TCRAP_Public/170620.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, June 20, 2017, Vol. 20, No. 121

                            Headlines


A U S T R A L I A

CORPORATE COMPUTERS: Accused of Trading While Insolvent
CLIFFS NATURAL: Vanguard Reports 10.37% Stake at May 31
LA TROBE: S&P Raises Rating on Class F Notes to BB
KIMBERLEY DIAMONDS: Liquidators File Pref. Payment Suit vs MACA
MEDALLION TRUST 2017-1: S&P Assigns BB Rating on Class E Debt

SHAKUHACHI LIMITED: Second Associated Business in Liquidation
SHARMA FAMILY: First Creditors' Meeting Set for June 27
STONES IP: Second Creditors' Meeting Set for June 22
TAPIT MEDIA: Second Creditors' Meeting Set for June 23
TONKS BROS: Second Creditors' Meeting Set for June 21

VENSYS AUSTRALIA: Second Creditors' Meeting Set for June 20


C H I N A

BIOSTAR PHARMACEUTICALS: 5 Directors Elected at Annual Meeting
GEELY AUTOMOBILE: S&P Revises Outlook to Pos. & Affirms 'BB+' CCR


H O N G  K O N G

MIE HOLDINGS: Fitch Lowers Long-Term IDR to C on Tender Offer


I N D I A

ANNAPOORANI YARNS: ICRA Reaffirms B+ Rating on INR7.90cr Loan
ANNAPURNA INDUSTRIES: ICRA Reaffirms B+ Rating on INR6cr Loan
ARAMBHAN HOSPITALITY: ICRA Cuts Rating on INR15cr Loan to 'D'
ARTEFACT PROJECTS: ICRA Withdraws D Rating on INR18cr Loan
ARUNODAY CONSTRUCTION: Ind-Ra Migrates BB- Rating

BAJRANG NIRMAN: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
BHATIA GLOBAL: IDBI Bank Initiates Insolvency Proceedings
BHUSHAN STEEL: Among 12 Firms Identified for Insolvency Process
BICERO TILES: ICRA Assigns 'B' Rating to INR15cr Term Loan
BRISK INDIA: ICRA Cuts Rating on INR35cr LT Loan to 'D'

CHADHA SUGARS: ICRA Reaffirms B Rating on INR168.33cr Loan
DEVKIRAN PAPER: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
DIVYA CONSTRUCTION: ICRA Reaffirms B- Rating on INR6cr Loan
EKAM AGRO: ICRA Reaffirms B+ Rating on INR11cr Term Loan
ENVIRO GREEN: ICRA Reaffirms B+ Rating on INR7cr LT Loan

GREEN POLYTUBES: ICRA Reaffirms 'B' Rating on INR4.0cr Loan
GURUNANAK STONE: ICRA Assigns B Rating to INR5.0cr LT Loan
HAREKRUSHNA COTTEX: ICRA Raises Rating on INR4.50cr Loan to B+
ISHWAR METAL: ICRA Reaffirms B+ Rating on INR20cr Cash Loan
JAIN STEEL: ICRA Reaffirms 'B' Rating on INR6cr Loan

KANHA GRAIN: ICRA Reaffirms B+ Rating on INR7.0cr Cash Loan
LANCO INFRATECH: Confirms RBI Order on Insolvency Process
M P AGARWALA: Ind-Ra Raises Long-Term Issuer Rating to 'BB'
M R AGRO: ICRA Assigns B+/A4 Rating to INR16.80cr Loan
MALT CO: ICRA Reaffirms B+ Rating on INR19.75cr LT Loan

NATRAJ INDUSTRIES: ICRA Raises Rating on INR13cr Loan to B+
NEEV TECHNOCAST: ICRA Withdraws 'D' Rating on INR5.25cr Loan
PAWAR PATKAR: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
PLASTO INDIA: ICRA IReaffirms B+ Rating on INR4.0cr Cash Loan
PURAV COTTON: ICRA Reaffirms B+ Rating on INR14.40cr Loan

RAMSARUP INDUSTRIES: Files for Insolvency; Owes INR2,000cr
SHREE SANGAMESWARA: ICRA Assigns B+ Rating to INR3.0cr Loan
SREE ANANTHALAKSHMI: ICRA Reaffirms 'B' Rating on INR9cr Loan
SRI VENKATESHWARA: ICRA Reaffirms B Rating on INR6.25cr Loan
SUSHRAVYA UPLIFTMENT: ICRA Assigns 'B' Rating to INR10cr LT Loan

TELAWNE POWER: ICRA Reaffirms B+ Rating on INR6.70cr Loan
TRISTAR INTERCON: ICRA Assigns B+ Rating to INR4cr Cash Loan
VENU INDUSTRIES: ICRA Reaffirms 'B' Rating on INR15cr Loan


J A P A N

TOSHIBA CORP: Glass Lewis Blasts CEO for Poor Governance


S I N G A P O R E

MARBLE II: Fitch Gives US$500MM Senior Notes Final 'BB' Rating
TRUE GROUP: To Pay Outstanding Salaries to Malaysia Staff


X X X X X X X X

* BOND PRICING: For the Week June 12 to June 16, 2017


                            - - - - -


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


CORPORATE COMPUTERS: Accused of Trading While Insolvent
-------------------------------------------------------
Steven Kiernan at CRN reports that investigations into Corporate
Computers IT, which traded as Base IT Australia and fell into
liquidation in March 2016, have found evidence the company may
have traded while insolvent for years before its collapse.

Corporate Computers IT was liquidated in March 2016 with debts of
AUD1.4 million to the Australian Taxation Office, CRN discloses.

According to CRN, Kimberley Wallman from liquidator HLB Mann Judd
released an annual report into the matter in May 2017 that found
a number of questionable activities at the now-defunct reseller.

"I have formed the view that the directors traded whilst
insolvent because at the time transactions were entered, there
were reasonable grounds to believe the company may not have been
able to pay its debts as and when they fell due.

"The company became unable to meet its taxation liabilities from
August 26, 2013 and subsequently incurred debts in excess of a
million dollars."

CRN says Ms. Wallman submitted a report to ASIC on July 22, 2016,
detailing the investigations, but the corporate regulator advised
it did not intend to commence any further investigation into the
company's past affairs.

The liquidator also identified two unreasonable director-related
transactions, one of AUD150,000 in FY2015 and the second of
AUD400,000 in FY2014, CRN relates.

"As the company was deemed to be insolvent prior to these dates,
these payments, to the extent that they related to dividends, are
in contravention of section 254T of the [Corporations] Act."

According to CRN, Ms. Wallman said the payments "are likely to
constitute breaches" of the Corporation Act "to the extent that
they related to dividends unfairly preferred the shareholders
over the claims of creditors".

While Ms. Wallman concluded that the directors of Corporate
Computers IT may be personally liable for insolvent trading, the
liquidator has run out of money and has asked creditors for
AUD15,000 to AUD25,000 to progress the investigations, CRN
relays.

"On the basis that no creditor contacts me to fund any further
action, the only matter remaining will be to convene a final
meeting of creditors and members of the company."

Another company, Base3, now trades from the former address of
Corporate Computers IT, CRN notes.

Corporate Computers Aust Pty Ltd was involved with computer
maintenance and repair.  Corporate Computers has been placed into
liquidation with reportedly nearly AUD1 million debt. Kimberley
Stuart Wallman of HLB Mann Judd was appointed liquidator of the
company on Feb. 29, 2016.


CLIFFS NATURAL: Vanguard Reports 10.37% Stake at May 31
-------------------------------------------------------
The Vanguard Group, in an amended Schedule 13G filed with the
Securities and Exchange Commission, disclosed that as of May 31,
2017, it beneficially owns 30,761,624 shares of common stock of
Cliffs Natural Resources Inc. representing 10.37 percent of the
shares outstanding.

Vanguard Fiduciary Trust Company, a wholly-owned subsidiary of
The Vanguard Group, Inc., is the beneficial owner of 294,671
shares or .09% of the Common Stock outstanding of the Company as
a result of its serving as investment manager of collective trust
accounts.

Vanguard Investments Australia, Ltd., a wholly-owned subsidiary
of The Vanguard Group, Inc., is the beneficial owner of 52,534
shares or .01% of the Common Stock outstanding of the Company as
a result of its serving as investment manager of Australian
investment offerings.

A full-text copy of the regulatory filing is available at:

                      https://is.gd/npvkoL

                  About Cliffs Natural Resources

Cliffs Natural Resources Inc. --
http://www.cliffsnaturalresources.com/-- is a mining and natural
resources company.  The Company is a major supplier of iron ore
pellets to the U.S. steel industry from its mines and pellet
plants located in Michigan and Minnesota.  Cliffs also produces
low-volatile metallurgical coal in the U.S. from its mines
located in West Virginia and Alabama.  Additionally, Cliffs
operates an iron ore mining complex in Western Australia and owns
two non-operating iron ore mines in Eastern Canada.  Driven by
the core values of social, environmental and capital stewardship,
Cliffs' employees endeavor to provide all stakeholders operating
and financial transparency.

On Jan. 27, 2015, Bloom Lake General Partner Limited and certain
of its affiliates, including Cliffs Quebec Iron Mining ULC
commenced restructuring proceedings in Montreal, Quebec, under
the Companies' Creditors Arrangement Act (Canada).  The initial
CCAA order will address the Bloom Lake Group's immediate
liquidity issues and permit the Bloom Lake Group to preserve and
protect its assets for the benefit of all stakeholders while
restructuring and sale options are explored.

Cliffs Natural reported net income attributable to common
shareholders of $174.1 million for the year ended Dec. 31, 2016,
compared to a net loss attributable to Cliffs common shareholders
of $788 million for the year ended Dec. 31, 2015.  As of
March 31, 2017, Cliffs Natural had $1.92 billion in total assets,
$2.62 billion in total liabilities and a $703 million total
deficit.

                       *     *     *

As reported by the TCR on Feb. 14, 2017, Moody's Investors
Service upgraded Cliffs Natural Resources' Corporate Family
Rating (CFR) and Probability of Default Rating to 'B2' and 'B2-
PD' from 'Caa1' and 'Caa1-PD', respectively, and assigned a 'B3'
rating to the new senior unsecured guaranteed notes.  The upgrade
follows the company's announcement of a $500 million senior
unsecured guaranteed note issuance and an approximate $590
million equity issuance.

In February 2017, S&P Global Ratings raised its long-term
corporate credit rating on Cliffs to 'B' from 'CCC+' after the
company announced a $591 million equity issuance and the tender
offer for high-cost debt.  The outlook is stable.


LA TROBE: S&P Raises Rating on Class F Notes to BB
--------------------------------------------------
S&P Global Ratings raised its ratings on five classes of notes
issued under the La Trobe Financial Capital Markets Trust 2015-1
transaction.  At the same time, S&P affirmed its ratings on the
class A1 and class A2 notes.

The raised ratings on the class B, class C, class D, class E, and
class F notes and the affirmation of S&P's 'AAA (sf)' rating on
the class A1 and class A2 notes reflect:

   -- S&P's view of the improvement in credit quality of the
      underlying collateral portfolio and the stable performance
      since closing in June 2015.

   -- As of April 30, 2017, the pool has a current weighted-
      average loan-to-value ratio of 63% compared to 67% at
      closing.

   -- The weighted-average seasoning of the pool has increased to
      66 months from 38 months at closing, increasing the
      proportion of the pool that receives credit under S&P's
      Australian RMBS Rating Methodology And Assumptions
      criteria, published Sept. 1, 2011.

   -- The proportion of the pool in an interest-only payment
      period has decreased to 25% from 36% at closing.

   -- The transaction has built up additional credit support to
      each class of rated notes due to the sequential repayment
      of the structure at present.  The amount of credit support
      provided to each class of rated notes exceeds the minimum
      amount assessed, as commensurate with each respective
      rating level, and is thereby sufficient to withstand the
      stresses commensurate with the ratings.

   -- The turbo repayment of the most subordinated note has
      created overcollateralization that provides additional
      credit support for the rated tranches.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including a liquidity
      facility equal to 3.0% of outstanding balance of the notes,
      and principal draws are sufficient under S&P's stress
      assumptions to ensure timely payment of interest.

RATINGS RAISED

Class          To               From
B              AAA (sf)         AA (sf)
C              AA (sf)          A (sf)
D              A (sf)           BBB (sf)
E              BBB- (sf)        BB (sf)
F              BB (sf)          B (sf)

RATINGS AFFIRMED

Class          Rating
A1             AAA (sf)
A2             AAA (sf)


KIMBERLEY DIAMONDS: Liquidators File Pref. Payment Suit vs MACA
---------------------------------------------------------------
Peter Williams at The West Australian reports that liquidators of
Kimberley Diamonds' collapsed Ellendale operation are pursuing
one of its biggest creditors with a AUD1.4 million claim.

According to The West Australian, Jirsch Sutherland has filed the
preferential payment action against mining contractor MACA in the
Federal Court.

MACA has a AUD1.5 million claim against the failed business for
unpaid mining services work before the Ellendale diamond mine was
shut two years ago, the report says.

The West Australian relates that Jirsch Sutherland is understood
to have offered MACA a chance to settle out of court for a
AUD1 million payment by the contractor. MACA declined and is
vowing to defend the action, the report says.

"We'll bring a pragmatic, commercial approach to it, so hopefully
we can resolve it with MACA," the report quotes Jirsch Sutherland
managing partner Sule Arnautovic as saying. "Litigation's always
fraught with risk, so if I can get some certainty for creditors I
will."

A spokesman for MACA said the company had not been served with
the originating process and declined to comment further, the
report relays. The contractor had worked at the mine east of
Derby for 3 1/2 years at a rate of about $3 million a month under
the initial contract.

MACA left the project about two months before its closure, The
West Australian says. It was replaced by Consolidated Services,
which subsequently collapsed because of a AUD6.5 million claim
for unpaid work at Ellendale.

The West Australian says Mr. Arnautovic defended the liquidators
taking legal action against a creditor.

"Our job is to recover any preference payments and distribute the
monies equally," The West Australian quotes Mr. Arnautovic as
saying.  "It's just one of the tasks you don't get Christmas
cards for as a liquidator. We're trying to get the money back for
creditors."

The West Australian relates that Mr. Arnautovic said some other
preferential payment claims had been settled and he was getting
advice about others.

The liquidators are seeking to recover up to AUD22.7 million from
Kimberley Diamonds in a NSW Supreme Court case related to
allegedly voidable transactions conducted when Ellendale was
insolvent, and alleged breaches of director duties, the report
notes.

Kimberley Diamonds and its directors deny the claims and are
defending the action, adds The West Australian.


MEDALLION TRUST 2017-1: S&P Assigns BB Rating on Class E Debt
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to six classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for Medallion Trust Series 2017-1.

The ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including the fact that this is a closed
      portfolio, which means no further loans will be assigned to
      the trust after the closing date.

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises note subordination and lenders' mortgage
      insurance to 17.4% of the portfolio, which covers 100% of
      the face value of these loans, accrued interest, and
      reasonable costs of enforcement.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including a liquidity
      facility equal to 0.75% of the invested amount of all notes
      and principal draws, are sufficient under S&P's stress
      assumptions to ensure timely payment of interest.

   -- The availability of a A$150,000 extraordinary expense
      reserve funded upfront by Commonwealth Bank of Australia
      (CBA) to support trust expenses.  This reserve will be
      topped up with available excess spread if drawn on.

   -- The fixed-to-floating interest-rate swap, which is provided
      by CBA to hedge the mismatch between receipts from any
      fixed-rate mortgage loans and the variable-rate RMBS.

   -- The underwriting standards and centralized approval process
      of the seller, CBA.

A copy of S&P Global Ratings' complete report for Medallion Trust
Series 2017-1 can be found on RatingsDirect, S&P Global Ratings'
web-based credit analysis system, at:

                 http://www.globalcreditportal.com

The issuer has informed S&P Global Ratings Australia Pty Ltd.
that the issuer will be publically disclosing all relevant
information about the structured finance instruments that are
subject to this rating report.

RATINGS ASSIGNED

Class      Rating        Amount (mil. A$)
A1         AAA (sf)      2,208.0
A2         AAA (sf)      93.6
B          AA (sf)       49.92
C          A (sf)         23.28
D          BBB (sf)       9.6
E          BB (sf)        8.16
F          NR             7.44
NR--Not rated.


SHAKUHACHI LIMITED: Second Associated Business in Liquidation
-------------------------------------------------------------
Lucy Cormack at The Sydney Morning Herald reports that things are
looking grim for Australian fashion label Shakuhachi, with a
second associated business now in liquidation -- taking the total
debts owed to more than AUD1 million -- and the brand's founder
facing possible investigation for trading while insolvent.

According to SMH, the brand has appeared on six of the past seven
NSW Fair Trading Complaints Registers, with nearly 200 combined
complaints and inquiries related to a failure to supply products,
the quality of goods and refunds not being provided.

Shakuhachi founder Jessica White is the former director of
Shakuhachi Limited, which was placed under voluntary
administration in May 2015, the report discloses.

In March, a Fairfax Media exclusive revealed Ms White was living
in Bali, the home of the brand's only remaining bricks-and-mortar
store, SMH reports.

SMH, citing the liquidator's report, discloses that more than 80
creditors are owed in excess of AUD860,000, but Ms. White
maintains there are no liabilities attributed to her personally.

Liquidator Andrew Spring told Fairfax Media in March that any
insolvent trading claim against Ms. White would be at least
AUD476,397, SMH recalls.

"There is no doubt I tried my best to keep Shakuhachi Limited in
operation, however after many business issues occurred, we could
no longer do so," Ms. White said, adding that she was forced to
step back from the business after the loss of her child, SMH
relays.

She said she now acts only as a "designer and creative adviser,"
and did not leave Australia due to the liquidation, but had lived
in Bali periodically all her life, SMH relates.

SMH notes that since 2015, the fashion label's operations have
been handled through a seemingly tangled web of different
companies.

When Shakuhachi Limited was placed under liquidation in May 2015,
all business assets, including the brand and the online store,
were purchased by Loft HK Limited in Hong Kong, SMH states.

Meanwhile, a company named Emporium Clothing Pty Ltd - of which
Ms. White is also the director - appeared to utilise the online
environment of Shakuhachi, while administering customer invoices,
SMH reports.

Emporium Clothing also held the Australian Licensing Agreement
for Shakuhachi, adds SMH. However, on April 26, it too went into
liquidation.

According to SMH, liquidator Steven Naidenov said there were 35
creditors to Emporium Clothing, with a combined total of
approximately AUD315,310 outstanding.

He is currently investigating "potential breaches by [Ms White]
and such findings will be reported to the Australian Securities
and Investments Commission," SMH relates.

SMH adds that Ms. White told Fairfax Media that Emporium Clothing
was forced to liquidate after attention on the brand earlier this
year led to "a distinct downturn" in sales.

She denies any allegations that "I, or any of the companies I
have been director of, have engaged in any type of phoenix
activity," says SMH.

A spokesman for NSW Fair Trading said no further action would be
taken against Emporium Clothing, as it is under external
administration, adds SMH.

"Fair Trading is currently inquiring into whether a different
company may be operating under a similar name," the spokesman, as
cited by SMH, said.  In a statement, Loft HK said it was working
closely with Fair Trading, and disputed the amount owed by the
former Shakuhachi Limited, saying the correct figure was "closer
to half that amount".


SHARMA FAMILY: First Creditors' Meeting Set for June 27
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Sharma
Family & Co Pty Ltd will be held at the Australian Institute of
Company Directors, Level 26, at 367 Collins Street, in Melbourne,
Victoria, on June 27, 2017, at 2:00 p.m.

Domenico Alessandro Calabretta & Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Sharma Family on
June 15, 2017.


STONES IP: Second Creditors' Meeting Set for June 22
----------------------------------------------------
A second meeting of creditors in the proceedings of Stones IP Pty
Ltd has been set for June 22, 2017, at 11:00 a.m., at the offices
of Amos Insolvency, at 25/ 185 Airds Road, in Leumeah, NSW.

The purpose of the meeting are (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 June 21, 2017, at 4:00 p.m.

Peter Andrew Amos of Amos Insolvency was appointed as
administrator of Stones IP on June 9, 2017.


TAPIT MEDIA: Second Creditors' Meeting Set for June 23
------------------------------------------------------
A second meeting of creditors in the proceedings of Tapit Media
Pty Ltd Pty Ltd has been set for June 23, 2017, at 11:00 a.m., at
Regus, Level 10, 20 Martin Place, in Sydney, NSW.

The purpose of the meeting are (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 June 22, 2017, at 4:00 p.m.

Barry Frederic Kogan and Shaun Robert Fraser of McGrathNicol were
appointed as administrators of Tapit Media on June 13, 2017.


TONKS BROS: Second Creditors' Meeting Set for June 21
-----------------------------------------------------
A second meeting of creditors in the proceedings of Tonks Bros.
Pty Ltd has been set for June 21, 2017, at 10:30 a.m., at the
offices of FTI Consulting, Level 16, Bourke Place, at 600 Bourke
Street, in Melbourne, Victoria.

The purpose of the meeting are (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 June 20, 2017, at 5:00 p.m.

Messrs. Paul Allen and Ross Blakeley of FTI Consulting were
appointed as administrators of Tonks Bros. on May 16, 2017.


VENSYS AUSTRALIA: Second Creditors' Meeting Set for June 20
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Vensys
Australia Pty Ltd has been set for June 20, 2017, at 10:10 a.m.,
at Suite 508, Ashington Court, 147 King Street, in Sydney.

The purpose of the meeting are (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 June 20, 2017, at 9:00 a.m.

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



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C H I N A
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BIOSTAR PHARMACEUTICALS: 5 Directors Elected at Annual Meeting
--------------------------------------------------------------
Biostar Pharmaceuticals, Inc., held its annual meeting of
shareholders at its executive offices in Xianyang City, Shaanxi
Province, People's Republic of China on June 9, 2017.

At that meeting, the shareholders:

   (1) elected Ronghua Wang, King-fai Leung, Haipeng Wu,
       Zhanxiang Ma and Qinghua Liu as directors of the Company
       to hold office until the next Annual Meeting of
       shareholders and until their successors are duly elected;

   (2) voted to ratify the appointment of Mazars CPA Limited as
       the Company's independent registered public accounting
       firm for the year ending Dec. 31, 2017; and

   (3) voted to approve the 2017 Stock Compensation.

                   About Biostar Pharmaceuticals

Based in Xianyang, China, Biostar Pharmaceuticals, Inc.,
develops, manufactures and markets pharmaceutical and health
supplement products for a variety of diseases and conditions.
For the year ended Dec. 31, 2016, the Company reported a net loss
of $5.69 million for the year ended Dec. 31, 2016, compared to a
net loss of $25.11 million for the year ended Dec. 31, 2015.
As of March 31, 2017, Biostar had $41.49 million in total assets,
$5.31 million in total liabilities, all current, and $36.18
million in total stockholders' equity.

Mazars CPA Limited, Certified Public Accountants, in Hong Kong,
issued a "going concern" qualification on the consolidated
financial statements for the year ended Dec. 31, 2016, stating
that the Company had experienced a substantial decrease in sales
volume which resulting a net loss for the year ended Dec. 31,
2016. Also, part of the Company's buildings and land use rights
are subject to litigation between an independent third party and
the Company's chief executive officer, and the title of these
buildings and land use rights has been seized by the PRC Courts
so that the Company cannot be sold without the Court's
permission. In addition, the Company already violated its
financial covenants included in its short-term bank loans. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


GEELY AUTOMOBILE: S&P Revises Outlook to Pos. & Affirms 'BB+' CCR
-----------------------------------------------------------------
S&P Global Ratings revised the outlook on Geely Automobile
Holdings Ltd. to positive from stable.  At the same time, S&P's
affirmed its 'BB+' long-term corporate credit rating and its
'cnBBB+' long-term Greater China regional scale rating on the
Chinese auto manufacturer.  S&P also affirmed its 'BB+' long-term
issue rating and its 'cnBBB+' long-term Greater China regional
scale rating on the company's outstanding senior unsecured notes.

"We revised our outlook because we expect Geely Auto's parent to
continue improving its credit metrics over the next 12-24 months,
while achieving sustained volume and revenue growth," said S&P
Global Ratings analyst Leo Hu.

The credit profile of parent Zhejiang Geely Holding Group Co.
Ltd. (Zhejiang Geely) determines the rating on Geely Auto.

Geely Auto's 78% revenue growth in 2016 stemming from a very
favorable response to its new model launches improved the
parent's credit metrics.  Zhejiang Geely's ratio of debt to
EBITDA improved notably to 0.5x in 2016, from 1.3x in 2015, while
the group's ratio of funds from operations (FFO) to debt rose to
148% from 53%.  Meanwhile, Volvo Cars, which Zhejiang Geely
acquired in 2010, also saw a robust 10% annual revenue growth (on
a Swedish krona basis), due to the good performance of its XC90
model. The very strong revenue growth, together with improving
profitability, resulted in about Chinese renminbi (RMB) 10
billion of free operating cash flows for the group in 2016,
leading to a material improvement in credit metrics.  Meanwhile,
Geely Auto has maintained a net cash position throughout 2016.

Going forward, S&P expects Geely Auto will maintain its net cash
position, while Zhejiang Geely continues to improve its credit
metrics.  This is supported by S&P's view that the growth in
Geely Auto's volume and average selling price (ASP) will remain
above the industry average as the company continues to benefit
from improving product design, quality, and price
competitiveness.  S&P also expects Volvo Cars to maintain its
growth momentum over the next 12-24 months.  As a result, S&P
expects Zhejiang Geely to continue to generate material free
operating cash flows in 2017-2018, reducing the likelihood for
the group to borrow excessively.

Nonetheless, S&P sees certain areas that will face potential
execution risk and demand for cash over the next 12 months.  S&P
expects Geely Auto to support new sales channel development and
launch various marketing initiatives because it plans to launch
its first Lynk-branded model in the fourth quarter of 2017.  In
May 2017, Zhejiang Geely announced its acquisition of a 49% stake
in Malaysia's Proton Holdings.  S&P is not yet clear whether
Geely group will need to make extra cash injections to support
Proton's operations, given Proton has been making operating
losses in recent years.  S&P will reassess Zhejiang Geely's
financial strength once S&P obtains more information regarding
such support, likely within the next six-12 months.

Geely Auto's and Zhejiang Geely's business risk profiles have
improved in the past 12-18 months as reflected by the 50% volume
growth at Geely Auto in 2016 and higher profitability at both
Geely Auto and Volvo Cars.  In S&P's view, this is a result of
Geely group's sustained technology improvement post its
acquisition of Volvo Cars in 2010.  In addition, continued
quality improvement, cost reduction through better management and
procurement, and upgraded product design have led to enhanced
product competitiveness.  S&P may reassess Geely Auto's and
Zhejiang Geely's business risk profiles if the group materially
increases its market share in China.  It could do this through
increasing mass market sales volume, enhancing the brand image
and product profile, and successfully rolling out the latest Lynk
and Volvo branded models over the next two years.

The positive outlook on Geely Auto reflects S&P's expectation
that the company and its parent Zhejiang Geely will continue to
register significant revenue and profit growth over the next 12
months.  S&P also anticipates that Geely Auto will remain a core
entity under Zhejiang Geely at least for the next two to three
years.  However, S&P continues to expect the group (including
subsidiaries) to maintain a high level of investment in R&D and
new production capacity over the next 12-24 months to strengthen
its competitiveness and satisfy increasing demand.  This
investment will consume a significant portion of the group's
operating cash flows.

S&P may raise the rating if Geely Auto maintains its product
competitiveness and increases revenue and profit, leading to an
enhanced market share, especially in China.  An upgrade assumes
no material negative news, including on quality and unsuccessful
new launches.  It also assumes that both Geely Auto and Zhejiang
Geely will sustain the improvement in their credit metrics, such
that their debt-to-EBITDA ratio remains well below 1.5x.

In an unlikely scenario, S&P may revise the outlook to stable if
the credit profiles of both Geely Auto and Zhejiang Geely
deteriorate materially from the 2016 level over the next 12-24
months.  This may happen if Geely Auto's market share and cost
competitiveness deteriorate substantially from the 2016 level
because of factors such as very poor sales execution or major
quality issues in the company's key products.  This could also
happen if the company generates materially negative free
operating cash flows that weaken the credit metrics of both
entities materially below the 2016 level.  That could be due to
significant revenue decline and cost overruns, or significantly
higher-than-expected cash demands to support new model launches
or new acquisitions.



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


MIE HOLDINGS: Fitch Lowers Long-Term IDR to C on Tender Offer
-------------------------------------------------------------
Fitch Ratings has downgraded MIE Holdings Corporation's (MIE)
Long-Term Issuer Default Rating to 'C' from 'CCC'. At the same
time, Fitch has downgraded the rating on MIE's 2018 bonds to 'CC'
with Recovery Rating at 'RR3', from 'CCC', and placed the 'CCC'
rating on the company's 2019 bonds on Rating Watch Negative
(RWN), with Recovery Rating at 'RR4'.

The rating actions follow MIE's cash tender offer for any or all
of its 2018 bonds and a partial tender offer for its 2019 bonds,
as well as the company's proposed acquisition of upstream oil and
gas assets in Canada for CAD722 million. The downgrades of the
Long-Term IDR and rating on the 2018 bonds are driven by MIE's
tender offer for its 2018 bonds, which Fitch considers to be a
distressed debt exchange (DDE) under Fitch's criteria. The 'CC'
rating on the 2018 bonds reflects the recovery based on the offer
price for the tender.

The partial tender offer for MIE's 2019 bonds is not immediately
considered a DDE. The decision to place the ratings of the 2019
notes on RWN takes into consideration the potential for lower
recovery prospects as a result of planned new secured debt to
finance the cash tender offer and additional secured debt to fund
the proposed acquisition, which is likely to impair the recovery
prospects for the note holders. In addition, if both transactions
- the tender offer and the acquisition - go ahead, MIE's credit
profile will continue to be weak and it will have few
unencumbered assets with which to secure funds for the
refinancing of the 2019 notes; this could lead to MIE's IDR being
reassessed at a level lower than 'CCC' following the completion
of the tender offer and the proposed acquisition.

Fitch will review the ratings after completion of the tender
offer, which is expected before end-June 2017. The ratings will
be further reviewed after the completion of the proposed
acquisition, which is expected before the end of September 2017.

KEY RATING DRIVERS

Protection for 2018 Noteholders Removed: Fitch considers the cash
tender for the 2018 bonds a DDE. The offer, at USD600 per
USD1,000, is substantially below par. In addition, all tendering
bondholders must also consent to the proposed amendments to the
indenture, which essentially remove most, if not all, of the
restrictive covenant protection available to holders of the 2018
notes. The amendments to the indenture on the 2018 bonds also
include changes to the events of default provisions, including
the cross-default provisions. As such, the amendments materially
impair the position of the non-tendering noteholders.

MIE has allocated USD20 million for the cash offer for the 2019
bonds. In the event not all of the 2018 noteholders accept the
offer, the company intends to use any remaining funds from a
secured credit facility of USD147 million obtained for the tender
offer to increase the amount for purchase of the 2019 notes. The
offer of USD400 per USD1,000 of the 2019 notes is below both par
and trading price of the notes ahead of the tender announcement.
However, the offer for the 2019 notes is limited in scale
compared with the outstanding face value of USD476 million, and
neither conditional on a minimum aggregate amount being tendered
nor combined with a consent solicitation to amend restrictive
covenants. Therefore the offer for the 2019 bonds is not
considered by Fitch as a DDE.

