TCRAP_Public/170711.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, July 11, 2017, Vol. 20, No. 136


                            Headlines


A U S T R A L I A

AUSTRADIA PTY: Topshop Closes 5 Underperforming Stores
INDUX AIR: Second Creditors' Meeting Set for July 19
MALOUF GROUP: ASIC Commences Legal Proceedings
REMANET PTY: First Creditors' Meeting Set for July 19

I N D I A

AIR INDIA: Break-Up an Option as PM Modi Pushes for Sale
AKLAVYA INDUSTRIES: ICRA Reaffirms B+ Rating on INR7.0cr Loan
ALLIED MEDICAL: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
ARDHENDU MONDAL: ICRA Assigns B+ Rating to INR5.50cr Cash Loan
AYODHYA NAGAR: Ind-Ra Puts BB- Rating on Rating Watch Positive

CALYX MERLIN: CARE Assigns B+ Rating to INR20cr LT Bank Loan
CLASSIC MICROTECH: ICRA Reaffirms 'B' Rating on INR10cr Loan
D. S. KULKARNI: CARE Lowers Rating on INR111.59cr Loan to D
DECOR HOME: CARE Assigns B+ Rating to INR30cr LT Loan
DRUSHTI REALTORS: CARE Assigns 'D' Rating to INR15cr LT Loan

EXTOL EDUCATION: Ind-Ra Migrates BB Rating to Non-Cooperating
GANESHA INTERNATIONAL: CARE Reaffirms B+ Rating on INR4cr Loan
GOVERDHAN VERMA: CARE Assigns B+ Rating to INR10cr LT Loan
GUJARAT GINNING: CARE Assigns B+ Rating to INR12cr LT Loan
GULZAR EDUCATIONAL: Ind-Ra Migrates BB- Rating to Non-Cooperating

GMW ENGINEERS: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
HIGH STREET: ICRA Withdraws B- Rating on INR6.44CR LT Loan
HIND PLASTIC: CARE Assigns B+ Rating to INR5cr LT Loan
K.P. CHACKO: CARE Assigns B+ Rating to INR17cr LT Bank Loan
KOHINOOR ELITE: ICRA Reaffirms D Rating on INR2.45cr LT Loan

KOHINOOR HOSPITALS: ICRA Reaffirms B- Rating on INR45.13cr Loan
MALHATI TEA: ICRA Reaffirms B- Rating on INR6.46cr Loan
MONTANA TILES: ICRA Reaffirms 'B' Rating on INR8.75cr Loan
RAJ ARCADE: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
RIDDHI SIDDHI: ICRA Reaffirms 'B' Rating on INR6.50cr Loan

RLJ MULTIGRAIN: ICRA Reaffirms B Rating on INR6.50cr Cash Loan
SHAKTI CABLES: ICRA Reaffirms B- Rating on INR3.75cr Loan
SRI LAXMI: CARE Assigns B+ Rating to INR15.80cr LT Loan
STATE TRADING: CARE Lowers Rating on INR4,000cr Loan to D
SUDARSHAN SULZ: ICRA Withdraws B+ Rating on INR3.50cr LT Loan

SWARGIYA BHIKAM: Ind-Ra Migrates BB Rating to Non-Cooperating
UTTARA FOOD: ICRA Reaffirms D Rating on INR145.83cr LT Loan
VASUNDHARA DEVELOPERS: ICRA Reaffirms B Rating on INR10cr Loan
VISHWA GYAN: Ind-Ra Migrates BB- Rating to Non-Cooperating
WORLD STEELTECH: ICRA Reaffirms B- Rating on INR9.80cr Loan

J A P A N

TAKATA CORP: Injured Drivers Get Official Role in Bankruptcy
TOSHIBA CORP: Under Pressure to Consider Plan B
TOSHIBA CORP: Seeks Unconventional $6 Billion Credit Line

M A L A Y S I A

ALAM SWIBER: High Court Grants Wind Up Order

P H I L I P P I N E S

2GO GROUP: Restates 2015 and 2016 Audited Financial Statements

S I N G A P O R E

GEO ENERGY: Fitch Assigns B+ Long-Term IDR; Outlook Stable

X X X X X X X X

* BOND PRICING: For the Week July 3 to July 7, 2017


                            - - - - -


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A U S T R A L I A
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AUSTRADIA PTY: Topshop Closes 5 Underperforming Stores
------------------------------------------------------
Melissa Singer at The Sydney Morning Herald reports that the
administrators for the failed Topshop franchise in Australia are
closing five of its nine stand-alone stores in a bid to save the
local arm of the UK fast-fashion retailer.

According to SMH, Stores at Chatswood and Miranda shopping
centres in NSW, Highpoint in Melbourne, and Perth have closed in
the past two weeks.

But the closure expected to send the biggest shockwaves through
the broader retail industry is in Chapel Street, in Melbourne's
South Yarra, which has been struggling for several years against
competition from surrounding shopping strips, the CBD and online,
SMH relates.

Chapel Street was the first Topshop store to open in Australia,
in 2011, the report notes.

On July 8, the Chapel Street store had "closing soon" and "final
reductions" signs on the windows. It is expected to close within
weeks, SMH says.

The report notes that the Australian franchise of Topshop entered
into voluntary administration in May, and talks to try to save
the business continue between its Australian owners and the UK
owners of the business, including Sir Philip Green.

Myer has a 20% stake in the Australian operation and has Topshop
concessions in 17 stores.

One option to save the company could be to transfer ownership of
the trimmed down Australian operation to its UK franchisors, SMH
states.

                          About Topshop

Austradia Pty Ltd (trading as 'Topshop/Topman'), one of
Australia's best known fast fashion retailers, was placed into
voluntary administration on May 24.

Ferrier Hodgson partners James Stewart, Jim Sarantinos, and Ryan
Eagle were appointed voluntary administrators by the company's
board of directors.

Topshop and Topman are the foundational brands of Arcadia Group
Ltd, a British multinational fashion retailer. The separately
owned and operated Australian franchise, Topshop/Topman, opened
locally in 2011.

When it went into voluntary administration on May 25, Topshop
Australia had debts totalling $35 million, SMH discloses.


INDUX AIR: Second Creditors' Meeting Set for July 19
----------------------------------------------------
A second meeting of creditors in the proceedings of Indux Air
Systems Pty Ltd has been set for July 19, 2017, at 3:00 p.m., at
the offices of RSM Australia Partners, Equinox Building 4,
Level 2, 70 Kent Street, in Deakin, ACT.

The purpose of the meeting 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 July 18, 2017, at 4:00 p.m.

Frank Lo Pilato and Richard Stone of RSM Australia Partners were
appointed as administrators of Indux Air on June 14, 2017.


MALOUF GROUP: ASIC Commences Legal Proceedings
----------------------------------------------
The Australian Securities and Investments Commission has launched
legal proceedings against Gold Coast-based credit repair
business, Malouf Group Enterprises Pty Ltd, and its director
Jordan Francis Malouf.

ASIC alleges that between January 1, 2014 and December 31, 2015,
Malouf Group made false or misleading representations and engaged
in unconscionable conduct in the operation of its credit repair
business, including by representing to consumers that Malouf
Group could remove negative listings from their credit file when
in fact often nothing could actually be done about the listings.
ASIC also alleges that in some cases there was nothing in fact
wrong with the consumer's credit file. Malouf Group usually
charged consumers a fee of AUD1,095 for its services.

ASIC is seeking:

   * declarations that Malouf Group made representations that
     were false or misleading, and engaged in conduct that
     was misleading or deceptive and unconscionable;

   * declarations that Mr. Malouf was knowingly concerned in
     the contraventions by Malouf Group;

   * orders to stop Malouf Group and Mr. Malouf from continuing
     to make false or misleading representations;

   * fines;

   * refunds for consumers; and

   * orders requiring Malouf Group to establish compliance and
     training programs and to publish corrective notices.

The maximum penalties for breaches of the Australian Consumer Law
are AUD1.1 million for a corporation and AUD220,000 for an
individual.

The proceeding has been listed for a directions hearing in the
Brisbane Federal Court on July 12, 2017.

ASIC has commenced these proceedings in the Federal Court
following delegation of power from the Australian Competition and
Consumer Commission. The delegation gives ASIC functions and
powers under the Competition and Consumer Act 2010 to regulate
conduct (including taking enforcement action) in relation to
credit repair and debt collection.

Malouf Group trades under various business names including Credit
Wash, Credit Clean Australia, Credit Fix Australia and Clean Your
Credit.


REMANET PTY: First Creditors' Meeting Set for July 19
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Remanet
Pty Ltd will be held at the offices of Gregory J Shilton & Co,
Unit 25, 282 Chesterville Road, in Moorabbin, on July 19, 2017,
at 11:00 a.m.

Gregory John Shilton -- greg@gregshilton.com.au -- of Gregory J
Shilton & Co was appointed as administrator of Remanet Pty on
July 10, 2017.



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


AIR INDIA: Break-Up an Option as PM Modi Pushes for Sale
--------------------------------------------------------
The Times of India reports that India is considering selling
state-owned Air India in parts to make it attractive to potential
buyers, as it reviews options to divest the loss-making flagship
carrier, several government officials familiar with the situation
said.

Prime Minister Narendra Modi's cabinet gave the go-ahead last
month for the government to try to sell the airline, after
successive governments spent billions of dollars in recent years
to keep the airline going, the report recalls.

Air India -- founded in the 1930s and known to generations of
Indians for its Maharajah mascot -- is saddled with a debt burden
of $8.5 billion and a bloated cost structure. The government has
injected $3.6 billion since 2012 to bail out the airline, TOI
discloses.

Once the nation's largest carrier, its market share in the
booming domestic market has slumped to 13 percent as private
carriers such as InterGlobe Aviation's IndiGo and Jet Airways
have grown.

According to TOI, previous attempts to offload the airline have
been unsuccessful. If Modi can pull this off, it will buttress
his credentials as a reformer brave enough to wade into some of
the country's most intractable problems.

His office has set a deadline of early next year to get the sale
process underway, the officials said, declining to be named as
they were not authorized to speak publicly about the plans.

The timeline is ambitious and the process fraught, with opinion
divided on the best way forward: should the government retain a
stake or exit completely, and should it risk being left with the
unprofitable pieces while buyers pick off the better businesses,
officials said.

Already, a labor union that represents 2,500 of the airline's
40,000 employees has opposed the idea of a sale even though it is
ideologically aligned to Modi's Bharatiya Janata Party, TOI
states.

The report says officials who have to make it happen are
grappling with the sheer scale of the exercise. Air India has six
subsidiaries -- three of which are loss-making -- with assets
worth about $4.6 billion. It has an estimated $1.24 billion worth
of real estate, including two hotels, where ownership is split
among various government entities.

No one has properly valued the company's various businesses and
assets before, two officials with direct knowledge of the process
said, TOI relays. Earlier this month, about $30 million worth of
art, including paintings by artist M. F. Husain, went missing
from its Mumbai offices, chairman Ashwani Lohani said.

"The exercise is complex and there is no easy way out," TOI
quotes Jitendra Bhargava, operational head of Air India in 1997-
2010, as saying. "At this juncture, selling even part of Air
India is far from certain."

                          About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government
of India enterprise. The airline operates a fleet of Airbus and
Boeing aircraft serving various domestic and international
airports. It is headquartered at the Indian Airlines House in
New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on
March 28, 2014, The Times of India said Air India got a breather
in the form of INR1,000-crore equity infusion from the government
on March 26, 2014.  According to the report, the airline's
unending financial stress had got worse as the Centre had so far
given INR6,000 crore instead of the promised INR8,500 crore for
the fiscal. As a result, AI had to bridge this gap by borrowing
money from banks at 11%-12%, which increased its debt servicing
burden, the report said.  Before the infusion, the government had
injected INR12,200 crore into AI and there was a shortfall in
equity to the tune of INR3,574 crore -- despite the airline
meeting most of the milestone-linked equity targets -- leading to
a liquidity crunch, the report related.  TOI said the airline's
aircraft and working capital debt was INR26,033 crore and
INR21,125 crore respectively on December 31, 2013. The airline is
expected to lose INR3,990 crore this fiscal.

Air India has posted continuous losses since 2007, according to
The Economic Times.


AKLAVYA INDUSTRIES: ICRA Reaffirms B+ Rating on INR7.0cr Loan
-------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ and the
short-term rating of [ICRA]A4 for the INR11.49 crore bank
facilities of Aklavya Industries Private Limited.  The outlook on
long-term rating is Stable.

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

  Fund-based Term
  Loan                    4.49     [ICRA]B+ (Stable); Re-affirmed

  Non-fund Based
  Bank Guarantee          0.0045   [ICRA]A4; Re-affirmed

  Non-fund Based
  Letter of Credits
  (Sublimit of Cash
  Credit)                 (2.65)   [ICRA]A4; Re-affirmed

Rationale

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with Aklavya Industries Private Limited, ICRA has been seeking
information from the company to undertake a surveillance of
ratings. Despite multiple requests, however, 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

  * Established experience of the promoters in the fabric
    processing business

  * Operational synergy in terms of value buying with higher
    credit from suppliers as Group companies are engaged in
    same line of business.

  * Location advantage in terms of raw material availability
    and proximity to customers by virtue of presence in Surat

Credit weaknesses

  * Moderate scale of operations

  * Low profitability and leveraged capital structure, which
    may remain under pressure on account of the proposed capex
    and inadequate coverage indicators

  * Intensely competitive business environment on account of a
    fragmented industry structure; limited scope of
    differentiation in the industry

  * Vulnerability of operations to cyclicality inherent in
    the textile industry

Description of key rating drivers

AIPL is involved in the processing of synthetic, polyester,
cotton and viscose fabrics on a job-work basis. It has capacity
to dye 1,25,000 meters fabric per day and print 35000 meters
fabric per day. The fabrics processed by the company are in turn
used to manufacture saris and dress materials. AIPL's
manufacturing unit is located in Surat, Gujarat, which
facilitates raw material availability and access to a larger
customer base for business expansion. The promoters have over a
decade of experience in the textile business through other group
entities like Armaan Industries Pvt. Ltd. and Aastha Fashions
Pvt. Ltd., which are primarily engaged in the processing (dyeing
and printing) business in Surat. Since Group companies are in the
same line of business, these entities together achieve
operational synergies to some extent in terms of higher credit
from suppliers. Nevertheless, the company's scale of operations
remains moderate and profit metrics remain weak due to limited
value addition in the fabric-processing operations. Furthermore,
a highly fragmented and competitive industry structure with a
large number of unorganised players due to low entry barriers
limits the AIPL's pricing flexibility.

