TCRAP_Public/170801.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, August 1, 2017, Vol. 20, No. 151

                            Headlines


A U S T R A L I A

ALPHA85 PTY: First Creditors' Meeting Set for Aug. 8
AUSTRALASIAN MARITIME: Second Creditors' Meeting Set for Aug. 3
CAMPBERDOWN DAIRY: Second Creditors' Meeting Set for Aug. 9
EVERSAFE FIRE: First Creditors' Meeting Set for Aug. 8
LILLEY TRANSPORT: First Creditors' Meeting Set for Aug. 10

REALESTATE EQUITY: ASIC Acts to Wind Up Land Banking Scheme
WOLLUMBIN HORIZONS: Second Creditors' Meeting Set for Aug. 8


C H I N A

CHINA EVERGRANDE: Pos. Profit Alert No Impact on Moody's B2 CFR


H O N G  K O N G

NOBLE GROUP: 2Q 2017 Profit Warning Credit Neg., Moody's Says


I N D I A

A.P.R GINN: ICRA Reaffirms 'B' Rating on INR5.0cr LT Loan
ARHYAMA SOLAR: ICRA Reaffirms B+ Rating on INR31.65cr Loan
BALLARPUR INDUSTRIES: Fitch Withdraws 'C' Long-Term IDR
BHUSHAN STEEL: SSG Capital to Buy Stake in Firm
CORDON BLEU: ICRA Reaffirms B+ Rating on INR38cr LT Loan

CYGNUS EQUIPMENTS: ICRA Assigns 'D' Rating to INR10cr Loan
DEEPA DEVELOPERS: ICRA Reaffirms 'B' Rating on INR9cr Loan
DINDIGUL FARM: ICRA Withdraws B+ Rating on INR14.25cr Term Loan
DIVINE SOLUTIONS: ICRA Reaffirms 'B' Rating on INR6.0cr Loan
FARMICO COMMODITIES: ICRA Cuts Rating on INR6cr Loan to B+

FASHION FLARE: ICRA Revises Rating on INR2cr LT Loan to B
HARMAN AGRO: ICRA Assigns B+ Rating to INR4.50cr Cash Loan
HIRANYA BUILDERS: ICRA Lowers Rating on INR13.54cr Loan to D
IMPERUS CERAMIC: ICRA Reaffirms B+ Rating on INR8.43cr Loan
LODHA DEVELOPERS: Moody's Puts B2 CFR on Review for Downgrade

MANIKANTA COTTON: ICRA Ups Rating on INR12cr Cash Loan to B+
MATRIX CERAMIC: ICRA Reaffirms B+ Rating on INR4.50cr Cash Loan
NISIKI INDIA: ICRA Lowers Rating on INR10cr Loan to B+
NITESH ESTATES: ICRA Withdraws 'D' Rating on INR15cr LT Loan
PRINCE YARNN: ICRA Reaffirms B+ Rating on INR12.81cr Term Loan

RAIGARH CHAMPA: ICRA Lowers Rating on INR634.54cr Loan to D
SAI REGENCY: ICRA Lowers Rating on INR257.47cr Loan to 'D'
SHILPI CABLE: ICRA Reaffirms 'C' Rating on INR27cr Loan
SHRENIK MARBLE: ICRA Assigns B+ Rating to INR4.60cr Loan
SRI VENKATA: ICRA Reaffirms 'D' Rating on INR33cr Term Loan

SUN HOSPITALITY: ICRA Reaffirms 'D' Rating on INR13cr Term Loan
SURYA VIKAS: ICRA Assigns B- Rating to INR47.54cr Loan
SWATI ORNAMENTS: ICRA Reaffirms 'B' Rating on INR6.50cr Loan
TBPR INFRA: ICRA Raises Rating on INR17.50cr Loan from D
UNITED BROTHERS: ICRA Reaffirms B+ Rating on INR3.0cr Loan

UTTAM GALVA: NCLT Scraps Macquarie Bank's Insolvency Petition
UTTARAYAN FOODS: ICRA Reaffirms C+ Rating on INR3.39cr Loan
VOGUE CLOTHING: ICRA Reaffirms B+ Rating on INR4.0cr Loan
ZADAFIYA CREATIONS: ICRA Assigns 'B' Rating to INR14.25cr Loan


J A P A N

* JAPAN: Up to 100 Solar PV Firms Could Face Bankruptcy This Year


M A L A Y S I A

KARAMBUNAI CORP: Auditors Raise Going Concern Doubt
NAM CHEONG: To 'Temporarily Cease' All Debt Repayments


S I N G A P O R E

RICKMERS MARITIME: SGX Approves Firm's Delisting Plan
TRIKOMSEL PTE: Court Appoints Kordamentha as Liquidator


X X X X X X X X

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


                            - - - - -


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


ALPHA85 PTY: First Creditors' Meeting Set for Aug. 8
----------------------------------------------------
A first meeting of the creditors in the proceedings of Alpha85
Pty Ltd will be held at Level 3, 90 William Street, in Melbourne,
Victoria, on Aug. 8, 2017, at 10:00 a.m.

Mathew Campbell Muldoon and Kristen Beadle of Sellers Muldoon
Benton were appointed as administrators of Alpha85 Pty on July
27, 2017.


AUSTRALASIAN MARITIME: Second Creditors' Meeting Set for Aug. 3
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Australasian
Maritime Institute Pty Ltd has been set for Aug. 3, 2017, at
9:30 a.m.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 2, 2017, at 5:00 p.m.

David Allan Ingram and Cameron Hugh Shaw of Hall Chadwick
Chartered Accountants were appointed as administrators of
Australasian Maritime on June 29, 2017.


CAMPBERDOWN DAIRY: Second Creditors' Meeting Set for Aug. 9
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Campberdown
Dairy International Pty Ltd has been set for Aug. 9, 2017, at
10:00 a.m., and will be held at the offices of KordaMentha, Level
24, 333 Collins Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 8, 2017, at 4:00 p.m.

Craig Peter Shepard of KordaMentha was appointed as administrator
of Campberdown Dairy on July 5, 2017.


EVERSAFE FIRE: First Creditors' Meeting Set for Aug. 8
------------------------------------------------------
A first meeting of the creditors in the proceedings of Eversafe
Fire Services Pty Ltd will be held at the boardroom of Chifley
Advisory, Level 2, 9 Phillip Street, in Parramatta, NSW, on
Aug. 8, 2017, at 11:00 a.m.

Gavin Moss and Trent McMillen of Chifley Advisory Pty Ltd were
appointed as administrators of Eversafe Fire on July 27, 2017.


LILLEY TRANSPORT: First Creditors' Meeting Set for Aug. 10
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Lilley
Transport Pty Ltd will be held at the offices of Jamieson Louttit
& Associates, Penfold House, Suite 73, Level 15, 88 Pitt Street,
in Sydney, NSW, on Aug. 10, 2017, at 10:00 a.m.

Jamieson Louttit of Jamieson Louttit & Associates was appointed
as administrator of Lilley Transport on July 31, 2017.


REALESTATE EQUITY: ASIC Acts to Wind Up Land Banking Scheme
-----------------------------------------------------------
Australian Securities and Investment Commission has started legal
action in the Federal Court in Melbourne to wind up a land
banking scheme known as the Realestate Equity Investment Trust
(REIT) and an associated company, Timeline Project Management Pty
Ltd.

The REIT scheme owns land located at Flinders Avenue in Lara,
Victoria.

ASIC understands that at least 82 investors have invested a total
of at least AUD800,000 into the REIT scheme and that, since 2013,
investors have been making payments in respect of their
investment to Timeline.

Lotus Pty Ltd (in liquidation) was the responsible entity which
managed the REIT scheme until 21 September 2016 at which time its
Australian financial services licence was cancelled by ASIC for
various compliance breaches (refer: 16-337MR). It was placed into
liquidation on 14 December 2016, on the application of a
creditor.

ASIC alleges that REIT is operating as a managed investment
scheme in circumstances where it has no responsible entity and no
reasonable prospects of obtaining one.

The matter is listed for hearing at the Federal Court in
Melbourne on Aug. 4, 2017 at 9.30am.


WOLLUMBIN HORIZONS: Second Creditors' Meeting Set for Aug. 8
------------------------------------------------------------
A second meeting of creditors in the proceedings of Wollumbin
Horizons Pty Ltd has been set for Aug. 8, 2017, at 10:00 a.m., at
the offices of Vincents, Level 34, 32 Turbot Street, in Brisbane,
Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 7, 2017, at 4:00 p.m.

Steven Staatz of Vincents was appointed as administrator of
Wollumbin Horizons on July 4, 2017.



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C H I N A
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CHINA EVERGRANDE: Pos. Profit Alert No Impact on Moody's B2 CFR
---------------------------------------------------------------
Moody's Investors Service says that China Evergrande Group's
positive profit alert for its 1H 2017 results is credit positive,
but will not immediately impact its B2 corporate family rating,
B3 senior unsecured ratings or the stable ratings outlook.

On July 25, 2017, Evergrande announced that it expected to record
a substantial increase in its net profit and profit attributable
to the company's shareholders for 1H 2017, with the net profit
likely to total approximately three times that of 1H 2016. The
company said the increase in net profit for 1H 2017 was primarily
attributable to a strong increase in the average selling price of
properties, as well as to the substantial increase in the total
gross floor area of these properties.

"Moody's expects Evergrande's credit metrics to improve in FY
2017, driven by an increase in revenue and slower debt growth,"
says Franco Leung, a Moody's Vice President and Senior Credit
Officer.

Moody's expects that Evergrande will achieve robust revenue and
EBIT growth in 2017, supported by the strong contracted sales
growth of the past 12-18 months, and a likely mild increase in
its gross profit margins.

Moody's further expects that Evergrande will record much slower
growth in adjusted debt when compared with the high year-over-
year growth of around 74% in 2016. This expectation is mainly
driven by the strong cash collections from its property sales, as
well as the sizable equity issuance of around RMB70 billion since
December 2016, which will help reduce the company's reliance on
debt funding.

Moody's notes that the equity issuance contains certain business
performance undertakings and a contingent capital call upon the
success of its onshore listing.

In this regard, Moody's expects that Evergrande's financial
metrics will improve such that its adjusted debt leverage and
interest coverage ratio will increase to 55%-60% and 2.2x-2.4x in
2017 from their weak levels of 32% and 1.4x, respectively, at
end-2016.

The company delivered robust 72% year-on-year growth in
contracted sales for 1H 2017, after robust 85% year-on-year
growth to RMB373 billion for full year 2016.

Moody's will continue to assess the company's business expansion
and financial management strategy. Upward ratings pressure could
emerge, if Moody's expects that Evergrande's business operations
are stabilizing and that the improvement in its credit metrics
will be sustained beyond 2017.

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

China Evergrande Group is a major residential developer in China.
It adopts a standardized operating model. Founded in 1996 in
Guangzhou, the company has rapidly expanded its business across
China over the past few years. At December 31, 2016, its land
bank totaled 229 million square meters in gross floor area across
209 Chinese cities.



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


NOBLE GROUP: 2Q 2017 Profit Warning Credit Neg., Moody's Says
-------------------------------------------------------------
Moody's Investors Service says that Noble Group Limited's (Caa1
negative) profit warning for its 2Q 2017 results is credit
negative, and will further increase the challenges the company
faces in turning around its operations and tackling large near-
term debt maturities.

On July 27, Noble announced that it would report an adjusted
operating loss from supply chains (before exceptional items) in
2Q 2017 of $250-$300 million, down significantly from an adjusted
operating loss of around $3 million in 1Q 2017. Adjusted net loss
for the quarter, which includes exceptional items of $1,250-
$1,300 million inter alia for additional reserves for net fair
value gains, would be in the range of $1,700-$1,800 million.

In its announcement, Noble also indicated that it (1) has entered
into an agreement to sell its North American gas and power
businesses for $248 million; (2) plans to exit its global oil
liquids business; and (3) will further dispose its assets over
the next two years.

"The further expected deterioration in Noble's financial results
in 2Q 2017 suggests that default risk will remain elevated," says
Gloria Tsuen, a Moody's Vice President and Senior Analyst.

"Although the company plans to dispose of its key assets to
reduce debt, it is uncertain whether these sales will raise
sufficient proceeds to meet its large debt maturities over the
next 12 months," adds Tsuen.

Moody's may downgrade Noble's ratings if (1) its liquidity
headroom deteriorates further; and/or (2) there is no meaningful
progress in extending its debt maturities or its asset sale
activities over the next couple of months.

The increased losses were the result in part of a loss of
confidence among market participants, including its lenders . The
company has had to conservatively manage its liquidity, scale
back its risk positions, and have constraints placed on its
access to trade financing, thus limiting its trading operations.

Noble's asset disposal plans, if they materialize, would help
address its short-term liquidity issues. However, the resultant
substantial reduction in its scale and global reach would
challenge its ability to reshape its business model and generate
profit and cash flow to service the remaining debt.

Noble's global oil liquids and North American gas and power
businesses represent the majority of its energy segment, which
generated 90% of the company's revenue in 1Q 2017. Following the
sale of these two businesses, Noble's business portfolio will
comprise energy coal, carbon steel materials, metals, freight and
liquid natural gas businesses.

The company expects to use cash flows from its hard commodities
businesses as well as asset sale proceeds to pay down its debt.
Two main credit lines -- the $2 billion secured borrowing base
facility for Noble Americas Corporation and a $1 billion secured
borrowing base facility for Noble Clean Fuels Limited -- will be
retired. Noble will seek a new investor and potential strategic
alliances to recapitalize and fund working capital for its
remaining business.

Noble's faces significant liquidity risk. Its liquidity headroom
of about $1.2 billion at end-March 2017 -- including readily
available cash and unutilized committed facilities -- is
insufficient to cover the $2.1 billion in debt due for the
remainder of 2017 and in 1H 2018. This headroom may have also
narrowed meaningfully as a result of the sizeable 2Q loss.

The principal methodology used in these ratings was Trading
Companies published in June 2016.

Noble Group Limited is one of the major physical commodities
supply chain managers in Asia by revenue. Its activities across
the supply chain include the sourcing, storage, processing,
transportation, and distribution of over 20 commodity products.



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


A.P.R GINN: ICRA Reaffirms 'B' Rating on INR5.0cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR5.00 crore fund based limits of A.P.R Ginn and Pressing
Mills.

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

As part of its process and in accordance with its rating
agreement with APR, 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 Nov. 1, 2016, the
company's rating is now denoted as: "[ICRA]B (Stable) ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Analytical approach:
For arriving at the ratings, ICRA has taken into account the
banker's feedback on the debt servicing track record of APR, its
business risk profile, financial risk drivers and management
profile.

