TCRAP_Public/170919.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, September 19, 2017, Vol. 20, No. 186

                            Headlines


A U S T R A L I A

ALEXANDRIA PROJECT: First Creditors' Meeting Set for Sept. 25
BASLER AUSTRALIA: First Creditors' Meeting Set for Sept. 25
BROOKER MARINE: Second Creditors' Meeting Set for Sept. 25
DIPLOMA GROUP: Liquidators May Oppose Di Latte Rescue Plan
EGOLI HOLDINGS: Second Creditors' Meeting Set for Sept. 25

SAFE HOMES: First Creditors' Meeting Set for Sept. 27


C H I N A

CHINA HUIYUAN: Add'l US$50MM Notes No Impact on Fitch's B+ IDR
HUISHAN DAIRY: $220MM Syndicated Loans in Default, HSBC Says
SPI ENERGY: Co-COO Resigns Due to Health Reason


I N D I A

A-ONE TEX: CARE Raises Rating on INR6cr Cash Loan to BB-
BALAJI MOTORS: CRISIL Raises Rating on INR10MM Loan to 'B+'
CREAMCRUST FOOD: CARE Assigns 'B' Rating to INR5.0cr Loan
CREATIVE LOOMS: CRISIL Lowers Rating on INR18MM LT Loan to 'D'
DANIA ORO: CRISIL Lowers Rating on INR17.31MM LT Loan to 'D'

ENMAS GB: CARE Lowers Rating on INR24cr LT Loan to 'D'
ESSAR STEEL: Edelweiss Group Offers INR800cr in Interim Financing
GAGAN RICE: CRISIL Reaffirms 'B' Rating on INR7MM Cash Loan
GARG AND COMPANY: CARE Reaffirms B+ Rating on INR15.10cr Loan
GOVARDHAN COTTON: CRISIL Assigns 'B+' Rating to INR4.75MM Loan

GUDI EXPORTS: CRISIL Reaffirms B- Rating on INR4.70MM LT Loan
HILLSFOOD AGRO: CARE Hikes Rating on INR12cr LT Loan to B+
INDORAMA SYNTHETICS: CARE Lowers Rating on INR647.07cr Loan to D
INNOVENTIVE INDUSTRIES: Court Dismisses Plea Against Bankruptcy
INTERJEWEL DESIGNS: CARE Cuts Rating on INR36cr Loan to 'C'

ISR INFRA: CRISIL Lowers Rating on INR5.0MM Cash Loan to 'D'
LICHI CERAMIC: CARE Assigns B+ Rating to INR9.95cr LT Loan
MAXTAR BIO-GENICS: CARE Lower Rating on INR10cr Loan to B+
MOTHER'S EDUCATIONAL: CRISIL Lowers Rating on INR5.4MM Loan to D
NILKANTH CHAWAL: CARE Hikes Rating on INR4cr LT Loan to B+

NITHYA TOBACCOS: CARE Assigns B+ Rating to INR12cr LT Loan
PADMAVAHINI TRANSFORMERS: CRISIL Assigns B Rating to INR3MM Loan
PANYAM CEMENTS: CARE Lowers Rating on INR30cr LT Loan to 'D'
PHENIL SUGARS: CARE Lowers Rating on INR70cr LT Loan to 'D'
RC GOYAL: CRISIL Reaffirms 'B+' Rating on INR16MM Cash Loan

SAHA BUILDING: CRISIL Reaffirms B+ Rating on INR4MM Cash Loan
SHIV SHAKTI: CARE Reaffirms B+ Rating on INR13.47cr LT Loan
SHREE BANKE: CARE Assigns 'B' Rating to INR3cr LT Loan
SRINIVASA POULTRY: CARE Assigns B+ Rating to INR8cr LT Loan
SUNFAME CERAMICS: CARE Hikes Rating on INR4.37cr LT Loan to BB-

SURAT HAZIRA: CARE Lowers Rating on INR2,400cr LT Loan to 'D'
VIJIT INTERNATIONAL: CARE Reaffirms B+ Rating INR6cr LT Loan


J A P A N

SURUGA BANK: Fitch Withdraws 'B' Support Rating Floor


M A L A Y S I A

MAA GROUP: Declares 2nd Interim Dividend of Three Sen


N E W  Z E A L A N D

SOLID ENERGY: Lane Neave Advises BT Mining on Acquisition


S I N G A P O R E

SWIBER HOLDINGS: Securities Matter to be Heard on Oct. 13
SWIBER: Defaults on Upcoming Coupon Payment of Series 017 Notes


S O U T H  K O R E A

HYUNDAI LIFE: Axes One-Third of Jobs Due to Rising Debt


X X X X X X X X

* BOND PRICING: For the Week Sept. 11 to Sept. 15, 2017


                            - - - - -


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A U S T R A L I A
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ALEXANDRIA PROJECT: First Creditors' Meeting Set for Sept. 25
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Alexandria
Project Pty Limited will be held at OCBC Building, Level 5, 75
Castlereagh Street, in Sydney, NSW, on Sept. 25, 2017, at
11:30 a.m.

Angus Carnegie Gordon of Macquarie Gordon & Co was appointed as
administrator of Alexandria Project on Sept. 13, 2017.


BASLER AUSTRALIA: First Creditors' Meeting Set for Sept. 25
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Basler
Australia Pty Ltd will be held at The Portside Centre, Level 5,
207 Kent Street, in Sydney, NSW, on Sept. 25, 2017, at 11:00 a.m.

Todd Andrew Gammel and Barry Anthony Taylor of HLB Mann Judd were
appointed as administrators of Basler Australia on Sept. 13, 2017.


BROOKER MARINE: Second Creditors' Meeting Set for Sept. 25
----------------------------------------------------------
A second meeting of creditors in the proceedings of Brooker Marine
Pty Ltd has been set for Sept. 25, 2017, at 11:00 a.m., at Level
2, 10 Bridge Street, in Sydney, NSW.

The purpose of the meeting are (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. 22, 2017, at 5:00 p.m.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Brooker Marine on Aug.
21, 2017.


DIPLOMA GROUP: Liquidators May Oppose Di Latte Rescue Plan
----------------------------------------------------------
Peter Williams at The West Australian reports that the liquidators
of Diploma Group said they are likely to urge creditors to reject
a rescue plan proposed by the family behind the failed builder-
developer.

According to the report, the insolvency specialists from Grant
Thornton are nevertheless seeking a Federal Court order allowing
their appointment as administrators of the listed Diploma entity
so a vote can be held.

The Australian Securities and Investments Commission is opposing
the application.

The West Australian relates that liquidator David Hodgson in a
document filed with the court said that despite changes to the Di
Latte family's proposal, Grant Thornton's recommendation earlier
this year against a previous version would likely stay the same.

The liquidators estimated the revised Deed of Company Arrangement
would see a return to unsecured creditors of between zero and 3.31
cent in the dollar, the report notes.

Under a liquidation scenario, it was between zero and 11.6 cents.
Former employees would receive all unpaid entitlements under the
DOCA.

According to The West Australian, Mr. Hodgson said it was
uncertain under liquidation whether Grant Thornton could obtain
funding from ASIC, litigation funders or creditors to pursue
recoveries for creditors.

ASIC's legal counsel said the latest DOCA proposal did not explain
how Diploma Group would resume trading on the Australian
Securities Exchange, how it would be recapitalised or what
business the company would be engaged in, The West Australian
relates.

The corporate watchdog also questioned the independence of Grant
Thornton if its personnel were administrators of Diploma Group and
liquidators of the other Diploma companies, the report adds.
"There is an inherent tension between the liquidators performing
the role of 'surgeon' for the first defendant (Diploma Group) and
'undertaker' for the (others)," ASIC's counsel said, The West
Australian relays.

There is no proposal to revive the 19 other Diploma entities,
including its construction arms, the report states.

ASIC investigator Richard Gromm in a document filed with the court
added that the liquidators had yet to finalise their investigation
into alleged misconduct by Diploma directors, The West Australian
adds.

Justice Neil McKerracher on Sept. 13 reserved his decision, the
report says.

                       About Diploma Group

Diploma Group Limited (ASX:DGX) -- http://www.diploma.com.au/--
is a construction and property development company. The Company
is undertaking a portfolio of commercial, retail and residential
projects. The Company's projects include Capri Coastal
Apartments, Rockingham and QUEST East Perth. The Company's Capri
Coastal Apartments, Rockingham is located within the Rockingham
Beach Waterfront Village Precinct. The Company offers commercial
construction and residential apartments, including multi-level
residential, hotels, hospitality and tourism, commercial offices,
retail, industrial offices, health and aged care, and sports and
recreation. The Company offers a range of construction services,
including design, construction project management, site
management, construction management, construction supervision and
contracting services. Its property development services include
project identification, finance solutions, site acquisition and
sales, marketing and property management services.

Martin Jones and Andrew Smith of Ferrier Hodgson were appointed
as Joint and Several Receivers and Managers to the assets and
undertakings of Diploma Group Limited on December 21, 2016, by
Swiss Re International SE, pursuant to the power contained in the
General Security Agreement dated November 26, 2015.

The Receivers and Managers were also appointed over the following
wholly owned subsidiaries:

   * Diploma Construction (WA) Pty Ltd (ACN 113 950 100); and
   * DGX Construction Pty Ltd (ACN 147 094 335)

Following the appointment, David Mark Hodgson, Matthew James
Donnelley and Andrew Stewart Reed Hewitt of Grant Thornton were
appointed as Voluntary Administrators to the Companies on
December 22, 2016.


