TCRAP_Public/170523.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 23, 2017, Vol. 20, No. 101

                            Headlines


A U S T R A L I A

AZMAC PTY: Second Creditors' Meeting Slated for May 30
LABOUR 2U: Second Creditors' Meeting Set for May 29
MATON AIRCONDITIONING: Second Creditors' Meeting Set for May 30
REMOTE CONTRACTING: Second Creditors' Meeting Set for May 29
SURFSTITCH: Warns Losses to Double; To Close N. American Ops

TREE MINDERS: First Creditors' Meeting Set for May 29


B A N G L A D E S H

BANGLADESH: S&P Affirms 'BB-' Sovereign Credit Ratings


C H I N A

361 DEGREES: S&P Affirms 'BB' CCR Despite Rising Competition
AOXING PHARMACEUTICAL: Posts $143K Net Income for Third Quarter
TONGJI HEALTHCARE: Delays Filing of March 31 Quarterly Report


I N D I A

AGARWAL AND ASSOCIATES: CRISIL Cuts Rating on INR7.5MM Loan to B
ARAVIND CERAMICS: Ind-Ra Migrates BB- Rating to Non-Cooperating
ASVINI FOUNDATIONS: CRISIL Reaffirms 'B' Rating on INR15MM Loan
BELL-O-SEAL VALVES: CRISIL Cuts Rating on INR15MM Loan to B
BENARA AUTOS: CRISIL Lowers Rating on INR2.5MM Loan to 'D'

CALANCE SOFTWARE: Ind-Ra Migrates BB+ Rating to Non-Cooperating
DHIR GLOBAL: CRISIL Reaffirms 'D' Rating on INR9MM Loan
GEETA COTTON: CRISIL Raises Rating on INR35MM Cash Loan to BB-
GEM MOTORS: Ind-Ra Migrates B Rating to Non-Cooperating
GLOBAL TECHNOCRATS: CRISIL Reaffirms 'B+' Rating on INR7MM Loan

GS COTTON: Ind-Ra Migrates B+ Rating to Non-Cooperating
GUPTA & SONS: Ind-Ra Affirms BB Long-Term Issuer Rating
ICON DEVELOPERS: CRISIL Lowers Rating on INR6MM Term Loan to B
ITMS INDIA: Ind-Ra Assigns BB- Rating to INR20MM Capital Facility
K D INFRA: CRISIL Lowers Rating on INR10MM Term Loan to 'B'

KAILASH RICE: CRISIL Assigns B+ Rating to INR12.1MM Cash Loan
KHARE & TARKUNDE: Ind-Ra Migrates BB+ Rating to Non-Cooperating
KUNA IMPEX: Ind-Ra Assigns BB- Long-Term Issuer Rating
MAHALAXMI PADDY: CRISIL Cuts Rating on INR6.76MM Loan to 'B'
MIDAAS CONSTRUCTION: CRISIL Cuts Rating on INR5.5MM Loan to B

MODERN GRIT: CRISIL Downgrades Rating on INR2.7MM LT Loan to B
O. M. S. TAMARIND: CRISIL Cuts Rating on INR1.5MM LT Loan to B
ORIILON INDIA: Ind-Ra Assigns BB+ Long-Term Issuer Rating
ORION MOTORS: CRISIL Lowers Rating on INR5MM Loan to B
PADMESH BEVERAGES: CRISIL Cuts Rating on INR9.5MM Loan to 'B'

PATIKARI POWER: CRISIL Lowers Rating on INR14.25MM LT Loan to D
PRAVIN MOHANLAL: CRISIL Reaffirms 'B+' Rating on INR10MM Loan
PURE MILK: CRISIL Reaffirms 'D' Rating on INR37.48MM Cash Loan
R. S. ENTERPRISES: CRISIL Reaffirms 'D' Rating on INR14MM Loan
RADHIKA INFRA: CRISIL Reaffirms 'D' Rating on INR13.54MM Loan

RAJDHANI COLD: CRISIL Assigns B+ Rating to INR5MM LT Loan
RAKESH TEXTILES: CRISIL Reaffirms 'B' Rating on INR5MM Loan
SAISHA ENTERPRISES: CRISIL Reaffirms 'D' Rating on INR6.42MM Loan
SAVORIT LIMITED: Ind-Ra Migrates B+ Rating to Non-Cooperating
SHRI RAMESHWAR: CRISIL Reaffirms 'C' Rating on INR30MM Loan

SOHONI METAL: CRISIL Lowers Rating on INR2MM Cash Loan to 'B'
STALLION INVESTMENTS: Ind-Ra Puts 'BB' Rating to Non-Cooperating
SUPER HOZE: CRISIL Lowers Rating on INR2.5MM Cash Loan to 'B'
SUPRINT TEXTILES: CRISIL Cuts Rating on INR2.5MM Loan to 'B'
SURYA ALLOY: CRISIL Reaffirms D Rating on INR91.49MM Cash Loan

THOUSU PERIYAKKAL: CRISIL Reaffirms 'D' Rating on INR18.94MM Loan
UJALA PUMPS: CRISIL Reaffirms 'D' Rating on INR30MM Cash Loan
VIZAG COMPANYS: CRISIL Reaffirms 'D' Rating on INR15MM Cash Loan

* INDIA: Infusing Funds Into Lenders Won't Solve Debt Mess


I N D O N E S I A

ANTAM PERSERO: S&P Keeps B- Corporate Credit Rating
BANK NEGARA: S&P Raises ICR to BB+ Following Sovereign Upgrade


S I N G A P O R E

MARCO POLO: Unit Gets Order to Temporarily Restrain Creditors
VALLIANZ HOLDINGS: Posts US$173.2 Million Loss in Q1 2017


X X X X X X X X

* BOND PRICING: For the Week May 15 to May 19, 2017


                            - - - - -


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


AZMAC PTY: Second Creditors' Meeting Slated for May 30
------------------------------------------------------
A second meeting of creditors in the proceedings of Azmac Pty
Limited has been set for May 30, 2017, at 11:00 a.m. at the
offices of Condon Associates Group, Level 6, 87 Marsden Street,
in Parramatta, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 29, 2017, at 4:00 p.m.

Schon Gregory Condon RFD of Condon Associates Group was appointed
as administrator of Azmac Pty Limited on Feb. 28, 2017.


LABOUR 2U: Second Creditors' Meeting Set for May 29
---------------------------------------------------
A second meeting of creditors in the proceedings of Labour 2U Pty
Ltd has been set for May 29, 2017, at 10:00 a.m. at the offices
of Jirsch Sutherland, Level 27, 259 George Street, in Sydney,
NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 26, 2017, at 4:00 p.m.

Daniel Jean Civil of Jirsch Sutherland was appointed as
administrator on April 21, 2017.


MATON AIRCONDITIONING: Second Creditors' Meeting Set for May 30
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Maton
Airconditioning and Refrigeration Pty Ltd has been set for
May 30, 2017, at 3:00 p.m. at the offices of RSM Australia
Partners, Equinox Building 4, Level 2, 70 Kent Street, in Deakin,
ACT.

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 29, 2017, at 4:00 p.m.

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


REMOTE CONTRACTING: Second Creditors' Meeting Set for May 29
------------------------------------------------------------
A second meeting of creditors in the proceedings of Remote
Contracting Services Pty Ltd has been set for May 29, 2017, at
3:00 p.m. at Paspalis Business Centre, Level 1, 48 - 50 Smith
Street, in Darwin, Northern Territory.

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 26, 2017, at 4:00 p.m.

Nicholas David Gyss and Stephen James Duncan of DuncanPowell were
appointed as administrators of Remote Contracting on April 21,
2017.


SURFSTITCH: Warns Losses to Double; To Close N. American Ops
------------------------------------------------------------
SmartCompany reports that SurfStitch Group Ltd has warned
investors of an additional AUD5 million in losses for the current
financial year, blaming the "general business environment" and
difficult international trading conditions for the decline.

This brings the company's earnings before interest, tax,
depreciation and amortisation (EBITDA) loss forecast to between
AUD10.5 and AUD11.5 million, which is much steeper than the
previously forecasted loss of AUD5 to AUD6.5 million,
SmartCompany discloses.

"The work to transform our business model; through improved
operational capabilities, enriched customer engagement and a
reduced cost base; is going well," the report quotes chief
executive Mike Sonnard as saying in a market update on May 22.
"However, the retail environment has made it difficult to deliver
the planned sales and gross margin improvements as quickly as we
would like, resulting in the revised forecast for the group's
underlying EBITDA."

SmartCompany adds that the company also announced it would be
closing its North American operations by January 2018, noting the
region "continued to be unprofitable for the foreseeable future".

SurfStitch Group Ltd -- https://www.surfstitch.com/ -- is fashion
& surf store based in Australia.


TREE MINDERS: First Creditors' Meeting Set for May 29
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Tree
Minders Pty Ltd will be held on May 29, 2017, at 10:00 a.m., at
the offices of KordaMentha Level 24, 333 Collins Street, in
Melbourne, Victoria.

Rahul Goyal and Bryan Webster of KordaMentha were appointed as
administrators of Tree Minders on May 18, 2017.



===================
B A N G L A D E S H
===================


BANGLADESH: S&P Affirms 'BB-' Sovereign Credit Ratings
------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term and 'B' short-
term sovereign credit ratings on the People's Republic of
Bangladesh.  The outlook remains stable. The transfer and
convertibility (T&C) assessment remains 'BB-'.

                             RATIONALE

The ratings on Bangladesh reflect the country's low economic
development and limited fiscal flexibility owing to a combination
of constrained revenue-generation capacity and the high spending
to improve its basic infrastructure and government services.  The
country's volatile political setting combined with administrative
and institutional weaknesses represent additional rating
constraints.  S&P weighs these factors against a relatively
modest external debt burden, reflecting support from substantial
donor engagement, and large remittances from the Bangladeshi
diaspora.

Low economic development, as represented by per capita GDP of
US$1,500 for 2017, is one of Bangladesh's main rating
constraints. This income level offers a weak and narrow revenue
base, in turn limiting the fiscal and monetary flexibility needed
to respond to exogenous shocks.  Nevertheless, Bangladesh's real
per capita GDP growth of about 5.3% is healthy and in line with
peers' at this income level.  Despite numerous structural
impediments to growth, in particular the shortage of electricity,
the economy has a record of steady growth.  Should these
impediments be addressed, S&P believes Bangladesh's growth
trajectory would be stronger than peers'.  That said, the high
dividend payouts in comparison to foreign direct investments
suggest little earnings are retained due to the difficult
business operating environment.

Bangladesh's fractious domestic political conditions distract
from stable policymaking.  In the past, widespread strikes and
blockades had often caused substantial economic disruption.
Domestic security concerns stemming from extremist activities had
also heightened over the past year.  In addition, the
confrontational stance between the incumbent Awami League and
opposition Bangladesh Nationalist Party harbors the potential for
conflict.  Given a weak institutional setting and infrastructure
deficiencies, Bangladesh's foreign direct investment have
remained persistently low.  That said, large-scale strikes
disruptive to economic activities have subsided since early 2015.