AIPL was originally incorporated in 1998 as Sheetal Dyeing &
Printing Mills Pvt. Ltd. The name of the company was changed to
Aklavya Industries Private Limited in February 2007, when Mr.
Abhishek Kanodia and Mr. Kamal Bhutra took over the company. At
present, Mr. Kanodia and Mr. Bhutra look after the operations of
the company. AIPL is engaged in the processing of synthetic,
polyester cotton and viscose fabrics on a job-work basis. Its
head office and manufacturing unit is in Surat.


ALLIED MEDICAL: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Allied Medical
Limited's (AML) Long-Term Issuer Rating at 'IND BB'. The Outlook
is Stable. Instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limits affirmed with
    IND BB/Stable/IND A4+ ratings; and
-- INR50 mil. Non-fund-based working capital limits affirmed
    with IND A4+ ratings

KEY RATING DRIVERS

The affirmation reflects AML's continued small scale of
operations and moderate credit metrics. According to FY17
provisional financials, revenue was INR301.07 million (FY16:
INR303.30 million). EBITDA margins declined to 15.61% in FY17P
(FY16: 17.44%) due to fluctuations in raw material prices.
Interest coverage (operating EBITDA/gross interest expense)
improved to 3x (2.98x) and net financial leverage (total adjusted
net debt/operating EBITDAR) to1.99x (2.33x) on account of
decrease in debt and the consequent decline in interest expense.

The ratings, however, continue to be supported by AML's promoters
over 30 years of operating experience in the life saving
equipment manufacturing business. The ratings also remain
supported by the company's strong relationships with customers
and suppliers.

The ratings also continue to factor in AML's comfortable
liquidity position as reflected by 76.76% average utilisation of
working capital limits during the 12 months ended June 2017.

RATING SENSITIVITIES

Negative: A further decline in the revenue due to a fall in
orders leading to weaker credit metrics will be negative for the
ratings.

Positive: An increase in the revenue while maintaining or
improving the credit metrics from the current levels will be
positive for the ratings.

COMPANY PROFILE

Incorporated in 1982, AML is engaged in manufacturing and trading
of life saving equipment, and surgical and hospital equipment
such as anesthesia machines and anesthesia vapourisers and other
medical equipment. Its manufacturing facility is located in
Gurugram, Haryana.


ARDHENDU MONDAL: ICRA Assigns B+ Rating to INR5.50cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR5.50-crore cash credit and INR2.48-crore unallocated limit
of M/s. Ardhendu Mondal. ICRA has also reaffirmed the short-term
rating of [ICRA]A4 for the INR2.02-crore bank-guarantee limit of
the firm. The outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Cash Credit             5.50       Reaffirmed at [ICRA]B+;
                                     Stable outlook assigned

  Unallocated Limit       2.48       Reaffirmed at [ICRA]B+;
                                     Stable outlook assigned

  Bank Guarantee          2.02       Reaffirmed at [ICRA]A4

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with MAM, 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 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.

Incorporated in 2004 as a partnership firm, M/s. Ardhendu Mondal
is involved primarily in the business of civil construction in
West Bengal. The registered office of the firm is in Burdwan,
West Bengal. The activities of the firm include earth work, river
bank protection, bridge construction and maintenance work, road
and building construction work etc.


AYODHYA NAGAR: Ind-Ra Puts BB- Rating on Rating Watch Positive
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ayodhya Nagar
Palika Parishad (AYNPP) a Long-Term Issuer Rating of 'IND BB-'
and placed it on Rating Watch Positive (RWP).

KEY RATING DRIVERS

Ayodhya city has inadequate civic infrastructure. It does not
have a proper underground sewerage system, at the same time
inadequate water supply, drainage network, proper solid waste
management and collection facilities. The lack of these adequate
basic civic services as reflected by Service Level Benchmark
reports calls for an immediate attention. However, civic
infrastructure is likely to improve due to its selection under
Atal Mission for Rejuvenation and Urban Transformation (AMRUT)
scheme.

Urban civic services delivery is also hampered by the
multiplicity of authorities providing these services. Besides
AYNPP, other state agencies such as Uttar Pradesh Jal Nigam,
Public Works Department are involved in provision of civic
services. The transfer of some of the services from these
agencies to the council can help speed up improvement in service
delivery.

AYNPP jurisdiction is about 10.24 square km. Economic activities
in the town are not buoyant and taxes on average contributed
7.67% to the total revenue over FY13-FY16. Along with tax
revenues, AYNPP's revenue sources comprise non-tax revenue,
grants & contribution and other income. The municipality's non-
tax revenue mainly emanates from various fees & charges and
rental income from municipal properties, and contributed 5.47% on
an average to the total revenue income over FY13-FY16.

AYNPP reported a moderate financial performance in FY16. Its
revenue receipts increased to INR162.42 million in FY16 from
INR85.68 million in FY13, at a CAGR of 23.76%. It had an overall
balance of INR2.70 million for FY16.

AYNPP has a high level of dependence on the state government. It
receives compensation in lieu of stamp duty and revenue grants
for development purposes. Revenue compensation and revenue grants
cumulatively contributed 83.31% to the total revenue income
during FY13-FY16.

The RWP reflects the announcement of a merger between AYNPP and a
stronger entity Faizabad Nagar Palika Parishad to form Ayodhya
Nagar Nigam, which may have a positive impact on the financial
ratios of the merged entity. The decision of merger was taken in
a meeting of Cabinet Minister of Uttar Pradesh on 9 May 2017.

RATING SENSITIVITIES

Ind-Ra is likely to resolve the RWP once the financials and
capital investment plan of the merged entity is available.
However, Ind-Ra does not have clarity as when the merged
financials will be available. It may take more than six months.
The RWP indicates that the ratings may be upgraded or affirmed.

COMPANY PROFILE

Ayodhya city is administered by AYNPP. AYNPP was established in
1978 by separating it from Faizabad Nagar Palika Parishad.

Ayodhya city is located in the Faizabad district of Uttar
Pradesh. This city is situated on the banks of river Saryu River.
It is regarded as one of the seven most important pilgrimage
sites (Saptapuri) for Hindus. It is also a city of religious
harmony where besides almost five thousand temples there are The
Prophet of Islam, Shrine of Nau Gaji Pari as well as historic
Gurudwara of Sikhs along with Jain temples.

According to 2011 census, Ayodhya had a population of 55,890 with
average literacy rate of 78.15%, and sex ratio of 908 females per
1000 males.


CALYX MERLIN: CARE Assigns B+ Rating to INR20cr LT Bank Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Calyx
Merlin Buildcon LLP (CMBLLP), as:

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

Detailed Rationale & Key rating drivers

The rating assigned to CMBLLP is constrained on account of
project execution and marketing risk, pending financial closure
for the project, low booking status and advances received from
booked units, competition from other real estate players in the
region along with cyclical nature of the industry and
constitution of the firm as a partnership concern.

The above weaknesses are partially offset from considerable
experience of the partners in the real estate industry, strategic
location of the project and receipt of approvals and proposals.

The ability of the firm to execute the project as per the
schedule and within envisaged cost thereby enabling timely inflow
of the receivables and sale of the inventory as estimated are the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters: Pune-based Calyx Group has more than 20
years of experience in the real estate industry. The group has
adequate land bank and has completed 21 projects. Merlin Group
has extensive experience of over 50 years in the real estate
industry and also has an established market position in Kolkata.
However, in the past four years, the groups have entered in JV's
to develop properties in Raipur, Ahmadabad, Chennai, Kanpur,
Bhubaneswar and Pune with a focus on mid income segment.

Strategic location of the project: The project is well-connected
to the commercial and residential hubs of Pune, with reputed
educational institutes, IT parks and MIDC located right in its
vicinity. Furthermore, the company also markets the project
through the advertisement in print media and participates in
exhibitions.

Receipt of approvals and clearances for the project: CMBLLP has
received all the necessary clearances and approvals for the
project related to land acquisition and construction. The
requisite sanction plan of the Phase II of the said project has
been approved under PMRD (Pune Municipal Region Development
Authority). Apart from these, CMBLLP has received the necessary
clearances and approvals for the project related to commencement
certificate, environmental, pollution, and fire related approval.
However, the project has not attained RERA (Real Estate
Regulatory Authority) certificate however, will be shortly
applying for the same.

Key Rating Weaknesses
Project execution and marketing risk with low booking status: The
execution of the project commenced in March 2017 and is expected
to be completed by March 2020.The firm has incurred around 14% of
total cost on the project as on March 31, 2017. Furthermore,
CMBLLP has sold the area of 0.15 lsf (about 14% of the total
saleable area) and has received the advances of 4% of sold area
and balance 96% is expected to be received in the phase-wise
manner as per the progress of the project. Thus, the project
execution risk remains high as significant required work is yet
to be done.

CMBLLP also faces competition from other developers developing
the properties in the locality. Furthermore, with low booking
status the ability of the firm to sell the property at envisaged
rates in a timely manner shall be critical from the perspective
of credit.

Cyclical nature of the real estate industry: The real estate in
India is highly fragmented and is capital intensive in nature.
The life cycle of a real estate project is long and the state of
the economy at every point in time, right from land acquisition
to construction to actual delivery, has an impact on the project.
This capital intensive sector is extremely vulnerable to the
economic cycles. Adverse movement in interest rate affects the
real estate players in both ways by hampering demand as well as
increasing the cost of construction.

Presence in a competitive environment: The real estate industry
in India is highly fragmented with most of the real estate
developers having region-specific presence. CMBLLP faces
competition from other real-estate developers who exist with
residential projects in Pirangut, Pune such as Vilas Javdekar
Developers, Mont Vert Homes, Earnest and Shah Venture N G Rathi
Associates etc. and such other upcoming projects. However, the
partner's has a good understanding of the region and its dynamics
which partly mitigates this risk.

Partnership nature of its constitution limiting the financial
flexibility of the firm: Being partnership nature of
constitution, the firm is exposed to the risk of withdrawal of
capital by partners due to personal exigencies, dissolution of
firm due to retirement or death of any partner and restricted
financial flexibility due to inability to explore cheaper sources
of finance leading to limited growth potential.

Established in 2012, Calyx Merlin Buildcon LLP (CMBLLP) is an SPV
formed by Calyx Group & Merlin Group and is executing a
residential project in Pirangut, Pune. Calyx Group based out of
Pune is into real estate business since 1998.

The Calyx group has completed around 21 projects in Pune and
nearby areas with a total saleable area of 18.35 lakh sq. ft.
Kolkata based Merlin Group have over 30 years of experience in
the Real Estate & Hospitality. The group has till date completed
over 120 projects spanning 175 lakh square feet (lsf).

CMBLLP is currently undertaking a residential project named
"Navya Aangan - Phase II" consisting of two buildings (Building A
and B) and commercial shops at Pirangut, Pune with saleable area
of 1.10 lsf (excluding land owner's share) at an estimated cost
of INR33.90 crore and estimated total revenue of INR45.03 crore.
The project is expected to complete by March 2020.


CLASSIC MICROTECH: ICRA Reaffirms 'B' Rating on INR10cr Loan
------------------------------------------------------------
ICRA has reaffirmed its long term rating assigned to the INR10.00
crore cash credit facility of Classic Microtech Private Limited
at [ICRA]B and its short term rating assigned to the INR5.00
crore letter of credit facility of Classic Microtech Private
Limited (CMPL) at [ICRA]A4. The outlook on the long-term rating
is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Cash Credit            10.00      [ICRA]B (Stable) Reaffirmed
  Letter of Credit        5.00      [ICRA]A4 Reaffirmed

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with CMPL, 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)/ 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.

Classic Microtech Pvt. Ltd., incorporated in 2000, is engaged in
the business of manufacturing zirconium silicate - a mineral used
as an input during manufacturing of ceramic glaze frits for
tiles, sanitary ware etc. CMPL has an installed capacity to
manufacture approx. 4200 Metric Tonnes Per Annum (MTPA) of
zirconium silicate at its manufacturing facility located in
Pratij, Gujarat. CMPL is a closely held entity with the members
of the Patel family being the key stakeholders.


D. S. KULKARNI: CARE Lowers Rating on INR111.59cr Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
D. S. Kulkarni Developers Limited, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Non-Convertible
   Debentures            111.59      CARE D Revised from
                                     CARE C; Negative

   Fixed Deposits         33.86      CARE D Revised from
                                     CARE C (FD); Negative

Detailed Rationale & Key Rating Drivers

The revision in the rating of instruments is on account of
inability of the company to service its interest obligations on
due date on Option I and Option IV of its Non- Convertible
Debentures as per the company's intimation to Stock Exchange.
The likely delays are on account of deterioration in overall
financial risk profile and stretched liquidity position of the
company.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing
As per the intimation by the company to Stock Exchange, the
company would not be able to service its interest obligations due
on July 1, 2017 on the Option I and Option IV of its Non-
Convertible Debentures on account of its stretched liquidity
position. Moreover there are on-going delays in debt servicing in
the existing bank facilities.

Deterioration in financial risk profile
The company reported a decline of 34.22% (Y-o-Y) in Total
Operating Income (TOI) from INR175.01 crore in FY16 to INR115.12
crore in FY17 and a drop in Profit After Tax (PAT) margin by 631
bps to INR0.89 crore in FY17 from INR12.39 crore in FY16.

D S Kulkarni Developers Limited was incorporated in 1991 by Mr. D
S Kulkarni. The equity shares of the company are listed on stock
exchanges. DSKDL is the flagship company of the diversified DSK
Group, formed for the purpose of real estate development,
initially commencing from Pune. Between 1991 and 2015 the company
developed 212 lakh square feet (lsf) (largest in Pune) of real
estate projects (predominantly residential properties). The
company has developed and delivered more than 65 projects
comprising of more than 19,000 apartments in the recent past and
has a significant presence in Pune along with footprints in
Mumbai, Nasik and Bangalore in India and New Jersey in USA
(through its fully owned subsidiary).