A.P.R. Ginn & Pressing Mills is a proprietorship concern
established in the year 1985 by Mr. A.P. Rangasamy. The Firm
operates a cotton ginning and pressing unit in Coimbatore,
Tamilnadu with 24 ginning machines each with a production
capacity of 50 kg of ginned cotton per hour. APR mainly deals in
DCH variety of raw cotton which is procured directly from
farmers. The firm produces cotton lint which is sold to various
dealers.


ARHYAMA SOLAR: ICRA Reaffirms B+ Rating on INR31.65cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR31.65-crore fund-based facilities of Arhyama Solar Power
Private Limited. The outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Fund-based Limits      31.65     [ICRA]B+(Stable); Reaffirmed

Rationale

As part of its process and in accordance with its rating
agreement with ASPPL, ICRA has been trying to seek information
from the company so as to undertake a surveillance of the
ratings. Despite repeated requests by ICRA, the company's
management has remained non-cooperative. In the absence of
requisite information, ICRA's Rating Committee has taken a rating
view based on 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) 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

  * Presence of a firm power-purchase agreement with Dr Reddy's
    Laboratories Private Limited (DRL) for 20 years

  * Limited counter-party credit risks given the strong financial
    profile of its customer

Credit weaknesses

  * Weak financial profile as indicated by high gearing of 4.97
    times, low coverage indicators with interest coverage ratio
    of 1.33 times and NCA/Debt of 6.28% as of FY2015

  * Low PLF of 17.44% in FY2015

Description of key rating drivers:

The company is operating a 6-MW solar power plant at Kolanpak
Village, Aleir Mandal, Nalgonda district, Andhra Pradesh, which
was commissioned in February 2014. The company has entered into a
firm power-purchase agreement with Dr Reddy's Laboratories
Private Limited (DRL) for a period of 20 years and limited
counter-party credit risks given the strong financial profile of
its customer. The plant operated at PLF of 17.44% in FY2015. The
financial risk profile is weak as indicated by high gearing of

Arhyama Solar Power Private Limited (ASPPL) was incorporated in
September 2012. ASPPL has set up a 6-MW solar power plant at
Kolanpak Village, Aleir Mandal, Nalgonda District of Telangana.
The solar power plant commenced its commercial operations from
February 2014 and a power-purchase agreement has been signed with
Dr Reddy's Laboratories Limited (DRL) for 20 years. The company
is promoted by a group of entrepreneurs who have experience of
more than 20 years in solar power EPC, agriculture commodities
and financial management.


BALLARPUR INDUSTRIES: Fitch Withdraws 'C' Long-Term IDR
-------------------------------------------------------
Fitch Ratings has withdrawn the 'C' Long-Term Issuer Default
Ratings of India-based paper maker Ballarpur Industries Limited
(BILT) and its subsidiary Bilt Paper B.V. The ratings have been
withdrawn without affirmation.

Fitch is withdrawing the ratings as BILT has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for BILT.


BHUSHAN STEEL: SSG Capital to Buy Stake in Firm
-----------------------------------------------
India Infoline News Service, citing a leading business news
agency, reports that Hong Kong-based asset management firm, SSG
Capital Management has shown interest in acquiring stakes in the
Bhushan Steel. As of March 31, 2017, Bhushan Steel's total debt
stood at around INR42,355 crore.

Bhushan Steel is among the 12 bad accounts identified by Reserve
Bank of India (RBI) for immediate resolution under the Insolvency
and Bankruptcy Code (IBC), Infoline discloses. National Company
Law Tribunal (NCLT) on July 26 has allowed banks to start
insolvency proceedings against Bhushan Steel.

Infoline says NCLT has appointed Vijay Kumar V Iyer as Interim
Resolution Professional (IRP) for Bhushan Steel. However, SSG has
to wait for the IRP to come up with any resolution plan for the
company's NPAs. There is a 180-day time line for deciding
resolution plan which can be extended up to 270 days, the report
notes.

Largest lender in the country, State Bank of India (SBI) has
claimed recovery of around INR4,295 crore from Bhushan Steel, the
report says.

India-based Bhushan Steel manufactures auto-grade steel.


CORDON BLEU: ICRA Reaffirms B+ Rating on INR38cr LT Loan
--------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR38.00
crore fund-based limits of Cordon Bleu Properties and
Infrastructures Private Limited.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long Term: Fund
  based Facilities        38.00     [ICRA]B+(Stable) Reaffirmed

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

Cordon Bleu Properties and Infrastructures Private Limited was
incorporated in May 2008, was promoted by Mr. V. Senthil Kumar,
Ms. Uma Bharathi, Mr. P.N.Kumaresan and Mr. P.N. Padmanabhan and
took over the business of CBPL took over the business of the
partnership firm Cordon Bleu Properties and Infrastructures,
whereby the partners of the firm became promoter directors of
CBPL. The firm was not involved in any real estate development
activity and their operations were restricted to purchase of
land. CBPL is currently engaged in development of two residential
projects  "Central Park" and "Darshan" near the IT industry
corridor of Coimbatore with the former in the luxury segment and
latter targeting the economically weaker segment (EWS). The
company has already completed the phase 1 of "Central Park"
project while phase 2 and Darshan project are in advance stages
of completion.


CYGNUS EQUIPMENTS: ICRA Assigns 'D' Rating to INR10cr Loan
----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]D to the
INR10.00-crore fund-based bank facilities of Cygnus Equipments
and Rentals Private Limited.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Long-term Fund-
  based Limits          10.00         [ICRA]D; assigned

Rationale

The assigned rating factors in the delay in debt servicing by the
company mainly because of low cash accruals and high interest
cost (due to high debt-funded capital expenditure). The rating is
further constrained by the small-scale and limited track record
of the company's operations and its exposure to intense industry
competition given the presence of numerous players due to low-
entry barriers. Additionally, the company is exposed to high
geographical concentration risk. However, the rating favourably
factors in the synergy between CERPL and the group company in
terms of customer acquisition and rental. The group company,
Sunway Infrastructure Services Limited, has an extensive track
record in the same business.

Going forward, the ability of the company to expand its scale of
operations, increase its profitability and improve its debt
protection metrics will be the key rating sensitivity.

Key rating drivers

Credit strengths

  * Two-decade long experience of promoters in the industry
  * Established customer network across various project sites
    with L&T being the major client

Credit weaknesses

  * Modest scale of operation
  * Significant delays in the debt servicing
  * Highly competitive industry characterised by large number
   of players and low entry barriers.

Description of key rating drivers:

The company rents and leases construction equipment. The
promoters of CERPL have two decades of industry experience. As a
result, they have a reputed and diversified clientele of big
industry players such as L&T.

CERPL's scale of operations remains modest as it operates in an
industry that is predominately marked by the presence of large
number of players. The company has not been able to add new
customers over the years, leading to high customer concentration.
Its liquidity position also remains stretched because of high
debt-funded capital expenditure, translating to significant
repayment obligations, which the company was not able to service
in a timely manner due to low cash accruals.

Incorporated in 2009, CERPL is involved in renting and leasing of
construction equipment (primarily concrete handling equipment)
across India. It caters mainly to the Ready Mix Concrete (RMC)
manufacturing companies. CERPL is a part of the Cygnus group,
which is founded and managed by Mr. K. K. Singhania. He possesses
vast business experience in different sectors such as
construction equipment, real estate, land development,
warehousing, investment and finance, trading, import and
manufacturing.


DEEPA DEVELOPERS: ICRA Reaffirms 'B' Rating on INR9cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR6.00-crore fund based limits and INR9.00-crore term loan
facilities of M/s Deepa Developers (DD). The outlook on the long
term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term-Fund-
  based facilities        6.00      [ICRA]B (Stable) Reaffirmed

  Term Loans              9.00      [ICRA]B (Stable) Reaffirmed

The rating action is based on the best available information
FY2015 audited numbers and other information. As part of its
process and in accordance with its rating agreement with Indiana
Hospital and Heart Institute Limited, ICRA has been seeking
information from the company so as to assess the ratings.
However, the company's management has remained non-cooperative
despite repeated requests by ICRA. In the absence of 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 Nov. 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.

Promoted by Mr. Ramesh Kumar and family, Deepa Developers was
initially engaged in development of residential and commercial
complexes in Mangalore, Karnataka. During 2008-09, Deepa
Developers developed a commercial complex, Deepa Plaza, which
houses a luxury business hotel, Deepa Comforts. Apart from
managing the operations of Deepa Comforts, the firm is currently
engaged in the construction and development of a 5 star hotel
Deepa Grandeur, which is expected to be operational by
April 2020.

Deepa Comforts is a luxury business hotel on MG Road, Mangalore,
offering lodging, food and beverages, banquets and beauty care
facilities. The 10 storey building has 82 rooms, 3 restaurants, 4
enclosed banquet halls and 1 open air terrace for meetings,
conferences, events and parties. The proposed 5 star hotel- Deepa
Grandeur is being constructed on a 1.5 acre land located on MG
Road, Mangalore.

The 5 star hotel would have 153 rooms, 2 Restaurants, 1 24-hour
coffee shop, 1 lounge bar, 3 conference rooms and 3 banquet halls
along with other facilities like gym, swimming pool and spa,
housed in a 20 floor complex.


DINDIGUL FARM: ICRA Withdraws B+ Rating on INR14.25cr Term Loan
---------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ and short-
term rating of [ICRA]A4 outstanding on the INR1.30-crore cash
credit facility, INR14.25-crore term loan and INR4.45-crore
unallocated facility of Dindigul Farm Product Private Limited.
There is no amount outstanding against the rated instruments.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long term-Cash
  Credit                   1.30      [ICRA]B+/Withdrawn

  Long term-Term Loan     14.25      [ICRA]B+/Withdrawn

  Long/ Short term-
  Unallocated facility     4.45      [ICRA]B+/A4 Withdrawn

Rationale

The Company has no amount outstanding against the rated
instruments. Hence, the ratings are being withdrawn.

Dindigul Farm Product Pvt Ltd. was established in 2011 by Mr. R.
Rajasekaran and started the production of Skimmed Milk Powder,
Milk Protein Concentrates, Special Protein Powder, Whey Powder,
Whey Protein Concentrates, Lactose and Casein from Skimmed Milk
in 2015.The procurement of milk is from RAAJ Group's Main Unit,
A.R Dairy Food Private Limited at Dindigul, 50km away from DFPPL
and has a well-established network of 14 chilling centers with
procurement being made from almost 18 different districts in
Tamil Nadu.


DIVINE SOLUTIONS: ICRA Reaffirms 'B' Rating on INR6.0cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR6.00
crore fund-based limits of Divine Solutions Private Limited at
[ICRA]B and short-term rating of [ICRA]A4 on the INR14.00 non-
fund based limits. The outlook on the long term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term-Fund
  based limits            6.00      [ICRA]B (Stable) Reaffirmed

  Short-termNon-fund
  based limits           14.00      [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 DSPL, 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 Nov. 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.

DSPL was incorporated in July 2006 with the main objective of
dealing in products like tiles, sanitary ware items, smart boards
etc. The directors on board comprises of Mr. Priyanshu Agarwal
and Mr. Deept Sarup Agarwal. Currently, DSPL is the sole importer
of BRAVAT brand of sanitary wares in India.


FARMICO COMMODITIES: ICRA Cuts Rating on INR6cr Loan to B+
----------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]B+ from [ICRA]BB-
for the INR6.00 crore fund-based cash credit limit and the
INR2.00 crore non-fund based bank guarantee limit which is a sub-
limit of the fund based buyers credit limit of Farmico
Commodities Limited. ICRA has reaffirmed the short-term rating of
[ICRA]A4  for the INR9.00 crore fund-based buyers credit limit of
the company. The outlook on long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based-Cash         6.00       [ICRA]B+ (Stable); Revised
  Credit                             from [ICRA]BB- (Stable)

  Fund-based-Buyers'
  Credit                  9.00       [ICRA]A4; Re-affirmed

  Non fund-based-
  Bank Guarantee         (2.00)      [ICRA]B+ (Stable); Revised
                                      from [ICRA]BB- (Stable)

Rationale

The rating revision takes into account deterioration in Farmico's
financial risk profile as characterised by weakening of capital
structure with a gearing of 4.87 times, coupled with stretched
debt protection metrics which has weakened as depicted by
TD/OPBDITA of 10.20 times and NCA/TD of 3.12% as on March 31,
2017. The ratings are further constrained by the company's high
working capital intensity with NWC/OI of 40% due to high level of
inventory holding, resulting in stretched liquidity as is evident
from the near to full utilisation of fund based limits in past 15
months. Furthermore, the company's profitability also remains
vulnerable to adverse fluctuations in key raw material prices.
ICRA also notes the company's high dependence on the agriculture
sector, exposing it to the cyclicality of same. The ratings are
also constrained by the exposure of the company's revenues and
profitability to volatility in forex rates in the absence of any
firm hedging policy and the highly competitive business
environment resulting in limited bargaining power with customers.
The ratings, however, favorably take into account the extensive
experience of the promoters in the commodities trading business
and healthy ramp up of sales in FY2017 on account of
diversification into new trading items.

Key rating drivers

Credit strengths

  * Extensive experience of the group in commodities trading
    business
  * Established relationships with customers and suppliers
  * Healthy ramp up of operation in FY2017 on back of addition
    of products coupled with abundant seasonal arrival of key
    traded product

Credit weaknesses

  * Deterioration in financial profile in FY2017 as depicted by
    weakening of capital structure with a high gearing level of
    4.87 times and stretched debt coverage indicators
  * Tight liquidity position on account of high inventory holding
    evident from near to full utilisation of working capital bank
    limits
  * Exposure to exchange fluctuation risk on account of imported
    raw materials in the absence of a formal hedging mechanism
  * Revenues dependent on the agriculture sector and are thus
    exposed to the cyclical nature of the industry; exposure of
    profitability to volatility in raw material prices
  * Intense competition owing to high fragmentation in the
    industry and low product differentiation

Description of key rating drivers:

Incorporated in 2006, Farmico Commodities Limited (Farmico) is a
part of Wadhwani group and is engaged in the trading of different
commodities like betel nuts, spices etc. The company has included
additional products like incense sticks and chemical used in
these to improve the sales volume as well as the operating
income. The promoters and relatives have infused funds in form of
interest bearing unsecured loans to support the growth in the
revenue. However, it has adversely impacted the capital structure
and debt coverage indicators.

