TCRAP_Public/170829.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 29, 2017, Vol. 20, No. 171

                            Headlines


A U S T R A L I A

ALL HOLDINGS: First Creditors' Meeting Set for Sept. 5
AURIGEN GROUP: First Creditors' Meeting Set for Sept. 4
AUSTRADIA PTY: UK Owner Saves Topshop Shops After Administration
AUSTRALIAN ABRASIVE: First Creditors' Meeting Set for Sept. 5
CITYSCORE PTY: First Creditors' Meeting Set for Sept. 4

FORTESCUE METALS: Fitch Affirms BB+ Long-Term IDR; Outlook Stable
MARKETPLACE MARION: First Creditors' Meeting Set for Sept. 6
MATERA 3: First Creditors' Meeting Set for Sept. 4
NETWORK TEN: CBS Agrees to Buy Troubled Australian Broadcaster


C H I N A

CBAK ENERGY: Incurs $3.75 Million Net Loss in Second Quarter
CHINA COMMERCIAL: Reports $4.7M Net Loss for Second Quarter
GENERAL STEEL: Simon & Edward Replaces Friedman as Accountants
SINO UNITED: Inability to Obtain Financing Cast Doubt
TONGJI HEALTHCARE: Incurs $539,000 Net Loss in Second Quarter

YUZHOU PROPERTIES: 1H 2017 Results Support Moody's B1 Ratings


I N D I A

AAKAF STEEL: CARE Reaffirms B+ Rating on INR18cr Bank Loan
AI COTTON: CRISIL Lowers Rating on INR14MM Cash Loan to 'B'
ANIL CONSTRUCTION: Ind-Ra Migrates BB- Rating to Not Cooperating
AXIS OVERSEAS: Ind-Ra Migrates BB- Rating to Not Cooperating
BIRBAL INTERNATIONAL: Ind-Ra Moves B+ Rating to Not Cooperating

CVT TECHNOLOGY: CRISIL Reaffirms 'B' Rating on INR5MM LT Loan
DELTA PAPER: CRISIL Raises Rating on INR52MM Cash Loan to B
DS AGRIFOODS: CARE Reaffirms B+ Rating on INR14.98cr LT Loan
GOLDEN STAR: CRISIL Lowers Rating on INR6.2MM Cash Loan to 'B'
HILLTOP CONCRETE: CARE Lowers Rating on INR17cr LT Loan to 'D'

HOLISTIC REMEDIES: CARE Assigns B Rating to INR6.0cr LT Loan
INDUSTRIAL ASSOCIATES: CRISIL Cuts Rating on INR11.75MM Loan to B
ISHWAR OIL: CARE Lowers Rating on INR5.53cr LT Loan to 'D'
ISR INFRA: CRISIL Lowers Rating on INR5.0MM Cash Loan to B
ITP ELECTRONICS: CRISIL Cuts Rating on INR3.5MM LT Loan to 'B'

JANAKIRAMA RAW: CRISIL Lowers Rating on INR9MM Cash Loan to 'B'
JAYPEE INFRATECH: Ready to Hand Over 25 Apartments
KHOKHAR INFRA: Ind-Ra Moves BB- Rating to Not Cooperating
KISANMITRA COLD: CARE Assigns B Rating to INR19cr LT Loan
M.S. REDDY: CARE Assigns INR7.40cr LT Bank Loan to B+

MAHA MARUTI: CRISIL Lowers Rating on INR1.5MM Cash Loan to 'B'
MODULUS COSMETICS: CRISIL Cuts Rating on INR10MM Loan to 'B'
MOENUS TEXTILE: Ind-Ra Migrates BB+ Rating to Not Cooperating
NAGABHUSHANAM & CO: Ind-Ra Migrates BB- Rating to Not Cooperating
NAYAAB JEWELS: CARE Downgrades Rating on INR17.70cr Loan to 'D'

PADHAS HYDEL: CRISIL Lowers Rating on INR24MM Term Loan to 'B'
PATIDAR AGRICARE: CARE Assigns 'B' Rating to INR5.15cr LT Loan
PITTI CASTINGS: Ind-Ra Migrates D Rating to Not Cooperating
PRASAD EDUCATION: CARE Lowers Rating on INR43.82cr Loan to 'D'
S M INDUSTRIES: CARE Assigns 'B+' Rating to INR6.0cr LT Loan

SATYAM BALAJEE: Ind-Ra Migrates BB- Rating to Not Cooperating
SHIVOM COTSPIN: CRISIL Lowers Rating on INR12MM Loan to 'B'
SIWANA SOLAR: Ind-Ra Migrates BB Rating to Not Cooperating
SPACETECH EQUIPMENT: CARE Assigns 'B' Rating to INR1.75cr Loan
SPICA PROJECTS: Ind-Ra Migrates BB Rating to Not Cooperating

SPS EDUCATIONAL: CARE Lowers Rating on INR25.25cr Loan to 'D'
SRI VIJAYA: Ind-Ra Migrates 'B+' Rating to Not Cooperating
TIRUMALA AUTOMOTIVES: CRISIL Assigns B+ Rating to INR11.50MM Loan
YADAV RICE: CRISIL Raises Rating on INR6MM Cash Loan to B+


J A P A N

TK HOLDINGS: Creditors' Panel Hires Whiteford as Delaware Counsel
TK HOLDINGS: Creditors' Panel Hires Milbank Tweed as Counsel
TK HOLDINGS: Creditors' Panel Hires Zolfo as Financial Advisor
TOSHIBA CORP: Edges Closer to Chip Unit Deal With Western Digital


T A I W A N

HTC CORP: May Seek to Spin Off Vive Virtual Reality Business


X X X X X X X X

* BOND PRICING: For the Week Aug. 21 to Aug. 25, 2017


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A U S T R A L I A
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ALL HOLDINGS: First Creditors' Meeting Set for Sept. 5
------------------------------------------------------
A first meeting of the creditors in the proceedings of All
Holdings Group Pty Ltd will be held at 6.05, 50 Clarence Street,
in Sydney, NSW, on Sept. 5, 2017, at 10:00 a.m.

Timothy Cook of Balance Insolvency was appointed as administrator
of All Holdings on Aug. 24, 2017.


AURIGEN GROUP: First Creditors' Meeting Set for Sept. 4
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Aurigen
Group Ltd will be held at Level 8, BGC Centre, 28 The Esplanade,
in Perth, on Sept. 4, 2017, at 10:30 a.m.

Cliff Rocke, Jeremy Joseph Nipps and Dino Travaglini of Cor
Cordis were appointed as administrators of Aurigen Group on Aug.
23, 2017.


AUSTRADIA PTY: UK Owner Saves Topshop Shops After Administration
----------------------------------------------------------------
Ryan Eagle, James Stewart and Jim Sarantinos, partners of Ferrier
Hodgson and Joint Administrators of Austradia Pty Ltd (trading as
Topshop and Topman in Australia) on August 25 announced a
successful restructure of the Australian retail business. This
has been achieved by the completion of a sale of certain assets
to Top Shop / Top Man (Australia) Limited, an entity controlled
by the Arcadia Group, a British multinational fashion retailer.

As a result of this transaction, four retail stores located at
Gowings and Bondi Junction in Sydney, Emporium in Melbourne and
Brisbane City will now be operated by the UK based retailer.

Joint Administrator, Ryan Eagle said: "The Administrators are
delighted with the outcome of our discussions with Topshop /
Topman as it finalises a successful restructure and rightsizing
of the business in Australia. Throughout this process we have
considered the optimal operational structure of the business,
ensuring the brand will continue in the local market and to
preserve a significant number of jobs within the business."

A Topshop / Topman spokesperson said: "We are excited to operate
directly in the Australian market and look forward to delivering
unparalleled fashion to our customers. We are delighted to be
offering more than 290 jobs within the Australian market at
Topshop and Topman."

                            About Topshop

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

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

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

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


AUSTRALIAN ABRASIVE: First Creditors' Meeting Set for Sept. 5
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
Abrasive Minerals Pty Ltd and Mineral Separation Plant Pty Ltd
will be held at the offices of KordaMentha, Level 10, 40 St
Georges Tce, in Perth, WA, on Sept. 5, 2017, at 10:00 a.m.

John Bumbak, Richard Tucker and Rahul Goyal of KordaMentha were
appointed as administrators of Australian Abrasive on Aug. 24,
2017.


CITYSCORE PTY: First Creditors' Meeting Set for Sept. 4
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Cityscore
Pty Ltd will be held at the Conference Room, Plaza Level, BGC
Centre, 28 The Esplanade, in Perth, on Sept. 4, 2017, at
12:00 p.m.

Cliff Rocke, Jeremy Joseph Nipps and Dino Travaglini of Cor
Cordis were appointed as administrators of Cityscore Pty on Aug.
23, 2017.


FORTESCUE METALS: Fitch Affirms BB+ Long-Term IDR; Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Australia-based iron ore miner
Fortescue Metals Group Limited's Long-Term Issuer Default Rating
(IDR) at 'BB+'. The Outlook on the IDR is Stable.

Fortescue's 'BB+' IDR continues to be constrained by the sizeable
secured debt in its capital structure. This is despite the
improvement in its credit metrics, which Fitch views as now in
line with an investment-grade rating, following the company's
commitment to strengthen its balance sheet since FY13.

"We see Fortescue's operational profile as commensurate with a
low 'BBB' rating, supported by its position as one of the lowest-
cost iron ore suppliers to Asia (mainly China), which has helped
it withstand periods of weak global iron ore prices. Together
with its scale and substantial mining assets, this
counterbalances the risks associated with producing a single
commodity and low geographic diversity," Fitch says.

KEY RATING DRIVERS

Improving Capital Structure: Fortescue has USD2.16 billion of
senior secured debt in its capital structure that constrains its
IDR. However, Fitch believes that Fortescue's deleveraging has
given it better financial flexibility and, as a result, enhanced
its ability to improve its capital structure. The proportion of
Fortescue's secured debt to EBITDA continued to decline, reaching
0.6x by the end of financial year to June 2017 (FYE17) from 1.7x
at FYE16, following the issuance of USD1.5 billion new unsecured
notes in May 2017 and the repayment of USD976 million of secured
facilities with the proceeds.

Low-Cost Producer: Fortescue's cost of mining and shipping a
tonne of iron ore to its main market in China now compares well
with other major low-cost ore producers, such as Rio Tinto Ltd
(A-/Stable) and BHP Billiton Limited (A+/Negative). Fortescue's
cash production costs (C1 costs, which include the cost of
mining, processing, port and rail) declined to USD12.82 per wet
metric tonne (wmt) in FY17, 17% less than a year earlier and 53%
lower than two years ago.

The improvement in Fortescue's production costs were driven by an
enhanced blend, which uses ore from its newer Solomon mines that
have low strip ratios, and better ore processing and
beneficiations across all of its ore processing facilities. This
allowed the company to mine ore with higher impurities and lower
iron ore content, but still maintain product quality. Operating
productivity and efficiencies, including managing its plant
maintenance and shut-down periods, increased utilisation of its
infrastructure, and, to a lesser extent, a weak local exchange
rate, together with lower global crude oil prices also helped to
reduce costs.

Further Cost Improvements Challenging: Fitch expects the
company's C1 costs to average around USD12 per wmt in FY18, which
is at the upper end of the company's guidance of USD11-12 per
wmt. This recognises that factors beyond Fortescue's control,
such as crude oil prices and the Australian dollar exchange rate,
can have an impact.

Investment-Grade Credit Metrics: Fortescue's credit metrics are
strong for its rating, as it demonstrated its commitment to
deleveraging by using most of the increase in free cash flows to
reduce its net debt since FY13. Over that period, the company
repaid USD8.2 billion of debt, including USD2.7 billion in FY17.
Fitch expects Fortescue to maintain its strong credit metrics,
with FFO-adjusted net leverage to remain below 2.5x over the next
two years (FY17: 0.6x).

This is supported by Fitch expectations that operating cash flows
should remain strong as Fortescue benefits from its low cost
profile. Fitch expects Fortescue to generate EBITDA of USD17 per
dry metric tonne (dmt) of iron ore shipped in FY18 and USD14 per
dmt in FY19. Fitch estimates for Fortescue's leverage and EBITDA
per dmt are based on Fitch expectations that the benchmark iron
ore price, for ore with 62% iron content delivered to China, will
average USD55 per dmt for the remainder of 2017 and USD45 per dmt
from 2018.

Flat Iron Ore Prices: Fitch has maintained Fitch long-term
expectations for benchmark iron ore prices at USD45 per dmt for
2018 and thereafter. This is based on Fitch expectations that the
global iron ore market is likely to remain well supplied, with
new capacity continuing to be added amid weaker demand. This is
lower than the average price of USD70 per dmt recorded in FY17,
following high iron ore prices in late 2016 and the first half of
2017, but Fitch expects prices to fall in line with market
fundamentals over the longer term.

DERIVATION SUMMARY

Fortescue's credit profile compares well with that of Anglo
American plc (BBB-/Stable). Anglo American is one of the world's
largest mining companies with significant commodity and
geographic diversification. However, Anglo American's rating also
reflects its high exposure to South Africa, which is a
challenging environment to operate in, given an active unionised
workforce and comparatively high wage and electricity cost
inflation.

In contrast, Fortescue's operations rely on the sale of a single
commodity, iron ore. This risk is offset by its strong cost
position among global iron ore miners, which supports strong cash
flow generation during periods of low iron ore prices. Like Anglo
American, Fortescue has successfully improved its financial
profile as it prioritises deleveraging and balance sheet
strength. However, the presence of secured debt in Fortescue's
capital structure remains a rating constraint, which is reflected
in the one-notch gap between the ratings on the two companies.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Fortescue
include:
- benchmark iron ore price to average USD55 per dmt for 2017 and
   USD45 per dmt thereafter
- Fortescue's C1 costs to remain at between USD12-13 per wmt in
   FY18 and FY19
- capex of around USD900 million for FY18 in line with the
   company's guidance
- dividend payout ratio to remain at the lower end of
   Fortescue's guidance of 50% to 80% of net profit after tax
   from FY18 to FY21

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
positive rating action:
- absence of secured debt in Fortescue's capital structure.
- maintaining FFO-adjusted net leverage at less than 2.5x.
- sustaining EBITDA per dmt at USD15 or higher.
- maintaining neutral FCF on average.

Developments that may, individually or collectively, lead to
negative rating action:
- FFO-adjusted net leverage sustained at higher than 3.0x.
- EBITDA per dmt sustained at less than USD10.

LIQUIDITY

Comfortable Liquidity, Debt Structure: Fortescue had USD1.8
billion of cash on hand at FY17 and a USD525 million undrawn
revolving credit facility (completed on 28 July 2017). It has no
debt maturities until 2022, when its senior secured notes of
USD2.16 billion and the first tranche of the unsecured notes
issued in FY17 of USD750m fall due. The company's total debt of
USD4.5 billion at FY17 does not include financial maintenance
covenants and the secured notes can be repaid from May 2018 at
Fortescue's option. This provides the company with the
flexibility to reshape its capital structure, which is supported
by its strengthened financial credit profile.

FULL LIST OF RATING ACTIONS

Fortescue Metals Group Limited
-- Long-Term Issuer Default Rating: Affirmed at 'BB+'; Outlook
    at Stable
-- Long-term rating on senior unsecured debt: Affirmed at 'BB+'
-- Long-term rating on senior secured debt: Affirmed at 'BBB-'

FMG Resources (August 2006) Pty Ltd
-- Senior secured notes due in 2022: Affirmed at 'BBB-'
-- Senior unsecured notes due in 2022 and 2024: Affirmed
    at 'BB+'


MARKETPLACE MARION: First Creditors' Meeting Set for Sept. 6
------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Marketplace (Marion) Pty Limited will be held at the offices of
DEM Australasia, Suite 4.02, Level 4, 249 Pitt Street, in Sydney,
NSW, on Sept. 6, 2017, at 11:00 a.m.

