TCRAP_Public/170822.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 22, 2017, Vol. 20, No. 166

                            Headlines


A U S T R A L I A

AUSTRALIAN RUGBY: WA Government Threatens to Bankrupt ARU
BARALABA COAL: Second Creditors' Meeting Set for August 28
GAZMAK RECRUITMENT: Second Creditors' Meeting Set for Aug. 28
IRONBRIDGE HOLDINGS: Second Creditors' Meeting Set for Aug. 25
PALADIN ENERGY: Files for Insolvency After Failure to Pay Debt

SIBEDE PTY: First Creditors' Meeting Set for August 29


I N D I A

ASHA ENTERPRISES: CARE Assigns B+ Rating to INR8.0cr LT Loan
AYKA MOULD: CARE Assigns B+ Rating to INR7.94cr LT Loan
CONCEPT HOMES: CARE Assigns 'B' Rating to INR6.76cr LT Loan
DANICA AQUA: CARE Assigns B+ Rating to INR12cr LT Loan
G.R. MULTIFLEX: CARE Lowers Rating on INR12cr LT Loan to 'D'

GAURI SHANKAR: CARE Assigns B+ Rating to INR5cr LT Loan
GLOBAL TECH: CARE Assigns B+ Rating to INR2cr LT Loan
GOKUL GINNING: CARE Assigns B+ Rating to INR6.0cr LT Loan
GTN ENTERPRISES: CARE Raises Rating on INR18.27cr Loan to BB-
JAYAWANTI BABU: CARE Lowers Rating on INR8.51cr Loan to 'D'

JAYPEE INFRATECH: IRP Rules Out Refund for Home Buyers
KANUPAT HIMGHAR: CARE Lowers Rating on INR11.09cr LT Loan to D
MAHADEV COLD: CARE Assigns B+ Rating to INR8cr LT Loan
MAHESHWARI AGRO: CARE Hikes Rating on INR6cr Loan to BB-
MARUTHI TUBES: CARE Raises Rating on INR7.15cr LT Loan to B

MARUTI NANDAN: CARE Lowers Rating on INR15cr LT Loan to 'D'
MOON SYNDICATE: CARE Lowers Rating on INR9.0cr LT Loan to D
ORTEL COMMUNICATION: CARE Reaffirms D Rating on INR32cr Loan
REGALIA JEWELS: CARE Assigns B Rating to INR6.50cr LT Loan
S.R. INDUSTRIES: CARE Reaffirms 'D' Rating on INR11.33cr Loan

SAMAROH HOSPITALITY: CARE Assigns B+ Rating to INR9.15cr Loan
SHREE GANESH: CARE Lowers Rating on INR17.40cr LT Loan to B+
SMARTCITY KOCHI: NCLT Admits Insolvency Bid vs. Firm
SWAROOP HOMES: CARE Assigns 'B' Rating to INR21cr LT Loan
TOLARAM SURENDRA: CARE Reaffirms B+ Rating on INR6cr LT Loan


J A P A N

TK HOLDINGS: Tort Panel Taps Sakura Kyodo as Special Counsel
TK HOLDINGS: Tort Panel Taps Gilbert LLP as Insurance Counsel
TK HOLDINGS: Tort Panel Taps Pachulski Stang as Legal Counsel
TK HOLDINGS: Tort Panel Taps Alvarez & Marshal as Fin'l Advisor
TOSHIBA CORP: Banks Press for Deal on Memory Unit Sale This Month


M A L A Y S I A

PERISAI PETROLEUM: Emas Seeks Legal Advice on JV Settlement


S I N G A P O R E

CALLA SPA: Shuts Doors Following Liquidation


X X X X X X X X

* BOND PRICING: For the Week Aug. 14 to Aug. 18, 2017


                            - - - - -


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


AUSTRALIAN RUGBY: WA Government Threatens to Bankrupt ARU
---------------------------------------------------------
The Sydney Morning Herald reports that the Western Australian
government is looking at suing the Australian Rugby Union for
more than AUD100 million over the decision to axe the Western
Force.

According to the report, Premier Mark McGowan said the state
government is getting legal advice and the options include suing
for restitution, which would bankrupt the ARU, or suing for
reinstatement.

"I think the ARU doesn't understand exactly what they've done to
Western Australia and the amount of money and the amount of
support that's been invested in this team," he told ABC radio on
August 21, SMH relays.

SMH relates that the premier said AUD17 million was spent on new
headquarters for the Western Force and AUD1.5 million for a road
safety sponsorship deal.

He said AUD95 million was also spent on nib Stadium, which the
Perth Glory soccer team uses too.

SMH says thousands of fans rallied on August 20, with billionaire
backer Andrew "Twiggy" Forrest again slamming the ARU's move to
cull the Force as lacking financial merit and even hinting the
Force could play elsewhere if unsuccessful.

Rugby WA is expected to learn on August 23 whether it will be
granted the right to appeal the ARU's decision in the NSW Supreme
Court, the report notes.

The other two teams culled from Super Rugby for next season,
South Africa's Cheetahs and the Kings, have survived by joining
Europe's Pro 14 competition, the report adds.

The Australian Rugby Union is the governing body of rugby union
in Australia.


BARALABA COAL: Second Creditors' Meeting Set for August 28
----------------------------------------------------------
A second meeting of creditors in the proceedings of Baralaba Coal
Company Limited has been set for Aug. 28, 2017, at 12:00 p.m., at
Waterfront Place, Level 13, 1 Eagle 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. 25, 2017, at 5:00 p.m.

William James Harris, Shaun Robert Fraser and Jason Preston of
McGrathNicol were appointed as administrators of Baralaba Coal on
July 12, 2017.


GAZMAK RECRUITMENT: Second Creditors' Meeting Set for Aug. 28
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Gazmak
Recruitment Pty Ltd has been set for Aug. 28, 2017, at
11:00 a.m., at the offices of Level 2, 10 Bridge Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 25, 2017, at 4:00 p.m.

Domenico Alessandro Calabretta of Mackay Goodwin was appointed as
administrator of Gazmak Recruitment on July 24, 2017.


IRONBRIDGE HOLDINGS: Second Creditors' Meeting Set for Aug. 25
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Ironbridge
Holdings Pty Ltd has been set for Aug. 25, 2017, at 9:00 a.m., at
8 St Georges Terrace, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 24, 2017, at 4:00 p.m.

Neil Raymond Cribb and Greg Dudley of RSM Australia Partners were
appointed as administrators of Ironbridge Holdings on July 21,
2017.


PALADIN ENERGY: Files for Insolvency After Failure to Pay Debt
--------------------------------------------------------------
Collins Mtika at The Southern Times reports that Paladin Energy,
operators of Kayelekela Uranaium Mine in Karonga Malawi and
Langer Heinrich in Namibia, has filed for insolvency at the
Australian high court after the company failed to pay a debt of
US$277 million to a France based company called Electricite de
France.

Kayelekera Uranium Mine in northern Malawi was the country's only
large-scale mining operation. But for more than five years, the
mine is not operating and is under 'care and maintenance' because
of global low uranium prices, the report says.

"I am not aware of this. But it means they cannot operate until
the foreseeable future," the report quotes Minister of Finance
and Economic Planning Goodall Gondwe as a saying in a telephone
interview.

Paradoxically, Gondwe said "There is somebody keen to buy it". He
did not divulge the buyer.

According to The Southern Times, Malawi awarded a 15-year license
to Paladin to mine uranium in Kayelekera in April 2007. In
return, Paladin agreed to build a school, a clinic and
rehabilitate the airport, among other promises.

Economics Association of Malawi (Ecama) president, Henry Kachaje
agreed with Gondwe saying the resumption of the mine is a mirage,
the report says. "The company was not profitable and filing for
insolvency and the appointment of administrators is meant to
protect shareholders, clients and creditors," Kachaje said.

The Southern Times says the development comes at a time when
Malawi launched its first ever extractive sector transparency
report, which showed that the sector raked $8 million into state
coffers.

Paladin's market value was US$4 billion in 2007 when the spot
price for Uranium was US$100 per pound. Now the company is worth
a mere $80 million.

The company has now been forced to appoint administrators after
Electricite de France demanded repayment of US$277 million debt,
the report relates citing Mining in Malawi.

According to The Southern Times, Paladin Energy administrators
have now secured a US$60 million, 12-month financing facility to
keep the company operating while they work on a rescue deal for
the collapsed uranium miner.

The Germany (Deutsche) Bank loan will refinance secured debt with
Nedbank, keep the company's Langer Heinrich mine in Namibia
operating and provide additional working capital across the
group, the report notes.

Matthew David Woods, Hayden Leigh White and Gayle Dickerson of
KPMG were appointed as administrators of Paladin Energy on
July 3, 2017.

Headquartered in Subiaco, Australia, Paladin Energy Ltd --
http://www.paladinresources.com.au-- formerly Paladin
Resources, Ltd., operates in the resource industry, with a
principal business of evaluation and development of uranium
projects in Africa and Australia.


SIBEDE PTY: First Creditors' Meeting Set for August 29
------------------------------------------------------
A first meeting of the creditors in the proceedings of Sibede Pty
Ltd will be held at the offices of SV Partners, SV House, 138
Mary Street, in Brisbane, Queensland, on Aug. 29, 2017, at
10:00 a.m.

Anne Meagher of SV Partners was appointed as administrator of
Sibede Pty on Aug. 17, 2017.



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


ASHA ENTERPRISES: CARE Assigns B+ Rating to INR8.0cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Asha
Enterprises (AE), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities              8.0       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of AE is constrained
by partnership nature of constitution, project risk, geographical
concentration risk, cyclical and competitive nature of industry.
The rating, however, derives strength from the experienced
partners and its strategic location.

The ability of the firm to complete the on-going project without
any cost and time overrun and deriving benefit out of it as
envisaged will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
Partnership nature of constitution: AE, being a partnership firm,
is exposed to inherent risk of the partner's capital being
withdrawn at time of personal contingency and firm being
dissolved upon the death/retirement/insolvency of the partners.
Furthermore, partnership firms have restricted access to external
borrowing as credit worthiness of partners would be the key
factors affecting credit decision for the lenders.

Project risk: The firm is setting up a five star hotel with 61
rooms, food & beverages outlets, banquet halls, conferencing
facilities and other recreational facilities with aggregate
project cost of INR16.86 crore which will be financed at debt
equity of 0.90x. The hotel spread with an area of 76 katthas
(basement+ 6 floors) will be equipped with state of the art
technology and well qualified & experienced staffs. Siliguri is a
tourist spot of West Bengal and the firm is setting up the hotel
mainly to meet the growing tourist demands in the city of
Siliguri. The financial closure for the debt has already been
achieved and the firm has spent around INR13.11 crore till
July 28, 2017 funded by term loan of INR5.97 crore and balance by
the partners' fund of INR7.14 crore.

Thus the project implementation risk exists. The hotel is
estimated to be operational by December 2017. Geographical
concentration risk: The firm is setting up a single hotel
property in Siliguri, West Bengal, which will make its earnings
and profitability susceptible to adverse movements in the local
hospitality market in and around Siliguri, West Bengal.

Cyclical and competitive nature of hotel industry: The Indian
hotel industry is highly fragmented in nature with presence of
large number of organized and unorganized players spread across
various regions. Further, the hotel industry is region-based and
is highly sensitive to the untoward events such as slowdown in
the economy. Cyclical nature of the hotel industry and increasing
competition from already established branded hotels may impact
the performance of AE.

Key Rating Strengths

Experienced partners: Mr. Kedar Somani is a recognized government
contractor since last 30 years. He has successfully undertaken
more than 100 construction works for the Government of Sikkim and
CPWD. However, he lacks experience in hospitality industry. Mr.
Kedar Somani, a first generation entrepreneur with about 30
years of business experience in construction industry along with
Mr. Bineet Somani. However, they are new in hospitality business
through AE being their first venture in this field.

Strategic location: The firm is setting up a hotel with all
modern amenities in Siliguri keeping in mind the locational
advantages. The hotel will be located near Sevoke road, Siliguri
which is the most famous tourist destination, a prime location
and is easily accessible through rail, buses and other means of
transportation. The area also has other facilities like
hospitals, shopping mall and restaurants within 2 minutes walking
distance in its vicinity.

AE was established as a partnership firm in February 2015 by Mr.
Kedar Somani, Mr. Bineet Somani, Mr. Amit Somani and Mrs. Asha
Somani for setting up a hotel in Siliguri. Currently, the firm is
setting up a five star hotel with 61 rooms, food & beverages
outlets, banquet halls, conferencing facilities and other
recreational facilities with aggregate project cost of INR16.86
crore which will be financed at a debt equity of 0.90x. The
financial closure for the debt has already been achieved and the
firm has spent around INR13.11 crore till July 28, 2017. The
hotel is estimated to be operational by December 2017.


AYKA MOULD: CARE Assigns B+ Rating to INR7.94cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Ayka
Mould Tech Industries Limited (AMTIL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             7.94       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             0.50       CARE A4; Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of Ayka Mould Tech
Industries Limited (AMTIL) are constrained on account of its
nascent stage of operations, susceptibility of operating margins
to volatility in prices of raw material, foreign exchange
fluctuation risk and its presence in a highly fragmented and
competitive nature of industry. The rating, however, derives
strength from the experience of the promoters in the plastic
industry.

The ability of AMTIL to quickly stabilize the operations and
achieve envisaged level of sales and profitability by managing
raw material price volatility would be the key rating
sensitivities. Furthermore, improvement in capital structure and
debt coverage indicators via efficient working capital management
would also remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Nascent stage of operations
AMTIL commenced its manufacturing operations from June, 2017
onwards, while the total operating income (TOI) achieved for its
one month of operations as per FY18 (Provisional) stood at
INR0.79 crore. The total level of debt as on June 30, 2017
(Provisional) stood at INR5.46 crore. Susceptibility of operating
margins to volatility in prices of raw material and foreign
exchange fluctuation risk The prices of primary raw materials,
i.e., PP/LDPE/LLDPOE/HDPE granules and chips are derivatives of
crude oil, the fluctuation of which may affect the profit margins
of the company. Also, as AMTIL imports few of its raw materials,
it's profit margins are also exposed to foreign exchange
fluctuation risk.

Presence in a highly fragmented and competitive nature of
industry
AMTIL operates in plastic industry which is highly fragmented
marked by presence of large number of organized and unorganized
players. Also, intense competition in the industry also limits
the pricing flexibility.

Key Rating Strengths

Experienced promoters
The key promoter of AMTIL, Mr. Sahil Basir Shaikh holds an
experience of around 12 years in the plastic industry while he is
assisted by other directors for the overall management of the
company.

Daman-based AMTIL was incorporated by Mr. Sahil Basir Shaikh, Mr.
Asfaq Basir Shaikh, Ms. Samimbanu Basirbhai Shaikh and Ms. Sahnaj
Sahil Shaikh. The entity is established to carry on the business
of manufacturing plastic crates, plastic chairs and other plastic
products from its sole manufacturing facility located in Daman,
with an installed capacity of 15 tons of plastic goods per day.
AMTIL completed its project in June, 2017, with a total cost of
INR5.60 crore and a debt-equity mix of 2.37 times. while it
commenced its commercial production from June, 2017 onwards.

During FY18 (Provisional), AMTIL reported a total operating
income (TOI) of INRINR0.79 crore with a PBILDT of INR0.02
crore for its one month of operations till June, 2017.


CONCEPT HOMES: CARE Assigns 'B' Rating to INR6.76cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Concept Homes India Private Limited (CHIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              6.76      CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Concept Homes India
Private Limited (CHIPL) is constrained by small scale of
operations with low networth base, fluctuating total operating
income during review period with net loss incurred till FY16
(refers to period April 01 to March 31), leveraged capital
structure and weak debt coverage indicators, elongated operating
cycle due to working capital intensive nature of operations and
highly fragmented industry with intense competition from large
number of players. The rating is, however, underpinned by long
track record of the entity and experience of the directors for
more than three decades in construction industry, satisfactory
PBILDT margins albeit high fluctuation during review period and
stable outlook of construction industry and old age care centers.
Going forward, ability of the company to increase its scale of
operations and improve profitability margins in competitive
environment, improve capital structure and manage working capital
requirements effectively would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
Small scale of operations with low networth base
The company has a track record of around twelve years. However,
the total operating income (TOI) of the company remained low at
INR5.85 crore in FY17 (Prov.) with low net worth base of INR1.68
crore as on March 31, 2017 (Prov.) as compared to other peers in
the industry.

Fluctuating total operating income during review period with net
losses till FY16
The total operating income of the company has been fluctuating
during review period. It was decreased from INR6.29 crores in
FY15 to INR4.01 crores in FY16 due to construction of building is
under process, however, three projects completed in FY17 resulted
in increase in topline by INR1.84 crores in FY17(Prov.) due to
increase in projects along with increase in income from
Nandhavanam.

Leveraged capital structure and weak debt coverage indicators
The capital structure of the company remained leveraged as on
March 31, 2017(Prov.). The debt equity ratio deteriorated from
8.98x as on March 31, 2015 to 14.83x as on March 31, 2016 due to
availment of term loan for construction of buildings Nandhavanam.
However, the same improved to 12.80x as on March 31,2017(Prov.)
due to increase in tangible networth albeit increase in long term
debt at the back of availment of unsecured loans from related
parties.

Due to the above said factor the overall gearing ratio of the
company also deteriorated from 9.66x as on March 31, 2015 to
15.79x as on March 31, 2016 due to availment of short term loans
for working capital requirements coupled with decrease in
tangible networth on account of net losses incurred. However, the
overall gearing improved to 13.15x as on March 31, 2017 (Prov.)
due to decrease in debt at the back of repayment coupled with
increase in tangible networth, still remained leveraged.

Total debt/GCA of the company deteriorated from 36.22x in FY15 to
57.60x in FY16 due to increase in total debt albeit increase in
gross cash accurals. However, the same is improved to 39.79x in
FY17(Prov.) due to increase in cash accruals albeit increase in
debt level.

PBILDT interest coverage ratio has been fluctuating during the
review period due to variation in interest cost and fluctuation
in PBILDT level. The PBILDT interest coverage ratio stood at
2.94x in FY17 (Prov.)

Elongated operating cycle due to working capital intensive nature
of operations
The company is operating in working capital intensive industry.
CHIPL has elongated operating cycle i.e 112 days in FY17 (Prov.)
as compared to 220 days in FY16 due to long inventory holding
period of 227 days in FY17(Prov.) as compared to 308 days in
FY16.The elongated operating cycle is due to ongoing projects in
hand.The average creditors period is increased to 126 days in
FY17(Prov.) as compared to 100 days in FY16. The average
utilization of overdraft facility was almost full for last 12
months ended June 30, 2017.

Highly fragmented industry with intense competition from large
number of players
The company is engaged in construction of residential and
commercial buildings which is highly fragmented industry due
to presence of large number of organized and unorganized players
in the industry resulting in huge competition.

Key Rating Strengths
Long track record of the entity and experience of the directors
for more than three decades in construction industry CHIPL was
incorporated in 2004 by Mr. Mahaganapathi (Director) along with
his family members. Mr. Mahaganapathi is chartered accountant by
qualification and has more than two decades of experience in the
construction industry. Mr. Subramaniyan also has more than three
decades of experience in the construction industry.

Satisfactory PBILDT margins albeit high fluctuation during review
period and net losses incurred till FY16
The company has satisfactory profitability margins albeit high
fluctuation during review period. The PBILDT margin of the
company increased from 10.62% in FY15 to 23.13% in FY16 due to
higher amount of closing work in progress of INR4.47 crore,
generally the PBILDT margin of the company remains in the range
of 10% to 15%. Furthermore, the company incurred net loss in FY15
and FY16 due to impact of deferred tax liability. However, the
company has achieved cash profit of INR0.41 crore and INR0.35
crore in FY15 and FY16 respectively. The company achieved PAT
margin of 1.89% in FY17 (Prov.) due to decrease in interest cost
and deferred tax albeit increase in depreciation at the back of
addition of buildings,furniture etc.

Moderate industry outlook of construction and old age care
centers The construction industry contributes around 8% to
India's Gross domestic product (GDP). Growth in infrastructure is
critical for the development of the economy and hence, the
construction sector assumes an important role. During the last
few years (mainly FY13-FY15), there was a reduction in flow of
orders along with slow movement of the existing order book.
However, the focus of the government on infrastructure
development is expected to translate into huge business potential
for the construction industry in the long-run. In the short to
medium term (1-3 years), projects from infrastructure sector are
expected to dominate the overall business for construction
companies. Going forward, companies with better financial
flexibility would be able to grow at a faster rate by leveraging
upon potential opportunities.

The existence of various long-term and in-home care service
providers, favorable reimbursement policies by insurance
providers and other factors will likely boost the growth of the
senior care industry. Growing demand from a larger aging
population, the prevalence of chronic and age-related diseases
and an increasing number of patients recovering from surgery will
boost market growth. The home health care sector, which includes
home health care services and nonmedical home care services, is
an important part of the health industry. Because of the aging
population, the senior care industry will likely grow faster than
other sectors of the industry.

Concept Homes India Private Limited (CHIPL) was incorporated in
2004 by Mr.Mahaganapathi along with his family members at Chennai
(Tamil Nadu). CHIPL is engaged in different types of services
i.e., construction of residential and commercial buildings,
providing assisted living facilities for old age people by name
'Nandhavanam'. The company purchases the raw materials like
gravel, metal, cement and bitumen among others from local
traders. CHIPL has completed 21 projects till FY17, of value
about INR48.23 crores.


DANICA AQUA: CARE Assigns B+ Rating to INR12cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Danica
Aqua Exports Private Limited (DAEPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            12.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of DAEPL are
constrained by the short track record of the company, project
implementation risk with financial closure of the project yet to
be achieved; seasonality associated with availability of raw
materials and highly regulated seafood industry. However, the
ratings are underpinned by the experience of the promoters for
two decades in sea food industry industry, stable demand outlook
for sea food industry and location advantage of the plant. Going
forward, ability of the company to complete the project without
any cost and time overrun and the company to stabilize the
operations and generate the revenue and profit levels as
envisaged are key rating sensitivities.

Detailed Description of the key rating drivers

Key Rating Weaknesses

Short track record of the company
The company was incorporated in 2015 and started its project
activities in 2016. The company is in the initial stages of
operations and is expecting to complete its ongoing project in
August 2018. The commercial operations of the company are also
expected to start from August 2018. The level of project
execution and operations by the management of the company remains
to be seen.

Project implementation risk with financial closure of the project
not yet achieved
The directors of the company are planning to setup a processing
plant with a total estimated cost of INR15.97 crore which is to
be funded by bank term loan of INR12 crore and balance INR3.97
crore from promoters' funds. As on July 06, 2017, the company had
incurred expenses of INR0.42 crore towards land documentation,
registration fees, permissions, licenses and approvals and the
same was funded through promoter's funds. The commercial
operations of the company are expected to start from August 2018.
However, the proposed term loan is yet to be sanctioned by any
bank and hence financial closure of the project has not yet been
completely achieved by the company.

Seasonality nature of raw materials and highly regulated seafood
industry
The company is planning to start processing of sea food products
like fishes, shrimps, etc. The sea food companies are affected by
seasonal availability in terms of shrimps, fishes, etc. and
further the sea food industry are regulated by stringent norms
and regulations in order to supply in domestic and export market.

Key Rating Strengths

Experience of the promoters for more than two decade in sea food
industry
DAEPL is promoted by Mr. Joseph Rangunath (Managing Director),
Mr. B. Srinivas (Director), Mr. Duryodhan Ray (Director) and Mr.
Kishore (Director). The directors are well qualified wherein Mr.
Joseph Ragunath is a graduate in Fisheries Science (B.F. Sc.) and
has worked for many companies like M/s. George Maijo& Co (Vizag),
M/s. Integrated Rubian Exports Limited (Cochin), Oman Fisheries
Company (Muscat) and Torry Harris Private Limited (Cochin) as
senior operations manager. The managing director has around 33
years of experience in sea food industry, and also the others
have significant amount of exposure in the sea food industry.