Furthermore, the company imported ~20-22% of the total purchases
and maintains a high inventory of goods thus stretching the
working capital intensity and exposing the company to
fluctuations in raw material prices as well as forex risk in the
absence of any firm hedging policy. Notwithstanding the
established position of Wadhwani group in the market, Farmico
faces stiff competition from a number of players, owing to high
fragmentation in the industry and low product differentiation
thereby limiting pricing flexibility.

Going forward, the company's ability to improve its scale of
operations and achieve envisaged profitability while effectively
managing its working capital cycle, especially by reducing the
inventory holding shall remain the key rating sensitivities.

Farmico Commodities Limited was incorporated in 2006 by the
Nagpur-based Wadhwani family for trading in different agri-
commodities like spices and dry fruits. The product profile of
the company consists of betel nuts, almonds, turmeric powder,
white poppy seeds, cloves, rice, chili powder, etc. The Wadhwani
Group has been in the business of chili trading and spice
processing since 1942. It also provides services such as that of
a chili commission agent and operates cold storage units
specifically for storing chilies at major chili trading centers
like Nagpur (Maharashtra), Guntur (Andhra Pradesh) and Warangal
(Telangana).


FASHION FLARE: ICRA Revises Rating on INR2cr LT Loan to B
---------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]B from [ICRA]B+
and has also reaffirmed the short-term rating at [ICRA]A4  on the
INR6-crore bank limits of Fashion Flare International Private
Limited (FFIPL). The outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long-term Fund-
  based Term Loans        2.00       [ICRA]B(Stable); revised
                                     from [ICRA]B+

  Short-term Fund
  Based                   4.00       [ICRA]A4; reaffirmed

Rationale

ICRA's rating revision takes into account the 30% decline in the
company's operating income (OI) in FY2016 due lower orders from
its customers. Though its top line deteriorated, its working
capital requirements increased, resulting in negative cash flows.
Overall, the debt-coverage indicators weakened in FY2016 and are
not expected to improve significantly in FY2017. Further, ICRA
continues to take note of susceptibility of the company's
profitability to volatility in raw material prices and adverse
currency exchange movements.

ICRA's ratings, however, derive comfort from the promoter's
extensive experience in the garmenting industry. ICRA also takes
into account the company's ability to diversify its business into
new geographies, which will reduce its geographical concentration
risk going forward.

Going forward, the company's ability to increase its scale of
operations and profitability as well as improve its working
capital cycle will be the key rating sensitivity.

Key rating drivers

Credit strengths

  * Track record of over 15 years in the garment manufacturing
    and export business
  * Ability to add new customers in FY2017

Credit weaknesses

  * Modest position in a apparel export market and intense
    competition from other low-cost countries limit the pricing
    power; profitability is also exposed to volatility in raw
    material prices and adverse currency exchange movements
  * Geographic-concentration risks as sales are largely limited
    to European countries
  * Steep rise in working capital intensity of operations in the
    past two years to over 90% in FY2016 as well as low accruals
    have resulted in negative fund flows from operations

Description of key rating drivers

FFIPL is involved in the manufacture and export of woven
readymade garments (RMG) for women. The company has been into
direct exports since the commencement of operations. Its
management has extensive experience in the garment export
business. The company usually exports its garments to European
countries. Notably, it has diversified its customer base to Dubai
and Canada in FY2017, which will mitigate its geographical-
concentration risk going forward.

FFIPL's financial profile is characterised by modest scale of
operations, high gearing and weak debt-coverage indicators. The
company's OI declined by 30% in FY2016 as it sold lower volumes
due to lesser orders. It has a high working capital intensity of
over 90% and its working capital limits are fully utilised. As
per provisional results, the company's performance remained
subdued in 9M FY2017 with a top line of INR14.84 crore and cash
accruals of INR0.27 crore.

Formed in 1998, FFIPL is involved in the manufacture and export
of woven RMG for women (western style), which account for most of
its production. A small portion of sales also pertains to knitted
RMGs. The company has been into direct exports since the
commencement of operations and has its manufacturing facility in
Okhla, New Delhi.


HARMAN AGRO: ICRA Assigns B+ Rating to INR4.50cr Cash Loan
----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ on the
INR6.70-crore long-term facilities of Harman Agro. The outlook on
the long-term rating is 'Stable'.

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

  Fund-based-Term Loans   2.20       [ICRA]B+ (Stable); assigned

Rationale

The assigned rating is constrained by the limited operational
track record of Harman Agro, given that it commenced operations
in January 2017. The rating is also subdued by the low value-
adding firm's operations, commoditised nature of the product and
the fragmented industry structure. The rating also takes into
account the high debt-funded capital structure, resulting in high
gearing levels, and the moderate debt coverage indicators in the
initial stages of operation. The rating is also constrained by
the agro climactic risks, which affects the availability of key
raw materials used in the cotton seed oil manufacturing
industries. ICRA also continues to take cognizance the
partnership nature of the firm, which exposes it to risks of
capital withdrawal and dissolution. However, the rating
positively factors in the extensive experience of the promoters
in the cotton ginning business and the presence of its edible oil
manufacturing unit in cotton growing areas on Telangana. Going
forward, the firm's ability to profitably increase its scale of
operation, improve its capital structure and maintain optimal
working capital intensity will be key rating sensitivity.
Key rating drivers

Credit strengths

  * Proximity to cotton producing belt of Telangana, Andhra
    Pradesh and Karnataka ensures easy access to raw material
    (cotton seed) and saves transportation cost and agent
    commission
  * Two-decade long experience of the management in this line
    of business

Credit weaknesses

  * Limited track record of operations
  * Limited value addition, commoditised nature of the product
    and highly competitive and fragmented industry structure
    (due to low entry barriers) lead to low operating and net
    margins
  * Risk associated with partnership firm; any substantial
    withdrawal from capital account could impact the net worth
    and thereby the gearing level of the firm
  * Vulnerability of profitability and cash flows to adverse
    movements in input prices, which are subject to seasonality
    and crop harvest

Description of key rating drivers

The firm, on a provisional basis, reported an operating income of
INR12 crore as on April 30, 2017 although more than 70% of the
sales mix constituted trading of bales. The profitability is
expected to remain low due to its limited value-adding business;
exposure to adverse movements in cotton price; and the highly
fragmented and competitive industry. Product mix of the firm
comprises cotton oil, cotton oil cake and trading of cotton
bales.

The average realisation of cotton oil is INR55-60 per kg and
cotton oil cake is INR18-20per kg. The average operating margins
in extraction is 5.5-6% and in trading is 1.5-2%. The firm sells
crude oil to the edible oil refineries in Andhra Pradesh,
Karnataka and Telangana, which carry out further refining before
selling to the end customers. Oil cakes find application as
cattle feed and are sold to traders who sell it further to local
farmers and dairies. The rating also takes into consideration the
high reliance on debt for funding the initial project cost, which
resulted in leveraged capital structure.

Established in November 2015 as a partnership firm by Mr
Gurucharan Singh Chhabra and Mr Gurdeep Singh Chhabra, Harman
Agro crushes cotton to extract the cotton seed oil & cake. The
plant, located at Nalgonda, Telangana, has an annual processing
capacity of 20000 MT. In addition to oil extraction, the firm is
also into trading of cotton bales.

Harman Agro, on a provisional basis, reported a net profit of
INR0.01 crore on an operating income of INR4.21 crore in three
months of operations ending March 2017.


HIRANYA BUILDERS: ICRA Lowers Rating on INR13.54cr Loan to D
------------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]D  from [ICRA]BB-
assigned to the INR13.54-crore term-loan facilities, the INR1.50-
crore long-term cash-credit facilities and the INR2.46-crore
long-term unallocated limits of Hiranya Builders Private Limited.

                         Amount
  Facilities          (INR crore)     Ratings
  ----------          -----------     -------
  Long-term-Term Loan      13.54      [ICRA]D downgraded from
                                      [ICRA]BB-(Stable)

  Long-term-Cash Credit     1.50      [ICRA]D downgraded from
                                      [ICRA]BB-(Stable)

  Long-term-Unallocated     2.46      [ICRA]D downgraded from
                                      [ICRA]BB-(Stable)

Rationale

The rating revision reflects the delay in servicing of debt
obligations owing to tight liquidity conditions. The delays are
due to lower-than-expected revenue growth, stemming from sub-
optimal occupancies and average room rent (ARR) levels owing to
delays in operational stabilisation of the hotel. As a result,
the company has incurred net losses in FY2016 and FY2017, and its
cash accruals have been insufficient to meet debt-repayment
obligations. The rating is also constrained by the company's
financial profile, which is characterised by leveraged capital
structure and stretched coverage indicators. The operations
remain constrained by intense competition from the hotels in the
Manipal locality, and concentration risk by virtue of a single
hotel property portfolio. ICRA takes note of the reputation of
operator, the Carlson Group in hotel industry. Going forward, the
company's ability to improve its scale of operations with healthy
RevPar, in order to generate adequate cash flows and meet debt
servicing in a timely manner will be key credit sensitivities.

Key rating drivers

Credit strength

  * Tie-up of the hotel with a reputed operator, the Carlson
    Group, which operates some of the world's most recognisable
    hospitality brands including Park Inn, Park Plaza, Regent and
    Radisson

Credit weaknesses

  * Delay in servicing of debt obligations owing to tight
    liquidity conditions
  * Lower-than-expected revenue growth, stemming from sub-optimal
    occupancies and (ARR) levels
  * Net losses incurred in FY2016 and FY2017, and insufficient
    cash accruals to meet debt repayment obligation
  * Financial profile characterised by leveraged capital
    structure and stretched coverage indicators
  * Competition risk from the hotels in the Manipal locality;
    concentration risk by virtue of a single hotel property
    portfolio

Description of key rating drivers:

The company, which operates in the real estate and hospitality
sectors, built a hotel that started operations in November 2015.
The company is a small sized player in the Indian hotel industry,
with a total inventory of 54 rooms. The hotel belongs to the 4-
star category and operates under the brand name "Country Inn &
Suits" in Udipi by the Carlson Group. The hotel consists of a
restaurant, 54 guest rooms, banquets and swimming pool and all
other amenities. The occupancy of the hotel, however, has
remained moderate due to competition from other players in the
Manipal and Udipi market. The annual average occupancy which has
been on increasing over the last three years, grew from 24% in
FY2016 (from November) to 54% in FY2017, and further to 56% in Q1
FY2018. The hotel is located favourably as it is surrounded by
Syndicate Bank Head office, Manipal Institute of Technology,
Kasturiba Medical College Hospital and other educational
institutions, which are also in close proximity to the hotel.
Going forward, the ability of the hotel to improve occupancies
and room rent would be key to improving its overall credit
profile.

Hiranya Builders Private Limited was incorporated as a private
limited company in 2009 at Manipal, Karnataka. The company is
involved in real estate development and hospitality industry. It
has also built a 4-star hotel in Udipi, Country Inn & Suites,
which is operated by the Carlson Group. The hotel was officially
launched in January, 2016. The hotel consists of 54 guest rooms,
a restaurant, banquets, party room, swimming pool and all other
amenities. In addition, the company has also completed its
residential layout project, Hiranya Dhama, with 95 units.

The company reported a net loss of INR4.35 crore on an operating
income of INR8.23 crore in FY2017 (provisional financials), as
compared to net losses of INR2.51 crore on an operating income of
INR5.18 crore in FY2016.


IMPERUS CERAMIC: ICRA Reaffirms B+ Rating on INR8.43cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR8.43-crore fund-based facilities of Imperus Ceramic Private
Limited (ICPL). ICRA has also reaffirmed short-term rating of
[ICRA]A4 to the INR1.00-crore non-fund based facilities of ICPL.
ICRA has also reaffirmed the long-term rating of [ICRA]B+ and
short-term rating of [ICRA]A4  to the INR1.37-crore unallocated
limits of ICPL. The outlook on the long-term rating is Stable.

                        Amount
  Facilities          (INR crore)    Ratings
  ----------          -----------    -------
  Fund-based Limits        8.43      [ICRA]B+(Stable); Reaffirmed
  Non-fund Based Limits    1.00      [ICRA]A4; Reaffirmed
  Unallocated Limits       1.37      [ICRA]B+(Stable)/[ICRA]A4;
                                     Reaffirmed

Rationale

The rating reaffirmation continues to factor in the firm's weak
financial profile as is evident from its low profitability,
leveraged capital structure and moderate coverage indicators. The
ratings also take into account the significant decline in
revenues in FY2017, primarily on account of weak domestic demand,
limited product diversification and significant deterioration in
working capital intensity because of stretched receivables and
high inventory levels. ICRA also takes note of the dependence of
the company's operations and cash flows on the performance of the
real estate industry and its vulnerability to adverse movements
in prices of key input materials and gas.

Nonetheless, the ratings take into account the extensive
experience of the key promoters in the ceramic industry and the
favourable location of the company's plant that facilitates
access to raw material sources.

Going forward, ICPL's ability to increase its scale of
operations, improve the profitability, maintain a prudent capital
structure and effectively manage working capital requirements
will remain the key rating considerations.

Key rating drivers

Credit strengths

  * Extensive experience of the promoters in the ceramic industry
  * Favourable location of the company's manufacturing facility
    eases procurement

Credit weaknesses
  * Sharp decline (~29%) in FY2017 operating income due to
    unfavourable domestic demand and limited product
    diversification
  * Financial profile characterised by low profitability,
    leveraged capital structure and moderate coverage
    indicators
  * Significant deterioration in working capital intensity levels
    due to inventory pile up and stretched receivables
  * Susceptibility to adverse fluctuations in prices of key raw
    materials and gas, which are the major components of the
    total manufacturing cost
  * Competitive business environment due to the presence of
    large, established tile manufacturers as well as unorganised
    players

Description of key rating drivers

The company manufactures digitally-printed ceramic wall tiles in
sizes of 10"X30", 12"X24", 12"X18" and 12"X12". Its manufacturing
facility at Morbi Gujarat has the capacity to produce 32,400
metric tonnes of wall tiles. ICPL procures raw materials locally
from suppliers based in Gujarat and Rajasthan and sells its
products under the brand name of 'IMPERUS' through a network of
distributors/dealers on a pan-India basis. The firm also exports
wall tiles to the Gulf countries.

