---

        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 12, 2017, Vol. 20, No. 181

                            Headlines


A U S T R A L I A

ALPHA54 PTY: Second Creditors' Meeting Set for September 19
MECURE MAITLAND: First Creditors' Meeting Set for Sept. 19
STOCHASTIC SIMULATION: Second Creditors' Meeting Set for Sept. 19


C H I N A

BANK OF COMM: Moody's Lowers Preferred Stock Rating to B1(hyb)
CHINA HUIYUAN: Fitch Affirms B+ Long-Term IDR; Outlook Stable
CHINA LOGISTICS: Still Ramping Up Logistics Assets, Moody's Says
SINO-OCEAN LAND: Moody's Rates Perpetual Capital Securities Ba2
YUZHOU PROPERTIES: New Share Issue No Impact on Moody's B1 CFR


H O N G  K O N G

NOBLE GROUP: Shortlists Bidders for $1 Billion Oil Business


I N D I A

4TH APPLE: CRISIL Reaffirms B+ Rating on INR12MM LT Loan
AAROHAN BUILDERS: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
ADVATECH CERA: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable
AMI ESTATES: CRISIL Lowers Rating on INR54MM Long Term Loan to B+
ANKIT DIAMONDS: CRISIL Lowers Rating on INR3MM Loan to 'B'

BAJAJ AGRO: CARE Assigns B+ Rating to INR7.71cr LT Loan
BISHNUPRIYA FOOD: CARE Assigns B+ Rating to INR14.76cr LT Loan
CHRISTY TEXTILE: CRISIL Lowers Rating on INR2.85MM Loan to 'B'
DHARWAD METALLICS: CARE Assigns 'D' Rating to INR6.30cr LT Loan
DIGIFLIC CONTROLS: Ind-Ra Migrates B+ Rating to Not Cooperating

DWARKA TEXTILE: CARE Assigns B Rating to INR14.60cr LT Loan
EVER GREEN: CRISIL Lowers Rating on INR3.15MM Term Loan to 'B'
HARROW EDUCATIONAL: CARE Assigns 'D' Rating to INR5.39cr Loan
HIBZA FOODS: CARE Assigns B+ Rating to INR15.45cr LT Loan
INTERJEWEL PRIVATE: CARE Lowers Rating on INR210cr LT Loan to D

JAIN SARVODAYA: Ind-Ra Moves 'D' Issuer Rating to Not Cooperating
JAYPEE INFRATECH: In-House Panel Set Up to Help Homebuyers
KAALENDI VENTURES: CARE Reaffirms B+ Rating on INR18.35cr Loan
KAYATHRI CONSULTANTS: CRISIL Cuts Rating on INR5.0MM Loan to B-
L R N FINANCE: CRISIL Assigns 'D' Rating to INR10MM LT Loan

MAHAJAN SILK: CRISIL Lowers Rating on INR9.55MM Cash Loan to B+
MANPURIA CONSORTIUM: Ind-Ra Migrates D Rating to Not Cooperating
MANPURIA REALATORS: Ind-Ra Migrates D Rating to Not Cooperating
MNC ELECTRICALS: Ind-Ra Moves BB Issuer Rating to Not Cooperating
NESTOR PHARMA: CRISIL Assigns B- Rating to INR52.0MM Cash Loan

NIRMAL KRISHNA: Investors Protest as Firm Files Insolvency
PATEL CONSTRUCTION: CARE Assigns B+ Rating to INR4cr LT Loan
RUPNARAYAN VANJIYA: Ind-Ra Migrates D Rating to Not Cooperating
SAISHAKTI POLYSACKS: Ind-Ra Assigns B+ Rating to INR87MM Loan
SAMSUNG OVERSEAS: CRISIL Lowers Rating on INR1.25MM LT Loan to B

SANJIVINI PIPES: CRISIL Reaffirms 'B' Rating on INR4.5MM Loan
SHARDA RICE: CRISIL Lowers Rating on INR35MM Cash Loan to 'B'
SHIRODE CARS: CRISIL Reaffirms B Rating on INR3.5MM Cash Loan
SHIV MARINE: CARE Reaffirms B+/A4 Rating on INR7cr Bank Loan
SHREE KRISHNA: CARE Assigns B Rating to INR15cr LT Loan

SHRUTHI MILK: Ind-Ra Moves BB+ Issuer Rating to Not Cooperating
SOUHARDHA INFRA-TECH: Ind-Ra Moves B- Rating to Not Cooperating
SREE PADMANABHA: CARE Assigns B+ Rating to INR5.0cr LT Loan
SRI LAKSHMINARASIMHA: CRISIL Reaffirms C Rating on INR23.53M Loan
SRI SRINIVASA: CARE Assigns B+ Rating to INR12.0cr LT Loan

SRI VARALAKSHMI: CRISIL Reaffirms B+ Rating on INR5.25MM Loan
STAYZILLA: NCLT Adjourns Hearing on Insolvency Bid to Sept. 12
SYNERGIES DOORAY: NCLAT Admits Edelweiss Appeal
TANGEDCO: Says NCLT Can't Be Approached for Non-Payment
VENKATA BHAGYALAKSHMI: Ind-Ra Moves 'B' Rating to Not Cooperating


I N D O N E S I A

CIPUTRA DEVELOPMENT: Fitch Assigns BB- IDR; Outlook Stable


J A P A N

SOFTBANK GROUP: Moody's Assigns Ba1 Rating to Proposed Sr. Notes
TOSHIBA CORP: Suffering Bad Case of Brain Drain


N E W  Z E A L A N D

NOSH GROUP: Bishop Warden Seeks Creditor Meeting


S I N G A P O R E

AUSGROUP LTD: Proposes to Exchange Debt for Shares to Noteholders


X X X X X X X X

* APAC SF Ratings Remain Stable Throughout 2016, Fitch Says
* BOND PRICING: For the Week Sept. 4 to Sept. 8, 2017


                            - - - - -


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


ALPHA54 PTY: Second Creditors' Meeting Set for September 19
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Alpha54 Pty.
Ltd. has been set for Sept. 19, 2017, at 10:30 a.m., at Level 3,
326 William Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 18, 2017, at 5:00 p.m.

Brent Leigh Morgan and Geoffrey Handberg of Rodgers Reidy were
appointed as administrators of Alpha54 Pty on Aug. 15, 2017.


MECURE MAITLAND: First Creditors' Meeting Set for Sept. 19
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Hilton
Taxation Services Pty Ltd will be held at Mecure Maitland Monte
Pio, New England Highway & Dwyer Street, in Maitland, NSW, on
Sept. 19, 2017, at 10:30 a.m.

Richard Albarran and Kathleen Vouris of Hall Chadwick Chartered
Accountants were appointed as administrators of Hilton Taxation
on Sept. 7, 2017.


STOCHASTIC SIMULATION: Second Creditors' Meeting Set for Sept. 19
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Stochastic
Simulation Limited has been set for Sept. 19, 2017, at
11:00 a.m., at the offices of Deloitte Financial Advisory Pty
Ltd, Level 9, Tower 2, Brookfield Place, 123 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. 18, 2017, at 4:00 p.m.

Jason Tracy and Richard Hughes of Deloitte were appointed as
administrators of Stochastic Simulation on April 3, 2017.



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


BANK OF COMM: Moody's Lowers Preferred Stock Rating to B1(hyb)
--------------------------------------------------------------
Moody's Investors Service has downgraded Bank of Communications
Co., Ltd.'s (BoCom) long-term/short-term deposit ratings to A3/P-
2 from A2/P-1.

At the same time, Moody's has downgraded BoCom's baseline credit
assessment (BCA) and adjusted BCA to ba1 from baa3.

Moody's has also downgraded the bank's Counterparty Risk
Assessment (CRA) to A3(cr)/P-2(cr) from A2(cr)/P-1(cr).

These rating actions conclude Moody's review of BoCom's ratings
for downgrade initiated on May 24, 2017. Moody's review on BoCom
was triggered by the bank's increasing reliance on wholesale
funds in recent years and declining profitability.

The outlook on all ratings is stable.

RATINGS RATIONALE

The downgrade of BoCom's BCA is driven by its weaker funding
profile when compared to other state-owned Chinese banks, as well
as its pressured profitability as a result of an environment of
increasing market funding costs.

Although Moody's observed some stabilization in the bank's market
funding in the first half of 2017, its reliance on such funding
remained relatively high. In addition, although its profitability
stabilized quarter-over-quarter, it stabilized at a lower level
than a year ago. Both metrics have not exhibited sufficient
improvement to maintain the bank's BCA at baa3.

The bank's revised BCA of ba1 considers its resilient asset
quality and relatively low exposure to shadow banking, as well as
its adequate liquid resources and capital levels.

BoCom's deposit franchise is weaker than that of other state-
owned Chinese banks, and it maintains a higher presence in the
more competitive coastal areas. Market funding accounted for 34%
of its tangible assets at end-June 2017, up from 26% at end-2015.
Although part of the increase was driven by medium-term lending
facilities from People's Bank of China (PBOC) -- representing a
stable funding source should PBOC continue to use it to manage
medium-term system liquidity -- the bank's market funding
remained high when compared to other state-owned banks, even when
excluding the PBOC funding.

As a result of its weaker funding profile and higher funding
cost, BoCom's profitability was pressured. The average cost for
its interest-bearing liabilities increased by 10 basis points
year-over-year in the first half of 2017, while that of other
state-owned banks decreased. The bank's annualized return on
assets (ROA) was 0.91% in the first half of 2017, down 9 basis
points year-over-year.

Moody's downgrade of the bank's deposit ratings is driven by the
downgrade of its BCA, as Moody's continues to incorporate a four-
notch uplift based on an expected very high level of government
support in times of need.

BoCom was 41.26% owned by the Chinese central government (A1
stable) via the Ministry of Finance and the National Council for
Social Security Fund, and had a 3.0% share of system deposits at
end-June 2017.

WHAT COULD CHANGE THE RATING UP

The bank's BCA and deposit ratings would be upgraded if (1) its
funding profile improves, with market funding to tangible banking
assets declining to below 25%; (2) its profitability, as measured
by ROA, improves to above 1.0%; (3) its asset quality, capital
and liquid resources ratios remain stable; and/or (4) the growth
in leverage in the Chinese economy is arrested and shadow banking
risks are contained, resulting in an improved operating
environment and a change of China's macro profile.

WHAT COULD CHANGE THE RATING DOWN

The bank's ratings could be downgraded if Moody's assesses that
the Chinese government's ability or willingness to support the
bank has weakened.

The bank's BCA could experience downward pressure if (1) its
operating environment weakens materially, for example if China's
economic growth slows significantly, or corporate financial
leverage rises rapidly; (2) its reliance on market funds
increases rapidly; or (3) its asset quality and profitability
weaken materially.

The principal methodology used in these ratings was Banks
published in January 2016. Please see the Rating Methodologies
page on www.moodys.com for a copy of this methodology.

Bank of Communications Co., Ltd. is a Chinese bank headquartered
in Shanghai, with assets totaling RMB8.93 trillion at end-June
2017.

Bank of Communications Co., Ltd. HK Branch operates in Hong Kong.

Azure Orbit International Finance Limited is incorporated in the
Cayman Islands, and is indirectly wholly owned by BoCom. It was
set up for the purpose of issuing bonds.

Azure Orbit III International Finance Limited is incorporated in
the Cayman Islands, and is indirectly wholly owned by BoCom. It
was set up for the purpose of issuing bonds.

LIST OF AFFECTED RATINGS

Bank of Communications Co., Ltd.:

* Long-term deposit ratings downgraded to A3 from A2, with stable
outlook

* Short-term deposit ratings downgraded to P-2 from P-1

* BCA and adjusted BCA downgraded to ba1 from baa3

* CRA downgraded to A3(cr)/P-2(cr) from A2(cr)/P-1(cr)

* Non-cumulative preferred stock rating downgraded to B1(hyb)
from Ba3(hyb)

Bank of Communications Co., Ltd. HK Branch:

* Long-term senior unsecured debt rating downgraded to A3 from
A2, with stable outlook

* Senior unsecured MTN rating downgraded to (P)A3 from (P)A2

* Other short-term rating downgraded to (P)P-2 from (P)P-1

* CRA downgraded to A3(cr)/P-2(cr) from A2(cr)/ P-1(cr)

Azure Orbit International Finance Limited:

* Backed senior unsecured debt ratings downgraded to A3 from A2,
with stable outlook

Azure Orbit III International Finance Limited:

* Backed senior unsecured debt ratings downgraded to A3 from A2,
with stable outlook


CHINA HUIYUAN: Fitch Affirms B+ Long-Term IDR; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed China Huiyuan Juice Group Limited's
Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'B+'
and senior unsecured rating of 'B+' with a Recovery Rating of
'RR4'. Fitch has also affirmed the USD150 million 6.5% senior
unsecured notes due 2020 a rating of 'B+' with a Recovery Rating
of 'RR4'. The Outlook on the IDR is Stable.

The headroom on Huiyuan's ratings has decreased following a
significant rise in accounts receivable as of end-June 2017,
contrary to Fitch's prior expectations. Fitch views this as a key
credit issue, although this is partially mitigated by solid
revenue growth and healthy margins in 1H17.

KEY RATING DRIVERS

Weakness in Trade Receivables:  Huiyuan Juice's trade receivables
balance increased further by around CNY400 million in 1H17
following a sharp rise in 2016. This is substantially different
from Fitch's earlier expectation of a reduction in trade
receivables - based on previous communication with management.
The discrepancy arose mainly from the factoring in of CNY1
billion in trade receivables, which was taken off the books in
the management accounts but treated as on-balance sheet under
IFRS. Under Fitch's corporates rating criteria, debt factoring is
generally treated as a form of secured debt, regardless of
accounting treatment.

However, Fitch continues to view the extended working capital as
a credit weakness for Huiyuan. Fitch has revised Fitch working-
capital assumptions, and now expect Huiyuan Juice to maintain its
trade debtor days over 215 days in 2017 in an effort to support
downstream distributors. The receivables days have not yet shown
signs of stabilisation, so Fitch has also tightened the leverage
metrics at which a downgrade would be considered.

Improved EBITDA Margin: Fitch expects Huiyuan Juice's margins to
normalise somewhat in 2H17 but for the EBITDA margin to stay
slightly wider than historical levels. Fitch has revised Fitch
EBITDA margin forecast to 18% in the next two years, from 16%.
Operating results improved in 1H17, with 4.3% growth in revenue
and an EBITDA margin expanding to 28% (versus 17.8% in 2016). The
improved EBITDA margin was driven by generally better production
efficiency, a wider product margin and reduction in general
operating expenses.

Leading Chinese Juice Maker: Huiyuan Juice's ratings continue to
be supported by its strong brand, leading market position and
integrated operations. The company has produced and sold juice
products in China for more than 20 years, with a dominant market
share in the 100% juice and juice nectar products in China over
the past 10 years. The company also has an integrated business
model that encompasses upstream and downstream juice production,
which allows for greater bargaining power, better quality control
and lower seasonal volatility.

Limited Future Capex: Fitch does not expect major capex in the
near future. The capacity utilisation rates of Huiyuan Juice's
production facilities have been low for many years due to
previous over-expansion. The company has been disposing of some
of its idle and inefficient capacity, and spent only CNY117
million on fixed-asset and land-use rights purchases in 1H17.

High Leverage, Moderate Coverage: Fitch believes that the company
should be able to maintain its current coverage ratio at around
3x for the next three years. Fitch also expects that net leverage
- measured by FFO net adjusted leverage - is likely to remain at
4x, driven by single-digit revenue growth, an improved margin and
large working-capital needs. Fitch has reclassified bank deposits
with initial maturities of over three months as readily available
cash.

DERIVATION SUMMARY

Huiyuan Juice's financial profile is weaker than that of
international food and beverage peers rated at 'BB' or above.
Within Fitch China consumer portfolio, eHi Car Services Limited
(eHi, BB-/Negative) is similar to Huiyuan Juice in size, but eHi
has lower leverage and stronger coverage than Huiyuan Juice.

The company's financial metrics are more in line with peers rated
in the 'B' category. Compared with Russia's Agri Business Holding
Miratorg LLC (B+/Stable), Huiyuan Juice has smaller EBITDA and
higher leverage, but the two companies share similar coverage
ratios. Miratorg's ratings is capped at the 'B' category due to
its corporate governance and the operating environment in Russia,
which explains its better than 'B+' rated peer financial metrics.

Compared with 'B' rated peers such as the UK's Premier Foods plc
(B/Negative) and Turkey's Yasar Holding A.S. (B/Stable), Huiyuan
Juice has a similar EBITDA size but a stronger FFO margin,
coverage and leverage ratios.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Revenue growth to remain around 4% in the next two years;
- EBITDA margin to remain at around 18% in the next two years;
- Capex to slow down to CNY200 million per annum, as the company
   has no new major capex plans;
- No common dividend pay-out; and no share repurchase in 2017;

The recovery rate is now 40% based on the end-June 2017 balance
sheet, compared with 54% previously. The Recovery Rating remains
at 'RR4'.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Substantial increase in business scale
- FFO fixed-charge coverage sustained above 5x
- FFO adjusted net leverage sustained below 2.5x

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Deterioration in working capital flow, i.e. longer account
   receivables days
- EBITDA margin sustained below 15%
- FFO adjusted net leverage sustained above 4.5x
- Substantial decrease in revenue

LIQUIDITY

Adequate Liquidity: Huiyuan Juice had CNY4.2 billion in
unrestricted cash, CNY600 million in available undrawn bank
facilities and CNY1.2 billion "Neibaowaidai" bank facilities
(domestic guarantee offshore borrowings) at end-June 2017. The
company also successfully issued USD150 million in senior
unsecured notes in July to refinance its existing borrowings.
These were enough to repay and refinance its short-term debt
obligation of CNY5.6 billion as of end-June 2017.


CHINA LOGISTICS: Still Ramping Up Logistics Assets, Moody's Says
----------------------------------------------------------------
Moody's Investors Service says that China Logistics Property
Holdings Co., Ltd's (CNLP, B2 stable) 1H 2017 results show that
it is still in a stage of ramping up its logistics assets.

While CNLP showed slow growth in EBITDA and limited improvement
in EBITDA/interest coverage in 1H 2017, its debt and liquidity
management remained satisfactory, supporting its B2 corporate
family rating and stable outlook.

Moody's expects that CNLP will achieve about 90% year-on-year
growth in revenues in FY2017, based on (1) rental rate increases;
and (2) completed gross floor area (GFA) growing to around 2.4-
2.6 million sqm by end-2017, from 2.1 million sqm as of 1H 2017.

CNLP's 1H 2017 revenues rose 31% year on year to RMB166 million,
mainly due to an increase in GFA in operation, as well as in the
rental and management fees of its portfolio.

Its revenue growth did not affect its EBITDA margins which
remained relatively stable at 64% in 1H 2017 compared with 63% in
1H 2016.

As a result of revenue growth and stable margins, its adjusted
EBITDA for the 12 months to 30 June 2017 rose 18% to RMB176
million, from RMB150 million in 2016.

CNLP controlled debt growth in 1H 2017. Its debt grew moderately
by 2% to RMB5.4 billion as of end 1H 2017, from RMB5.2 billion in
2016.

There was no improvement in EBITDA/interest which was 0.5x for
the 12 months to 30 June 2017, similar to the level in the full
year of 2016. However, EBITDA/interest will likely improve to
around 0.8x by end-2017 as the company ramps up its revenue to
around RMB530 million.

On the other hand, the company's liquidity position remained
satisfactory. It reported a cash/short term debt ratio of 161%.
Its unrestricted cash balance of RMB815 million at end-June 2017
is sufficient to cover its short-term debt obligations of RMB556
million in the next 12 months.

Subsequent to 1H 2017, it had disposed of one of its Shanghai
properties on July 24, 2017 for net proceeds of around RMB900
million, of which 50% have been received.

In addition, the company issued 3-year senior notes of $100
million in August 2017, lengthening its debt maturity profile and
improving its liquidity.

The principal methodology used in these ratings was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.

China Logistics Property Holdings Co., Ltd is a leading operator
of Grade-A logistics facilities in China. At June 30, 2017, it
had 116 completed facilities totaling 2.1 million sqm in
operation. The facilities are located in 13 provinces or
centrally administered municipalities. In addition, it had
900,000 sqm under development, and 900,000 sqm of land held for
future development. Its portfolio registered a total value of
RMB14.3 billion at June 30, 2017.

The company listed on the Hong Kong Stock Exchange on July 15,
2016, with a market capitalization of around $1.0 billion at 6
September 2017.


SINO-OCEAN LAND: Moody's Rates Perpetual Capital Securities Ba2
---------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the
Subordinated Guaranteed Perpetual Capital Securities to be issued
by Sino-Ocean Land Treasure III Limited and irrevocably and
unconditionally guaranteed on a subordinated basis by Sino-Ocean
Group Holding Limited (Baa3 stable).

The proceeds of the proposed issuance will be used for general
corporate purposes.

The rating outlook is stable.

RATINGS RATIONALE

"If Sino-Ocean issues the proposed subordinated perpetual
securities, it will improve its debt maturity profile which is
credit positive. But it will not have any immediate impact on
Sino-Ocean Group Holding Limited's Baa3 issuer rating or stable
outlook," says Franco Leung, a Moody's Vice President and Senior
Credit Officer.

The proposed perpetual securities will also slightly improve the
company's equity base. Moody's considers that the securities have
a 50% equity component.

The Ba2 rating of the proposed securities reflects the fact that
they will rank behind Sino-Ocean's senior debt obligations in
terms of the priority of claim, and will provide Sino-Ocean with
the option to defer coupons on a cumulative basis.

Moody's expects Sino-Ocean's adjusted debt leverage -- as
measured by revenue/adjusted debt -- will remain at around 75%
over the next 12-18 months, compared with 72.2% for the 12 months
ended June 2017 and around 73.7% in 2016.

In addition, Moody's expects Sino-Ocean's EBIT/interest will
trend towards 3.3x-3.5x from around 3.8x for the 12 months ended
June 2017.

Sino-Ocean's Baa3 issuer rating reflects its standalone credit
strength and a two-notch uplift, based on Moody's expectation
that the company will receive strong support from China Life
Insurance Co Ltd (China Life, insurance financial strength A1
stable) - its largest shareholder - under financial distress.

Sino-Ocean's standalone rating reflects its long operating
history in the property sector since 1993 and its focus on
operating in high-tier Chinese cities, where demand generally
remains robust. It has good access to funding, which will support
its long-term development. In addition, its diversified products
and the increasing recurring revenue contribution from its
investment property portfolio will offer stability to its
operating performance.

On the other hand, the standalone rating is constrained by its
moderate financial metrics.

The two notches of uplift reflect Moody's expectation that China
Life will extend strong support to Sino-Ocean, because: (1) China
Life has a track record of providing financial support to Sino-
Ocean; (2) Sino-Ocean is China Life's sole strategic equity
investment in the real estate sector; and (3) China Life is
expected to increase real estate development cooperation with
Sino-Ocean, leveraging its design, operations and market
knowledge.

The stable ratings outlook reflects Moody's expectation that
Sino-Ocean's improved credit metrics will be sustained over the
next 12-18 months.

Upward pressure on Sino-Ocean's issuer rating could emerge, if
the company grows its scale through stable sales growth and
maintains a strong liquidity position, prudent financial
management, and disciplined land acquisitions.

Credit metrics indicative of upward rating pressure include
EBIT/interest above 4.25x and adjusted revenue/debt above 90%-
100%, or if adjusted debt/capitalization falls below 40% on a
sustained basis.

On the other hand downward rating pressure could emerge if the
company shows a deterioration in its sales execution, gross
profit margins, debt leverage, or liquidity position.

Credit metrics indicative of downgrade pressure include: (1)
EBIT/interest below 2.7x; (2) revenue/adjusted debt below 60%-
65%, or (3) if adjusted debt/capitalization rises above 50% on a
sustained basis.

Any evidence of a reduction in ownership or weakening in the
support from China Life, or a deterioration in China Life's own
credit profile, could also be negative for Sino-Ocean's issuer
rating.

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

Sino-Ocean Group Holding Limited is one of the major property
developers in China with more than 100 projects in various stages
of development across 25 cities. It focuses on developing mid- to
high-end residential properties, office premises, and retail
properties.

The Beijing-based company listed on the Hong Kong Stock Exchange
in September 2007. China Life Insurance Co Ltd is its largest
shareholder, with a 29.98% stake as at June 30, 2017.


YUZHOU PROPERTIES: New Share Issue No Impact on Moody's B1 CFR
--------------------------------------------------------------
Moody's Investors Service says that Yuzhou Properties Company
Limited's proposed share issue if completed, is credit positive,
but will have no immediate impact on its B1 corporate family
rating and senior unsecured rating.

The rating outlook remains positive.

On September 7, 2017, Yuzhou announced a placing and subscription
of shares which will raise net proceeds of around HKD1.56
billion.

Yuzhou plans to use the proceeds from the share subscription for
future investments.

"If the proposed share issue is completed, Yuzhou will have
additional funding to grow its property development business and
slow its debt growth," says Chris Wong, a Moody's analyst.

Moody's expects Yuzhou's revenue will grow 30%-40% over the next
12-18 months, supported by strong property contracted sales. Its
contracted sales increased by 63% year-on-year to RMB24.2 billion
in the first seven months of 2017, after growing 65.5% year-on-
year to RMB23.2 billion in 2016.

To support its growth, Yuzhou has been active in land
acquisitions to support its growth following its strong sales
performance over the past 12-18 months. The funds raised from the
proposed share subscription will support its land acquisitions
and working capital needs in 2H 2017.

Strong revenue growth and new equity funding, if raised, will
help the company lower its debt leverage.

Moody's expects Yuzhou's debt leverage - as measured by
revenue/adjusted debt - will trend towards 70% over the next 12-
18 months from 52% for the 12 months to June 2017. This level
would be comparable with its Ba3-rated Chinese property peers.

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

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



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


NOBLE GROUP: Shortlists Bidders for $1 Billion Oil Business
-----------------------------------------------------------
The Financial Times reports that commodity merchants Vitol and
Mercuria are on the shortlist to buy Noble Group's $1 billion
Americas-focused oil business as the debt-laden trading company
scrambles to pay down debt to avoid bankruptcy.

Noble has asked the shortlisted bidders to submit formal offers
before the end of the month when it hopes to announce a deal for
the oil unit, according to people with knowledge of the process,
the FT relates.

According to the report, one person familiar with the shortlist
said that US fuel retailer Pilot Flying J was also in the running
for the business, which is expected to fetch about $1bn including
inventories.

Noble's oil business traded as many as 2.2 million barrels a day
in 2017, and so has the potential to almost double Geneva-based
Mercuria's oil volumes or boost Vitol - the world's largest
independent energy trader - above 9m b/d.

The Singapore-listed company put the oil business up for sale in
July as part of a shrink-to-survive strategy as it slumped to a
first-half loss of $1.9 billion.

Noble also announced the sale of its US gas and power business to
Mercuria for $261 million at the time.

Once Asia's biggest commodity trader, the Singapore-listed
company is fighting for survival because of a crisis of
confidence triggered by concerns about its accounting, the report
says.

                        About Noble Group

Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores. Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 17, 2017, Moody's Investors Service has downgraded Noble
Group Limited's corporate family rating and senior unsecured bond
ratings to Caa3 from Caa1, and the rating on its senior unsecured
medium-term note (MTN) program to (P)Caa3 from (P)Caa1. The
rating outlook remains negative.

The TCR-AP reported on Aug. 17, 2017, that S&P Global Ratings
lowered its long-term corporate credit rating on Noble Group Ltd.
to 'CCC-' from 'CCC+'. The outlook is negative. S&P said, "At the
same time, we lowered the long-term issue rating on Noble's
outstanding senior unsecured notes to 'CC' from 'CCC'.

"We downgraded Noble to reflect the heightened risk that the
company will not be able to meet its debt obligations in the next
six months. We believe Noble's cash on hand and the potential
proceeds from the sale of Noble Americas Gas & Power Corp. (NAGP)
will not be enough to cover the company's revolving credit
facilities (RCF) if Noble is not able to turnaround, or if it
breaches its financial covenants and fails to obtain a waiver
from banks.

"We estimate Noble has around US$700 million in unutilized
committed facilities as of the end of the second quarter of 2017.
However, the amount may not be enough to cover the RCF if the
weak operating performance and working capital cash outflow
persist in the third quarter. A default in any principal or
interest payment may trigger a cross-default of other debt
obligations."

Noble made a loss in the second quarter of 2017 even if S&P
exclude one-off write-downs. The company's net debt continued to
increase during the period, after an increase in the first
quarter from a recent low in the fourth quarter of 2016.
Operating cash flow remained negative in the second quarter due
to loss-making underlying operations and continued working
capital cash outflow after excluding one-off write-downs in fair
value gains in derivative instruments.