Damien Mark Hodgkinson of DEM Australasia was appointed as
administrator of Marketplace (Marion) on Aug. 26, 2017.


MATERA 3: First Creditors' Meeting Set for Sept. 4
--------------------------------------------------
A first meeting of the creditors in the proceedings of Matera 3
Pty Ltd will be held at the Conference Room, Plaza Level, BGC
Centre, 28 The Esplanade, in Perth, on Sept. 4, 2017, at 1:30
p.m.

Cliff Rocke, Jeremy Joseph Nipps and Dino Travaglini of Cor
Cordis were appointed as administrators of Matera 3 on Aug. 23,
2017.


NETWORK TEN: CBS Agrees to Buy Troubled Australian Broadcaster
--------------------------------------------------------------
Dominic Powell at SmartCompany reports that Network Ten has been
acquired by US TV giant CBS after Ten entered voluntary
administration in June, with CBS entering a binding agreement to
acquire all of Network Ten's businesses and assets.

Network Ten entered administration after shareholders Lachlan
Murdoch and Bruce Gordon did not guarantee a AUD250 million loan
to cover the station's AUD200 million debt.

Along with the purchase, CBS will look to launch its on demand
streaming service CBS All Access in Australia as a competitor to
existing services Netflix and Stan, SmartCompany says.

"Network Ten is a prime broadcasting asset with over half a
century of experience and brand equity in Australia. We have been
able to acquire it at a valuation that gives us confidence we
will grow this asset by applying our programming expertise in a
market with which we are already familiar," the report quotes
chairman and chief executive of CBS Corporation Leslie Moonves as
saying in a statement.  "This acquisition not only presents CBS
with considerable broadcasting opportunities in Australia, but
also allows for further multi-platform distribution and growth."

The acquisition is still subject to regulatory approvals, and the
size of the deal has not been disclosed, SmartCompany notes.

                        About Network Ten

Network Ten is a division of Ten Network Holdings, one of
Australia's leading entertainment and news content companies,
with free-to-air television and digital media assets. Ten Network
Holdings includes three free-to-air television channels - TEN/TEN
HD, ELEVEN and ONE - in Australia's five metropolitan markets of
Sydney, Melbourne, Brisbane, Adelaide and Perth, plus the online
catch-up and streaming service tenplay.

As reported in the Troubled Company Reporter-Asia Pacific on
June 15, 2017, KordaMentha Restructuring partners Mark Korda,
Jenny Nettleton and Jarrod Villani have been appointed voluntary
administrators to Network Ten.

"Network Ten will continue to operate under its existing
management and operating structures with KordaMentha oversight.
Customers, employees and other stakeholders are assured that the
administrators intend to keep the business running. Viewers can
expect the same content they currently enjoy on Network Ten,"
KordaMentha said in a statement.

The appointment will allow the voluntary administrators to
explore options for the recapitalisation or sale of Network Ten.



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CBAK ENERGY: Incurs $3.75 Million Net Loss in Second Quarter
------------------------------------------------------------
CBAK Energy Technology, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of US$3.75 million on US$6.33 million of net revenues
for the three months ended June 30, 2017, compared to a net loss
of US$2.66 million on US$1.36 million of net revenues for the
three months ended June 30, 2016.

For the six months ended June 30, 2017, CBAK Energy reported a
net loss of US$5.82 million on US$10.05 million of net revenues
compared to a net loss of US$4.57 million on US$4.56 million of
net revenues for the same period during the prior year.

The Company's balance sheet at June 30, 2017, showed US$103.97
million in total assets, US$86.68 million in total liabilities
and US$17.29 million in total shareholders' equity.

The Company has financed its liquidity requirements from short-
term bank loans and bills payable under bank credit agreements
and issuance of capital stock.

As of June 30, 2017, CBAK Energy had cash and cash equivalents of
$2.0 million.  Its total current assets were $40.5 million and
its total current liabilities were $56.8 million, resulting in a
net working capital deficiency of $16.3 million.  These factors
raise substantial doubts about our ability to continue as a going
concern.

In June 2016, the Company received advances in the aggregate of
$2.9 million from Mr. Jiping Zhou and Mr. Dawei Li.  These
advances were unsecured, non-interest bearing and repayable on
demand.  On July 8, 2016, the Company received further advances
of $2.6 million from Mr. Jiping Zhou.  On July 28, 2016, to
convert these advances into equity interests in our Company, the
Company entered into securities purchase agreements with Mr.
Jiping Zhou and Mr. Dawei Li to issue and sell an aggregate of
2,206,640 shares of its common stock, at $2.5 per share, for an
aggregate consideration of approximately $5.52 million.  On
Aug. 17, 2016, the Company issued these shares to the investors.

"We are currently expanding our product lines and manufacturing
capacity in our Dalian plant, which require more funding to
finance the expansion," the Company stated in the filing.  "We
may also require additional cash due to changing business
conditions or other future developments, including any
investments or acquisitions we may decide to pursue.  We plan to
renew these loans upon maturity, if required, and plan to raise
additional funds through bank borrowings and equity financing in
the future to meet our daily cash demands, if required.  However,
there can be no assurance that we will be successful in obtaining
this financing.  If our existing cash and bank borrowing are
insufficient to meet our requirements, we may seek to sell equity
securities, debt securities or borrow from lending institutions.
We can make no assurance that financing will be available in the
amounts we need or on terms acceptable to us, if at all.  The
sale of equity securities, including convertible debt securities,
would dilute the interests of our current shareholders.  The
incurrence of debt would divert cash for working capital and
capital expenditures to service debt obligations and could result
in operating and financial covenants that restrict our operations
and our ability to pay dividends to our shareholders.  If we are
unable to obtain additional equity or debt financing as required,
our business operations and prospects may suffer."

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

                     https://is.gd/r00sEt

                       About CBAK Energy

Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc., incorporated on Oct. 4, 1999, is a holding
company.  The Company and its subsidiaries are principally
engaged in the manufacture, commercialization and distribution of
a range of standard and customized lithium ion (Li-ion)
rechargeable batteries for use in an array of applications.  The
Company's products are sold to packing plants operated by third
parties primarily for use in mobile phones and other electronic
devices.  The Company conducts its manufacturing activities in
China.

China Bank is the first China-based lithium battery company
listed in the U.S., in January 2005 (NASDAQ: CBAK).

The Company's subsidiaries include China BAK Asia Holdings
Limited (BAK Asia), Dalian BAK Trading Co., Ltd. (Dalian BAK
Trading), and Dalian BAK Power Battery Co., Ltd. (Dalian BAK
Power). Dalian BAK Trading focuses on the wholesale of lithium
batteries and lithium batteries' materials, import and export
business, and related technology consulting services.  Dalian BAK
Power focuses on the development and manufacture of high-power
lithium batteries.

China BAK reported a net loss of US$12.65 million for the year
ended Sept. 30, 2016, following net profit of $15.87 million for
the year ended Sept. 30, 2015.

Centurion ZD CPA Limited, in Hong Kong, China, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Sept. 30, 2016, stating that the Company has a
working capital deficiency, accumulated deficit from recurring
net losses and significant short-term debt obligations maturing
in less than one year as of Sept. 30, 2016.  All these factors
raise substantial doubt about its ability to continue as a going
concern.


CHINA COMMERCIAL: Reports $4.7M Net Loss for Second Quarter
-----------------------------------------------------------
China Commercial Credit, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of US$4.72 million on US$56,016 of total interest and
fee income for the three months ended June 30, 2017, compared to
a net loss of US$1.71 million on US$250,008 of total interest and
fee income for the three months ended June 30, 2016.

For the six months ended June 30, 2017, China Commercial reported
a net loss of US$6.01 million on US$162,792 of total interest and
fee income compared to a net loss of US$581,671 on US$484,809 of
total interest and fee income for the six months ended June 30,
2016. As of June 30, 2017, the Company had US$6.75 million in
total assets, US$7.23 million in total liabilities and a total
shareholders' deficit of US$480,945.

The Company had an accumulated deficit of US$76,249,601 as of
June 30, 2017. In addition, the Company had a negative net asset
of US$480,945 as of June 30, 2017. As of June 30, 2017, the
Company had cash and cash equivalents of US$1,906,585, and total
short-term borrowings of US$ nil. Caused by the limited funds,
the management assessed that the Company was not able to keep the
size of lending business within one year from the filing.

During the six months ended June 30, 2017, the Company incurred
operating loss of US$6,014,952. Affected by the reduction of
lending business and guarantee business and increased loss loans,
the management was in the opinion that recurring operating losses
with be made within one year from the issuance of the filing.
The Company continues to use its best effort to improve
collection of loan receivable and interest receivable. Management
engaged two PRC law firms to represent the Company in the legal
proceedings against the borrowers and their counter guarantors.

During the six months ended June 30, 2017, the Company incurred
negative operating cash flow of US$678,054. Affected by
significant balance of charged-off interest receivable, the
management assessed the Company would continue to have negative
operating cash flow within one year from the issuance of the
filing of Form 10-Q.

The Company continues to reduce the redundant headcount and
entered into a new office lease with lower rent commitment since
January 1, 2017, to improve operating cash flow.

Most loan customers are from textile industry which has been
facing downward pressure. Additionally adversely affected by
emergence of internet finance entities, the Company was facing
fierce competition. Considering the high risks from customer base
and competitors, management assessed the Company would further
reduce the loan business without strong financial support. The
Company is actively seeking other strategic investors with
experience in lending business. If necessary, the shareholders of
Wujiang Luxiang will contribute more capital into Wujiang
Luxiang.

"While management believes that the measures in the liquidity
plan will be adequate to satisfy its liquidity and cash flow
requirements for the twelve months after the unaudited condensed
interim consolidated financial statements are available to be
issued, there is no assurance that the liquidity plan will be
successfully implemented. Failure to successfully implement the
liquidity plan will have a material adverse effect on the
Company's business, results of operations and financial position,
and may materially adversely affect its ability to continue as a
going concern," the Company said.

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

                      https://is.gd/NXhV7p

                   About China Commercial Credit

China Commercial Credit, Inc., offers financial services in
China. It provides direct loans, loan guarantees and financial
leasing services to small-to-medium sized businesses, farmers and
individuals in the city of Wujiang, Jiangsu Province. China
Commercial reported a net loss of US$1.98 million on US$1.29
million of total interest and fee income for the year ended Dec.
31, 2016, compared with a net loss of US$61.26 million on US$2.98
million of total interest income for the year ended Dec. 31,
2015.

Marcum Bernstein & Pinchuk LLP, in Shanghai, China, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2016, citing that the
Company has accumulated deficit that raises substantial doubt
about its ability to continue as a going concern.


GENERAL STEEL: Simon & Edward Replaces Friedman as Accountants
--------------------------------------------------------------
General Steel Holdings, Inc., disclosed in a Form 8-K report
filed with the Securities and Exchange Commission that it engaged
Simon & Edward, LLP, as its principal accountant on April 7,
2017, and dismissed Friedman LLP from that role. The change in
accountants was approved by the Company's Audit Committee.

The audit report of Friedman on the Company's financial
statements for the fiscal years ended Dec. 31, 2015, and 2014
contained no adverse opinion or disclaimer of opinion, but the
report raised substantial doubt about the Company's ability to
continue as a going concern.

During the Company's two most recent fiscal years ended Dec. 31,
2015, and 2014, which were audited by Friedman, and for the year
ended Dec. 31, 2016, and the subsequent interim period through
April 7, 2017, the Company had no "disagreements" with Friedman
on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure, which
disagreements, if not resolved to the satisfaction of Friedman,
would have caused it to make reference in connection with its
opinion to the subject matter of the disagreements.

According to the Company, during its two most recent fiscal years
ended Dec. 31, 2015, and 2014 and for the year ended Dec. 31,
2016, and the subsequent interim period through April 7, 2017,
neither the Company, nor anyone on behalf of the Company
consulted with S&E.

                   About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe. General Steel --
http://www.gshi-steel.com/-- has operations in China's Shaanxi
and Guangdong provinces, Inner Mongolia Autonomous Region and
Tianjin municipality with seven million metric tons of crude
steel production capacity under management.

Net loss attributable to the Company for the year ended Dec. 31,
2015, was $789 million as compared to $48.7 million for the same
period in 2014.

As of Dec. 31, 2015, General Steel had $35.8 million in total
assets, $78.2 million in total liabilities, and a total
deficiency of $42.4 million.

Friedman LLP, in New York, NY, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2015, citing that the Company has an
accumulated deficit, has incurred continued losses from
operations, and has a working capital deficiency at Dec. 31,
2015. In addition, the majority of the Company's operating assets
and business has been divested at year-end or in the first
quarter of 2016 to related parties. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


SINO UNITED: Inability to Obtain Financing Cast Doubt
-----------------------------------------------------
Sino United Worldwide Consolidated Ltd. filed its quarterly
report on Form 10-Q, disclosing a net loss of $63,128 on
$1,221,013 of net revenues for the three months ended June 30,
2017, compared with a net loss of $54,524 on $490,119 of net
revenues for the same period in 2016.

For the six months ended June 30, 2017, the Company listed a net
income of $3,001,120 on $5,043,278 of net revenues, compared to a
net income of $1,204 on $1,102,123 of net revenues for the same
period in the prior year.

The Company's balance sheet at June 30, 2017, showed $5.76
million in total assets, $2.51 million in total liabilities, and
a stockholders' equity of $3.24 million.

There are no assurances that the Company will be able to either
(1) achieve a level of revenues adequate to generate sufficient
cash flow from operations; or (2) obtain additional financing
through either private placement, public offerings and/or bank
financing necessary to support the Company's working capital
requirements.

To the extent that funds generated from any private placements,
public offering and/or bank financing are insufficient to support
the Company's working capital requirements, the Company will have
to raise additional working capital from additional financing. No
assurance can be given that additional financing will be
available, or if available, will be on terms acceptable to the
Company. If adequate working capital is not available, the
Company may not be able continue its operations.

These conditions raise substantial doubt about the Company's
ability to continue as a going concern.

A copy of the Form 10-Q is available at:

                       https://is.gd/A4vb55

Sino United Worldwide Consolidated Ltd. is engaged in electronic
products and general cargo trading and related consulting service
business through its subsidiary named Jin Chih International, Ltd
in Taiwan. The Company focuses on providing greentech products
outside of China. The Company plans to expand the green energy
and technology business in the United States and globally.


TONGJI HEALTHCARE: Incurs $539,000 Net Loss in Second Quarter
-------------------------------------------------------------
Tongji Healthcare Group, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $539,219 on $319,303 of total operating revenue for
the three months ended June 30, 2017, compared to a net loss of
$27,472 on $559,260 of total operating revenue for the three
months ended June 30, 2016.

For the six months ended June 30, 2017, the Company reported a
net loss of $702,408 on $657,699 of total operating revenue
compared to a net loss of $152,777 on $1.06 million of total
operating revenue for the same period during the prior year.

As of June 30, 2017, the Company had $7.45 million in total
assets, $14.47 million in total liabilities and a total
stockholders' deficit of $7.02 million.

"We generally finance our operations through our operating
profits and borrowings from related parties. As of the date of
this report, we have not experienced any difficulty in raising
funds from related parties, and we have not experienced any
liquidity problems in settling our payables in our ordinary
course of business. We believe that we have adequate funds and
capital with respect to conducting its business over the next
twelve months."