Stable demand outlook for the sea food industry
The growing business volume of frozen shrimps in India has
encouraged many medium to large players to set up seafood
processing units, feeds manufacturing facility and cold storage
chains to take part in the potential growth in seafood
export industry. India has 20,255 Million Tonnes of processing
capacity with 506 processing plant, where southern regions
of India, particularly Andhra Pradesh, had highest (49%)
processing capacity followed by western regions (44%), while
eastern regions contributed 7% to the total capacity During FY17,
exports of marine products reached an all-time high with an
export volume of 1.13 million tonnes valued at USD 5.78 billion.
Out of the said export value, the frozen shrimp.

Brief Rationale
The plant location of the company is located in aquaculture Zone
near the coastal area of Andhra Pradesh, which enables the
company to procure raw materials and process them immediately
after harvest. This results in better quality product as well as
lowers the transportation costs. The Plant is located around 60
kms from Visakhapatnam and covers all fishing villages of both
Srikakulam and Vizianagaram districts.

Danica Aqua Exports Private Limited (DAEPL) was incorporated on
May 19, 2015 as a Private Limited company by Mr. Joseph Rangunath
(Managing Director), Mr. B. Srinivas (Director), Mr. Duryodhan
Ray (Director) and Mr. Kishore (Director). The company is being
incorporated to setup an aqua processing unit and start export of
processed sea foods (fishes and shrimps). The company is planning
to setup their processing unit in around 1 acre of land located
at Yerukonda, Vizianagaram District, A.P out of the total
available vacant land of 2.52 acres. The company's plant is
located at around 60 Kms away from Visakhapatnam and covers all
fishing villages of both Srikakulam and Vizianagaram districts
and the aqua culture hub is located at around 250 Km from the
factory facilitating location advantage in terms of availability
of sea food for processing.

The promoters are in the initial stage of setting up of their
processing plant. The estimated cost of the project for setting
up plant is around INR15.97 crore which is to be funded by bank
term loan of INR12 crore and rest of the INR3.97crore from
promoters own funds.


G.R. MULTIFLEX: CARE Lowers Rating on INR12cr LT Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
G.R. Multiflex Private Limited (GRMPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         12.0       CARE D Revised from
   Facilities                        CARE B+; Stable

Detailed Rationale and key rating drivers

The revision in the rating to the bank facilities of GRMPL
factors in the instances of the ongoing delay in servicing of its
debt obligations on account of the stressed liquidity position of
the company.

Going forward, the ability to regularize the debt servicing
obligations will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
On-going delays in debt servicing: There are ongoing delays in
the debt servicing of the company due to its stressed liquidity
position.

Kolkata based GRMPL was incorporated in July 2002 and currently
managed by Mr. Rabindra Kumar Jaiswal and Mrs. Prativa Jaiswal.
Since its inception, the company has been engaged in
manufacturing of flexible packaging materials such as polyester
laminated rolls, multilayer flexible films, oil print films,
water printed films, and bags and pouches. The company's
manufacturing facility is located in Kolkata with aggregated
installed capacity of 1404 metric ton per annum.


GAURI SHANKAR: CARE Assigns B+ Rating to INR5cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Gauri
Shankar Rice Mills (GSRM), as:

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

Detailed Rational and key rating drivers

The rating assigned to the bank facilities of Gauri Shankar Rice
Mills (GSRM) is primarily constrained by its small scale of
operations, leveraged capital structure, weak coverage indicators
and working capital intensive nature of operations. The rating is
further constrained by partnership nature of its constitution,
its presence in fragmented and competitive industry and business
susceptible to the vagaries of nature. The rating, however, draws
comfort from experienced partners in processing of rice, moderate
profitability margins and favorable manufacturing location.

Going forward, the ability of the firm to scale up its operations
while improving profitability margins and registering improvement
in capital structure with effective management of working capital
shall be the key rating sensitivities.

Detailed description for key rating drivers

Key rating weakness

Growing though small scale of operations: Despite being
operational for nearly four decades, the scale of operations has
remained small marked by a total operating income and gross cash
accruals of INR13.99 crore and INR0.40 crore respectively during
FY16. The small scale limits the firm's financial flexibility in
times of stress and deprives it from scale benefits. Though, the
risk is partially mitigated by the fact that the scale of
operation is growing continuously reflecting a compounded annual
growth rate (CAGR) of 56.94% in last three financial years (FY14-
FY16) on account of increase in quantity sold to existing and new
customers.

Leverage capital structure and weak coverage indicators: The
capital structure of the firm remained leveraged marked overall
gearing ratio of 8.20x as on March 31, 2016 on account of debt
funded capex completed in past for installation of machinery and
high dependence on external working capital borrowings coupled
with infusion in the form of unsecured loans from partners and
relatives for managing working capital requirements of the
business.

The debt service coverage indicators of the firm also remained
weak in FY16 on account of high reliance on external borrowings
coupled against profitability levels. The interest coverage and
total debt to GCA of the firm stood weak at 1.88x and 0.40x
respectively for FY16.

Working capital intensive nature of operations: Operations of the
firm are working capital intensive with average operating cycle
of 102 days for FY16. Being a seasonal product, the firm
maintains inventory of around three months throughout the year,
resulting into average inventory period of around 99 days in
FY16. The firm provides a credit period of around three months to
its customers and receives a credit period of around a month from
its creditors. The working capital limits remained almost fully
utilized during the past 12 months ended June 30, 2017.

Business susceptible to the vagaries of nature: Paddy is the
major raw material and the peak paddy procurement season is
during November to January during which the firm builds up raw
material inventory to cater to the milling and processing of rice
throughout the year. The monsoon has a huge bearing on crop
availability which determines the prevailing paddy prices.

Fragmented and competitive nature of industry: The commodity
nature of the product makes the industry highly fragmented, with
numerous players operating in the unorganized sector with very
less product differentiation. Furthermore, the concentration of
rice millers around the paddy growing regions makes the business
intensely competitive.

Key rating strengths
Long track record of operations and experienced proprietor in
processing of rice: The operations of GSRM are currently being
managed by Mrs. Anajana Rai and Mr. Ravi Shankar Rai. Both have
an experience of more than one and a half decade in rice
processing industry through their association with Kisan Rice
Mill and GSRM.

Moderate profitability margins: The PBILDT margin of the firm
improved from 2.83% in FY15 to 6.09% in FY16 due to higher
proportion of basmati rice which fetches better margin. Further,
the PAT margin of the firm declined however remained moderate for
FY16 on account of high depreciation and interest cost incurred
by the firm. The PAT margin stood at 1.58% for FY16 as against
2.07% for FY17.

Ghazipur (Uttar Pradesh) based Gauri Shankar Rice Mill (GSRM) was
established in September, 2011 as proprietorship concern by Mrs.
Anajana Rai. GSRM is engaged in milling, processing and trading
of both basmati and non-basmati rice with an installed capacity
of 9 tonne per hour (MTPH) as on March 31, 2017 at unit located
at Ghazipur, Uttar Pradesh. The firm procures the raw material
(unprocessed rice/de-husked paddy) from local grain markets
through farmers and commission agents and sells its product to
FCI (40% proportion), and other trading firms based in Uttar
Pradesh.


GLOBAL TECH: CARE Assigns B+ Rating to INR2cr LT Loan
-----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Global
Tech (India) Private Limited (GTIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             2          CARE B+; Stable Assigned

   Short-term Bank
   Facilities             4          CARE A4

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of GTIPL are tempered
by small scale of operations with low capitalization, low and
fluctuating profitability margins, weak solvency position,
exchange rate fluctuation risk, working capital intensive nature
of operations and presence in competitive and fragmented industry
with low bargaining power against clients.

The above weaknesses are partially offset by long and established
track record of the company with experienced management,
association with reputed clientele and suppliers with diversified
portfolio finding applications across various industries.

The ability of the company to increase its scale of operations
while improving its solvency position and profitability along
with efficient management of working capital requirement are the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
Small scale of operations with low profitability margins: The
operations of the company remained small with total operating
income of INR17.62 crore in FY17 (refers to the period April 1 to
March 31 - Provisional) and low networth base of INR1.57 crore as
on March 31, 2017 thus limiting financial flexibility of the
entity. Furthermore, the total operating income has been
fluctuating during FY15-FY17 owing to fluctuation in demand from
end user industry. Since the entity is predominantly into trading
business which is inherently a low value additive and volume
driven business by nature, its profit margins remained low in the
range of 3%-5% during FY14-FY17.

Weak solvency position: The relatively low networth base of the
company prompted the entity to take high debt to support the
operations resulting in leveraged capital structure for the
company. Same was reflected by overall gearing of 2.88x as on
March 31, 2017 (Provisional). Moreover, with low profitability
and high debt profile, the debt coverage indicators of the
company remained weak.

Working capital intensive nature of operations: The operations of
the entity remained working capital intensive with high gross
current asset days of over 117 days. Furthermore, credit period
of around 34 days received from its suppliers resulted in high
dependence on external debt. However, the same resulted in high
current ratio as on March 31, 2017 while cash flow from
operations remained at INR0.83 crore during FY17.

Exchange rate fluctuation risk: The company majorly imports goods
(about 91% of total purchases made in FY17) denominated in
foreign currencies exposing it to exchange rate fluctuation risk.
The company also exports goods (about 16% to total revenue in
FY17) to African countries, Dubai etc, implying natural hedging
to a certain extent. However, the company has no hedging policy
for its forex exposure, thereby increasing exchange rate
fluctuation risk. Moreover, the prices of traded goods are
susceptible in nature owing to volatility in input prices viz.
fluctuating nature of copper prices as per international demand-
supply scenario coupled with prevailing competitive scenario at
the time putting pressure on its operating margin.

Presence in highly fragmented and competitive industry coupled
with low bargaining power against reputed clientele GTIPL
operates in an industry which comprises of several players in the
unorganized sector and is characterized by high degree of
fragmentation exposing it to competitive intensity. There also
exist big-sized players along with strong marketing &
distribution network resulting in increase in competition in the
industry. The industry is characterized by low entry barriers and
low level of product differentiation due to minimal technological
inputs. Also, the company deals with many reputed clientele,
thereby leading to low bargaining power.

Key Rating Strengths

Long and established track record of the company with experienced
management: The company has a long operational track record of
more than one and a half decades in trading of electrical goods.
The promoters of the company Mr Hitendra Patel and Mr Vimal
Kalaria have a sound education base and have an experience of
more than two decades in the relevant industry which benefits the
entity in maintaining relationship with its clients.

Association with reputed clientele and suppliers along with
diversified portfolio finding applications across various
industries: The company has a reputed clientele base spread
across various industrial segments. Furthermore, the customer
base remained diversified as reflected by contribution of 33.60%
to total revenue in FY17 by top five customers.

Global Tech (India) Private Limited (GTIPL) was incorporated in
the year 2000 and is based out of Pune (Maharashtra). The company
is promoted by Mr Hitendra Patel and Mr Vimal Kalaria. GTIPL is
engaged in trading of electrical engineering goods and machinery
parts. Apart from the same, the company is also engaged in
providing installation, commissioning and repair and maintenance
services to many industries such as automobile, cement, sugar,
steel and oil, wind energy and refinery industries etc. The
trading segment contributed about 92% to the total revenue in
FY17 (Provisional) while the balance was contributed by the
service segment.

GTIPL also exports various products to African countries, Dubai
etc and contributed 15.38% to total revenue in FY17. Traded goods
are sourced domestically as well as imported as per client
specifications. During FY17 (Provisional), domestic purchases
contributed about 9% to the total purchases, while imports
contributed about 91% to the total purchases. The company imports
products mainly from Germany, Italy and other countries of
Europe.


GOKUL GINNING: CARE Assigns B+ Rating to INR6.0cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Gokul
Ginning and Oil Industries (GGOI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              6.00      CARE B+; Stable Assigned

Detailed rationale & Key Rating Drivers

The rating assigned to the bank facilities of Gokul Ginning and
Oil Industries (GGOI) are constrained on account of its small
scale of operations, thin profit margins, leveraged capital
structure, weak debt protection indicators and weak liquidity
position in FY17 (A). Further, the rating also remained
constrained due to partnership nature of constitution, its
presence in highly fragmented industry, seasonality associated
with cotton availability and susceptibility of operating margins
to cotton price fluctuations and price and supply for cotton are
highly regulated by government.

The rating, however, derives strength from experienced partners
in the cotton industry and proximity to cotton growing area of
Gujarat.

GGOI's ability to increase its scale of operations with
improvement in profitability, capital structure and debt coverage
indicators along with better working capital management will be
the key rating sensitivities.

Detailed description of key rating drivers

Key Rating Weaknesses

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

Small scale of operations coupled with thin profit margins
The total operating income of the company remained small and
stood at INR14.38 crore during FY17. Further, the profit margins
stood thin marked PBILDT margin of 3.11% and PAT margin of 0.16%
during FY17. Overall, profit margins stood low on the back of low
value addition nature of operations.

Leveraged capital structure, weak debt coverage indicators and
weak liquidity position
The capital structure of GGOI stood leveraged marked by an
overall gearing ratio of 2.20x as on March 31, 2017 due to high
debt level against low net worth base. Further, the debt coverage
indicators stood weak marked by total debt to GCA of 45.55x as on
March 31, 2017 and interest coverage ratio stood at 1.39x during
FY17. Liquidity position also stood weak as marked by elongated
operating cycle of 192 days in FY17 and more than 90% average
working capital utilization for trailing 12 month period ended
June 2017.

Presence in highly fragmented industry
High proportion of small scale units operating in the cotton
value chain has resulted in the fragmented nature of the industry
as well as intense competition within the players.

Seasonality associated with cotton availability and
susceptibility of margins to cotton price fluctuations and supply
for cotton are highly regulated by government.

Profit margins of GGOI remain susceptible to changes in its
primary raw material i.e. raw cotton. The cotton prices in India
are highly regulated by the government through MSP (Minimum
Support Price) hence any adverse change in government policy may
also impact the prices of raw cotton.

Key Rating Strengths

Experienced promoters of the firm
GGOI is managed by Mr. Aminali K. Gangani and his family members,
and all the Partners are holding an average experience of more
than a decade in the cotton industry.

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

Amreli (Gujarat) based GGOI is a partnership firm established in
April 2007 by six partners. It has six partners named Mr. Aminali
Gangani, Mr. Siraj Keshvani, Mr Ajit Gangani, Mrs. Munirabanu
Gangani, Mrs. Shailina Keshvani and Mrs. Rasidabanu Gangani. GGOI
is engaged into cotton ginning and pressing business. GGOI
operates from its sole manufacturing facility located at Amreli
(Gujarat) with an installed capacity of 250 bales per day and 31
tonnes of oil cakes per day as on March 31, 2017. The firm has an
associate concern named Ronak Cotton Industries a partnership
firm engaged in similar line of operations.

During FY17 (A), GGOI registered a total operating income (TOI)
of INR14.38 crore with a PAT of INR0.02 crore as against TOI of
INR12.53 crore and PAT of INR0.02 crore during FY16.


GTN ENTERPRISES: CARE Raises Rating on INR18.27cr Loan to BB-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
GTN Enterprises Limited (GEL), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        18.27      CARE BB-; Stable Revised
   Facilities                       from CARE B; Stable

   Short-term Bank
   Facilities            91.00      CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The revision in the long-term rating assigned to the bank
facilities of GEL takes into account the improvement in the
profitability and capital structure during FY17 (refers to the
period April 1 to March 31).

The ratings continue to be constrained by GEL's volatile
operating profit margins, working capital intensive nature of
operations resulting in moderate capital structure and cyclical
nature of the textile industry. The ratings favorably factor in
the vast experience of the promoters in the textile industry and
synergy of operations among the group companies.

Going forward, sustained improvement in profitability and capital
structure are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
Inherent volatility associated with the raw material and its
impact on profitability: The profitability of spinning mills
depends largely on the prices of cotton and cotton yarn which are
governed by various factors such as area under cultivation,
monsoon, international demand-supply situation, etc. Cotton being
the major raw material of spinning mills, volatility in the
prices of cotton impacts the profitability of the company. In the
past five years, profitability margins of GEL have been volatile.

Working capital intensive nature of operations: The company sells
fine and superfine counts of yarn and relies on imported cotton
(90% of the total purchases in FY17). Due to higher lead time,
GEL maintains around 3-4 months stock of imported cotton, whereas
GEL provides 30-35 days credit period for its customers. The
operating cycle in FY17 remained at 61 days (PY: 57 days). In
order to fund the working capital cycle, the company relies on
working capital borrowings wherein the utilisation levels have
remained high.

Key Rating Strengths

Improved financial performance in FY17: During FY17, the total
operating income has increased to INR206 crore as against INR188
crore in FY16 due to favourable product mix resulting in higher
sales realisation of yarn and favourable exchange rate on
exports. During FY17, GEL has PBILDT of INR20 crore as against
INR14 crore in FY16 and PBT of INR5 crore (PY: loss of INR2.6
crore). The PBILDT margin increased to 9.67% in FY17 as against
7.43% in FY16.

Also, GEL reported extraordinary income of INR15.3 crore due to
sale of windmill as a result GEL reported PAT of INR16 crore as
against after tax loss of INR2 crore in FY16. Using the proceeds
from the sale of its windmills GEL had repaid/prepaid term debt
and as a result, overall gearing ratio has improved to 1.58 x as
on March 31, 2017, as against 2.89 x as on March 31, 2016, and
debt equity ratio has improved to 0.20 x, respectively, as on
March 31, 2017, as against 0.90 x as on March 31, 2016.

Established track record of promoters and management: GEL is part
of the GTN-BKP group which is operating three textile mills with
total spinning capacity of around 215,000 spindles. The promoters
have an established track record for over 46 years. The promoters
are assisted by a well-experienced and professional management
team. Major activities of the group companies such as
procurement, marketing and allocation of orders to different
units are done at the group level. The group has been a pioneer
in bringing several new technologies into the Indian spinning
industry and is among the few early exporters of textile products
from India. The group is operating three textile mills in the
states of Tamil Nadu and Kerala. Major activities such as
procurement, marketing and allocation of orders to different
units are done at the group level. The companies are likely to
benefit from this synergy of operations.

Established export market with presence in fine counts & value
added yarn: GEL has an established presence in the fine and super
fine counts of yarn and value-added yarn, the demand for which is
mainly from the export market. However, it may be noted that
during FY09 and FY10 GEL's shifted the focus towards the domestic
market on account of the economic slowdown. With the revival in
the global economy since FY11, GEL's share of the total exports
has been increasing. GEL's share of exports has increased to 50%
of total sales in FY17 as against 46% in FY16.


JAYAWANTI BABU: CARE Lowers Rating on INR8.51cr Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jayawanti Babu Foundation (JBF), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.51       CARE D Revised from
                                     CARE B+; Stable

   Short-term
   Facilities             1.49        CARE D Revised from
                                      CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
Jayawanti Babu Foundation (JBF) factors in the delay in servicing
of debt obligations by the firm. Establishing a clear track
record of timely debt servicing with improvement in liquidity
position is the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness
Delay in servicing of debt obligations: As per the interaction
with the banker, there are delays in the repayment of term loan
and the account has been classified as NPA.

Established in 2007, Jayawanti Babu Foundation (JBF) runs an
education institute. The trust is registered under Bombay Public
Trust Act, 1950. Currently, the trust is managing one college,
namely, Metropolitan Institute of Technology and Management
(MITM). MITM was established in 2011 under JBF trust by Mr
Santosh Bijanath Pal and Mr Vinod Kadam.

The courses offered by the college are approved by respective
technical boards. The institute is located at Sindhudurg, which
is in proximity to Goa International airport and spread over a
facility of 10 acres of land. The institute provides facilities
like science laboratory, computer laboratory, playground,
canteen, bus facility, hostel facility, library, and study room.


JAYPEE INFRATECH: IRP Rules Out Refund for Home Buyers
------------------------------------------------------
The Economic Times reports that the insolvency resolution
professional (IRP) handling the Jaypee Infratech case has ruled
out the possibility of home buyers getting refunds, but has
assured efforts are being made to ensure the continuation of
project development.

The Allahabad bench of the National Company Law Tribunal (NCLT)
on August 9 classified Jaypee Infratech as insolvent on the
petition filed by IDBI Bank under Section 7 of Insolvency and
Bankruptcy Code 2016, the report discloses.

According to the order, Jaypee Infratech has defaulted on
INR526.11-crore loan outstanding to IDBI Bank. The latest move by
NCLT against Jaypee Infratech has left around 32,000 home buyers
in the lurch. NCLT has now appointed Anuj Jain as the IRP to
carry out the proceedings under the Insolvency and Bankruptcy
Code, while the board of directors of the company will remain
suspended, ET relates.

In an FAQ released on August 17, Jain requested home buyers to at
least submit the form by August 24, while the supporting
documents can be provided subsequently, but before a resolution
plan is filed, according to the report.

ET relates that IRP also clarified that the August 24 deadline
for submitting of claims by home buyers will not be extended.
"The IRP has made no statement or commitment to any authorities
or media representative suggesting that refund can be made to
certain categories of flat buyers/projects," Jain clarified on
August 18 on some of the media reports. IRP made it clear it is
not a proceeding for Jaypee Infratech's liquidation. "This is a
process during which steps are explored for restructuring of the
company," he said.

According to the report, the professional also clarified that the
company's operations are being continued as a going concern and
there would not be any disruption in its day-to-day operations.

IRP will now come up with a resolution plan, which will have to
be approved by the committee of creditors (CoC), including
financial institutions, public sector banks and other lenders, ET
says.

ET notes that the CoC is likely to be set up by September 9. IRP
will get 270 days to turn around the company's finances and see
if a resolution of the company's debt is possible. In case this
is not possible, the company's asset will be liquidated, adds ET.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 15, 2017, Moneycontrol said the Allahabad bench of the
National Company Law Tribunal on Aug. 9 accepted lender IDBI
Bank's plea and classified Jaypee Infratech as an insolvent
company.  With this, the board of directors of the company
remains suspended. According to the report, the Tribunal will now
appoint an insolvency resolution professional -- an official from
one of the seven accounting firms selected for this purpose. The
professional will sit with Jaypee's creditors to see if a
resolution of the company's debt is possible. The appointed
official will get 270 days to turn around the company's finances.
In case the turnaround doesn't happen, the company's assets will
be liquidated.

Jaypee Infratech Limited (JIL) is engaged in the real estate
development. The Company's business segments include Yamuna
Expressway Project and Healthcare. The Company's Yamuna
Expressway Project is an integrated project, which inter alia
includes construction of 165 kilometers long six lane access
controlled expressway from Noida to Agra with provision for
expansion to eight lane with service roads and associated
structures on build, own, operate and transfer basis. The Company
provides operation and maintenance of Yamuna Expressway for over
36 years, collection of toll and the rights for development of
approximately 25 million square meters of land for residential,
commercial, institutional, amusement and industrial purposes at
over five land parcels along the expressway. The Healthcare
business segment includes hospitals. The Company has commenced
development of its Land Parcel-1 at Noida, Land Parcel-3 at
Mirzapur and Land Parcel-5 at Agra.


KANUPAT HIMGHAR: CARE Lowers Rating on INR11.09cr LT Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kanupat Himghar Private Limited (KHPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        11.09       CARE D Revised from
   Facilities                        CARE B+; Stable

   Short term Bank        0.09       CARE D Revised from
   Facilities                        CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
KHPL is on account of on-going delays in debt servicing due to
stressed liquidity condition of the company. Going forward, the
ability to regularize the debt servicing obligations will be the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
On-going delays in debt servicing: There are ongoing delays in
the debt servicing of the company due to its stressed liquidity
position.

KHPL was incorporated in May 1997 by Mr Nemai Charan Ghosh, Mr
Sanjay Kumar Ghosh and Mr Dhananjoy Ghosh. After remaining
dormant for around one and half decade, it has commenced
operations of cold storage services and trading of potatoes in
May 2013. The cold storage facility of KHPL is located at
Udaynarayanpur, Howrah (West Bengal) with aggregated storage
capacity of 16789 metric ton. KHPL earned revenue of around 68%
from trading activities and rest from rental business in FY16.


MAHADEV COLD: CARE Assigns B+ Rating to INR8cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Mahadev Cold Storage (MCS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities               8        CARE B+; Stable Assigned

Detailed Rational and Key rating drivers

The rating assigned to the bank facilities of MCS is primarily
constrained by its small scale of operations coupled with low net
worth and leveraged capital structure. The rating is further
constrained by partnership nature of its constitution and its
presence in fragmented nature of the industry. The rating,
however, draws comfort from experienced partners, moderate
profitability margins and positive outlook for Indian cold chain
facilities.

