TCRAP_Public/170905.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, September 5, 2017, Vol. 20, No. 176

                            Headlines


A U S T R A L I A

BURRELL SOLICITORS: First Creditors' Meeting Set for Sept. 12
ELC PTY: First Creditors' Meeting Set for Sept. 13
FORTESCUE METALS: Fitch Corrects August 25 Release
J & D WOODCROFT: Second Creditors' Meeting Set for Sept. 11
KLEENMAID: Ex-Director Pleads Not Guilty to AUD13MM Fraud

LOANFLARE PTY: First Creditors' Meeting Set for Sept. 8
NETWORK TEN: CBS Loans Firm AUD143 Million to Pay Debts
OSTWALD BROS: 500 Workers Stood Down After Administration
SCUPA DUPA: Second Creditors' Meeting Set for Sept. 13
SOMA INFORMATION: In Liquidation; Owes More than AUD1MM

STEP ENTERTAINMENT: First Creditors' Meeting Set for Sept. 12
STYLING GROUP: First Creditors' Meeting Set for Sept. 11
TUBAMA INVESTMENTS: First Creditors' Meeting Set for Sept. 8
XTREME SHOPFITTING: First Creditors' Meeting Set for Sept. 11

* Aus. Prime RMBS Delinquency Rate Up in Q2 2017, Moody's Says


C H I N A

GREENLAND HOLDING: 1H 2017 Results No Impact on Moody's Ba1 CFR
SHANDONG RUYI: 1H 2017 Results No Impact on Moody's B2 CFR


I N D I A

A R CONSTRUCTIONS: CRISIL Cuts Rating on INR25MM LT Loan to 'B+'
ACADEMY OF MARITIME: CRISIL Cuts Rating on INR32MM LT Loan to B
AL-AYAAN FOODS: CRISIL Reaffirms 'B' Rating on INR10MM Cash Loan
ANANT INTERCONTINENTAL: CRISIL Reaffirms B Rating on INR10MM Loan
ARASKA DIAMOND: CRISIL Lowers Rating on INR5MM Loan to D

BISWAMATA HEEMGHAR: CRISIL Raises Rating on INR11.44MM Loan to B+
BOCHEM HEALTHCARE: ICRA Moves 'D' Rating to Not Cooperating
CHARMS CHEM: CRISIL Lowers Rating on INR4MM Cash Loan to 'D'
EASHWARA SAI: ICRA Moves B- Rating to Not Cooperating Category
FARAN TEPPICH: CRISIL Reaffirms B+ Rating on INR6MM Loan

GEMUS ENGINEERING: CRISIL Cuts Rating on INR8.5MM Loan to 'B'
GSJ ENVO: ICRA Moves B+ Rating to Not Cooperating Category
HT GLOBAL: Fitch Affirms BB- Long-Term IDRs on Special Dividend
HT GLOBAL: Moody's Affirms Ba3 CFR on Bond Indenture Amendment
HYPNOTIK CLOTHING: CRISIL Lowers Rating on INR6.75MM Loan to D

INDRA CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR8MM Loan
JAYPEE INFRATECH: Supreme Court Stays Insolvency Proceedings
LANCO KONDAPALLI: CRISIL Reaffirms D Rating on INR3,015cr Loan
MAA GAURI: ICRA Reaffirms 'B' Rating on INR4.10cr Cash Loan
MAHARAJA SATHYAM: ICRA Moves B+ Rating to Not Cooperating

MANDAR ROLLER: ICRA Moves 'B' Rating to Not Cooperating Category
MARUTI HOLOSTIC: ICRA Moves B/A4 Rating to Not Cooperating
MOTIA TOWNSHIP: ICRA Moves B+ Rating to Not Cooperating Category
MUKTI PROJECTS: Ind-Ra Moves D Issuer Rating to Not Cooperating
NAVEEN RICE: CRISIL Assigns 'B' Rating to INR11MM Cash Loan

NECX PRIVATE: CRISIL Reaffirms B- Rating on INR4.32MM Term Loan
ORTHODOX SYRIAN: CRISIL Assigns 'B' Rating to INR18MM Term Loan
PARTAP INDUSTRIAL: CRISIL Reaffirms B+ Rating on INR9.5MM Loan
PAVAS POLYCHEM: CRISIL Reaffirms B+ Rating on INR1MM Cash Loan
PRABH DAYAL: CRISIL Reaffirms B Rating on INR6.5MM Cash Loan

PRETTY JEWELLERY: CRISIL Lowers Rating on INR5MM Pack Loan to D
RAHIS COLD: CRISIL Reaffirms 'B' Rating on INR7.5MM Cash Loan
RISSALA PRODUCTS: ICRA Reaffirms 'B' Rating on INR8cr Loan
SAFAR POLYFIBRE: ICRA Assigns 'B' Rating to INR25.25cr Loan
SHANKARANARAYAN JEWELLERS: ICRA Moves Rating to Not Cooperating

SHREE SHYAM: CRISIL Assigns 'B' Rating to INR7.45MM Cash Loan
SIDDHARTH EXPORTS: ICRA Moves B+ Rating to Issuer Not Cooperating
SRI BUCHIYYAMMA: ICRA Reaffirms B+ Rating on INR13cr Loan
SRI JAYAJOTHI: CRISIL Reaffirms 'D' Rating on INR55MM Loan
SRI KODURI: ICRA Moves 'B' Rating to Not Cooperating Category

SRI NACHAMMAI: CRISIL Reaffirms B+ Rating on INR20MM Cash Loan
SRI RAMAKRISHNA: ICRA Reaffirms 'B' Rating on INR7.36cr Loan
VEGA CONTROLS: CRISIL Upgrades Rating on INR2.5MM Loan to B+
WALL CERA: ICRA Reaffirms B+ Rating on INR4.0cr Cash Loan


J A P A N

TAKATA CORP: Honda Reaches US$605MM Settlement Over Airbags
TOSHIBA CORP: Apple in Talks With Bain for Chips Business Bid


M A L A Y S I A

MAXWELL INTERNATIONAL: Wins Six-Month Extension to Submit Plan


N E W  Z E A L A N D

BAGLEY & BLAKE: Goes Into Liquidation; 55 Jobs Axed
CHRISTIAN SAVINGS: Fitch Assigns B+ Long-Term IDR; Outlook Pos.
INTUERI EDUCATION: McGrathNicol Appointed as Liquidators
ROSS ASSET: Investor Ordered to Pay Back NZ$100,000 Interest Bill


P A K I S T A N

PAKISTAN MOBILE: Moody's Affirms B1 Corporate Family Rating


V I E T N A M

PETROVIETNAM: Prepares to Declare Dung Quat Shipyard Bankrupt


X X X X X X X X

* BOND PRICING: For the Week Aug. 28 to Sept. 1, 2017


                            - - - - -


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


BURRELL SOLICITORS: First Creditors' Meeting Set for Sept. 12
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Burrell
Solicitors Pty Limited will be held at the offices of Hall
Chadwick Chartered Accountants, Level 40, 2 Park Street, in
Sydney, NSW, on Sept. 12, 2017, at 10:00 a.m.

Steven Arthur Gladman of Hall Chadwick Chartered Accountants was
appointed as administrator of Burrell Solicitors on Aug. 31,
2017.


ELC PTY: First Creditors' Meeting Set for Sept. 13
--------------------------------------------------
A first meeting of the creditors in the proceedings of ELC Pty
Ltd will be held at the offices of Shaw Gidley, Level 1, 160
Pacific Highway, in Charlestown, NSW, on Sept. 13, 2017, at
10:30 a.m.

Jeffrey Allan Shute and Paul William Gidley of Shaw Gidley were
appointed as administrators of ELC Pty on Sept. 1, 2017.


FORTESCUE METALS: Fitch Corrects August 25 Release
--------------------------------------------------
This announcement replaces the version published on August 25,
2017. It corrects the call date for Fortescue Metals Group
Limited's senior secured notes to March 2018 from May 2018.

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. A full list of
ratings can be found at the end of this commentary.

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.

Fitch 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.

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 March 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+'


J & D WOODCROFT: Second Creditors' Meeting Set for Sept. 11
-----------------------------------------------------------
A second meeting of creditors in the proceedings of J & D
Woodcroft Pty Limited has been set for Sept. 11, 2017, at
10:30 a.m., at Suite 1, Level 15, 9 Castlereagh Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 10, 2017, at 5:00 p.m.

Simon Cathro of Worrells Solvency was appointed as administrator
of J & D Woodcroft on Aug. 7, 2017.


KLEENMAID: Ex-Director Pleads Not Guilty to AUD13MM Fraud
---------------------------------------------------------
John Weekes at Sunshine Coast Daily reports that former Kleenmaid
director Andrew Eric Young has pleaded not guilty to fraud and
insolvency trading charges.

At Brisbane District Court on Aug. 28, Judge Brian Devereaux
described the charges as being of two basic types, the report
says.

"One is called fraud. The other is called insolvent trading," the
report quotes Judge Devereaux as saying.

According to the report, the court heard the fraud charge related
to an allegation Mr. Young dishonestly got a loan from Westpac.

Sunshine Coast Daily relates that Mr. Young was also accused of
dishonestly incurring debts, including some when Edis Service
Logistics, Kleenmaid's spare parts arm, was insolvent.

Sunshine Coast Daily says 15 jurors were empanelled, with three
of those in reserve because of the trial's expected length.

The jurors were told the trial could continue past Christmas, or
be finished in as soon as 12 weeks, the report discloses.

"The short point is, you're engaged in a lengthy criminal trial,"
Judge Devereaux said, according to the report.

Sunshine Coast Daily notes that the court heard more than 50
witnesses from the Sunshine Coast, Brisbane, Sydney, Western
Australia, Melbourne and New Zealand could be called to give
evidence.

They included Kleenmaid employees, accountants, customers,
several Westpac employees, and Australian Securities and
Investments Commission staff, the report notes.

                       About Kleenmaid Group

Founded in 1985, Kleenmaid Group -- http://www.kleenmaid.com.au/
-- sells kitchen and laundry appliances.

The Troubled Company Reporter-Asia Pacific reported on April 13,
2009, that Kleenmaid Group has been placed into administration.
The company appointed Deloitte partners John Greig, Richard
Hughes and David Lombe as voluntary administrators.  A TCR-AP
report on May 26, 2009, said the creditors of Kleenmaid Group
voted to wind up the company at a meeting in Brisbane.

The TCR-AP, citing a report posted at news.com.au, said that the
administrators had recommended that Kleenmaid be put into
liquidation, saying the company may have been insolvent as early
as June 2007.  The administrators said Kleenmaid creditors are
owed AUD102 million, which included AUD3 million owed to
Kleenmaid employees.

Liquidators from Deloitte have not yet finished their report on
claims the former Kleenmaid Group may have been trading while
insolvent for up to two years, according to The Sydney Morning
Herald.


LOANFLARE PTY: First Creditors' Meeting Set for Sept. 8
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Loanflare
Pty Ltd will be held at the offices of Veritas Advisory, Level 5,
123 Pitt Street, in Sydney, NSW, on Sept. 8, 2017, at 11:00 a.m.

David Iannuzzi and Vincent Pirina of Veritas Advisory were
appointed as administrators of Loanflare Pty on Aug. 29, 2017.


NETWORK TEN: CBS Loans Firm AUD143 Million to Pay Debts
-------------------------------------------------------
Lucy Battersby at The Sydney Morning Herald reports that CBS
Broadcasting repaid AUD142.7 million of Network Ten's debts on
Sept. 1, including bank loans and fees owed to shareholder
guarantors Lachlan Murdoch, Bruce Gordon and James Packer.

However, the payments were about 24 hours late as they were
supposed to be repaid on August 31, according to a deal brokered
in July, SMH relays. The money was held in a trust account while
exact payment figures were sorted out.

According to SMH, the US broadcasting giant is close to buying
Ten out of administration but still needs approval from
creditors, the Foreign Investment Review Board (FIRB) and a judge
to approve the transfer of shares to CBS.

CBS supplied Ten with an additional AUD30 million in "working
capital" on Sept. 1, administrator Korda Mentha and receiver PPB
Advisory said on Sept. 4, SMH discloses.

SMH notes that Network Ten went into voluntary administration in
June after two shareholders revealed they would no longer
guarantee the company's loans and warned the board it should stop
drawing down on an existing AUD200 million facility with the
Commonwealth Bank. The third shareholder, James Packer, had
advised Ten as early as May he would no longer guarantee loans.

However, the shareholder guarantors agreed in July to let Ten
access a further AUD30 million of the CBA facility, but only
until August 31. KordaMentha announced on August 28 it had
reached a deal with CBS, which supplies programs to Ten and is
the biggest creditor, SMH says.

                          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.


OSTWALD BROS: 500 Workers Stood Down After Administration
---------------------------------------------------------
John McCarthy at The Courier-Mail reports that about 500 workers
have been stood down for two days as administrators pore over the
books of the collapsed Dalby construction company Ostwald Bros.

The company, which was a major player in the development of the
coal seam gas industry as well as coal, was handed over to
administrators from PricewaterhouseCoopers with undisclosed
losses, The Courier-Mail discloses.

The Courier-Mail relates that although the losses are unknown,
Ostwald Bros was named by Australian Taxation Office as one of a
large number of major companies that had not paid tax in 2013-14
when it had revenue of about AUD380 million.

Ostwald's latest project was the Toowoomba second range crossing
and managing director Brendan Ostwald said the company had been
affected by commercial issues on two major infrastructure
projects which had affected cash flow and forced the decision,
according to the report.

"It is with deep regret we announce, we are placing Ostwald Bros
Group and Ostwald Construction Materials into voluntary
administration today," The Courier-Mail quotes Mr. Ostwald as
saying.

"Over the past 27 years the family-owned and operated company has
been a major employer and contributor to regional Queensland.

"With the significant downturn in mining and infrastructure,
Ostwald's has actively explored ways to keep the company trading
including having downsized, sold major assets, reinvested profits
in the company and more recently attempted to refinance and sell
the business.

"We are deeply saddened by this decision and are acutely aware
the impact it will have on our loyal employees, their families
and the local community," he said.

According to the report, the Queensland Investment Corporation
said it did not have any direct investment in Ostwald despite
announcing in 2014 that it had taken a minority stake in one of
its subsidiaries.

Derrick Vickers and Sam Marsden of PwC Australia were appointed
voluntary administrators of Ostwald Bros Pty Ltd and two related
entities; Ostwald Bros Civil Pty Ltd and Ostwald Bros
Construction Materials Pty Ltd.

They have also been appointed liquidators of a third related
entity, Ostwald Facilities and Accommodation Pty Ltd.

They will investigate whether the companies can continue
operations, the report says.

The Courier-Mail relates adds that Mr. Vickers said they will
work with all stakeholders to determine the current position of
the company and explore every possibility to restructure it for
the future.


SCUPA DUPA: Second Creditors' Meeting Set for Sept. 13
------------------------------------------------------
A second meeting of creditors in the proceedings of Scupa Dupa
Pty Ltd has been set for Sept. 13, 2017, at 11:00 a.m., at the
offices of RSM Australia Partners, 8 St Georges Terrace, in
Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 12, 2017, at 4:00 p.m.

Gregory Bruce Dudley of RSM Australia Partners was appointed as
administrator of Scupa Dupa on Aug. 15, 2017.


SOMA INFORMATION: In Liquidation; Owes More than AUD1MM
-------------------------------------------------------
Samira Sarraf at ARN reports that Soma Information Technology,
which traded as Soma IT, has entered liquidation owing over AUD1
million to creditors.

The company was registered with the Australian Securities and
Investments Commission (ASIC) in May 2014, and offered IT
business support.

In July, a resolution to wind up the company was passed followed
by the appointment of David Iannuzzi and Steve Naidenov, from
Veritas Advisory, as liquidators on July 13. On the same date the
company changed its name to ACN 168 810 124 PTY LTD, ARN
discloses.

The business had been sold prior to the appointment of the
liquidators, ARN relates citing documents lodged with Australia's
corporate regulator, which outlined the content of a meeting of
the company's creditors on July 31.

A preliminary review indicated that money was due under the sale
agreement, which the liquidators will be pursuing, the documents,
as cited by ARN, indicated.

According to ARN, the company's debt includes AUD900,000 to the
Australian Taxation Office (ATO), which makes up the bulk of the
debt. There is also AUD172,000 owed to other creditors.

Additionally, the documents reveal that part of the reason for
Soma IT's failure was that of the director entering into a 'Part
10 Personal Insolvency Arrangement', according to the company's
joint liquidator, Steven Naidenov, ARN relays.

This type of agreement legally binds a person and its creditors,
and involves the appointment of a trustee to take control of the
person's property and make an offer to creditors, ARN notes.

ARN relates that the liquidators said the director also received
a Director Penalty Notice which had to be acted upon. This notice
is issued by the ATO if a company does not meet its Pay as you go
(PAYG) withholding and superannuation guarantee charge (SGC)
obligations.


STEP ENTERTAINMENT: First Creditors' Meeting Set for Sept. 12
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Step
Entertainment Pty Ltd will be held at the offices of PKF,
Level 8, 1 O'Connell Street, in Sydney, NSW, on Sept. 12, 2017,
at 11:00 a.m.

John Vouris -- jvouris@pkf.com.au -- and Mark Roufeil --
mroufeil@pkf.com.au -- of PKF were appointed as administrators of
Step Entertainment on Aug. 31, 2017.


STYLING GROUP: First Creditors' Meeting Set for Sept. 11
--------------------------------------------------------
A first meeting of the creditors in the proceedings of The
Styling Group Pty. Ltd., trading as Room By TSG, will be held at
the Boardroom of Chifley Advisory, Level 2, 9 Phillip Street, in
Parramatta, NSW, on Sept. 11, 2017, at 11:00 a.m.

Gavin Moss and Trent McMillen of Chifley Advisory were appointed
as administrators of Styling Group on Aug. 30, 2017.


TUBAMA INVESTMENTS: First Creditors' Meeting Set for Sept. 8
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Tubama
Investments Pty Ltd will be held at the offices of APL Insolvency
Level 5, 150 Albert Road, in South Melbourne, Victoria, on
Sept. 8, 2017, at 11:00 a.m.

Jeremy Robert Abeyratne of APL Insolvency was appointed as
administrator of Tubama Investments on Sept. 8, 2017.


XTREME SHOPFITTING: First Creditors' Meeting Set for Sept. 11
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Xtreme
Shopfitting & Joinery Pty Ltd will be held at the offices of
SV House, 138 Mary Street, in Brisbane, Queensland, on Sept. 11,
2017, at 2:00 p.m.

Terrence John Rose of SV Partners was appointed as administrator
of Xtreme Shopfitting on Aug. 30, 2017.


* Aus. Prime RMBS Delinquency Rate Up in Q2 2017, Moody's Says
--------------------------------------------------------------
Moody's Investors Service says that the performance of Australian
prime residential mortgage-backed securities (RMBS) deteriorated
over the three months ended June 30, 2017 (Q2 2017).

"The 30+ day delinquency rate for prime RMBS rose to 1.67% at
June 30, 2017 from 1.59% at March 31, 2017 and 1.50% at June 30,
2016," says Alena Chen, a Moody's Vice President and Senior
Analyst.

Delinquency rates rose for all Australian prime RMBS issuer
groups during Q2 2017.

The 30+ day delinquency rate for non-authorised deposit-taking
institutions (ADIs) was the highest, rising to 3.36% at June 30,
2017 from 2.89% at March 31, 2017 and 2.72% at June 30, 2016.

Moody's conclusions are contained in its quarterly Australian
RMBS Indices for Q2 2017.

Moody's publication says that for major bank issuers, the 30+ day
delinquency rate increased to 1.70% at June 30, 2017 from 1.64%
at March 31, 2017 and 1.46% at June 30, 2016.

At 0.78%, the 30+ day delinquency rate for other ADIs was the
lowest among all issuer groups at June 30, 2017, although up from
0.65% at March 31, 2017 and 0.53% at June 30, 2016.

The 30+ day delinquency rate for regional ADIs was 2.03% at June
30, 2017, up from 1.96% at March 31, 2017, but down from 2.16% at
June 30, 2016.

Pre-lenders' mortgage insurance (LMI) losses for Australian prime
RMBS remained low at June 30, 2017. The worst performing vintage
- from 2006 - incurred 70 basis points of loss. By issuer group,
other ADIs recorded the highest losses, with 76 basis points of
loss incurred by the 2004 vintage.

After accounting for LMI reimbursements, losses were
insignificant. The 2007 vintage incurred the highest losses, at
five basis points.

The total repayment rate for prime RMBS was 23.31% at June 30,
2017, lower than the 12-month average of 25.04%.

There was also an increase in 30+ day delinquencies for
Australian non-conforming RMBS during Q2 2017, with the rate
increasing to 4.50% at June 30, 2017 from 4.15% at March 31, 2017
and 3.80% at June 30, 2016.

Moody's expects that Australian prime RMBS delinquencies will
continue to increase over the course of 2017. Weaker economic
conditions in states reliant on the mining industry, rising
underemployment, weak wage growth and less favorable housing
market conditions will drive delinquencies higher.