Net cash used in operating activities primarily consists of net
loss, as adjusted by depreciation, stock option, and changes in
operating assets and liabilities such as accounts receivable,
medical supplies, capital lease deposits, prepaid expense and
other current assets, accounts payables and accrued liabilities ,
and other payables.

Net cash used in operating activities was $112,105 for the six
months ended June 30, 2017, an increase of $88,890 or 383% as
compared with the net cash used in operating activities of
$23,215 for the same period in 2016. The decrease in net cash
provided in operating activities was primarily due to the
$702,408 net operating loss.

Net cash used in investing activities was $0 for the six months
ended June 30, 2017, a decrease of $104,148 or 100%, as compared
with the net cash used in investing activities of $104,148 for
the same period in 2016. The decrease in net cash used in
investing activities was primarily due to no fixed assets being
added compared to the same period of 2016.

Net cash provided by financing activities primarily consists of
proceeds from related party loans.

Net cash provided by financing activities was $100,997 for the
six months ended June 30, 2017, a decrease of $53,319 or 35%, as
compared with net cash provided by financing activities of
$154,316 for the same period in 2016. The decrease was primarily
attributable to less money being needed to be financed from our
related party.

The Company's working capital was negative $7,578,047 as of
June 30, 2017, as compared with negative $6,745,663 as of
Dec. 31, 2016, a decrease of $832,384, which is primarily
attributable to the increase in related party loans of
approximately $352,804, the decrease of other current receivables
of $839,393, and the decrease in other payables of $541,706.

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

                       https://is.gd/9CnMmf

                      About Tongji Healthcare

Based in Nanning, Guangxi, the People's Republic of China, Tongji
Healthcare Group, Inc., a Nevada corporation, operates Nanning
Tongji Hospital, a general hospital with 105 licensed beds.
Tongji Healthcare reported a net loss of $3.64 million on $1.93
million of total operating revenue for the year ended Dec. 31,
2016, compared to a net loss of $588,557 on $2.35 million of
total operating revenue for the year ended Dec. 31, 2015.

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


YUZHOU PROPERTIES: 1H 2017 Results Support Moody's B1 Ratings
-------------------------------------------------------------
Moody's Investors Service says that Yuzhou Properties Company
Limited's 1H 2017 results are in line with Moody's expectations
and support the positive outlook on its B1 corporate family
rating and senior unsecured rating.

"Yuzhou's growing operating scale, robust profitability, and
solid liquidity profile continue to support its positive
outlook," says Chris Wong, a Moody's analyst.

Yuzhou's revenue in 1H 2017 increased by 75% year-on-year to
RMB7.2 billion, backed by its strong sales performance over the
last 1-2 years. The company's contracted sales grew by 63% year-
on-year to RMB24.2 billion during the first seven months of 2017,
which will result in robust revenue growth over the next 1-2
years.

This sales performance also puts it on track to achieve its
revised full-year target of RMB40 billion. The company has
RMB35.8 billion of sellable resources for 2H 2017, 76% of which
represent new projects.

Yuzhou's gross profit margin remained high at 33% in 1H 2017,
which continues to support its interest coverage. Consequently,
the company's EBIT/interest coverage for the 12 months to June
2017 improved to 4.1x from 3.6x in 2016. Moody's expects Yuzhou's
EBIT/interest coverage will register around 3.8x-4.2x over the
next 12-18 months, which is strong when compared with its B1
peers.

The company continued to extend its debt maturity profile and
lowered its funding costs - including one offshore bond - to
refinance its higher-cost borrowings. As a result, its borrowing
cost fell slightly to 5.99% in 1H 2017 from 6.08% in 2016.

Yuzhou's liquidity position remains strong. Its cash balance of
RMB19.6 billion at end-June 2017 and strong contracted sales will
enable it to meet repayment of its short-term debt of RMB5.4
billion over the next 12 months, as well as committed land
premiums of RMB5.8 billion and acquisition cost of project
companies of RMB3.4 billion.

"However, Yuzhou needs to lower its debt leverage," adds Wong,
also the lead analyst for Yuzhou.

Yuzhou had been active in land acquisitions to support its growth
in 1H 2017. It purchased 10 plots of land for a total
attributable cost of RMB8.7 billion during this period.

As a result, its reported debt increased to RMB27.8 billion at
end-June 2017 from RMB25.8 billion at end-2016, and its debt
leverage - as measured by revenue/adjusted debt - remained high
at around 52% for the 12 months to June 2017 compared to around
50% in 2016 (This excludes the RMB2.1 billion in debt raised for
prefunding the redemption of its offshore bond in February 2017).

Moody's expects the company to adopt a prudent land acquisition
strategy to control its growth in debt in 2H 2017, such that its
revenue/debt will trend towards 70% over the next 12-18 months.

Upgrade pressure for the company's corporate family rating could
emerge if Yuzhou can: (1) achieve sustainable contracted sales
growth, (2) reduce its debt leverage by controlling its appetite
for land acquisitions, while ramping up revenue recognition, or
(3) maintain high profit margins, strong liquidity and interest
coverage.

The credit metrics indicating upgrade rating pressure would
include revenue/adjusted debt above 70%-75% and EBIT/interest
coverage above 3.0x-3.5x on a sustained basis.

On the other hand, the ratings outlook could return to stable, if
Yuzhou shows: (1) slower-than-expected growth in contracted sales
and revenue, (2) a strong appetite for land acquisitions, or (3)
that its credit metrics are unlikely to reach upgrade levels over
the medium term. In such a situation, EBIT/interest coverage will
fall below 3.0x and/or revenue/adjusted debt will remain below
65%-70%.

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

Yuzhou Properties Company Limited is a property developer that
focuses on residential housing in the West Strait Economic Zone
and Yangtze River Delta. The company moved its headquarters to
Shanghai from Xiamen in 2016. At end-July 2017, it had a land
bank of over 10.1 million square meters in terms of total
saleable gross floor area.



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


AAKAF STEEL: CARE Reaffirms B+ Rating on INR18cr Bank Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Aakaf Steel Private Limited (ASPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term/Short
   Term Bank
   Facilities            18.00       CARE B+; Stable/CARE A4
                                     Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of ASPL continue to
remain constrained on account of decline in total operating
income during FY17 (refers to the period April 1 to March 31),
its thin profit margins due to low value addition nature of
business, leveraged capital structure, weak debt coverage
indicators and moderate liquidity position. The ratings are
further constrained by risk associated with volatility in steel
prices and intense competition in the steel trading business.

The ratings, however, continue to derive comfort from promoter's
experience in steel trading business.

ASPL'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 sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses
Decline in TOI coupled with thin profit margins during FY17
(Prov.)
During FY17 (Prov.), ASPL has registered de-growth in its TOI by
14.81% and stood at INR79.20 crore as compared to previous year
on account of decline in sales volumes as well as sales
realizations. Overall, profit margins stood very thin owing to
trading nature of operations.

Leveraged capital structure and weak debt coverage indicators
As on March 31, 2017, capital structure stood leveraged marked by
an overall gearing ratio of 2.59x due to high debt level against
that of net worth base. Further, due to low level of cash
accruals and high debt level, total debt to GCA also stood weak
at 48.32x as on March 31, 2017 while interest coverage ratio
stood low at 1.27x during FY17 which was in line as compared to
previous year.

Risk associated with volatility in steel prices
ASPL trades in iron and steel products, whose prices are linked
to prices of iron ore and coal. Iron ore and coal are globally
traded commodities and their prices depend on a number of factors
including demand and supply scenario, macroeconomic parameters as
well as govt. policies. The prices of these commodities have
exhibited volatility. Any fluctuation in prices of iron ore and
coal normally results in fluctuation in prices of steel products.

Highly fragmented and cyclical nature of steel industry
The steel industry is cyclical in nature and its prospects are
correlated to economic cycles. Moreover, steel industry is highly
fragmented and competitive marked by the presence of numerous
players in India. Hence the players in the steel trading industry
do not have any pricing power and are exposed to high competition
thereby putting pressures on profitability.

Key Rating Strengths

Experienced promoters
ASPL was incorporated by Mr.Abdul kadir H. Memon and Mr.
Sirajabdul Rajak Nagani who are holding total experience of
more than two decades in the trading of iron and steel.

Incorporated in June 2000 post merger of Aakaf Industrial
Corporation and its associate company, Aakar Steel, Aakaf Steel
Private Limited (ASPL) is promoted by Mr. Abdul kadir H. Memon
and Mr. Sirajabdul Rajak Nagani. The company is engaged in
trading of iron and steel products mainly steel plates, beams,
channels, angel Plate, CTD Bars, Round Bars, square bars, etc.
ASPL belongs to Myco group where other group entity Myco Infra
Pvt. Ltd. (rated CARE B) is engaged into real estate development.


AI COTTON: CRISIL Lowers Rating on INR14MM Cash Loan to 'B'
-----------------------------------------------------------
CRISIL has been consistently following up with AI Cotton
Industries (AIC) for obtaining information through letters and
emails dated April 18, 2017 and May 10, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              14      CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL B+/Stable')

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

Detailed Rationale

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

AIC, set up by Mr. Rasik Thakkar in 2007, gins and presses cotton
in Kutch. Its plant has capacity to manufacture 46,000 bales of
cotton per annum, and is operating at 60 percent of capacity. The
firm integrated operations forward in 2009-10 (refers to
financial year, April 1 to March 31) by setting up a cotton oil
refinery with capacity of 2835 tonnes per annum, which is
operating at 50 percent of capacity.


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

-- INR30 mil. Fund-based limits migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING) rating; and

-- INR70 mil. Non-Fund Based Limits migrated to non-cooperating
    category with IND A4+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 6
May 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2000, ACC is a partnership firm engaged in road
construction and maintenance for MPRDA, with whom it has a 'Class
A' contractor status.


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

-- INR220 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB-(ISSUER NOT COOPERATING)
     rating;

-- INR30 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
Aug. 19, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Axis Overseas Limited is primarily engaged in trading raw jute
and finished jute products.


BIRBAL INTERNATIONAL: Ind-Ra Moves B+ Rating to Not Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Birbal
International Private Limited's (BIPL) Long-Term Issuer Rating to
the non-cooperating category. The issuer did not participate in
the rating exercise despite continuous requests and follow-ups by
the agency. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
now appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B+(ISSUER NOT COOPERATING)/IND
    A4(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
July 4, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

BIPL was incorporated in 1995 in New Delhi. The company
manufactures and exports garments such as kidswear, shirts, t-
shirts, jeans and trousers. The company is a 100% export house.


CVT TECHNOLOGY: CRISIL Reaffirms 'B' Rating on INR5MM LT Loan
-------------------------------------------------------------
CRISIL's rating on the long term bank facilities of CVT
Technology Solutions Private Limited (CVT) continues to reflect
its small scale of operations in an intensively competitive
information technology (IT) industry and average financial risk
profile due to weak liquidity. These weaknesses are partly offset
by the extensive experience of its promoters.

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

   Overdraft              1        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     2        CRISIL B/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations:
CVT's scale continues to remain small with estimated operating
income of INR5 cr in fiscal 2016-17 in a highly competitive
Information technology industry. CVT's small scale will restrict
it from achieving benefits associated with economies of scale.

* Average financial risk profile
Financial risk profile is average marked by estimated gearing of
1.2 times as on March 31, 2017; however debt protection metrics
remain weak with estimated interest coverage ratio of 1.7 times
for fiscal 2017. Further liquidity is weak marked by stretched
receivables and highly utilized bank line.

Strengths

* Experience of promoters:
Promoters have experience of more than 20 years in the IT
industry and understand the nuances of the business. The same is
expected to help the business risk profile of the company over
the medium term.

Outlook: Stable

CRISIL believes CVT will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if increase in scale of operations and profitability
strengthen financial risk profile. The outlook may be revised to
'Negative' if low cash accrual, or large, debt-funded capital
expenditure, or further stretch in working capital cycle weakens
financial risk profile.

Incorporated in 1995 as Kaveri Infosys Pvt Ltd and promoted by
Mr. Thangamuthu and his friend Mr. Pasupathy, CVT got its current
name in 2012. The company provides software solutions and
services mainly to the healthcare industry. Mr. Thangamuthu has
experience in the application development industry. Mr. Pasupathy
is the founder-promoter of US-based CareVoyant Inc that provides
integrated healthcare solutions in clinical, financial, and
business intelligence.


DELTA PAPER: CRISIL Raises Rating on INR52MM Cash Loan to B
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Delta Paper Mills Limited (DPML) to 'CRISIL B/Stable' from
'CRISIL B-/Stable while reaffirming its rating on the short term
facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         3.5      CRISIL A4 (Reaffirmed)

   Cash Credit           52.0      CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

   Letter of Credit       6.5      CRISIL A4 (Reaffirmed)

   Long Term Loan        38.0      CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

   Overdraft              8.0      CRISIL A4 (Reaffirmed)

The upgrade reflects CRISIL's belief that the company's business
risk profile will continue to improve over the medium term.
Business risk profile improved over the past two years as
reflected in increase in revenues and operating margins. Revenue
and operating margins improved to around INR260 crore and 7.81%,
respectively, in Fiscal 2017 against INR236 crore and 3.8%,
respectively, in the fiscal 2016. Improvement in business risk
profile is on account of gearing up in operations after fire
accident in Fiscal 2015.

However liquidity of the company remains stretched as reflected
in fully utilized cash credit limits and low current ratio.
Liquidity is supported by no major maturing debt obligations over
the medium term. Liquidity is expected to improve over the medium
term with increase in cash credit limits to INR60 crore from
current limits of INR43 crore however the same will remain a key
rating sensitivity factor over the medium term.

Furthermore the planned capital expenditure of INR50 crore (of
which INR8-9 crore has already been done) will increase the debt
exposure of the company and hence gearing. Resulting in
deterioration of financial risk profile of the company. Any
significant delay in the planned capital expenditure or more than
expected debt exposure may result in adverse effect on rating.

Rating continues to reflect large working capital requirement and
exposure to intense competition in the paper manufacturing
industry. Rating also reflects weak financial risk profile
because of high gearing and subdued debt protection measures
albeit supported by moderate net worth. These weaknesses are
partially offset by DPML's established presence in the paper
industry and established relationships with customers.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile
Financial risk profile is weak marked by high gearing, and
subdued debt protection measures albeit supported by moderate net
worth. Interest coverage ratio and net cash accruals to total
debt was 1.64 times and 7%, respectively, in Fiscal 2017.
Financial risk profile is expected to remain weak over the medium
term.

* Large working capital requirements
Business is highly working capital intensive, as reflected in
gross current assets of 180 days as on March 31, 2017; and is
estimated to remain at similar levels over the medium term.
Working capital intensive operations is a result of moderate
debtors and inventory of around 45 days and 95 days, respectively
as on March 31 2017.

* Exposure to intense competition in the paper manufacturing
industry
The Indian paper manufacturing sector is highly fragmented with
the presence of a number of large and small players competing for
market share. While large players have better efficiencies and
pricing power because of their scale of operations, small players
are exposed to intense competition and low pricing flexibility,
which constrains their profitability

Strengths

* Established presence in the paper industry supported by
promoters' extensive industry experience and established
relations with customers
DPML benefits from the extensive industry experience of its
promoters and its established regional position in the paper
manufacturing industry. The overall management of the Delta Paper
Mills is controlled by the Laila group, which is headed by Dr.
Ganga Raju. He, along with his brother Mr. Ranga Raju who is an
engineer by qualification, has wide experience in sugar, paper
and herbal extract industries. The third brother, Mr. Rama Raju
is a degree holder in pharmacy and is on the board of various
group companies such as Nizam Sugars, Delta Sugars, Laila
Finance, and Laila Global Feeds.