Going forward, the ability of the firm to scale up its operations
while improving profitability margins and registering improvement
in capital structure with effective management of working capital
shall be the key rating sensitivities.

Detailed description for key rating drivers

Key rating weakness
Small scale of operations coupled with low net worth base: The
scale of operations has remained small marked by a total
operating income (TOI) and gross cash accruals of INR2.64 crore
and INR0.47 crore during FY16 (FY refers to the period April 1 to
March 31). Further, the capital base of the firm also remained
low at INR2.16 crore as on March 31, 2016.  The small scale
limits the firm's financial flexibility in times of stress and
deprives it from scale benefits. Further the firm has achieved a
total operating income of INR0.60 crore for Q1FY18 (refers to
period April 1 to June 30).

Leveraged capital structure: The capital structure of the firm
remained leveraged for the past three financial years i.e. FY14-
FY16 on account low partner's capital. As on March 31, 2016 the
overall gearing stood at 2.67x showing an improvement from 2.95x
as on March 31, 2015 on account of accretion of profits to
reserves.

Fragmented nature of the industry: MCS business risk profile is
constrained on account of exposed to competition from other
regional players operating in warehousing industry. Firm is
operating in such an industry which is fragmented in nature and
has limited entry and exit barrier. This leads to limited
bargaining power with customers and restrict to charge
additional rent, which constraints its scale of operations.

Key rating strengths

Experienced partners: The cold storage facility was set up in
May, 2007 by Shri Indra Pal Singh, Smt. Manju Devi, Smt. Kalpana
Tiwari, Shri Varun Kumar Rathore, Shri Arun Kumar Rathore and
Shri Pushkar Kumar Rathore. The partners of the firm have
experience varied up to three decades in the cold storage
business through their association with MCS and in individual
capacity. The partners collectively look after the overall
operations of the firm.

Moderate profitability margins: The profitability margins marked
by PBILDT and PAT margins of the firm remained moderate for the
past 3 financial years (FY14-FY16) owing to service sector
undertaking with low fixed and variable cost to be absorbed. The
PBILDT and PAT margin stood at 32.98% and 4.52% for FY16.

Positive Outlook for Indian cold chain industry: The warehousing
and cold chain industry is emerging as a fast-growing business
sector in India, with developments in the food processing sector,
organized retail and government initiatives driving growth.
Further with rapid growth of organized retail and manufacturing
sector, the need for warehousing is increasing. The government is
taking steps to set up cold chain infrastructure and has
introduced schemes such as capital investment subsidy from the
National Horticulture Board (NHB), the National Horticulture
Mission (NHM) and the Ministry of Food Processing Industries
(MoFPI).

Aligarh (Uttar Pradesh) based Mahadev Cold Storage (MCS) a
partnership firm was incorporated in 2007 by Shri Indra Pal
Singh, Smt. Manju Devi, Smt. Kalpana Tiwari, Shri Varun Kumar
Rathore, Shri Arun Kumar Rathore and Shri Pushkar Kumar
Rathore. MCS is engaged in renting of its cold storage facility
for potatoes to the local farmers in Aligarh with multi
chambers having storage capacity of 123785.02 quintals.


MAHESHWARI AGRO: CARE Hikes Rating on INR6cr Loan to BB-
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Maheshwari Agro (MHA), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term/Short-       6.00      CARE BB-; Stable/CARE A4
   Term Bank                        Revised from CARE B+/CARE A4
   Facilities

   Long-term Bank         0.88      CARE BB-; Stable Revised from
   Facilities                       CARE B+

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
Maheshwari Agro (MHA), takes into account increase in total
operating income and cash accruals along with improvement in
capital structure and debt coverage indicators in FY17 (refers to
the period April 1 to March 31) (Provisional).

The ratings continue to derive strength from the experienced
promoters in the agro processing industry and eligibility for
government benefits. The rating however, remained constrained on
account of thin profit margins and working capital intensive
nature of operations. The ratings further continue to remain
constrained on account of its partnership nature of constitution
and susceptibility of margins to volatility in raw material
prices coupled with presence in fragmented agro processing
industry. The ability of the firm to increase its scale of
operations with improvement in profit margins, capital structure
and debt protection metrics would remain the key rating
sensitivities.

Detailed description of the key rating drivers

Thin profit margins
The profit margins continued to remain thin marked by the PBILDT
margin of 3.12% during FY17 (Provisional) as against 1.63% during
FY16. Further, the PAT margin stood low at 0.06% during FY17
(Provisional) [FY16 (Audited): 0.28%] owing to low value addition
nature of operations.

What about working capital intensive nature of operations
The operations are working capital intensive in nature and
net working capital as a % of capital employed stood high at
68 percent as on March 31, 2017 (Provisional).

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

Susceptibility of margins to volatility in raw material prices
coupled with presence in fragmented agro processing
industry
The prices of agro commodities are subject to climatic risk and
are volatile in nature. Hence, any adverse movement in their
price can put pressure on the profit margins of the firm. Also,
the government intervenes in the market to keep a check on the
domestic price by levying minimum support price (MSP) to
safeguard the interest of farmers which in turn limits the
bargaining power of buyers.

Key Rating Strengths

Experienced promoters in the agro processing industry
The partners of the firm have vast experience of more than one
and half decades in the agro processing industry.

Improvement in TOI, capital structure and debt coverage
indicators during FY17
Total Operating Income (TOI) of the firm improved by 25.41% and
remained at INR49.99 crore during FY17 (Provisional) as compared
to previous year, on the back of increase in the demand from its
customers. As on March 31, 2017 (Provisional), the capital
structure of MHA improved over the previous year and stood at
moderately leveraged marked by an overall gearing ratio of 1.72
times as against 2.78 times as on March 31, 2016 (Audited). Total
debt to GCA also improved to 8.50 times as on March 31, 2017
compared to 33 times as on March 31, 2016.

Bavla (Ahmedabad, Gujarat) based MHA was formed in 2009 as a
partnership firm by Mr. Dilip Rathi and Mr. Ghanshyam Maheshwari.
MHA is engaged in the business of processing and trading of rice.
MHA majorly sells its products in the Gujarat region only.

As per the provisional results for FY17, MHA reported a PAT of
INR0.03 crore on a total operating income of INR49.99 crore
as against a PAT of INR0.11 crore on a total operating income of
INR39.86 crore in FY16. Till July 24, 2017 (Prov.), MHA
reported total operating income of INR17.50 crore.


MARUTHI TUBES: CARE Raises Rating on INR7.15cr LT Loan to B
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Maruthi Tubes Private Limited (MTPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             7.15       CARE B; Stable Revised
                                     from CARE D

   Short-term Bank        5.50       CARE A4 Revised from
   Facilities                        CARE D

Detailed description of the key rating drivers

The revision in the ratings assigned to the bank facilities of
MTPL take into account moderate improvement in the liquidity
position due to infusion of unsecured loans by promoters,
increase in profitability margins and satisfactory capital
structure in FY17 (refers to period April 01 to March 31). The
ratings continue to derive strength from experience of promoters
for more than four decades in pipe & construction industry. The
ratings, however, continue to be constrained by the small scale
of operation despite a good track record with elongated operating
cycle and weak coverage indicators.

Going forward, ability of the company to increase the scale of
operations, improve operating cycle and efficient management of
working capital requirements would remain the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
Small scale of operations with low net worth base: Despite
favorable track record for more than two decades the company's
scale of operations marked by total operating income, posted a
decline of 9.91% to INR24.81 crore during FY17, and remained
small in comparison to other established players in construction
industry. Furthermore, the low net worth base of INR8.60 crore as
on March 31, 2017, restricts the financial flexibility in times
of stress.

High collection days resulted elongated working capital cycle:
The operating cycle of the company was elongated to 221 days in
FY17 from 200 days in FY16 mainly on account of delay in receipt
of payments for works done for departments of Rural water supply
and sanitation (RWSS) and Public Health Departments (PHD) (which
contributed 45% of the total revenue in FY17) which has impacted
cash flows and resulted in 100% utilization in CC account.

The company receives the payment from the government departments
like RWSS and PHD as per the stage wise work completion. MTPL
raises bill every quarter and receives the payment depending on
the clearances (i.e from scrutiny to satisfaction letter for the
project from the concerned authorities) received from various
departments which resulted in elongated collection days.

Due to late realization from the debtors, the company has got
extension from their respective supplier. The above scenario
resulted in deterioration in creditors' days from 82 days in FY16
to 116 days in FY17.

Weak debt coverage indicators: The total debt to GCA remained
weak and deteriorated from 18.64x in FY16 to 20.76x in FY17, on
account of infusion of unsecured loan from related parties to
support the business. However, the gross cash accruals have
increased from Rs 0.50 crore in FY16 to Rs 0.59 crore in FY17 due
to increase in PAT levels from Rs 0.26 crore in FY16 to Rs 0.43
crore in FY17.

The interest coverage ratio has shown improvement from 1.07x in
FY16 to 1.18x in FY17 on account of higher proportionate increase
in PBILDT level in comparison to interest expenses.

Key Rating Strengths
Satisfactory capital structure: The capital structure marked by
debt equity and overall gearing ratio deteriorated from 0.09x and
1.15x respectively, in FY16 to 0.35x and 1.44x respectively, in
FY17 on account of infusion of unsecured loan from related
parties to support the business operations. Though the capital
structure deteriorated, it remained at satisfactory level during
the review period. Increase in profitability margins albeit
decline in total Operating income: The total operating income of
company declined by 9.91% from INR27.54 crore in FY16 to INR24.81
crore in FY17 on account of non-completion of various government
projects related to Rural water supply and sanitation and Public
Health departments.

However, the PBILDT margins improved from 8.40% in FY16 to 11.78%
in FY17 on account of increase in sales of high margin HDPE pipes
coupled with decrease in material cost used for project
execution. The PAT margin also improved to 1.74% in FY17 from
0.94% in FY16 on account of increase in PBILDT level.

Stable outlook for HDPE Pipe business in India: India HDPE pipe
market value will escalate in future owing to government's focus
on water infrastructure for potable water supply and aim of
achieving 100% sanitation coverage in India. India HDPE pipe
market is majorly driven by high demand in domestic market.
Recently, the Government of Telangana with the support of
Government of India, has started Mission Bhagiratha for which the
total cost is estimated at INR42,000 crore. The project will
ensure safe and sustainable PIPED drinking water supply to each
household in rural and urban areas through water supply source
from Krishna and Godavari River.

Expected revenue visibility: MTPL was selected as lowest bidder
(L1) for a new order from Telangana Government under Mission
Bhagiratha (Telangana Drinking Water Grid Project) for
procurement and installation of GI Pipes & Taps for intra village
water supply.

Maruthi Tubes Private Limited (MTPL) is a special class
contractor under Telangana State was incorporated in March 1995
by Mr. M. Raaghavendra, Mr. M. Nagesh Kumar and Mr. M.
Chandraiah. The directors have four decades of experience in
manufacturing of HDPE pipes and related civil construction. The
company started manufacturing HDPE Pipes under the brand name
"SUPER FLOW" with an initial capacity of 430 metric tons per
annum (MTPA). Over the years, the company has increased the
installed capacity year-on-year and currently, the installed
capacity stands at 4000 MTPA as on June 30, 2017. The capacity
utilization stands at 40% for FY16 and FY17.

MTPL undertakes water supply projects including construction of
pipelines, civil structures such as overhead tanks, sumps, staff
quarters and installation of pumps etc. including supply of HDPE
pipes for the projects. The company is currently getting 45% of
the total revenue from turnkey projects which include procurement
and installation works, which are mainly used for water supply in
rural and urban areas. The company generated remaining 55% of the
total revenue from supply and civil construction for HDPE pipes.
The company undertakes project on tender basis from public
sector, private sector and government department.


MARUTI NANDAN: CARE Lowers Rating on INR15cr LT Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Maruti Nandan Food Products Pvt. Ltd. (MNFP), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities            15.00       CARE D Revised from CARE BB

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
Maruti Nandan Food Products Pvt. Ltd. (MNFP) is on account of
on-going delays in debt servicing due to stressed liquidity
condition of the company.

Going forward, the ability to regularise the debt servicing
obligations will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
On-going delays in debt servicing: Sluggish demand with high
competition has resulted in stressed liquidity position
which led to delay in debt servicing obligation of the bank
facility.

Maruti Nandan Food Products Pvt. Ltd (MNFP), incorporated in
July, 2007, was promoted by two brothers Shri Abhimanyu Kumar
Singh and Shri Abhijeet Kumar Singh of Patna to set up a flour
mill (both Roller Flour Mill and Atta 'Chakki'). The company is
engaged in manufacturing of different flour qualities like
"Atta", "Maida" and "Suzi". MNFP commenced commercial production
on February 9, 2011, upon commissioning of its plant at Arrah
(Bihar). MNFP's manufacturing facility is well equipped with
modern amenities which have been reflected from the ISO
22000:2005 certification that it has received for maintaining a
standard quality system. MNFP procures wheat from wholesalers and
commission agents present in local grain markets and sell its
products to wholesale traders in the states of Bihar, Orissa and
West Bengal. In December 2015, the company has completed an
expansion project and currently the installed capacity has
increased to 1,20,000 MTPA.


MOON SYNDICATE: CARE Lowers Rating on INR9.0cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Moon Syndicate, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         9.0        CARE D Revised from
   Facilities                        CARE BB-;Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
Moon Syndicate is on account of on-going delays in debt servicing
due to stressed liquidity condition of the entity. Going forward,
the ability to regularise the debt servicing obligations will be
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
On-going delays in debt servicing: The entity has very long
inventory period and the same has piled up with the entity on
account of low orders from its customers. Due to slow movement in
inventory period and delayed payment from its customers lead to
stressed liquidity position of the entity. The same is revealed
from its over utilisation in cash credit account.

Chhattisgarh based Moon Syndicate was established in April 1990
by Mr. Sontosh Raj Yadav. Since its inception, the entity has
been engaged in mining, crushing and supply of iron ore,
manganese ore and ferro alloys. Presently, the entity has 226
equipment base which includes 59 excavators & loaders, 37 dozers,
116 mining equipment and 14 crushing equipment. The crushing
facilities of the entity are located in the state of
Chhattisgarh, Madhya Pradesh, Jharkhand and Maharashtra with
aggregated crushing capacity of 9, 60,000 metric ton per annum.


ORTEL COMMUNICATION: CARE Reaffirms D Rating on INR32cr Loan
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ortel Communication Ltd (OCL), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term Bank        32.00      CARE D Reaffirmed and removed
   Facilities                       from issuer not cooperating

   Long term Bank        7.98       CARE C Reaffirmed and removed
   Facilities                       from issuer not cooperating

   Short term Bank      20.00       CARE D Reaffirmed and removed
   Facilities                       from issuer not cooperating

Detailed Rationale & Key Rating Drivers

The ratings continue to be constrained on account of continued
delays in service of debt obligations of the company due
to stretched liquidity position on the back of moderation in
financial performance in FY17 coupled with high debt
repayment obligation. Improvement in financial performance and
liquidity position will be the key rating sensitivities to
be monitored in the future.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing due to moderation in financial
performance in FY17 coupled with high debt repayment obligation:
OCL reported PAT of INR1.43 crore in FY17 (as against INR11.93
crore in FY16) on total operating income of INR207.21 crore (as
against INR189.23 crore in FY16). The moderation in profit is
mainly due to a) pricing pressure in the broadband segment due to
competition pressure, b) lower carriage revenue in regional
language segment, c) higher provisioning for bad debt, d) sharp
decline in revenue of high-margin infrastructure leasing segment
and e) higher capital charge. Moderation in profitability and
high debt repayment obligation resulted in stretched liquidity
position of the company.

Ortel Communication Ltd (OCL) was incorporated on June 2, 1995 by
the Bhubaneswar-based Shri Baijayant Panda & family. OCL is a
regional cable and broadband service provider. The company is
providing services in the state of Odisha, Chhattisgarh, Andhra
Pradesh, Telengana, Madhya Pradesh and West Bengal.


REGALIA JEWELS: CARE Assigns B Rating to INR6.50cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Regalia Jewels Private Limited (RJP), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.50       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RJP is primarily
constrained by its small scale of operations with low net worth
base, low profitability margins, leveraged capital structure and
elongated inventory holding period. The rating is further
constrained by vulnerability of margins to gold price
fluctuations and competition from various organized or
unorganized players and unfavorable supply outlook. The rating,
however, draws comfort from experienced promoters and long track
record of operations and favorable location of showroom.

Going forward, the ability of the company to increase its scale
of operations, improve the profitability margins, coverage
indicators and capital structure with effective working capital
management shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low net worth base

The scale of operations has remained low marked by a total
operating income and gross cash accruals of INR33.48 crore and
INR0.25 crore, respectively, during FY16. Furthermore, the
company's net worth base was relatively small at INR1.48 crore as
on March 31, 2016. The small scale limits the company's financial
flexibility in times of stress and deprives it from scale
benefits. Further, the TOI has declined significantly from
INR33.48 crore in FY16 to INR10.47 in FY17 (based on provisional
results) discontinuation of manufacturing business. Low
profitability margins, leveraged capital structure and weak
coverage indicators The profitability margins have been
historically on the lower side owing to intense market
competition given the highly fragmented nature of the industry.

The profitability margins of the company have been fluctuating
during the past three financial years (FY14-FY16) on account of
change in product mix. The profitability margins are directly
associated with contribution of sales from different type of
jewelry in that particular financial year.

Normally high end jewelry (designer jewelry) and diamond
jewelry fetch better margins. The PBILDT margin of the company
stood at 3.74% in FY16. Furthermore, higher interest cost has
further restricted the PAT margin at around 0.50% for last three
years (FY14-FY16). The PBILDT and PAT margins stood at 3.67% and
0.11% respectively in FY17.

Further, the capital structure of the company stood leveraged
marked by overall gearing of 5.49x as on March 31, 2016, due to
low net worth base and high dependence on external borrowings to
meet working capital borrowings. The overall gearing stood at
1.46x as on March 31, 2017 wherein the improvement registered was
mainly on account of lower utilization of working capital limits
as on balance sheet.

The debt protection metrics remained weak for the past three
financial years owing to low profitability as against debt
levels. The Interest coverage and total debt to GCA stood at
1.28x and 31.50x in FY17 (Provisional).

Elongated inventory holding period

Being a jewelry retailer, it is critical for the company to
provide a wide range designs to its customers and cater the
immediate demand. This results in significant finished goods
inventory leading to elongated inventory holding to carry
business operations smoothly (inventory days of 109 days in
FY16). Being in a retailing business, the company sells mainly on
cash basis however few customers given credit period of around a
week. Furthermore, the company purchases gold on cash or on
advance basis, however eh gems and diamonds are generally bought
on credit of around 30-45 days resulting in an average creditors
remained at around one month. The average utilization of working
capital limits stood 50% for the 12 months ended June, 2017.

Vulnerability of margins to gold price fluctuations
The prices of gold have experienced high volatility in the past
one year. Therefore, any adverse change in prices of the same is
likely to have a significant impact on margins of the players in
the G&J industry. However, the vast experience of the promoters
of RJP coupled with their policy of inventory replenishment model
helps it in managing this risk to some extent. Further, the high
price gold can also have an adverse impact on the demand for
jewellery, thereby exposing the company to risk of decline in
sales volume.

Competition from various organized or unorganized players and
unfavorable supply outlook
The company operates in the Gems & Jewelry (G&J) industry, which
is a fragmented industry with a high level of competition from
both the organized and unorganized sector. Currently, the
organized retailers account for a mere 5-6% of the total jewelry
retail market. This is primarily because of the buyers'
preference and trust in their neighborhood goldsmith. Even the
standardization of designs is not possible due to varying local
tastes. It is estimated that there are about 15,000 players
across the country in the gold processing industry, 450,000
goldsmiths spread across the country and more than 6,000 players
in the diamond-processing industry.

Key Rating Strengths
Experienced promoters and long track record of operations
The directors are actively involved in day-to-day operations of
the business. Mrs. Poonam Verma, Mr. Sumit Verma and Mr. Shobhit
Verma have their experience in the field of gems and jewelley
industry though the company has its associate concerns. Due to
their longstanding industry presence, the directors have been
able to establish their own reputation.

Favorable location of showroom
RJP has its showroom located in Karol Bagh (Central Delhi) and
Gurgaon (Gold Sukh Building) the market is known for jewellery in
New Delhi and Gurgaon respectively). The store is located in
prime area which ensures the higher probability of footfall in
its showroom, thereby, ensuring a good customer base for the
company.

Regalia Jewels Private Limited (RJP) was incorporated in 2005.
The company is currently being managed by the Mrs. Pushpalata
Verma, Mr. Sumit Verma and Mr. Shobhit Verma. The company is
engaged in retailing of gold jewellery and diamond studded gold
jewellery (necklaces, earrings, rings, pendants and bangles). The
showroom of the company is located in Karol Bagh and Gurgaon and
RJP's operations are carried out under the brand name of "Punjab
Jewellers". The company procures the raw material i.e. Gold
Jewelry from suppliers domestically and sells the same to retail
customers and distributors.


S.R. INDUSTRIES: CARE Reaffirms 'D' Rating on INR11.33cr Loan
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
S.R. Industries Limited (SRIL), as:

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term Bank          11.33      CARE D Reaffirmed
   Facilities-Fund-
   Based (Term Loan)

   Long-term Bank          18.00      CARE D Revised from
   Facilities-Fund-                   CARE C; Negative
   Based (Cash Credit)

   Short-term Bank          1.35      CARE D Revised from
   Facilities-Non-fund                CARE A4
   Based (Letter of
   Credit)

   Short-term Bank          0.40      CARE D Revised from
   Facilities-Fund-                   CARE A4
   Based (Standby line
   of credit)

   Long-term/Short-         1.00      CARE D Revised from CARE C;
   term Bank Facilities               Negative/CARE A4
   Fund-based/ Non-fund-
   based (Cash Credit/
   Letter of Credit)

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the working capital
facilities of S.R. Industries Limited (SRIL) factors in
overdrawls in the limits for more than 30 days.

Detailed description of the key rating drivers

Key rating weaknesses
Ongoing delays in debt servicing: There have been overdrawls in
the working capital account of the company for more than 30 days.

Weak Financial risk profile: The financial risk profile of the
company remained weak, marked by small and fluctuating scale of
operations and weak overall solvency position. During FY17
(refers to the period April 1 to March 31), the total income of
SRIL increased by about 33% and stood at INR44.82 crore backed by
increased orders from existing as well as new clients. SRIL
report a PBILDT and PAT margin of 19.03% and 1.83%, respectively
for FY17. Debt coverage indicators of the company remained weak
marked by total debt to GCA of 19.65x as on March 31, 2017 and
PBILDT coverage ratio of 1.43x for FY17. Debt-equity ratio and
overall gearing remained not meaningful owing to negative
Networth of the company.

Established in 1989, SRIL is engaged in manufacturing of sports
footwear, chappals and sandals at its manufacturing unit located
in Una, Himachal Pradesh. The company was set up by Mr R C
Mahajan and Mr Yash Mahajan in 1989 for manufacturing of terry
towel. Terry Towel business was subsequently sold in FY13 and the
company started manufacturing of footwears. Apart from contract
manufacturing, SRIL also manufactures footwear business under its
own brand name 'Red Zone' and 'Front Foot'.


SAMAROH HOSPITALITY: CARE Assigns B+ Rating to INR9.15cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Samaroh Hospitality LLP (SHL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             9.15       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SHL is primarily
constrained on account of its stabilization of operations and
salability risk associated with predominantly debt funded
project. The rating is, further, constrained on account of
cyclical and competitive nature of industry with dependence on
tourist arrivals.

The rating, however, favorably takes into account the experienced
management in the hotel industry coupled with strategically
located hotel property in Indore.

The ability of the company to stabilize its operations and
ability to achieve the projected OR and ARR for the hotel in a
highly competitive industry are the key rating sensitivity.

Detailed description of key rating drivers

Key Rating Weaknesses

Stabilization risk associated with the hotel
SHL has completed construction work on the hotel and started its
operations from November, 2016. The company has incurred total
cost of INR16.54 crore towards the project which was funded
through term loan of INR9.75 crore, unsecured loans from
promoters & relatives of INR0.97 crore and remaining through
partner's capital. Hence, post-implementation project risk
pertaining to stabilization of operations and saleability risk is
high especially in the backdrop of a predominantly debt-funded
cap-ex with repayment obligations commenced from September 2016.