Noble is also in the process of selling its global oil liquids
business. Although the sale will likely reduce the debt balance
and need for working capital, Noble's scale will also reduce
significantly. In addition, the pricing and timing of the sale is
still uncertain.



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


4TH APPLE: CRISIL Reaffirms B+ Rating on INR12MM LT Loan
--------------------------------------------------------
CRISIL has been consistently following up with 4th Apple
Developers (4AD) 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
   ----------          ---------     -------
   Proposed Long Term      12        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                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 4th Apple Developers. 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 4th Apple Developers is consistent with
'Scenario 2' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' category or lower. Based on the
last available information, CRISIL has reaffirmed the rating at
'CRISIL B+/Stable'.

4AD was started in April 2013 as a partnership firm. It develops
real estate and is currently undertaking a residential project,
4th Apple Oak Residency, at Ghansoli.


AAROHAN BUILDERS: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Aarohan Builders
Private Limited (ABPL) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR14 mil. Fund-based limit assigned with IND B+/Stable
    rating; and

-- INR30 mil. Non-fund-based limit assigned with IND A4 rating.

KEY RATING DRIVERS

The ratings reflect ABPL's small scale of operations and moderate
credit metrics. According to provisional financials for FY17,
revenue was INR132 million (FY16: INR11 million), EBITDA interest
coverage (operating EBITDA/gross interest expense) was 2.7x
(negative 0.5x), net financial leverage (total adjusted net
debt/operating EBITDAR) was 4.0x (negative 11.7x). EBITDA
interest coverage improved as ABPL registered an EBITDA of
INR6.43 million for FY17 compared with a loss of INR1.79 million
reported for FY16. Revenue growth was driven by higher execution
of orders. EBITDA margin was 4.9% in FY17 (FY16: negative
16.76%).

The ratings also reflect ABPL's stressed liquidity, indicated by
an average maximum utilisation of 100% of fund-based facilities
over the 12 months ended July 2017, along with instances of
overutilisation, which were regularised within 22 days. In
addition, the company has low revenue visibility, indicated by an
order book of INR176 million, as of July 2017, which is to be
completed by FYE18.

The ratings, however, are supported by the director's experience
of over a decade in the construction industry.

RATING SENSITIVITIES

Negative: Further deterioration in liquidity will be negative for
the ratings.

Positive: An improvement in the scale of operations, along with
liquidity, will be positive for the ratings.


ADVATECH CERA: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Advatech Cera
Tiles Limited (ACTL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR125 mil. Fund-based limit assigned with IND BB-/Stable
    rating;

-- INR21.9 mil. Term loan issued on October 2014 due on
    September 2020 with IND BB-/Stable rating; and

-- INR32.9 mil. Non-fund-based limit assigned with IND A4+
    rating.

KEY RATING DRIVERS

The ratings reflect ACTL's small scale of operations and moderate
credit metrics. As per FY17 provisional financials, revenue
plunged to INR248 million (FY16: INR425 million) as one of the
two lines remained non-operational for few months for
installation of new machineries. Interest coverage deteriorated
to 1.3x in FY17P (FY16:1.7x) and net financial leverage to 5.4x
(3.8x) due to a decline in absolute EBITDA to INR35 million
(INR50 million) on account of an increase in operating costs.

The ratings are also constrained by ACTL's tight liquidity
position with around 99% average utilisation of working capital
limits during the 12 months ended July 2017.

However, the ratings are supported by the company's operational
track record of more than one decade leading to longstanding
relationships with the customers.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations along with an
improvement in the overall credit metrics will be positive for
the ratings,

Negative:  A further deterioration in the scale of operations
will be negative for the ratings.

COMPANY PROFILE

Incorporated in 2004, ACTL manufactures tiles. It has an annual
installed capacity of 30,00,000sf. The company is managed by Mr
Raval and family.


AMI ESTATES: CRISIL Lowers Rating on INR54MM Long Term Loan to B+
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ami Estates LLP (AEL) to 'CRISIL B+/Stable' from 'CRISIL
BB/Stable'. The downgrade takes into account delay in project
implementation, on account of pending environmental clearance,
and constrained cash flows, as customer advances were not
received. Nonetheless, funds infused by the promoters, had
supported project implementation and debt repayment.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          54        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Proposed Long Term       6        CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB/Stable')

The rating reflects AEL's high project implementation risk, and
its exposure to cyclicality inherent in the real estate industry.
The firm benefits from extensive entrepreneurial experience of
its promoters, and their committed funding support.

Key Rating Drivers & Detailed Description

Weaknesses

* Delayed project implementation on account of pending
environmental clearance: AEL is developing a residential project
at Kharadi, Pune, which has two 22-storeyed buildings.
Construction up to 13 floors has been completed. However, the
environmental clearance for further construction is pending, due
to regulatory changes, and this has delayed completion. Although
the firm has a sale agreement with Indiabulls for 54 flats, the
advances were not demanded, as construction and regulatory
compliance were pending. This has heightened project risk, with
respect to completion and saleability.

The firm availed only INR28 crore out of the total project loan
of INR54 crore that was sanctioned. The loan installments were
repaid, using funding support from promoters. The firm has now
requested for an extension of drawdown and rescheduling of loan,
due to delay in implementation. This mitigates the funding
related risks for the project.

* Susceptibility to risks and cyclicality inherent in Indian real
estate industry: The real estate sector in India is cyclical, and
marked by volatile prices, opaque transactions, and a highly
fragmented market structure, driven by presence of several
regional players, and recent regulatory changes.

Strength

* Extensive entrepreneurial experience of the promoters and
funding support: AEL is a partnership firm owned by Mr Sunil
Kothari and Mrs Sneha Kothari. Members of the Kothari family,
have been engaged in the diamond and jewellery business over six
decades. Benefits from their business experience and committed
funding support towards the project, will continue in the medium
term.

Outlook: Stable

CRISIL believes AEL will remain exposed to risks related to
project implementation. The outlook may be revised to 'Positive'
if early implementation of project and receipt of sizable
customer advances, improve cash inflows. The outlook may be
revised to 'Negative' if further delays in project implementation
constrain cash inflows and liquidity.

AEL is a limited liability partnership firm between Mr Sunil
Kothari and Mrs Sneha Kothari. The firm is currently developing a
residential project called Le Reve at Kharadi, Pune. The firm is
based out of Pune, Maharashtra.


ANKIT DIAMONDS: CRISIL Lowers Rating on INR3MM Loan to 'B'
----------------------------------------------------------
CRISIL has been consistently following up with Ankit Diamonds
(Ankit; part of the Ankit Diamonds group) for obtaining
information through letters and emails dated March 15, 2017 and
April 11, 2017 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Export Packing Credit      3       CRISIL B/Stable (Issuer Not
                                      Cooperating; Downgraded
                                      from 'CRISIL BB/Stable')

   Foreign Discounting       42       CRISIL A4 (Issuer Not
   Bill Purchase                      Cooperating; Downgraded
                                      from 'CRISIL A4+')

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 Ankit Diamonds. 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 Ankit Diamonds is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B rating category or lower. Based on the
last available information, CRISIL has downgraded the rating at
'CRISIL B/Stable/CRISIL A4'.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Ankit and its group entity - M/S
Baldovino. This is because these two entities, together referred
to as the Ankit Diamonds group, have common promoters, are in the
same line of business, and have significant operational linkages
and fungible cashflows.

Ankit Diamonds was set up in 1983 as a partnership firm by Mr.
Kirit Shah and his family members. The firm is engaged in cutting
and polishing of diamonds. It currently has two partners - Mr.
Kirit Shah, and Mr. Rikin Shah.


BAJAJ AGRO: CARE Assigns B+ Rating to INR7.71cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Bajaj
Agro Industries (BAI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             7.71       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of BAI are
constrained by its proprietorship nature of constitution, small
scale of operations with low profit margins, volatile agro-
commodity (paddy) prices with linkages to vagaries of the
monsoon, regulated nature of the industry, working capital
intensive nature of business, intensely competitive nature of the
industry with presence of many unorganized players, and leveraged
capital structure with moderate debt coverage indicators. The
aforesaid constraints are partially offset by its experienced
proprietor, satisfactory track record of operations and proximity
to raw material sources and favorable industry scenario.

Ability of the firm to grow its scale of operations, maintain
profitability margins and ability to manage working capital
effectively would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
Proprietorship nature of constitution - Proprietorship nature of
constitution with inherent risk of withdrawal of capital,
restricted access to funding and risk of dissolution on account
of poor succession planning.

Small scale of operations with low profit margins
BAI is a relatively small player in the rice milling industry
marked by total operating income of INR27.78 crore with a PAT of
INR0.33 crore in FY17 (Prov.). Further, the net worth base and
total capital employed was low at INR2.80 crore and INR12.64
crore, respectively, as on March 31, 2017. The profit margins
remained low marked by PBILDT margin of 7.35% and PAT margin of
1.17% in FY17.

Volatile agro-commodity (paddy) prices with linkages to vagaries
of the monsoon
BAI is primarily engaged in the processing of rice products in
its rice mills. Paddy is mainly a 'kharif' crop and is cultivated
from June-July to September-October and the peak arrival of crop
at major trading centers begins in October. The cultivation of
paddy is highly dependent on the monsoon. Unpredictable weather
conditions could affect the output of paddy and result in
volatility in price of paddy. In view of seasonal availability of
paddy, working capital requirements remain high at season time
owing to the requirement for stocking of paddy in large quantity.

Regulated nature of the industry

The Government of India (GoI), every year decides a minimum
support price (MSP) to be paid to paddy growers which limits the
bargaining power of rice millers over the farmers. The MSP of
paddy increased during the crop year 2017-18 to INR1550/quintal
from INR1470/quintal in crop year 2016-17. The sale of rice in
the open market is also regulated by the government through levy
of quota, depending on the target laid by the central government
for the central pool. Given the market determined prices for
finished product vis-a-vis fixed acquisition cost for raw
material, the profit margins are highly vulnerable.

Working capital intensive nature of business
Paddy is mainly a 'kharif' crop and is cultivated from June-July
to September-October and the same is processed by rice millers
throughout the year. Hence, the millers are required to carry
high levels of raw material inventory in order to mitigate the
raw material availability risk, resulting in relatively high
inventory period and collection period.

Accordingly the average inventory holding period remained high at
67 days during FY17. Further, the firm allows high credit period
to its customers of around two months whereas it receives credit
of around 8-10 days from its suppliers which has resulted in high
working capital intensive nature of its operations. The average
utilization of working capital limits was around 85% during last
12 months ended June 30, 2017.

Leveraged capital structure with moderate debt coverage
indicators
The capital structure of the firm remained leveraged marked by
overall gearing ratios at 3.52x as on March 31, 2017. Furthermore
the debt coverage indicators remained moderate marked by interest
coverage ratio of 1.68x and total debt
to GCA of 11.88x in FY17.

Intensely competitive nature of the industry with presence of
many unorganized players
Rice milling industry is highly fragmented and competitive due to
presence of many small players operating in this sector owing to
its low entry barriers, due to low capital and technological
requirements. Dhamtari and nearby districts of Chhattisgarh are
major paddy growing area with many rice mills operating in the
area. High competition restricts the pricing flexibility of the
industry participants and has a negative bearing on the
profitability.

Key Rating Strengths

Experienced Proprietor and satisfactory track record of
operations
The firm is into rice milling business since December 2011 and
thus has around 6 years of operations. Mr. Naresh Bajaj
(Proprietor) has around 20 years of experience in rice milling
industry and he looks after the day to day operations of the
firm. He is supported by a team of experienced professionals.
Proximity to raw material sources and favorable industry scenario
BAI plant is located at Dhamtari district of Chhattisgarh which
is a paddy growing region in eastern India resulting in lower
logistic expenditure (both on transportation and storage), easy
availability and procurement of raw materials at effective
prices. Rice, being one of the primary food articles in India,
demand is high throughout the country and with the change in
life style and health consciousness; by-products of the same like
rice bran oil etc. are in huge demand.

Bajaj Agro Industries (BAI) was constituted as a proprietorship
firm in 2011 by Mr. Naresh Bajaj for setting up a rice milling
unit. The firm has started its commercial operations from
December, 2011. The firm has been engaged in rice milling
activities at its plant located at Dhamtari, Chhattisgarh with
aggregate installed capacity of 14592 MTPA. The firm procures its
raw material from local market and sells its finished products
across India.


BISHNUPRIYA FOOD: CARE Assigns B+ Rating to INR14.76cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Bishnupriya Food Industries Private Limited (BFIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            14.76       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of BFIPL is
constrained by its project implementation risk, volatile agro-
commodity (flour) prices with linkages to vagaries of the monsoon
and regulated nature of the industry, intensely competitive
nature of the industry with presence of many unorganized players.
The aforesaid constraints are partially offset by the company's
experienced promoters, locational advantage and proximity to raw
material sources and high growth prospects of the industry.

The ability of the company to complete the project without any
cost & time overrun, ability to achieve the projected scale of
operations and profitability as envisaged and ability to manage
working capital effectively would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project implementation risk

BPFIPL is proposed to engage in the food processing business of
maida, atta, sooji and bran with manufacturing capacity at
Murshidabad, West Bengal with an aggregate project cost of
INR17.94 crore, which is proposed to be financed by way of
promoter's contribution of INR7.66 crore, term loan from bank of
INR10.28 crore. The company has already invested INR3.71 crore
towards land & site development, building, civil works etc. till
July 31, 2017 which is met through promoter's contribution. The
project is expected to be operational from February, 2018. The
financial closure of the aforesaid term loan from the bank is yet
to be achieved.

Volatile agro-commodity (flour) prices with linkages to vagaries
of the monsoon and regulated nature of the industry BPFIPL is
proposed to primarily engage in the processing of wheat products
under its roller mills. Wheat being an agricultural produce and
staple food, its price is subject to intervention by the
government. In the past, the prices of wheat have remained
volatile mainly on account of the government policies in respect
of Minimum Support Price (MSP) & controls on its exports. The MSP
of wheat for 2017-18 is INR1625/quintal increased from
INR1525/quintal in 2016-17.

Further to be noted, the prices of wheat are also sensitive to
seasonality, which is highly dependent on monsoon. Any volatility
in the wheat prices will have an adverse impact on the
performance of the flour mill.

Intensely competitive nature of the industry with presence of
many unorganized players
Flour milling industry is highly fragmented and competitive due
to presence of many players operating in this sector owing to its
low entry barriers, due to low capital and technological
requirements. West Bengal and nearby states are a major wheat
growing area with many flour mills operating in the area. High
competition restricts the pricing flexibility of the industry
participants and has a negative bearing on the profitability.

Key Rating Strengths

Experienced promoters
Mr. Sunil Chowdhury (aged 46 years) has over two decades of
experience in different business like food supply chain with
Integrated Child Development Services (ICDS Dept), liquor
business and bar cum restaurant business. Apart from that, the
other promoter Mr. Abdul Kader (aged 41 years) has over a decade
of experience in installation of different electrical & civil
contractor business. Both of them look after the overall
management of the company, with adequate support from a team of
experienced personnel.

Locational advantage and proximity to raw material sources
BPFIPL's unit has close proximity to local grain markets and
major raw material procurement destinations. Further, West Bengal
and nearby states like Jharkhand and Uttar Pradesh are one of the
major wheat producing area in India. Accordingly, BPFIPL has
locational advantage in terms of proximity to raw material. This
apart, the plant is located in the vicinity of industrial area of
West Bengal, having good transportation facilities and other
requirements like good supply of power, water etc.

High growth prospects of the industry

Wheat based products, viz. Maida, Suji and Atta have large
consumption across the country in the form of bakery products,
cakes, biscuits and different types of food dishes in home and
restaurants. The demand has been driven by the rapidly changing
food habits of the average Indian consumer, dictated by the
lifestyle changes in the urban and semiurban regions of the
country.

Bishnupriya Food Industries Private Limited (BPFIPL) was
incorporated as a Private Limited Company on January 11, 2017.
The company is engaged in setting up of a food processing unit in
Murshidabad, West Bengal with a proposed installed capacity of
200 tons per day.The company proposed to manufacture different
flour qualities like "Atta", "Maida", "bran" and "Suzi"etc.
BPFIPL proposed to procure wheat from wholesalers and commission
agents present in local grain markets and sell its products to
wholesale traders in the nearby states like West Bengal, Bihar,
and Orissa. The project is estimated to be set up at a cost of
INR17.94 crore, which is proposed to be financed by way of
promoter's contribution of INR7.66 crore and term loan from bank
of INR10.28 crore. The project is expected to be operational from
February, 2018. The financial closure of the aforesaid term loan
from the bank is yet to be achieved.

Mr. Sunil Chowdhury (aged 46 years), having over two decades of
experience food chain, liquor and restaurant business along with
Mr. Abdul Kader (aged 41 years), having a decade of experience in
electrical & civil contractor business proposed to look after the
overall management of the company with adequate support from a
team of experienced personnel.


CHRISTY TEXTILE: CRISIL Lowers Rating on INR2.85MM Loan to 'B'
--------------------------------------------------------------
CRISIL has been consistently following up with Christy Textile
Products Private Limited (CTPL; part of the Christy Textile
group) for obtaining information through letters and emails dated
May 12, 2017 and July 12, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              2        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Proposed Long Term       2.85     CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan                 .15     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 Christy Textile Products
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 Christy Textile
Products Private Limited is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information with
CRISIL B rating category or lower. Based on the last available
information, CRISIL has downgraded the rating at 'CRISIL
B/Stable'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of CTPL and its group entities, Christy
Fabric Pvt Ltd (CFPL) and Evergreen Fabric Process Pvt Ltd
(EFPL). This is because all the entities are in similar lines of
business, have common management, and share significant business
synergies.

CTPL, set up in 2004, manufactures terry towels. CFPL, set up in
2013, manufactures bed linen, pillow covers, and duvets. EFPL,
set up in 2014, processes fabric and yarn. The group is based in
Tiruchengodu and its operations are managed by Mr. N
Mohanasundaram and Mr. T S Kumarasamy.


DHARWAD METALLICS: CARE Assigns 'D' Rating to INR6.30cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Dharwad Metallics Private Limited (DMPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.30       CARE D Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of DMPL is tempered on
account of losses incurred in the review period (FY15-FY16),
leveraged capital structure, weak debt coverage indicators and
liquidity position resulting in ongoing delays in making debt
repayments and highly fragmented and competitive nature of
industry.

The rating, however, derives strength from reasonable experience
of promoters and comfortable working capital cycle (Days)
Going forward, the ability of the company to turn around from
loss to profit and improve its capital structure will be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Losses incurred in the review period (FY15-FY16), leveraged
Capital structure, weak debt coverage indicators and liquidity
position resulting in ongoing delays in making debt repayments:
The company achieved total operating income of INR 0.34 crore for
FY16 as against INR0.01 crore in FY15. DMPL has incurred
operational as well as net losses owing to its high operational
costs, finance costs and depreciation costs. Furthermore, DMPL
has leveraged capital structure and weak debt coverage indicators
due to high debt levels and low networth base due to year-on-year
cash losses incurred during the review period. DMPL has a weak
Current Ratio of 0.76x and Quick ratio of 0.35x indicating a weak
liquidity position as on March 31, 2016. Weak financial position
and liquidity issues resulted in ongoing delay in making debt
repayments. As per the banker's mail dated June 2, 2017, the
account is NPA from the month of April 2017.

Highly fragmented and competitive nature of industry: Metal
casting industry in India is highly competitive with presence of
numerous organized and unorganized players resulting in
fragmented nature of business operations.

Key Rating Strengths

Reasonable Experience of Promoters: The promoters of DMPL has a
reasonable experience of over 6 years in the metal industry.

Comfortable Operating Cycle (days): DMPL has a comfortable
operating cycle days of 6 days in FY16 owing to its high
creditors and inventory period of 351 and 400 days respectively
and satisfactory collection period of 55 days. The high
creditor's period is owing to delay in making payments to its
suppliers on time and high inventory holding is due to lack of
proper inventory management.

Dharwad Metallics Private Limited (DMPL) was incorporated in the
year 19th December 2011 by Ms. Ruchita Rajendra Patole, Mr.
Belaval Subhash and Mrs. Roopadevi Basavaraddi Devaraddi. The
company is engaged in manufacturing of SG Iron/ Cast Iron and
does Casting of Metals including finished or semi-finished
products.


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

-- INR16.79 mil. Long-term loan migrated to non-cooperating
    category with IND B+(ISSUER NOT COOPERATING) rating;

-- INR60 mil. Fund-based limit migrated to non-cooperating
    category with IND B+(ISSUER NOT COOPERATING) rating;

-- INR40 mil. Bank guarantee migrated to non-cooperating
    category with IND A4(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 26, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2005, Digiflic Controls (India) Private Limited
is a Bangalore-based company engaged in the design, manufacture
and installation of solar-based products.


DWARKA TEXTILE: CARE Assigns B Rating to INR14.60cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Dwarka
Textile Park (DTP), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             14.60      CARE B; Stable Assigned

Detailed Rationale & Key rating drivers

The rating assigned to the bank facilities of DTP factors in the
project execution and stabilization risk associated with its
greenfield project, susceptibility of margins to fluctuation in
raw material prices and change in government policies and
presence of firm in competitive and fragmented textile industry.

The above weaknesses are however underpinned by the satisfactory
experience of the promoters in textile business and favorable
location of manufacturing facility. The ability of the firm to
execute the project in a timely manner without any cost overruns
and timely stabilize its operations and achieve envisaged sales
and profitability is a key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project execution and stabilization risk: DTP proposes to set up
a terry towel manufacturing unit having four different section
each for cone dyeing, fabric dyeing, sizing and printing of the
yarn. The Total cost of the project is INR 19.75 crore, which is
proposed be funded in debt to equity ratio of 1.76x. As on
August 10, 2017, DTP has incurred around 85% of the total cost,
which has been funded through promoters' funds in the form of
equity and unsecured loan and tem loan availed from Canara Bank.
Entity faces risk of timely completion of the project within
envisaged cost in light of fluctuation in input prices.
Furthermore, achieving envisaged sales and profitability would be
crucial.

Susceptibility of profitability margins to volatility in raw
material prices: Key raw material for the entity is cotton and
cotton yarn which will be procured from spinning mills based in
Satara. The prices of cotton are influenced by government
policies and are subjected to its seasonal availability (October-
February) thus exposing the company to price volatility risk.

Presence of company in fragmented industry: DTP operates in a
highly fragmented and competitive industry wherein there is
presence of large number of players in the unorganized segment
owing to low entry barriers. The players in the industry do not
have bargaining power and are exposed to competition resulting in
pressures on profitability.

Key Rating Strengths

Experienced promoters and receipt of all approvals: The promoters
and managing partners, viz. Mr. Deepak Samandariya and Mr. Gokul
Marda have an average experience of around two and half decades
in the textile segment through other associate companies, engaged
in similar line of business. The partners are ably supported by a
team of experienced personnels. The partners are ably supported
by a team of experienced personnels. Reasonable experience of the
promoters will support the business risk profile of the entity to
an extent. DTP has gained all the requisite approvals, which are
required for set up of flour mill.

Location advantage and eligibility for government subsidy: DTP
favorably benefits from its plant being located at MIDC, Solapur,
which has many spinning mills in the vicinity, owing to its
location in major textile belt of Maharashtra, the entity is
likely to be benefited from lower logistics expenditure (both on
transportation and storage), easy availability of raw materials
and labour at effective price and consistent demand for finished
goods resulting in sustainable revenue visibility. Furthermore,
project is eligible for capital subsidy of 10% and 5% interest
subsidy under RR TUF (Technology Upgradation Fund) Scheme.

Dwarka Textile Park (DTP), was established in the year 2014 and
is promoted by Mr. Deepak Samandariya and Mr. Gokul Marda. The
firm is in process of setting up a terry towel manufacturing unit
having four sections for cone dyeing, fabric dyeing, sizing and
printing of the yarn. The manufacturing facility of the firm is
located at Solapur with a proposed installed capacity of 3,12,000
kg for cone dyeing; 9,36,000 kg for fabric dyeing; 12,48,000 kg
for sizing section; 4,68,000 kg for printing section. The key raw
material i.e. cotton yarn, is proposed to be procured from local
spinning mills in Solapur and the finished product will be sold
to the local wholesalers, merchant exporters, and hotel chains
based out of Solapur. The total cost of the project is estimated
at INR19.75 crore which will be funded through promoter's
contribution of INR7.15 crore and term loan from bank of
INR12.60crore. The promoters are also associated with four group
entities namely, Om Enterprises (CARE MSE 4:FS: Average & PC:
High Assigned on June-2016), M/s Shreyas Gokul Marda (CARE MSE 4:
FS: Average & PC: High Assigned on June 28, 2016), M/s Shivohum
Textiles (CARE B, Unaccepted assigned in June 2016), and M/s
Marda Textiles. The group entities are engaged in the similar
business as of DTP.


EVER GREEN: CRISIL Lowers Rating on INR3.15MM Term Loan to 'B'
--------------------------------------------------------------
CRISIL has been consistently following up with Ever Green Fabric
Process Private Limited (EFPL) for obtaining information through
letters and emails dated May 12, 2017 and July 12, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             1.5      CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL B+/Stable')

   Proposed Long Term      .35      CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan               3.15     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 Ever Green Fabric Process
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 Ever Green Fabric
Process Private Limited is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information with
CRISIL B rating category or lower. Based on the last available
information, CRISIL has downgraded the rating at 'CRISIL
B/Stable'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of CTPL and its group entities, Christy
Fabric Pvt Ltd (CFPL) and Evergreen Fabric Process Pvt Ltd
(EFPL). This is because all the entities are in similar lines of
business, have common management, and share significant business
synergies.

CTPL, set up in 2004, manufactures terry towels. CFPL, set up in
2013, manufactures bed linen, pillow covers, and duvets. EFPL,
set up in 2014, processes fabric and yarn. The group is based in
Tiruchengodu and its operations are managed by Mr. N
Mohanasundaram and Mr. T S Kumarasamy.


HARROW EDUCATIONAL: CARE Assigns 'D' Rating to INR5.39cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Harrow
Educational Society (HES), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.39       CARE D Assigned

Details of instruments/facilities in Annexure-1

Rating Rationale

The rating assigned to the bank facilities of HES are primarily
constrained by ongoing delays in debt servicing, small scale of
operations, net losses and weak debt coverage indicators. The
rating is further constrained by elongated collection period, low
enrolment ratio and highly regulated educational sector in India.
The ratings however, derive strength from experienced and
qualified members of the society.

Going forward; ability of HES to scale-up its operations while
improving its enrollment ratio amidst high competition will be
the key rating sensitivity.

Detailed description of the key rating drivers

Key rating weakness

Ongoing delay in debt servicing due to stress liquidity position:
There have been delays in relation to the debt servicing of
principal installment and interest of term loan on account of
liquidity stress due to cash flow miss match arising out of
elongated collection period.

Small and declining scale of operations: The scale of operations
of the society marked by total operating income stood small at
INR11.02 for FY16 (refers to the period April 1 to March 31).
Further, the society has achieved total operating income (TOI) of
INR11.00 crore in FY17 (based on provisional results). The small
scale limits the society's financial flexibility in times of
stress and deprives it from scale benefits. Furthermore,
society's total operating income has been declined on y-o-y basis
in the last three financial years (FY14-FY16) owing to high
competition leading to decline in enrolment of higher revenue
generated courses which has affected the revenues.

Net losses coupled with weak coverage indicators: The SBID margin
of the society declined on y-o-y basis due to increase in
operational overheads and employee costs coupled with lower
revenue. Further, on account of higher depreciation and financial
cost coupled with low SBID, the society reported net loss for the
past three financial years i.e. FY14-FY16.

Low enrolment ratio: Though HES offers various specialized
courses in diverse domains in undergraduate and post graduate
courses. Furthermore, the society also operates a school in the
name of Harrow School providing primary and secondary education
from Nursery to class XIIth. However, the average enrollment
ratio stood low at 43% owing to high competition prevailing in
the education sector. HES has a total strength of 2110 students
in college in the academic session (AS) 2016-17 and Harrow School
has a total strength of 324 students for the academic session
2016-17.

Elongated collection cycle: The average collection period remains
elongated at around two months as the society receives fee from
Samaj Kalyan Vibhag for economic weaker section for the students.
Generally fees are received with delay of 1-2 months. This
strains the liquidity position of the society. Furthermore, the
average working capital borrowings remained fully utilized for
the last 12 months period ended June, 2017.