During FY17, the company reported PAT of INR0.89 crore on TOI of
INR115.12 crore as compared to PAT of INR12.39 crore on TOI of
INR175.01 crore in FY16. The financial results are in accordance
with Indian Accounting Standards (Ind AS).


DECOR HOME: CARE Assigns B+ Rating to INR30cr LT Loan
-----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Decor
Home India Private Limited (DHIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              30        CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of DHIPL is
constrained by its modest and fluctuating scale of operations,
low and fluctuating profit margins, highly leveraged capital
structure, weak debt coverage indicators and working capital
intensive operations. The rating is further constrained by
susceptibility of margins to fluctuation in foreign exchange
rates, presence in highly fragmented and competitive industry
along with tender-driven nature of business.

The rating, however, derives benefit from the experience of the
promoters, long track record of operations, strong brand presence
and well-established marketing network, reputed and diversified
customer base and moderate order book position.

The ability of DHIPL to increase its scale of operations and
improve its profitability and capital structure amidst
competition and efficient working capital management are the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths
Experienced promoters and long track record of operations: The
promoters of the company hold an experience of around two and a
half decades in the d‚cor industry through their association with
DHIPL. Over the years of track record of operations, DHIPL has
developed strong association with the suppliers as well as
customers which has resulted in garnering regular orders from
them.

Strong brand presence and well-established marketing network: The
company has successfully established "D‚cor Home" as a brand name
in d‚cor thereby ensuring customer loyalty and aids in the
differentiation of products/services with the competitors.
Additionally, the company has well established marketing network
providing wide spread reach and additional credibility to
company.

Reputed and diversified customer base: The company has been
dealing with the reputed and diversified clients across India and
has managed to get orders from them thereby the counter-party
risk gets mitigated to an extent on the back of healthy credit
profile of these reputed clients.

Key Rating Weaknesses

Modest and fluctuating operations: The total operating income of
the company has been fluctuating during the last three financial
years, i.e. FY14-FY16 (refers to the period April 1 to March 31)
due to tender-based nature of business along with slower
execution of some of the projects resulting into lower income
booked. Furthermore, the net worth base remained small which
limits its financial flexibility to meet any exigency.

Low and fluctuating profit margins: The profit margins of the
company have historically been on the lower side due to trading
nature of the business (accounting for approx. 20-25% of the
total sales in past three years), tender-based business leading
to competitive work contract rates, labour intensive operations
and high cost of procurement of material.

Furthermore, the profit margins have shown a fluctuating trend
over past three years (FY14-FY16) mainly due to fluctuation in
operating overheads, competitive bidding for tenders in the light
of stiff competition and slower execution of few projects
impacting the profit margins.

Highly leveraged capital structure and weak debt service coverage
indicators: The capital structure of the company stood leveraged
marked by overall gearing of over 8x as on March 31, 2016, on
account of high reliance on external debt and low net worth base.
The debt service coverage indicators remained weak owing to low
profitability leading to low gross cash accruals and high debt
levels.

Working capital intensive nature of operations: The operations of
the company remains working capital intensive in nature with
funds being blocked in debtors and inventory resulting in high
utilization of its working capital limits.

Decor Home India was established in 1989 as a partnership firm by
Mr. Chandresh Thakkar, Mr. Sunil Dalwadi, Mr. Gira Dalwadi and
Mr. Hitesh Dalwadi. Later in 2002, it was converted into private
limited company named D‚cor Home India Private Limited (DHIPL).
The company is engaged in interior & furniture designing
services, civil construction services and trading of interior
design material, furniture & fixtures. The company mainly
executes projects for commercial sector whereby it receives
orders through bidding and tendering process. The company imports
0.3% of the interior design material from China & Germany and the
rest is procured domestically. Besides DHIPL, the group consists
of Venus Furniture Private Limited, Artemis Properties Private
Limited, Venus Interior Solutions, Design Unlimited, Alliance
Infrastructure Company and Pride Developers.

During FY16 (refers to the period April 1 to March 31), DHIPL
reported total operating income of INR72.94 crore (vis-…-vis
INR45.74 FY15) and PAT of INR0.39 crore (vis-a-vis INR0.02 crore
in FY15). Furthermore, the company has achieved total income of
INR94.05 crore and PAT of INR0.80 crore as per FY17 provisional.


DRUSHTI REALTORS: CARE Assigns 'D' Rating to INR15cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Drushti Realtors Private Limited (DRPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              15        CARE D Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Drushti Realtors
factors in the default in servicing its debt obligations marked
by the ongoing delays in the repayment of principal and payment
of interest due to weak liquidity position.

The ability of DRPL to establish track record of timely servicing
its debt obligations with improvement in liquidity position is
the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses
Delays in debt servicing: As per the interaction with the banker,
DRPL has been delaying the repayments of term loan and payment of
interest in the term loan due to low booking status thereby
leading to cash flow mismatches and deterioration in liquidity
position.

Incorporated in 2005 by Mr. Ashok Jagdale, DRPL belongs to the
Drushti Group (DG), and is engaged in construction & development
of residential as well as residential cum commercial spaces. The
company has recently completed a residential cum commercial
project named Varun at Pant Nagar, Ghatkopar (East), spanning
across total area of 50,000 Sq. Ft. with ground & 1st floor of
commercial spaces and 16 floors of residential spaces. The
complex comprises 50 flats, 7 shops and 3 offices (however, the
bank term loan is yet to be repaid fully). Moreover, DG has
developed many residential as well as residential cum commercial
spaces in Andheri (West) and Bandra (East).

Currently, DRPL is undertaking a residential project named
Embassy at Pant Nagar, Ghatkopar (East), spanning across total
area of 1,28,250 Sq. Ft. with 16 floors plus basement & ground
floor, with a total project cost of INR88.02 crore to be funded
by promoters' contribution worth INR26 crore, bank term loan
worth INR25 crore and the balance from customer advances.

Status of non-cooperation with previous CRA: As per PR dated
December 30, 2016, ICRA has suspended rating assigned to the
INR13 crore long-term fund-based facilities of Drushti Realtors
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


EXTOL EDUCATION: Ind-Ra Migrates BB Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Extol Education
Society's bank loan ratings 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 rating
actions are:

-- INR37.04 mil. Term loan migrated to Non-Cooperating Category
    with IND BB(ISSUER NOT COOPERATING) rating; and
-- INR60 mil. Bank overdraft facility migrated to Non-
    Cooperating Category with IND BB(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 7
July 2015. Ind-Ra is unable to provide an update as it does not
have adequate information to review the rating.

COMPANY PROFILE

Extol Education Society is an educational society registered
under Madhya Pradesh Society Registration Act in 1996. The
society runs a college which became operational in 1997 and a
school which became operational in 2005. Both are situated in
Bhopal, Madhya Pradesh.


GANESHA INTERNATIONAL: CARE Reaffirms B+ Rating on INR4cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Ganesha International (GIL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities               4        CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities              13        CARE A4 Reaffirmed

Detailed Rationale and key rating drivers

The ratings assigned to Ganesha International (GIL) are primarily
constrained by small and declining scale of operations coupled
with low net-worth base and low profitability margins. The
ratings are further constrained by highly fragmented and
competitive nature of industry and business risk associated with
tender-based orders. The ratings, however, continue to draw
comfort from the experienced proprietor, moderate capital
structure and operating cycle.

Going forward, the ability of GIL to increase its scale of
operations while improving its profitability margins and
efficiently managing its working capital requirement shall be the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Small and declining scale of operations coupled with low net
worth base: The scale of operations stood small which limits the
firm's financial flexibility in times of stress and deprives it
of scale benefits. Further the scale of operations is declining
owing to discontinuation of trading of jewellery business in
June, 2015 as the firm switched to the business of manufacturing
of garments. Furthermore, the net-worth base of the firm also
remained small as on March 31, 2016.

Low profitability margins: The profitability margins of the firm
remained on lower side for the past three financial years FY14-
FY16 (refers to the period April 1 to March 31) owing to trading
nature of the business and intense market competition in the
industry.

Highly fragmented and competitive nature of industry: The textile
related products industry is characterized by numerous small
players and is concentrated in the northern part of India. Low
entry barriers and low investment requirement makes the industry
highly lucrative and thus competitive. Smaller companies in
general are more vulnerable to intense competition due to their
limited pricing flexibility, which constrains their profitability
as compared to larger companies who have better efficiencies and
pricing power considering their scale of operations.

Business risk associated with tender-based orders: The firm
majorly undertakes government projects, which are awarded
through the tender-based system. The growth of the business
depends on its ability to successfully bid for the tenders
and emerge as the lowest bidder. Furthermore, any changes in the
government policy or government spending on projects are likely
to affect the revenues of the firm.

Key Rating Strengths

Experienced proprietor: The proprietor of the firm has an
experience of around a decade in trading and manufacturing of
ready-made garments mainly through his association with his other
group entities and looks after the overall operations of the
firm.

Moderate capital structure and coverage indicators: The capital
structure of the firm stood moderate as on March 31, 2016 owing
to low reliance on the external debts by the firm. Furthermore,
the firm has moderate coverage indicators for FY16 owing to lower
interest cost and the debt levels of the firm.

Gurgaon-based (Haryana) Ganesha International (GIL) is a
proprietorship firm established in 2007 by Mr. Kinshuk Goel. In
FY16 the firm commenced business of manufacturing of uniforms
primarily for the defense sector. Previously, the firm was
engaged in the trading of gold bars and gold jewelry business
until June, 2015. The manufacturing facility is located in
Gurgaon, Haryana. GIL obtains orders on tender basis from
Director General of Ordinances Services (DGOS). The main raw
materials for the firm are various type of fabric (like cotton,
nylon, polyester cotton, charcoal coated fabric, PU coated
fabric, etc.) and related accessories like buttons, threads,
labels etc. which it procures domestically from manufacturers
located in Delhi, Haryana, Punjab and Mumbai. The firm has group
associates namely Goel Exports and Heritage Creations engaged in
manufacturing of handicrafts.

During FY17 (refers to the period April 1 to March 31; based on
provisional results), GIL has achieved a total operating income
(TOI) of INR4.04 crore with PAT of INR0.13 crore respectively, as
against TOI of INR42.91 crore with PAT of INR0.07 crore
respectively in FY16. Furthermore, the firm has achieved a
turnover of INR5.75 crore till May 31, 2017.


GOVERDHAN VERMA: CARE Assigns B+ Rating to INR10cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Goverdhan Verma Punjab Jewellers Private Limited (GVPJ), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              10        CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to bank facilities of GVPJ is primarily
constrained by the small scale of operations coupled with low net
worth base, low profitability margins, leveraged capital
structure and weak debt service coverage indicators. The rating
is further constrained by elongated inventory holding period,
vulnerability of margins to gold price fluctuations and
competition from various organized or unorganized players. The
rating, however, draws comfort from experienced promoters coupled
with long track record of operations.

Going forward; ability of the company to profitably increase its
scale of operations while improving the capital structure shall
be the key rating sensitivities.

Detailed description of the key rating drivers

Key rating weakness
Small scale of operations: The scale of operations of the company
stood small which limits the company's financial flexibility in
times of stress and deprives it of scale benefits.

Low and fluctuating profitability margins, leveraged capital
structure and weak coverage indicators: The Company's
profitability margins have been historically on the lower side
owing to intense market competition given the highly fragmented
nature of the industry. The profitability margins of the company
marked by PBILDT margin which has been fluctuating during the
past three financial years (FY14-FY16) on account of change in
product mix. Furthermore, higher interest cost restricted the PAT
margins for last three years (FY14-FY16).

The capital structure of the company stood leveraged due to high
dependence on external borrowings to meet working capital
requirements. Furthermore, coverage indicators as marked by
interest coverage ratio and total debt to GCA stood also stood
weak for the past three financial year i.e. (FY14-FY16) owing to
low profitability margins and low cash accruals.

Elongated inventory holding period: GVPJ had elongated operating
cycle of more than three months in FY16 days attributable to high
inventory holding days. The company had to stock variety of
jewelry pieces for display and caters to immediate demand of the
customers. Being in a retailing business, the company sells
mainly on cash basis. Furthermore, the average utilization of
working capital limits stood 85% for past 12 months ended April
2017.

Vulnerability of margins to gold price fluctuations: The prices
of gold have experienced high volatility in the past one year.
Therefore, any adverse change in prices of the same is likely to
have a significant impact on margins of the players in the G&J
industry. Furthermore, the high price gold can also have an
adverse impact on the demand for jewellery, thereby exposing the
company to risk of decline in sales volume.

Competition from various organized or unorganized players: The
Company operates in the Gems & Jewelry (G&J) industry, which is a
fragmented industry with a high level of competition from both
the organized and unorganized sector. Currently, the organized
retailers account for a mere 5-6% of the total jewelry retail
market. This is primarily because of the buyers' preference and
trust in their neighborhood goldsmith. Even the standardization
of designs is not possible due to varying local tastes.

Key rating Strengths

Experienced promoters and long track record of operations: GVPJ
was incorporated in 1992 and is currently being managed by Mr.
Sanjiv Verma, Mrs Poonam Verma and Mr. Sumit Verma. All the
directors are actively involved in day-today operations of the
business. Due to their longstanding industry presence, the
directors have been able to establish their own reputation.

Delhi based Goverdhan Verma Punjab Jewellers Private Limited
(GVPJ) is a private limited company incorporated in 1992. The
company is currently being managed by Mr. Sanjiv Verma, Mrs
Poonam Verma and Mr. Sumit Verma. GVPJ is engaged in
manufacturing, designing and retailing of gold jewellery and
diamond studded gold jewellery such as necklaces, earrings,
rings, pendants and bangles etc. The main raw material is gold,
diamonds, precious stones etc. which is procured domestically.
The company also manufacture jewellery on job work basis for its
group concern namely Regalia Jewels Private Limited; engaged in
retailing of Jewellery.

The total operating income and PAT of the company stood at
INR31.78 crore and INR0.16 crore in FY16 (refers to the period
April 1 to March 31). Furthermore, in FY17 (refer to period
April 1, 2016 to March 31, 2017), the company has achieved sales
of INR33.70 crore (based on provisional results).