Outlook: Stable

CRISIL believes DPML will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of sustained
improvement in revenues and operating margins or improvement in
working capital management, or in capital structure backed by
sizeable equity infusion. Conversely, the outlook may be revised
to 'Negative' if steep decline in profitability, higher-than-
expected debt-funded capex, or significant increase in working
capital cycle lead to weak liquidity and financial risk profile.

DPML was established in 1975, by Late Mr. Vijay Kumar Raju. The
company commenced its production in 1978. It is a part of the
Laila group of companies, which is engaged in diverse businesses
including sugar, paper, nutraceuticals, and education. DPML
manufactures writing and printing paper, including creamwove,
white printing, offset, and maplitho paper

DPML reported a profit after tax of INR0.98 crore on revenue of
INR238.8 crore in fiscal 2017, against a net loss of INR5.84
crore and revenue of INR218.41 crore in fiscal 2016.


DS AGRIFOODS: CARE Reaffirms B+ Rating on INR14.98cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
DS Agrifoods Private Limited (DSA), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            14.98       CARE B+; Stable Reaffirmed

Detailed Rationale and Key Rating Drivers

The rating assigned to the bank facilities of DSA continues to
remain constrained by its small scale of operations coupled with
low net worth base, low profitability margins, leveraged capital
structure and weak debt coverage indicators. The rating is
further constrained by susceptibility to fluctuation in raw
material prices and monsoon dependent operations and fragmented
nature of industry coupled with high level of government
regulation. The rating, however, continue to take comfort from
experienced directors, growing scale of operations and moderate
operating cycle.

Going forward; ability of DSA to increase its scale of operations
while improving its profitability margins and overall gearing
ratio shall remain the key rating sensitivities. Also,
effectively managing the working capital requirements shall be
the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses
Small though growing scale of operations coupled with low net
worth base: The scale of operations of DSA continues to remain
small marked by total operating income (TOI) and gross cash
accruals of INR62.60 crore and 0.65 crore in FY17 ( refers to the
period April 1 to March 31; based on provisional results).
Furthermore, the tangible net worth of the company stood
relatively small at INR6.27 crore as on March 31, 2017. The small
scale limits the company'. s financial flexibility in times of
stress and deprives it of scale benefits. The total operating
income of DSA has grown from INR53.73 crore in FY15 to INR62.60
crore in FY17 (Provisional) reflecting a compounded annual growth
of around 8%. This was attributable to higher quantity sold to
its existing customers coupled with addition of newly added
customers. Further, the firm achieved TOI of around INR21.86
crore in 4MFY18 (refers to period April 1 to July 31, based on
provisional results).

Low profitability margins, leveraged capital structure and weak
debt coverage indicators: The profitability margin of the company
continues to remain low for the past 3 financial years (FY15-17)
due to low value addition and highly fragmented nature of
industry characterized by intense competition. This apart,
interest burden on working capital borrowing also restricts the
net profitability of the company. The PBILDT margin of the
company stood around 3% in last 3 financials years (FY15-17).
During the same period, the PAT margin has improved and stood at
0.25% in FY17 as against 0.10% in FY16.

The capital structure of the company continues to remain
leveraged marked by overall gearing ratio of above ~2x on the
balance sheet of last three financial years (FY15-17). The
company has leveraged capital structure mainly attributed to high
working capital requirement which are largely met through bank
borrowings.

The coverage indicators remained weak though improved in FY17
marked by interest coverage and total debt to gross cash accruals
of 1.53x and 23.53x respectively as against 1.37x and 29.22x in
FY16 on account of lower interest cost coupled with improvement
in profitability levels resulting in better GCA levels.

Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: Agro-based industry is characterized by its
seasonality, as it is dependent on the availability of raw
materials, which further varies with different harvesting
periods. The price of rice moves in tandem with the prices of
paddy. Availability and prices of agro commodities are highly
dependent on the climatic conditions. Adverse climatic conditions
can affect their availability and leads to volatility in raw
material prices. Paddy is the major raw material and the peak
paddy procurement season is during November to January during
which the company 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. Since there is a long time lag
between raw material procurement and liquidation of inventory,
the company is exposed to the risk of adverse price movement
resulting in lower realization than expected.

Fragmented nature of industry coupled with high level of
government regulation: The commodity nature of the product makes
the industry highly fragmented with numerous players operating in
the unorganized sector with very less product differentiation.
There are several small scale operators which are not into end-
to-end processing of rice from paddy, instead they merely
complete a small fraction of processing and dispose-off semi-
processed rice to other big rice millers for further processing.
The raw material (paddy) prices are regulated by government to
safeguard the interest of farmers, which in turn limits the
bargaining power of the rice millers.

Key Rating Strengths

Experienced Directors: Mr. Rakesh Kumar Agarwal and Mr. Amit
Agarwal collectively look after the overall operations of the
company. Both the directors have around one and a half decades of
experience in trading and processing of agro products through
their association with DSA. Moderate operating cycle: The
operating cycle of the company continues to remain moderate at 71
days for FY17. The company maintains a minimum inventory of raw
material for around two months for smooth functioning of the
processing business. Moreover, the firm maintains inventory in
the form of finished goods to meet the immediate needs of the
customers. All these resulted into an average inventory of 46
days for FY17. The firm receives payment in up to 30 days from
its customers. Furthermore, the company procures raw material
with a credit period of up to 7 days for FY17. The average
utilization of it working capital limits stood 80% utilized for
the past 12 months ended July, 2017.

Pilibhit (Uttar Pradesh) based DS Agrifoods Private Limited (DSA)
was incorporated in 2013 and was promoted by Mr. Amit Agarwal,
Mr. Rakesh Kumar Agarwal and Mr. Anuj Agarwal. The company has
succeeded an erstwhile partnership firm 'D.S. Exports (DSE)'.
(established in 2000) and the said firm was converted into
private limited company. The company is engaged in trading and
processing (milling) of paddy and rice. The manufacturing unit is
located at Pilibhit, Uttar Pradesh with a total installed
capacity of 20 tonne per day (TPD) as on March 31, 2017. DSA
procures paddy and rice from local grain markets located in Uttar
Pradesh through commission agents. The company sells its products
i.e. basmati and nonbasmati rice mainly in Uttar Pradesh,
Uttarakhand, Delhi and Rajasthan through dealer and distribution
network. The company also exports to Singapore, Nepal and gulf
countries. The export proportion stood at ~35% of the net sales
for FY17 and The company sells basmati rice in the brand name
'Doon Malai'.  and 'Hill Queen'.  and non-basmati rice is mainly
sold in the brand name 'Goodric'. The product is sold in
packaging of 1kg, 5kg, 10kg and 25kg. The firm has two group
concerns namely Durgar Rice Industries engaged in trading of
paddy and Lord Pashupati Seeds Private Limited engaged in seeds
farming.


GOLDEN STAR: CRISIL Lowers Rating on INR6.2MM Cash Loan to 'B'
--------------------------------------------------------------
CRISIL has been consistently following up with Golden Star
Facilities and Services Private Limited (GSFL) for obtaining
information through letters and emails dated April 18, 2017, and
May 9, 2017, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             6.2      CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB+/Stable')

   Proposed Long Term      1.8      CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                    'CRISIL BB+/Stable')

   Working Capital         1.0      CRISIL B/Stable (Issuer Not
   Demand Loan                      Cooperating; Downgraded from
                                    'CRISIL BB+/Stable')

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

Detailed Rationale

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

GSFL was set up in 1999 as a proprietorship firm - Golden Star
Services - by Ms. Anita Verghese. The firm was reconstituted as a
private-limited company with the current name in 2010. In
December 2015, Manipal Integrated Services Pvt Ltd acquired 60
percent stake in the company. It is headquartered in Hyderabad,
Telangana.


HILLTOP CONCRETE: CARE Lowers Rating on INR17cr LT Loan to 'D'
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Hilltop Concrete Private Limited, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              17        CARE D Revised from CARE B

Detailed Rationale & Key Rating Drivers

Ongoing delay in debt servicing:
The revision in the rating assigned to the bank facilities of
HCPL is primarily due to irregularity in servicing its debt
obligations owing to weak liquidity position.

Incorporated in 2012, Surat (Gujarat) based, HCPL is promoted by
Mr. Vinay Chaudary, Mr. Kirtee Chaudary, Mr. Priyank Chaudary and
Mr. Gaurav Chaudary. During March 2016, HCPL completed debt
funded capital expenditure to set up plant for manufacturing of
AAC Block at Kapadvanj (Dist: Kheda, Gujarat) which has installed
capacity of 285,000 cubic meters per annum.


HOLISTIC REMEDIES: CARE Assigns B Rating to INR6.0cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Holistic Remedies Private Limited (HEPL), 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 Holistic Remedies
Private Limited (HEPL) is tempered on account of modest scale of
operations, weak profitability; highly leveraged capital
structure coupled with weak debt coverage indicators. The rating
is further tempered by working capital intensive nature of
operations and presence in highly competitive and fragmented
industry.

Above weakness are partially offset by long track record of
operation and experience of promoters and their demonstrated
financial support in past.

The ability of HEPL to increase its scale of operations and
improvement in profitability margins and capital structure along
with efficient management of working capital requirement are the
key rating sensitivities.

Detailed description of Key rating drivers

Key rating Weakness

Modest scale of operations coupled with low profitability: Over
the past three years, HEPL'. s operating income has grown
steadily at a CAGR of 7.5% to INR21.77 crore in FY16.
Nonetheless, with a modest net-worth base of INR1.35 crore as on
March 31, 2016, its scale of operations remains relatively modest
restricting its financial flexibility. Further, due to stiff
competition faced from local organized and unorganized sector
manufacturers, as well as reliance on high cost external
borrowings to fund working capital, HRPL'. s profitability has
remained thin.

Highly leveraged capital structure coupled with weak debt
coverage indicators: HEPL higher reliance on external borrowings
to fund its working capital requirements led to leveraged capital
structure. The aforementioned, coupled with low profitability led
to HRPL'. s weak debt protection metrics.

Working capital intensive nature of operations with weak
liquidity position: HRPL'. s operations are working capital
intensive in nature with funds largely being blocked in
receivables and inventory. The company has long standing business
relations with its clientele and offers credit of 60-90 days to
them.
Furthermore, due to low profitability, it relies heavily
on bank borrowings to fund working capital requirements leading
to a weak liquidity position.

Presence in highly competitive and fragmented industry: HEPL
operates in the niche market of Homeopathic remedial products
which largely constitutes of manufacturers in unorganized segment
and clinics formulating their own pills with Homeopathic liquids
being imported from European manufacturers such as Germany. The
industry is categorized as a highly competitive and fragmented
industry facing stiff competition from conventional medicine as
well as Ayurveda.

Key rating Strengths

Experienced and resourceful promoters along with strong group
support: HEPL is promoted by Dr. Nalini Batra who is a
practitioner in the field of Homeopathy for nearly 3 decades. Her
medical expertise helps the company to develop and update its
products as well as help gain customers such as the reputed
Homeopathic clinic chain of Dr. Batra'. s. She is further support
by her son Mr. Pranav Batra who has been involved with the
company since its inception. Furthermore, the promoters have
demonstrated financial support for the operations of the company
by way of infusion of interest free unsecured loans.

Incorporated in the year 1986 by Dr. Pranav Batra and Dr. Nalini
Batra, Holistic Remedies Private Limited (HRPL) is engaged into
manufacturing of Homeopathic medicines in collaboration with
Bioforce AG (a Switzerland based company) at its facility in
Kundhan Village, Thane which is spread over 52040 sq. ft. Its
products are marketed under the brand name 'Bioforce'.  and
'Blooume'.  across India. The company supplies Homeopathic
products to Dr. Batra'. s Positive Health Clinic Private Limited.


INDUSTRIAL ASSOCIATES: CRISIL Cuts Rating on INR11.75MM Loan to B
-----------------------------------------------------------------
CRISIL has been consistently following up with Industrial
Associates (IA) for obtaining information through letters and
emails dated April 24, 2017 and May 4, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         3.25       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Cash Credit           11.75       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

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

Detailed Rationale

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

Established in 1969, IA is a partnership firm. It manufactures
and trades in refractory materials used in lining furnaces,
kilns, fireboxes, and fireplaces. The firm primarily deals in
firebricks and its product profile includes fireclay, high-grade
alumina, sillimanite, monolithic, and other basic and special
purpose refractories. It also trades in insulation materials, and
designs insulation systems for kilns and ovens.


ISHWAR OIL: CARE Lowers Rating on INR5.53cr LT Loan to 'D'
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ishwar Oil Industries (IOI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.53       CARE D Revised from CARE B+;
                                     ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers

Ongoing delays in Debt servicing
The revision in the rating assigned to the bank facilities of IOI
is primarily due to irregularity in servicing its debt
obligations on account of weak liquidity position.

Rajkot (Gujarat) based Ishwar Oil Industries (IOI) was
established during November 2013 by Mr. Rameshbhai Gamdha, Mr.
Jadavbhai Gamdha and Mr. Ketanbhai Gamdha. IOI is a partnership
firm engaged in manufacturing of cotton seed cake and trading of
all agricultural produce. However the commercial operation
commenced from November 2014. The day-to-day operations are
managed by Mr. Rameshbhai Gamdha and he has experience of more
than a decade in this industry. The firm procures cotton seeds
from traders and cotton ginning units, and undertakes processing
on the same, while the finished products are sold to oil refining
companies and industrial users.


ISR INFRA: CRISIL Lowers Rating on INR5.0MM Cash Loan to B
----------------------------------------------------------
CRISIL has been consistently following up with ISR Infra Private
Limited (IIPL) for obtaining information through letters and
emails dated April 18, 2017, and May 9, 2017, among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          2        CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL A4+')

   Cash Credit             2.17     CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB/Stable')

   Open Cash Credit        5.00     CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB/Stable')

   Working Capital         0.83     CRISIL B/Stable (Issuer Not
   Term Loan                        Cooperating; Downgraded from
                                    'CRISIL BB/Stable')

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

Detailed Rationale

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

Established in 2010, IIPL is engaged in civil construction
related to construction of roads and bridges. Based out of
Visakhapatnam in Andhra Pradesh, IIPL is promoted by Mr. Srinivas
Rao and his family.


ITP ELECTRONICS: CRISIL Cuts Rating on INR3.5MM LT Loan to 'B'
--------------------------------------------------------------
CRISIL has been consistently following up with ITP Electronics
Private Limited (IEPL) for obtaining information through letters
and emails dated April 13, 2017, and May 8, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          3         CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Cash Credit             3.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Proposed Long Term      3.5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

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

Detailed Rationale

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

IEPL was set up in 2001 as ITP Infotech Pvt Ltd and got its
current name in 2014. It manufactures wire harnesses, coil
assemblies, relays, power cords, connectors, and stabilizers. The
company is promoted by Mr. Brij Mohan Vaish and his son Mr. Pawan
Vaish. It has two plants, one each in Haridwar and Gurgaon.


JANAKIRAMA RAW: CRISIL Lowers Rating on INR9MM Cash Loan to 'B'
---------------------------------------------------------------
CRISIL has been consistently following up with Janakirama Raw and
Boiled Rice Mill (JRBRM) for obtaining information through
letters and emails dated April 18, 2017, and May 9, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Open Cash Credit         9        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

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

Detailed Rationale

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

Set up in 2000, JRBRM mills and processes paddy into rice, rice
bran, broken rice and husk. Its rice mill is located in Vakada,
Andhra Pradesh. The operations are managed by key promoter, Mr.
Bhaskara Rao.


JAYPEE INFRATECH: Ready to Hand Over 25 Apartments
--------------------------------------------------
The Times of India reports that the first possession letters in
Jaypee Infratech projects after insolvency proceedings began
against the company came on August 26 when 25 flats in Aman were
offered for handover to their buyers.