Nevertheless, losses will remain low, because of the substantial
build-up in home equity over recent years in most capital cities.

Home prices across Australia's major cities rose 9.64% year-on-
year in Q2 2017. Home prices in Sydney and Melbourne registered
the strongest increases of 12.24% and 13.67% respectively. By
contrast, home prices in Perth fell 1.71%.

Australia-wide, housing affordability - as measured by the
average share of income needed to make monthly mortgage loan
repayments - also deteriorated year-on-year in Q2 2017.

Moody's rated four RMBS deals with a total volume of AUD2.91
billion in Q2 2017.



=========
C H I N A
=========


GREENLAND HOLDING: 1H 2017 Results No Impact on Moody's Ba1 CFR
---------------------------------------------------------------
Moody's Investors Service says Greenland Holding Group Company
Limited's 2017 interim results show slightly improved credit
metrics, but were within expectations and have no immediate
impact on its Ba1 corporate family rating or the negative
outlook.

"Greenland Holding's credit metrics mildly improved, but its debt
leverage remains high for its rating," says Franco Leung, a
Moody's Vice President and Senior Credit Officer, and also
Moody's Lead Analyst for Greenland Holding.

Moody's expects the company will maintain its debt leverage -- as
measured by adjusted debt/capitalization -- at 76%-78% over the
next 12-18 months. Such a high level positions the company weakly
at its Ba1 corporate family rating.

Greenland Holding's sales execution and cash collection improved
during 1H 2017. The company recorded 20% year-over-year
contracted sales growth to RMB133.1 billion and a healthy cash
collection rate of around 82% in 1H 2017. This strong performance
was driven partly by the increased proportion of residential
properties sold relative to commercial properties, the latter of
which typically have longer cash collection cycles.

The company's adjusted debt/capitalization improved to around
78.2% at the end of June 2017 from around 79.1% at the end of
2016. The company also reported a slight decline in reported debt
to RMB284.3 billion at the end of June 2017 from RMB285.7 billion
at the end of 2016.

Greenland Holding plans to list its hotel property assets as real
estate investment trusts (REITs), which -- if successfully
implemented -- could help control its debt leverage. However,
Moody's has not included any deleverage benefits from the
potential listing in its base case projections, given the
uncertainty.

Greenland Holding's operating performance remains relatively
stable. Its gross profit margin slightly improved to around 12.8%
in 1H 2017 from 12.1% in 1H 2016, as increased margins in its
property business more than offset a mild margin decline in its
construction and other businesses.

The company also recorded 16.6% year-over-year revenue growth in
1H 2017, largely driven by strong revenue growth at both its
construction and property businesses over the same period.

As a result, its consolidated EBIT/interest coverage remained at
around 2.5x for the 12 months ended June 2016. Moody's expects
the metric will stay around 2.5x-2.7x over the next 6-12 months.

Greenland Holding's Ba1 corporate family rating reflects the
company's track record of delivering strong growth for its
property development business and establishing leading market
positions in its key markets owing to its highly diversified
geographical coverage in China (A1 stable).

The Ba1 rating also considers Greenland Holding's strong ability
to access funding and acquire land by virtue of its status as a
local state-owned enterprise (SOE), as well as its strong
corporate status in Shanghai, given its important role in the
urbanization of the city.

The key constraint on Greenland Holding rating is its debt-funded
growth strategy, which has resulted in high debt leverage and
weak credit metrics. In addition, its rating is also tempered by
its volatile non-property businesses.

The negative outlook on Greenland Holding's corporate family
rating reflects the uncertainty surrounding its ability to lower
its high debt leverage.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in April 2015.

Greenland Holding Group Company Limited is a China-based company
and state-controlled enterprise group. The Shanghai State-Owned
Assets Supervision and Administration Commission had an effective
shareholding of about 46.37% in Greenland Holding as of June
2017. The company is headquartered in Shanghai, with a focus on
the real estate sector. Its other businesses include
construction, finance, and auto dealerships.


SHANDONG RUYI: 1H 2017 Results No Impact on Moody's B2 CFR
----------------------------------------------------------
Moody's Investors Service says that Shandong Ruyi Technology
Group Co., Ltd.'s improved 1H 2017 financial results are in line
with Moody's expectations and will not immediately affect its B2
corporate family rating or the B3 backed senior unsecured rating
on the notes issued by Prime Bloom Holdings Limited, and
guaranteed by Ruyi and Ruyi's wholly owned subsidiary, Forever
Winner International Development Ltd.

The ratings outlook is stable.

"Ruyi's financial leverage decreased to 8.7x for the 12 months
ended June 30, 2017 from 9.3x in 2016, driven largely by EBITDA
improvements due to increased revenue contributions from SMCP
Group (B1 stable) and higher revenues from the textile segment
owing to a higher production capacity," says Chenyi Lu, a Moody's
Vice President and Senior Credit Officer.

Lu points out that these improvements were also supported by
relatively stable debt levels, as the company's investments in
yarn and fabric capacity expansion and SMCP's store expansion
were funded by cash flow generated from operations.

"Moody's expects Ruyi's financial leverage will improve to 7.0x-
7.5x over the next two years, as strong revenue growth and
improved earnings will only be partially offset by a moderate
debt increase to support its expanded operations," adds Lu.

Ruyi's revenue increased 61.4% year-on-year to RMB16.9 billion in
1H 2017, driven by: (1) newly added production capacity in its
yarn and fabrics business; and (2) a higher revenue contribution
from SMCP.

Moody's expects Ruyi's revenue to grow by about 18% in 2017 and
5% in 2018, driven by newly added production capacity in its yarn
and fabrics business, and improved business traction from SMCP as
the entity continues its international expansion outside of
France and into Asia.

Ruyi's adjusted EBITDA margin should improve to 12.0%-12.5% over
the next two years from an estimated 8.7% for the 12 months ended
June 2017, underpinned by a greater revenue contribution from and
higher margins at SMCP.

However, Ruyi's liquidity position remained weak. At end-June
2017, the company's cash - including pledged deposits - of RMB7.6
billion and cash flow from operations for the next 12 months were
insufficient to cover its RMB8.3 billion in maturing debt, bills
payable of RMB5.1 billion, and estimated capital expenditure of
RMB1.5 billion over the next 12 months.

The principal methodology used in these ratings was Retail
Industry published in October 2015.

Established in 2001, Shandong Ruyi Technology Group Co., Ltd. is
a vertically integrated textile company that engages in textile
manufacturing, trading, the manufacturing and retailing of
apparel, and cotton and wool production.

The company has two listed subsidiaries, namely, Shenzhen Stock
Exchange-listed Shandong Jining Ruyi Woolen Textile Co. Ltd. and
Tokyo Stock Exchange-listed Renown Incorporated.



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


A R CONSTRUCTIONS: CRISIL Cuts Rating on INR25MM LT Loan to 'B+'
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
A R Constructions to 'CRISIL B+/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Long Term Loan           25      CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The downgrade reflects expected weakening in ARC's liquidity due
to lower than anticipated booking for the projects. The lower
than anticipated bookings are driven by the   inherent
cyclicality of the domestic real estate industry and sensitivity
of the industry to recent changes in the government regulations.

The rating reflects benefits derived from the extensive
experience of its promoters in the real estate industry. This
rating strength is partially offset by risks associated with
completion, saleability and funding of ongoing residential
project and to inherent cyclicality of the domestic real estate
industry.

Key Rating Drivers & Detailed Description

Strengths

* Extensive experience of promoters and their funding support: In
their two decades of presence in the real estate industry, the
promoters have completed 15 projects and developed more than 0.7
million square feet of saleable area.

Weakness

* Vulnerability to inherent cyclicality in the real estate
industry: The real estate sector in India is exposed to sharp
movement in prices and is also affected by multiple property laws
and government regulations. Aggressive deadlines and shortage of
manpower (project engineers and skilled labour) compound the
risks. Recent slowdown in the sector has delayed execution of
several projects. With increase in supply, attractive prices
offered by builders, and constant regulatory changes, players'
profitability is expected to come under strain over the medium
term. Any change in regulatory norms (such as floor space index)
will also affect overall market.

Outlook: Stable

CRISIL believes that ARC will benefit from the extensive
experience and funding support of the promoters.  The outlook may
be revised to 'Positive' if comfortable bookings, lead to higher-
than-expected cash inflow. Conversely, the outlook may be revised
to 'Negative' in case of delays in project execution or liquidity
weakens either due to delays in receipt of customer advances or
due to large, debt-funded prospective projects.

ARC is a Mumbai based real estate developer formed in the year
2006, by four partners Mr. Ramesh Nahar, Mr. Ashok Nahar, Mr.
Jiten Gala and Mr. Hiren Gala, and is currently constructing  a
residential complex named 'Elanza' in Prabhadevi, Mumbai.


ACADEMY OF MARITIME: CRISIL Cuts Rating on INR32MM LT Loan to B
----------------------------------------------------------------
CRISIL has been consistently following up with Academy of
Maritime Education and Training (AMET) for obtaining information
through letters and emails dated November 30, 2016 and
January 17, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          32        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Overdraft               15        CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

   Working Capital          1        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 Academy of Maritime Education
and Training. 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 Academy of Maritime Education
and Training 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'.

AMET was established as a registered trust in Chennai (Tamil
Nadu) in 1993 by Mr. J Ramachandran. The trust offers marine
related courses at undergraduate and postgraduate levels.


AL-AYAAN FOODS: CRISIL Reaffirms 'B' Rating on INR10MM Cash Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Al-Ayaan Foods
Private Limited (AAFPL) for obtaining information through letters
and emails dated January 19, 2017 and February 9, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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 Al-Ayaan Foods 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 Al-Ayaan Foods 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 reaffirmed the rating at 'CRISIL B/Stable'.

Incorporated in 2014 by Mr. Naushad Elahi and Ms. Mumtaz Elahi,
AAFPL trades in livestock (buffalo). The company commenced
operations in December 2014. The company was acquired by Mr.
Mohammed Elahi Qureshi and Mr. Dilshad in 2015.


ANANT INTERCONTINENTAL: CRISIL Reaffirms B Rating on INR10MM Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facility of Anant Intercontinental Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Export Packing Credit      10     CRISIL B/Stable (Reaffirmed)

The rating continues to reflect small scale of operations in
highly fragmented agro commodity business and below-average
financial risk profile marked by high total outside liabilities
to tangible net worth (TOLTNW) ratio and a small net worth. These
weaknesses are partially offset by experience of promoters in
agro commodity trading business.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations in highly fragmented industry:
Intense competition in the rice export segment is reflected in
modest revenue of INR28.2 crore in fiscal 2017. Operations should
remain exposed to intense competition over the medium term.

* Below-average financial risk profile: Total outside liabilities
to tangible networth ratio was 7.08 times as on March 31, 2017,
because of modest networth of INR1.5 crore and large working
capital debt. Also, interest coverage and net cash accrual to
total debt ratios were 1.5 times and 0.03 time, respectively, in
fiscal 2017.

Strengths

* Extensive experience of AIPL's promoters in agro commodity
trading business: AIPL's promoters have over a decades'
experience in the agri-commodity trading industry which has
helped the company to develop a network base large customers in
Singapore and the Middle East. AIPL will continue to benefit from
its promoters' extensive industry experience over the medium
term.

Outlook: Stable

CRISIL believes AIPL will continue to benefit over the medium
term from experience of promoters. The outlook may be revised to
'Positive' if significant growth in revenue and profitability,
leads to sizeable cash accrual. Conversely, the outlook may be
revised to 'Negative' if significant decline in scale and
profitability, or stretch in working capital cycle weakens
financial risk profile, especially liquidity.

Incorporated in 2012, AIPL exports basmati and non-basmati rice,
to Singapore and Middle East. The company began commercial
operations from August 2014 and is based in Raipur
(Chhattisgarh). The operations are managed by promoters, Mr.
Umesh Jain and Mr. Mukesh Jain.


ARASKA DIAMOND: CRISIL Lowers Rating on INR5MM Loan to D
--------------------------------------------------------
CRISIL has downgraded its short term rating on the bank
facilities of Araska Diamond Private Limited (ADPL, Part of
Araska Group (AG)) to 'CRISIL D' from 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Foreign Documentary      5       CRISIL D (Downgraded from
   Bills Purchase                   'CRISIL A4')

   Packing Credit in        5       CRISIL D (Downgraded from
   Foreign Currency                 'CRISIL A4')

The rating downgrade reflects delays of over 30 consecutive days
by ADPL in servicing its discounted bills. The delays have been
caused by weak liquidity due to stretch in working capital cycle
on account of delays in realization of receivables.

Analytical Approach

CRISIL has consolidated the business and financial risk profile
of ADPL and Pretty Jewellery Private Limited (PJPL).  PJPL is a
99.9% owned subsidiary of ADPL. Additionally, both the companies
are engaged in a similar line of business and have operational
and financial linkages amongst them and henceforth will be
referred to as AG.

Key Rating Drivers & Detailed Description

AG's liquidity has deteriorated due to delays in recovery of
receivables from overseas clients leading to its bank facilities
remaining overdue for more than 30 days.

Other Weakness

* Large working capital requirements
AG's operations are working capital intensive as reflected by the
high gross current assets of 369 days as on March 31, 2017, on
account of high receivable and inventory.

* Subdued financial risk profile
The financial risk marked by high TOLANW of 6.0 times as on
March 31, 2017, and an average interest coverage ratio of 1.8
times for the same period.

Strengths

* Established presence in diamond industry supported by partners'
extensive experience and established relations with customers
The key promoter, Mr. Shailesh Mehta has a long-standing
experience of over 3 decades in diamond industry. Established
relationship with major suppliers and customers further
strengthen the market position.

Incorporated in 2007, ADPL is engaged in trading of polished
diamonds mainly exports. The company derives around 90% of its
revenues through export trading of polished diamonds while
diamond studded jewellery contribute 10% of the revenues. It was
established as a proprietorship firm in 1976 under the name of S.
R. Diamond.

Incorporated in 2002, PJPL is engaged in manufacturing and
exporting of gold and diamond studded jewellery. The company
derives 100% of its revenues from exports. The firm has its
manufacturing facility in Seepz, Mumbai with a total strength of
120-125 artisans.


BISWAMATA HEEMGHAR: CRISIL Raises Rating on INR11.44MM Loan to B+
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Biswamata Heemghar Private Limited (BHPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            11.44     CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term      0.16     CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Term Loan              1.72      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Working Capital        1.68      CRISIL B+/Stable (Upgraded
   Facility                         from 'CRISIL B/Stable')

The upgrade reflects sustained improvement in the business risk
profile, driven by increase in operating revenue due to increased
trading activities in fiscal 2017. Operating revenue increased
from INR6.26 crore during fiscal 2016 to INR9.5 crore during
fiscal 2017, and is expected to remain a similar level over the
medium term. Any upward revision in rental for cold storage space
will support revenue and profitability. Liquidity should remain
adequate, with sufficient cushion between cash accrual and debt
obligation, and absence of any major debt-funded capital
expenditure plans for the medium term.

The rating reflects a below-average financial risk profile, and
susceptibility to regulatory changes in the cold storage
industry. These weaknesses are partially offset by the extensive
experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Small networth and high gearing of
INR3.8 crore and 3.86 times, respectively, as on March 31, 2017
(INR3.6 crore and 4.01 times, respectively, the previous year),
constrain the financial risk profile. Muted accretion to reserve
should keep the networth small, though gearing may improve with
gradual repayment of term debt.

* Highly regulated and competitive nature of the cold storage
industry in West Bengal (WB): The potato cold storage industry in
WB is regulated by the West Bengal Cold Storage Association.
Rental rates are fixed by the state's department of agricultural
marketing. The fixed rental limits players' ability to earn
profit based on their strengths and geographical advantages.
Furthermore, the industry is highly fragmented, with the largest
player having a market share of less than 0.5%. This further
limits bargaining power, and forces players to offer discounts to
ensure healthy utilisation of capacity.

Strengths

* Promoters' extensive experience: BHPL has a moderate business
risk profile backed by its promoters' experience of over two
decades in the cold storage segment through group concerns. This
has helped develop strong relationships with local farmers and
traders, resulting in healthy utilisation of the cold storage
space. Presence in the potato storage segment enables healthy
utilisation of its storage capacity. BHPL provides storage
facilities to over 5000 farmers and traders. It utilised 90-95%
of its capacity every year over the past two years. BHPL also
trades in potatoes on an opportunistic basis.

Outlook: Stable
CRISIL believes BHPL will continue to benefit from its promoters'
extensive experience. The outlook may be revised to 'Positive' if
a sustained and substantial increase in cash accrual, or equity
infusion, along with better working capital management, improves
the financial risk profile. The outlook may be revised to
'Negative' in case of pressure on liquidity due to delays in
repayment of loans by farmers, considerably low cash accrual, or
significant capital expenditure.

BHPL was taken over by Mr. Shyamal Dandapat in 2012 from Mr.
Swapan Ghosh. It provides cold storage facility for potatoes; the
promoters also undertake opportunistic trading in potatoes
through the company. The cold storage is located in Chandrakona,
Mednipur West, WB.


BOCHEM HEALTHCARE: ICRA Moves 'D' Rating to Not Cooperating
-----------------------------------------------------------
ICRA has downgraded the ratings for the INR21.72 crore bank
facilities of Bochem Healthcare Private Limited to [ICRA] D from
[ICRA] B/[ICRA]A4. ICRA has also moved the ratings to the 'Issuer
Not Cooperating' category. The rating is now denoted as "[ICRA] D
ISSUER NOT COOPERATING"

                      Amount
  Facilities        (INR crore)   Ratings
  ----------        -----------   -------
  Fund-based Limits    16.72      [ICRA]D ISSUER NOT
                                  COOPERATING; Rating downgraded
                                  from [ICRA]B/[ICRA]A4 and moved
                                  to the 'Issuer not Cooperating'
                                  category

  Non- fund-based       5.00      [ICRA]D ISSUER NOT
  Limits                          COOPERATING; Rating downgraded
                                  from [ICRA]B/[ICRA]A4 and moved
                                  to the 'Issuer not Cooperating'
                                  category

Rationale

The rating downgrade follows the delays in debt servicing by BHPL
to the lender(s), as confirmed by them to ICRA. ICRA has limited
information on the entity's performance since the time it was
last rated in February, 2016.

As part of its process and in accordance with its rating
agreement with BHPL, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Key rating drivers

Credit strengths

* Track record of the promoters, spanning more than 10 years in
the medical industry - Long track record of promoters in
pharmaceutical industry of around 10 years

Credit weaknesses

* Delay in debt servicing due to cashflow pressures - The key
driver of the rating revision is the delay in servicing the debt
obligations due to cashflow pressures.

Bochem Healthcare Pvt Ltd (BHPL) is incorporated in the year 2013
in Ujjain, Madhya Pradesh. BHPL is engaged in the manufacture of
formulation in various dosage forms, ie, tablets, capsules and
ORS (General group) at its WHO GMP certified facility at Nagziri,
Ujjain. Mr. Sunil Kumar Jain is the promoter of the company.
In FY2015, the company reported a net profit of INR0.34 crore on
an operating income of INR42.86 crore, as compared to a net
profit of INR0.64 crore on an operating income of INR36.84 crore
in the previous year.


CHARMS CHEM: CRISIL Lowers Rating on INR4MM Cash Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Charms Chem Pvt Ltd (CCPL) to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4/issuer not cooperating'. The removal of
'Issuer Not Cooperating' from CCPL's bank facilities reflects
thorough sharing of requisite information.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             4        CRISIL D (Downgraded from
                                    'CRISIL B/Stable; Issuer
                                    Not Cooperating')

   Inland/Import
   Letter of Credit        0.5      CRISIL D (Downgraded from
                                    'CRISIL A4; Issuer

   Proposed Fund-          1.09     CRISIL D (Downgraded from
   Based Bank Limits                'CRISIL B/Stable; Issuer
                                    Not Cooperating')

   Term Loan               0.55     CRISIL D (Downgraded from
                                    'CRISIL B/Stable; Issuer
                                    Not Cooperating')

CRISIL had, on April 27, 2017, downgraded the rating to 'CRISIL
B/Stable/CRISIL A4/issuer not cooperating' from 'CRISIL BB-
/Stable/CRISIL A4+' as the client was not cooperating for the
rating exercise. The company has now shared the required
information, enabling CRISIL to assign a revised rating to the
bank facility.

The downgrade reflects delay in servicing term debt due in July
2017 on account of stretched liquidity. This resulted from a
drop-in sales in fiscal 2017 along with deterioration in the
working capital cycle.

Key Rating Drivers & Detailed Description

Weakness

* Delays in debt servicing: The company delayed the servicing of
its term debt obligation due in July, 2017. The deterioration in
sales and working capital cycle stretched liquidity leading to
delay in term loan repayment.

* Small scale of operations: Estimated revenue of INR11.72 crore
in fiscal 2017, which has shown de-grown from INR15.08 crore in
fiscal 2016, reflects small scale of operations.