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

Key Rating strength

Experienced and qualified members of the society: Er. Navin
Prasad Mathur is the current president of the society and has
more than three decades of experience in running education
institution through his association with HES. Mrs. Veena Mathur
(Secretary) is LLB by education and has an experience more than
three decade in association with this society. Further, they are
assisted by Mr Vinesh Pal Singh (Treasurer), a post graduate by
qualification, has rich experience in the field of education,
through his association with this society. Moreover, they also
get support from other qualified members in the field of social
work to carry out the day-to-day operations.

Uttar Pradesh based HES was established in 1981 with an objective
to provide education services. The society is managed by Er.
Navin Prasad Mathur (President), Mrs. Veena Mathur (Secretary)
and Mr Vinesh Pal Singh (Treasurer). HES provides undergraduate
and post-graduate courses in various fields of Engineering,
Computers Science, Management and Pharma. The colleges is
affiliated to Gautam Buddha Technical University and is approved
by the All India Council for Technical Education (AICTE). The
society also operates a school in the name of Harrow School
providing primary and secondary education from Nursery to class
XIIth. The school is affiliated to Central Board of Secondary
Education (CBSE).


HIBZA FOODS: CARE Assigns B+ Rating to INR15.45cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Hibza
Foods Private Limited (HFPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            15.45       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to HFPL is constrained by project
implementation risk, volatile agrocommodity (paddy) prices with
linkages to vagaries of the monsoon, regulated nature of the
industry and intensely competitive nature of the industry with
presence of many unorganized players. The rating, however,
derives strength from its long experience of the promoters and
proximity to raw material sources and favorable industry
scenario.

The ability of the company to complete the project without any
cost & time overrun and derive envisaged benefit from it will
remain as the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project implementation risk: HFPL is setting up a rice milling
and processing unit at Madhubani, Bihar with an aggregate project
cost of INR18.22 crore, which is to be financed by way of
promoter's contribution of INR8.27 crore and term loan of INR9.95
crore, at a debt equity mix of 1.20:1. The term loan of INR 9.95
crore and cash credit limit of INR 5.50 crore has already been
sanctioned. Therefore the project funding risk is mitigated.
However, the company has expended only INR2.77 crore funded by
promoters' fund till August 01, 2017. Since the project is in
initial stage of implementation, the project implementation risk
exists. Going forward, the ability of the company to complete the
ongoing project without any cost and time overrun will be crucial
for the company. The project is expected to be operational from
December, 2018.

Volatile agro-commodity (paddy) prices with linkages to vagaries
of the monsoon: HFPL is implementing a rice milling unit at
Madhubani district of Bihar and paddy is its major raw material.
Paddy is mainly a 'kharif' crop and is cultivated from June-July
to September-October and the peak arrival of crop at major
trading centers begins in October. The cultivation of paddy is
highly dependent on the monsoon. Unpredictable weather conditions
could affect the output of paddy and result in volatility in
price of paddy. In view of seasonal availability of paddy,
working capital requirements remain high at season time owing to
the requirement for stocking of paddy in large quantity.

Regulated nature of the industry: The Government of India (GoI),
every year decides a minimum support price (MSP) to be paid to
paddy growers which limits the bargaining power of rice millers
over the farmers. The MSP of paddy increased during the crop year
2017-18 to INR1550/quintal from INR1470/quintal in crop year
2016-17. The sale of rice in the open market is also regulated by
the government through levy of quota, depending on the target
laid by the central government for the central pool. Given the
market determined prices for finished product vis-a-vis fixed
acquisition cost for raw material, the profit margins are highly
vulnerable.

Intensely competitive nature of the industry with presence of
many unorganized players: Rice milling industry is highly
fragmented and competitive due to presence of many small players
operating in this sector owing to its low entry barriers, due to
low capital and technological requirements. Madhubani and nearby
districts of Bihar are a major paddy growing area with many rice
mills operating in the area. High competition restricts the
pricing flexibility of the industry participants and has a
negative bearing on the profitability.

Key Rating Strengths

Long experience of the promoters: HFPL is promoted by Mr. Ali
Ahmad and his son Mr. Imteyaz Ahmad of Bihar. Mr. Ali Ahmad (aged
about 60 years), has around three decades of experience in civil
construction industry and around 6 years in rice milling industry
through his associate company ' Hibza Rice Mills Private Ltd'. He
will look after the day to day operations of the company
supported by co-director Mr. Imteyaz Ahmad (aged about 32 years)
who has more than four years of experience in rice milling
industry.

Proximity to raw material sources and favorable industry
scenario: HFPL's plant is located at Madhubani District of Bihar
which is a paddy growing region in eastern India resulting in
lower logistic costs (both on transportation and storage), easy
availability and procurement of raw materials at effective
prices. Furthermore rice, being one of the primary food articles
in India, demand is high throughout the country and with the
change in life style and health consciousness; byproducts of the
same like rice bran oil etc. are in huge demand.

HFPL was incorporated in May 2017 by Mr. Ali Ahmad and Mr.
Imteyaz Ahmad for setting up a rice milling and processing unit.
The company is currently setting up a rice milling unit with
aggregate installed capacity of 30,720 metric ton per annum at
Madhubani, Bihar. The total project cost for setting of rice
milling unit is estimated to be of INR18.22 crore which will be
financed at a debt equity of 1.20:1. The commercial operation is
estimated to commence from December, 2018.


INTERJEWEL PRIVATE: CARE Lowers Rating on INR210cr LT Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Interjewel Private Limited (IPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        210.00      CARE D Revised from
   Facilities                        CARE BBB; Stable

   Short-term Bank         1.60      CARE D Revised from
   Facilities                        CARE A3+

Detailed Rationale & Key Rating Drivers

CARE revises the rating assigned to bank facilities of IPL on
account of on-going delays in debt serving of the company due to
weakening liquidity profile of the company.

Ability of the company to regularize the debt servicing by
improving overall liquidity profile of the company remains the
key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness

Ongoing delays in debt servicing:
Due to weakening of liquidity profile of IPL, there are on-going
instances of overdrawl in working capital bank facilities.

IPL currently promoted by Mr Rupen Kothari, Mr Shrenik Choksi and
Mr Hemal Choksi, is engaged in the business of importing and
processing of rough diamonds and exporting cut and polished
diamonds (CPD) of various sizes and shapes. Earlier the entity
was established as a partnership firm in 1970, in the name of D.
Navinchandra & Co. The partnership firm was converted into a
private limited company in April 2007, and subsequently renamed
to its current name IPL. The group as a part of its restructuring
process carried out a scheme of amalgamation and de-merger
exercise with effect from April 01, 2009. The diamond processing
activities of IPL are undertaken at its own manufacturing
facilities in Surat. IPL has its sales offices at Mumbai, Delhi
and Ahmedabad. Currently, IPL has a 'Rio Tinto Select
Diamantaire' status.


JAIN SARVODAYA: Ind-Ra Moves 'D' Issuer Rating to Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jain Sarvodaya
Vidhya Gyanpith Samiti's (JSVGS) bank loan rating to the non-
cooperating category. The issuer did not participate in the
rating exercise, despite continuous requests and follow-ups by
the agency. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
now appear as 'IND D(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating action is:

-- INR1,041 mil. Term loans (long-term) migrated to non-
    cooperating category with IND D(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on 8
September 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

JSVGS was registered as a society under Madhya Pradesh Societies
Registration Adhinium 1973 in March 2005. It runs a 300-bed
hospital in Bhopal, Madhya Pradesh. Also, the society has a
medical college at the same location, which is yet to begin
operations.

Once operational, the medical college will offer MBBS courses in
all fields of medicine.


JAYPEE INFRATECH: In-House Panel Set Up to Help Homebuyers
----------------------------------------------------------
The Pioneer reports that after the Supreme Court on Sept. 4
stayed the insolvency proceedings against Jaypee Infratech,
Consumer Affairs Minister Ram Vilas Paswan offered a fresh ray of
hope to the 32,000 flat buyers in Jaypee Infratech's township
project 'Wish Town' in Noida.

According to the report, the project has been running far behind
the schedule, and the homebuyers got rude shock when the National
Company Law Tribunal (NCLT), Allahabad Bench, started insolvency
proceedings against Jaypee Infratech.

Stating that his Ministry is flooded with complaints from
aggrieved homebuyers, Paswan said he has set up an in-house panel
to look into the matter, the Pioneer relates.

"The panel to be headed by the Consumer Affairs Secretary will
study and submit a status report within three days. We will see
if there is any jurisdiction . . . We want to protect the
interest of homebuyers," the report quotes Paswan as saying.

Homebuyers have filed 400 complaints against the company through
the National Consumer Helpline of the Ministry, the report says.

These complaints have been forwarded to concerned departments/
Ministries for redressal, he said. Around 141 homebuyers have
filed cases against the real estate firm in consumer courts. IDBI
Bank too has filed an insolvency petition before the National
Company Law Tribunal, which the Supreme Court stayed recently, he
added, the Pioneer relays.

Currently, there are 60 National Consumer Helpline centres (NCHs)
in India, the report says.

According to the report, Paswan said six regional consumer
helpline centres will be operational from October 10 this year.
Each region would have ten helpline centres.

The State-operated consumer helpline centres are about 24, which
are being updated with new software and integrated with the
national centres, he added.

On Sept. 4, the apex court stayed the NCLT order of August 9,
2017 by which the flat buyers were prohibited from filing any
suit against JIL until completion of proceedings before it, the
report recalls. The homebuyers were aggrieved by this order as in
the proceedings under the Insolvency and Bankruptcy Code 2016,
the interest of secured creditors (eg, the banks which loaned
money to JIL) will have preference over the interest of unsecured
creditors (comprising of flat buyers), the report notes.

                      About Jaypee Infratech

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.


KAALENDI VENTURES: CARE Reaffirms B+ Rating on INR18.35cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Kaalendi Ventures LLP (KV), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            18.35       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating for the bank facilities of KV continues to remain
constrained by its project implementation risk, lack of backward
integration vis-a-vis volatility in raw material prices, stiff
competition due to fragmented nature of the industry with
presence of many unorganized players. The rating, however,
derives strength from its experienced partners, financial closure
for the project has already been achieved and strategic location
of the plant.

Going forward, ability of the entity to timely complete the
balance project without any cost overrun and generate
revenue as envisaged, ability to increase its scale of operation
and profitability margins and ability to manage working
capital effectively remain as the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project risk:

KV had undertaken an initial project in the year 2016 for
manufacturing of MS pipe and Structural steel products at
Fatuha, Patna with proposed capacity of 60000 MTPA for MS pipe
and 30000 MTPA for structural steel products. The total cost of
the project is INR20.26 crore being financed at a debt equity
ratio of 2.61:1.The project was earlier expected to commence from
October 2016.However, the project got delayed due to lack of
funds and the firm has started its partial commencement of its MS
pipes facility from January 2, 2017.The balance capacity of 30000
MTPA for structural steel products is still under process and is
expected to be completed by October, 2017. Total expenditure on
the project till July 31, 2017 is INR16.50 crore. Accordingly,
there is an inherent project execution & stabilization risk.

Lack of backward integration vis-a-vis volatility in raw material
prices:
The degree of backward integration defines the ability of the
firm to minimize price volatility risk and withstand cyclical
downturns generally witnessed in the steel industry. KV does not
have any backward integration for its raw materials and will
procure the same from outside, exposing the firm to price
volatility risk.

Stiff competition due to fragmented nature of the industry with
presence of many unorganized players: The spectrum of the steel
pipe industry in which the firm operates is highly fragmented and
competitive marked by the presence of numerous players in
northern and eastern India. Hence the players in the industry do
not have pricing power and are exposed to competition induced
pressures on profitability. This apart

Key Rating Strengths

Experienced partners:
Shri Binay Kumar Singh (aged about 54 years, Graduate) is the
managing partner of KV. Shri Singh has experience of around three
decades in the iron and steel industry through its associate
entities. He will be actively involved in the day to day
operations of the entity with adequate support from the other
partners along with a team of experienced personnel.

Rationale-Press Release

Financial closure for the project has already been achieved:
KV had undertaken an initial project in the year 2016 to set up a
manufacturing of MS pipe and Structural steel products at Fatuha,
Patna. The total cost of the project is INR20.26 crore being
financed by term loan of INR10.65 crore, unsecured loans
(unsubordinated) of INR4 crore and partners' capital contribution
of INR5.61 crore. The financial closure for the project has
already been achieved and term loan of INR8.13 crore has already
been disbursed by the bank. The total expenditure made on the
project till July 31, 2017 is INR 16.50 crore.

Strategic location of the plant:

KV has its manufacturing facility at Fatuha, keeping logistics
and target market in mind as it is in the vicinity of Patna.
Fathua is an industrial town in the city of Patna and is well
connected through roads and railways. There are several
companies, in and around the town, manufacturing steel products
and, resultantly, KV's manufacturing facility is in close
proximity of its suppliers and also target customers in the
automobile, construction industry etc.

Kaalendi Ventures LLP. (KV) was established on Feb 12, 2016 by
Shri Binay Kumar Singh, Smt. Ratika Gupta and Shri Pradip Kumar
Gupta as the limited liability partnership having profit sharing
ratio of 50%, 25% and 25% respectively. KV is currently engaged
in manufacturing of MS pipes at Fatuha, Patna with installed
capacity of 60000 MTPA. It is also engaged in setting up
facilities to produce structural steel products having capacity
of 30000 MTPA. Earlier, the entire project was scheduled to
commence from October 2016. However, the project got delayed and
the firm has started its partial commercial production of its MS
pipes facility from January 2, 2017. The balance capacity of
30000 MTPA for structural steel products is under progress and is
expected to be completed by October, 2017.

Shri Binay Kumar Singh, the Managing partner will look after the
day to day operations of the entity along with other partners and
a team of experienced personnel.


KAYATHRI CONSULTANTS: CRISIL Cuts Rating on INR5.0MM Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kayathri Consultants Private Limited to 'CRISIL B-/Stable'
from 'CRISIL B/Stable'. The rating on the short-term bank
facility has been reaffirmed at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          6.5       CRISIL A4 (Reaffirmed)

   Cash Credit             5.0       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term      1.5       CRISIL B-/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

The downgrade reflects the expected weakening in liquidity due to
the large debt-funded capital expenditure (capex) being
undertaken, likely to lead to insufficient cash accrual for debt
servicing over the medium term. Also, business risk profile has
been impacted by low revenue and cash accrual for fiscal 2017.
The revenues were recorded at INR17 crores with cash accruals at
INR0.4 crores against the repayment of INR0.5 crores in fiscal
2017. Scale of operations may improve on completion of the
ongoing capex and moderate order book. However, the ability of
the promoters to bring in funds on time and improvement in
operating margins will remain key rating sensitivity factors.

The ratings reflect the below-average financial risk profile,
large working capital requirement and weak liquidity, owing to
low accrual. These rating weaknesses are partially offset by the
extensive experience of the promoters and established
relationships with customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile
Net worth is estimated at INR5 crore as on March 31, 2017, and is
expected to improve moderately over the medium term. Owing to its
small networth and large working capital requirement, the capital
structure remains highly geared at 3.23 times as on March 31,
2017. Moreover, gearing is expected to remain at similar levels
over the medium term. The high debt levels have resulted in
below-average debt protection metrics with interest coverage and
net cash accrual to total debt ratios estimated at of 1.17 times
and 0.03 time respectively, in fiscal 2017. Owing to moderate
accretions to reserves, the financial risk profile will remain
below-average over the medium term with weak capital structure
and debt protection metrics.

* High working capital intensity
Working capital intensity was high as reflected in the gross
current assets (GCAs) of 350 days for 2017. The GCA days are
expected to remain at higher levels, owing to the stretch in
inventory, on account of delays in executing the projects. The
company typically maintains an inventory of 80-110 days; however,
the same has been stretched to 168 days as on March 31, 2017.
Furthermore, receivables are also stretched at 90 days as of
March 31, 2017. With limited creditor support, the net working
capital requirement is high.

* Low cash accrual as compared to repayment obligation: Cash
accrual is not sufficient to meet the debt obligation over the
medium term, owing to the large capex. For the repayment of INR1
crore in fiscal 2018, the company is expected to generate cash
accrual of only INR0.8 crore as it is heavily relying on
promoters' support to meet its debt servicing needs.

Strengths

* Promoters' extensive experience in the industry: The promoters
have been in the business for more than 15 years. Backed by their
experience, the company has established healthy relationships
with its clients. KCPL has executed projects, such as fabrication
and installation of vertical and horizontal tanks for Indian Oil
Corporation Ltd (IOCL), Hindustan Petroleum Corporation Ltd
(HPCL) (rated, 'CRISIL AAA/FAAA/Stable/CRISIL A1+'), Bharat
Petroleum Corporation Ltd (BPCL), (rated, 'CRISIL
AAA/Stable/CRISIL A1+') and Reliance Industries Ltd (RIL) (rated,
'CRISIL AAA/Stable/CRISIL A1+'). It also undertakes fabrication
and installation work of canopies for other players. Successful
implementation of these projects with no significant time and
cost overruns has helped the company to establish good
relationships with key clients and should help it scale up over
the medium term.

Outlook: Stable

CRISIL believes KCPL will continue to benefit from the promoters'
extensive industry experience and technical know-how, over the
medium term. The outlook may be revised to 'Positive' if the
company achieves sizeable growth in revenue, while maintaining
its profitability and working capital cycle, resulting in better
liquidity. The outlook may be revised to 'Negative' if liquidity
weakens, most likely because of a stretch in its working capital
cycle or a decline in its profitability.

Incorporated in 2010 by Mr K Sivakumar, KCPL fabricates and
installs mechanical structures for railways and petroleum oil
companies. The company also undertakes tender-based turnkey
projects for petroleum companies and southern railways. Its major
clientele includes IOCL, BPCL, HCPL, Reliance and southern
Railways.

On a provisional basis, KCPL has registered a profit of INR2.44
crore on net sales of INR17 crore, in fiscal 2017, against profit
of INR2.4 crore on net sales of INR15 crore in fiscal 2016.


L R N FINANCE: CRISIL Assigns 'D' Rating to INR10MM LT Loan
-----------------------------------------------------------
CRISIL has followed up with L R N Finance Limited (LRN Finance)
via email dated August 22, 2017. However, the company has
remained non cooperative. 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.

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term        10        CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating and Assigned;
                                       Suspension Revoked)

Detailed Rationale

CRISIL has revoked the suspension and has assigned 'CRISIL D'
rating to debt instruments and bank loan facility of LRN Finance.
The rating action is based on an email communication received
from the debenture trustee stating that one of the debenture
holders has not received the redemption amount, indicating delay
in debt servicing by the issuer. CRISIL believes that the
information available is consistent with 'Scenario 1' outlined in
the 'Framework for Assessing Consistency of Information and hence
CRISIL has assigned the rating at 'CRISIL D'. CRISIL had
suspended the rating on August 31, 2015, as LRN Finance had not
provided the necessary information required for a rating review.

LRN Finance was registered as a non-banking financial company.
The Reserve Bank of India cancelled the certificate of
registration of LRN Finance via an order dated September 27, 2016
prohibiting the company to transact the business of a non-banking
financial institution, as defined in clause (a) of Section 45-IA
of the RBI Act, 1934. Adequate information about the company is
also not available in public domain as the company has last filed
returns with the Ministry of Corporate Affairs (MCA) on October
13, 2014.


MAHAJAN SILK: CRISIL Lowers Rating on INR9.55MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has been consistently following up with Mahajan Silk Mills
Private Limited (MSMPL) for obtaining information through letters
and emails dated May 29, 2017 and July 12, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          .1       CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL A4+')

   Cash Credit            9.55      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

   Inland/Import          0.50      CRISIL A4 (Issuer Not
   Letter of Credit                 Cooperating; Downgraded
                                    from 'CRISIL A4+')


   Letter of Credit       1.57      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Mahajan Silk Mills 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 Mahajan Silk Mills Private
Limited is consistent with 'Scenario 5' outlined in the
'Framework for Assessing Consistency of Information and hence
CRISIL has downgraded the rating at 'CRISIL B+/Stable/CRISIL A4'.

MSMPL, incorporated in 1984 is engaged in manufacturing of
suiting fabrics under the brand 'Mahajan'. MSMPL has its
manufacturing unit at Mumbai (Maharashtra). The day to day
operations of the company is managed by Mr. Sunil Mahajan and Mr.
Navin Mahajan.


MANPURIA CONSORTIUM: Ind-Ra Migrates D Rating to Not Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Manpuria
Consortium LLP's (MCLLP) Long-Term Issuer Rating to 'IND D' from
'IND BB' while simultaneously migrating it to the non-cooperating
category. The Outlook was Stable.

The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency. Thus,
the rating is on the basis of best available information. The
rating will now appear as 'IND D(ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating actions are:

-- INR50 mil. Fund based limit (long-term) Downgraded and
    migrated to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating; and

-- INR200 mil. Proposed fund based limit (long-term) Downgraded
    and migrated to non-cooperating category with Provisional IND
    D(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; the
rating action is taken based on best available information.

KEY RATING DRIVERS

The downgrade reflects MCLLP's delays in debt servicing during
the 12 months ended July 2017 due to a tight liquidity position.

RATING SENSITIVITIES

Timely debt servicing for at least three consecutive months would
lead to a positive rating action.

COMPANY PROFILE

M/s Manpuria Enterprise, a proprietorship concern of Manpuria
Group, was converted to MCLLP on 29 June 2015, and is engaged in
the trading of wholesale sugar.


MANPURIA REALATORS: Ind-Ra Migrates D Rating to Not Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Manpuria
Realators Private Limited's (MRPL) Long-Term Issuer Rating to
'IND D' from 'IND BB' while simultaneously migrating it to the
non-cooperating category. The Outlook was Stable.

The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency. Thus,
the rating is on the basis of best available information. The
rating will now appear as 'IND D(ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating actions are:

-- INR50 mil. Fund-based limit (long-term) Downgraded and
    migrated to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating; and

-- INR200 mil. Proposed fund-based limit (long-term) Downgraded
    and migrated to non-cooperating category with Provisional IND
    D(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information the rating action is taken.

KEY RATING DRIVERS

The downgrade reflects MRPL's delays in debt servicing during the
12 months ended July 2017 due to a tight liquidity position.

RATING SENSITIVITIES

Timely debt servicing for at least three consecutive months would
lead to a positive rating action.

COMPANY PROFILE

The downgrade reflects MRPL's delays in debt servicing during the
12 months ended July 2017 due to tight liquidity position.


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

-- INR70 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)/IND
    A4+(ISSUER NOT COOPERATING) rating;

-- INR80 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND BB(ISSUER NOT
    COOPERATING)/IND A4+(ISSUER NOT COOPERATING) rating;

-- INR10 mil. Proposed fund-based working capital limit migrated
    to non-cooperating category with Provisional IND BB(ISSUER
    NOT COOPERATING)/Provisional IND A4+(ISSUER NOT COOPERATING)
    rating; and

-- INR25 mil. Proposed non-fund-based working capital limit
    migrated to non-cooperating category with Provisional IND
    BB(ISSUER NOT COOPERATING)/Provisional IND A4+(ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Aug. 31, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2005, MNC manufactures GO switches, electrical
panels etc. It is also involved in the installation of high-
tension electrical installation lines, transformers, power houses
and vacuum circuit breakers, among others.


NESTOR PHARMA: CRISIL Assigns B- Rating to INR52.0MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Nestor Pharmaceuticals Ltd (NPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      .97       CRISIL B-/Stable

   Bank Guarantee        10.00       CRISIL A4

   Cash Credit           52.00       CRISIL B-/Stable

The ratings reflect the modest scale of operations amidst intense
competition in the pharmaceutical industry, and the large working
capital requirement, and significant investments in subsidiaries,
constraining financial flexibility. These rating weaknesses are
partially offset by extensive experience of the promoters, and
their established relationships with customers and suppliers.

Analytical Approach

CRISIL has arrived at the rating of NPL on a standalone basis,
because subsidiaries in Kenya and Tanzania are closed, and the UK
subsidiary is non-operational.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations amidst intense competition:  Intense
competition in the pharma industry, given the moderate capital
investment required, has kept the scale of operations modest, as
reflected in revenue of INR100.6 crore in fiscal 2017. Despite
having a pan-India presence, the company faces stiff competition
from other established brands.

* Constrained financial flexibility: Bank limit has been over-
utilised on many occasions, owing to the working capital-
intensive nature of operations. Gross current assets were high at
274 days, because of large receivables of and moderate inventory
of 176 and 87 days, respectively, as on March 31, 2017.

* Investments in subsidiaries: NPL has invested INR42.58 crore as
on March 31, 2017, in its subsidiaries, and may infuse an
additional INR2.50 crore in fiscal 2018.

Strength

* Extensive experience of the promoters: The three decade-long
experience of the promoters, and their established relationships
with government agencies and overseas customers, will continue to
support the business risk profile.

Outlook: Stable

CRISIL believes NPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if a substantial increase in cash accrual while
maintaining its profitability leads to improvement in working
capital requirement. The outlook may be revised to 'Negative' if
the financial risk profile, particularly liquidity, weakens on
account of a decline in revenue and profitability, larger-than-
expected, debt-funded capital expenditure, a stretch in the
working capital cycle, or additional investment in subsidiaries.

NPL was established in 1975, by the promoter, Mr Rahul Sehgal and
his family members. The company manufactures and sells bulk drugs
and formulations, in the domestic and overseas markets. The
product profile is well-diversified, comprising antibiotics,
anti-fungal, anti-diabetics, anti-tuberculosis, tranquillisers,
laxatives, anti-asthmatics, vitamins and anti-depressants. The
company has two manufacturing facilities one is located at
Faridabad (Haryana) and one is based at Goa.


NIRMAL KRISHNA: Investors Protest as Firm Files Insolvency
----------------------------------------------------------
Deccan Chronicle reports that tension prevailed at Palukal in the
Kerala-Tamil Nadu border area of Kanyakumari district on Sept. 7
as scores of investors of a private financial firm blocked the
road in front of the firm alleging that its owners had cheated
them by not returning the deposits. The firm's promoters were
alleged to be absconding, the report says. While Palukal police
maintained that they had not yet received any cheating complaint
against the firm and were not aware whether its promoters were
absconding, local sources said that several investors had filed
the petitions with the police on Sept. 7 and that the police had
even issued receipts, Deccan Chronicle relates.

According to the report, the promoters of Nirmal Krishna Nidhi
Limited, a decades-old firm involved in chit funds and deposit
collection, had filed an insolvency petition at
Thiruvananthapuram sub-court and a lawyer notice in this regard
was pasted in front of the firm.  This also triggered the
protest, the report notes. The company's promoters were not
available for comments.   The depositors blocked the Parassala -
Karakkonam stretch as the firm remained closed on Sept. 7 even
after the Onam holidays were over.  They alleged that the firm
did not return their deposits despite repeated requests, the
report says.

Sources said the firm had collected deposits to the tune of many
crores from various persons, including business persons and
politicians, in Kanyakumari and Thiruvananthapuram districts,
Deccan Chronicle reports. It was said to be operating strongly in
areas like Chalai market through agents.  "The firm used to offer
returns to the tune of INR1,400 per month per INR1 lakh deposit.
It also used to prompt the investors to convert the monthly
payment from deposit as chitty payment so that the amount could
be retained by the firm itself," the source, as cited by Deccan
Chronicle, said.

Deccan Chronicle, citing information available on some financial
portals, discloses that the directors of the firm are Sukumaran
Nair Mahesh Kumar, Karunakaran Nair Santhi Kumari, Kumarapillai
Ajithkumar, Rajalekshmiamma Ushakumari, Rajalekshmiamma Remadevi,
Rajalekshmi Amma Jeya, Krishnannair Nirmalan and Sukumaran
Raveendran.   The main promoter of the firm was said to be
Krishnannair Nirmalan who has investments in other businesses,
including a leading optical shop chain in the city, said sources,
adds Deccan Chronicle.


PATEL CONSTRUCTION: CARE Assigns B+ Rating to INR4cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Patel
Construction (Biaora) Private Limited (PCBPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             4.00       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             4.50       CARE A4; Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of PCBPL are
primarily constrained on account of its small scale of operation
with moderate profitability and stressed liquidity position,
moderate order book position and geographical and customer
concentration of order book. The ratings are, further,
constrained on account of high competitive intensity in the
government civil construction segment. The ratings, however,
derives strength from the experienced management with reputed
client base and moderate solvency position. The ability of the
company to Increase its scale of operations with securing high
orders from its clients and improvement in profitability with
better working capital management are key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Small scale of operation with moderate profitability and stressed
liquidity position
The scale of operations of the company stood small with decline
in Total Operating Income (TOI) by 14.19% FY17 over FY16 mainly
due to less orders received by the company during the year and
further the ability to execute orders affected by demonetization
happened in the country. Further, profitability of the company
stood moderate with PBILDT margin and PAT margin of 8.73% and
3.21% respectively in FY17. PBILDT margin of the company has
increased marginally by 45 bps over FY16. Despite increase in
PBILDT margin, PAT margin declined by 78 bps due to higher
depreciation and interest cost and remained at 3.21% as against
3.99% in FY16.