On the fiscal front, Bangladesh tends to run moderate deficits.
S&P forecasts the change in general government debt will average
2.8% of GDP annually over fiscal 2017-2020 (end June 30).
However, many basic social and infrastructure needs remain unmet,
implying the need for higher outlays ahead.  Although the
government's debt burden is low, with net general government debt
at S&P's projection of 22% of GDP as of the end of fiscal 2017,
its high interest expense at 17.4% of revenues limits fiscal
flexibility.  The government's increasing use of a costlier
national savings certificates scheme rather than commercial
borrowings infers that its debt-servicing ratio will not
necessarily fall even if there is fiscal consolidation.  In
addition, over 40% of the total government debt is denominated in
foreign currency.  Nevertheless, the availability of official
concessional funding tempers the negative effect of high foreign
currency exposure.

S&P sees moderate risk of contingent liabilities from financial
institutions, in particular the state-owned commercial banks
(SOCB) sector.  Although the private sector banks are in adequate
shape, significant risks reside in the SOCBs.  SOCBs account for
28% of total banking sector assets and nonperforming loans had
reached 25% of its total loans as of end 2016.  Although the
government has begun to recapitalize some of the SOCBs, S&P
expects the sector to remain below prudential norms and will
continue to require budgetary support.

Bangladesh's narrow revenue base limits the government's
flexibility to mitigate the effect of economic downturns or other
shocks.  It has only 2 million registered taxpayers (out of a
population of 155 million).  General government revenue was 10%
of GDP in fiscal 2016, among the lowest of rated sovereigns
globally. Numerous initiatives are underway to expand the tax
base, most notably the plan to reform the complicated Value Added
Tax (VAT) system.  The government has set a target to standardize
the VAT rate at 15% by July 2017.  However, the plan has been
repeatedly delayed over the past years since it was first passed
into law in 2012.

S&P views Bangladesh's monetary assessment as a neutral rating
factor.  The central bank's limited independence, multiple
mandates, and underdeveloped capital markets hamper monetary
flexibility.  After the cyber heist of US$100 million in foreign
reserves from Bangladesh Bank last year, the Ministry of Finance
has since asserted more control over the central bank.

Bangladesh's exchange regime is classified by the IMF as
"stabilized arrangement," which is akin to a managed float.  The
Bangladeshi Taka exchange rate has remained fairly stable in the
past two to three years.  However, Bangladesh's real effective
exchange rate has been rising, reflecting the currency
depreciation of its trading partners.  Should this persist, it
could strain the competiveness of its export garment sector.

The central bank has made progress in managing inflationary
expectations.  In the past two years, inflationary pressure
subsided with reduced government borrowing from the banking
sector. Inflation has stayed in the single digits since 2011.

Bangladesh's low external borrowings support the ratings.  Large
remittance inflows and an internationally competitive garment
export sector resulted in current account surpluses for most
years.  But S&P expects modest current account deficits over the
forecast period given that remittances have contracted of late
due to the oil price slump taking its toll on the Gulf States,
the largest hosts of the Bangladeshi diaspora.  S&P envisage
remittance inflows to remain subdued over the next one to two
years, but a drastic collapse is not within its base-case
scenario.

S&P expects Bangladesh's gross external financing needs to
average 77% of current account receipts plus usable reserves over
2017-2020.  The country's significant reserve accumulation
improved the narrow net external debt position, and S&P projects
it to be about 7.6% of current account receipts by end 2017.  But
S&P expects reserve accumulation to stagnate due to lower
remittance flows. Nonetheless, S&P believes external balance and
liquidity will remain key credit-supporting factors.

Bangladesh's external profile draws substantial donor support,
ensuring that the bulk of public external debt is low-cost
borrowing with long maturity.  Additionally, donors and
multilateral lenders condition policy formulation and provide
direct budgetary support.

                              OUTLOOK

The stable outlook reflects S&P's expectation that Bangladesh's
steady growth path and strong donor support will continue raising
average income and sustaining the country's external profile over
the next 12 months.  These factors are balanced against lingering
governance and fiscal weaknesses, and infrastructure
deficiencies.

S&P may raise the ratings if measures aimed at expanding the
revenue base and boosting collection efficiency materially
improve Bangladesh's fiscal performance.  S&P may also upgrade
Bangladesh if the government significantly reduces energy,
infrastructure, and administrative bottlenecks, and boosts
investment, leading to a durable increase in trend growth for
real per capita GDP.  In addition, S&P may raise the ratings if
Bangladesh's monetary flexibility strengthens, as seen in well-
controlled inflation over a sustained period and deeper capital
markets with market-based tools.

Conversely, S&P may downgrade the sovereign if fiscal slippages
result in rising public debt and external donor support declines
materially.

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

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

The committee agreed that the fiscal assessment: flexibility and
performance had weakened and all other key rating factors were
unchanged.

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

RATINGS LIST

Ratings Affirmed

Bangladesh (People's Republic of)
Sovereign Credit Rating                BB-/Stable/B



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


361 DEGREES: S&P Affirms 'BB' CCR Despite Rising Competition
------------------------------------------------------------
S&P Global Ratings said it affirmed its 'BB' long-term corporate
credit rating on 361 Degrees International Ltd.  The outlook is
stable.  S&P also affirmed its 'cnBBB-' Greater China regional
scale rating on the China-based sportswear manufacturer.  At the
same time, S&P affirmed its 'BB' long-term issue rating and
'cnBBB-' long-term Greater China regional scale rating on the
company's senior unsecured notes.

"We affirmed the ratings because we expect 361 Degrees to
maintain its good sales growth and market position in the
intensely competitive sportswear industry in China," said S&P
Global Ratings credit analyst Sophie Lin.

"We also expect the company to sustain its debt leverage below
3.0x over the next 12 months, by gradually improving the turnover
of its working capital and remaining disciplined with capital
spending."

Plans by global sportswear brands to penetrate into lower-tier
cities in China will intensify competition for domestic players,
including 361 Degrees.  Nevertheless, S&P expects the company to
maintain its market position in the sportswear industry in China
over the next 12-24 months.  The company's strength is
underpinned by its extensive distribution network across China,
and active brand management, including through sponsorship of
sports events and sports stars.  361 Degrees was the seventh-
largest sportswear brand and the fourth-largest domestic
sportswear brand in China, with about 4% market share in 2016,
according to market-research group Euromonitor.

S&P believes 361 Degrees will benefit from the overall good
growth prospects of the Chinese sportswear industry.  S&P's base
case assumes the industry will grow 6%-9% annually on average
over the next two to three years.  This is higher than S&P's
estimated GDP growth in China, and driven by a rising middle
class, the growing popularity of sporting activities, and
favorable government policy to encourage sports participation.

361 Degrees' small scale, limited product differentiation, and
low pricing power will continue to constrain its competitive
position over the next 12-24 months.  Relative to major domestic
peers, the company offers its distributors higher wholesale price
discounts and longer accounts-receivable days.  Although the
company is investing in research and development capabilities and
actively diversifying its business by expanding overseas and
cooperating with foreign sportswear brands, these initiatives are
in early stages and it may take time before they generate
meaningful profit and cash flow.

S&P also expects that 361 Degrees will continue to generate
positive operating cash flow and sustain its debt-to-EBITDA ratio
comfortably below 3.0x over the next 12 months.  The company's
gradual improvement in accounts-receivable turnover, efficient
inventory management, and disciplined capital spending underpin
S&P's estimate.  S&P expects 361 Degrees to gradually shorten its
accounts-receivable turnover days to 150-160 in 2017-2018, from
about 163 days in 2016, through a mix of active management of
distributors, and continuous product-portfolio enhancement.

S&P views 361 Degrees' overall competitive position at the
stronger end of the weak business risk profile category and its
credit metrics as very solid for the rating.  This relative
strength is reflected in S&P's positive comparable rating
analysis assessment, resulting in a one-notch rating uplift from
the company's anchor score of 'bb-'.

S&P equalizes the issue ratings on the company's senior unsecured
notes with the corporate credit ratings on 361 Degrees,
reflecting S&P's view of limited subordination risk.  The
majority of the company's debts are directly borrowed under its
parent, which then passes through the funds to its operating
subsidiaries in China, therefore alleviating subordination risks.

The stable outlook reflects S&P's expectation that 361 Degrees
will maintain its market position in the sportswear industry in
China and good operating cash flow over the next 12 months,
despite intense competition.  S&P also expects the company to
gradually improve its working capital management and remain
disciplined with debt-funded capital spending.

S&P could lower the rating if 361 Degrees' debt-to-EBITDA ratio
exceeds 3x without signs of improvement.  This could happen if
the company's sales growth or profit margin is materially below
S&P's expectation, due to intense competition or a material
markdown on inventories or accounts receivable.  This could also
happen if the company undertakes more aggressive debt-funded
investments or shareholder-friendly capital distributions than
S&P expects.

S&P could raise the rating if 361 Degrees improves its debt-to-
EBITDA ratio below 2x and EBITDA interest coverage above 6.0x on
a sustained basis.  This could happen if the company materially
increases profit margins and operating cash flows by continuously
upgrading its product mix toward higher margin sportswear
products.  This could also happen if the company uses cash to pay
down its debts.


AOXING PHARMACEUTICAL: Posts $143K Net Income for Third Quarter
---------------------------------------------------------------
Aoxing Pharmaceutical Company, Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income of $143,407 on $5.70 million of sales for the three
months ended March 31, 2017, compared to net income of $670,376
on $6.56 million of sales for the three months ended March 31,
2016.

For the nine months ended March 31, 2017, Aoxing reported net
income of $502,205 on $21.28 million of sales compared to net
income of $4.20 million on $23.50 million of sales for the same
period during the prior year.

As of March 31, 2017, Aoxing had $62.46 million in total assets,
$44.38 million in total liabilities and $18.08 million in total
equity.

The Company's cash balance as of March 31, 2017, was $7,080,460,
compared to $6,912,100 as of June 30, 2016.  Cash used for
operating activities was $2,794,428 during the nine month period
ended March 31, 2017, as compared to $1,965,846 cash used in
operations during the nine month period ended March 31, 2016.
Cash flow from operation was impacted by increases in accounts
receivable $7,628,847 and prepaid expenses and other current
assets $5,073,660, offset partially by higher accrued expenses
and other current liabilities and accounts payable.  During this
reporting period, the Company did not make any major investment.

During the nine month period ended March 31, 2017, the Company
had net short-term borrowing of $3,183,152, whereas during the
nine month period ended March 31, 2016, the Company completed a
public offering of stock and warrants for net proceeds of
$2,739,000 and borrowed $1,348,510 from related parties, a
portion of which the Company used to satisfy $820,051 in bank
loans and short-term debt.

The Company's working capital deficit on March 31, 2017, was
$9,167,630, compared to $10,948,767 as of June 30, 2016.  The
improvement resulted primarily from a $7,628,847 increase in
accounts receivable, although the effect of that increase on its
balance sheets was partially offset by the $3,080,174 bad debt
expense that the Company recorded in the nine months ended March
31, 2017.  The increase in accounts receivable reflects the
conversion of the Company's marketing program from a distributor
network to direct sales to hospitals, since accounts receivable
from hospitals typically take longer to collect than those from
distributors.

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

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

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

                      https://is.gd/f3s0Fe

                       About Aoxing

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

Aoxing reported net income of $2.24 million for the year ended
June 30, 2016, compared to net income of $5.81 million for the
year ended June 30, 2015.

BDO China Shu Lun Pan Certified Public Accountants LLP, in
Shanghai, People's Republic of China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended June 30, 2016, citing that the Company accumulated a
large deficit and a working capital deficit that raise
substantial doubt about its ability to continue as a going
concern.