TOI relates that the handovers, by the insolvency resolution
professional (IRP) appointed for the company, are part of a
bigger exercise to give possession of 671 flats over the next 45
days or so. Over the next two-three months, another 450
apartments in six towers of Aman and one tower of Kosmos are to
be offered for possession, taking the number of deliveries to
around 1,150, sources told TOI.

This is a confidence-building exercise for nearly 25,000
individuals who are waiting for villas, plots and apartments in
27 Jaypee projects that are covered by the insolvency
proceedings, TOI says. In addition to delivering flats, efforts
will also be made to speed up construction in pending projects,
something that the IRP has already indicated. For this, however,
funding has still to be tied up.

In addition, efforts are under way for the registration of
another 1,350 apartments where possession had already been
offered but several homebuyers were reluctant to take it up.
However, the insolvency proceedings have changed that and the
buyers are now keen on taking possession at the earliest. Sources
said registrations will begin as soon as all payments are made,
although it is expected that the process will be completed after
the constitution of the creditors' committee, which has to be
done by September 9. "Besides, there is a capacity issue at the
registry office," said a source.

The realtor, which is running years behind schedule, had offered
a time-frame for handing over possession till 2021, which is over
a decade after the projects were launched by the Gaurs. The flats
that are being offered for possession now were almost ready when
the National Company Law Tribunal ordered the initiation of
insolvency proceedings against Jaypee Infratech. The insolvency
plea was filed by IDBI Bank, on instructions of the Reserve Bank
of India as the company had defaulted in loan repayment and the
Gaurs, the promoters, were seen to be dithering in making their
share of compromise to get the projects back on track.

"The idea is to signal that it is business-as-usual and there is
a very bright light at the end of the tunnel as far as homebuyers
are concerned," said a source.

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.


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

-- INR50 mil.Fund-based working capital limit migrated to non-
    cooperating category with IND BB-(ISSUER NOT COOPERATING)
    rating;

-- INR300 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Incorporated in 2007, KIPL is an 'A' class contractor registered
in Jharkhand and Bihar. The company is engaged in the
construction of roads and bridges.


KISANMITRA COLD: CARE Assigns B Rating to INR19cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Kisanmitra Cold Storage Private Limited (KCSPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              19        CARE B; Stable Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of Kisanmitra Cold
Storage Private Limited (KCSPL) is tempered on account of
short track record of operations with low capitalization, project
execution and stabilization risk, weak liquidity position
with working capital nature of operations and its presence in a
highly competitive and fragmented industry. The rating however
derives strength from the experience of the promoter in agro
based business and locational advantage and comfortable capital
structure and moderate profitability.

Going forward ability of the company to increase its scale of
operations with timely completion and subsequent stabilization of
its project and maintain its profitability and improve capital
structure and liquidity position are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations coupled with short track record of
operations: KCSPL was incorporated in the year 2013. However,
commenced its commercial operations in the year 2015. Owing to
short track record of operations of two years the scale of
operations has remained small with low net worth base. The small
scale restricts the financial flexibility of the company in times
of stress and deprives it from scale benefits.

Seasonality of business with susceptibility to vagaries of nature
coupled with price volatility of agro based products: KCSPL's
operations are seasonal in nature as the firm is in agro based
business which is inherently dependent on the vagaries of nature.
In view of the same, lower agricultural output may have an
adverse impact on the availability of agro commodities and rental
collections. Availability and prices of agro commodities are
highly dependent on the climatic conditions. Adverse climatic
conditions can affect their availability and lead to volatility
in prices. Moreover there is a time lag between procurement of
fruits and vegetables and liquidation of inventory the company is
exposed to the risk of adverse price movement resulting in lower
realization than expected.

Working capital intensive nature of operations with weak
liquidity position: Owing to agro based nature of business the
company has to maintain high level of inventory which is highly
dependent on vagaries of nature which makes the operations of the
company working capital intensive in nature. However, the entity
receives sufficient credit period from its suppliers resulting in
comfortable operating cycle. However, the liquidity position of
the entity remained weak with current ratio remaining below unity
as on March 31, 2017.

Project execution and stabilization risk: The company is in
process of setting up of a new cold storage unit with a storage
capacity of 5000 MT within the same premises and is also setting
up a processing plant for frozen food and fruit pulp. The total
cost of the project is estimated at INR14.70 crore and the
project is expected to be completed by December 2017.

Timely completion of the project is critical from credit
perspective.
Fragmented nature of operations and intense competition from
other players in the region: 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 93-94% of the
sales. Availability of goods is not an issue for the industry but
procuring these goods at competitive prices poses a challenge to
maintain margins.

Key Rating Strengths

Experienced Promoter: KCSPL was established by Ms Usha Vaidya,
Mr. Sanjay Ayachit, Ms SmitaAyachit and Ms Snehal Deshmukh. The
promoters of the company are the members of Ayachit and Vaidya
family. They have been associated with the company since
inception. The overall operations of the company are managed Ms
Usha Vaidya who has an experience of one decade in the field of
electrical engineering. She is assisted by Mr. Hemant Vaidya
possessing an experience of about fifteen years in trading and
warehousing of agro based products through associate entity
Kisanmitra Warehousing Private Limited. The other promoters of
the company Mr. Sanjay Ayachit, Ms Snehal Deshmukh and Ms Smita
Ayachit have an experience of around a decade in agro based
industries. The long experience of the promoter supports the
business risk profile of the company.

Locational advantage with proximity to raw material and customer
base: Location advantage emanating from proximity of oilseeds and
pulses growing areas as KCSPL is situated in Latur district of
Maharashtra which covers all major oil seed and pulses growing
areas like Udgir, Ausa, Bhada, etc. Also for the cold storage it
has a favorable location proximity to the leading grapes, custard
apple and vegetable growing areas (Marathwada Region) augers well
for the company. As both the factors provide wide catchment and
making it suitable for the farmers in terms of transportation and
connectivity. In addition to this KCSPL is also in trading of oil
seeds and pulses procured from farmers. This enables KCSPL to
reduce its dependence on any single agricultural commodity as
well as single business model.

Comfortable capital structure and profitability: Owing to initial
years of operations and with the nature of business being rental
and trading dependence on external funds has remained low in
initial years. Consequently capital structure has remained
comfortable with below unity overall gearing. Further the
profitability has remained at comfortable level owing to rental
income being received against low operational cost against it
despite slightly higher contribution of trading income towards
total income. However, with debt funded capacity expansion
planned by the entity capital structure is expected to
deteriorate.

Eligible for subsidy against capital expenditure under central
and state government funded scheme: KCSPL is eligible for capital
subsidy under the scheme of Ministry of Food Processing
Industries (MOFPI) along with Maharashtra Industrial Development
Corporation. The company has filed all the necessary documents
for the same and has received approval for the same in the month
of April 2017.   KCSPL is engaged in trading of agro commodities
and providing cold storage facility to farmers. The company has
one central unit consisting of multi chambered and multi
commodity cold storage having a storage capacity of 5000 metric
tons (MT). The cold storage is used for storing traded material
(fruits, vegetable, dairy products etc.) and for renting the
facility to farmers. The trading business contributes more than
50% to the total operating income.

Currently the company is in the process of setting up of a new
cold storage unit with a storage capacity of 5000 MT within
the same premises and is also setting up a processing plant for
frozen food and fruit pulp. The total cost of the project is
estimated at INR14.70 crore.


M.S. REDDY: CARE Assigns INR7.40cr LT Bank Loan to B+
-----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of M.S.
Reddy, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             7.40       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of M.S. Reddy (MSR)
are constrained by the short track record, project implementation
risk with substantial project cost yet to be incurred and
constitution of the entity as proprietorship firm with inherent
risk of withdrawal of capital. The rating is, however,
underpinned by the experienced and qualified proprietor,
financial closure achieved for the project and stable outlook of
the warehousing sector.

Going forward, the ability of the firm to complete the project
within the envisaged cost and time and consistently add
new customers are key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record

M.S. Reddy was established in the year 2014 as a proprietorship
firm promoted by Mr. M Sahadeva Reddy. The entity is engaged in
the setting up of agriculture rural godown with an installed
capacity of 39,030 MT/1,70,000 Sq. feet in the location Kasaba
Hobli, Nelamangala Taluk, Bengaluru, Karnataka. The Scheduled
Commercial Operational Date (SCOD) of the project is expected to
be on December, 2017.

Project implementation risk with substantial project cost yet to
be incurred
The total proposed cost of project is INR10.75 crore which is
funded through bank term loan of INR7.40 crore and promoters'.
contribution of INR3.35 crore. As on July 31, 2017, the firm has
incurred expenses of INR5.50 crore (around 51.16% of total
project cost) and the same is funded by the promoters'.  capital
(Rs.1.50 crore) and term loan (Rs.4.00 crore). Therefore, the
ability of the firm to complete the project without any cost and
time over run will remain critical from credit perspective.

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

Key Rating Strengths

Experienced and qualified proprietor
M.S. Reddy is promoted by Mr. M Sahadeva Reddy, who is a Fellow
Chartered Accountant and Fellow Company Secretary and has 3 years
of experience in warehousing business. Further, Mr. M Sahadeva
Reddy also has experience of three decades in finance and
auditing sector. He is a practicing chartered accountant in the
name of M.S. Reddy & Company from 1985. Through his vast
experience and knowledge in various business, the promoter has
establish good relationship with customers.

Financial closure achieved for the project
The entity has achieved financial closure for the said project.
The total proposed cost of project is INR10.75 crore which is
funded through bank term loan of INR7.40 crore and promoters'.
contribution of INR3.35 crore.

Stable outlook of the warehousing sector
Warehousing plays a very vital role in promoting agriculture
marketing, rural banking and financing and ensuring Food
Security in the county. It enables the markets to ease the
pressure during harvest season and to maintain uninterrupted
supply of agricultural commodities during off season. Hence, it
solves the problems of glut and scarcity, which are the usual
problems in agricultural marketing. Though warehousing is an
independent economic activity, yet is closely linked with
production, consumption and trade. Warehousing is now seen as an
integral part of the supply chain where goods are not only stored
for safekeeping, but also where other value processes are
implemented, thereby minimizing wastage and costs.

Agricultural warehousing accounts for fifteen percent of the
warehousing market in India and is estimated to be worth INR
8,500 crore. However, it is perceived to be inadequate and
unorganized. More than 40 percent of the agricultural warehouses
are run by state enterprises such as FCI, CWC and SWCs. About 30
per cent of the warehousing capacity is held by unorganized small
godown players. These unorganized warehouses lack scale and
quality. On the other hand, there are a few large national-level
players in the warehousing market who run professionally and also
provide ancillary services around warehousing. Although there is
no exact data on the number of warehouses present, some of the
substantial capacities available in public, cooperatives and
private sectors are depicted in the adjacent table. Given the
fact, that a huge quantity of government procured food grains are
kept in open storage (CAP) for months together, the risk of
quality deterioration needs no emphasis. In this context, the
finding of an expert Committee, point to a total warehousing gap
of 35 million MT during the 12th plan period, reflecting the
excess of demand for warehousing capacity. In other words,
warehousing capacity of 35 million MT needs to be created in the
country during the 12th plan period to ensure that the demand for
storage of agri commodities is adequately taken care of. Of this
gap, as indicated above, capacity of 12.11 million MT has already
been created. The gap in so far as the private sector is
concerned is likely to be about 10 million MT as the bulk of the
storage gap is in the public sector.

M.S Reddy is a proprietorship firm and was established in the
year 2014 and promoted by Mr. M Sahadeva Reddy. The entity is
engaged in the setting up of agriculture rural Godown with an
installed capacity of 39,030 MT/1,70,000 Sq. feet in the location
Kasaba Hobli, Nelamangala Taluk, Bengaluru, Karnataka. The total
proposed cost of project is INR10.75 crore which is funded
through bank term loan of INR7.40 crore and promoters'.
contribution of INR3.35 crore. The Godowns would be utilized by
governments, private organizations and local formers for storage
requirements of products like Mirchi and various food grains. The
proposed rent for the Godown during initial year of commencement
is INR 14 /- per Sq. feet per month. The Scheduled Commercial
Operational Date (SCOD) of the project is expected to be on
December 2017.


MAHA MARUTI: CRISIL Lowers Rating on INR1.5MM Cash Loan to 'B'
--------------------------------------------------------------
CRISIL has been consistently following up with Maha Maruti
Logistics Private Limited for obtaining information through
letters and emails dated April 18, 2017, and May 09, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          7         CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Cash Credit             1.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

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

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

Detailed Rationale

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

Maha Maruti Logistics Private Limited (Mahamaruti) was earlier
established as a partnership firm Maruti Transports in 1978 by
Mr. A Satyanarayana Murthy. During the year 2004, the firm was
reconstituted to a private limited company. Mahamaruti is engaged
in the business of providing freight forwarding, customs
clearance, inland transportation, warehousing, and consultancy.


MODULUS COSMETICS: CRISIL Cuts Rating on INR10MM Loan to 'B'
------------------------------------------------------------
CRISIL has been consistently following up with Modulus Cosmetics
(MDC) for obtaining information through letters and emails dated
April 13, 2017, and May 10, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting         3        CRISIL A4 (Issuer Not
   under Letter of                   Cooperating; Downgraded from
   Credit                            'CRISIL A4+')

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

   Long Term Bank           2.12     CRISIL B (Issuer Not
   Facility                          Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Proposed Long Term       0.88     CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

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

Detailed Rationale

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

MDC, a proprietorship firm of Mr. Rajan Dhir set up in 2010,
manufactures soap billets at its unit in Taksal, Himachal
Pradesh.


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

-- INR106 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB+(ISSUER NOT COOPERATING)
    rating;

-- INR57.1 mil. Term loans migrated to non-cooperating category
    with IND BB+(ISSUER NOT COOPERATING) rating; and

-- INR21 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
July 11, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2005, Moenus Textile Private Limited manufactures
cotton yarn in Mandideep, Madhya Pradesh, using rotor spinning
technology.  The company also has a waste recycling plant to
produce low-value cotton yarn.


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

-- INR34.5 mil. Fund-based facilities migrated to non-
    cooperating  category with IND BB-(ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR140 mil. Non-fund-based facilities migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 3, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2001, NC executes civil works for the government
of Telangana such as the construction and improvement of roads &
bridges. The firm is a partnership concern and is operated by two
partners Nagabhushana Rao and Visweswara Rao.


NAYAAB JEWELS: CARE Downgrades Rating on INR17.70cr Loan to 'D'
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nayaab Jewels (NJ), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        17.70       CARE D Revised from
   Facilities                        CARE B

   Short-term Bank        0.27       CARE D Revised from
   Facilities                        CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of NJ
factors in the continuous delay in servicing of debt obligations
by the firm.

Establishing a clear track record of timely debt servicing is the
key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness

Delay in debt servicing obligations: As per interaction with the
banker, there are continuous delays in servicing of interest
payments and overdrawals in cash credit facility and the account
has been classified as NPA.

Established in the year, 2003, Nayaab Jewels (NJ) is engaged in
the manufacturing and designing of gems, diamonds, precious and
semi-precious stone studded jewellery in gold, silver and
platinum. The firm is promoted by Mr. Upendra Bothra and Mrs
Manali Bothra. Mr. Upendra Bothra is a third generation
entrepreneur of the Bothra family having presence in the gems and
jewellery business segment since 1961.

Further, Mrs Manali Bothra, hails from the Lalwani family who are
also engaged in the manufacturing and designing under the brand
name of "Rajmal Lakhichand Jewellers Private Limited" having
presence across Maharashtra. Thus, being in the industry from a
very young age, Mrs.Manali Bothra has a long standing experience
in the gems and jewellery segment. The firm has two showrooms
situated in Jaipur and Mumbai spread across an area of 5,000
square feet and 2,500 square feet respectively along with a
manufacturing facility in Jaipur.