Moreover, liquidity position of the company stood stressed with
negative operating cycle in FY17 and almost 90% utilization of
working capital bank borrowings for last 12 months ended July,
2017.

Moderate order book position
As on July 31, 2017, PCBPL has an outstanding order book position
of INR8.50 crore which is 70% of FY17's TOI with three projects
in hand reflecting moderate order book position in medium term.
The on-going projects of the firm are likely to be executed
within next 6 months, providing medium term revenue visibility.
PCBPL's ability to secure further orders will be critical for
maintaining the growth in TOI.

Geographical and customer concentration of order book
The client base of the firm is skewed towards government
departments in Rajasthan with firm generating majority of its
income from this institution. Further, unlike many other
construction companies, it has remained focused on the road
segment and moreover its orders under execution and the orders at
bidding stage are also in the road segment. This makes it
dependent on opportunities only in the road sector which is
saddled with increased execution challenges. Moreover, the firm
being a regional player and all the projects are executed in
Rajasthan only, also reflects geographical concentration risk.

High competitive intensity in the government civil construction
segment
The construction industry is highly fragmented in nature with
presence of large number of unorganized players and a few large
organized players which coupled with the tender driven nature of
construction contracts poses huge competition and puts pressure
on the profitability margins of the players.

Key Rating Strengths

Experienced promoters and management
Mr Goverdhan Dangi, graduate by qualification, looks after
overall affairs of the company. He has experience of around
fifteen years in the civil construction industry. He is assisted
by Mr. Mahesh Dangi, MBA by qualification, having an experience
of 5 years. Further, the directors are assisted by second tier
management persons such as Mr Vishnu Dangi having an experience
of 17 years who helps in managing the day to day affairs of the
company.

Reputed clientele base
PCBPL has established relationship with MPRRDA, WRD & PWD. PCBPL
is eligible to participate in contracts of any amount pertaining
to construction, installation and commissioning of road
construction. Due to established relationship, PCBPL has been
receiving repetitive orders from government departments.
Moreover, it owns most of the machinery and equipment's it
requires for project execution. on regular basis company is use
to add latest plant and machinery since last few years to
commensurate with the increase in the scale of operations and to
facilitate efficient deployment of the resources and in order to
timely execution of projects.

Till July 31, 2017, PCBPL has recorded revenue amounting to
INR7.26 crore which is entirely received from government
departments.

Moderate solvency position

The capital structure of the company stood moderate with an
overall gearing of 0.57 times as on March 31, 2017, declined from
0.07 times as on March 31, 2016 due to increase in working
capital borrowings. Further, debt service coverage indicators
also stood comfortable with total debt to GCA of 4.64 times as on
March 31, 2017, however declined from 0.34 times as on March 31,
2016 due to increase in debt level and lower GCA. Furthermore,
interest coverage stood at 2.78 times in FY17 as against 8.33
times in FY16 due to increase in interest expenses and decrease
in PBILDT.

Patel Construction (Biaora) Private Limited (PCBPL) initially
incorporated as Dangi Construction Private Limited in March 2000
by Mr. Goverdhan Dangi, subsequently renamed as PCBPL in October
08, 2002. PCBPL is engaged in the business of civil construction
business with major focus on construction of roads and bridges
for government department. It directly participates in government
contracts and has long standing association with Madhya Pradesh
Rural Road Development Authority (MPRRDA) and Public Works
Department (PWD) Rajgarh, & Water Resources Department (WRD), in
Madhya Pradesh for whom the company has been executing projects
since its incorporation.


RUPNARAYAN VANJIYA: Ind-Ra Migrates D Rating to Not Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Rupnarayan
Vanjiya Private Limited's (RVPL) Long-Term Issuer Rating to 'IND
D' from 'IND BB'. The ratings have also been migrated to the non-
cooperating category. The issuer did not participate in the
surveillance exercise despite continuous requests and follow-ups
by the agency. Thus, the rating is based on the best available
information. The rating will now appear as 'IND D(ISSUER NOT
COOPERATING)' on the agency's website. The instrument-wise rating
actions are:

-- INR10 mil. Fund-based limit (long-term) Downgraded and
    migrated to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating; and

-- INR240 mil. Proposed fund-based limit (long-term) Downgraded
    and migrated to non-cooperating category with Provisional IND
    D(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on
the best available information

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by RVPL during
the 12 months ended July 2017 due to a tight liquidity position.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months
would be positive for the ratings.

COMPANY PROFILE

RVPL is a part of the Manpuria Group. The company acquired M/s
Mahabir Store, effective from 1 April 2015, a partnership firm
and a wholesale trader in sugar. Prior to April 2015, RVPL had no
commercial activity.


SAISHAKTI POLYSACKS: Ind-Ra Assigns B+ Rating to INR87MM Loan
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Saishakti
Polysacks Private Limited (SPPL) a Long-Term Issuer Rating of
'IND B+'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR23.5 mil. Fund-based working capital limits assigned with
    IND B+/Stable/IND A4 rating;

-- INR87 mil. Term loan due on September 2027 assigned with IND
    B+/Stable rating.

KEY RATING DRIVERS

The ratings reflect execution and offtake risks associated with
SPPL's ongoing project. The company is setting up a manufacturing
plant of polypropylene woven sacks/bags at Bagalkote District,
Karnataka. The total project cost of INR137.5 million is being
funded through a debt and equity ratio of 1.72:1 and is scheduled
to start commercial operations in November 2017.

However, management believes the advanced stage of project
completion and the company's strong relationships with cement and
sugar manufacturers mitigate the risks to a certain extent.
The ratings are also supported by the plant's proximity to the
target industries.

RATING SENSITIVITIES

Positive: Scheduled commencement of the project and stabilisation
of profitable operations, leading to generation of sufficient
cash flows, will lead to a positive rating action.

Negative: Any delays in the commencement of operations will lead
to a negative rating action.

COMPANY PROFILE

SPPL was incorporated in April 2016 to set-up a polypropylene
woven sacks/bags manufacturing plant with an installed capacity
of 3,800MT per annum.


SAMSUNG OVERSEAS: CRISIL Lowers Rating on INR1.25MM LT Loan to B
-----------------------------------------------------------------
CRISIL has been consistently following up with Samsung Overseas
Limited (SOL) for obtaining information through letters and
emails dated April 13, 2017 and May 10, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

   Bill Discounting      10.0         CRISIL A4 (Issuer Not
                                      Cooperating; Downgraded
                                      from 'CRISIL A4+')

   Letter of credit &    90.0         CRISIL A4 (Issuer Not
   Bank Guarantee                     Cooperating; Downgraded
                                      from 'CRISIL A4+')

   Packing Credit         5.0         CRISIL A4 (Issuer Not
                                      Cooperating; Downgraded
                                      from 'CRISIL A4+')

   Proposed Long Term     1.25        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating; Downgraded
                                      from 'CRISIL BB-/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Samsung Overseas 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 Samsung Overseas Limited is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL B rating category or
lower.' Based on the last available information, CRISIL has
downgraded the rating to 'CRISIL B/Stable/CRISIL A4'.

Based out of New Delhi and incorporated in 1996, SOL trades in
ferrous and non-ferrous metals. The company is promoted by Mr.
Rajesh Satija along with his brothers, Mr. Praveen Satija and Mr.
Ashish Satija.


SANJIVINI PIPES: CRISIL Reaffirms 'B' Rating on INR4.5MM Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Sanjivini Pipes
and Fittings Private Limited (Sanjivini) for obtaining
information through letters and emails dated February 14, 2017
and July 12, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              4        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)


   Long Term Loan           4.5      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term        .4      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                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 Sanjivini Pipes and Fittings
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 Sanjivini Pipes and
Fittings Private Limited is consistent with 'Scenario 5' outlined
in the 'Framework for Assessing Consistency of Information and
hence CRISIL has reaffirmed the rating at 'CRISIL B/Stable'.

Sanjivini, incorporated in 2012, manufactures PVC pipes and
fittings. It is promoted by Mr. Mohammed Ali and his family
members, and is based in Udupi, Karnataka.


SHARDA RICE: CRISIL Lowers Rating on INR35MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL has been consistently following up with Sharda Rice Mill
(SRM) 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              35       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

   Term Loan                 3       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

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

Detailed Rationale

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

Set up in 1995 by the Doshi family, SRM mills and sorts non-
basmati rice, which it sells under the brands, Rangeela, Chaand
Taara, and 24 Carat. The firm has a rice milling and sorting unit
in Nagpur.


SHIRODE CARS: CRISIL Reaffirms B Rating on INR3.5MM Cash Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Shirode Cars
Private Limited (SCPL) 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             3.5      CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term      0.3      CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

   Term Loan               1.2      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 Shirode Cars 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 Shirode Cars Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B' category or
lower. Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL B/Stable'.

Established in 2012 by Mr. Ganesh Shirode, SCPL is the authorised
dealer for Hyundai Motors India Ltd's (Hyundai; rated 'CRISIL
A1+') passenger vehicles and spare parts in Maharashtra. It also
has authorised services station of Hyundai.


SHIV MARINE: CARE Reaffirms B+/A4 Rating on INR7cr Bank Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Shiv Marine Industries Private Limited (SMIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term/Short-       7.00       CARE B+; Stable/CARE A4
   term Bank                         Reaffirmed
   Facilities

Detailed rationale

The ratings assigned to the bank facilities of SMIPL continue to
remain constrained on account of its small scale of operations,
thin profit margins coupled with leveraged capital structure,
weak debt coverage indicators and moderate liquidity position in
FY17 (refers to the period from April 1, 2016 to March 31, 2017).
The ratings continue to remain constrained due to its exposure to
volatility in steel scrap prices coupled with risk associated
with uncut ship inventory, volatility in forex rate and its
operations in volatile, fragmented and competitive nature of the
ship-breaking industry.

The ratings continue to derive strength from the long-standing
experience of the promoters coupled with location advantage
having presence into Alang yard. The ability of SMIPL to improve
its scale of operations, profit margins, capital structure and
debt coverage indicators remains the key rating sensitivities.

Detailed description of key rating drivers

Key Rating Weaknesses

Small scale of operations coupled with thin profit margins during
FY 17
SMIPL registered healthy growth in its total operating income
(TOI) during FY17 compared to FY16 on the back of increase in
sales volumes of scrap. However, scale of operations continued to
remain small marked by TOI of INR9.95 crore and net worth base of
INR1.29 crore as on March 31, 2017. Further, owing to low value
addition nature of operations, overall profitability has remained
thin during FY17.

Leveraged capital structure and weak debt protection indicators
Capital structure remained leveraged marked by an overall gearing
ratio of 1.80x on the back of increase in debt level against low
net worth base as on March 31, 2017. Debt coverage indicators
continued to remain weak marked by total debt to GCA of 86.46x as
on March 31, 2017 and interest coverage ratio of 1.48x during
FY17 on the back of higher total debt along with low level of
operating profitability and GCA during the year.

Moderate liquidity position
The liquidity position stood moderate marked by an operating
cycle of 75 days during FY17 as compared to previous year as well
as comfortable level of current ratio as on March 31, 2017.

Key Rating Strengths
Experienced promoters coupled with location advantage
Promoters of SMIPL hold more than two decade of experience into
similar line of operations. Further, the operating facilities of
SMIPL are located at Alang-Sosiya belt in Gujarat which is
considered to be one of the world's largest shipbreaking yards
and caters to nearly 90% of India's ship-breaking activity.

Alang, Bhavnagar (Gujarat) based SMIPL was established during
August 1996 as a private limited company by Mr. Prakash Shah and
Mr. Bachubhai Shah. SMIPL is engaged in the ship breaking
activity. SMIPL purchases ships, primarily bulk carriers and
cargo ships from agents which are then sold as scrap. The ship
breaking operations are carried out at premises which are taken
on lease for tenure of 10 years from Alang Port from Gujarat
Maritime Board (GMB). SMIPL purchases ships mainly from brokers
through open market and sells scraps through brokers mainly in
Shihor, Ahmedabad, Bhavnagar, Mehsana etc. which is being used
for manufacturing of TMT bars.


SHREE KRISHNA: CARE Assigns B Rating to INR15cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shree
Krishna Educational Trust (SKET), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            15.00      CARE B; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to bank facilities of SKET is constraint on
account of small scale of operations, weak profitability profile,
leveraged capital structure and weak debt service coverage
indicators. The ratings are further, constraint on account of
residual project execution risk. The aforementioned ratings
weaknesses are partially offset by experienced trustee and
revenue visibility on the back of lease rentals.

Going forward, trust's ability to scale up profitability profile
and capital structure shall be key rating sensitivities.
Detailed description of the key rating drivers

Key Rating Weakness

Small scale of operations
SKET's scale of operations has remained small marked by fees and
gross cash accruals of INR3.57 crore and INR0.33 crore
respectively during FY16. The small scale limits the trust's
financial flexibility in times of stress and deprives it of scale
benefits.

Weak financial risk profile
Despite of being operational around a decade, SKET has weak
financial risk profile marked by weak profitability profile,
expected weak capital structure and coverage indicators.
Trust profitability profile remain weak evident from SBID
(surplus before interest and depreciation) and deficit of 14.60%
and -17.45% respectively in FY16 (FY refer to financial year from
April1 to March 31) Trust has moderate capital structure evident
from overall gearing stood at 0.50 times in FY16; however it is
expected to deteriorate in the future over the medium term due to
increase in term debt taken by the trust for the construction of
academic as well non-academic blocks.

Customer concentration risk though stable revenue model providing
long term revenue visibility
SKET has entered into a lease agreement with Great Lakes
Institutes of Management (GLIM) for 30 years, commenced from
February 1, 2016 till March 31, 2046. As per contract, the trust
will hand-over the entire academic as well as nonacademic
blocks to GLIM, in lieu of agreed monthly rental. Also, GLIM has
to submit security deposit equivalent to 6 months of lease rent.
Further, security deposit amount will increase with an increase
in lease rent. Being on the Strategic Alliance Management
Agreement, it is expected that major portion of revenue is to be
generated from a single client which exposes to the customer
concentration risk.

Residual project risk
SKET is undertaking an expansion project by constructing 2 new
academics blocks and hostels for which the trust has taken a term
loan of INR15.00 crores and repayment has already started from
November 2016. Any delays in the implementation may impact the
trust's financial risk profile adversely and is also crucial from
credit prospective. Furthermore, the debt funded project is
expected to increase in gearing levels in the medium term. The
trust is also exposed towards project execution risk, in terms of
completion of the project with-in the envisaged time and cost.

Key Rating Strengths

Experienced trustee
SKET is promoted by Mr. Vijay Gupta and his family members. Mr.
Vijay Gupta is a graduate and holds two decades of experience in
education industry. Mr. Vijay Gupta manages the overall
operations of the trust with the support of trust members.
Further, they have experienced team of administrative,
professors, technicians, marketing and finance professionals, who
have over a decade of experience in their respective field.

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Jasbir Singh & Company to
monitor the rating(s) vide e-mail communications/ letters dated
July 7, 2017 and June 23, 2017 and numerous phone calls. However,
despite our repeated requests, the firm has not provided the
requisite information for monitoring the ratings. In the absence
of minimum information required for the purpose of rating, CARE
is unable to express opinion on the rating. Further, Shiv Hari
Plywood Limited has not paid the surveillance fees for the rating
exercise as agreed to in its rating aggrement In line with the
extant SEBI guidelines CARE's rating on AGH Altech Private
Limited will now be denoted as CARE B+; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Gurgaon-Haryana based Shree Krishna Educational Trust (SKET) is a
non-profit trust incorporated in October, 2007 by Mr. Vijay Gupta
and family members. The trust is currently running educational
institute named as 'Gurgaon College of Engineering for Women' in
Bilaspur-Tauru Road, near Manesar (district-Gurgaon), Haryana. In
Feb 2015, trust has entered into an agreement with Great Lakes
Institutes of Management (GLIM) for giving entire college
premises on lease for 30 years.


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

-- INR24.8 mil. Term loan facilities migrated to non-cooperating
    category with IND BB+(ISSUER NOT COOPERATING) rating; and

-- INR60 mil. Cash credit limit migrated to non-cooperating
    category with IND BB+(ISSUER NOT COOPERATING)/IND A4+ (ISSUER
    NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Nov. 24, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SMPPL was incorporated in March 2008 and took over the business
of the proprietorship concern M/S. Balamurugan Dairy Products in
April 2009, which was owned by the company's founder. The company
processes and supplies milk and related products such as ghee,
ice cream and flavoured milk. The company has a milk processing
plant in Chittoor, Andhra Pradesh and supplies milk under its
brand Shruthi Milk mainly in Vellore district.

SMPPL is completely owned by Kannaiah Reddy S and his family.
Kannaiah Reddy started the business in 1998.


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

-- INR40 mil. Fund-based limit migrated to non-cooperating
    category with IND B-(ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Non-fund-based limit migrated to non-cooperating
    category with IND A4(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 17, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Souhardha Infra-Tech Private Limited is a Bengaluru-based civil
contractor.


SREE PADMANABHA: CARE Assigns B+ Rating to INR5.0cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sree
Padmanabha Cashew (SPC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.00       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             0.50       CARE A4; Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SPC are primarily
tempered by small scale of operations, declining profitability
margins, fragmented and competitive business segment and
constitution as a proprietorship concern with risk of withdrawal
of capital. However, the ratings derive comfort from experienced
proprietor in manufacturing cashew nuts, Growth in total
operating income during review period, growing demand for cashew
based products across the globe, clientele base spread across
three states, and comfortable working capital cycle along with
satisfactory capital structure and debt coverage indicators.

Going forward, the firm's ability to improve its profitability,
capital structure and debt coverage indicators, expand its scale
of operations, efficiently utilize its working capital
requirements would be its key rating sensitivities and export
finished products to different countries.

Detailed description of the key rating drivers

Key Rating Strengths

Rating Strength 1: Experienced proprietor in manufacturing cashew
nuts

The proprietor of SPC, Ms. Anithakumari and her husband, Mr.
Muraleedharan Nair has experience of more than two decades in
manufacturing cashew nuts.

Rating Strength 2: Growth in total operating income during review
period

The total operating income (TOI) of the firm had more than
tripled from INR0.77 crore in FY14 to INR13.91 crore in FY16 on
account of increased production and sale of cashew based
products. The firm reported a TOI of INR16.58 crore for FY17
(Prov.).

Rating Strength 3: Clientele base in three states

The firm's clientele base comprises of customers located in the
states of Madhya Pradesh, Kerala and Tamil Nadu. The customers of
SPC include Rajkumar Magasthi Traders, Nijam Private Limited, Sri
Vinayaga Cashew, Sai Export Enterprises, Poorna Chandra Cashew
and Sailakshmi Cashew. The firm procures its raw material being
raw cashew fruits from Singapore, Dubai and from local suppliers
in Kerala and Tamil Nadu.

Rating Strength 4: Growing demand for cashew based products
across the globe

India accounts for about 65 per cent of global cashew exports and
exports cashew kernels to over 60 countries. Its major
markets are the US, the Netherlands, Japan, Spain, France,
Germany, the UK as well as Middle East countries such as the
UAE and Saudi Arabia.

Rating Strength 5: Comfortable working capital cycle along with
satisfactory capital structure and debt coverage
indicators

The firm's working capital cycle stood comfortable at 24 days in
FY16. The firm procures raw cashew fruits from its suppliers and
avails a credit period of upto one week and sells it to its
customers predominantly on cash and carry basis. The working
capital utilization of SPC stood at 54% in the last one year
ended July 30, 2017. The capital structure of the firm marked by
overall gearing stood satisfactory at 1.54x as on March 31, 2016,
however, deteriorated from 0.87x as on March 31, 2014 on the back
of increase in total debt associated with utilisation of cash
credit facilities for managing day to day business. The interest
coverage ratio, though stood satisfactory, has been deteriorating
year-on-year from 14.74x in FY14 to 4.19x in FY16 due to
increasing finance charges associated with short term borrowings.
Furthermore, TD/GCA increased from 2.52x in FY15 to 4.61x in FY16
due to increase in working capital borrowings from TMB Ltd. The
current ratio of SPC has been decreasing year-on-year and stood
at 1.24x as of FY16 since the increase in current liabilities
associated with short term borrowings.

Key Rating Weaknesses

Rating weakness 1: Small scale of operations

The firm has small size of operations marked by low networth of
INR0.48 crore as on March 31, 2016 albeit year-on-year increase
from INR0.30 crore as on March 31, 2014. Furthermore, TOI even
though more than tripled during the review period, stood small at
INR13.91 crore in FY16.

Rating weakness 2: Declining profitability margins

The profitability margins of the firm have been declining year-
on-year during the review period. The PBILDT margin of the firm
has been decreasing year-on-year from 11.64% in FY14 to 1.60% in
FY16 due to increasing competition from various players along
with low value addition associated with manufacturing of cashew
based products. Furthermore, the PAT margin has also been
declining in line with the PBILDT margin and stood at 0.79% in
FY16 due to under absorption of fixed expenses.

Rating weakness 3: Fragmented and competitive business segment

The firm is into a fragmented business segment and competitive
industry. The market consists of several small to medium-sized
companies that compete with each other along with several large
enterprises.

Rating weakness 4: Constitution as a proprietorship concern with
risk of withdrawal of capital

SPC was established as a proprietorship concern and the risk of
withdrawal of proprietor's capital prevails. There is parity
between the existence of the firm and proprietor's life.

Sree Padmanabha Cashew (SPC) was established on May 23, 2013 by
Ms. O.A. Anithakumari in Kannumamoodu, Kanyakumari, Tamil Nadu.
The firm is engaged in manufacturing of cashew nuts. The
installed capacity of SPC stood at approx. 16 tonnes per month
with utilization capacity of 86% as of August 7, 2017.


SRI LAKSHMINARASIMHA: CRISIL Reaffirms C Rating on INR23.53M Loan
-----------------------------------------------------------------
CRISIL has been consistently following up with Sri
Lakshminarasimha Poultry Farms Private Limited (SLNP; part of the
Sri Lakshmi Narasimha group) for obtaining information through
letters and emails dated May 24, 2017 and June 9, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit            23.53       CRISIL C (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Long Term Loan         17.50       CRISIL C (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 Sri Lakshminarasimha Poultry
Farms 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 Sri Lakshminarasimha
Poultry Farms 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 C'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SLNP and K.J.L. Poultries Pvt Ltd
(KJL), together referred to as the Sri Lakshmi Narasimha group.
This is because both the companies are under a common management
and have considerable operational and business synergies with
each other.

Set up in 2004, SLNP is engaged in the poultry business. SLNP is
promoted by Mr. Satyanarayana Raju and his family members. Set up
in 2011, KJL is also engaged in the poultry business. KJL is also
promoted by Mr. Satyanarayana Raju and his family members.


SRI SRINIVASA: CARE Assigns B+ Rating to INR12.0cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sri
Srinivasa Agro Rice Industries (SSARI), as:

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

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SSARI is tempered
by the small scale of operations with declining total operating
income, leveraged capital structure with weak debt coverage
indicators and working capital intensive nature of operations,
monsoon-dependent operations, high level of government
regulation, presence in highly competitive and fragmented
agriculture industry and partnership nature of entity with
inherent risk of withdrawal of capital.

The rating, however, derives strength from established track
record of the firm with experienced partners, increasing
profitability margins although remained thin during review
period, healthy demand outlook for rice and location advantage of
the firm.

Going forward, the ability of the firm to increase scale of
operations and profitability margins without adversely affecting
its capital structure along with efficient management of its
working capital limits are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced partners in rice industry
Mr N Srinivas is the Managing Partner of the firm. He along with
other partners, Mr K.Venkatesh and Mr Prabakar Gupta, has about a
decade of experience in rice mill industry

Increasing profitability margins although remained thin during
review period
The profitability margin of the firm has remained thin during
review period due to intensely competitive and fragmented rice
milling business with presence of numerous players. However, the
PBILDT margin of the firm has been increasing year-on-year, in
spite of declining total operating income, from 4.03% in FY15 to
4.88% in FY17 (Provisional) due to increasing rice prices along
with higher margin associated with sales of rice bran.

Furthermore, the PAT margin of the firm has also been increasing
year-on-year from 0.05% in FY14 to 0.58% in FY17 (Provisional)
due to increasing PBILDT in absolute terms resulting in
absorption of financial expenses and depreciation provision
during the review period.

Healthy demand outlook for rice
Rice is consumed in large quantity in India which provides
favourable opportunity for the rice millers and thus the demand
is expected to remain healthy over medium to long term. India is
the second largest producer of rice in the world after China and
the largest producer and exporter of basmati rice in the world.
With growing consumer class and increasing disposable incomes,
demand for premium rice products is on the rise in the domestic
market. Demand for nonbasmati segment is primarily domestic
market driven in India. Initiatives taken by government to
increase paddy and better monsoon conditions will be the key
factors which will boost the supply of rice to the rice
processing units. Rice being the staple food for almost 65% of
the population in India, it has a stable domestic demand outlook.

Location Advantage with presence in cluster and easy availability
of paddy
The mill is located in Gangavati in Koppal District of Karnataka.
Koppal is an agriculture based economy with 2nd largest
agriculture produce in the state. Its major food crops are Paddy,
Maize, Jowar, and Bajra. Asia's first Rice Technology Park is to
be set up at Gangavati which will help the rice growers of the
region to add values to their produce and get better returns and
also enhance quality of the produce.

Key Rating Weaknesses

Declining total operating income
The total operating income of the firm has been declining year-
on-year from Rs 51.38 crore in FY15 to Rs 43.33 crore in FY17
(Provisional) due to fall in crop production on account of
failure of rain and drought.

Leveraged capital structure and weak debt coverage indicators
The overall gearing of the firm, though improving year-on-year,
still stood high at 3.14x as on March 31, 2017 (provisional)
due to high working capital requirements to fund the day to day
operations. The high working capital nature of the business is
resulting in high debt levels when compared to networth of the
firm.

The debt coverage indicators marked by interest coverage and
TD/GCA remained weak at 1.42x and 20.70x respectively in FY17
(Provisional) due to high debt levels and low cash accruals in
absolute terms.

Working capital intensive nature of operations due to seasonal
availability of paddy resulting in high inventory holding
period
Paddy in India is harvested mainly at the end of two major
agricultural seasons Kharif (June to September) and Rabi
(November to April). The millers have to stock enough paddy by
the end of each season as the price and quality of paddy is
better during the harvesting season. During this time, the
working capital requirements of the rice millers are generally on
the higher side. On account of the same, working capital limits
have been utilized upto 90% over the last 12 months ended July
31, 2017.

Monsoon dependent operations and high level of government
regulation
SSARI's operations are dependent on agro-climatic conditions and
may get adversely impacted in case of weak monsoon or poor crop
quality. The rice industry is highly regulated by the government
as it is seen as an important sector which could affect the food
security of the country. The sale of rice in the open market is
also regulated by the government through levy quota and fixed
prices. Hence, the firm is exposed to the risk associated with
fluctuation in price of rice. Furthermore, depending on the
production capacity of the firm, it has to make sales to FCI
(Food Corporation of India) at a fixed levy price. Therefore
firm's bargaining position weakens further.

Fragmented nature of industry and low entry barriers
The rice milling business requires limited quantum of investment
in machinery, however, has high working capital needs. Further,
rice milling is not very technology intensive and as a
consequence the industry is highly fragmented with large number
of players operating in the organized and unorganized segments.
The high level of competition has ensured limiting bargaining
power, as a consequence of which rice mills are operating at low
to moderate profitability margins.

Partnership nature of entity
Partnership nature of business has an inherent risk of withdrawal
of capital by the partners at the time of their personal
contingencies. It also has the inherent risk of business being
discontinued upon the death/insolvency of a partner. The ability
to raise funds is also very low as partnership concerns have
restricted access to external borrowings

Sri Srinivasa Agro Rice Industries (SSARI), a partnership firm,
was established in 2011 by Mr N.Srinivas. The mill is located
in Gangavati in Koppal district of Karnataka. The firm is
involved in hulling of paddy, converting of paddy into rice,
broken rice and bran with a total installed capacity of
approximately 30 tons per day. SSARI sells its products (rice,
broken rice and bran) to the final customers through brokers as
well as direct channels in the states of Tamil Nadu and
Karnataka.