Its operating income declined ~29% in FY2017 to INR18.22 crore
from INR25.83 crore in FY2016 due to lower sales volume on
account of slowdown in ceramic industry, mainly the wall tiles
segment. The working capital intensity of the company's
operations remained high at 40.6% in FY2017, mainly due to
stretched receivables and high inventory holdings at the year
end. The company's presence in the highly-fragmented ceramic
industry, which is characterised by intense competition, limits
its pricing flexibility and ability to effectively pass on the
increase in raw material prices to customers. However, the
decline in gas prices and the company's MGO contract with the
staterun Gujarat State Petroleum Corporation (GSPC) for meeting
the fuel requirements is expected to alleviate cost pressures and
improve margins. Furthermore, with increased focus on the exports
markets, ICPL's margins will be vulnerable to volatility in
foreign currency exchange rates. ICPL's promoters have a long
experience in the ceramic industry. Furthermore, its favourable
location provides it easy access to quality raw materials.

Incorporated in 2013, ICPL manufactures wall tiles at its plant
in Morbi, Gujarat. ICPL commenced its operations in February 2014
and currently manufactures wall tiles of four sizes (10"X30",
12"X24", 12"X18" and 12"X12"), which are widely used in
commercial as well as residential buildings. The company is
managed and promoted by Mr. Deepak Moradiya, Mr. Vikram Ashar,
Mr. Akshayali Rahemani and Mr. Deepak Detroja along with other
family members and relatives. The manufacturing facility has an
installed capacity to produce 32,400 metric tonnes of wall tiles
per annum.

The firm reported a profit before tax and depreciation of INR1.56
crore on an operating income of INR 18.22 crore, as per the
provisional financials of FY2017. It had generated a net profit
of INR0.01 crore on an operating income of INR25.83 crore in the
previous year.


LODHA DEVELOPERS: Moody's Puts B2 CFR on Review for Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed Lodha Developers Private
Limited's B2 corporate family rating on review for downgrade.

Moody's has also placed the B2 backed senior unsecured debt
rating of the US dollar denominated bonds issued by Lodha
Developers International Limited and guaranteed by LDPL on review
for downgrade.

RATINGS RATIONALE

"The review follows the consent solicitation by LDPL from the
bondholders in relation to the waiver of breach of restricted
payment covenant on the bonds due in 2020, amendments to the
indenture, as well as a proposed reorganization in which
properties located in London will become part of the restricted
group," says Saranga Ranasinghe, a Moody's Assistant Vice
President and Analyst.

At June 30, 2017, LDPL and certain of its subsidiaries had made
restricted payments in the form of: (1) loans to the London
entities which are not part of the restricted group; and (2)
guarantees of indebtedness at London entities by Palava Dwellers
Private Limited; these entities were all in breach of the
restricted payment covenant.

LDPL is seeking consent from the bondholders to waive the breach
of the restricted payment covenant. At the same time, the company
is also seeking consent to reorganize, such that the London
properties will become a part of LDPL.

The review will focus on whether LDPL will receive the required
consent.

Moody's views the proposed reorganization of the London
properties as credit neutral, because despite the increase in
debt, there will be an increase in cash flow, as the company
develops and sells the two London properties. As such, the rating
could be confirmed at the B2 rating level, if LDPL is successful
in receiving consent for the proposed actions.

In the absence of consent from bondholders, the company will need
to redeem the bond. Accordingly, the rating could be downgraded
by more than one notch in the absence of consent from the bond
holders and company's inability to refinance the bond in a timely
manner.

Moody's will conclude the review at the expiration date of the
consent solicitation.

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

Lodha Developers Private Limited (LDPL) is the largest real
estate developer in India in terms of sales of residential
apartments. For the fiscal year ended March 31, 2016, the company
reported contracted sales of INR64.3 billion.

LDPL is focused on residential development in the Mumbai
Metropolitan Region, with some projects in nearby Pune. More
recently, the company and its promoters have expanded into the
London market by acquiring two properties that are being
developed. LDPL is privately held by the Lodha family.


MANIKANTA COTTON: ICRA Ups Rating on INR12cr Cash Loan to B+
------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR14.51
crore fund-based bank facilities and INR1.49 crore unallocated
limits of Manikanta Cotton Agro Industries (MCAI) to [ICRA]B+
from [ICRA]B. The outlook on the long term is stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                 12.00      [ICRA]B+ (Stable); Upgraded
                                    from [ICRA]B

  Fund-based-Term Loan    2.51      [ICRA]B+ (Stable); Upgraded
                                    from [ICRA]B

  Unallocated Limits      1.49      [ICRA]B+ (Stable); Upgraded
                                    from [ICRA]B

Rationale

The rating upgrade factors in the improvement in the capital
structure of the firm with gearing reducing to 3.39 times as on
March 31, 2017 from 7.70 times as on March 31, 2016 owing to
conversion of ~INR1.5 crore unsecured loan into equity. The
rating also considers promoters long standing experience over two
decades in the cotton industry; proximity to cotton growing
region in Telangana results in easy raw material procurement; and
fiscal benefits from Telangana government and also Central
government under the Technology Upgradation Fund Scheme (TUFS).
The rating is, however, constrained by the firm's weak financial
profile as reflected by thin profitability and modest coverage
metrics with NCA/Debt of 8% and Debt/OPBITDA of 10.30 times for
FY2017; raw material availability risk on account of dependence
on agro-climatic conditions; and highly fragmented and
competitive nature of industry resulting in lower profitability.
ICRA also take notes of the risks arising from partnership nature
of the firm.

Going forward, the firm's ability to increase scale of
operations, improve financial profile while effectively managing
its working capital requirements will be the key credit rating
sensitivities.

Key rating drivers

Credit strengths

  * Experienced promoters with over two decades of experience in
    cotton industry

  * Significant improvement in the capital structure with gearing
    improving to 3.39 times as on March 31, 2017 from 7.70 times
    as on March 31, 2016

  * Proximity to cotton growing areas of Telangana provides
    competitive advantage in easy availability of raw material

  * Cotton lint production using fully automated TMC units
    ensure better quality output and realizations as compared
    to non-TMC units

Credit weaknesses

  * Weak financial profile of the firm characterized by thin
    operating margin at 2-3% in the past two years and modest
    coverage indictors with Debt/OPBITDA 10.30 times and NCA/Debt
    of 8% for FY2017

  * Availability of raw cotton exposed to agro-climatic
conditions

  * Highly fragmented and competitive nature of the industry
    resulting in low pricing power and vulnerability of
    profitability to fluctuations in cotton prices

  * Risks inherent in partnership nature of firm

Description of key rating drivers:

MCAI was established as a partnership firm in 2013 by Mr. D Malla
Reddy and Mr. P. Ravinder Reddy and six other partners, with
ginning activity as its main operations. At present, the firm is
operating 36 gins and one press with a production capacity of
86,400 bales per annum. MCAI is a Technology Mission on Cotton
(TMC) unit, involved in extraction of cotton lint and cotton
seeds from cotton kapas. Cotton lint produced is sent for
pressing and then sold to various spinning mills located in
Telangana and Tamil Nadu through commission agents. Cotton seeds
extracted are sold to oil mills located in Haryana and Punjab
through commission agents.

Cotton lint continues to contribute 71% of total revenue in
FY2017 followed by cotton seed contributing ~29% of total sales.
The firm's yield for the ginning process for pure cotton is
33.65% in FY2017.

Manikanta Cotton Agro Industries (MCAI) was set up as a
partnership firm by Mr. D Malla Reddy and Mr. P. Ravinder Reddy
and six other partners, with ginning activity as its main
operations. The firm's production facility is located at
Muthannapeta village, Karimnagar district, Telangana. At present,
the firm is operating 36 gins and one press with a production
capacity of 86,400 bales per annum.

As per provisional financials for FY2017, the company reported a
profit before tax of INR0.53 crore on an operating income of
INR52.20 crore, as against a profit before tax of INR0.37 crore
on an operating income of INR52.43 crore in FY2016.


MATRIX CERAMIC: ICRA Reaffirms B+ Rating on INR4.50cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed its long-term rating assigned to the INR5.62
crore fund-based facilities of Matrix Ceramic at [ICRA]B+ . The
outlook on the long term rating is Stable. ICRA has also
reaffirmed its short-term rating assigned to the INR1.50 crore
non-fund-based facilities of MC at [ICRA]A4.

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

  Fund-based-Term
  Loan                    1.12      [ICRA]B+ (Stable); Reaffirmed

  Non-fund-based-
  Bank Guarantee          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 MC, 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 Nov. 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.

Matrix Ceramic is a partnership firm promoted by Mr. Jayesh
Aghara along with his family members and relatives. Incorporated
in 2006, Matrix Ceramic commenced commercial production of
ceramic floor tiles of 12"x12" dimension in September 2007 with a
production capacity of 6,500 boxes per day. Currently the product
profile of the firm comprises of ceramic wall tiles of size
8"x12" and ceramic floor tiles of 12"x12" with a production
capacity to manufacture 9,000 boxes of wall tiles or 8000 boxes
of floor tiles per day. Its plant is located at Morbi in Rajkot
district of Gujarat.


NISIKI INDIA: ICRA Lowers Rating on INR10cr Loan to B+
------------------------------------------------------
ICRA has revised long-term rating on the INR10.00 crore fund
based limit of Nisiki India Private Limited (NIPL) to [ICRA]B+
from [ICRA]BB-. ICRA has re-affirmed the short-term rating at
[ICRA]A4  on the INR8.00 crore (enhanced from INR6.00 crore) non-
fund based limit of NIPL. The outlook on the long term rating is
'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund Based Limit       10.00       [ICRA]B+ (Stable); Revised
                                     from [ICRA]BB- (Stable)

  Non-Fund Based Limit    8.00       [ICRA]A4; Reaffirmed

Rationale

The revision in long term rating takes into consideration the
decline in NIPL's financial risk profile as characterised by
weakening of capital structure on account of rising debt levels
over last five fiscals, coupled with modest addition to accruals.
Given, thin profitability levels, the debt coverage indicators
also remains stressed. The ratings are also constrained on
account of high working capital intensity of operations owing to
longer receivable turnover period and high inventory level. This
has resulted in stretched liquidity profile of the company as
reflected in consistently high utilization of working capital
limits and increase in short-term borrowings. The ratings also
factor in the highly competitive business environment in which
the company operates and the vulnerability of the company's
profitability margins to prices of raw materials and any adverse
fluctuations in foreign currency rates. The ratings however
favorably takes into account the longstanding experience of the
promoters in the electrical and mechanical accessories trading
business, the company's established relationships with reputed
original equipment manufacturers (OEMs) and suppliers and its low
sectoral concentration of revenues.

Key rating drivers

Credit strengths

  * Strong technical expertise and long experience of the
    promoters in the business
  * Established relationships with reputed OEMs across industries
    and supply of custom made products as per client specific
    requirement minimizes marketing risk and reduces dependence
    on single sector

Credit weaknesses

  * Weak financial risk profile characterized by low
    profitability, weak capital structure and debt coverage
    indicators
  * Stressed liquidity position as reflected from high working
    capital limit utilization levels arising out of working
    capital intensive nature of operations
  * Intense competition from other unorganized and organized
    players in the industry
  * Exposure to fluctuations in raw material prices
  * Profitability vulnerable to exchange rate fluctuations as
    the company meets its procurements entirely through imports

Description of key rating drivers:

NIPL is involved in the trading of different types of bearings,
motors, fans, and other electrical & mechanical accessories in
the domestic market which it sells under its own brand name. The
company imports the finished goods from large manufacturers
located primarily in China. The company sells its products
directly to reputed OEMs in various industries. The customer
concentration risk for the company is moderate with top five
customers accounting for 29% of its total sales during FY2017 as
against 26% in FY2016.The profitability remains vulnerable to
intense competition and adverse fluctuations in foreign currency.
The capital structure of the company continues to remain
stretched due to high working capital borrowing levels of the
company.

Nisiki India Private Limited (NIPL) was incorporated in the year
1992 as a private limited company. The company has been involved
in the trading of different types of bearings, motors, fans, and
other electrical & mechanical accessories in the domestic market.
The company imports finished goods from large manufacturers
located primarily in China which manufacture the products based
on the designs & specifications.

NIPL recorded a net profit of INR0.07 crore on an operating
income of INR32.76 crore for the financial year ended March 31,
2016 as against a net profit of INR0.11 crore on an operating
income of INR32.98 crore for the year ended March 31, 2015.
Further, as per unaudited provisional financials for FY2017, the
company has reported operating income of INR37.29 crore and
profit after tax of INR0.14 crore.


NITESH ESTATES: ICRA Withdraws 'D' Rating on INR15cr LT Loan
------------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]D with assigned
to the INR15.0-crore fund-based overdraft facility and INR7.5-
crore term loan facility of Nitesh Estates Limited (NEL) in
accordance with ICRA's policy on withdrawal and suspension.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long term-Fund-
  Based-Term Loan        7.5         [ICRA]D; Withdrawn

  Long term-Fund-
  Based-Overdraft       15.0        [ICRA]D; Withdrawn

Rationale

The rating assigned to the term loan and overdraft facilities of
NEL have been withdrawn based on the no objection and no dues
certificate respectively, provided by its banker. The withdrawal
is at the request of the company.

Nitesh Estates Limited (NEL) is a Bangalore based real estate
developer. It was incorporated in 2004 by Mr. Nitesh Shetty, who
is the managing director of the company. NEL's shares were listed
on the BSE and NSE through an IPO in May 2010. It is primarily
present in the residential real estate segment, though it has
interests in commercial, retail and hospitality segments also
through its various associates and subsidiaries. NEL and its
group companies till date have developed 13 residential and
commercial projects totaling 2.6 million square feet of built up
area apart from a 277 room 5-star deluxe hotel off Residency
Road, Bangalore, owned by its associate company, Nitesh Residency
Hotel Private Limited.


PRINCE YARNN: ICRA Reaffirms B+ Rating on INR12.81cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR12.81 crore term loan facility, INR7.00 crore cash credit
facility, INR2.00 crore bank guarantee facility and INR0.02 crore
unallocated facility of Prince Yarnn India Limited. ICRA has also
reaffirmed the short term rating of [ICRA]A4 assigned to the
INR3.00 crore fund based facility of the Company.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long term-Term
  Loan                    12.81     [ICRA]B+ (Stable) Reaffirmed

  Long term-Cash
  Credit facilities        7.00     [ICRA]B+ (Stable) Reaffirmed

  Long term-Bank
  Guarantee                2.00     [ICRA]B+ (Stable) Reaffirmed

  Long term-
  Unallocated facilities   0.02     [ICRA]B+ (Stable) Reaffirmed

  Short term-Fund based
  facilities               3.00     [ICRA]A4 Reaffirmed

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

Analytical approach:
For arriving at the ratings, ICRA has taken into account the
banker's feedback on the debt servicing track record of PYIL, its
business risk profile, financial risk drivers and management
profile.