TONGJI HEALTHCARE: Delays Filing of March 31 Quarterly Report
-------------------------------------------------------------
Tongji Healthcare Group, Inc., disclosed that it has encountered
a delay in assembling the information, in particular its
financial statements for the quarter ended March 31, 2017,
required to be included in its March 31, 2017 Form 10-Q Quarterly
Report.  The Company expects to file its March 31, 2017, Form 10-
Q Quarterly Report with the U.S. Securities and Exchange
Commission within 5 calendar days of the prescribed due date.

                     About Tongji Healthcare

Based in Nanning, Guangxi, the People's Republic of China, Tongji
Healthcare Group, Inc., a Nevada corporation, operates Nanning
Tongji Hospital, a general hospital with 105 licensed beds.

Tongji Healthcare reported a net loss of $3.64 million on $1.93
million of total operating revenue for the year ended Dec. 31,
2016, compared to a net loss of $588,557 on $2.35 million of
total operating revenue for the year ended Dec. 31, 2015.  As of
Dec. 31, 2016, Tonji had $8.36 million in total assets, $14.52
million in total liabilities and a total stockholders' deficit of
$6.16 million.

Anton & Chia, LLP, in Newport Beach, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2016, citing that the Company has
negative working capital of $6,745,663, an accumulated deficit of
$7,206,416, and shareholders' deficit of $6,162,728 as of
Dec. 31, 2016.  The Company's ability to continue as a going
concern ultimately is dependent on the management's ability to
obtain equity or debt financing, attain further operating
efficiencies, and achieve profitable operations.



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


AGARWAL AND ASSOCIATES: CRISIL Cuts Rating on INR7.5MM Loan to B
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Agarwal
and Associates Impex Private Limited (AAIPL) for obtaining
information through letters and emails dated January 23, 2017,
and February 13, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              7.5      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Letter of Credit         8.5      CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       .61      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan                .89      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

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

Detailed Rationale

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

AAIPL, a Noida (Uttar Pradesh [UP])-based private limited
company, manufactures and distributes natural veneers,
reconstituted veneers, veneer doors, wardrobes, and decorative
ply doors. Mr. Ankur Agarwal, the managing director, manages the
company's operations. Its registered office is in Noida and
manufacturing facilities are in Surajpur (UP).


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

   -- INR430 mil. Fund-based limits migrated to Non-Cooperating
      Category;

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

COMPANY PROFILE

Aravind Ceramics is a family owned tile and sanitary fittings
trading business, incorporated in 1996.


ASVINI FOUNDATIONS: CRISIL Reaffirms 'B' Rating on INR15MM Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Asvini
Foundations Private Limited (Asvini) for obtaining information
through letters and emails dated January 31, 2017, and
February 24, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           15       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Asvini Foundations Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Asvini Foundations Private
Limited is consistent with 'Scenario 3' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BBB rating category or lower.' Based on the last available
information, CRISIL has reaffirmed the rating at CRISIL B/Stable.

Set up as a private limited company in 2006, Asvini is involved
in the construction and sale of residential apartments in Tamil
Nadu. The firm is promoted by Mr. Sivagurunathan along with his
friends and family.


BELL-O-SEAL VALVES: CRISIL Cuts Rating on INR15MM Loan to B
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Bell-O-
Seal Valves Private Limited (BSVPL) for obtaining information
through letters and emails dated January 23, 2017, and
February 13, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           10       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from CRISIL BB+/Stable)

   Cash Credit              15       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     CRISIL BB+/Stable)

   Term Loan                 5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from CRISIL BB+/Stable)

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

Detailed Rationale

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

BSVPL, incorporated in 1998, manufactures fluid and gas valves,
which are primarily used in the oil and gas and petrochemical
industries. The company is headquartered in Udupi (Karnataka) and
is owned and managed by Mr. Gilbert Salins and his family.


BENARA AUTOS: CRISIL Lowers Rating on INR2.5MM Loan to 'D'
----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Benara Autos Private Limited (BAPL) to 'CRISIL D/CRISIL D'
from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          .25       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit            2.50       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Foreign Bill            .50       CRISIL D (Downgraded from
   Discounting                       'CRISIL B+/Stable')

   Letter of Credit        .25       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Packing Credit         1.50       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Standby Fund-          0.40       CRISIL D (Downgraded from
   Based Limits                      'CRISIL B+/Stable')

The downgrade reflects recent delay in meeting interest
obligation on cash credit facility due to stretched liquidity.
Also, cash credit account had been overdrawn for more than 30
days as on May 3, 2017.

Key Rating Drivers & Detailed Description

Weakness

* Delay in meeting interest obligation on and sustained
overdrawal lasting over 30 days in cash credit account

* Modest scale of operations in competitive segment: Over the
three years through fiscal 2016, operating income has remained
flat at around INR20 crore due to intense competition and low
pricing power in the auto component industry. Revenue is
estimated to have declined to INR15 crore in fiscal 2017.

* Working capital-intensive operations: Gross current assets have
been at 339-353 days in the three years ended March 31, 2016, due
to large inventory.

* Modest financial risk profile: The financial risk profile is
constrained by modest networth of INR6.64 crore as on March 31,
2016, and modest debt protection metrics, with interest coverage
ratio at 1.3 times in fiscal 2016.

Strengths

* Extensive experience of promoters: Presence of over three
decades in the auto component industry has helped the promoters
to establish strong relationship with customers and suppliers.

* Moderate leverage: Total outside liabilities to adjusted
networth ratio (TOLANW) has been in the 1.9-2.3 times range in
the three years ended March 31, 2016, and is expected to remain
moderate over the medium term in the absence of debt funded
capital expenditure.

Incorporated in 1985 and promoted by Mr. Ajay Kumar Jain and his
mother, Ms. Prem Lata Jain, BAPL manufactures auto components
such as engine bearing, hoses, rubber parts, and oil seals for
the domestic and global markets.

Profit after tax (PAT) was INR0.07 crore on net sales of INR21
crore in fiscal 2016, against a PAT of INR0.35 crore on net sales
of INR20 crore in fiscal 2015.


CALANCE SOFTWARE: Ind-Ra Migrates BB+ Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Calance Software
Private Limited's (CSPL) Long-Term Issuer Rating to the non-
cooperating category.  The issuer did not participate in the
surveillance exercise despite continuous requests and follow ups
by the agency.  Therefore, investors and other users are advised
to take appropriate caution while using these ratings.  The
rating will now appear as 'IND BB+(ISSUER NOT COOPERATING)' on
the agency's website.  Instrument-wise rating actions are:

   -- INR70 mil. Term loan migrated to Non-Cooperating Category;

   -- INR30 mil. Fund-based working capital limits migrated to
      Non-Cooperating Category; and

   -- INR20 mil. Non-fund-based working capital limits migrated
      to Non-Cooperating Category

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

COMPANY PROFILE

Incorporated in 2004, CSPL provides information technology
solutions across North America and India, specializing in staff
contracting, data centre/cloud/mobile services, e-Governance
services and talent services.  CSPL has a wholly-owned subsidiary
in the US - Partner's Information Technology.  The company has
offices in New Delhi, London, New York, Los Angeles and Chicago.


DHIR GLOBAL: CRISIL Reaffirms 'D' Rating on INR9MM Loan
-------------------------------------------------------
CRISIL Ratings has been consistently following up with Dhir
Global Industria Private Limited (DGIPL) for obtaining
information through letters and emails dated January 24, 2017,
and February 13, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              8.5      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Foreign Bill Purchase    6.0      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit         9.0      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan           0.6      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Packing Credit           9.0      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       1.9      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Gurgaon (Haryana)-based DGIPL was promoted by Mr. M K Dhir and
his family in 1999. It manufactures readymade garments sold in
domestic and export markets Its manufacturing facility is in
Gurgaon.


GEETA COTTON: CRISIL Raises Rating on INR35MM Cash Loan to BB-
--------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facility of Geeta Cotton Company Private Limited (GCC; part of
the Geeta group) to 'CRISIL BB-/Stable' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              35       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The rating upgrade reflects CRISIL's belief that Geeta group's
liquidity will improve over the medium term on account of absence
of any long term debt obligations and large debt funded capex
plans. Geeta group is expected to report steady revenue growth of
5 to 7 percent and stable operating margins in the range of 3.8
to 4.0 per cent over the medium term. Liquidity is further
supported by timely need-based fund support extended by the
promoters of Rs. 7 crores during the 3 years ended fiscal 2016
which are treated as debt. Absence of debt-funded capital
expenditure (capex) plans and demonstrated financial flexibility
of the promoters will support the group's liquidity profile over
the medium term.

The rating reflects the extensive experience of the promoters in
the cotton ginning industry, proximity to a cotton growing region
and its established customer and supplier relationships. These
rating strengths are partially offset and exposure to intense
competition, to raw material price volatility and modest
financial risk profile.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GCC and Krishna Cotton Company (KCC).
This is because both the entities, together referred to as the
Geeta group, have common promoters, are in the same line of
business, and have operational linkages.

Key Rating Drivers & Detailed Description

Strengths

* Extensive industry experience of the partners: The promoters
have been active in the cotton industry for more than two
decades. This has helped them to understand local market dynamics
and establish relationships with farmers and customers.

* Proximity to the cotton growing-belt in Telangana: The
production facility is close to Telangana's cotton-growing belt,
resulting in easy availability of raw cotton directly from
farmers.

Weaknesses

* Susceptibility to volatility in cotton prices: Cotton prices
are highly volatile as cotton yield depends on the monsoon. The
group is unable to pass on any increase in cotton prices to
customers because of intense competition.

* Modest financial risk profile: Financial risk profile remains
modest, with high gearing and below-average debt protection
metrics.

Outlook: Stable

CRISIL believes Geeta group will continue to benefit over the
medium term from its promoters' extensive experience and its
proximity to Telangana's cotton-growing belt. The outlook may be
revised to 'Positive' in case of sustained and significant
improvement in scale of operations and profitability, leading to
higher accrual, while efficient working capital management
improves capital structure. The outlook may be revised to
'Negative' if the financial risk profile or liquidity weakens,
most likely because of a decline in profitability, a stretch in
working capital requirement, or large, debt-funded capital
expenditure

GCC was originally set up as a proprietorship firm in 1983 by Mr.
K Nagnath Patel; this firm was reconstituted as a private limited
company in 2013. KCC was set up as a proprietorship concern by
Mr. Patel in 2006. Both the entities primarily undertake ginning
and pressing of raw cotton. The group also has crushing units to
extract de-oiled cake and oil from cotton seeds. The
manufacturing facilities of both the entities are in Bhainsa,
Telangana.

Loss was INR0.2 Cr on operating income of INR180 Cr in fiscal
2016, vis-a-vis Profit after tax (PAT) of INR0.04 Cr on operating
income of INR140 Cr in fiscal 2015.


GEM MOTORS: Ind-Ra Migrates B Rating to Non-Cooperating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Gem Motors
(India) Private Limited's (GEM) 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:

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

   -- INR50 mil. Non-fund-based limit Migrated to Non-Cooperating
      Category;

   -- INR150 mil. Proposed Fund-based limits migrated to Non-
      Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 23, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporate in 2007, GEM is an authorised Maruti car dealer in
Hyderabad.  The company is engaged in the sales and also service
of both new and old cars.  The firm is owned and promoted by the
Yadav family.


GLOBAL TECHNOCRATS: CRISIL Reaffirms 'B+' Rating on INR7MM Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the long-term bank loan facilities of Global Technocrats Private
Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              7       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       5       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's average financial
risk profile, exposure to risks related to project execution,
small scale of operations, and large working capital requirement.
These weaknesses are partially offset by its promoters' extensive
experience in the concertina coils industry, and their financial
support.