GUJARAT GINNING: CARE Assigns B+ Rating to INR12cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Gujarat Ginning and Oil Industries (GGOI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              12        CARE B+; Stable (Assigned)

Detailed rationale

The rating assigned to the bank facilities of GGOI is constrained
on account of moderate scale of operations coupled with low
profit margins and moderate liquidity position. Furthermore, the
rating remained constrained on account of its partnership nature
of constitution, presence in a highly fragmented cotton industry
and seasonality associated with cotton availability, leveraged
capital structure and weak debt coverage indicators,
susceptibility of margins to cotton price fluctuations and prices
and supply for cotton being highly regulated by the government.
The rating, however, derives strength from experienced partners,
proximity to cotton-growing areas of Gujarat.

The ability of GGOI to increase its scale of operations coupled
with improvement in profitability, capital structure and debt
coverage indicators along with efficient management of its
working capital requirements are the key rating sensitivities.

Detailed description of key rating drivers

Key Rating Weaknesses

Partnership nature of constitution
Being a partnership firm, GGOI is exposed to inherent risk of
partners' capital being withdrawn at the time of personal
contingency, and the firm being dissolved upon the
death/retirement/insolvency of partners.

Moderate scale of operations coupled with low profit margins
Overall scale of operations remained moderate marked by TOI of
INR58.58 crore FY17 (Provisional; refers to the period April 1 to
March 31). Profit margins stood low on the back of low value
addition nature of operations.

Leveraged Capital Structure, weak debt coverage indicators and
moderate liquidity position

Capital structure stood leveraged marked by an overall gearing
ratio of 4.18 times as on March 31, 2017. Debt coverage
indicators stood weak marked by total debt to gross cash accruals
of 35.61 times as on March 31, 2017 and Interest coverage of 1.37
times during FY17.

The liquidity position stood moderate marked operating cycle of
109 days during FY17 (Provisional) and average fund-based working
capital utilization remained at 95% for the past 12 months ended
March 2017.

Key Rating Strengths

Experienced promoters
GGOI has been promoted by nine partners in 1994. Currently, the
firm has been managed by two partners and both the partners hold
healthy experience in the cotton industry.

Proximity to cotton-growing area of Gujarat
The manufacturing facilities of GGOI are located at Gondal in
Gujarat. GGOI's presence in the cotton producing region
results in benefit derived from a lower logistic expenditure
(both on transportation and storage), easy availability and
procurement of raw materials at effective prices.

Gondal-based (Gujarat) GGOI is a partnership firm established in
1994 by nine partners. Currently, there are two partners; Mr.
Magan Parvadia and Mr. Chandu Parvadia. The firm is engaged in
cotton ginning & pressing and crushing of cotton seed. The
manufacturing unit of the firm is located at Gondal (Gujarat) and
operates with an installed capacity of 300 bales per day
(annualized capacity of 90,000 bales as 300 working days) and 50
MT Cotton Oil per day (annualized capacity of 15000 MT as 300
working days) for cotton bales as on March 31, 2017. The firm has
two associate concerns named Gujarat Hy-spin Private Limited and
Paras Cotton.

As per the provisional results for FY17, GGOI reported profit
after tax (PAT) of INR0.27 crore on a total operating income
(TOI) of INR58.59 crore as against INR0.16 crore on a TOI of
INR68.38 crore during FY16 (A).


GULZAR EDUCATIONAL: Ind-Ra Migrates BB- Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Gulzar
Educational & Charitable Trust's (GECT) bank facilities 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:

-- INR358.4 mil. Term loan Migrated to Non-Cooperating Category
    with IND BB-(ISSUER NOT COOPERATING) rating; and
-- INR41.6 mil. Fund-based working capital facilities Migrated
    to Non-Cooperating Category with IND BB-(ISSUER NOT
    COOPERATING) rating

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 2
July 2015. Ind-Ra is unable to provide an update as the agency
does not have adequate information to review the ratings

COMPANY PROFILE

GGI, under the aegis of GECT, started Gulzar Institute of
Engineering and Technology and Gulzar School of Management in
FY10 and Gulzar College of Engineering in FY12. GGI offers
diploma and B.Tech courses in various engineering streams,
graduate and postgraduate courses in business administration and
computer application. Spread across an area of 16 acres, it is
located on the National Highway 1 near Khanna in Ludhiana
district.


GMW ENGINEERS: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned GMW Engineers
Private Limited (GEPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR17 mil. Fund-based facilities assigned with IND
    BB+/Stable/IND A4+ rating;
-- INR105 mil. Non-fund-based facilities assigned with IND A4+
    rating; and
-- INR3 mil. Term loan due on June 2019 assigned with IND
    BB+/Stable rating

KEY RATING DRIVERS

The rating reflects GEPL's small scale of operations with revenue
of INR100 million in FY17 (provisional) (FY16: INR103 million).
As of May 2017, the company had an order book of INR223 million
on account of faster power project approvals from the government,
to be executed over FY18-FY20.

The ratings are further constrained by the company' elongated net
cash cycle of 212 days in FY17 (FY16: 174) owing to increased
debtors days and high inventory period. Debtor days ranged
between 177 and 372 days over FY13-FY17 due to slow realisation
and the company's requirement to maintain retention money of up
to 24 months following project completion. GEPL had an inventory
holding period of 88-125 days in FY13-FY17 (FY17P: 125 days,
FY16: 107 days). However, the company extends its creditor period
(FY17P: 90 days, FY16: 187 days) to meet its working capital
requirement.

The ratings also factor in GEPL's comfortable liquidity position
as reflected by 89% maximum average utilisation of working
capital limits over the 12 months ended March 2017. Ind-Ra
expects the company expects to have sufficient cash flow from
operations in FY18 to meet its term loan obligations.

The ratings also draw comfort from the company's healthy EBITDA
margins and strong credit metrics, given entry barriers in hydro
mechanical equipment works. EBITDA margin was 17.3%-20.9% over
FY13-FY17 (FY17P: 20%). Net leverage (total adjusted net
debt/operating EBITDAR) was 1.2x in FY17P (FY16: 1.5x) and
interest cover (operating EBITDA/gross interest expense) was 4.0x
(3.7x). Ind-Ra expects the credit metrics to remain comfortable
over the medium term due to absence of any significant debt-
funded capex or incremental working capital requirement.

The ratings are also supported by the promoters more than 30
years of experience in the engineering, procurement and
construction contract industry.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
and net cash cycle leading to a sustained improvement in the
credit metrics will be positive for the ratings.

Negative: A substantial decline in the EBITDA margins and/or
elongation of net cash cycle leading to deterioration in the
credit metrics or liquidity position will be negative for the
ratings.

COMPANY PROFILE

Incorporated in 1986, GEPL is engaged in installation of hydro
mechanicals equipment such as hydel gates, stop log gates, piping
work and penstock piping for various power projects. The company
is promoted by Mr. Onkar Singh, Mr. Arvinderpal Singh, Mr. Jasbir
Singh and other family members.


HIGH STREET: ICRA Withdraws B- Rating on INR6.44CR LT Loan
----------------------------------------------------------
ICRA withdraws the rating of [ICRA]B- assigned to the INR11.50-
crore bank facilities of High Street Fashions Private Limited
(HSFL) Rationale The rating is withdrawn in accordance with
ICRA's policy on withdrawal and suspension and as desired by the
company.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term Fund-
  Based-Cash credit       4.00      [ICRA]B-; withdrawn

  Long-term Fund-
  Based-Term loans        6.44      [ICRA]B-; withdrawn

  Long-term Non-
  fund Based              0.55      [ICRA]B-; withdrawn

  Long-term-
  Unallocated             0.51      [ICRA]B-; withdrawn


Incorporated in June 2000, HSFL is promoted by Mr. R.K Sethia and
Mrs. Neeta Sethia. The company manufactures and exports socks,
leggings, wrist bands and head bands. Socks and leggings are made
using mercerised cotton, lycra and spandex. The complete
manufacturing process, which includes knitting, washing,
embroidery and packaging, is undertaken in house, at its
manufacturing unit in Jaipur, Rajasthan.


HIND PLASTIC: CARE Assigns B+ Rating to INR5cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Hind
Plastic Industries (HPI), as:

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

   Short-term Bank
   Facilities              5         CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of HPI are
constrained by its modest scale of operations, low profit
margins, leveraged capital structure, weak debt coverage
indicators and working capital intensive operations. The ratings
are further constrained by concentrated customer base,
susceptibility of margins to fluctuation in traded goods prices
and foreign exchange rates, presence in highly fragmented and
competitive nature of industry and constitution of the entity as
a partnership firm. The ratings, however, derive benefit from the
experience of the promoters, long track record of operations and
growing scale of operations.

Ability of HPI to increase its scale of operations and improve
its profitability and capital structure amidst competition and
efficient working capital management are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths
Experienced promoters and long track record of operations: The
promoters of the company ie Mr. Amit Goyal and Mrs Kavita Goyal
both hold an experience of around twenty years and fifteen years
respectively in the plastic industry. Over the years of track
record of operations, HPI has developed strong association with
the suppliers as well as customers which has resulted in
garnering regular orders from them which is also evident from
increasing operating income during last 3 years.

Key Rating Weaknesses
Modest scale of operations with low profit margins: The total
operating income of the company has been growing at a CAGR of
around 17.34% during the last three financial years i.e. FY14-
FY16 (refers to the period April 1 to March 31).  However, it
stood small with low net worth base which deprives it of scale
benefits and limits its financial flexibility to meet any
exigency. The profit margins of the company have historically
been on the lower side due to trading nature of the business and
pricing pressure owing to competitive industry.

Leveraged capital structure and weak debt service coverage
indicators : The capital structure of the company stood
leveraged marked by overall gearing of over 4x as on March 31,
2016 on account of high reliance on external debt and low net
worth base. The debt service coverage indicators remained weak
owing to low profitability leading to low gross cash accruals.

Working capital intensive nature of operations: The operations of
the company remains working capital intensive in nature with
funds being blocked in debtors resulting in high utilization of
its working capital limits.

Customer concentration risk: The firm generates 60% of its sales
from its top 3 clients for FY16, thereby exposing the firm
to customer concentration risk.

Hind Plastic Industries (HPI) was established in 1988 as
partnership firm by Late Mr. Ramesh Goyal. The firm is currently
being managed by Mr. Amit Goyal and Mrs Kavita Goyal. The firm is
engaged in the business of trading of poly vinyl chloride (PVC)
resins & plastic granules.

The company imports 25% of the traded goods from Singapore & 25%
of the traded goods from Taiwan each and rest is procured
domestically (Reliance Industries). HPI mainly sells its products
domestically across Punjab.

During FY16 (refers to the period April 1 to March 31), HPI
reported total operating income of INR24.80 crore (vis-a-vis
INR21.33 FY15) and PAT of INR0.06 crore (vis-a-vis INR0.02 crore
in FY15). Furthermore, the company has achieved total sales of
INR29.22 crore till February 28, 2017.


K.P. CHACKO: CARE Assigns B+ Rating to INR17cr LT Bank Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of K.P.
Chacko and Sons (KPCS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities               17       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of K.P. Chacko and
Sons (KPCS) is constrained by the modest scale of operations with
fluctuating total operating income, leveraged capital structure
and weak debt coverage indicators, thin and fluctuating
profitability margins due to volatility associated with gold
prices and presence in highly fragmented industry leading to
intensive competition, working capital intensive nature of
business due to elongated operating cycle and constitution of the
entity as partnership firm with inheritance risk of withdrawal of
capital. The rating, however, is underpinned by the vast
experience of the promoter with long track record of the firm and
stable demand outlook of jewellery business with scope of growth
for certified and branded jewellery.

Going forward, the firm's ability to increase its scale of
operations, improve its profitability margins, capital structure
and debt coverage indicators and manage working capital
requirements efficiently would be key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
Modest scale of operations with fluctuating total operating
income
Despite long track record of the firm, the scale of operations
are moderately marked by total operating income (TOI) of the firm
increased from INR53.49 crore in FY15 to INR60.82 crore in FY16
at the back of increased amount of volumes coupled with increased
prices of gold by the firm. However, TOI decreased by 7.52% to
INR56.26 crore during FY17 (CA certified) due to lower cash sales
of the firm post October, 2016 due to demonetization effect.

Leveraged capital structure and weak debt coverage indicators The
capital structure of the firm marked by overall gearing ratio
remained leveraged at 2.36x as on March 31, 2017 (CA Certified
Prov.) due to high working capital requirements to fund the
operations. However, the overall gearing of the firm improved
marginally to 2.36x as on March 31, 2017 (CA certified.) due to
relatively lower outstanding balance of working capital
borrowings as on account closing date. Furthermore, the debt
coverage indicators of the firm have been weak due to thin
profitability, low cash accruals and high debt levels. Total debt
to GCA of the firm stood weak at 158.57x in FY15 majorly due to
high level of debt with lower amount of cash accruals of the
firm, however, the same improved y-o-y to 53.50x in FY17 (prov.)
at the back of increase in gross cash accruals. Furthermore,
PBILDT/Interest coverage ratio of the firm remained low at 1.16x
in FY17 (CA certified).

Elongated working capital cycle with working capital intensive
nature of business
The firm's working capital cycle days stood on a higher side i.e.
130 days during FY15 and the same is seen increasing further y-o-
y to 135 days and 161 days in FY16 and FY17 (CA Certified)
respectively. Higher working capital cycle days of the firm are
majorly due to higher level of inventory level of the firm to
cater to the minimum display stock level of jewellery. The firm
maintains an average inventory holding of 2-3 months to cater to
the ready display of ornament jewellery for the walk-in customers
of the firm.

Thin and fluctuating profitability margins due to volatility
associated with gold prices
The firm is engaged in retailing of gold ornament jewellery,
silver ornaments and sale of diamonds. Prices of gold and silver
are highly volatile affected by international market and domestic
demand forces. Such high volatile products of the firm resulted
in fluctuating and thin profitability margins during the review
period. KPCS has fluctuating and thin PBILDT margin during FY14-
FY17 (CA certified.). in the range of around 2%-4% due to
volatile bullion prices along with presence in highly fragmented
industry leading to intensive competition. The PAT margin also
stood low in the range of 0.10-0.88% during FY14-FY17 due to
higher amount of interest costs of the firm.