Leverage to Rise with Acquisition: MIE's leverage in 2016 was
high, with FFO net leverage at over 20x, after deconsolidating
Emir-Oil LLP. The cash offers for the bonds and the new USD147
million secured credit facility are likely to reduce MIE's gross
debt by about USD80 million-100 million (CNY520 million-650
million). However, MIE is arranging a reserve-based loan of
CAD250 million (CNY1.3 billion) at a new wholly owned subsidiary
to finance the acquisition of upstream oil and gas assets in
Canada. MIE may also arrange new loans to fund around CAD249
million of equity contribution to this subsidiary.

In addition, the cumulative preference shares of CAD204 million
to be issued at the new subsidiary also carry debt-like features,
such as a fixed cumulative dividend payment at 8%. As such, MIE's
gross debt amount is likely to increase considerably from the
CNY4.7 billion at end-2016.

Weak Cash Generation Ability: MIE is unlikely to generate an
increase in cash flow similar to the rise in debt. Fitch expects
the operating cash flow from MIE's existing operations, primarily
from the Daan oil field, to remain flat as production is not
growing substantially. The Canadian assets to be acquired appear
to be of good quality and are of a much larger scale than MIE's
existing assets in terms of production and reserves; however, MIE
is unlikely to receive any meaningful cash distribution from the
target company after the target company meets its capital needs
and debt servicing requirements at the newly formed subsidiary
level.

Fitch estimates the fixed convertible preferred share dividend at
around CAD16 million and interest cost of the reserve-based
lending facility to be secured at the new subsidiary at about
CAD10 million a year. These will take up a significant portion of
the target's free cash flow, which was around CAD60 million in
2016. In addition, MIE will also have to service any new debt
taken at MIE-level to fund the equity contribution to the new
subsidiary.

Sizeable Debt Service Obligations: MIE has around USD476 million
of bonds maturing in April 2019 (which could reduce depending on
the take up of the tender for these notes) and the new USD147
million secured credit facility maturing in 3Q20, should the
tender offer complete as planned. These debt maturities do not
include other debt that MIE may issue to fund its equity
contribution to the Canadian assets it plans to acquire. In
addition, the interest cost of the facility for financing the
tender offer is likely to be higher than that of the US dollar
notes. MIE's refinancing risk remains high as operating cash flow
is unlikely to grow significantly, and its flexibility to raise
funds is constrained by its weak credit profile and few
unencumbered assets.

Unsecured Creditors' Recovery Prospects Worsen: As a result of
the substantial planned secured debt totalling about CNY2.3
billion to fund the tender offer and proposed acquisition, the
recovery prospects for senior unsecured creditors at MIE's
holding company level are likely to weaken.

DERIVATION SUMMARY

The ratings on MIE and its bonds are driven by the announced DDE,
based on Fitch's relevant criteria.

KEY ASSUMPTIONS

Fitch's forecasts have not been updated for the two proposed
transactions - the tender offer and the Canadian asset purchase.
Fitch makes the following assumptions in relation to its existing
operations:

- Production at Daan in 2017 to remain similar as in 2016 with
   capex of less than USD20 million in 2017

- Oil price based on Fitch's updated assumptions of USD52.5 per
   barrel in 2017 published on March 6, 2017

RATING SENSITIVITIES

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

  There are no upgrade sensitivities at this time; Fitch will
  review MIE's capital structure and cash flows after the
  completion of the two transactions to determine its IDR and
  senior unsecured ratings.

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

  Fitch will downgrade MIE's IDR to 'RD' if the tender offer is
  completed.

LIQUIDITY

Significant Debt Maturities: MIE's tight liquidity in the near
term would be temporarily alleviated if the tender offer for the
2018 bonds completes as planned. Nonetheless, its debt maturities
in April 2019 are substantial relative to the company's cash flow
generation and asset base. Beyond 2019, a planned USD147 million
loan for funding the tender offers would mature, if the financing
for the tender offers proceeds as currently planned.

Secured Debt May Rise: MIE plans to arrange a USD147 million
secured facility to fund its tender offer. It would also issue a
secured facility of CAD250 million to fund the Canadian asset
acquisition. The increase in secured debt has not yet been fixed,
but is likely to have a negative impact on the recovery prospects
for senior unsecured creditors at MIE.



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


ANNAPOORANI YARNS: ICRA Reaffirms B+ Rating on INR7.90cr Loan
-------------------------------------------------------------
ICRA Ratings has reaffirmed its long term rating assigned to the
INR12.00 crore fund based facilities of Annapoorani Yarns at
[ICRA]B+ with a stable outlook. The short term rating has also
been reaffirmed at [ICRA]A4.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long Term Cash
  Credit                 7.90       [ICRA]B+ (Stable) Reaffirmed

  Term Loan              3.39       [ICRA]B+ (Stable) Reaffirmed

  Unallocated            0.71       [ICRA]B+ (Stable)/A4
                                    Reaffirmed

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with Annapoorani Yarns, ICRA had sent repeated reminders to the
company for payment of surveillance fee that became overdue and
had been trying to seek information from the company so as to
undertake a surveillance of the rating; however despite multiple
requests; the company's management has remained non-cooperative.
ICRA's Rating Committee has taken a rating view based on best
available information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "[ICRA] B+ (Stable)/A4 ISSUER
NOT COOPERATING ON INFORMATION AND FEE". The lenders, investors
and other market participants may exercise appropriate caution
while using this rating, given that it is based on limited or no
updated information on the company's performance since the time
it was last rated.

Annapoorani Yarns was incorporated as a partnership firm in 2000
with two partners namely Mr. R. Jayachandran and Mrs.J. Thavamani
sharing the profit equally and in the year 2013 a third partner
namely M/s Naveen Cotton Mill Private Limited had joined the firm
with a share in the profit of 27%. The firm is primarily engaged
in the trading of textile yarn and fabric, for garments. The
operations of the firm are managed by Mr. R Jayachandran. The
Entities product profile includes 100% Cotton, Polyester and
Blended Yarns, Melange Yarns and Fabrics. The Firm also has a 1
MW Wind Mill installed in the Tuticorin District which is
connected to the Ayyanarathu Substation.

Its third partner M/s Naveen Cotton Mill Private Limited was
incorporated in the year 2005 and has a 14-acre spinning unit in
pungampalli with an installed capacity of 16,800 spindles. The
company is involved into the production of hosiery yarn in the
count range of 20's to 30's.


ANNAPURNA INDUSTRIES: ICRA Reaffirms B+ Rating on INR6cr Loan
-------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B+
assigned to the INR1.45-crore term loan and INR6.00-crore cash-
credit facility and the short-term rating of [ICRA]A4 assigned to
the INR7.00-crore bank guarantee facility of Annapurna Industries
(AI). The outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Term
  Loan                    1.45      [ICRA]B+ (Stable); Reaffirmed

  Fund-based-Cash
  Credit                  6.00      [ICRA]B+ (Stable); Reaffirmed

  Non Fund-based-
  Bank Guarantee          7.00      [ICRA]A4; Reaffirmed Total

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with AI, ICRA has been trying to seek information from the firm
so as to undertake a surveillance of the ratings and also had
sent repeated reminders to the firm for payment of surveillance
fee that became overdue. Despite repeated requests by ICRA, the
entity's management has remained non-cooperative. In the absence
of requisite information, ICRA's Rating Committee has taken a
rating view based on best available information. In line with
SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, the entity's rating is now denoted as:
"[ICRA]B+ (Stable)/ [ICRA]A4 ISSUER NOT COOPERATING". The
lenders, investors and other market participants may exercise
appropriate caution while using this rating, given that it is
based on limited or no updated information on the entity's
performance since the time it was last rated.

Established in 2006, Annapurna Industries (AI) is involved in the
milling of non-basmati rice and processing of silky sortex rice
with an installed capacity of 76,800 metric tonne per annum
(MTPA). Besides, the firm is involved in milling of paddy on job-
work basis for Food Corporation of India (FCI). The manufacturing
facilities of the firm are located in the district of
Rajnandgaon, Chhattisgarh.


ARAMBHAN HOSPITALITY: ICRA Cuts Rating on INR15cr Loan to 'D'
-------------------------------------------------------------
ICRA Ratings has downgraded the long-term rating to [ICRA]D from
[ICRA]BB(Stable) for the INR15.00 crore cash credit facility and
the short-term rating to [ICRA]D from [ICRA]A4 for the INR1.00
crore non fund based limits of Arambhan Hospitality Services
Limited.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Long Term Fund         15.00        [ICRA]D; Downgraded from
  Based Limits-                       [ICRA]BB(Stable)
  Cash Credit

  Short Term Non          1.00        [ICRA]D; Downgraded from
  Fund Based Limits-                  [ICRA]A4
  Bank Guarantee

Rationale

The rating revision is on account of delays in debt servicing by
the company owing to worsening of the liquidity position arising
from elongated receivables from offshore clients and high
inventory holding period. The rating revision also takes into
account the significant decline in revenues in FY2017, compared
to previous fiscal, due to slow order movement in the offshore
catering business coupled with closure of restaurant and gymkhana
businesses; and erosion of the net-worth due to significant
losses during the year. ICRA notes the exposure of the company's
profitability to food inflation and vulnerability of operations
to changes in government regulations in oil exploration industry.
ICRA, however, takes note of the extensive experience of the
promoters in the offshore catering industry.

Going forward, the ability of the company to improve its
liquidity position and service its debt in a timely manner will
be the key rating sensitivity.

Key rating drivers

Credit Strengths

* Experienced promoters with long track record in
   offshore catering industry

Credit Challenges

* Delays in debt servicing due to worsening of the liquidity
   position arising from elongated receivables from offshore
   clients and higher inventory holding

* Weakening of the financial profile as reflected by significant
   decline in operating revenues coupled with operating losses
   in FY2017 as well as weakened debt coverage indicators

* Low bargaining power with offshore customers coupled with
   exposure to rising food inflation

* Vulnerability of operations to changes in government
   regulations in oil exploration industry

Description of Key Rating Drivers:

AHSL's operating income has declined significantly in FY2017 over
the previous fiscal as a result of slower order execution and
loss of revenues arising from closure of onshore catering and
restaurant business. This was accompanied by a decline in
operating margins and net losses in FY2017 due to high fixed
costs, resulting in erosion of net-worth of the company. Further,
increase in debtor days has resulted in high utilisation of the
company's working capital limits and weak debt protection
indicators.

Arambhan Hospitality Services Limited (AHSL; erstwhile Cawasji
Behramji Catering Services Ltd) was incorporated in 2009 and is
engaged in offshore catering and housekeeping services to various
Indian shipping and oil exploration companies. Prior to the
establishment of the company, the business was conducted in the
name of M/s Cawasji Behramji Catering Service (partnership firm),
a bonders and ship chandelling firm established in 1944. Between
2010-2015, the business was being routed through Cawasji Behramji
Catering Services Private Limited. The company went public and
got listed on the SME segment of Bombay Stock Exchange on October
19, 2015 and subsequently was renamed to Cawasji Behramji
Catering Services Ltd. (CBCSL).

The company provides catering and housekeeping services to
offshore Barges/Rigs/Driving Vessel/Supply Vessels and remote
production platforms. CBCSL maintains and operates its own
warehousing and distribution facilities. The company also
provides food catering services to onshore customers including
gymkhanas, banquets, parties at the client's premises. The
company ventured into restaurant business in FY2016 wherein it
operated 2 fine dining restaurants and one quick service
restaurant (QSR) under its 'me so happi' brand and a sea food
specialty restaurant 'The Captain's Table' in Mumbai. The
restaurants have, however, been closed in H1 FY2017 since
offshore catering remains the principal focus area of the
company.

Group Profile:

Arambhan Group was founded by Mr. Alfred Arambhan and is
diversified into Catering and Hospitality, Shipping Services,
Clearing and Forwarding Services etc. The group constitutes of a)
Cawasji Behramji & Company (CBCO) - One of the oldest Indian Ship
chandlers, b) A&G Partners which provides high end consulting in
collaboration with specialists from various industry segments to
a diverse clientele, c) Nationwide Shipping Services (NSS) which
is an exclusive shipping agent to Reliance Industries Ltd for the
last 20 years, and d) Transnational Shipping Services (TSS) which
provides logistics and back up support services.

AHSL reported a net loss of INR3.88 crore on an operating income
of INR23.71 crore in FY2017 as compared to Profit after Tax (PAT)
of INR1.15 crore on an operating income of INR70.98 crore in
FY2016.


ARTEFACT PROJECTS: ICRA Withdraws D Rating on INR18cr Loan
----------------------------------------------------------
ICRA Ratings has withdrawn the rating of [ICRA]D assigned to the
INR18.00 crore fund based facilities and INR5.00 crore
unallocated amount of Artefact Projects Ltd. in accordance with
ICRA's policy on withdrawal and suspension.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund Based Limits      18.00       [ICRA]D withdrawn
  Non-fund Based Limit    5.00       [ICRA]D withdrawn


Incorporated in 1988, APL is engaged in providing consulting
services across core infrastructure sectors-highways, airports &
urban development projects. The company offers services such as
Detailed Project Report (DPR) preparation, project funding and
financial closure services, construction supervision and project
management services, structuring of project contracts for
departmental funding, conducting economic and financial viability
analysis and township sector services.


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

   -- INR140 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category; and

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 27, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

ACCPL, incorporated in 1980 by Mr. Om Prakash Lahoty, constructs
government buildings, hostels, hospitals, etc. in Assam.
Additionally, the company manufactures concrete sleepers used in
railway tracks.


BAJRANG NIRMAN: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bajrang Nirman
Private Limited (BNPL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.  The instrument-wise rating actions are:

   -- INR5.5 mil. Fund-based working capital limit assigned with
      'IND BB/Stable/IND A4+' rating; and

   -- INR47.5 mil. Non-fund-based working capital limit assigned
      with 'IND A4+ rating' rating

                        KEY RATING DRIVERS

The ratings reflect BNPL's weak-to-moderate credit metrics and
small, albeit increasing, scale of operations.  According to
provisional financials for FY17, revenue was INR112 million
(FY16: INR42 million).  The increase in revenue was driven by a
rise in the number of orders received.  In FY17, EBITDA interest
coverage (operating EBITDA/gross interest expenses) was 5.25x
(FY16: 2.45x) and net financial leverage (total Ind-Ra-adjusted
net debt/operating EBITDA) was 1.51x (3.35x).  The improvement in
EBITDA interest coverage was due to an increase in absolute
operating EBITDA and a marginal decline in gross interest
expenses, while the enhancement in net financial leverage was on
account of an increase in absolute operating EBITDA.  Operating
EBITDA margin declined to 5.13% in FY17 from 6.86% in FY16, as
BNPL was unable to pass on increased price of raw materials to
the customer.

The ratings, however, are supported by the BNPL's comfortable
liquidity, indicated by an average maximum utilization of 89.23%
during the 12 months ended April 2017.

                         RATING SENSITIVITIES

Negative: A decline in revenue, along with a fall operating
EBITDA margin, leading to deterioration in credit metrics will
lead to negative rating action.

Positive: A substantial rise in revenue, along with an increase
in operating EBITDA margin, will lead to a positive rating
action.

COMPANY PROFILE

Incorporated in January 2006, Lucknow-based BNPL is a private
company undertakes road construction for Public Works Department,
Uttar Pradesh.


BHATIA GLOBAL: IDBI Bank Initiates Insolvency Proceedings
---------------------------------------------------------
Nagpur Today reports that IDBI Bank has initiated insolvency
proceedings against Bhatia Global Trading Limited for recovery of
INR82,04,12,819.41 as principal borrower and INR38,31,06,744.44
as corporate guarantor to Asian Natural Resources (India)
Limited. The National Company Law Tribunal (NCLT), Ahmadabad
bench while allowing the insolvency petition has appointed Nitin
Parikh, Interim Resolution Professional.

According to Nagpur Today, the Group Company has borrowed more
than INR4,000 crore loan from Banks led by IDBI Bank Ltd. The
bank accounts of Bhatia Group have turned into bad two years back
and the bankers are finding it difficult to recover theirs loans.
Despite repeated reminders, the group failed to repay
INR68,90,36,417 and interest and liquidated damages, expenses to
the tune of INR13,13,76,401.

IDBI Bank had issued demand notice dated Feb. 17, 2017 calling
upon the company to pay the amount within 15 days, Nagpur Today
recalls. When notice failed to yield result, IDBI moved the NCLT
before the Adjudicating Authority of NCLT pointing out repeated
default under regulations 6 of the Insolvency and Bankruptcy
Board of India (Insolvency Resolution Process for Corporate
Persons) Regulations 2016.

Nagpur Today says the NCLT in its order dated May 23, admitted
the petition under section 7(5) of the Code and appointed company
secretary Nitin H Parikh. According to legal experts, the interim
resolution pro-essional has responsibility to prepare rescue plan
and resurrect the beleaguered company, try to recover and attempt
for resolution or if all efforts fail, then go for liquidation.

After admission of the application, the adjudicating authority
Bilcki Raveendra Babu has also passed an order declaring a
moratorium under section 13(1)(a) prohibiting the institution of
suits or continuation of pending suits or proceedings against the
cor-porate debtor including execution of any judgement, decree,
Nagpur Today relates.

Further, there will be stay on transferring, encumbering,
alienating or disposing of by the corporate debtor any of its
assets or any legal right or beneficial interest therein, says
Nagpur Today.

Bhatia Group deals mainly in import of coal, coal washeries, coal
transportation, coal shipping, etc and its main promoters are G S
Bhatia, Satyendra Singh Bhatia and Manjit Singh Bhatia. Bhatia
Global Trading Limited, a Bhatia Coal Group Company, was
incorporated on August 28, 1991 and had it has is registered
office at Indore and has office at Nagpur, Chandrapur and deals
with state rim power companies like MahaGenco.


BHUSHAN STEEL: Among 12 Firms Identified for Insolvency Process
---------------------------------------------------------------
The Hindu reports that the Reserve Bank of India (RBI) has
directed lenders to immediately move the National Company Law
Tribunal (NCLT) to begin insolvency proceedings against 12
defaulters including Bhushan Steel, Essar Steel, and Alok
Industries, bankers said.

According to the report, the bankers, who did not wish to be
identified, said the RBI has communicated the names of the 12
defaulters to the leaders of the respective lenders' consortiums.
State Bank of India (SBI) is the leader of six such consortiums,
while ICICI Bank and IDBI Bank are the other leaders, The Hindu
notes.

The 12 companies account for 25% of the total non-performing
assets (NPAs) of the banking system, which is about INR7 lakh
crore, the Hindu reports.

All these accounts have bank loans exceeding INR5,000 crore each
and 60% of the lenders have identified these accounts as non-
performing. Some of the other borrowers are Lanco Infratech, ABG
Shipyard, Electrosteel Steels, Jyoti Structures, Bhushan Power &
Steel, the bankers, as cited by the Hindu, said.

An RBI official declined to comment on the names of defaulters,
the Hindu notes.

The other companies include Monnet Ispat & Energy Ltd and Jaypee
Infratech, Reuters reported citing sources with direct knowledge
of the matter.

CNBC TV18 on June 16 reported the 12 names that include Amtek
Auto and Era Infra Engineering, adds the Hindu.

India-based Bhushan Steel manufactures auto-grade steel.


BICERO TILES: ICRA Assigns 'B' Rating to INR15cr Term Loan
----------------------------------------------------------
ICRA Ratings has assigned the long-term rating of [ICRA]B on the
INR23.00-crore fund-based bank facilities and the short-term
rating of [ICRA]A4 INR1.00-crore non fund-based bank facility of
Bicero Tiles LLP (BTL). The outlook on the long-term rating is
'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                  7.00      [ICRA]B (Stable); Assigned

  Fund-based-Term
  Loan                   15.00      [ICRA]B (Stable); Assigned

  Non Fund-based-
  Bank Guarantee          1.00      [ICRA]A; Assigned

Rationale
The assigned ratings are constrained by the nascent stage of the
firm's operations and the risk associated with stabilisation of
the plant as per the expected operating parameters. The ratings
are also constrained by the high fragmentation and intense
competition in the tiles industry as well as the cyclicality
associated with the real estate industry, which is the main
consuming sector. The ratings factor in the exposure of BTL's
profitability to volatility in raw material and gas/coal prices.
Further, the assigned ratings also consider that firm's financial
profile is expected to remain stretched in the near to medium
term, given the debt-funded nature of the project and the
impending debt repayments. The assigned ratings, however,
favourably factor in the experience of the partners in the
ceramic industry; the proximity of plant to raw material sources
by virtue of its presence in Morbi (Gujarat) and the benefits
expected from its established marketing and distribution network
of associate concerns.

The firm's reliance on debt funding for capex and associated
servicing burden is expected to keep the capital structure and
liquidity position of the firm stretched over the near to medium
term. The ability of the firm to scale up its operations in a
profitable manner amidst intense competition, maintain a healthy
financial risk profile and ensure timely debt and interest
repayments will remain the key rating sensitivity.

Key rating drivers

Credit strengths

* Extensive experience of the partners in the ceramic industry

* Proximity to raw material sources

* Marketing and operational support expected from established
   distribution network of associate concerns

Credit weaknesses

* Risk associated with stabilisation and successful scale up
   of operations as per the expected operating parameters

* Financial profile expected to remain stretched in the near
   term given the debt-funded nature of the project and the
   impending debt repayments

* Competitive business environment given the fragmented nature
   of the industry and the firm's single product profile

* Profitability to remain susceptible to volatility in raw
   material and fuel prices

* Vulnerability of profitability and cash flows to cyclicality
   inherent in the real estate industry, which is the main
   consuming sector.

Description of key rating drivers:

Bicero Tiles LLP (BTL) plans to manufacture medium sized nano
polished vitrified tiles and glazed vitrified tiles. The unit has
an estimated installed capacity of producing 63,000 metric tonnes
of tiles per annum. The project cost is INR30.03 crore. The
production commenced from May 20, 2017 without any cost overruns.
The aggressive D/E ratio of the project coupled with debt
repayments providing limited cushion of four months, it may face
stress on debt servicing capability in case the production ramp
up is slower than expected. The firm's ability to maintain
adequate profitability despite volatility in raw material and
fuel prices in highly competitive industry with number of
organised and unorganised players will remain the key rating
sensitivity. However, the fact that commercial production has
already been started, marketing and operational support from
established distribution network of associate concerns and the
promoters' capability and willingness to support any shortfalls,
have been taken as comfort factors from a credit perspective.


BRISK INDIA: ICRA Cuts Rating on INR35cr LT Loan to 'D'
-------------------------------------------------------
ICRA Ratings has revised the ratings to [ICRA]D from
[ICRA]B/[ICRA]A4 for the INR90.00 crore bank facilities of Brisk
India Private Limited.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long Term, Fund        16.37      [ICRA]D, downgraded from
  Based-Term Loan                   [ICRA]B

  Long Term, Fund        35.00      [ICRA]D, downgraded from
  Based-Cash Credit                 [ICRA]B

  Long Term-             10.28      [ICRA]D, downgraded from
  Unallocated                       [ICRA]B

  Short Term-Fund        25.00      [ICRA]D, downgraded from
  Based                             [ICRA]A4

  Short Term-Non          3.35      [ICRA]D, downgraded from
  Fund Based                        [ICRA]A4

The rating action is based on the recent delays in the company's
debt servicing. As part of its process and in accordance with its
rating agreement with BIPL, ICRA has been trying to seek
information from the company so as to undertake a surveillance of
the ratings, but despite repeated requests by ICRA, the company's
management has remained non-cooperative. In the absence of
requisite information, ICRA's Rating Committee has taken a rating
view based on best available information. In line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016,
the company's rating is now denoted as: "[ICRA] D/D ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Incorporated in the year 2009, Brisk India Private Limited
(erstwhile Brisk Facilities Private Limited) is involved in
providing various services related to facility management,
manpower and staffing solutions and security. The company offers
its services across all the 35 districts of Maharashtra. BIPL
also operates a sugar mill (2000 Tonnes Crush per Day) and a
distillery unit (25 Kilo Litres per Day) under 10 year
collaborative agreement (starting from Sugar Year 2013-14) with
Appasaheb Nalawade Gadhinglaj Taluka Sahakari Sakhar Karkhana
Limited, Harali, Kolhapur, Maharashtra.


CHADHA SUGARS: ICRA Reaffirms B Rating on INR168.33cr Loan
----------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B on
the INR168.33-crore term loans, INR109.80-crore fund-based limits
and INR40.46-crore unallocated limits of Chadha Sugars and
Industries Private Limited. ICRA has also reaffirmed the short-
term rating of [ICRA]A4 on the INR6.00-crore non-fund based
limits of CSIPL. The outlook on the long-term rating is stable.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Term loans          168.33      [ICRA]B (Stable); reaffirmed

  Fund-based Limits   109.80      [ICRA]B (Stable); reaffirmed

  Long-term
  Unallocated          40.46      [ICRA]B (Stable); reaffirmed
  Short-term Non-
  fund Based            6.00      [ICRA]A4; reaffirmed

Rationale

The rating action is based on the best available information. As
a part of its process and in accordance with its rating agreement
with CSIPL, ICRA has been seeking information from the company to
survey the rating. However, the management has remained non-
cooperative in spite of repeated requests by ICRA. In the absence
of the requisite information, ICRA's Rating Committee has
assigned a rating based on the best available information. In
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, the company's rating is now denoted as
"[ICRA]B(Stable)/A4 NON COOPERATION ON INFORMATION and FEE". The
lenders, investors and other market participants may exercise
appropriate caution while using this rating, given that it is
based on limited or no updated information on the company's
performance since the time it was last rated.

CSIPL was incorporated in 2004. The company is a part of the
Group owned by Late Mr. Hardeep Chadha, which has business
interests in diverse areas like real estate, sugar, liquor, paper
etc. CSIPL has set up a 4500-TCD sugar plant (expanded to 5000
TCD), 26-MW co-generation unit, 30-KLPD grain-based distillery
and a 30-KLPD molasses-based distillery. The plant is located at
the village Teri Afghana in the Gurdaspur district of Punjab.

CSIPL reported a net profit of INR9.65 crore on an operating
income of INR328.89 crore in FY2016. The company had incurred a
net loss of INR22.76 crore on an operating income of INR270.48
crore in FY2015.


DEVKIRAN PAPER: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Devkiran Paper
Mills Private Limited (DKMPL) a Long-Term Issuer Rating of
'IND BB-'.  The Outlook is Stable.  Instrument-wise rating
actions are:

   -- INR161 mil. Term loan assigned with 'IND BB-/Stable'
      rating;

   -- INR100 mil. Fund-based facilities assigned with
      'IND BB-/Stable/IND A4+' rating;

   -- INR25 mil. Non-fund-based facilities assigned with
      'IND A4+' rating; and

   -- INR64 mil. Proposed non-fund-based facilities* assigned
      with Provisional 'IND A4+' rating

* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by DKMPL to the satisfaction of Ind-Ra.

                         KEY RATING DRIVERS

The ratings reflect DKMPL's small scale of operations and
moderate credit metrics.  As per provisional financials for FY17,
revenue was INR555 million (FY16: INR539 million), net leverage
(adjusted debt net of cash/EBITDA) was 3.5x (2.3x) and EBITDA
interest coverage (operating EBITDA/gross interest expense) was
1.7x (1.5x).  The deterioration in net leverage was due to an
increase in total debt to INR272 million in FY17 (FY16: INR153
million). EBITDA margin remained volatile at 10.6%-13.2% over
FY13-FY17 due to fluctuations in raw material prices.

The ratings are constrained by the firm's tight liquidity
position with full utilization of fund-based facilities during
the 12 months ended March 2017.  Net working capital cycle
remained stretched at around 88 days during FY17P (FY16: 88 days)
due to increased inventory and debtor days.  Ind-Ra expects net
working capital cycle to remain at a similar level.

However, the ratings benefit from DKMPL's capacity enhancement
plans which will aid in revenue growth.  The management confirmed
to spend INR30 million for installing new machineries at its
manufacturing unit by 1HFY18.

The ratings are also supported by the promoters' two decades of
experience in the manufacturing of paper reels.

                         RATING SENSITIVITIES

Positive: A significant increase in the scale of operations and
operating profitability leading to a sustained improvement in the
credit metrics could be positive for the ratings.

Negative: A substantial decline in the top line or operating
profitability and a sustained deterioration in the overall credit
metrics will lead to a negative rating action.

COMPANY PROFILE

DKPM, a private limited company incorporated in 1988 at
K.R.Nagar, Mysore, manufactures recycled kraft paper for the
packaging and laminating industries.  Mr. R H Ramanuja Setty, Mr.
R H Sreenivas Setty, Mr. Ramakrishna Setty and Mr. Bhaskar Setty
are the promoters.


DIVYA CONSTRUCTION: ICRA Reaffirms B- Rating on INR6cr Loan
-----------------------------------------------------------
ICRA Ratings has re-affirmed the long-term rating of [ICRA]B- and
short-term rating of [ICRA]A4 for the INR20.00-crore bank
facilities of Divya Construction Company. The outlook on the long
term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based limits       6.00      [ICRA]B-(Stable); Re-affirmed

  Non-fund Based         14.00      [ICRA]B-(Stable)/[ICRA]A4;
  limits                            Re-affirmed

Rationale

The rating action is based on the best available information. As
a part of its process and in accordance with its rating agreement
with Divya Construction Company, ICRA has been trying to seek
information from the company to undertake a surveillance of
ratings and had sent repeated reminders to the company for
payment of surveillance fee that became overdue; but despite
multiple requests, the company's management has remained non-
cooperative. In the absence of the requisite information, ICRA's
Rating Committee has taken a rating view based on the best
available information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "[ICRA]B-(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited information or no
updated information on the company's performance since the time
it was last rated.

Key rating drivers

Credit strengths

* Long track record of operations and experience of the firm
   in executing civil contracts for Government of Maharashtra

Credit weaknesses

* Execution related delays and decline in order inflows owing
   to paucity of funds with the municipal corporation

* Small scale of the operations of the firm limiting the
   bidding capacity of the firm

* High client and geographic concentration risk with MCGM
   accounting for 100% of the current order-book based out of
   Mumbai

Description of key rating drivers:

The firm executes civil construction work for government and
semi-government departments in Mumbai. Their main clients include
Public Works Department- Maharashtra, Municipal Corporation of
Greater Mumbai (MCGM) and Mumbai Metropolitan Region Development
Authority (MMRDA). The scope of work is building construction,
road construction, pipe line laying, land development, sewerage
and storm water drainage works in Mumbai.

As on November 2015, DCC had an outstanding order book of about
INR6.51 crore which is equivalent to 0.38x the operating income
of FY2015. The order book is weak on account of decline in order
inflows from MCGM. Moreover, the firm is facing execution related
risks due to delay in site clearances.

The operations of the firm are concentrated in Mumbai and
suburban areas of Mumbai, which exposes it to high geographic
concentration risk. The firm executes contracts for only
government and semi-government entities as the counterparty
credit risk is higher in case of private clients. The firm is
registered as Class-AA contractor with P.W.D. (public works
department) of Government of Maharashtra.