Strength

* Experience of the promoters: The key promoter, Mr. Milind
Honavar, holds a postgraduate degree in chemistry and has
experience of over two decades in the herbal extracts and
phytochemicals industry. This is expected to support the business
risk profile over the medium term.

Incorporated in 2001, CCPL manufactures herbal extracts and
phytochemicals which find application in oncology drugs and
nutraceutical products. The company is promoted by Mr. Milind
Honavar and Mrs. Sangeeta Honavar, and its manufacturing units
are located in Kurkumbh and Jejuri near Pune (Maharashtra).

For fiscal 2017, CCPL on a provisional basis reported profit
after tax (PAT) of INR0 25 crore on operating income of INR11.72
crore, as against PAT of INR0.67 crore on operating income of
INR15.08 crore in fiscal 2016.


EASHWARA SAI: ICRA Moves B- Rating to Not Cooperating Category
--------------------------------------------------------------
ICRA has moved the ratings for INR6.50 crore bank facilities of
Eashwara Sai Cotton industries (ESCI) to the 'Issuer Not
Cooperating' category. The rating is now denoted as: "[ICRA]B-
(Stable) ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long term fund
  based limits            6.50      [ICRA]B-(Stable)ISSUER NOT
                                    COOPERATING Rating moved to
                                    the 'Issuer Not Cooperating'
                                     category

Rationale

The rating is based on no updated information on the entity's
performance since the time it was last rated in January, 2016.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating
as the rating does not adequately reflect the credit risk profile
of the entity. The entity's credit profile may have changed since
the time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

As part of its process and in accordance with its rating
agreement with ESCI, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No.SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Key rating drivers

Credit strengths

* Extensive experience of the promoter in the cotton industry -
More than two decades experience of promoters in cotton industry
helps in understanding the market trend resulting in procuring
better raw materials at competitive rate.

* Presence of the firm in major cotton producing regions of
Telangana - ESCI is located in Gajwel mandal in Medak district of
Telangana, which is a major cotton producing area resulting in
easy availability of kappas.

Credit weaknesses

* Small scale of operations - The firm has small scale of
operations in a highly fragmented industry characterised by
presence of large number of players which limits company's
ability to pass on any adverse movement to its customers.

* Industry susceptible to Agro-climatic risks -The industry is
susceptible to agro-climatic risks, which can affect the
availability of raw material in adverse weather conditions.

* Risk related to partnership nature of the firm - The firm is
exposed to the risks such as capital withdrawal inherent to the
partnership nature of firm.

Eashwara Sai Cotton Industries (ESCI), located at Gajwel mandal
in Medak district of Telangana, is registered as a partnership
firm. The firm commenced its operations in January 2015. Mr. A.
Umapathi is the current managing partner of the firm. The firm is
primarily engaged in ginning and pressing business with installed
processing capacity to process ~116640 quintals of raw cotton per
annum.


FARAN TEPPICH: CRISIL Reaffirms B+ Rating on INR6MM Loan
--------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Faran Teppich Exports Private Limited (FTEPL) at 'CRISIL
B+/Stable/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bill Purchase            4       CRISIL A4 (Reaffirmed)
   Export Packing Credit    6       CRISIL B+/Stable (Reaffirmed)

Revenue declined by around 14% fiscal 2017 due to slowdown in the
export market. However, revenue is likely to grow at 5-10% per
annum over the medium term, driven by increasing demand. The
operating margin (4.5% in fiscal 2017) is expected to remain
stable over the medium term.

Liquidity is constrained by working capital-intensive operations
and high bank limit utilisation (99% over the 12 months through
March 2017). However, it is supported by timely, need-based funds
from promoters and no capital expenditure plans for the medium
term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Small scale, with operating income
of INR32.84 crore in fiscal 2017, in the highly fragmented home
furnishing industry constrains operating profitability. Moreover,
as revenue is derived primarily from the US and European markets,
any economic slowdown or change in trade policy of these
countries can weaken operations. The business risk profile may
remain constrained by risks related to modest scale amid intense
competition, and geographical concentration.

* Large working capital requirements: FTEPL has working capital
intensive operations as reflected in the Gross Current Asset
(GCA) of around 381 days as on March 31, 2017. The working
capital requirement is high due to higher credit offered to its
customers. FTEPL offers around 90-270 days credit period to its
customers in overseas market which is 100 percent secured by ECGC
cover. The company also has to maintain higher inventory of
around 150-250 days in its stock due to non-availability of some
raw material during summer and rainy season. However the company
receives around 60-180 days of credit from its suppliers which
supports FTEPL's working capital requirements. Further FTEPL
manage its working capital requirement through export packing
credit of INR4 Crore and bill purchase of INR6 Crore which are
almost fully utilized throughout the year due to working capital
intensive operations. CRISIL believes that the company will have
the working capital intensive operations over the medium term.

* Below-average financial risk profile: Moderate capital
structure, weak debt protection metrics, large working capital
requirement, and modest operating profitability are expected to
restrict the financial risk profile over the medium term.

Strengths

* Experience of promoters: The promoter family has been in this
business since 1971 through a partnership firm, Sheikh Bhullan &
Sons, and some other group entities. Over the years, they
established healthy relationships with customers and suppliers in
the domestic as well as overseas markets. Benefits from their
experience should continue to support the business.

Outlook: Stable

CRISIL believes FTEPL will continue to benefit over the medium
term from experience of promoters. The outlook may be revised to
'Positive' if revenue and operating profitability increase
substantially, leading to higher-than-expected cash accrual, with
prudent working capital management. Conversely, the outlook may
be revised to 'Negative' if financial risk profile and liquidity
weaken due to decline in revenue and profitability, larger-than-
expected, debt-funded capital expenditure, or sizeable working
capital requirement.

FTEPL was incorporated in 1999 by Mr. Mohd Rizwan Ansari, Mr.
Mohd Qamaruzzaman Ansari and Ms Saira Bano. It manufactures and
exports handmade rugs, carpets, and home furnishing products made
of wool, cotton, and leather. The manufacturing facility is at
Bhadoi, Uttar Pradesh.

Profit after tax is estimated at INR14 lakh on turnover of
INR30.26 crore for fiscal 2017, against INR27 lakh and INR35.60
crore, respectively, for fiscal 2016.


GEMUS ENGINEERING: CRISIL Cuts Rating on INR8.5MM Loan to 'B'
-------------------------------------------------------------
CRISIL has been consistently following up with Gemus Engineering
Limited (GEL) for obtaining information through letters and
emails dated May 24, 2017 and June 7, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             8.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Letter Of Guarantee     4.0       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan               3.6       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 Gemus Engineering 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 Gemus Engineering 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 long term rating to 'CRISIL B/Stable' and
reaffirmed the short term rating at 'CRISIL A4'.

GEL, set up in August 1996 by Kolkata-based Sharma family,
manufactures products cast in ductile iron as per customers'
specifications. Its products are primarily used in the railways
and water works industries. It commenced commercial production in
2001 and operations are managed by director Mr. Rajeev Sharma.


GSJ ENVO: ICRA Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]B+ from [ICRA] BB-
to the INR85.00-crore fund-based and non-fund based facilities
(including unallocated limits of INR3 crore) of GSJ Envo Limited.
The outlook on the long-term rating is 'stable'. ICRA has also
moved the ratings to the 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA] B+ (Stable) ISSUER NOT
COOPERATING."

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based limits       12.0      [ICRA]B+(Stable); ISSUER NOT
                                    COOPERATING Rating downgraded
                                    from [ICRA]BB- (Stable) and
                                    moved to the 'Issuer Not
                                    Cooperating' category

Rationale

The rating is based on limited cooperation from the entity since
the time it was last rated in August 2016. As part of its process
and in accordance with its rating agreement with GSJ, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. However, despite multiple
requests by ICRA, the entity's management has remained non-
cooperative. In the absence of requisite cooperation and in line
with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, the company's rating has been moved to the
"Issuer Not Cooperating" category.

The rating revision takes into consideration the continued
decline in GSJ's topline and deterioration in its working capital
position due to build up of aged receivables. Consequently, the
company's limit utilisation has continued to remain high, putting
pressure on liquidity.

The rating, however, draws comfort from GSJ's experienced
promoters and its long track record in the construction and waste
water treatment projects in northern India. The rating positively
factors in the company's moderate profit margins as it has
executed high-margin operations and maintenance orders. ICRA
notes that in the current financial year, the company received an
L1 order, amounting to INR125 crore, which would support its
revenue visibility. Given the current focus of the Central
Government on water sanitation-related projects, ICRA expects
significant order inflow in this sector going forward.

Going forward, the company's ability to speed up the execution
and secure fresh orders at the same time will be the key rating
sensitivity. The company's ability to improve its working capital
cycle and realise its key debtors in a timely manner will be
closely monitored.

Key rating drivers

Credit strengths

Long track record of promoter in water waste treatment business -
The company has been executing waste water treatment projects for
over four decades.

* Long-term demand outlook remains positive in waste water
treatment business - The current focus of the Central Government
on Swach Bharat Mission projects such as Namami Gange and
sanitation-related projects are expected to provide significant
opportunities to the construction sector.

* Moderate profitability margins - Despite the decline in scale,
the operating margins improved in FY2017 as the company executed
high margin operations and maintenance orders.

Credit weaknesses

* Pressure on revenue booking due to weak order book movement -
The operating income of the company has been continuously
declining since the last four years due to approval-related
delays and delayed receivables.

* Working capital situation remains stretched because of
significant build up of receivables from government agencies
particularly from one executed project - GSJ's working capital
intensity continued its upward trend due to high receivables on
lower operating income in FY2017. The working capital intensity
increased from 66% in FY2016 to 89% in FY2017. The significant
build up in receivables, particularly in more than six months
debtors is a key rating concern. Majority of these receivables
are from one project, which was completed in 2016.

GSJ Envo Limited (GSJ) is involved in turnkey execution of
projects in the fields of water and waste water management,
sewage treatment plants, underground reservoirs of booster
pumping stations and sewage pumping stations. The company is also
involved in the execution of civil works for hydro-electric power
projects and multi-storied residential and industrial complexes.
GSJ has a track record of over 40 years. Prior to its
incorporation in August 1995 as 'GSJ Envo Limited', it functioned
as the partnership firm, 'M/s GS Jolly'.

In FY2017, on a provisional basis, the company reported a net
profit of INR0.96 crore on an operating income of INR47.27 crore,
as compared to a net profit of INR1.31 crore on an operating
income of INR61.87 crore in the previous year.


HT GLOBAL: Fitch Affirms BB- Long-Term IDRs on Special Dividend
---------------------------------------------------------------
Fitch Ratings has affirmed the HT Global IT Solutions Holdings
Limited's Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDRs) at 'BB-'. The Outlook is Stable. Simultaneously,
the agency has affirmed the 'BB-' rating on its USD300 million 7%
senior secured notes due 2021.

The affirmation reflects Fitch views that organic growth is
improving HT Global's business risk profile which offsets its
high debt-related financial risk; the HT Global announced that it
is planning to raise an additional USD85 million by tapping its
existing USD300 million bond to pay a one-time dividend to its
private-equity parent, Baring Asia Private Ltd. Notwithstanding
the rating affirmation, rating headroom will be low following the
transaction. The transaction is subject to bondholder approval.

KEY RATING DRIVERS

Low Rating Headroom: The rating headroom on HT Global's 'BB-' IDR
remains low, as Fitch expects FFO adjusted net leverage of 5.3x
in 2017 and 4.8x in 2018 (2016: 5.0x) - on a proportionately
consolidated basis - following the dividend payment. Fitch
analyses HT Global by proportionally consolidating its 71.3%
Indian IT service subsidiary, Hexaware Technologies Limited, due
to the high 29% level of minorities.

Fitch believes HT Global's strong revenue and EBITDA growth,
which is consistently backed by new client wins and larger orders
from existing clients, allows it to run at a higher financial
leverage in the short term. Fitch expects the owners to run the
company's leverage below Fitch revised negative guidance of 5.0x
over the rating horizon.

FCF Usage to Drive Ratings: HT Global could deleverage in 2018-
2019, as Fitch expects EBITDA to increase by around 12%-13% and
generate about USD25 million - 35 million in FCF annually. Use of
FCF is a key consideration driving HT Global's ratings. Fitch
cannot rule out another dividend over the next few years,
however, management has indicated that it does not intend to pay
a dividend in the next year and would prefer not to tap the
capital market again to pay dividends or squeeze liquidity out of
Hexaware unless financial performance is stronger than they
expect.

HT Global distributed USD27 million in dividends to Baring during
1Q17, as Hexaware completed a USD20 million share buyback. Fitch
expects any M&A to acquire newer technologies or expertise to be
small. HT Global's ability to pay dividends to Baring is subject
to an incurrence covenant of debt/EBITDA of 3.75x (2016: 3.50x)
and a restricted payment basket test.

Strong Revenue Growth: Fitch forecasts revenue and EBITDA to
increase by 12%-13% annually during 2017-2018 driven by expanding
infrastructure management services in the Asia-Pacific region.
The increase is stronger than Fitch earlier expectations of 8%-
10%. Management expects revenue growth of around 14%-15% in 2017.
Revenue visibility is high, as 96% of revenue is from repeat
customers. HT Global has not lost any of its top-20 customers in
the last decade and has take-or-pay multi-year contracts with two
of its top-five customers worth of around USD110 million.

Stable Profitability: Fitch expects HT Global's operating EBITDAR
margin to remain stable at around 17.5%-18.0% (2016: 17.9%), as
higher utilisation levels and cost savings are likely to offset
elevated staff costs. The employee utilisation rate improved to
around 78%-81% in 1H17, from 70% in 2015-1H16, and the billing
rate has been stable at around USD72-76 per hour for onsite
billing and USD23 per hour for offsite billing. Fitch does not
foresee a complete US H1B visa ban or major restrictions on
outsourcing from the US. However, stricter rules or delays in
granting visas could increase labour costs for onsite staff.

Senior Notes Affirmed: The senior notes are rated in line with HT
Global's Long-Term Foreign-Currency IDR, as they represent its
direct, unconditional, secured and unsubordinated obligations.
The notes' rating will move in line with HT Global's IDR. The
notes are secured by Baring's 100% equity stake in HT Global and
the notes are subordinate to any potential debt at Hexaware or
other operating subsidiaries. These entities do not currently
have any debt and Fitch understand management aims to keep the
businesses debt-free.

DERIVATION SUMMARY

HT Global's IDR reflect its mid-tier position in the global IT
services industry, relatively small scale and modest cost and
technology advantage over peers. However, its ratings are
supported by the moderate-to-high costs for its customers to
switch to competitors, strong revenue growth, diversified revenue
stream in terms of products and industries served and profitable
niche with a solid customer base willing to work with the company
on a recurring basis.

Fitch assess HT Global's business profile as a notch weaker than
that of Marble II Pte. Ltd. (BB/Stable) due to Marble's larger
revenue base and minimum revenue guarantee of USD990 million over
five years primarily from Hewlett Packard Enterprise
(BBB+/Stable) related clients, including DXC Technology Company
(BBB+/Stable), HP Inc. (BBB+/Stable) and Micro Focus
International plc. HT Global's 2017 FFO adjusted net leverage of
5.3x - on a proportionately consolidated basis - following the
dividend payment will be slightly higher than Marble's Fitch-
forecast FFO adjusted net leverage of 5.0x at end-March 2018.
However, HT Global has demonstrated faster revenue and EBITDA
growth and expects to beat the industry average and Marble's
growth rate.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Revenue to increase by 12%-13% driven by infrastructure
   management services in the Asia-Pacific region.
- Operating EBITDAR margin to remain stable at around
   17.5%-18.0% (2016: 17.9%) on increased onsite revenue delivery
   mix and stable utilisation rates.
- Capex/revenue to remain low at around 2% during 2017-2018.
- M&A and share buybacks of about USD25 million each year
   starting from 2018.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to a
Positive Rating Action

- An improvement in proportionally consolidated FFO adjusted net
   leverage to below 3.5x.

- An improvement in Hexaware's market position, demonstrated by
   a  higher operating EBITDAR margin.

- Growth in Hexaware's FCF to over USD75 million (2017 Fitch-
   forecast: USD25 million-30 million).

Developments that May, Individually or Collectively, Lead to a
Negative Rating Action

- Higher-than-Fitch-expected shareholder returns, greater
   competition or loss of key customers leading to deterioration
   in proportionally consolidated FFO adjusted net leverage to
   above 5.0x (2017 estimate: 5.3x).

- Operating EBITDAR margin declining to below 15% (2017
   estimate: 18%) due to a lower employee utilisation rate or
   loss of key customers.

LIQUIDITY

Adequate Liquidity: HT Global's liquidity was adequate at end-
June 2017, with a proportionately consolidated cash balance of
USD66 million with no short-term debt maturities. The group's
only debt is the 7% USD300 million senior secured notes due in
2021. It also had USD21 million in the interest-reserve account,
which is classified as unrestricted cash to be used to pay for
two years of interest on the senior notes. Hexaware is debt-free.


HT GLOBAL: Moody's Affirms Ba3 CFR on Bond Indenture Amendment
--------------------------------------------------------------
Moody's Investors Service has affirmed HT Global IT Solutions
Holdings Limited's Ba3 corporate family ratings (CFR) and the Ba3
senior unsecured rating on its $300 million 7% senior notes due
2021.

The affirmation follows HT Global's announcement of a consent
solicitation to amend the bond's indenture to allow it to raise
an incremental $85 million of notes to pay a special dividend to
Baring Private Equity Asia V Mauritius Holdings (4) Limited
(BPEA).

The rating outlook is stable.

RATINGS RATIONALE

"The affirmation of the Ba3 ratings balances what is an
increasingly aggressive financial posture at HT Global with the
solid operating performance at Hexaware Technologies Limited, the
information technology and business process management service
provider, which represents HT Global's only investment," says
Saranga Ranasinghe, a Moody's Assistant Vice President and
Analyst.

Moody's views the proposed $85 million dividend as a more
aggressive financial policy than was anticipated at ratings
assignment in June 2016.

The Ba3 ratings will not accommodate incremental dividends to
BPEA over the next 12-18 months, without meaningful EBITDA growth
and stronger cash flow generation at the Hexaware level. As such,
Moody's does not anticipate another dividend from HT Global to
BPEA over the next 12-18 months and believes HT Global is
committed to its current rating.

In light of more aggressive shareholder returns, Moody's has
revised one of its downward rating triggers -- consolidated
leverage above 3.5x would now result in downward pressure on HT
Global's ratings, which has been tightened from 4.0x.

Post-issuance of the proposed notes, Moody's estimates leverage
of around 3.6x on a fully consolidated, pro forma basis at the
end of 2017 (5.1x pro-rata for HT Global's 71% share of
Hexaware's EBITDA) and falling below 3.5x in 2018.

"While Hexaware reported robust revenue and EBITDA growth, as
well as improvements in operating metrics in the past year,
Moody's believes the debt-funded shareholder friendly initiative
limits the financial flexibility available to it for growth
initiatives," adds Ranasinghe, who is also the lead analyst for
HT Global.

HT Global's Ba3 CFR reflects the debt-free financial position and
high EBITDA-to-cash flow conversion rates at Hexaware, and the
strong liquidity profile of both HT Global and Hexaware.

Hexaware's reported EBITDA increased 20% year-on-year, which was
supported by strong revenue growth, higher utilization rates and
lower employee attrition rates in the past year. Moody's expects
Hexaware to continue growing organically in 2017 and 2018.

The special dividend requires consent from existing noteholders
as the dividend exceeds the limitations on restricted payments.
Failure to receive consent from noteholders will not change
Moody's views with regards to HT Global's increase in risk
tolerance.

Upward rating pressure is unlikely in the next 12 to 18 months,
but could evolve if Hexaware diversifies its customer base and
operations, as well as improves its EBITDA margins to over 20% on
a sustainable basis. Its credit profile should also strengthen
such that HT Global's leverage is below 2.5x on a consolidated
basis, proforma for any BPEA dividends.

Negative rating pressure will arise should HT Global see a
further shift toward shareholder friendly financial policies, or
a deterioration in leverage or liquidity. Specific indicators
could include a shift towards a more acquisitions-driven
strategy, or if any dividends or other forms of shareholder
remuneration are extracted from HT Global over the next 12
months.

Quantitatively, Moody's could downgrade the rating if: 1)
consolidated leverage increases above 3.5x, and 2) the combined
cash holdings of HT Global and Hexaware fall below $40 million,
and cash flow from operations at Hexaware falls below $50 million
on a rolling 12-month basis.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

HT Global is a company incorporated under the laws of Mauritius -
- formed by Baring Private Equity Asia V Mauritius Holdings (4)
Limited (BPEA, unrated) -- to invest in the IT and BPM service
provider, Hexaware. The company has no other operations,
employees or real investments.

In 2013, BPEA became Hexaware's largest shareholder with a 71.3%
investment through HT Global. The acquisition was funded with
debt at HT Global and an equity infusion from BPEA. The $300
million notes issued in 2017 were largely used to refinance the
debt at HT Global.