Presence in highly fragmented industry leading to intensive
competition
The firm operates in the Jewellery industry which is a fragmented
industry with a high level of competition from both the organized
and largely unorganized sector. Moreover, the global and domestic
macroeconomic environment continues to remain uncertain and poses
a major challenge for the companies operating in Jewellery
industry.

Constitution of the entity as partnership firm with inherent risk
of withdrawal of capital
Constitution as a partnership has the inherent risk of
possibility of withdrawal of the capital at the time of personal
contingency which can adversely affect its capital structure.
Furthermore, partnership firms have restricted access to external
borrowings as credit worthiness of the partners would be key
factors affecting credit decision for the lenders.

Key Rating Strengths

Vast experience of the promoters with long track record of the
firm
Mr. Jerald Jacob who is the Managing Partner of the firm has more
than three decades of experience in retailing of jewellery. He
belongs to the K.P Chacko family who are engaged in jewellery
business for over 35 years and considered to be one of the
established players in the jewellery business of Kerala. He
handles the overall operations of the firm and is ably supported
by his wife Mrs. Rajee Jerald. The firm was established in the
year 1992 and since then is engaged in retailing of ornament
jewellery. The firm is likely to be benefitted from the
experienced promoters and long track record of the firm.

Stable outlook of gold business with scope of growth for
certified and branded jewellery
In the past few years, the dynamics of consumption of gold and
other jewellery has been changing. The preference for good
quality, branded, certification and fashionable jewellery have
been rising. KPCS being BIS hall Mark certificated has good
opportunity to grow due to the changing dynamics.

K.P. Chacko & Sons (KPCS) based at Kerala was established in the
year 1992 as a partnership firm by Mr. Jerald Jacob and his wife
Mrs. Rajee Jerald. The firm is mainly engaged in retailing of
jewelry, ethnic gold and stone studded ornaments along with
silver jewellery and gift articles. KPCS has its retail showroom
located at Thodupuzha, Kerala in around 2000 sq. ft. area. Around
95% of the total revenues of the firm are generated from sale of
gold and gold ornaments while balance of the sales is being done
from sale of silver and silver articles.

In FY17 [(CA. Certified Prov.), refers to period April 1 to
March 31], KPS reported a PAT of INR0.25 crore on a total
operating income of INR56.26 crore, as against a PAT and TOI of
INR0.19 crore and INR60.84 crore, respectively, in FY16.


KOHINOOR ELITE: ICRA Reaffirms D Rating on INR2.45cr LT Loan
------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]D outstanding
on the INR2.45 crore (earlier INR23.00 crore) term loan of
Kohinoor Elite Hotels Private Limited.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term Fund
  Based Limit             2.45      [ICRA]D; re-affirmed

Rationale

The re-affirmation of the rating takes into account KEHPL's
continued delays in debt servicing following inadequate cash
flows to support its funding requirements. The ratings further
take into account the sensitivity of cash flows to occupancy
levels and average room rates (ARRs), as well as the high
competitive intensity in the industry. ICRA notes that the
hospitality industry is cyclical in nature and is vulnerable to
general economic slowdown and exogenous shocks.

ICRA has favorably factored in the long experience of the
promoters in the hospitality industry and the favorable location
of the hotel. While there has been a satisfactory ramp up of
occupancy levels and the gradual improvement in revenue per
available room, the company's ability to improve operating
metrics and generate adequate accruals to meet the debt servicing
requirements, will be the key rating sensitivities. Meanwhile,
for servicing the existing debt obligation in the near term, the
group's ability to raise adequate funds through sales or re-
financing, for meeting the debt obligations, remains critical
from the credit perspective.

Key rating drivers

Credit strengths

  * Favorable location of the hotel in proximity to LBS Marg,
    Bandra-Kurla Complex, Mumbai and domestic and international
    Airports

  * Over 25 years of experience of the promoters in the
    hospitality sector

  * Satisfactory ramp up of occupancy levels and ARRs in the
    past few years; occupancy level stood high at 85% in
    FY2017

Credit weaknesses

  * Although there has been improvement in the financial profile,
    the hotel is yet to generate adequate cash flows to support
    its funding requirements which has led to continued delays in
    debt servicing of long-term loans

  * Competition from existing and upcoming hotels may impact
    occupancy levels

  * Cyclical nature of hospitality industry, vulnerable to
    general economic slowdown as well as other factors such
    as geo-political crises

Description of key rating drivers:

KEHPL's financial profile is characterised by the small scale of
its operations. The hotel commenced operations from May 2011. The
hotel reported a 11% year-over-year growth in revenues in FY2016
to INR13.72 crore from INR12.34 crore during FY2015, supported by
increase in occupancy rates. For FY2017 revenue of INR15.48 crore
was reported. On account of debt funded capital expenditure,
which resulted in high interest expenses despite improving
operating margins, the company reported losses till FY2015.
However, during FY2016 KEHPL reported net profit of INR1.68
crore, supported by scaling up of operations and decline in
interest cost following part repayment of the term loan. Although
the profit levels have improved, KEHPL is yet to generate
adequate cash flows to support its funding requirement, which has
led to continuous delays in servicing of debt obligations.
Moderate profitability of operations, coupled with high debt
levels, have resulted in weak coverage indicators, reflected by
Total Debt/OPBDITA of 8.68 times and DSCR of 0.60 times as on
March 31, 2016. The capital structure has also remained adverse
following erosion of net-worth because of the net losses incurred
till FY2015. KEHPL's liquidity also remains stretched as
reflected by high reliance on creditors for funding its working
capital requirements. ICRA also notes that the occupancy level of
the hotel remain susceptible to the competition from existing
hotels in the vicinity as well as to the cyclicality in the hotel
industry.

Nonetheless, the management's vast experience of more than two
decades in the hospitality sector and the favourable location of
the hotel, provide some comfort. KEHPL has achieved a gradual
improvement in revenue per available room and occupancy rates
since the commencement of its operations in May 2011. KEHPL had
an average occupancy of 49% with a RevPAR3 (revenue per available
room) of INR2026 for FY2012. As against this, the company was
able to achieve occupancy levels of 85% with a RevPar of INR3856
for the 9M of FY2017.

KEHPL is part of the Kohinoor Group promoted by Mr. Manohar
Joshi. It is currently managed by Mr. Unmesh Joshi. KEHPL is a
Special Purpose Vehicle (SPV) that was set up to manage the 100-
room, three-star hotel -- Kohinoor Elite at Kurla (West), Mumbai.
The hotel commenced operations from May 2011. Established by Mr.
Manohar Joshi in 1961, the Kohinoor Group is present in the
education, hospitality and real estate sectors.


KOHINOOR HOSPITALS: ICRA Reaffirms B- Rating on INR45.13cr Loan
---------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B- outstanding
on the INR45.13 crore (earlier INR56.41 crore) term loan of
Kohinoor Hospitals Private Limited. The unallocated amount of
INR12.28 crore has been rated on long-term scale at [ICRA]B-. The
outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term Fund
  Based Limit            45.13      [ICRA]B-(Stable); re-affirmed

  Unallocated Limits     12.28      [ICRA]B-(Stable); re-affirmed

Rationale

The reaffirmation of the rating takes into account the limited
track record of the promoter group in the healthcare business,
modest scale of operations and low occupancy rate at present. The
hospital's financial profile continues to remain weak as
evidenced by loss making operations and modest cash accruals.
However, ICRA notes that the business turned profitable at
operating level from FY2016, owing to cost rationalisation
measures undertaken. The rating also takes into account its
exposure to concentration risks inherent in single asset
companies.

The rating, however, positively takes into account the presence
of experienced consultants in the hospital's panel of doctors,
which is likely to have a positive impact on the occupancy levels
of the hospital and limited competition faced by KHPL, given the
lack of adequate tertiary care facilities in the vicinity and no
major expected supply.

Going forward, KHPL's ability to increase the occupancy levels of
the hospital through better utilisation of its existing
facilities, scale up its operations, achieve a healthy profit
level and infusion of funds by the promoters to support the
capital structure would be the key rating sensitivities.

Key rating drivers

Credit strengths

  * Limited competition given the lack of adequate tertiary care
    facilities in the vicinity and no major expected supply

  * Presence of experienced and renowned in-house consultants
    likely to improve the occupancy of the hospital in the
    future, although the ability of the hospital to retain
    consultants remains critical for ensuring sustenance of
    operations

Credit weaknesses

  * Limited track record of the group in the healthcare sector
    with this project being its maiden venture

  * Occupancy level continues to remain low, limiting growth in
    revenues

  * Weak financial profile of the hospital with weak operating
    profitability levels, continuing net losses, stressed capital
    structure and weak coverage indicators

  * Exposed to revenue concentration risks owing to single
    location presence

Description of key rating drivers:

KHPL was set up in May 2007 by the Mumbai-based Kohinoor Group,
as part of the Group's endeavour to venture into the healthcare
sector. Kohinoor Hospitals Private Limited inaugurated the
Outpatient Department (OPD) and pharmacy facilities at its
hospital in December 2009. The in-patient department became fully
operational by July 2010. At present approx. 123 beds are
operational. The occupancy rates have remained low during the
past five years, declining from 57% in FY2016 to 55% in FY2017 as
the hospital stopped admitting patients through the Central
Government Health Scheme (CGHS). Although the occupancy rates
declined in FY2017, the average revenue per occupied bed reported
a healthy growth increasing from INR12,873 in FY2013 to INR19,089
in FY2017, supported by the increase in cash patients as against
patients admitted through the CGHS and an increase in brand
recognition of the hospital in the region. Supported by the
increase in average revenue per occupied bed, the company has
reported a marginal growth of 1.58% in its revenues with
operating income at INR56.28 crore during FY2017, as against
INR55.40 crore during FY2016. Although the hospital reported an
operating profit of INR1.34 crore in FY2017, high financial costs
dented the net profit levels and KHPL reported a net loss of
INR8.34 crore during FY2017. The capital structure also continued
to remain stressed, following erosion of net-worth on account of
continuing losses reported at net level. ICRA notes the
hospital's high revenue concentration risk because of its
presence in a single location.

Nonetheless, limited competition faced due to the lack of
adequate tertiary care facilities in the vicinity and no major
upcoming supply, as well as presence of renowned and experienced
in-house consultants, provide some comfort.

Incorporated in May 2007, Kohinoor Hospitals Private Limited was
promoted by the Mumbai-based Kohinoor Group, as part of the
Group's endeavour to venture into the healthcare sector. KHPL has
set up a 147-bed, multi-speciality hospital at the Kurla suburb
of Mumbai, which became operational in FY2011. The project is a
part of an integrated township project being undertaken by the
Group. The hospital commenced operations with 71 paid beds that
were made fully operational in July 2010. At present this number
has grown to approx. 123 paid beds. KHPL's board of members
comprises Mr. Unmesh Manohar Joshi, Ms. Anagha Manohar Joshi and
Ms. Madhavi Unmesh Joshi.

In FY2017, KHPL reported a net loss of INR8.34 crore on an
operating income of INR56.28 crore, as compared to a net loss of
INR8.27 crore on an operating income of INR55.40 crore during the
previous year.


MALHATI TEA: ICRA Reaffirms B- Rating on INR6.46cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- assigned to
the INR0.89 crore term loan facilities, INR2.50 crore fund based
facilities, and INR6.46 crore unallocated facilities of Malhati
Tea & Industries Limited. ICRA has also reaffirmed the short term
rating of [ICRA]A4 assigned to the INR0.15 crore non-fund based
facilities of MTIL.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Term
  Loan                    0.89      [ICRA]B- (Stable); Reaffirmed

  Fund-based-
  Unallocated             6.46      [ICRA]B- (Stable); Reaffirmed

  Fund based limits       2.50      [ICRA]B- (Stable); Reaffirmed

  Non fund based limits   0.15      [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 MTIL, 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.

Malhati Tea & Industries Limited was acquired by the present
management in 2010-11 from the erstwhile promoters. MTIPL has a
tea garden in the Jalpaiguri district of West Bengal, with a
total area of around 463.47 hectares under plantation. The total
production capacity of SBTEPL is around 14 lac kg of tea.


MONTANA TILES: ICRA Reaffirms 'B' Rating on INR8.75cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B on the
INR2.75-crore fund-based secured overdraft facility and INR6.00
crore term loan facility of Montana Tiles Private Limited. ICRA
has also reaffirmed an [ICRA]A4 rating to the INR1.25 crore
Inland Bank Guarantee facility of MTPL. The outlook on the long-
term rating is 'Stable'.

                         Amount
  Facilities           (INR crore)   Ratings
  ----------           -----------   -------
  Fund-based Limits       8.75       [ICRA]B (Stable); Reaffirmed
  Non Fund-based Limits   1.25       [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 MTPL, 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)/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

  * Experience of key promoters in the ceramic industry

  * Company's location in Morbi, India's ceramic hub, provides
    easy access to raw material sources

Credit weaknesses

  * Vulnerability to cyclicality inherent in the real estate
    industry, which is the main consuming sector

  * Vulnerability to volatility in prices of raw material and to
    availability and fluctuating prices of gas, as gas is its
    major source of fuel

  * Competitive business environment with the presence of large
    established organized tile manufacturers as well as
    unorganized players

Description of key rating drivers:

Montana Tiles Private Limited (MTPL) is equipped to manufacture
ceramic wall tiles. The plant has an installed capacity to
manufacture approx. 19,50,000 boxes of ceramic tiles per annum at
its manufacturing facility located at Morbi, Gujarat. The main
raw materials used by MTPL to manufacture tiles are feldspar
powder, Santarpur powder, glaze frit, Bikaner clay, body clay,
powder and glaze material, etc which are largely sourced from
Gujarat through local vendors as well as from Rajasthan. For the
supply of natural gas, MTPL has entered into a contract with
Gujarat State Petroleum Corporation (GSPC) Gas for the supply of
6,500 scm per day of PNG.  The company sells its products both in
the domestic market through dealers at pan India level as well as
in overseas market. The company has an established network of 200
dealers across India and markets its products under a single
brand name i.e. 'Montana' and sells its products primarily in the
domestic market targeting the retail segment. The company is also
into exports and the same is mainly done in countries like Middle
East, Saudi Arabia, Oman and South Africa. ICRA notes the high
competitive intensity with presence of large established
organized and unorganized players in the industry. ICRA also
considers the experience of the promoters in the industry for
more than a decade and the location advantage enjoyed by the
company in terms of proximity of its plant to major raw material
sources.