EGOLI HOLDINGS: Second Creditors' Meeting Set for Sept. 25
----------------------------------------------------------
A second meeting of creditors in the proceedings of Egoli Holdings
Pty Ltd has been set for Sept. 25, 2017, at 11:00 a.m., at the
offices of Worrells Solvency & Forensic Accountants
Suite 4, Level 3, Bryant House, 26 Duporth Avenue, in
Maroochydore, Queensland.

The purpose of the meeting are (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. 22, 2017, at 5:00 p.m.

Paul Eric Nogueira of Worrells Solvency & Forensic Accountants
were appointed as administrators of Egoli Holdings on Aug. 23,
2017.


SAFE HOMES: First Creditors' Meeting Set for Sept. 27
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Safe Homes
Constructions Pty Ltd will be held at the offices of Worrells
Solvency & Forensic Accountants, Level 15, 114 William Street,
in Melbourne, Victoria, on Sept. 27, 2017, at 3:30 p.m.

Matthew Kucianski and Matthew Jess of Worrells Solvency & Forensic
Accountants were appointed as administrators of Safe Homes on
Sept. 15, 2017.



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CHINA HUIYUAN: Add'l US$50MM Notes No Impact on Fitch's B+ IDR
--------------------------------------------------------------
China Huiyuan Juice Group Limited's (B+/Stable) September 2017
issuance of an additional US$50 million 6.5% senior note due 2020
will not affect its 'B+' Long-Term Issuer Default Rating or the
'RR4' Recovery Rating on its bond, says Fitch Ratings. The bond is
rated at the same level as Huiyuan Juice's senior unsecured rating
as it represents its direct and senior unsecured obligations.

Huiyuan Juice's ratings are supported by its strong brand name and
long operating history in China's juice market, as well as its
efforts in expanding and diversifying its product range internally
and through acquisitions. The company's ratings are constrained by
its volatile top-line performance, small business scale and high
leverage. Headroom on Huiyuan Juice's ratings has decreased
following a significant rise in accounts receivable as of end-June
2017, contrary to Fitch's prior expectations. Fitch sees this as a
key credit issue, although it is partially mitigated by solid
revenue growth and healthy margins in 1H17.

Huiyuan Juice's trade receivables balance increased further by
around CNY400 million in 1H17, following a sharp rise in 2016.
This differs substantially from Fitch's earlier expectation of a
reduction in trade receivables - based on communication with
management. The discrepancy mainly arose from the factoring in of
CNY1 billion in trade receivables, which had been taken off the
books in the management accounts but treated as on-balance-sheet
under IFRS. Fitch has revised Fitch working-capital assumptions
and now expects Huiyuan Juice to maintain its trade debtor days at
over 215 days in 2017 in an effort to support downstream
distributors.

Huiyuan Juice's operating results improved in 1H17, with 4.3%
revenue growth and its EBITDA margin expanding to 28% (2016: 18%).
The improved margin was driven by better production efficiency, a
wider product margin and cuts in general operating expenses. Fitch
expects Huiyuan Juice's margins to normalise somewhat in 2H17, but
for the EBITDA margin to stay slightly wider than historical
levels at 18%. Fitch believes the company should be able to
maintain its current coverage ratio at around 3x for the next
three years. Fitch also expects 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.

Huiyuan Juice's financial profile is weaker than that of
international food and beverage peers rated at 'BB' or above. Its
financial metrics are more in line with peers rated in the 'B'
category and outrank 'B' rated food peers, such as Premier Foods
plc (B/Negative) and Yasar Holding A.S. (B/Stable), with stronger
FFO margin, coverage and leverage ratios.


HUISHAN DAIRY: $220MM Syndicated Loans in Default, HSBC Says
------------------------------------------------------------
Hudson Lockett and Tom Hancock at The Financial Times report that
Huishan Dairy, the troubled Chinese company whose shares suffered
a one-day drop of 85% in March, has had syndicated loans totalling
$220 million, for which HSBC acted as the lead agent, called due
"immediately".

FT relates that in a filing to the Hong Kong stock exchange,
Huishan said it had received letters on September 8 and 11 from
HSBC stating that because one or more default events had occurred,
the bank had declared all loans, interest and other amounts
accrued or outstanding "to be immediately due and payable".

Huishan said the latest deadline for the payment of a dual-tranche
facility dating from October 2016 was within three days of
September 11, i.e. by Thursday [Sept. 14], FT relays.

According to the FT, the company said that as of Sept. 11, the
amount outstanding for the US dollar tranche of the loan was
$180 million with $5.8 million in unpaid accrued interest, in
addition to a Hong Kong dollar tranche of HK$156 million (US$20
million) with unpaid accrued interest of HK$4.7 million
(US$600,300), for a total of $206.3 million.

On top of that, HSBC has also terminated and demanded "immediate
repayment" of a separate lending facility from 2014 in the
aggregate amount of $13.7 million, the report says.

Huishan said it was taking legal advice on the concerned repayment
demands and that "any repayment arrangements will be considered
together with the debt restructuring proposals" announced in July,
FT adds.

Huishan, which owes $3.9 billion to creditors, said in July that
it planned to create a new holding company that would include its
dairy businesses and assets, as well as separate companies
controlled by its chairman Yang Kai, FT recalls.

According to the report, Robin Yuen, an analyst at RHB OSK
Securities Hong Kong, said many other creditors had sent letters
to Huishan demanding immediate payment.

"HSBC will simply need to line up . . . like every other creditor,
to receive their money back in the order of loan seniority" FT
quotes Mr. Yuen as saying. Since most of Huishan's assets are in
mainland China, he added, "there's nothing HSBC can do
immediately, it has no leverage".

                       About China Huishan

China Huishan Dairy Holdings Co Ltd (HKG:6863) is principally
engaged in the production and sales of raw milk, liquid milk
products and milk powder products. The Company operates its
business through three segments. The Dairy Farming segment is
engaged in planting, growing and harvesting alfalfa grass and
other feed crops, processing feeds and breeding dairy cows. The
Liquid Milk Products Production segment is engaged in the
production and sales of pasteurized milk, ultra-high temperature
(UHT) milk, yoghurt and milk beverages. The Milk Powders
Production segment is engaged in the production and sales of
infant milk formula products, adult milk powder products and
dairy ingredient products.

As reported in the Troubled Company Reporter-Asia Pacific on
April 13, 2017, The South China Morning Post said a Shanghai
court has frozen assets of China Huishan Dairy Holding and its
chairman as requested by a mainland wealth management firm, and
that HSBC alleges it has defaulted on a US$200 million loan.
Huishan said in a filing to the Hong Kong stock exchange on
April 10 that it had received a letter on April 7 from HSBC
alleging "non-compliance with certain of the covenants" and "has
therefore called events of default under the Facility Agreement".
HSBC acted on behalf of six creditor banks, including China CITIC
Bank International.


SPI ENERGY: Co-COO Resigns Due to Health Reason
-----------------------------------------------
Mr. Minghua Zhao had resigned as the co-chief operating officer of
SPI Energy Co., Ltd.'s China business and a director of the board
of directors of the Company due to personal health reason. Mr.
Zhao's resignation took effect on Sept. 6, 2017. The Company's
Chief Operating Officer Mr. Hoong Khoeng Cheong has assumed Mr.
Minghua Zhao's role and been appointed as director of the board of
directors of the Company, effective Sept. 6, 2017.

                         About SPI Energy

SPI Energy Co., Ltd. -- http://investors.spisolar.com/-- is a
global provider of photovoltaic (PV) solutions for business,
residential, government and utility customers and investors. SPI
Energy focuses on the EPC/BT, storage and O2O PV market including
the development, financing, installation, operation and sale of
utility-scale and residential PV projects in China, Japan, Europe
and North America. The Company operates an online energy
e-commerce and investment platform in China, as well as B2B
e-commerce platform offering a range of PV and storage products in
Australia. The Company has its operating headquarters in
Hong Kong and maintains global operations in Asia, Europe, North
America and Australia.

SPI Energy reported a net loss of $185 million on $191 million of
net sales for the year ended Dec. 31, 2015, compared to a net loss
of $5.19 million on $91.6 million of net sales for the year ended
Dec. 31, 2014.

As of June 30, 2016, SPI Energy had $549.4 million in total
assets, $415.0 million in total liabilities, and $134.4 million in
total stockholders' equity.

KPMG Huazhen LLP, in Shanghai, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2015, citing that SPI Energy Co., Ltd., and
its subsidiaries have suffered significant losses from operations
and have a negative working capital as of Dec. 31, 2015. In
addition, the Group has substantial amounts of debts that will
become due for repayment in 2016. The auditors said these factors
raise substantial doubt about the Group's ability to continue as a
going concern.



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A-ONE TEX: CARE Raises Rating on INR6cr Cash Loan to BB-
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
A-One Tex Tech Private Limited (ATTPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         5.68       CARE BB-; Stable Revised
   Facilities                        from CARE B+
   (Term Loan)

   Long-term Bank         6.00       CARE BB-; Stable Revised
   Facilities                        from CARE B+
   (Cash Credit)

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
ATTPL takes into account sustained track record of profitable
operations during FY17 (refers to the period from April 1 to March
31) after reporting losses in FY14 and FY15 and ATTPL's moderate
financial risk profile with comfortable gearing and moderate debt
coverage indicators. The ratings continue to be constrained by the
modest scale and short track record of operations, working capital
intensive nature of operations and susceptibility of profitability
margins to volatility in raw material prices. However, the rating
derives strength from continuous increase in scale of operations,
reputed clientele and financial support from the promoters.

Going forward, the ability of the company to profitably increase
scale of operations and maintain a moderate capital structure
shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Sustained track record of profitable operations: ATTPL reported
PBILDT and PAT margins of 8.98% and 2.60% respectively for FY17
(PY: 10.05% and 4.11%) after reporting losses in FY14 and FY15.
Fluctuating crude oil prices, increase in power and fuel cost
resulted in moderation in PBILDT margins. PAT margins moderated on
account of increase in the interest cost & depreciation owing to
additional machinery installed.