Hexaware, incorporated in India, provides IT and BPM outsourced
services largely to US-based multinational corporations. Hexaware
listed on the Mumbai Stock Exchange in 2001. The company employed
12,115 employees worldwide at December 31, 2016.


HYPNOTIK CLOTHING: CRISIL Lowers Rating on INR6.75MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Hypnotik Clothing Private Limited (HCPL) to 'CRISIL D' from
'CRISIL BB-/Stable'. The downgrade follows the instance of bills
remaining overdue for over 30 consecutive days, due to weak
liquidity, stemming from an unprecedented stretch in the working
capital cycle.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Packing Credit         6.75      CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations:
Intense competition in the apparel retail business has kept the
scale of operations small, as reflected in revenue of INR21.5
crore in fiscal 2016.

* Working capital intensity in operations:
Elongated receivables and increased inventory have led to a
significant stretch in the working capital cycle, leading to
fully utilised bank limit.

* Weak financial risk profile:
Financial risk profile remains weak due to weak liquidity,
arising from a stretched working capital cycle.

Strengths

* Extensive experience of the promoter:
The promoter, Mr. Vijay Golani has been engaged in the readymade
garments business for over two decades, via two entities, Ocean
Force Enterprises Ltd and Multi Fortune (Asia) Ltd, incorporated
in Hong Kong. Before venturing into exports, he was involved in
retailing of garments in the US. Benefits from his extensive
experience, deep understanding of the US retail market,
established relationships with renowned retail outlets and strong
sourcing tie ups, will continue in the medium term.

HCPL was set up in December 2010, by Mr. Vijay Golani and Ms
Resham Chellaram. The company exports readymade garments
primarily to the US. Garments are manufactured on a job-work
basis from various players in Karnataka, Maharashtra and Gujarat.
HCPL manufactures about 30% of its total volume and the balance
is outsourced.


INDRA CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR8MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Indra Construction Co. (ICC) at 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         8.5       CRISIL A4 (Reaffirmed)

   Cash Credit            8.0       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.5       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect ICC's large working capital
requirement and modest scale of operation and geographic
concentration in revenue. The rating also factors in the firm's
subdued financial risk profile, marked by high total outside
liabilities to adjusted debt (TOLANW) and average debt protection
metrics. These are partially offset by proprietor's extensive
experience in the civil construction industry.

Analytical Approach

The unsecured loans of INR32.36 crore as on March 31, 2017, has
been treated as debt, since these are interest bearing and not
directly from the proprietor.

Key Rating Drivers & Detailed Description

Weakness

* Large working capital requirement
Operations are highly working capital intensive, marked gross
current assets of around 652 days estimated as on March 31, 2017,
mainly owing to high current assets inform of EMD deposits and
security deposits, despite moderate receivables.

* Modest scale and geographic concentration in revenue
Modest scale, reflected in net sales of INR24.6 crore in fiscal
2017, restricts bargaining power with customers or suppliers in
the fragmented civil construction industry, which has large
companies as well as small local players. Furthermore, ICC
undertakes civil construction works mainly in Kerala, and is
exposed to geographical concentration risk

* Subdues financial risk profile:
The financial risk marked by high TOLANW of 3.4 times as on
March 31, 2017, and an average interest coverage ratio of 1.7
times for the same period.

Strengths

* Proprietor's extensive experience in the civil construction
industry
The proprietor of the firm, Mr. Arvind Jain has an experience of
over 3 decades in civil construction. Establish relationships
with major suppliers and customers, further strengthens the
market position.

Outlook: Stable

CRISIL believes ICC 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 substantial and
sustained increase in revenue and profitability or improvement in
working capital cycle. Conversely, the outlook may be revised to
'Negative' if there is a decline in scale of operations and
profitability, or deterioration in the firm's capital structure
on account of a stretched working capital cycle or any large
debt-funded capital expenditure.

ICC, set up in 1984, is a proprietorship concern, of Mr. Arvind
Jain, a Mumbai based contractor. It is engaged in civil
construction activities, mainly for Municipal Corporation of
Greater Mumbai (MCGM) and Public Works Department (PWD). It is
registered as a class 'AA' contractor with MCGM.


JAYPEE INFRATECH: Supreme Court Stays Insolvency Proceedings
------------------------------------------------------------
The Times of India reports that the Supreme Court on Sept. 4
stayed the insolvency proceedings against Jaypee Infratech at
National Company Law Tribunal (NCLT), Allahabad at the instance
of its financier IDBI.

It also issued notice to embattled firm and others on a plea
filed by homebuyers who have not yet received possession of their
dream flats booked with the company, TOI relates.

According to TOI, the bench sought the response of the real
estate company, the RBI and others on a PIL filed by Chitra
Sharma and other homebuyers alleging that they have not received
the flats and the insolvency proceedings initiated against the
company will render them without any remedy.

The report relates that the plea said the homebuyers, being
unsecured creditors, will get nothing out of the insolvency
proceedings as the dues of financial institutions, which are
secured creditors, would be cleared first.

The bench posted a batch of matters for further proceedings on
October 10, the report notes.

TOI says the plea was moved in the apex court seeking protection
of the interests of over 30,000 buyers who invested hard- earned
money to book their dream homes in 27 different projects of debt-
ridden realty firm Jaypee Infratech.

Flat buyers, under the Insolvency and Bankruptcy Code of 2016, do
not fall under the category of secured creditors like banks and
hence they may get back their money only if something is left
after repaying secured and operational creditors, TOI states.

The report relates that the plea has sought a direction to the
Centre and others that the Insolvency and Bankruptcy Code "shall
not curtail the legal statutory and vested rights of the flat
owners/buyers as consumers" defined under the Consumer Protection
Act.

The PIL said that in the alternative, a direction may be issued
to the government that flat owners/buyers be declared as secured
creditor like banks and FIs.

It had said the financial interests of secured creditors will be
safeguarded first in the insolvency proceedings and flat buyers,
being unsecured creditors, would virtually get nothing, adds TOI.

According to TOI, the petition alleged that the action of the
Ministries of Finance and Corporate Affairs of introducing
Section 14 of the Code was "unjust, unfair and unreasonable" and
violative of Article 14 (Right to Equality) and 21 (Right to
Life) of the Constitution.

The home buyers fear that if the insolvency process is not
successful, then the liquidation process of the company would be
initiated, it said, the report relays.

It also claimed that if the home buyers refuse to be an unsecured
creditor and the company goes into liquidation, their hard-earned
money would go to the financial and corporate liquidators, adds
TOI.

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.


LANCO KONDAPALLI: CRISIL Reaffirms D Rating on INR3,015cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings the bank facilities of
Lanco Kondapalli Power Limited (LKPL) at 'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit           105.55     CRISIL D (Reaffirmed)

   Letter of credit &
   Bank Guarantee        424.00     CRISIL D (Reaffirmed)

   Long Term Loan      3,015        CRISIL D (Reaffirmed)

The ratings continue to reflect the inability to service interest
repayment on time because of liquidity constraints. The liquidity
constraints result from non-availability of gas under e-bid re-
gassified liquefied natural gas (e-RLNG) auction in Phases II and
III of LKPL's power project. Earlier, there was lack of fuel
supply from the Krishna-Godavari (KG) basin for these phases and
consequently, the two phases were being run on imported gas under
the e-RLNG auction scheme of the Government of India. Cash flow
continues to be insufficient to meet interest payment.

The ratings also factor in high proportion of merchant power in
the total power sales mix. These weaknesses are partially offset
by assured returns from Phase I, because of the take-or-pay
nature of its power purchase agreements with offtakers, the
distribution companies of Andhra Pradesh.

Key Rating Drivers & Detailed Description

Weakness

* Delays in servicing term debt owing to weak liquidity due to
fuel shortage:
LKPL's Phases II and III have delayed servicing their term debt
repayments due to weak liquidity resulting from insufficient fuel
availability and lack of cash flow.

* Increasing proportion of merchant power in total power
generation mix:
While LKPL's Phase I (368 megawatt) has power purchase agreement
for selling its entire capacity with Andhra Pradesh and Telangana
distribution companies, Phases II and III are merchant plants.
However, merchant power market is reeling under excess supply as
absence of new power purchase agreements (PPAs). Consequently,
merchant power rates have fallen from INR7.75 per kilowatt per
hour (kWh) in April 2010 to INR2.49 kWh in July 2017. Thus, near
75% capacity is exposed to the volatility in the merchant power
market in terms of both demand and realisation.

Strengths

* Assured returns, backed by take-or-pay nature of PPA for Phase
I:
The PPA for Phase I provides for a take-or-pay tariff mechanism
that comprises two part monthly capacity charge, broken down
between foreign debt service charge (FDSC) and other fixed
charges and variable energy charges, bonus payments for
additional electricity generation, and protection for foreign
exchange fluctuations. The monthly capacity charges are
recoverable at a stipulated plant availability factor (PAF) of
100%. LKPL is able to manage its fuel risk by declaring
availability on gas allotted from domestic sources as well as
LNG. The take-or-pay clause in the agreement protects LKPL from
offtake-related risks. Though LKPL maintains a high PAF, the
actual power generated by it tends to vary, based on dispatch
orders from offtakers. Furthermore, the payment of power purchase
costs from the offtakers has been timely as evidenced from the
prompt payment rebate provided by LKPL.

The revenue from Phase I has reduced fiscal 2013 because of the
discontinuation of FDSC from December 2012. This reduction in
capacity charge is, however, matched with full repayment of all
long-term debt of Phase I project.

LKPL is an independent power producer based at Kondapalli
Industrial Development Area near Vijayawada (Andhra Pradesh). The
company has installed capacity of 1,476.14 megawatt. LKPL was
promoted by the Lanco group; Eastern Generation Ltd, UK;
Commonwealth Development Corporation; and Doosan Heavy
Engineering, Korea. Phase I of the project was commissioned in
October 2000 at INR11,000 crore, Phase II in August 2010 at
INR11,880 crore, and Phase III in January 2016.

As part of the Lanco group's reorganisation plans, Lanco
Infratech Ltd (LITL; rated 'CRISIL D/CRISIL D') acquired a 25.1%
stake in LKPL from Globeleq Holding (Kondapalli) Ltd in July
2006. Consequently, LKPL became a subsidiary of LITL.


MAA GAURI: ICRA Reaffirms 'B' Rating on INR4.10cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR9.00 crore fund-based limits of Maa Gauri Poultry Private
Limited. The outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based-Cash
  Credit                   4.10     [ICRA]B (Stable); Reaffirmed

  Fund Based-Term
  Loan                     4.90     [ICRA]B (Stable); Reaffirmed

Rationale

The rating is constrained by MGPPL's weak financial profile as
indicated by high gearing level, thin net profit margins and weak
debt coverage indicators. The rating is further constrained by
the company's weak liquidity position as evidenced from high
utilization of working capital limits and vulnerability of
business operations to seasonal demand and risks like disease
outbreak. ICRA also takes note of the fragmented industry
structure with presence of various unorganised players which
limits pricing flexibility and also the exposure of margins to
feed price fluctuations. The rating, however, favourably factors
in the long standing experience of promoters in the poultry
industry.

Key rating drivers

Credit strengths

* Longstanding experience of the promoters in the poultry
industry- Incorporated in 2006, MGPPL is family managed company
engaged in the production of table eggs and trading in wheat,
paddy, rice, animal feed and poultry feed. The promoter family
has been in the poultry business since 1996.

Credit weaknesses

* Stretched financial profile as indicated by high gearing level,
thin margins and weak coverage indicators and weak liquidity
position- The company has thin profitability margins especially
in the trading division which also led to a decline in the
operating profitability to 4.47% during FY2016 as against 6.24%
during FY2015; while in the poultry segment, the increase in the
raw material prices was passed on to the customers. The net
profit margin was also low at 0.38% in FY2016. The capital
structure continues to remain adverse with a gearing of 2.62
times as on March 31, 2016. The coverage indicators remain weak
due to high interest costs and modest profitability. The
liquidity position of the company has remained weak as reflected
by high utilization of working capital limits in the last 17
months from April 2016 to August 2017.

* Susceptibility of margins to input feed price fluctuations
which largely consists of maize and soya; fragmented nature of
industry limits pricing flexibility- Adequate feed availability
and feed
prices are very crucial in sustainable operations of a poultry
farm. As eggs are largely indistinguishable at the consumer level
whether sourced from an unorganized source or a large player, and
given the National Egg Coordination Committee (NECC) determined
pricing mechanism, the independence of the poultry farms to drive
prices is limited.

* Vulnerability of business operations to seasonal demand and
risks like disease outbreak- The industry is characterised by the
frequent outbreaks of bird flu and the seasonality of demand of
eggs and poultry which affect the profitability margins of the
company as well as may lead to inventory losses in case of
disease outbreaks.

Incorporated in 2006, Maa Gauri Poultry Private Limited (MGPPL)
is family managed company engaged in the production of table eggs
and trading in wheat, paddy, rice, animal feed and poultry feed.
The company is based out of Nagpur and sells the eggs to nearby
distributors and traders. The promoter family has been in the
poultry business since 1996.


MAHARAJA SATHYAM: ICRA Moves B+ Rating to Not Cooperating
---------------------------------------------------------
ICRA has moved the rating for the INR5.90 crore bank facilities
of Maharaja Sathyam Industries Private Limited to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA] B+
(Stable) ISSUER NOT COOPERATING"

                         Amount
  Facilities           (INR crore)    Ratings
  ----------           -----------    -------
  Long term-Fund-based      5.90      [ICRA]B+ (Stable) ISSUER
                                      NOT COOPERATING; Rating
                                      moved to the 'Issuer Not
                                      Cooperating' category

Rationale

The rating is based on no updated information on the company's
performance since the time it was last rated in February, 2016.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating,
as the rating does not adequately reflect the credit risk profile
of the company. The company's credit profile may have changed
since the time it was last reviewed by ICRA; however, in the
absence of requisite information, ICRA is unable to take a
definitive rating action.

As part of its process and in accordance with its rating
agreement with Maharaja Sathyam Industries Private Limited, ICRA
has been trying to seek information from the company so as to
monitor its performance, but despite repeated requests by ICRA,
the company's management has remained non-cooperative. In the
absence of requisite information, and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016,
ICRA's Rating Committee has taken a rating view based on the best
available information.

Key rating drivers

Credit strengths

* Long industry experience of promoter - The extensive experience
of the promoter in the spinning industry has facilitated in
establishing strong relationships with customers thereby aiding
volume growth.

Credit weaknesses

* Small scale of operations - MSIPL is a small player with over
22,924 spindles in the highly fragmented spinning industry. As a
consequence of its small scale of operations, the company has
limited flexibility in terms of its bargaining power with its
suppliers and customers, restricting the overall pricing
flexibility.

* Modest financial profile - The financial profile of the company
is characterised by stretched capital structure on account of low
net worth position and high reliance on external debt. The
coverage indicators are moderate owing to net level losses.

Maharaja Sathyam Industries Private Limited (MSIPL), incorporated
in 1981, is a small scale yarn manufacturer with a spindle
capacity of 22,944 spindles. The company predominantly produces
polyester-cotton blended yarn (65:35) and manufactures polyester-
viscose blended yarn and cotton yarn in minor quantities. The
company caters to traders in the domestic market mostly to
weavers around Erode, Ichalkaranji, Surat and Kolkata. MSIPL
largely produces cotton and blended yarn in the coarse-to-medium
count range with average count being 40.


MANDAR ROLLER: ICRA Moves 'B' Rating to Not Cooperating Category
----------------------------------------------------------------
ICRA has moved the ratings for the INR13.00 crore bank facilities
of Mandar Roller Flour Mills Private Limited to the 'Issuer Not
Co-operating' category. The rating is now denoted as: "[ICRA]B
(stable) / [ICRA]A4 ISSUER NOT CO-OPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                  1.50      [ICRA]B (Stable) ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not Co-
                                    operating' category

  Non fund based-        11.50      [ICRA]A4 ISSUER NOT
  Bank Guarantee                    CO-OPERATING; Rating moved
                                    to the 'Issuer Not Co-
                                    operating' category

Rationale

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

Key rating drivers

Credit strengths

* Long standing experience of promoters in the flour milling and
related businesses - Mandar Roller Flour Mills Private Limited
was incorporated in the year 1988 and is engaged in production of
cattle feed. In FY2015, the company ventured into trading of
chick peas and dried green peas. The company is managed by Mr.
Paresh Shah and Mr. Ashish Shah both having prior work experience
of more than a decade in the flour mill industry. The Shah family
has controlling interests in the other agro processing entities
like like Ganesh Dal and Besan Mills, Mandar Rice Mills Pvt. Ltd.
and Ramtilak Roller Flour Mills Pvt. Ltd. among others.

* Comfortable capital structure and weak coverage indicators -
The company capital structure remained comfortable with low
gearing of 0.7 times as on March'2015 driven by low debt levels.
The company primarily uses non fund based facilities to procure
the raw materials. The coverage indicators however remained weak
owing to limited profitability with OPBDIT/Interest at 3.27x as
on March'2015 and NCA/Debt at 16% as on March'2015.

Credit weaknesses

* Modest scale of operations - The operating income of the
company has grown over the years, albeit on a low base; therefore
the overall scale of operations remains small. In FY2015, the
operating income increased at y-o-y rate of 138% as the company
started trading activity which constituted ~60% of the total
revenues (~Rs. 8.2 Crore). The company OI in FY2016 has grown by
82% to Rs.24.50 crore as against Rs.21.33 crore in FY2015.

* Strained financial profile characterized by low profitability,
Low bargaining power of the company with customers as reflected
in volatile profitability - The operating margins remain thin due
to low value additive nature of the business. Further inability
to pass on the raw material price to its customers has led to
margin decline over the years. Due to increase in trading
business from FY2015; the margins have declined from 3.1% in
FY2014 to 1.7% in FY2015. Albeit, decrease in interest costs has
led to an increase in PAT margins from 0.2% to 0.7% in the same
period. On account of thin profitability, the return indicators
remain weak with RoCE at 5%.

* Intense competitive pressures owing to presence of large number
of organized and unorganized players in the business - MRFMPL has
small scale of operations with its geographical presence being
mainly in Maharashtra as well in Goa and Karnataka (small
presence). Pulse processing and cattle feed manufacturing
industry owing to low technological requirements and low capital
intensive nature has limited entry barriers which results in
intense competition.

Established in 1988, Mandar Roller Flour Mills Private Limited is
engaged in cattle feed production and trading of peas (chick peas
and dried peas). The company has installed capacity of 10800 MT
per annum for its cattle feed division with its plant located in
Shirwal, Satara. The promoters of the company have been
associated with the flour mill and related business since a long
time.


MARUTI HOLOSTIC: ICRA Moves B/A4 Rating to Not Cooperating
----------------------------------------------------------
ICRA has moved the ratings for the INR11.72 crore bank facilities
of Maruti Holostic Private Limited to the 'Issuer not co-
operating' category. The rating is now denoted as: "[ICRA]B
(Stable)/[ICRA]A4; ISSUER NOT CO-OPERATING".

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Bank limits            11.72     [ICRA]B(Stable)/[ICRA]A4;
                                   ISSUER NOT CO-OPERATING;
                                   Rating moved to the 'Issuer
                                   not co-operating' category

Rationale

The rating is based on limited information on the entity's
performance since the time it was last rated in February 2016.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating
as the rating does not adequately reflect the credit risk profile
of the entity. The entity's credit profile may have changed since
the time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

As part of its process and in accordance with its rating
agreement with Maruti Holostic Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non co-operative. In the absence of
requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Key rating drivers

Credit strengths

* Favourable location of the company's plant in Surat, with
advantages such as proximity to suppliers and customers - The
company has easy access to raw material suppliers and customers
by virtue of its location in Surat, which is a major hub for
textile products in India.

* Comfortable capital structure as on March 31, 2017 - The low
debt in the company's books has led to a comfortable capital
structure as depicted by a comfortable gearing of 0.34 times as
on March 31, 2017 (0.28 times as on March 31, 2016).

Credit weaknesses

* Small scale of operations - The operations started in 2008 and
the operating income grew at a Compounded Annual Growth
Rate(CAGR) of around -7% over the FY2013-FY2017 period. The
firm's operating income was small at INR28.53 crore in FY2017,
limiting economies of scale.

* Fragmented nature of the textile industry leads to high
competitive intensity- The textile industry is characterised by
high levels of competition across the value chain, due to high
fragmentation, and low entry barriers. The profitability is
vulnerable to commodity price risks and competitive pressure
arising from the organised as well the unorganised sectors.

* Vulnerability of profitability and cash flows to cyclicality
inherent in the textile industry - The high competitive intensity
in the processing segment limits the pricing power of the
companies and affects the profit margins. Moreover, with the
direct linkage to the textile industry, the company's business is
exposed to the cyclicality inherent in the textile industry.

* Stretched liquidity on account of delayed realisation from
customers leading to stretched creditors and high working capital
limits utilization - The liquidity position of the company has
remained stretched on account of significant increase in debtors
resulting in stretched creditors and high utilisation of cash
credit limits. The stretched creditors have led to a high TOL/TNW
ratio2 of 1.58 times as on March 31, 2017. The utilisation of
cash credit limits has remained high with average utilisation of
98% during the 12-month period from April 2016 to March 2017.