However, within four months of operations the hotel has generated
income of INR1 crore.

Cyclical and Competitive nature of the industry with dependence
on tourist arrivals
The hospitality industry is highly sensitive to the untoward
events such as slowdown in the economy. Indore hotel industry is
primarily dependent on Foreign Tourist Arrivals (FTA) which in
turn is dependent on the global economy. These factors combine to
form a very uncertain scenario. The muted growth was attributed
to continuing slowdown in source countries.

Indore registered double digit growth in ARR and OR primarily due
annual events which sees a regular inflow of tourists in the
prime season. The city is also becoming a destination for theme
weddings. These factors ensure a consistent inflow of tourists in
the city and thereby catering to the supply of the hotel
industry.

Key rating strengths

Experienced management in the hotel industry
Mr. Sanjay Somani, Mr. Randeep Singh, partners, have vast
experience in the hotel industry and looks after overall
functions and food and beverage functions respectively in the
firm. Mr. Guneet Singh, Chartered Accountant by qualification,
looks after accounts and finance functions of the firm. Further,
Mr. Yogesh Maheshwari and Mr. Shantanu Singh Thakur, has
experience of seven years and looks after event management and
house-keeping functions. Further, all the partners of the firm
are assisted by qualified second tier management.

Location advantage
The hotel property is located strategically nearby regional park,
bhanwar kua and mid of the Indore city. In recent times, it has
also become a key MICE (Meetings, Incentives, Conferences and
Exhibitions) destination catering to large incentive tours,
corporate residential meetings and weddings

Samaroh Hospitality LLP (SHL) was formed in October 2014 as a
limited liability partnership by Mr. Sanjay Somani, Mr. Randeep
Singh Saluja, Mr. Shantanu Singh Thakur, Mr. Yogesh Maheshwari,
Mr. Vicky Saluja and Mr. Guneet Singh Saluja and shares profit
and loss in the ratio of 25%:25%:20%:5%:5%:20% respectively. The
firm was formed with an objective to establish a hotel at Indore
(Madhya Pradesh) with brand name "The Solaris". The hotel
facility is constructed at 1,20,000 square feet area with total
53 rooms having three categories viz. standard, deluxe and
premium. Further, the hotel property has a cafeteria, two
restaurants one at roof top and other near swimming pool, one
banquet hall with capacity of 250 persons and marriage garden
with capacity of 2000 person. SHL has completed construction work
on the hotel and started its operations from November, 2016. The
company has incurred total cost of INR16.54 crore towards the
project which was funded through term loan of INR9.75 crore,
unsecured loans from promoters & relatives of INR0.97 crore and
remaining through partner's capital.


SHREE GANESH: CARE Lowers Rating on INR17.40cr LT Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Ganesh Khand Udyog Sahakari Mandli Limited (SGK), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        17.40      CARE B+; Stable Revised
   Facilities                       from CARE BB-

   Long-term/short       10.00      CARE B+; Stable/CARE A4
   Term Bank Facilities             Revised from CARE BB-/
                                    CARE A4

Detailed Rationale& Key Rating Drivers

The revision in the long-term rating assigned to bank facilities
of Shree Ganesh Khand Udyog Sahakari Mandli Limited (SGK) is on
account of dip in Total Operating Income (TOI) during FY17
(refers to the period April 1 to March 31), deterioration in
leverage and debt coverage indicators on account of higher
working capital bank borrowings and elongation of working capital
cycle due to higher inventory levels.

Furthermore, the ratings continue to be constrained by weak
liquidity position, high working capital intensity nature of its
operations, exposure of SGK to the risk associated with stringent
regulatory norms and seasonal nature of the sugar industry.

The ratings, however, continue to derive strength from vast
experience of promoters, established track record of operations
and assured availability of sugarcane from the farmer-members in
its catchment area.

The ability of SGK to increase its TOI and profitability, improve
its capital structure as well as efficient management of its
working capital requirements would be key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
Decline in TOI and low profitability: During FY17 (Provisional),
SGK's TOI declined by 58.25% to INR145.24 crore on account of
significant reduction in sales quantity of sugar. Despite
increase in PBILDT margin on account of better sales realisation,
the PAT margin continued to remain low on account of high finance
cost and cooperative nature of constitution. The surplus
generated by the society is distributed amongst the farmer
members. Hence, the profitability margins of SGK remained
minimal.

Deterioration in leverage and weak debt coverage indicators: The
overall gearing of SGK remained high mainly due to significant
increase in working capital borrowing to fund its high inventory
holdings and co-operative nature of its structure resulting in
minimum accretion to reserves. The debt coverage indicators also
remained weak marked by interest coverage of 1.03 times for FY17.

Weak liquidity position with working capital intensive nature of
operations: The sugar industry being seasonal in nature has high
working capital requirements during the peak season which is from
October to March. Furthermore, owing to moderation in sugar
prices, the society had restricted its sales during FY17,
resulting insubstantial increase in inventory at the year end.
The working capital requirement of SGK is being largely funded
through bank borrowings.

Key Rating Strengths

Experienced promoters: SGK is promoted by the sugarcane growers
of  Bharuch district in Gujarat and has an operational track
record of more than three decades. The board of representatives
consists of 16 members elected by farmers, while four members are
nominated from each of the following: Representative of
financiers, state federation, registrar (Director of Sugar
Department, Government of Gujarat) and Representative of
Agriculture department.

Long track record of operations and assured availability of key
raw material: SGK has operational track record of more than three
decades and enjoys assured availability of its key raw material
i.e. sugarcane from farmer members of Bharuch district.

Formed in 1985, SGK is a co-operative society registered under
the Gujarat Co-operative Society Act 1961. SGK is engaged in the
crushing of sugarcane with an installed capacity of 4,000 tonne
of sugarcane per day (TCD) at its sugar processing unit. It is
also engaged in distillation of alcohol with an installed
capacity of 33 kilo liters per day (KLPD) at its distillery unit
near Bharuch in Gujarat.


SMARTCITY KOCHI: NCLT Admits Insolvency Bid vs. Firm
----------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has appointed an interim insolvency professional for
SmartCity (Kochi) Infrastructure, after admitting a payment
default claim by a creditor against the joint venture between the
Kerala government and Dubai's Tecom Investments.

The Kerala government holds a 16% stake in the IT special
economic zone, with Dubai Holding's Tecom unit owning the rest.
The first phase commenced operations last year and the project is
expected to become fully operational by 2020.

Kochi Smart City, Kerala's signature IT project, is coming up on
246 acres of land. The plan is to build 67 lakh square feet of
space for IT and related businesses and 21lakh sq ft for non-IT
facilities.

ET relates that the venture, which has the Kerala chief minister
as its chairman, was dragged to NCLT by Synergy Property
Development Services, an operational creditor, under the
Insolvency and Bankruptcy Code 2016, claiming a default on
payment of INR2 crore.

Challenging the quantum of the default claimed by Synergy
Property, SmartCity submitted to NCLT that the creditor had
failed to complete the project within the time by October 2015,
according to the report.

However, the Chennai bench of NCLT recently rejected the
contentions of SmartCity and admitted the insolvency petition and
appointed P Sriram as the interim insolvency professional. The
bench has directed the insolvency professional to take charge of
SmartCity's management immediately and make public announcement
inviting claims against the firm.

KP Sreejith, the managing partner of IndiaLaw LLP and an expert
in bankruptcy law, said NCLT has directed a moratorium of 180
days prohibiting any suits and proceedings against SmartCity or
transferring or dealing with any of its assets, ET relates.

Meanwhile, SmartCity has moved the National Company Law Appellate
Tribunal against the order, the report says.

The tribunal has directed the insolvency professional to ensure
that the company remains ongoing and no action detrimental to it
be taken during pendency of the appeal. "Since there is no stay
on operation of NCLT orders, technically SmartCity (Kochi) is un
der the management of interim professional," Sreejith of IndiaLaw
told ET.

SmartCity (Kochi) Infrastructure is engaged in providing
infrastructure services.


SWAROOP HOMES: CARE Assigns 'B' Rating to INR21cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Swaroop Homes LLP (SHL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              21        CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SHL is constrained
on account of the project execution risk emanating from the
nascent stage of operations with pending approvals and pending
financial closure. The rating is further constrained on account
of its presence in a highly competitive and cyclical real estate
industry with a changing regulatory framework.

The rating, however, derives strength from the extensive
experience of the promoters in real estate development along with
the track record of the group and strategic location of the
project.

The ability of the company to timely complete the project within
envisaged cost, thereby enabling timely inflow of the receivables
and sell the inventory at estimated rates are the key rating
sensitivities. Furthermore, the ability to comply with the
regulatory changes will be crucial.

Detailed description of the key rating drivers

Key Rating Weaknesses

Pending approvals and clearances for the projects: The firm has
not yet received all the clearances and approvals for the
projects. The building plan sanction and RERA registration is
pending, however, the firm has received the layout approval,
environmental clearance and the land has been converted into non-
agricultural area.

Project execution risk emanating from the nascent stage of
operations and pending financial closure: The total cost of
the projects is expected to be INR56.14 crore which is to be
funded by a project specific term loan, promoter's contribution
and customer advances, in the ratio of 0.37:0.18:0.56. As on July
31, 2017, the firm has not incurred any cost or booked any area.
The entity faces risk pertaining to execution of project within
envisaged cost in light of fluctuating input prices and pending
financial closure.

Regulatory risk with the enforcement of The Real Estate
(Regulation and Development) Act, 2016: The company is in process
for registering its projects under MAHA-RERA Maharashtra Real
Estate Regulatory Authority) and is expected to receive
registration and comply with the act post sanctioning of the
building plan. Any delay in getting registered with MAHA-RERA, or
in terms of compliance with the act, may result in delay in
execution of the project and subsequently affect the revenue
generating ability of the company.

Presence in competitive and cyclical real estate industry: The
firm is exposed to the cyclicality associated with the real
estate sector which has direct linkage with the general
macroeconomic scenario, interest rates and level of disposable
income available with individuals. In case of real estate
companies, the profitability is highly dependent on property
markets. A high interest rate scenario could discourage the
consumers from borrowing to finance the real estate purchases and
may depress the real estate market. The real estate industry in
India is highly fragmented with most of the real estate
developers having region-specific presence. SHL also faces
competition from other real-estate projects in the area.

Key Rating Strengths

Long track record and experience of the promoters: SHL is an
entity formed betweenthe Esson group and Sai Group along with Ms.
Jidnyasa Chetan Patil and Ms. Priyanaka Alande. The partners in
the entity have a wide experience of more than two decades in
real estate business and have executed projects admeasuring to
approximately 10 lakh square feet (lsf).Essen Group: the year
2000, the group ventured into the realty business. The group has
till date developed residential projects with a total saleable
area admeasuring to approximately 10 lsf. Sai Group: is promoted
by Mr. Ashok Mane who is in the real estate business since the
last 2 decades. Since then, the Sai group has developed several
small to mid-sized commercial and residential projects. Sai group
has in the past worked with the Essen group on multiple projects
Strategic location of the projects: The entity is developing a
project in Moshi, Pune, which is a rapidly developing suburban
area and is located close to various industrial zones and the IT
hubs.

Swaroop Homes LLP (SHL) is a Pune based firm, established in year
2017, and is proposed to be engaged in the business of real
estate development. The firm is jointly promoted by Sai Essen94
LLP (SEL), Ms. Jidnyasa Chetan Patil and Ms. Priyanaka Alande.
Furthermore, SEL is jointly owned by the Sai Group & Esson
group.SHL is currently developing one residential project under
the affordable housing segment of the industry. 'Swaroop Homes'
will have a total area of 2.16 lsf in Moshi, Chikhali near Pune.
The project will comprise of five buildings 356 flats with 1, 1.5
and 2 BHK.


TOLARAM SURENDRA: CARE Reaffirms B+ Rating on INR6cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
of Tolaram Surendra Kumar Kundalia (TSK), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.00       CARE B+; Stable Reaffirmed

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of Tolaram Surendra
Kumar Kundalia (TSK) continues to be remain constrained by its
moderate scale of operations with low profit margins, volatility
in prices of traded goods, working capital intensive nature of
operations resulted in leveraged capital structure with
moderately weak debt protection metrics, constitution as
partnership firm and its presence in an intensely competitive
industry. The rating, however, continues to derive strength from
the experience of the partners, long track record of operations
and diversified product portfolios. Going forward, the ability of
TSK to increase its scale of operations with improvement in
profit margins and effective management of working capital will
be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Moderate scale of operations with low profit margins: The scale
of operations remained modest marked by total operating income of
INR53.39 crore (INR77.30 crore in FY16) with a PAT of INR0.14
crore (INR0.14 crore in FY16) in FY17 (Provisional). Further the
net worth base of the firm also remained low at INR1.41 crore
(INR1.15 crore in FY16). The profit margins of TSK also remained
low marked by PBILDT margin at 1.46% and PAT margin at 0.27% in
FY17 mainly due to trading nature of its operations. Volatility
in prices of traded goods: TSK purchases trading goods (food
grains, edible oil, salt, milk, ghee, pulses and other allied
products) from local traders for trading on stock & sale basis.
The prices of the food grains, edible oil, pulses, ghee are
highly volatile and therefore the firm is exposed to price
volatility risk to the extent of inventory holdings.

Working capital intensive nature of operations resulted in
leveraged capital structure and moderately weak debt protection
metrics: The capital structure of the firm remained leveraged
owing to its working capital intensive nature of operations
resulting in higher dependence on bank borrowings marked by the
overall gearing of 2.84x as on March 31, 2017. However, the
overall gearing has improved as on March 31, 2017 on account of
accumulation of surplus into capital. Interest coverage ratio
remained moderate in the past years with deterioration in FY17
owing to higher increase in interest along with decline in PBILDT
level and the same remained at 1.42x in FY17. Furthermore, the
total debt to GCA remained on the higher side at 26.06x in FY17
due to low cash accruals.

Constitution as partnership firm: TSK, being a partnership firm,
is exposed to inherent risk of the partner's capital being
withdrawn at time of personal contingency and firm being
dissolved upon the death/retirement/insolvency of the partners.
Moreover, partnership firms have restricted access to external
borrowing as credit worthiness of partners would be the key
factors affecting credit decision for the lenders.

Intensely competitive industry: The Indian trading industry is
highly unorganized & fragmented in nature. Due to low entry
barriers, the trading Industry in the country is flooded with
many unorganized players. This has led to high level of
competition in the industry and players work on wafer-thin
margins. The cost of goods purchased is the major cost component
for the trading industry, accounting for about 98-99% of the
total operating income. Availability of goods is not an issue for
the industry but procuring these goods at competitive prices
poses a challenge to maintain margins.  Furthermore, all the
entities trading the same products with a little product
differentiation resulting into price driven sales. Intense
competition restricts the pricing flexibility of the firm in the
bulk customer segment.

Key Rating Strengths

Experienced partner with long track record of operations: TSK is
engaged in the business of trading of grocery items & other
commodities since 1980. Being in the same industry for more than
three and half decades, it has been able to build an established
client base. Mr. Surendra Kumar Kundalia has more than one and
half decade of experience in the same line of business. He looks
after the day-to-day operations of the firm. The long presence of
the firm with rich experience of the partner supports the
business risk profile of the firm.

Diversified product portfolios: The product portfolio of the firm
comprises grocery items like food grains, pulses, ghee, milk,
edible oil and other allied products and therefore the firm is
not dependent on a single product.

TSK was initially set up in 1980 as a proprietorship entity by
late Mr. Santosh Kumar Kundalia. However, TSK was converted into
partnership firm as per partnership deed dated December 06, 2014
and currently managed by Mr Surendra Kumar Kundalia and his
mother Mrs Tara Devi Kundalia. Since inception, the firm has been
engaged in trading of food grains, edible oil, salt, milk, ghee,
pulses and other allied products. TSK has added cattle feed,
poultry feed in its product portfolio. The firm is operating
through a single store located at Jorhat, Assam.



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


TK HOLDINGS: Tort Panel Taps Sakura Kyodo as Special Counsel
------------------------------------------------------------
The committee representing TK Holdings Inc.'s tort claimants
seeks approval from the U.S. Bankruptcy Court in Delaware to hire
Sakura Kyodo Law Offices as its special counsel.

The firm will provide legal services to the committee related to
the civil rehabilitation proceedings commenced by Takata Corp.
and its two Japan-based units under the Civil Rehabilitation Act
of Japan.  These services include assisting the committee in the
negotiation and formulation of any rehabilitation plan filed by
Takata.

The hourly rates charged by Sakura Kyodo professionals designated
to represent the committee are:

     Koji Takeuchi         $600
     Junichi Aratake       $500
     Naoki Ueda            $400
     Kentaro Kobayashi     $300

Koji Takeuchi disclosed in a court filing that the firm is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code, according to court filings.

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases,
Sakura Kyodo disclosed that it has not agreed to any variations
from, or alternatives to, standard or customary billing
arrangements for its employment with the committee, and that no
Sakura Kyodo professional has varied his rate based on the
geographic location of the case.

The firm also disclosed that the committee has already approved
its staffing and prospective budget.

The hearing to consider approval of the committee's request is
scheduled for August 30.

Sakura Kyodo can be reached through:

     Koji Takeuchi, Esq.
     Sakura Kyodo Law Offices
     NBF Hibiya Bldg. 16F 1-1-7 Uchisaiwaicho
     Chiyoda-ku, Tokyo 100-0011
     Tel: 03 (5511) 4400
     Fax: 03 (5511) 4411

                        About Takata Corp

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

Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017.

Together with the bankruptcy filings, Takata announced it has
reached a deal to sell all its global assets and operations to
Key Safety Systems (KSS) for US$1.588 billion.

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

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

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

TK Holdings, as the foreign representative, is represented by
McCarthy Tetrault LLP.

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

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

                         Chapter 15 Cases

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan. The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases.  Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.


TK HOLDINGS: Tort Panel Taps Gilbert LLP as Insurance Counsel
------------------------------------------------------------
The committee representing TK Holdings Inc.'s tort claimants
seeks approval from the U.S. Bankruptcy Court in Delaware to hire
Gilbert LLP.

The firm will, among other things, advise the committee in its
evaluation of the insurance policies of TK Holdings and its
affiliates; consult with the Debtors and insurers regarding those
policies; and advise the committee on insurance-related matters
in connection with the formulation of a plan of reorganization.

The hourly rates charged by the firm range from $650 to $1,200
for partners, $295 to $575 for associates, and $180 to $275 for
paraprofessionals.  The hourly rate for of counsel is $595.

Gilbert is a "disinterested person" as defined in section 101(14)
of the Bankruptcy Code, according to court filings.

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, the
firm disclosed that it has not agreed to any variations from, or
alternatives to, its standard or customary billing arrangements
for its employment with the committee, and that no Gilbert
professional has varied his rate based on the geographic location
of the Debtors' cases.

The firm also disclosed that the committee has already approved
its staffing and prospective budget.

The hearing to consider approval of the committee's request is
scheduled for August 30.

Gilbert can be reached through:

     Kami E. Quinn, Esq.
     Gilbert LLP
     1100 New York Avenue, NW, Suite 700
     Washington, D.C. 20005
     Phone: 202-772-2200
     Fax: 202-772-3333
     Email: info@gotofirm.com

                        About Takata Corp

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

Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017.

Together with the bankruptcy filings, Takata announced it has
reached a deal to sell all its global assets and operations to
Key Safety Systems (KSS) for US$1.588 billion.

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

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

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

TK Holdings, as the foreign representative, is represented by
McCarthy Tetrault LLP.

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

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

                         Chapter 15 Cases

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan. The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases.  Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.


TK HOLDINGS: Tort Panel Taps Pachulski Stang as Legal Counsel
-------------------------------------------------------------
The committee representing TK Holdings Inc.'s tort claimants
seeks approval from the U.S. Bankruptcy Court in Delaware to hire
Pachulski Stang Ziehl & Jones LLP as its legal counsel.

The firm will, among other things, represent the committee in its
consultations with TK Holdings and its affiliates; give advice on
any potential sale of their assets; and assist in the preparation
of a bankruptcy plan.

The hourly rates charged by the firm range from $625 to $1,245
for partners, $575 to $995 for of counsel, $450 to $595 for
associates, and $275 to $350 for paraprofessionals.

Laura Davis Jones, Esq., disclosed in a court filing that her
firm is a "disinterested person" as defined in section 101(14) of
the Bankruptcy Code.

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Ms.
Jones disclosed that her firm has not agreed to any variations
from, or alternatives to, its standard or customary billing
arrangements for its employment with the committee.

Ms. Jones also disclosed that no Pachulski professional has
varied his rate based on the geographic location of the Debtors'
cases, and that the committee has already approved the firm's
staffing and prospective budget.

The hearing to consider approval of the committee's request is
scheduled for August 30.

Pachulski can be reached through:

     Laura Davis Jones, Esq.
     James I. Stang, Esq.
     Pachulski Stang Ziehl & Jones LLP
     919 North Market Street, 17th Floor
     P.O. Box 8705
     Wilmington, DE 19899
     Tel: 302-652-4100
     Fax: 302-652-4400
     Email: ljones@pszjlaw.com
     Email: jstang@pszjlaw.com

                        About Takata Corp

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

Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017.

Together with the bankruptcy filings, Takata announced it has
reached a deal to sell all its global assets and operations to
Key Safety Systems (KSS) for US$1.588 billion.

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

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

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

TK Holdings, as the foreign representative, is represented by
McCarthy Tetrault LLP.

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

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

                         Chapter 15 Cases

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan. The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases.  Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.


TK HOLDINGS: Tort Panel Taps Alvarez & Marshal as Fin'l Advisor
--------------------------------------------------------------
The Official Committee of Tort Claimant Creditors of TK Holdings
Inc., et al., seeks authority from the U.S. Bankruptcy Court for
the District of Delaware to retain Alvarez & Marshal North
America, LLC as financial advisor to the Committee, effective
July 9, 2017.

Services to be rendered by Alvarez & Marshal are:

     1. assist in the assessment and monitoring of cash flow
budgets, liquidity and operating results;

     2. assist in the review of Court disclosures, including the
Schedules of Assets and Liabilities, the Statements of Financial
Affairs, Monthly Operating Reports, and Periodic Reports;

     3. assist in the review of the Accommodation Agreement,
Access Agreement, other customer agreements, and provide relevant
testimony as needed;

     4. assist in the review of the Debtor's cost/benefit
evaluations with respect to the assumption or rejection of
executory contracts and/or unexpired leases;

     5. assist in the analysis of any assets and liabilities and
any proposed transactions for which Court approval is sough;

     6. assist in the review of the Debtors' proposed key
employee
retention plan and key employee incentive plan;

     7. attend meetings with the Debtors, the Debtor's lenders
and creditors, potential investors, the Committee and any other
official committees organized in the Chapter 11 cases, the US
Trustee, other parties in interest, and professionals hired;

     8. assist in the review of any tax issues;

     9. assist in the investigation and pursuit of avoidance
actions;

    10. assist in the review of the claims reconciliation and
estimation process;

    11. assists in the review of the Debtors' business plan;

    12. assist in the review of the sales or dispositions of the
Debtors' assets, including allocation of sale proceeds;

    13. monitor other insolvency proceedings in ther
jurisdictions related to Takata Corp and its subsidiaries;

    14. assist in the review and/or preparation of information
and analysis necessary for the confirmation of a plan in these
chapter 11 cases; and

    15. render other general business consulting or other
assistance as the Committee or its counsel may deem necessary,
consistent with the role of a financial advisor and not
duplicative of services provided by other professionals in these
chapter 11 cases.

Alvarez & Marshal's hourly rates are:

     Managing Directors   $800-$950
     Directors            $625-$775
     Associates           $475-$600
     Analysts             $375-$450

Mark Greenberg, managing director at Alvarez & Marshal North
America, LLC, attests that the firm has no connection with the
Debtors, their creditors, or other parties in interest, and does
not represent any other entity having an adverse interest in
connection with the chapter 11 cases.

The Firm can be reached through:

     Mark Greenberg
     Alvarez & Marshal North America, LLC
     600 Madison Avenue, 8th Floor
     New York, NY 10022
     Tel: 212 759 4433
     Fax: 212 759 5532
     Email: mgreenberg@alvarezandmarshall.com

                        About Takata Corp

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

Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017.