SRI VARALAKSHMI: CRISIL Reaffirms B+ Rating on INR5.25MM Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Sri Varalakshmi
Motors Private Limited (SVMPL) for obtaining information through
letters and emails dated April 18, 2017 and May 09, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             5.25     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 Sri Varalakshmi Motors 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 Sri Varalakshmi Motors Private
Limited is consistent with 'Scenario 5' outlined in the
'Framework for Assessing Consistency of Information and hence
CRISIL has reaffirmed the rating at 'CRISIL B+/Stable'.

Incorporated in 2005, SVMPL is an authorized dealer for two-
wheelers of HML in Vizianagaram district of Andhra Pradesh. The
company is promoted by Mr. N Sairam Venkata Reddy and his family.


STAYZILLA: NCLT Adjourns Hearing on Insolvency Bid to Sept. 12
--------------------------------------------------------------
Financial Express reports that the Chennai bench of NCLT on
Sept. 7 adjourned till today, September 12, the hearing on the
insolvency proceedings filed against beleaguered homestay
aggregator Stayzilla by the the Chennai-based Jigsaw Solutions,
one of its vendors, which claims to have unpaid dues from the
start-up.

According to the report, Jigsaw Solutions moved the NCLT five
months after Yogendra Vasupal, the co-founder and CEO of
Stayzilla, was granted bail by the Madras High Court after
spending close to a month in jail in a case filed by the company
alleging default of payment.

In the petition filed by Jigsaw at NCLT, the company has now
sought direction to dissolve Stayzilla, terming it a failed
company, the report relates. The hearing which was to commence on
Sept. 7 was deferred to Sept. 12 as Jigsaw Solutions' counsel was
unavailable.

Jigsaw Solutions, an advertising agency run by CS Aditya, filed a
petition requesting for initiation of corporate insolvency as an
operational creditor under Section 9 of the Insolvency &
Bankruptcy Code 2016 against Inasra Technologies - the company
which owns Stayzilla, FE report.

"His business has failed, he is a failed entrepreneur and he
never made a profit for a single day. He did not have the ethics
of clearing the dues before shutting shop. So, my only option as
a creditor is to go for appeal for insolvency to get my money
out," Aditya told FE.

The Chennai crime branch had arrested Vasupal on March 14 based
on a complaint file by Aditya for offences under sections 406
(punishment for criminal breach of trust), 420 (cheating) and 506
(i) (criminal intimidation) of the IPC, the report recalls.

According to the complainant, Stayzilla had failed to make
payments for advertising services rendered by him since February
2016 and defrauded him to the tune of INR1.7 crore, adds FE.

However, Stayzilla maintained that the criminal charges against
it were part of pressure tactics to settle a civil dispute.
Vasupal had on February 23 this year announced that he would be
bringing to a halt the operations of Stayzilla in its current
form and is looking to reboot it with a different business model,
FE says.

Stayzilla was one of India's biggest homestay and alternate stay
aggregators.


SYNERGIES DOORAY: NCLAT Admits Edelweiss Appeal
-----------------------------------------------
Business Standard reports that the National Company Law Appellate
Tribunal (NCLAT) has admitted Edelweiss ARC's appeal against
Synergies Dooray for a resolution plan made via the corporate
restructuring process under the Insolvency and Bankruptcy Code
(IBC).

According to Business Standard, the appellate tribunal has
ordered issuance of notices to all the parties related to the
case. The asset restructuring company has raised objection to the
way in which the resolution plan was made and how it was approved
by the committee of creditors.

In its appeal, Edelweiss ARC had questioned the conduct of the
insolvency professional in the case, the report says. It decided
to move the appellate tribunal after the National Company Law
Tribunal (NCLT) approved the resolution plan for a company under
the IBC.

In this case, the creditors had to take a haircut of almost 94%,
the report relates citing the resolution plan.  The resolution
plan states that the acquirer, Synergies Castings, could pay
INR54 crore to its creditors of its dues of more than INR900
crore, and that, too, at attractive terms, BT says. Of the INR54
crore that the acquirer could pay, INR20-odd crore would be paid
up front and the remaining over five years. The principal amount
of debt was INR215 crore, said a source. The remaining INR685
crore includes interest, statutory dues and payments to other
creditors.

Synergies Dooray Automotive Ltd manufactures garage & service
station equipment, three wheeler & parts & pipes.


TANGEDCO: Says NCLT Can't Be Approached for Non-Payment
-------------------------------------------------------
The Hindu reports that the Tamil Nadu Generation and Distribution
Corporation Limited (Tangedco) has said that the National Company
Law Tribunal (NCLT) is not the forum for deciding on its non-
payment of dues dispute with private power producer Ind Bharath
Group.

The Ind Bharath Group has filed an insolvency petition in NCLT,
Chennai, against the State's power utility Tangedco for non-
payment of dues of over INR700 crore under the Insolvency and
Bankruptcy Code, 2016, according to the report.

Arguing against the plea, the State's additional advocate-general
Manishankar, who appeared for Tangedco, said that the utility was
governed by The Electricity Act of 2003 and the current dispute
would come under the provisions of The Electricity Act, The Hindu
relates.

"The NCLT is not the right forum and the pending dues have been
disputed under various legal forums," he said adding that
Tangedco being the sole distributor of power, bringing it under
insolvency would have a serious impact, the report relays.

Krishnan, senior counsel, Ind Bharath, noted that post the
implementation of Insolvency and Bankruptcy code 2016, NCLT
becomes the right forum for relief for issues like non-payment of
dues, the report says.

After the hearings, the order in the case has been reserved.

This is the first time the insolvency route has been used to
recover non-payment of dues from a State-owned enterprise and
corporate lawyers say the proceedings in this case would be
keenly watched as they would set a precedent, the Hindu notes.

The Tamil Nadu Generation and Distribution Corporation Limited
(Tangedco) is an electrical power generation and distribution
public sector undertaking that is owned by the Government of
Tamil Nadu.


VENKATA BHAGYALAKSHMI: Ind-Ra Moves 'B' Rating to Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Venkata
BhagyaLakshmi Raw & Boiled Rice Mill'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 B(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:

INR61 mil. Term loan migrated to non-cooperating category with
IND B(ISSUER NOT COOPERATING) rating; and

INR50 mil. Fund-based working capital limits migrated to non-
cooperating category with IND B(ISSUER NOT COOPERATING)/IND
A4(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 12, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2012, Venkata BhagyaLakshmi Raw & Boiled Rice
Mill is a partnership concern engaged in the business of rice
milling. The plant has an installed capacity for processing 12.0
metric tonnes of paddy per hour.



=================
I N D O N E S I A
=================


CIPUTRA DEVELOPMENT: Fitch Assigns BB- IDR; Outlook Stable
----------------------------------------------------------
Fitch Ratings has assigned PT Ciputra Development Tbk's Long-Term
Issuer Default Rating (IDR) at 'BB-'. The Outlook is Stable.

Ciputra Development, as a consolidated whole, is one of
Indonesia's largest and most diversified property developers in
terms of presales, assets and product range. While it is a non-
operational holding company and therefore dependent on the cash
generation of its subsidiaries, its Long-Term IDR is based on
Fitch's analysis of Ciputra Development and its subsidiaries as a
single economic entity because Fitch believes the legal and
operational linkages between the entities are strong.

KEY RATING DRIVERS

Rating Based on Consolidated Profile: Fitch analyses Ciputra
Development and its subsidiaries as a single economic entity
because of their strong intra-group legal and operational
linkages that stem from a commonality in shareholding and board
structure among the group companies. Fitch believes these
linkages give Ciputra Development strong control over its
subsidiaries and therefore they operate as a single entity.

Diversified Portfolio, Solid Recurring Income: Ciputra
Development is one of Indonesia's most diversified property
developers by product, geography and segmentation. The group has
a wide operating presence in Indonesia with multiple locations.
The company has 56 residential projects and 19 commercial
properties, which include malls, hotels and hospitals in more
than 30 Indonesian cities. The diversified properties mean that
the group generates multiple revenue streams across various
segments of the property market. Its commercial property business
also provides strong debt service visibility with a robust
recurring coverage ratio, as measured by Fitch's forecast of
revenue/net interest, of 3.8x in 2017.

Large Land Bank: Ciputra Development has a land bank of around
1,400 hectares, making it one of the largest portfolios owned by
developers in Indonesia. Its land bank is also relatively well-
spread geographically, with a sizeable presence in Greater
Jakarta and Greater Surabaya. This bodes well for the company's
credit profile, as it ensures project longevity, especially
during the current high land-price environment.

Strong Joint-Development Record: Apart from its wholly owned
projects, the Ciputra group's strategy includes joint
developments with land owners on a profit/revenue sharing scheme.
This helps the group expand its operational scale, with a lower
balance sheet burden. However, this strategy does not allow
Ciputra Development full claim on project cash flows. Hence,
Fitch has adjusted the consolidated profile to take into account
the amounts attributable to the company in proportion to its
stakes in the projects.

Weak Presales, Metrics Still Robust: Fitch expects Ciputra
Development to continue facing weak presales in 2017, especially
with the continued delay in new project launches, after 2016
presales fell 22% yoy (14% on an attributable basis). Fitch 2017
total target of IDR7.6 trillion represents just a 6% yoy growth.
On an attributable basis, Fitch expects a larger decline of 8%.
Due to the weak presales environment, Fitch expects the company's
presales turnover to weaken, falling to marginally under 1x in
2017-2018. Nonetheless, Fitch think the company's metrics still
merit a 'BB-' rating, as it has sufficiently low leverage, high
recurring cover and strong presales turnover, relative to other
Fitch-rated developers.

Structural Subordination: Fitch may notch down debt issued by
Ciputra Development, which is not guaranteed by the subsidiaries
and is subordinated to debt at its subsidiaries. The notching
reflects the structural subordination of bonds issued by Ciputra
Development to the debt held by the company's subsidiaries. This
is due to the group's operations being principally conducted
through subsidiaries as Ciputra Development is dependent on its
subsidiaries' operations and cash flows to service its debt.
Fitch considers prior ranking debt constituting 2.0x to 2.5x
EBITDA an indication of the material possibility of subordination
and lower recoveries for debt at Ciputra Development and
therefore notch down its unsecured debt from the IDR.

DERIVATION SUMMARY

Ciputra Development's profile is well-positioned relative to
other 'BB-' rated developers such as PT Pakuwon Jati Tbk (PWON,
BB-/Positive), PT Bumi Serpong Damai Tbk (BSD, BB-/Stable) and PT
Agung Podomoro Land Tbk (APLN, BB-/Stable). PWON is rated at the
same level despite Ciputra Development's larger scale and project
diversification with similar leverage. PWON's Outlook is
Positive, reflecting Fitch expectations of the company's
increasing scale and diversification. PWON's rating reflects its
robust investment property portfolio, which allows it to generate
strong cash flows from operations, as well as its significantly
higher recurring cover ratios. BSD operates on a larger scale
than Ciputra Development, and both companies generate similar
levels of recurring cover. However, BSD's scale advantage is
countered by its concentrated development portfolio, as well as a
higher leverage, relative to Ciputra Development, and hence they
have the same rating. Ciputra Development's profile is similar to
APLN's. Both companies have similar development property scales,
with similar levels of recurring cover and comparatively high
degrees of diversification across their portfolios relative to
Indonesian developers, which warrant the two companies to be
rated at the same level.

KEY ASSUMPTIONS

Fitch's key assumptions for the consolidated profile include:
- Revenue recognition: houses - 20%-25% in year two, 50% in year
   three and the remainder in year four; apartments -25% over
   years one to four
- Cash collection over five years
- Attributable presales to amount to IDR5.4 trillion in 2017 and
   IDR6 trillion in 2018
- Capex, excluding land acquisition, to peak at IDR1.1 trillion-
   1.2 trillion annually in 2017-2018

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Attributable presales reaching a minimum of IDR7 trillion on a
   sustained basis
- Growth in investment properties and hotel assets such that
   recurring revenue increases to more than IDR3 trillion, with
   the five largest properties accounting for less than 50% of
   recurring revenue
- Recurring revenue net interest cover ratio sustained above
   4.5x
- Leverage, as measured by net debt/adjusted inventory,
   sustained below 30%

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Recurring revenue/net interest expense falling below 3.0x on a
   sustained basis
- Leverage, as measured by net debt/adjusted inventory, rising
   above 40% on a sustained basis
- Weakening in legal and operational ties between the parent and
   the operational subsidiaries

LIQUIDITY

Liquidity Adequate: Ciputra Development should have sufficient
liquidity on a consolidated basis to meet maturities due.
Liquidity has tightened due to several projects allowing for
longer-tenor instalments and is set to tighten further with a
SGD48 million medium-term note due in 2018. Nonetheless, it still
has IDR7 trillion in unused facilities, sufficient to meet
maturities of under IDR1 trillion due by end-2017.



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


SOFTBANK GROUP: Moody's Assigns Ba1 Rating to Proposed Sr. Notes
----------------------------------------------------------------
Moody's Japan K.K. has assigned backed Ba1 senior unsecured
rating to the proposed USD and EUR senior notes to be issued by
SoftBank Group Corp. (Ba1 corporate family rating (CFR), stable).
The notes will be guaranteed by SoftBank Corp., a major Japanese
subsidiary that operates the group's mobile telecommunications
business. The rating outlook is stable.

SoftBank plans to use most of the proceeds to refinance its bank
loans and for general corporate purposes.

The following debts have been assigned:

- USD senior unsecured guaranteed notes due 2024

- USD senior unsecured guaranteed notes due 2027

- EUR senior unsecured guaranteed notes due 2025

- EUR senior unsecured guaranteed notes due 2029

RATINGS RATIONALE

"Moody's expects SoftBank will use a substantial part of the
proceeds to refinance some of its existing bank loans, and that
the issuance will therefore have only a limited impact on its
gross debt and leverage for the fiscal year ending March 2018
(fiscal 2017)," says Motoki Yanase, a Moody's Vice President and
Senior Credit Officer.

For fiscal 2017, Moody's expects the company's adjusted gross
leverage will trend above the rating downgrade threshold of 5.5x.
However, SoftBank's Ba1 CFR is supported by a significant degree
of financial flexibility, including large amounts of cash on hand
and unrealized gains from investments, such as its equity stake
in Alibaba Group Holding Limited (A1 stable).

Nonetheless, if the total debt at the end of March 2018 rises
significantly from the amount at the end of June 2017, it could
add pressure to the current ratings and/or outlook.

Moody's analysis is based on a conservative estimate of the
issuance amount and the key terms of the notes.

The stable rating outlook reflects Moody's view that the company
will maintain significant financial flexibility to offset its
already high leverage. The outlook also considers SoftBank's
position as one of the three major mobile telecommunications
operators in Japan, generating steady cash flow from operations.

The principal methodology used in this rating was
Telecommunications Service Providers (Japanese) published in
April 2017.

Headquartered in Tokyo, SoftBank Group Corp. is a Japanese
holding company with operations in mobile and fixed-line
telecommunications, broadband, Internet and other businesses. The
group owns SoftBank Corp., one of the three major mobile
telecommunications operators in Japan by number of subscribers.


TOSHIBA CORP: Suffering Bad Case of Brain Drain
-----------------------------------------------
Nikkei Asian Review reports that with no end to Toshiba Corp's
troubles yet in sight and efforts to sell its flash memory
operations still at an impasse, much of the talent the company's
future rests on is heading out the door.

The Nikkei says Toshiba's problems began with a 2015 accounting
scandal that landed the Japanese conglomerate on a Tokyo Stock
Exchange watch list. Then last year, the company revealed massive
losses on U.S. nuclear projects that pushed its net worth deep
into the red, the report notes. It is currently scrambling to
sell its memory unit to fill the hole in its finances and
maintain its TSE listing. The shares have already been demoted to
the bourse's second section.

A 40-something engineer employed at Toshiba's flagship chip
fabrication facilities in Yokkaichi, Mie Prefecture, has received
two contacts along these lines in recent months from unfamiliar
phone numbers -- employees at a staffing agency, the Nikkei
reports.

He turned down the offer. But "several of my co-workers have quit
between early spring and now without saying where they were
going," the engineer, as cited by the Nikkei, said.

According to the report, the Toshiba employee also reported
seeing headhunters try to buttonhole engineers heading home from
work around Yokkaichi and a chip design and development facility
in Yokohama. The report says these recruiters are out to poach
Toshiba's best talent, narrowing down the list via academic
conferences and talking to former colleagues who have since left
the company.

Toshiba had just over 153,000 employees on a consolidated basis
at the end of March, the Nikkei discloses. This figure dropped by
around 1,000 over the following three months. Workers moving on
to other companies probably accounted for much of the decline.

Toshiba employees have suffered cuts to salary and bonuses, the
report adds. Rivals, spotting discontent in the ranks, are
dangling the prospect of better compensation, the report notes.
Micron Technology, which has bolstered the chip design
capabilities of the former Elpida Memory's Hiroshima fab, has
also ramped up hiring of engineers, according to the Nikkei.

                          About Toshiba

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

As reported in the Troubled Company Reporter-Asia Pacific on
June 19, 2017, S&P Global Ratings said it has kept its 'CCC-'
long-term and 'C' short-term ratings on 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.



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


NOSH GROUP: Bishop Warden Seeks Creditor Meeting
------------------------------------------------
Commercial debt buying company Bishop Warden Limited has
requested that liquidators Shephard Dunphy call a meeting of
creditors of Old NGL Limited (in liquidation), previously Nosh
Group Limited, previously Veritas Holding Limited.

Shephard Dunphy wanted to "dispense with a meeting of creditors"
given the state of Old NGL's assets and liabilities.

Bishop Warden Director Matthew Blomfield said his company, a
creditor, would seek to have a liquidator appointed with the will
to investigate and ask questions of the directors and, if it is
found that they acted outside the law, to hold them accountable
for the failure of the Nosh business.

"Bear in mind that in 2014, Nosh Group appeared to be a genuine
New Zealand business success story," said Matthew Blomfield.

"We need a liquidator prepared to take a very hard look at these
directors' actions, what they knew, when, and whether there is
any possibility of sheeting home some liability for this
disaster.

"Here is a situation where a shareholder puts a company into
liquidation with the inevitable consequence that there is little
or nothing of value left to pay trade creditors any of the NZ$1.6
million they are owed.

"These creditors, and there are around 150 of them, are in many
cases smaller, family-owned businesses that supplied Old NGL with
the ability to keep its stores trading.

The 'Liquidators' First Report shows not only that Old NGL owed
unsecured creditors NZ$1.592 million, but that the IRD as a
preferential creditor is owed nearly NZ$150,000. When the IRD is
not being paid, there are some serious questions that must be
answered.

The Nosh stores started trading in 2006 providing high quality,
fresh New Zealand and overseas products to a more discerning
consumer market segment. At the time Veritas bought the company
in 2014 it had more than 130 staff and annual revenues of more
than NZ$25 million.

At the time of purchase, Veritas' Chairman referred to Nosh's
"impressive revenues", and "considerable potential for growth and
innovation" and his confidence that "we can add substantial value
to the business."

Veritas Director and Mad Butcher CEO Michael Morton (who is
currently seeking re-election to the board of Veritas), also
referred to the "synergies available", adding that "it gives us a
number of exciting development opportunities across the Veritas
Group."

Eight months later, on May 28 2015, Veritas reported that the
business turnaround was "progressing well, although [it] is
behind schedule. The company advised a break-even position in the
second quarter of the 2016 financial year."

A little over a year later, in August 2016, there was no talk of
'break even'. Now Veritas referred to the performance of Nosh as
"disappointing." Trading losses had widened from NZ$1.19 million
a year earlier, to NZ$1.88 million.

Just four months later and the dream was over with Veritas'
funder, ANZ Bank, demanding that the business be wound down or
sold.

In February of this year, Veritas sold Nosh for NZ$4m, including
an agreement that the new purchaser would pay Nosh's creditors.

"Regardless of that agreement, Bishop Warden believes that Old
NGL and Veritas should pay the creditors. The debts were incurred
under their watch, therefore they should pay up."

Veritas listed on the NZX through a backdoor listing. The company
raised NZ$25 million through a public share offer priced at
NZ$1.30. As at September 7 the shares were trading at NZ$0.12c



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


AUSGROUP LTD: Proposes to Exchange Debt for Shares to Noteholders
-----------------------------------------------------------------
Grace Leong at The Strait Times reports that AusGroup Ltd is
proposing to invite holders of its SGD110 million 7.95% notes due
2018 to exchange any or all of their outstanding notes for new
shares in the company.

The exchange offer started on Sept. 11 and expire at 5:00 p.m. on
Sept. 28, the mainboard-listed frim said in a pre-market filing,
the report relates. The settlement date of the exchange offer is
expected to be Sept. 29.

According to the Strait Times, the maximum sum involved in the
exchange offer is SGD5.55 million, which includes interest
accrued on notes accepted for exchange by AusGroup, from and
including Sept 20. This is based on the assumption that the
maximum number of notes are validly offered for exchange under
the exchange offer by Sept. 28, and are accepted for exchange by
the company on Sept. 29, the report says.

AusGroup may potentially issue up to 95.7 million new shares to
noteholders in satisfaction of the maximum exchange sum without
exceeding the general share issue mandate, the report notes.

Shareholders should note that the description of the principal
terms of the exchange offer is indicative only and that the terms
of the offer are subject to changes the company may deem fit,
AusGroup, as cited by The Strait Times, said. The final terms of
the exchange offer will be contained in a letter to noteholders
and its accompanying documents.

The Strait Times adds that the company said the purpose of the
exchange offer is to build on the success of its business
restructuring, and to improve its net asset position on its
balance sheet by reducing debt and increasing paid-up capital.

It is also aimed at reducing interest costs; improving its
ability to raise funds from financial markets and improving its
ability to win new contracts from potential customers, The Strait
Times reports.

AusGroup Ltd (SGX:5GJ) -- http://www.agc-ausgroup.com/--
provides fabrication and manufacturing, construction,
scaffolding, insulation, painting, refractory and maintenance
services to natural resource development companies in Australia,
Singapore, and Thailand.



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


* APAC SF Ratings Remain Stable Throughout 2016, Fitch Says
-----------------------------------------------------------
Structured finance (SF) ratings in Asia-Pacific remained largely
stable throughout 2016, supported by strong local economies, says
Fitch Ratings. Over 98% of ratings outstanding at the beginning
of 2016 were either affirmed or paid in full during the year, as
regional economies continued to support obligors in their ability
to service debt.

Five tranches were upgraded during 2016 and four were downgraded.
Most upgrades followed growth in credit enhancement, in some
cases combined with better-than-Fitch-expected asset performance.
A change in counterparty eligibility was another contributory
factor in one case. None of the downgrades resulted from
deteriorating asset performance: three were driven by transaction
structures that left the affected notes exposed to tail risk and
the fourth followed a similar rating action on a transaction
counterparty.

No Asia-Pacific SF ratings were impaired in 2016. This was the
third consecutive year in which no ratings were downgraded to
'CC' or below.

Fitch has Stable Outlooks on all Asia-Pacific SF asset classes.
The agency also has a Stable Outlook on most individual tranches:
the exceptions are two classes on Positive Outlook - one Chinese
ABS tranche and one structured credit tranche.


* BOND PRICING: For the Week Sept. 4 to Sept. 8, 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 MANAGEMEN     7.00    04/01/21      USD    20.38
BOART LONGYEAR MANAGEMEN     7.00    04/01/21      USD    20.38
HILLGROVE RESOURCES LTD      6.00    12/20/19      AUD     2.65
KEYBRIDGE CAPITAL LTD        7.00    07/31/20      AUD     0.74
LAKES OIL NL                10.00    05/31/18      AUD     4.01
MIDWEST VANADIUM PTY LTD    11.50    02/15/18      USD     2.11
MIDWEST VANADIUM PTY LTD    11.50    02/15/18      USD     2.11
PALADIN ENERGY LTD           7.00    03/31/20      USD    55.38
PALADIN ENERGY LTD           6.00    09/30/17      USD    56.25
QUINTIS LTD                  8.75    08/01/23      USD    75.00
QUINTIS LTD                  8.75    08/01/23      USD    75.00
QUINTIS LTD                  8.75    08/01/23      USD    75.00
RELIANCE RAIL FINANCE PT     2.06    09/26/23      AUD    59.54
TREASURY CORP OF VICTORI     0.50    11/12/30      AUD    70.64