Incorporated in 1970, Divya Construction Company (DCC) is a
partnership firm.. The firm was started by Mr. Kirit Shah who has
60% share in the firm. The remaining 40% is owned by Smt.
Ratikanta Kirit Shah. The firm is currently being managed by Mr.
Kirit Shah and his son Mr. Nehal Shah. The firm has executed
civil works for government and semi-government departments in
Mumbai. In the past, DCC has executed civil contracts for Public
Works Department, Municipal Corporation of Greater Mumbai and
Mumbai Metropolitan Region Development Authority.


EKAM AGRO: ICRA Reaffirms B+ Rating on INR11cr Term Loan
--------------------------------------------------------
ICRA Ratings has reaffirmed the long term rating assigned to the
INR15 crore fund based limits of Ekam Agro Private Limited at
[ICRA]B+. ICRA has also reaffirmed the short term rating assigned
to the INR3 crore unallocated limits of EAPL at [ICRA]A4. The
outlook on the long term rating is Stable.

                     Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Cash Credit           4.00       [ICRA]B+ (Stable) Reaffirmed

  Term Loan            11.00       [ICRA]B+ (Stable) Reaffirmed

  Long term/short       3.00       [ICRA] B+(Stable)/A4
  term unallocated                 Reaffirmed

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with EAPL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite
information, ICRA's Rating Committee has taken a rating view
based on best available information. In line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "[ICRA] B+(Stable)/A4 ISSUER
NOT COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Ekam Agro Private Limited was incorporated in November 2013 by
the Kalra Family and is operating as a refinery for crude rice
bran oil. The plant is located in Mukstar, Punjab with an
installed capacity of 100 tonnes per day. Along with the
refining, the company was also involved in the extraction of rice
bran oil from a leased unit near the refining plant. The
operations of the company commenced from February 2015.


ENVIRO GREEN: ICRA Reaffirms B+ Rating on INR7cr LT Loan
--------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating assigned to the
INR7.00-crore fund based facilities of Enviro Green Alloys Inc.
at [ICRA]B+. The outlook on the long-term rating is stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long term-Fund
  based                   7.00      [ICRA]B+ (Stable) reaffirmed

Rationale

As part of its process and in accordance with its rating
agreement with Enviro Green Alloys Inc., ICRA has been trying to
seek information from the company so as to undertake a
surveillance of the ratings. Despite repeated requests by ICRA,
the company's management has remained non-cooperative. In the
absence of requisite information, ICRA's Rating Committee has
taken a rating view based on best available information. In line
with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, the company's rating is now denoted as:
"[ICRA]B+ (Stable) ISSUER NOT COOPERATING". The lenders,
investors and other market participants may exercise appropriate
caution while using this rating, given that it is based on
limited or no updated information on the company's performance
since the time it was last rated.

Enviro Green Alloys Inc., incorporated in 2011, is involved in
manufacturing pure lead, lead alloys and lead oxides through
recycling lead scrap arising out of used lead in batteries and
sheathing. With an installed capacity of 2,800 MTPA, EGAI caters
to battery manufacturers in the domestic markets. The company
operates in three shifts and employs about 45 employees.


GREEN POLYTUBES: ICRA Reaffirms 'B' Rating on INR4.0cr Loan
-----------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B
assigned to the INR4.00 crore cash credit facility, INR0.60-crore
SLC facility, and INR1.80-crore term loan facility of Green
Polytubes Private Limited. The outlook on the long-term rating is
stable. ICRA has also re-affirmed the short-term rating of
[ICRA]A4 assigned to the INR0.40-crore bank guarantee facility of
GPPL.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based limits       4.00      [ICRA]B (Stable); Reaffirmed
  Fund-based-SLC          0.60      [ICRA]B (Stable); Reaffirmed
  Fund-based-Term Loan    1.80      [ICRA]B (Stable); Reaffirmed
  Non-Fund-based-
  Bank Guarantee          0.40      [ICRA]A4; Reaffirmed

Rationale

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with GPPL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings and also
had sent repeated reminders to the company for payment of
surveillance fee that became overdue, but despite repeated
requests by ICRA, the company's management has remained non-
cooperative. In the absence of requisite information, ICRA's
Rating Committee has taken a rating view based on best available
information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "[ICRA] B (Stable) and
[ICRA]A4 ISSUER NOT COOPERATING". The lenders, investors and
other market participants may exercise appropriate caution while
using this rating, given that it is based on limited or no
updated information on the company's performance since the time
it was last rated.

Incorporated in 1998, Green Polytubes Private Limited is engaged
in the manufacturing of PVC & UPVC Pipes with present installed
capacity of 3,000 MTPA. GPPL's production facility is set-up in
Hazipur, Bihar. The company is undergoing expansion in the
current year wherein it is installing a new plant for
manufacturing CPVC pipes. Additionally, it is also carrying out
expansion of present product line of U-PVC pipes. GPPL sells its
product under the registered brand name of 'Green'.


GURUNANAK STONE: ICRA Assigns B Rating to INR5.0cr LT Loan
----------------------------------------------------------
ICRA Ratings has assigned the long-term rating of [ICRA]B to the
INR5.00-crore fund-based bank facilities and the INR0.50-crore
unallocated limits of Gurunanak Stone Industries. The outlook on
the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Fund-based-
  Long-term               5.00        [ICRA]B (Stable) ; assigned

Rationale

The assigned rating favorably factors in the longstanding
experience of the promoters in the stone crushing industry and
the favorable location of the firm's plant near the river bed,
ensuring ready raw material availability and lower logistics
cost. The assigned rating, however, is constrained by the firm's
moderate scale of operations coupled with muted revenue growth in
FY2016. The rating also factors in the high competitive intensity
due to the presence of a large number of crushers in the vicinity
as well as by the high regulatory risks associated with changes
in government policies in the mining and quarrying industry. The
rating also factors in the firm's high working capital intensity
of operations on account of high inventory holding. ICRA also
takes into account the vulnerability of GSI's profitability to
slowdown in the real estate and construction sectors, which are
its key off takers. Further, the firm remains exposed to the risk
of capital withdrawal as it is a partnership firm.
The firm's ability to ramp up its scale of operations while
maintaining its operating profit margins will be the key rating
sensitivity. Government regulations that impact mining and
quarrying will also be closely monitored.

Key rating drivers

Credit strengths

* Long experience of the management in the stone crushing
   Industry

* Locational advantages in terms of raw material availability
   and lower freight expenses

* Healthy demand of stone grits given the increase in the
   infrastructure and construction activities in Uttar
   Pradesh

Credit weaknesses

* Moderate scale of operations; muted revenue growth in
   FY2016 and FY2017

* High working capital intensity on account of high raw
   material inventory owing to seasonal nature of raw material
   supply

* Operations exposed to the regulatory risks associated with
   changes in Government policies in the mining and quarrying
   industry, this coupled with seasonality in the business
   leads to volatile cash flows and can impact the working
   capital requirements

* Intense competition in a fragmented industry structure,
   amid low product differentiation, restricts pricing
   flexibility

* Partnership firm, any substantial withdrawal from capital
   accounts would impact the net-worth and thereby the
   gearing levels

Description of key rating drivers:

GSI crushes and processes river bed material (RBD) into stone
chips, stone grits and sand stone that find usage in the
construction and infrastructure industry. Thus any slowdown in
the real estate or construction industry may impact the
operations of the firm. The firm's partners have extensive
experience in the stone crushing industry, helping the company to
acquire customers and maintain strong relationship. The
manufacturing unit is located in proximity to the river bed,
which ensures uninterrupted supply of raw material, along with
savings in freight cost and reduction in lead time. The ratings
are constrained by the moderate scale of operations, and thus
maintaining high capacity utilisation levels will be important to
increase the scale of operations from the current levels. The
working capital intensity remains high due to high raw material
inventories owing to seasonal nature of raw material supply.
Furthermore, the operations remain highly vulnerable to
regulatory risks associated with changes in government policies
in the mining and quarrying industry. High degree of
fragmentation due to the presence of a large number of
unorganised players and limited product differentiation has led
to high competitive intensity in the stone crushing industry,
thereby limiting the pricing power of the players and affecting
the margins.


HAREKRUSHNA COTTEX: ICRA Raises Rating on INR4.50cr Loan to B+
-------------------------------------------------------------
ICRA Ratings has upgraded the long-term rating to [ICRA]B+ from
[ICRA]B for the INR5.72-crore fund-based bank facilities and
INR0.20-crore unallocated limits of Harekrushna Cottex (HC). The
outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Fund-based-Cash         4.50        [ICRA]B+ (Stable); Upgraded
  Credit                              from [ICRA]B

  Fund-based-Term         1.22        [ICRA]B+ (Stable); Upgraded
  Loan                                from [ICRA]B

  Unallocated             0.20        [ICRA]B+ (Stable); Upgraded
                                       from [ICRA]B

Rationale

The rating upgrade factors in the healthy ramp up of sales
volumes in FY2017 post stabilisation of newly set up operations;
albeit the firm's overall scale of operations remains small. The
rating also favourably take into account the long experience of
the partners in the industry by virtue of their association with
other entities engaged in similar business and the logistical
advantages enjoyed by the firm with its location in the cotton-
producing region, giving it easy access to quality raw cotton.

The rating, however, continue to be constrained by HC's weak
financial risk profile marked by low profitability, moderate
return indicators, small net worth base and stretched capital
structure owing to high reliance on external borrowings to fund
working capital requirements of the business. The rating also
factors in the vulnerability of the firm's profitability to agro-
climatic risks, the inherently low value-adding ginning business,
and its exposure to stiff competition in a fragmented industry
caused by numerous small and unorganised players in the field.
Furthermore, being a proprietorship firm, any significant
withdrawals from the capital account would adversely impact its
net worth and thereby the credit profile.

ICRA expects HC's scale to improve at a moderate pace over the
near term with the stabilisation of its operations. HC's
profitability would, however, continue to remain low on account
of its low value-adding operations and would remain vulnerable to
raw material price fluctuations. Firm's ability to scale up its
operations would be contingent upon the availability of raw
cotton and the improvement in the domestic demand. Furthermore,
the firm's ability to improve its profitability, manage its
working capital requirements efficiently and improve its capital
structure would remain important from a credit perspective.

Key rating drivers

Credit strengths

* Long experience of partners in the cotton ginning industry

* Favorable location of the unit in Rajkot (Gujarat), a cotton
   producing belt of India, giving easy access to quality raw
   cotton

* Healthy scale up of operations in FY2017 post stabilisation of
   operations

Credit weaknesses

* Small scale of operations

* Weak financial risk profile marked by moderate return
   indicators, small net worth base and leveraged capital
   structure

* Low profitability because of limited value addition and
   highly competitive and fragmented industry structure given
   the low entry barriers

* Vulnerability of profitability to fluctuations in raw cotton
   prices, which are subject to seasonality and crop harvest

* Partnership firm; any substantial withdrawals from capital
   account would adversely impact the capital structure

Description of key rating drivers:

HC is into the business of ginning and pressing of raw cotton,
with the product profile comprising cotton bales and cotton
seeds. The firm reported healthy growth in its operating income
from INR5.15 crore in FY2016 (2 months) to INR31.62 crore in
FY2017 backed by improvement in sales volumes as well as sales
realisations. Owing to limited value-adding operations, firm's
profitability remains low. HC's inventory levels are linked to
cotton prices. The firm tends to procure higher quantities of raw
cotton in a falling price regime and stores the finished products
in case the management expects higher realisations in the short-
term, leading to high working capital requirements. The firm
relies on external borrowings to fund these requirements leading
to a leveraged capital structure as depicted by a gearing of 1.31
times as on March 31, 2017. Furthermore, the cotton ginning and
pressing industry is a highly fragmented and competitive with
numerous organised and unorganised players due to low entry
barriers, which further restricts the pricing flexibility of the
firm. However, the long experience of partners in the industry
and firm's location in Rajkot (Gujarat), provides some comfort.

Established in April 2015 as a partnership firm, Harekrushna
Cottex is in the business of ginning and pressing of raw cotton.
HC's manufacturing facility is located at Rajkot (Gujarat), and
is equipped with 24 ginning machines and one pressing machine
with annual processing capacity of 12,442 metric tonnes (MT) of
raw cotton. The operations commenced from February 2016.


ISHWAR METAL: ICRA Reaffirms B+ Rating on INR20cr Cash Loan
-----------------------------------------------------------
ICRA Ratings has reaffirmed its long-term rating of [ICRA]B+ on
the INR20.99-crore fund-based bank facilities of Ishwar Metal
Industries. ICRA has also reaffirmed its short-term rating of
[ICRA]A4 on the INR22.50-crore bank facilities of IMI. The
outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                 20.00      [ICRA]B+ (Stable); reaffirmed

  Fund-based-Term
  Loan                    0.99      [ICRA]B+ (Stable); reaffirmed

  Non-fund based-
  Bank Guarantee/
  Letter of Credit       22.50      [ICRA]A4; reaffirmed

Rationale

ICRA's rating reaffirmation takes into account the decline in the
operating profitability in the past few years (operating profit
margins was 3.69% in FY2017 against operating profit margin of
7.59% in FY2016). Most of the orders executed by IMI do not have
price escalation clauses, exposing it to raw material price risk.
Further, the ratings also take into account the stretched
liquidity position, the increasing debt levels over the years and
the negative cash flows. The firm's increasing scale of
operations has been mainly debt funded by bank borrowings and
unsecured loans from promoters. ICRA's ratings further takes into
account the increase in working capital requirements as payments
were stuck with debtors, leading to stretched creditor days. The
company had a relatively high gearing of 1.72 times as on
March 31, 2017 and moderate credit profile due to high interest
charges, low profitability and high term loan repayments. The
firm's business viability is dependent on its ability to
successfully bid for government tenders as it is present in an
intensely competitive industry. The ratings also take into
account the risks inherent in a partnership firm, such as limited
ability to raise equity capital, risk of dissolution and risk of
withdrawal. Nevertheless, ICRA draws comfort from the robust
growth in revenues in the last two years, which coupled with a
strong order book position of INR700 crore, gives medium term
revenue visibility to the firm. ICRA also notes the long track
record of the promoters' experience and their ability to support
the business. IMI's ability to attain healthy revenue growth
along with improvement in the profit margins and efficient
management of working capital will be the key rating sensitivity.

Key rating drivers

Credit Strengths

* Experienced management with over two decades of experience
   in the electronics items and hotel industry

* Growth in turnover and cash accruals in FY2016 and FY2017
   on account of favorable demand and increased orders inflow
   (group turnover stands at INR80.75 crore and INR254.10 crore
   in FY2016 and FY2017 respectively)

* Strong order book position lends visibility to the revenues
   going forward

* Diversified product assortment mitigates product concentration
   Risk

* Favorable demand outlook for power transmission infrastructure
   over the medium-to-long term supported by Government impetus
   in this sector is likely to result in healthy demand for the
   group

Credit Weakness

* Fragmented industry structure characterised by intense
   competition; given its modest scale of operations and
   tender-based contracting system, the company has limited
   bargaining power with its customers

* SEBs constitute more than 50% of the total revenue; thus
   business certainty is dependent on its ability to
   successfully bid for government tenders

* Exposure of profitability to adverse fluctuations in raw
   material prices, particularly iron, steel, aluminium and
   copper because of absence of price variation clauses

* Stretched liquidity position as evident from the full
   utilisation of its fund based limits due to high debtor
   level and negative cash flows

* Weak financial profile marked by low profitability, high
   gearing, moderate debt protection indicators and low cash
   accruals

Description of key rating drivers:

IMI has an extensive track record in the manufacturing of
substation structures, cables and conductors. The company is a
part of the Ishwar Group of Companies, which is present in the
electronics and hotel industry. IMI had catered to state discoms
of Rajasthan, Haryana, Punjab and Uttar Pradesh in the past. The
company also has exposure to project execution risk since the
order execution can be affected by delays on behalf of the
client, thereby delaying the dispatch and subsequent receipt of
payment for the orders. The company draws its business from
tender bidding. The company's operating income depends on the
order size and the delivery schedule, the availability of funds
as well as the capacity, hence it often fluctuates. However, the
firm has shown robust growth in revenue on account of healthy
order inflows in FY2016 and FY2017. IMI has been successful in
getting significant amount of orders from government and private
entities in FY2018 and has an outstanding order book of INR703.79
crore.

The majority of the orders are for Rajasthan State Electricity
Board. The firm is expected to complete these orders within the
next two years, providing adequate revenue visibility in the
medium term. The company operates in a highly competitive and
fragmented industry, which is characterised by the presence of a
large number of participants, on account of low entry barriers.
This combined with lack of price escalation clauses in most
3 Group refers to Ishwar group of companies which includes Ishwar
Metal Industries (IMI, rated at [ICRA]B+ (stable) and [ICRA]A4),
Ishwar Cables Private Limited (ICPL, rated at [ICRA]B (Stable)
and [ICRA]A4), and K S Infra Transmission Private Limited (KSIPL,
rated at [ICRA]B (stable) and [ICRA]A4), because of the common
management and similar line of business.

IMI was established in 1985 as a partnership firm by Mr. Rahul
Chaudhary and his family. The firm is involved in manufacturing
and installation of substation structures, transformer tanks,
core clamps, meter pillar boxes, cables and conductors,
electronic meters and electric lamination. The manufacturing unit
of the firm is located in Jaipur Industrial Area, Rajasthan.

IMI reported an operating income (OI) of INR261.10 crore and a
net profit of INR1.02 crore in FY2017 on a provisional basis, as
compared to an OI of INR144.49 crore and a net profit of INR0.76
crore in the previous year.


JAIN STEEL: ICRA Reaffirms 'B' Rating on INR6cr Loan
----------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B on
the INR6.00-crore fund-based facilities of Jain Steel Industries
(JSI). ICRA has also reaffirmed the long-term rating of [ICRA] B
and short-term rating of [ICRA]A4 on the INR4.00-crore
unallocated facilities of JSI. The outlook on the long-term
rating is stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits       6.00      [ICRA]B reaffirmed,
                                    stable outlook

  Unallocated Limits      4.00      [ICRA]B (Stable)/A4;
                                    reaffirmed

Rationale

The rating reaffirmation factors in the decline in operating
income in FY2017 due to low prices and muted demand growth in the
steel industry. This, however, has been accompanied by the
improvement in operating margins on account of the recovery in
steel prices in FY2017.

The ratings remain constrained by the firm's modest scale of
operations, leveraged capital structure and weak coverage
indicators. Also, the firm's high working capital intensity,
which has resulted in high utilisation of bank limits, continues
to affect the ratings. However, the established track record of
promoters in the steel trading industry, the firm's operating
history and its diversified customer base are positives. ICRA
also takes note of the favorable steel industry demand outlook
based on the increased thrust of the Government on
infrastructure, affordable housing and the 'Make-in-India'
initiative that is likely to increase demand from the automobile
industry.

Going forward, the firm's ability to register revenue growth and
profitability as well as improve its capital structure and an
optimal working capital management will be the key rating
sensitivities.

Key rating drivers

Credit strengths

* Experienced management with a long track record in steel
   Trading

* Cheap sourcing of traded goods due to large volumes and
   direct procurement from Hero Steels Ltd., JSW Steel

* Diverse client base; less reliance on few customers for
   most sales

Credit weaknesses

* Moderate scale of operations has resulted in limited
   economies of scale

* Modest profitability indicators on account of limited value
   addition and vulnerability to adverse movement in raw material
   prices

* Exposure to the cyclicality inherent in the steel industry

* High dependence on debt financing sources to meet the working
   capital needs characterised by high CC utilisation and
   consequently, modest coverage indicators

* Intense competition due to low entry barriers and presence of
   a large number of players

Description of key rating drivers

The company is exposed to the cyclicality inherent in the steel
industry as evidenced by the continuous decline in its operating
income since FY2015. The decrease in the company's operating
income may be attributed to the restriction of input tax credit
to two stages in Punjab in CY2014, which resulted in increased
sales to manufacturers and reduced sales to traders. This, in
turn, resulted in higher margins. The FY2016 decline in operating
income was due to low prices affecting the industry, more imports
and muted demand growth. The decline in FY2017, on the other
hand, was largely on account of tepid demand, primarily because
of demonetisation. Given the continuing sluggishness in the key
real estate and construction sectors, the overall steel
consumption growth for the industry for FY2017 was lower than the
previous year, both in terms of quantity and realisation. The
working capital intensity of the company remained high at around
48% in FY2017 on account of an increase in debtor days. This has
been due to a change in payment terms triggered by the
demonetisation exercise in November 2016, which was sustained
later on. Thus, the liberal credit period granted to customers is
expected to remain high for around three to four months, going
forward. The company has also decided to decrease its average
inventory-holding requirements on the back of vast fluctuations
in steel prices in the market.

JSI, incorporated in 1973 by Mr. Satish Jain and Mr. Janeshwar
Jain, is primarily engaged in the trading of iron and deals in
various cold-rolled and hot-rolled products. JSI's administrative
unit is based in Ludhiana, Punjab.

JSI reported a net profit of INR0.12 crore on an operating income
of INR21.81 crore in FY2016, as against a net profit of INR0.12
crore on an operating income of INR22.53 crore in FY2015. The
company, on a provisional basis, reported an operating income of
INR19.95 crore in FY2017.


KANHA GRAIN: ICRA Reaffirms B+ Rating on INR7.0cr Cash Loan
-----------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B+
assigned to the INR7.00-crore (revised from INR5.00 crore) cash-
credit facilities, INR0.95-crore (revised from INR2.04 crore)
term loans and INR1.05-crore (revised from INR1.96 crore)
unallocated limits of Kanha Grain Process. The outlook on the
long-term rating is Stable. ICRA has also reaffirmed the short-
term rating of [ICRA]A4 assigned to the INR3.00-crore non-fund
based bank limits of KGP. The above unallocated limits of INR1.05
crore (revised from INR1.96 crore) have also been rated on the
short-term scale at [ICRA]A4.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Limit-
  Cash Credit Facility    7.00      [ICRA]B+ (Stable) Reaffirmed

  Fund Based Limit-
  Term Loans              0.95      [ICRA]B+ (Stable) Reaffirmed

  Non Fund Based
  Limit                   3.00      [ICRA]A4 Reaffirmed

  Unallocated Limits      1.05      [ICRA]B+ (Stable)/[ICRA]A4
                                    Reaffirmed

Detailed rationale

The reaffirmation of ratings take into account KGP's small scale
of current operations, notwithstanding the growth in its turnover
during the last three financial years and its weak financial
profile as reflected by low net profitability, low absolute
tangible net worth and weak debt-coverage indicators. The ratings
are constrained by the risks inherent in an agro-based business
like rice milling, including vulnerability towards the changes in
Government policies and raw material supply risks as the level of
harvest and quality of paddy depend on agro-climatic conditions.
The ratings also consider a low entry barrier prevailing in a
highly-fragmented rice milling industry, which intensifies
competition and restricts pricing flexibility. ICRA also takes
note of the risks associated with the entity's status as a
partnership firm including the risk of capital withdrawal by the
partners.

The ratings, however, derive comfort from the significant
experience of the partners in the rice-milling industry,
location-specific advantage of KGP's plant as it is situated in
close proximity to raw material sources (leading to easy
availability as well as low landed cost of the input material)
and stable demand outlook of rice, which forms an important part
of the staple Indian diet.

Key rating drivers

Credit strengths

* Experience of the partners in the rice-milling industry

* Stable demand outlook as rice forms an important part of
   the staple Indian diet

* Presence in a major rice-growing area results in easy
   availability of paddy

Credit weaknesses

* Small scale of current operations notwithstanding significant
  improvement in the operating income during the last three years

* Weak financial profile of the company as reflected by low net
   profitability, low absolute tangible net worth and depressed
   debt-coverage indicators

* High competition from a large number of small players in the
   Industry

* Exposure to inherent risks associated with an agro-based
   business, such as changes in Government policies and agro-
   climatic conditions affecting the harvest of paddy, and in
   turn impacting raw material availability

* Risks associated with the entity's status as a partnership
   firm, including the risks of capital withdrawal by the
   partners.

Detailed Description of Key Rating Drivers:

Incorporated in 2006, KGP is involved in milling of non-basmati
raw rice and parboiled rice and has an installed milling capacity
of 14,400 metric tonne per annum (MTPA). The partners of the
entity have an experience of over a decade in the rice-milling
industry. Rice is the main product of the milling process while
husk, bran and broken rice are the by-products generated during
milling. Rice and broken rice are sold mainly to the wholesalers
and traders located in Chhattisgarh, and surrounding states of
Odisha and Jharkhand. The by-product, bran, is sold to solvent-
extraction units and husk is mainly used for internal power
generation. KGP's volume of paddy milling continues to remain low
at ~51% of the installed capacity in FY2017. The entity's milling
facility is mainly utilised for custom milling operations for the
Government. The Government provides a processing charge to the
entity for the quantity of rice provided by the entity. However,
the total operating income of the entity increased significantly
over the last four years primarily on account of higher
processing of rice and broken rice at the sortex machine
installed by the entity. Nonetheless, the entity's scale of
operations continued to remain small.

The operating income of the entity increased by 15% from INR27.84
crore in FY2016 to INR32.05 crore in FY2017, however, marginal
decline in KGP's operating profitability during FY2017 restricted
the increase in absolute profits of the entity, to an extent. The
net cash accruals of the entity thus continued to remain low at
INR0.47 crore. Additionally, increase in debt levels also led to
an increase in the gearing of the entity from 1.41 times as on
March 31, 2016 to 1.69 times as on March 31, 2017. The debt-
coverage indicators of the entity also remained weak during
FY2017.

Kanha Grain Process (KGP) was established as a partnership firm
in 2006 by the Agrawal family based out of Raipur, Chhattisgarh.
The entity is involved in milling of raw rice and parboiled rice
and has an installed milling capacity of 14,400 metric tonne per
annum (MTPA). The major part of the paddy milling operations
undertaken by the entity has been in the form of custom milling
operations for the Government. Other than milling of paddy, the
entity also processes rice and broken rice procured from the
manufacturers at the sortex machines installed by the entity.


LANCO INFRATECH: Confirms RBI Order on Insolvency Process
---------------------------------------------------------
Reuters reports that Lanco Infratech Ltd confirmed on June 17
that India's central bank had directed the company's lead lender
IDBI Bank to initiate a corporate insolvency resolution process
under the country's bankruptcy laws.

Lanco is among 12 companies that the Reserve Bank of India (RBI)
has ordered lenders to take to bankruptcy court as it strives to
cut the country's $150 billion in soured debt, sources told
Reuters on June 16.

The 12 companies together account for about INR2 trillion
($31 billion), or roughly a quarter, of Indian bank loans that
have been categorised as non-performing, Reuters notes.

According to Reuters, Lanco said it had outstanding fund-based
loans of INR81.46 billion and another INR32.21 billion in non-
fund-based exposure as of March 31, 2016.

Non-fund-based exposure typically includes bank guarantees and
letters of credit, Reuters states.

IDBI Bank has called a meeting of the group of lenders to the
company on June 19 to discuss the resolution process, Lanco said
in a stock exchange filing.

Lanco Infratech Ltd was originally incorporated in 1993 as Lanco
Constructions Ltd in Secunderabad, Telengana; its name was
changed in 2000. The company provides Engineering, Procurement
and Construction (EPC) services, largely to its own subsidiaries
and affiliate entities. The Lanco group includes subsidiaries and
affiliates operating across the infrastructure sector, including
construction, power, EPC, infrastructure, and property
development. LITL is the Lanco group's flagship company.

In fiscal 2016, on a provisional basis, net loss was INR2.3
billion on total income of INR82.2 billion; net loss was INR21.4
billion on total income of INR93.9 billion in fiscal 2015.


M P AGARWALA: Ind-Ra Raises Long-Term Issuer Rating to 'BB'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded M P Agarwala's
(MPA) Long-Term Issuer Rating to 'IND BB' from 'IND BB-(ISSUER
NOT COOPERATING)'.  The Outlook is Stable.  The instrument-wise
rating actions are:

   -- INR70 mil. Fund-based facilities raised to 'IND BB/Stable'
      rating;

   -- INR70 mil. Fund-based facilities affirmed with 'IND A4+'
      rating; and

   -- INR110 mil. Non-fund-based facilities affirmed with
      'IND A4+' rating

                         KEY RATING DRIVERS

The upgrade reflects a sustained growth in MPA's revenue with a
strong order book position and an improvement in credit metrics.
As per provisional FY17 financials, revenue increased to
INR540 million (FY16: INR270 million) owing to an increase in
orders.  Interest coverage (operating EBITDA/gross interest
expense) improved to 4.0x in FY17P (FY16: 2.2x) and net leverage
(total adjusted net debt/operating EBITDA) to 1.5x (1.8x) on
account of a marginal increase in EBITDA and reduction in debt.
However, EBITDA margin declined to 7.6% in FY17P (FY16: 11.3%) on
the back of fluctuation in raw material prices.

MPA had an order book of INR1.367 billion (2.53x of FY17P
revenue) as of May 2017, providing revenue visibility for the
next two to three years.  Management expects order book to grow
at a steady pace in the near-to-medium term owing to timely
completion of projects.

The ratings also factor in the firm's comfortable liquidity
position with 86% average utilization of fund-based facilities
over the 12 months ended April 2017.  The firm had comfortable
net cash conversion cycle of 46 days in FY17P (FY16: 473 days) on
account of timely project executions, leading to a reduction in
inventory holding period to 69 days (478 days).

The ratings are supported by the founder's more than three
decades of experience in the engineering, procurement and
construction business.

However, the ratings are constrained by the proprietorship form
of organization.

                         RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
while maintaining the credit metrics could be positive for the
ratings.

Negative: A decline in the operating profitability or elongation
of the working capital cycle resulting in deterioration of the
credit metrics could be negative for the ratings.

COMPANY PROFILE

Incorporated in 2010, MPA is a proprietorship firm set up by
Mr. Mahabir Prasad Agarwala.  The firm undertakes civil
construction of buildings, roads, and bridges for the public
works departments of Assam and Meghalaya.


M R AGRO: ICRA Assigns B+/A4 Rating to INR16.80cr Loan
------------------------------------------------------
ICRA Ratings has assigned the long-term rating of [ICRA]B+ and
short-term rating of [ICRA]A4 on the INR16.80-crore fund-based
limits (enhanced from INR10.00-crore) of M R Agro Industries
(MRAI). The outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based limits      16.80      [ICRA]B+(Stable)
                                    and [ICRA]A4;
                                    assigned/Outstanding

Rationale

The assigned ratings derive strength from the vast experience of
the partners and the established track record of the firm in the
processing and exports of agro products. The ratings also draw
comfort from MRAI's favourable location in Gujarat, which enables
easy availability of various agro-products such as sesame seeds,
as well as the stable demand prospects in the domestic as well as
the international markets.

The assigned ratings, however, are constrained by MRAI's weak
financial profile evident from its thin profitability, stretched
capital structure and weak debt coverage indicators. Furthermore,
the firm reported a decline in revenue by ~14.7% in FY2016 caused
by a decline in sales realisations, owing to reduced prices of
sesame seeds. The ratings also factors in the highly fragmented
and competitive nature of the industry, resulting from low entry
barriers, which limits the pricing power of the firm and puts
pressure on the operating margins. The ratings are further
constrained by the firm's susceptibility to fluctuations in raw
material price and foreign exchange, considering its high
dependence on exports and absence of any formal hedging
mechanism. ICRA also notes that since MRAI is a partnership firm,
any substantial withdrawal would adversely affect its net worth
and thereby its capital structure.