Together with the bankruptcy filings, Takata announced it has
reached a deal to sell all its global assets and operations to
Key Safety Systems (KSS) for US$1.588 billion.

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

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

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

TK Holdings, as the foreign representative, is represented by
McCarthy Tetrault LLP.

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

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

                         Chapter 15 Cases

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan. The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases.  Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.


TOSHIBA CORP: Banks Press for Deal on Memory Unit Sale This Month
-----------------------------------------------------------------
Nikkei Asian Review reports that Toshiba Corp.'s main bank
creditors have urged the embattled borrower to conclude a deal to
sell its memory chip subsidiary this month to ensure the
transaction is completed by the fiscal year-end next March,
bringing in desperately needed capital.

Nikkei relates that Sumitomo Mitsui Banking Corp., Mizuho Bank,
Sumitomo Mitsui Trust Bank and other key lenders are committed to
supporting Toshiba's cash flow. But their financial aid is
predicated on Toshiba erasing the negative shareholders' equity
caused by huge losses in its U.S. nuclear power business.

Toshiba had negative equity of JPY552.9 billion ($5.08 billion)
as of March 31, according to Nikkei. It must bring its net worth
into positive territory by the end of March 2018 to avoid
delisting from the Tokyo Stock Exchange, the report says.

Considering the time required for a memory unit sale to win
approval from antitrust regulators in various countries, the
banks reckon that Toshiba needs to have an agreement on the sale
this month in order to complete the deal in time, the report
says.

Nikkei says Toshiba entered negotiations with its preferred buyer
-- a consortium of Japanese, U.S. and South Korean names -- in
June but reached an impasse. Still seeking a breakthrough,
Toshiba also plans to hold new talks with chipmaking partner
Western Digital, which opposes a sale without its consent.

If the Japanese group cannot sell Toshiba Memory, it could seek
to float the unit in an initial public offering. But preparing
for an IPO would take one to three years, the report states.

Only last week did Toshiba submit its much-delayed annual report
for fiscal 2016, after its auditor granted conditional approval
to its books, says Nikkei.

                         About Toshiba

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

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

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



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


PERISAI PETROLEUM: Emas Seeks Legal Advice on JV Settlement
-----------------------------------------------------------
Ann Williams at The Strait Times reports that Emas Offshore, a
subsidiary of Ezra Holdings, announced on Aug. 20 that it is
seeking legal advice after Perisai Petroleum Teknologi said it
had regained the right to sell its 51% stake in their joint
venture, SJR Marine, following the lapse of a settlement
agreement between the two companies.

SJR Marine is a single-purpose company that owns marine vessel
Enterprise 3, the report discloses. Emas owns the other 49% stake
in SJR. Emas and Perisai had signed a contract in December 2012
that gave Perisai the right to exercise a put option to sell its
51% stake in SJR to Emas for US$43 million. The put was
originally exercisable on Nov 26.

In December last year, Emas agreed to avoid a protracted legal
dispute with Perisai by entering into a settlement agreement
relating to the US$43 million put option. Completion of the
proposed settlement agreement was conditional upon satisfaction
of certain conditions within a certain timeframe, or "long stop
period".

The Strait Times relates that in a filing with Bursa Malaysia on
August 17, Perisai announced the final deadline to satisfy the
conditions precedent under the settlement deal had passed.

It said Emas had on Aug. 15 confirmed that it had not received
any representation from OCBC which would allow Emas to conclude
whether or not the conditions precedents would be satisfied. One
of the conditions precedent was that Emas show Perisai it had
obtained a US$20 million secured term loan facility from an
existing bank lender to finance the purchase of the SJR shares.

According to the report, Perisai said on August 17 that Emas
confirmed that the long stop period be extended only up to
July 23, 2017. As the long stop period has since lapsed, the
proposed settlement agreement has been aborted, said Perisai.

Perisai said this means the put option granted by Emas to Perisai
to sell its stake in SJR had therefore been revived, and it will
seek to complete the put option within 30 days from August 17,
the report relays.

Emas said on August 20 it is "seeking legal advice in respect of
the matters set out in the Perisai Announcement, the report
relates. The company will make further announcements in
compliance with the listing requirements of the Oslo Bors when
there are material developments," adds The Strait Times.

Emas has dual listing in Oslo and Singapore, the report notes.

                    About Perisai Petroleum

Perisai Petroleum Teknologi Bhd. (KLSE:PERISAI) --
http://www.perisai.biz/-- is a Malaysia-based investment holding
company engaged in the provision of management, administrative
and financial support services to its subsidiaries. The Company
operates in three segments: Drilling Units, which is engaged in
the operations and maintenance service and the provision of
offshore assets, which are primarily for oil and gas offshore
drilling; Production units, which is engaged in the operations
and maintenance service and the provision of offshore assets,
which are primarily for oil and gas production, and Marine
Vessels, which is engaged in the provision of vessels, barges and
equipment on vessel charter services. Its subsidiaries include
Alpha Perisai Sdn. Bhd., which is engaged in the provision of
administrative support services; Perisai Offshore Sdn. Bhd.,
which is engaged in the provision of oil and gas services in
upstream oil sector, and Perisai production Holdings Sdn. Bhd.,
which is an investment holding company, among others.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 14, 2016, The Star Online said Perisai Petroleum Teknologi
Bhd has been classified as a Practice Note 17 (PN17) company
after its unit Perisai Capital (L) Inc defaulted on SGD125
million debt notes due on Oct. 3.

The Star related that the upstream oil and gas provider said in a
statement to Bursa Malaysia that it therefore must regularize its
financial position within 12 months and implement the
regularization plan within the timeframe stipulated by either the
Securities Commission or Bursa Malaysia Securities Bhd.



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


CALLA SPA: Shuts Doors Following Liquidation
--------------------------------------------
Lydia Lam at The Straits Times reports that Calla Spa at Suntec
City has shuttered, leaving members and employees hanging.

A group of three friends, who learnt that it was in liquidation
only on August 17, have yet to use up a SGD1,400 package that
they had signed up for last month.

One of them, a 25-year-old consultant who gave her name only as
Jasmine, told The Straits Times: "They didn't even inform us that
they were closing.

"Up till now, we haven't received any news of what's going to
happen or if our package is going to be forfeited."

The three friends, who had agreed to split the SGD1,400 package,
have not even been to the spa once before it shuttered, the
report says.

The Straits Times relates that a check with the Accounting and
Corporate Regulatory Authority on the company's profile shows
that the firm is in liquidation due to "creditors' voluntary
winding up".

A sign at the spa says it has been placed under provisional
liquidation, according to The Straits Times.

The note said the provisional liquidator would be writing to
customers shortly, and provided contacts for the liquidator's
office, the report relays.

Jasmine said she tried calling the numbers but to no avail, the
report relays.
According to the report, the sudden closure of the spa, which was
registered in June 2015, has left more than 10 staff in the
lurch. One staff member, who declined to be named, said some
employees were owed their salaries. She said they are still
waiting for the management to get back to them, but were told
they would be paid.

Another staff member who also declined to be named said she has
worked there for more than a year. "I don't know why they closed
down," she said in Mandarin. "But they don't owe me money."

A check on the spa's website shows a network error, and the spa
could not be reached on the phone, The Strait Times notes.



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


* BOND PRICING: For the Week Aug. 14 to Aug. 18, 2017
-----------------------------------------------------

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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD           11.50    04/01/19      USD       2.65
ARTSONIG PTY LTD           11.50    04/01/19      USD       2.65
BOART LONGYEAR MANAGEME     7.00    04/01/21      USD      20.00
BOART LONGYEAR MANAGEME     7.00    04/01/21      USD      20.00
CML GROUP LTD               9.00    01/29/20      AUD       1.20
HILLGROVE RESOURCES LTD     6.00    12/20/19      AUD       2.56
KEYBRIDGE CAPITAL LTD       7.00    07/31/20      AUD       0.75
LAKES OIL NL               10.00    05/31/18      AUD       4.01
MIDWEST VANADIUM PTY LT    11.50    02/15/18      USD       2.09
MIDWEST VANADIUM PTY LT    11.50    02/15/18      USD       2.09
PALADIN ENERGY LTD          7.00    03/31/20      USD      57.25
PALADIN ENERGY LTD          6.00    09/30/17      USD      57.88
RELIANCE RAIL FINANCE P     2.06    09/26/23      AUD      59.52
RELIANCE RAIL FINANCE P     2.06    09/26/23      AUD      77.08
TREASURY CORP OF VICTOR     0.50    11/12/30      AUD      70.05