CHINA
-----

AKESU XINCHENG ASSET INV     7.50    10/10/18      CNY    50.52
ALXA LEAGUE INFRASTRUCTU     6.40    03/14/20      CNY    60.83
ANKANG DEVELOPMENT & INV     6.35    03/06/20      CNY    60.55
ANQING ECONOMIC&TECHNOLO     6.00    06/18/20      CNY    60.56
ANQING ECONOMIC&TECHNOLO     6.00    06/18/20      CNY    60.58
ANQING URBAN CONSTRUCTIO     6.76    12/31/19      CNY    61.11
ANQING URBAN CONSTRUCTIO     6.76    12/31/19      CNY    61.60
ANSHAN CITY CONSTRUCTION     8.25    03/05/19      CNY    41.17
ANSHAN CITY CONSTRUCTION     6.39    04/25/20      CNY    60.77
ANSHAN CITY CONSTRUCTION     6.39    04/25/20      CNY    60.83
ANSHUN STATE-RUN ASSETS      6.98    01/10/20      CNY    61.09
ANYANG INVESTMENT GROUP      8.00    04/17/19      CNY    41.18
BAICHENG ZHONGXING URBAN     7.00    12/18/19      CNY    60.48
BAISHAN URBAN CONSTRUCTI     7.00    07/31/19      CNY    40.25
BAIYIN CITY DEVELOPMENT      6.78    07/19/20      CNY    60.80
BAODING NATIONAL HI-TECH     7.33    12/24/19      CNY    61.17
BAOJI INVESTMENT GROUP C     7.14    12/26/18      CNY    50.57
BAOJI INVESTMENT GROUP C     7.14    12/26/18      CNY    50.69
BAOSHAN STATE-OWNED ASSE     7.30    12/10/19      CNY    60.66
BAOSHAN STATE-OWNED ASSE     7.30    12/10/19      CNY    61.14
BAOTOU STATE OWNED ASSET     7.03    09/17/19      CNY    61.15
BAYANNUR URBAN DEVELOPME     6.40    03/15/20      CNY    60.97
BAYINGUOLENG INNER MONGO     7.48    09/10/18      CNY    25.47
BEIJING BIOMEDICINE INDU     6.35    07/23/20      CNY    60.30
BEIJING BIOMEDICINE INDU     6.35    07/23/20      CNY    61.26
BEIJING CAPITAL DEVELOPM     5.95    05/29/19      CNY    40.47
BEIJING CAPITAL DEVELOPM     7.19    01/15/21      CNY    74.42
BEIJING CHAOYANG STATE-O     5.25    03/27/20      CNY    60.12
BEIJING CHAOYANG STATE-O     5.25    03/27/20      CNY    60.62
BEIJING CONSTRUCTION ENG     5.95    07/05/19      CNY    40.53
BEIJING ECONOMIC TECHNOL     5.29    03/06/18      CNY    39.97
BEIJING GUCAI GROUP CO L     6.60    09/06/20      CNY    61.36
BEIJING GUCAI GROUP CO L     6.60    09/06/20      CNY    61.40
BEIJING GUCAI GROUP CO L     8.28    12/15/18      CNY    71.78
BEIJING HAIDIAN STATE-OW     5.50    08/07/20      CNY    59.90
BEIJING JINGMEI GROUP CO     6.14    09/09/20      CNY    60.68
BEIJING TIANLUTONG TECHN     8.50    10/23/17      CNY   100.37
BEIJING XINGZHAN STATE O     6.48    08/31/19      CNY    40.50
BEIJING XINGZHAN STATE O     6.48    08/31/19      CNY    40.74
BENGBU URBAN INVESTMENT      6.30    09/11/20      CNY    61.34
BIJIE XINTAI INVESTMENT      7.15    08/20/19      CNY    41.03
BINZHOU BINCHENG DISTRIC     6.50    07/05/19      CNY    40.00
BINZHOU BINCHENG DISTRIC     6.50    07/05/19      CNY    40.52
BINZHOU URBAN CONSTRUCTI     6.15    07/12/20      CNY    61.02
BORALA MONGOL AUTONOMOUS     7.18    08/09/20      CNY    61.82
BORALA MONGOL AUTONOMOUS     7.18    08/09/20      CNY    62.09
C&D REAL ESTATE CO LTD       6.15    04/03/20      CNY    60.73
CANGZHOU CONSTRUCTION &      6.72    01/23/20      CNY    61.25
CHANGDE CITY CONSTRUCTIO     6.50    02/25/20      CNY    61.48
CHANGDE CITY CONSTRUCTIO     6.50    02/25/20      CNY    61.61
CHANGDE ECONOMIC DEVELOP     7.19    09/12/19      CNY    61.11
CHANGDE ECONOMIC DEVELOP     7.19    09/12/19      CNY    61.21
CHANGJIZHOU STATE OWNED      6.00    06/03/19      CNY    50.45
CHANGJIZHOU STATE OWNED      6.00    06/03/19      CNY    50.50
CHANGSHA CITY CONSTRUCTI     6.95    04/24/19      CNY    40.99
CHANGSHA CITY CONSTRUCTI     6.95    04/24/19      CNY    41.13
CHANGSHA COUNTY XINGCHEN     8.35    04/06/19      CNY    41.37
CHANGSHA ECONOMIC & TECH     8.45    04/13/22      CNY    74.35
CHANGSHA PILOT INVESTMEN     6.70    12/10/19      CNY    61.20
CHANGSHA PILOT INVESTMEN     6.70    12/10/19      CNY    61.31
CHANGSHU BINJIANG URBAN      6.85    04/27/19      CNY    40.72
CHANGSHU BINJIANG URBAN      6.85    04/27/19      CNY    40.75
CHANGSHU CITY OPERATION      8.00    01/16/19      CNY    40.96
CHANGSHU DEVELOPMENT INV     5.80    04/19/20      CNY    60.71
CHANGXING URBAN CONSTRUC     6.80    11/30/19      CNY    60.77
CHANGXING URBAN CONSTRUC     6.80    11/30/19      CNY    61.08
CHANGYI ECONOMIC AND DEV     7.35    10/30/20      CNY    72.26
CHANGYI ECONOMIC AND DEV     7.35    10/30/20      CNY    72.50
CHANGZHI CITY CONSTRUCTI     6.46    02/26/20      CNY    60.84
CHANGZHOU HI-TECH GROUP      6.18    03/21/20      CNY    60.68
CHANGZHOU HI-TECH GROUP      6.18    03/21/20      CNY    62.00
CHANGZHOU JINTAN DISTRIC     8.30    03/14/19      CNY    41.23
CHANGZHOU JINTAN DISTRIC     6.38    04/26/20      CNY    60.75
CHANGZHOU JINTAN DISTRIC     6.38    04/26/20      CNY    60.84
CHANGZHOU WUJIN CITY CON     6.22    06/08/18      CNY    25.18
CHANGZHOU WUJIN CITY CON     6.22    06/08/18      CNY    25.19
CHAOHU URBAN TOWN CONSTR     7.00    12/24/19      CNY    61.05
CHAOHU URBAN TOWN CONSTR     7.00    12/24/19      CNY    61.05
CHAOYANG CONSTRUCTION IN     7.30    05/25/19      CNY    40.58
CHENGDU CITY DEVELOPMENT     6.18    01/14/20      CNY    61.01
CHENGDU ECONOMIC&TECHNOL     6.50    07/17/18      CNY    25.24
CHENGDU ECONOMIC&TECHNOL     6.50    07/17/18      CNY    25.24
CHENGDU ECONOMIC&TECHNOL     6.55    07/17/19      CNY    40.77
CHENGDU ECONOMIC&TECHNOL     6.55    07/17/19      CNY    40.77
CHENGDU HI-TECH INVESTME     6.28    11/20/19      CNY    60.77
CHENGDU XINCHENG XICHENG     8.35    03/19/19      CNY    41.07
CHENGDU XINDU XIANGCHENG     8.60    12/13/18      CNY    71.84
CHENGDU XINGCHENG INVEST     6.17    01/28/20      CNY    60.96
CHENGDU XINGJIN URBAN CO     7.30    11/27/19      CNY    61.16
CHENGDU XINGJIN URBAN CO     7.30    11/27/19      CNY    61.52
CHENZHOU URBAN CONSTRUCT     7.34    09/13/19      CNY    61.27
CHENZHOU URBAN CONSTRUCT     7.34    09/13/19      CNY    61.32
CHENZHOU XINTIAN INVESTM     6.30    07/17/20      CNY    60.82
CHENZHOU XINTIAN INVESTM     6.30    07/17/20      CNY    80.60
CHIFENG CITY HONGSHAN IN     7.20    07/25/19      CNY    40.74
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    69.60
CHINA GOVERNMENT BOND        1.64    12/15/33      CNY    70.69
CHINA SECURITY & FIRE CO     4.45    11/11/19      CNY    71.02
CHIZHOU CITY MANAGEMENT      7.17    10/17/19      CNY    61.01
CHIZHOU CITY MANAGEMENT      7.17    10/17/19      CNY    61.90
CHONGQING BEIFEI INDUSTR     7.13    12/25/19      CNY    61.37
CHONGQING CHANGSHOU DEVE     7.45    09/25/19      CNY    61.15
CHONGQING CHANGSHOU DEVE     7.45    09/25/19      CNY    61.15
CHONGQING CITY CONSTRUCT     5.12    05/21/20      CNY    59.94
CHONGQING CITY CONSTRUCT     5.12    05/21/20      CNY    59.95
CHONGQING DASUN ASSET DE     6.98    09/10/20      CNY    61.27
CHONGQING DAZU DISTRICT      6.75    04/26/20      CNY    60.65
CHONGQING DAZU DISTRICT      6.75    04/26/20      CNY    61.12
CHONGQING FULING DISTRIC     8.40    03/23/19      CNY    72.15
CHONGQING FULING DISTRIC     8.40    03/23/19      CNY    72.16
CHONGQING FULING STATE-O     6.39    01/21/20      CNY    60.62
CHONGQING FULING STATE-O     6.39    01/21/20      CNY    61.57
CHONGQING HECHUAN INDUST     6.19    06/17/20      CNY    60.73
CHONGQING HECHUAN INDUST     6.19    06/17/20      CNY    60.82
CHONGQING HECHUAN RURAL      8.28    04/10/18      CNY    25.34
CHONGQING HECHUAN URBAN      6.95    01/06/18      CNY    40.17
CHONGQING HONGRONG CAPIT     7.20    10/16/19      CNY    61.18
CHONGQING HONGRONG CAPIT     7.20    10/16/19      CNY    61.27
CHONGQING HONGYE INDUSTR     6.30    06/03/20      CNY    60.90
CHONGQING HONGYE INDUSTR     6.30    06/03/20      CNY    61.00
CHONGQING JIANGJIN HUAXI     6.95    01/06/18      CNY    40.25
CHONGQING JIANGJIN HUAXI     7.46    09/21/19      CNY    61.18
CHONGQING JIANGJIN HUAXI     7.46    09/21/19      CNY    61.34
CHONGQING JINYUN ASSET M     6.75    06/18/19      CNY    40.51
CHONGQING JINYUN ASSET M     6.75    06/18/19      CNY    40.55
CHONGQING LAND PROPERTIE     7.35    04/25/19      CNY    41.01
CHONGQING LAND PROPERTIE     6.30    08/22/20      CNY    61.52
CHONGQING MAIRUI CITY IN     6.82    08/17/19      CNY    40.95
CHONGQING NAN'AN URBAN C     6.29    12/24/17      CNY    40.00
CHONGQING NAN'AN URBAN C     6.29    12/24/17      CNY    40.06
CHONGQING NAN'AN URBAN C     8.20    04/09/19      CNY    41.07
CHONGQING NANCHUAN DISTR     7.35    09/06/19      CNY    40.96
CHONGQING NANCHUAN DISTR     7.35    09/06/19      CNY    41.10
CHONGQING NANFA URBAN CO     6.43    04/27/20      CNY    60.27
CHONGQING NANFA URBAN CO     6.43    04/27/20      CNY    60.99
CHONGQING QIANJIANG CITY     8.40    03/23/19      CNY    72.09
CHONGQING QIANJIANG CITY     8.40    03/23/19      CNY    72.10
CHONGQING QIJIANG EAST N     6.75    01/29/20      CNY    60.37
CHONGQING SHUANGQIAO ECO     6.75    04/26/20      CNY    61.00
CHONGQING SHUANGQIAO ECO     6.75    04/26/20      CNY    61.18
CHONGQING THREE GORGES I     6.40    01/23/19      CNY    49.80
CHONGQING THREE GORGES I     6.40    01/23/19      CNY    50.33
CHONGQING WANSHENG ECO T     6.39    04/17/20      CNY    60.50
CHONGQING WANSHENG ECO T     6.39    04/17/20      CNY    60.78
CHONGQING XINGRONG HOLDI     8.35    04/19/19      CNY    41.27
CHONGQING XINGRONG HOLDI     8.35    04/19/19      CNY    41.35
CHONGQING XIYONG MICRO-E     6.76    07/25/19      CNY    40.84
CHONGQING YONGCHUAN HUIT     7.49    03/14/18      CNY    40.47
CHONGQING YONGCHUAN HUIT     7.33    10/16/19      CNY    61.00
CHONGQING YONGCHUAN HUIT     7.33    10/16/19      CNY    61.24
CHONGQING YUFU HOLDING G     6.50    09/04/19      CNY    40.91
CHONGQING YULONG ASSET M     6.87    05/31/19      CNY    40.77
CHONGQING YUXING CONSTRU     7.29    12/08/17      CNY    40.20
CHONGQING YUXING CONSTRU     7.30    12/10/19      CNY    61.35
CHONGQING YUXING CONSTRU     7.30    12/10/19      CNY    61.36
CHUXIONG AUTONOMOUS DEVE     6.08    10/18/17      CNY    50.00
CHUXIONG AUTONOMOUS DEVE     6.60    03/29/20      CNY    59.71
CHUZHOU CITY CONSTRUCTIO     6.81    11/23/19      CNY    61.24
CHUZHOU CITY CONSTRUCTIO     6.81    11/23/19      CNY    61.29
CHUZHOU TONGCHUANG CONST     7.05    01/09/20      CNY    61.21
CIXI STATE OWNED ASSET I     6.60    09/20/19      CNY    60.87
CIXI STATE OWNED ASSET I     6.60    09/20/19      CNY    61.05
DALI ECONOMIC DEVELOPMEN     8.80    04/24/19      CNY    41.44
DALIAN CHANGXING ISLAND      6.60    01/25/20      CNY    60.20
DALIAN CHANGXING ISLAND      6.60    01/25/20      CNY    60.79
DALIAN DETA INVESTMENT C     6.50    11/15/19      CNY    60.86
DALIAN LVSHUN CONSTRUCTI     6.78    07/02/19      CNY    40.00
DALIAN LVSHUN CONSTRUCTI     6.78    07/02/19      CNY    40.60
DALIAN RONGQIANG INVESTM     8.60    03/30/19      CNY    71.13
DANDONG CITY DEVELOPMENT     6.63    12/21/18      CNY    70.20
DANYANG INVESTMENT GROUP     8.10    03/06/19      CNY    41.09
DAQING GAOXIN STATE-OWNE     6.88    12/05/19      CNY    61.03
DAQING URBAN CONSTRUCTIO     6.55    10/23/19      CNY    60.75
DASHIQIAO URBAN CONSTRUC     6.58    02/21/20      CNY    60.65
DASHIQIAO URBAN CONSTRUC     6.58    02/21/20      CNY    60.80
DAXING ANLING FORESTRY G     7.08    10/23/19      CNY    60.91
DAXING ANLING FORESTRY G     7.08    10/23/19      CNY    60.91
DAZHOU INVESTMENT CO LTD     6.99    12/25/19      CNY    61.07
DEYANG CITY CONSTRUCTION     6.99    12/26/19      CNY    61.15
DEYANG CITY CONSTRUCTION     6.99    12/26/19      CNY    61.19
DEZHOU DEDA URBAN CONSTR     7.14    10/18/19      CNY    61.58
DONGTAI COMMUNICATION IN     7.39    07/05/18      CNY    25.28
DONGTAI UBAN CONSTRUCTIO     7.10    12/26/19      CNY    61.07
DONGTAI UBAN CONSTRUCTIO     7.10    12/26/19      CNY    61.31
DRILL RIGS HOLDINGS INC      6.50    10/01/17      USD    19.00
DRILL RIGS HOLDINGS INC      6.50    10/01/17      USD    26.50
ENSHI URBAN CONSTRUCTION     7.55    10/22/19      CNY    61.48
ERDOS DONGSHENG CITY DEV     8.40    02/28/18      CNY    25.05
EZHOU CITY CONSTRUCTION      7.08    06/19/19      CNY    40.84
FEICHENG CITY ASSETS MAN     7.10    08/14/18      CNY    25.49
FENGHUA CITY INVESTMENT      7.45    09/24/19      CNY    61.29
FENGHUA CITY INVESTMENT      7.45    09/24/19      CNY    61.60
FORESEA LIFE INSURANCE C     6.25    09/30/25      CNY    68.93
FUJIAN JINJIANG URBAN CO     6.35    04/26/20      CNY    61.10
FUJIAN LONGYAN CITY CONS     7.45    08/14/19      CNY    41.06
FUJIAN NANPING HIGHWAY C     6.69    01/28/20      CNY    60.95
FUJIAN NANPING HIGHWAY C     6.69    01/28/20      CNY    60.98
FUJIAN NANPING HIGHWAY C     7.90    10/26/18      CNY    71.30
FUQING CITY STATE-OWNED      6.66    03/01/21      CNY    72.30
FUSHUN URBAN INVESTMENT      5.95    05/11/18      CNY    40.07
FUSHUN URBAN INVESTMENT      8.53    03/22/22      CNY    73.92
FUSHUN URBAN INVESTMENT      8.53    03/22/22      CNY    74.44
FUXIN INFRASTRUCTURE CON     7.55    10/10/19      CNY    61.08
FUXIN INFRASTRUCTURE CON     7.55    10/10/19      CNY    61.37
FUZHOU INVESTMENT DEVELO     6.78    01/16/20      CNY    60.55
FUZHOU INVESTMENT DEVELO     6.78    01/16/20      CNY    61.28
FUZHOU URBAN AND RURAL C     6.35    09/25/18      CNY    50.28
GANSU PROVINCIAL HIGHWAY     6.75    11/16/18      CNY    70.68
GANSU PROVINCIAL HIGHWAY     7.20    09/19/18      CNY    70.88
GANZHOU CITY DEVELOPMENT     6.40    07/10/18      CNY    25.25
GANZHOU DEVELOPMENT ZONE     6.70    12/26/18      CNY    50.58
GAOMI STATE-OWNED ASSETS     6.75    11/15/18      CNY    50.33
GAOMI STATE-OWNED ASSETS     6.75    11/15/18      CNY    50.66
GAOMI STATE-OWNED ASSETS     6.70    11/15/19      CNY    60.76
GAOMI STATE-OWNED ASSETS     6.70    11/15/19      CNY    60.93
GONGYI STATE OWNED ASSET     6.70    01/18/20      CNY    60.30
GONGYI STATE OWNED ASSET     6.70    01/18/20      CNY    60.58
GUANG ZHOU PANYU COMMUNI     6.30    04/12/19      CNY    49.85
GUANG ZHOU PANYU COMMUNI     6.30    04/12/19      CNY    50.47
GUANGAN INVESTMENT HOLDI     8.18    04/25/19      CNY    41.24
GUANGXI BAISE DEVELOPMEN     6.50    07/04/19      CNY    40.55
GUANGXI BAISE DEVELOPMEN     6.50    07/04/19      CNY    40.61
GUANGXI LAIBIN URBAN CON     8.36    03/14/19      CNY    72.07
GUANGYUAN INVESTMENT HOL     7.25    11/26/19      CNY    61.15
GUANGZHOU ECONOMIC & TEC     6.70    08/14/22      CNY    72.60
GUANGZHOU ECONOMIC & TEC     6.70    08/14/22      CNY    73.34
GUILIN ECONOMIC CONSTRUC     6.90    05/09/18      CNY    25.37
GUIYANG ECO&TECH DEVELOP     8.42    03/27/19      CNY    41.30
GUIYANG JINYANG CONSTRUC     6.70    10/24/18      CNY    49.98
GUIYANG JINYANG CONSTRUC     6.70    10/24/18      CNY    50.46
GUIYANG PUBLIC RESIDENTI     6.70    11/06/19      CNY    60.80
GUIYANG PUBLIC RESIDENTI     6.70    11/06/19      CNY    60.97
GUIYANG URBAN DEVELOPMEN     6.20    02/28/20      CNY    60.17
GUOAO INVESTMENT DEVELOP     6.89    10/29/18      CNY    47.11
GUOAO INVESTMENT DEVELOP     6.89    10/29/18      CNY    50.33
HAIAN COUNTY CITY CONSTR     8.35    03/28/18      CNY    25.43
HAICHENG URBAN INVESTMEN     8.39    11/07/18      CNY    71.47
HAILAR URBAN INFRASTRUCT     6.20    05/14/20      CNY    60.00
HAILAR URBAN INFRASTRUCT     6.20    05/14/20      CNY    60.91
HAIMEN CITY DEVELOPMENT      8.35    03/20/19      CNY    40.98
HAIMEN CITY DEVELOPMENT      8.35    03/20/19      CNY    41.19
HAINING STATE-OWNED ASSE     6.08    03/06/20      CNY    61.50
HAINING STATE-OWNED ASSE     7.80    09/20/18      CNY    71.09
HAINING STATE-OWNED ASSE     7.80    09/20/18      CNY    71.10
HAIYAN COUNTY STATE-OWNE     7.00    09/04/20      CNY    62.66
HAIYAN COUNTY STATE-OWNE     7.00    09/04/20      CNY    82.42
HANDAN CITY CONSTRUCTION     7.05    12/24/19      CNY    61.46
HANGZHOU CANAL COMPREHEN     6.00    04/02/20      CNY    60.95
HANGZHOU CANAL COMPREHEN     6.00    04/02/20      CNY    61.00
HANGZHOU HIGH-TECH INDUS     6.45    01/28/20      CNY    60.68
HANGZHOU HIGH-TECH INDUS     6.45    01/28/20      CNY    60.98
HANGZHOU MUNICIPAL CONST     5.90    04/25/18      CNY    25.07
HANGZHOU MUNICIPAL CONST     5.90    04/25/18      CNY    25.23
HANGZHOU XIAOSHAN ECO&TE     6.70    12/26/18      CNY    50.30
HANGZHOU XIAOSHAN ECO&TE     6.70    12/26/18      CNY    50.69
HANGZHOU YUHANG CITY CON     7.55    03/29/19      CNY    40.25
HANGZHOU YUHANG CITY CON     7.55    03/29/19      CNY    40.90
HANGZHOU YUHANG INNOVATI     6.50    03/18/20      CNY    61.22
HANGZHOU YUHANG INNOVATI     6.50    03/18/20      CNY    61.45
HANZHONG CITY CONSTRUCTI     7.48    03/14/18      CNY    40.51
HARBIN HELI INVESTMENT H     7.48    09/26/18      CNY    70.89
HARBIN HELI INVESTMENT H     7.48    09/26/18      CNY    70.91
HARBIN WATER INVESTMENT      5.70    05/06/20      CNY    60.56
HEBEI SHUNDE INVESTMENT      6.98    12/05/19      CNY    61.27
HEFEI BINHU NEW ZONE CON     6.35    06/13/19      CNY    70.97
HEFEI BINHU NEW ZONE CON     6.35    06/13/19      CNY    71.00
HEFEI GAOXIN DEVELOPMENT     7.98    03/22/19      CNY    71.72
HEFEI GAOXIN DEVELOPMENT     7.98    03/22/19      CNY    72.10
HEFEI HAIHENG INVESTMENT     7.30    06/12/19      CNY    40.55
HEFEI HAIHENG INVESTMENT     7.30    06/12/19      CNY    40.97
HEFEI INDUSTRIAL INVESTM     6.30    03/20/20      CNY    61.08
HEFEI TAOHUA INDUSTRIAL      8.79    03/27/19      CNY    41.25
HEFEI XINCHENG STATE-OWN     7.88    04/23/19      CNY    40.99
HEGANG KAIYUAN CITY INVE     6.50    07/19/19      CNY    40.41
HEIHE CITY CONSTRUCTION      8.48    03/23/19      CNY    72.08
HEILONGJIANG HECHENG CON     7.05    06/21/22      CNY    70.74
HENAN JIYUAN CITY CONSTR     7.50    09/25/19      CNY    61.25
HENGYANG CITY CONSTRUCTI     7.06    08/13/19      CNY    41.18
HENGYANG HONGXIANG STATE     6.20    06/19/20      CNY    60.76
HENGYANG HONGXIANG STATE     6.20    06/19/20      CNY    60.97
HEYUAN CITY URBAN DEVELO     6.55    03/19/20      CNY    60.67
HEYUAN CITY URBAN DEVELO     6.55    03/19/20      CNY    60.88
HONGHEZHOU ROAD DEVELOPM     6.27    05/06/20      CNY    60.77
HUAIAN CITY URBAN ASSET      6.87    12/26/19      CNY    61.31
HUAIAN CITY WATER ASSET      8.25    03/08/19      CNY    41.21
HUAI'AN DEVELOPMENT HOLD     7.20    09/06/19      CNY    41.04
HUAI'AN DEVELOPMENT HOLD     7.20    09/06/19      CNY    41.44
HUAIAN QINGHE NEW AREA I     6.68    01/24/20      CNY    60.83
HUAIAN QINGHE NEW AREA I     6.68    01/24/20      CNY    60.97
HUAIBEI CITY CONSTRUCTIO     6.68    12/17/18      CNY    50.00
HUAIBEI CITY CONSTRUCTIO     6.68    12/17/18      CNY    50.45
HUAIHUA CITY CONSTRUCTIO     8.00    03/22/18      CNY    25.32
HUANGGANG CITY CONSTRUCT     7.10    10/19/19      CNY    61.10
HUANGGANG CITY CONSTRUCT     7.10    10/19/19      CNY    61.23
HUANGSHI URBAN CONSTRUCT     6.96    10/25/19      CNY    61.03
HUIAN STATE ASSETS INVES     7.50    10/15/19      CNY    61.00
HUIAN STATE ASSETS INVES     7.50    10/15/19      CNY    61.16
HUNAN CHANGDE DEYUAN INV     7.18    10/18/18      CNY    50.58
HUNAN CHANGDE DEYUAN INV     7.18    10/18/18      CNY    50.61
HUNAN CHENGLINGJI HARBOR     7.70    10/15/18      CNY    50.62
HUNAN CHENGLINGJI HARBOR     7.70    10/15/18      CNY    50.70
HUNAN ZHAOSHAN ECONOMIC      7.00    12/12/18      CNY    50.51
HUNAN ZHAOSHAN ECONOMIC      7.00    12/12/18      CNY    50.70
HUZHOU NANXUN STATE-OWNE     8.15    03/31/19      CNY    41.04
HUZHOU URBAN INVESTMENT      7.02    12/21/17      CNY    40.17
HUZHOU URBAN INVESTMENT      6.70    12/14/19      CNY    61.21
HUZHOU WUXING NANTAIHU C     7.71    02/17/18      CNY    40.40
INNER MONGOLIA HIGH-TECH     7.20    09/25/19      CNY    60.90
INNER MONGOLIA ZHUNGEER      6.94    05/10/18      CNY    50.53
JIAMUSI NEW ERA INFRASTR     8.25    03/22/19      CNY    40.85
JIAN CITY CONSTRUCTION I     7.80    04/20/19      CNY    40.21
JIAN CITY CONSTRUCTION I     7.80    04/20/19      CNY    41.12
JIANAN INVESTMENT HOLDIN     7.68    09/04/19      CNY    41.44
JIANGDONG HOLDING GROUP      6.90    03/27/19      CNY    40.48
JIANGMEN CITY BINJIANG C     6.60    02/28/20      CNY    60.25
JIANGMEN CITY BINJIANG C     6.60    02/28/20      CNY    60.62
JIANGSU HANRUI INVESTMEN     8.16    03/01/19      CNY    40.69
JIANGSU HUAJING ASSETS M     5.68    09/28/17      CNY    25.01
JIANGSU HUAJING ASSETS M     6.00    05/16/20      CNY    60.64
JIANGSU JINGUAN INVESTME     6.40    01/28/19      CNY    49.88
JIANGSU JURONG FUDI BIO-     8.70    04/26/19      CNY    72.11
JIANGSU LIANYUN DEVELOPM     6.10    06/19/19      CNY    40.33
JIANGSU NANJING PUKOU EC     7.10    10/08/19      CNY    60.00
JIANGSU NANJING PUKOU EC     7.10    10/08/19      CNY    60.92
JIANGSU NEWHEADLINE DEVE     7.00    08/27/20      CNY    56.61
JIANGSU NEWHEADLINE DEVE     7.00    08/27/20      CNY    56.65
JIANGSU SUHAI INVESTMENT     7.20    11/07/19      CNY    60.95
JIANGSU TAICANG PORT DEV     7.66    05/16/19      CNY    41.08
JIANGSU WUZHONG ECONOMIC     8.05    12/16/18      CNY    71.47
JIANGSU WUZHONG ECONOMIC     8.05    12/16/18      CNY    71.51
JIANGSU XISHAN ECONOMIC      6.99    11/01/19      CNY    61.07
JIANGSU XISHAN ECONOMIC      6.99    11/01/19      CNY    71.00
JIANGSU ZHANGJIAGANG ECO     6.98    11/16/19      CNY    61.33
JIANGXI HEJI INVESTMENT      8.00    09/04/19      CNY    41.32
JIANGXI HEJI INVESTMENT      8.00    09/04/19      CNY    41.44
JIANGYAN STATE OWNED ASS     6.85    12/03/19      CNY    60.40
JIANGYAN STATE OWNED ASS     6.85    12/03/19      CNY    61.08
JIANGYIN CITY CONSTRUCTI     7.20    06/11/19      CNY    41.09
JIANGYIN GAOXIN DISTRICT     7.31    04/25/18      CNY    50.79
JIANGYIN GAOXIN DISTRICT     6.60    02/27/20      CNY    60.99
JIANHU URBAN CONSTRUCTIO     6.50    02/22/20      CNY    60.63
JIANHU URBAN CONSTRUCTIO     6.50    02/22/20      CNY    60.75
JIASHAN STATE-OWNED ASSE     6.80    06/06/19      CNY    41.17
JIAXING CULTURE FAMOUS C     8.16    03/08/19      CNY    41.12
JIAXING ECONOMIC&TECHNOL     6.78    06/14/19      CNY    40.62
JIAXING ECONOMIC&TECHNOL     6.78    06/14/19      CNY    40.77
JILIN CITY CONSTRUCTION      6.34    02/26/20      CNY    60.85
JILIN CITY CONSTRUCTION      6.34    02/26/20      CNY    61.09
JILIN RAILWAY INVESTMENT     6.63    06/26/19      CNY    71.49
JILIN RAILWAY INVESTMENT     6.63    06/26/19      CNY    71.98
JINAN CITY CONSTRUCTION      6.98    03/26/18      CNY    25.24
JINAN XIAOQINGHE DEVELOP     7.15    09/05/19      CNY    41.18
JINGDEZHEN STATE-OWNED A     7.48    03/23/18      CNY    50.55
JINGDEZHEN STATE-OWNED A     6.59    06/25/20      CNY    61.28
JINGDEZHEN STATE-OWNED A     6.59    06/25/20      CNY    61.81
JINGJIANG BINJIANG XINCH     6.80    10/23/18      CNY    50.38
JINGMEN CITY CONSTRUCTIO     6.85    07/09/22      CNY    72.56
JINGZHOU URBAN CONSTRUCT     7.98    04/24/19      CNY    41.16
JINING CITY CONSTRUCTION     8.30    12/31/18      CNY    41.09
JINING CITY YANZHOU DIST     8.50    12/28/17      CNY    25.23
JINING CITY YANZHOU DIST     5.90    05/28/21      CNY    70.72
JINING HI-TECH TOWN CONS     6.60    01/28/20      CNY    60.95
JINING HI-TECH TOWN CONS     6.60    01/28/20      CNY    61.05
JINING WATER SUPPLY GROU     7.18    01/22/20      CNY    61.45
JINSHAN STATE-OWNED ASSE     6.65    11/27/19      CNY    61.09
JINZHONG CITY PUBLIC INF     6.50    03/18/20      CNY    60.96
JINZHOU CITY INVESTMENT      7.08    06/13/19      CNY    40.67
JINZHOU CITY INVESTMENT      7.08    06/13/19      CNY    41.39
JISHOU HUATAI STATE OWNE     7.37    12/12/19      CNY    61.04
JIUJIANG CITY CONSTRUCTI     8.49    02/23/19      CNY    41.25
JIUJIANG FUHE CONSTRUCTI     6.10    03/19/19      CNY    49.94
JIUJIANG FUHE CONSTRUCTI     6.10    03/19/19      CNY    50.13
JIUJIANG STATE-OWNED ASS     6.68    03/07/20      CNY    60.50
JIUJIANG STATE-OWNED ASS     6.68    03/07/20      CNY    61.24
JIXI STATE OWN ASSET MAN     7.18    11/08/19      CNY    60.93
JIXI STATE OWN ASSET MAN     7.18    11/08/19      CNY    60.98
KAIFENG DEVELOPMENT INVE     6.47    07/11/19      CNY    40.65
KARAMAY URBAN CONSTRUCTI     7.15    09/04/19      CNY    41.08
KARAMAY URBAN CONSTRUCTI     7.15    09/04/19      CNY    41.12
KASHI URBAN CONSTRUCTION     7.18    11/27/19      CNY    61.27
KUNMING CITY CONSTRUCTIO     7.60    04/13/18      CNY    25.20
KUNMING CITY CONSTRUCTIO     7.60    04/13/18      CNY    25.23
KUNMING DIANCHI INVESTME     6.50    02/01/20      CNY    61.00
KUNMING INDUSTRIAL DEVEL     6.46    10/23/19      CNY    60.74
KUNMING INDUSTRIAL DEVEL     6.46    10/23/19      CNY    60.78
KUNMING WUHUA DISTRICT S     8.60    03/15/18      CNY    25.50
KUNSHAN ENTREPRENEUR HOL     6.28    11/07/19      CNY    59.88
KUNSHAN ENTREPRENEUR HOL     6.28    11/07/19      CNY    60.65
KUNSHAN HUAQIAO INTERNAT     7.98    12/30/18      CNY    40.84
LAIWU CITY ECONOMIC DEVE     6.50    03/01/18      CNY    30.08
LANZHOU CITY DEVELOPMENT     8.20    12/15/18      CNY    68.09
LEQING CITY STATE OWNED      6.50    06/29/19      CNY    40.20
LEQING CITY STATE OWNED      6.50    06/29/19      CNY    40.67
LESHAN STATE-OWNED ASSET     6.99    03/18/18      CNY    40.24
LESHAN STATE-OWNED ASSET     6.99    03/18/18      CNY    40.38
LIAONING YAODU DEVELOPME     7.35    12/12/19      CNY    60.72
LIAOYANG CITY ASSETS OPE     6.88    06/13/18      CNY    35.28
LIAOYANG CITY ASSETS OPE     7.10    11/13/19      CNY    60.95
LIAOYUAN STATE-OWNED ASS     8.17    03/13/19      CNY    40.55
LIJIANG GUCHENG MANAGEME     6.68    07/26/19      CNY    40.63
LINCANG STATE-OWNED ASSE     6.58    04/11/20      CNY    61.10
LINFEN CITY INVESTMENT G     6.20    05/23/20      CNY    60.86
LINHAI CITY INFRASTRUCTU     6.30    03/21/20      CNY    60.89
LINHAI CITY INFRASTRUCTU     6.30    03/21/20      CNY    61.50
LINYI CITY ASSET MANAGEM     6.68    12/12/19      CNY    61.15
LINYI ECONOMIC DEVELOPME     8.26    09/24/19      CNY    61.82
LINYI INVESTMENT DEVELOP     8.10    03/27/18      CNY    25.36
LISHUI CITY CONSTRUCTION     6.00    05/23/20      CNY    60.55
LISHUI CITY CONSTRUCTION     6.00    05/23/20      CNY    60.81
LISHUI URBAN CONSTRUCTIO     5.80    05/29/20      CNY    60.00
LISHUI URBAN CONSTRUCTIO     5.80    05/29/20      CNY    60.44
LIUPANSHUI DEVELOPMENT I     6.97    12/03/19      CNY    61.22
LIUZHOU DONGCHENG INVEST     8.30    02/15/19      CNY    41.03
LIUZHOU INVESTMENT HOLDI     6.98    08/15/19      CNY    40.90
LIYANG CITY CONSTRUCTION     6.20    03/08/20      CNY    60.60
LIYANG CITY CONSTRUCTION     6.20    03/08/20      CNY    60.83
LIYANG CITY CONSTRUCTION     8.20    11/08/18      CNY    67.95
LONGHAI STATE-OWNED ASSE     8.25    12/02/17      CNY    40.16
LOUDI CITY CONSTRUCTION      7.28    10/19/18      CNY    50.43
LOUDI CITY CONSTRUCTION      7.28    10/19/18      CNY    50.60
LUOHE CITY CONSTRUCTION      6.99    10/30/19      CNY    61.09
LUOYANG CITY DEVELOPMENT     6.89    12/31/19      CNY    61.10
LUOYANG CITY DEVELOPMENT     6.89    12/31/19      CNY    61.37
LUOYANG HIGH NEW TECH IN     6.50    05/30/20      CNY    60.54
MAANSHAN ECONOMIC TECHNO     7.10    12/20/19      CNY    61.69
MEISHAN HONGDA CONSTRUCT     6.56    06/19/20      CNY    59.26
MEISHAN HONGDA CONSTRUCT     6.56    06/19/20      CNY    61.28
MEIZHOU KANGDA HIGHWAY C     6.95    09/10/20      CNY    61.93
MIANYANG INVESTMENT HOLD     7.70    03/26/19      CNY    71.57
MIANYANG INVESTMENT HOLD     7.70    03/26/19      CNY    71.85
MIANYANG SCIENCE TECHNOL     6.30    07/22/18      CNY    27.71
MIANYANG SCIENCE TECHNOL     7.16    05/15/19      CNY    40.96