PYIL, incorporated on January 22, 2007, is engaged in producing
viscose yarn in the range of 10s to 40s counts with a capacity of
16,128 spindles. Based in Erode, Tamil Nadu, the Firm procures
viscose staple fibre from Grasim Industries Limited and caters
completely to the domestic market including Pallipalayam (Tamil
Nadu), Mumbai (Maharashtra), Bhiwandi (Maharashtra), Kolkata
(West Bengal) and Uttar Pradesh.


RAIGARH CHAMPA: ICRA Lowers Rating on INR634.54cr Loan to D
-----------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]D  from [ICRA]C
for the term loans and unallocated limits of Raigarh Champa Rail
Infrastructure Private Limited (RCRIPL), aggregating to INR990.00
crore.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Term Loans            355.46        Revised to [ICRA]D from
                                      [ICRA]C
  Unallocated           634.54        Revised to [ICRA]D from
                                      [ICRA]C

Rationale

The revision in ratings assigned to RCRIPL factors in the delays
in servicing of debt obligations by the company owing to delays
in execution of its railway siding project for use by the 3600 MW
thermal power project (TPP) of its group company, KSK Mahanadi
Power Company Limited (KMPCL) in Chhattisgarh. The company is
developing a merry-go-round (MGR) rail system from the power
plant site of KMPCL to the nearest railway station at Akaltara.
While the inward line of the railway siding project has been
operational since October 2013 and is being used for supplying
coal to the operational capacity of 1200 MW of KMPCL, the
outgoing line has witnessed delays in execution with the
commissioning now expected by December 2017, due to execution
related challenges, delays in execution of the end-use project
and funding issues for the KSK group. The rating is also
constrained by the weak credit profile of its sole counterparty,
KMCPL, due to long delays in implementation of its TPP, owing to
execution related challenges and delays in securing funding for
cost overruns. ICRA notes that the lenders to KMPCL, while
approving the revised commissioned schedule and debt sanction for
cost overruns, directed the merger of ancillary assets including
RCRIPL with KMPCL, which is underway.

Key rating drivers

Credit strengths

  * Limited permitting risks for the railway line being
    implemented by RCRIPL with required approvals in place
  * Incoming line of the MGR rail system is operational and
    is being used by the end-use project for transporting coal
    for its operational capacity of 1200 MW

Credit weaknesses

  * Delays in implementation of outgoing line coupled with the
    weak credit profile of the sole counter-party has led to
    delays in debt servicing by the company
  * Financial profile of the counter-party is constrained by
    delays in implementation of its thermal power project,
    delays in securing funding for cost overruns and fuel
    availability issues for the operational capacity
  * Capital cost for the railway siding from power plant site to
    Akaltara has escalated to INR488.60 crore, as against INR284
    crore envisaged at the time of initial appraisal, due to
    delays in execution

Description of key rating drivers

RCRIPL is responsible for the development, construction and
operation of the 15.7 KM railway line (incoming and outgoing
lines from power plant boundary) from power project site of KMPCL
to Akaltara railway station. The incoming line of this project
was commissioned in October 2013 and is being used to transport
coal to the two operational 600 MW units of KMPCL and the
outgoing line is scheduled to be commissioned by December 2017.
The lenders have revised the project cost for RCRIPL from
INR1320.61 crore to INR488.60 crore due to cancellation of phase-
II of the project, which involved construction of railway line
from the Kharsia railway station to Gare Pelma III mine, in view
of the cancellation of the coal mine tied up by KMPCL, as per the
Supreme Court order in September 2014. However, the capital cost
for phase-I i.e. from power project to Akaltara station has
increased from the initially envisaged cost of INR284 crore due
to delays in execution. The delays in execution can be attributed
to execution related challenges, delays in execution of the end-
use thermal power project and funding issues for the group.

The end use project under KMPCL has witnessed significant delays
in implementation caused by execution related challenges and
delays in securing funding for cost overruns. The first two units
of the project are operational (first unit in August 2013 and
second unit in August 2014) and supplying power to the
distribution utilities in Andhra Pradesh, Telangana, Tamil Nadu
and Uttar Pradesh. However, the fuel supply risks for these units
remain high due to lack of long-term fuel supply agreements for
domestic coal. Also, the progress on the remaining four units has
been slow. The project cost has been revised to INR27080 crore
from the initial appraised cost of INR16190 crore, primarily due
to delays in execution and steep depreciation of rupee against US
dollar on imported equipment. While approving the cost overruns
for KMPCL, the lenders have stipulated the merger of RCRIPL with
KMPCL as one of the conditions. The merger process is currently
underway.

RCRIPL is a special purpose vehicle promoted by KSK Energy
Company Private Limited for developing private railway siding and
other related infrastructure for transportation of coal to 3600
MW thermal power plant of KMPCL under implementation at Nariyara
village, Janjgir-Champa district in Chhattisgarh. The project was
earlier envisaged by RCRIPL in two phases, with phase-I involving
construction of the railway line from power project site to
Akaltara station and loading platform at Kharsia station, while
phase-II involves the construction of siding at Kharsia station
and railway line from Gare Pelma III mine to Kharsia station.
However, with the de-allocation of the Gare Pelma III mine as per
the Supreme Court order in September, 2014, the company has
shelved its plans for the link between Kharsia and Gare Pelma III
mine and limited the project to the railway siding from KMPCL's
project site to Akaltara station.


SAI REGENCY: ICRA Lowers Rating on INR257.47cr Loan to 'D'
----------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]D from [ICRA]BB
and short-term rating to [ICRA]D from [ICRA]A4 for the term loan,
fund-based, non-fund based and unallocated limits of Sai Regency
Power Corporation Private Limited, aggregating to INR380.00
crore.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Term Loans             257.47      Revised to [ICRA]D from
                                     [ICRA]BB (Negative)
  Fund-based Limits       22.50      Revised to [ICRA]D from
                                     [ICRA]BB (Negative)
  Non-fund Based Limits   20.00      Revised to [ICRA]D from
                                     [ICRA]A4
  Unallocated             80.03      Revised to [ICRA]D [ICRA]D
                                     from [ICRA]BB (Negative)/
                                     [ICRA]A4

Rationale

The revision in ratings assigned to SRPCPL factors in the delays
in servicing of debt obligations by the company owing to
weakening of capital structure and debt coverage metrics due to
the additional debt availed by the company for providing support
to group companies. The ratings also take into account the
decline in power generation in FY2017 by gas-based power plant of
the company, due to reduced gas availability. The credit profile
of the KSK Group has been adversely affected by continued losses,
high debt levels and weak debt coverage indicators at a
consolidated level owing to multiple factors, including
significant delays in execution of the 3600 MW thermal power
project located in Chhattisgarh and continued losses for some of
the operational projects of the group. The ratings are also
constrained by the highly regulated nature of the sector
impacting the off-take and fuel supply for the company's power
generation business. Further, the ratings factor in the demand
and payment risks arising out of business performance of the
underlying industrial customers. ICRA further notes that the
group captive model remains exposed to regulatory risks
pertaining to the draft norms notified by the Ministry of Power,
Government of India on the ownership criterion for captive
consumers. As per the proposed norms, the ownership definition
comprises a minimum 26% shareholding by captive consumers in the
paid-up equity capital with full rights. However, the equity
shares subscribed by the group captive consumers of SRPCPL have a
restrictive dividend covenant as against the full rights on
profits to the sponsor.

The ratings however take note of the availability of fuel supply
agreement (FSA) with GAIL (India) Limited (GAIL) till July 5,
2021 and signing of a new FSA with Oil and Natural Gas
Corporation Limited (ONGC) in April 2017, valid for a period of
two years.

Nonetheless, ICRA takes note that the fuel supply from GAIL and
ONGC is subject to gas availability. The ratings also factors in
the off-take arrangement with industrial customers under group
captive mode and cost competitive tariff rates offered by SRPCPL
in relation to the HT grid tariffs in the state. However, the
cost competitiveness of the tariffs remains linked with the
domestic gas price as notified by Government of India and the
USD-INR exchange rate.

Key rating drivers

Credit strengths

  * Presence of FSA with GAIL and ONGC provides comfort from
    fuel supply perspective; however fuel supply is subject
    to gas availability
  * Off-take arrangements with industrial customers with take
    or pay obligation coupled with competitive tariff rates
    offered by SRPCL in relation the HT grid tariffs in Tamil
    Nadu limit the demand risks for SRPCPL; PPAs are currently
    being renewed with the group captive consumers

Credit weaknesses

  * High leverage levels arising from debt availed for providing
    support to group companies coupled with the decline in power
    generation by the company in FY2017 has led to delays in debt
    servicing
  * Financial profile of the group constrained by delays in
    implementation of the 3600 MW thermal power project in
    Chhattisgarh and off-take issues for the operations projects
  * Highly regulated nature of the sector impacting the off-take
    and fuel supply for the company's power generation business
  * Group captive model exposes the company to demand and payment
    risks arising out of the customers' business performance
  * Cost competitiveness of the tariff offered by the natural gas
    power plant of SRPCPL remains linked to the domestic gas
    price determined as per the Government declared formula
    introduced in October 2014 and exchange rate fluctuations

Description of key rating drivers

The 57.95 MW gas-based power plant of the company has been
operational since March 2007 and is supplying power to 12
industrial customers under group captive mode. The power sale
agreements with the industrial customers are valid for a period
of 10 years and the renewal process of these agreements is
currently underway. The tariffs offered by SRPCPL are competitive
against the HT industrial tariffs in Tamil Nadu and are linked
with the domestic gas price, wherein any change in gas price is
passed on to the consumers, subject to a base tariff. The company
sources the fuel for its plant from the ONGC gas fields through
an FSA with GAIL, which was last renewed in December 2015 and is
valid till July 2021. In April 2017, the company has entered into
another FSA with ONGC, which is a valid for a period of two
years. While the fuel quantity agreed in these contracts would
provide for meeting the entire fuel requirement of the company,
the actual supply of gas is subject to availability from the
upstream supplier.

The plant load factor (PLF) for the gas-based power plant of the
company declined to 75% in FY2017 from 90% in FY2016 due to lower
than expected gas supply during the year. This coupled with the
additional debt availed by the company for providing support to
group companies has affected the debt servicing ability of the
company. The total debt for the company increased from INR312.57
crore as on March 31, 2016 to INR477.67 crore as on March 31,
2017, whereas the investments and advances to group companies are
at INR605.70 crore as on March 31, 2017. The decline in power
generation coupled with the pass-through of the reduction in the
gas price in the tariff to the group captive customers has led to
a decline in operating income from INR227.89 crore in FY2016 to
INR161.48 crore in FY2017. This in turn affected the
profitability of the company and the debt coverage metrics for
the company in FY2017.

SRPCPL is a special purpose vehicle (SPV) promoted by the
Hyderabad based KSK Group. SRPCPL operates a 57.95 MW natural
gas-based combined cycle power plant in Ramanathapuram district
of Tamil Nadu. The power plant commenced commercial operations in
March, 2007 and supplies power to industrial customers under the
group captive mode. The power is wheeled through the transmission
and distribution network of the state owned utility in Tamil
Nadu. The natural gas is sourced through GAIL from the gas fields
of ONGC in Tamil Nadu. Operations and maintenance (O&M) of the
power plant is carried out by Operational Energy Group Limited.


SHILPI CABLE: ICRA Reaffirms 'C' Rating on INR27cr Loan
-------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]C assigned to
the INR27.00 crore NCD programme of Shilpi Cable Technologies
Limited.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Non-convertible
  debenture (NCD)
  programme              27.00       [ICRA]C; re-affirmed

Rationale

The rating reflects the publicly available information, which
indicates delays in debt servicing by the company on a bank line,
which is not rated by ICRA. As part of its process and in
accordance with its rating agreement with SCTL, ICRA has been
trying to seek information from the company so as to undertake a
detailed review of the rating, but despite repeated requests by
ICRA, the company's management has remained non-cooperative.
Also, the company has not provided the mandatory undertaking
regarding timeliness of its debt servicing. Consequently, ICRA
does not have any information regarding servicing of dues for the
ICRA rated NCD. 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 Nov. 1, 2016, the company's
rating is now denoted as: "[ICRA]C ISSUER NOT COOPERATING". The
lenders, investors and other market participants may exercise
appropriate caution while using this rating, given that it is
based on limited or no updated information on the company's
performance.

Key rating drivers

  * Non-availability of information regarding servicing of
    interest on the rated NCD programme
  * Liquidity issues faced by the company as reflected by the
    ongoing irregularities in debt servicing

Description of key rating drivers:

The rating reflects the non-availability of information regarding
timely interest servicing by the company on the rated NCD
programme. The interest payment, half yearly in nature, was last
due on June 12, 2017. The rating also reflects liquidity issues
faced by the company and the ongoing irregularities in debt
servicing, including instances of devolvement in letter of credit
facilities, to the consortium bankers.

SCTL was established in July 2006 as Rosenberger Shilpi Cable
Technologies Limited, a 50:50 joint venture (JV) between Shilpi
Communications Private Limited and Rosenberger
Hochfrequenztechnik GmbH & Co. KG, Germany. The JV was formed to
manufacture and sell radio frequency (RF) feeder cables in the
domestic market. The JV set up a manufacturing facility at
Chopanki, Rajasthan. The facility commenced commercial production
in early 2008, and during the same year the stake of the German
partner was bought by the Indian promoters. Though initially SCTL
was only into RF feeder cables manufacturing, it has, over the
years, added products such as wiring harnesses and battery cables
for automobiles, wiring harness sets and power cords for white
goods, and copper conductors (magnet copper wires and bunched
copper wires) to expand and diversify its offerings. The company
thus caters to automotive, telecom, and consumer durables
segments, among others. In addition, it sells house wires,
circuit breakers (MCCB and RCCB), and switches through
distributors under the 'SAFE' brand name.

SCTL, headquartered in Delhi, has five manufacturing units in
Bhiwadi, Chopanki, Bahadurgarh (owned by an associate-AGH Wires),
Hosur, and Pune (Bhiwadi and Chopanki plants are owned by the
company, while the remaining have been taken on lease), and has
13 sales offices across India. SCTL also has subsidiaries and
joint ventures in Singapore and UAE, which trade in copper cables
and other products. The company is listed on Bombay Stock
Exchange (BSE) and National Stock Exchange (NSE) since 2011.

SCTL, on a consolidated basis, recorded a profit after tax (PAT)
of INR165.64 crore on an operating income of INR3,895.53 crore
for the year ending March 31, 2016 as against a PAT of INR159.99
crore on an operating income of INR3,212.93 crore for the year
ending March 31, 2015. For the nine months ending December 31,
2016, SCTL reported 19% y-o-y growth in consolidated operating
income to INR3,342.17 crore and a PAT of INR160.13 crore.