Incorporated in December 2013, Montana Tiles Private Limited
(MTPL) is engaged in the manufacture of digitally printed ceramic
glazed wall tiles of three sizes i.e. 10X15, 12X18 and 12X24. The
manufacturing unit of the company is located in Morbi, Gujarat,
with an installed capacity of 45,000 MTPA. The company has
commenced its commercial production from February 2015. The
company is promoted and managed by Mr. Manoj Sharma, Mr. Mahesh
Padsumbia, Mr. Manoj Bhumbharia and Mr. Pawankumar Mangal having
experience in the line of ceramic business.


RAJ ARCADE: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Raj Arcade Homes
Private Limited (RAHPL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR1,020 mil. Proposed Long term loan assigned with
    Provisional IND BB/Stable rating

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

KEY RATING DRIVERS

The ratings reflect the risk of time and cost overrun in RAHPL's
ongoing residential project, as only 25.15% of the total
construction has been completed. Construction is likely to be
completed by September 2018. The ratings factor in the project
completion being mostly dependent on customer advances.
Therefore, any delay in the booking of flats may affect the
progress of the project.

The ratings are supported by over 10 years of experience of the
company's promoter in the real estate sector and the project's
strategic location close to schools, colleges, markets, etc. The
ratings are also supported by 62.61% of the project (206 flats)
having already been sold out.

RATING SENSITIVITIES

Positive: Sale of a substantial number of housing units leading
to strong visibility of cash flow will be positive for the
ratings.

Negative: Any slowing down in bookings leading to a cash flow
shortfall will be negative for the ratings.

COMPANY PROFILE

RAHPL is constructing a residential project Kalpavruksh Heights
in New Link Road, Kandivali (West), Mumbai. The project was
started in January 2012. The said project is a redevelopment
project under SRA Authorities. The company was incorporated by Mr
Rajesh Savla.


RIDDHI SIDDHI: ICRA Reaffirms 'B' Rating on INR6.50cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR6.50
crore cash credit facility of Riddhi Siddhi Jewellers Pvt. Ltd.
at [ICRA]B. ICRA has also reaffirmed the rating of [ICRA]B to the
unallocated amount of INR3.50 crore. The outlook on the long-term
rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based-Cash
  Credit                 6.50        [ICRA]B (Stable); Reaffirmed

  Unallocated            3.50        [ICRA]B (Stable); 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 RSJ, 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) 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

  * Longstanding experience of the promoters in the gold
    jewellery sector

Credit weaknesses

  * Working capital intensive operations owing to high inventory
    requirements leading to susceptibility of profitability to
    gold price fluctuations in the wake of unhedged exposure

  * Highly competitive and fragmented industry; future growth
    exposed to increasing competition from organised players

Description of key rating drivers:

RSJ derives majority of its revenue from trading in gold
jewellery, while the rest of its income is contributed by retail
sales of jewellery procured from dealers across India. The
company follows BIS standards for purity and only sells jewellery
with BIS Hallmark. The company's collection ranges from 18 to 22
karat gold jewellery. The business is predominantly working
capital intensive owing to high inventory levels to be maintained
and stock clearance being vulnerable to changing consumer tastes,
dynamic fashion trends and economic environment. Fixed price
inventory held by RSJ exposes the company to the risks of adverse
movement in gold prices. RSJ operates in a highly fragmented and
competitive industry structure with increasing competition from
the organised segment. The promoters have extensive experience of
the gold jewellery sector spanning over a decade.

Riddhi Siddhi Jewellers Pvt. Ltd. was established as a private
limited company in 2010 by the Patel family. The company,
primarily managed by Mr. Prashant Patel, is mainly engaged in
trading and retailing of gold jewellery. The company deals only
in BIS certified gold jewellery to ensure purity of the product
it sells.


RLJ MULTIGRAIN: ICRA Reaffirms B Rating on INR6.50cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR5.50 crore term loan facilities, and INR6.50 crore cash
credit facility of RLJ Multigrain Private Limited.


                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based-Term
  Loan                    5.50       [ICRA]B (Stable); Reaffirmed

  Fund-based-Cash
  Credit                  6.50       [ICRA]B (Stable); 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 RLJMPL, 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) 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.

RLJ Multigrain Private Limited was originally incorporated as a
partnership firm M/s Swastik Udyog. Subsequently the promoters
reconstituted the company as a private limited entity in 2012.
The company is promoted by Jain family based out of Kolkata and
the unit has rice milling annual capacity of 63,000 tons.


SHAKTI CABLES: ICRA Reaffirms B- Rating on INR3.75cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- assigned to
the INR1.75 crore fund-based bank facilities and INR4.50 crore
non fund based limits of Shakti Cables Private Limited. ICRA has
also reaffirmed the short term rating of [ICRA]A4 assigned to the
INR1.50 crore non fund based limits and also reaffirmed the
ratings of long term/short term ratings of [ICRA]B-/[ICRA]A4
assigned to the INR3.75 crore unallocated limits of SCPL.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                  1.75      [ICRA]B- (Stable); Reaffirmed

  Non Fund-based-
  Bank Guarantee          3.00      [ICRA]B- (Stable); Reaffirmed

  Non Fund-based-
  Letter of Credit        1.50      [ICRA]A4 (Stable); Reaffirmed

  Unallocated             3.75      [ICRA]B- (Stable)/[ICRA]A4;
                                     Reaffirmed

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with SCPL, 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)/[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.

Shakti Cables Pvt. Ltd. (SCPL) was incorporated in 1984 by Mr.
Anil Parikh to manufacture cables and conductors. The company is
engaged in manufacturing Low Tension (LT) power cables, control
cables, and instrumentation cables for the Andhra Pradesh and
Telangana Transmission and Distribution companies. SCPL's plant
is located at Patancheru, Hyderabad, with a manufacturing
capacity of 150 tons per month.


SRI LAXMI: CARE Assigns B+ Rating to INR15.80cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sri
Laxmi Vinayaka Agro Foods (SLVAF), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             15.80      CARE B+; Stable Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of SLVAF is
constrained by the firm's short track record and small scale of
operations with low net worth base, leveraged capital structure
and weak debt coverage indicators, seasonal nature of
availability of paddy resulting in working capital intensive
nature of operations, constitution of the entity as a partnership
firm with inherent risk of withdrawal of capital, The rating is,
however, underpinned by the experience of managing partner for
around two decades in agro industry, growth in total operating
income and improving profitability margins during the review
period, location advantage with presence in cluster and easy
availability of paddy and healthy demand outlook of rice.

Going forward, ability of the firm to scale up its operations,
improve the capital structure and debt coverage indicators
while managing its working capital requirement efficiently are
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record and small scale of operations with low net
worth base
SLVAF has attack record of three years and started its commercial
operations from April 2015.The scale of operations of the entity
remained small marked by TOI which stood at INR52.67 crore in
FY17 (Provisional) coupled with low net worth base of INR6.29
crore as on March 31, 2017(Provisional) as compared to other
peers in the industry.

Leveraged capital structure and debt coverage indicators
The capital structure of the firm was leveraged for the last two
balance sheet date ended March 31, 2017 (Provisional) marked by
overall gearing ratio which deteriorated from 2.52x as on
March 31, 2016 to 2.72x as on March 31, 2017 (Prov.) due to
higher closing working capital bank borrowing as on closing
balance sheet date and increase in unsecured loans to support the
business operations along with low networth base.

Due to high debt levels and low profitability, the debt coverage
indicators of the firm remained weak during review period. The
total debt/GCA of the firm deteriorated from 20.76x in FY16 to
45.46x in FY17 (Provisional). The PBILDT interest coverage ratio
of the firm deteriorated from 3.15x in FY16 to 1.21x during FY17
(Prov.) due to increase in financial expenses.

Seasonal nature of availability of paddy resulting in working
capital intensive nature of operations
Paddy in India is harvested mainly at the end of two major
agricultural seasons Kharif (June to September) and Rabi
(November to April). The millers have to stock enough paddyby the
end of the each season as the price and quality of paddy is
better during the harvesting season. During this time, the
working capital requirements of the rice millers are generally on
the higher side. Due to the above reason the operating cycle of
the entity deteriorated from 71 days in FY16 to 141 days and
remain elongated in FY 17 (CA Certified) on account of high
inventory days of 73 days in FY 17 (CA certified) Moreover, the
paddy is procured from the farmers generally against cash
payments or with a minimal credit period of 10-15 days while the
millers have to extend credit to the wholesalers and distributors
around 20-30 days resulting in high working capital utilization
reflecting working capital intensity of business. The average
utilization of fund based working capital limits was around 90%
during the last 12 months period ended April 30, 2017.

Constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital
SLVAF, being a partnership firm, is exposed to inherent risk of
the partner's capital being withdrawn at time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of the partners. Moreover,
partnership firm business has restricted avenues to raise capital
which could prove a hindrance to its growth.

Key Rating Strengths

Experience of promoter for two decades in rice business

SLVAF was promoted by Mr. N. Suri Babu (Managing Partner) and his
family members. He is a qualified graduate and has around 20
years of experience in rice business. Apart from the existing
business, Mr. Suri Babu is also actively involved in the
educational institutions like Sai Pavan Educational Trust
(President), Sri Vidhyani Public School (Chairman), Sri Narayana
Educational Trust (President), Sri Vidhyani Pre University
(Chairman).Through his experience in the rice trading business,
he has established healthy relationship with key suppliers,
customers, local farmers, dealers and also with the brokers
facilitating the rice business smoothly.

Growth in total operating income and increase in profitability
margins during the review period
The company was established on March 3, 2014 and started its
commercial operations from April 2015. The total operating income
of the firm increased from INR48.13 crore in FY16 to INR52.67
crore in FY17 (Provisional) representing growth of 9.43% due to
increase in orders from existing customers. The PBILDT margin of
the firm improved from 2.19% in FY16 to 4.12% in FY17
(Provisional), due to absorption of overheads. In line with
increase in PBILDT, the PAT margin of the company also increased
from 0.31% in FY16 to 0.37% in FY17 (Provisional).

Location advantage with presence in cluster and easy availability
of paddy
The rice milling unit of SLVAF is located at Koppal district of
which is one of the major paddy cultivation areas in Karnataka.
The manufacturing unit is located near the rice producing region,
which ensures easy raw material access and smooth supply of raw
materials at competitive prices and lower logistic expenditure.

Healthy demand outlook of rice
Rice is consumed in large quantity in India which provides
favorable opportunity for the rice millers and thus the demand is
expected to remain healthy over medium to long term. India is the
second largest producer of rice in the world after China and the
largest producer and exporter of basmati rice in the world. The
rice industry in India is broadly divided into two segments -
basmati (drier and long grained) and non-basmati (sticky and
short grained). Demand of Indian basmati rice has traditionally
been export oriented where the South India caters about one-
fourth share of India's exports. However, with a growing consumer
class and increasing disposable incomes, demand for premium rice
products is on the rise in the domestic market. Demand for non-
basmati segment is primarily domestic market driven in India.

Sri Laxmi Vinayaka Agro Foods is a Koppal (Karnataka) based firm
which was established in the year 2014 and commercial operations
were started from April 2015.The firm was promoted by Mr.N. Suri
Babu along with his wife Mrs.N.Leelarani. The rice milling unit
of the firm is located at Near Dasnal Bridge, Venkatagiri,
Gangavathi, Dist. Koppal, Karnataka. Apart from rice processing,
the firm is also engaged in selling its by-products such as
broken rice, husk and bran. The main raw material, paddy, is
directly procured from local farmers located in and around
Karnataka. The firm sells rice and other by-products in the open
markets of Karnataka (90%) and Tamil Nadu (10%). The firm has
approximately 150 customers.

In FY17 (CA Certified), SLVAF reported a Profit after Tax (PAT)
of INR0.19 crore on a total operating income of INR52.67 crore,
as against a PAT and TOI of INR0.15 crore and INR48.13 crore
respectively in FY16.


STATE TRADING: CARE Lowers Rating on INR4,000cr Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
The State Trading Corporation of India Limited (STC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             2,000      CARE D Revised from
                                     CARE BB+; Stable

   Short-term Bank
   Facilities             4,000      CARE D Revised from
                                     CARE A4+

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
STC take into account its weak financial profile characterized by
volatile operating income and high amount of outstanding trade
receivables. Furthermore, CARE has also taken cognizance of the
fact that there were delays in servicing of its debt obligation
during FY17 (refers to the period April 1 to March 31). Going
forward, the ability of the company to strengthen its risk
management policies, recovery of past dues and improvement in its
profitability and capital structure will be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
Weak financial risk profile: During FY17, STC's total income
declined by 25.53% to INR8,093.72 crore from INR10,868.03 crore
in FY16 primarily on account of decline in exports turnover
attributable to non-renewal of contract relating to export of
steel plates/coils to Iran, decline in import of bullions because
of lower demand attributable to large imports of dore bars into
the country (for which STC does not hold the license)and further
decline in import revenue on account of fall in Urea sales due to
lower allocation of tenders & higher indigenous production.
During FY17, the PBILDT margins improved to 2.15% (1.40% in
FY16), margins were to some extent improved by shift in the sales
model to sale of items like Cardamom, red sanders & edible
oil,etc. which though are small sale items as far as the value is
concerned but they hold good margins compared to bullion sale
where the company did not hold higher margins. Furthermore, STC
reported net loss of INR165.54 crore for FY17 as against PAT of
INR17.86 crore for FY16 as it was required to make provisions for
INR200.67 crore in FY17 in respect of parties from whom the
amount was due over 3 years.

Delays in servicing of debt obligations: There were delays
recorded in repayment of debt obligations by STC to EXIM bank in
the audit report of FY17. As per the discussion with the
management of STC, the delays in repayment to EXIM Bank occured
on account of restructuring of the terms & conditions for the
underlying loan which STC had requested EXIM Bank in view of the
financial crunch. The said proposal of STC was agreed by EXIM
bank vide their letter dated April 4, 2016, to STC. However the
formal agreement was signed between the parties on November 29,
2016. During the interim period there was uncertainty regarding
the due dates for the repayment of the debt obligation.& hence
the delays were reported which were though made good as soon as
the management was notified.