Moderate financial risk profile: The total debt of the company
comprised of cash credit limits and term loans which stood at
INR11.46 crore as on March 31, 2017 (Prov.), which resulted in a
total debt to equity ratio of 0.32x as on March 31, 2017 (PY:
0.20x). Also, the capital structure of group remains comfortable
with overall gearing of 0.70x as on March 31, 2017 (Prov.) (PY:
0.42x). The comfortable overall gearing can largely be attributed
to the treatment of unsecured loan as quasi equity leading to
higher net-worth. The interest coverage ratio moderated albeit
remained comfortable at 3.43x during FY17 (PY: 4.18x). The total
debt to gross cash accruals also moderated to 4.07x as on
March 31, 2017 (Prov.). (PY: 1.95x) due to additional availment of
cash credit facilities.

Continuous increase in scale of operations: Over the period FY15-
FY17, the total income of ATTPL has grown at a CAGR of 19.74%.
ATTPL has registered a Y-o-Y growth rate of only 3.13% in its
total operating income for the period of FY16-FY17 to INR48.01
crore in FY17 (PY: INR46.55 crore). The company has added new
customers and the capacity utilization was 96.68% in FY17 reduced
from ~99% in FY16.

Reputed and diversified client base: ATTPL is engaged
manufacturing of fabric, printing, stitching of PP Non-Woven Bags.

Top five customers constituted 20.16% of the total sales during
FY16 which has now marginally reduced to 19.86% in FY17,
indicating low customer concentration risk.

Financial support from promoters: ATTPL has received subordinated
unsecured loans of INR12.86 crore as on March 31, 2016. Out of the
same, INR2.50cr has been converted into equity share capital in
FY17. The company has also infused additional unsecured loans of
INR0.98 crore during FY17. CARE believes that promoters will
continue to support business requirement, as and when required,
over the long term.

Key Rating Weakness

Modest scale and short track record of operations: ATTPL commenced
operations during 2013. The promoters have modest experience in
textile industry. Over the period FY15-FY17, the total operating
income of ATTPL has grown at a CAGR of 19.74%. ATTPL has
registered a Y-o-Y growth rate of 3.13% in its total operating
income for the period of FY16-FY17 to INR48.01 crore in FY17 (PY:
INR46.55 crore). The average capacity utilization was 96.68% in
FY17 from ~99% in FY16.

Working capital intensive nature of operations: The operations of
the company are working capital intensive in nature as exhibited
by operating cycle of 65 days as on March 31, 2017 (Prov.) which
further elongated from 62 days as on March 31, 2016. The elongated
operating cycle can largely be attributed to moderate inventory
days and high collection period. The collection period stood at 45
days as on March 31, 2017 largely due to liberal collection period
extended to its customers. Furthermore, the average fund based
working capital utilization for the company also stood high at
91.69% for trailing 12 months ending July, 2017 indicating higher
reliance on bank borrowings to meet the working capital
requirements.

Susceptibility of profitability margins to volatility in the raw
material prices with supplier concentration risk: The primary raw
material required by ATTPL is PP granules whose prices are
dependent on prevailing international crude oil prices. There are
limited suppliers of plastic granules in the domestic market due
to the oligopolistic nature of the supply market, which results in
limited bargaining power for ATTPL. Change in the international
crude oil prices has a direct impact on the prices of plastic
granules and the lag in passing on the same to customers could in
turn affect the profitability of manufacturers. Furthermore, 80%
of the purchases of ATTPL are made from Reliance Industries
Limited, which exposes the company to supplier concentration risk.
The company has diversified the supplier base by sourcing goods
from Indian Oil Corporation and import from Exxon Mobil from
Singapore.

Stiff competition due to highly fragmented industry and low entry
barriers: Furthermore, favorable government policy comprising of
interest reimbursement and subsidy of imported machinery under
Technology Up-gradation Fund Scheme (TUFS) has led to the entry of
many new players in this industry, which intensifies the
competition. The rising competition is also driven by the low
entry barriers in terms of capital and technology requirements and
limited product differentiation.

A-One Tex Tech Pvt. Ltd (ATTPL) was established in 2011 by Mr.
Rajan Kohli, and Mrs. Neelja Kohli as a private limited company.
The company is engaged in manufacturing of PP spun bonded non-
woven fabric and bags. It commenced in June 2013 at its processing
facility at Rai industrial area in sonepat (Haryana). The
installed capacity stood at ~5,440 metric tonnes per annum as on
March 31, 2017.


BALAJI MOTORS: CRISIL Raises Rating on INR10MM Loan to 'B+'
-----------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Balaji Motors - Rewari (BMR) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable/issuer not cooperating'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Inventory Funding       10        CRISIL B+/Stable (Upgraded
   Facility                          from 'CRISIL B/Stable')

   Proposed Working         5        CRISIL B+/Stable (Upgraded
   Capital Facility                  from 'CRISIL B/Stable')

CRISIL had, on August 21, 2017, downgraded the long-term rating to
'CRISIL B/Stable' from 'CRISIL BB-/Stable' and assigned an 'issuer
not cooperating' remark as the firm had not provided the requisite
information. It has now shared the information, enabling CRISIL to
assign rating to its bank facilities.

Net sales remained stagnant during fiscal 2017 on account of lower
demand. However, stable revenue growth of 8% per fiscal is
expected over the medium term, backed by addition of new
customers.

Operating margin increased to 1.62% in fiscal 2017 (from 0.96% in
fiscal 2016), primarily driven by reduction in sales promotion
expenses. The margin is likely to remain at similar level
(1.5'1.60%) over the medium term, susceptible to volatility in
fuel prices.

Liquidity is marked by adequate cash accrual against debt
obligation, and funding support from promoter and related parties.
Bank limit utilisation, currently at 100%, should come down post
enhancement in bank limit, expected in the near term.

Analytical Approach

CRISIL has treated unsecured loans extended to BMR (estimated at
INR4.04 crore as on March 31, 2017) by promoter and related
parties as neither debt nor equity as these loans are expected to
remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Low operating margin: Trading nature of business and low
bargaining power with principal led to a low operating margin of
1.62% in fiscal 2017, which is likely to remain subdued at around
1.5' 1.60% over the medium term, and will be susceptible to
volatility in fuel prices.

* Average financial risk profile: The total outside liabilities to
tangible networth ratio is estimated at 2.68 times as on March 31,
2017, mainly on account of a modest networth of INR4.49 crore. The
ratio is expected to improve gradually over the medium term, with
repayment of long term loan, and sustenance of the working capital
cycle. Debt protection metrics remain average, with interest
coverage ratio and net cash accruals to total debt (NCATD)
estimated at 2.66 times, and 0.06 time, respectively, for fiscal
2017.

* Vulnerability to regulatory changes: The firm operates a petrol
pump for BPCL, and will be susceptible to changes in government
regulations with regard to petroleum products.

Strengths

* Extensive experience of the promoter in the industry and
locational advantage: A decade-long experience of the promoter in
fuel retailing industry, has established healthy relationships
with customers and principal supplier, Bharat Petroleum
Corporation Ltd (BPCL; rated 'CRISIL AAA/Stable/CRISIL A1+'). The
firm also benefits from prime location of the filling station,
near the Haryana-Rajasthan border.

* Efficient working capital management: Gross current assets
(GCAs) are estimated at 21 days as on March 31, 2017, because of
low receivables of 13 days (reflecting credit allowed to logistic
companies), and low inventory of 4 days, as on March 31, 2017.
Operations will remain efficiently managed over the medium term,
with GCAs expected at 20 days.

Outlook: Stable

CRISIL believes BMR will continue to benefit from its promoter's
extensive industry experience and established customer
relationships. The outlook may be revised to 'Positive' if capital
structure improves due to equity infusion by promoter along with
significant improvement in operating margin. The outlook may be
revised to 'Negative' if pressure on liquidity is exerted, due to
low cash accrual, an increase in working capital requirement, or
considerable, debt-funded capital expenditure.

BMR, a proprietorship firm established in 2004, manages a petrol
pump near Rewari, Haryana and has tied up with BPCL. The firm is
promoted by Mr. Raghuvir Kumar Singla. The founder's son Mr. Kapil
Singla and brother-in-law Mr. Anil Gupta look after its daily
operations.


CREAMCRUST FOOD: CARE Assigns 'B' Rating to INR5.0cr Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Creamcrust Food Products Company (CFPC), as:

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

   Long Term/Short
   Term Bank Facilities   1.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of CFPC is constrained
due to partnership nature of constitution with inherent risk of
withdrawal of capital by partners, small scale of operations,
leveraged capital structure, weak debt coverage indicators and
moderate liquidity position along with elongated working capital
cycle. The ratings further remained constrained due to its
presence in highly fragmented and competitive industry and risk of
raw material price volatility along with seasonality of product
and changing customer tastes and preferences. However, the ratings
derive strengths from experienced partners albeit no relevant
experience in ice-cream industry along with location advantage.

CFPC's ability to stabilize operations at Sidhpur plant and
achieve envisaged level of sales and profitability along with
improvement in capital structure and debt coverage indicators with
better working capital management will be the key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Partnership nature of constitution:  CFPC being a partnership
firm is exposed to inherent risk of the partners' capital being
withdrawn at the time of contingency and also limits the ability
to raise the capital. The partners may withdraw capital from the
business as when it is required, which may put pressure on the
capital structure of the firm.