Analytical Approach

CRISIL has treated GTPL's estimated unsecured loans of INR4.6
crore as on March 31, 2017, as neither debt nor equity, as they
bear low interest, and are likely to remain in the business.

Key Rating Drivers & Detailed Description

Weaknesses

* Average financial risk profile: Though gearing was moderate at
estimated 1.8 times, networth was small at INR3.1 crore as on
March 31, 2017. Debt protection indicators were modest, with
interest coverage ratio estimated at 1.9 times and net cash
accrual to total debt ratio at 0.14 time for fiscal 2017.

* Small scale of operations: GTPL's small scale, indicated by
sales of estimated INR47.5 crore for fiscal 2017, limits its
ability to negotiate credit terms with suppliers and to pass on
increases in raw material prices to customers, thereby affecting
working capital management and operating profitability.

* Large working capital requirement: The company had gross
current assets of estimated 110 days as on March 31, 2017, driven
by receivables and inventory of 50 days each vis-a-vis negligible
credit of 10 days.

* Exposure to risks related to project execution: The company
will undertake capital expenditure (capex) of INR2-2.5 crore in
fiscal 2018. As the plan is still in a nascent stage, funding and
execution of the capex will be a key factor.

Strengths
* Promoters extensive industry experience: The promoters'
experience of close to two decades has helped GTPL establish
relationships with customers and suppliers, and execute projects.
The company has implemented key projects for customers such as
the Indian Armed Forces and Border Security Forces.

* Financial support from promoters: The promoters had extended
unsecured loans of INR4.6 crore as on March 31, 2017, which
support working capital management.

Outlook: Stable

CRISIL believes GTPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if substantial revenue and profitability result in
better financial indicators, especially debt protection
indicators, or if timely stabilisation of planned project leads
to improvement in the business and financial risk profiles. The
outlook may be revised to 'Negative' if an increase in working
capital requirement or any delay in stabilisation of operations
post the proposed capex weakens the financial risk profile.

GTPL was set up by Mr Atul Agarwal in 1998. The company
manufactures concertina coils, which are used in security fencing
products. Its manufacturing unit is in Bhiwadi, Rajasthan. Its
products include punched tape concertina coils, razor wire
concertina coils, concertina barbed tape, concertina flat wrap,
reinforced barbed tape, and concertina wire mesh.

Net profit was INR19.37 lakh on net sales of INR46.9 crore in
fiscal 2016, against net profit of INR13.03 lakh on net sales of
INR41.01 crore in fiscal 2015. Revenue is estimated at INR47.5
crore for fiscal 2017.


GS COTTON: Ind-Ra Migrates B+ Rating to Non-Cooperating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated G.S. Cotton
Company 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:

   -- INR40 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category;

   -- INR20 mil. Proposed fund-based working capital limit
      migrated to Non-Cooperating Category; and

   -- INR40 mil. Proposed non-fund-based working capital limit
      migrated to Non-Cooperating Category

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

COMPANY PROFILE

Incorporated in 2012, G.S. Cotton Company trades cotton to
various spin millers in Punjab and Haryana.


GUPTA & SONS: Ind-Ra Affirms BB Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Gupta & Sons
(Motors) Private Limited's (GSMPL) Long-Term Issuer Rating at
'IND BB'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR60 mil. (reduced from INR70) Fund-based limits affirmed
      with 'IND BB/Stable' rating; and

   -- INR20 mil. (increased from INR10) Non-fund-based limits
      affirmed with 'IND A4+' rating

                         KEY RATING DRIVERS

The affirmation reflects GSMPL's continued small scale of
operations and moderate credit profile.  According to provisional
financials for FY17, revenue was INR413 million (FY16: INR426
million; FY15: INR440 million), gross interest coverage
(EBITDA/gross interest) was 1.6x (1.2x; 1.1x), net financial
leverage (net debt/EBITDA) was 3.7x (5.4x; 4.2x) and operating
EBITDA margin was 3.1% (3.0%; 3.4%).  The decline in revenue was
due to a decline in the total units sold during the year.
Meanwhile, the marginal improvement in EBITDA margin was due to a
decline in operating cost.

The ratings factor in GSMPL's comfortable liquidity position,
indicated by an average maximum working capital limit utilization
of 85% during the 12 months ended April 2017.

The ratings, however, supported by the more than four decades-
long experience of GSMPL's promoters in the automobile industry.
Also, the company has been an authorized dealer of Bajaj Auto
Limited's two-wheelers with 3S facilities i.e. sales, spares and
service.

                         RATING SENSITIVITIES

Negative: Further deterioration in the scale of operations and
overall credit metrics will be negative for the ratings.

Positive: A substantial improvement in the revenue and credit
metrics would be positive for the ratings.

COMPANY PROFILE

GSMPL was incorporated in 1973 in the Gwalior district of Madhya
Pradesh by Mr Sunil Gupta.  The company has a two-wheeler
dealership of Baja Auto.


ICON DEVELOPERS: CRISIL Lowers Rating on INR6MM Term Loan to B
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Icon
Developers (ID) for obtaining information through letters and
emails dated January 23, 2017, and February 13, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan                6       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL B+/Stable')

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

Detailed Rationale

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

Icon Developers (ID) is constructing 145 luxury apartments along
with club & other facilities over 2 acres of land area at Bara
Devi (Kidwai Nagar). ID developer is partnership firm , the day
to day operations of the project is managed by Mr Pawan Garg.


ITMS INDIA: Ind-Ra Assigns BB- Rating to INR20MM Capital Facility
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated ITMS India Private
Limited's (ITMSIPL) additional bank limits as:

  -- INR20 mil. Fund-based working capital facility assigned with
     'IND BB-/Stable/IND A4+' rating

                        RATING SENSITIVITIES

Negative: A decline in the EBITDA margin leading to deterioration
in the credit metrics will be negative for the ratings.

Positive: A sustained growth in revenue along with an improvement
in the EBITDA margin will be positive for the ratings.

COMPANY PROFILE

Incorporated in October 2012, ITMSIPL is a Delhi-based company
operating in the signage and offset printing industry.  ITMSIPL
has structured its business into three verticals: signage,
interior & architectural, and offset printing.


K D INFRA: CRISIL Lowers Rating on INR10MM Term Loan to 'B'
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with K D Infra
(KDI) for obtaining information through letters and emails dated
January 23, 2017, and February 13, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           4        CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

   Cash Credit              5        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Proposed Long Term       6        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Term Loan               10        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

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

Detailed Rationale

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

KDI, a partnership firm, was set up in 2012 for setting up a
project to manufacture autoclaved aerated concrete blocks,
commonly known as fly-ash bricks at Changsari in Guwahati
(Assam). The plant is estimated to have an installed capacity of
180,000 cubic metres of fly ash bricks a year. The project is
expected to cost Rs.430.5 million, which will be funded through
debt of Rs.250 million and equity of Rs.180.4 million.


KAILASH RICE: CRISIL Assigns B+ Rating to INR12.1MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has revoked the suspension of its rating on the
long-term bank facilities of Kailash Rice and General Mills
Private Limited (KRGM) and has assigned its 'CRISIL B+/Stable'
rating to the facilities. CRISIL had, on June 01, 2015, suspended
the rating as KRGM had not provided necessary information
required for a rating review. KRGM has now shared the requisite
information, enabling CRISIL to assign ratings to its bank
facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             12.1      CRISIL B+/Stable (Assigned;
                                     Suspension revoked)

   Proposed Fund-Based       .08     CRISIL B+/Stable (Assigned;
   Bank Limits                       Suspension revoked)

   Term Loan                 .02     CRISIL B+/Stable (Assigned;
                                     Suspension revoked)

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in highly fragmented industry: With
revenue of INR24.23 crore in fiscal 2016, estimated at INR25
crore for fiscal 2017, and limited installed milling capacity of
6 tonne per hour, KRGM is a small player in the highly fragmented
rice processing industry. Scale of operations is expected to
remain small over the medium term due to limited capacities and
intense fragmentation in the industry

* Working capital-intensive operations and low return on capital
employed (RoCE): Operations are highly working capital intensive,
with gross current assets (GCAs) of 289 days as on March 31,
2016, estimated at 247 days as on March 31 2017. High GCAs are
driven by high inventory holding of over 120 days. The rice
industry is highly working capital intensive as operations
involve high inventory storage. Paddy, the major raw material, is
available only in the crop season, and therefore players have to
procure the paddy during this period for their next year's
requirement. Paddy is procured through mandis with limited credit
of 60-80 days. Large inventory with limited credit period from
suppliers increases dependence on bank loans to fund inventory.
Due to high working capital requirement and low profitability,
KRGM is estimated to have low RoCE of 5.07% in fiscal 2016,
estimated at 5.11% in fiscal 2017.

* Weak financial risk profile
Financial risk profile is weak because of small networth of
INR3.99 crores as on March 31, 2016, estimated at INR3.74 crores
as on March 31, 2017, driven by low accretion to reserve due to
low profitability and small scale of operations. Also, gearing
stood high at 3.71 times as on March 31, 2016, estimated at 3.71
times as on March 31, 2017. Interest coverage and net cash
accrual to total debt ratios were 1.26 times and 0.03 time,
respectively, in fiscal 2016, estimated at 1.27 times and 0.03
time, respectively, for fiscal 2017. The financial risk profile
is likely to remain stable over the medium term.

Strengths

* Experience of promoter and established relationships with
customers: The promoter has over two decades of experience in the
rice industry. He has a successful track record in sustaining the
business even in adverse conditions. The company had a recent
capital expenditure to significantly increase sorting capacity,
which will help in improving production. Over the years, the
promoter established strong relationships with customers and
suppliers in the domestic market. The company established
relationships of over six years with major customers. Benefits
from the experience of promoter and established business
relationships should continue over the medium term.

Outlook: Stable

CRISIL believes KRGM will benefit over the medium term from the
promoter's experience. The outlook may be revised to 'Positive'
if financial risk profile strengthens, driven by better-than-
expected cash accrual or equity infusion by promoter, along with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' if liquidity is constrained by lower-
than-expected cash accrual or larger-than-expected working
capital requirement.

Incorporated in 2001 by Mr Vipan Gupta, KRGM is engaged in
milling, manufacturing and trading of basmati and other varieties
of rice. KRGM operates a rice mill in Kapurtala, Punjab. The
company derives its entire sales from the domestic market i.e.
sales of rice to export houses (70%) and the remaining from sales
to wholesalers and traders located throughout the country. The
company does not undertake direct exports.

Net loss was INR0.34 crores on net sales of INR24.23 crores in
fiscal 2016, against INR0.16 crores and INR34.54 crores,
respectively, in fiscal 2015.


KHARE & TARKUNDE: Ind-Ra Migrates BB+ Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Khare & Tarkunde
Infrastructure Private Limited's (KTIPL) Long-Term Issuer Rating
to the non-cooperating category.  The issuer did not participate
in the surveillance exercise, despite continuous requests and
follow-ups by the agency.  Therefore, investors and other users
are advised to take appropriate caution while using these
ratings. The rating will now appear as 'IND BB+(ISSUER NOT
COOPERATING)' on the agency's website.  The instrument-wise
rating actions are:

   -- INR425 mil. Fund-based limit migrated to Non-Cooperating
      Category; and

   -- INR1.003 bil. Non-fund-based limit migrated to Non-
      Cooperating Category;

   -- INR 181 mil. Term loan migrated to Non-Cooperating Category

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

COMPANY PROFILE

KTIPL was set up as a partnership firm in 1962 by engineers Mr.
Khare and Mr. Tarkunde, and was converted into a private limited
company in 1997.  The founders have experience in the
construction of roads, bridges, railways and irrigation
facilities.  The company primarily focuses on designing and
constructing bridges for governments or government enterprises.