Going forward, the firm's ability to increase its scale of
operation, maintain adequate profitability and improve its
capital structure, given the seasonality in the business,
volatility in prices of sesame seeds, intense competition and
high working capital requirement will remain crucial for the
credit metrics.

Key rating drivers

Credit strengths

* Extensive experience of the partners in processing and
   exporting agro products

* Location in Gujarat enables easy access to various agro
   products such as sesame seeds

* Stable demand prospects in domestic as well as international
   Markets

Credit weaknesses

* Financial profile characterised by low profitability,
   stretched capital structure and weak debt coverage metrics

* Decline in revenue in FY2016 because of fluctuations in the
   prices of sesame seeds

* Highly fragmented and competitive nature of the industry
   resulting from low entry barriers limits the pricing power
   of the firm and puts pressure on the margins

* Susceptibility of the profitability to fluctuations in raw
   material prices

* Risk associated with it being a partnership firm; any
   substantial withdrawal would adversely affect its capital
   structure

Description of key rating drivers:

The firm reported a decline in revenue in FY2016 mainly due to
the fall in realisations of sesame seeds despite the increase in
sales volumes. The profitability of the firm generally remains
low because of the low value-adding processing business of sesame
seeds and the highly competitive industry structure. The capital
structure of the firm remained stretched, with gearing of 3.58
times as on March 31, 2016, despite showing an improvement over
the previous year. In line with low profitability and high
gearing levels, the coverage indicators remained weak. The
company procures sesames seeds and cumin seeds from farmers,
market yards and other processing companies through traders and
commission agents. Most of the sales of MRAI are made in the
export market mainly in Vietnam, China, Gulf countries and
Eurpean countries, which exposes the firm to foreign exchange
fluctuation risk.

The firm's ability to compete with numerous organised and
unorganised players in the industry and maintain adequate
profitability despite volatility in raw material prices remains
the key rating sensitivity. However, the experience of the
partners in the agro industry and the established relationship
with the customers is expected to support the scale of
operations.

Established in 1999, M R Agro Industries (MRAI) is a partnership
firm owned and managed by Mr. Mitesh Patel and Mr. Ramji Patel
along with two other partners. The firm is involved in trading,
processing and exporting of agro products primarily, sesame seeds
and cumin seeds. The firm is also engaged in trading of natural
sesame seeds, cumin seeds, fennel seeds, peanuts etc. The
processing unit of the firm is located in Unjha, Gujarat.


MALT CO: ICRA Reaffirms B+ Rating on INR19.75cr LT Loan
-------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA] B+ on the
INR19.75-crore long-term fund-based bank facilities of The Malt
(Co.) India Private Limited. ICRA has also reaffirmed its short-
term rating of [ICRA] A4 on the INR2.60-crore short-term non-fund
based bank facilities of MCIPL. It has also reaffirmed its rating
of [ICRA] A4 on the INR2.65-crore unallocated limits of MCIPL.
The outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term-fund-       19.75       [ICRA]B+ (Stable);
  based limits                      re-affirmed

  Short-term-Non-
  fund based limits      2.60       [ICRA]A4 ; re-affirmed

  Unallocated limits     2.65       [ICRA]A4 ; re-affirmed

Rationale

ICRA's ratings take into account the continuous losses suffered
by the company because of high fixed overhead costs due to ageing
plant and machineries. The ratings also factor in the marginal
increase in the company's operating income in FY2017 on a
provisional basis, the moderate coverage indicators and the
established presence of the Malt group in the malt production
business.

The ratings, however, are constrained by the company's modest
scale of operations resulting in limited pricing and bargaining
power; the sector and customer concentration risk to which the
company is exposed to (though this risk is largely mitigated by
over four decades of relationship with its customers); and the
exposure to agro-climatic risk as the raw material (barley) is an
agricultural produce. The ratings, however, favourably factor in
the long track record of the company in the malt production
business; the favourable demand growth prospects over the medium
to long term; the established and long standing relationships
with major health food producers, and the limited industry
competition as the major capacities are vested with only two
producers (the Malt group and Barmalt Maltings (India) Private
Limited).

Going forward, the ability of the company to ramp up its scale of
operations in a profitable manner and manage its liquidity
position will be the key rating sensitivity.

Key rating drivers

Credit strengths

* Three-decade long experience of the promoters in the industry

* Duopolistic nature of the industry provides comfortable
   Position

* Easy availability of raw material due to group synergy

* Long-term relationship with wide customer base, including
   big industry players such as GlaxoSmithKline and Cadbury's

Credit weaknesses

* The growth trajectory has remained stagnant over the years
   with minimal growth in the top line.

* Continued losses at net level due to high overhead costs

* Exposure to raw material price volatility as well as to agro
   climatic risk as the raw material (barley) is an agricultural
   produce

Description of key rating drivers:

The Malt (Co.) India Private Limited continues to enjoy a
comfortable position in the malt industry by virtue of the
extensive experience of its promoters. The easy availability of
raw materials has resulted in an established customer base, which
has further helped the company to get regular orders.
The company, however, has suffered losses at the net level over
the last few years primarily because of high overhead cost due to
old plant and machineries. The company further remains exposed to
agro-climatic risk as the raw material (barley) is an
agricultural produce. The company also faces sector concentration
risk (100% exposure to the health drink-based industry); though,
this risk is largely mitigated by the over four decades old
relationship of the group with its customers.

MCIPL was established in 1970 by Mr. P.K. Jain to produce barley
malt and malt extract. The malt extract is sold in two forms,
liquid extract and malt extract powder. The company commenced
operations at its facility at Khandsa (Gurgaon) and subsequently
established two more units at Pataudi (Gurgaon) and Kashipur
(Uttrakhand) in 2002 and 2010, respectively. With effect from
April 2013, the company was demerged with the transfer of Pataudi
and Kashipur units to the newly formed company PMV Maltings
Private Limited. MCIPL retained the Khandsa unit, which has an
installed capacity of 25,000 metric tonnes per annum (MTPA) of
Malt and 25,000 MTPA of liquid malt extract and 500 MTPA of Malt
extract powder.


NATRAJ INDUSTRIES: ICRA Raises Rating on INR13cr Loan to B+
-----------------------------------------------------------
ICRA Ratings has revised the long-term rating to [ICRA]B+ from
[ICRA]B on the INR13.00-crore long-term fund-based facilities of
Natraj Industries. The outlook on the long-term rating is
'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Cash Credit            13.00      [ICRA]B+ (Stable) upgraded
                                    from [ICRA]B

Rationale

The rating upgrade takes into account the sustained growth in the
operating income during the last three years, mainly driven by
growth in trading sales. The rating also takes into account the
promoter's vast experience of more than two decades in the
trading business and its diversified product portfolio.

The rating, however, remains constrained by NI's high financial
risk profile characterised by limited profitability margins on
account of the low value additive nature of the firm's
operations, its leveraged capital structure on account of high
working capital requirements and weak coverage indicators. The
ratings also take into account the vulnerability of the firm's
profitability to fluctuations in commodities prices and the
highly fragmented nature of the industry with a large number of
organised and unorganised units resulting in high competitive
intensity. ICRA also notes that NI is a partnership and any
withdrawals from the capital account would affect its credit
profile and the continuity of operations.

Natraj Industries' revenues are expected to grow at a moderate
level in FY2018. ICRA expects NI's profitability to remain low
and vulnerable to the raw material price fluctuations. The firm's
ability to improve its overall financial profile while managing
the working capital requirement effectively and improving its
capital structure will remain the key rating sensitivities.

Key rating drivers

Credit strengths

* Growth in the operating income during the last three years

* Promoter's vast experience of more than two decades in the
   trading business

* Diversified product profile

Credit weaknesses

* High financial risk profile characterised by limited
   profitability margins, leveraged capital structure and
   weak coverage indicators

* Profitability margins remain exposed to fluctuations in
   commodity prices

* Highly fragmented industry with large numbers of organised
   and unorganised units resulting in intense competition for
   the firm

* Risks inherent to a partnership firm, with respect to
   capital withdrawals and its potential impact on the credit
   profile as well as on the continuity of the organization

Description of key rating drivers:

Natraj Industries is currently involved in the trading of agro
commodities and processing of groundnuts. Trading operations
continue to be the major contributor to the firm's revenues
contributing ~85% and ~74% in FY2016 and FY2017 respectively
(~88% in FY2015). NI's major product revenues in FY2016 were
derived from groundnut processing and trading (~60% of operating
income), followed by cumin seeds (~19% of operating income) and
castor seeds (~15% of total revenues) and balance from other
products (as against castor seeds trading forming majority of
revenues i.e, ~53% in FY2015). The diversity in its revenue
streams results in limited product concentration, thereby partly
mitigating the risk associated with the seasonality of crop and
changing consumption patterns of any particular product. The firm
has a concentrated customer base with top five clients accounting
for 62% in FY2016 and approx. 56% of the total sales revenue in
FY2017. However, the customer base has differed from year to year
owing to the diversity in the firm's revenues, resulting in lower
concentration risk. As the firm's products are seasonal in
nature, it remains exposed to adverse fluctuations in the raw
material prices on its inventory holding. Further, the firm's
operations are largely dependent on climatic conditions,
government regulations, the demand-supply scenario and other
external factors. It also faces tough competition from a large
number of trading players due to the low entry barriers in the
business of trading.

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

Established in 1995 as a partnership firm by the Patel family of
Junagadh, Natraj Industries trades in agro commodities, processes
groundnuts and crushes oilseeds. The trading portfolio of the
firm includes groundnuts, its seeds and oil, castor seeds and
oil, groundnut seeds and oil, wheat, cotton etc.  Currently, the
crushing facility is not operational.


NEEV TECHNOCAST: ICRA Withdraws 'D' Rating on INR5.25cr Loan
------------------------------------------------------------
ICRA Ratings has withdrawn the long-term rating of [ICRA]D
outstanding on the INR5.25-crore project letter of credit
facility (term loan of INR3.93 crore as a sublimit) and INR0.60-
crore cash credit facility of Neev Technocast Private Limited.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Cash Credit             0.60       [ICRA]D; Withdrawn

  Project Letter
  of Credit               5.25       [ICRA]D; Withdrawn

  Term Loan              (3.93)      [ICRA]D; Withdrawn

Rationale

The long-term rating assigned to Neev Technocast Private Limited
has been withdrawn at the request of the company based on the no-
objection certificate provided by its banker.

Incorporated in August 2012, NTPL is engaged in manufacturing of
sand moulds and aluminium castings at its facility located at
Rajkot, Gujarat. The company is promoted by Mr. Sagar Parsana and
Mrs. Nisha Parsana who have over 5 years of experience in
aluminium pressing and casting manufacturing.


PAWAR PATKAR: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Pawar Patkar
Construction Private Limited's ((PPCPL) 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:

   -- INR140 mil. Fund-based working capital limits migrated to
      Non-Cooperating Category;

   -- INR430 mil. Non-fund-based working capital limits migrated
      to Non-Cooperating Category

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

COMPANY PROFILE

Set up as a partnership firm in 1996 and reconstituted as a
private limited company in 2006, Pawar Patkar Construction
undertakes civil construction projects (primarily roads and
military buildings) for the Maharashtra government and the
government of India.  The company is managed by Mr. Sanjay K
Patkar and Mr. Kailas Pawar.


PLASTO INDIA: ICRA IReaffirms B+ Rating on INR4.0cr Cash Loan
-------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term ratings to INR4.00
crores (enhanced from INR3.50 crore) of fund based limits at
[ICRA]B+   and short-term ratings to INR10.50 crores (enhanced
from INR8.50 crore) of non fund based limits at [ICRA]A4 for
Plasto India Private Limited (PIPL). The outlook on the long term
rating is "Stable".

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Fund Based Limits-      4.00        [ICRA]B+; reaffirmed;
  Cash Credit                         Outlook: Stable

  Non Fund Based
  Limits                 10.50        [ICRA]A4; reaffirmed

Rationale

ICRA's ratings continue to favorably factor in the PIPL's
promoters' experience of more than a decade in import and
distribution of flex and vinyl material in India primarily used
for advertising and signages, which has facilitated the creation
of an established distribution network across North and East
India over the past few years and helped develop an institutional
customer base. The company has recently diversified its product
portfolio which also includes other advertising material like
Backlit, Frontlit, Lamination Film and Digital Printable Material
and LED Modules. Further, the ratings also derive comfort from
the company's long and stable relationship with LG Hausys (Korea)
(LGHK) - its major supplier since commencement of operations.
The ratings however continue to be constrained by the renewal
based nature of the contract with its two major suppliers - LG
Hausys (Korea) and Ilshin Tarpaulin (Korea) along with the high
supplier concentration with the top two suppliers contributing to
approx. 95% of the total purchases in FY202017. The demand for
PIPL's products is dependent on advertising spends which are
highly linked to economic cycles. Further, the ratings continue
to remain constrained by PIPL's modest financial profile
characterized by low profit margins and hence cash accruals. This
coupled with the high working capital intensity of its operations
necessitates external funding requirement for incremental working
capital requirements. Due to low profitability, the company's
coverage indicators continue to remain weak as reflected in
TD/OPBDITA of 9.23, interest coverage of 1.46X and NCA/TD of 4%
as on March 31, 2017, despite a moderate gearing of 1.41x as on
March 31, 2017.

Going forward, the ability of the company to improve its
profitability and ramp up its scale of operations by diversifying
its supplier base, while reducing the working capital intensity,
will be the key rating sensitivities.

Key rating drivers

Credit Strengths

* Significant experience of promoters of more than a decade in
   import and distribution of advertising materials in India;
   established sales and distribution network

* Healthy relationship with the two major suppliers LG Hausys
   and Ilshin Tarpaulin

Credit Weakness

* High supplier concentration (95% in FY2017) as PIPL
   Distributes products of 2 companies LG Hausys (Korea) and
   Ilshin Tarpaulin (Korea); Renewal based distributorship and
   stiff competition from domestic players and importers
   engaged in the same line of business

* Modest financial profile characterised by thin profitability
   margins and accruals resulting in weak debt coverage

* High working capital requirements of the business

* Vulnerability to fluctuations in currency exchange rate in
   the absence of any hedging mechanism in place

Description of key rating drivers:

PIPL is authorized distributor of ad-materials for LG Hausys
(Korea) and Ilshin Tarpaulin for many years which is required to
be renewed on an annual basis. Both these suppliers contributed
to 95% of the total purchases in FY2017. Since the company is
importing almost its entire purchases which are dollar
denominated, exposing the company to foreign exchange
fluctuation.

The capital structure of the company continues to be moderate and
largely comprise of funds for working capital in the form of bank
borrowings as well as unsecured loans. The debt has declined in
FY2017 which improved the gearing from 1.61 times in FY2016 to
1.41 times in FY2017.However, despite low gearing, low
profitability has resulted in weak debt coverage indicators as
reflected by TD/OPBDITA of 9.90x in FY2016 and 9.23x in FY2017,
interest coverage of 1.27x in FY2016 and 1.46x in FY17 and NCA/TD
of 3% as on March 2017.

Being in a competitive industry, the company does not strong
pricing power and has to offer higher credit terms to its clients
leading to high debtor days ranging from 80-210 days during past
few years. Besides, company maintains minimum 60 days of stock at
hand. Therefore, the operations of PIPL are working capital
intensive with NWC/OI at 41% in FY2017.

Incorporated in 2002, the company is engaged in the trading of
Advertising Flex and Vinyl, and other products like Backlit,
Frontlit, Color Vinyl, Lamination Film and Digital Printable
Material etc. as well as LED Modules. The Company has been an
authorized distributor of LG Hausys products for more than a
decade. Almost 100% of revenues till FY2012 have been on account
of sale of their products in Northern and Eastern India. However,
in order to diversify product portfolio, the company has also
become authorized distributors of Ilshin Tarpaulin (Korea)
products which constituted around 25% in FY2017 from the sale of
their products.

In the year ended March 31, 2017, the company reported an
operating income of INR27.77 crore and a net profit after tax of
INR0.19 crore, as against operating income of INR27.22 crore and
net profit of INR0.12 crore in the year ended March 31, 2016.


PURAV COTTON: ICRA Reaffirms B+ Rating on INR14.40cr Loan
---------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B+ on
the INR14.69-crore fund-based bank facilities and INR9.48-crore
unallocated limits of Purav Cotton Industries (PCI). The outlook
on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                 14.40      [ICRA]B+ (Stable); Reaffirmed

  Fund-based-Term
  Loan                    0.29      [ICRA]B+ (Stable); Reaffirmed

  Unallocated             9.48      [ICRA]B+ (Stable); Reaffirmed

Rationale

The rating re-affirmation continues to reflect the firm's weak
financial risk profile marked by low profitability and return
indicators, adverse capital structure owing to high reliance on
external borrowings to fund working capital requirements of the
business and weak debt-coverage indicators. The rating also
factors in the vulnerability of the firm's profitability to agro-
climatic risks, the inherently low value-adding ginning business,
and its exposure to stiff competition in a fragmented industry
caused by numerous small and unorganised players in the industry.
Furthermore, being a proprietorship firm, any significant
withdrawals from the capital account would adversely impact its
net worth and thereby the credit profile.

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

ICRA expects PCI's scale to remain stable over the near term.
PCI's profitability would continue to remain low on account of
its low value-adding operations and would remain vulnerable to
raw material price fluctuations. Firm's ability to scale up its
operations would be contingent upon the availability of raw
cotton and the improvement in the domestic demand. Furthermore,
the firm's ability to improve its profitability, manage its
working capital requirements efficiently and improve its capital
structure and debt-coverage indicators would remain important
from a credit perspective.

Key rating drivers

Credit strengths

* Long experience of promoter in the cotton ginning industry

* Favorable location of the unit in Surendranagar (Gujarat),
   a cotton producing belt of India, giving easy access to
   quality raw cotton

Credit weaknesses

* Weak financial risk profile marked by low return indicators,
   high gearing levels and weak debt protection metrics

* Low profitability because of limited value addition and highly
   competitive and fragmented industry structure given the low
   entry barriers

* Vulnerability of profitability to fluctuations in raw cotton
   prices, which are subject to seasonality and crop harvest

* Exposure to regulatory risks with regards to Minimum Support
   Price (MSP) for raw cotton as well as imposition of any
   restriction on cotton exports

* Proprietorship firm; any substantial withdrawals from capital
   account would adversely impact the capital structure

Description of key rating drivers:

PCI is into the business of ginning and pressing of raw cotton,
with the product profile comprising cotton bales and cotton
seeds. The firm reported healthy growth in its operating income
from INR73.73 crore in FY2016 to INR100.95 crore in FY2017 backed
by improvement in sales volumes as well as sales realisations.
Owing to limited value-adding operations, firm's profitability
remains low. PCI's inventory levels are linked to cotton prices.
The firm tends to procure higher quantities of raw cotton in a
falling price regime and stores the finished products in case the
management expects higher realisations in the short-term, leading
to high working capital requirements. The firm relies on external
borrowings to fund these requirements leading to a leveraged
capital structure as depicted by a gearing of 1.41 times as on
March 31, 2017. Furthermore, the cotton ginning and pressing
industry is a highly fragmented and competitive with numerous
organised and unorganised players due to low entry barriers,
which further restricts the pricing flexibility of the firm.
However, the long experience of promoters in the industry and
firm's location in Surendranagar, Gujarat, provides some comfort.

Incorporated in 1999 as a proprietorship concern of Mrs. Nisha
Virat Shah, Purav Cotton Industries is in the business of ginning
and pressing of raw cotton. PCI's manufacturing facility is
located at Muli, Surendranagar (Gujarat), and is equipped with 72
ginning machines and one pressing machine with a total production
capacity of ~350 bales per day (1 bale=170 kg). The firm is
managed by Mr. Virat Shah, who has longstanding experience in the
cotton industry.


RAMSARUP INDUSTRIES: Files for Insolvency; Owes INR2,000cr
----------------------------------------------------------
Business Standard reports that Ramsarup Industries has filed for
insolvency in an attempt to restructure its finances. The company
has filed for insolvency under the Insolvency and Bankruptcy Code
(IBC), 2016, which was brought in to ensure timely restructuring
of companies and help banks recover loans. Business Standard
relates that the company has a debt of around INR2,000 crore,
sources close to the development said. The lenders include 14
major banks like State Bank of India, Punjab National Bank,
Allahabad Bank, Bank of India, IDBI Bank, Canara Bank, Central
Bank of India, and ICICI Bank.

Among the top lenders are Punjab National Bank (loan exposure
INR411 crore), IDBI Bank (Rs 242 crore), United Bank of India (Rs
184 crore) and Axis Bank (Rs 147 crore), Business Standard
discloses. Apart from banks, the company owes INR155 crore to
financial institutions such as LIC Mutual Fund, Tata Capital,
Edelweiss Finance and Investments Limited. A source close to the
development said while the principal debt is INR2,000 crore, the
amount works out to INR3,000 crore when taken along with
interest, according to Business Standard. IRR Insolvency
Professionals Private Limited has been appointed to handle the
case.

Business Standard says statutory dues that are under litigation
are estimated at INR273 crore. These dues are towards central
excise, value-added tax, provident fund, service tax, wealth tax,
and others. The company's revenue was INR44 lakh for the quarter
that ended on March 31. The company has been suffering losses for
the last three consecutive quarters.

In an attempt at recovering its dues, Punjab National Bank put up
Ramsarup Industries' unit Ramsarup Nirmaan Wires for sale. In
2010, the company had planned to restructure its finances,
Business Standard recalls.  To do so, it had asked financial
institutions to waive off the interest.

According to the report, the company had planned to raise INR700
crore by way of fresh debt and equity to finance expansion and
conduct upgrades, and to meet working-capital needs as part of
the restructuring plan.

In 2012, banks objected to the financial-restructuring plan and
demanded a change in the promoters of the company. In 2016, the
company was declared a wilful defaulter by banks.

Ramsarup Industries, incorporated in 1966, belongs to Shri Ashish
Jhunjhunwala and his family of Kolkata.  The company sells steel
wires and TMT bars, under the brand name 'Ramsarup' and 'Ramsarup
TMT' respectively.


SHREE SANGAMESWARA: ICRA Assigns B+ Rating to INR3.0cr Loan
-----------------------------------------------------------
ICRA Ratings has assigned a long term rating of [ICRA]B+ to
INR3.00 crore fund based limits. ICRA has also assigned a short
term rating of [ICRA]A4 to INR7.00 crore non fund based limits of
Shree Sangameswara Electricals. The outlook on the long term
rating is "Stable".

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund based limits       3.00       [ICRA]B+(Stable) Assigned
  Non-Fund based limits   7.00       [ICRA]A4 Assigned

Rationale

The assigned ratings are constrained by SSE's modest scale of
operations with revenues of INR19.44 crore in FY2016 in the
transformer manufacturing industry; weak financial profile
characterised by gearing at 1.79 times as on March 31, 2016,
interest cover of 3.32 times and NCA/TD of 29% for FY2016; and
high working capital intensity of 25% during FY2016 owing to high
receivables. ICRA also notes the high competition in the
transformer manufacturing industry owing to presence of large and
established players along with low entry barriers in the
transformers segment. The ratings are however supported by the
extensive experience of SSE's proprietor of over two decades in
the transformers manufacturing industry; healthy order book
position of INR33.15 crore as on May 1, 2017 providing medium
term revenue visibility; and healthy growth in operating income
in FY 2016 to INR19.44 crore owing to increase in work orders.
Going forward, the ability of the company to improve the scale of
operations, while sustaining healthy profitability levels and
effectively managing its working capital requirements will remain
the key rating sensitivities from a credit rating perspective.

Key rating drivers

Credit Strengths

* Established track record of promoters for more than 20 years
   in the transformer manufacturing business

* Healthy order book of INR33.15 crore which is 1.71 times
   revenues in FY2016 as on May 01, 2017 providing revenue
   visibility

Credit Weakness

* Moderate scale of operations with INR19.44 crore of
   revenues for FY2016

* Weak capital structure with gearing at 1.79 times as on
   March 31, 2016, interest cover of 3.32 times and NCA/TD of
   29% for FY 2016

* High customer concentration with Shirdi Sai Electricals Ltd
   accounting for 90% of total income of the firm in FY 2015
   and FY 2016

* Risks arising from proprietor ship nature of the firm

Description of Key Rating Drivers:

SSE's proprietor Mr. N.Visweswara Reddy is also the managing
director of Shirdi Sai Electricals Ltd (SSEL) which has
established track record of xx years in the transformer
manufacturing industry. SSE has healthy order book of INR33.15
crore as on May 01, 2017 providing revenue visibility. The firm
has high customer concentration with SSEL accounting for 90% of
the total income of the firm for last 2 financial years. ICRA
also notes that the transformer industry is largely unorganized
with few organized players competitive pressures are expected to
remain intense from both foreign (mainly Chinese/Korean) and
Indian players such as Alstom T & D Ltd, ABB, Siemens, Crompton
Greaves, BHEL, will continue to limit avenues of margin
expansion.

The firm has witnessed a healthy growth in operating income with
a y-o-y growth of 339% in FY2016 but the scale of operations
remains low with operating income of INR19.44 crore. The
financial risk profile for the firm is moderate characterised by
gearing at 1.79 times, interest coverage ratio of 3.32 times and
NCA/total debt of 29% as on March 31,2016.

Founded in May 2012, M/s Shree Sangameswara Electricals is a
proprietary concern and commenced the commercial production of
manufacturing of transformer tanks and executing High Voltage
Distribution Systems(HVDS)erection contracts in January 2014. The
firm is engaged in construction of sub-stations, erection of
overhead Lines and manufacturing of transformers and transformers
tanks. Proprietor, Mr. N. Visweswra Reddy, is an Engineering
graduate with a vast experience of more than 20 years in
transformer manufacturing field. He is also Managing Director of
Shirdi Sai Electricals Ltd, which is also into transformer
manufacturing.

SSE has reported an operating income of INR19.44 crore and net
profit of INR1.00 crore in FY2016 as against an operating income
of INR5.73 crore and net profit of INR0.48 crore in FY2015.


SREE ANANTHALAKSHMI: ICRA Reaffirms 'B' Rating on INR9cr Loan
-------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B to
the INR3.00-crore cash credit limit and INR9.00 crore unallocated
limits of Sree Ananthalakshmi Textiles Private Limited (SATPL).
The outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Cash Credit             3.00       [ICRA]B (Stable); Reaffirmed
  Unallocated Limits      9.00       [ICRA]B (Stable); Reaffirmed

Rationale

The rating reaffirmation factors in the continued financial and
operational dependence on NSL Textiles Limited (NSLTL) which has
a relatively weak financial profile characterized by stretched
debt coverage indicators and delays in servicing of debt
obligations as witnessed in the recent past. The financial credit
profile of SATPL continues to remain weak characterized by low
profitability on the back of higher power expenses, and high
gearing of 1.83 times as on March 31, 2016. Further, the rating
also takes into account the small scale of operations of SAPTL in
a highly fragmented domestic cotton spinning industry
characterized by intense competition and low product
differentiation which restricts the pricing flexibility and the
profitability.

However, the rating positively factors in the long track record
of more than three decades of the promoters in the spinning
industry and established relationship with its diversified
customer base resulting in repeat orders.

Going forward, ability of the company to improve its scale of
operations along with its capital structure will be the key
rating sensitivities.

Key rating drivers

Credit strengths

* The company is a subsidiary of NSL Textiles Limited- the
   textile arm of the NSL group, an integrated textile player
   based in Guntur; low working capital intensity due to the
   operational support from NSLTL in the form of extended credit
   period offered on raw material procurement

* Established customer base with repeat customers over the years

Credit weaknesses

* Financial dependence on the parent company to support working
   capital requirements; weakened credit profile of the parent
   company in the recent past

* Small scale of operations, commoditized nature of the product
   and highly fragmented nature of the industry restricts
   operational efficiency

* Profitability has remained low owing to production
   inefficiency resulting from old plant and machinery leading
   to high power cost, coverage indicators remains moderate.

* High exposure to volatility in raw material costs and yarn
   Realizations

Description of key rating drivers:

SATPL is a subsidiary of NSL Textiles Limited, and integrated
textile player in the industry. SATPL has an established brand
name in the market with its products being well accepted in the
textile markets of Andhra Pradesh, Kolkata, Mumbai (Bhiwandi),
Ichalkurnji, Malegoan, Chennai, etc. The promoters have
significant experience in the industry ranging about 30 years.
SATPL procures its raw materials form NSLTL which has larger
capacities and procures in bulk, ensuring continues supply for
SAPTL without large inventory stocking. NSLTL also provides
operational support in the form of extended credit period offered
on raw material procurement resulting in favorable working
capital cycle for SATPL. However, NSLTL's financial profile
remains stretched as evidenced by delays in servicing of debt
obligations in the recent past.

The scale of operations of the company remains modest with an
operating income of INR50.86 crores in FY2016 marginally
improving from INR50.82 crore in FY2015.The operating margins
declined to 6.23% in FY2016 from 6.57% in FY2015 on the back of
higher power expenses and consumables. The capital structure has
also been stretched with high gearing of 1.83 times as on
March 31, 2016.

SATPL was incorporated in 1982 and is engaged in the manufacture
of combed and carded yarn in the finer count range of 60s and
above. It has an installed capacity of 32400 spindles at its unit
located at Vadluru in the West Godavari district of AP. SATPL was
acquired from its earlier promoters by NSLTL in January 2012.
NSLTL is a Guntur based integrated textile player promoted by
Mandava Holdings Private Limited (MHPL) with interests in seeds,
cotton (from yarn to garments), power, sugar and real estate
sectors.

In FY2016, the company reported a net profit of INR0.32 crore on
an operating income of INR50.86 crore, compared to a net profit
of INR0.33 crore on an operating income of INR50.82 crore in
FY2015.


SRI VENKATESHWARA: ICRA Reaffirms B Rating on INR6.25cr Loan
------------------------------------------------------------
ICRA Ratings has reaffirmed its long term rating of [ICRA]B
assigned to the INR12.25 crore fund based facilities of Sri
Venkateshwara Polymers. The outlook on the long-term rating is
Stable.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based-Cash
  Credit                  6.25       [ICRA]B(Stable); Reaffirmed

  Fund-based-Term
  Loan                    6.00       [ICRA]B(Stable); Reaffirmed

Rationale

The rating action is based on best available information. As part
of its process and in accordance with its rating agreement with
SVP, ICRA had sent repeated reminders to the company for payment
of surveillance fee that became overdue; however despite multiple
requests; the company's management has remained non-cooperative.
ICRA's Rating Committee has taken a rating view based on best
available information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, the
company's rating is now denoted as: "[ICRA] B(Stable); ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance

Key rating drivers

Credit strengths

* Experienced management with more than two decades of
   experience in diverse industries

* Proximity to client base with several cement companies
   located in the region

* Increase in operating income by 23% in FY2016 owing to
   increased order book

Credit weaknesses

* Highly fragmented nature of the poly woven sacks industry
   resulting in stiff competition and thin profitability
   margins

* Stretched capital structure and moderate coverage indicators

* Vulnerability of profitability levels to fluctuations in
   polymer prices

* High working capital intensity at 42% in FY2016

* Risks associated with partnership nature of firm

Description of key rating drivers:

Sri Venkateshwara Polymers (SVP) is a partnership firm based out
of Kurnool district, Andhra Pradesh. The management has more than
two decades of experience in diverse industries such as poultry
farming, real estate and seed business. The manufacturing plant
is located in proximity to major client base (cement plants) in
the region. The operating income of SVP has increased by 23% from
INR22.54 crore in FY2015 to INR27.68 crore in FY2016 owing to
increased order book. The poly woven sacks industry is highly
fragmented resulting in stiff competition and thin profitability
margins and also the profitability is vulnerable to fluctuations
in polymer prices though it is mitigated to a certain extent by
the firm's ability to pass on the same to customers. The capital
structure is stretched as reflected by high gearing of 4.12 times
as on March 31, 2016 and moderate coverage indicators with
OPBITDA/Interest of 1.53 times and NCA/TD of 5% for FY2016. The
working capital intensity is also high at 42% for FY2016 on
account of high debtors and inventory days.

