BAKRIE TELECOM PTE LTD    11.50    05/07/15      USD      1.62
BAKRIE TELECOM PTE LTD    11.50    05/07/15      USD      1.62
OSA GOLIATH PTE LTD       12.00    10/09/18      USD      1.75
BLD INVESTMENTS PTE LTD    8.63    03/23/15      USD      4.64
EZRA HOLDINGS LTD          4.88    04/24/18      SGD      4.95
SWIBER CAPITAL PTE LTD     6.50    08/02/18      SGD      5.00
SWIBER HOLDINGS LTD        5.55    10/10/16      SGD      5.00
SWIBER CAPITAL PTE LTD     6.25    10/30/17      SGD      5.00
SWIBER HOLDINGS LTD        7.75    09/18/17      CNY      8.99
SWIBER HOLDINGS LTD        7.13    04/18/17      SGD     11.00
TRIKOMSEL PTE LTD          5.25    05/10/16      SGD     18.00
TRIKOMSEL PTE LTD          7.88    06/05/17      SGD     18.00
RICKMERS MARITIME          8.45    05/15/17      SGD     24.25
PACIFIC RADIANCE LTD       4.30    08/29/18      SGD     30.13
BERAU CAPITAL RESOURCES   12.50    07/08/15      USD     36.51
BERAU CAPITAL RESOURCES   12.50    07/08/15      USD     40.55
ASL MARINE HOLDINGS LTD    5.85    10/01/21      SGD     45.00
ENERCOAL RESOURCES PTE     9.25    04/07/18      USD     45.50
EZION HOLDINGS LTD         4.88    06/11/21      SGD     46.95
BUMI INVESTMENT PTE LTD   10.75    10/06/17      USD     55.00
BUMI CAPITAL PTE LTD      12.00    11/10/16      USD     56.88
BUMI CAPITAL PTE LTD      12.00    11/10/16      USD     57.03
BUMI INVESTMENT PTE LTD   10.75    10/06/17      USD     57.25
EZION HOLDINGS LTD         5.10    03/13/20      SGD     59.96
EZION HOLDINGS LTD         4.70    05/22/19      SGD     65.02
AUSGROUP LTD               7.95    10/20/18      SGD     66.25
ORO NEGRO DRILLING PTE     7.50    01/24/19      USD     68.38
ASL MARINE HOLDINGS LTD    5.50    03/28/20      SGD     70.00
EZION HOLDINGS LTD         4.85    01/23/19      SGD     70.21


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     1.00    10/10/25      USD     58.12
DEBT AND ASSET TRADING     1.00    10/10/25      USD     58.63



                             *********

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 Joseph Cardillo at 856-381-8268.



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