* Nascent stage of operations:  CFPC was established in 2015 and
initially commenced operations from small manufacturing unit in
Ahmedabad from January 2016. However, later it set-up its
manufacturing plant at Sidhpur, Patan with total cost of INR9.32
crore with project gearing of 6.11 times. The Sidhpur project was
established with installed capacity of 36 lakh litres per annum
and commenced operations from June 2017. CFPC reported TOI of
INR1.26 crore in FY17 (Provisional) as against INR0.18 crore
during 3MFY16. During 4MFY18, CFPC reported TOI of INR0.86 crore.
During FY17, PBILDT margin remained moderate at 17.98% while PAT
margin remained thin at 0.16% on account of high interest cost.

* Leveraged capital structure and weak debt coverage indicators:
Capital Structure of CFPC remained leveraged marked by an overall
gearing of 4.24 times as on March 31, 2017 (Provisional). Gearing
level remained high due to low net worth base of INR1.29 crore and
high total debt of INR5.47 crore which consisted unsecured loan of
INR3.01 crore and term loan of INR2.56 crore.

With low profitability and leveraged capital structure, the debt
protection metrics also remained weak marked by total debt to GCA
of 28.27 times as on March 31, 2017 and interest coverage of 1.70
times during FY17 Provisional (25.45 times and 1.79 times
respectively during FY16).

* Elongated working capital cycle:  Overall liquidity position
stood moderate level along with elongated working capital cycle.
Current ratio stood high at 17.94 times as on March 31, 2017
(provisional) on account of low current liabilities. Operating
cycle remained elongated at 138 days due to high inventory period
of 149 days.

* Intense competitive pressure in highly fragmented industry:
CFPC operates in highly fragmented ice cream manufacturing
industry marked by presence of many big players and large number
of small sized players. The industry is characterized by low entry
barriers due to easy access to customers and suppliers. Also, the
presence of big sized domestic players has established marketing &
distribution network resulting into intense competition in the
industry. Owing to stiff competition in the market, profit margins
of the companies operating into this segment also remain thin.

* High volatility in prices of the raw materials along with
seasonality of product and changing customer tastes and
preferences:  The major raw materials for manufacture of ice cream
are milk, butter and Skimmed Milk Powder (SMP), sugar, etc. CFPC
procures major raw materials from local dairies near to its
manufacturing units. The prices of key raw materials have
consistently been rising over the years. The sales of the company
are concentrated over the summer months, reflecting the
seasonality of the business. The business is also susceptible to
changing tastes of consumers. As such, CFPC will have to
constantly invest to come up with new products (flavours etc.) in
line with the industry as well as changing customer preferences.

Key Rating Strengths

* Experienced partners albeit no relevant experience in Ice-cream
industry:  CFPC is established by Mr. Ismailbhai Dauwa, Mr.
Akbarali Dauwa, Mr. Muktarhusen Dauwa and Mr. Zakirhussain Dauwa.
All partners have more than 2 decades of experience in the hotel
industry and manage overall operations of the firm jointly.
Overall the partners are qualified and well-experienced in the
hotel industry. However, partners do not possesses relevant
experience into the same industry.

Patan-based (Gujarat), CFPC was established in 2015 by Mr.
Ismailbhai Dauwa, Mr. Akbarali Dauwa, Mr. Muktarhusen Dauwa and
Mr. Zakirhussain Dauwa. CFPC was established to manufacture
premium quality ice-creams and sell under the brand name 'Cream
Crust'. Initially, it commenced operations from small
manufacturing unit in Ahmedabad (Gujarat) from January 2016.
Later, it set-up its manufacturing facilities at Patan with total
project cost of INR9.35 crore which commenced operations from June
2017 onwards, post discontinuing its operations from Ahmedabad
unit. The facility is located at Sidhpur in Patan district of
Gujarat with installed capacity of 36 lakh litres ice-cream per
annum.


CREATIVE LOOMS: CRISIL Lowers Rating on INR18MM LT Loan to 'D'
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Creative
Looms and Crafts Private Limited (CLC) for obtaining information
through letters and emails dated June 22, 2017 and July 11, 2017,
respectively, apart from telephonic communication. However, the
issuer has remained non-cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          18        CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL C')

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 CLC. This restricts CRISIL's
ability to take a forward-looking view on the credit quality of
the company. CRISIL believes that the information available is
consistent with 'CRISIL B' category rating or lower as per
'Scenario 1' outlined in the 'Framework for assessing consistency
of information'. Based on the latest available information, CRISIL
has downgraded the rating to 'CRISIL D' from 'CRISIL C'.

The downgrade reflects recent instances of delay in term debt
repayment by the company.

Creative Looms and Craft Private Limited (CLCPL) was incorporated
in 1983 by Mr. Rishabh Singh and Mrs. Gaeta Singh. The company is
engaged in trading of handicrafts products and furniture. Company
operates through two retail outlets in New Delhi (one each at
Dwarka and Connaught Place).


DANIA ORO: CRISIL Lowers Rating on INR17.31MM LT Loan to 'D'
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Dania Oro
Jewellery Pvt Ltd for obtaining information through letters dated
July 13, 2017, and August 7, 2017, among others, apart from
telephonic communication. However, the issuer has remained non-
cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Packing Credit         12.5      CRISIL D (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL A4')

   Post Shipment Credit   12.5      CRISIL D (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL A4')

   Proposed Long Term     17.31     CRISIL D (Issuer Not
   Bank Loan Facility               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 Dania Oro. 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 Dania Oro 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 its rating on the bank
facilities of Dania Oro to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.

The downgrade reflects instances of delay in interest payments in
post shipment credit account.

Dania Oro was incorporated in 2006, promoted by Mr. Pramod Goenka
of Mumbai. The company exports diamond-studded gold jewellery to
the US and UK.


ENMAS GB: CARE Lowers Rating on INR24cr LT Loan to 'D'
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Enmas GB Power Systems Projects Limited (EGPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             24.00      CARE D Revised from
                                     CARE C; Stable

   Short-term Bank
   Facilities              7.00      CARE D Revised from
                                     CARE A4

   Long-term/Short-
   Term Bank Facilities    5.00      CARE D/ CARE D Revised
                                     from CARE C; Stable/ CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of EGPL
takes into account the instances of delays in servicing debt
obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: On account of tight liquidity position
due to delay in realisation of receivables, there has been
instances of delays in debt servicing. For the year ended March
2017, as per provisional results, EGPL has registered net profit
of INR0.2 crore on a total operating income of INR192 crore as
against net profit of INR0.2 crore on a total operating income of
INR221 crore in the year ended March 2016.

EGPL was incorporated in 1995 in the name of Enmas Engenius
Projects Limited (EEPL). During its initial stages the company was
involved mainly in erection and commissioning of Chemical recovery
boilers. Subsequently in 2008 the name of the company was changed
to EGPL and the company started catering to power industry. During
FY12, the promoters of the Chennai-based Bhandari group had
indirectly acquired 49.7% stake from Resurgent Investments Private
Limited.


ESSAR STEEL: Edelweiss Group Offers INR800cr in Interim Financing
-----------------------------------------------------------------
Vishwanath Nair at BloombergQuint reports that the Edelweiss
Group, part of the lenders' consortium to Essar Steel Ltd., is
willing to provide nearly INR800-crore interim financing to help
the steelmaker stay afloat during insolvency proceedings, three
people aware of the matter said.

Through its stressed asset funding business, Edelweiss has agreed
to fund Essar Steel for six months at an interest rate of 15-20
percent, the people quoted above said, BloombergQuint relates. The
financial services major has discussed the proposal with Satish
Kumar Gupta, the interim resolution professional in the Essar
Steel insolvency case. It's now waiting for an approval from the
committee of creditors, as is the norm under the Insolvency and
Bankruptcy Code, two of the three people quoted above said,
BloombergQuint relays.

Essar Steel was among the first list of dozen companies -
contributing a quarter of Indian lenders' bad loans - that the
Reserve Bank of India had identified for insolvency proceedings.
The steelmaker, among the largest insolvency cases with a debt of
over INR40,000 crore, had challenged the move in the Gujarat High
Court but failed to get relief, according to BloombergQuint.

Interim financing is essential to keep Essar Steel as a going
concern till lenders and the IRP finalise a restructuring plan
within the stipulated 270 days, BloombergQuint says.

According to BloombergQuint, lenders in the committee of creditors
are generally not very keen on approving financing offers as they
don't want to increase their exposure to any account classified as
a non-performing asset. There is also the problem of provisioning
against these additional loans, as lenders are not clear whether
they would have to provide for half of these funds upfront. Any
funding proposal outside the lending consortium requires the
approval of the committee of creditors, BloombergQuint relates.

Edelweiss Asset Reconstruction Company Ltd. is a member of the
lending consortium to Essar Steel. The ARC had purchased the steel
company's loans from HDFC Bank Ltd., Federal Bank Ltd., Axis Bank
Ltd. and ICICI Bank Ltd. However, the interim funding proposal has
come from a different arm of the Edelweiss Group, the report
discloses.

In a meeting held on Sept. 6, the insolvency professional apprised
lenders of the Edelweiss offer. Gupta is from turnaround and
interim management firm Alvarez & Marsal India, which was
appointed by a consortium of lenders led by State Bank of India
for the insolvency case, the report notes.

Essar Steel and Edelweiss have declined to comment in response to
separate emailed queries from BloombergQuint. Alvarez & Marsal
India is yet to respond, BloombergQuint says.

Incorporated in 1976, Essar Steel India Ltd. is a part of the
Essar Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to
Paradip) and Andhra Pradesh (Kirandul-Vizag), which transport the
iron ore slurry from the beneficiation plant (located near the
iron ore mines in Dabuna and Kirandul) to the pellet plant
(located near the Paradip and Vizag ports). A large portion of
the iron ore pellets produced are intended for captive
consumption by ESIL's steel plant at Hazira for cost
optimization.