Sri Venkateswara Polymers (SVP) is a partnership firm involved in
the manufacture of Poly Propylene (PP) sacks of various grades
used in different industries. The firm was established in
December 2013 by Mr. Kasi Reddy, Mr. Masthan Reddy and Mr.
Raghurami Reddy. The plant is situated in Nandyal in Kurnool
district in Andhra Pradesh and has an installed capacity of 3600
metric tonnes per annum. The PP sacks are used for packaging
commodities like cement, fertilizers, mineral, chemicals, food
grains, Fast Moving Consumer Goods (FMCG), etc.


SUSHRAVYA UPLIFTMENT: ICRA Assigns 'B' Rating to INR10cr LT Loan
----------------------------------------------------------------
ICRA Ratings has assigned the long-term rating of [ICRA]B with a
stable outlook to the INR10.00 crore unallocated bank facilities
of Sushravya Upliftment Foundation (Sushravya).

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Long-term bank
  facilities             10.00        [ICRA]B(stable); assigned

Rationale

The rating factors in Sushravya's geographically concentrated and
modest scale of operations, its stretched capital structure with
low net worth, limited financial flexibility and modest profits.
The assigned rating also factors in the financial and operational
support from the Organisation for Development of People (ODP)
society, which has over two decade of experience in microfinance,
albeit on a modest scale. Sushravya has leveraged ODP's self-help
group (SHG) member base and its credit plus activities to acquire
customers and maintain good asset quality.

ICRA notes that Sushravya is vulnerable to risks associated with
unsecured lending, marginal borrower profile and other socio-
political and operational risks inherent to microfinance
operations. Going forward, it is critical for the entity to
improve its loan appraisal, IT and audit systems to adequately
manage the risks inherent to microfinance.

Key rating drivers

Credit strengths

* ODP's large member base and its credit plus activities
   support in mentoring, training and retaining members

* ODP's track record of over two decades in microfinance
   activities, albeit on a modest scale

* Comfortable asset quality indicators; however, low portfolio
   Seasoning

Credit weaknesses

* Geographical concentration risk with operations limited to
   four districts of Karnataka

* Stretched capital structure with low net worth

* Significant scope to improve loan appraisal, IT, audit and
   other monitoring systems

* Limited financial flexibility; need to diversify funding
   profile to secure timely and competitive funding

* To manage political, regional, overleveraging and other risks
   inherent to microfinance operations

Description of key rating drivers:

Sushravya was started by the governing body members of ODP to
provide microfinance loans to the latter's SHG members. ODP
provided microfinance loans directly to its SHG members for over
two decades; however, it discontinued incremental lending in June
2016 and Sushravya started lending to ODP's clients. Currently,
ODP offers various credit plus services to around 2,900 SHGs with
a total member base of around 45,000.

However, the total active SHGs with borrowings from Sushravya is
low at 187 (230, including SHGs funded by ODP) with a modest
total portfolio outstanding of INR4.5 crore (Rs. 5.5 crore,
including portfolio outstanding of ODP) as on March 31, 2017.
ICRA notes that Sushravya has scope to improve its active member
base and scale up its operations, as the proportion of active
members in the total member base currently is low at 8%. The
operations of ODP and Sushravya are limited only to four
districts of Karnataka, exposing their operations to socio-
political risks in these districts apart from the other risks
inherent to the microfinance sector.

Sushravya does not undertake credit bureau checks during loan
appraisals and does not have a formal internal audit process.
Though the entity has reported 100% collection efficiency since
inception, ICRA notes that it is critical to strengthen its loan
appraisal, IT and audit systems to ensure good asset quality as
the business expands.

The entity's financial risk profile is characterised by a modest
net worth of INR0.2 crore as on March 31, 2017 and a profit of
INR0.2 crore for FY2017. Currently, the entity's borrowings
include only interest free loans from ODP, which do not have a
fixed repayment schedule; it is therefore critical to diversify
its funding sources to scale up its operations while maintaining
adequate liquidity. ICRA expects timely financial and operational
support from ODP to continue, going forward as well.

Sushravya Upliftment Foundation is registered under Section 8 of
the Companies Act, 2013 as a not-for-profit entity. The entity
commenced its operations in June 2016. Headquartered in Mysore,
Karnataka, Sushravya is entirely held by the governing members of
Organisation for Development of People (ODP). ODP is a society,
registered in the year 1990, to undertake welfare activities in
the four districts of Karnataka - Chamraja Nagar, Kodagu, Mandya
and Mysore.

ODP formed the Federation of Maholidaya Self-Help Groups in 1991
to provide microfinance to women SHGs and then formed Grama
Vikasa Swa-Sahaya Sanghagala Maha Okkuta in 2000 for men SHGs. As
on March 31, 2017, ODP managed around 2,900 SHGs (including 350
men SHGs) with around 45,000 members. In June 2016, ODP stopped
microfinance disbursements and Sushravya started lending
operations.

As on March 31, 2017, the microfinance portfolio of Sushravya and
ODP stood at INR4.5 crore and INR1.0 crore respectively. Income
generating loans constituted to 57% of the Sushravya's total loan
portfolio as on March 31, 2017, followed by water and sanitation
(38%) and housing loans (5%). Sushravya has two branches with
seven field officers and undertakes monthly collections across
its 17 collection points.

During FY2017, Sushravya achieved a net profit of INR0.2 crore
(provisional) on an asset base of INR4.6 crore.


TELAWNE POWER: ICRA Reaffirms B+ Rating on INR6.70cr Loan
---------------------------------------------------------
ICRA Ratings has re-affirmed the long-term rating of [ICRA]B+ for
the INR6.70 crore fund based limits of Telawne Power Equipments
Private Limited. ICRA has also re-affirmed the short-term rating
of [ICRA]A4 for the INR6.00 crore non-fund based limits of the
company. ICRA has also re-affirmed [ICRA]B+/[ICRA]A4 ratings for
the INR2.30 crore unallocated limit. The outlook on the long-term
rating is 'Stable'.

                        Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Fund Based Limits      6.70      [ICRA]B+ (Stable); re-affirmed

  Non Fund Based
  Limits                 6.00      [ICRA]A4; re-affirmed

  Unallocated Limit      2.30      [ICRA]B+ (Stable)/[ICRA]A4;
                                   re-affirmed

Rationale

The rating action is based on best available information. As part
of its process and in accordance with its rating agreement with
Telawne Power Equipments Private Limited, ICRA has been trying to
seek information from the company to undertake a surveillance of
ratings; but despite multiple requests, the company's management
has remained non-cooperative. In the absence of the requisite
information, ICRA's Rating Committee has taken a rating view
based on the best available information. In line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01,
2016, the company's rating is now denoted as: "[ICRA]B+
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING". The lenders, investors
and other market participants may exercise appropriate caution
while using this rating, given that it is based on limited or no
updated information on the company's performance since the time
it was last rated.

Key rating drivers

Credit strengths

* Established experience of the promoters in transformer
   Industry

* Registered vendor for reputed players in various industries

Credit weaknesses

* Profitability is exposed to volatility in raw material
   Prices

* Competition from established players in the industry and
   competitive bidding procedure entailing low profitability

Description of key rating drivers:

Incorporated in 2004, by Mr. Sudhakar Telawne, Telawane Power
Equipments Private Limited (TPEPL) is engaged in manufacture of
transformers and substations. The company is now managed by Mr.
Rakesh Telawne, son of Mr. Sudhakar Telawne. The company is a
registered vendor for reputed players such as Oil and Natural Gas
Corporation Limited, Maharashtra State Electricity Board, Haryana
Vidyut Prasaran Nigam Ltd, Maharashtra State Power Generation Co.
Ltd, Bharat Heavy Electricals Ltd., GAIL (India) Limited and Tata
Projects Limited, among others. As raw material accounts for 75-
80% of the total cost of manufacturing and majority of the orders
entered by the company with its customers are fixed price orders,
any increase in material cost can have an impact on the margin of
the company. The industry is highly competitive, with the
presence of established players such as ABB India Limited,
Crompton Greaves, Kirloskar Electric Company Limited and Siemens
India, amongst other as well as number of unorganised players.

Incorporated in January 2004, Telawne Power Equipments Private
Limited (TPEPL) is engaged in manufacture and repair of
industrial transformers. The company is equipped for
manufacturing and repairing of different type of transformers up
to 50MVA 132KV class transformers. The products are sold under
the brand name of 'Telawne' in domestic as well as overseas
market. The factory is located in Rabale, Navi Mumbai across an
area of 38,000 sq.ft. The factory is ISO 9001-2008 and ISO
14001:2004 certified and the company has received approvals for
its products from agencies such as Electrical Research and
Development Association and Central Power Research Institute.


TRISTAR INTERCON: ICRA Assigns B+ Rating to INR4cr Cash Loan
------------------------------------------------------------
ICRA Ratings has assigned the long-term rating of [ICRA]B+ to the
INR4.00-crore cash credit limit and the short-term rating of
[ICRA]A4 to the INR12.00-crore non-fund based limits of Tristar
Intercontinental Private Limited. ICRA has also assigned the
ratings of [ICRA]B+ and [ICRA]A4 to the INR9.00-crore proposed
limits of the company. The outlook on the long-term rating is
'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limit-
  Cash Credit             4.00      [ICRA]B+ (Stable); Assigned

  Non-fund Based
  Limit-Letter of
  Credit                 12.00      [ICRA]B+ (Stable); Assigned

  Proposed                9.00      [ICRA]B+ (Stable)/[ICRA]A4;
                                      Assigned

Rationale

The assigned ratings are constrained by TIPL's moderate scale of
operations with volatility in revenues and competitive industry
structure with low entry barriers, which limits pricing
flexibility. The ratings are further constrained by the company's
low value additive nature of trading business, which has kept the
profit metrics weak. The ratings also take note of the company's
exposure to high customer concentration risk with top three
customers accounting for more than 90% of the total sales
revenues and adverse movements in exchange rates, given its high
dependence on imports.

While TIPL's capital structure remains comfortable, the same is
primarily due to the company's high dependence on creditor
funding, which has also resulted in a below moderate ratio of
TOL/TNW at 3.45 times as on March 31, 2017.

The ratings, however, draw comfort from the extensive track
record of the company's promoter in the iron and steel as well as
wool trading business and an established relationship with raw
material suppliers across the markets of Australia, New Zealand
and China In FY2018, ICRA expects TIPL's operating income to grow
at a moderate pace, backed by the increase in demand for scoured
wool as well as iron and steel products. Nevertheless, the
company's ability to increase its scale of operations while
improving its profit margins with judicious working capital
management will remain the key rating sensitivities.

Key rating drivers

Credit strengths

* Experience of the promoters in the metal and wool trading
   Business

* Established relationship with raw wool suppliers' based in
   Australia, New Zealand and China

Credit weaknesses

* Moderate scale of operations with fluctuating trend of
   turnover

* Fragmented industry marked by high competition among
   domestic players as well as from other low-cost overseas
   markets restricts pricing power

* Gross margin between 2.5%-4%; however, weak operating profit
   margin of less than 1% in the last two fiscals owing to low
   value additive trading nature of business

* High dependence on creditor funding to support the operations
   has kept the Total Outside Liabilities/Total Net Worth
   (TOL/TNW) ratio below moderate at 3.45 times as on March 31,
   2017

* High customer concentration with top three customers
   accounting for ~90% of the total sales, though are
   distributors in the international market

* Foreign exchange risk; the company is currently relying solely
   on natural hedge with no other formal hedging mechanism

Description of key rating drivers

After starting trade in 1995, TIPL's activities basically
consisted of trading in iron and steel products with a small
portion of revenue coming from trading in finished worsted
quality and wool-blended fabric and woollen and wool-blended
yarn.

While the company was mainly into trading in iron and steel
products, an overall slowdown in the industry resulted in product
diversification, which included trading in scoured wool and yarn.
From FY2012, TIPL increased its focus on trading in wool and
related goods; however, fully fledged diversification was evident
from FY2016. Accordingly, a fluctuating trend of operating income
was witnessed during the last five years.

The company imports raw wool, mainly from Australia, New Zealand
and China against a letter of credit of 90-120 days, the price of
which is fixed at the time of placing the order, thereby
insulating the company against any price fluctuation risk.
The company's margins are accentuated by competitive pressures
from the presence of both organised and unorganised players in
the industry, thereby limiting its pricing power.

While the company's capital structure remains comfortable, the
same is primarily due to the company's high dependence on
creditor funding which has also resulted in a below moderate
ratio of TOL/TNW at 3.45 times as on March 31, 2017.

In FY2018, ICRA expects TIPL's operating income to grow at a
moderate pace, backed by an increase in demand for scoured wool
as well as iron and steel products. Nevertheless, the company's
ability to increase its scale of operations while improving its
profit margins with judicious working capital management will
remain the key rating sensitivities.

Established in 1985, and promoted by Mr. Pawan Aggarwal, Tristar
Intercontinental Private Limited (TIPL), erstwhile known as
Tristar Iron and Steel Company Private Limited, was mainly
involved in the business of dealing in iron and steel products.
However, the commercial operations of the company commenced from
1995, which included trading in woollen products and at present
TIPL is mainly involved in supplying scoured wool and yarn in the
domestic and international markets. The company has its head
office in Jogeshwari, Mumbai.


VENU INDUSTRIES: ICRA Reaffirms 'B' Rating on INR15cr Loan
----------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating at [ICRA]B to
the INR15.00-crore cash-credit facility of Venu Industries (VE).
The outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Cash Credit            15.00       [ICRA]B (Stable); Reaffirmed

Rationale

The ratings are constrained by the weak financial profile of the
firm, characterised by high gearing, modest coverage indicators
and stretched liquidity position. The ratings are further
constrained by VE's low capacity utilization, and highly
fragmented and competitive nature of the rice-milling industry
which limit the firm's ability to pass on the hike in input costs
to the customers. ICRA notes that the performance of the industry
depends on the government's minimum support price (MSP) policy
and also the agro-climatic risks which impact the availability of
paddy. ICRA has taken into account the abolition of FCI (Food
Corporation of India) levy system from October 2015 which
resulted in increased availability of rice in the open market,
pushing down realizations. The ratings, however, take comfort
from the long track record of the promoters in the rice mill
business and the strategic location of mill which results in easy
availability of paddy.

Going forward, the company's ability to improve its scale,
profitability, and manage its working capital requirement would
remain the key rating sensitivities from the credit perspective.

Key rating drivers

Credit strengths

* Experienced management with long presence in the rice industry

* Presence in major rice growing area results in easy
   availability of paddy

* Favorable demand prospects for rice with India being the
   second largest producer and consumer of rice

Credit weaknesses

* Revenue de-growth from INR56.01 crore in FY2016 to INR46.19
   crore in 11MFY2017 owing to abolition of levy system

* Weak financial profile characterized by thin margins, high
   gearing levels and weak coverage indicators

* Fragmented industry characterized by competition from a large
   number of players, which restricts the ability of the players
   to pass on hike in input costs

* Agro-climatic risks, can affect the availability of paddy in
   adverse weather conditions

* Risks arising from partnership nature of the firm

Description of key rating drivers:

The company witnessed revenue de-growth in 11MFY2017 on account
of decline in sales volume owing to abolition of levy system, and
lower price realizations. Out-of-sate sales contributed around
84% of the total sales in 11MFY2017. Out-of-state sales replaced
export sales owing to the decrease in realizations in the export
market .The price realization for export sales decreased from
INR3264 per quintal in FY2016 to INR2738 per quintal in
11MFY2017. The Out-of-state sales comprise sales to Tamil Nadu,
Maharashtra, Karnataka and Kerala.

The gearing of the firm has been high at 2.87 times as on
February 28, 2017 owing to high working capital borrowings.The
coverage indicators have been modest as reflected by OPBDIT/
Interest & Finance Charges of 1.27 times and Total Debt/ OPBDITA
of 9.77 times in 11MFY2017.

Venu Industries is engaged in the milling of paddy and produces
raw and boiled rice. The rice mill is situated in Nizamabad
district of Telangana. It has an installed production capacity of
67,200 metric tonnes per annum. The firm is managed by Mr.
Srinivas, Mr. Sai Rahul, Mr. Venugopal and Mr. Balaji who belong
to the same family. The firm sells rice under the brand name
"Healthy Rice".

According to unaudited financials, the company recorded a net
profit of INR0.29 crore on an operating income of INR46.19 crore
for 11M, FY2017 as against a net profit of INR0.18 crore on an
operating income of INR56.01 crore for FY2016.



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


TOSHIBA CORP: Glass Lewis Blasts CEO for Poor Governance
--------------------------------------------------------
Pavel Alpeyev at Bloomberg News reports that proxy adviser Glass
Lewis & Co. blasted Toshiba Corp.'s board for poor governance
amid repeated scandals and recommended investors vote against all
directors at the company's shareholders meeting later this month.

In a 25-page report, the U.S. firm detailed years of accounting
troubles at the Japanese icon, clashes with accountants over
financial statements, weak internal controls and management
missteps that have put investors at risk of seeing their shares
delisted from the Tokyo Stock Exchange, Bloomberg relates.
Toshiba said in 2015 that it had overstated profits for seven
years and paid a record fine in Japan, only to reveal this year
that it would have to take a writedown in its nuclear business of
more than $6 billion, Bloomberg notes.

Bloomberg says Toshiba is now racing to sell off assets,
including its prized memory chip business, to cover the losses in
its Westinghouse nuclear business and avoid the delisting. The
leading bidders for the chips business are Broadcom Ltd. and a
group led by Bain Capital LP and Innovation Network Corp. of
Japan, and Toshiba aims to pick the winner this month, according
to Bloomberg.

"The repeated revelations of the accounting irregularities at
both the Company and subsidiary levels have cast significant
doubt over the effectiveness of the Group's internal controls, as
well as the internal financial reporting procedures and auditing
systems in place to avoid the kind of problems that have
occurred," wrote Shigemichi Yoshizu, analyst at Glass Lewis,
Bloomberg relays.

According to Bloomberg, the firm detailed why it was advised
against every director, naming six for participating in the
board's audit committee or in top management during the scandals.
The report singles out the current chief executive officer,
Satoshi Tsunakawa, who took over as part of a house cleaning last
year.

"We are troubled that nominee Tsunakawa served as the
representative director and president of Toshiba Medical Systems
Corporation, the parent company of Toshiba Medical Information
Systems Corporation, when the accounting irregularity at the
former subsidiary took place. In our view, his seniority within
Toshiba Medical Systems Corporation is of sufficient concern
that, in our opinion, Mr. Tsunakawa does not have the proper
oversight to protect shareholder concerns at this Company as
well," Glass Lewis, as cited by Bloomberg, said.

                           About Toshiba

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

As reported in the Troubled Company Reporter-Asia Pacific on
June 19, 2017, S&P Global Ratings said it has kept its 'CCC-'
long-term and 'C' short-term ratings on Japan-based capital goods
and diversified electronics company Toshiba Corp. on CreditWatch
with negative implications.  The long- and short-term ratings on
Toshiba have remained on CreditWatch with negative implications
since December 2016, when S&P also lowered the long-term ratings
because of a likelihood that the company might recognize massive
losses in its U.S. nuclear power business.  S&P kept them on
CreditWatch negative when it lowered the long- and short-term
ratings in January 2017 and when S&P lowered the long-term
ratings in March 2017.

The ratings remain on CreditWatch, reflecting S&P's view that
creditor banks' support for Toshiba together with the company's
liquidity levels warrant continued close monitoring because its
plan to sell its memory business has yet to materialize and
additional losses or financial burdens might still arise in
connection with its U.S. nuclear power business.  S&P continues
to hold the view that without unanticipated, significantly
favorable changes in Toshiba's circumstances, the company might
become unable to fulfill its financial obligations in a timely
manner or might undertake a debt restructuring S&P classifies as
distressed in the next six months.



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


MARBLE II: Fitch Gives US$500MM Senior Notes Final 'BB' Rating
--------------------------------------------------------------
Fitch Ratings has assigned Marble II Pte. Ltd.'s USD500 million
5.3% senior notes due 2022 a final rating of 'BB'.

The final rating follows the receipt of documents conforming to
information already received and is in line with the expected
rating assigned on June 5, 2016. The notes are secured by Marble
I Pte. Ltd.'s 100% equity stake in Marble II and the interest
reserve account.

The notes are rated in line with Marble II's Long-Term Foreign-
Currency Issuer Default Rating as they will represent its direct,
unconditional, secured and unsubordinated obligations. Proceeds
will be used to refinance Marble II's existing debt, prefund six
months of interest on the proposed notes, cover transaction fees
and other expenses incurred in the note issuance and pay
dividends to Marble II's ultimate shareholders, The Blackstone
Group LP (A+/Stable) and GIC Private Limited.

The notes will be structurally subordinated to any future debt at
India-based IT service provider, Mphasis Limited, in which Marble
II owns a 60.4% stake, and Marble II's other operating
subsidiaries. However, the subsidiaries have a working capital
loan of USD40 million and have limited room for additional
indebtedness within the terms of the proposed notes.

KEY RATING DRIVERS

Moderate Market Position: Marble II's ratings reflect its mid-
tier position in the global IT services industry and modest cost
and technology advantage over peers. Its ratings are supported by
solid long-term relationships with key customers, given the
moderate-to-high costs to its customers to switch to competitors,
strong domain expertise in the banking, financial services and
insurance sectors, stable revenue buoyed by minimum revenue
guarantees from Hewlett Packard Enterprise (HPE, BBB+/Stable)
related clients, including DXC Technology Company (BBB+/Stable),
HP Inc. (BBB+/Stable) and Micro Focus International plc.

High Customer Concentration: Marble II has high customer
concentration; its top10 clients contribute 55% of its revenue,
if we exclude HPE-related clients. However, this risk is more
than offset by, at least in the medium term, the revenue
guarantees from its HPE-related customers of USD990 million in
the next five years. The company also has a strong record of
retaining solid relationship with key customers, with an average
tenor of 14 years.

Expanding Direct-Channel Revenue: Fitch expects revenue from key
strategic customers excluding HPE-related clients, to increase
strongly over the next three years, significantly influenced by
Marble II's strong relationships with strategic clients and
opportunities from Blackstone portfolio companies. We believe the
overlap in the Blackstone portfolio's industries and geography
will help Mphasis increase its revenue faster than the industry
average of 9%-11% annually. Fitch expects Marble II to continue
to generate a majority of its revenue from non-HPE clients
(financial year to end-March 2017: 76%).

Strong FCF at Mphasis: Fitch expects Mphasis to continue
generating positive FCF with a 5%-7% margin due to its low capex
with capital intensity likely to be 1%-2%, modest working capital
requirement, rising revenue and stable margins. Mphasis is likely
to maintain a healthy balance sheet with minimal debt, similar to
most India-based IT services companies. Mphasis only had USD40
million (INR2.6 billion) in working capital loans against cash
and cash equivalents of USD464 million, including mutual fund
investments, as of end-March 2017. However, this amount decreased
after its April 2017 share buyback programme.

Proportionate Consolidation, Higher Leverage: Marble II's debt
service ability depends on dividends up-streamed from Mphasis. We
analyse the Marble group by proportionally consolidating Mphasis
due to the substantial level of minorities. On this basis, we
expect Mable II's FFO-adjusted net leverage to increase to 5.0x
at end-March 2018, from 1.1x at end-March 2017 after the proposed
note issuance. However, higher operating cash flow and FCF should
enable this leverage to fall below 3.0x by end-2020. Marble II
will have limited ability to take on additional debt above the
proposed notes due to the incurrence covenant on its notes of
debt/EBITDA of 3.5x on a 100% consolidated basis (post- issuance
debt/EBITDA: 3.6x), excluding a USD60 million carve-out.

Lower H1B Visa Dependence: Any restrictions on US H1B temporary
working visa approvals would negatively affect Indian IT
companies, including Marble II. We do not expect a complete H1B
ban or major restrictions on outsourcing from the US, but
stricter rules or delays in granting visas would increase labour
costs for onsite staff. However, Marble II has a lower exposure
to such visa issues compared with peers. Its visa filing of
labour condition applications as a percentage of total employees,
at 3.5%, is among the lowest of peers (industry average: 10%).

DERIVATION SUMMARY

Marble II's credit rating of 'BB' is supported by its market
position as a mid-tier Indian IT services provider, which we
believe to be stronger than that of HT Global IT Solutions
Holdings Limited (BB/Stable) in terms of operating scale, domain
expertise especially in the banking, financial services and
insurance sectors and higher utilisation rate. In addition, the
company's master service agreement with HPE, with a minimum
revenue guarantee of USD990 million for the next five years with
a total tenor of 11 years, provides some visibility of revenue
generation.

The stronger business profile is somewhat constrained by Marble
II's weaker financial profile, as its proportionally consolidated
financials have higher leverage than that of HT Global. Marble
II's FFO-net leverage will increase to 5.0x following the note
issue, compared with HT Global's 4.6x on a like-for-like basis.

Mable II's credit profile is constrained by its smaller scale and
lack of technology and cost leadership compared with leading
Indian IT companies. Fitch believes it has limited capacity to
win the largest IT orders due to its smaller scale and inability
to deliver a full IT services portfolio. Nevertheless, it has
demonstrated the ability to build strong customer relationships
within its niche.

KEY ASSUMPTIONS

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

- Revenue growth of 8%-10% over the next two years
- Operating EBITDAR margin to remain flat at around 15%-16%
- Capex/ revenue to remain low at around 2% from 2018
- Marble II to maintain a minimum interest coverage ratio of
   at least 1.0x, excluding interest reserve accounts

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
negative rating action include:

- Higher-than-expected shareholder returns, greater competition
   or loss of key customers leading to deterioration in
   proportionally consolidated FFO-adjusted net leverage to above
   5.0x.

- Operating EBITDAR margin declining below 15% for a sustained
   period

Developments that may, individually or collectively, lead to a
positive rating action include:

- An improvement in proportionally consolidated FFO-adjusted net
   leverage to below 3.0x on a sustained basis

- An improved market position, demonstrated by higher
   profitability and lower customer concentration. Fitch is
   unlikely to consider an upgrade until it can confidently
   forecast FCF of over USD125 million (financial year ended
   March 2017: USD50 million), given the company's small size.

LIQUIDITY

Adequate Liquidity: Mphasis' liquidity was adequate as of end-
March 2017, with cash and cash equivalents of USD96 million
comfortably covering total debt of USD40 million, which was all
short-term obligations. In addition, the company has substantial
investments in open-ended liquid mutual funds of around USD349
million (INR22.7 billion), most of which we treated as readily
available cash. Marble II had cash and cash equivalents of
USD11.5 million at end-March 2017, of which USD9.2 million was
restricted, against a USD15.7 million acquisition loan, which is
payable within a year. The company is looking to refinance the
loan with the proposed notes.


TRUE GROUP: To Pay Outstanding Salaries to Malaysia Staff
---------------------------------------------------------
The Star Online reports that True Group said that it will pay the
outstanding salaries owed to 70 of its staff in Malaysia affected
by the sudden closure of its fitness centres.

A spokesman for the Singapore-based True Group said that its
accounts were "held back" due to the announcement of the closure
of its fitness centres in Malaysia, the Star relates.

"That has been resolved and the salaries and commissions have
been sent to all staff and will be released on June 19," the
report quotes the spokesman as saying.

On June 10, True Fitness Malaysia announced that it had ceased
all operations of its three gym and spa facilities located in
Jaya 33, Taipan Subang and Sunway Giza as they were "no longer
financially viable" due to evolving market conditions, the Star
relates.

True Fitness Malaysia is part of the True Group, which has a
number of subsidiaries operating its outlets in Malaysia.

According to the Star, the True Group claims about 10,000 members
were affected by its closure, and the spokesman explained that
former staff and members were not told in advance of its abrupt
closure as its creditors had left them with "no option" to do so.

"We express our sympathies about the matter that has happened, we
tried to exhaust all other options but there were no alternates
available except to consolidate the business in Malaysia," he
said.

He also said that True Fitness Malaysia had been incurring
operating losses since the implementation of the Goods and
Services Tax (GST) in May 2015, the Star relays.

"The losses for 2015 were RM9.15mil and we lost RM7.26 mil in
2016. Over the past year, the businesses in Singapore, Taiwan and
China were assisting to subsidise the losses in Malaysia," the
spokesman, as cited by the Star, said.

He added that a creditor had filed an application to appoint a
provisional liquidator before the company could arrange for the
business to be restructured, saying that this forced the closure,
the report relays.

Asked about the denial issued by CHi Fitness over membership
transfers, the spokesman said that there is no agreement yet but
discussions are ongoing, according to the Star.

However, he said that the True Group would be making batch
purchases from CHi Fitness.

"We will purchase 2,000 one-month membership vouchers and 1,667
personal training sessions per batch over the period of 24
months," he said, adding that more batches will be purchased if
needed, the Star relays.

He added that True Fitness Malaysia members would be able to
claim a one-month membership and a maximum of four personal
training sessions each month.

"These monthly passes will be made available for the next two
years," he said, adds the Star.

Based in Singapore, The True Group operates fitness, yoga, spa,
and aesthetics centers. Its facilities also include aerobic
studios, steam room, kid's nursery, beauty center, dance and
pilates, and hip dining restaurant.