PADHAS HYDEL: CRISIL Lowers Rating on INR24MM Term Loan to 'B'
--------------------------------------------------------------
CRISIL has been consistently following up with Padhas Hydel
Projects Private Limited (PHPPL) for obtaining information
through letters and emails dated April 13, 2017, and May 10,
2017, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1.6       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan              24.0       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

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

Detailed Rationale

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

PHPPL, promoted by Himachal Pradesh-based Kishore and Mishra
families, is setting up a small hydropower project of 5 megawatt
near Boh in Kangra. The plant is likely to start commercial
operations in February 2017.


PATIDAR AGRICARE: CARE Assigns 'B' Rating to INR5.15cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Patidar Agricare(PAGR), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.15       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of PAGR is constrained
on account of its small scale of operations, thin profit margins,
constitution as a partnership firm, competition from other local
players and seasonal nature of business. The rating is further
constrained on account of short track record of its operations
and its overall financial position marked by weak solvency and
liquidity position.

The rating, however, derives strength from the wide experience of
the key promoter in the agriculture industry, located in potato
growing region of Gujarat and availability of fiscal benefits
from the government.

The ability of PAGR to Increase its scale of operations along
with improvement in the overall financial risk profile marked by
an improvement in profit margins, solvency position along with
efficient working capital management are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with thin profitability
Overall scale of operations stood very small marked by total
operating income (TOI) of INR4.44 crore during FY16 and net worth
base of INR1.80 crore as on March 31, 2016. Further, margins
stood very low on account of limited value addition nature of
operations.
Leveraged capital structure, weak debt coverage indicators and
liquidity position
As on March 31, 2016, capital structure of PAGR stood leveraged
marked by an overall gearing ratio of 3.17 times. Further, debt
coverage indicators stood weak as marked by very high total debt
to gross cash accruals as on March 31, 2016 due to low gross cash
accruals. The current ratio stood at 1.26x as on March 31, 2016.
Partnership nature of constitution Being a partnership firm, PAGR
faces risk of withdrawal of capital and dissolution of the firm
in case of death/insolvency of partner which may ultimately put
pressure on financial flexibility of the firm.

Fragmented nature of industry coupled with competitive nature of
business
The firm operates in the cold storage services industry which is
highly fragmented with presence of numerous independent small-
scale enterprises owing to low entry barriers leading to high
level of competition in the segment.

Key Rating Strengths

Experienced partners
PAGR is established by Mr. Dilip Patel, Mr. Ashok H. Patel, Mr.
Suresh Patel, Mr. Narendra Patel, Mr. Arvind Patel, Mr, Pravin
Patel, Mr. Harshad Patel and Mr. Ashok L. Patel. All the partners
have more than two decades of experience in growing and
cultivating better quality grading of potatoes. Mr. Dilip Patel
manages overall operations of PAGR with help of other partners.

Location advantage
The cold storage facility of the firm is located in potato
growing region of Gujarat having wide network of potato growers,
thereby making it suitable for the farmers and potato chips
manufacturers in terms of transportation and connectivity. Hence,
PAGR's presence in potato producing region results in benefit of
consistent demand from potato chips manufacturers and farmers;
providing sustainable and clear revenue visibility.

Fiscal benefits from the government
PAGR is eligible for credit linked back-ended subsidy from
Central Government and Government of Gujarat (GoG). PAGR is also
eligible for rebate on electricity tariff from Uttar Gujarat Vij
Company Limited (UGVCL), excise duty exemption on purchase of
plant and machinery etc.

PAGR was established in 2015 by Mr. DilipPael and his family
members. PAGR was set up to provide cold storage facilities
at Dehgam (Gujarat) with total installed capacity of 1,00,000
bags (50 kg each) along with trading of potatoes. The main
objective of setting up PAGR is to preserve potatoes and potato
seeds for longer duration. The plant will be located at Dehgam
(Gujarat) which is one of the major Potatoes growing area region
in Gujarat.


PITTI CASTINGS: Ind-Ra Migrates D Rating to Not Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Pitti Castings
Pvt Ltd's (PCPL) Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND D(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are given below:

-- INR250 mil. Fund-based working capital limit (Long-
term/Short-
    term) migrated to non-cooperating category with IND D(ISSUER
    NOT COOPERATING) rating;

-- INR845.5 mil. Term loan (Long-term) migrated to non-
    cooperating category with IND D(ISSUER NOT COOPERATING)
    rating; and

-- INR50 mil. Non fund-based working capital limit (Short-term)
    migrated to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 24, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in August 2012, PCPL is a part of the Pitti group of
companies. It manufactures graded iron and steel castings which
are used in various industries such as windmills, earth moving
equipment, vehicles, among others.


PRASAD EDUCATION: CARE Lowers Rating on INR43.82cr Loan to 'D'
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Prasad Education Trust, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        43.82       CARE D Revised from
   Facilities                        CARE BB-; Issuer Not
                                     Cooperating

In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the ratings of
Prasad Education Trust and in line with the extant SEBI
guidelines, CARE revised the rating(s) of long term bank
facilities of the trust to 'CARE BB-; ISSUER NOT COOPERATING'.
However, the trust has now submitted the requisite information to
CARE. CARE has carried out a full review of the ratings and the
rating(s) stand at 'CARE D'.

Rating Rationale

The rating assigned to the bank facilities of Prasad Education
Trust (PET) are primarily constrained by ongoing delays in debt
servicing, small scale of operations and elongated collection
period. The rating is further constrained by below average
enrolment ratio and highly regulated educational sector in India.
The ratings however, derive strength from experienced and
qualified members of the trust and moderate profitability margins
and capital structure. Going forward, the ability of PET to
scale-up its operations while improving its enrollment ratio
amidst high competition will be the key rating sensitivity.
Detailed description of the key rating drivers

Key rating weakness

Ongoing delay in debt servicing: There have been delays in debt
servicing on account of liquidity stress due to cash flow miss
match arising out of non-receipt of fee from students owing to
delay in permission from Medical Council of India for admissions
in its MBBS course.

Small scale of operations: The scale of operations of the trust
marked by total operating income stood small at INR34.51 crore in
FY17 (refers to the period April 1 to March 31; based on
provisional results). The small scale limits the trust's
financial flexibility in times of stress and deprives it from
scale benefits.

Below average enrolment ratio: Though PET offers various
specialized courses in diverse domains in undergraduate and
post graduate courses. Furthermore, the society also operates a
school in the name of Prasad International School providing
primary and secondary education from Nursery to class XIIth.
However, the average enrollment ratio stood low at 60% in AS2016-
17 owing to high competition prevailing in the education sector.

Low surplus margins: Though SBID margin of the trust improved
from 40.10% in FY16 to 48.26% in FY17 owing to commencement of
MBBS course which has the higher fee amongst the all courses
offered by the trust. However, surplus margin continues to remain
low at 3.40% in FY17 owing to high interest cost and depreciation
cost owing to debt funded capex undertaken in past.

Highly regulated educational sector in India: In addition to
AICTE, the educational institutes are regulated by respective
State Governments with respect to the number of management seats,
amount of the tuition fees charged for the Government quota and
management quota. The factors have a significant impact on the
revenue and surplus of the institution.

Key Rating strength
Experienced and qualified members of the society: Mr. B. P Yadav
is the current chairman of the trust, he is an IIT graduate with
around more than one year of experience in running an education
institution in association with PET. Prior to which, he has
around two decades of experience as a chief engineer. Mrs Anita
Yadav (Trustee) is a graduate by qualification and has an
experience more than one decade in association with this trust.
Further, they are assisted by Mr. Palash Yadav (Vice
Chairperson), LLB by qualification and has 5 year of experience
through his association with this trust.  Moreover, they also get
support from other qualified members in the field of social work
to carry out the day-to-day operations.

Uttar Pradesh based PET was established in 1997 with an objective
to provide education services. The society is managed
by Mr. B. P. Singh (Chairman), Mrs. Anita Yadav (Trustee) and Mr.
Palash P Yadav (Vice Chairman). PET provides undergraduate and
post-graduate courses in various fields of Engineering, Computers
Science, Management and Pharma.  The college is affiliated to
Uttar Pradesh Technical University, Dr. Ram Manohar Lohia Avadh
University and is approved by the All India Council for Technical
Education (AICTE). The society also operates a CBSE school in the
name of Prasad International School providing primary and
secondary education from Nursery to class XIIth. The school is
affiliated to Central Board of Secondary Education (CBSE). PET
has a total strength of 3720 students in college in the academic
session (AS) 2016-17 and Prasad International School has a total
strength of 1179 students for the academic session 2016-17.


S M INDUSTRIES: CARE Assigns 'B+' Rating to INR6.0cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of S M
Industries (SMI), as:

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

Rating Rationale & Key Rating Drivers
The rating assigned to the bank facilities of SMI is primarily
constrained on account of its modest scale of operations with
constitution as a partnership concern and its financial risk
profile marked by thin profitability margins, weak solvency
position and moderate liquidity position. The rating is, further,
constrained on account of high fragmentation and competition
among domestic participants due to low entry barriers within
edible oils and vulnerability of profitability to volatility in
prices of raw materials. The rating, however, derive strength
from the experienced management and reputed customer base.

SMI's ability to improve scale of operations along with increase
in its profitability margin in light of the competitive nature of
the industry and raw material price fluctuation and improvement
in solvency position is key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Modest scale of operations with constitution as a partnership
concern and thin profitability margins
The scale of operations of the firm stood modest with Total
Operating Income (TOI) of INR60.93 crore and PAT of INR0.01
crore in FY16 and tangible net-worth of INR1.93 crore as on
March 31, 2016. Further, its constitution as a partnership
concern restricts its overall financial flexibility in terms of
limited access to external funds for any future expansion plans.
Further, there is inherent risk of possibility of withdrawal of
capital and dissolution of the firm in case of death/insolvency
of partners.

Further, profitability margins of the company stood thin as
reflected by PBILDT and PAT margins of 1.98% and 0.02%
respectively in FY16 due to competitive market scenario and
limited value additive nature of operations. During FY16,
PBILDT margin of the company improved over FY15. PAT margin
remains same in FY16.

As per provisional results till March 31, 2017, the firm has
registered turnover INR 86.05 crore.
Leveraged solvency position and moderate liquidity position The
capital structure of SMI stood highly leveraged with an overall
gearing of 5.06 times as on March 31, 2016, deteriorated from
3.89 times as on March 31 2015 mainly on account of increase in
total debt owing to increase in working capital requirement.
Further, debt service coverage indicators of the company stood
weak as reflected by total debt to GCA of 50.76 times as on March
31, 2016, deteriorated over March 31, 2015 mainly due to increase
in total debt. Interest coverage ratio stood low at 1.19 times in
FY16 due to increase in interest cost.

SMI has utilized around 80-90% of working capital bank borrowings
in last twelve month ended July 2017. Liquidity position of the
company stood moderate marked by current ratio and  quick ratio
at 1.39 times and 0.12 times respectively as on March 31, 2017,
deteriorated from 1.65 times and 0.61 times respectively as on
March 31, 2016.  However, working capital cycle stood comfortable
at 49 days in FY17.

Vulnerability of profitability to volatility in prices of raw
materials
SMI uses mustard seeds as well as cakes as the key raw material
for the extraction process, which are agricultural commodity,
prices to a certain extent are affected by various factors like
monsoon during the year, area under cultivation, global pricing
scenario (linked to global demand supply) and government policies
leading to volatility in the same.  Furthermore, profitability is
vulnerable to the movement in the prices of mustard based
products like mustard seeds, mustard oil and substitute oils,
since edible oil is a price-sensitive product.

Key Rating Strengths

Experienced management and reputed customer base
Mr. Ratan Chander, Mr. Jagdish Rajotia and Mr. Mahesh Gupta, all
the partners look after overall affairs of the firm. The partners
have around 12 years of experience in the industry.

SMI has established reputed customer base and clientele of the
firm includes Emami Agrotech Limited, Delhi Kanodia Oil
Marketing. SMI has agreement to supply 350 Tonnes mustard oil
every month to Emami Agrotech Limited and 200 Tonnes mustard oil
every month to Delhi Kanodia Oil Marketing.

Continuous growth in TOI

TOI of SMI has shown continuous growth and has grown at a
Compounded Annual Growth Rate (CAGR) of 46.39% in the last three
financial years ended FY16. During FY16, TOI of the firm has
increased by 15.31% over FY15 (85.85% in FY15 over FY14) mainly
on account of increase in sales volume. As per FY17
(Provisional), TOI has increased by 41.23% over FY16 and stood at
INR86.05 crore.

Shri Ganganagar (Rajasthan) based, SMI was established in 2005 as
a partnership firm by Mr. Ratan Chander, Mr. Jagdish Rajotia and
Mr. Mahesh Gupta and shares profit & loss in the ratio of 50%,
10% and 40%, respectively. SMI is engaged in extraction of edible
oil and mustard cakes from mustard seeds. The plant has an
installed capacity of 850 quintals per day (QPD) as on March 31,
2017. It sells mustard edible oil under the brand name of
'Sanjiwani' mainly in Rajasthan, Uttar Pradesh, Delhi and
Himachal Pradesh.


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

-- INR110 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB-(ISSUER NOT COOPERATING)
    rating; and

-- INR57.42 mil. Long-term loans migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
June 24, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2010, REPL is engaged in chicken processing in
Kolkata, West Bengal.


SHIVOM COTSPIN: CRISIL Lowers Rating on INR12MM Loan to 'B'
-----------------------------------------------------------
CRISIL has been consistently following up with Shivom Cotspin
Limited (SCL) for obtaining information through letters and
emails dated April 21, 2017 and May 09, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

   Proposed Long Term      6.5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

   Term Loan              12         CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

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

Detailed Rationale

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

Incorporated in 2007 and promoted by Mr. Satish Bansal, SCL
manufactures yarn. Its plant in Himachal Pradesh receives tax
exemption and is equipped with 18,000 spindles, with processing
capacity of 9 tonne per day (tpd). In 2010-11 (refers to
financial year, April 1 to March 31), the company installed an
open-ended yarn machine with a capacity of 4 tpd, which
subsequently increased to around 8 tpd in 2011-12. In 2013-14,
SCL converted all its open-ended yarn manufacturing capacities to
ring-frame yarn of similar capacity by adding new machinery or
replacing the old machineries.


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

-- INR200 mil. Term loan due on July 2023 migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING).


Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Aug. 19, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2012, SSPPPL operates a 5MW solar photovoltaic
power plant in village Mithi, Bhiwani, Haryana under a 25-year
power purchase agreement mechanism under the renewable policy of
Haryana.


SPACETECH EQUIPMENT: CARE Assigns 'B' Rating to INR1.75cr Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Spacetech Equipment and Structurals Private Limited (STES), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities            1.75        CARE B; Stable Assigned

   Short term Bank
   Facilities            7.00        CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of Spacetech
Equipment and Structurals Private Limited (STES) are constrained
on account of its small scale of operations with low
capitalization, moderate and fluctuating profit margin, leveraged
capital structure and weak debt coverage indicators and stretched
liquidity position with working capital intensive nature of
operation. The ratings are also constrained on account of its
presence in highly competitive industry, susceptibility of margin
to volatility in raw material prices and foreign exchange
fluctuation risk.

The ratings however, derive strength from long track record of
operation, experience of promoters in the industry with
their financial support and healthy order book position.
The ability of STES to increase its scale of operations and
improvement in profit margins and capital structure while
improving its liquidity position with efficient management of
working capital requirement are the key rating sensitivities.