SHRENIK MARBLE: ICRA Assigns B+ Rating to INR4.60cr Loan
--------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA] B+ on the
INR4.60-crore long-term facilities of Shrenik Marble Private
Limited. ICRA has also assigned the short-term rating of [ICRA]A4
to the INR5.00-crore non-fund based facilities of SMPL. The
outlook on the long-term rating is 'Stable'.

                          Amount
  Facilities           (INR crore)   Ratings
  ----------           -----------   -------
  Fund-based Limits        4.60      [ICRA]B+ (Stable); assigned
  Non-fund Based Limits    5.00      [ICRA]A4; assigned

Rationale

The assigned ratings take into account the modest scale of
operations in the highly competitive and fragmented marbles
industry which has resulted in fluctuating operating margins in
the past few years. The ratings are further constrained on
account of the modest financial profile of SMPL as reflected in
weak cash accruals, low net worth, elevated DEBT/OPBDITA levels
and working capital intensive nature of operations, as reflected
by the NWC/OI of 68% in FY2017(provisional results). Moreover,
the operating income, which had been stagnant in FY2015 and
FY2016 declined in FY2017 on account of the deterioration in the
Indian processed marble market, which has declined continuously
between FY2013 and FY2017 owing to intense competition from other
exporting countries like China and Brazil and from substitute
products like engineered stones. The subdued demand scenario had
led to increased debtors and inventory days in FY2017 and
subsequently, high working capital requirement and low capacity
utilization, resulting in a steep decline in return on capital
employed in the last few years. ICRA also takes into account the
anticipated adverse impact on the demand for the marble products
due to the higher GST rate which will lead to an increased net
selling price. The ratings also remain constrained by the
vulnerability of the company's margins to any adverse
fluctuations in raw material prices and volatility in foreign
currency movements.

The ratings, however, favorably, takes into account the extensive
experience of the promoters in the marble processing industry and
long term association with its customer base and suppliers. ICRA
also takes note of the removal of the ban on quantitative
restriction on the import of marble and travertine blocks w.e.f
October 1, 2016.

Key rating drivers

Credit strengths

  * Extensive experience of the promoter and management team
    in the marble industry
  * Established relationship with the suppliers and customers
  * Removal of restrictions on import of marble blocks w.e.f
    from October 1, 2016

Credit weaknesses

  * Modest scale of operations
  * Vulnerable to macroeconomic factors and cyclical housing
    and real estate sector
  * Highly fragmented industry resulting in strong competition
    witnessed from domestic players and also from other stone-
    exporting countries (China and Brazil)
  * Adverse impact of GST anticipated on the sales

Description of key rating drivers:

The company had witnessed a muted demand scenario in FY2015 and
FY2016 on account of a slowdown in the real estate industry and
high pressure in marble procurement. The company imports 80-90%
of its raw material requirement, processes it and then sells its
further to traders and builders. Due to various restrictions on
import of marble blocks, there was a lower procurement of marble,
which led to stagnancy in sales. With effect from October 1,
2016, the Government had granted Open General Licences and had
permitted the free import of marble blocks, which was a major
positive for the stone industry but due to Government reform of
demonetization, the company's sales got adversely impacted. It
dipped to INR16.53 crore in FY2017 from INR26.91 crore in FY2016.
In FY2016, the company had reported high sea sales of INR8.54
crore (~32% of total sales) with the margin fixed at 2%. Also,
exports in FY2017 were higher at INR3.02 crore (~18%) as compared
to INR0.86 crore (~3%). In FY2017, the high sea sales were
negligible (Rs 0.16 crore) which led to improvement in operating
margins to 9.59% in FY2017 from 7.99% in FY2016. The working
capital intensity of the company increased to 68% in FY2017 from
41% in FY2016 on account of increased debtor and inventory days.
This has been on account of tight liquidity position in the
industry due to demonetization.

Incorporated in 1990, Shrenik Marble Private Limited is primarily
engaged in the mining and processing of marble with a processing
capacity of 2.5-3.0 million sq. ft. for imported marble blocks
and around 10-12 million sq. ft. for indigenous varieties. The
company processes about 1.5 million sq. ft. of imported marble
blocks. The marble slab processing unit is situated at
Kishangarh, Rajasthan and has three gang saws.

SMPL reported a net profit of INR0.11 crore on an operating
income of INR16.53 crore in FY2017 against a net profit of
INR0.39 crore on an operating income of INR26.91 crore in FY2016.


SRI VENKATA: ICRA Reaffirms 'D' Rating on INR33cr Term Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]D for the
INR33.00 crore term loan facilities of Sri Venkata Umasankar
Spintex Private Limited.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Term Loan              33.00        [ICRA]D; 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 SVUSPL, 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 Nov. 1, 2016, the
company's rating is now denoted as: "[ICRA]D ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Key rating drivers

Credit strengths

  * Experienced promoters with overall two decades of experience
    in spinning and ginning
  * Proximity to cotton growing areas of Andhra Pradesh (AP) and
    low power cost in the state of AP provides competitive
    advantage
  * Fiscal benefits from central government's TUFS, Andhra
    Pradesh government's Industrial Investment Promotion Policy
    and low power cost in the state provides competitive
    advantage

Credit weaknesses

  * Delays of ~35 days in Principal payments in term loans to
    the bank owing to liquidity constraints
  * Weak financial profile of the company with net losses for
    last 2 years.
  * Relatively low scale of operation
  * Scaling up its operations along with maintaining the
    profitability will remain critical with large upcoming
    debt repayments
  * Commoditized nature of the product and highly fragmented
    industry provides low pricing power

Description of key rating drivers:

The promoters have been involved in the related businesses for
over two decades since 1996 into trading businesses. The
experience of the promoters helps in smooth distribution of the
products along with experience being of utmost importance in
procuring quality material so as to produce quality yarn that can
give better realizations. The Location of the plant has a
strategic advantage of abundant and easy availability of raw
material i.e., Cotton. Cotton is the main cash crop of the
neighboring districts of Mahaboob nagar, Adilabad, Warangal,
Guntur and Kurnool. The state of Andhra Pradesh is one of the
major Cotton producing states in India.

SVUSPL is likely to face stiff competition due to the highly
fragmented nature of the domestic spinning industry characterized
by the presence of large number of small and medium sized units.
Moreover, considering its small scale of operations and
standardized nature of its product, SSPL's ability to pass on any
adverse movement in the price of its raw material (cotton) to its
customers is limited.

SVUSPL has a weak financial profile as reflected by net losses on
account of high interest expenses and high deprecation expenses.
The gearing level of the company deteriorated significantly and
stood at 34.94 times as on March 31, 2015 on account of net
losses which eroded net worth of the company. The interest
coverage ratio continues to remain weak at 0.64x levels. The
NCA/Debt indicator also continues to remain weak.

Sri Venkata Umashankar Spintex Private Limited, incorporated on
4th May 2010 and commenced Cotton Spinning unit with 20,160
spindles in July 2013. The mill has been manufacturing cotton
yarn of 32s carded counts. The company is promoted by Sri Chundur
Naga Veeranjaneyulu and his family members who have been involved
in the cotton industry for more than 2 decades through
partnership firms involved in conversion jobs.


SUN HOSPITALITY: ICRA Reaffirms 'D' Rating on INR13cr Term Loan
---------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]D for the term
loan facility aggregating to INR13.00-crore of Sun Hospitality
and Service Apartment Private Limited.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund based limits-
  Term Loan               13.00      [ICRA]D; 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 SHSAPL, ICRA had sent repeated reminders to the company for
payment of surveillance fee that became overdue; however despite
multiple requests; the company's management has remained non-
cooperative. ICRA's Rating Committee has taken a rating view
based on best available information. In line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated Nov. 1, 2016, the
company's rating is now denoted as: "[ICRA]D ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance.

Key rating drivers

Credit strengths

  * Extensive experience of promoters in the real estate
    Business

Credit weaknesses
  * Delays in debt servicing by the company on account of lower
    than anticipated sales and construction delays in its ongoing
    real estate projects
  * Vulnerability to regulatory risk as proposal for amendment of
    the revised plan is pending approval from regional
    authorities
  * Vulnerable to market risk with sale for ~60,000 sq. ft. (~60%
    of the envisaged development for Sun Escora) and ~21,000
    (~95% of the envisaged development for Sun Emprezza) yet to
    be tied up
  * Vulnerability to project execution risk, primarily time
    and cost overruns, given that the two projects are in
    intermediate stages of construction and more than 56% of
    the total cost is yet to be incurred
  * Large dependence on customer advances (49%), timeliness of
    sales and collections is critical to avoid cash flow
    mismatches
  * Funding risk is exacerbated by the fact that debt (39% of
    the estimated INR51.08 crore cost) is yet to be tied up
    for one of the projects under execution (Sun Emprezza)
  * Exposure to cyclicality of real estate sector

Description of key rating drivers:

Sun Hospitality & Service Apartments Private Limited (SHSAPL)
currently has two real estate projects viz. 'Sun Escora' and 'Sun
Emprezza'. Phase I of project 'Sun Escora' is a residential
project at Porvorim, Goa, consisting of 27 villas and 30
apartments (revised from 25 villas and 18 apartments). There has
been revision in initial architectural plan due to availability
of extra FSI. The construction activity for the project has been
halted in lieu of pending approvals from local government body in
Goa. The proposed cost of the project, 'Sun Escora' has been
estimated at INR48.97 crore (inclusive of the land cost), which
is expected to be funded by bank debt of INR13.00 crore,
partners' capital of INR6.95 crore and advances from customers of
INR29.02 crore. As on October 2016, the partners of the firm have
infused capital in the form of equity, amounting to INR5.00 crore
(~72% of the total partners' capital).

The firm has a sanctioned loan of INR13 crore for the project out
of which INR9.6 crore has been availed by the firm as on October
30, 2016. The advances received from the customers is INR16.84
crore for a total billed amount of INR17.20 crore, the collection
efficiency is expected to be moderate in the final months of
construction. Under such circumstances, the progress of the
construction work would be contingent on the timely and adequate
infusion of funds by the partners and the commensurate disbursal
of bank loans. In addition, the firm has a high repayment
obligation of INR9.75 crore in FY2019 which is contingent to
healthy sales and collection efficiency from customers.

Project 'Sun Emprezza' consists of a 7 storey building housing 21
shops, 52 offices and a 3 star hotel with 54 rooms. The
management will resume construction activity for Sun Emprezza
only after completion of the Sun Escora project.

Incorporated in April 2010, Sun Hospitality and Service
Apartments Private Limited is a closely held private limited
company, based out of Mumbai, Maharashtra. The company is
currently executing two projects in Goa: One of the projects is
residential project while the second project involves the
development of retail, commercial and hotel space. The company is
a part of Sun Group, a group of companies engaged in real estate
development in cities such as Goa, Lonavala, Pune and Virar. The
group has completed the development of ~2.76 lakh sq. ft. of real
estate development, since its inception in 2005. The focus of the
company has been on construction of holiday home/second home,
villas, bungalows and apartments in the past few years.

Recent Results:

The Company follows project completion method. Since both the
projects are in development stage, the company has not recognized
any revenues till October 2016.


SURYA VIKAS: ICRA Assigns B- Rating to INR47.54cr Loan
------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B- on the
INR47.54-crore fund-based bank facilities of Surya Vikas Plywood
Limited. ICRA has also assigned its ratings of [ICRA]B- and
[ICRA]A4 on the INR2.46 crore unallocated fund-based facilities
of SVPL. The outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based Bank
  Limits                 47.54       [ICRA]B- (Stable); Assigned

  Unallocated Fund        2.46       [ICRA]B- (Stable)/A4;
  based Limits                       Assigned

Rationale

The assigned ratings are constrained by SVPL's weak financial
risk profile, which is marked by its moderate scale of operations
(operating income of INR89.78 crores in FY2017), low and volatile
operating profit margins, high gearing and working capital
intensive nature of operations. Moreover, the losses posted in
FY2014 to FY2016 led to significant erosion in the net worth,
which stood at INR0.82 crore as on March 31, 2017 (provisional
results). ICRA also takes into account the sizable repayments of
bank loans in the near-to-medium term in comparison to the
expected cash accruals, and the cyclicality in the real estate
industry, a major demand driver for the timber industry.

Moreover, the timber industry is intensely competitive on account
of low entry barriers and numerous small and unorganised players.
The ratings, however, favorably take into consideration the
promoters' extensive experience in the timber industry, increased
sales turnover in FY2017 and healthy demand for decorative veneer
and laminates that the company would start manufacturing in the
current fiscal. Going forward, the company's ability to
profitably increase the sales turnover as well as improve the
capital structure and maintain optimal working capital intensity
would be the key rating sensitivity.

Key rating drivers

Credit strengths

  * Extensive experience of the promoters in the timber industry
  * Established relationships with its dealers/distributors and
    increasing geographical presence in the domestic market
  * Positive demand outlook for timber products on account of
    urbanisation and rising disposable income

Credit weaknesses

  * Weak financial profile, as reflected by the moderate scale
    of operations and low operating margins
  * Highly leveraged capital structure due to lower net worth
    and high outside debt
  * High working capital intensity due to the high receivables
    and inventory level; however, the same has shown some
    improvement in FY2017
  * Intense competition in the fragmented industry structure,
    amidst low product differentiation limiting the company's
    pricing flexibility

Description of key rating drivers

The promoters of SVPL have extensive experience in the timber
business as the Kejriwal family has been in this business for
more than four decades. It also has a geographically diversified
presence across the country. However, most of the revenue is
derived from north and west India at present. The company caters
exclusively to the domestic market and its sales are largely made
through appointed dealers, distributors and retailers. It is also
engaged in fabric trading, wherein it supplies only bulk orders
to customers. The fabric division remained the main contributor
to the revenue till FY2016. The timber division's contribution,
however, has increased to 38% in FY2017 from 21% of the total
sales in FY2016. The real estate industry remains the primary
revenue driver for the timber industry due to its diversified
use.

SVPL, the flagship company of the Jitendra Kijriwal Group, was
incorporated in 2002 to carry out the business of manufacturing
and trading of timber products. The company's product profile
includes plywood, block board, flush doors, panel doors, shutter
doors, resins, veneers, and other allied products. It is also
engaged in fabric trading. The company's manufacturing facility
is located at Yamuna Nagar, Haryana. The day-to-day operations
are looked after by Mr. Jitendra Kejriwal, one of the directors
of SVPL.