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


* BOND PRICING: For the Week June 12 to June 16, 2017
-----------------------------------------------------

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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD               2.65    04/01/19    USD    11.50
ARTSONIG PTY LTD               2.65    04/01/19    USD    11.50
BOART LONGYEAR MANAGEMENT PT  17.51    04/01/21    USD     7.00
BOART LONGYEAR MANAGEMENT PT  17.51    04/01/21    USD     7.00
BOART LONGYEAR MANAGEMENT PT  73.88    10/01/18    USD    10.00
BOART LONGYEAR MANAGEMENT PT  73.88    10/01/18    USD    10.00
CML GROUP LTD                  1.05    01/29/20    AUD     9.00
HILLGROVE RESOURCES LTD        2.10    12/20/19    AUD     6.00
KEYBRIDGE CAPITAL LTD          0.73    07/31/20    AUD     7.00
LAKES OIL NL                   7.50    05/31/18    AUD    10.00
MIDWEST VANADIUM PTY LTD       1.72    02/15/18    USD    11.50
MIDWEST VANADIUM PTY LTD       2.15    02/15/18    USD    11.50
PALADIN ENERGY LTD            73.63    03/31/20    USD     7.00
RELIANCE RAIL FINANCE PTY LT  67.84    09/26/23    AUD     2.14
RELIANCE RAIL FINANCE PTY LT  67.84    09/26/23    AUD     2.14
TREASURY CORP OF VICTORIA     69.22    11/12/30    AUD     0.50