GAGAN RICE: CRISIL Reaffirms 'B' Rating on INR7MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISILB/Stable' rating on the
long-term bank loan facilities of Gagan Rice Mills.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             7        CRISIL B/Stable (Reaffirmed)
   Proposed Term Loan      1        CRISIL B/Stable (Reaffirmed)

The rating reflects a below-average financial risk profile because
of high gearing, and highly working capital-intensive and a small
scale, of operations, in the highly-fragmented rice industry.
These rating weaknesses are partially offset by the extensive
industry experience of the partners and their established
relationship with customers.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile marked by high gearing: The
gearing was high at 9.30 times as on March 31, 2017. Debt
protection metrics were muted as reflected in interest coverage
and net cash accrual to total debt ratios of 1.5 times and 0.03
time, respectively, for fiscal 2017.

* Working capital-intensive operations: Gross current assets were
high at 279 days as on March 31, 2017, driven by the inherently
large inventory requirement in the rice industry.

* Small scale of operations: Despite being in business for over 10
years, revenue was modest at INR13.01 crore in fiscal 2017. In the
basmati rice segment, there are a few large players with strong
brands, and numerous unorganised players with small capacities
catering to regional demand; this results in intense competition.

Strength

* Extensive industry experience of the partners: The partners have
been operating in both the basmati and non-basmati rice segments
for nearly 10 years. They have thus successfully established a
procurement network which meets the growing needs of the firm.

Outlook: Stable

CRISIL believes GRM will continue to benefit from the extensive
industry experience of its partners and their established
relationship with customers. The outlook may be revised to
'Positive' in case of growth in revenue and profitability, or
significant infusion of capital, resulting in an improved
financial risk profile. The outlook may be revised to 'Negative'
if the capital structure weakens, cash accrual is lower than
expected, or there is substantial, debt-funded capital
expenditure.

GRM is a Haryana-based partnership firm established in 2006 by Mr.
Joginder Pal Gupta, Mr. Gagan Goel, and Mr. Abhishek Goel. The
firm mills and processes basmati and non-basmati rice for supply
in the domestic market.


GARG AND COMPANY: CARE Reaffirms B+ Rating on INR15.10cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Garg and Company (GOC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             15.10      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of GOC continues to be
constrained by its small scale of operations along with low
profitability margins, weak financial risk profile marked by
leveraged capital structure, weak coverage indicators and working
capital intensive nature of operations. The rating is further
constrained by susceptibility of the firm's profitability margins
to fluctuation in the steel prices, presence in a highly
competitive steel industry and its constitution as a partnership
firm. The rating, however, continues to take comfort from the
experienced partners and direct sourcing from reputed suppliers.

Going forward, the ability of GOC to increase its scale of
operations while improving its profitability margins and capital
structure will remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations along with low profitability margins:
The firm's scale of operations has remained small marked by Total
Operating Income (TOI) of INR47.87 crore in FY17 (Provisional;
refers to the period April 1 to March 31). The small scale limits
the firm's financial flexibility in times of stress and deprives
it of scale benefits. Additionally, the profitability margins
stood low marked by PBILDT margin and PAT margin of 6.60% and
0.55%, respectively, in FY17.

Leveraged capital structure and weak debt coverage indicators: The
capital structure continued to remain leveraged reflected by
overall gearing ratio of 3.74x as on March 31, 2017, though the
same has improved from 6.04x as on March 31, 2016 owing to
infusion of funds by partners amounting to INR1.32 crore in FY17
along with gradual repayment of term loans and lower utilization
of working capital limits as on last balance sheet date.
Furthermore, the firm continues to have weak debt coverage
indicators marked by low interest coverage ratio of 1.45x for FY17
(Provisional) and high Total debt to Gross Cash Accruals (GCA) of
18.28x for FY17 (Provisional).

Working capital intensive nature of operations: The average
operating cycle of the firm stood elongated at 131 days for
FY17 (Provisional) (PY: 90 days). This was mainly on account of
higher collection period as the firm extends a credit period
of around 3 months to its customers due to its presence in
competitive nature of industry. However, the collection period
increased vis-a-vis previous year due to delay in realization from
some of its debtors. The working capital requirements were largely
met through bank borrowings which resulted into full utilization
of its sanctioned limits.

Susceptible to fluctuation in raw material prices: The prices of
steel are driven by international prices, apart from domestic
demand supply factors and therefore remain volatile. Thus, any
adverse change in the prices of the raw material and traded goods
may affect the profitability margins of the firm.

Presence in a highly competitive steel industry: The spectrum of
the steel industry in which the firm operates is highly fragmented
and competitive marked by the presence of numerous players in
India. GCO faces direct competition from various organized and
unorganized players in the market. There are a number of small and
regional players who are located in India and catering to the same
market.

Constitution as partnership firm: GCO's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partners' capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partners.

Key rating strengths

* Experienced partners: GCO was established in 1972 and its day-
to-day operations are looked after by the partners jointly. Mr.
Harsih Kumar Garg has an industry experience of more than four
decades through his association with GCO. Mr. Lokesh Jain and Mr.
Kailash Jain have an industry experience of nearly one decade
through their association with GCO only. The partners have
adequate acumen about various aspects of business, which is likely
to benefit the firm in the long run.

* Direct sourcing form established supplier base: The firm
procures its product directly from the large and reputed
manufacturers which include established steel manufacturing
companies like Steel Authority of India Limited (SAIL), Essar
Steel Limited (ESL), Bhushan Power & Steel Limited (BPSL) and
Jindal Steel & Power Limited (JSPL). The firm also has an MOU with
SAIL and ESL which enables it to enjoy various discount schemes
offered by the manufacturers.

Garg & Company (GCO) was initially constituted as a proprietorship
firm in 1972 by Mr. Harish Kumar Garg and in 2009, it was
converted into a partnership concern with Mr. Lokesh Jain, Mr.
Kailash Jain and Mr. Harish Kumar Garg as the partners having
profit and loss sharing ratio of 33%, 33% and 34% respectively.
GCO is a family managed business and the firm is engaged in the
trading of steel products, mainly, CR strips, HR strips, HR coils
and HR strips. The firm sells the products mainly in Punjab. In
September 2013, the firm also started manufacturing Electric
Resistance Welded (ERW) pipes with total installed capacity of
12,000 tonne per annum as on June 30, 2017. Income from
manufacturing constituted around 73% of the total revenue in FY17
(Provisional).


GOVARDHAN COTTON: CRISIL Assigns 'B+' Rating to INR4.75MM Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Govardhan Cotton Industries (GCI).
The rating reflects modest scale of operations in the intensely
competitive cotton ginning industry, and exposure to changes in
cotton prices. These weaknesses are partially offset by the
extensive experience of the partners.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             4.75      CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility       .70      CRISIL B+/Stable (Assigned)

Analytical Approach

For arriving at the rating, CRISIL has treated unsecured loans
from partners as neither debt nor equity, as these are at a lower-
than-the-market interest rate and should remain in the business
over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations and intense competition:  Entry
barriers are low on account of limited capital and technology
requirement and low differentiation in end products. Furthermore,
intense competition limits the pricing and bargaining power,
leading to subdued profitability'reflected in operating margin of
1.78% for fiscal 2017.

* Exposure to changes in cotton prices:  As cotton is an
agricultural commodity, its availability is highly dependent on
the monsoon. Furthermore, government interventions and
fluctuations in global cotton output have resulted in sharp
fluctuations in its prices. Finished cotton prices declined and
have remained volatile. Such fluctuations are likely to impact the
margins of cotton ginners and hence an ability to manage the same
will remain a key sensitivity factor.

Strength

* Extensive industry experience of the partners:  Benefits from
the partners' more than 15 years of experience in the industry,
their understanding of the dynamics of the local market, and
established relationships with customers and suppliers should
support business.

Outlook: Stable

CRISIL believes GCI will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if scale of operation and profitability increase and
networth improves backed by equity infusion or if substantial
accrual is generated in business. The outlook may be revised to
'Negative' if increase in working capital requirement or sizeable
debt-funded capital expenditure weakens financial risk profile.

Set up in 2007, GCI is a partnership firm of six promoters and is
located at Kadi, Gujarat. It gins and presses raw cotton (kapas)
to make cotton bales.


GUDI EXPORTS: CRISIL Reaffirms B- Rating on INR4.70MM LT Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facilities of
Gudi Exports Pvt Ltd (GEPL) at 'CRISIL B-/Stable/CRISIL A4'.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Bank Guarantee            .05       CRISIL A4 (Reaffirmed)

   Foreign Bill Purchase    6.00       CRISIL A4 (Reaffirmed)
   Foreign Exchange
   Forward                  1.25       CRISIL A4 (Reaffirmed)

   Packing Credit           4.00       CRISIL A4 (Reaffirmed)

   Proposed Long Term       4.70       CRISIL B-/Stable
   Bank Loan Facility                  (Reaffirmed)

The ratings continue to reflect the small scale of operations
amidst intense competition in the readymade garments (RMG)
industry, the weak financial risk profile, large working capital
requirement, and high geographic and customer concentration in
revenue. These rating weaknesses are partially offset by the
extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Financial risk profile is
constrained by modest networth and high total outside liabilities
to tangible networth ratio of INR1.50 crore and 11.45 times,
respectively, as on same date.

* Working capital intensity in operations: Operations are working
capital intensive, as reflected in high gross current assets,
ranging from 118 to 340 days over the five years through March
2017, mainly driven by moderate receivables and high inventory of
137 and 232 days, respectively.

* Small scale of operations amidst intense competition in the RMG
industry: Intense competition in the RMG industry has kept the
scale of operations small, as reflected in revenue of around
INR12.8 crore in fiscal 2017, and limits the bargaining power with
customers and suppliers, leading to pressure on working capital
management and operating margin.