Incorporated in 1993, Guajrat Hiflow Yarn Limited (GHYL) was
engaged in the business of yarn texturising , manufacturing
holographic items, sequins foil, hot stamping foil and metalized
films. On May 2009, the company was acquired by Mr. Anil
Chaudhary and Mr. Keshari Chand Chhajer. The entire business was
revamped and GHYL started manufacturing metallic films, hot
stamping foil and sequin foil. The company changed its name to
Maruti Holostic Private Limited in April 2015. Further in
February 2015, the company initiated a capex for manufacturing
holographic items and the project was commissioned in February
2016. The products manufactured include holographic labels,
films, and stickers. MHPL has its manufacturing facility located
in Karanj village of Surat district (Gujarat), with a total
installed capacity of 2300 TPA (tonnes per annum).

Currently, the company majorly trades in solar panels and
finished fabrics, with finished fabrics constituting 96% of the
total sales in FY2017. The finished fabrics comprise sarees and
dress materials which are procured from Surat and sold in
different parts of India.


MOTIA TOWNSHIP: ICRA Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------------
ICRA has moved the ratings for the INR28.0 crore bank facilities
of Motia Township Private Limited (MTPL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING"

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Limit-       3.00      [ICRA]B+ (Stable) ISSUER NOT
  Term Loan                         COOPERATING;

  Fund Based Limit-      25.00      [ICRA]B+ (Stable) ISSUER NOT
  Cash Credit                       COOPERATING;


Rationale

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

Key rating drivers

Credit strengths

* Long standing experience of promoters in denim manufacturing
industry - Al-Rkayan Apparels & Exports Private Limited was
incorporated in 2004 by Mr. Prabhakar Shetty, Mr.Shahid Rafi and
Mr. Abdul Rahman S Al-Rkayan. The company took over M/s La-
Apparel, a partnership firm set up in 1992 by Mr. Prabhakar
Shetty and Mr.Shahid Rafi. The promoters commenced the business
in 1993, and have an experience of about 3 decades in the denim
industry.

* Established business relations with key customers, who include
some of the major denim players - Al-Rkayan has 19 distributors
spread across the country, who are given a credit of 90 days. The
distributors have to pay the company within a period of 90 days,
irrespective of whether the garments have been sold or not, which
saves it from hassles of receivables management from small
retailers/dealers. Al-Rkayan also sells it goods through sales
agents who are offered an average 5-7% commission on off-take in
order to incentivize agents to promote Leonidas as a brand. The
company is based out of Mumbai and has noticeable presence in the
Western region, especially in Pune. However company has also
recently tied up with leading online E-commerce portals like
Amazon, Jabong, Flipkart etc which would further help company in
driving it sales.

Credit weaknesses

* Leveraged capital structure with relatively weak interest and
debt coverage indicators, tight liquidity position as reflected
in almost full utilization of its sanctioned bank limits - The
capital structure of Al-Rkayan continues to be leveraged with
gearing of 5.28 times as on March 31, 2015 on account of high
working capital requirements and debt funded capital expenditure
over the years. The debt protection metrics of the company are
also weak due to moderate profitability and high borrowing cost.

* Vulnerability of profitability to adverse movements in yarn and
fabric prices which may not be passed on to customers adequately
- The rating also takes into account high competitive intensity
in denim manufacturing industry and vulnerability of the
company's profitability to adverse movements in cotton yarn
prices which may not be fully passed on to customers.

ARAEPL was incorporated in 2004 by Mr. Prabhakar Shetty,
Mr.Shahid Rafi and Mr. Abdul Rahman S Al-Rkayan. The company is
primarily involved in manufacturing of denims for major denim
players and has manufacturing facility in Goregaon, Mumbai which
is spread over 30,000 square feet and employs over 650 people.
Towards the end of 2008-09, ARAEPL launched its own denim brand
Leonidas, aimed at the price-sensitive and fashion conscious
youth segment (16 to 40 years age group); Leslie (for capris and
three-fourths) and LD Active (bottom wear for women).


MUKTI PROJECTS: Ind-Ra Moves D Issuer Rating to Not Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mukti Projects
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 D(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:

-- INR32.4 mil. Fund-based working limits (long-term) migrated
    to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating; and

-- INR1,549.7 mil. Long-term loans (long-term) migrated to non-
    cooperating CategoryIND D(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 28, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings

COMPANY PROFILE

Mukti Projects, incorporated in 1993, is a closely held public
limited company with a registered office in Kolkata. The company
operates a shopping mall cum entertainment centre named Mukti
World and also owns a five-star hotel named Park Plaza in
Kolkata.


NAVEEN RICE: CRISIL Assigns 'B' Rating to INR11MM Cash Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Naveen Rice Mills (NRM) and assigned its 'CRISIL
B/Stable' rating to the firm's facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             11        CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Warehouse Receipts       1        CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

CRISIL had suspended the ratings on December 7, 2014, on account
of non-cooperation by NRM with CRISIL's efforts to undertake a
review of the ratings. The company has now shared the requisite
information, enabling CRISIL to assign its ratings.

The rating reflects the firm's modest scale of operations in the
intensely competitive rice industry, the weak financial risk
profile, and large working capital requirement. These weaknesses
are partially offset by extensive experience of the partners and
no term debt.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations amidst intense competition: Intense
competition in the rice industry, modest milling capacity in
comparison to large players, and limited value addition, have
kept the scale of operations modest, as reflected in the
estimated turnover of INR23.31 crore in fiscal 2017.

* Working capital intensity in operations: Operations are working
capital intensive, as reflected in high gross current assets of
433 days as on March 31, 2017, mainly led by large inventory, as
paddy, the key raw material, is available mainly during the crop
season (October-February).

* Weak financial risk profile: Financial risk profile is
constrained by high gearing of 12.89 times as on March 31, 2017,
and weak debt protection metrics, with interest coverage and net
cash accrual to total debt ratios ratio at 1.2 times and 0.01
time, respectively, for fiscal 2017.

Strengths

* Extensive experience of the partners: The three decade-long
experience of the partners in the rice industry, their keen grasp
over local market dynamics, and healthy relationships with
customers and suppliers, will continue to benefit the business
risk profile.

* No long-term debt: Absence of any fixed debt obligation
enhances the financial flexibility, as cash accrual can be solely
used to meet the working capital requirement.

Outlook: Stable

CRISIL believes NRM will benefit from its proprietor's extensive
industry experience. The outlook may be revised to 'Positive' if
there is a substantial improvement in its financial risk profile
driven by higher-than-expected growth in revenue leading to high
cash accrual, or capital infusion along with efficient working
capital management. The outlook may be revised to 'Negative' if
cash accrual is lower than expected, or if working capital
requirement is larger than expected, or if the firm undertakes
large, debt funded capital expenditure, leading to pressure on
its liquidity.

NRM was established as a partnership firm in 1986, by Mr.
Chiranji Lal Bansal and his family. The firm mills, processes and
packages basmati and non-basmati rice. Production facilities, at
Assandh, Karnal, Punjab, have milling and sorting capacity of
around 10 tonnes per hour, and operate at around 80% capacity.


NECX PRIVATE: CRISIL Reaffirms B- Rating on INR4.32MM Term Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of NEcX Private Limited (NPL) at 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            4.00      CRISIL B-/Stable (Reaffirmed)
   Funded Interest
   Term Loan              0.86      CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     0.82      CRISIL B-/Stable (Reaffirmed)
   Working Capital
   Term Loan              4.32      CRISIL B-/Stable (Reaffirmed)

The rating reflects NPL's modest scale of operations in systems
integration and education services business, weak financial risk
profile because of subdued capital structure and weak debt
protection metrics. The weaknesses are partially offset by the
promoter's extensive industry experience.

Key Rating Drivers & Detailed Description

Weakness

* Moderate scale of operations: Scale of operations is likely to
remain small over the medium term as well, as reflected in the
revenue of INR14.4 Cr in fiscal 2017. Modest scale of operations
not only prevents the company from taking advantage of benefits
that come out of economies of scale, but also restricts its
pricing power with Multi-National Companies (MNC's) it deals
with.

* Weak financial risk profile: The financial risk profile is weak
because of subdued capital structure and weak debt protection
metrics. NPL's networth was modest at INR 1.3 Crores as on
March 31, 2017.The gearing was 8.3 times during the same period.
The company has no debt funded capex plan, but large working
capital debt will keep the capital structure weak over the medium
term.

Strengths

* Extensive industry experience of promoters: Mr. Srinivas Rao
has extensive entrepreneurial experience for over a decade. He
initially started as a small dealer for electronic items and
office equipment in 1992. Over the years he has developed the
company into one of the leading systems integrators of IT
solutions and Education Services business in Andhra Pradesh and
Telangana. The company is a cloud solutions partner for Microsoft
(gold certified) and is also Oracle University Partner.

Outlook: Stable

CRISIL believes NPL will continue to benefit from its promoter's
extensive industry experience and established relationships with
key suppliers. The outlook may be revised to 'Positive' in case
of sustainable increase in revenue and profitability leading
improvement in financial risk profile, particularly liquidity, or
sizeable capital infusion resulting in a better capital
structure. The outlook may be revised to 'Negative' if large,
debt-funded capex, weakens the capital structure, or if revenue
or profitability declines resulting in weak financial risk
profile.

NPL, incorporated in 2005, by Mr. Y Srinivas Rao, is a systems
integrators in IT solutions and education services business.

During fiscal 2017, the firm provisionally reported a profit
after tax (PAT) of INR0.21 Crores on operating income of INR14.4
Crores against PAT of INR0.14 Crores on operating income of
INR13.4 Crores in the previous fiscal.


ORTHODOX SYRIAN: CRISIL Assigns 'B' Rating to INR18MM Term Loan
---------------------------------------------------------------
CRISIL assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of The Orthodox Syrian Church Society (Regd.)
(TOSCS).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                18       CRISIL B/Stable

The rating reflects the high project risks relating to major,
debt-funded capital expenditure project on setting up new school
in Mohali (Punjab). The rating also factors in the small scale
with only one operational school. These weaknesses are partially
offset by the society's experience in running a school which has
healthy occupancy levels.


Key Rating Drivers & Detailed Description

Weakness

* Project risks relating to large, debt-funded capital
expenditure project - TOSCS is currently constructing a school in
Mohali, Punjab. The project cost is sizeable at INR30 crore,
which will be funded by a term loan of INR21 crore and remaining
through internal accrual or support from members. The project
started in March 2015, and till date the society has purchased
the land and started construction of building. The planned date
of commencement of operations is April 1, 2018, and term loan
repayment will start in March 2019. The society has incurred
INR17-18 crore till date. Given the construction status and large
fund requirements, the project faces high funding and
implementation risks which may lead to time and cost overruns.

* Small scale - Scale is modest as reflected in revenue of INR4.2
crore in fiscal 2017 from its single operational school in
Chandigarh.

Strength

* Experience in running a school with healthy occupancy levels -
TOSCS started its first school, St. Mary's, in Chandigarh in 1989
and has extensive experience in running the school, which enjoys
healthy occupancy levels of over 90%.

Outlook: Stable

CRISIL believes TOSCS will continue to benefit over the medium
term from its extensive experience in running a school. The
outlook may be revised to 'Positive' in case of successfully
execution of the school project as per schedule and ability to
generate cash flow from operations commensurate with its debt
servicing commitments. Conversely, the outlook may be revised to
'Negative' if substantial time or cost overrun, or any disruption
in cash flows from the trust constrain its debt servicing
ability.

Established in 1978, TOSCS was set up to build and operate a
church in Chandigarh. Subsequently, the society set up a school,
St. Mary's School, in Chandigarh in 1989. The school is
affiliated to Central Board of Secondary Education (CBSE) and
operates classes from Nursery till class 10. The society is
setting up another school in Mohali.

TOSCS reported surplus of INR1.6 crore on operating income of
INR3.7 crore for fiscal 2016; surplus was INR0.8 crore on
operating income of INR3 crore for fiscal 2015. The society
reported operating income of INR4.2 crore for fiscal 2017 on a
provisional basis.


PARTAP INDUSTRIAL: CRISIL Reaffirms B+ Rating on INR9.5MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Partap Industrial Products (PIP).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          0.5      CRISIL A4 (Reaffirmed)

   Cash Credit             9.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      0.8      CRISIL B+/Stable (Reaffirmed)

   Term Loan               0.2      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's small scale of
operations in the highly fragmented metal wires industry, and
susceptibility of its profitability to volatility in raw material
prices. The ratings also factor its average financial risk
profile because of small net worth and average debt protection
metrics. These weaknesses are partially offset by its partners'
extensive industry experience.

Key Rating Drivers & Detailed Description

Weakness

* Average financial risk profile: The financial risk profile is
expected to remain constrained by small net worth and moderate
gearing (INR6.12 crore and 1.41 times, respectively, as on
March 31, 2017). Debt protection metrics will also remain
average'net cash accrual to adjusted debt ratio was 0.06 time and
interest coverage ratio was 1.75 times for fiscal 2017.

* Modest scale of operations in a highly fragmented industry: The
firm's small scale is reflected in estimated turnover of INR38.90
crore in fiscal 2017. The steel wires industry is highly
fragmented due to low capital requirement and limited value
addition.

* Working capital-intensive operations: Gross current assets were
at 147 days as on March 31, 2017, due to considerable
receivables.

* Susceptibility to regulations and volatility in raw material
prices: As raw material accounts for 85% of total production
cost, operating margin will remain exposed to any sharp
volatility in raw material prices.

Strengths

* Extensive industry experience of the partners: The partners'
industry experience of over 20 years has helped them establish a
strong customer base and establish relationships with local
suppliers. Their experience has also helped them gain a sound
understanding of the market dynamics.

Outlook: Stable

CRISIL believes PIP will continue to benefit from its partners'
extensive industry experience. The outlook may be revised to
'Positive' if the firm reports substantial sales, and improvement
in financial risk profile because of better profitability and
capital structure. The outlook may be revised to 'Negative' if
the financial risk profile deteriorates because of significantly
low profitability, or sizeable working capital requirement, or
debt-funded capex, or capital withdrawal.

Set up in 2008 as a partnership between Mr. Bharat Bhushan and
Mr. Sunny Mahajan, PIP manufactures steel wires, galvanised iron
wires, wire mesh, and barbed wires at its manufacturing facility
at Kangra in Himachal Pradesh.


PAVAS POLYCHEM: CRISIL Reaffirms B+ Rating on INR1MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Pavas Polychem Private Limited (PPPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             1        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        9        CRISIL A4 (Reaffirmed)

The ratings reflect an average financial risk profile, a small
scale of operations in the fragmented polyvinyl chloride (PVC)
resin trading industry, and vulnerability of the operating margin
to fluctuation in PVC price. These rating weaknesses are
partially offset by the extensive industry experience of the
promoters and their financial support.

Key Rating Drivers & Detailed Description

Weaknesses

* Average financial risk profile: The networth was small at
INR3.17 crore, though the gearing was negligible at 0.02 time, as
on March 31, 2017. Debt protection metrics were average, the
interest coverage ratio is estimated at 1.9 times and the net
cash accrual to total debt ratio at 6.6 times for fiscal 2017.

* Small scale of operations in a fragmented industry: The PVC
trading sector is highly fragmented, with numerous small-scale,
unorganised players catering to local demands. PPPL is a small
player in the industry with sales estimated at around INR28.98
crore for fiscal 2017.

* Vulnerability of operating margin to volatility in raw material
price: The price of the PVC resin remains volatile and the
company does not enter into any price agreements with its
suppliers or customers. Hence, the operating profit margin is
exposed to fluctuations in PVC prices and has remained low at
1.6-2.1% in the four fiscals through 2017.

Strength

* Industry experience of the promoters and their funding support:
The promoters have been trading in PVC resin since 2000 through
their firm, Pavas Chemicals. They have expanded this business
across Uttar Pradesh by catering to many small and medium pipe
manufacturers. They have also supported operations through
unsecured loans.

Outlook: Stable

CRISIL believes PPPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a significant increase in scale of
operations, along with improvement in the financial risk profile.
The outlook may be revised to 'Negative' if the financial risk
profile deteriorates, most likely due to increase in working
capital requirement or large, debt-funded capital expenditure.

PPPL was incorporated in 2011, promoted by Mr. Pavan Khatri; it
started commercial operations from September 2011. The company,
based in Kanpur, Uttar Pradesh, trades in PVC resin.


PRABH DAYAL: CRISIL Reaffirms B Rating on INR6.5MM Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of Prabh Dayal Om Parkash (Jalandhar)
(Jalandhar; PDOP) and has assigned the 'CRISIL A4' on short term
bank facilities.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            6.5        CRISIL B/Stable (Reaffirmed)
   Overdraft              2.0        CRISIL A4 (Reassigned)

The rating continues to reflect modest scale of operations and
exposure to intense competition. Revenue, estimated at INR55.55
crore in fiscal 2017, is expected to grow at 5-10% per fiscal
over the medium term backed by experience of promoter. The
operating margin has been low at 2.5-3.5% over the three years
through fiscal 2017.

Liquidity is supported by absence of debt-funded capital
expenditure plans over the medium term. However, it is
constrained by working capital-intensive operations as reflected
in gross current assets (GCAs) estimated at 143 days as on
March 31, 2017, and barely sufficient net cash accrual vis-a-vis
repayment obligations.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations in highly fragmented industry: Scale
of operations is relatively limited with turnover of INR55.55
crore in fiscal 2017. As many small-to-medium size players
operate in the pipe industry, competition is intense. This is
also reflected in the low operating margin (2.5-3.5%) over the
three years through fiscal 2017. Scale may remain small over the
medium term.

* Working capital-intensive operations: PDOP has working capital
intensive operations as reflected in high GCA of 143 days. GCA
days are primarily driven by moderate inventory. Company keep
open inventory (not backed by orders) of nearly two months is
maintained and debtors level has remained moderate at 40-60 days
for the past three years ended Fiscal 2017.

* Below-average financial risk profile: Capital structure has
been aggressive with high TOL/TNW at around 3.6 times as on
March 31, 2017, mainly due to high working capital limits. PDP
has low networth of INR5.34 crore due to low accretion to
reserves. TOL/TNW will remain higher due to working capital
intensive nature of operations. Interest coverage is estimated to
be around 1.28 times for Fiscal 2017. The interest cover is
expected to remain weak on account of low profitability and high
working capital debt.

Strengths

* Extensive experience of proprietor in steel industry: Benefits
from the proprietor's experience (over three decades) and healthy
relationships with suppliers and customers should continue to
support the business.

* Diversified customer and geographic profile: With close to
1,000 dealers spread across seven states, the geographic and
customer profile is diversified; this diversification will ensure
steady cash flow and negate risks related to customer and
geographic concentration.

Outlook: Stable

CRISIL believes PDOP will benefit from the extensive industry
experience of its promoter and its established relationship with
suppliers and diversified customer profile. The outlook may be
revised to 'Positive' if improvement in profitability and cash
accrual lead to improvement in liquidity and debt protection
measures. Conversely, the outlook may be revised to 'Negative',
if liquidity is constrained owing to less-than-expected cash
accrual, stretched working capital cycle or low funding support
from promoter and related parties.

PDOP, is a proprietorship firm promoted by Mr. Subhash Chandra
Agarwal. The firm distributes galvanised iron, polyvinyl chloride
pipes and pipe fittings in northern India. It has established a
vast distribution network of 450 dealers in Jammu & Kashmir,
Himachal Pradesh, Punjab, Haryana, Delhi, Rajasthan and West
Uttar Pradesh.

Profit after tax is estimated at INR0.16 crore on net sales of
INR55.55 crore for fiscal 2017; net profit was INR0.11 crore on
net sales of INR52.30 crore for fiscal 2016.


PRETTY JEWELLERY: CRISIL Lowers Rating on INR5MM Pack Loan to D
---------------------------------------------------------------
CRISIL has downgraded its short term ratings on the bank
facilities of Pretty Jewellery Private Limited (PJPL, Part of
Araska Group (AG)) to 'CRISIL D' from 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Foreign Documentary      5       CRISIL D (Downgraded from
   Bills Purchase                   'CRISIL A4')

   Packing Credit           5       CRISIL D (Downgraded from
                                    'CRISIL A4')

The rating downgrade reflects delays of over 30 consecutive days
by PJPL in servicing its discounted bills. The delays have been
caused by weak liquidity due to stretch in working capital cycle
on account of delays in realization of receivables.

Analytical Approach

CRISIL has consolidated the business and financial risk profile
of Araska Diamond Private Limited (ADPL) and PJPL.  PJPL is a
99.9% owned subsidiary of ADPL. Additionally, both the companies
are engaged in a similar line of business and have operational
and financial linkages amongst them and henceforth will be
referred to as AG.

Key Rating Drivers & Detailed Description

Strengths

AG's liquidity has deteriorated due to delays in recovery of
receivables from overseas clients leading to its bank facilities
remaining overdue for more than 30 days.