MINXIXINGHANG STATE-OWNE     6.20    03/26/19      CNY    50.49
MINXIXINGHANG STATE-OWNE     6.20    03/26/19      CNY    50.59
MUDANJIANG STATE-OWNED A     7.08    08/30/19      CNY    40.66
MUDANJIANG STATE-OWNED A     7.08    08/30/19      CNY    40.70
NANAN CITY TRADE INDUSTR     8.50    04/25/19      CNY    41.41
NANCHANG CITY CONSTRUCTI     6.19    02/20/20      CNY    61.00
NANCHANG COUNTY URBAN CO     6.50    07/17/19      CNY    51.39
NANCHANG ECONOMY TECHNOL     6.88    01/09/20      CNY    61.27
NANCHANG MUNICIPAL PUBLI     5.88    02/25/20      CNY    60.39
NANCHANG MUNICIPAL PUBLI     5.88    02/25/20      CNY    60.50
NANCHANG WATER CONSERVAN     6.28    06/21/20      CNY    61.35
NANCHONG DEVELOPMENT INV     6.69    01/28/20      CNY    61.15
NANCHONG ECONOMIC DEVELO     8.16    04/26/19      CNY    41.20
NANJING JIANGNING SCIENC     7.29    04/28/19      CNY    40.50
NANJING JIANGNING SCIENC     7.29    04/28/19      CNY    40.90
NANJING NEW&HIGH TECHNOL     6.94    09/07/19      CNY    40.96
NANJING NEW&HIGH TECHNOL     6.94    09/07/19      CNY    41.80
NANJING STATE OWNED ASSE     5.40    03/06/20      CNY    60.43
NANJING STATE OWNED ASSE     5.40    03/06/20      CNY    60.50
NANJING URBAN CONSTRUCTI     5.68    11/26/18      CNY    50.24
NANJING URBAN CONSTRUCTI     5.68    11/26/18      CNY    50.26
NANJING XINGANG DEVELOPM     6.80    01/08/20      CNY    60.00
NANJING XINGANG DEVELOPM     6.80    01/08/20      CNY    61.59
NANPING CITY WUYI NEW DI     6.70    08/06/20      CNY    61.25
NANTONG CITY GANGZHA DIS     7.15    01/09/20      CNY    61.42
NANTONG CITY GANGZHA DIS     7.15    01/09/20      CNY    62.65
NANTONG CITY TONGZHOU DI     6.80    05/28/19      CNY    40.63
NANTONG CITY TONGZHOU DI     6.80    05/28/19      CNY    40.71
NANTONG ECONOMIC & TECHN     5.80    05/17/20      CNY    60.56
NEIJIANG INVESTMENT HOLD     7.00    07/19/18      CNY    25.24
NEIJIANG INVESTMENT HOLD     7.00    07/19/18      CNY    25.43
NEIMENGGU XINLINGOL XING     7.62    02/25/18      CNY    40.36
NINGBO CITY YINZHOU CITY     6.50    03/18/20      CNY    61.25
NINGBO EASTERN NEW TOWN      6.45    01/21/20      CNY    60.84
NINGBO URBAN CONSTRUCTIO     7.39    03/01/18      CNY    25.32
NINGBO URBAN CONSTRUCTIO     7.39    03/01/18      CNY    25.46
NINGBO ZHENHAI HAIJIANG      6.65    11/28/18      CNY    50.57
NINGDE CITY STATE-OWNED      6.25    10/21/17      CNY     9.96
NONGGONGSHANG REAL ESTAT     6.29    10/11/17      CNY    39.95
PANJIN CONSTRUCTION INVE     7.50    05/17/19      CNY    40.99
PANJIN CONSTRUCTION INVE     7.42    03/01/18      CNY    60.49
PANJIN PETROLEUM HIGH TE     6.95    01/10/20      CNY    60.77
PANJIN PETROLEUM HIGH TE     6.95    01/10/20      CNY    61.01
PEIXIAN STATE-OWNED ASSE     7.20    12/06/19      CNY    61.24
PENGLAI CITY PENGLAIGE T     6.80    01/30/21      CNY    70.93
PENGLAI CITY PENGLAIGE T     6.80    01/30/21      CNY    72.15
PINGDINGSHAN CITY DEVELO     7.86    05/08/19      CNY    41.21
PINGDINGSHAN CITY DEVELO     7.86    05/08/19      CNY    41.26
PINGHU CITY DEVELOPMENT      7.20    09/18/19      CNY    61.12
PINGTAN COMPOSITE EXPERI     6.58    03/15/20      CNY    61.15
PINGXIANG URBAN CONSTRUC     6.89    12/10/19      CNY    60.38
PINGXIANG URBAN CONSTRUC     6.89    12/10/19      CNY    60.38
PIZHOU RUNCHENG ASSET OP     7.55    09/25/19      CNY    61.08
PUER CITY STATE OWNED AS     7.38    06/20/19      CNY    40.74
PUTIAN STATE-OWNED ASSET     8.10    03/21/19      CNY    41.10
PUTIAN STATE-OWNED ASSET     8.10    03/21/19      CNY    41.18
PUYANG INVESTMENT GROUP      6.98    10/29/19      CNY    60.50
PUYANG INVESTMENT GROUP      6.98    10/29/19      CNY    61.06
QIANAN XINGYUAN WATER IN     6.45    07/11/18      CNY    25.30
QIANDONG NANZHOU DEVELOP     8.80    04/27/19      CNY    41.11
QIANDONGNANZHOU KAIHONG      7.80    10/30/19      CNY    61.00
QIANNAN AUTONOMOUS PREFE     6.90    09/04/20      CNY    61.14
QIANXI NANZHOU HONGSHENG     6.99    11/22/19      CNY    60.90
QINGDAO CITY CONSTRUCTIO     6.89    02/16/19      CNY    40.61
QINGDAO CITY CONSTRUCTIO     6.89    02/16/19      CNY    40.71
QINGDAO HUATONG STATE-OW     7.30    04/18/19      CNY    40.81
QINGDAO JIAOZHOU CITY DE     6.59    01/25/20      CNY    61.20
QINGZHOU HONGYUAN PUBLIC     6.50    05/22/19      CNY    20.25
QINGZHOU HONGYUAN PUBLIC     7.25    10/19/18      CNY    50.62
QINGZHOU HONGYUAN PUBLIC     7.25    10/19/18      CNY    51.06
QINGZHOU HONGYUAN PUBLIC     7.35    10/19/19      CNY    61.30
QINGZHOU HONGYUAN PUBLIC     7.35    10/19/19      CNY    61.32
QINHUANGDAO DEVELOPMENT      7.46    10/17/19      CNY    61.01
QINHUANGDAO DEVELOPMENT      7.46    10/17/19      CNY    61.16
QINZHOU BINHAI NEW CITY      7.00    08/27/20      CNY    61.89
QINZHOU BINHAI NEW CITY      7.00    08/27/20      CNY    81.50
QITAIHE CITY CONSTRUCTIO     7.30    10/18/19      CNY    59.84
QUANZHOU QUANGANG PETROC     8.40    04/16/19      CNY    40.96
QUANZHOU QUANGANG PETROC     8.40    04/16/19      CNY    41.05
QUANZHOU TAISHANG INVEST     7.08    12/10/19      CNY    60.42
QUANZHOU TAISHANG INVEST     7.08    12/10/19      CNY    60.70
QUANZHOU URBAN CONSTRUCT     6.48    01/11/20      CNY    61.14
QUJING DEVELOPMENT INVES     7.25    09/06/19      CNY    41.07
QUJING DEVELOPMENT INVES     7.25    09/06/19      CNY    61.17
RIZHAO CITY CONSTRUCTION     5.80    06/06/20      CNY    59.90
RIZHAO CITY CONSTRUCTION     5.80    06/06/20      CNY    60.61
RONGCHENG ECONOMIC DEVEL     6.45    03/18/20      CNY    60.30
RONGCHENG ECONOMIC DEVEL     6.45    03/18/20      CNY    61.28
RUDONG COUNTY DONGTAI SO     7.10    01/31/18      CNY    50.26
RUDONG COUNTY DONGTAI SO     7.45    09/24/19      CNY    60.94
RUDONG COUNTY DONGTAI SO     7.45    09/24/19      CNY    61.32
RUGAO COMMUNICATIONS CON     8.51    01/26/19      CNY    51.37
RUGAO COMMUNICATIONS CON     6.70    02/01/20      CNY    61.18
RUGAO COMMUNICATIONS CON     6.70    02/01/20      CNY    61.35
RUIAN STATE OWNED ASSET      6.93    11/26/19      CNY    60.93
RUSHAN CITY STATE-OWNED      6.90    09/11/20      CNY    61.26
SANMENXIA CITY FINANCIAL     6.68    01/29/20      CNY    60.97
SANMING CITY CONSTRUCTIO     6.40    03/05/20      CNY    60.39
SANMING CITY CONSTRUCTIO     6.40    03/05/20      CNY    60.45
SANMING STATE-OWNED ASSE     6.99    06/14/18      CNY    40.57
SANMING STATE-OWNED ASSE     6.92    12/05/19      CNY    61.25
SHANDONG TAIFENG HOLDING     5.80    03/12/20      CNY    58.97
SHANGHAI BUND GROUP DEVE     6.35    04/24/20      CNY    60.85
SHANGHAI BUND GROUP DEVE     6.35    04/24/20      CNY    61.00
SHANGHAI CHENGTOU CORP       4.63    07/30/19      CNY    39.72
SHANGHAI FENGXIAN NANQIA     6.25    03/05/20      CNY    60.09
SHANGHAI FENGXIAN NANQIA     6.25    03/05/20      CNY    60.82
SHANGHAI JIADING INDUSTR     6.71    10/10/18      CNY    50.21
SHANGHAI JIADING INDUSTR     6.71    10/10/18      CNY    50.31
SHANGHAI JINSHAN URBAN C     6.60    12/21/19      CNY    60.60
SHANGHAI JINSHAN URBAN C     6.60    12/21/19      CNY    61.18
SHANGHAI LUJIAZUI DEVELO     5.79    02/25/19      CNY    70.83
SHANGHAI LUJIAZUI DEVELO     5.79    02/25/19      CNY    70.86
SHANGHAI LUJIAZUI DEVELO     5.98    03/11/19      CNY    70.99
SHANGHAI MINHANG URBAN C     6.48    10/23/19      CNY    60.93
SHANGHAI MINHANG URBAN C     6.48    10/23/19      CNY    61.20
SHANGHAI NANFANG GROUP C     6.70    09/09/19      CNY    51.02
SHANGHAI SONGJIANG TOWN      6.28    08/15/18      CNY    25.05
SHANGHAI SONGJIANG TOWN      6.28    08/15/18      CNY    25.35
SHANGHAI URBAN CONSTRUCT     5.25    11/30/19      CNY    60.21
SHANGLUO CITY CONSTRUCTI     6.75    09/09/19      CNY    50.92
SHANGLUO CITY CONSTRUCTI     7.05    09/09/20      CNY    61.83
SHANGQIU DEVELOPMENT INV     6.60    01/15/20      CNY    60.95
SHANGRAO CITY CONSTRUCTI     7.30    09/10/19      CNY    41.00
SHANGRAO CITY CONSTRUCTI     7.30    09/10/19      CNY    60.70
SHANGYU COMMUNICATIONS I     6.70    09/11/19      CNY    40.96
SHANGYU COMMUNICATIONS I     6.70    09/11/19      CNY    54.55
SHANTOU CITY CONSTRUCTIO     8.57    03/23/22      CNY    74.51
SHANTOU CITY CONSTRUCTIO     8.57    03/23/22      CNY    74.89
SHAOGUAN JINYE DEVELOPME     7.30    10/18/19      CNY    61.27
SHAOXING CHENGBEI XINCHE     6.21    06/11/18      CNY    25.00
SHAOXING CHENGBEI XINCHE     6.21    06/11/18      CNY    25.13
SHAOXING CHENGZHONGCUN R     6.50    01/24/20      CNY    60.48
SHAOXING CHENGZHONGCUN R     6.50    01/24/20      CNY    61.00
SHAOXING HI-TECH INDUSTR     6.75    12/05/18      CNY    50.20
SHAOXING HI-TECH INDUSTR     6.75    12/05/18      CNY    50.62
SHAOXING KEQIAO DISTRICT     6.30    02/26/19      CNY    50.18
SHAOXING KEQIAO DISTRICT     6.30    02/26/19      CNY    50.61
SHAOXING PAOJIANG INDUST     6.90    10/31/19      CNY    60.99
SHAOXING URBAN CONSTRUCT     6.40    11/09/19      CNY    60.50
SHAOXING URBAN CONSTRUCT     6.40    11/09/19      CNY    61.00
SHAOYANG CITY CONSTRUCTI     7.40    09/11/18      CNY    25.44
SHENYANG HEPING DISTRICT     6.85    11/13/19      CNY    60.85
SHENYANG MACHINE TOOL CO     6.50    03/27/18      CNY    58.83
SHENYANG SUJIATUN DISTRI     6.40    06/20/20      CNY    60.62
SHENZHEN LONGGANG DISTRI     6.18    03/27/19      CNY    50.42
SHENZHEN LONGGANG DISTRI     6.18    03/27/19      CNY    50.62
SHIJIAZHUANG REAL ESTATE     5.65    05/15/20      CNY    60.56
SHISHI STATE OWNED INVES     7.40    09/13/19      CNY    61.00
SHISHI STATE OWNED INVES     7.40    09/13/19      CNY    61.12
SHIYAN CITY INFRASTRUCTU     7.98    04/20/19      CNY    41.17
SHOUGUANG JINCAI STATE-O     6.70    10/23/19      CNY    60.97
SHUANGLIU SHINE CHINE CO     8.40    03/16/19      CNY    72.21
SHUANGLIU SHINE CHINE CO     8.48    03/16/19      CNY    72.31
SHUANGLIU SHINE CHINE CO     8.40    03/16/19      CNY    72.50
SHUANGYASHAN DADI CITY C     6.55    12/25/19      CNY    58.50
SHUANGYASHAN DADI CITY C     6.55    12/25/19      CNY    60.62
SHUYANG JINGYUAN ASSET O     6.50    12/03/19      CNY    60.68
SHUYANG JINGYUAN ASSET O     6.50    12/03/19      CNY    60.74
SICHUAN COAL INDUSTRY GR     7.80    09/27/17      CNY    45.00
SICHUAN COAL INDUSTRY GR     7.70    01/09/18      CNY    45.00
SICHUAN DEVELOPMENT HOLD     5.40    11/10/17      CNY    30.03
SONGYUAN URBAN DEVELOPME     7.30    08/29/19      CNY    41.02
SUIFENHE HAIRONG URBAN C     6.60    04/28/20      CNY    60.69
SUINING DEVELOPMENT INVE     6.62    04/25/20      CNY    60.75
SUINING DEVELOPMENT INVE     6.62    04/25/20      CNY    60.97
SUIZHOU DEVELOPMENT INVE     7.50    08/22/19      CNY    41.06
SUQIAN ECONOMIC DEVELOPM     7.50    03/26/19      CNY    40.89
SUQIAN WATER GROUP CO        6.55    12/04/19      CNY    60.95
SUZHOU CITY CONSTRUCTION     7.45    03/12/19      CNY    40.76
SUZHOU CITY CONSTRUCTION     6.40    04/17/20      CNY    60.88
SUZHOU CITY CONSTRUCTION     6.40    04/17/20      CNY    60.90
SUZHOU FENHU INVESTMENT      7.00    10/22/17      CNY    50.06
SUZHOU INDUSTRIAL PARK T     5.79    05/30/19      CNY    40.32
SUZHOU TECH CITY DEVELOP     7.32    11/01/18      CNY    50.69
SUZHOU URBAN CONSTRUCTIO     5.79    10/25/19      CNY    60.75
SUZHOU WUJIANG COMMUNICA     6.80    10/31/20      CNY    70.20
SUZHOU WUJIANG COMMUNICA     6.80    10/31/20      CNY    72.09
SUZHOU WUJIANG EASTERN S     8.05    12/05/18      CNY    71.75
SUZHOU WUJIANG EASTERN S     8.05    12/05/18      CNY    72.05
SUZHOU XIANGCHENG URBAN      6.95    09/03/19      CNY    40.65
SUZHOU XIANGCHENG URBAN      6.95    09/03/19      CNY    41.07
TAIAN TAISHAN INVESTMENT     6.64    03/02/18      CNY    40.19
TAIAN TAISHAN INVESTMENT     6.76    01/25/20      CNY    60.50
TAIAN TAISHAN INVESTMENT     6.76    01/25/20      CNY    61.34
TAICANG ASSET MANAGEMENT     8.25    12/31/18      CNY    71.47
TAICANG ASSET MANAGEMENT     8.25    12/31/18      CNY    72.03
TAICANG HENGTONG INVESTM     7.45    10/30/19      CNY    61.23
TAICANG URBAN CONSTRUCTI     6.75    01/11/20      CNY    60.50
TAICANG URBAN CONSTRUCTI     6.75    01/11/20      CNY    61.32
TAIXING ZHONGXING STATE-     8.29    03/27/18      CNY    25.27
TAIYUAN HIGH-SPEED RAILW     6.50    10/30/20      CNY    71.56
TAIYUAN LONGCHENG DEVELO     6.50    09/25/19      CNY    60.38
TAIYUAN LONGCHENG DEVELO     6.50    09/25/19      CNY    60.43
TAIZHOU CITY HUANGYAN DI     6.85    12/17/18      CNY    50.49
TAIZHOU CITY HUANGYAN DI     6.85    12/17/18      CNY    50.61
TAIZHOU CITY JIANGYAN UR     7.10    09/03/20      CNY    61.83
TAIZHOU HAILING ASSETS M     8.52    03/21/19      CNY    40.90
TAIZHOU HAILING ASSETS M     8.52    03/21/19      CNY    41.21
TAIZHOU JIAOJIANG STATE      7.46    09/13/20      CNY    72.20
TAIZHOU TRAFFIC INDUSTRY     6.15    03/11/20      CNY    60.74
TAIZHOU TRAFFIC INDUSTRY     6.15    03/11/20      CNY    60.85
TAIZHOU XINTAI GROUP CO      6.85    08/14/18      CNY    25.00
TAIZHOU XINTAI GROUP CO      6.85    08/14/18      CNY    25.35
TANGSHAN NANHU ECO CITY      7.08    10/16/19      CNY    60.16
TANGSHAN NANHU ECO CITY      7.08    10/16/19      CNY    61.20
TIANJIN BINHAI NEW AREA      5.00    03/13/18      CNY    40.00
TIANJIN BINHAI NEW AREA      5.00    03/13/18      CNY    40.02
TIANJIN BINHAI NEW AREA      5.19    03/13/20      CNY    59.96
TIANJIN DONGFANG CAIXIN      7.99    11/23/18      CNY    71.55
TIANJIN DONGLI CITY INFR     6.05    06/19/20      CNY    60.76
TIANJIN ECO-CITY INVESTM     6.76    08/14/19      CNY    40.65
TIANJIN ECO-CITY INVESTM     6.76    08/14/19      CNY    40.89
TIANJIN ECONOMIC TECHNOL     6.20    12/03/19      CNY    60.73
TIANJIN ECONOMIC TECHNOL     6.20    12/03/19      CNY    60.88
TIANJIN HANBIN INVESTMEN     8.39    03/22/19      CNY    41.20
TIANJIN HI-TECH INDUSTRY     7.80    03/27/19      CNY    40.87
TIANJIN HI-TECH INDUSTRY     7.80    03/27/19      CNY    41.00
TIANJIN JINNAN CITY CONS     6.95    06/18/19      CNY    40.60
TIANJIN JINNAN CITY CONS     6.95    06/18/19      CNY    40.75
TIANJIN TEDA CONSTRUCTIO     6.89    04/27/20      CNY    61.73
TIELING PUBLIC ASSETS IN     7.34    05/29/18      CNY    25.12
TIELING PUBLIC ASSETS IN     7.34    05/29/18      CNY    25.21
TONGCHUAN DEVELOPMENT IN     7.50    07/17/19      CNY    40.19
TONGLIAO TIANCHENG URBAN     7.75    09/24/19      CNY    61.39
TONGLIAO URBAN INVESTMEN     6.64    04/09/20      CNY    60.97
TONGLIAO URBAN INVESTMEN     6.64    04/09/20      CNY    60.97
TONGLING CONSTRUCTION IN     6.98    08/26/20      CNY    61.68
TONGLING CONSTRUCTION IN     6.98    08/26/20      CNY    61.77
TONGLING CONSTRUCTION IN     8.20    04/28/22      CNY    74.70
TONGREN FANJINGSHAN INVE     6.89    08/02/19      CNY    40.78
TONGXIANG CITY CONSTRUCT     6.10    05/16/20      CNY    60.20
TONGXIANG CITY CONSTRUCT     6.10    05/16/20      CNY    60.57
TULUFAN DISTRICT STATE-O     7.20    08/09/19      CNY    51.31
TULUFAN DISTRICT STATE-O     7.20    08/09/19      CNY    76.03
ULANQAB CITY JI NING DIS     6.88    03/19/20      CNY    59.70
URUMQI CITY CONSTRUCTION     6.35    07/09/19      CNY    39.71
URUMQI CITY CONSTRUCTION     6.35    07/09/19      CNY    40.91
URUMQI ECO&TECH DEVELOPM     8.58    01/10/19      CNY    51.24
URUMQI HIGH-TECH INVESTM     6.18    03/05/20      CNY    60.67
URUMQI STATE-OWNED ASSET     6.48    04/28/18      CNY    25.16
URUMQI STATE-OWNED ASSET     6.48    04/28/18      CNY    25.18
WAFANGDIAN STATE-OWNED A     8.55    04/19/19      CNY    41.38
WAFANGDIAN STATE-OWNED A     6.20    06/20/20      CNY    59.77
WAFANGDIAN STATE-OWNED A     6.20    06/20/20      CNY    60.40
WEIFANG BINHAI INVESTMEN     6.16    04/16/21      CNY    71.23
WEIFANG DONGXIN CONSTRUC     6.88    11/20/19      CNY    61.05
WEIFANG DONGXIN CONSTRUC     6.88    11/20/19      CNY    61.13
WEIHAI WENDENG URBAN PRO     6.38    03/06/20      CNY    60.50
WEIHAI WENDENG URBAN PRO     6.38    03/06/20      CNY    60.91
WEINAN CITY INVESTMENT G     6.69    01/15/20      CNY    60.55
WEINAN CITY INVESTMENT G     6.69    01/15/20      CNY    61.06
WENLING CITY STATE OWNED     7.18    09/18/19      CNY    61.20
WENLING CITY STATE OWNED     7.18    09/18/19      CNY    61.86
WENZHOU ANJUFANG CITY DE     7.65    04/24/19      CNY    40.84
WENZHOU ECONOMIC-TECHNOL     6.49    01/15/20      CNY    60.00
WENZHOU ECONOMIC-TECHNOL     6.49    01/15/20      CNY    61.08
WUHAI CITY CONSTRUCTION      8.20    03/31/19      CNY    41.04
WUHAN METRO GROUP CO LTD     5.70    02/04/20      CNY    60.87
WUHAN METRO GROUP CO LTD     5.70    02/04/20      CNY    60.94
WUHAN REAL ESTATE GROUP      5.90    03/22/19      CNY    50.42
WUHAN URBAN CONSTRUCTION     5.60    03/08/20      CNY    60.29
WUHU CONSTRUCTION INVEST     6.84    03/26/19      CNY    70.85
WUHU ECONOMIC TECHNOLOGY     6.70    06/08/18      CNY    25.00
WUHU ECONOMIC TECHNOLOGY     6.70    06/08/18      CNY    25.21
WUHU ECONOMIC TECHNOLOGY     6.90    06/08/22      CNY    72.87
WUHU JINGHU CONSTRUCTION     6.68    05/16/20      CNY    60.32
WUHU XINMA INVESTMENT CO     7.18    11/14/19      CNY    61.00
WUHU XINMA INVESTMENT CO     7.18    11/14/19      CNY    61.80
WUJIANG ECONOMIC TECHNOL     6.88    12/27/19      CNY    60.85
WUJIANG ECONOMIC TECHNOL     6.88    12/27/19      CNY    61.34
WUXI CONSTRUCTION AND DE     6.60    09/17/19      CNY    60.84
WUXI CONSTRUCTION AND DE     6.60    09/17/19      CNY    61.02
WUXI HUISHAN ECONOMIC DE     6.03    04/22/19      CNY    50.54
WUXI TAIHU INTERNATIONAL     7.60    09/17/19      CNY    61.40
WUXI TAIHU INTERNATIONAL     7.60    09/17/19      CNY    61.40
WUXI XIDONG NEW TOWN CON     6.65    01/28/20      CNY    61.06
WUXI XIDONG NEW TOWN CON     6.65    01/28/20      CNY    61.71
WUXI XIDONG TECHNOLOGY I     5.98    10/26/18      CNY    70.53
WUZHOU DONGTAI STATE-OWN     7.40    09/03/19      CNY    41.10
XIAMEN XINGLIN CONSTRUCT     6.60    02/22/20      CNY    61.01
XIAMEN XINGLIN CONSTRUCT     6.60    02/22/20      CNY    61.14
XI'AN AEROSPACE BASE INV     6.96    11/08/19      CNY    61.04
XIAN CHANBAHE DEVELOPMEN     6.89    08/03/19      CNY    40.92
XI'AN HI-TECH HOLDING CO     5.70    02/26/19      CNY    50.23
XI'AN HI-TECH HOLDING CO     5.70    02/26/19      CNY    50.39
XI'AN URBAN INDEMNIFICAT     7.31    03/18/19      CNY    71.56
XI'AN URBAN INDEMNIFICAT     7.31    03/18/19      CNY    71.65
XI'AN URBAN INDEMNIFICAT     7.31    04/18/19      CNY    71.70
XI'AN URBAN INDEMNIFICAT     7.31    04/18/19      CNY    71.74
XIANGTAN CITY CONSTRUCTI     8.00    03/16/19      CNY    40.92
XIANGTAN CITY CONSTRUCTI     8.00    03/16/19      CNY    40.97
XIANGTAN HI-TECH GROUP C     6.90    01/15/20      CNY    61.16
XIANGTAN HI-TECH GROUP C     6.90    01/15/20      CNY    61.19
XIANGTAN JIUHUA ECONOMIC     7.43    08/29/19      CNY    41.06
XIANGTAN ZHENXIANG STATE     6.60    08/07/20      CNY    61.48
XIANGTAN ZHENXIANG STATE     6.60    08/07/20      CNY    80.00
XIANGYANG CITY CONSTRUCT     8.12    01/12/19      CNY    41.07
XIANGYANG CITY CONSTRUCT     8.12    01/12/19      CNY    41.42
XIANNING CITY CONSTRUCTI     7.50    08/31/18      CNY    25.55
XIANNING CITY CONSTRUCTI     7.50    08/31/18      CNY    50.50
XIANNING HIGH-TECH INVES     5.80    06/05/20      CNY    59.77
XIANNING HIGH-TECH INVES     5.80    06/05/20      CNY    60.50
XIAOGAN URBAN CONSTRUCTI     8.12    03/26/19      CNY    41.19
XINGHUA URBAN CONSTRUCTI     7.25    10/23/18      CNY    50.46
XINING CITY INVESTMENT &     7.70    04/27/19      CNY    41.13
XINING ECONOMIC DEVELOPM     5.90    06/04/20      CNY    60.26
XINJIANG SHIHEZI DEVELOP     7.50    08/29/18      CNY    24.77
XINJIANG UYGUR AR HAMI C     6.25    07/17/18      CNY    25.23
XINJIANG WUJIAQU URBAN C     6.10    05/23/20      CNY    60.23
XINJIANG WUJIAQU URBAN C     6.10    05/23/20      CNY    60.28
XINXIANG INVESTMENT GROU     6.80    01/18/18      CNY    40.16
XINXIANG INVESTMENT GROU     5.85    04/15/20      CNY    59.70
XINXIANG INVESTMENT GROU     5.85    04/15/20      CNY    60.51
XINYANG HUAXIN INVESTMEN     6.95    06/14/19      CNY    40.52
XINYANG HUAXIN INVESTMEN     6.95    06/14/19      CNY    40.84
XINYU CITY CONSTRUCTION      7.08    12/13/19      CNY    60.70
XINYU CITY CONSTRUCTION      7.08    12/13/19      CNY    61.24
XINZHENG NEW DISTRICT DE     6.52    06/28/19      CNY    50.55
XINZHENG NEW DISTRICT DE     6.52    06/28/19      CNY    50.81
XINZHOU CITY ASSET MANAG     7.39    08/08/18      CNY    25.49
XUCHANG GENERAL INVESTME     7.78    04/27/19      CNY    40.88
XUZHOU CITY TONGSHAN DIS     6.60    08/08/20      CNY    60.94
XUZHOU CITY TONGSHAN DIS     6.60    08/08/20      CNY    61.09
XUZHOU ECONOMIC TECHNOLO     8.20    03/07/19      CNY    40.87
XUZHOU ECONOMIC TECHNOLO     8.20    03/07/19      CNY    41.04
XUZHOU XINSHENG CONSTRUC     7.48    05/08/18      CNY    25.31
YAAN STATE-OWNED ASSET O     7.39    07/04/19      CNY    40.63
YANCHENG CITY DAFENG DIS     7.08    12/13/19      CNY    61.31
YANCHENG ORIENTAL INVEST     6.99    10/26/19      CNY    61.09
YANCHENG SOUTH DISTRICT      6.93    10/26/19      CNY    60.50
YANCHENG SOUTH DISTRICT      6.93    10/26/19      CNY    61.18
YANGJIANG HENGCAI CITY I     6.85    09/09/20      CNY    61.92
YANGZHONG URBAN CONSTRUC     7.10    03/26/18      CNY    50.34
YANGZHOU HANJIANG URBAN      6.20    03/12/20      CNY    60.70
YANGZHOU HANJIANG URBAN      6.20    03/12/20      CNY    60.74
YANGZHOU LONGCHUAN HOLDI     8.10    03/23/19      CNY    40.50
YANGZHOU LONGCHUAN HOLDI     8.10    03/23/19      CNY    40.91
YANGZHOU URBAN CONSTRUCT     6.30    07/26/19      CNY    40.20
YANGZHOU URBAN CONSTRUCT     6.30    07/26/19      CNY    40.46
YANTAI DEVELOPMENT ZONE      5.70    04/10/20      CNY    60.61
YANTAI URBAN CONSTRUCTIO     5.99    03/14/20      CNY    60.08
YANTAI URBAN CONSTRUCTIO     5.99    03/14/20      CNY    60.90
YIBIN STATE-OWNED ASSET      5.80    05/23/18      CNY    40.24
YICHANG MUNICIPAL FINANC     7.12    10/16/19      CNY    61.06
YICHANG MUNICIPAL FINANC     7.12    10/16/19      CNY    61.24
YICHANG URBAN CONSTRUCTI     6.85    11/08/19      CNY    60.85
YICHANG URBAN CONSTRUCTI     6.85    11/08/19      CNY    60.86
YICHUN CITY CONSTRUCTION     7.35    07/24/19      CNY    40.54
YIJINHUOLUOQI HONGTAI CI     8.35    03/19/19      CNY    61.84
YIJINHUOLUOQI HONGTAI CI     8.35    03/19/19      CNY    61.85
YILI STATE-OWNED ASSET I     6.70    11/19/18      CNY    50.30
YILI STATE-OWNED ASSET I     6.70    11/19/18      CNY    50.41
YINGKOU CITY CONSTRUCTIO     7.98    04/18/20      CNY    57.26
YINGKOU CITY CONSTRUCTIO     7.63    06/09/20      CNY    61.25
YINGKOU COASTAL DEVELOPM     7.08    11/16/19      CNY    60.75
YINGKOU COASTAL DEVELOPM     7.08    11/16/19      CNY    60.84
YINGKOU ECO & TECH DEVEL     6.17    04/08/20      CNY    59.25
YINGKOU ECO & TECH DEVEL     6.17    04/08/20      CNY    59.86
YIXING CITY DEVELOPMENT      6.90    10/10/19      CNY    60.80
YIXING CITY DEVELOPMENT      6.90    10/10/19      CNY    60.81
YIYANG CITY CONSTRUCTION     7.36    08/24/19      CNY    41.13
YIYANG GAOXIN TECHNOLOGY     6.70    03/13/20      CNY    60.41
YIYANG GAOXIN TECHNOLOGY     6.70    03/13/20      CNY    60.94
YIZHENG CITY CONSTRUCTIO     7.78    06/14/19      CNY    41.02
YUEYANG CITY CONSTRUCTIO     6.05    07/12/20      CNY    61.17
YUHUAN COUNTY COMMUNICAT     7.15    10/12/19      CNY    61.34
YULIN CITY INVESTMENT OP     6.81    12/04/18      CNY    50.58
YULIN URBAN CONSTRUCTION     6.88    11/26/19      CNY    60.71
YUNCHENG URBAN CONSTRUCT     7.48    10/15/19      CNY    61.32
YUYAO ECONOMIC DEVELOPME     6.75    03/04/20      CNY    60.91
YUYAO ECONOMIC DEVELOPME     6.75    03/04/20      CNY    60.93
YUYAO WATER RESOURCE INV     7.20    10/16/19      CNY    61.74
ZHANGJIAGANG FREE TRADE      7.10    08/23/20      CNY    61.74
ZHANGJIAGANG FREE TRADE      7.10    08/23/20      CNY    61.92
ZHANGJIAGANG JINCHENG IN     6.23    01/06/18      CNY    30.06
ZHANGJIAGANG MUNICIPAL P     6.43    11/27/19      CNY    60.27
ZHANGJIAJIE ECONOMIC DEV     7.40    10/18/19      CNY    61.40
ZHANGJIAKOU CONSTRUCTION     7.00    10/26/19      CNY    60.55
ZHANGJIAKOU TONGTAI HOLD     6.90    07/05/18      CNY    40.51
ZHANGZHOU CITY CONSTRUCT     6.60    03/26/20      CNY    61.35
ZHAOYUAN STATE-OWNED ASS     6.64    12/31/19      CNY    61.16
ZHEJIANG GUOXING INVESTM     8.15    03/09/18      CNY    25.27
ZHEJIANG GUOXING INVESTM     8.15    03/09/18      CNY    25.31
ZHEJIANG HUZHOU HUANTAIH     6.70    11/28/19      CNY    60.84
ZHEJIANG JIASHAN ECONOMI     7.05    12/03/19      CNY    61.14
ZHEJIANG JIASHAN ECONOMI     7.05    12/03/19      CNY    61.23
ZHEJIANG PROVINCE DEQING     6.90    04/12/18      CNY    40.38
ZHEJIANG PROVINCE DEQING     6.40    02/22/20      CNY    59.79
ZHEJIANG PROVINCE DEQING     6.40    02/22/20      CNY    60.72
ZHEJIANG PROVINCE XINCHA     6.60    04/24/20      CNY    60.94
ZHEJIANG PROVINCE XINCHA     6.60    04/24/20      CNY    61.03
ZHENGZHOU CITY CONSTRUCT     6.37    12/03/19      CNY    60.43
ZHENGZHOU CITY CONSTRUCT     6.37    12/03/19      CNY    61.04
ZHENGZHOU PUBLIC HOUSING     5.98    07/17/20      CNY    60.63
ZHENGZHOU PUBLIC HOUSING     5.98    07/17/20      CNY    60.94
ZHENJIANG CULTURE AND TO     6.60    01/30/20      CNY    60.12
ZHENJIANG TRANSPORTATION     7.29    05/08/19      CNY    40.73
ZHENJIANG TRANSPORTATION     7.29    05/08/19      CNY    41.91
ZHONGSHAN TRANSPORTATION     6.65    08/28/18      CNY    25.26
ZHONGSHAN TRANSPORTATION     6.65    08/28/18      CNY    25.41
ZHOUSHAN DINGHAI STATE-O     7.25    08/31/20      CNY    56.72
ZHOUSHAN DINGHAI STATE-O     7.25    08/31/20      CNY    71.65
ZHUCHENG ECONOMIC DEVELO     6.40    04/26/18      CNY    20.11
ZHUCHENG ECONOMIC DEVELO     6.40    04/26/18      CNY    20.19
ZHUCHENG ECONOMIC DEVELO     7.50    08/25/18      CNY    21.72
ZHUCHENG ECONOMIC DEVELO     6.80    11/29/19      CNY    61.15
ZHUHAI HUAFA GROUP CO LT     8.43    02/16/18      CNY    25.29
ZHUHAI HUAFA GROUP CO LT     5.50    06/05/19      CNY    50.25
ZHUHAI HUAFA GROUP CO LT     5.50    06/05/19      CNY    50.50
ZHUJI CITY CONSTRUCTION      6.92    07/05/18      CNY    40.60
ZHUJI CITY CONSTRUCTION      6.92    12/19/19      CNY    61.30
ZHUMADIAN INVESTMENT CO      6.95    11/26/19      CNY    61.22
ZHUZHOU GECKOR GROUP CO      7.82    08/18/18      CNY    40.97
ZHUZHOU GECKOR GROUP CO      7.50    09/10/19      CNY    41.31
ZHUZHOU GECKOR GROUP CO      7.50    09/10/19      CNY    41.42
ZHUZHOU YUNLONG DEVELOPM     6.78    11/19/19      CNY    60.82
ZHUZHOU YUNLONG DEVELOPM     6.78    11/19/19      CNY    60.85
ZIBO CITY PROPERTY CO LT     5.45    04/27/19      CNY    23.98
ZIBO CITY PROPERTY CO LT     6.83    08/22/19      CNY    41.09
ZIBO CITY PROPERTY CO LT     6.83    08/22/19      CNY    61.20
ZIGONG GAOXIN INVESTMENT     6.30    03/13/20      CNY    61.00
ZIGONG STATE-OWNED ASSET     6.86    06/17/18      CNY    40.34
ZIYANG CITY CONSTRUCTION     7.58    01/09/19      CNY    50.72
ZOUCHENG CITY ASSET OPER     7.02    01/12/18      CNY    20.11
ZOUCHENG CITY ASSET OPER     6.18    03/12/19      CNY    50.21
ZOUCHENG CITY ASSET OPER     6.18    03/12/19      CNY    50.42
ZOUPING COUNTY STATE-OWN     6.98    04/27/18      CNY    40.43
ZUNYI CITY HUICHUAN DIST     6.75    04/24/19      CNY    50.52
ZUNYI INVESTMENT GROUP L     8.53    03/13/19      CNY    41.32
ZUNYI ROAD & BRIDGE ENGI     7.15    08/17/20      CNY    56.70
ZUNYI STATE-OWNED ASSET      6.98    12/26/19      CNY    61.02
ZUNYI STATE-OWNED ASSET      6.98    12/26/19      CNY    61.27