Trade receivables outstanding for more than 6 months: As on
March 31, 2017, STC had outstanding trade receivables of
INR3,093.12 crore of which INR2,831.92 crore has been outstanding
for more than 6 months. Although, in certain cases there are
corresponding creditors under back to back arrangement and pledge
of stocks and are under litigation for recovery of over dues, the
overall receivables are significantly high in comparison to the
net worth of STC. Against the outstanding receivable, STC had a
net worth of only INR19.18 crore as on March 31, 2017.

Key Rating Strengths
Long & established track record: STC was set up in May 1956,
primarily with a view to undertake trade with East European
Countries and to supplement the efforts of private trade and
industry in developing exports from the country. As a result of
liberalization of foreign trade since 1991, all export and import
items earlier canalised through STC were decanalised. Presently,
it is primarily engaged in the exports to Iran & trade of
bullion, fertilisers, food grains, coal, cardamom, edible oil &
pulses.

Predominant ownership by the Government of India: The Corporation
functions under the administrative control of the Ministry of
Commerce & Industry, Government of India. STC arranges import/
export of mass consumption items including rice, wheat, edible
oils, sugar as per instructions of the Government. As on
March 31, 2017, the Government of India had approximately 90%
shareholding in STC.

STC is a Miniratna Category-1 Central Public Sector Enterprise
and is recognised by the Government of India (GOI) as a Star
Trading House. It is a trading company engaged primarily in the
export and import operations. The company functions under the
administrative control of the Ministry of Commerce & Industry,
GOI. STC has
13 branch offices in India, the major ones being at Mumbai,
Kolkata, Chennai, Ahmedabad, Bangalore and Hyderabad. STC owns
tank farms, warehouses, godowns at various locations of the
country for storage of liquid/dry cargo. GOI holds 90% stake in
the company.

STC had a total income of INR8,093.72 crore with net loss of
INR165.54 crore in FY17 as compared with the total income of
INR10,868.03 crore with a PAT of INR17.86 crore in FY16.


SUDARSHAN SULZ: ICRA Withdraws B+ Rating on INR3.50cr LT Loan
-------------------------------------------------------------
ICRA withdraws the long-term rating of [ICRA]B+ and short-term
rating of [ICRA]A4 assigned to the INR7.17-crore bank facilities
of Sudarshan Sulz Private Limited (SSPL).

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term Fund-
  Based-Cash credit       3.50      [ICRA]B+; withdrawn

  Long-term Fund-
  Based-Term loans        2.87      [ICRA]B+; withdrawn

  Short-term Non
  Fund-based              0.30      [ICRA]A4; withdrawn

  Long-term-
  Unallocated             0.50      [ICRA]B+; withdrawn

Rationale

The rating is withdrawn in accordance with ICRA's policy on
withdrawal and suspension and as desired by the company.

Incorporated in 1993, SSPL weaves polyester blended fabric at its
manufacturing unit in Bhilwara, Rajasthan. SSPL started with
fabric trading and set up its in-house weaving capacity in 1999-
2000. The company produces the fabric on job work basis and sells
directly through a network of distributors in the domestic
market. The company is managed by Mr. Raj Kumar Melana and his
family.


SWARGIYA BHIKAM: Ind-Ra Migrates BB Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Swargiya Bhikam
Singh Smriti Samaj Kalyan Sansthan's bank loans ratings to the
non-cooperating category. The issuer did not participate in the
rating exercise, despite continuous requests and follow-up by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The ratings will
now appear as 'IND BB(ISSUER NOT COOPERATING)' on the agency
website. The rating action is:

-- INR74.28 mil. Bank loans migrated to Non-Cooperating Category
    with IND BB(ISSUER NOT COOPERATING) rating;

Note: ISSUER NOT COOPERATING: The rating was last reviewed on 10
July 2015. Ind-Ra is unable to provide an update as the agency
does not have adequate information to review the rating.

COMPANY PROFILE

Swargiya Bhikam Singh Smriti Samaj Kalyan Sansthan was
established in 1998 under the Societies Registration act, 1973 in
Gwalior. It manages two colleges and offers nursing, computer
application and business administration courses. The society
established Shri Ram Singh Dhakre Memorial Hospital and Research
Centre in Gwalior to offer medical courses which was likely to
start from the academic year 2016 (extended to academic year
2019) for which the society has 350-bed hospital facilities.


UTTARA FOOD: ICRA Reaffirms D Rating on INR145.83cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the
INR145.83 crore fund based limits of Uttara Food and Feeds
Private Limited at [ICRA]D. ICRA has also reaffirmed the short
term rating outstanding on the INR120.00 crore non fund based
facilities at [ICRA]D.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long term-Fund
  based                 145.83       [ICRA]D Reaffirmed

  Short term-Non
  Fund based            120.00        [ICRA]D Reaffirmed

As part of its process and in accordance with its rating
agreement with UFPL, 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.

Uttara Foods and Feeds Private Limited (UFFPL) is a part of the
Venkateshwara Hatcheries Group (VH) group which is the largest
and most integrated poultry player in India. UFFPL, commenced
operations in 1996 in order to further the groups involvement in
the poultry feeds industry, later on diversifying into other
segments such as cattle feed and hatchery. With four hatcheries
located at various locations across the country, the hatcheries
division accounts for 12% of the company's revenues. However to
date, poultry feed continues to remain the company's main line of
business; accounting for approx. 85% of the company's operating
income with annual feed production capacity of 248,255 MT.
Presently, the company has seven feed manufacturing plants in the
country which have been located strategically in order to cater
to poultry farmers located across the country. UFFPL also forayed
into parent breeding with two breeder farms at Julekal and Pullur
with a combined output capacity of 2,24,000 birds.


VASUNDHARA DEVELOPERS: ICRA Reaffirms B Rating on INR10cr Loan
--------------------------------------------------------------
ICRA has reaffirmed its long term rating assigned to the INR10.00
crore fund based facilities of Vasundhara Developers at [ICRA]B.
The outlook on the long term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Term
  Loan                   10.00      [ICRA]B (Stable); 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 SCPL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite
information, ICRA's Rating Committee has taken a rating view
based on best available information. In line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "[ICRA]B (Stable) ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Key rating drivers

Credit strengths

  * Experience of over two decades of partner in the real estate
    business and a good understanding of the Vijayawada and
    Guntur Markets

Credit weaknesses

  * High market risk given that around 85% amounting to 47 flats
    out of 55 are yet to be sold; the response for the project
    has been moderate so far with the firm able to achieve 8
    bookings in a span of 6 months and also the sales velocity
    is expected to increase going forward.

  * Considerable dependence on customer advances however the
    firm has bookings only for 8 flats of the available 55

  * Like other real estate players, the firm is exposed to the
    risk of slowdown in demand, falling property prices and
    sluggishness in the sector

  * Risks arising from partnership nature of the firm

Based in Vijayawada, Vasundhara Developers (VD) is a partnership
firm engaged in construction of residential projects. The
promoters of the group have long track record of operations in
the field of real estate and have developed diversified portfolio
of projects. VD is developing Vasundhara Orchids in Vijayawada on
a land area of 4360 sq Yards. The proposed project is in Poranki
which is about 6 Kms from centre of Vijayawada and 5 Kms from
Prakasam Barrage, 6 Kms from Vijayawada Junction, 7 Kms from RTC
Bus Station and 8Kms from PVR Mall and 20Kms from Gannavaram
Airport. The Proposed site location has been most attractive
location for residential apartment in the recent times after
formation of Andhra Pradesh new capital. Vasundhara Developers
has entered into a JDA (revenue sharing) with land owner for the
development of 1,19,094 sft of residential project, of which,
72,455 sft is saleable. The project construction has commenced in
February 2015 is planned to be completed by 2016.

Vasundhara Developers (VD) is a partnership firm founded in 2014
and is engaged in the business of construction of residential
apartments with its head office is located in Guntur District of
Andhra Pradesh. The firm has developed Vasundhara Orchids in
Vijayawada on a land area of 4360 sq Yards.


VISHWA GYAN: Ind-Ra Migrates BB- Rating to Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vishwa Gyan Punj
Trust's (VGPT) bank loan ratings to 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 ratings will now appear as 'IND
BB-(ISSUER NOT COOPERATING)' on the agency's website. Instrument-
wise rating action is:

-- INR67.34 mil. Bank loans migrated to Non-Cooperating Category
    with IND BB-(ISSUER NOT COOPERATING) rating

Note: ISSUER NOT COOPERATING: The rating was last reviewed on 29
June 2015. Ind-Ra is unable to provide an update as the agency
does not have adequate information to review the rating.

COMPANY PROFILE

VGPT established a school at Jamshedpur in collaboration with the
Delhi Public School Society in 2002. VGPT is registered under
Indian Trust Act, 1857. Dhanraj Singh is the chairman of the
trust. The trust manages a school with intake capacity of 5,000
students.


WORLD STEELTECH: ICRA Reaffirms B- Rating on INR9.80cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- on the
INR4.00 crore cash credit facility and the INR5.80 crore term
loans facility of World Steeltech (India) Private Limited. ICRA
has reaffirmed the short-term rating of [ICRA]A4 on the INR1.50
crore non-fund based bank guarantee facility of WSIPL. The
outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits       9.80      [ICRA]B- (Stable); reaffirmed
  Non-fund based Limits   1.50      [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 WSIPL, 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]BB- (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.

Key rating drivers

Credit strengths

  * Location advantage resulting in easy access to raw material
    Sources

  * Long standing experience of the promoters in ceramic, textile
    and steel Industry

Credit weaknesses

  * Limited track record of operations

  * Vulnerability of margins to adverse fluctuations in raw
    material prices due to cyclicality associated with the steel
    industry

  * Competitive business environment given the fragmented nature
    of industry with large number of MS billet manufacturers in
    the region and weak outlook

Description of key rating drivers:

Incorporated as a private limited company in March 2012, World
Steel Tech (India) Private Limited (WSTPL) is engaged in
manufacturing of mild steel billets with a capacity to
manufacture 2,030 MT of billets per month. The company commenced
its commercial operations of MS Billets from August 2015. Waste
and scrap of iron, steel and silico manganese are the major raw
materials which are generally procured from ship breakers located
in Bhavnagar (Gujarat) on credit period ranging from 1 to 10
days. The company also imports raw material from Dubai in case of
requirement. Billets are sold to rolling mills in the local
market based on the daily spot prices prevailing in the market
which remains fluctuating based on steel prices. The company also
faces competition from large number of players in the organised
and unorganised sector, which together with low value additive
nature of finished goods i.e. MS billets restricts the pricing
flexibility for players like WSTPL.

Incorporated in March 2012 as a private limited company, World
Steel Tech (India) Private Limited was promoted by Mr. Kailash
Kanani, Mr. Rohit Kanani and Mr. Vishal Nandasana along with
family members and is engaged in the manufacturing of Mild Steel
Billets through Induction furnace route. The company has an
installed capacity of 2,030 MT per month of billets manufacturing
at its manufacturing unit in Rajkot.



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


TAKATA CORP: Injured Drivers Get Official Role in Bankruptcy
------------------------------------------------------------
Tom Hals at Reuters reports that people injured by Takata Corp's
defective air bags were given an official role in the bankruptcy
of its U.S. unit on July 6, allowing them to challenge
restructuring plans that plaintiffs' lawyers have criticized as
protective of automakers.

A seven-member official committee will represent economic loss
and personal injury or tort claimants, David Buchbinder, a lawyer
with the U.S. Department of Justice's bankruptcy watchdog, told a
meeting of creditors of Takata's U.S. business, Reuters relates.

Official committees receive funds from a debtor to hire
professionals who can carry out investigations and test financial
assumptions, Reuters says.

According to Reuters, William Weintraub, a lawyer with Goodwin
Procter who is not involved in the Takata case, said he expected
the committee "to be active and to make sure that the claims of
the car manufacturers are not treated preferentially and that
tort victims are fairly compensated."

A second five-member committee of suppliers and vendors was also
appointed, Mr. Buchbinder, as cited by Reuters, said.

One person appointed to the personal injury committee, Adrian
Antonio Pielago, allegedly suffered a major neck laceration and
nerve damage last year in an accident involving a Takata air bag,
Reuters relates citing court records.

Reuters says Takata is finalizing a $1.6 billion sale of most of
its business to Michigan-based Key Safety Systems, owned by
China's Ningbo Joyson Electronic Corp.

The deal is meant to save 14,000 jobs, provide a stable supply of
replacement air bags and finance a $1 billion settlement with the
U.S. government, the report notes.

Reuters relates that personal injury lawyers said at a bankruptcy
hearing last month that Takata was deferring too much to
automakers, which claim they are owed billions of dollars in
recall costs.

Lawyers for Takata's U.S. business said the automakers provided
financing to Takata and received protections in return, the
report states.

Reuters notes that the company has set aside $125 million for
injury claims, but lawyers for injured drivers said it may not be
enough because millions of air bags have yet to be recalled.

The lawyers said more money could come from Takata's insurance,
as well as from its sale to Key Safety, Reuters relays.

                     About Takata Corp

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.
Headquartered
in Tokyo, Japan, Takata operates 56 plants in 20 countries with
approximately 46,000 global employees worldwide. The Company has
subsidiaries located in Japan, the United States, Brazil,
Germany,
Thailand, Philippines, Romania, Singapore, Korea, China and other
countries.

Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.  Takata's main U.S. subsidiary TK Holdings Inc.
and 11
of its U.S. and Mexican affiliates each filed voluntary petitions
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead
Case No. 17-11375) on June 25, 2017.  Together with the
bankruptcy filings, Takata announced it has reached a deal to
sell all its global assets and operations to Key Safety Systems
(KSS) for US$1.588 billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings.  Weil, Gotshal & Manges LLP  and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and
Lazard is serving as investment banker to Takata.  Ernst & Young
LLP is tax advisor.  Prime Clerk is the claims and noticing
agent.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor while UBS Investment Bank also
provides financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of
the Chapter 11 Debtors, obtained an order of the Ontario Superior
Court of Justice (Commercial List), among other things, granting
a stay of proceedings against the Chapter 11 Debtors pursuant to
Part IV of the Companies' Creditors Arrangement Act.  The
Canadian Court appointed FTI Consulting Canada Inc. as
information officer.  TK Holdings, as the foreign representative,
is represented by McCarthy Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimant.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel.