Other Weakness
* Large working capital requirements
AG's operations are working capital intensive as reflected by the
high gross current assets of 369 days as on March 31, 2017, on
account of high receivable and inventory.

* Subdued financial risk profile
The financial risk marked by high TOLANW of 6.0 times as on
March 31, 2017, and an average interest coverage ratio of 1.8
times for the same period.

Strengths

* Established presence in diamond industry supported by partners'
extensive experience and established relations with customers
The key promoter, Mr. Shailesh Mehta has a long-standing
experience of over 3 decades in diamond industry. Established
relationship with major suppliers and customers further
strengthen the market position.

Incorporated in 2002, PJPL is engaged in manufacturing and
exporting of gold and diamond studded jewellery. The company
derives 100% of its revenues from exports. The firm has its
manufacturing facility in Seepz, Mumbai with a total strength of
120-125 artisans.

Incorporated in 2007, ADPL is engaged in trading of polished
diamonds mainly exports. The company derives around 90% of its
revenues through export trading of polished diamonds while
diamond studded jewellery contribute 10% of the revenues. It was
established as a proprietorship firm in 1976 under the name of S.
R. Diamond.


RAHIS COLD: CRISIL Reaffirms 'B' Rating on INR7.5MM Cash Loan
-------------------------------------------------------------
CRISIL rating on the bank facility of Rahis Cold Storage Private
Limited (RCS) continue to reflect the small scale of operations
and below-average financial risk of Rahis Cold Storage Pvt Ltd
(RCS). The ratings also factor in susceptibility to regulatory
changes and intense competition in the cold storage industry in
West Bengal (WB). These rating weaknesses are partially offset by
the benefits from the extensive experience of RCS' promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             7.5      CRISIL B/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Financial risk profile is
constrained by a small networth and high gearing INR2.49 crore
and 4.76 times, respectively, as on March 31, 2017. Muted
accretion to reserves will keep the networth small, though
gradual repayment of term debt may help gearing improve.

* Highly regulated and competitive nature of the cold storage
industry in WB: The potato cold storage industry in WB is
regulated by the West Bengal Cold Storage Association. Rental
rates are fixed by the state's department of agricultural
marketing. The fixed rental limits players' ability to leverage
their strengths and geographical advantages. Furthermore, the
industry is highly fragmented, with the largest player having a
market share of less than 0.5%. This further limits bargaining
power, and forces players to offer discounts to ensure healthy
utilisation of capacity.

Strengths

* Extensive experience of promoters: Presence of over three
decades has enabled the promoters to understand market dynamics,
establish strong relationships with traders and farmers, and
ensure healthy utilisation of storage capacity.

Outlook: Stable

CRISIL believes Rahis Cold Storage Pvt Ltd (RCS) will benefit
over the medium term, from the extensive experience of its
promoters. The outlook may be revised to 'Positive' if the firm
reports an improvement in scale of operations and cash accrual,
and efficiently manages farmers' financing. The outlook may be
revised to 'Negative' if lower-than-expected cash accrual or
stretch in realisation of loans from farmers, weakens liquidity.

RCS was incorporated in August 2014, by Mr. SK Jakir Ali and Ms
Tasmina Begam. The firm provides cold storage facilities to
potato farmers and traders.  The promoter, Mr. SK Jakir Ali and
his family, have more than two decades of experience in the same
line of business.


RISSALA PRODUCTS: ICRA Reaffirms 'B' Rating on INR8cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B on the
INR8.00-crore fund-based facilities and the short-term rating of
[ICRA]A4 on the INR2.00-crore non-fund based facilities of
Rissala Products Private Limited. The outlook on the long-term
rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits       8.00      [ICRA]B; reaffirmed, 'Stable'
                                    outlook assigned

  Non-fund Based Limits   2.00      [ICRA]A4; reaffirmed

Rationale

The rating reaffirmation factors in the 24% growth in operating
income in FY2017, as well as the improvement in cash accruals.
However, this was accompanied with an increase in gearing levels
and a slight deterioration in debt service coverage ratio.
ICRA's rating is constrained by RPPL's fluctuating sales turnover
in both decorative and industrial segments of the lamination
industry. Moreover, the ratings continue to be further
constrained by the high working capital intensity as on March 31,
2017, primarily due to elongated receivables period and high
inventory holding. High working capital intensity has also led to
a slight overutilisation of working capital limits in the recent
past. Furthermore, substantial repayment of term-loans in the
near-term is likely to put pressure on the company's cash flows.
However, ICRA's ratings continue to positively factor in the
promoter's extensive industry experience and established
relationships with distributors in the National Capital Region
and surrounding states. The company's increasing presence in the
western and southern India through appointed dealer and
distributors is also a positive. ICRA also takes note of the
growth in the operating income in FY2017 and the same trend is
likely to continue in FY2018 as per the management. Going
forward, the company's ability to profitably increase its scale
of operations while maintaining healthy gearing levels and an
optimal working capital intensity will be the key rating
sensitivity.

Key rating drivers

Credit strengths

* Extensive experience of promoters in lamination industry: Mr.
Kamaljeet Kataria and his family have been in the decorative and
industrial lamination related business for more than a decade.
Promoters were earlier engaged in trading and distributorship of
laminates in the northern India.

* Positive demand outlook in domestic market due to diversified
end use: The medium-term demand outlook for lamination products
in the domestic market is likely to remain positive owing to the
increasing disposable income, urbanisation and the product's
diversified end use such as surface, wall, kitchen counters,
tabletops, and cabinetry.

Credit weaknesses

* Weak liquidity profile due to high working capital intensity:
The delay in receiving payments from dealers and distributors has
impacted the company's liquidity position adversely; receivables
days went up to 212 days in FY2017 from 173 days in FY2016.

* Substantial repayment of term loan in near-term: The
substantial repayment of term-loam instalments in FY2018, FY2019
and FY2020 is likely to put pressure on the company's cash flows.

* Profitability susceptible to volatility in raw material prices:
The company's profitability is susceptible to the adverse
movement in raw material prices, mainly chemicals, which forms
nearly 50% of the raw material cost.

* Intensely competitive industry due to presence of numerous
players: Industry is characterised by a few established and a
number of small players, who pose stiff competition and limit the
pricing flexibility.

RPPL, incorporated in 2012, has been manufacturing decorative and
industrial laminates since FY2013. The company is promoted by Mr
Kamaljeet Kataria, who has more than a decade of experience in
manufacturing, trading and distribution of decorative and
industrial laminates. Its factory at Behror, Rajasthan, has an
installed capacity to manufacture 90,000 sheets per month.
In FY2017, on a provisional basis, the company reported a net
profit of INR0.22 crore on an operating income of INR17.05 crore,
as compared to a net profit of INR0.03 crore on an operating
income of INR13.71 crore in the previous year.


SAFAR POLYFIBRE: ICRA Assigns 'B' Rating to INR25.25cr Loan
-----------------------------------------------------------
ICRA has assigned the short -term rating of [ICRA]A4 to the
INR3.70 crore non-fund based bank facilities of Safar Polyfibre
Private Limited (SPPL). ICRA also has an outstanding long-term
rating of [ICRA]B assigned to the INR35.25 crore fund-based
limits and short-term rating of [ICRA]A4 assigned to the INR1.09
crore non-fund based limits of SPPL. The outlook on the long-term
is 'stable'.

                      Amount
  Facilities        (INR crore)    Ratings
  ----------        -----------    -------
  Fund Based-Cash
  Credit                10.00      [ICRA]B(Stable); Outstanding

  Fund Based-Term
  Loan                  25.25      [ICRA]B(Stable); Outstanding

  Non Fund Based-
  Bank Guarantee         4.70      [ICRA]A4; Assigned/Outstanding

  Non Fund Based-
  CEL for Forward
  Contract               0.09      [ICRA]A4; Outstanding

Rationale

The ratings positively factors in the experience of the promoters
in plastics and related businesses. ICRA also notes the
favourable demand prospects for Recycled Poly-Staple Fibre
(RPSF), driven by its varied applications and cost
competitiveness.

The ratings, however, are constrained by the project
implementation and execution risks associated with the Greenfield
project of SPPL. The project is still at its nascent stage and is
expected to commence operations from September 2017 with an
estimated delay of around one month in the commencement of
operation, and at an estimated cost over-run of INR1.50-2.00
crore. Furthermore, the rating takes into account the company's
financial profile, which is expected to remain stretched in the
near to medium term, given the debt-funded nature of the project
and the impending debt repayments. The ratings are also
constrained by SPPL's presence in the highly competitive
technical textile industry and the susceptibility of SPPL's
profitability, post commissioning, to volatility in virgin poly-
staple fibre prices.

Key rating drivers

Credit strengths

* Long experience of promoters in plastics and related products -
The promoters have two decades of experience in manufacturing
various plastic products from virgin material and scrap. With
industry knowledge and an existing network of plastic scrap and
Poly-Ethylene Terephthalate waste suppliers, the promoters have
led SPPL to diversify into the business of RPSF manufacturing.
The promoters also have a vast experience of other sectors such
as construction, trading of grit, stones, pesticides and
manufacturing of wall tiles, among others.

* Favourable demand outlook for regenerated PSF, driven by varied
applications and cost competitiveness vis-a-vis virgin grade PSF
- RPSF demand is driven by end-consumer industries like polyester
blended yarn spinning mills, home furnishing, automobile fabrics
and geotextiles. It is used primarily as filling material in home
furnishing products like quilts, pillows, automobile fabrics and
geotextiles. While currently the share of recycled polyester
staple fibre used in these segments is low, the lower cost
advantage and increasing awareness about the use of eco-friendly
material is expected to raise its usage in the coming years.

Credit weaknesses

* Delay of around one and half months in commencement of
commercial operation and estimated cost over-run of ~Rs. 1.50
crore - The company had estimated to commence its trial runs from
June 2017 and commercial production from mid July 2017. However,
due to delay in import of machinery, commercial production is
estimated to commence from September 2017. Furthermore, company
has incurred foreign exchange loss of around INR0.70 crore on
import of machinery. Currently, the cost over-run of
approximately INR1.50 crore is estimated. As production is yet to
commence, SPPL remains exposed to execution and implementation
risks associated with a Greenfield project.

* Financial profile expected to remain stretched in the near term
- High reliance on debt funding and its associated servicing
burden are expected to keep the company's credit metrics
stretched over the near to medium term.

* Competition from well organised players with long established
presence in the segment - The RPSF market is fragmented with a
large number of small to mid-sized players. The top three players
-- GEL, Reliance Industries and Pashupati Polytex -- account for
~50% of the installed capacities of RPSF in the country.
Furthermore, more than 50% of the production is generated by
manufacturing units in Uttar Pradesh and Uttarakhand. SPPL is a
late entrant in the market, and is much smaller in scale (50
MTPD) vis-a-vis the other players. However, RPSF is a growing
segment, and to that extent, the demand-supply dynamics are
favourable enough to support capacity utilisation.

* Volatile PSF prices could squeeze profitability - The market
price of regenerated polyester fibre shows variation with the
price of VPSF (substitute for RPSF), which in turn, is linked to
crude oil prices (as its raw materials Purified terephthalic acid
and Mono Ethylene Glycon are crude derivatives) and alternative
fibre prices like cotton. Accordingly, the profitability of RPSF
manufacturers can come under pressure in case of substantial fall
in crude oil prices resulting in fall in virgin grade PSF prices.

Safar Polyfibre Private Limited (SPPL) was incorporated in
February 2016. Currently it is setting up a Greenfield project to
manufacture Recycled Polyster Stable Fibres (RPSF) using waste
polyethylene terephthalate (PET) bottles as raw material at
Village Kuchiyadad in Rajkot, Gujarat. The proposed installed
production capacity of the unit is 50 tonnes per day.

SPPL is promoted by Mr. Hitesh Bhalodiya, Mr. Nilesh Bhalodiya
and Mr. Paresh Bhalodiya, along with seven other directors. The
promoters have two decades of experience in manufacturing various
plastic products from virgin material and scrap. The promoters
also have a vast experience of other sectors such as
construction, trading of grit, stones, pesticides and
manufacturing wall tiles, among others.

The estimated project cost is INR51.67 crore, which is being
funded through INR25.25-crore of term loans, equity share capital
of INR9.00 crore and unsecured loans of INR17.4 crore. On a
project basis, the debt-to-equity ratio is high at 4.73:1.

As on July 01, 2017, capital cost amounting to INR45.48 crore was
incurred towards the project, funded through shareholders' equity
of INR9.00 crore, term loan of INR21.39 crore, unsecured loans of
INR11.43 crore and outstanding creditors for capital goods of
INR3.66 crore. Currently the company expects to commence
commercial production from September 2017. The repayment of the
bank term loan is scheduled to commence from January 2018,
providing a cushion of about five months to the company. Hence,
the future cash flow adequacy of the company would be sensitive
to its ability to successfully market its product and thereby
ramp up its operations in a competitive industry.


SHANKARANARAYAN JEWELLERS: ICRA Moves Rating to Not Cooperating
---------------------------------------------------------------
ICRA has moved the ratings for the INR12.00-crore bank facilities
of Shankaranarayan Jewellers (SJ) to the 'Issuer Not Cooperating'
category. The rating is now denoted as: "[ICRA]B-(Stable)/A4
ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based- Long-       0.75       [ICRA]B-(Stable); ISSUER NOT
  term facilities                    COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

  Fund-based- Short-      5.50       [ICRA]A4; ISSUER NOT
  term facilities                    COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

  Non-fund based-         5.75       [ICRA]A4; ISSUER NOT
  Short-term facilities              COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

Rationale

The rating is based on no information about the entity's
performance since the time it was last rated in February, 2016.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating
as the same does not adequately reflect the credit risk profile
of the entity. The entity's credit profile may have changed since
the time it was last reviewed by ICRA. However, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

As a part of its process and in accordance with its rating
agreement with SJ, ICRA has been trying to seek information from
the entity to monitor its performance. Despite repeated requests
by ICRA, the entity's management has remained non-cooperative. In
the absence of requisite information, and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016,
ICRA's Rating Committee has taken a rating view based on the best
available information.

Key rating drivers

Credit strengths

* Long experience and established track record of promoters in
the industry: The firm is incorporated in 2001 as a manufacturer
and wholesaler of gold jewellery with operations based out of its
unit and workshops located in Bangalore. The promoters of more
than five decades in jewellery manufacturing and wholesale
business.

Credit weaknesses

* Small scale of operations: The operating income of the firm was
small at INR45.75 crore in FY2015.

* Working capital intensive nature of operations: The wholesale
of gold jewellery business is working intensive in nature owing
to long operating cycle for manufacture as well as high inventory
requirement.

* High competitive intensity and fragmented nature of the
jewellery business: The gold and diamond jewellery industry is
highly fragmented and is characterised by high competition owing
to low entry barriers, low technology of the business. SJ faces
stiff competition from a large number of similar companies in the
unorganised sector as well as larger, well-established companies
in the organised sector.

Shankaranarayan Jewellers (SJ) was established in 2001 by Mr. P V
Mahesh as a partnership firm, for manufacturing and wholesale of
gold jewellery with operations based out of Bangalore. The firm
also operates in retail space through its outlet based in
Basavanagudi, Bangalore. The business operations are managed
jointly by Mr. P V Mahesh and his son, Mr. Tejas.


SHREE SHYAM: CRISIL Assigns 'B' Rating to INR7.45MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Shree Shyam Ji Udyog (SSU).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             7.45       CRISIL B/Stable

The rating reflects modest scale of operations in a competitive
industry and below-average financial risk profile. These
weaknesses are partially offset by partners' extensive experience
in the rice milling and dal processing industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in a highly fragmented and
competitive business: Scale is small as reflected in milling
capacity of 18 tonne per hour (tph) and 5 tph for rice and dal,
respectively. Revenue was modest at INR37.9 crore in fiscal 2017.
The industry is highly fragmented because of low capital
intensity and limited value addition, resulting in low entry
barriers.

* Below-average financial risk profile: SSU has high total
outside liabilities to tangible networth ratio of 7.25 times as
on March 31, 2017, on account of high reliance on working capital
borrowings.

Strengths

* Partners' extensive experience in the rice milling and dal
processing industry: SSU is promoted by the Lakhimpur Kheri
(Uttar Pradesh)-based Agarwal family which has over three decades
of experience in the rice milling and dal processing business.
The partners' sound understanding of the market dynamics should
continue to support the business risk profile.

Outlook: Stable

CRISIL believes SSU will continue to benefit over the medium term
from its partners' extensive experience. The outlook may be
revised to 'Positive' in case of a substantial increase in
revenue and profitability, strengthening the business risk
profile. Conversely, the outlook may be revised to 'Negative' if
cash accrual is low, or working capital requirements increase
substantially, or any large, debt-funded capital expenditure
weakens liquidity.

Established in 1985 as a partnership between Mr. Shubham Agarwal
and Ms Santosh Agarwal, SSU undertakes drying, milling, and
sorting of rice (non-basmati) and pulses (masoor dal). The
processing facility is based in Lakhimpur Kheri, with an
installed capacity of 18 tph for rice and 5 tph for dal.

Net profit is estimated at INR0.23 crore on net sales of INR37.44
crore for fiscal 2017 against net profit of INR0.09 crore on net
sales of INR32.55 crore for fiscal 2016.


SIDDHARTH EXPORTS: ICRA Moves B+ Rating to Issuer Not Cooperating
-----------------------------------------------------------------
ICRA has moved the ratings for the INR10.0 crore bank facilities
of Siddharth Exports to the 'Issuer Not Cooperating' category.
The rating is now denoted as "[ICRA]B+(Stable)/[ICRA]A4 ISSUER
NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund based Limits-
  Term Loan               0.65      [ICRA]B+(Stable); ISSUER NOT
                                    COOPERATING*; Rating moved
                                    to the 'Issuer not
                                    Cooperating' category

  Fund based Limits-
  Packing Credit          4.00      [ICRA]B+(Stable); ISSUER NOT
                                    COOPERATING*; Rating moved
                                    to the 'Issuer not
                                    Cooperating' category

  Non Fund Based Limits   2.70      [ICRA]A4;ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer not Cooperating'
                                    category

  Unallocated Limits      2.65      [ICRA]B+(Stable)/[ICRA]A4
                                    ISSUER NOT COOPERATING;
                                    Rating moved to the 'Issuer
                                    not Cooperating' category

Rationale

The rating is based on limited information or no updated
information on the entity's performance since the time it was
last rated in February, 2016.The lenders, investors and other
market participants are thus advised to exercise appropriate
caution while using this rating as the rating does not adequately
reflect the credit risk profile of the entity. The entity's
credit profile may have changed since the time it was last
reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.

As part of its process and in accordance with its rating
agreement with Siddharth Exports, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite
information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Key rating drivers

Credit strengths

* Extensive experience of more than two decades of the proprietor
in Footwear Industry- The proprietor has been involved in
manufacturing and export of leather shoes since more than two
decades

Credit weaknesses

* Profitability exposed to variations in foreign exchange rates
as sales comprise entirely of exports: The sales mix of SE
comprises entirely of export sales consequently resulting in
exposure of firm's profitability to any vulnerability in foreign
exchange rates as receivables are denominated in USD, Euro and
British Pounds etc.

* Risk related to proprietorship firm: Sole- proprietorship firm
is subject to inherent risks namely limited ability to raise
capital, risk of withdrawal of capital and continuation at will.

SE was established as a proprietorship concern in 1993 by Sunil
Harjai and is engaged in the business of manufacturing and export
of leather shoes for both men and women. The manufacturing
facility of the firm is located in Noida, Uttar Pradesh and is
well equipped with the requisite equipments.

In FY2015, on an Audited basis, the company reported a net profit
of INR2.61 crore on an operating income of INR35.71 crore, as
compared to a net profit of INR2.71 crore on an operating income
of INR31.17 crore in the previous year.


SRI BUCHIYYAMMA: ICRA Reaffirms B+ Rating on INR13cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA] B+ to the
INR25.00-crore fund-based limits of Sri Buchiyyamma Rice Mill
(SBRM).The outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based limits       12.00     [ICRA]B+(Stable) re-affirmed
  Unallocated limits      13.00     [ICRA]B+(Stable) re-affirmed

Rationale

The ratings take into account the small scale of operations of
SBRM in the rice-milling industry, and its weak financial profile
characterised by moderate margins and coverage indicators. The
rating is further constrained by intensely competitive nature of
the rice-milling industry restricting operating margins, and
agro-climatic risks, which can affect the availability of paddy
in adverse weather conditions and thereby revenues.

However, the rating favourably factors in SBRM's experienced
management, long track record of operations in the rice industry
and easy availability of paddy as the rice mill is located in a
major paddy-growing region. Moreover, ICRA takes into account the
favourable demand prospects of the industry as India is one of
the largest producers and consumers of rice.

The firm's ability to improve its scale of operations and
operating margins while managing its working capital requirements
would be the key rating sensitivities going forward.

Key rating drivers

Credit strengths

* Three decades of experience of the promoter in the rice-milling
and trading business -SBRM was established in the year 1983 and
the promoters have established presence in rice milling industry
resulting in established relationship with customers.