* High geographic concentration risk: Exports to the Europe, and
key customer, Marks & Spencer, contribute bulk of the total sales.
This exposes the company to high geographic concentration risk,
and any adverse change in government policies against exports to
Europe may adversely affect revenue and margin.

Strength

* Extensive experience of the promoters in RMG industry: The two
decade-long experience of the promoter, Mr. Mandeep Wasu, through
other group entities, MM Exports (India) and Samanata Pvt Ltd, and
strong relationships with major customers and suppliers, will
continue to support the business risk profile.

Outlook: Stable

CRISIL believes GEPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if the company reports significant revenue growth,
leading to substantial cash accrual, and better working capital
management. The outlook may be revised to 'Negative' in case of a
decline in revenue or lower-than-expected cash accrual, or if a
stretch in the working capital cycle, or any major capital
expenditure programme, weakens the financial risk profile.

GEPL was incorporated Mr. Mandeep Wasu and Mr. Ajit Singh Wasu in
2012. The company manufactures and exports RMG, primarily high-end
ladies fashionable clothing, mainly to the Europe. Daily
operations are managed by key promoter, Mr. Mandeep Wasu.


HILLSFOOD AGRO: CARE Hikes Rating on INR12cr LT Loan to B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Hillsfood Agro Beverages Private Limited (HAB), as:

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

   Short-term Bank
   Facilities             0.30       CARE A4 Reaffirmed

Detailed Rationale and key rating drivers

The revision in the long term rating assigned to the bank
facilities of HAB takes into account growth in total operating
income along with improvement in PAT margin, capital structure and
debt coverage indicators. The ratings, however, continue to be
constrained by company's small scale of operations, leveraged
capital structure and working capital intensive nature of
operations. The ratings are further constrained by the company's
susceptibility of margins to fluctuation in raw material prices
and fragmented nature of the industry with high competition from
both small and large players. The ratings, however, derive
strength from the experienced management team and positive outlook
for food processing industry.

Going forward, the ability of HAB to scale up its operations while
improving its overall solvency position and managing the working
capital requirements efficiently will remain the key rating
sensitivities.

Detailed description of the key rating drivers

Weaknesses

* Small scale of operations:  The total operating income of the
company increased from INR16.67 crore in FY16 (refers to the
period April 1 to March 31) to INR29.43 crore in FY17
(Provisional). However, the company's scale of operations has
remained small. The small scale limits the company's financial
flexibility in times of stress and deprives it from scale
benefits.

* Leveraged capital structure:  The capital structure stood
leveraged as reflected by overall gearing ratio of 2.62x as on
March 31, 2017. The same however improved from 3.25x as on March
31, 2016 on account of repayment of term loan in FY17 and
accretion of profits into the net worth base.

* Furthermore, the total debt to GCA ratio continued to remain
weak at 8.25x for FY17. The same, however, improved from 13.86x
for FY16 owing to improvement in GCA and repayment of term loan in
FY17. The interest coverage ratio stood moderate at 2.04x in FY17.
The same improved from 1.69x in FY16 due to an improvement in
PBILDT in absolute terms Working capital intensive nature of
operations.

* The company's operations are working capital intensive in nature
due to high level of inventory maintained by the company in the
form of raw material and finished goods. The average operating
cycle stood at 34 days for FY17 (PY: 30 days). The working capital
limits remained fully utilized for last 12 months period ended
July, 2017.

* Susceptibility of margins to fluctuation in raw material prices:
The major raw material for HAB consists of sugar and fruit pulp.
The prices of pulp are highly fluctuating because of its seasonal
availability and other factors like irregularity of climatic
conditions to unpredictable yields. Any sudden spurt in raw
material prices might not be passed on to the end customers,
instantly, on account of highly competitive nature of the
industry.

* Competitive nature of the industry:  The food processing
industry is highly fragmented in India which makes this industry
highly competitive. Apart from the organized players, the company
faces challenge from various smaller players in the market and
also from the fresh juice makers. Thus, the company has limited
flexibility over pricing its products which is expected to
restrict the profitability margins, going forward.

Strengths

* Experienced management team:  HAB is a private limited company
being managed by Mr. Pradeep Kumar Gupta and Mr. Anuj Kumar
Jindal. The directors have more than two decades of industry
experience. Mr. Anuj Kumar Jindal (Civil Engineer by profession)
looks after the overall operations of the company. Mr. Pradeep
Kumar Gupta had prior experience in the trading industry through
his association with a departmental store.

* Moderate profitability margins: The PBILDT margins deteriorated
from 11.08% in FY16 to 7.73% in FY17 owing to an increase in
selling expenses and employee cost which could not be transferred
to the customers owing to the company's presence in a highly
fragmented and competitive industry. However, PAT margins improved
from 0.15% in FY16 to 1.23% in FY17 due to an increase in PBILDT
in absolute terms coupled with broadly stagnant interest and
depreciation expenses.

* Positive outlook for the juice industry: As per ASSOCHAM report,
the Indian juice industry is expected to grow at the rate of about
35% annually. Consumers are becoming more health conscious and
with increase in disposable income, the demand for such products
is expected to increase. This is expected to help companies like
HAB to increase its scale of operations in the short to medium
term.

Hillsfood Agro Beverages Private Limited (HAB) was incorporated in
August, 2013 and is currently being managed by Mr. Pradeep Kumar
Gupta and Mr. Anuj Kumar Jindal. HAB has set up a fruit juice
processing unit at Baddi, Himachal Pradesh with an installed
capacity of about 13,500 Kilo litres of juice per annum as on
March 31, 2017. The company started commercial operations in
April-2015.  The company sells its products viz mango juice, apple
juice, mixed juice etc under the brand name 'Juicewala' to various
wholesalers and retailers located in different states of India
through its network of super stockiest (15).


INDORAMA SYNTHETICS: CARE Lowers Rating on INR647.07cr Loan to D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Indorama Synthetics Ltd (IRSL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            142.93      CARE D Revised from
                                     CARE BB

   Short-term Bank
   Facilities            110.00      CARE D Revised from
                                     CARE A4

   Long/Short-term
   Bank Facilities       647.07      CARE D Revised from
                                     CARE BB/CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings of IRSL takes into account the delay
in repayment of its debt obligations, primarily cash credit
account due to multiple devolvement of Letter of Credits (LCs).
The delays were largely attributable to volatility in key raw
material prices and low sales realization which led to cash flow
mismatches leading to the devolvement of LCs and overdrawal in
Cash Credit account.

Going forward, the company's ability to regularize debt
repayments, improvement in operational efficiency and
profitability shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing:  The statutory auditor has reported
delays in repayment of dues (in Cash Credit account) to the banks.
The key raw material of the company viz., Purified Terephthalic
Acid (PTA) and Mono Ethylene Glycol (MEG) are the derivatives of
petrochemical industry, the prices of which are affected by the
changes in crude oil prices. During FY17, the prices of crude oil
remained highly fluctuating on account of which the realization
have also been adversely affected leading to cash flow mismatches
and LC devolvements.

* Weak financial risk profile and stretched liquidity:  The
operating income of the company declined by 2.5% in FY17. The
company has incurred cash loss during FY17 owing to volatility in
raw material prices leading to low price realization and
disruption in production due to scarcity in raw material
availability during FY17 which has resulted in stretched
liquidity.

Key Rating Strengths

* Experienced promoters and established track record:  IRSL's
promoter Mr. O P Lohia has over 25 years of experience in the
Indian polyester industry. Mr. Lohia along with his son Mr. Vishal
Lohia (Whole Time Director) looks after the overall management of
the company. The promoters are supported by a team of qualified
and experienced professionals. IRSL has an established track
record of 25 years of polyester manufacturing and has established
relationships with its suppliers and clients.

* Leading manufacturer with economies of scale:  IRSL is India's
second largest polyester manufacturer with technical
collaborations with companies like Dupont of USA, Toyobo of Japan,
Zimmer AG of Germany. It has one of the largest integrated
polyester manufacturing plants and has presence across the value
chain i e Continuous Polymerisation (CP) plant to Polyester Staple
Fibre (PSF) and Partially Oriented Yarn (POY) to Draw Textured
Yarn (DTY)/ Fully Drawn Yarn (FDY) and Polyester Chips.

Incorporated in 1986, Indo Rama Synthetics (India) Limited (IRSL)
commenced polyester manufacturing in 1989 and currently is India's
second largest polyester manufacturer. The Company manufactures a
wide range of polyester products which include Polyester Staple
Fiber (PSF), Partially Oriented Yarn (POY), Draw Texturised Yarn
(DTY), Fully Drawn Yarn (FDY) and Polyester Chips. IRSL has an
integrated manufacturing complex spread over 250 acres at
Butibori, near Nagpur with installed capacity of 6,10,050 MTPA of
polyester. The company has several technical collaborations with
companies like Dupont of USA, Toyobo of Japan, Zimmer AG of
Germany among others.

IRSL is promoted by Mr. O P Lohia (current Chairman & Managing
Director) and his family.


INNOVENTIVE INDUSTRIES: Court Dismisses Plea Against Bankruptcy
---------------------------------------------------------------
Latha Venkatesh at MoneyControl.com reports that the Supreme Court
on Sept. 1 dismissed an appeal filed by Innoventive Industries
against a National Company Law Tribunal (NCLT) verdict that ICICI
Bank could start bankruptcy proceedings against the company.

According to MoneyControl.com, the Apex Court's decision that
bankruptcy code is superior to the Maharashtra Act was the last
hurdle banks' way to start bankruptcy proceedings against
companies that have defaulted, and recover their money.

The decision brings a big relief for the banks, the Reserve Bank
of India (RBI) and the government in their fight against bad
debts, the report says.