HONG KONG
---------

CHINA CITY CONSTRUCTION      5.35    07/03/17      CNY    67.75


INDONESIA
---------

BERAU COAL ENERGY TBK PT     7.25    03/13/17      USD    50.70
BERAU COAL ENERGY TBK PT     7.25    03/13/17      USD    51.77
DAVOMAS INTERNATIONAL FI    11.00    12/08/14      USD     0.72
DAVOMAS INTERNATIONAL FI    11.00    05/09/11      USD     0.72
DAVOMAS INTERNATIONAL FI    11.00    05/09/11      USD     0.72
DAVOMAS INTERNATIONAL FI    11.00    12/08/14      USD     0.78


INDIA
-----

3I INFOTECH LTD              2.50    03/31/25      USD    14.38
BLUE DART EXPRESS LTD        9.30    11/20/17      INR    10.03
BLUE DART EXPRESS LTD        9.40    11/20/18      INR    10.24
BLUE DART EXPRESS LTD        9.50    11/20/19      INR    10.42
GTL INFRASTRUCTURE LTD       5.53    11/09/17      USD    60.00
JAIPRAKASH POWER VENTURE     7.00    02/13/49      USD    15.13
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    61.95
SVOGL OIL GAS & ENERGY L     5.00    08/17/15      USD     1.55
VIDEOCON INDUSTRIES LTD      2.80    12/31/20      USD    59.57


JAPAN
-----

AVANSTRATE INC               5.55    10/31/17      JPY    19.00
AVANSTRATE INC               5.55    10/31/17      JPY    20.00
EAST JAPAN RAILWAY CO        0.50    07/28/56      JPY    74.97
MICRON MEMORY JAPAN INC      2.10    11/29/12      JPY    13.75
MICRON MEMORY JAPAN INC      2.03    03/22/12      JPY    13.75
MICRON MEMORY JAPAN INC      2.29    12/07/12      JPY    13.75
TAKATA CORP                  0.58    03/26/21      JPY     6.63
TAKATA CORP                  0.85    03/06/19      JPY     6.63
TAKATA CORP                  1.02    12/15/17      JPY    11.63


KOREA
-----

2014 KODIT CREATIVE THE      5.00    12/25/17      KRW    43.89
2014 KODIT CREATIVE THE      5.00    12/25/17      KRW    43.89
2016 KIBO 1ST SECURITIZA     5.00    09/13/18      KRW    32.86
DOOSAN CAPITAL SECURITIZ    20.00    04/22/19      KRW    56.40
KIBO ABS SPECIALTY CO LT     5.00    08/29/19      KRW    29.33
KIBO ABS SPECIALTY CO LT     5.00    02/26/19      KRW    31.08
KIBO ABS SPECIALTY CO LT     5.00    02/25/19      KRW    31.24
KIBO ABS SPECIALTY CO LT     5.00    03/29/18      KRW    35.89
KIBO ABS SPECIALTY CO LT     5.00    12/25/17      KRW    41.67
KOREA SOUTH-EAST POWER C     4.38    12/07/42      KRW    57.79
KOREA SOUTH-EAST POWER C     4.44    12/07/42      KRW    58.42
LSMTRON DONGBANGSEONGJAN     4.53    11/22/17      KRW    48.20
MERITZ CAPITAL CO LTD        5.66    04/28/46      KRW    38.47
OKC SECURITIZATION SPECI    10.00    01/03/20      KRW    32.76
OKC SECURITIZATION SPECI     3.00    02/17/42      KRW    52.72
SAMPYO CEMENT CO LTD         7.50    04/20/14      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
SAMPYO CEMENT CO LTD         7.30    04/12/15      KRW    70.00
SAMPYO CEMENT CO LTD         7.50    09/10/14      KRW    70.00
SHINHAN BANK CO LTD          4.20    08/07/32      KRW    72.45
SHINHAN BANK CO LTD          4.00    08/29/32      KRW    73.15
SINBO SECURITIZATION SPE     5.00    10/30/19      KRW    18.70
SINBO SECURITIZATION SPE     5.00    09/23/20      KRW    26.84
SINBO SECURITIZATION SPE     5.00    08/26/20      KRW    27.09
SINBO SECURITIZATION SPE     5.00    07/28/20      KRW    27.36
SINBO SECURITIZATION SPE     5.00    02/25/20      KRW    28.98
SINBO SECURITIZATION SPE     5.00    01/28/20      KRW    29.11
SINBO SECURITIZATION SPE     5.00    12/30/19      KRW    29.33
SINBO SECURITIZATION SPE     5.00    06/24/19      KRW    29.99
SINBO SECURITIZATION SPE     5.00    09/30/19      KRW    30.27
SINBO SECURITIZATION SPE     5.00    08/27/19      KRW    30.66
SINBO SECURITIZATION SPE     5.00    07/29/19      KRW    30.95
SINBO SECURITIZATION SPE     5.00    03/13/19      KRW    31.03
SINBO SECURITIZATION SPE     5.00    06/25/19      KRW    31.32
SINBO SECURITIZATION SPE     5.00    03/18/19      KRW    32.42
SINBO SECURITIZATION SPE     5.00    03/18/19      KRW    32.42
SINBO SECURITIZATION SPE     5.00    02/27/19      KRW    32.65
SINBO SECURITIZATION SPE     5.00    02/27/19      KRW    32.65
SINBO SECURITIZATION SPE     5.00    01/30/19      KRW    32.90
SINBO SECURITIZATION SPE     5.00    01/30/19      KRW    32.90
SINBO SECURITIZATION SPE     5.00    07/29/18      KRW    33.19
SINBO SECURITIZATION SPE     5.00    12/23/18      KRW    33.28
SINBO SECURITIZATION SPE     5.00    12/23/18      KRW    33.28
SINBO SECURITIZATION SPE     5.00    06/25/18      KRW    33.53
SINBO SECURITIZATION SPE     5.00    05/26/18      KRW    33.81
SINBO SECURITIZATION SPE     5.00    09/26/18      KRW    34.29
SINBO SECURITIZATION SPE     5.00    09/26/18      KRW    34.29
SINBO SECURITIZATION SPE     5.00    09/26/18      KRW    34.29
SINBO SECURITIZATION SPE     5.00    08/29/18      KRW    34.43
SINBO SECURITIZATION SPE     5.00    08/29/18      KRW    34.43
SINBO SECURITIZATION SPE     5.00    07/24/18      KRW    35.04
SINBO SECURITIZATION SPE     5.00    07/24/18      KRW    35.04
SINBO SECURITIZATION SPE     5.00    06/27/18      KRW    35.30
SINBO SECURITIZATION SPE     5.00    06/27/18      KRW    35.30
SINBO SECURITIZATION SPE     5.00    03/12/18      KRW    36.06
SINBO SECURITIZATION SPE     5.00    03/12/18      KRW    36.06
SINBO SECURITIZATION SPE     5.00    02/11/18      KRW    38.07
SINBO SECURITIZATION SPE     5.00    02/11/18      KRW    38.07
SINBO SECURITIZATION SPE     5.00    01/15/18      KRW    41.17
SINBO SECURITIZATION SPE     5.00    01/15/18      KRW    41.17
SINBO SECURITIZATION SPE     5.00    12/23/17      KRW    41.94
SINBO SECURITIZATION SPE     5.00    10/01/17      KRW    67.03
SINBO SECURITIZATION SPE     5.00    10/01/17      KRW    67.03
SINBO SECURITIZATION SPE     5.00    10/01/17      KRW    67.03
U-BEST SECURITIZATION SP     5.50    11/16/17      KRW    51.96
WISE MOBILE SECURITIZATI    20.00    09/17/18      KRW    74.84
WOORI BANK                   5.21    12/12/44      KRW    65.71


MALAYSIA
--------

ADVANCE SYNERGY BHD          2.00    01/26/18      MYR     0.07
ASIAN PAC HOLDINGS BHD       3.00    05/25/22      MYR     0.78
BARAKAH OFFSHORE PETROLE     3.50    10/24/18      MYR     0.45
BERJAYA CORP BHD             2.00    05/29/26      MYR     0.34
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     0.42
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 MANUFACTU     0.50    12/17/25      MYR    73.27
PUC BHD                      4.00    02/15/19      MYR     0.09
REDTONE INTERNATIONAL BH     2.75    03/04/20      MYR     0.17
SEE HUP CONSOLIDATED BHD     4.60    12/22/17      MYR     0.07
SENAI-DESARU EXPRESSWAY      1.35    06/30/31      MYR    55.60
SENAI-DESARU EXPRESSWAY      1.35    12/31/30      MYR    56.86
SENAI-DESARU EXPRESSWAY      1.35    06/28/30      MYR    58.14
SENAI-DESARU EXPRESSWAY      1.35    12/31/29      MYR    59.38
SENAI-DESARU EXPRESSWAY      1.35    06/29/29      MYR    60.67
SENAI-DESARU EXPRESSWAY      1.35    12/29/28      MYR    61.96
SENAI-DESARU EXPRESSWAY      1.35    06/30/28      MYR    63.28
SENAI-DESARU EXPRESSWAY      1.35    12/31/27      MYR    64.60
SENAI-DESARU EXPRESSWAY      1.35    06/30/27      MYR    65.95
SENAI-DESARU EXPRESSWAY      1.35    12/31/26      MYR    67.37
SENAI-DESARU EXPRESSWAY      1.35    06/30/26      MYR    68.78
SENAI-DESARU EXPRESSWAY      1.35    12/31/25      MYR    70.21
SENAI-DESARU EXPRESSWAY      1.15    06/30/25      MYR    70.43
SENAI-DESARU EXPRESSWAY      1.15    12/31/24      MYR    71.99
SENAI-DESARU EXPRESSWAY      0.50    12/31/38      MYR    73.43
SENAI-DESARU EXPRESSWAY      1.15    06/28/24      MYR    73.63
SOUTHERN STEEL BHD           5.00    01/24/20      MYR     2.16
THONG GUAN INDUSTRIES BH     5.00    10/10/19      MYR     4.08
VIZIONE HOLDINGS BHD         3.00    08/08/21      MYR     0.06
YTL LAND & DEVELOPMENT B     3.00    10/31/21      MYR     0.46


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

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


SINGAPORE
---------

ASL MARINE HOLDINGS LTD      5.85    10/01/21      SGD    47.25
ASL MARINE HOLDINGS LTD      5.50    03/28/20      SGD    69.38
AUSGROUP LTD                 7.95    10/20/18      SGD    52.63
BAKRIE TELECOM PTE LTD      11.50    05/07/15      USD     0.87
BAKRIE TELECOM PTE LTD      11.50    05/07/15      USD     1.21
BERAU CAPITAL RESOURCES     12.50    07/08/15      USD    50.00
BERAU CAPITAL RESOURCES     12.50    07/08/15      USD    51.62
BLD INVESTMENTS PTE LTD      8.63    03/23/15      USD     3.95
BLUE OCEAN RESOURCES PTE     4.00    12/31/20      USD    24.27
BUMI CAPITAL PTE LTD        12.00    11/10/16      USD    54.88
BUMI CAPITAL PTE LTD        12.00    11/10/16      USD    55.07
BUMI INVESTMENT PTE LTD     10.75    10/06/17      USD    54.25
BUMI INVESTMENT PTE LTD     10.75    10/06/17      USD    54.96
ENERCOAL RESOURCES PTE L     9.25    08/05/14      USD    38.64
EZION HOLDINGS LTD           4.88    06/11/21      SGD    35.00
EZION HOLDINGS LTD           5.10    03/13/20      SGD    35.00
EZION HOLDINGS LTD           4.85    01/23/19      SGD    36.13
EZION HOLDINGS LTD           4.60    08/20/18      SGD    36.88
EZION HOLDINGS LTD           4.70    05/22/19      SGD    36.88
EZRA HOLDINGS LTD            4.88    04/24/18      SGD     4.97
INDO INFRASTRUCTURE GROU     2.00    07/30/10      USD     1.00
ORO NEGRO DRILLING PTE L     7.50    01/24/19      USD    62.00
OSA GOLIATH PTE LTD         12.00    10/09/18      USD     0.62
OTTAWA HOLDINGS PTE LTD      5.88    05/16/18      USD    74.28
OTTAWA HOLDINGS PTE LTD      5.88    05/16/18      USD    75.00
PACIFIC RADIANCE LTD         4.30    08/29/18      SGD     9.63
RICKMERS MARITIME            8.45    05/15/17      SGD     5.00
SWIBER CAPITAL PTE LTD       6.25    10/30/17      SGD     4.28
SWIBER CAPITAL PTE LTD       6.50    08/02/18      SGD     4.29
SWIBER HOLDINGS LTD          7.75    09/18/17      CNY    10.13
SWIBER HOLDINGS LTD          5.55    10/10/16      SGD    12.63
SWIBER HOLDINGS LTD          7.13    04/18/17      SGD    13.38
TRIKOMSEL PTE LTD            5.25    05/10/16      SGD    16.00
TRIKOMSEL PTE LTD            7.88    06/05/17      SGD    16.00


SRI LANKA
---------

SRI LANKA GOVERNMENT BON     5.35    03/01/26      LKR    71.21



THAILAND
--------

G STEEL PCL                  3.00    10/04/15      USD     2.69
MDX PCL                      4.75    09/17/03      USD    37.75


VIETNAM
-------

DEBT AND ASSET TRADING C     1.00    10/10/25      USD    62.38
DEBT AND ASSET TRADING C     1.00    10/10/25      USD    64.83




                             *********

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 ***