KUNA IMPEX: Ind-Ra Assigns BB- Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kuna Impex
Private Limited (KIPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.  The instrument-wise rating actions are:

   -- INR57.5 mil. Fund-based limits assigned with
      'IND BB-/Stable' rating

   -- INR6.18 mil. Term loans assigned with 'IND BB-/Stable'
      rating; and

   -- INR55.0 mil. Non-fund-based limits assigned with 'IND A4+'
      rating

                         KEY RATING DRIVERS

The ratings reflect KIPL's small scale of operations and moderate
credit profile.  According to provisional financials for FY17,
revenue was INR242.72 million (FY16: INR199.34m).  The increase
in revenue was driven by a rise in the volume of products sold,
an increase in the customer base and an expansion in demand for
LED lights.  In FY17, EBITDA interest coverage (operating
EBITDA/interest) was 1.5x (1.5x) and net financial leverage (net
debt/operating EBITDA) was 5.1x (4.6x).  Moreover, operating
EBITDA margin declined to 6.2% in FY17 from 7.7% in FY16 due to a
rise in raw material costs.

The ratings also reflect KIPL's moderate liquidity, indicated by
an average maximum utilization of 95% during the 12 months ended
March 2017.

The ratings factor in KIPL's high working capital requirement on
account of an elongated realization period from customers owing
to late payments and a high inventory holding period, inherent in
the trading nature of business.  Furthermore, given KIPL sources
the majority of materials from overseas markets, it remains
exposed to foreign exchange currency fluctuations.

The ratings, however, are supported by the promoters' close to
three decades of experience in the trading of industrial
automation products such as AC drives, servo drives, programmable
logic controllers (PLCs) and switchgears.  Moreover, it has
exclusive distributorship arrangements with Shenzen Sunfar
Electric Technologies Company, Nanjing Estun Automation Company
and Chint Group for selling their products in India.

                       RATING SENSITIVITIES

Negative: A negative rating action may result from a decline in
revenue and a deterioration in credit profile.

Positive: A positive rating action may result from a substantial
improvement in revenue, along with an improvement in credit
metrics.

COMPANY PROFILE

Incorporated in December 1998, KIPL is engaged in the trading of
industrial automation and electrical and lighting products.  The
company is managed by Mr. Ved Naithani and Mr. Palak Shah.  The
company's head office is in Ahmedabad, Gujarat.

KIPL is an exclusive distributor of Sunfar AC drives, Estun servo
drives and Chint low-voltage switchgears in India.


MAHALAXMI PADDY: CRISIL Cuts Rating on INR6.76MM Loan to 'B'
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Mahalaxmi
Paddy Products (P) Ltd. (MPPL) for obtaining information through
letters and emails dated January 23, 2017, and February 13, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             6.76      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Letter of Credit        1.60      CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                      Reaffirmed)

   Proposed Long Term      4.56      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

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

Detailed Rationale

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

Set up in 1990, MPPL is promoted by Mr. Arun Kumar Maheshwari and
family. The company mills and processes basmati and non-basmati
rice at its production facility in Mainpuri (Uttar Pradesh).


MIDAAS CONSTRUCTION: CRISIL Cuts Rating on INR5.5MM Loan to B
-------------------------------------------------------------
CRISIL has been consistently following up with Midaas
Construction Company Private Limited (Midaas) for obtaining
information through letters and emails dated January 23, 2017,
and February 13, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee            1       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

   Cash Credit               5.5     CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Overdraft                 3.85    CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term        2.15    CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                      'CRISIL BB-/Stable')

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

Detailed Rationale

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

Midaas, incorporated in 2010 and based in West Bengal, is
promoted by Mr. Haridas Badlani, Mr. Narayan Badlani, and Mr.
Nitesh Badlani. The company supplies construction material to
several infrastructure and construction companies. It also
undertakes the construction of roads, bridges, and dams. Its
clients include various government entities and private
infrastructure companies.


MODERN GRIT: CRISIL Downgrades Rating on INR2.7MM LT Loan to B
--------------------------------------------------------------
CRISIL has been consistently following up with Modern Grit
Private Limited (MGPL) for obtaining information through letters
and emails dated January 23, 2017, and February 13, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              6        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Proposed Long Term       2.7      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan                1.3      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

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

Detailed Rationale

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

Incorporated in 2011, MGPL is engaged in stone-crushing
activities in Pilibhit district (UP). The company procures stones
from the quarry on the Nandaun river bed and has a total stone-
crushing capacity of 250 tonnes per hour. The operations are
managed by key promoters Mr. Pramod Aggarwal and his brother, Mr.
Ujjawal Aggarwal.


O. M. S. TAMARIND: CRISIL Cuts Rating on INR1.5MM LT Loan to B
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with O. M. S.
Tamarind Merchants Private Limited (OMS) for obtaining
information through letters and emails dated January 23, 2017,
and February 13, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft               6.5       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     CRISIL B+Stable)

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

Detailed Rationale

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

Set up in 1950, and based in Chennai, OMS trades in tamarind,
pulses, edible oil, sugar, and chilly. Mr. C Raja Sankaralingam
manages the company's daily operations.


ORIILON INDIA: Ind-Ra Assigns BB+ Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Oriilon India
Private Limited (OIPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.  Instrument-wise rating actions are:

   -- INR63 mil. Term loan assigned with 'IND BB+/Stable' rating;

   -- INR30 mil. Term loan assigned with 'IND BB+/Stable' rating;

   -- INR87 mil. Term loan assigned with 'IND BB+/Stable' rating;
      and

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

                         KEY RATING DRIVERS

The ratings reflect OIPL's volatile EBITDA margins and moderate
scale of operations and credit metrics.  The EBITDA margins were
10-13% over FY14-FY17 due to raw material price fluctuations,
volatility in power and fuel expenses, and job work charges.  As
per provisional financials for FY17, revenue grew to
INR1.227 million in FY17 (FY16: INR638 million) on account of
increased demand for nylon filament yarn from existing and new
customers.  OIPL has also increased its installed capacity in
December 2015 to 23,500kgs/day from 15,000kgs/day to meet the
increase in order demand.

Net interest coverage (operating EBITDAR/net interest expense +
rents) improved to 3.35x (FY16: 2.02x) and net leverage (total
adjusted net debt/operating EBITDAR) to 3.0x (6.41x) on account
of an improvement in EBITDA.

The ratings, however, are supported by OIPL's comfortable
liquidity position as reflected by 67.5% average maximum
utilization of fund-based limits over the 12 months ended March
2017.

The ratings also derive strength from OIPL's promoters' more than
three decades of experience in the manufacturing of nylon yarn,
resulting in established relationships with customers and
suppliers.

                       RATING SENSITIVITIES

Negative: Any dip in the revenue or operating profitability
leading to deterioration in the credit metrics on a sustained
basis will be negative for the ratings.

Positive: A substantial growth in the revenue along with an
improvement in the operating profitability, leading to an
improvement in the credit metrics on a sustained basis will be
positive for the ratings.

COMPANY PROFILE

Incorporated in 2008, OIPL (erstwhile Vandana Suppliers Pvt. Ltd.
involved in trading of polyester) is engaged in the manufacturing
of nylon filament yarn, mainly used in the textile industry for
high-end special apparels.  The company's sole manufacturing
facility located in Surat, Gujarat, has an installed capacity of
5,475MTPA. OIPL commenced manufacturing of nylon yarn from August
2013.


ORION MOTORS: CRISIL Lowers Rating on INR5MM Loan to B
------------------------------------------------------
CRISIL Ratings has been consistently following up with Orion
Motors Private Limited (OMPL) for obtaining information through
letters and emails dated January 23, 2017, and February 13, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              2        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

   Inventory Funding        5        CRISIL B/Stable (Issuer Not
   Facility                          Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

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

Detailed Rationale

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

Incorporated in 1999, OMPL is an authorised automobile dealer of
HMIL in Hisar and Hansi. The company is promoted by Mr. Jagmohan
Oberoi and Ms. Rita Oberoi and is based in Hisar (Haryana).


PADMESH BEVERAGES: CRISIL Cuts Rating on INR9.5MM Loan to 'B'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Padmesh
Beverages (Padmesh) for obtaining information through letters and
emails dated January 23, 2017, and February 13, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Cash Credit              9.5      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB+/Stable')

   Corporate Loan            .5      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB+/Stable')

   Proposed Long Term       1.5      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded
                                     from 'CRISIL BB+/Stable')

   Term Loan                1.82     CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

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

Detailed Rationale

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

Padmesh, established in 2002, manufactures and distributes Parle
products, such as Frooti, Appy Fizz, Love Litchi, Cafaa Cuba, LMN
lemon-, aqua- and orange-flavoured fruit drinks, and Bailey Soda.
The firm has exclusive distribution rights for Parle's products
in North-East India. Located at Satgaon in Guwahati (Assam),
Padmesh is managed by Mr. Manoj Kumar Agarwala.


PATIKARI POWER: CRISIL Lowers Rating on INR14.25MM LT Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Patikari Power Pvt Ltd (PPPL) to 'CRISIL D' from 'CRISIL
BB/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         14.25      CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Proposed Long Term      7.36      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL BB/Stable')

The downgrade reflects a recent instance of delay in servicing
term debt obligations owing to stretched liquidity.

Operating revenue declined to INR12.7 crore in fiscal 2016 from
INR14.1 crore in fiscal 2015 and is estimated to decline further
to INR9.55 crore in fiscal 2017 due to lower power generation,
resulting from less water in the catchment area because of low
rainfall. However, operating margin remained healthy at 71% in
fiscal 2016 and is estimated at around 70% for fiscal 2017.

Key Rating Drivers & Detailed Description

Weakness

* Delays in servicing term debt obligation: The company has
recently delayed servicing term debt obligation due to stretched
liquidity.

* Counter-party risk, with Himachal Pradesh State Electricity
Board (HPSEB) being its sole customer: Though long-term agreement
with HPSEB provides revenue visibility, revenue nevertheless
remains dependant on a single customer, thereby exposing PPPL to
high counter party risk. Any delay in payment from HPSEB could
impact PPPL's liquidity. Timely receipt of payments from HPSEB
will remain a key rating sensitivity factor over the medium term.

* Susceptibility to hydrology risk associated with terrain: PPPL
is exposed to hydrology risk. Power generation is dependent on
the availability of adequate water flow through the stream.
Bhakli Khad, a left bank tributary of the Beas River joining into
the reservoir behind the Pandoh dam, is the main source of water
flow. Discharge in the stream is mainly contributed by rain water
and partially by natural springs. Therefore, the company faces a
risk of low water discharge during January to March. Though small
perennial streams also contribute a lot of discharge to the main
stream, the plant load factor of the power plant remains
vulnerable to any significant drop in water flow level, as
witnessed in fiscal 2017.

Strengths

* Limited exposure to demand and price risk with assured offtake
through long-term power purchase agreement (PPA): PPPL supplies
electricity to HPSEB under a long-term PPA signed for 40 years
(from the commercial operation date) at a tariff rate of INR2.25
per unit. Long-term agreement with the customer provides revenue
visibility, minimising offtake risk and ensuring steady cash
flow.