SWATI ORNAMENTS: ICRA Reaffirms 'B' Rating on INR6.50cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR6.50
crore fund based limits of Swati Ornaments at [ICRA]B. The
outlook on the long term rating is Stable.

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

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

Started in 1995, Swati Ornaments is a partnership firm, promoted
by Mr. Vishnu Agarwal and his son Mr. Rahul Agarwal. The
promoters have experience of more than two decades in the line of
business, having started their business from Agra in 1977, later
on they expanded the business and shifted to Delhi in 1990. The
firm deals in silver and gold ornaments and show pieces from its
showroom in Chandni Chowk, Delhi.


TBPR INFRA: ICRA Raises Rating on INR17.50cr Loan from D
--------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B- from [ICRA]D
to the INR7.00-crore fund-based limits, INR9.50-crore non-fund
based limits and INR17.50-crore unallocated limits of TBPR Infra
Projects Private Limited. The outlook on the long-term rating is
Stable.

                          Amount
  Facilities            (INR crore)     Ratings
  ----------            -----------     -------
  Fund-based limits         7.00        [ICRA]B-(Stable) Upgraded
                                        from [ICRA]D
  Non-Fund based limits     9.50        [ICRA]B-(Stable) Upgraded
                                        from [ICRA]D
  Unallocated limits       17.50        [ICRA]B-(Stable) Upgraded
                                        from [ICRA]D

Rationale

The rating upgrade takes into account regularisation of debt
servicing in the last six months on account of timely receipt of
payments in the ongoing projects. The rating also favourably
factors in the long experience of the promoters in the civil-
construction industry, comfortable capital structure of the
company with gearing of 0.38 times as on March 31, 2017 and low
counter-party risk as the client portfolio consists of Government
entities. The rating is, however, constrained by TBPR's small
scale of operations with revenues of INR36.74 crore in FY2017 and
weak order book/OI ratio of 1.15 times as on March 31, 2017,
providing near-term revenue visibility. It has a weak financial
profile characterised by moderate coverage indicators and
stretched liquidity position as reflected by high utilisation of
fund-based limits owing to delayed receivables. The rating also
considers high geographical concentration risk as TBPR's
operations are mainly limited to Telangana and Andhra Pradesh.
Besides, the civil-construction industry is highly fragmented and
competitive in nature, marked by the presence of a large number
of players along with the risks associated with the tender-based
business.

Going forward, the company's ability to secure new orders and
collect pending receivables pertaining to the Mallavaram project,
while managing working-capital requirements will be the key
rating sensitivities from the credit perspective.

Key rating drivers

Credit strengths

  * Long experience of promoters in the civil-construction
     Industry

  * Comfortable capital structure with gearing of 0.38 times
    as on March 31, 2017

  * Client portfolio consisting of Government entities limits
    counter-party risk

Credit weaknesses

  * Moderate scale of operation in the civil construction
    industry with revenues of INR36.74 crore in FY2017

  * Weak order book/OI ratio of 1.15 times as on March 31, 2017
    providing near-term revenue visibility

  * Weak financial profile characterised by moderate coverage
    indicators and stretched liquidity position as reflected by
    high utilisation of fund-based limits owing to delayed
    receivables

  * High geographical concentration risk as 100% of the
    operations are limited mainly to Telangana and Andhra Pradesh

  * Highly competitive business environment and tender-based
    contract-awarding system keep margins under check

Description of key rating drivers:

The promoter, Mr. Bhanu Prakash Reddy, has more than a decade of
experience in civil-construction industry, primarily in execution
of irrigation projects like canals, tanks, dams, barrages etc and
constructions of buildings. The company has been executing
projects for various Government bodies like Irrigation and R&B
Departments of Government of Andhra Pradesh, Engineering Projects
(India) Ltd.

As on March 31, 2017, TBPR has an order book of INR42.50 crore
which is ~1.15 times of FY2017 operating income, providing near-
term revenue visibility. The operating income of the company
decreased from INR52.34 crore in FY2016 to INR36.74 crore in
FY2017 primarily due to lower execution of orders. The working-
capital intensity is high owing to delayed receivables wherein
the receivables outstanding for more than six months are ~81% of
the total receivables as on March 31, 2017. The delayed
receivable pertains to the claim for the reduction of work by
more than 25% in the civil and structural work of offsite Gujarat
State Petroleum Corporation Ltd. OGT Mallavaram project, quantity
variation and cost escalations raised with the client. The debt-
service indicators have been moderate with interest coverage
ratio of 2.82 times and Total Debt/OPBDITA at 1.77 times as on
March 31, 2017.

Incorporated in 2007 by Mr. Bhanu Prakash Reddy, TBPR Infra
Projects Private Limited (TBPR) is primarily involved in
execution of irrigation projects like canals, tanks, dams and
barrages etc. The company is also involved in execution of road
projects. TBPR is registered with various government authorities
as a contractor. The company has executed government contracts
directly for projects in Adilabad, Hyderabad, Nalgonda, Nizamabad
and Warangal districts of Telangana.

As per provisional financials, the company reported an operating
income (OI) of INR36.74 crore and net profit of INR1.84 crore
during FY2017 against an OI and net profit of INR52.34 crore and
INR1.75 crore, respectively in FY2016.


UNITED BROTHERS: ICRA Reaffirms B+ Rating on INR3.0cr Loan
----------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ and short-
term rating of [ICRA]A4 for the INR13.00-crore bank facilities of
United Brothers Polytech LLP. The outlook on the long term rating
is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based limits-
  Cash Credit             3.00      [ICRA]B+(Stable); Re-affirmed

  Fund Based limits-
  Bill Discounting        5.00      [ICRA]A4; Re-affirmed

  Non-fund Based
  Limits-Bank Guarantee    5.00     [ICRA]A4; Re-affirmed

Rationale

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

Key rating drivers

Credit strengths

  * Long track record as one of the leading distributors of
    HPCL Mittal Energy Limited (HMEL)

  * Steady domestic demand prospects for polypropylene which
    finds application in wide variety of industries

Credit weaknesses

  * High counter party credit risks and low net worth; instances
    of bad-debts may adversely affect the firm's profitability
    and operations

  * Modest financial risk profile as reflected by weak debt
    coverage indicators and low level of accruals

  * Profitability exposed to interest rate fluctuations
    considering significant interest spread income; ability of
    the company to pass on any increase in interest rates remains
    important

  * Risks associated with being a partnership firm

Description of key rating drivers:

UBPL is involved in distribution of polymer products in
Maharashtra (other than Vidarbha) and Goa, Daman and Diu. The
firm is an agent for distribution of polypropylene (PP) supplied
by HPCL Mittal Energy Limited (HMEL). The firm also acts as a
Consignment Stockist (CS) for catering to small customers for
whom the direct supply by HMEL is uneconomical, though sales
through this route have been low in the past periods (~7% of
total sales). The company sells the product to its clients on a
fixed commission basis. For direct sales the company gets INR400
per ton and for consignment sale the company gets INR500 per ton.
As a Del Credere Agent (DCA), UBPL is solely responsible for
collection and due payment to HMEL in respect of the
bills/invoices raised by HMEL. UBPL guarantees and undertakes
that the buyers of the products will fulfill their obligations to
HMEL in respect of the sales affected. In the event of default by
the customers, UBPL undertakes to pay the same to HMEL, which
also has the right to realize the dues from the cash deposit
placed by UBPL or invoking the bank guarantee deposited by the
firm.

United Brothers Polytech LLP (UBPL) was established as a limited
liability partnership firm in August 2012 with the object of
distribution and marketing of in Polypropylene products. The firm
is an agent and a consignment stockist for distribution of
polypropylene (PP) in the Western region, supplied by HPCL Mittal
Energy Ltd (HMEL) which is rated at [ICRA]AA-(Stable)/[ICRA]A1+.
A group company, United Brothers (UB) is also a Del Credere Agent
(DCA) and consignment stockist of GAIL India Limited (GIL) for
distribution of polymer products in Western India.
Recent Results: For the full year FY2015, the company reported a
net profit of INR0.28 crore on an operating income of INR1.53
crore, as compared to a net profit of INR0.03 crore on an
operating income of INR0.50 crore during the previous year. On a
provisional basis, the company reported an operating income of
1.49 crore during 8M FY2016.


UTTAM GALVA: NCLT Scraps Macquarie Bank's Insolvency Petition
-------------------------------------------------------------
The Economic Times reports that the National Company Law
Appellate Tribunal in Delhi has upheld a Chandigarh NCLT order
dismissing Macquarie Bank's insolvency petition against Uttam
Galva Metallics on the grounds that the Australian lender was not
registered locally also that the Insolvency and Bankruptcy notice
was not issued by an "operational creditor', but by a Singapore
lawyer.

In an order dated July 17, NCLAT said that Macquarie Bank had no
office in India, nor any account with any of the local banks or
financial Institutions, ET relates.

"We find from the record that the so called application is not in
accordance with law and is defective," Justice SJ Mukhopadhaya
said in his order, the report relays.

Macquarie Bank, Australia is not a scheduled bank in India nor is
a financial institution as defined under Section 45-I of Reserve
Bank of India Act 1934, he observed, according to ET.

ET says lenders and companies seek to resolve their debt under
the new Insolvency and Bankruptcy Code that replaced the previous
overlapping laws and provided a time-bound framework to complete
resolution within 180 days.

Uttam Galva Metallics, a privately held unit of Miglani family
promoted Uttam Galva Group, has about INR43 crore dues to banks,
including interest. ArcelorMittal owns 29% is Mumbai's based
Uttam Galva Steels, the report discloses.

Banks including State Bank of India, Punjab National Bank, IDBI
Bank and ICICI Bank have around Rs 6,000 crore of exposure to
Uttam Galva Steels and its group entities including Uttam Value
Steels, and Uttam Galva Metallics, ET adds.

ET notes that the Mumbai-based group has been in tress with
ballooning debt and a sharp drop in profitability. It has become
a non-performing assets issue for several lenders of the 18-
member consortium.

Uttam Galva reported net loss of Rs 193 crore for the first
quarter ended June, compared with Rs 233 crore in the year ago
period, the report discloses.

Uttam Galva Steels Limited is engaged in manufacturing downstream
value added steel products, such as Cold Rolled (CR) coils and
sheets, and galvanized products consisting of Galvanized Plain
(GP) and Galvanized Corrugated (GC) coils and sheets, and Color
Coated products. The Company is in the business of procuring Hot
Rolled Steel (HR) and processing it in to CR and further in to GP
and Prepainted Galvanized Iron (PPGI). The CR not used for
galvanizing is converted to value added grades in Cold Rolled
Closed Annealed (CRCA) coils and Cut to Length (CTL) Sheets, and
sold as Full Hard CR in Domestic and Overseas markets. The
Company offers various brands, which include Uttam Suraksha GC
(Galvanized Corrugated Roofing Sheets) brand in the Construction
segment, and Uttam Tarang, which includes a range of products
under Color Coated Roofing products. It caters to various
markets, such as appliance, general engineering, automotive,
construction, packaging, sandwich panels and others.


UTTARAYAN FOODS: ICRA Reaffirms C+ Rating on INR3.39cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR3.39
crore term loan and INR2.68 crore cash credit facility of
Uttarayan Foods Private Limited at [ICRA]C+. The Rating Committee
of ICRA has also reaffirmed the short-term rating assigned to the
INR0.16 crore bank guarantee facility of the company at [ICRA]A4.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Term Loan               3.39       Reaffirmed at [ICRA]C+
  Cash Credit             2.68       Reaffirmed at [ICRA]C+
  Bank Guarantee          0.16       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 UFPL, 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 Nov. 1, 2016, the entity's
rating is now denoted as: "[ICRA]C+/[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 on the
entity's performance since the time it was last rated.

Uttarayan Foods Private Limited (UFPL) was formed in the year of
2008. It is engaged in business of providing multi-purpose cold
storage facilities to farmers and traders on rental basis. Its
cold storage facility is located in Nadia, West Bengal with
storage capacity of 5,000 MT.


VOGUE CLOTHING: ICRA Reaffirms B+ Rating on INR4.0cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR0.30
crore term loan facility of Vogue Clothing Company. ICRA has also
reaffirmed the short term rating assigned to the INR5.70 crore
fund based facility of the Company. ICRA has also reaffirmed the
long/short term rating of INR4.00 crore unallocated facility of
VCC.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long term-Term
  Loan                   0.30       [ICRA]B+ (Stable) Reaffirmed

  Short term-Fund
  based                  5.70       [ICRA]A4 Reaffirmed

  Long term/Short        4.00       [ICRA]B+ (Stable)/A4
  Term-Unallocated                  Reaffirmed
  facilities

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

Analytical approach:
For arriving at the ratings, ICRA has taken into account the
banker's feedback on the debt servicing track record of VCC, its
business risk profile, financial risk drivers and management
profile.

Vogue Clothing Company (VCC) was established as a partnership
firm in 2009 at Tiruppur, Tamil Nadu, with Mr. T.V. Senthilkumar,
Mr. P. Susil Kumar, Ms. Vidhyaa Senthilkumar and Ms. S. Arthi as
partners. While fabric processing is outsourced to third party
units, processes like cutting, sorting, bundling, sewing, ironing
and packing are conducted in-house. The firm exports its entire
production through agents. Its key export markets are the US,
Germany, Spain, France and the UK.


ZADAFIYA CREATIONS: ICRA Assigns 'B' Rating to INR14.25cr Loan
--------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR18.00
crore long-term fund based facilities of Zadafiya Creations
Private Limited (ZCPL). The outlook on the long-term rating is
'Stable'.


                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Cash Credit             3.75      [ICRA]B (stable); Assigned
  Term Loan              14.25      [ICRA]B (stable); Assigned

Rationale

The assigned rating is constrained by ZCPL's small scale of
operations, thin profitability indicators owing to trading nature
of business and risk associated with timely stabilisation of
newly commissioned knitted fabric manufacturing operations. The
rating takes into account the debt funded capex for setting up
the fabric manufacturing plant and the sizable debt repayment
obligations, which may keep the credit profile constrained in the
near term along with possible stretch in cash flows in case of
slow pick up of operations. The rating also takes into account
the exposure of the company's profitability to volatility in raw
material prices and intense competition prevailing in the textile
industry. The assigned rating, however, favourably factors in the
extensive experience of the promoters in the textile industry and
the location advantage of the company for raw material
procurement and proximity to its customers by virtue of its
presence in Surat (Gujarat).