Detailed description of Key rating drivers

Key rating Weakness

Small scale of operations and moderate albeit fluctuating profit
margins: With over a three decade long track record,
the scale of operations of STES has remained small with total
operating income of INR14.86 crore in FY17 and net-worth
base of INR1.99 crore limiting financial flexibility of the
entity. Further the TOI has been fluctuating during last three
years owing to fluctuation in order execution. STES operates on
moderate and fluctuating profit margins which remained in the
range of 7%-9% during last three years ending FY17 due to
volatile prices of it raw material and varying fixed costs which
are dependent on utilization of external funds.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company stood leveraged on account
of higher reliance on external borrowing and infusion of
unsecured loans to fund its business operation owing to low net-
worth base. Owing to high debt levels debt coverage indicators of
the company remained weak despite moderate profitability.

Working capital intensive nature of operations: The liquidity
position of the entity remained stretched with moderate current
ratio and working capital intensive in nature of operations.
Funds remained largely blocked in inventory and receivables as
production takes around 5-6 months while receipt of payments took
longer time owing to low bargaining power of STES. Owing to same
creditor period also remained stretched and dependence on
external borrowings remained high to support the working capital
intensity.

Volatile raw material prices & foreign exchange fluctuation risk:
STES is exposed to volatility in input (MS Sheets & plates,
welding Rod, Grinding wheel, SS Sheet etc.) prices in the absence
of any long-term contract with suppliers and especially on the
back of its high inventory holding (average inventory of around 4
months), it is exposed to the risk of raw material price
fluctuation as it is not able to pass on the rise in raw material
prices. Moreover, STES procures the raw materials in batches
which further expose the company to volatility in prices. STES
exports around 40% thereby exposing it to forex risk. Further,
STES has does not follow hedging policy, thus affecting its
profitability.

Present in competitive nature of industry: STES is engaged into
steel equipment manufacturing industry which is highly fragmented
with a high level of competition from both the organized and
largely unorganized sector, along with the susceptibility of
margins to volatile raw material prices.

Key rating Strengths

Experienced and resourceful promoters and their financial
support: The company is benefited by experience management which
generates sizable business from existing as well as new clients.
Promoters have an average experience of more than three in the
field of Design, Engineering, Fabrication & Project Engineering &
Project management, for the hard Core Industries like Petroleum,
Petrochemical, Fertilizers, Cement, Steel, Ceramics etc. in India
and Abroad. Extensive experience of promoters have help STES to
generate more revenue and developed strong business relations
with reputed customers. Furthers to support growing scale of
operations directors have infused owns capital continuously.

Long track record and reputed clientele base: STES is in
existence for more than three decades and carries out its
activity in manufacturing & supply of critical capital
equipment's required for core industries such as Petroleum,
Fertilizers, Chemical, Cement, Steel, Ceramics etc. in India and
abroad. Over the years the promoters have developed strong
business relations with reputed customers. The aforementioned has
helped STES in growing its operations over the period.

Incorporated in the March 1982 by group of "Technocrats",
Spacetech Equipment And Structural Private Limited (STES) is
engaged into manufacturing and supply of a broad array of
Equipment and Structures viz. Pressure Vessel, Air receiver, Gas
Holder Erection & Installation, Process Equipment, Fertilizers &
Chemicals Storage and Installation, Process Columns & Tower etc.
All this critical capital equipment range is used in core
industries such as petroleum, fertilizers, chemical, cement,
steel, and ceramics etc. STES is specialized for undertaking
turnkey projects for chemical & process industries. Having a
plant is located at Ambernath spread over 1200 sq.mtr. STES
procures raw material like MS Sheets & plates, welding Rod,
Grinding wheel, SS Sheet etc. from domestic players (viz. Mukesh
Traders, Jindal Steel & Power Ltd, Sangeeta Metal Corporation
etc.) and its generate 60% of revenue from domestic market and
40% of revenue from overseas market. Its exports its products to
overseas countries like Bangladesh, Nigeria, Iran, Oman &
Srilanka.


SPICA PROJECTS: Ind-Ra Migrates BB Rating to Not Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Spica Projects &
Infrastructures Pvt. Ltd.'s (SPIPL) Long-Term Issuer Rating to
the non-cooperating category. The issuer did not participate in
the rating exercise despite continuous requests and follow-ups by
the agency. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
now appear as 'IND BB(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:

-- INR48.7 mil. Fund-based working capital limit migrated to
    non-cooperating category with IND BB(ISSUER NOT COOPERATING)
    rating;

-- INR20 mil. Long-term loans migrated to non-cooperating
    category IND BB(ISSUER NOT COOPERATING) rating;

-- INR150 mil. Non-fund-based facilities migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)/IND
    A4+(ISSUER NOT COOPERATING) rating;

-- INR138.5 mil. Non-fund-based facilities migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
Aug. 19, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1997, SPIPL was previously a proprietorship
entity, Santosh Kumar Singh. It was reconstituted as a private
limited company in 2012. It executes construction contracts of
roads and bridges for the Jharkhand government.

SPIPL is managed by Santosh Kumar Singh, Anima Singh, Surya
Prakash Singh and Chandra Prakash Singh.


SPS EDUCATIONAL: CARE Lowers Rating on INR25.25cr Loan to 'D'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
SPS Educational Trust (SPS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         25.25      CARE D Revised from CARE B+;
   Facilities                        ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers

Ongoing delays in Debt servicing
The revision in the rating assigned to the bank facilities of SPS
Educational Trust (SPS) is primarily due to irregularity in
servicing its debt obligations on account of weak liquidity
position.

Palwal-based (Haryana),SPS Educational Trust (SPS) was
established in the year 2010 by Mr. Sureshchandra Bharadwaj, Mrs.
Sunita Bhardwaj, Mr. Shyam Sunder, Mr. Brijesh Kumar and Mr. Ram
Kumar Gupta with the object of setting up educational
institutions. SPS is running a school in the name of SPS
International at Palwal (Haryana) since, August, 2011.

The school is affiliated to the Central Board of Secondary
Education (CBSE) and offers education from Kindergarten to
class XII. The school is spread across the area of 5.25 acres and
it has all the state of the art facilities like computer labs,
library, smart classes, various sports facilities and swimming
pool etc.


SRI VIJAYA: Ind-Ra Migrates 'B+' Rating to Not Cooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sri Vijaya
Venkateswara Cotton Mills Private Limited's (SVVCM) Long-Term
Issuer Rating to the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests
and follow-ups by the agency. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings. The rating will now appear as 'IND B+(ISSUER NOT
COOPERATING)' on the agency's website. The instrument-wise rating
action is:

-- INR100 mil. Fund-based limits migrated to non-cooperating
    category with IND B+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 4
July 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

SVVCM was incorporated in 2006 by Mr. M. Nagamalleswara Rao and
Mr. M. Rajasekhara Rao. It is engaged in the ginning and pressing
of cotton. Its processes are completely automated, with the
capacity to process 300 bales of cotton per day and operate 42
double roller gins.


TIRUMALA AUTOMOTIVES: CRISIL Assigns B+ Rating to INR11.50MM Loan
-----------------------------------------------------------------
CRISIL has assigned ratings of 'CRISIL B+/Stable/CRISIL A4' to
the bank facilities of Tirumala Automotives (TA).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility      .35        CRISIL B+/Stable

   Open Cash Credit      11.50        CRISIL B+/Stable

   Bank Guarantee         3.15        CRISIL A4

   Channel Financing      2.00        CRISIL B+/Stable

The rating reflects its modest scale of operations in the
intensely competitive automobile dealership segment, its low
bargaining power with its main principal, and its below average
financial risk profile, marked by a high total outside
liabilities to adjusted net worth (TOLANW) and modest interest
coverage ratio. These rating weaknesses are partially offset by
the benefits it derives from the extensive industry experience of
its partners and its established presence in the automobile
dealership business.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the intensely competitive
automobile dealership segment
TA has modest scale of operations as reflected by its estimated
revenues of around INR83 crores during 2016-17 (refers to the
financial year April 1 to March 31). TA's scale of operation has
remained subdued on account of increasing competition from other
new players in the market.

* Low bargaining power with its main principal
TA is exposed to risks relating to low bargaining power with
principal, Bajaj Auto Limited (BAL; 'CRISIL
AAA/FAAA/Stable/CRISIL A1+'), Tata Motors Limited (TML; 'CRISIL
AA/Positive/CRISIL A1+') and John deere India. BAL, TML and John
deere India faces intense competition from other manufacturers.
TA also faces competition from other dealers in Andhra Pradesh
region.

* Below average financial risk profile
TA's financial risk profile is marked by high total outside
liabilities to tangible net worth ratio and modest interest
coverage. The firm has TOLANW of 3 times and interest coverage of
1.3 times as on March, 2017.

Strengths

* Extensive industry experience of its promoter's and its
established presence in the automobile dealership business
TA benefits from the extensive industry experience of its
promoters in the automobile dealership business. The firm is
promoted and managed by Mr. K Sridhar, who has around two decades
of extensive experience in the automobile dealership industry and
has helped TA establish a comfortable presence in Andhra Pradesh
automobile dealership market.

Outlook: Stable

CRISIL believes that TA will continue to benefit over the medium
term from the extensive industry experience of its partners and
its established regional presence. The outlook may be revised to
'Positive' in case there is a sustained improvement in the
revenues and profitability of the firm leading to an improvement
in its business risk profile. Conversely, the outlook may be
revised to 'Negative' if the firm undertakes any aggressive debt-
funded capital expenditure, or if there is a stretch in the
working capital cycle of the firm, withdrawal by partners leading
to deterioration in its financial risk profile of the firm.

Incorporated in September, 2012, and based in Ongole (Andhra
Pradesh), TA is a sole authorized dealer of BAL for 2 wheelers
and 3 wheelers in Prakasam and Chittor district, respectively. It
is also the sole authorized dealer of John deere tractors in
Prakasam and Chittoor district and of TML for passenger vehicles
in Praksam district. The firm is promoted and managed by Mr.K
Sridhar.


YADAV RICE: CRISIL Raises Rating on INR6MM Cash Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Yadav Rice Mills (YRM) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable/Issuer not cooperating'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              6        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable/Issuer
                                     Not Cooperating')
CRISIL had, on April 22, 2017, downgraded the long-term rating to
'CRISIL B/Stable' from 'CRISIL BB-/Stable' and assigned an
'issuer not cooperating' remark as the firm had not provided the
requisite information. It has now shared this information,
enabling CRISIL to assign rating to the bank facility.

The rating reflects modest scale of operations and exposure to
intense competition. Revenue, estimated at INR42.50 crore in
fiscal 2017, is expected to remain stable marked by growth of 5%
per fiscal over the medium term. Operating profitability is
modest, estimated at 3.9% in fiscal 2017, and is expected to
remain stable over the medium term.

Liquidity is supported by nil debt-funded capital expenditure
(capex) planned for the medium term and funding from partners and
related parties in the form of unsecured loans (Rs 5.42 crore on
March 31, 2017). Further, bank limit utilisation was moderate at
around 83% over the 12 months through May 2017.

Analytical Approach

CRISIL has treated unsecured loans extended to YRM by partners
and related parties as neither debt nor equity. That's because
the loans are interest free and are expected to remain in the
business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and intense competition: Modest
scale is indicated by operating income estimated at INR42.50
crore in fiscal 2017 and limited capacity of 6 tonne per hour.
Despite stable growth, revenue is expected to remain low over the
medium term amid intense competition.

* Working capital-intensive operations: Gross current assets
(GCAs) were sizeable at 199 days as on March 31, 2017, driven by
inventory and receivables of 186 and 17 days, respectively.
Against this, credit from suppliers were 6 days. Operations may
remain working capital intensive over the medium term, with GCAs
at 190-200 days.

* Average financial risk profile: Total outside liabilities to
tangible networth ratio was moderate at 1.74 times as on March
31, 2017, due to modest networth of INR3.62 crore and sizeable
working capital requirement. The ratio is likely to remain at
1.7-1.8 times over the medium term. Debt protection metrics were
average, with interest coverage ratio of 1.44 times in fiscal
2017.

Strengths

* Partners' experience and their funding support: The partners'
experience of almost two decades helped establish strong
relationships with customers and suppliers. The partners also
extended unsecured loans to support the business.

Outlook: Stable

CRISIL believes YRM will continue to benefit over the medium term
from the partners' experience. The outlook may be revised to
'Positive' if higher-than-expected cash accrual and substantial
improvement in working capital management strengthen financial
risk profile, especially liquidity, or if capital infusion by
partners enhances capital structure. Conversely, the outlook may
be revised to 'Negative' if financial risk profile weakens due to
decline in revenue and profitability, large, debt-funded capex,
or increase in working capital requirement.

YRM was set up by Mr. Pankaj Yadav and family of Muktsar (Punjab)
in 1997 as a partnership firm. It mills and processes paddy into
basmati rice, rice bran, broken rice and husk. Mr. Om Prakash
Yadav, the key partner, manages the business.

Profit after tax is estimated at INR0.13 crore on net sales of
INR42.50 crore for fiscal 2017 against INR0.11 crore and INR31.31
crore, respectively, for fiscal 2016.



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


TK HOLDINGS: Creditors' Panel Hires Whiteford as Delaware Counsel
-----------------------------------------------------------------
The Official Committee of Unsecured Creditors of TK Holdings
Inc., et al., seeks authorization from the U.S. Bankruptcy Court
for the District of Delaware to retain Whiteford Taylor & Preston
LLC, as Delaware counsel to the Committee.

The Committee requires Whiteford Taylor to:

   a. provide legal advice regarding local rules, practices, and
      procedures and provide substantive and strategic advice on
      how to accomplish Committee goals, bearing in mind that
      the Delaware Bankruptcy Court relies on Delaware counsel
      such as Whiteford Taylor to be involved in all aspects of
      each bankruptcy proceeding;

   b. draft, review and comment on drafts of documents to ensure
      compliance with local rules, practices, and procedures;

   c. draft, file and service of documents as requested by
      Milbank;

   d. prepare certificates of no objection, certifications of
      counsel, and notices of fee applications;

   e. print of documents and pleadings for hearings, prepare
      binders of documents and pleadings for hearings;

   f. appear in Court and at any meetings of creditors on behalf
      of the Committee in its capacity as Delaware counsel with
      Milbank;

   g. monitor the docket for filings and coordinating with
      Milbank on pending matters that may need responses;

   h. participate in calls with the Committee; and

   i. provide additional administrative support to Milbank, as
      requested.

Whiteford Taylor will be paid at these hourly rates:

     Christopher M. Samis, Partner              $550
     L. Katherine Good, Partner                 $525
     Aaron H. Stulman, Associate                $375
     Christopher L. Lano, Paralegal             $255

Whiteford Taylor will also be reimbursed for reasonable
out-of-pocket expenses incurred.

In accordance with Appendix B-Guidelines for Reviewing
Applications for Compensation and Reimbursement of Expenses Filed
under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11
Cases, the following is provided in response to the request for
additional information:

   Question:  Did you agree to any variations from, or
              alternatives to, your standard or customary billing
              arrangements for this engagement?

   Response:  No.

   Question:  Do any of the professionals included in this
              engagement vary their rate based on the geographic
              location of the bankruptcy case?

   Response:  No.

   Question:  If you represented the client in the 12 months
              prepetition, disclose your billing rates and
              material financial terms for the prepetition
              engagement, including any adjustments during the 12
              months prepetition. If your billing rates and
              material financial terms have changed postpetition,
              explain the difference and the reasons for the
              difference.

   Response:  Whiteford Taylor did not represent the Committee or
              any Committee member in the 12 months prepetition.
              Whiteford Taylor may represent in the future
              certain Committee members and their affiliates in
              their capacities as members of official committees
              in other chapter 11 cases or individually in
              matters wholly unrelated to the chapter 11 cases.