* High operating profitability: The main raw material in hydel
power is water which is available free of cost from the Beas
River, on which the plant is commissioned. This ensures high
operating margin for the hydel project; the company is likely to
have an operating margin of around 70% though revenue per
megawatt is generally modest due to lower capacity utilisation.

PPPL was incorporated in 2002 to establish and operate the 16
megawatts Patikari hydro-electric project, a run of the river
scheme built on Bakhli Khad, a left bank tributary of the Beas
River, in Mandi, Himachal Pradesh. The project started commercial
operation in February 2008.

Profit after tax was INR6 lakhs on net sales of INR12.7 crore for
fiscal 2016, vis-a -vis INR61 lakhs and INR14.14 crore,
respectively, in fiscal 2015.

Status of non-cooperation with previous CRA: PPPL has not
cooperated with ICRA Ltd, which suspended its rating on the
company on December 07, 2016. The reason provided by ICRA Ltd is
non-furnishing of information required for monitoring the rating.


PRAVIN MOHANLAL: CRISIL Reaffirms 'B+' Rating on INR10MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facility of Pravin Mohanlal (PM) at 'CRISIL B+/Stable'.

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

The rating reflects a below-average financial risk profile
because of a small networth, high total outside liabilities to
adjusted networth (TOLANW) ratio, and average debt protection
metrics. The rating also factors in a modest scale of operations
and exposure to intense competition in the diamond industry
resulting in low profitability margins. These rating weaknesses
are partially offset by the extensive experience of the promoter
in the gems and jewellery industry, established relationship with
customers, and moderate working capital requirement.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: The networth was small at
INR2.2 crore, and the TOLANW ratio high at 13.8 times, as on
March 31, 2016. The debt protection metrics were average with
interest coverage ratio of 2.3 times in fiscal 2016.

* A modest scale of operations and exposure to intense
competition resulting in low profitability margins: Revenue is
estimated at INR29.1 crore for fiscal 2017. Also, the diamond
industry is highly fragmented as low entry barriers on account of
limited capital and technology requirements attract numerous
unorganised players across India. Hence, the firm has modest
profitability margins.

Strengths

* Extensive industry experience of the promoters, and established
relationship with customers: The Mumbai-based Selvadia family, to
which the promoter belongs, has been engaged in the diamond
trading business since 1974, though PM was established in 1994.

Outlook: Stable

CRISIL believes PM will continue to benefit from the extensive
industry experience of its promoter and established relationship
with customers. The outlook may be revised to 'Positive' if there
is substantial improvement in the capital structure on the back
of sizeable capital infusion, or sustained improvement in working
capital management. The outlook may be revised to 'Negative' in
case of a steep decline in profitability margins, or significant
deterioration in the capital structure caused most likely by an
increase in working capital requirement.

PM, a proprietorship concern, was set up in 1994 by Mumbai-based
Mr Pravin Mohanlal Selvadia. The firm primarily trades in rough
and polished diamonds. It also manufactures diamond-studded
jewellery. The trading division contributes around 70% of the
revenue, and the manufacturing division contributes the rest.

Profit after tax was INR0.43 crore on net sales of INR45.5 crore
in fiscal 2016, against a profit after tax of INR0.74 crore on
net sales of INR71.5 crore in fiscal 2015.


PURE MILK: CRISIL Reaffirms 'D' Rating on INR37.48MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Pure Milk
Products Private Limited (PMPPL) for obtaining information
through letters and emails dated January 23, 2017, and
February 15, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            37.48      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      .98       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan             13.54       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Working Capital       11          CRISIL D (Issuer Not
   Demand Loan                       Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Pure Milk Products Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Pure Milk Products Private
Limited is consistent with 'Scenario 2' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB rating category or lower.' Based on the last available
information, CRISIL has reaffirmed the rating at CRISIL D.

PMPPL was established in 1989 as a partnership firm, and was
reconstituted as a private limited company. It was acquired by
Mr. Charanjit Singh and his wife in 1993. PMPPL processes milk at
its plant in Ludhiana (Punjab), which has capacity of 0.4 million
litres per day.


R. S. ENTERPRISES: CRISIL Reaffirms 'D' Rating on INR14MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with R. S.
Enterprises (Ludhiana) (RSE) for obtaining information through
letters and emails dated January 23, 2017, and February 13, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              14       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Foreign Exchange          3       CRISIL D (Issuer Not
   Forward                           Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term        2.95    CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan                 6.05    CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of R. S. Enterprises (Ludhiana).
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for R. S. Enterprises (Ludhiana) is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB rating
category or lower.' Based on the last available information,
CRISIL has reaffirmed the rating at CRISIL D/CRISIL D.

RSE was established in 2001 as a proprietorship concern in
Ludhiana (Punjab) by Mr. Rachit Tuli. The firm manufactures
textiles and trades in fabric and has a knitting capacity of 8
tonnes per day. The proprietor's family has over six decades of
experience in the textiles industry.


RADHIKA INFRA: CRISIL Reaffirms 'D' Rating on INR13.54MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Radhika
Infra Estate Private Limited (RIPL) for obtaining information
through letters and emails dated January 23, 2017, and
February 13, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         13.54      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Radhika Infra Estate Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Radhika Infra Estate Private
Limited is consistent with 'Scenario 2' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB rating category or lower.' Based on the last available
information, CRISIL has reaffirmed the rating at CRISIL D.

RIPL was incorporated in 2009 by Mr. Manoj Kumar Jain, Mr. Arvind
Agarwal, and Mr. Prashant Kumar Saxena. It is currently
undertaking a real estate project, Maple Tree, at the airport
bypass road, near RGPV University, Bhopal.


RAJDHANI COLD: CRISIL Assigns B+ Rating to INR5MM LT Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Rajdhani Cold storage (RCS).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             1.5       CRISIL B+/Stable
   Long Term Loan          5         CRISIL B+/Stable

The rating reflects the working capital-intensive nature, and
small scale, of operations in an intensely competitive industry.
These rating weaknesses are partially offset by the extensive
entrepreneurial experience of the proprietor. The rating also
factors a moderate financial risk profile because of a
comfortable total outside liabilities to adjusted networth
(TOLANW) ratio and healthy debt protection metrics.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in an intensely competitive industry
Operating income is estimated at INR3.75 crore for fiscal 2017.
The presence of a large number of small players reduces the
bargaining power of all players in the industry.

* Working capital-intensive nature of operations
Receivables are stretched as payment of rent from customers is
received when they pick their last slot of goods from the cold
storage.

Strengths

* Extensive entrepreneurial experience of the proprietor.
The proprietor, Mr Nirmolak Singh Mutreja, has an experience of
over two decades in the agricultural commodities industry. He was
earlier engaged in processing of and trading in rice through a
group concern, Lucky Rice Mills. Established relationship with
major suppliers and customers further strengthens the market
position.

* Moderate financial risk profile
Both capital structure and debt protection metrics are expected
to remain healthy over the medium term. The networth was modest,
estimated at INR3.5 crore as on March 31, 2017, against INR3.4
crore a year earlier. The interest coverage ratio is expected to
remain healthy at around 2.5 times over the medium term driven by
stable cash accrual.

Outlook: Stable

CRISIL believes RCS will continue to benefit from the extensive
entrepreneurial experience of its proprietor. The outlook may be
revised to 'Positive' in case of a significant and sustained
increase in scale of operations along with improvement in working
capital management. The outlook may be revised to 'Negative' in
case of lower-than-expected cash accrual, any debt-funded capital
expenditure resulting in weakening of the capital structure, or
an increase in working capital requirement leading to stretched
liquidity.

RCS was formed in 2014 by Mr Mutreja in Raipur, Chhattisgarh. The
firm provides cold storage and warehouse services to farmers,
merchants, and traders. It has a total capacity of 6000 tonne,
with two chambers, for storing perishables. The firm also
undertakes opportunity-based trading in agro commodities such as
tamarind, jaggery, gram, and pulses.

Profit after tax (PAT) was INR0.12 crore on operating income of
INR3.75 crore, estimated for fiscal 2017, against INR0.9 crore
and INR3.23 crore, respectively, in fiscal 2016.


RAKESH TEXTILES: CRISIL Reaffirms 'B' Rating on INR5MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Rakesh Textiles (RT)
continues to the limited track record in operations, and exposure
to intensive competition in the textile industry. These
weaknesses are partially offset by the extensive experience of
the partners, and their funding support.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             5        CRISIL B/Stable (Reaffirmed)
   Long Term Loan          1.8      CRISIL B/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses:

* Limited track record of operations: Given the limited track
record, as operations commenced only around September 2016,
estimated sales for fiscal 2017, stood at INR15 crore.

* Exposure to intense competition in the textile industry:
Intense competition restricts the pricing and bargaining power of
players. Operating margin also remains vulnerable to volatile raw
material prices.

Strength

* Extensive experience of the partners, and their funding
support: Benefits from the two decade-long experience of the
partners, and their established relationships with suppliers and
customers, will continue. Additionally, the partners have
extended unsecured loans and infused equity capital to support
operations.

Outlook: Stable

CRISIL believes RT will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if a ramp-up in the scale of operations leads to
healthy revenue and profitability. The outlook may be revised to
'Negative' in case of delay in stabilisation of project, leading
to lower-than-expected revenue, profitability and a weak
financial risk profile.

Set up in 2004, RT is a partnership firm based in Panipat,
Haryana. It began commercial operations in fiscal 2017, by
manufacturing and selling polyester curtains. Daily operations
are managed by the partners, Mr Rakesh Khanna and his brother, Mr
Yogesh Khanna.


SAISHA ENTERPRISES: CRISIL Reaffirms 'D' Rating on INR6.42MM Loan
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Saisha
Enterprises Private Limited (SEPL) for obtaining information
through letters and emails dated January 23, 2017, and
February 13, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      6.08      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan               6.42      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Saisha Enterprises Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Saisha Enterprises Private
Limited is consistent with 'Scenario 2' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB rating category or lower.' Based on the last available
information, CRISIL has reaffirmed the rating at CRISIL D.

Incorporated in 2010, SEPL derives parking income from its
parking space located in Shirdi (Maharashtra). The company has
constructed its commercial complex including 13 shops, 40-room
hotel and a restaurant having total rental area of 1.5 lakh
square feet. SEPL is promoted by Mr. Navnath Gondkar and has its
registered office in Ahmednagar (Maharashtra).


SAVORIT LIMITED: Ind-Ra Migrates B+ Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Savorit
Limited's 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 actions are:

   -- INR70 mil. Fund-based limit migrated to Non-Cooperating
      Category;

   -- INR97.34 mil. Non-fund based limit migrated to Non-
      Cooperating Category; and

   -- INR82.66 mil. Term loans migrated to Non-Cooperating
      Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 14, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Savorit is a Chennai-based manufacturer of wheat products.  Its
manufacturing facilities are located in Chennai and Dindigul.


SHRI RAMESHWAR: CRISIL Reaffirms 'C' Rating on INR30MM Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facility of Shri Rameshwar Sahakari Sakhar Karkhana Limited
(SRSSKL) at 'CRISIL C'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              30       CRISIL C (Reaffirmed)

The rating continues to reflect its below-average financial risk
profile because of weak capital structure and inadequate debt
protection metrics, and exposure to cyclicality in the sugar
industry and to regulatory framework. These weaknesses are
partially offset by the society's established regional position.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to cyclicality in the sugar industry and regulatory
framework
The sugar industry is cyclical, seasonal, and highly fragmented.
Dependence on monsoon can adversely affect yield. Government
tries to balance the interests of sugar consumers by regulating
prices and distribution, and also ensures remunerative price to
farmers by advising floor prices for sugarcane called statutory
minimum price or state advised price.