The Official Committee of Unsecured Tort Claimant Creditors has
selected Laura Davis Jones, Esq., and James I. Stang, Esq., at
Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, as
its bankruptcy counsel.


TOSHIBA CORP: Under Pressure to Consider Plan B
-----------------------------------------------
Reuters reports that as the $18 billion sale of Toshiba Corp.'s
memory chip unit to a government-approved consortium falters,
some bankers and potential investors are pressing the board to
seriously consider alternatives, including picking a new buyer,
sources said.

Reuters relates that those people said Toshiba's leadership is
sticking to plan A: selling the world's second-largest memory
chip maker to a Japanese government-backed group that also
includes Bain Capital.

But the clock is ticking for Toshiba, which was still recovering
from a $1.3 billion accounting scandal in 2015 when it was hit by
billions of dollars of cost overruns at its U.S. nuclear unit
Westinghouse in December, Reuters says.

Unless it closes a deal by March, a gaping balance-sheet hole
will prompt automatic delisting of its shares from Tokyo's stock
market -- further battering its shareholders, according to
Reuters.

As questions emerge around the role of South Korean rival SK
Hynix in the preferred bidder group, some Toshiba executives and
officials at the company's main creditor banks said they want top
management to look at other options, Reuters reports.

"Toshiba hastily picked the consortium ahead of its (June 28)
annual shareholders meeting, but more and more flaws are emerging
as time passes," Reuters quotes a senior official at one of
Toshiba's banks as saying.

SK Hynix, which was initially included just to help fund the
deal, is now looking to own equity in Toshiba's chip unit,
according to sources, raising antitrust and national concerns in
Japan, Reuters states.

Addressing concerns that its chip technology could be handed to a
foreign rival, Toshiba said previously that SK Hynix would have
no equity or management influence, says Reuters.

Reuters relates that scrapping that deal would leave one obvious
option: rival suitor Western Digital, which bid for the chip
business with private equity firm KKR. But Western Digital,
already a joint venture partner with Toshiba, is in a legal
dispute with the beleaguered firm amid what sources described as
a deep distrust between the two sides.

But Western Digital could have the support of the state-backed
Development Bank of Japan and Innovation Network Corp. of Japan,
who are both part of the preferred buyer consortium, the sources,
as cited by Reuters, said. They are said to be wary of SK Hynix
and of Toshiba agreeing to the sale to the group while Western
Digital sought an injunction to stop it.

"If asked, we are ready to team up with Western Digital and KKR,
and we actually prefer that," said a senior official at one of
the government investors.

A Toshiba spokesman said the firm is negotiating with the
preferred buyer consortium to sign a definitive agreement as soon
as possible, adds Reuters.

                           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.


TOSHIBA CORP: Seeks Unconventional $6 Billion Credit Line
---------------------------------------------------------
Leo Lewis at The Financial Times reports that fears are growing
over Toshiba Corp's ability to secure a quick sale of its prized
memory chip business as the crisis-hit conglomerate negotiates an
"unconventional" $6bn credit line with its main lenders, say
people briefed on discussions.

Rather than using the traditional route of pledging shares as
collateral, the new loans will involve Toshiba depositing with
its banks a number of share certificates in the chip business,
which was spun off this year in preparation for a sale, the FT
says.

According to the report, the unusual step, which highlights
Toshiba's increasing financial desperation, comes as further
blows have landed on a company that some analysts say is at
rising risk of bankruptcy. A judgment from the European Court of
Justice, announced on July 7, requires Toshiba to pay charges of
EUR56.8 million over violations of competition law in the
switchgear, or power generation equipment, market, the FT
discloses.

The FT relates that another EU decision on July 7 hinted at the
potentially massive collateral damage elsewhere in corporate
Japan, arising from Toshiba's financial woes. In 2015, after the
company was exposed in a seven-year accounting fraud, it began a
rapid jettisoning of prized assets that included selling its
profitable medical systems business to Canon. To book the sale in
its 2015 financial year and rapidly shore up its numbers, Toshiba
sold the business via a "warehousing" method that involved an
interim buyer and would not incur antitrust-related delays, the
report says.

In a preliminary view issued on July 7, EU antitrust regulators
said Canon had breached merger rules with this structure and
could be fined 10% of its annual revenue, or about $2.9 billion
based on its 2016 fiscal year, says the FT.

The FT notes that the latest round of negotiations between
Toshiba and its banks over new credit lines has become more
urgent since two weeks ago, when the company announced an
indefinite delay to the planned $20 billion sale of the Nand
memory chip business.

The auction has been overshadowed by political objections to the
involvement of potential overseas bidders from South Korea and
Taiwan, and by an acrimonious legal row with Toshiba's joint
venture partner, Western Digital, the FT states.

Last month, Toshiba identified a consortium led by a Japanese
government-backed fund as its preferred bidder, but bankers said
that talks have been put on hold until a Californian court rules
in the coming week on a legal attempt by Western Digital to block
the sale altogether, the FT recalls.

The FT adds that Toshiba needs to secure the chip unit's sale
within the next few months, say analysts, if it is to dig itself
out of a JPY582 billion hole in its shareholder equity: failure
to do so by March 2018 will see Toshiba delisted from the Tokyo
Stock Exchange.

                          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.



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


ALAM SWIBER: High Court Grants Wind Up Order
--------------------------------------------
Reuters reports that Alam Maritim Resources said that an order
had been granted by the High Court Of Malaya Kuala Lumpur in
favor of KTL Offshore Pte Ltd.

Alam Swiber Offshore may be wound up by the court, according to
the order, Reuters relays.

Malaysia-based Alam Swiber Offshore (M) Sdn Bhd provides support
services for offshore installation and construction projects.



=====================
P H I L I P P I N E S
=====================


2GO GROUP: Restates 2015 and 2016 Audited Financial Statements
--------------------------------------------------------------
BusinessWorld Online reports that 2GO Group, Inc. has appointed a
new chief financial officer after announcing adjustments in
reported profits for the last two years following a special
audit, the logistics firm told the Philippine Stock Exchange late
on July 7.

In a regulatory filing after its board meeting on July 7, 2GO
said it appointed William Charles Howell as chief financial
officer and treasurer to replace Jeremias E. Cruzabra, who
resigned, BusinessWorld relays.

According to BusinessWorld, the company also submitted a
restatement of its audited financial results for 2015 and 2016,
as well as the unaudited financial statements for the period
ended March 31, 2017.

2GO reported its restated net income for 2015 stood at PHP109.131
million. This is 90% lower than the PHP1.08-billion profit it
earlier disclosed in its 2015 annual report.

For 2016, 2GO said its restated profit is PHP344.035 million, a
74% decline from the P1HP.34-billion net income it earlier
reported.

For the first quarter of 2017, 2GO said it should have reported a
net loss of PHP264.86 million, instead of a PHP267.562-million
profit, BusinessWorld relays.

According to BusinessWorld, 2GO President and CEO Dennis A. Uy
said the company had tapped SyCip Gorres Velayo & Co. to conduct
the special audit of the company's financial statements after his
group took over.

"The audit revealed certain accounts in the previously audited
financials required restatement, and the new management, with the
support and approval of the newly elected members of the audit
committee and board of directors, agreed to restate prior period
financial statements to reflect fairly the state of the
business," BusinessWorld quotes Mr. Uy as saying in the
disclosure.

Despite this, Mr. Uy remained confident that the "potential of
2GO to grow and be a major player in this dynamic shipping and
logistics industry remains intact."

"The restatement is a commitment of the new management and Board
of Directors to raise corporate governance standards in the
company," Mr. Uy, as cited by BusinessWorld, said.

The PSE is implementing a trading suspension on 2GO shares on
July 10, pending the company's submission of additional
information, BusinessWorld notes.

2GO Inc. is an integrated supply chain operator whose businesses
include shipping, freight forwarding, warehousing and express
delivery services.



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


GEO ENERGY: Fitch Assigns B+ Long-Term IDR; Outlook Stable
----------------------------------------------------------
Fitch Ratings has assigned Geo Energy Resources Limited (Geo) a
Long-Term Issuer Default Rating (IDR) of 'B+'. The Outlook is
Stable. The agency has also assigned Geo Coal International Pte
Ltd's proposed senior unsecured guaranteed notes an expected
rating of 'B+(EXP)' and a Recovery Rating of 'RR4'.

Geo and its key subsidiaries will unconditionally and irrevocably
guarantee the proposed senior unsecured notes. The notes will
rank pari-pasu with other senior unsecured borrowings of Geo and
its subsidiaries. The final ratings on the proposed notes are
contingent upon the receipt of documents conforming to
information already received.

KEY RATING DRIVERS

Small Scale of Operations: Geo has proved reserves of around 77
million metric tonnes (MMT) and total reserves of around 95MMT)
and produced around 6MMT of coal in 2016. Fitch expects the
company to ramp up production volumes to around 10MMT in 2017 and
further to around 15MMT in 2018. Geo's current operations are
also concentrated, with its two key co-located mines in Indonesia
accounting for the majority of its reserves and production; the
concessions for these mines expire in 2022.

However, Fitch expects Geo to make further investments to boost
reserves and production, and extend its concession period. Geo's
commitment to expand its operations and reserves is also
supported by a mandatory obligation to repurchase the notes 3.5
years after issue unless the company fulfils a specified minimum
reserves level and maintains producing mines with a specified
concession life.

Exposure to Cyclical Coal Industry: Geo remains vulnerable to the
commodity cycle, as its earnings and cash flow are linked to the
thermal coal industry. Thermal coal prices have come off a peak
in late 2016, reflecting China's policies aimed at managing coal
prices. Fitch expects some production uptick in response to
higher prices, which should lead to some moderation in prices
over the medium term. This is reflected in Fitch price
assumptions (see Updating Fitch's Mid-Cycle Commodity Price
Assumptions, dated 2 March 2017). However, these risks are
partially mitigated by Geo's position as a low-cost producer.

Low-Cost Position: Geo has a competitive cost position, with its
low cash cost of production for its two key mines PT Sungai Danau
Jaya (SDJ) and PT Tanah Bumbu Resources (TBR) (mid-range
calorific value (CV) of coal at 4,000 - 4,200 KCal). The company
also benefits from well-connected infrastructure and logistics
for its key mines. Fitch expects the low-cost position to support
Geo's stable profitability and operating cash flows over the
medium term.

Asset-Light Model: Geo has entered into production contracts for
its key mines with PT Bukit Makmur Mandiri Utama's (BUMA, BB-
/Stable), the second-largest coal mining contractor in Indonesia.
The company intends to follow this 'asset light model' over the
medium term, thereby limiting any large capex for its mines. Geo
has also entered into off-take agreements simultaneously with
coal-trading companies, minimising operational and off-take
risks. Coal off-take agreements expose Geo to customer
concentration and resultant counterparty risks. At the same time,
the mid-range CV of coal from its key mines, the flexibility to
sell directly (in the case of any default under the off-take
agreements), and Geo's relationships with end-buyers offset these
risks to a large extent.

Investments to Continue: Fitch expects Geo to continue investing
over the medium term to augment its coal reserves and production
scale. Geo acquired TBR (proved reserves of around 41MMT and
total reserves of around 45MMT) for a purchase consideration of
USD90 million in June 2017; the location of TBR adjacent to SDJ
is likely to help ramp up production swiftly and also provide
synergies. Fitch expects Geo to acquire additional mines/mining
concessions in the near term; Geo may focus primarily on
producing - or nearly producing - mines of acceptable calorific
value, limiting the risks relating to development of the acquired
mines. Any investments in new coal mines exposes Geo to
additional risks, while Fitch derive comfort from the company's
track record and previous experience as a coal-mining contractor
before divesting the business in early 2016.

Comfortable Financial Profile: Fitch anticipates Geo's
operational cash flows will improve, driven by rising coal
volumes, its competitive cost position and Fitch coal-price
assumptions. This is likely to support investments in the near to
medium term. Credit metrics are likely to remain comfortable,
with FFO net leverage of around 1.5x (2016:0.2x) and FFO fixed-
charge cover of over 5x (2016: 8.6x) over the medium term. This
factors Fitch's assumptions of continuing moderate investments of
around USD250 million over the next three years (excluding TBR);
in the absence of these investments, Fitch expects Geo to achieve
a net cash position post 2018.

DERIVATION SUMMARY

Geo's rating of 'B+' reflects its small scale of operations, low
cost position, minimal off-take and operational risks,
comfortable financial profile and liquidity. By comparison,
China's Yanzhou Coal Mining Company Limited ('B'/Stable) is
constrained by its aggressive financial profile and weak
liquidity. Geo's comfortable financial profile and relatively
lower cost position results in the higher rating despite
Yanzhou's much larger and diversified operations with an improved
cost position.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Coal prices in line with Fitch's mid-cycle commodity price
   assumptions, adjusted for difference in calorific value
   (average Newcastle 6000 kcal free-on-board (FOB): USD70/MT in
   2017 and USD65/MT thereafter).
- Investments of around USD100 million-130 million in the
   next 6-12 months
- Coal production volumes of around 10MMT in 2017 and around
   15MMT in 2018.
- Dividend pay-out of around 15%-20%

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Fitch does not expects any upgrade, given the small size of
   Geo's operations which constrains its business profile.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Any sustained weakening in operating profile including
   production, reserves or cost position
- FFO net leverage of over 2.5x on a sustained basis
- FFO fixed-charge cover sustained below 5x

LIQUIDITY

Comfortable Liquidity: Fitch expects healthy liquidity in the
absence of any major debt maturities following the issuance of
the proposed US dollar notes. The company plans to partly use the
proceeds to repay its outstanding SGD100 million notes due in
2018. Fitch expects strong operating cash flows and the cash
balance from the proposed notes' proceeds to support investments
in the near to medium term.



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


* BOND PRICING: For the Week July 3 to July 7, 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, Psyche A. Castillon, 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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