Earlier, ICICI Bank had taken Innoventive Industries to NCLT for
the recovery of its due as the company had defaulted on loan
repayment, MoneyControl.com relates.

MoneyControl.com says the NCLT had given a verdict in favor of the
ICICI Bank, which Innoventive Industries challenged in the
National Company Law Appellate Tribunal (NCLAT), where it received
yet another setback.

The company later filed an appeal in the Supreme Court seeking
relief under the Maharashtra Act, which states that if a company
is facing bankruptcy, protection needs to be provided for the
employees, MoneyControl.com relays.

The Act states that a creditor seeking dues from the company would
be held in abeyance for one year to protect the employees of the
said company. It also allows employees to get 15 years of relief
for the company being takeover by the creditor, the report notes.

Innoventive Industries Ltd (NSE:INNOIND) is an India-based
company engaged in offering steel tube (electric resistance
welded (ERW), cold drawn electric welded (CEW) and Pilger); steel
sheets (membrane strips and sheets), and auto parts (two-three
wheelers and structures). The Company's segments include
Precision Tube segment, Auto Components segment, and Cold Rolled
Coils & Other Products segment. The Company operates through
three divisions: Tube, Sheet and Auto Products. The Company
manufactures precision steel tubes, membrane panel strips, auto
components and other steel products catering to industries in
automobile, boiler and heat exchangers, energy, oil and general
engineering sectors. It specializes in processing various types
of steel. The Company caters to both domestic and international
markets. The Company's manufacturing plants are located in Pune,
India.


INTERJEWEL DESIGNS: CARE Cuts Rating on INR36cr Loan to 'C'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Interjewel Designs (ID), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long/Short-term        36.00     CARE C; Negative/CARE A4
   Bank Facilities                  Revised from CARE BB+;
   (Fund-based)                     Stable/CARE A4+

   Long/Short Term         0.50     CARE C; Negative/CARE A4
   Bank Facilities-                 Revised from CARE BB+;
   Non-Fund Based                   Stable/CARE A4+

Detailed Rationale & Key Rating Drivers

The revision of ratings assigned to bank facilities of ID takes
into account its stressed liquidity arising from instances of
overdue/unpaid bills; albeit such overdue have been for less than
30 days. The rating is further constrained by ID's constitution as
a partnership firm, its limited track record, and geographic
concentration of sales, elongated operating cycle leading to
working capital intensive nature of operations as well as its
presence in a highly competitive and fragmented G&J industry. The
ratings further factors ID's susceptibility to volatility in gold
and diamond prices and foreign exchange fluctuation risk.

The ratings, however, continue to derive strength from experience
of its partners in the G&J industry and its comfortable gearing
levels.

Outlook: Negative

The outlook on the rating has been revised to 'Negative' on CARE's
expectation of further stress on ID's liquidity going forward due
to instances of overdue bills.

Detailed description of the key rating drivers

Key rating weaknesses

* Stressed liquidity on account of overdue/unpaid bills: ID's
liquidity has become stressed on account of few instances of
overdue/unpaid bills recently; albeit such overdue has not
exceeded 30 days till date.

* Partnership nature of the firm: ID is constituted as a
partnership firm, which limits its financial flexibility as any
withdrawal of the partners' capital could affect the operational
performance and financial flexibility of the firm.

* Geographic concentration of sales; albeit presence in key G&J
markets: The geographical sales concentration risk is high
as the US market contributes more than 80% of sales. Sales in US
market are routed through its group company Interjewel USA Inc.

* Elongated operating cycle resulting into working capital
intensive operations: The firm's operating cycle though has
reduced to 199 days in FY17 as compared to 227 days in FY16,
primarily on account of reduced collection period and inventory
holding; yet it still remains elongated.

* Margins Susceptible to volatility in raw-material prices: The
manufacturing process takes an average of four to six weeks and
the firm generally locks in the prices of gold and precious stones
while taking orders from customers as majority of its sales are of
manufacture-to-order type. This strategy of ID to some extent
mitigates the risk of profitability margins being affected by gold
price fluctuation; albeit it remains susceptible to volatile raw
material prices.

* Foreign exchange fluctuation risk: On account of it being an
Export Oriented Unit, ID's entire revenue is denominated in
foreign currency and as such the firm is exposed to foreign
exchange rate fluctuation risk. Though there is a partial natural
hedge against imports (including deemed imports), the firm does
not have any hedging policy for the balance exports, which makes
it susceptible to foreign exchange fluctuations.

* Highly competitive and fragmented G&J industry: The G&J industry
in India is highly fragmented with presence of numerous
unorganized players apart from some very large integrated G&J
manufacturers leading to high level of competition.

Key rating strengths

* Experienced Partners: ID is promoted by Mr. Rupen Kothari and
Mr. Shrenik Choksi, who are also the promoters of the Interjewel
group. Interjewel group is one of the reputed groups in the G&J
industry and has been in the G&J business for over 40 years. The
firm is managed by Mr. Ritesh Kothari (son of Mr. Rupen), who has
an experience of more than 13 years in the G&J industry, under the
guidance of Mr. Rupen Kothari and Mr. Shrenik Choksi.

* Sourcing arrangement for polished diamonds: ID sources its major
requirement of cut & polished diamonds from Interjewel Private
Limited, a Group Company which is a 'Rio Tinto Select Diamantaire'
and thus, enjoys the benefits of being a recognized purchaser of
quality rough diamonds from Rio Tinto.

* Comfortable gearing levels: Overall gearing ratio improved from
0.47x as on March 31, 2016 to 0.35x as on March 31, 2017, due to
improvement in networth and reduction of overall debt.

M/s Interjewel Designs (ID) was established as a partnership firm
in September 2009 by Mr. Rupen Kothari and Mr. Shrenik Choksi and
is engaged in the business of manufacturing and export of diamond
studded gold, silver and platinum jewellery. The firm is based
within SEEPZ, Mumbai, which is a Special Economic Zone (SEZ) and
avails tax benefit.


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

CRISIL gave these ratings:

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

   Cash Credit              2.17     CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4')

   Open Cash Credit         5.00     CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4')

   Working Capital           .83     CRISIL D (Issuer Not
   Term Loan                         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
has failed to receive any information on either the financial
performance or strategic intent of IIPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the company. CRISIL believes that the information available for
IIPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL B rating
category or lower. CRISIL has currently downgraded its ratings on
the bank facilities of IIPL to 'CRISIL D/CRISIL D/Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4/Issuer Not
Cooperating'.

The ratings downgrade reflects delays in servicing term debt and
continuous overdrawal in the working capital facilities for more
than 30 consecutive days.

Established in 2010, IIPL undertakes civil projects such as
construction of roads and bridges. Visakhapatnam, Andhra Pradesh-
based IIPL is promoted by Mr. Srinivas Rao and family.


LICHI CERAMIC: CARE Assigns B+ Rating to INR9.95cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Lichi
Ceramic (LICH), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             9.95       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             0.60       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of LICH is constrained
due to partnership nature of constitution and presence in the
highly competitive ceramic industry along with fortunes linked to
demand from cyclical real estate sector. Further, LICH has
implementation and stabilization risk associated with on-going
debt funded project and susceptibility of operating margins to
volatility in raw material and fuel costs. However, the rating
derives strength from experience of promoters in ceramic industry
and location advantage having presence into ceramic cluster.

The ability of LICH to complete project within envisaged cost and
time parameters and achieving envisaged level of sales and
profitability is the key rating sensitivity.

Detailed description of the key rating drivers

Key rating weaknesses

* Partnership nature of constitution:  LICH being a partnership
firm is exposed to inherent risk of partners' capital being
withdrawn at time of personal contingency. The partners may
withdraw capital from the business as when it is required, which
may put pressure on the capital structure of the firm.

* Implementation and stabilization risk associated with of ongoing
debt funded project:  LICH is implementing green-field project of
manufacturing ceramic wall glazed tiles at an estimated total
project cost of INR13.78 crore with project gearing of 1.76 times.
However, commercial operations are envisaged to commence from
November 2017. Project implementation risk in terms of timely
completion of the project within envisaged cost parameters remains
crucial for LICH.

* Presence in a highly competitive ceramic industry and fortunes
linked to demand from cyclical real estate sector:  LICH operates
in a highly competitive segment of the ceramic industry marked by
low entry barriers, presence of large number of organized and
unorganized players with capex planned by existing players in the
industry as well as new entrants. This situation is likely to
increase the level of competition, which is expected to put
pressure on profitability of the manufacturers.

* Susceptibility of operating margins to volatility in raw
material and fuel costs:  Prices of raw material i.e. clay &
feldspar is market driven and expected to put pressure on the
margins of tile manufacturers. Another major cost component is
fuel expenses in the gas form which is to fire the furnace. The
profitability of LICH remains exposed to volatile LNG prices,
mainly on account of its linkages with the international demand-
supply of natural gas. Hence, LICH's ability to control its cost
structure would be crucial going forward especially in light of a
competitive environment.

Key rating strengths

* Experienced promoters and well established presence in the
ceramic industry:  LICH is established by 14 partners having
experience into similar line of operations through other entities.
Mr. Dhiren Kundariya and Mr. Vishal Patel are key partners of LICH
and will look after manufacturing and marketing department. Mr.
Pravin Ransaria and Mr. Rajesh Sadatiya has experience of more
than decade in same line of business and will also look after
manufacturing department. All the other promoters are carrying
good amount of reputation in the ceramic industry and holds an
average experience of more than a decade in same line of business
activities.