* Below-average financial risk profile
Networth has depleted owing to huge losses incurred in the past.
Debt protection metrics have also remained muted due to high
interest expense and low operating margin. Financial risk profile
will remain subdued over the medium term.

Strengths

* Established position in the sugar industry
Currently, the society has 7500 shareholders. Proprietor's
extensive experience will help support business risk profile over
the medium term.

Established in 2001 by a group of agriculturists in Jalna,
Maharashtra, SRSSKL is promoted by Mr. Raosaheb Patil Danve
(member of Parliament) and manufactures sugar. Mr. Santosh Patil
Danve is its chairman, and operations are managed by Mr.
Dharmaraj Shewale (managing director) with support from other
functional personnel.

For fiscal 2017, estimated loss is INR8.2 crore on net sales of
INR27 crore; loss was INR9.8 crore on net sales of INR47.9 crore
for fiscal 2016.


SOHONI METAL: CRISIL Lowers Rating on INR2MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sohoni
Metal Craft Private Limited (SMCPL) for obtaining information
through letters and emails dated January 23, 2017, and
February 13, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              2       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    CRISIL BB-/Stable)

   Letter of Credit         3.2     CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded from
                                    CRISIL BB-/Stable)

   Standby Line of Credit    .3     CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    CRISIL BB-/Stable)

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

Detailed Rationale

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

SMCPL, based in Umbergaon (Gujarat), was set up in 1992-93
(refers to financial year, April 1 to March 31) by Mr. Dilip
Sohoni and his family. The company manufactures battery caps and
bottoms and polyvinyl chloride sleeves for dry-cell batteries.


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

  -- INR47.19 mil. Term loan migrated to Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 5, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SIPL was established in 1981.  The promoters own a building
called Queen's Mansion in the Fort area of Mumbai, which contains
15 commercial and 28 residential units.


SUPER HOZE: CRISIL Lowers Rating on INR2.5MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Super Hoze
Industries Private Limited (SHIPL) for obtaining information
through letters and emails dated January 23, 2017, and
February 13, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              2.5      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

   Letter of credit &       3.5      CRISIL A4 (Issuer Not
   Bank Guarantee                    Cooperating; Downgraded from
                                     'CRISIL A4+')

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

Detailed Rationale

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

SHIPL was incorporated in 2005. The company was initially set up
by Mr. Deepak Talwar, the Burman family (promoters of the Dabur
group), and Avigo Venture Investment Pvt Ltd, with equal
shareholding. In 2008-09 (refers to financial year, April 1 to
March 31), the Burman family acquired the entire stake in the
company after the exit of Mr. Talwar and Avigo Venture Investment
Pvt Ltd. SHIPL manufactures liquefied natural gas (LPG) hoses and
industrial (hydraulic and others) hoses at its plant in Baddi
(Himachal Pradesh).


SUPRINT TEXTILES: CRISIL Cuts Rating on INR2.5MM Loan to 'B'
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Suprint
Textiles (Jaipur) Private Limited (STPL) for obtaining
information through letters and emails dated January 23, 2017,
and February 13, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting        2.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Packing Credit          3.5       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

   Term Loan               1.0       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

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

Detailed Rationale

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

STPL incorporated in 2000 by Sodhi family, manufactures and
exports home furnishing and accessary products such as cushion
covers, curtains, bed covers, and quilts. The manufacturing
facility includes two plants which are based in Jaipur
(Rajasthan).


SURYA ALLOY: CRISIL Reaffirms D Rating on INR91.49MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Surya
Alloy Industries Limited (SAIL) for obtaining information through
letters and emails dated March 21 2017, and April 18, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            91.49      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of credit &     50.77      CRISIL D (Issuer Not
   Bank Guarantee                    Cooperating; Rating
                                     Reaffirmed)

   Term Loan             173.38      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SAIL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
SAIL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL B rating
category or lower.' The company has been continuing to delay its
repayments and classified as non-performing asset as confirmed by
its banker. The delays have been caused by the weak financial
risk profile stemming from lack of cash accrual and high gearing.
Based on the last available information, CRISIL has reaffirmed
the rating at 'CRISIL D/CRISIL D'.

Surya Alloy was promoted by Mr. Ashish Rungta and the late Mr.
Motilal Rungta in 1990. The Rungta group has been mainly
manufacturing railway track material for the Indian Railways for
the past 20 years. Surya Alloy mainly manufactures and supplies
railway track material, including spheroidal graphite cast iron
inserts, elastic railway clips, grooved rubber pads, metal
liners, and fish plates. The company is approved by the Research
Design & Standards Organisation of the Indian Railways. Over the
years, Surya Alloy has expanded its product profile to include
ingots and billets (alloy/non-alloy steel), special spring steel
rounds, and rolled products such as angles, channels, joists,
Zsection bars, and flats. The company has also set up a
ferroalloys division.


THOUSU PERIYAKKAL: CRISIL Reaffirms 'D' Rating on INR18.94MM Loan
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Thousu
Periyakkal Educational Health and Charitable Trust (TPHCT) for
obtaining information through letters and emails dated
January 19, 2017, and February 9, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             1.6       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan          18.94     CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Overdraft                2.70     CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Thousu Periyakkal Educational
Health and Charitable Trust. This restricts CRISIL's ability to
take a forward looking view on the credit quality of the entity.
CRISIL believes that the information available for Thousu
Periyakkal Educational Health and Charitable Trust is consistent
with 'Scenario 2' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB rating category or
lower.' Based on the last available information, CRISIL has
reaffirmed the rating at CRISIL D.

TPHCT, located in Trichy (Tamil Nadu), was set up in 2004 by Mr.
B Selvaraj as a trust registered under the Indian Trust Act,
1881.The trust offers undergraduate, post-graduate, and diploma
courses in engineering and teacher education courses.


UJALA PUMPS: CRISIL Reaffirms 'D' Rating on INR30MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ujala
Pumps Private Limited (UPPL) for obtaining information through
letters and emails dated January 19, 2017, and February 15, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              30       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit         18       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Rupee Term Loan           7       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Ujala Pumps Private Limited.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Ujala Pumps Private Limited is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB rating
category or lower.' Based on the last available information,
CRISIL has reaffirmed the rating at CRISIL D/CRISIL D.

Set up in 1992 by the Gupta family of Rajasthan, UPPL
manufactures water pumps, which it sells under its Ujala brand.
The company primarily manufactures mini mono-bloc pumps and
submersible pumps, along with jet pumps and centrifugal pumps.


VIZAG COMPANYS: CRISIL Reaffirms 'D' Rating on INR15MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Vizag
Companys Steel (VCS) for obtaining information through letters
and emails dated January 19, 2017, and February 15, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              15       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term        3       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Vizag Companys Steel. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Vizag Companys Steel is consistent with
'Scenario 2' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB rating category or lower.' Based on
the last available information, CRISIL has reaffirmed the rating
at CRISIL D.

VCS was set up in 2002 as a partnership firm by Mr. Ashok
Chaudhary and Mr. Yashwant. The firm trades in thermo-
mechanically treated bars and billets. It is based in
Visakhapatnam, Andhra Pradesh.


* INDIA: Infusing Funds Into Lenders Won't Solve Debt Mess
----------------------------------------------------------
Pradipta Mukherjee and Anirban Nag at Bloomberg News report that
Indian central bank Deputy Governor Viral Acharya said injecting
new funds into lenders won't resolve the nation's stressed asset
plight until companies take steps to reduce debt.

According to Bloomberg, the Reserve Bank of India is seeking to
strengthen the banking system through measures including merging
weaker banks and pushing to privatize some state-run lenders as
it ramps up efforts to resolve the world's highest stressed-asset
ratios. Banks would be happy to lend but there is no demand from
corporates as they are heavily indebted, he said in a speech in
Kolkata on May 19, Bloomberg relays.

Cleaning up bank balance sheets is key to reviving credit growth
and furthering Prime Minister Narendra Modi's goal of creating
more jobs in the $2 trillion economy, Bloomberg says. Various
programs proposed by the Reserve Bank of India to solve the
problem have been unsuccessful, with lenders reluctant to write
down assets sufficiently and company owners unwilling to
negotiate repayment plans.

"If you fix the banks by simply putting capital into them or you
simply provision better at the banks so that they get restoration
of their lending capacity, that by itself is not going to create
credit," Bloomberg quotes Acharya as saying. "You need to fix the
underlying corporations because there might be excess capacity
that you have to clear before you can see pick up in demand."

Earlier this month, the government amended the Banking Regulation
Act to enable the RBI to order lenders to initiate insolvency
proceedings against defaulters and to create committees to advise
banks on recovering non-performing loans. Stressed assets have
reached "unacceptably high levels" requiring urgent measures to
resolve them, Bloomberg report citing a statement on the Gazette
of India website.

Stressed assets -- which include bad loans, restructured debt and
advances to companies that can't meet servicing requirements --
have risen to about 17 percent of total loans, the highest level
among major economies, data compiled by the government showed,
Bloomberg relays.

In the past two weeks the central bank has put two banks under
restrictions so that they can bring down their non-performing
loans, notes the report. IDBI Bank and Kolkata-based UCO Bank
have been put under a regime that may reduce their ability to
lend or distribute dividends.

In earlier speeches, Acharya, who took over as deputy governor in
January, said it's not clear if the country needed so many state-
run banks and whether the sector will be better off if they were
consolidated into fewer healthier banks, notes Bloomberg News.

He also said some state-run banks which were struggling could be
privatized with the government divesting its stake, adds
Bloomberg. Some banks can be merged, as a quid pro quo for timely
government capital injection into the combined entity, he said.



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


ANTAM PERSERO: S&P Keeps B- Corporate Credit Rating
---------------------------------------------------
S&P Global Ratings said that it had raised its long-term
corporate credit ratings on seven Indonesian companies following
a similar action on the sovereign credit rating on Indonesia
(BBB-/Stable/A-3; axA-/axA-2).  S&P raised the long-term ASEAN
regional scale rating on four companies.  S&P also raised the
issue ratings to 'BBB-' from 'BB+' on the outstanding notes
issued by the following entities: PT Pertamina (Persero); PT
Pelabuhan Indonesia II (Persero); PT Pelabuhan Indonesia III
(Persero); PT Perusahaan Gas Negara (Persero) Tbk.; and the issue
ratings to 'BB+' from 'BB' on the outstanding notes issued by PT
Saka Energi Indonesia.