CHINA
-----

AKESU XINCHENG ASSET INVESTM    50.79    10/10/18    CNY     7.50
ALXA LEAGUE INFRASTRUCTURE C    60.38    03/14/20    CNY     6.40
ANHUI PROVINCE WANBEI COAL-E    74.89    02/26/19    CNY     6.80
ANKANG DEVELOPMENT & INVESTM    61.96    03/06/20    CNY     6.35
ANQING URBAN CONSTRUCTION IN    58.00    12/31/19    CNY     6.76
ANQING URBAN CONSTRUCTION IN    61.05    12/31/19    CNY     6.76
ANSHAN CITY CONSTRUCTION INV    41.44    03/05/19    CNY     8.25
ANSHAN CITY CONSTRUCTION INV    60.48    04/25/20    CNY     6.39
ANSHAN CITY CONSTRUCTION INV    81.67    04/25/20    CNY     6.39
ANSHUN STATE-RUN ASSETS MANA    61.05    01/10/20    CNY     6.98
ANSHUN STATE-RUN ASSETS MANA    61.12    01/10/20    CNY     6.98
ANYANG INVESTMENT GROUP CO L    41.17    04/17/19    CNY     8.00
BAICHENG ZHONGXING URBAN INF    60.33    12/18/19    CNY     7.00
BAISHAN URBAN CONSTRUCTION I    60.17    07/31/19    CNY     7.00
BAODING NATIONAL HI-TECH IND    61.47    12/24/19    CNY     7.33
BAOJI INVESTMENT GROUP CO LT    50.99    12/26/18    CNY     7.14
BAOJI INVESTMENT GROUP CO LT    51.61    12/26/18    CNY     7.14
BAOSHAN STATE-OWNED ASSET OP    61.01    12/10/19    CNY     7.30
BAOSHAN STATE-OWNED ASSET OP    61.60    12/10/19    CNY     7.30
BAOTOU STATE OWNED ASSET MAN    61.04    09/17/19    CNY     7.03
BAYAN ZHUOER HETAO WATER AFF    74.61    03/31/22    CNY     8.54
BAYANNUR URBAN DEVELOPMENT I    60.51    03/15/20    CNY     6.40
BAYANNUR URBAN DEVELOPMENT I    61.20    03/15/20    CNY     6.40
BAYINGUOLENG INNER MONGOLIA     50.81    09/10/18    CNY     7.48
BEIJING CAPITAL DEVELOPMENT     60.46    05/29/19    CNY     5.95
BEIJING CHAOYANG STATE-OWNED    60.02    03/27/20    CNY     5.25
BEIJING CHAOYANG STATE-OWNED    74.40    03/27/20    CNY     5.25
BEIJING CONSTRUCTION ENGINEE    59.30    07/05/19    CNY     5.95
BEIJING CONSTRUCTION ENGINEE    60.52    07/05/19    CNY     5.95
BEIJING ECONOMIC TECHNOLOGIC    40.12    03/06/18    CNY     5.29
BEIJING GUCAI GROUP CO LTD      72.26    12/15/18    CNY     8.28
BEIJING XINGZHAN STATE OWNED    61.05    08/31/19    CNY     6.48
BENGBU URBAN INVESTMENT HOLD    30.01    08/10/17    CNY     5.78
BIJIE XINTAI INVESTMENT CO L    61.04    08/20/19    CNY     7.15
BINZHOU BINCHENG DISTRICT EC    60.63    07/05/19    CNY     6.50
BINZHOU BINCHENG DISTRICT EC    61.00    07/05/19    CNY     6.50
C&D REAL ESTATE CO LTD          60.79    04/03/20    CNY     6.15
CANGZHOU CONSTRUCTION & INVE    61.11    01/23/20    CNY     6.72
CHANGDE CITY CONSTRUCTION AN    61.25    02/25/20    CNY     6.50
CHANGDE CITY CONSTRUCTION AN    61.70    02/25/20    CNY     6.50
CHANGDE ECONOMIC DEVELOPMENT    61.18    09/12/19    CNY     7.19
CHANGDE ECONOMIC DEVELOPMENT    61.36    09/12/19    CNY     7.19
CHANGSHA CITY CONSTRUCTION I    40.98    04/24/19    CNY     6.95
CHANGSHA CITY CONSTRUCTION I    55.60    04/24/19    CNY     6.95
CHANGSHA COUNTY XINGCHENG CO    41.66    04/06/19    CNY     8.35
CHANGSHA ECONOMIC & TECHNICA    74.10    04/13/22    CNY     8.45
CHANGSHA PILOT INVESTMENT HO    57.00    12/10/19    CNY     6.70
CHANGSHA PILOT INVESTMENT HO    61.33    12/10/19    CNY     6.70
CHANGSHU BINJIANG URBAN CONS    40.71    04/27/19    CNY     6.85
CHANGSHU CITY OPERATION INVE    39.51    01/16/19    CNY     8.00
CHANGSHU CITY OPERATION INVE    41.12    01/16/19    CNY     8.00
CHANGSHU DEVELOPMENT INVESTM    60.66    04/19/20    CNY     5.80
CHANGXING URBAN CONSTRUCTION    57.50    11/30/19    CNY     6.80
CHANGXING URBAN CONSTRUCTION    61.21    11/30/19    CNY     6.80
CHANGYI ECONOMIC AND DEVELOP    71.80    10/30/20    CNY     7.35
CHANGZHI CITY CONSTRUCTION I    60.62    02/26/20    CNY     6.46
CHANGZHOU HI-TECH GROUP CO L    60.58    03/21/20    CNY     6.18
CHANGZHOU HI-TECH GROUP CO L    61.75    03/21/20    CNY     6.18
CHANGZHOU JINTAN DISTRICT CO    41.44    03/14/19    CNY     8.30
CHANGZHOU JINTAN DISTRICT CO    60.55    04/26/20    CNY     6.38
CHANGZHOU JINTAN DISTRICT CO    60.86    04/26/20    CNY     6.38
CHANGZHOU WUJIN CITY CONSTRU    50.26    06/08/18    CNY     6.22
CHAOHU URBAN TOWN CONSTRUCTI    60.88    12/24/19    CNY     7.00
CHAOYANG CONSTRUCTION INVEST    59.70    05/25/19    CNY     7.30
CHAOYANG CONSTRUCTION INVEST    61.27    05/25/19    CNY     7.30
CHENGDU CITY DEVELOPMENT AND    61.38    01/14/20    CNY     6.18
CHENGDU CITY DEVELOPMENT AND    61.43    01/14/20    CNY     6.18
CHENGDU ECONOMIC&TECHNOLOGIC    50.35    07/17/18    CNY     6.50
CHENGDU ECONOMIC&TECHNOLOGIC    50.36    07/17/18    CNY     6.50
CHENGDU ECONOMIC&TECHNOLOGIC    60.70    07/17/19    CNY     6.55
CHENGDU ECONOMIC&TECHNOLOGIC    60.85    07/17/19    CNY     6.55
CHENGDU HI-TECH INVESTMENT G    60.68    11/20/19    CNY     6.28
CHENGDU HI-TECH INVESTMENT G    60.96    11/20/19    CNY     6.28
CHENGDU XINCHENG XICHENG REA    40.80    03/19/19    CNY     8.35
CHENGDU XINCHENG XICHENG REA    41.21    03/19/19    CNY     8.35
CHENGDU XINDU XIANGCHENG CON    72.26    12/13/18    CNY     8.60
CHENGDU XINGCHENG INVESTMENT    61.00    01/28/20    CNY     6.17
CHENGDU XINGCHENG INVESTMENT    61.31    01/28/20    CNY     6.17
CHENGDU XINGJIN URBAN CONSTR    61.36    11/27/19    CNY     7.30
CHENGDU XINGJIN URBAN CONSTR    61.38    11/27/19    CNY     7.30
CHENZHOU URBAN CONSTRUCTION     61.20    09/13/19    CNY     7.34
CHIFENG CITY CONSTRUCTION IN    50.00    05/18/17    CNY     6.18
CHIFENG CITY HONGSHAN INFRAS    60.55    07/25/19    CNY     7.20
CHINA CITY CONSTRUCTION HOLD    31.63    12/17/17    CNY     5.55
CHINA CITY CONSTRUCTION HOLD    31.63    07/14/20    CNY     4.93
CHINA GOVERNMENT BOND           72.01    12/15/33    CNY     1.64
CHIZHOU CITY MANAGEMENT INVE    61.90    10/17/19    CNY     7.17
CHONGQING BEIFEI INDUSTRY CO    61.81    12/25/19    CNY     7.13
CHONGQING CHANGSHOU DEVELOPM    61.18    09/25/19    CNY     7.45
CHONGQING CHANGSHOU DEVELOPM    61.59    09/25/19    CNY     7.45
CHONGQING DAZU DISTRICT STAT    61.18    04/26/20    CNY     6.75
CHONGQING DAZU DISTRICT STAT    61.42    04/26/20    CNY     6.75
CHONGQING FULING DISTRICT TH    72.50    03/23/19    CNY     8.40
CHONGQING FULING DISTRICT TH    72.51    03/23/19    CNY     8.40
CHONGQING FULING STATE-OWNED    61.27    01/21/20    CNY     6.39
CHONGQING HECHUAN RURAL AGRI    25.00    04/10/18    CNY     8.28
CHONGQING HECHUAN RURAL AGRI    25.61    04/10/18    CNY     8.28
CHONGQING HECHUAN URBAN CONS    40.32    01/06/18    CNY     6.95
CHONGQING HONGRONG CAPITAL O    61.50    10/16/19    CNY     7.20
CHONGQING HONGRONG CAPITAL O    61.76    10/16/19    CNY     7.20
CHONGQING JIANGJIN HUAXIN AS    40.44    01/06/18    CNY     6.95
CHONGQING JIANGJIN HUAXIN AS    61.17    09/21/19    CNY     7.46
CHONGQING JIANGJIN HUAXIN AS    61.79    09/21/19    CNY     7.46
CHONGQING JINYUN ASSET MANAG    60.61    06/18/19    CNY     6.75
CHONGQING JINYUN ASSET MANAG    60.67    06/18/19    CNY     6.75
CHONGQING LAND PROPERTIES CO    41.27    04/25/19    CNY     7.35
CHONGQING LAND PROPERTIES CO    41.31    04/25/19    CNY     7.35
CHONGQING MAIRUI CITY INVEST    60.70    08/17/19    CNY     6.82
CHONGQING NAN'AN URBAN CONST    39.90    12/24/17    CNY     6.29
CHONGQING NAN'AN URBAN CONST    41.32    04/09/19    CNY     8.20
CHONGQING NANCHUAN DISTRICT     61.18    09/06/19    CNY     7.35
CHONGQING NANCHUAN DISTRICT     61.40    09/06/19    CNY     7.35
CHONGQING NANFA URBAN CONSTR    60.73    04/27/20    CNY     6.43
CHONGQING NANFA URBAN CONSTR    61.11    04/27/20    CNY     6.43
CHONGQING QIANJIANG CITY CON    72.59    03/23/19    CNY     8.40
CHONGQING QIANJIANG CITY CON    72.60    03/23/19    CNY     8.40
CHONGQING QIJIANG EAST NEW T    60.08    01/29/20    CNY     6.75
CHONGQING QIJIANG EAST NEW T    60.25    01/29/20    CNY     6.75
CHONGQING SHUANGQIAO ECONOMI    61.07    04/26/20    CNY     6.75
CHONGQING SHUANGQIAO ECONOMI    61.28    04/26/20    CNY     6.75
CHONGQING THREE GORGES INDUS    50.63    01/23/19    CNY     6.40
CHONGQING WANSHENG ECO TECH     60.36    04/17/20    CNY     6.39
CHONGQING XINGRONG HOLDING G    41.10    04/19/19    CNY     8.35
CHONGQING XINGRONG HOLDING G    41.63    04/19/19    CNY     8.35
CHONGQING XIYONG MICRO-ELECT    61.01    07/25/19    CNY     6.76
CHONGQING YONGCHUAN HUITONG     40.79    03/14/18    CNY     7.49
CHONGQING YONGCHUAN HUITONG     61.71    10/16/19    CNY     7.33
CHONGQING YUFU ASSET MANAGEM    61.42    09/04/19    CNY     6.50
CHONGQING YULONG ASSET MANAG    61.04    05/31/19    CNY     6.87
CHONGQING YUXING CONSTRUCTIO    40.41    12/08/17    CNY     7.29
CHONGQING YUXING CONSTRUCTIO    57.00    12/10/19    CNY     7.30
CHONGQING YUXING CONSTRUCTIO    61.58    12/10/19    CNY     7.30
CHUXIONG AUTONOMOUS DEVELOPM    50.20    10/18/17    CNY     6.08
CHUXIONG AUTONOMOUS DEVELOPM    60.40    03/29/20    CNY     6.60
CHUZHOU CITY CONSTRUCTION IN    61.07    11/23/19    CNY     6.81
CHUZHOU CITY CONSTRUCTION IN    61.30    11/23/19    CNY     6.81
CHUZHOU TONGCHUANG CONSTRUCT    56.30    01/09/20    CNY     7.05
CHUZHOU TONGCHUANG CONSTRUCT    61.33    01/09/20    CNY     7.05
CIXI STATE OWNED ASSET INVES    60.94    09/20/19    CNY     6.60
CIXI STATE OWNED ASSET INVES    61.13    09/20/19    CNY     6.60
DALI ECONOMIC DEVELOPMENT IN    41.73    04/24/19    CNY     8.80
DALIAN CHANGXING ISLAND DEVE    60.16    01/25/20    CNY     6.60
DALIAN CHANGXING ISLAND DEVE    64.00    01/25/20    CNY     6.60
DALIAN DETA INVESTMENT CO LT    60.84    11/15/19    CNY     6.50
DALIAN LVSHUN CONSTRUCTION D    60.81    07/02/19    CNY     6.78
DALIAN RONGQIANG INVESTMENT     71.82    03/30/19    CNY     8.60
DANDONG CITY DEVELOPMENT CON    39.81    09/06/17    CNY     5.84
DANDONG CITY DEVELOPMENT CON    70.02    12/21/18    CNY     6.63
DANYANG INVESTMENT GROUP CO     41.93    03/06/19    CNY     8.10
DAQING GAOXIN STATE-OWNED AS    57.00    12/05/19    CNY     6.88
DAQING GAOXIN STATE-OWNED AS    61.27    12/05/19    CNY     6.88
DAQING URBAN CONSTRUCTION IN    60.85    10/23/19    CNY     6.55
DAQING URBAN CONSTRUCTION IN    61.05    10/23/19    CNY     6.55
DASHIQIAO URBAN CONSTRUCTION    60.26    02/21/20    CNY     6.58
DASHIQIAO URBAN CONSTRUCTION    60.51    02/21/20    CNY     6.58
DATONG ECONOMIC CONSTRUCTION    40.02    06/01/17    CNY     6.50
DAXING ANLING FORESTRY GROUP    33.00    10/23/19    CNY     7.08
DAXING ANLING FORESTRY GROUP    60.96    10/23/19    CNY     7.08
DAZHOU INVESTMENT CO LTD        59.00    12/25/19    CNY     6.99
DAZHOU INVESTMENT CO LTD        60.75    12/25/19    CNY     6.99
DEYANG CITY CONSTRUCTION INV    60.95    12/26/19    CNY     6.99
DEYANG CITY CONSTRUCTION INV    61.93    12/26/19    CNY     6.99
DEZHOU DEDA URBAN CONSTRUCTI    61.36    10/18/19    CNY     7.14
DONGBEI SPECIAL STEEL GROUP     40.00    04/12/18    CNY     5.63
DONGBEI SPECIAL STEEL GROUP     40.00    01/15/18    CNY     6.10
DONGBEI SPECIAL STEEL GROUP     40.00    03/27/16    CNY     6.50
DONGBEI SPECIAL STEEL GROUP     40.00    07/17/17    CNY     7.40
DONGBEI SPECIAL STEEL GROUP     40.00    09/24/16    CNY     6.30
DONGBEI SPECIAL STEEL GROUP     40.00    05/05/16    CNY     5.88
DONGBEI SPECIAL STEEL GROUP     40.00    09/06/16    CNY     8.30
DONGBEI SPECIAL STEEL GROUP     40.00    07/10/16    CNY     7.00
DONGBEI SPECIAL STEEL GROUP     40.00    06/06/16    CNY     8.20
DONGTAI COMMUNICATION INVEST    50.36    07/05/18    CNY     7.39
DONGTAI UBAN CONSTRUCTION AN    58.00    12/26/19    CNY     7.10
DONGTAI UBAN CONSTRUCTION AN    61.45    12/26/19    CNY     7.10
DRILL RIGS HOLDINGS INC         29.00    10/01/17    USD     6.50
DRILL RIGS HOLDINGS INC         30.00    10/01/17    USD     6.50
ENSHI URBAN CONSTRUCTION INV    60.98    10/22/19    CNY     7.55
ERDOS DONGSHENG CITY DEVELOP    24.95    02/28/18    CNY     8.40
ERDOS DONGSHENG CITY DEVELOP    25.03    02/28/18    CNY     8.40
EZHOU CITY CONSTRUCTION INVE    60.86    06/19/19    CNY     7.08
FEICHENG CITY ASSETS MANAGEM    50.54    08/14/18    CNY     7.10
FENGHUA CITY INVESTMENT CO L    61.18    09/24/19    CNY     7.45
FENGHUA CITY INVESTMENT CO L    61.60    09/24/19    CNY     7.45
FUJIAN LONGYAN CITY CONSTRUC    61.17    08/14/19    CNY     7.45
FUJIAN NANPING HIGHWAY CO LT    60.72    01/28/20    CNY     6.69
FUJIAN NANPING HIGHWAY CO LT    61.29    01/28/20    CNY     6.69
FUJIAN NANPING HIGHWAY CO LT    71.96    10/26/18    CNY     7.90
FUQING CITY STATE-OWNED ASSE    72.02    03/01/21    CNY     6.66
FUSHUN URBAN INVESTMENT & DE    70.11    05/11/18    CNY     5.95
FUSHUN URBAN INVESTMENT & DE    73.67    03/22/22    CNY     8.53
FUSHUN URBAN INVESTMENT & DE    74.63    03/22/22    CNY     8.53
FUXIN INFRASTRUCTURE CONSTRU    61.63    10/10/19    CNY     7.55
FUXIN INFRASTRUCTURE CONSTRU    63.00    10/10/19    CNY     7.55
FUZHOU INVESTMENT DEVELOPMEN    61.51    01/16/20    CNY     6.78
FUZHOU URBAN AND RURAL CONST    50.00    09/25/18    CNY     6.35
FUZHOU URBAN AND RURAL CONST    50.51    09/25/18    CNY     6.35
GANSU PROVINCIAL HIGHWAY AVI    70.84    11/16/18    CNY     6.75
GANSU PROVINCIAL HIGHWAY AVI    71.27    09/19/18    CNY     7.20
GANZHOU CITY DEVELOPMENT & I    50.20    07/10/18    CNY     6.40
GANZHOU CITY DEVELOPMENT & I    50.40    07/10/18    CNY     6.40
GANZHOU DEVELOPMENT ZONE CON    50.53    12/26/18    CNY     6.70
GANZHOU DEVELOPMENT ZONE CON    50.61    12/26/18    CNY     6.70
GAOMI STATE-OWNED ASSETS MAN    50.42    11/15/18    CNY     6.75
GAOMI STATE-OWNED ASSETS MAN    50.65    11/15/18    CNY     6.75
GAOMI STATE-OWNED ASSETS MAN    61.12    11/15/19    CNY     6.70
GAOMI STATE-OWNED ASSETS MAN    61.15    11/15/19    CNY     6.70
GONGYI STATE OWNED ASSETS IN    60.13    01/18/20    CNY     6.70
GONGYI STATE OWNED ASSETS IN    60.52    01/18/20    CNY     6.70
GUANG ZHOU PANYU COMMUNICATI    50.54    04/12/19    CNY     6.30
GUANG ZHOU PANYU COMMUNICATI    50.56    04/12/19    CNY     6.30
GUANGAN INVESTMENT HOLDING G    40.10    04/25/19    CNY     8.18
GUANGAN INVESTMENT HOLDING G    41.29    04/25/19    CNY     8.18
GUANGXI BAISE DEVELOPMENT &     60.39    07/04/19    CNY     6.50
GUANGXI BAISE DEVELOPMENT &     60.42    07/04/19    CNY     6.50
GUANGXI LAIBIN URBAN CONSTRU    72.77    03/14/19    CNY     8.36
GUANGYUAN INVESTMENT HOLDING    60.91    11/26/19    CNY     7.25
GUILIN ECONOMIC CONSTRUCTION    25.32    05/09/18    CNY     6.90
GUILIN ECONOMIC CONSTRUCTION    50.00    05/09/18    CNY     6.90
GUIYANG ECO&TECH DEVELOPMENT    41.63    03/27/19    CNY     8.42
GUIYANG JINYANG CONSTRUCTION    46.90    10/24/18    CNY     6.70
GUIYANG JINYANG CONSTRUCTION    50.53    10/24/18    CNY     6.70
GUIYANG PUBLIC RESIDENTIAL C    61.02    11/06/19    CNY     6.70
GUIYANG URBAN DEVELOPMENT &     60.19    02/28/20    CNY     6.20
GUOAO INVESTMENT DEVELOPMENT    44.80    10/29/18    CNY     6.89
GUOAO INVESTMENT DEVELOPMENT    50.41    10/29/18    CNY     6.89
HAIAN COUNTY CITY CONSTRUCTI    25.43    03/28/18    CNY     8.35
HAIAN COUNTY CITY CONSTRUCTI    25.53    03/28/18    CNY     8.35
HAICHENG URBAN INVESTMENT &     71.05    11/07/18    CNY     8.39
HAICHENG URBAN INVESTMENT &     72.06    11/07/18    CNY     8.39
HAILAR URBAN INFRASTRUCTURE     60.38    05/14/20    CNY     6.20
HAIMEN CITY DEVELOPMENT INVE    41.25    03/20/19    CNY     8.35
HAINING STATE-OWNED ASSETS M    60.98    03/06/20    CNY     6.08
HAINING STATE-OWNED ASSETS M    71.39    09/20/18    CNY     7.80
HAINING STATE-OWNED ASSETS M    71.44    09/20/18    CNY     7.80
HANDAN CITY CONSTRUCTION & I    56.00    12/24/19    CNY     7.05
HANDAN CITY CONSTRUCTION & I    61.41    12/24/19    CNY     7.05
HANGZHOU CANAL COMPREHENSIVE    60.52    04/02/20    CNY     6.00
HANGZHOU CANAL COMPREHENSIVE    60.80    04/02/20    CNY     6.00
HANGZHOU HIGH-TECH INDUSTRIA    60.67    01/28/20    CNY     6.45
HANGZHOU HIGH-TECH INDUSTRIA    61.03    01/28/20    CNY     6.45
HANGZHOU MUNICIPAL CONSTRUCT    25.21    04/25/18    CNY     5.90
HANGZHOU MUNICIPAL CONSTRUCT    25.23    04/25/18    CNY     5.90
HANGZHOU XIAOSHAN ECO&TECH D    50.71    12/26/18    CNY     6.70
HANGZHOU XIAOSHAN ECO&TECH D    50.71    12/26/18    CNY     6.70
HANGZHOU YUHANG CITY CONSTRU    40.05    03/29/19    CNY     7.55
HANGZHOU YUHANG CITY CONSTRU    41.01    03/29/19    CNY     7.55
HANGZHOU YUHANG INNOVATION I    60.91    03/18/20    CNY     6.50
HANGZHOU YUHANG INNOVATION I    82.80    03/18/20    CNY     6.50
HANZHONG CITY CONSTRUCTION I    40.50    03/14/18    CNY     7.48
HARBIN HELI INVESTMENT HOLDI    71.06    09/26/18    CNY     7.48
HARBIN HELI INVESTMENT HOLDI    71.17    09/26/18    CNY     7.48
HARBIN WATER INVESTMENT CO L    60.73    05/06/20    CNY     5.70
HEBEI SHUNDE INVESTMENT GROU    61.18    12/05/19    CNY     6.98
HEBEI SHUNDE INVESTMENT GROU    61.19    12/05/19    CNY     6.98
HEFEI CONSTRUCTION INVESTMEN    70.67    08/28/18    CNY     5.23
HEFEI GAOXIN DEVELOPMENT & I    72.06    03/22/19    CNY     7.98
HEFEI GAOXIN DEVELOPMENT & I    72.38    03/22/19    CNY     7.98
HEFEI HAIHENG INVESTMENT HOL    61.39    06/12/19    CNY     7.30
HEFEI INDUSTRIAL INVESTMENT     60.77    03/20/20    CNY     6.30
HEFEI INDUSTRIAL INVESTMENT     81.75    03/20/20    CNY     6.30
HEFEI TAOHUA INDUSTRIAL PARK    41.71    03/27/19    CNY     8.79
HEFEI XINCHENG STATE-OWNED A    41.10    04/23/19    CNY     7.88
HEGANG KAIYUAN CITY INVESTME    61.03    07/19/19    CNY     6.50
HEIHE CITY CONSTRUCTION INVE    72.58    03/23/19    CNY     8.48
HENAN JIYUAN CITY CONSTRUCTI    61.73    09/25/19    CNY     7.50
HENGYANG CITY CONSTRUCTION I    61.37    08/13/19    CNY     7.06
HEYUAN CITY URBAN DEVELOPMEN    60.28    03/19/20    CNY     6.55
HEYUAN CITY URBAN DEVELOPMEN    81.85    03/19/20    CNY     6.55
HONGHEZHOU ROAD DEVELOPMENT     60.50    05/06/20    CNY     6.27
HUAIAN CITY URBAN ASSET OPER    57.00    12/26/19    CNY     6.87
HUAIAN CITY URBAN ASSET OPER    61.68    12/26/19    CNY     6.87
HUAIAN CITY WATER ASSET MANA    41.43    03/08/19    CNY     8.25
HUAI'AN DEVELOPMENT HOLDING     60.99    09/06/19    CNY     7.20
HUAI'AN DEVELOPMENT HOLDING     61.29    09/06/19    CNY     7.20
HUAIAN QINGHE NEW AREA INVES    60.44    01/24/20    CNY     6.68
HUAIAN QINGHE NEW AREA INVES    60.89    01/24/20    CNY     6.68
HUAIBEI CITY CONSTRUCTION IN    50.69    12/17/18    CNY     6.68
HUAIHUA CITY CONSTRUCTION IN    25.13    03/22/18    CNY     8.00
HUAIHUA CITY CONSTRUCTION IN    25.51    03/22/18    CNY     8.00
HUANGGANG CITY CONSTRUCTION     57.00    10/19/19    CNY     7.10
HUANGGANG CITY CONSTRUCTION     61.52    10/19/19    CNY     7.10
HUANGSHI URBAN CONSTRUCTION     61.14    10/25/19    CNY     6.96
HUIAN STATE ASSETS INVESTMEN    61.14    10/15/19    CNY     7.50
HULUDAO INVESTMENT GROUP CO     61.00    03/01/19    CNY     8.47
HULUDAO INVESTMENT GROUP CO     61.94    03/01/19    CNY     8.47
HUNAN CHANGDE DEYUAN INVESTM    50.68    10/18/18    CNY     7.18
HUNAN CHENGLINGJI HARBOR NEW    50.86    10/15/18    CNY     7.70
HUNAN CHENGLINGJI HARBOR NEW    50.90    10/15/18    CNY     7.70
HUNAN ZHAOSHAN ECONOMIC CONS    50.39    12/12/18    CNY     7.00
HUNAN ZHAOSHAN ECONOMIC CONS    50.85    12/12/18    CNY     7.00
HUZHOU NANXUN STATE-OWNED AS    41.41    03/31/19    CNY     8.15
HUZHOU URBAN INVESTMENT DEVE    40.44    12/21/17    CNY     7.02
HUZHOU URBAN INVESTMENT DEVE    61.07    12/14/19    CNY     6.70
HUZHOU WUXING NANTAIHU CONST    40.58    02/17/18    CNY     7.71
INNER MONGOLIA HIGH-TECH HOL    60.72    09/25/19    CNY     7.20
INNER MONGOLIA ZHUNGEER STAT    50.30    05/10/18    CNY     6.94
INNER MONGOLIA ZHUNGEER STAT    50.68    05/10/18    CNY     6.94
JIAMUSI NEW ERA INFRASTRUCTU    41.40    03/22/19    CNY     8.25
JIAN CITY CONSTRUCTION INVES    39.81    04/20/19    CNY     7.80
JIAN CITY CONSTRUCTION INVES    41.17    04/20/19    CNY     7.80
JIANAN INVESTMENT HOLDING GR    61.61    09/04/19    CNY     7.68
JIANGDONG HOLDING GROUP CO L    40.83    03/27/19    CNY     6.90
JIANGDU XINYUAN INDUSTRIAL I    41.34    03/23/19    CNY     8.10
JIANGMEN CITY BINJIANG CONST    61.18    02/28/20    CNY     6.60
JIANGSU DAFENG HARBOR HOLDIN    50.21    11/15/17    CNY     7.98
JIANGSU HANRUI INVESTMENT HO    40.70    03/01/19    CNY     8.16
JIANGSU HANRUI INVESTMENT HO    41.09    03/01/19    CNY     8.16
JIANGSU HUAJING ASSETS MANAG    25.05    09/28/17    CNY     5.68
JIANGSU JINGUAN INVESTMENT D    50.45    01/28/19    CNY     6.40
JIANGSU JINGUAN INVESTMENT D    50.60    01/28/19    CNY     6.40
JIANGSU JURONG FUDI BIO-TECH    73.54    04/26/19    CNY     8.70
JIANGSU LIANYUN DEVELOPMENT     60.13    06/19/19    CNY     6.10
JIANGSU LIANYUN DEVELOPMENT     60.38    06/19/19    CNY     6.10
JIANGSU NANJING PUKOU ECONOM    60.90    10/08/19    CNY     7.10
JIANGSU NANJING PUKOU ECONOM    60.93    10/08/19    CNY     7.10
JIANGSU NEWHEADLINE DEVELOPM    71.44    08/27/20    CNY     7.00
JIANGSU NEWHEADLINE DEVELOPM    71.86    08/27/20    CNY     7.00
JIANGSU SUHAI INVESTMENT GRO    60.98    11/07/19    CNY     7.20
JIANGSU TAICANG PORT DEVELOP    41.37    05/16/19    CNY     7.66
JIANGSU WUZHONG ECONOMIC TEC    71.60    12/16/18    CNY     8.05
JIANGSU WUZHONG ECONOMIC TEC    73.42    12/16/18    CNY     8.05
JIANGSU XISHAN ECONOMIC DEVE    61.09    11/01/19    CNY     6.99
JIANGSU XISHAN ECONOMIC DEVE    71.00    11/01/19    CNY     6.99
JIANGSU ZHANGJIAGANG ECONOMI    61.48    11/16/19    CNY     6.98
JIANGXI HEJI INVESTMENT CO L    61.66    09/04/19    CNY     8.00
JIANGXI HEJI INVESTMENT CO L    61.92    09/04/19    CNY     8.00
JIANGYAN STATE OWNED ASSET I    61.17    12/03/19    CNY     6.85
JIANGYIN CITY CONSTRUCTION &    61.40    06/11/19    CNY     7.20
JIANGYIN GAOXIN DISTRICT INV    51.99    04/25/18    CNY     7.31
JIANGYIN GAOXIN DISTRICT INV    61.50    02/27/20    CNY     6.60
JIANHU URBAN CONSTRUCTION IN    60.72    02/22/20    CNY     6.50
JIANHU URBAN CONSTRUCTION IN    61.16    02/22/20    CNY     6.50
JIASHAN STATE-OWNED ASSET IN    61.03    06/06/19    CNY     6.80
JIAXING CULTURE FAMOUS CITY     41.57    03/08/19    CNY     8.16
JIAXING ECONOMIC&TECHNOLOGY     60.81    06/14/19    CNY     6.78
JIAXING ECONOMIC&TECHNOLOGY     61.29    06/14/19    CNY     6.78
JILIN CITY CONSTRUCTION HOLD    60.72    02/26/20    CNY     6.34
JILIN CITY CONSTRUCTION HOLD    61.01    02/26/20    CNY     6.34
JINAN CITY CONSTRUCTION INVE    25.42    03/26/18    CNY     6.98
JINAN CITY CONSTRUCTION INVE    25.46    03/26/18    CNY     6.98
JINAN XIAOQINGHE DEVELOPMENT    61.16    09/05/19    CNY     7.15
JINAN XIAOQINGHE DEVELOPMENT    61.23    09/05/19    CNY     7.15
JINGDEZHEN STATE-OWNED ASSET    50.84    03/23/18    CNY     7.48
JINGJIANG BINJIANG XINCHENG     50.46    10/23/18    CNY     6.80
JINGJIANG BINJIANG XINCHENG     50.63    10/23/18    CNY     6.80
JINGZHOU URBAN CONSTRUCTION     41.47    04/24/19    CNY     7.98
JINING CITY CONSTRUCTION INV    41.41    12/31/18    CNY     8.30
JINING CITY YANZHOU DISTRICT    25.37    12/28/17    CNY     8.50
JINING HI-TECH TOWN CONSTRUC    60.96    01/28/20    CNY     6.60
JINING HI-TECH TOWN CONSTRUC    61.15    01/28/20    CNY     6.60
JINING WATER SUPPLY GROUP CO    61.98    01/22/20    CNY     7.18
JINJIANG URBAN CONSTRUCTION     60.98    04/26/20    CNY     6.35
JINSHAN STATE-OWNED ASSET OP    61.21    11/27/19    CNY     6.65
JINZHONG CITY PUBLIC INFRAST    58.00    03/18/20    CNY     6.50
JINZHONG CITY PUBLIC INFRAST    61.18    03/18/20    CNY     6.50
JINZHOU CITY INVESTMENT CONS    60.66    06/13/19    CNY     7.08
JINZHOU CITY INVESTMENT CONS    60.73    06/13/19    CNY     7.08
JISHOU HUATAI STATE OWNED AS    61.27    12/12/19    CNY     7.37
JIUJIANG CITY CONSTRUCTION I    40.21    02/23/19    CNY     8.49
JIUJIANG CITY CONSTRUCTION I    41.47    02/23/19    CNY     8.49
JIUJIANG FUHE CONSTRUCTION I    50.23    03/19/19    CNY     6.10
JIUJIANG FUHE CONSTRUCTION I    50.25    03/19/19    CNY     6.10
JIUJIANG STATE-OWNED ASSETS     61.07    03/07/20    CNY     6.68
JIXI STATE OWN ASSET MANAGEM    60.80    11/08/19    CNY     7.18
JIXI STATE OWN ASSET MANAGEM    60.91    11/08/19    CNY     7.18
KAIFENG DEVELOPMENT INVESTME    60.69    07/11/19    CNY     6.47
KARAMAY URBAN CONSTRUCTION I    61.29    09/04/19    CNY     7.15
KARAMAY URBAN CONSTRUCTION I    61.37    09/04/19    CNY     7.15
KASHI URBAN CONSTRUCTION INV    61.22    11/27/19    CNY     7.18
KUNMING CITY CONSTRUCTION IN    25.40    04/13/18    CNY     7.60
KUNMING CITY CONSTRUCTION IN    25.48    04/13/18    CNY     7.60
KUNMING DIANCHI INVESTMENT C    61.41    02/01/20    CNY     6.50
KUNMING INDUSTRIAL DEVELOPME    60.47    10/23/19    CNY     6.46
KUNMING INDUSTRIAL DEVELOPME    60.87    10/23/19    CNY     6.46
KUNMING WUHUA DISTRICT STATE    25.60    03/15/18    CNY     8.60
KUNSHAN ENTREPRENEUR HOLDING    60.55    11/07/19    CNY     6.28
KUNSHAN ENTREPRENEUR HOLDING    60.63    11/07/19    CNY     6.28
KUNSHAN HUAQIAO INTERNATIONA    41.13    12/30/18    CNY     7.98
LAIWU CITY ECONOMIC DEVELOPM    30.37    03/01/18    CNY     6.50
LANZHOU CITY DEVELOPMENT INV    68.68    12/15/18    CNY     8.20
LANZHOU CITY DEVELOPMENT INV    69.50    12/15/18    CNY     8.20
LEQING CITY STATE OWNED INVE    60.51    06/29/19    CNY     6.50
LESHAN STATE-OWNED ASSET INV    40.38    03/18/18    CNY     6.99
LESHAN STATE-OWNED ASSET INV    40.63    03/18/18    CNY     6.99
LIAONING YAODU DEVELOPMENT C    59.93    12/12/19    CNY     7.35
LIAOYANG CITY ASSETS OPERATI    59.22    11/13/19    CNY     7.10
LIAOYANG CITY ASSETS OPERATI    60.91    11/13/19    CNY     7.10
LIAOYANG CITY ASSETS OPERATI    65.57    06/13/18    CNY     6.88
LIAOYUAN STATE-OWNED ASSETS     41.00    03/13/19    CNY     8.17
LIAOYUAN STATE-OWNED ASSETS     41.44    03/13/19    CNY     8.17
LIJIANG GUCHENG MANAGEMENT C    60.97    07/26/19    CNY     6.68
LINAN CITY CONSTRUCTION DEVE    25.48    03/09/18    CNY     8.15
LINAN CITY CONSTRUCTION DEVE    25.50    03/09/18    CNY     8.15
LINCANG STATE-OWNED ASSET OP    60.64    04/11/20    CNY     6.58
LINHAI CITY INFRASTRUCTURE I    60.14    03/21/20    CNY     6.30
LINHAI CITY INFRASTRUCTURE I    60.50    03/21/20    CNY     6.30
LINYI CITY ASSET MANAGEMENT     60.95    12/12/19    CNY     6.68
LINYI ECONOMIC DEVELOPMENT C    62.16    09/24/19    CNY     8.26
LINYI INVESTMENT DEVELOPMENT    25.59    03/27/18    CNY     8.10
LIUPANSHUI DEVELOPMENT INVES    55.00    12/03/19    CNY     6.97
LIUPANSHUI DEVELOPMENT INVES    61.08    12/03/19    CNY     6.97
LIUZHOU DONGCHENG INVESTMENT    41.26    02/15/19    CNY     8.30
LIUZHOU INVESTMENT HOLDING G    60.81    08/15/19    CNY     6.98
LIYANG CITY CONSTRUCTION DEV    60.62    03/08/20    CNY     6.20
LIYANG CITY CONSTRUCTION DEV    68.17    11/08/18    CNY     8.20
LONGHAI STATE-OWNED ASSET IN    40.62    12/02/17    CNY     8.25
LOUDI CITY CONSTRUCTION INVE    50.61    10/19/18    CNY     7.28
LOUDI CITY CONSTRUCTION INVE    50.84    10/19/18    CNY     7.28
LUOHE CITY CONSTRUCTION INVE    61.33    10/30/19    CNY     6.99
LUOYANG CITY DEVELOPMENT INV    58.00    12/31/19    CNY     6.89
LUOYANG CITY DEVELOPMENT INV    61.69    12/31/19    CNY     6.89
MAANSHAN ECONOMIC TECHNOLOGY    60.64    12/20/19    CNY     7.10
MIANYANG INVESTMENT HOLDING     71.58    03/26/19    CNY     7.70
MIANYANG INVESTMENT HOLDING     71.60    03/26/19    CNY     7.70
MIANYANG SCIENCE TECHNOLOGY     39.68    05/15/19    CNY     7.16
MIANYANG SCIENCE TECHNOLOGY     40.82    05/15/19    CNY     7.16
MIANYANG SCIENCE TECHNOLOGY     52.76    07/22/18    CNY     6.30
MINXIXINGHANG STATE-OWNED IN    50.43    03/26/19    CNY     6.20
MINXIXINGHANG STATE-OWNED IN    50.46    03/26/19    CNY     6.20
MUDANJIANG STATE-OWNED ASSET    60.65    08/30/19    CNY     7.08
MUDANJIANG STATE-OWNED ASSET    60.81    08/30/19    CNY     7.08
NANAN CITY TRADE INDUSTRY &     41.45    04/25/19    CNY     8.50
NANCHANG CITY CONSTRUCTION I    61.35    02/20/20    CNY     6.19
NANCHANG ECONOMY TECHNOLOGY     61.34    01/09/20    CNY     6.88
NANCHANG MUNICIPAL PUBLIC IN    60.52    02/25/20    CNY     5.88
NANCHONG DEVELOPMENT INVESTM    61.01    01/28/20    CNY     6.69
NANCHONG ECONOMIC DEVELOPMEN    41.67    04/26/19    CNY     8.16
NANJING JIANGNING SCIENCE PA    41.02    04/28/19    CNY     7.29
NANJING NEW&HIGH TECHNOLOGY     60.76    09/07/19    CNY     6.94
NANJING NEW&HIGH TECHNOLOGY     61.01    09/07/19    CNY     6.94
NANJING STATE OWNED ASSETS I    60.17    03/06/20    CNY     5.40
NANJING STATE OWNED ASSETS I    81.85    03/06/20    CNY     5.40
NANJING URBAN CONSTRUCTION I    50.52    11/26/18    CNY     5.68
NANJING URBAN CONSTRUCTION I    50.96    11/26/18    CNY     5.68
NANJING XINGANG DEVELOPMENT     54.00    01/08/20    CNY     6.80
NANJING XINGANG DEVELOPMENT     61.60    01/08/20    CNY     6.80
NANTONG CITY GANGZHA DISTRIC    61.43    01/09/20    CNY     7.15
NANTONG CITY GANGZHA DISTRIC    61.76    01/09/20    CNY     7.15
NANTONG CITY TONGZHOU DISTRI    60.76    05/28/19    CNY     6.80
NANTONG CITY TONGZHOU DISTRI    61.30    05/28/19    CNY     6.80
NEIJIANG INVESTMENT HOLDING     50.38    07/19/18    CNY     7.00
NEIJIANG INVESTMENT HOLDING     50.50    07/19/18    CNY     7.00
NEIMENGGU XINLINGOL XINGFU T    41.22    02/25/18    CNY     7.62
NINGBO CITY YINZHOU CITY CON    61.36    03/18/20    CNY     6.50
NINGBO EASTERN NEW TOWN DEVE    60.68    01/21/20    CNY     6.45
NINGBO URBAN CONSTRUCTION IN    25.39    03/01/18    CNY     7.39
NINGBO URBAN CONSTRUCTION IN    25.47    03/01/18    CNY     7.39
NINGBO ZHENHAI HAIJIANG INVE    50.78    11/28/18    CNY     6.65
NINGDE CITY STATE-OWNED PROP     9.92    10/21/17    CNY     6.25
NONGGONGSHANG REAL ESTATE GR    40.22    10/11/17    CNY     6.29
PANJIN CONSTRUCTION INVESTME    60.00    05/17/19    CNY     7.50
PANJIN CONSTRUCTION INVESTME    60.83    03/01/18    CNY     7.42
PANJIN CONSTRUCTION INVESTME    60.88    05/17/19    CNY     7.50
PANJIN PETROLEUM HIGH TECHNO    60.98    01/10/20    CNY     6.95
PANJIN PETROLEUM HIGH TECHNO    61.14    01/10/20    CNY     6.95
PEIXIAN STATE-OWNED ASSETS M    61.33    12/06/19    CNY     7.20
PENGLAI CITY PENGLAIGE TOURI    70.93    01/30/21    CNY     6.80
PENGLAI CITY PENGLAIGE TOURI    71.59    01/30/21    CNY     6.80
PINGDINGSHAN CITY DEVELOPMEN    41.13    05/08/19    CNY     7.86
PINGDINGSHAN CITY DEVELOPMEN    41.27    05/08/19    CNY     7.86
PINGHU CITY DEVELOPMENT INVE    61.03    09/18/19    CNY     7.20
PINGTAN COMPOSITE EXPERIMENT    60.82    03/15/20    CNY     6.58
PINGTAN COMPOSITE EXPERIMENT    61.20    03/15/20    CNY     6.58
PINGXIANG URBAN CONSTRUCTION    60.77    12/10/19    CNY     6.89
PINGXIANG URBAN CONSTRUCTION    60.91    12/10/19    CNY     6.89
PIZHOU RUNCHENG ASSET OPERAT    61.72    09/25/19    CNY     7.55
PUER CITY STATE OWNED ASSET     60.80    06/20/19    CNY     7.38
PUTIAN STATE-OWNED ASSETS IN    41.23    03/21/19    CNY     8.10
PUTIAN STATE-OWNED ASSETS IN    41.56    03/21/19    CNY     8.10
PUYANG INVESTMENT GROUP CO      60.85    10/29/19    CNY     6.98
QIANAN XINGYUAN WATER INDUST    50.26    07/11/18    CNY     6.45
QIANDONG NANZHOU DEVELOPMENT    41.45    04/27/19    CNY     8.80
QIANDONGNANZHOU KAIHONG ASSE    61.27    10/30/19    CNY     7.80
QIANXI NANZHOU HONGSHENG CAP    60.80    11/22/19    CNY     6.99
QINGDAO CITY CONSTRUCTION IN    40.78    02/16/19    CNY     6.89
QINGDAO CITY CONSTRUCTION IN    40.84    02/16/19    CNY     6.89
QINGDAO HUATONG STATE-OWNED     41.17    04/18/19    CNY     7.30
QINGDAO HUATONG STATE-OWNED     62.05    04/18/19    CNY     7.30
QINGDAO JIAOZHOU CITY DEVELO    61.08    01/25/20    CNY     6.59
QINGZHOU HONGYUAN PUBLIC ASS    30.28    05/22/19    CNY     6.50
QINGZHOU HONGYUAN PUBLIC ASS    50.58    10/19/18    CNY     7.25
QINGZHOU HONGYUAN PUBLIC ASS    50.83    10/19/18    CNY     7.25
QINGZHOU HONGYUAN PUBLIC ASS    61.12    10/19/19    CNY     7.35
QINGZHOU HONGYUAN PUBLIC ASS    61.26    10/19/19    CNY     7.35
QINHUANGDAO DEVELOPMENT ZONE    61.50    10/17/19    CNY     7.46
QINHUANGDAO DEVELOPMENT ZONE    62.15    10/17/19    CNY     7.46
QITAIHE CITY CONSTRUCTION IN    60.42    10/18/19    CNY     7.30
QITAIHE CITY CONSTRUCTION IN    60.63    10/18/19    CNY     7.30
QUANZHOU QUANGANG PETROCHEMI    41.23    04/16/19    CNY     8.40
QUANZHOU QUANGANG PETROCHEMI    41.62    04/16/19    CNY     8.40
QUANZHOU TAISHANG INVESTMENT    61.86    12/10/19    CNY     7.08
QUANZHOU URBAN CONSTRUCTION     61.27    01/11/20    CNY     6.48
QUANZHOU URBAN CONSTRUCTION     62.60    01/11/20    CNY     6.48
QUJING DEVELOPMENT INVESTMEN    61.11    09/06/19    CNY     7.25
QUJING DEVELOPMENT INVESTMEN    61.12    09/06/19    CNY     7.25
RONGCHENG ECONOMIC DEVELOPME    60.00    03/18/20    CNY     6.45
RONGCHENG ECONOMIC DEVELOPME    60.92    03/18/20    CNY     6.45
RUDONG COUNTY DONGTAI SOCIAL    50.59    01/31/18    CNY     7.10
RUDONG COUNTY DONGTAI SOCIAL    61.14    09/24/19    CNY     7.45
RUDONG COUNTY DONGTAI SOCIAL    62.00    09/24/19    CNY     7.45
RUGAO COMMUNICATIONS CONSTRU    51.74    01/26/19    CNY     8.51
RUGAO COMMUNICATIONS CONSTRU    60.99    02/01/20    CNY     6.70
RUIAN STATE OWNED ASSET INVE    55.00    11/26/19    CNY     6.93
RUIAN STATE OWNED ASSET INVE    61.20    11/26/19    CNY     6.93
SANMENXIA CITY FINANCIAL INV    60.81    01/29/20    CNY     6.68
SANMENXIA CITY FINANCIAL INV    61.03    01/29/20    CNY     6.68
SANMING CITY CONSTRUCTION IN    60.93    03/05/20    CNY     6.40
SANMING CITY CONSTRUCTION IN    61.05    03/05/20    CNY     6.40
SANMING STATE-OWNED ASSET IN    61.38    12/05/19    CNY     6.92
SANMING STATE-OWNED ASSET IN    70.87    06/14/18    CNY     6.99
SHANDONG TAIFENG HOLDING GRO    58.28    03/12/20    CNY     5.80
SHANDONG TAIFENG HOLDING GRO    58.30    03/12/20    CNY     5.80
SHANGHAI BUND GROUP DEVELOPM    60.78    04/24/20    CNY     6.35
SHANGHAI BUND GROUP DEVELOPM    61.03    04/24/20    CNY     6.35
SHANGHAI CHENGTOU CORP          59.73    07/30/19    CNY     4.63
SHANGHAI FENGXIAN NANQIAO NE    61.12    03/05/20    CNY     6.25
SHANGHAI JIADING INDUSTRIAL     50.79    10/10/18    CNY     6.71
SHANGHAI JINSHAN URBAN CONST    61.20    12/21/19    CNY     6.60
SHANGHAI LUJIAZUI DEVELOPMEN    71.50    03/11/19    CNY     5.98
SHANGHAI LUJIAZUI DEVELOPMEN    71.78    02/25/19    CNY     5.79
SHANGHAI LUJIAZUI DEVELOPMEN    72.00    03/11/19    CNY     5.98
SHANGHAI MINHANG URBAN CONST    60.90    10/23/19    CNY     6.48
SHANGHAI MINHANG URBAN CONST    60.97    10/23/19    CNY     6.48
SHANGHAI REAL ESTATE GROUP C    40.00    05/17/17    CNY     6.12
SHANGHAI SONGJIANG TOWN CONS    50.48    08/15/18    CNY     6.28
SHANGHAI URBAN CONSTRUCTION     60.18    11/30/19    CNY     5.25
SHANGQIU DEVELOPMENT INVESTM    61.30    01/15/20    CNY     6.60
SHANGRAO CITY CONSTRUCTION I    61.44    09/10/19    CNY     7.30
SHANGYU COMMUNICATIONS INVES    61.23    09/11/19    CNY     6.70
SHANTOU CITY CONSTRUCTION DE    74.28    03/23/22    CNY     8.57
SHAOGUAN JINYE DEVELOPMENT C    60.91    10/18/19    CNY     7.30
SHAOGUAN JINYE DEVELOPMENT C    61.73    10/18/19    CNY     7.30
SHAOXING CHENGBEI XINCHENG C    50.25    06/11/18    CNY     6.21
SHAOXING CHENGZHONGCUN REFOR    60.54    01/24/20    CNY     6.50
SHAOXING CHENGZHONGCUN REFOR    62.20    01/24/20    CNY     6.50
SHAOXING HI-TECH INDUSTRIAL     50.84    12/05/18    CNY     6.75
SHAOXING KEQIAO DISTRICT CEN    50.44    02/26/19    CNY     6.30
SHAOXING PAOJIANG INDUSTRIAL    61.18    10/31/19    CNY     6.90
SHAOXING URBAN CONSTRUCTION     61.18    11/09/19    CNY     6.40
SHAOYANG CITY CONSTRUCTION I    49.50    09/11/18    CNY     7.40
SHAOYANG CITY CONSTRUCTION I    50.59    09/11/18    CNY     7.40
SHENYANG HEPING DISTRICT STA    55.00    11/13/19    CNY     6.85
SHENYANG HEPING DISTRICT STA    60.63    11/13/19    CNY     6.85
SHENYANG MACHINE TOOL CO LTD    42.63    03/27/18    CNY     6.50
SHENYANG MACHINE TOOL CO LTD    48.92    04/09/20    CNY     6.50
SHENZHEN LONGGANG DISTRICT I    50.46    03/27/19    CNY     6.18
SHENZHEN LONGGANG DISTRICT I    51.19    03/27/19    CNY     6.18
SHIJIAZHUANG REAL ESTATE GRO    80.57    05/15/20    CNY     5.65
SHISHI STATE OWNED INVESTMEN    61.36    09/13/19    CNY     7.40
SHIYAN CITY INFRASTRUCTURE C    41.29    04/20/19    CNY     7.98
SHOUGUANG JINCAI STATE-OWNED    61.06    10/23/19    CNY     6.70
SHOUGUANG JINCAI STATE-OWNED    61.23    10/23/19    CNY     6.70
SHUANGLIU SHINE CHINE CONSTR    72.60    03/16/19    CNY     8.40
SHUANGLIU SHINE CHINE CONSTR    72.60    03/16/19    CNY     8.48
SHUANGLIU SHINE CHINE CONSTR    72.73    03/16/19    CNY     8.48
SHUANGYASHAN DADI CITY CONST    60.41    12/25/19    CNY     6.55
SHUYANG JINGYUAN ASSET OPERA    57.00    12/03/19    CNY     6.50
SHUYANG JINGYUAN ASSET OPERA    60.67    12/03/19    CNY     6.50
SICHUAN COAL INDUSTRY GROUP     45.00    05/15/17    CNY     5.94
SICHUAN COAL INDUSTRY GROUP     45.00    12/25/16    CNY     7.45
SICHUAN COAL INDUSTRY GROUP     45.00    09/27/17    CNY     7.80
SICHUAN COAL INDUSTRY GROUP     45.00    01/09/18    CNY     7.70
SICHUAN DEVELOPMENT HOLDING     29.98    11/10/17    CNY     5.40
SONGYUAN URBAN DEVELOPMENT C    60.96    08/29/19    CNY     7.30
STAR LAKE BIOSCIENCE CO INC     68.21    07/07/17    CNY     5.80
SUIFENHE HAIRONG URBAN CONST    59.43    04/28/20    CNY     6.60
SUINING DEVELOPMENT INVESTME    61.27    04/25/20    CNY     6.62
SUINING DEVELOPMENT INVESTME    61.37    04/25/20    CNY     6.62
SUIZHOU DEVELOPMENT INVESTME    61.43    08/22/19    CNY     7.50
SUQIAN ECONOMIC DEVELOPMENT     39.30    03/26/19    CNY     7.50
SUQIAN ECONOMIC DEVELOPMENT     40.89    03/26/19    CNY     7.50
SUQIAN WATER GROUP CO           60.95    12/04/19    CNY     6.55
SUZHOU CITY CONSTRUCTION INV    40.93    03/12/19    CNY     7.45
SUZHOU CITY CONSTRUCTION INV    60.79    04/17/20    CNY     6.40
SUZHOU CITY CONSTRUCTION INV    61.19    04/17/20    CNY     6.40
SUZHOU FENHU INVESTMENT GROU    50.21    10/22/17    CNY     7.00
SUZHOU INDUSTRIAL PARK TRIRU    60.40    05/30/19    CNY     5.79
SUZHOU TECH CITY DEVELOPMENT    50.72    11/01/18    CNY     7.32
SUZHOU URBAN CONSTRUCTION IN    60.75    10/25/19    CNY     5.79
SUZHOU URBAN CONSTRUCTION IN    61.45    10/25/19    CNY     5.79
SUZHOU WUJIANG COMMUNICATION    69.00    10/31/20    CNY     6.80
SUZHOU WUJIANG COMMUNICATION    71.34    10/31/20    CNY     6.80
SUZHOU WUJIANG EASTERN STATE    72.24    12/05/18    CNY     8.05
SUZHOU WUJIANG EASTERN STATE    72.86    12/05/18    CNY     8.05
SUZHOU XIANGCHENG URBAN CONS    60.76    09/03/19    CNY     6.95
SUZHOU XIANGCHENG URBAN CONS    61.54    09/03/19    CNY     6.95
TAIAN CITY TAISHAN INVESTMEN    61.61    01/25/20    CNY     6.76
TAICANG ASSET MANAGEMENT INV    71.93    12/31/18    CNY     8.25
TAICANG ASSET MANAGEMENT INV    72.36    12/31/18    CNY     8.25
TAICANG HENGTONG INVESTMENT     61.58    10/30/19    CNY     7.45
TAICANG URBAN CONSTRUCTION I    59.00    01/11/20    CNY     6.75
TAICANG URBAN CONSTRUCTION I    61.45    01/11/20    CNY     6.75
TAIXING ZHONGXING STATE-OWNE    25.54    03/27/18    CNY     8.29
TAIYUAN HIGH-SPEED RAILWAY I    71.82    10/30/20    CNY     6.50
TAIYUAN LONGCHENG DEVELOPMEN    60.00    09/25/19    CNY     6.50
TAIYUAN LONGCHENG DEVELOPMEN    60.71    09/25/19    CNY     6.50
TAIZHOU CITY HUANGYAN DISTRI    50.73    12/17/18    CNY     6.85
TAIZHOU CITY HUANGYAN DISTRI    50.79    12/17/18    CNY     6.85
TAIZHOU HAILING ASSETS MANAG    41.70    03/21/19    CNY     8.52
TAIZHOU JIAOJIANG STATE OWNE    72.25    09/13/20    CNY     7.46
TAIZHOU TRAFFIC INDUSTRY GRO    60.42    03/11/20    CNY     6.15
TAIZHOU TRAFFIC INDUSTRY GRO    60.68    03/11/20    CNY     6.15
TAIZHOU XINTAI GROUP CO LTD     50.39    08/14/18    CNY     6.85
TAIZHOU XINTAI GROUP CO LTD     50.55    08/14/18    CNY     6.85
TANGSHAN NANHU ECO CITY DEVE    61.16    10/16/19    CNY     7.08
TIANJIN BINHAI NEW AREA CONS    39.97    03/13/18    CNY     5.00
TIANJIN BINHAI NEW AREA CONS    59.85    03/13/20    CNY     5.19
TIANJIN DONGFANG CAIXIN INVE    71.85    11/23/18    CNY     7.99
TIANJIN ECO-CITY INVESTMENT     61.03    08/14/19    CNY     6.76
TIANJIN ECONOMIC TECHNOLOGY     56.00    12/03/19    CNY     6.20
TIANJIN ECONOMIC TECHNOLOGY     61.02    12/03/19    CNY     6.20
TIANJIN ECONOMIC TECHNOLOGY     74.00    12/03/22    CNY     6.50
TIANJIN HANBIN INVESTMENT GR    41.53    03/22/19    CNY     8.39
TIANJIN HI-TECH INDUSTRY PAR    41.00    03/27/19    CNY     7.80
TIANJIN HI-TECH INDUSTRY PAR    41.08    03/27/19    CNY     7.80
TIANJIN JINNAN CITY CONSTRUC    60.68    06/18/19    CNY     6.95
TIANJIN JINNAN CITY CONSTRUC    61.50    06/18/19    CNY     6.95
TIANJIN TEDA CONSTRUCTION GR    60.88    04/27/20    CNY     6.89
TIELING PUBLIC ASSETS INVEST    50.35    05/29/18    CNY     7.34
TIELING PUBLIC ASSETS INVEST    50.50    05/29/18    CNY     7.34
TIGER FOREST & PAPER GROUP C    59.79    06/14/17    CNY     5.38
TONGCHUAN DEVELOPMENT INVEST    60.71    07/17/19    CNY     7.50
TONGLIAO TIANCHENG URBAN CON    61.50    09/24/19    CNY     7.75
TONGLIAO URBAN INVESTMENT GR    40.01    09/01/17    CNY     5.98
TONGLIAO URBAN INVESTMENT GR    60.58    04/09/20    CNY     6.64
TONGLIAO URBAN INVESTMENT GR    60.61    04/09/20    CNY     6.64
TONGLING CONSTRUCTION INVEST    74.30    04/28/22    CNY     8.20
TONGREN FANJINGSHAN INVESTME    60.62    08/02/19    CNY     6.89
ULANQAB CITY JI NING DISTRIC    58.01    03/19/20    CNY     6.88
ULANQAB CITY JI NING DISTRIC    59.50    03/19/20    CNY     6.88
URUMQI CITY CONSTRUCTION & I    60.82    07/09/19    CNY     6.35
URUMQI ECO&TECH DEVELOPMENT     51.73    01/10/19    CNY     8.58
URUMQI HIGH-TECH INVESTMENT     60.11    03/05/20    CNY     6.18
URUMQI STATE-OWNED ASSET MAN    25.18    04/28/18    CNY     6.48
URUMQI STATE-OWNED ASSET MAN    25.20    04/28/18    CNY     6.48
WAFANGDIAN STATE-OWNED ASSET    41.52    04/19/19    CNY     8.55
WEIFANG BINHAI INVESTMENT DE    70.39    04/16/21    CNY     6.16
WEIFANG DONGXIN CONSTRUCTION    60.99    11/20/19    CNY     6.88
WEIFANG DONGXIN CONSTRUCTION    61.29    11/20/19    CNY     6.88
WEIHAI WENDENG URBAN PROPERT    60.40    03/06/20    CNY     6.38
WEIHAI WENDENG URBAN PROPERT    60.91    03/06/20    CNY     6.38
WEINAN CITY INVESTMENT GROUP    60.81    01/15/20    CNY     6.69
WEINAN CITY INVESTMENT GROUP    60.95    01/15/20    CNY     6.69
WENLING CITY STATE OWNED ASS    60.99    09/18/19    CNY     7.18
WENLING CITY STATE OWNED ASS    61.00    09/18/19    CNY     7.18
WENZHOU ANJUFANG CITY DEVELO    40.96    04/24/19    CNY     7.65
WENZHOU ECONOMIC-TECHNOLOGIC    61.11    01/15/20    CNY     6.49
WENZHOU ECONOMIC-TECHNOLOGIC    61.19    01/15/20    CNY     6.49
WUHAI CITY CONSTRUCTION INVE    40.70    03/31/19    CNY     8.20
WUHAI CITY CONSTRUCTION INVE    41.37    03/31/19    CNY     8.20
WUHAN METRO GROUP CO LTD       60.53    02/04/20    CNY     5.70
WUHAN METRO GROUP CO LTD       60.55    02/04/20    CNY     5.70
WUHAN REAL ESTATE GROUP        49.50    03/22/19    CNY     5.90
WUHAN REAL ESTATE GROUP        50.41    03/22/19    CNY     5.90
WUHAN URBAN CONSTRUCTION INV    60.19    03/08/20    CNY     5.60
WUHU CONSTRUCTION INVESTMENT    70.87    03/26/19    CNY     6.84
WUHU ECONOMIC TECHNOLOGY DEV    50.37    06/08/18    CNY     6.70
WUHU XINMA INVESTMENT CO LTD    60.78    11/14/19    CNY     7.18
WUHU XINMA INVESTMENT CO LTD    61.02    11/14/19    CNY     7.18
WUJIANG ECONOMIC TECHNOLOGY     61.18    12/27/19    CNY     6.88
WUXI CONSTRUCTION AND DEVELO    61.00    09/17/19    CNY     6.60
WUXI CONSTRUCTION AND DEVELO    61.06    09/17/19    CNY     6.60
WUXI HUISHAN ECONOMIC DEVELO    50.15    04/22/19    CNY     6.03
WUXI TAIHU INTERNATIONAL TEC    60.00    09/17/19    CNY     7.60
WUXI TAIHU INTERNATIONAL TEC    61.28    09/17/19    CNY     7.60
WUXI XIDONG NEW TOWN CONSTRU    60.69    01/28/20    CNY     6.65
WUXI XIDONG NEW TOWN CONSTRU    61.23    01/28/20    CNY     6.65
WUXI XIDONG TECHNOLOGY INVES    70.33    10/26/18    CNY     5.98
WUXI XIDONG TECHNOLOGY INVES    70.65    10/26/18    CNY     5.98
WUZHOU DONGTAI STATE-OWNED A    61.15    09/03/19    CNY     7.40
XIAMEN XINGLIN CONSTRUCTION     60.79    02/22/20    CNY     6.60
XIAMEN XINGLIN CONSTRUCTION     81.80    02/22/20    CNY     6.60
XI'AN AEROSPACE BASE INVESTM    61.28    11/08/19    CNY     6.96
XIAN CHANBAHE DEVELOPMENT CO    60.81    08/03/19    CNY     6.89
XI'AN HI-TECH HOLDING CO LTD    50.34    02/26/19    CNY     5.70
XI'AN HI-TECH HOLDING CO LTD    50.36    02/26/19    CNY     5.70
XI'AN URBAN INDEMNIFICATORY     71.79    04/18/19    CNY     7.31
XI'AN URBAN INDEMNIFICATORY     71.85    03/18/19    CNY     7.31
XI'AN URBAN INDEMNIFICATORY     72.02    03/18/19    CNY     7.31
XI'AN URBAN INDEMNIFICATORY     72.10    04/18/19    CNY     7.31
XIANGTAN CITY CONSTRUCTIVE G    40.01    03/16/19    CNY     8.00
XIANGTAN CITY CONSTRUCTIVE G    41.42    03/16/19    CNY     8.00
XIANGTAN HI-TECH GROUP CO LT    61.22    01/15/20    CNY     6.90
XIANGTAN HI-TECH GROUP CO LT    61.48    01/15/20    CNY     6.90
XIANGTAN JIUHUA ECONOMIC CON    61.30    08/29/19    CNY     7.43
XIANGYANG CITY CONSTRUCTION     41.25    01/12/19    CNY     8.12
XIANGYANG CITY CONSTRUCTION     41.42    01/12/19    CNY     8.12
XIANNING CITY CONSTRUCTION I    50.79    08/31/18    CNY     7.50
XIANNING CITY CONSTRUCTION I    51.29    08/31/18    CNY     7.50
XIAOGAN URBAN CONSTRUCTION I    41.27    03/26/19    CNY     8.12
XINGHUA URBAN CONSTRUCTION I    50.70    10/23/18    CNY     7.25
XINGHUA URBAN CONSTRUCTION I    50.95    10/23/18    CNY     7.25
XINING CITY INVESTMENT & MAN    41.19    04/27/19    CNY     7.70
XINJIANG SHIHEZI DEVELOPMENT    49.30    08/29/18    CNY     7.50
XINJIANG UYGUR AR HAMI ZONE     50.40    07/17/18    CNY     6.25
XINXIANG INVESTMENT GROUP CO    40.31    01/18/18    CNY     6.80
XINXIANG INVESTMENT GROUP CO    60.15    04/15/20    CNY     5.85
XINYANG HUAXIN INVESTMENT GR    60.80    06/14/19    CNY     6.95
XINYU CITY CONSTRUCTION INVE    59.00    12/13/19    CNY     7.08
XINYU CITY CONSTRUCTION INVE    61.25    12/13/19    CNY     7.08
XINZHOU CITY ASSET MANAGEMEN    50.81    08/08/18    CNY     7.39
XUCHANG GENERAL INVESTMENT C    41.59    04/27/19    CNY     7.78
XUZHOU ECONOMIC TECHNOLOGY D    41.23    03/07/19    CNY     8.20
XUZHOU ECONOMIC TECHNOLOGY D    41.50    03/07/19    CNY     8.20
XUZHOU XINSHENG CONSTRUCTION    25.72    05/08/18    CNY     7.48
YAAN STATE-OWNED ASSET OPERA    60.78    07/04/19    CNY     7.39
YANCHENG CITY DAFENG DISTRIC    57.00    12/13/19    CNY     7.08
YANCHENG CITY DAFENG DISTRIC    61.07    12/13/19    CNY     7.08
YANCHENG ORIENTAL INVESTMENT    50.02    06/08/17    CNY     5.75
YANCHENG ORIENTAL INVESTMENT    50.30    06/08/17    CNY     5.75
YANCHENG ORIENTAL INVESTMENT    60.88    10/26/19    CNY     6.99
YANCHENG SOUTH DISTRICT DEVE    58.71    10/26/19    CNY     6.93
YANCHENG SOUTH DISTRICT DEVE    61.25    10/26/19    CNY     6.93
YANGZHONG URBAN CONSTRUCTION    50.51    03/26/18    CNY     7.10
YANGZHOU HANJIANG URBAN CONS    60.59    03/12/20    CNY     6.20
YANGZHOU HANJIANG URBAN CONS    60.74    03/12/20    CNY     6.20
YANGZHOU URBAN CONSTRUCTION     60.66    07/26/19    CNY     6.30
YANTAI DEVELOPMENT ZONE STAT    60.40    04/10/20    CNY     5.70
YANTAI URBAN CONSTRUCTION DE    60.00    03/14/20    CNY     5.99
YANTAI URBAN CONSTRUCTION DE    60.70    03/14/20    CNY     5.99
YIBIN STATE-OWNED ASSET OPER    70.45    05/23/18    CNY     5.80
YICHANG MUNICIPAL FINANCE EC    61.23    10/16/19    CNY     7.12
YICHANG MUNICIPAL FINANCE EC    61.38    10/16/19    CNY     7.12
YICHANG URBAN CONSTRUCTION I    59.00    11/08/19    CNY     6.85
YICHANG URBAN CONSTRUCTION I    61.45    11/08/19    CNY     6.85
YICHANG URBAN CONSTRUCTION I    69.61    11/17/19    CNY     8.13
YICHUN CITY CONSTRUCTION INV    60.46    07/24/19    CNY     7.35
YIJINHUOLUOQI HONGTAI CITY C    61.75    03/19/19    CNY     8.35
YIJINHUOLUOQI HONGTAI CITY C    61.76    03/19/19    CNY     8.35
YILI STATE-OWNED ASSET INVES    48.00    11/19/18    CNY     6.70
YILI STATE-OWNED ASSET INVES    50.46    11/19/18    CNY     6.70
YINGKOU CITY CONSTRUCTION IN    58.01    04/18/20    CNY     7.98
YINGKOU COASTAL DEVELOPMENT     58.00    11/16/19    CNY     7.08
YINGKOU COASTAL DEVELOPMENT     60.42    11/16/19    CNY     7.08
YINGKOU ECO & TECH DEVELOPME    59.33    04/08/20    CNY     6.17
YIXING CITY DEVELOPMENT INVE    60.83    10/10/19    CNY     6.90
YIXING CITY DEVELOPMENT INVE    60.92    10/10/19    CNY     6.90
YIYANG CITY CONSTRUCTION INV    61.15    08/24/19    CNY     7.36
YIYANG GAOXIN TECHNOLOGY IND    61.09    03/13/20    CNY     6.70
YIYANG GAOXIN TECHNOLOGY IND    61.23    03/13/20    CNY     6.70
YIZHENG CITY CONSTRUCTION DE    58.50    06/14/19    CNY     7.78
YIZHENG CITY CONSTRUCTION DE    61.27    06/14/19    CNY     7.78
YUHUAN COUNTY COMMUNICATIONS    60.93    10/12/19    CNY     7.15
YULIN CITY INVESTMENT OPERAT    50.70    12/04/18    CNY     6.81
YULIN URBAN CONSTRUCTION INV    61.18    11/26/19    CNY     6.88
YUNCHENG URBAN CONSTRUCTION     61.48    10/15/19    CNY     7.48
YUNNAN PROVINCIAL INVESTMENT    39.96    08/24/17    CNY     5.25
YUNNAN PROVINCIAL INVESTMENT    40.11    08/24/17    CNY     5.25
YUYAO ECONOMIC DEVELOPMENT D    60.98    03/04/20    CNY     6.75
YUYAO WATER RESOURCE INVESTM    61.11    10/16/19    CNY     7.20
ZHANGJIAGANG JINCHENG INVEST    30.19    01/06/18    CNY     6.23
ZHANGJIAGANG MUNICIPAL PUBLI    60.90    11/27/19    CNY     6.43
ZHANGJIAJIE ECONOMIC DEVELOP    61.26    10/18/19    CNY     7.40
ZHANGJIAKOU CONSTRUCTION DEV    60.60    10/26/19    CNY     7.00
ZHANGJIAKOU TONGTAI HOLDING     70.51    07/05/18    CNY     6.90
ZHANGZHOU CITY CONSTRUCTION     61.12    03/26/20    CNY     6.60
ZHAOYUAN STATE-OWNED ASSET O    61.00    12/31/19    CNY     6.64
ZHEJIANG HUZHOU HUANTAIHU GR    61.46    11/28/19    CNY     6.70
ZHEJIANG JIASHAN ECONOMIC DE    58.00    12/03/19    CNY     7.05
ZHEJIANG JIASHAN ECONOMIC DE    61.77    12/03/19    CNY     7.05
ZHEJIANG PROVINCE DEQING COU    40.51    04/12/18    CNY     6.90
ZHEJIANG PROVINCE DEQING COU    61.01    02/22/20    CNY     6.40
ZHEJIANG PROVINCE XINCHANG C    60.93    04/24/20    CNY     6.60
ZHEJIANG PROVINCE XINCHANG C    62.03    04/24/20    CNY     6.60
ZHENGZHOU CITY CONSTRUCTION     61.15    12/03/19    CNY     6.37
ZHENJIANG CULTURE AND TOURIS    60.11    01/30/20    CNY     6.60
ZHENJIANG TRANSPORTATION IND    40.85    05/08/19    CNY     7.29
ZHENJIANG TRANSPORTATION IND    61.00    05/08/19    CNY     7.29
ZHONGSHAN TRANSPORTATION DEV    50.44    08/28/18    CNY     6.65
ZHONGSHAN TRANSPORTATION DEV    51.20    08/28/18    CNY     6.65
ZHOUSHAN DINGHAI STATE-OWNED    71.88    08/31/20    CNY     7.25
ZHOUSHAN DINGHAI STATE-OWNED    72.35    08/31/20    CNY     7.25
ZHUCHENG ECONOMIC DEVELOPMEN    20.24    04/26/18    CNY     6.40
ZHUCHENG ECONOMIC DEVELOPMEN    30.53    08/25/18    CNY     7.50
ZHUCHENG ECONOMIC DEVELOPMEN    37.50    04/26/18    CNY     6.40
ZHUCHENG ECONOMIC DEVELOPMEN    59.00    11/29/19    CNY     6.80
ZHUCHENG ECONOMIC DEVELOPMEN    61.37    11/29/19    CNY     6.80
ZHUHAI HUAFA GROUP CO LTD       25.35    02/16/18    CNY     8.43
ZHUHAI HUAFA GROUP CO LTD       25.49    02/16/18    CNY     8.43
ZHUHAI HUAFA GROUP CO LTD       70.36    06/05/19    CNY     5.50
ZHUJI CITY CONSTRUCTION INVE    56.00    12/19/19    CNY     6.92
ZHUJI CITY CONSTRUCTION INVE    61.50    12/19/19    CNY     6.92
ZHUJI CITY CONSTRUCTION INVE    70.00    07/05/18    CNY     6.92
ZHUJI CITY CONSTRUCTION INVE    70.73    07/05/18    CNY     6.92
ZHUMADIAN INVESTMENT CO LTD     61.02    11/26/19    CNY     6.95
ZHUZHOU GECKOR GROUP CO LTD     61.32    09/10/19    CNY     7.50
ZHUZHOU GECKOR GROUP CO LTD     61.33    09/10/19    CNY     7.50
ZHUZHOU GECKOR GROUP CO LTD     71.44    08/18/18    CNY     7.82
ZHUZHOU YUNLONG DEVELOPMENT     60.90    11/19/19    CNY     6.78
ZHUZHOU YUNLONG DEVELOPMENT     61.13    11/19/19    CNY     6.78
ZIBO CITY PROPERTY CO LTD       23.93    04/27/19    CNY     5.45
ZIBO CITY PROPERTY CO LTD       61.11    08/22/19    CNY     6.83
ZIGONG GAOXIN INVESTMENT CO     60.81    03/13/20    CNY     6.30
ZIGONG STATE-OWNED ASSETS MA    70.64    06/17/18    CNY     6.86
ZIYANG CITY CONSTRUCTION INV    50.80    01/09/19    CNY     7.58
ZOUCHENG CITY ASSET OPERATIO    20.18    01/12/18    CNY     7.02
ZOUCHENG CITY ASSET OPERATIO    50.30    03/12/19    CNY     6.18
ZOUCHENG CITY ASSET OPERATIO    50.72    03/12/19    CNY     6.18
ZOUPING COUNTY STATE-OWNED A    40.18    04/27/18    CNY     6.98
ZOUPING COUNTY STATE-OWNED A    40.41    04/27/18    CNY     6.98
ZUNYI CITY HUICHUAN DISTRICT    50.74    04/24/19    CNY     6.75
ZUNYI INVESTMENT GROUP LTD C    41.68    03/13/19    CNY     8.53
ZUNYI ROAD & BRIDGE ENGINEER    72.95    08/17/20    CNY     7.15
ZUNYI STATE-OWNED ASSET INVE    60.97    12/26/19    CNY     6.98