CHINA
-----

AKESU XINCHENG ASSET IN     7.50    10/10/18      CNY      50.62
ALXA LEAGUE INFRASTRUCT     6.40    03/14/20      CNY      60.94
ANKANG DEVELOPMENT & IN     6.35    03/06/20      CNY      60.61
ANQING ECONOMIC&TECHNOL     6.00    06/18/20      CNY      60.62
ANQING ECONOMIC&TECHNOL     6.00    06/18/20      CNY      61.06
ANQING URBAN CONSTRUCTI     6.76    12/31/19      CNY      61.39
ANQING URBAN CONSTRUCTI     6.76    12/31/19      CNY      61.60
ANSHAN CITY CONSTRUCTIO     8.25    03/05/19      CNY      41.17
ANSHAN CITY CONSTRUCTIO     6.39    04/25/20      CNY      61.04
ANSHAN CITY CONSTRUCTIO     6.39    04/25/20      CNY      61.25
ANSHUN STATE-RUN ASSETS     6.98    01/10/20      CNY      61.09
ANSHUN STATE-RUN ASSETS     6.98    01/10/20      CNY      61.21
ANYANG INVESTMENT GROUP     8.00    04/17/19      CNY      41.19
BAICHENG ZHONGXING URBA     7.00    12/18/19      CNY      60.55
BAISHAN URBAN CONSTRUCT     7.00    07/31/19      CNY      40.29
BAIYIN CITY DEVELOPMENT     6.78    07/19/20      CNY      61.11
BAODING NATIONAL HI-TEC     7.33    12/24/19      CNY      61.33
BAOJI INVESTMENT GROUP      7.14    12/26/18      CNY      50.65
BAOJI INVESTMENT GROUP      7.14    12/26/18      CNY      50.98
BAOSHAN STATE-OWNED ASS     7.30    12/10/19      CNY      60.69
BAOTOU STATE OWNED ASSE     7.03    09/17/19      CNY      61.33
BAYANNUR URBAN DEVELOPM     6.40    03/15/20      CNY      61.35
BAYINGUOLENG INNER MONG     7.48    09/10/18      CNY      50.57
BEIJING BIOMEDICINE IND     6.35    07/23/20      CNY      60.28
BEIJING BIOMEDICINE IND     6.35    07/23/20      CNY      61.35
BEIJING CAPITAL DEVELOP     5.95    05/29/19      CNY      40.50
BEIJING CHAOYANG STATE-     5.25    03/27/20      CNY      60.24
BEIJING CHAOYANG STATE-     5.25    03/27/20      CNY      60.62
BEIJING CONSTRUCTION EN     5.95    07/05/19      CNY      40.63
BEIJING ECONOMIC TECHNO     5.29    03/06/18      CNY      40.11
BEIJING GUCAI GROUP CO      8.28    12/15/18      CNY      71.91
BEIJING HAIDIAN STATE-O     5.50    08/07/20      CNY      80.00
BEIJING HAIDIAN STATE-O     5.50    08/07/20      CNY      80.09
BEIJING TIANLUTONG TECH     8.50    10/23/17      CNY     100.57
BEIJING XINGZHAN STATE      6.48    08/31/19      CNY      61.12
BIJIE XINTAI INVESTMENT     7.15    08/20/19      CNY      61.14
BINZHOU BINCHENG DISTRI     6.50    07/05/19      CNY      40.85
BINZHOU URBAN CONSTRUCT     6.15    07/12/20      CNY      61.00
BORALA MONGOL AUTONOMOU     7.18    08/09/20      CNY      61.91
BORALA MONGOL AUTONOMOU     7.18    08/09/20      CNY      62.35
C&D REAL ESTATE CO LTD      6.15    04/03/20      CNY      61.08
CANGZHOU CONSTRUCTION &     6.72    01/23/20      CNY      60.14
CANGZHOU CONSTRUCTION &     6.72    01/23/20      CNY      61.35
CHANGDE CITY CONSTRUCTI     6.50    02/25/20      CNY      61.54
CHANGDE CITY CONSTRUCTI     6.50    02/25/20      CNY      61.61
CHANGDE ECONOMIC DEVELO     7.19    09/12/19      CNY      61.28
CHANGDE ECONOMIC DEVELO     7.19    09/12/19      CNY      61.38
CHANGJIZHOU STATE OWNED     6.00    06/03/19      CNY      50.68
CHANGSHA CITY CONSTRUCT     6.95    04/24/19      CNY      41.11
CHANGSHA CITY CONSTRUCT     6.95    04/24/19      CNY      41.13
CHANGSHA COUNTY XINGCHE     8.35    04/06/19      CNY      41.61
CHANGSHA ECONOMIC & TEC     8.45    04/13/22      CNY      74.67
CHANGSHA HIGH TECHNOLOG     7.30    11/22/17      CNY      40.22
CHANGSHA PILOT INVESTME     6.70    12/10/19      CNY      61.34
CHANGSHA PILOT INVESTME     6.70    12/10/19      CNY      61.35
CHANGSHU BINJIANG URBAN     6.85    04/27/19      CNY      40.72
CHANGSHU BINJIANG URBAN     6.85    04/27/19      CNY      40.80
CHANGSHU CITY OPERATION     8.00    01/16/19      CNY      40.96
CHANGSHU DEVELOPMENT IN     5.80    04/19/20      CNY      60.00
CHANGSHU DEVELOPMENT IN     5.80    04/19/20      CNY      60.65
CHANGXING URBAN CONSTRU     6.80    11/30/19      CNY      60.86
CHANGXING URBAN CONSTRU     6.80    11/30/19      CNY      61.00
CHANGYI ECONOMIC AND DE     7.35    10/30/20      CNY      72.26
CHANGYI ECONOMIC AND DE     7.35    10/30/20      CNY      72.50
CHANGZHI CITY CONSTRUCT     6.46    02/26/20      CNY      60.60
CHANGZHI CITY CONSTRUCT     6.46    02/26/20      CNY      60.98
CHANGZHOU HI-TECH GROUP     6.18    03/21/20      CNY      60.72
CHANGZHOU HI-TECH GROUP     6.18    03/21/20      CNY      61.22
CHANGZHOU JINTAN DISTRI     8.30    03/14/19      CNY      41.33
CHANGZHOU JINTAN DISTRI     6.38    04/26/20      CNY      60.84
CHANGZHOU JINTAN DISTRI     6.38    04/26/20      CNY      61.04
CHANGZHOU WUJIN CITY CO     6.22    06/08/18      CNY      25.24
CHAOHU URBAN TOWN CONST     7.00    12/24/19      CNY      61.15
CHAOHU URBAN TOWN CONST     7.00    12/24/19      CNY      61.26
CHAOYANG CONSTRUCTION I     7.30    05/25/19      CNY      40.98
CHENGDU CITY DEVELOPMEN     6.18    01/14/20      CNY      61.16
CHENGDU CITY DEVELOPMEN     6.18    01/14/20      CNY      61.91
CHENGDU ECONOMIC&TECHNO     6.50    07/17/18      CNY      25.28
CHENGDU ECONOMIC&TECHNO     6.50    07/17/18      CNY      25.30
CHENGDU ECONOMIC&TECHNO     6.55    07/17/19      CNY      40.59
CHENGDU ECONOMIC&TECHNO     6.55    07/17/19      CNY      40.79
CHENGDU HI-TECH INVESTM     6.28    11/20/19      CNY      61.04
CHENGDU XINCHENG XICHEN     8.35    03/19/19      CNY      41.18
CHENGDU XINDU XIANGCHEN     8.60    12/13/18      CNY      72.06
CHENGDU XINGCHENG INVES     6.17    01/28/20      CNY      61.17
CHENGDU XINGJIN URBAN C     7.30    11/27/19      CNY      61.27
CHENGDU XINGJIN URBAN C     7.30    11/27/19      CNY      61.53
CHENZHOU URBAN CONSTRUC     7.34    09/13/19      CNY      61.22
CHENZHOU URBAN CONSTRUC     7.34    09/13/19      CNY      61.41
CHENZHOU XINTIAN INVEST     6.30    07/17/20      CNY      60.82
CHIFENG CITY HONGSHAN I     7.20    07/25/19      CNY      40.64
CHINA CITY CONSTRUCTION     4.93    07/14/20      CNY      45.50
CHINA CITY CONSTRUCTION     5.55    12/17/17      CNY      45.50
CHINA GOVERNMENT BOND       3.70    05/23/66      CNY      69.59
CHINA GOVERNMENT BOND       1.64    12/15/33      CNY      71.32
CHINA SECURITY & FIRE C     4.45    11/11/19      CNY      59.00
CHIZHOU CITY MANAGEMENT     7.17    10/17/19      CNY      61.22
CHIZHOU CITY MANAGEMENT     7.17    10/17/19      CNY      61.90
CHONGQING BEIFEI INDUST     7.13    12/25/19      CNY      61.20
CHONGQING BEIFEI INDUST     7.13    12/25/19      CNY      61.63
CHONGQING CHANGSHOU DEV     7.45    09/25/19      CNY      61.28
CHONGQING CHANGSHOU DEV     7.45    09/25/19      CNY      61.28
CHONGQING CITY CONSTRUC     5.12    05/21/20      CNY      60.01
CHONGQING CITY CONSTRUC     5.12    05/21/20      CNY      60.02
CHONGQING DAZU DISTRICT     6.75    04/26/20      CNY      61.27
CHONGQING DAZU DISTRICT     6.75    04/26/20      CNY      61.42
CHONGQING FULING DISTRI     8.40    03/23/19      CNY      72.27
CHONGQING FULING DISTRI     8.40    03/23/19      CNY      72.28
CHONGQING FULING STATE-     6.39    01/21/20      CNY      60.74
CHONGQING FULING STATE-     6.39    01/21/20      CNY      60.78
CHONGQING HECHUAN INDUS     6.19    06/17/20      CNY      61.09
CHONGQING HECHUAN INDUS     6.19    06/17/20      CNY      61.22
CHONGQING HECHUAN RURAL     8.28    04/10/18      CNY      25.41
CHONGQING HECHUAN URBAN     6.95    01/06/18      CNY      40.22
CHONGQING HONGRONG CAPI     7.20    10/16/19      CNY      61.27
CHONGQING HONGYE INDUST     6.30    06/03/20      CNY      60.96
CHONGQING HONGYE INDUST     6.30    06/03/20      CNY      61.47
CHONGQING JIANGJIN HUAX     6.95    01/06/18      CNY      40.36
CHONGQING JIANGJIN HUAX     7.46    09/21/19      CNY      61.31
CHONGQING JIANGJIN HUAX     7.46    09/21/19      CNY      61.44
CHONGQING JINYUN ASSET      6.75    06/18/19      CNY      40.56
CHONGQING JINYUN ASSET      6.75    06/18/19      CNY      40.62
CHONGQING LAND PROPERTI     7.35    04/25/19      CNY      41.09
CHONGQING LAND PROPERTI     7.35    04/25/19      CNY      41.12
CHONGQING MAIRUI CITY I     6.82    08/17/19      CNY      61.05
CHONGQING NAN'AN URBAN      6.29    12/24/17      CNY      40.00
CHONGQING NAN'AN URBAN      6.29    12/24/17      CNY      40.19
CHONGQING NAN'AN URBAN      8.20    04/09/19      CNY      41.18
CHONGQING NANCHUAN DIST     7.35    09/06/19      CNY      61.07
CHONGQING NANCHUAN DIST     7.35    09/06/19      CNY      61.22
CHONGQING NANFA URBAN C     6.43    04/27/20      CNY      60.27
CHONGQING NANFA URBAN C     6.43    04/27/20      CNY      61.28
CHONGQING QIANJIANG CIT     8.40    03/23/19      CNY      72.25
CHONGQING QIANJIANG CIT     8.40    03/23/19      CNY      72.27
CHONGQING QIJIANG EAST      6.75    01/29/20      CNY      61.02
CHONGQING SHUANGQIAO EC     6.75    04/26/20      CNY      60.96
CHONGQING SHUANGQIAO EC     6.75    04/26/20      CNY      61.10
CHONGQING THREE GORGES      6.40    01/23/19      CNY      49.78
CHONGQING THREE GORGES      6.40    01/23/19      CNY      50.39
CHONGQING WANSHENG ECO      6.39    04/17/20      CNY      60.50
CHONGQING WANSHENG ECO      6.39    04/17/20      CNY      61.09
CHONGQING XINGRONG HOLD     8.35    04/19/19      CNY      41.34
CHONGQING XIYONG MICRO-     6.76    07/25/19      CNY      40.87
CHONGQING YONGCHUAN HUI     7.49    03/14/18      CNY      40.57
CHONGQING YONGCHUAN HUI     7.33    10/16/19      CNY      61.38
CHONGQING YONGCHUAN HUI     7.33    10/16/19      CNY      63.00
CHONGQING YUFU HOLDING      6.50    09/04/19      CNY      61.04
CHONGQING YULONG ASSET      6.87    05/31/19      CNY      40.98
CHONGQING YUXING CONSTR     7.29    12/08/17      CNY      40.27
CHONGQING YUXING CONSTR     7.30    12/10/19      CNY      61.52
CHUXIONG AUTONOMOUS DEV     6.08    10/18/17      CNY      50.00
CHUXIONG AUTONOMOUS DEV     6.60    03/29/20      CNY      61.23
CHUZHOU CITY CONSTRUCTI     6.81    11/23/19      CNY      61.30
CHUZHOU CITY CONSTRUCTI     6.81    11/23/19      CNY      61.51
CHUZHOU TONGCHUANG CONS     7.05    01/09/20      CNY      61.44
CIXI STATE OWNED ASSET      6.60    09/20/19      CNY      61.01
CIXI STATE OWNED ASSET      6.60    09/20/19      CNY      61.19
DALI ECONOMIC DEVELOPME     8.80    04/24/19      CNY      41.56
DALIAN CHANGXING ISLAND     6.60    01/25/20      CNY      60.96
DALIAN DETA INVESTMENT      6.50    11/15/19      CNY      61.01
DALIAN LVSHUN CONSTRUCT     6.78    07/02/19      CNY      40.00
DALIAN LVSHUN CONSTRUCT     6.78    07/02/19      CNY      40.69
DALIAN RONGQIANG INVEST     8.60    03/30/19      CNY      71.77
DANDONG CITY DEVELOPMEN     5.84    09/06/17      CNY      40.01
DANDONG CITY DEVELOPMEN     6.63    12/21/18      CNY      70.00
DANYANG INVESTMENT GROU     8.10    03/06/19      CNY      41.12
DANYANG INVESTMENT GROU     8.10    03/06/19      CNY      41.15
DAQING GAOXIN STATE-OWN     6.88    12/05/19      CNY      61.40
DAQING URBAN CONSTRUCTI     6.55    10/23/19      CNY      61.00
DASHIQIAO URBAN CONSTRU     6.58    02/21/20      CNY      60.84
DASHIQIAO URBAN CONSTRU     6.58    02/21/20      CNY      61.00
DAXING ANLING FORESTRY      7.08    10/23/19      CNY      60.95
DAXING ANLING FORESTRY      7.08    10/23/19      CNY      60.95
DAZHOU INVESTMENT CO LT     6.99    12/25/19      CNY      61.14
DAZHOU INVESTMENT CO LT     6.99    12/25/19      CNY      61.24
DEYANG CITY CONSTRUCTIO     6.99    12/26/19      CNY      61.19
DEYANG CITY CONSTRUCTIO     6.99    12/26/19      CNY      61.30
DEZHOU DEDA URBAN CONST     7.14    10/18/19      CNY      61.68
DONGTAI COMMUNICATION I     7.39    07/05/18      CNY      25.33
DONGTAI UBAN CONSTRUCTI     7.10    12/26/19      CNY      61.23
DONGTAI UBAN CONSTRUCTI     7.10    12/26/19      CNY      61.42
DONGYING CITY URBAN ASS     6.75    04/20/18      CNY      32.93
DONGYING CITY URBAN ASS     6.75    04/20/18      CNY      35.34
DRILL RIGS HOLDINGS INC     6.50    10/01/17      USD      21.88
DRILL RIGS HOLDINGS INC     6.50    10/01/17      USD      26.50
ENSHI URBAN CONSTRUCTIO     7.55    10/22/19      CNY      61.62
ERDOS DONGSHENG CITY DE     8.40    02/28/18      CNY      25.06
EZHOU CITY CONSTRUCTION     7.08    06/19/19      CNY      40.92
FEICHENG CITY ASSETS MA     7.10    08/14/18      CNY      25.43
FENGHUA CITY INVESTMENT     7.45    09/24/19      CNY      61.37
FENGHUA CITY INVESTMENT     7.45    09/24/19      CNY      61.60
FORESEA LIFE INSURANCE      6.25    09/30/25      CNY     100.00
FUJIAN JINJIANG URBAN C     6.35    04/26/20      CNY      61.55
FUJIAN LONGYAN CITY CON     7.45    08/14/19      CNY      61.57
FUJIAN NANPING HIGHWAY      6.69    01/28/20      CNY      60.96
FUJIAN NANPING HIGHWAY      6.69    01/28/20      CNY      61.08
FUJIAN NANPING HIGHWAY      7.90    10/26/18      CNY      71.29
FUQING CITY STATE-OWNED     6.66    03/01/21      CNY      72.64
FUSHUN URBAN INVESTMENT     5.95    05/11/18      CNY      40.07
FUSHUN URBAN INVESTMENT     8.53    03/22/22      CNY      74.33
FUSHUN URBAN INVESTMENT     8.53    03/22/22      CNY      74.68
FUXIN INFRASTRUCTURE CO     7.55    10/10/19      CNY      61.26
FUXIN INFRASTRUCTURE CO     7.55    10/10/19      CNY      61.60
FUZHOU INVESTMENT DEVEL     6.78    01/16/20      CNY      60.09
FUZHOU INVESTMENT DEVEL     6.78    01/16/20      CNY      61.43
FUZHOU URBAN AND RURAL      6.35    09/25/18      CNY      50.00
FUZHOU URBAN AND RURAL      6.35    09/25/18      CNY      50.35
GANSU PROVINCIAL HIGHWA     6.75    11/16/18      CNY      70.73
GANSU PROVINCIAL HIGHWA     7.20    09/19/18      CNY      70.98
GANZHOU CITY DEVELOPMEN     6.40    07/10/18      CNY      25.36
GANZHOU DEVELOPMENT ZON     6.70    12/26/18      CNY      50.71
GAOMI STATE-OWNED ASSET     6.75    11/15/18      CNY      50.66
GAOMI STATE-OWNED ASSET     6.75    11/15/18      CNY      50.68
GAOMI STATE-OWNED ASSET     6.70    11/15/19      CNY      60.86
GAOMI STATE-OWNED ASSET     6.70    11/15/19      CNY      61.03
GONGYI STATE OWNED ASSE     6.70    01/18/20      CNY      60.00
GONGYI STATE OWNED ASSE     6.70    01/18/20      CNY      60.38
GUANG ZHOU PANYU COMMUN     6.30    04/12/19      CNY      50.58
GUANGAN INVESTMENT HOLD     8.18    04/25/19      CNY      41.39
GUANGXI BAISE DEVELOPME     6.50    07/04/19      CNY      40.41
GUANGXI BAISE DEVELOPME     6.50    07/04/19      CNY      40.52
GUANGXI LAIBIN URBAN CO     8.36    03/14/19      CNY      72.45
GUANGYUAN INVESTMENT HO     7.25    11/26/19      CNY      61.40
GUANGZHOU ECONOMIC & TE     6.70    08/14/22      CNY      82.55
GUILIN ECONOMIC CONSTRU     6.90    05/09/18      CNY      25.30
GUILIN ECONOMIC CONSTRU     6.90    05/09/18      CNY      25.40
GUIYANG ECO&TECH DEVELO     8.42    03/27/19      CNY      41.44
GUIYANG JINYANG CONSTRU     6.70    10/24/18      CNY      49.99
GUIYANG JINYANG CONSTRU     6.70    10/24/18      CNY      50.51
GUIYANG PUBLIC RESIDENT     6.70    11/06/19      CNY      61.40
GUIYANG PUBLIC RESIDENT     6.70    11/06/19      CNY      62.00
GUIYANG URBAN DEVELOPME     6.20    02/28/20      CNY      61.09
GUOAO INVESTMENT DEVELO     6.89    10/29/18      CNY      46.74
GUOAO INVESTMENT DEVELO     6.89    10/29/18      CNY      50.38
HAIAN COUNTY CITY CONST     8.35    03/28/18      CNY      25.49
HAICHENG URBAN INVESTME     8.39    11/07/18      CNY      71.66
HAILAR URBAN INFRASTRUC     6.20    05/14/20      CNY      60.00
HAILAR URBAN INFRASTRUC     6.20    05/14/20      CNY      61.14
HAIMEN CITY DEVELOPMENT     8.35    03/20/19      CNY      40.80
HAIMEN CITY DEVELOPMENT     8.35    03/20/19      CNY      41.43
HAINING STATE-OWNED ASS     6.08    03/06/20      CNY      61.08
HAINING STATE-OWNED ASS     7.80    09/20/18      CNY      71.19
HAINING STATE-OWNED ASS     7.80    09/20/18      CNY      71.50
HANDAN CITY CONSTRUCTIO     7.05    12/24/19      CNY      61.51
HANDAN CITY CONSTRUCTIO     7.05    12/24/19      CNY      61.78
HANGZHOU CANAL COMPREHE     6.00    04/02/20      CNY      61.00
HANGZHOU CANAL COMPREHE     6.00    04/02/20      CNY      61.07
HANGZHOU HIGH-TECH INDU     6.45    01/28/20      CNY      60.80
HANGZHOU HIGH-TECH INDU     6.45    01/28/20      CNY      61.42
HANGZHOU MUNICIPAL CONS     5.90    04/25/18      CNY      25.18
HANGZHOU MUNICIPAL CONS     5.90    04/25/18      CNY      25.27
HANGZHOU XIAOSHAN ECO&T     6.70    12/26/18      CNY      50.70
HANGZHOU XIAOSHAN ECO&T     6.70    12/26/18      CNY      50.79
HANGZHOU YUHANG CITY CO     7.55    03/29/19      CNY      40.96
HANGZHOU YUHANG CITY CO     7.55    03/29/19      CNY      41.02
HANGZHOU YUHANG INNOVAT     6.50    03/18/20      CNY      61.38
HANGZHOU YUHANG INNOVAT     6.50    03/18/20      CNY      61.45
HANZHONG CITY CONSTRUCT     7.48    03/14/18      CNY      40.59
HARBIN HELI INVESTMENT      7.48    09/26/18      CNY      71.09
HARBIN HELI INVESTMENT      7.48    09/26/18      CNY      71.43
HARBIN WATER INVESTMENT     5.70    05/06/20      CNY      60.83
HEBEI SHUNDE INVESTMENT     6.98    12/05/19      CNY      61.31
HEBEI SHUNDE INVESTMENT     6.98    12/05/19      CNY      61.36
HEFEI BINHU NEW ZONE CO     6.35    06/13/19      CNY      71.04
HEFEI BINHU NEW ZONE CO     6.35    06/13/19      CNY      71.47
HEFEI GAOXIN DEVELOPMEN     7.98    03/22/19      CNY      71.90
HEFEI GAOXIN DEVELOPMEN     7.98    03/22/19      CNY      72.22
HEFEI HAIHENG INVESTMEN     7.30    06/12/19      CNY      41.03
HEFEI INDUSTRIAL INVEST     6.30    03/20/20      CNY      61.21
HEFEI TAOHUA INDUSTRIAL     8.79    03/27/19      CNY      41.50
HEFEI XINCHENG STATE-OW     7.88    04/23/19      CNY      41.15
HEGANG KAIYUAN CITY INV     6.50    07/19/19      CNY      40.53
HEIHE CITY CONSTRUCTION     8.48    03/23/19      CNY      72.19
HEILONGJIANG HECHENG CO     7.05    06/21/22      CNY      70.95
HEILONGJIANG HECHENG CO     7.05    06/21/22      CNY      71.99
HENAN JIYUAN CITY CONST     7.50    09/25/19      CNY      61.50
HENGYANG CITY CONSTRUCT     7.06    08/13/19      CNY      41.22
HENGYANG HONGXIANG STAT     6.20    06/19/20      CNY      61.48
HEYUAN CITY URBAN DEVEL     6.55    03/19/20      CNY      60.83
HEYUAN CITY URBAN DEVEL     6.55    03/19/20      CNY      61.01
HONGHEZHOU ROAD DEVELOP     6.27    05/06/20      CNY      60.92
HUAIAN CITY URBAN ASSET     6.87    12/26/19      CNY      61.62
HUAIAN CITY URBAN ASSET     6.87    12/26/19      CNY      61.65
HUAIAN CITY WATER ASSET     8.25    03/08/19      CNY      41.37
HUAI'AN DEVELOPMENT HOL     7.20    09/06/19      CNY      61.19
HUAI'AN DEVELOPMENT HOL     7.20    09/06/19      CNY      61.22
HUAIAN QINGHE NEW AREA      6.68    01/24/20      CNY      60.93
HUAIAN QINGHE NEW AREA      6.68    01/24/20      CNY      60.95
HUAIBEI CITY CONSTRUCTI     6.68    12/17/18      CNY      50.48
HUAIHUA CITY CONSTRUCTI     8.00    03/22/18      CNY      25.38
HUANGGANG CITY CONSTRUC     7.10    10/19/19      CNY      61.22
HUANGGANG CITY CONSTRUC     7.10    10/19/19      CNY      61.43
HUANGSHI URBAN CONSTRUC     6.96    10/25/19      CNY      61.55
HUIAN STATE ASSETS INVE     7.50    10/15/19      CNY      61.00
HUIAN STATE ASSETS INVE     7.50    10/15/19      CNY      61.32
HUNAN CHANGDE DEYUAN IN     7.18    10/18/18      CNY      50.68
HUNAN CHENGLINGJI HARBO     7.70    10/15/18      CNY      50.70
HUNAN CHENGLINGJI HARBO     7.70    10/15/18      CNY      50.82
HUNAN ZHAOSHAN ECONOMIC     7.00    12/12/18      CNY      50.41
HUNAN ZHAOSHAN ECONOMIC     7.00    12/12/18      CNY      50.70
HUZHOU NANXUN STATE-OWN     8.15    03/31/19      CNY      41.15
HUZHOU URBAN INVESTMENT     7.02    12/21/17      CNY      40.21
HUZHOU URBAN INVESTMENT     6.70    12/14/19      CNY      61.26
HUZHOU WUXING NANTAIHU      7.71    02/17/18      CNY      40.48
INNER MONGOLIA HIGH-TEC     7.20    09/25/19      CNY      61.22
INNER MONGOLIA ZHUNGEER     6.94    05/10/18      CNY      50.68
JIAMUSI NEW ERA INFRAST     8.25    03/22/19      CNY      41.01
JIAN CITY CONSTRUCTION      7.80    04/20/19      CNY      40.21
JIAN CITY CONSTRUCTION      7.80    04/20/19      CNY      41.25
JIANAN INVESTMENT HOLDI     7.68    09/04/19      CNY      61.55
JIANGDONG HOLDING GROUP     6.90    03/27/19      CNY      40.82
JIANGMEN CITY BINJIANG      6.60    02/28/20      CNY      60.75
JIANGSU HANRUI INVESTME     8.16    03/01/19      CNY      41.49
JIANGSU HUAJING ASSETS      5.68    09/28/17      CNY      25.01
JIANGSU HUAJING ASSETS      6.00    05/16/20      CNY      60.75
JIANGSU JINGUAN INVESTM     6.40    01/28/19      CNY      50.45
JIANGSU JURONG FUDI BIO     8.70    04/26/19      CNY      72.82
JIANGSU LIANYUN DEVELOP     6.10    06/19/19      CNY      40.00
JIANGSU LIANYUN DEVELOP     6.10    06/19/19      CNY      40.72
JIANGSU NANJING PUKOU E     7.10    10/08/19      CNY      60.00
JIANGSU NANJING PUKOU E     7.10    10/08/19      CNY      61.03
JIANGSU NEWHEADLINE DEV     7.00    08/27/20      CNY      71.75
JIANGSU NEWHEADLINE DEV     7.00    08/27/20      CNY      71.76
JIANGSU SUHAI INVESTMEN     7.20    11/07/19      CNY      61.34
JIANGSU TAICANG PORT DE     7.66    05/16/19      CNY      41.13
JIANGSU WUZHONG ECONOMI     8.05    12/16/18      CNY      71.64
JIANGSU WUZHONG ECONOMI     8.05    12/16/18      CNY      71.69
JIANGSU XISHAN ECONOMIC     6.99    11/01/19      CNY      61.07
JIANGSU XISHAN ECONOMIC     6.99    11/01/19      CNY      71.00
JIANGSU ZHANGJIAGANG EC     6.98    11/16/19      CNY      61.50
JIANGXI HEJI INVESTMENT     8.00    09/04/19      CNY      61.45
JIANGXI HEJI INVESTMENT     8.00    09/04/19      CNY      61.70
JIANGYAN STATE OWNED AS     6.85    12/03/19      CNY      60.40
JIANGYAN STATE OWNED AS     6.85    12/03/19      CNY      61.25
JIANGYIN CITY CONSTRUCT     7.20    06/11/19      CNY      41.16
JIANGYIN GAOXIN DISTRIC     7.31    04/25/18      CNY      50.81
JIANGYIN GAOXIN DISTRIC     6.60    02/27/20      CNY      61.17
JIANHU URBAN CONSTRUCTI     6.50    02/22/20      CNY      60.86
JIANHU URBAN CONSTRUCTI     6.50    02/22/20      CNY      60.93
JIASHAN STATE-OWNED ASS     6.80    06/06/19      CNY      41.17
JIAXING CULTURE FAMOUS      8.16    03/08/19      CNY      41.22
JIAXING ECONOMIC&TECHNO     6.78    06/14/19      CNY      40.72
JIAXING ECONOMIC&TECHNO     6.78    06/14/19      CNY      40.97
JILIN CITY CONSTRUCTION     6.34    02/26/20      CNY      60.92
JILIN CITY CONSTRUCTION     6.34    02/26/20      CNY      61.15
JILIN RAILWAY INVESTMEN     6.63    06/26/19      CNY      71.30
JILIN RAILWAY INVESTMEN     6.63    06/26/19      CNY      71.56
JINAN CITY CONSTRUCTION     6.98    03/26/18      CNY      25.40
JINAN XIAOQINGHE DEVELO     7.15    09/05/19      CNY      61.38
JINGDEZHEN STATE-OWNED      7.48    03/23/18      CNY      50.69
JINGDEZHEN STATE-OWNED      6.59    06/25/20      CNY      61.49
JINGDEZHEN STATE-OWNED      6.59    06/25/20      CNY      62.53
JINGJIANG BINJIANG XINC     6.80    10/23/18      CNY      49.80
JINGJIANG BINJIANG XINC     6.80    10/23/18      CNY      50.43
JINGMEN CITY CONSTRUCTI     6.85    07/09/22      CNY      72.68
JINGZHOU URBAN CONSTRUC     7.98    04/24/19      CNY      41.26
JINING CITY CONSTRUCTIO     8.30    12/31/18      CNY      41.15
JINING CITY YANZHOU DIS     8.50    12/28/17      CNY      25.27
JINING CITY YANZHOU DIS     5.90    05/28/21      CNY      70.89
JINING HI-TECH TOWN CON     6.60    01/28/20      CNY      61.11
JINING HI-TECH TOWN CON     6.60    01/28/20      CNY      61.23
JINING WATER SUPPLY GRO     7.18    01/22/20      CNY      61.58
JINSHAN STATE-OWNED ASS     6.65    11/27/19      CNY      61.42
JINZHONG CITY PUBLIC IN     6.50    03/18/20      CNY      60.87
JINZHOU CITY INVESTMENT     7.08    06/13/19      CNY      40.75
JINZHOU CITY INVESTMENT     7.08    06/13/19      CNY      40.76
JISHOU HUATAI STATE OWN     7.37    12/12/19      CNY      61.35
JIUJIANG CITY CONSTRUCT     8.49    02/23/19      CNY      41.43
JIUJIANG FUHE CONSTRUCT     6.10    03/19/19      CNY      49.98
JIUJIANG FUHE CONSTRUCT     6.10    03/19/19      CNY      50.37
JIUJIANG STATE-OWNED AS     6.68    03/07/20      CNY      60.08
JIUJIANG STATE-OWNED AS     6.68    03/07/20      CNY      61.80
JIXI STATE OWN ASSET MA     7.18    11/08/19      CNY      61.05
JIXI STATE OWN ASSET MA     7.18    11/08/19      CNY      61.09
KAIFENG DEVELOPMENT INV     6.47    07/11/19      CNY      40.44
KARAMAY URBAN CONSTRUCT     7.15    09/04/19      CNY      61.23
KARAMAY URBAN CONSTRUCT     7.15    09/04/19      CNY      61.34
KASHI URBAN CONSTRUCTIO     7.18    11/27/19      CNY      61.31
KUNMING CITY CONSTRUCTI     7.60    04/13/18      CNY      25.31
KUNMING DIANCHI INVESTM     6.50    02/01/20      CNY      61.43
KUNMING INDUSTRIAL DEVE     6.46    10/23/19      CNY      60.86
KUNMING INDUSTRIAL DEVE     6.46    10/23/19      CNY      61.06
KUNMING WUHUA DISTRICT      8.60    03/15/18      CNY      25.34
KUNSHAN ENTREPRENEUR HO     6.28    11/07/19      CNY      60.97
KUNSHAN HUAQIAO INTERNA     7.98    12/30/18      CNY      40.87
LAIWU CITY ECONOMIC DEV     6.50    03/01/18      CNY      30.24
LANZHOU CITY DEVELOPMEN     8.20    12/15/18      CNY      68.50
LANZHOU CITY DEVELOPMEN     8.20    12/15/18      CNY      68.52
LEQING CITY STATE OWNED     6.50    06/29/19      CNY      39.99
LEQING CITY STATE OWNED     6.50    06/29/19      CNY      40.61
LESHAN STATE-OWNED ASSE     6.99    03/18/18      CNY      40.29
LESHAN STATE-OWNED ASSE     6.99    03/18/18      CNY      40.45
LIAONING YAODU DEVELOPM     7.35    12/12/19      CNY      60.99
LIAOYANG CITY ASSETS OP     6.88    06/13/18      CNY      35.31
LIAOYANG CITY ASSETS OP     7.10    11/13/19      CNY      61.10
LIAOYUAN STATE-OWNED AS     8.17    03/13/19      CNY      40.56
LIAOYUAN STATE-OWNED AS     8.17    03/13/19      CNY      41.14
LIJIANG GUCHENG MANAGEM     6.68    07/26/19      CNY      40.94
LINCANG STATE-OWNED ASS     6.58    04/11/20      CNY      61.06
LINFEN CITY INVESTMENT      6.20    05/23/20      CNY      61.03
LINHAI CITY INFRASTRUCT     6.30    03/21/20      CNY      60.50
LINHAI CITY INFRASTRUCT     6.30    03/21/20      CNY      60.54
LINYI CITY ASSET MANAGE     6.68    12/12/19      CNY      61.18
LINYI ECONOMIC DEVELOPM     8.26    09/24/19      CNY      62.00
LINYI INVESTMENT DEVELO     8.10    03/27/18      CNY      25.57
LISHUI CITY CONSTRUCTIO     6.00    05/23/20      CNY      60.64
LISHUI CITY CONSTRUCTIO     6.00    05/23/20      CNY      61.01
LISHUI URBAN CONSTRUCTI     5.80    05/29/20      CNY      60.00
LISHUI URBAN CONSTRUCTI     5.80    05/29/20      CNY      60.63
LIUPANSHUI DEVELOPMENT      6.97    12/03/19      CNY      61.13
LIUZHOU DONGCHENG INVES     8.30    02/15/19      CNY      41.12
LIUZHOU INVESTMENT HOLD     6.98    08/15/19      CNY      41.00
LIYANG CITY CONSTRUCTIO     6.20    03/08/20      CNY      60.60
LIYANG CITY CONSTRUCTIO     6.20    03/08/20      CNY      60.79
LIYANG CITY CONSTRUCTIO     8.20    11/08/18      CNY      68.17
LONGHAI STATE-OWNED ASS     8.25    12/02/17      CNY      40.23
LONGHAI STATE-OWNED ASS     8.25    12/02/17      CNY      40.40
LOUDI CITY CONSTRUCTION     7.28    10/19/18      CNY      50.50
LOUDI CITY CONSTRUCTION     7.28    10/19/18      CNY      50.67
LOUDI CITY CONSTRUCTION     7.15    03/11/19      CNY      71.57