The ratings list is:

Ratings raised; Ratings affirmed
                                To               From
PT Pertamina (Persero)
Corporate credit rating        BBB-/Stable/--   BB+/Pos./--
ASEAN regional scale           axA-             axBBB+

PT Pelabuhan Indonesia II (Persero)
Corporate credit rating         BBB-/Stable/--   BB+/Pos./--
ASEAN regional scale            axA-             axBBB+

PT Perusahaan Gas Negara (Persero) Tbk.
Corporate credit rating         BBB-/Stable/--   BB+/Pos./--
ASEAN regional scale           axA-             axBBB+

PT Pelabuhan Indonesia III (Persero)
Corporate credit rating         BBB-/Neg./--     BB+/Dev./--
ASEAN regional scale           axBBB+           axBBB+

PT Saka Energi Indonesia
Corporate credit rating          BB+/Stable/--   BB/Pos./--
ASEAN regional scale            axBBB+          axBBB

PT Telekomunikasi Selular
Corporate credit rating
  Foreign currency               BBB/Stable/--    BBB-/Pos./--
  Local currency                 BBB+/Stable/--   BBB/Pos./--
ASEAN regional scale            axA+             axA+

PT Astra International Tbk.
Corporate credit rating
  Foreign currency               BBB/Stable/--     BBB-/Pos./--
Local currency                  BBB+/Stable/--    BBB/Pos./--
ASEAN regional scale            axA+              axA+

Ratings unchanged
                                 To                From
PT Perusahaan Listrik Negara (Persero)
Corporate credit rating         BB/Stable/--      BB/Stable/--
ASEAN regional scale            axBBB-            axBBB-

PT ANTAM (Persero) Tbk.
Corporate credit rating         B-/Stable/--      B-/Stable/--
ASEAN regional scale            axB               axB

S&P raised the ratings on four government-related entities--PT
Pertamina, PT Perusahaan Gas Negara (PGN), PT Pelabuhan Indonesia
II, and PT Pelabuhan Indonesia III--to reflect the sensitivity of
these entities to the sovereign credit rating on Indonesia, given
their relationship to the government.  S&P's base case assumes
that the government will maintain its majority ownership and
continue to influence the business and financial strategies of
the companies over the next two years at least.

The stable rating outlook on PT Pertamina, PGN, and PT Pelabuhan
Indonesia II reflects the stable outlook on the sovereign rating
on Indonesia.  In addition, the stable rating outlook on PT
Pelabuhan Indonesia II reflects S&P's expectation that the
company will maintain a stand-alone credit profile (SACP)
consistent with a 'bb+' level, including a ratio of funds from
operations (FFO) to debt exceeding 20%.  The stable rating
outlook on PGN reflects S&P's expectation that the company will
maintain an SACP consistent with a 'bbb-' level, including a
ratio of FFO to debt exceeding 23%, with contribution from higher
risk oil and gas production activities sustaining below 35% of
consolidated EBITDA.

S&P raised the rating on port operator PT Pelabuhan Indonesia III
(Persero) to reflect the sensitivity of the entity to the
sovereign credit rating on Indonesia, given its relationship to
the government.  Nevertheless, S&P revised the outlook to
negative from developing to reflect the prospects of a weaker
SACP over the next 12 to 18 months if the company fails to
moderate its capital spending and control leverage such that its
FFO-to-debt ratio falls below 20% sustainably.

S&P raised the rating on oil and gas producer PT Saka Energi
Indonesia to reflect the upgrade on its 100% shareholder parent
PGN.  The stable outlook on the company reflects the stable
outlook on PGN and S&P's expectation that Saka Energi will
maintain a close operational, financial, and ownership
relationship with its parent company over the next two years at
least.

S&P raised the ratings on PT Astra International and PT
Telekomunikasi Selular to reflect S&P's higher assessment of the
transfer and convertibility (T&C) risk of Indonesia following the
sovereign action.  S&P had raised its T&C assessment on Indonesia
to 'BBB' from 'BBB-'.

S&P rates PT Astra International above the sovereign because of
the company's low leverage, solid cash flows, and S&P's view that
the company has the financial flexibility to withstand a
significant period of sovereign stress and still have enough
liquidity to honor all its obligations in a timely manner.  The
SACP is 'bbb+'.  The stable outlook on the company reflects the
stable outlook on the sovereign rating on Indonesia and S&P's
expectation that Astra will maintain sound competitive positions
in its key businesses, generate resilient cash flows, and
preserve its minimal leverage in both financial services and
industrial operations.

S&P rates PT Telekomunikasi Selular above the sovereign because
S&P believes the company would be able to meet its debt
maturities even in the event of sovereign stress, given minimal
debt and strong free operating cash flow.  The SACP is 'a-'.  At
the same time, S&P believes the company will continue to be
exposed to the T&C risk of Indonesia, given that most of its
operations are based in the country.  The stable rating outlook
on PT Telekomunikasi Selular reflects the stable outlook on the
sovereign credit rating on Indonesia.

The ratings on power producer PT Perusahaan Listrik Negara
(Persero) (PLN: BB/Stable/--; axBBB-) and diversified mining
company PT ANTAM (Persero) Tbk. (B-/Stable/--; axB) are
unaffected by the upgrade in the sovereign rating on Indonesia.
S&P lowered the SACP on PLN to 'b+' from 'bb-' in June 2016 to
reflect the prospect of weaker cash flow adequacy ratios and
sizable capital spending.  At the time, S&P had highlighted that
the weaker SACP on the company would no longer lead to a rating
upgrade in the event of an upgrade in the sovereign rating.  S&P
do not incorporate extraordinary government support in the rating
on PT ANTAM.  This is because the company operates in the mostly
private, competitive upstream mining and downstream mineral
processing segment; its operations are largely run independently;
and S&P do not consider the company is providing an essential
infrastructure, goods or services that cannot be provided on a
commercial basis by other market participants.


BANK NEGARA: S&P Raises ICR to BB+ Following Sovereign Upgrade
--------------------------------------------------------------
S&P Global Ratings raised its ratings on PT Bank Negara Indonesia
(Persero) Tbk. (BNI) and Lembaga Pembiayaan Ekspor Indonesia
(Indonesia Eximbank) following a similar action on the sovereign
credit rating on Indonesia.  S&P also raised the ASEAN regional
scale ratings on both the financial institutions and the senior
unsecured debt ratings on Indonesia Eximbank.

RATINGS LIST

Upgraded
                           To                  From
BNI
Issuer credit ratings     BB+/Stable/B        BB/Positive/B
ASEAN regional scale      axBBB+/axA-2        axBBB/axA-3

Indonesia Eximbank
Issuer credit ratings     BBB-/Stable/A-3     BB+/Positive/B
ASEAN regional scale      axA-/axA-2          axBBB+/axA-2

Senior unsecured          BBB-                BB+
ASEAN regional scale      axA-                axBBB+

The sovereign ratings upgrade is driven by S&P's assessment of
reduced risks to Indonesia's fiscal metrics.  S&P believes the
government's increased focus on realistic budgeting has reduced
the likelihood that a shortfall in future revenue would widen the
general government deficit significantly beyond what S&P expects
now.  This also reduces the risk of a rising net general
government debt ratio and debt servicing burden.

S&P upgraded BNI to reflect the high likelihood of extraordinary
government support because of the bank's high systemic importance
in Indonesia and S&P's assessment of the government as highly
supportive.  BNI's systemic importance is based on its status as
the fourth-largest bank in Indonesia with 7.6% market share in
loans and 8.0% market share in deposits.  S&P's ratings on BNI
also factor in the bank's adequate capital base and strong
funding and liquidity.  S&P expects the bank to maintain adequate
capitalization despite a downward pressure on net interest
margins amid several policy rate cuts and incremental growth
coming mainly from the low-yielding corporate segment.  Asset
quality pressures on account of stress in the small and midsize
enterprises and commodities related segments will likely keep the
bank's credit costs high over the next 12 months.

The stable outlook on BNI reflects S&P's expectation that the
bank will maintain its satisfactory financial profile and strong
funding and liquidity metrics over the next 12 months.  S&P is
unlikely to raise the bank's stand-alone credit profile (SACP) of
'bb' over the next 12 months, because it requires both the bank's
asset quality and capital to improve.  S&P expects BNI's asset
quality to weaken slightly over the next 12 months.  S&P may
downgrade BNI if the deterioration in its asset quality is
significantly higher than S&P's expectations.

S&P upgraded Indonesia Eximbank because S&P sees an almost
certain likelihood that the Indonesian government will provide
extraordinary support to the company if needed.  S&P's view is
based on its assessment of the critical importance of Indonesia
Eximbank's public policy role and its integral link with the
government.  Therefore, S&P equalizes the ratings on Indonesia
Eximbank with the sovereign ratings on Indonesia.

The stable rating outlook on Indonesia Eximbank reflects the
outlook on the sovereign rating on Indonesia.  S&P expects
Indonesia Eximbank to remain an important instrument of the
government's medium- to long-term export development strategy.
S&P also expects it to remain integral to the sovereign through
the government's sole ownership.  The ratings on Indonesia
Eximbank will move in tandem with the sovereign ratings on
Indonesia.



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


MARCO POLO: Unit Gets Order to Temporarily Restrain Creditors
-------------------------------------------------------------
The Business Times reports that Marco Polo Marine said that its
PT Marcopolo Shipyard has filed an application to place itself
under a suspension of debt payment plan as it undertakes a court-
supervised debt restructuring.

According to the report, the troubled offshore and marine group
said that following the application on May 18, a temporary
restraint of legal proceedings against the shipyard unit will be
put in place for 45 days commencing from the date of the
application.

A supervisory judge has been appointed and a team of
administrators have been designated to assist the shipyard in
managing its assets, The Business Times relates.

During this initial 45-day period, the shipyard unit is required
to submit a debt restructuring plan for consideration at a
creditors' meeting, the report says.

The Business Times notes that the group warned that should the
debt restructuring plan fail to secure the consent of the
requisite majority of creditors, a possible outcome is that PT
Marcopolo Shipyard may be placed into bankruptcy.

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.


VALLIANZ HOLDINGS: Posts US$173.2 Million Loss in Q1 2017
---------------------------------------------------------
The Business Times reports that Vallianz Holdings suffered a net
loss of US$173.2 million for the three months ended March from a
profit of US$4.9 million a year ago due to substantial non-cash
impairment expenses on the back of a sector slowdown.

The Business Times relates that the offshore support vessels
provider saw quarterly revenue fall 21.5 per cent to US$38.7
million from US$49.3 million for the period mainly due to
completion of various one-time vessel management projects in the
second half of 2016.

Also, despite the commencement of new contracts over the fifth
quarter (it had changed its financial year from end December to
end March), the group experienced lower utilisation from certain
existing fleet of vessels amid a challenging environment, the
report says.

It reported a loss per share of 4.38 US cents for the period
versus earnings per share of 0.56 US cents a year ago, The
Business Times discloses.

No dividend was recommended, the report notes.

For the 15 months ended March 2017, Vallianz reported a net loss
of US$159.4 million from a profit of US$17.5 million over the 12
months to December 2015 on the back of a nearly 7% increase in
revenue to US$247.8 million, The Business Times discloses.

The Business Times adds that the losses for the FY2017 period
were due to a slowdown in the offshore oil and gas sector which
led the group to record non-cash net impairment expenses of
US$214.6 million for certain of its assets.

Vallianz Holdings Limited is Singapore-based investment holding
company. The Company is a provider of offshore support vessels
and integrated offshore marine solutions to the oil and gas
industry. Its segments include Vessel chartering and brokerage,
which is engaged in chartering of owned vessels and brokering of
vessels; Vessel management and services, which is engaged in the
provision of crew, consultancy and logistics, and marine yard
services and construction services, and Investment holding, which
is engaged in holding available-for-sale investments for long-
term purposes. The Company's offshore marine services include
vessel ownership, chartering, brokering, vessel management
services and marine marketing services in Asia Pacific, the
Middle East and Latin America. It provides a range of vessel
management services for both owned vessels and third party
vessels. It owns and operates a fleet of approximately 70
offshore support vessels.




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


* BOND PRICING: For the Week May 15 to May 19, 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


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


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


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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