   Question:  Has your client approved your prospective budget
              and staffing plan, and, if so for what budget
              period?

   Response:  No. At the time of the filing of the Application,
              Whiteford Taylor has not yet submitted a
              prospective budget and staffing plan to the
              Committee, but it intends to do so and obtain
              approval of same in the near term.

Christopher M. Samis, a partner of Whiteford Taylor & Preston
LLC, assured the Court that the firm is a "disinterested person"
as the term is defined in Section 101(14) of the Bankruptcy Code
and (a) is not creditors, equity security holders or insiders of
the Debtors; (b) has not been, within two years before the date
of the filing of the Debtors' chapter 11 petition, directors,
officers or employees of the Debtors; and (c) does not have an
interest materially adverse to the interest of the estate or of
any class of creditors or equity security holders, by reason of
any direct or indirect relationship to, connection with, or
interest in, the Debtors, or for any other reason.

Whiteford Taylor can be reached at:

     Christopher M. Samis, Esq.
     WHITEFORD TAYLOR & PRESTON LLC
     405 North King Street, Suite 500
     Wilmington, DE 19801-3700
     Tel: (302) 353-4144
     Fax: (302) 661-7950
     E-mail: csamis@wtplaw.com

                   About TK Holdings Inc.

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 in the Chapter 11 cases.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel.  The
Committee retained Epiq Bankruptcy Solutions, LLC, as information
agent, Zolfo Cooper, LLC, as financial advisor, and Moelis &
Company, LLC, as investment banker.

The committee representing TK Holdings Inc.'s tort claimants
retained Pachulski Stang Ziehl & Jones LLP as its legal counsel;
Alvarez & Marshal North America, LLC as financial advisor;
Gilbert LLP as insurance counsel; and Sakura Kyodo Law Offices as
special counsel.

Roger Frankel, the legal representative for future personal
injury claimants, has retained Ashby & Geddes PA and Frankel
Wyron LLP as his 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: Creditors' Panel Hires Milbank Tweed as Counsel
------------------------------------------------------------
The Official Committee of Unsecured Creditors of TK Holdings
Inc., et al., seeks authorization from the U.S. Bankruptcy Court
for the District of Delaware to retain Milbank Tweed Hadley &
McCloy LLP, as counsel to the Committee.

The Committee requires Milbank Tweed to:

   (a) participate in in-person and telephonic meetings of the
       Committee and any subcommittees formed thereby, and
       otherwise advise the Committee with respect to its
       rights, powers and duties in the Chapter 11 Cases;

   (b) assist and advise the Committee in its consultations,
       meetings and negotiations with the Debtors and all
       other parties in interest regarding the administration
       of the Chapter 11 Cases;

   (c) assist the Committee in analyzing the claims asserted
       against and interests asserted in the Debtors, and in
       negotiating with the holders of such claims and
       interests and bringing, or participating in, objections
       or estimation proceedings with respect to such claims
       or interests;

   (d) assist with the Committee's review of the Debtors'
       Schedules of Assets and Liabilities, Statement of
       Financial Affairs and other financial reports prepared
       by the Debtors, and the Committee's investigation of
       the acts, conduct, assets, liabilities and financial
       condition of the Debtors and of the historic and
       ongoing operation of their businesses;

   (e) assist the Committee in its analysis of, and
       negotiations with, the Debtors or any third party
       related to, among other things, financings, asset
       disposition transactions, compromises of
       controversies, assumption or rejection of executory
       contracts and unexpired leases;

   (f) assist the Committee in its analysis of, and
       negotiations with, the Debtors or any third party
       related to the negotiation, formulation, confirmation
       and implementation of a chapter 11 plan or plans for
       the Debtors, and all documentation related thereto;

   (g) assist and advise the Committee with respect to its
       communications with the general creditor body
       regarding significant matters in the Chapter 11
       Cases;

   (h) respond to inquiries from individual creditors as to
       the status of, and developments in, the Chapter 11
       Cases;

   (i) represent the Committee at all hearings and other
       proceedings before the Court and such other courts
       or tribunals, as appropriate;

   (j) review and analyze all complaints, motions,
       applications, orders and other pleadings filed with
       the Court, and advise the Committee with respect to
       its position thereon and the filing of any response
       thereto;

   (k) assist the Committee in preparing pleadings and
       applications, and pursuing or participating in
       adversary proceedings, contested matters and
       administrative proceedings as may be necessary or
       appropriate in furtherance of the Committee's interests
       and objectives; and

   (l) perform such other legal services as may be necessary
       or as may be requested by the Committee in accordance
       with the Committee's powers and duties as set forth
       in the Bankruptcy Code.

Milbank Tweed will be paid at these hourly rates:

     Partners                 $1,015-$1,395
     Of Counsel               $1,015-$1,225
     Associates               $390-$950
     Legal Assistants         $200-$345

Milbank Tweed will be paid a retainer in the amount of $350,000.

Milbank Tweed will also be reimbursed for reasonable out-of-
pocket expenses incurred.

In accordance with Appendix B-Guidelines for Reviewing
Applications for Compensation and Reimbursement of Expenses Filed
under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11
Cases, the following is provided in response to the request for
additional information:

   Question:  Did you agree to any variations from, or
              alternatives to, your standard or customary
              billing arrangements for this engagement?

   Response:  No.

   Question:  Do any of the professionals included in this
              engagement vary their rate based on the
              geographic location of the bankruptcy case?

   Response:  No.

   Question:  If you represented the client in the 12 months
              prepetition, disclose your billing rates and
              material financial terms for the prepetition
              engagement, including any adjustments during the
              12 months prepetition. If your billing rates and
              material financial terms have changed
              postpetition, explain the difference and the
              reasons for the difference.

   Response:  Milbank Tweed did not represent the Committee
              prior to the commencement of the Chapter 11 case.
              Milbank Tweed has in the past represented,
              currently represents, and may represent in the
              future certain Committee members and their
              affiliates in their capacities as members of
              official committees in other chapter 11 cases
              or individually in matters wholly unrelated
              to the Chapter 11 case.

   Question:  Has your client approved your prospective budget
              and staffing plan, and, if so for what budget
              period?

   Response:  Milbank Tweed is in the process of developing a
              prospective budget and staffing plan for the
              Committee's review and approval. Furthermore,
              Milbank Tweed understands that the Committee,
              along with the Debtors and the U.S. Trustee,
              will maintain active oversight of Milbank
              Tweed's billing practice.

Abhilash M. Raval, a partner of Milbank Tweed Hadley & McCloy
LLP, assured the Court that the firm is a "disinterested person"
as the term is defined in Section 101(14) of the Bankruptcy Code
and (a) is not creditors, equity security holders or insiders of
the Debtors; (b) has not been, within two years before the date
of the filing of the Debtors' chapter 11 petition, directors,
officers or employees of the Debtors; and (c) does not have an
interest materially adverse to the interest of the estate or of
any class of creditors or equity security holders, by reason of
any direct or indirect relationship to, connection with, or
interest in, the Debtors, or for any other reason.

Milbank Tweed can be reached at:

     Abhilash M. Raval, Esq.
     MILBANK TWEED HADLEY & MCCLOY LLP
     28 Liberty St.
     New York, NY 10005
     Tel: (212) 530-5000
     Fax: (212) 530-5219
     E-mail: araval@milbank.com

                   About TK Holdings Inc.

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 in the Chapter 11 cases.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel.  The
Committee retained Epiq Bankruptcy Solutions, LLC, as information
agent, Zolfo Cooper, LLC, as financial advisor, and Moelis &
Company, LLC, as investment banker.

The committee representing TK Holdings Inc.'s tort claimants
retained Pachulski Stang Ziehl & Jones LLP as its legal counsel;
Alvarez & Marshal North America, LLC as financial advisor;
Gilbert LLP as insurance counsel; and Sakura Kyodo Law Offices as
special counsel.

Roger Frankel, the legal representative for future personal
injury claimants, has retained Ashby & Geddes PA and Frankel
Wyron LLP as his 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: Creditors' Panel Hires Zolfo as Financial Advisor
--------------------------------------------------------------
The Official Committee of Unsecured Creditors of TK Holdings
Inc., et al., seeks authorization from the U.S. Bankruptcy Court
for the District of Delaware to retain Zolfo Cooper, LLC, as
financial advisor to the Committee.

The Committee requires Zolfo Cooper to:

   (a) monitor the Debtors' cash flows and operating performance.
       Specifically, the Committee needs the firm to:

         (i)   compare actual financial and operating results to
               certain filings;

         (ii)  evaluate the adequacy of financial and operating
               controls;

         (iii) track the status of the Debtors' progress relative
               to developing and implementing programs such as
               preparation of restructuring and winddown plans,
               identifying and disposing of non-productive
               assets, and other such activities; and

         (iv)  prepare periodic presentations to the Committee,
               and summarize findings and observations resulting
               from the foregoing monitoring activities;

   (b) advise the Committee regarding any sale of the Debtors'
       businesses or assets, including analysis of value
       allocation and intercompany claims among Debtor and
       non-Debtor entities;

   (c) analyze and comment on operating and cash flow
       projections, restructuring and winddown plans, the global
       accommodation agreement, operating results, financial
       statements, other documents and information provided by
       the Debtors or the Debtors' professionals, and other
       information and data pursuant to the Committee's requests;

   (d) advise the Committee concerning interfacing with the
       Debtors, other constituencies and their respective
       professionals;

   (e) prepare for and attend meetings of the Committee and
       other parties in interest;

   (f) analyze claims and perform investigations of potential
       preferential transfers, fraudulent conveyances,
       related-party transactions and such other transactions,
       each as may be requested by the Committee;

   (g) analyze and advise the Committee regarding any proposed
       plan of reorganization or liquidation, disclosure
       statement, and business plan, including the related
       assumptions and rationale;

   (h) prepare an expert report and provide testimony at Court
       hearings, as requested by the Committee; and

   (i) provide such other services as may be requested by the
       Committee.

Zolfo Cooper will be paid at these hourly rates:

     Managing Directors             $850-$1,035
     Professional Staff             $305-$850
     Support Personnel              $60-$290

Zolfo Cooper will also be reimbursed for reasonable out-of-pocket
expenses incurred.

David MacGreevey, managing director of Zolfo Cooper, LLC, assured
the Court that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code and (a) is
not creditors, equity security holders or insiders of the
Debtors; (b) has not been, within two years before the date of
the filing of the Debtors' chapter 11 petition, directors,
officers or employees of the Debtors; and (c) does not have an
interest materially adverse to the interest of the estate or of
any class of creditors or equity security holders, by reason of
any direct or indirect relationship to, connection with, or
interest in, the Debtors, or for any other reason.

Zolfo Cooper can be reached at:

     David MacGreevey
     Zolfo Cooper, LLC
     5 Becker Farm Road, 4th Floor
     Roseland, NJ 07068
     Tel: (973) 618-5000
     Fax: (973) 618-5000

                   About TK Holdings Inc.

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 in the Chapter 11 cases.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel.  The
Committee retained Epiq Bankruptcy Solutions, LLC, as information
agent, Zolfo Cooper, LLC, as financial advisor, and Moelis &
Company, LLC, as investment banker.

The committee representing TK Holdings Inc.'s tort claimants
retained Pachulski Stang Ziehl & Jones LLP as its legal counsel;
Alvarez & Marshal North America, LLC as financial advisor;
Gilbert LLP as insurance counsel; and Sakura Kyodo Law Offices as
special counsel.

Roger Frankel, the legal representative for future personal
injury claimants, has retained Ashby & Geddes PA and Frankel
Wyron LLP as his 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: Edges Closer to Chip Unit Deal With Western Digital
-----------------------------------------------------------------
Nikkei Asian Review reports that Western Digital CEO Steve
Milligan is visiting Japan for negotiations with Toshiba
President Satoshi Tsunakawa over the planned sale of Toshiba
Memory.

After prolonged confusion over selecting a buyer for the memory
chip unit, Toshiba directors last week decided to prioritize
negotiations with a consortium that includes its U.S. partner,
Western Digital, The Nikkei relates. The companies are now
finalizing terms for the sale that have yet to be agreed upon,
including Western Digital's stake, the report says.

They hope to conclude the deal by the end of this month, says the
Nikkei.

According to the Nikkei, key members of the consortium also
include U.S. private-equity firm Kohlberg Kravis Roberts, the
public-private Innovation Network Corp. of Japan and the state-
backed Development Bank of Japan. They are offering about
JPY2 trillion ($18.3 billion) for the memory chip business.

The two sides have almost agreed on conditions regarding Toshiba
Memory being listed in the future, as well as Japanese partners
ultimately owning a majority stake in the company, the Nikkei
says.

                          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 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.



===========
T A I W A N
===========


HTC CORP: May Seek to Spin Off Vive Virtual Reality Business
------------------------------------------------------------
Ed Hammond, Jonathan Browning and Mark Gurman at Bloomberg News
report that HTC Corp., the beleaguered manufacturer that once
ranked among the world's top smartphone makers, is exploring
options that could range from separating its virtual-reality
business to a full sale of the company, according to people
familiar with the matter.

The Taiwanese firm is working with an adviser as it considers
bringing in a strategic investor, selling its Vive virtual
reality headset business or spinning off the unit, the people
said, Bloomberg relates. HTC has held talks with companies
including Alphabet Inc.'s Google, according to the people, who
asked not to be identified because the information is private,
Bloomberg relays.

A full sale of HTC, which has businesses ranging from VR to
handset manufacturing, is less likely because it isn't an obvious
fit for a single acquirer, one of the people, as cited by
Bloomberg, said.

Shares of HTC rose 4.7 percent in Taipei on August 25 to the
highest close in more two weeks, giving the company a $1.9
billion market value, Bloomberg notes. The company has shed about
75 percent of its value over the past five years as its
smartphone market share dipped below 2 percent, Bloomberg
discloses.

No final decisions have been made, and HTC may choose not to
proceed with any strategic changes, the people said, Bloomberg
relays. Representatives for HTC and Google declined to comment.

According to Bloomberg, research firm IDC said the Taoyuan City-
based firm has been attempting to refocus its growth prospects on
the high-end VR business, with shipments of the Vive headset
totaling more than 190,000 units in the first quarter.

HTC cut the price of the Vive by $200 earlier last week, in an
effort to expand product sales and its user base, which is more
important now than earnings, Sanford C. Bernstein & Co. analyst
David Dai, Bloomberg relays.

Bloomberg says the company is also trying to revive its
smartphone unit with its latest flagship U11 model and a contract
manufacturing deal to assemble Google's Pixel handset.

"It's a cutthroat Android smartphone market out there," Bloomberg
quotes Ramon Llamas, IDC's research manager for wearables and
mobile phones, said in an interview, referring to the mobile
operating system developed by Google, as saying.

"Apple and Samsung have made it hard for HTC to stay at the top
of the market, and Chinese phone makers have made it hard for HTC
to dominate the middle and low end of the market," Llamas said.

A transaction with a Silicon Valley firm like Google would mark a
face-saving moment for Cher Wang, HTC's co-founder and largest
shareholder, who took over as chief executive officer of the the
manufacturer in 2015, Bloomberg says. Wang has been unable to
stem the losses in market share since returning to the company in
a full-time capacity. The daughter of a petrochemical
billionaire, Wang was Taiwan's richest woman until HTC's stock
tanked, Bloomberg notes.

Taiwan-based HTC Corporation -- http://www.htc.com/sea/--
designs, manufactures, assembles, processes, and sells smart
mobile devices.



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


* BOND PRICING: For the Week Aug. 21 to Aug. 25, 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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