HONG KONG
---------
CHINA CITY CONSTRUCTION INTE    70.63    07/03/17    CNY     5.35


INDONESIA
---------

BERAU COAL ENERGY TBK PT       38.54    03/13/17    USD      7.25
BERAU COAL ENERGY TBK PT       48.54    03/13/17    USD      7.25
DAVOMAS INTERNATIONAL FINANC     1.17    12/08/14   USD     11.00
DAVOMAS INTERNATIONAL FINANC     1.17    12/08/14   USD     11.00
DAVOMAS INTERNATIONAL FINANC     1.17    05/09/11   USD     11.00
DAVOMAS INTERNATIONAL FINANC     1.17    05/09/11   USD     11.00


INDIA
-----

3I INFOTECH LTD               14.63    03/31/25    USD      2.50
BLUE DART EXPRESS LTD          10.09    11/20/17    INR     9.30
BLUE DART EXPRESS LTD          10.26    11/20/18    INR     9.40
BLUE DART EXPRESS LTD          10.41    11/20/19    INR     9.50
GTL INFRASTRUCTURE LTD         40.13    11/09/17    USD     5.53
JAIPRAKASH ASSOCIATES LTD      41.38    09/08/17    USD     5.75
JAIPRAKASH POWER VENTURES LT   10.00    02/13/49    USD     7.00
JCT LTD                        27.00    04/08/11    USD     2.50
PRAKASH INDUSTRIES LTD         21.00    04/30/15    USD     5.25
PYRAMID SAIMIRA THEATRE LTD     1.00    07/04/12    USD     1.75
REI AGRO LTD                    1.52    11/13/14    USD     5.50
REI AGRO LTD                    1.52    11/13/14    USD     5.50
SVOGL OIL GAS & ENERGY LTD      1.46    08/17/15    USD     5.00


JAPAN
-----

AVANSTRATE INC                 29.75    10/31/17    JPY     5.55
AVANSTRATE INC                 37.00    10/31/17    JPY     5.55
FUKUSHIMA BANK LTD/THE         74.37    12/05/23    JPY     1.19
MICRON MEMORY JAPAN INC        13.75    12/07/12    JPY     2.29
MICRON MEMORY JAPAN INC        13.75    11/29/12    JPY     2.10
MICRON MEMORY JAPAN INC        13.75    03/22/12    JPY     2.03
TAKATA CORP                    38.13    03/26/21    JPY     0.58
TAKATA CORP                    45.00    03/06/19    JPY     0.85
TAKATA CORP                    49.75    12/15/17    JPY     1.02


KOREA
-----

2014 KODIT CREATIVE THE 1ST     35.87    12/25/17    KRW     5.00
2014 KODIT CREATIVE THE 1ST     35.87    12/25/17    KRW     5.00
2016 KIBO 1ST SECURITIZATION    31.59    09/13/18    KRW     5.00
CHEJU REGIONAL DEVELOPMENT B    25.26    07/25/18    KRW     3.00
DAEWOO SHIPBUILDING & MARINE    25.34    04/21/19    KRW     3.79
DAEWOO SHIPBUILDING & MARINE    51.24    11/29/17    KRW     3.50
DAEWOO SHIPBUILDING & MARINE    51.29    03/19/18    KRW     3.28
DAEWOO SHIPBUILDING & MARINE    59.77    07/23/17    KRW     3.73
DONGBU METAL CO LTD             73.74    04/16/20    KRW     5.75
DOOSAN CAPITAL SECURITIZATIO    52.93    04/22/19    KRW
20.00
HYUNDAI MERCHANT MARINE CO L    49.50    07/07/21    KRW     1.00
HYUNDAI MERCHANT MARINE CO L    52.00    04/07/21    KRW     1.00
JT CAPITAL FIRST ASSET SECUR    74.31    07/24/45    KRW     3.75
KIBO ABS SPECIALTY CO LTD       30.07    02/25/19    KRW     5.00
KIBO ABS SPECIALTY CO LTD       34.14    12/25/17    KRW     5.00
KIBO ABS SPECIALTY CO LTD       34.66    03/29/18    KRW     5.00
KIBO ABS SPECIALTY CO LTD       39.41    08/22/17    KRW
10.00
KOREA SOUTH-EAST POWER CO LT    55.71    12/07/42    KRW     4.38
KOREA SOUTH-EAST POWER CO LT    56.16    12/07/42    KRW     4.44
KOREA TREASURY BOND             73.16    09/10/66    KRW     1.50
LSMTRON DONGBANGSEONGJANG SE    35.17    11/22/17    KRW     4.53
MERITZ CAPITAL CO LTD           36.42    04/28/46    KRW     5.66
MERITZ CAPITAL CO LTD           37.24    09/29/46    KRW     5.44
OKC SECURITIZATION SPECIALTY    30.53    01/03/20    KRW
10.00
OKC SECURITIZATION SPECIALTY    52.40    02/17/42    KRW     3.00
SAMPYO CEMENT CO LTD            70.00    06/26/15    KRW     7.30
SAMPYO CEMENT CO LTD            70.00    04/12/15    KRW     7.30
SAMPYO CEMENT CO LTD            70.00    07/20/14    KRW     7.50
SAMPYO CEMENT CO LTD            70.00    09/10/14    KRW     7.50
SAMPYO CEMENT CO LTD            70.00    04/20/14    KRW     7.50
SHINHAN BANK                    73.38    12/08/31    KRW     3.83
SHINHAN BANK                    73.38    12/08/31    KRW     3.83
SINBO SECURITIZATION SPECIAL    18.59    10/30/19    KRW     5.00
SINBO SECURITIZATION SPECIAL    26.29    07/28/20    KRW     5.00
SINBO SECURITIZATION SPECIAL    27.81    02/25/20    KRW     5.00
SINBO SECURITIZATION SPECIAL    27.93    01/28/20    KRW     5.00
SINBO SECURITIZATION SPECIAL    28.14    12/30/19    KRW     5.00
SINBO SECURITIZATION SPECIAL    28.87    06/24/19    KRW     5.00
SINBO SECURITIZATION SPECIAL    29.08    09/30/19    KRW     5.00
SINBO SECURITIZATION SPECIAL    29.50    08/27/19    KRW     5.00
SINBO SECURITIZATION SPECIAL    29.79    07/29/19    KRW     5.00
SINBO SECURITIZATION SPECIAL    29.85    03/13/19    KRW     5.00
SINBO SECURITIZATION SPECIAL    30.15    06/25/19    KRW     5.00
SINBO SECURITIZATION SPECIAL    31.20    03/18/19    KRW     5.00
SINBO SECURITIZATION SPECIAL    31.20    03/18/19    KRW     5.00
SINBO SECURITIZATION SPECIAL    31.43    02/27/19    KRW     5.00
SINBO SECURITIZATION SPECIAL    31.43    02/27/19    KRW     5.00
SINBO SECURITIZATION SPECIAL    31.68    01/30/19    KRW     5.00
SINBO SECURITIZATION SPECIAL    31.68    01/30/19    KRW     5.00
SINBO SECURITIZATION SPECIAL    32.06    12/23/18    KRW     5.00
SINBO SECURITIZATION SPECIAL    32.06    12/23/18    KRW     5.00
SINBO SECURITIZATION SPECIAL    32.08    07/29/18    KRW     5.00
SINBO SECURITIZATION SPECIAL    32.44    06/25/18    KRW     5.00
SINBO SECURITIZATION SPECIAL    32.76    05/26/18    KRW     5.00
SINBO SECURITIZATION SPECIAL    33.02    09/26/18    KRW     5.00
SINBO SECURITIZATION SPECIAL    33.02    09/26/18    KRW     5.00
SINBO SECURITIZATION SPECIAL    33.02    09/26/18    KRW     5.00
SINBO SECURITIZATION SPECIAL    33.28    08/29/18    KRW     5.00
SINBO SECURITIZATION SPECIAL    33.28    08/29/18    KRW     5.00
SINBO SECURITIZATION SPECIAL    33.88    07/24/18    KRW     5.00
SINBO SECURITIZATION SPECIAL    33.88    07/24/18    KRW     5.00
SINBO SECURITIZATION SPECIAL    34.15    06/27/18    KRW     5.00
SINBO SECURITIZATION SPECIAL    34.15    06/27/18    KRW     5.00
SINBO SECURITIZATION SPECIAL    34.16    12/23/17    KRW     5.00
SINBO SECURITIZATION SPECIAL    34.83    03/12/18    KRW     5.00
SINBO SECURITIZATION SPECIAL    34.83    03/12/18    KRW     5.00
SINBO SECURITIZATION SPECIAL    35.11    02/11/18    KRW     5.00
SINBO SECURITIZATION SPECIAL    35.11    02/11/18    KRW     5.00
SINBO SECURITIZATION SPECIAL    35.66    01/15/18    KRW     5.00
SINBO SECURITIZATION SPECIAL    35.66    01/15/18    KRW     5.00
SINBO SECURITIZATION SPECIAL    39.42    10/01/17    KRW     5.00
SINBO SECURITIZATION SPECIAL    39.42    10/01/17    KRW     5.00
SINBO SECURITIZATION SPECIAL    39.42    10/01/17    KRW     5.00
SINBO SECURITIZATION SPECIAL    45.38    08/16/17    KRW     5.00
SINBO SECURITIZATION SPECIAL    45.38    08/16/17    KRW     5.00
SINBO SECURITIZATION SPECIAL    47.74    07/24/17    KRW     5.00
SINBO SECURITIZATION SPECIAL    53.69    07/08/17    KRW     5.00
SINBO SECURITIZATION SPECIAL    53.69    07/08/17    KRW     5.00
SINBO SECURITIZATION SPECIAL    57.13    06/07/17    KRW     5.00
SINBO SECURITIZATION SPECIAL    57.13    06/07/17    KRW     5.00
U-BEST SECURITIZATION SPECIA    36.87    11/16/17    KRW     5.50
WOONGJIN ENERGY CO LTD          63.69    12/19/19    KRW     3.00
WOORI BANK                     342.58    12/12/44    KRW     5.21


SRI LANKA
---------

SRI LANKA GOVERNMENT BONDS     63.64    03/01/26    LKR     5.35
SRI LANKA GOVERNMENT BONDS     69.30    01/01/32    LKR     8.00
SRI LANKA GOVERNMENT BONDS     70.15    12/01/24    LKR     6.00
SRI LANKA GOVERNMENT BONDS     70.70    06/01/43    LKR     9.00
SRI LANKA GOVERNMENT BONDS     74.39    11/01/33    LKR     9.00
SRI LANKA GOVERNMENT BONDS     74.90    06/01/33    LKR     9.00


MALAYSIA
--------

ADVANCE SYNERGY BHD             0.10    01/26/18    MYR     2.00
BARAKAH OFFSHORE PETROLEUM B    0.63    10/24/18    MYR     3.50
BERJAYA CORP BHD                0.36    05/29/26    MYR     2.00
BERJAYA CORP BHD                0.48    04/22/22    MYR     5.00
BRIGHT FOCUS BHD               74.09    01/22/31    MYR     2.50
ELK-DESA RESOURCES BHD          0.98    04/14/22    MYR     3.25
HIAP TECK VENTURE BHD           0.31    06/27/21    MYR     5.00
I-BHD                           0.45    10/09/19    MYR     2.50
IRE-TEX CORP BHD                0.03    06/10/19    MYR     1.00
LAND & GENERAL BHD              0.18    09/24/18    MYR     1.00
MALTON BHD                      1.51    06/30/18    MYR     6.00
PUC FOUNDER MSC BHD             0.09    02/15/19    MYR     4.00
REDTONE INTERNATIONAL BHD       0.19    03/04/20    MYR     2.75
SAM ENGINEERING & EQUIPMENT     3.10    09/25/17    MYR     4.00
SEE HUP CONSOLIDATED BHD        0.13    12/22/17    MYR     4.60
SENAI-DESARU EXPRESSWAY BHD     54.92   06/30/31    MYR     1.35
SENAI-DESARU EXPRESSWAY BHD     56.27   12/31/30    MYR     1.35
SENAI-DESARU EXPRESSWAY BHD     57.65   06/28/30    MYR     1.35
SENAI-DESARU EXPRESSWAY BHD     58.97   12/31/29    MYR     1.35
SENAI-DESARU EXPRESSWAY BHD     60.30   06/29/29    MYR     1.35
SENAI-DESARU EXPRESSWAY BHD     61.61   12/29/28    MYR     1.35
SENAI-DESARU EXPRESSWAY BHD     62.94   06/30/28    MYR     1.35
SENAI-DESARU EXPRESSWAY BHD     64.21   12/31/27    MYR     1.35
SENAI-DESARU EXPRESSWAY BHD     65.48   06/30/27    MYR     1.35
SENAI-DESARU EXPRESSWAY BHD     66.79   12/31/26    MYR     1.35
SENAI-DESARU EXPRESSWAY BHD     68.10   06/30/26    MYR     1.35
SENAI-DESARU EXPRESSWAY BHD     69.45   12/31/25    MYR     1.35
SENAI-DESARU EXPRESSWAY BHD     69.54   06/30/25    MYR     1.15
SENAI-DESARU EXPRESSWAY BHD     71.03   12/31/24    MYR     1.15
SENAI-DESARU EXPRESSWAY BHD     71.07   12/31/38    MYR     0.50
SENAI-DESARU EXPRESSWAY BHD     72.50   12/30/39    MYR     0.50
SENAI-DESARU EXPRESSWAY BHD     72.59   06/28/24    MYR     1.15
SENAI-DESARU EXPRESSWAY BHD     73.54   12/31/40    MYR     0.50
SENAI-DESARU EXPRESSWAY BHD     74.17   12/29/23    MYR     1.15
SENAI-DESARU EXPRESSWAY BHD     74.44   12/31/41    MYR     0.50
SOUTHERN STEEL BHD              1.53    01/24/20    MYR     5.00
THONG GUAN INDUSTRIES BHD       4.31    10/10/19    MYR     5.00
UNIMECH GROUP BHD               1.10    09/18/18    MYR     5.00
VIZIONE HOLDINGS BHD            0.07    08/08/21    MYR     3.00
YTL LAND & DEVELOPMENT BHD      0.47    10/31/21    MYR     3.00


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

BAYAN TELECOMMUNICATIONS INC    22.75    07/15/06    USD
13.50
BAYAN TELECOMMUNICATIONS INC    22.75    07/15/06    USD
13.50


SINGAPORE
---------

ASL MARINE HOLDINGS LTD        45.00    10/01/21    SGD     5.85
ASL MARINE HOLDINGS LTD        70.00    03/28/20    SGD     5.50
AUSGROUP LTD                   66.25    10/20/18    SGD     7.95
BAKRIE TELECOM PTE LTD          1.65    05/07/15    USD     11.50
BAKRIE TELECOM PTE LTD          1.65    05/07/15    USD     11.50
BERAU CAPITAL RESOURCES PTE    48.55    07/08/15    USD     12.50
BERAU CAPITAL RESOURCES PTE    48.63    07/08/15    USD     12.50
BLD INVESTMENTS PTE LTD         4.63    03/23/15    USD     8.63
BUMI CAPITAL PTE LTD           55.38    11/10/16    USD     12.00
BUMI CAPITAL PTE LTD           55.50    11/10/16    USD     12.00
BUMI INVESTMENT PTE LTD        55.00    10/06/17    USD     10.75
BUMI INVESTMENT PTE LTD        56.38    10/06/17    USD     10.75
ENERCOAL RESOURCES PTE LTD     45.25    04/07/18    USD     9.25
EZION HOLDINGS LTD             47.33    06/11/21    SGD     4.88
EZION HOLDINGS LTD             59.97    03/13/20    SGD     5.10
EZION HOLDINGS LTD             65.06    05/22/19    SGD     4.70
EZION HOLDINGS LTD             70.34    01/23/19    SGD     4.85
EZRA HOLDINGS LTD               4.01    04/24/18    SGD     4.88
INDO INFRASTRUCTURE GROUP PT    1.00    07/30/10    USD     2.00
ORO NEGRO DRILLING PTE LTD     62.14    01/24/19    USD     7.50
OSA GOLIATH PTE LTD             0.72    10/09/18    USD     12.00
PACIFIC RADIANCE LTD           25.13    08/29/18    SGD     4.30
RICKMERS MARITIME              24.25    05/15/17    SGD     8.45
SWIBER CAPITAL PTE LTD          4.61    10/30/17    SGD     6.25
SWIBER CAPITAL PTE LTD          4.62    08/02/18    SGD     6.50
SWIBER HOLDINGS LTD             5.00    10/10/16    SGD     5.55
SWIBER HOLDINGS LTD             8.99    09/18/17    CNY     7.75
SWIBER HOLDINGS LTD            10.75    04/18/17    SGD     7.13
TRIKOMSEL PTE LTD              18.00    05/10/16    SGD     5.25
TRIKOMSEL PTE LTD              18.00    06/05/17    SGD     7.88


THAILAND
--------

BANK OF THAILAND BOND         1.65    07/20/18    THB     1.55
G STEEL PCL                   3.00    10/04/15    USD     3.00
MDX PCL                      37.75    09/17/03    USD     4.75


VIETNAM
-------

DEBT AND ASSET TRADING CORP    59.50    10/10/25    USD     1.00
DEBT AND ASSET TRADING CORP    60.25    10/10/25    USD     1.00



                             *********

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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