LUOHE CITY CONSTRUCTION     6.99    10/30/19      CNY      61.24
LUOYANG CITY DEVELOPMEN     6.89    12/31/19      CNY      61.39
LUOYANG HIGH NEW TECH I     6.50    05/30/20      CNY      60.61
MAANSHAN ECONOMIC TECHN     7.10    12/20/19      CNY      61.26
MEISHAN HONGDA CONSTRUC     6.56    06/19/20      CNY      61.56
MIANYANG INVESTMENT HOL     7.70    03/26/19      CNY      71.79
MIANYANG SCIENCE TECHNO     6.30    07/22/18      CNY      27.71
MIANYANG SCIENCE TECHNO     7.16    05/15/19      CNY      40.94
MINXIXINGHANG STATE-OWN     6.20    03/26/19      CNY      50.53
MINXIXINGHANG STATE-OWN     6.20    03/26/19      CNY      50.54
MUDANJIANG STATE-OWNED      7.08    08/30/19      CNY      60.77
MUDANJIANG STATE-OWNED      7.08    08/30/19      CNY      60.78
NANAN CITY TRADE INDUST     8.50    04/25/19      CNY      41.45
NANCHANG CITY CONSTRUCT     6.19    02/20/20      CNY      61.09
NANCHANG COUNTY URBAN C     6.50    07/17/19      CNY      50.88
NANCHANG ECONOMY TECHNO     6.88    01/09/20      CNY      61.39
NANCHANG MUNICIPAL PUBL     5.88    02/25/20      CNY      61.12
NANCHANG WATER CONSERVA     6.28    06/21/20      CNY      61.67
NANCHONG DEVELOPMENT IN     6.69    01/28/20      CNY      60.80
NANCHONG DEVELOPMENT IN     6.69    01/28/20      CNY      61.32
NANCHONG ECONOMIC DEVEL     8.16    04/26/19      CNY      41.25
NANJING JIANGNING SCIEN     7.29    04/28/19      CNY      40.84
NANJING JIANGNING SCIEN     7.29    04/28/19      CNY      41.06
NANJING NEW&HIGH TECHNO     6.94    09/07/19      CNY      61.03
NANJING NEW&HIGH TECHNO     6.94    09/07/19      CNY      62.00
NANJING STATE OWNED ASS     5.40    03/06/20      CNY      60.53
NANJING STATE OWNED ASS     5.40    03/06/20      CNY      60.54
NANJING URBAN CONSTRUCT     5.68    11/26/18      CNY      50.30
NANJING URBAN CONSTRUCT     5.68    11/26/18      CNY      50.32
NANJING XINGANG DEVELOP     6.80    01/08/20      CNY      60.00
NANJING XINGANG DEVELOP     6.80    01/08/20      CNY      61.68
NANPING CITY WUYI NEW D     6.70    08/06/20      CNY      61.46
NANTONG CITY GANGZHA DI     7.15    01/09/20      CNY      61.50
NANTONG CITY GANGZHA DI     7.15    01/09/20      CNY      61.68
NANTONG CITY TONGZHOU D     6.80    05/28/19      CNY      40.86
NANTONG CITY TONGZHOU D     6.80    05/28/19      CNY      61.30
NANTONG ECONOMIC & TECH     5.80    05/17/20      CNY      60.35
NANTONG ECONOMIC & TECH     5.80    05/17/20      CNY      60.82
NEIJIANG INVESTMENT HOL     7.00    07/19/18      CNY      25.25
NEIJIANG INVESTMENT HOL     7.00    07/19/18      CNY      25.47
NEIMENGGU XINLINGOL XIN     7.62    02/25/18      CNY      40.46
NINGBO CITY YINZHOU CIT     6.50    03/18/20      CNY      61.29
NINGBO EASTERN NEW TOWN     6.45    01/21/20      CNY      60.50
NINGBO EASTERN NEW TOWN     6.45    01/21/20      CNY      60.97
NINGBO URBAN CONSTRUCTI     7.39    03/01/18      CNY      25.38
NINGBO URBAN CONSTRUCTI     7.39    03/01/18      CNY      25.46
NINGBO ZHENHAI HAIJIANG     6.65    11/28/18      CNY      50.64
NINGDE CITY STATE-OWNED     6.25    10/21/17      CNY       9.96
NONGGONGSHANG REAL ESTA     6.29    10/11/17      CNY      40.03
PANJIN CONSTRUCTION INV     7.50    05/17/19      CNY      41.20
PANJIN CONSTRUCTION INV     7.42    03/01/18      CNY      60.59
PANJIN PETROLEUM HIGH T     6.95    01/10/20      CNY      60.86
PANJIN PETROLEUM HIGH T     6.95    01/10/20      CNY      61.10
PEIXIAN STATE-OWNED ASS     7.20    12/06/19      CNY      61.50
PENGLAI CITY PENGLAIGE      6.80    01/30/21      CNY      67.00
PENGLAI CITY PENGLAIGE      6.80    01/30/21      CNY      72.32
PINGDINGSHAN CITY DEVEL     7.86    05/08/19      CNY      41.23
PINGDINGSHAN CITY DEVEL     7.86    05/08/19      CNY      41.27
PINGHU CITY DEVELOPMENT     7.20    09/18/19      CNY      61.43
PINGTAN COMPOSITE EXPER     6.58    03/15/20      CNY      61.19
PINGXIANG URBAN CONSTRU     6.89    12/10/19      CNY      60.41
PINGXIANG URBAN CONSTRU     6.89    12/10/19      CNY      60.42
PIZHOU RUNCHENG ASSET O     7.55    09/25/19      CNY      61.49
PUER CITY STATE OWNED A     7.38    06/20/19      CNY      40.80
PUTIAN STATE-OWNED ASSE     8.10    03/21/19      CNY      41.15
PUTIAN STATE-OWNED ASSE     8.10    03/21/19      CNY      41.24
PUYANG INVESTMENT GROUP     6.98    10/29/19      CNY      60.50
PUYANG INVESTMENT GROUP     6.98    10/29/19      CNY      61.21
QIANAN XINGYUAN WATER I     6.45    07/11/18      CNY      25.29
QIANDONG NANZHOU DEVELO     8.80    04/27/19      CNY      41.22
QIANDONGNANZHOU KAIHONG     7.80    10/30/19      CNY      61.18
QIANXI NANZHOU HONGSHEN     6.99    11/22/19      CNY      61.06
QINGDAO CITY CONSTRUCTI     6.89    02/16/19      CNY      40.68
QINGDAO CITY CONSTRUCTI     6.89    02/16/19      CNY      40.69
QINGDAO HUATONG STATE-O     7.30    04/18/19      CNY      40.97
QINGDAO JIAOZHOU CITY D     6.59    01/25/20      CNY      61.57
QINGZHOU HONGYUAN PUBLI     6.50    05/22/19      CNY      20.30
QINGZHOU HONGYUAN PUBLI     7.25    10/19/18      CNY      50.75
QINGZHOU HONGYUAN PUBLI     7.25    10/19/18      CNY      51.06
QINGZHOU HONGYUAN PUBLI     7.35    10/19/19      CNY      61.39
QINGZHOU HONGYUAN PUBLI     7.35    10/19/19      CNY      61.40
QINHUANGDAO DEVELOPMENT     7.46    10/17/19      CNY      61.20
QINHUANGDAO DEVELOPMENT     7.46    10/17/19      CNY      61.26
QITAIHE CITY CONSTRUCTI     7.30    10/18/19      CNY      59.28
QUANZHOU QUANGANG PETRO     8.40    04/16/19      CNY      41.10
QUANZHOU QUANGANG PETRO     8.40    04/16/19      CNY      41.46
QUANZHOU TAISHANG INVES     7.08    12/10/19      CNY      60.17
QUANZHOU TAISHANG INVES     7.08    12/10/19      CNY      60.51
QUANZHOU URBAN CONSTRUC     6.48    01/11/20      CNY      61.26
QUANZHOU URBAN CONSTRUC     6.48    01/11/20      CNY      61.45
QUJING DEVELOPMENT INVE     7.25    09/06/19      CNY      61.00
QUJING DEVELOPMENT INVE     7.25    09/06/19      CNY      61.00
RIZHAO CITY CONSTRUCTIO     5.80    06/06/20      CNY      59.90
RIZHAO CITY CONSTRUCTIO     5.80    06/06/20      CNY      60.97
RONGCHENG ECONOMIC DEVE     6.45    03/18/20      CNY      59.60
RONGCHENG ECONOMIC DEVE     6.45    03/18/20      CNY      61.39
RUDONG COUNTY DONGTAI S     7.10    01/31/18      CNY      50.43
RUDONG COUNTY DONGTAI S     7.45    09/24/19      CNY      61.06
RUDONG COUNTY DONGTAI S     7.45    09/24/19      CNY      61.47
RUGAO COMMUNICATIONS CO     8.51    01/26/19      CNY      51.55
RUGAO COMMUNICATIONS CO     6.70    02/01/20      CNY      61.31
RUGAO COMMUNICATIONS CO     6.70    02/01/20      CNY      61.35
RUIAN STATE OWNED ASSET     6.93    11/26/19      CNY      61.05
SANMENXIA CITY FINANCIA     6.68    01/29/20      CNY      61.11
SANMENXIA CITY FINANCIA     6.68    01/29/20      CNY      61.14
SANMING CITY CONSTRUCTI     6.40    03/05/20      CNY      61.11
SANMING CITY CONSTRUCTI     6.40    03/05/20      CNY      61.19
SANMING STATE-OWNED ASS     6.99    06/14/18      CNY      40.56
SANMING STATE-OWNED ASS     6.99    06/14/18      CNY      40.80
SANMING STATE-OWNED ASS     6.92    12/05/19      CNY      61.43
SHANDONG TAIFENG HOLDIN     5.80    03/12/20      CNY      58.89
SHANGHAI BUND GROUP DEV     6.35    04/24/20      CNY      61.00
SHANGHAI BUND GROUP DEV     6.35    04/24/20      CNY      61.22
SHANGHAI CHENGTOU CORP      4.63    07/30/19      CNY      40.09
SHANGHAI FENGXIAN NANQI     6.25    03/05/20      CNY      59.55
SHANGHAI FENGXIAN NANQI     6.25    03/05/20      CNY      61.34
SHANGHAI JIADING INDUST     6.71    10/10/18      CNY      50.05
SHANGHAI JIADING INDUST     6.71    10/10/18      CNY      50.36
SHANGHAI JINSHAN URBAN      6.60    12/21/19      CNY      60.55
SHANGHAI JINSHAN URBAN      6.60    12/21/19      CNY      61.27
SHANGHAI LUJIAZUI DEVEL     5.79    02/25/19      CNY      70.89
SHANGHAI LUJIAZUI DEVEL     5.79    02/25/19      CNY      70.92
SHANGHAI LUJIAZUI DEVEL     5.98    03/11/19      CNY      71.06
SHANGHAI LUJIAZUI DEVEL     5.98    03/11/19      CNY      71.30
SHANGHAI MINHANG URBAN      6.48    10/23/19      CNY      61.15
SHANGHAI MINHANG URBAN      6.48    10/23/19      CNY      61.20
SHANGHAI SONGJIANG TOWN     6.28    08/15/18      CNY      25.35
SHANGHAI SONGJIANG TOWN     6.28    08/15/18      CNY      50.49
SHANGHAI URBAN CONSTRUC     5.25    11/30/19      CNY      60.28
SHANGQIU DEVELOPMENT IN     6.60    01/15/20      CNY      62.19
SHANGRAO CITY CONSTRUCT     7.30    09/10/19      CNY      61.15
SHANGYU COMMUNICATIONS      6.70    09/11/19      CNY      61.10
SHANTOU CITY CONSTRUCTI     8.57    03/23/22      CNY      74.85
SHAOGUAN JINYE DEVELOPM     7.30    10/18/19      CNY      61.23
SHAOGUAN JINYE DEVELOPM     7.30    10/18/19      CNY      61.50
SHAOXING CHENGBEI XINCH     6.21    06/11/18      CNY      25.15
SHAOXING CHENGBEI XINCH     6.21    06/11/18      CNY      25.30
SHAOXING CHENGZHONGCUN      6.50    01/24/20      CNY      61.33
SHAOXING HI-TECH INDUST     6.75    12/05/18      CNY      50.00
SHAOXING HI-TECH INDUST     6.75    12/05/18      CNY      50.67
SHAOXING KEQIAO DISTRIC     6.30    02/26/19      CNY      50.00
SHAOXING KEQIAO DISTRIC     6.30    02/26/19      CNY      50.71
SHAOXING PAOJIANG INDUS     6.90    10/31/19      CNY      61.17
SHAOXING URBAN CONSTRUC     6.40    11/09/19      CNY      60.50
SHAOXING URBAN CONSTRUC     6.40    11/09/19      CNY      60.63
SHAOYANG CITY CONSTRUCT     7.40    09/11/18      CNY      50.58
SHENYANG HEPING DISTRIC     6.85    11/13/19      CNY      61.20
SHENYANG MACHINE TOOL C     6.50    03/27/18      CNY      55.49
SHENYANG SUJIATUN DISTR     6.40    06/20/20      CNY      60.62
SHENYANG SUJIATUN DISTR     6.40    06/20/20      CNY      61.12
SHENZHEN LONGGANG DISTR     6.18    03/27/19      CNY      50.71
SHENZHEN LONGGANG DISTR     6.18    03/27/19      CNY      50.73
SHIJIAZHUANG REAL ESTAT     5.65    05/15/20      CNY      60.38
SHISHI STATE OWNED INVE     7.40    09/13/19      CNY      61.00
SHISHI STATE OWNED INVE     7.40    09/13/19      CNY      61.14
SHIYAN CITY INFRASTRUCT     7.98    04/20/19      CNY      41.39
SHOUGUANG JINCAI STATE-     6.70    10/23/19      CNY      61.12
SHOUGUANG JINCAI STATE-     6.70    10/23/19      CNY      61.17
SHUANGLIU COUNTY WATER      6.92    07/30/20      CNY      74.87
SHUANGLIU COUNTY WATER      7.40    02/26/20      CNY      75.18
SHUANGLIU SHINE CHINE C     8.40    03/16/19      CNY      72.41
SHUANGLIU SHINE CHINE C     8.48    03/16/19      CNY      72.49
SHUANGYASHAN DADI CITY      6.55    12/25/19      CNY      58.50
SHUANGYASHAN DADI CITY      6.55    12/25/19      CNY      60.78
SHUYANG JINGYUAN ASSET      6.50    12/03/19      CNY      60.78
SHUYANG JINGYUAN ASSET      6.50    12/03/19      CNY      60.90
SICHUAN COAL INDUSTRY G     7.70    01/09/18      CNY      45.00
SICHUAN COAL INDUSTRY G     7.80    09/27/17      CNY      45.00
SICHUAN DEVELOPMENT HOL     5.40    11/10/17      CNY      30.05
SONGYUAN URBAN DEVELOPM     7.30    08/29/19      CNY      60.95
SUIFENHE HAIRONG URBAN      6.60    04/28/20      CNY      60.79
SUINING DEVELOPMENT INV     6.62    04/25/20      CNY      60.68
SUINING DEVELOPMENT INV     6.62    04/25/20      CNY      61.02
SUIZHOU DEVELOPMENT INV     7.50    08/22/19      CNY      41.40
SUQIAN ECONOMIC DEVELOP     7.50    03/26/19      CNY      41.07
SUQIAN WATER GROUP CO       6.55    12/04/19      CNY      60.38
SUQIAN WATER GROUP CO       6.55    12/04/19      CNY      61.10
SUZHOU CITY CONSTRUCTIO     7.45    03/12/19      CNY      41.08
SUZHOU CITY CONSTRUCTIO     6.40    04/17/20      CNY      61.02
SUZHOU CITY CONSTRUCTIO     6.40    04/17/20      CNY      61.38
SUZHOU FENHU INVESTMENT     7.00    10/22/17      CNY      50.12
SUZHOU INDUSTRIAL PARK      5.79    05/30/19      CNY      40.41
SUZHOU TECH CITY DEVELO     7.32    11/01/18      CNY      50.82
SUZHOU URBAN CONSTRUCTI     5.79    10/25/19      CNY      60.88
SUZHOU WUJIANG COMMUNIC     6.80    10/31/20      CNY      69.90
SUZHOU WUJIANG COMMUNIC     6.80    10/31/20      CNY      72.37
SUZHOU WUJIANG EASTERN      8.05    12/05/18      CNY      71.89
SUZHOU WUJIANG EASTERN      8.05    12/05/18      CNY      72.05
SUZHOU XIANGCHENG URBAN     6.95    09/03/19      CNY      60.74
SUZHOU XIANGCHENG URBAN     6.95    09/03/19      CNY      61.17
TAIAN TAISHAN INVESTMEN     6.64    03/02/18      CNY      40.28
TAIAN TAISHAN INVESTMEN     6.76    01/25/20      CNY      61.54
TAICANG ASSET MANAGEMEN     8.25    12/31/18      CNY      71.63
TAICANG ASSET MANAGEMEN     8.25    12/31/18      CNY      72.25
TAICANG HENGTONG INVEST     7.45    10/30/19      CNY      61.36
TAICANG URBAN CONSTRUCT     6.75    01/11/20      CNY      61.62
TAIXING ZHONGXING STATE     8.29    03/27/18      CNY      25.52
TAIYUAN HIGH-SPEED RAIL     6.50    10/30/20      CNY      72.12
TAIYUAN LONGCHENG DEVEL     6.50    09/25/19      CNY      60.46
TAIYUAN LONGCHENG DEVEL     6.50    09/25/19      CNY      60.69
TAIZHOU CITY HUANGYAN D     6.85    12/17/18      CNY      50.65
TAIZHOU CITY HUANGYAN D     6.85    12/17/18      CNY      50.72
TAIZHOU HAILING ASSETS      8.52    03/21/19      CNY      41.31
TAIZHOU JIAOJIANG STATE     7.46    09/13/20      CNY      72.59
TAIZHOU TRAFFIC INDUSTR     6.15    03/11/20      CNY      60.93
TAIZHOU TRAFFIC INDUSTR     6.15    03/11/20      CNY      60.94
TAIZHOU XINTAI GROUP CO     6.85    08/14/18      CNY      25.42
TAIZHOU XINTAI GROUP CO     6.85    08/14/18      CNY      50.50
TANGSHAN NANHU ECO CITY     7.08    10/16/19      CNY      61.31
TIANJIN BINHAI NEW AREA     5.00    03/13/18      CNY      40.09
TIANJIN BINHAI NEW AREA     5.00    03/13/18      CNY      40.09
TIANJIN BINHAI NEW AREA     5.19    03/13/20      CNY      60.08
TIANJIN DONGFANG CAIXIN     7.99    11/23/18      CNY      71.75
TIANJIN DONGLI CITY INF     6.05    06/19/20      CNY      60.87
TIANJIN ECO-CITY INVEST     6.76    08/14/19      CNY      61.04
TIANJIN ECONOMIC TECHNO     6.20    12/03/19      CNY      60.86
TIANJIN ECONOMIC TECHNO     6.20    12/03/19      CNY      61.02
TIANJIN HANBIN INVESTME     8.39    03/22/19      CNY      41.30
TIANJIN HI-TECH INDUSTR     7.80    03/27/19      CNY      40.97
TIANJIN HI-TECH INDUSTR     7.80    03/27/19      CNY      41.18
TIANJIN JINNAN CITY CON     6.95    06/18/19      CNY      40.81
TIANJIN JINNAN CITY CON     6.95    06/18/19      CNY      40.84
TIANJIN TEDA CONSTRUCTI     6.89    04/27/20      CNY      61.91
TIELING PUBLIC ASSETS I     7.34    05/29/18      CNY      25.08
TIELING PUBLIC ASSETS I     7.34    05/29/18      CNY      25.17
TONGCHUAN DEVELOPMENT I     7.50    07/17/19      CNY      40.58
TONGLIAO TIANCHENG URBA     7.75    09/24/19      CNY      61.51
TONGLIAO URBAN INVESTME     5.98    09/01/17      CNY      40.00
TONGLIAO URBAN INVESTME     5.98    09/01/17      CNY      40.03
TONGLIAO URBAN INVESTME     6.64    04/09/20      CNY      60.98
TONGLIAO URBAN INVESTME     6.64    04/09/20      CNY      61.40
TONGREN FANJINGSHAN INV     6.89    08/02/19      CNY      40.78
TONGXIANG CITY CONSTRUC     6.10    05/16/20      CNY      61.12
TULUFAN DISTRICT STATE-     7.20    08/09/19      CNY      76.03
TULUFAN DISTRICT STATE-     7.20    08/09/19      CNY      76.60
ULANQAB CITY JI NING DI     6.88    03/19/20      CNY      59.71
URUMQI CITY CONSTRUCTIO     6.35    07/09/19      CNY      41.03
URUMQI ECO&TECH DEVELOP     8.58    01/10/19      CNY      51.38
URUMQI HIGH-TECH INVEST     6.18    03/05/20      CNY      61.00
URUMQI HIGH-TECH INVEST     6.18    03/05/20      CNY      61.04
URUMQI STATE-OWNED ASSE     6.48    04/28/18      CNY      25.25
WAFANGDIAN STATE-OWNED      8.55    04/19/19      CNY      41.47
WAFANGDIAN STATE-OWNED      6.20    06/20/20      CNY      59.77
WAFANGDIAN STATE-OWNED      6.20    06/20/20      CNY      60.51
WEIFANG BINHAI INVESTME     6.16    04/16/21      CNY      71.46
WEIFANG DONGXIN CONSTRU     6.88    11/20/19      CNY      61.19
WEIFANG DONGXIN CONSTRU     6.88    11/20/19      CNY      61.55
WEIHAI WENDENG URBAN PR     6.38    03/06/20      CNY      60.84
WEIHAI WENDENG URBAN PR     6.38    03/06/20      CNY      61.06
WEINAN CITY INVESTMENT      6.69    01/15/20      CNY      61.19
WEINAN CITY INVESTMENT      6.69    01/15/20      CNY      61.23
WENLING CITY STATE OWNE     7.18    09/18/19      CNY      61.20
WENLING CITY STATE OWNE     7.18    09/18/19      CNY      61.23
WENZHOU ANJUFANG CITY D     7.65    04/24/19      CNY      40.93
WENZHOU ECONOMIC-TECHNO     6.49    01/15/20      CNY      61.24
WUHAI CITY CONSTRUCTION     8.20    03/31/19      CNY      41.17
WUHAN METRO GROUP CO LT     5.70    02/04/20      CNY      60.93
WUHAN METRO GROUP CO LT     5.70    02/04/20      CNY      60.94
WUHAN REAL ESTATE GROUP     5.90    03/22/19      CNY      49.67
WUHAN REAL ESTATE GROUP     5.90    03/22/19      CNY      50.51
WUHAN URBAN CONSTRUCTIO     5.60    03/08/20      CNY      60.44
WUHU CONSTRUCTION INVES     6.84    03/26/19      CNY      71.00
WUHU ECONOMIC TECHNOLOG     6.70    06/08/18      CNY      25.20
WUHU ECONOMIC TECHNOLOG     6.70    06/08/18      CNY      25.27
WUHU ECONOMIC TECHNOLOG     6.90    06/08/22      CNY      73.08
WUHU XINMA INVESTMENT C     7.18    11/14/19      CNY      61.00
WUHU XINMA INVESTMENT C     7.18    11/14/19      CNY      61.53
WUJIANG ECONOMIC TECHNO     6.88    12/27/19      CNY      60.85
WUJIANG ECONOMIC TECHNO     6.88    12/27/19      CNY      61.57
WUXI CONSTRUCTION AND D     6.60    09/17/19      CNY      60.93
WUXI CONSTRUCTION AND D     6.60    09/17/19      CNY      61.04
WUXI HUISHAN ECONOMIC D     6.03    04/22/19      CNY      50.61
WUXI TAIHU INTERNATIONA     7.60    09/17/19      CNY      61.39
WUXI XIDONG NEW TOWN CO     6.65    01/28/20      CNY      61.13
WUXI XIDONG NEW TOWN CO     6.65    01/28/20      CNY      61.51
WUXI XIDONG TECHNOLOGY      5.98    10/26/18      CNY      70.64
WUZHOU DONGTAI STATE-OW     7.40    09/03/19      CNY      61.51
XIAMEN XINGLIN CONSTRUC     6.60    02/22/20      CNY      61.07
XIAMEN XINGLIN CONSTRUC     6.60    02/22/20      CNY      61.29
XI'AN AEROSPACE BASE IN     6.96    11/08/19      CNY      61.17
XIAN CHANBAHE DEVELOPME     6.89    08/03/19      CNY      40.80
XI'AN HI-TECH HOLDING C     5.70    02/26/19      CNY      50.38
XI'AN HI-TECH HOLDING C     5.70    02/26/19      CNY      50.55
XI'AN URBAN INDEMNIFICA     7.31    03/18/19      CNY      71.69
XI'AN URBAN INDEMNIFICA     7.31    03/18/19      CNY      71.79
XI'AN URBAN INDEMNIFICA     7.31    04/18/19      CNY      71.84
XI'AN URBAN INDEMNIFICA     7.31    04/18/19      CNY      71.89
XIANGTAN CITY CONSTRUCT     8.00    03/16/19      CNY      40.01
XIANGTAN CITY CONSTRUCT     8.00    03/16/19      CNY      41.15
XIANGTAN HI-TECH GROUP      6.90    01/15/20      CNY      61.27
XIANGTAN HI-TECH GROUP      6.90    01/15/20      CNY      61.34
XIANGTAN JIUHUA ECONOMI     7.43    08/29/19      CNY      61.25
XIANGTAN ZHENXIANG STAT     6.60    08/07/20      CNY      61.61
XIANGYANG CITY CONSTRUC     8.12    01/12/19      CNY      41.20
XIANGYANG CITY CONSTRUC     8.12    01/12/19      CNY      41.42
XIANNING CITY CONSTRUCT     7.50    08/31/18      CNY      50.48
XIANNING CITY CONSTRUCT     7.50    08/31/18      CNY      50.69
XIANNING HIGH-TECH INVE     5.80    06/05/20      CNY      60.33
XIAOGAN URBAN CONSTRUCT     8.12    03/26/19      CNY      41.37
XINGHUA URBAN CONSTRUCT     7.25    10/23/18      CNY      50.65
XINING CITY INVESTMENT      7.70    04/27/19      CNY      41.22
XINING ECONOMIC DEVELOP     5.90    06/04/20      CNY      60.36
XINJIANG SHIHEZI DEVELO     7.50    08/29/18      CNY      49.77
XINJIANG UYGUR AR HAMI      6.25    07/17/18      CNY      25.28
XINJIANG WUJIAQU URBAN      6.10    05/23/20      CNY      60.39
XINJIANG WUJIAQU URBAN      6.10    05/23/20      CNY      61.40
XINXIANG INVESTMENT GRO     6.80    01/18/18      CNY      40.23
XINXIANG INVESTMENT GRO     5.85    04/15/20      CNY      60.73
XINYANG HUAXIN INVESTME     6.95    06/14/19      CNY      40.60
XINYANG HUAXIN INVESTME     6.95    06/14/19      CNY      40.92
XINYU CITY CONSTRUCTION     7.08    12/13/19      CNY      61.49
XINZHENG NEW DISTRICT D     6.52    06/28/19      CNY      50.85
XINZHOU CITY ASSET MANA     7.39    08/08/18      CNY      25.54
XUCHANG GENERAL INVESTM     7.78    04/27/19      CNY      41.39
XUZHOU CITY TONGSHAN DI     6.60    08/08/20      CNY      61.52
XUZHOU CITY TONGSHAN DI     6.60    08/08/20      CNY      61.69
XUZHOU ECONOMIC TECHNOL     8.20    03/07/19      CNY      41.15
XUZHOU ECONOMIC TECHNOL     8.20    03/07/19      CNY      41.50
XUZHOU XINSHENG CONSTRU     7.48    05/08/18      CNY      25.37
YAAN STATE-OWNED ASSET      7.39    07/04/19      CNY      40.75
YANCHENG CITY DAFENG DI     7.08    12/13/19      CNY      61.38
YANCHENG ORIENTAL INVES     6.99    10/26/19      CNY      61.25
YANCHENG SOUTH DISTRICT     6.93    10/26/19      CNY      61.49
YANGZHONG URBAN CONSTRU     7.10    03/26/18      CNY      50.39
YANGZHOU HANJIANG URBAN     6.20    03/12/20      CNY      60.55
YANGZHOU HANJIANG URBAN     6.20    03/12/20      CNY      60.70
YANGZHOU LONGCHUAN HOLD     8.10    03/23/19      CNY      41.08
YANGZHOU URBAN CONSTRUC     6.30    07/26/19      CNY      40.58
YANTAI CITY MOUPING DIS     8.05    03/04/19      CNY      72.06
YANTAI DEVELOPMENT ZONE     5.70    04/10/20      CNY      60.66
YANTAI URBAN CONSTRUCTI     5.99    03/14/20      CNY      61.07
YIBIN STATE-OWNED ASSET     5.80    05/23/18      CNY      40.21
YICHANG MUNICIPAL FINAN     7.12    10/16/19      CNY      61.19
YICHANG MUNICIPAL FINAN     7.12    10/16/19      CNY      61.38
YICHANG URBAN CONSTRUCT     6.85    11/08/19      CNY      60.94
YICHANG URBAN CONSTRUCT     6.85    11/08/19      CNY      60.95
YICHUN CITY CONSTRUCTIO     7.35    07/24/19      CNY      40.63
YIJINHUOLUOQI HONGTAI C     8.35    03/19/19      CNY      61.88
YIJINHUOLUOQI HONGTAI C     8.35    03/19/19      CNY      61.89
YILI STATE-OWNED ASSET      6.70    11/19/18      CNY      49.95
YILI STATE-OWNED ASSET      6.70    11/19/18      CNY      50.47
YINGKOU CITY CONSTRUCTI     7.98    04/18/20      CNY      57.96
YINGKOU COASTAL DEVELOP     7.08    11/16/19      CNY      60.78
YINGKOU COASTAL DEVELOP     7.08    11/16/19      CNY      60.89
YINGKOU ECO & TECH DEVE     6.17    04/08/20      CNY      60.08
YIXING CITY DEVELOPMENT     6.90    10/10/19      CNY      60.91
YIXING CITY DEVELOPMENT     6.90    10/10/19      CNY      60.92
YIYANG CITY CONSTRUCTIO     7.36    08/24/19      CNY      61.47
YIYANG GAOXIN TECHNOLOG     6.70    03/13/20      CNY      61.04
YIYANG GAOXIN TECHNOLOG     6.70    03/13/20      CNY      61.27
YIZHENG CITY CONSTRUCTI     7.78    06/14/19      CNY      41.14
YUEYANG CITY CONSTRUCTI     6.05    07/12/20      CNY      61.42
YUEYANG CITY CONSTRUCTI     6.05    07/12/20      CNY      78.00
YUHUAN COUNTY COMMUNICA     7.15    10/12/19      CNY      61.00
YUHUAN COUNTY COMMUNICA     7.15    10/12/19      CNY      61.08
YULIN CITY INVESTMENT O     6.81    12/04/18      CNY      50.68
YULIN URBAN CONSTRUCTIO     6.88    11/26/19      CNY      59.99
YUNCHENG URBAN CONSTRUC     7.48    10/15/19      CNY      61.84
YUNNAN PROVINCIAL INVES     5.25    08/24/17      CNY      39.98
YUNNAN PROVINCIAL INVES     5.25    08/24/17      CNY      41.00
YUYAO ECONOMIC DEVELOPM     6.75    03/04/20      CNY      61.14
YUYAO WATER RESOURCE IN     7.20    10/16/19      CNY      61.80
ZHANGJIAGANG JINCHENG I     6.23    01/06/18      CNY      30.09
ZHANGJIAGANG MUNICIPAL      6.43    11/27/19      CNY      60.36
ZHANGJIAJIE ECONOMIC DE     7.40    10/18/19      CNY      61.51
ZHANGJIAKOU CONSTRUCTIO     7.00    10/26/19      CNY      60.75
ZHANGJIAKOU TONGTAI HOL     6.90    07/05/18      CNY      40.55
ZHANGZHOU CITY CONSTRUC     6.60    03/26/20      CNY      61.27
ZHAOYUAN STATE-OWNED AS     6.64    12/31/19      CNY      61.26
ZHEJIANG GUOXING INVEST     8.15    03/09/18      CNY      25.31
ZHEJIANG GUOXING INVEST     8.15    03/09/18      CNY      25.36
ZHEJIANG HUZHOU HUANTAI     6.70    11/28/19      CNY      60.96
ZHEJIANG JIASHAN ECONOM     7.05    12/03/19      CNY      61.34
ZHEJIANG JIASHAN ECONOM     7.05    12/03/19      CNY      61.69
ZHEJIANG PROVINCE DEQIN     6.90    04/12/18      CNY      40.35
ZHEJIANG PROVINCE DEQIN     6.40    02/22/20      CNY      60.95
ZHEJIANG PROVINCE XINCH     6.60    04/24/20      CNY      61.04
ZHEJIANG PROVINCE XINCH     6.60    04/24/20      CNY      61.09
ZHENGZHOU CITY CONSTRUC     6.37    12/03/19      CNY      60.30
ZHENGZHOU CITY CONSTRUC     6.37    12/03/19      CNY      61.12
ZHENGZHOU PUBLIC HOUSIN     5.98    07/17/20      CNY      61.11
ZHENJIANG CULTURE AND T     6.60    01/30/20      CNY      59.38
ZHENJIANG CULTURE AND T     6.60    01/30/20      CNY      60.37
ZHENJIANG TRANSPORTATIO     7.29    05/08/19      CNY      40.92
ZHENJIANG TRANSPORTATIO     7.29    05/08/19      CNY      41.91
ZHONGSHAN TRANSPORTATIO     6.65    08/28/18      CNY      50.29
ZHONGSHAN TRANSPORTATIO     6.65    08/28/18      CNY      50.49
ZHOUSHAN DINGHAI STATE-     7.25    08/31/20      CNY      71.65
ZHOUSHAN DINGHAI STATE-     7.25    08/31/20      CNY      72.54
ZHUCHENG ECONOMIC DEVEL     6.40    04/26/18      CNY      20.10
ZHUCHENG ECONOMIC DEVEL     6.40    04/26/18      CNY      20.13
ZHUCHENG ECONOMIC DEVEL     7.50    08/25/18      CNY      30.52
ZHUCHENG ECONOMIC DEVEL     6.80    11/29/19      CNY      60.80
ZHUHAI HUAFA GROUP CO L     8.43    02/16/18      CNY      25.36
ZHUHAI HUAFA GROUP CO L     8.43    02/16/18      CNY      25.45
ZHUHAI HUAFA GROUP CO L     5.50    06/05/19      CNY      50.37
ZHUHAI HUAFA GROUP CO L     5.50    06/05/19      CNY      50.50
ZHUJI CITY CONSTRUCTION     6.92    07/05/18      CNY      40.78
ZHUJI CITY CONSTRUCTION     6.92    12/19/19      CNY      61.54
ZHUMADIAN INVESTMENT CO     6.95    11/26/19      CNY      61.20
ZHUMADIAN INVESTMENT CO     6.95    11/26/19      CNY      61.36
ZHUZHOU GECKOR GROUP CO     7.50    09/10/19      CNY      61.49
ZHUZHOU GECKOR GROUP CO     7.50    09/10/19      CNY      61.49
ZHUZHOU GECKOR GROUP CO     7.82    08/18/18      CNY      71.35
ZHUZHOU YUNLONG DEVELOP     6.78    11/19/19      CNY      61.02
ZHUZHOU YUNLONG DEVELOP     6.78    11/19/19      CNY      61.02
ZIBO CITY PROPERTY CO L     5.45    04/27/19      CNY      24.07
ZIBO CITY PROPERTY CO L     6.83    08/22/19      CNY      61.20
ZIBO CITY PROPERTY CO L     6.83    08/22/19      CNY      61.38
ZIGONG GAOXIN INVESTMEN     6.30    03/13/20      CNY      61.12
ZIGONG STATE-OWNED ASSE     6.86    06/17/18      CNY      40.44
ZIYANG CITY CONSTRUCTIO     7.58    01/09/19      CNY      50.72
ZOUCHENG CITY ASSET OPE     7.02    01/12/18      CNY      20.15
ZOUCHENG CITY ASSET OPE     6.18    03/12/19      CNY      50.25
ZOUCHENG CITY ASSET OPE     6.18    03/12/19      CNY      50.51
ZOUPING COUNTY STATE-OW     6.98    04/27/18      CNY      40.50
ZUNYI CITY HUICHUAN DIS     6.75    04/24/19      CNY      50.86
ZUNYI INVESTMENT GROUP      8.53    03/13/19      CNY      41.26
ZUNYI ROAD & BRIDGE ENG     7.15    08/17/20      CNY      57.07
ZUNYI STATE-OWNED ASSET     6.98    12/26/19      CNY      60.80
ZUNYI STATE-OWNED ASSET     6.98    12/26/19      CNY      61.50