* Favourable demand prospects for rice - Demand prospects of the
industry are expected to remain good as rice is a staple food
grain and India is the world's second largest producer and
consumer of rice.

* Presence of the firm in major paddy-growing region - SBRM is
located in East Godavari district of Andhra Pradesh which is
major rice growing area resulting in easy availability of paddy

Credit weaknesses

* Revenue de-growth of ~27% during FY 2017 - The operating income
of the firm reduced drastically by ~27% in FY 2017 due to lower
sales volumes on account of zero FCI sales post abolition of levy
system.

* Financial profile characterized by moderate operating margin
and coverage indicators - The firm's financial profile
characterised by moderate operating margins of 5.98%, interest
coverage ratio of 1.40 times and NCA/total debt ratio of 21% for
FY 2017.

* Highly competitive nature of industry - Rice milling industry
is highly competitive with presence of a large number of
organised and unorganised players impacting the margins

* Industry susceptible to Agro-climatic risks -The rice-milling
industry is susceptible to agro-climatic risks, which can affect
the availability of the paddy in adverse weather conditions.

* Risk related to partnership nature of the firm - The firm is
exposed to the risk inherent to the partnership nature of firm
where in the partners can withdrawal the capital.

Sri Buchiyyamma Rice Mill (SBRM), established in the year 1983 by
Mr. K. Papa Reddy & other partners, SBRM is engaged in the
milling of paddy, and produces raw and boiled rice. The firm has
a milling unit in Tossipudi, East Godavari District of Andhra
Pradesh. SBRM has a milling capacity of 43200 MTPA of paddy. The
firm sells its products under the brand name Hindu Sitara, Star
Sitara & Millennium.


SRI JAYAJOTHI: CRISIL Reaffirms 'D' Rating on INR55MM Loan
----------------------------------------------------------
CRISIL's rating on the bank facilities of Sri Jayajothi Textile
Mills Private Limited (SJT) continues to reflect delay in
servicing term debt due to weak liquidity. This is reflected in
high bank limit utilisation and weak debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          5        CRISIL D (Reaffirmed)
   Cash Credit            21        CRISIL D (Reaffirmed)
   Letter of Credit       55        CRISIL D (Reaffirmed)
   Long Term Loan          5        CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      .8       CRISIL D (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile:
Total outside liabilities to tangible networth ratio was high,
estimated at 3 times as on March 31, 2017, while debt protection
metrics were muted, with interest coverage ratio of about 1.4
times for fiscal 2017.

* Weak liquidity:
Liquidity is weak marked by highly utilized bank lines and
tightly matched accruals and repayment obligations.

Strengths

* Extensive experience of promoters:
Presence of more than three decades in the textiles segment and
promoters extensive experience in the textile business has
enabled the promoters to establish a strong market position in
the spinning segment.

Set up in 1989 by Mr. T Jayaraman and family members, SJT
manufactures cotton yarn of 30-120 counts at its unit near
Rajapalayam, Tamil Nadu.


SRI KODURI: ICRA Moves 'B' Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA has moved the ratings for INR20.00 crore bank facilities of
Sri Koduri Enterprises Private Limited (SKEPL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as:
"[ICRA]B(Stable) ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long term fund
  based limits            17.00      [ICRA]B(Stable)ISSUER NOT
                                     COOPERATING Rating moved
                                     to the 'Issuer Not
                                     Cooperating' category

  Long term non           0.50       [ICRA]B(Stable)ISSUER NOT
  fund based limits                  COOPERATING Rating moved
                                     to the 'Issuer Not
                                     Cooperating' category


  Unallocated Limits       2.50      [ICRA]B(Stable)ISSUER NOT
                                     COOPERATING Rating moved
                                     to the 'Issuer Not
                                     Cooperating' category

Rationale

The rating is based on no updated information on the entity's
performance since the time it was last rated in February, 2016.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating
as the rating does not adequately reflect the credit risk profile
of the entity. The entity's credit profile may have changed since
the time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

As part of its process and in accordance with its rating
agreement with SKEPL, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No.SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Key rating drivers

Credit strengths

* Long track record of the promoters in auto-dealership business
- The promoters has vast experience in the auto dealership
business of over a decade and has been associated with Honda
Motorcycles and Piaggio Vehicles Private Limited.

Credit weaknesses

* Weak financial profile of the company - SKEPL has weak
financial profile charaterised by high gearing and stretched
coverage indicators.

* High geographic concentration - SKEPL's major proportion of
revenue coming from East Godavari district in Andhra Pradesh
leads to high geographical concentration.

* Highly Competitive industry - The two-wheeler and three-wheeler
market is highly competitive due to the presence of multiple
Original Equipment Manufacturers (OEMs) which pressurizes the
margins.

Sri Koduri Enterprises Private Limited (SKEPL) is an authorized
auto dealer of three wheelers and four wheelers manufactured by
Piaggio Vehicles Private Limited (subsidiary of Piaggio S.P.A, an
Italy based manufacturer), Case New Holland Construction
Equipment (India) Pvt. Ltd and MRF Tyres in Andhra Pradesh. The
company is also engaged in servicing of vehicles along with sale
of spare parts. SKEPL has 17 showrooms in East Godavari district
for its various dealerships.


SRI NACHAMMAI: CRISIL Reaffirms B+ Rating on INR20MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Sri Nachammai Cotton Mills Limited at 'CRISIL B+/Stable/CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          1.2      CRISIL A4 (Reaffirmed)

   Cash Credit            20        CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       20        CRISIL A4 (Reaffirmed)

   Long Term Loan          6.95     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      2.25     CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the company's weak financial risk
profile because of high gearing and average debt protection
metrics, and susceptibility to volatile raw material prices.
These weaknesses are partially offset by the extensive experience
of its promoter in the textiles industry.

Analytical Approach

To arrive at the ratings, unsecured loans of INR22.47 crore from
promoter (as on March 31, 2017) have been treated as neither debt
nor equity.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Debt protection metrics were
average, with interest coverage and net cash accrual to total
debt ratios of 2.1 times and 10%, respectively, for fiscal 2017.
Gearing has been high at 18 time as on March 31, 2017 mainly due
to accumulated losses from the past. While sustained revenue and
margin and nil capital expenditure should strengthen financial
risk profile, gearing will remain constrained over the medium
term because of sizeable debt.

* Susceptibility to volatile raw material prices: Prices (account
for 60% of total production cost) of key raw material, cotton,
are highly volatile. This is compounded by the fact that since
cotton yarn is a commodity, the company has not been able to
fully pass on the hike to customers. Furthermore, cotton yarn
prices do not move in tandem with cotton fibre prices.

Strengths

* Extensive experience of promoter: Presence of over three
decades in the textile industry has enabled the promoter to
establish healthy relationship with customers (traders or
merchant exporters). The company is a mid-sized player in Tamil
Nadu's cotton market, with hosiery yarn accounting for half of
total revenue and warp and hank yarn contributing the remaining.
Promoter has extended need-based funding support in the past.

Outlook: Stable

CRISIL believes SNCML will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if healthy increase in revenue and
profitability substantially strengthens cash accrual and capital
structure. The outlook may be revised to 'Negative' if financial
risk profile weakens further because of large working capital
requirement, debt-funded capex, or delay in funding from
promoter.

Incorporated in 1980 in Tamil Nadu and promoted by Mr. P
Palaniappan, SNCML manufactures cotton yarn in three varieties-
hosiery, warp, and hank'with counts ranging from 10-80s. Unit has
capacity of 53,604 spindles and 504 rotors.

Profit after tax (PAT) was INR0.69 crore on operating income of
INR169.33 crore in fiscal 2017, against negative PAT of INR2.09
crore on operating income of INR113.66 crore in fiscal 2016.


SRI RAMAKRISHNA: ICRA Reaffirms 'B' Rating on INR7.36cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B to the
INR10.00-crore long-term facilities of Sri Ramakrishna Textiles.
The outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limit        7.36      [ICRA]B (Stable) Reaffirmed
  Unallocated Limit       2.64      [ICRA]B (Stable) Reaffirmed

Rationale

The rating reaffirmation continues to be constrained by the
firm's small scale of operations, which restricts benefits of
economies of scale. The reaffirmation also takes into
consideration the intense competition in the fabric industry,
which coupled with low product differentiation, restricts the
firm's pricing flexibility and exposes its earnings to
fluctuations in raw material prices. The rating continues to
factor in the thin margins and the highly-leveraged capital
structure of the firm following the debt-funded capital
expenditure to set up a new facility housing automatic looms.

Nonetheless, the rating reaffirmation continues to draw comfort
from the extensive experience of the promoter in the weaving
industry. The reaffirmation favourably factors in the improvement
in the firm's operating margin in the past two years aided by a
higher share of sales of relatively better quality fabric
manufactured at the new facility and lower dependence on
outsourced fabric production. However, the net level
profitability continues to remain thin, limited by higher
depreciation and financial expenses.

Going forward, the firm's ability to scale up its operations,
improve its profitability and maintain comfortable capital
structure by limiting withdrawals will be the key rating
sensitivities.

Key rating drivers

Credit strengths

* Extensive experience of promoter - The firm's promoter, Mr. R
Loganathan, has nearly two decades of experience in the weaving
business.

* Established relationship with suppliers - The firm has an
established relationship with suppliers in the neighbourhood of
its manufacturing facility in Coimbatore. This ensures
uninterrupted availability of cotton yarn. It also has an agent
network in Andhra Pradesh for yarn procurement.

Credit weaknesses

* Modest scale of operations and weak financial profile - The
firm's scale of operations is modest with an operating income
(OI) of INR32.2 crore in FY2017, limiting the firm from achieving
economies of scale. This, coupled with intense competition, has
resulted in its thin profitability. The capital structure has
marginally worsened with the gearing at 3.58 times as on
March 31, 2017 owing to cash withdrawals by partners.

* Highly-fragmented nature of industry - The fabric industry is
characterised by the presence of a large number of players and
low product differentiation. This leads to intense competition
and restricts pricing flexibility, limiting profitability.

* Risks associated with the firm's partnership nature - Given the
partnership nature of the firm, any substantial cash withdrawals
by partners is likely to have an adverse impact on its capital
structure.

SRT was established as a proprietorship concern in 2006 by Mr. R
Loganathan and was converted to a partnership firm in 2017 with
Mr. R Loganathan and Mrs. Thulasimani as partners. Mr. Loganathan
has extensive experience of nearly two decades in the weaving
industry. The firm is involved in the production of grey cotton
fabric at its manufacturing facility in Coimbatore, Tamil Nadu.
The current installed capacity of the firm is 92 looms, which
includes 56 conventional power looms and 36 auto power looms. The
firm outsources most of its production to around 600 looms
located nearby, by virtue of which it has an overall annual
production capacity of around 12 million metres of grey fabric.
The firm procures cotton yarn from various spinning mills in
Tamil Nadu and Andhra Pradesh, weaves it into grey fabric and
markets it to garment manufacturers across India.

In FY2017, as per provisional results, the firm reported an OI of
INR32.16 crore and a net profit of INR0.33 crore compared with OI
and net profit of INR34.97 crore and INR0.37 crore, respectively,
in FY2016.


VEGA CONTROLS: CRISIL Upgrades Rating on INR2.5MM Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Vega Controls Private Limited (VCPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable,' while reaffirming the short-term rating
at 'CRISIL A4.'

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             1         CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Letter of credit &
   Bank Guarantee          2         CRISIL A4 (Reaffirmed)

   Proposed Long Term      0.6       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan               2.5       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects CRISIL's expectation of improvement in the
business risk profile, aided by better profitability and stable
revenue growth. Revenue has grown at a compound annual rate of
11% over the three years through March 2017, to INR31 crore,
while operating margin improved to 6% in fiscal 2017, from 3.8%
in the previous fiscal. With improved operating efficiencies, the
margin should sustain at current levels. Increase in cash
accrual, to INR1.5 crore also supports the financial risk
profile.

The ratings continue to reflect the modest scale of operations
with end-user industry concentration in revenue. These weaknesses
are partially offset by extensive experience of promoters in the
electrical industry, and the moderate financial risk profile.

Analytical Approach

Unsecured loans of INR0.39 crore, received from the promoters as
on March 31, 2017, have been treated as neither debt nor equity,
as they should remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Estimated revenue of INR31.10 crore
in fiscal 2017, indicates the modest scale of operations.

* End-user industry concentration: With almost entire revenue
generated from steel mills, any downturn in the industry, could
adverse impact revenue growth.

Strengths
* Extensive experience of the promoters in the electrical
industry: The two decade-long experience of the promoters in the
electrical industry, and established relationships with suppliers
and customers, will continue to support the business risk
profile.


* Moderate financial risk profile: Financial risk profile is
moderate, marked by modest gearing of 1.26 times as on March 31,
2017, and comfortable  debt protection metrics, with interest
coverage and net cash accrual to total debt ratios at 6.47 times
and 0.3 time, respectively, in fiscal 2017.

Outlook: Stable

CRISIL believes VCPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if a substantial and sustained growth in revenue and
profitability, leads to better cash accrual. The outlook may be
revised to 'Negative' in case of a decline in profitability, or
if a stretch in working capital cycle weakens the capital
structure, especially liquidity.

VCPL was initially established as a partnership firm in 1997, by
Mr. Purandare and his family based in Pune. The firm was
reconstituted as a private limited company in 2004. As a channel
partner of ABB Ltd, VCPL offers customised control panel and
automation system solutions to customers, primarily steel players
across India.


WALL CERA: ICRA Reaffirms B+ Rating on INR4.0cr Cash Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR7.46 crore fund-based facilities of Wall Cera Tiles Pvt. Ltd..
ICRA has also reaffirmed the long-term rating at [ICRA]B+ and
short-term rating at [ICRA]A4 to the INR3.54 crore unallocated
bank limits. The outlook on the long-term rating is 'stable'.

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

  Fund-based-Term
  Loan                    3.46     [ICRA]B+ (Stable); Reaffirmed

  Unallocated Limit       3.54     [ICRA]B+(Stable)/[ICRA]A4;
                                    Reaffirmed

Rationale

The reaffirmation of ratings continue to remain constrained by
the company's modest scale of operations and its average
financial risk profile characterised by an aggressive capital
structure and moderate coverage indicators. The ratings take into
account its single product portfolio, coupled with an intense
competitive business environment, which pressurised the
profitability of the company. The ratings also factor in the
vulnerability of profitability to the cyclicality associated with
the real estate industry as well as volatility in the prices of
raw material and fuel costs.

The ratings, however continue to positively consider the long
experience of the management in the ceramic industry and its
proximity to raw material sources. Further, ICRA also notes the
healthy off-take from Kajaria Ceramics Ltd. (KCL) over the past
three fiscals. However, any policy changes by KCL or decline in
its business performance in a highly competitive industry may
affect the business of Wall Cera.

Key rating drivers

Credit strengths

* Long experience of the management in the ceramic industry - The
key promoters of the company have been associated with the
ceramic industry along with one of its directors, Mr. Manish
Savsani, who is a director of Acer Granito Pvt. Ltd. as well as a
member of the Indian Council of Ceramic Tiles and Sanitaryware.

* Locational advantage and reputed clientele - The manufacturing
facility of the company is located in the ceramic tiles
manufacturing hub of Morbi (Gujarat), which provides easy access
to quality raw materials like body clay, feldspar and glazed frit
in Gujarat as well as Rajasthan. Further, KCL has remained one of
the major customers of the company, contributing 91% to total
sales in FY2017 (compared to 85% in FY2016).

Credit weaknesses

* Average financial risk profile - The scale of operations
remains modest with operating margins at around 9.0-9.5% due to a
competitive industry structure. The return indicator moderated
with ROCE at 9.84% in FY2017 as against 11.02% in FY2016. The
capital structure continued to remain leveraged with gearing of
2.15 times as on March 31, 2017 (compared to 2.54 times on
March 31, 2016). The coverage indicators stood moderate with
interest coverage ratio of 2.81 times and DSCR of 1.28 times in
FY2017.

* Margins subject to pressure from intense competition and
cyclicality of the real estate industry - The tile manufacturing
industry remains highly fragmented with competition from the
organised as well as unorganised segments, apart from imports.
The large number of players in the unorganised segment, most of
whom are located in Gujarat and operate with low cost structures,
create a pressure on prices. Further, the real estate industry
accounts for over 70% of total ceramic tile consumption, and
accordingly, the demand for tiles remains exposed to cyclicality
in the sector. Coupled with rising pressure of input costs
(majorly fuel prices), this adversely impact profitability. More
so in case of Wall Cera, its lack of presence in higher value
added products leads to limited profitability margins.

* Vulnerability of profitability to fluctuations in raw material,
and power and fuel costs - Despite the locational advantage for
raw material procurement, the company has limited control over
the prices of other key inputs such as natural gas/coal, and thus
its margins remain exposed to adverse movement in gas/coal
prices.

Incorporated in June 2013, Wall Cera Tiles Private Limited (Wall
Cera) is engaged in manufacturing ceramic wall tiles at its
facility in Morbi (Gujarat). The company commenced its operations
from July 2014 with an installed manufacturing capacity of 38,250
MTPA.
In FY2017, the company reported a net profit of INR0.40 crore on
an operating income of INR28.42 crore, as compared to a net
profit of INR0.13 crore on an operating income of INR31.72 crore
in the previous year.



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


TAKATA CORP: Honda Reaches US$605MM Settlement Over Airbags
-----------------------------------------------------------
Jessica Dye at The Financial Times reports that Honda has struck
a proposed $605 million settlement to resolve US consumer claims
in connection with recalled Takata airbags.

Honda, which was Takata's largest customer, is the sixth car
maker to settle US litigation over the recall, the FT notes. In
addition to compensating customers for out-of-pocket losses
stemming from the recall, the settlement would also create an
outreach programme to help speed up the recall and replacement of
the recalled parts, among other features, the FT discloses citing
court filings.

"In reaching this agreement, Honda, to its credit and the benefit
of its customers, has complemented and enhanced its ongoing
industry-innovative efforts to remove the defective Takata
airbags from its vehicles. This agreement will not only expand
awareness of the Takata recalls and improve driver safety by
accelerating the removal of defective airbags from our roads, but
will provide compensation to affected Honda consumers. We will
continue prosecuting our claims against Ford and other automobile
manufacturers to ensure that our clients receive the relief they
deserve," the FT quotes Peter Prieto, a lead lawyer for the
consumers bringing the cases, as saying in a statement.

Honda, which was Takata's biggest customer, was hit especially
hard by the recall, which has encompassed millions of vehicles
made by numerous companies and has been linked to at least 17
deaths and more than 100 injuries worldwide, according to the FT.
Takata has paid a $1 billion criminal penalty in the US in
connection with the recall and filed for bankruptcy.

Toyota, Subaru, Mazda and Subaru have already agreed to pay
$553 million to settle US consumer litigation over the recall.
Nissan agreed to a separate $97.7 million deal, the report notes.

The settlement will require court approval and does not cover
personal injury or property damage claims, the FT adds.

                         About Takata Corp

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

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

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

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

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

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

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

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

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

                         Chapter 15 Cases

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


TOSHIBA CORP: Apple in Talks With Bain for Chips Business Bid
-------------------------------------------------------------
Takako Taniguchi and Peter Elstrom at Bloomberg News report that
Apple Inc. is wading into the middle of the battle for Toshiba
Corp.'s memory chips business.

According to Bloomberg, people familiar with the matter said the
iPhone maker is in talks with Bain Capital to bid for the Tokyo-
based company's unit, in competition with a group that includes
KKR & Co. and Western Digital Corp.  Bloomberg says Bain had
previously submitted a JPY2.1 trillion ($19 billion) offer with
another group of backers that included state-backed Innovation
Network Corp. of Japan and Development Bank of Japan.

Apple depends on flash memory from Toshiba in its iPhones and
iPods, and wants a continued supply so it's not dependent on
rival Samsung Electronics Co., Bloomberg says.  "There are supply
shortages of that type of memory," Bloomberg quotes Michael
Walkley, an analyst with Canaccord Genuity, as saying. "They're
always looking to work closely with key suppliers and lock in
long-term supply agreements."

Bloomberg notes that Toshiba has been in negotiations for months
to sell off its chips business and pay for a disastrous move into
the U.S. nuclear business. The report relate that the company
needs to raise the money by March to avoid seeing its shares
delisted from the Tokyo Stock Exchange. The auction has been
complicated by legal action from Western Digital, which has
argued it should have a say in any sale because of its
partnership with Toshiba in the chips business.

In recent weeks, Japan's powerful Ministry of Economy, Trade and
Industry has encouraged Toshiba to accept the offer from the
Western Digital consortium, the people said, in an effort to end
the litigation and reach a deal quickly, according to Bloomberg.
Top Toshiba executives and its deal advisers are resisting the
current offer, arguing it doesn't do enough to protect the
interests of the chips unit or the parent, the people said,
Bloomberg relays. Yasuo Naruke, head of the chips business, is an
outspoken critic of the Western Digital proposal, the people
said, while the METI bureau involved in the talks is led by
Tatsuya Terazawa, Bloomberg says.