Key rating drivers

Credit strengths

  * Extensive experience of promoters in the textile industry
    due to association with other group concerns
  * Locational advantages in terms of raw material availability
    and proximity to end-users due to location in Surat

Credit weaknesses

  * Weak financial risk profile characterised by relatively small
    scale of operations and thin profitability indicators due to
    trading nature of business so far
  * Risks associated with stabilisation and successful scale up
    of manufacturing operations as per expected operating
    parameters
  * Debt funded capital expenditure is expected to keep the
    financial profile stretched; liquidity expected to remain
    tight on account of impending debt repayments
  * Profitability susceptible to fluctuations in raw material
    prices, which largely depend upon crude oil prices
  * Highly fragmented industry characterised by intense
    competition from players in the unorganised as well as
    organised sectors

Description of key rating drivers:

Surat-based Zadafiya Creations Private Limited (ZCPL) was
incorporated in February 2015 and is engaged in trading of
sarees. The promoters have long standing experience in embroidery
work on fabric and fabric manufacturing through their association
with other group concerns. In the current fiscal ZCPL has set up
its manufacturing facility for knitted fabric at a total cost of
INR23.36 crore, which has been funded through a term loan of
INR14.25 crore and share capital of INR9.11 crore. The debt to
equity ratio for the project is moderate at ~1.56 times. The
company installed 125 imported circular knitting machines with
having fabric manufacturing capacity of 7,500 MTPA. The
commercial production has commenced from June 2017. The company,
since its commercial operations began, has been engaged in
trading of sarees till FY2017, wherein scale of operations
remained small as reflected by operating income of INR13.35 crore
and INR13.46 crore in FY2016 and FY2017 (provisional financials)
respectively. Due to low value added trading nature of business,
the operating margins remained low at 0.35% and 2.22% during
FY2016 and FY2017 respectively.

Going forward, the company's ability to increase its scale of
operations by optimally utilising its newly installed knitted
fabric manufacturing capacities and in turn improve the operating
profitability would remain the key rating sensitivities. The
sizable debt funded capex is expected to pressurise the debt
coverage indicators in near to medium term.

Surat based Zadafiya Creations Private Limited (ZCPL) was
incorporated in February 2015 and has bee engaged in trading of
sarees. In current fiscal the company has setup knitted fabric
manufacturing facility and commenced commercial production from
June 2017. The installed capacity for knitted fabric
manufacturing is 7,500 MTPA (considering 300 working days). The
company is promoted by the Zadafiya family and the promoters have
been associated with other entities which are majorly engaged
into fabric embroidery and knitted fabric manufacturing.



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


* JAPAN: Up to 100 Solar PV Firms Could Face Bankruptcy This Year
-----------------------------------------------------------------
Andy Colthorpe at PV-Tech reports that up to 100 solar PV firms
in Japan could face bankruptcy this year, with more than double
the number of firms going bust in the first half of this year
than the same period in 2016.

According to corporate credit research company Teikoku Databank,
which surveys companies across various industries and has
produced its third report on solar PV company bankruptcies, 50
companies in Japan's solar sector have already gone out of
business in the first six months of 2017, PV-Tech relays.

PV-Tech says that while the market overall has rapidly expanded
from the launch of the feed-in tariff (FiT) in July 2012, Teikoku
Databank acknowledged that there has been a slowdown in
deployment in the past couple of years as the government
successively made cuts of 10% or more on an annual basis to the
premium prices paid for solar energy fed into the grid.

The credit agency said "bankruptcy of solar-related contractors
is rapidly increasing", with solar panel manufacturers also
affected, say PV-Tech. In the first half of 2016, just 23
companies went bankrupt, with this year's first half's showing of
50 bankruptcies representing a 2.2x increase. Teikoku Databank
forecast that 100 firms in total could go under during 2017.

Another research firm, Tokyo Shoko Research, quoted in Japan
Today in 2016, gave a slightly higher figure, 31, for the number
of H1 2016 bankruptcies, according to PV-Tech.

PV-Tech says consolidation of the Japanese solar PV market has
been predicted by numerous industry figures and experts, since it
has been known for some time that the government intends to
remove the FiT altogether in the early 2020s. PV-Tech relates
that many bigger players have told PV Tech in the past that they
expected their smaller rivals to go out of business as those FiT
reductions began to bite and suitable land and grid connection
for large-scale solar farms became more difficult to find. Also
likely to have a big effect on the downstream sector in
particular was the stripping of FiT approval for large numbers of
ground mounted solar projects that were never built as the
introduction of the first FiT (as much as JPY42 per kWh for some
installations) brought speculators and new entrants into the
industry.

Teikoku Databank confirmed that for the most part, it was smaller
companies - with assets or value of less than JPY500 million
(US$4.46 million) that were going out of business, counting for
more than 80% of the total, PV-Tech relates. Indeed, firms with
less than JPY50 million in capital made up nearly 90% of total
bankruptcies in the period surveyed. However, the company said,
"relatively large bankruptcies are also increasing".

Teikoku Databank looked back as far as January 2006 and found
that between then and June 2017, there were 251 solar
bankruptcies, adds PV-Tech.



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


KARAMBUNAI CORP: Auditors Raise Going Concern Doubt
---------------------------------------------------
The Star reports that Karambunai Corp Bhd's independent auditors
have cautioned of a material uncertainty that may cast
significant doubt on the group's ability to continue as a going
concern.

The Star relates that in a filing to the stock exchange on
July 31, the property and tourism outfit said its auditors had
drawn attention to the material uncertainty related to going
concern in its independent auditors' report dated July 18, 2017
in respect of the group's financial statements for the financial
year ended March 31, 2017.

According to the report, the material uncertainty is related to
Note 2 (d) in the financial statements, which indicates that the
group recorded negative cash flows from operating activities of
MYR53.42 million, current liabilities exceeded its current assets
by MYR98.3 million despite having a profit of MYR18.89 million
during the financial year.

"As stated in Note 2(d), these events or conditions, indicate
that a material uncertainty exists that may cast significant
doubt on the group's ability to continue as a going concern.

"Our opinion is not modified in respect of this matter," the
Independent Auditors' Report, as cited by The Star, stated.

In relation to this, the group's board of directors advised that
the group has started the process of addressing the material
uncertainty related to going concern, the report relays.

It said the financial performance of the principal operating unit
of the Group, Nexus Resort and Spa Karambunai, has started
showing positive results and generating positive operating cash
flow, according to The Star.

"The better financial performance is as a result of our
continuous efforts to update the resort with a phased
refurbishment exercise to drive revenue.

"The group will also exploring fund raising options such as
financing to address the net current liabilities position," it
said.

Barring unforeseen circumstances, the group said it expects a
timeline of 24 months from the date of the announcement to
address the material uncertainty related to going concern, The
Star adds.

Malaysia-based Karambunai Corp Bhd is engaged in the business of
investment holdings and provision of management services. The
Company's subsidiaries are involved in leisure and tourism
business, which consists of resort hotel operation and
management, golf and country club operation and management,
travel and tour agency, property development, construction,
project contractor and venture capital. The Company operates
through three segments: Leisure and tourism, which is engaged in
the travel and tours agency, golf and country club operation and
management, and resort hotel operation and management; Property
development and construction, which is engaged in property
development, construction and project contracts, and Management
services, which is engaged in the investment holdings, provision
of management services, consultancy and venture capital. Its
subsidiaries include Greagawarni Sdn. Bhd., FACB Land Sdn. Bhd.,
First Holdings Sdn. Bhd., Greagawarni Sdn. Bhd. and Golden
Ecoland Sdn. Bhd.


NAM CHEONG: To 'Temporarily Cease' All Debt Repayments
------------------------------------------------------
Seatrade Maritime News reports that Malaysian offshore vessels
builder Nam Cheong has decided to temporarily cease repayment on
all borrowings as the company is reviewing its options to
restructure its businesses and operations.

Based on the financial statements of Nam Cheong for the quarter
ended March 31, 2017, the amount of outstanding under bank loans
and the notes by the group is approximately MYR1.84bn ($435.16m),
according to Seatrade Maritime.

With the temporary cease on all repayments, the company will
accordingly not be making payment of the next series of notes due
on 23 July, under the company's SGD600m ($438m) multicurrency
medium term note programme, the report relates.

"The company has appointed PricewaterhouseCoopers Advisory
Services as its financial advisor to advise and assist the group,
as appropriate, on suitable restructuring options for the group,"
the report quotes Nam Cheong as saying.

"The company has started discussions with the group's bank
lenders with a view to restructure the group's bank facilities.
The company will also continue to engage in discussions with all
stakeholders, including the holders of the notes and trustee of
the notes (. . .)," it said.

According to Seatrade Maritime, Nam Cheong pointed out that no
definitive agreements in relation to the restructuring have been
entered into by the company to-date, and if a restructuring is
not favourably completed in a timely manner, the group will be
faced with a going concern issue.

Seatrade Maritime says the proposed restructuring entails a
scheme of arrangement that requires approval by 75% in value of
all of the company's creditors. Nam Cheong believes that the
scheme of arrangement will offer significantly higher recovery
for lenders and noteholders compared to a liquidation scenario.

Nam Cheong's troubles unfolded as the offshore marine market
suffers a protracted recession, due mainly to a severe oversupply
of assets amid dwindling demand on the back of soft oil prices,
says Seatrade Maritime.

Seatrade Maritime notes that the Malaysian firm has been hit hard
with build-to-stock OSV assets unable to secure buyers in a
market flooded with too many vessels. In 2016, the shipyard
delivered just two vessels and incurred an annual loss of $9.5m,
compared to 11 vessels delivered in 2015 on profit of $6.2m, and
24 vessels delivered in 2014 on profit of $67.1m.

Last month, Nam Cheong received a writ of summons and statement
of claims for a sum of around $10m from Overseas-Chinese Bank of
Corporation (OCBC), the report recalls.

The company has also appointed PricewaterhouseCoopers Advisory
Services (PwC) as its financial advisor on restructuring options
for the group, and Drew & Napier and Skrine as legal advisors,
notes the report.

Nam Cheong Ltd is an investment holding company. The Company and
its subsidiaries operate as an offshore marine company. It
operates through two segments: Shipbuilding and Vessel
chartering. The Company's business is the construction and supply
of offshore support vessels (OSVs) used in the offshore oil and
gas exploration and production, and oil services industries,
including safety standby vessels, anchor handling tug supply
(AHTS) vessels, accommodation work barges and maintenance work
vessels. AHTS vessels are designed to provide anchor handling for
offshore drilling rigs, tow offshore drilling rigs, barges and
other types of OSVs. Accommodation Work Barges are vessels
designed to house and accommodate crew. Maintenance Work Vessel
are vessels designed as a platform for the loading and unloading
of cargo. Platform Supply Vessel is designed for the
transportation of supplies and equipment to and from offshore oil
and gas support production platforms and offshore drilling rigs.



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


RICKMERS MARITIME: SGX Approves Firm's Delisting Plan
-----------------------------------------------------
The Maritime Executive Rickmers Maritime announced on July 20
that the Singapore Exchange (SGX) has approved its proposal to
delist.

According to the report, Rickmers' exit from SGX will have a
negative effect on unitholders: the trust said that "it is
"unable to make a reasonable exit offer . . .  whether by way of
a voluntary liquidation of the Trust's assets and distribution of
cash back to unitholders or otherwise." No net cash proceeds will
remain for distribution after Rickmers Maritime satisfies its
debts to creditors and pays for the expenses related to its
trusteeship.

The Maritime Executive relates that Rickmers said that
shareholders will not receive any "recovery or distribution" in
connection with the winding-up of the trust's business. The
controlling unitholder is bankrupt itself, Rickmers said, and
does not have resources to make an exit offer to the firm's other
unitholders, the report adds.

Rickmers recently sold 14 vessels to Navios Partners, in addition
to five vessels sold previously, the report says. A joint venture
of HSH Nordbank and DBS Bank was the lender for the nine ships,
and the banks approved the sale for a total of $54 million (plus
miscellaneous costs). According to The Maritime Executive, the
banks' JV will receive the entirety of the proceeds. Unsecured
creditors will receive a total of $27 million, equivalent to
roughly 11 percent of the amounts owed, and will receive notice
of the exact distributions in the third quarter of the year.

HSH Nordbank's board rejected a restructuring proposal from
Rickmers Maritime in late May, discarding an agreement that had
been negotiated the month before, the report recalls. The
rejection forced Rickmers to file for bankruptcy and begin the
process of liquidating its assets, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
April 18, 2017, The Wall Street Journal said that the trustee of
Rickmers Maritime said on April 12 that the container ship
operator would be winding down its business after failing to
reach an agreement with creditors that would allow it to continue
operating.  The Journal related that Rickmers Trust Management
Pte. Ltd. Said a lack of liquidity and new investors had caused
the company to conclude it is "impracticable to continue."

Rickmers Maritime (SGX:B1ZU) -- http://www.rickmers-maritime.com/
-- is a Singapore-based business trust that owns and operates
containerships mainly under fixed-rate time charters to global
container liner companies. The Trust owns a portfolio of
approximately 20 containerships ranging from 3,450 twenty foot
equivalent unit (TEU) to 5,060 TEU, offering a total capacity of
approximately 66,410 TEU. The Company's subsidiaries include
Kaethe Navigation Limited, Richard II Navigation Limited, Henry
II Navigation Limited, Moni II Navigation Limited, Vicki Rickmers
Navigation Limited, Maja Rickmers Navigation Limited, Laranna
Rickmers Navigation Limited, Sabine Rickmers Navigation Limited,
Clan Navigation Limited and Ebba Navigation Limited. The Trust is
managed by Rickmers Trust Management Pte. Ltd.


TRIKOMSEL PTE: Court Appoints Kordamentha as Liquidator
-------------------------------------------------------
Reuters reports that the Court has ordered that Trikomsel Pte Ltd
and Trikomsel Singapore Pte Ltd be wound up.

The Court ordered that Cameron Lindsay Duncan and Luke Anthony
Furler of Kordamentha be appointed as joint and several
liquidators of Issuer & TSPL, Reuters discloses.

Singapore-based Trikomsel Pte. Ltd. distributes cell phones.
Trikomsel Pte. Ltd. operates as a subsidiary of PT Trikomsel Oke
Tbk.



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


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

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


  AUSTRALIA
  ---------

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


CHINA
-----

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


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


INDONESIA
---------

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


INDIA
-----

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


JAPAN
-----

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


KOREA
-----

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


SRI LANKA
---------

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


MALAYSIA
--------

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


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

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


SINGAPORE
---------

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


THAILAND
--------

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


VIETNAM
-------

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



                             *********

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

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

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


                            *********


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

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

Copyright 2017.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Joseph Cardillo at 856-381-8268.



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