HONG KONG
---------

CHINA CITY CONSTRUCTION     5.35    07/03/17      CNY      67.63


INDONESIA
---------

BERAU COAL ENERGY TBK P     7.25    03/13/17      USD      49.97
BERAU COAL ENERGY TBK P     7.25    03/13/17      USD      50.63
DAVOMAS INTERNATIONAL F    11.00    12/08/14      USD       0.33
DAVOMAS INTERNATIONAL F    11.00    12/08/14      USD       0.33
DAVOMAS INTERNATIONAL F    11.00    05/09/11      USD       0.33
DAVOMAS INTERNATIONAL F    11.00    05/09/11      USD       0.33


INDIA
-----

3I INFOTECH LTD             2.50    03/31/25      USD      14.00
BLUE DART EXPRESS LTD       9.30    11/20/17      INR      10.04
BLUE DART EXPRESS LTD       9.40    11/20/18      INR      10.25
BLUE DART EXPRESS LTD       9.50    11/20/19      INR      10.43
GTL INFRASTRUCTURE LTD      5.53    11/09/17      USD      59.38
JAIPRAKASH ASSOCIATES L     5.75    09/08/17      USD      56.25
JAIPRAKASH POWER VENTUR     7.00    02/13/49      USD      15.00
JCT LTD                     2.50    04/08/11      USD      27.00
PRAKASH INDUSTRIES LTD      5.25    04/30/15      USD      21.00
PYRAMID SAIMIRA THEATRE     1.75    07/04/12      USD       1.00
REI AGRO LTD                5.50    11/13/14      USD       0.34
REI AGRO LTD                5.50    11/13/14      USD       0.34
RELIANCE COMMUNICATIONS     6.50    11/06/20      USD      70.00
SVOGL OIL GAS & ENERGY      5.00    08/17/15      USD       1.55
VIDEOCON INDUSTRIES LTD     2.80    12/31/20      USD      55.48


JAPAN
-----

AVANSTRATE INC              5.55    10/31/17      JPY      21.88
AVANSTRATE INC              5.55    10/31/17      JPY      37.00
EAST JAPAN RAILWAY CO       0.50    07/28/56      JPY      73.79
JAPAN EXPRESSWAY HOLDIN     0.30    06/30/56      JPY      74.52
JAPAN FINANCE ORGANIZAT     0.49    07/28/56      JPY      75.00
MICRON MEMORY JAPAN INC     2.03    03/22/12      JPY      13.75
MICRON MEMORY JAPAN INC     2.29    12/07/12      JPY      13.75
MICRON MEMORY JAPAN INC     2.10    11/29/12      JPY      13.75
TAKATA CORP                 0.58    03/26/21      JPY       7.13
TAKATA CORP                 0.85    03/06/19      JPY       7.13
TAKATA CORP                 1.02    12/15/17      JPY      11.63


KOREA
-----

2014 KODIT CREATIVE THE     5.00    12/25/17      KRW      41.16
2014 KODIT CREATIVE THE     5.00    12/25/17      KRW      41.16
2016 KIBO 1ST SECURITIZ     5.00    09/13/18      KRW      32.60
DOOSAN CAPITAL SECURITI    20.00    04/22/19      KRW      55.76
KIBO ABS SPECIALTY CO L     5.00    08/29/19      KRW      29.15
KIBO ABS SPECIALTY CO L     5.00    02/26/19      KRW      30.85
KIBO ABS SPECIALTY CO L     5.00    02/25/19      KRW      31.01
KIBO ABS SPECIALTY CO L     5.00    03/29/18      KRW      35.67
KIBO ABS SPECIALTY CO L     5.00    12/25/17      KRW      39.08
KIBO ABS SPECIALTY CO L    10.00    08/22/17      KRW      68.33
KOREA SOUTH-EAST POWER      4.38    12/07/42      KRW      57.81
KOREA SOUTH-EAST POWER      4.44    12/07/42      KRW      58.44
LSMTRON DONGBANGSEONGJA     4.53    11/22/17      KRW      44.36
MERITZ CAPITAL CO LTD       5.66    04/28/46      KRW      38.20
OKC SECURITIZATION SPEC    10.00    01/03/20      KRW      32.36
OKC SECURITIZATION SPEC     3.00    02/17/42      KRW      52.37
SAMPYO CEMENT CO LTD        7.50    04/20/14      KRW      70.00
SAMPYO CEMENT CO LTD        7.30    04/12/15      KRW      70.00
SAMPYO CEMENT CO LTD        7.50    09/10/14      KRW      70.00
SAMPYO CEMENT CO LTD        7.50    07/20/14      KRW      70.00
SAMPYO CEMENT CO LTD        7.30    06/26/15      KRW      70.00
SHINHAN BANK CO LTD         4.20    08/07/32      KRW      71.54
SINBO SECURITIZATION SP     5.00    10/30/19      KRW      18.65
SINBO SECURITIZATION SP     5.00    09/23/20      KRW      26.63
SINBO SECURITIZATION SP     5.00    08/26/20      KRW      26.89
SINBO SECURITIZATION SP     5.00    07/28/20      KRW      27.14
SINBO SECURITIZATION SP     5.00    02/25/20      KRW      28.75
SINBO SECURITIZATION SP     5.00    01/28/20      KRW      28.89
SINBO SECURITIZATION SP     5.00    12/30/19      KRW      29.10
SINBO SECURITIZATION SP     5.00    06/24/19      KRW      29.77
SINBO SECURITIZATION SP     5.00    09/30/19      KRW      30.04
SINBO SECURITIZATION SP     5.00    08/27/19      KRW      30.47
SINBO SECURITIZATION SP     5.00    07/29/19      KRW      30.73
SINBO SECURITIZATION SP     5.00    03/13/19      KRW      30.80
SINBO SECURITIZATION SP     5.00    06/25/19      KRW      31.09
SINBO SECURITIZATION SP     5.00    03/18/19      KRW      32.18
SINBO SECURITIZATION SP     5.00    03/18/19      KRW      32.18
SINBO SECURITIZATION SP     5.00    02/27/19      KRW      32.41
SINBO SECURITIZATION SP     5.00    02/27/19      KRW      32.41
SINBO SECURITIZATION SP     5.00    01/30/19      KRW      32.67
SINBO SECURITIZATION SP     5.00    01/30/19      KRW      32.67
SINBO SECURITIZATION SP     5.00    07/29/18      KRW      32.97
SINBO SECURITIZATION SP     5.00    12/23/18      KRW      33.05
SINBO SECURITIZATION SP     5.00    12/23/18      KRW      33.05
SINBO SECURITIZATION SP     5.00    06/25/18      KRW      33.31
SINBO SECURITIZATION SP     5.00    05/26/18      KRW      33.59
SINBO SECURITIZATION SP     5.00    09/26/18      KRW      34.03
SINBO SECURITIZATION SP     5.00    09/26/18      KRW      34.03
SINBO SECURITIZATION SP     5.00    09/26/18      KRW      34.03
SINBO SECURITIZATION SP     5.00    08/29/18      KRW      34.34
SINBO SECURITIZATION SP     5.00    08/29/18      KRW      34.34
SINBO SECURITIZATION SP     5.00    07/24/18      KRW      34.81
SINBO SECURITIZATION SP     5.00    07/24/18      KRW      34.81
SINBO SECURITIZATION SP     5.00    06/27/18      KRW      35.07
SINBO SECURITIZATION SP     5.00    06/27/18      KRW      35.07
SINBO SECURITIZATION SP     5.00    03/12/18      KRW      35.84
SINBO SECURITIZATION SP     5.00    03/12/18      KRW      35.84
SINBO SECURITIZATION SP     5.00    02/11/18      KRW      36.30
SINBO SECURITIZATION SP     5.00    02/11/18      KRW      36.30
SINBO SECURITIZATION SP     5.00    01/15/18      KRW      38.94
SINBO SECURITIZATION SP     5.00    01/15/18      KRW      38.94
SINBO SECURITIZATION SP     5.00    12/23/17      KRW      39.30
SINBO SECURITIZATION SP     5.00    10/01/17      KRW      57.77
SINBO SECURITIZATION SP     5.00    10/01/17      KRW      57.77
SINBO SECURITIZATION SP     5.00    10/01/17      KRW      57.77
U-BEST SECURITIZATION S     5.50    11/16/17      KRW      47.60
WISE MOBILE SECURITIZAT    20.00    09/17/18      KRW      74.55


SRI LANKA
---------

SRI LANKA GOVERNMENT BO     5.35    03/01/26      LKR      70.87


MALAYSIA
--------

ADVANCE SYNERGY BHD         2.00    01/26/18      MYR       0.08
ASIAN PAC HOLDINGS BHD      3.00    05/25/22      MYR       0.78
BARAKAH OFFSHORE PETROL     3.50    10/24/18      MYR       0.51
BERJAYA CORP BHD            2.00    05/29/26      MYR       0.33
BERJAYA CORP BHD            5.00    04/22/22      MYR       0.44
BRIGHT FOCUS BHD            2.50    01/22/31      MYR      73.11
ELK-DESA RESOURCES BHD      3.25    04/14/22      MYR       0.96
HIAP TECK VENTURE BHD       5.00    06/27/21      MYR       0.38
I-BHD                       2.50    10/09/19      MYR       0.41
IRE-TEX CORP BHD            1.00    06/10/19      MYR       0.02
LAND & GENERAL BHD          1.00    09/24/18      MYR       0.15
PERODUA GLOBAL MANUFACT     0.50    12/17/25      MYR      74.04
PUC BHD                     4.00    02/15/19      MYR       0.07
REDTONE INTERNATIONAL B     2.75    03/04/20      MYR       0.17
SAM ENGINEERING & EQUIP     4.00    09/25/17      MYR       3.03
SEE HUP CONSOLIDATED BH     4.60    12/22/17      MYR       0.13
SENAI-DESARU EXPRESSWAY     1.35    06/30/31      MYR      55.17
SENAI-DESARU EXPRESSWAY     1.35    12/31/30      MYR      56.50
SENAI-DESARU EXPRESSWAY     1.35    06/28/30      MYR      57.87
SENAI-DESARU EXPRESSWAY     1.35    12/31/29      MYR      59.20
SENAI-DESARU EXPRESSWAY     1.35    06/29/29      MYR      60.58
SENAI-DESARU EXPRESSWAY     1.35    12/29/28      MYR      61.96
SENAI-DESARU EXPRESSWAY     1.35    06/30/28      MYR      63.36
SENAI-DESARU EXPRESSWAY     1.35    12/31/27      MYR      64.76
SENAI-DESARU EXPRESSWAY     1.35    06/30/27      MYR      66.15
SENAI-DESARU EXPRESSWAY     1.35    12/31/26      MYR      67.60
SENAI-DESARU EXPRESSWAY     1.35    06/30/26      MYR      69.02
SENAI-DESARU EXPRESSWAY     1.35    12/31/25      MYR      70.45
SENAI-DESARU EXPRESSWAY     1.15    06/30/25      MYR      70.63
SENAI-DESARU EXPRESSWAY     1.15    12/31/24      MYR      72.14
SENAI-DESARU EXPRESSWAY     0.50    12/31/38      MYR      72.72
SENAI-DESARU EXPRESSWAY     1.15    06/28/24      MYR      73.72
SENAI-DESARU EXPRESSWAY     0.50    12/30/39      MYR      74.24
SOUTHERN STEEL BHD          5.00    01/24/20      MYR       1.85
THONG GUAN INDUSTRIES B     5.00    10/10/19      MYR       4.12
UNIMECH GROUP BHD           5.00    09/18/18      MYR       1.01
VIZIONE HOLDINGS BHD        3.00    08/08/21      MYR       0.06
YTL LAND & DEVELOPMENT      3.00    10/31/21      MYR       0.47


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

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


SINGAPORE
---------

ASL MARINE HOLDINGS LTD     5.85    10/01/21      SGD      45.00
ASL MARINE HOLDINGS LTD     5.50    03/28/20      SGD      69.38
AUSGROUP LTD                7.95    10/20/18      SGD      51.00
BAKRIE TELECOM PTE LTD     11.50    05/07/15      USD       1.10
BAKRIE TELECOM PTE LTD     11.50    05/07/15      USD       1.10
BERAU CAPITAL RESOURCES    12.50    07/08/15      USD      50.04
BERAU CAPITAL RESOURCES    12.50    07/08/15      USD      50.82
BLD INVESTMENTS PTE LTD     8.63    03/23/15      USD       3.97
BLUE OCEAN RESOURCES PT     4.00    12/31/20      USD      30.00
BUMI CAPITAL PTE LTD       12.00    11/10/16      USD      55.38
BUMI CAPITAL PTE LTD       12.00    11/10/16      USD      55.38
BUMI INVESTMENT PTE LTD    10.75    10/06/17      USD      55.00
BUMI INVESTMENT PTE LTD    10.75    10/06/17      USD      55.25
ENERCOAL RESOURCES PTE      9.25    08/05/14      USD      38.13
EZION HOLDINGS LTD          5.10    03/13/20      SGD      35.00
EZION HOLDINGS LTD          4.88    06/11/21      SGD      35.07
EZION HOLDINGS LTD          4.70    05/22/19      SGD      63.04
EZION HOLDINGS LTD          4.85    01/23/19      SGD      66.72
EZION HOLDINGS LTD          4.60    08/20/18      SGD      73.58
EZRA HOLDINGS LTD           4.88    04/24/18      SGD       4.96
GOLIATH OFFSHORE HOLDIN    12.00    06/11/18      USD       1.02
INDO INFRASTRUCTURE GRO     2.00    07/30/10      USD       1.00
ORO NEGRO DRILLING PTE      7.50    01/24/19      USD      56.25
OSA GOLIATH PTE LTD        12.00    10/09/18      USD       0.62
OTTAWA HOLDINGS PTE LTD     5.88    05/16/18      USD      71.57
OTTAWA HOLDINGS PTE LTD     5.88    05/16/18      USD      72.27
PACIFIC RADIANCE LTD        4.30    08/29/18      SGD      26.38
RICKMERS MARITIME           8.45    05/15/17      SGD      13.88
SWIBER CAPITAL PTE LTD      6.50    08/02/18      SGD       4.31
SWIBER CAPITAL PTE LTD      6.25    10/30/17      SGD       6.75
SWIBER HOLDINGS LTD         7.75    09/18/17      CNY      10.00
SWIBER HOLDINGS LTD         7.13    04/18/17      SGD      10.00
SWIBER HOLDINGS LTD         5.55    10/10/16      SGD      10.25
TRIKOMSEL PTE LTD           5.25    05/10/16      SGD      16.38
TRIKOMSEL PTE LTD           7.88    06/05/17      SGD      16.38

THAILAND
--------

G STEEL PCL                 3.00    10/04/15      USD       2.67
MDX PCL                     4.75    09/17/03      USD      37.75


VIETNAM
-------

DEBT AND ASSET TRADING      1.00    10/10/25      USD      62.38
DEBT AND ASSET TRADING      1.00    10/10/25      USD      62.48



                             *********

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.
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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