It's not clear exactly how Apple would support Bain's bid,
Bloomberg notes. Rather than take an equity stake, the U.S.
company may provide money by pre-paying for chip supplies in the
future, a standard practice in the industry that Apple has used
in the past to give suppliers financial support. That would be
simpler in some ways for Apple and allow it to avoid hurting
relationships with other suppliers, like Samsung and SK Hynix
Inc.

The Western Digital consortium is offering about JPY2 trillion,
less than the original Bain bid, a person familiar with the
matter has said, Bloomberg recalls. Western Digital would loan
money for the initial purchase with rights to take a minority
equity stake in the future, the people said. INCJ and the
Development Bank of Japan would also participate in that bid.

METI's support for Western Digital may be because the government
officials don't understand several finer contractual issues, said
one of the people, Bloomberg relays. For example, Western Digital
has agreed to limit the amount of debt that it will convert into
equity in the chips business -- a condition METI wants to avoid
antitrust problems -- this person said. But it won't agree to cap
the overall amount of equity it can acquire through other means,
like from KKR, the person, as cited by Bloomberg, said. Toshiba
has requested such an aggregate cap, but Western Digital has
resisted that term, the report adds.

                         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.



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


MAXWELL INTERNATIONAL: Wins Six-Month Extension to Submit Plan
--------------------------------------------------------------
Sulhi Azman at theedgemarkets.com reports that Maxwell
International Holdings Bhd has received the nod from the stock
exchange regulator to extend the time to submit its
regularisation plan by six months until Jan. 31, 2018.

However, the Practice Note 17 (PN17) group added that the
extension of the time comes with the condition that it must, via
its principal adviser M&A Securities Sdn Bhd, make the requisite
announcement by Nov. 30, the report says.

theedgemarkets.com, citing China-based group's 2016 annual
report, relates that the requisite announcement will contain the
details of the regularisation and sufficient information to
demonstrate that the group is able to comply with all the
requirements set to uplift the PN17 status.

The requisite announcement, added Maxwell, will also include a
timetable for the complete implementation of the regularisation
plan, theedgemarkets.com relays.

"The aforesaid extension of time is without prejudice to Bursa
Malaysia's right to proceed to suspend the trading of the
securities of Maxwell," the company, as cited by
theedgemarkets.com, added.

                          About Maxwell

Maxwell International Holdings Berhad is a Malaysia-based
investment holding company. The Company is engaged in the
manufacture of sports shoes mainly in the People's Republic of
China. It designs and manufactures of a variety of sports
footwear, including court sports, such as basketball shoes,
volleyball shoes and badminton shoes; running and casual or
leisure sports shoes, such as hiking shoes and casual walking
shoes. Maxwell is the original equipment manufacturer and
original design manufacturer for a host of third-party brands.
Maxwell distributes its products to international customers
directly, as well as via trading houses and brand distributors.
Maxwell's end user markets include Europe, America, and Asia,
consisting mainly of Japan, South Korea, Singapore, Hong Kong,
Malaysia and Saudi Arabia. The Company's subsidiaries include
Zhenxing Shoes, Maxwell Global Investment Limited and Maxwell
International Trading Sdn. Bhd.

Maxwell had slipped into PN17 status on Aug. 2, 2016 after its
external auditors expressed a disclaimer opinion in its audited
financial statements for the financial year ended Dec. 31, 2015.



====================
N E W  Z E A L A N D
====================


BAGLEY & BLAKE: Goes Into Liquidation; 55 Jobs Axed
---------------------------------------------------
Anne Gibson at The New Zealand Herald reports that Bagley & Blake
Construction, an Auckland commercial construction business that
has worked on some of the city's largest jobs, has gone under and
laid off 55 staff.

Its founder is blaming a highly over-stretched building sector as
one prompt for its demise, the Herald says.

According to the Herald, Bagley & Blake Construction, working on
the expansion of Auckland Airport's international terminal for
Fletcher Construction, is now in the hands of liquidators Chris
McCullagh -- chris.mccullagh@pkfcr.co.nz -- and Steve Lawrence --
steve.lawrence@pkfcr.co.nz -- of PKF Corporate Recovery, with a
projected NZ$1.5 million deficit owed to unsecured creditors.

The Herald relates that founder and managing director Nick Bagley
said 55 staff had to be laid off from the business he owned with
wife, Liz. The business has worked on some of the city's larger
projects, including the airport, Auckland Hospital, Middlemore
Hospital and LynnMall. Mr. Bagley expressed sorrow about the
situation and took responsibility but said his entire sector was
stretched, the report says.

"It's an industry-wide thing," the report quotes Mr. Bagley as
saying.  "We won't be the first ones to go under. There's a lot
of nervousness about other players. Other subcontractors are
going to take a hit because everyone is so stretched.

"It's more an industry-wide problem. It was purely a cash flow
thing for us. We couldn't cash flow it any further."

The business had had annual turnover of around NZ$7.5 million,
one of its biggest jobs was at the airport for Fletcher
Construction but it had also worked with Hawkins Construction and
NZ Strong, Mr. Bagley, as cited by the Herald, said.

According to the Herald, the liquidators' report showed
NZ$650,240 is owed to Bagley & Blake for accounts receivable and
retentions - amounts withheld by its clients. Mr. Bagley
acknowledged this was a big issue.

"We had hoped we would recover some of those retentions," he
said. "But the bigger story here is just the problem of trying to
get skills and it's right through the sector," he said, telling
how paperwork on one big job was severely deficient.

He cited commercial construction working drawings "with some very
fundamental flaws in them. That slows the process down."

The ongoing airport job has been estimated to be worth more than
NZ$100 million and is the phase three expansion, a multi-stage
redevelopment of the existing international terminal building
with new outbound passenger processing areas, more duty free
shops, landside and airside works and mechanical services, notes
the report.

The liquidators' report said Bagley & Blake was founded in 2010,
specialising in full contract carpentry work, civil and concrete
works, says the Herald.

"According to the director the reasons for the company's failure
are as follows: the company cash flow was insufficient to meet
day to day operation and the company was under-capitalised for
rapid growth experienced in recent years," the report, as cited
by the Herald, said.


CHRISTIAN SAVINGS: Fitch Assigns B+ Long-Term IDR; Outlook Pos.
---------------------------------------------------------------
Fitch Ratings has assigned Christian Savings Limited (CSL) a
Long-Term Issuer Default Rating (IDR) of 'B+' with Positive
Outlook. At the same time, Fitch also assigned the Short-Term IDR
at 'B'.

The assignment of CSL's ratings follows a reorganisation of the
operating entity for the Christian Savings organisation. The
organisation conducted its operations under Christian Savings
Incorporated (CSI) prior to 1 September 2017, but from will
operate under CSL. Fitch does not consider the change to be
material and has assigned CSL ratings that are the same as that
for CSI. The rating drivers and sensitivities of CSL are broadly
similar to that of CSI.

KEY RATING DRIVERS

IDRS AND VIABILITY RATING

The Positive Outlook reflects continued improvements in CSL's
risk appetite and Fitch's expectation that CSL will continue to
strengthen risk controls and underwriting over the next 12
months. CSL has also strengthened its management structure and
depth through the hiring of a CFO. Fitch believes CSL's overall
appetite for risk remains weaker than that of other small New
Zealand-based lenders, which are primarily residential mortgage
lenders.

Fitch does not consider CSL to be an aggressive lender, although
its business model and underwriting standards could be viewed as
being of higher risk than other New Zealand lenders. Its core
service is providing loans to churches; a segment that
traditional lenders tend to perceive as higher-risk. CSL's loan
pricing and terms are comparable with residential mortgages,
reflecting its charitable lender purpose. Low loan/value ratios
across its portfolio mitigate some of its risk.

CSL's capitalisation is weaker relative to other Fitch-rated
small New Zealand-based lenders, leaving its capital base more
susceptible to shocks that lead to impairments or losses.
However, its capitalisation and access to capital is likely to
improve under the new operating entity, which will allow the
organisation to raise common equity. Strong loan growth will
continue to dampen improvement in capitalisation.

CSL's asset quality is likely to remain stable and characterised
by low loan impairment and write-off levels, which reflect its
underwriting and well-collateralised position. However, Fitch
believes CSL's low impairment ratios do not fully reflect its
credit and concentration risk as it has higher single-name
concentration relative to domestic peers.

CSL's lending activities are fully funded by a combination of
church and household deposits. Household deposits account for
about half of total deposits and Fitch expects reinvestment rates
to remain high in 2017. CSL's loan/deposit ratio is stronger than
its peers, although the gap is likely to reduce should strong
loan growth continue. CSL does not have access to the Reserve
Bank of New Zealand's repo facility.

SUPPORT RATING AND SUPPORT RATING FLOOR

CSL's Support Rating and Support Rating Floor are based on
Fitch's view that while support from the New Zealand sovereign
(AA/Stable) is possible, it cannot be relied upon. CSL is not
captured under the Open Bank Resolution scheme, which allows for
the imposition of losses on depositors and senior debt holders
when a deposit-taking institution fails. However, Fitch believes
the existence of such a framework indicates a lower propensity
for the sovereign to support its banks.

RATING SENSITIVITIES
IDRs AND VIABILITY RATING

An upgrade in CSL's IDRs and Viability Rating will be driven by
further reductions in its risk appetite or meaningful increase in
capitalisation. Fitch expects positive trends in loan and asset
growth, which should broaden CSL's customer base and exposure
type, to lower it concentration risk over the next 12 months.

The Positive Outlook on the rating could be revised to Stable if
CSL's growth slows or if growth is achieved via stronger risk
appetite or weaker underwriting standards.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor are sensitive to any
change in assumptions around the propensity or ability of the
New Zealand government to provide timely support.

The rating actions for Christian Savings Limited are:

Long-Term Foreign-Currency IDR assigned at 'B+'; Outlook Positive
Short-Term Foreign-Currency IDR assigned at 'B'
Long-Term Local-Currency IDR assigned at 'B+'; Outlook Positive
Short-Term Local-Currency IDR assigned at 'B'
Viability Rating assigned at 'b+'
Support Rating assigned at '5'
Support Rating Floor assigned at 'NF'


INTUERI EDUCATION: McGrathNicol Appointed as Liquidators
--------------------------------------------------------
BusinessDesk reports that liquidators have been appointed for
Intueri Education Group after ACG Education, the private equity-
owned education services provider, bought its assets.

William Black and Conor McElhinney, partners of McGrathNicol,
were appointed liquidators of Intueri Education Group and its
New Zealand subsidiaries after the administrators presented their
report at a meeting on Sept. 1 and "recommended that creditors
vote to place the entities into liquidation, given that there was
no other viable alternative and that all of the assets of the
companies had been sold," the liquidators said in a note to the
stock exchange, BusinessDesk relates.

The company was placed into voluntary administration at the start
of June after a strategic review attracted an offer for its
operating assets for less than the NZ$70.7 million owed to ANZ
Bank New Zealand, meaning the lender would be forced to take a
loss, BusinessDesk discloses.

In July, the administrators, also Messrs. Black and McElhinney,
said Auckland-based ACG, which was bought by Australia's Pacific
Equity Partners in 2015, had completed its purchase of the
Intueri New Zealand schools, including the New Zealand Institute
of Sport, the New Zealand College of Massage, Global Education
Group trading as NSIA The Professional Hospitality Academy, and
Intueri Education New Zealand trading as Cut Above Academy,
Design and Arts College of New Zealand, Academy New Zealand, and
Elite International School of Beauty and Spa Therapies. No price
was disclosed, the report notes.

The appointment of liquidators is over Intueri Education Group
Limited, as well as six New Zealand subsidiaries, the report
discloses.

"Voting to place the Intueri entities into liquidation is a
logical outcome following a sale of the business and assets. The
liquidators will be reviewing and investigating a number of
matters in relation to the Intueri companies and will pursue
available recovery actions for the benefit of creditors where
feasible," BusinessDesk quotes Mr. Black as saying.

Intueri Education Group Limited provided physical and online
private training tuition in New Zealand and Australia.


ROSS ASSET: Investor Ordered to Pay Back NZ$100,000 Interest Bill
-----------------------------------------------------------------
Hamish Fletcher at NZ Herald reports that an investor in a ponzi
scheme must pay back more than NZ$100,000 in interest on top of
the NZ$450,000 already ordered to go back to the liquidators of
fraudster David Ross' collapsed company.

In May, the Supreme Court ruled that former Ross Asset Management
investor Hamish McIntosh can keep the NZ$500,000 he invested with
the failed ponzi scheme that but must return NZ$454,047 in the
fictitious profits from it, the Herald recalls.

The Herald relates that Mr. McIntosh, a Wellington lawyer who
represented himself, invested NZ$500,000 in RAM in April 2007 and
gave notice in September 2011 that he wished to withdraw his
funds.

He was repaid NZ$954,047 including returns of NZ$454,047 that
were actually funds syphoned from other investors' deposits in
what transpired to be New Zealand's biggest ponzi scheme, with
investors' funds misappropriated almost immediately and used to
repay investors wishing to withdraw their funds plus the
fictitious returns. Principal David Ross, who is currently
serving a 10 year, 10 month jail sentence, also used the funds to
pay RAM's operating expenses and fund his own drawings, the
report says.

According to the Herald, the respondents were liquidators John
Fisk and David Bridgman of PwC, who took their action against
McIntosh as a test case and had previously said they would pursue
other investors who pulled out their funds before RAM's collapse.

In May, the Supreme Court ruling by a majority of Justices
Terence Arnold, Mark O'Regan, Ellen France and William Young
upheld the judgments of the lower courts while disallowing a
cross-appeal by the respondents that the principal should also be
repaid, the report says.

The Herald says the High Court had ruled the fictitious profits
must be forfeited as had the Court of Appeal. Justice Susan
Glazebrook issued a dissenting judgment that would have allowed
the cross-appeal and required the full NZ$954,047 to be repaid.

The question of interest could not be decided upon between the
parties and yesterday the Supreme Court said that McIntosh was to
pay interest of 5 per cent per year on the NZ$454,048. It was
payable from the time which RAM went into liquidators in December
2012.

That works out to be around NZ$22,700 a year and brings
McIntosh's interest bill to over NZ$100,000.

                         About Ross Asset

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership);
   -- Mercury Asset Management Limited (In Receivership);
   -- Dagger Nominees Limited (In Receivership);
   -- Ross Investment Management Limited (In Receivership);
   -- Ross Unit Trust Management Limited (In Receivership); and
   -- United Asset Management Limited (In Receivership).



===============
P A K I S T A N
===============


PAKISTAN MOBILE: Moody's Affirms B1 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating of Pakistan Mobile Communications Limited (Jazz). The
rating outlook remains stable.

RATINGS RATIONALE

The rating action follows Jazz's announced sale of its wholly-
owned tower subsidiary, Deodar Private Limited, to edotco Group
Sdn Bhd, a 62.4%-owned subsidiary of Axiata Group Berhad (Baa2
stable), for around $940 million.The transaction is expected to
complete by end-2017.

Jazz will enter into a service agreement for the 13,000 towers it
sold under a 12-year agreement. In return, Jazz will receive $666
million in cash once the transaction closes, with an additional
$94 million within 12 months of the transaction. The remaining
$180 million of the sales price is expected to be a vendor loan
payable to Jazz three years from closing.

Moody's expects Jazz to utilize the proceeds toward a) funding
operating and capital expenditure, b) reducing absolute debt, and
c) using the residual proceeds for shareholder returns.

"The announced sale enables Jazz to monetize its non-core tower
assets to fund operations, improve liquidityand reduce balance
sheet debt levels," says Annalisa DiChiara, a Moody's Vice
President and Senior Credit Officer.

For example, Jazz will have ample funds to repay incremental debt
incurred to acquire additional 4G/LTE spectrum in June.

"However, although balance sheet debt will reduce, based on
Moody's standard operating lease adjustment which capitalizes the
present value of rental payments, Moody's estimates Jazz's pro
forma adjusted leverage will increase to around 2.5-3.0x by end-
2017 from 1.7x as of June 2017," adds DiChiara, also Moody's lead
analyst for Jazz.

The increase in leverage can be accommodated at the B1 rating
level, given Jazz's leading market position and solid cash flow-
generating capabilities. Moody's expects leverage to trend
towards 2.0-2.5x over the next 24 months.

"Moody's expects Jazz to maintain its market leading position
with a subscriber market share of around 38% this year, given its
strong brand and extensive network coverage, and largest spectrum
holding among domestic operators, following its recent spectrum
purchase," adds DiChiara.

In Moody's view the tower sale proceeds will significantly boost
Jazz's liquidity position, providing sufficient funds to support
projected capital expenditures ($280-300 million), scheduled debt
maturities ($186 million) and projected dividends ($125-150
million) for the next 12 months.

Jazz also has other cash sources, including a cash balance of
around $62 million and long-term committed credit facilities of
around $243 million. Moody's also expects Jazz to generate cash
from operations of around $410-430 million over the next 12
months.

Despite its strong fundamental credit quality, Jazz's B1 rating
is constrained by the sovereign's B3 rating.

As Jazz is predominantly a domestic entity, with substantially
all of its revenues derived from, and assets based in, Pakistan,
Moody's believes that the company's fundamental creditworthiness
needs to closely reflect the potential risks that it shares with
the sovereign. Thus, non-financial corporates are not usually
rated more than two notches above the sovereign (see Moody's
Rating Implementation Guidance document entitled "How Sovereign
Credit Quality Can Affect Other Ratings" and published on 16
March 2015).

The outlook is stable reflecting Moody's expectation for Jazz to
maintain its solid business and financial profile and adequate
liquidity.

Given Moody's guidelines regarding the differential between
government and corporate ratings, it is unlikely that Jazz will
experience any upward rating pressure in the absence of an
upgrade of Pakistan's sovereign rating.

Alternatively, Jazz would need to generate a substantially
greater revenue share from outside Pakistan, which seems unlikely
over the near to medium term. However, an upgrade is possible in
the medium to long term if, in addition to a sovereign upgrade,
Jazz maintains its (1) strong market position with an adjusted
EBITDA margin in excess of 35%; (2) solid balance sheet and
financial profile; (3) strong relationships with its parents and
banks; and (4) sufficient cushion under its bank loan covenants.

Jazz's ratings would be under downward pressure if the sovereign
rating is downgraded, as Moody's will seek to maintain the
current gap of two notches between their ratings.

Given Jazz's fundamental credit quality, it is unlikely its
rating will be downgraded for reasons other than a downward
sovereign rating action absent a precipitous decline in its
financial and operating profile.

Such a decline would be evident if Jazz: (1) experiences
significant deterioration in its market share; (2) pays large
dividends, thereby reducing available retained cash flow to the
extent that adjusted retained cash flow/debt falls below 20%; (3)
faces difficulty in accessing capital to fund ongoing growth, or
repay/refinance lines, as and when they fall due.

The principal methodology used in this rating was
Telecommunications Service Providers published in January 2017.

Pakistan Mobile Communications Limited (Jazz), which was
established in 1990, is Pakistan's largest mobile operator by
number of subscribers. The company is 85% indirectly owned by
Global Telecom Holdings SAE (GTH). GTH, which is headquartered in
the Netherlands, is a global telecommunications operator with
investments in three countries: Pakistan, Bangladesh and Algeria.
In turn, GTH is 57.7% indirectly owned by VEON Ltd. (Ba2 stable),
which is domiciled in Bermuda and headquartered in the
Netherlands. VEON is a global telecommunications provider with
operations in 14 countries, including strong market shares in
Russia and Ukraine.



=============
V I E T N A M
=============


PETROVIETNAM: Prepares to Declare Dung Quat Shipyard Bankrupt
-------------------------------------------------------------
Anh Minh at VnExpress.net reports that state-owned oil and gas
group PetroVietnam is preparing to declare a shipyard it controls
bankrupt after reporting more than a combined $460 million in
debt and losses at the end of last year.

VnExpress.net relates that in a report filed to the trade
ministry, the energy giant asked for permission to sell Dung Quat
Shipyard in the central province of Quang Ngai. If no buyer can
be found, it will hold a bankruptcy sale, it said.

PetroVietnam took over the shipyard from the debt-ridden
shipbuilder Vinashin in 2010 as part of the government's efforts
to rescue the latter, VnExpress.net recalls. Vinashin, which had
piled up $4.5 billion in debt, was restructured into the
Shipbuilding Industry Corporation in 2013.

According to VnExpress.net, Dung Quat owed nearly VND7.5 trillion
($330 million) at the time, almost twice its registered capital,
and the financial woes have never been solved. PetroVietnam said
it has pumped VND5.1 trillion ($224 million) into trying to keep
the business afloat, but with little success, the report relays.

By the end of last year, losses at Dung Quat had escalated to
VND3.72 trillion ($163.6 million), besides VND6.9 trillion ($304
million) in debts, VnExpress.net discloses.

The shipyard employs more than 1,200 workers, VnExpress.net
discloses citing local media reports. No plans have been revealed
on the compensation or support they will receive if the proposal
is approved, adds VnExpress.net.



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


* BOND PRICING: For the Week Aug. 28 to Sept. 1, 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.



                 *** End of Transmission ***