* Located in the ceramic hub with easy access to raw material,
fuel and labour:  The manufacturing unit of LICH is located at
Morbi in Gujarat which is one of the largest ceramic clusters in
India. Over 70% of total ceramic tiles production in India comes
from the Morbi cluster that houses more than 600 units engaged in
manufacturing of wall tiles, vitrified tiles, floor tiles,
sanitary wares, roofing tiles and others such products. Primary
raw materials i.e. various types of clay and minerals are easily
available from Gujarat and parts of Rajasthan. Moreover, the
vicinity of the city with major ports (such as Kandla and Mundra)
also lowers the transportation cost and thus helps the exporters
of ceramic tiles from this region.

Analytical Approach: Standalone

Morbi (Gujarat) based LICH was established in March 2017 as a
partnership firm by fourteen partners to undertake a green field
project for manufacturing of ceramic wall glazed tiles. LICH is
setting-up a new plant in Morbi (Gujarat) with a proposed
installed capacity of 25200 Metric Tonnes per year of Ceramic wall
glazed tiles. The total project cost is envisaged at INR13.78
crore which would be funded through project debt/equity mix of
1.76 times.

The partners of the firm have long experience in the ceramic
industry through their group entities engaged in manufacturing of
wall tiles and glaze tiles. The group contains seven entities
comprised of Anjali Oil Industries, Kishan Ceramic Industries, M/s
Real Technitex, M/S Guru Industries, M/s Orken Ceramic Private
Limited, M/s Avadh Educare, M/s Pavansut Polymers.


MAXTAR BIO-GENICS: CARE Lower Rating on INR10cr Loan to B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Maxtar Bio-Genics, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         10.00      CARE B+; Issuer not
   Facilities                        cooperating; Revised from
                                     CARE BB on the basis of on
                                     the basis of best available
                                     information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Maxtar Bio-Genics to
monitor the rating(s) vide e-mail communications/letters dated
August 28, 2017 and numerous phone calls. However, despite CARE's
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on Maxtar
Bio-Genics's bank facilities 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).

The rating has been revised on account of exposure of the firm to
the foreign exchange fluctuation risk, raw material price
volatility risk and constitution of the entity being a partnership
firm.

Detailed description of the key rating drivers

At the time of last rating on June 27, 2016, the following were
the rating strengths and weaknesses:

Key Rating Strengths

* Experienced partners: Mr. Madan Lal Bansal and Mr. Jagdish Chand
Bansal have industry experience of more than two decades which
they have gained through their association with MBG and its
associate concern, Unipex Pharmaceuticals Pvt. Ltd. which was
earlier engaged in manufacturing of generic formulations
(commenced trading in 1990). Moderate profitability margins: The
profitability margins of the firm are moderate with PBILDT margin
and PAT margin of 10.41% and 6.45%, respectively in FY16 (refers
to the period of April 1 to March 31).

* Comfortable solvency position: The capital structure of the firm
remained comfortable with overall gearing of 0.71x as on March 31,
2016.

* Furthermore, the debt coverage indicators remained at
satisfactory levels characterized by interest coverage ratio of
3.61x in FY16 and total debt to GCA of 3.23x for FY16.

* Diversified customer base & product profile: MBG sells its
products throughout India and also exports to countries like
Cambodia, Cameroon, Korea, Ghana, Nigeria, Myanmar etc. Also, MBG
is engaged in manufacturing of a wide variety of drug compositions
in the form of tablets and capsules. The product line finds its
application in a varied range of therapeutic segments like anti-
infective, neuropsychiatry, gastroenterology, cardiovascular,
anti-diabetic, anti-fungal etc.

* Healthy growth prospects of the Indian Pharmaceutical Industry
albeit competitive Indian formulations market: The Indian Pharma
industry (IPI) would continue to experience strong growth. The
generic opportunities in USA and yet to be saturated emerging
markets will drive the growth. However, the competitive pressure
in the domestic formulation market has been rising steadily. While
on one hand, this has been prompted by significant increase in
investments by domestic players in marketing efforts through
expansion in field force, on the other hand, Multi-National
Companies have also renewed their focus on India. Hence,
increasing competition and government price control is expected to
restrict margins.

Key Rating Weaknesses

* Small and fluctuating scale of operations: Despite being in
operations for around one decade, the firm's scale of operations
has remained small marked by Total Operating Income (TOI) of
INR40.98 crore in FY16. The small scale limits the firm's
financial flexibility in times of stress and deprives it of scale
benefits. Furthermore, the scale of operations witnessed a
fluctuating trend during FY14-FY16 period as TOI declined from
INR45.05 crore in FY15 to INR40.98 crore in FY16 on account of
decline in orders received from the firm's dealer network.

* Elongated working capital cycle: The average operating cycle of
the firm stood elongated at 150 days in FY16. The average
utilization of the working capital limits remained around 90% for
the last 12 months period ended May, 2016.

* Exposure to foreign currency fluctuation risk and raw material
price volatility: The key raw materials required for the
manufacturing formulations include API (Active Pharmaceuticals
Ingredients), hence the firm remains susceptible to commodity
price variation risks APIs are value added products and cannot be
considered as commodities. Also, the firm exports its manufactured
goods to Cambodia, Korea, Cameroon, Philippines, Nigeria etc. With
cash outlay for procurement in Indian currency and sales
realization in foreign currency, the firm is exposed to the
adverse fluctuations in exchange rates in the absence of any
hedging mechanism.

* Exposure to regulatory Risk: The Pharmaceutical industry is a
closely monitored and regulated industry and as such there are
inherent risks and liabilities associated with the products and
their manufacturing. Furthermore, issues like price control of
essential medicines by the Government of India through the Drug
(Prices Control) Order, 2013, pose regulatory risk for the
Pharmaceutical industry.

* Partnership nature of its constitution: MBG's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partners' capital at the time of personal
contingency and the firm being dissolved upon the
death/retirement/insolvency of partners.

Maxtar Bio-Genics (MBG) was established as a partnership firm in
2007 and is currently being managed by Mr. Madan Lal Bansal and
Mr. Jagdish Chand Bansal, sharing profit and loss equally. The
firm is engaged in the manufacturing and selling of generic drug
formulations at its manufacturing facility in Baddi, Himachal
Pradesh with total installed capacity of manufacturing 2000
million tablets and 365 million capsules per annum as on June 30,
2017. The firm is present across various therapy areas including
anti-diabetic, anti-infective, anti-fungal, neuropsychiatry,
gastroenterology, cardiovascular, etc. In FY16 (refers to the
period April 01 to March 31), MBG has achieved a total operating
income of INR40.98 crore with PAT of INR2.24 crore, as against the
total operating income of INR45.05 crore with PAT of INR1.90 crore
in FY15.


MOTHER'S EDUCATIONAL: CRISIL Lowers Rating on INR5.4MM Loan to D
----------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Mother's Educational Charitable Trust (MECT) to
'CRISIL D' from 'CRISIL B-/Stable/Issuer Not Cooperating.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               5.4       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable/Issuer
                                     Not Cooperating')

The downgrade reflects delays in payment of interest and principal
instalments on the term loan.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile:  The networth is small and the
gearing high, estimated at around INR1.14 crore and 5.3 times,
respectively, as on March 31, 2017. The debt protection metrics
too have been subdued with interest coverage ratio at around 1.2
times and net cash accrual to total debt at 0.02 time for fiscal
2017.

* Nascent stage of operations for the new school:  The full-
fledged academic year for the new school began in 2017-18; low
occupancy is expected in the initial years with classes offered
from the first to eight standard. This is likely to constrain the
scale of operations and hence cash accrual.

Strength

* Extensive experience of the trustees and governing body:  The
trustees, Ms Poly Pattnaik and M. Nabaranjan Patnaik, have an
experience of over two decades in the education industry and in
managing school operations. Ms Pattnaik also manages Mother's
Public School established in 1991 in Bhubaneswar; she started with
just preschool and expanded classes up to the 12th standard and
opened a business school offering a course leading to a bachelor's
degree in business administration (BBA). She has won the Rajiv
Gandhi Rashtriya Ekta Samman award, 2013 and the National Award to
Teachers, 2013 from the President of India for her constant
endeavours and valuable contribution in the field of education.

MECT was established on February 2, 2011. It currently runs two
educational institutions offering pre-school curriculum (lower and
upper kindergarten) under the Prakrit wing, and the BBA programme
under the Mother's Business School which is affiliated to Utkal
University, since the academic year 2008-09.

MECT has also recently set up a Central Board of Secondary
Education (CBSE)-affiliated school in Puri, Odisha.


NILKANTH CHAWAL: CARE Hikes Rating on INR4cr LT Loan to B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nilkanth Chawal Mills Private Ltd (NCMPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              4.00      CARE B+; Stable Revised
                                     from CARE D; ISSUER NOT
                                     COOPERATING

In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the ratings of
NCMPL and in line with the extant SEBI guidelines, CARE revised
the ratings of bank facilities of the company to 'CARE D; ISSUER
NOT COOPERATING'. However, the company has now submitted the
requisite information to CARE. CARE has carried out a full review
of the rating and the rating stand at 'CARE B+; Stable'.

Detailed Rationale and key rating drivers

The revision in the rating assigned to the bank facilities of
NCMPL factors in the regularization of the debt servicing track
record since April 2017. The rating also factors in its relatively
small scale of operations with moderate 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 and intensely competitive nature of
the industry with presence of many unorganised players. The
rating, however, continues to derive strength from its experienced
promoters with long track record of operations, proximity to raw
material sources coupled with rice being a major staple food grain
resulting in stable demand prospects and comfortable capital
structure with satisfactory debt coverage indicators.

The ability of the company to increase in its scale of operations
along with an improvement in the profitability and effective
management of working capital would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Relatively small scale of operations with moderate profit
margins:  NCMPL is a relatively small player in the highly
fragmented spectrum of the rice milling industry with total
operating income and PAT of INR33.90 crore and INR0.71 crore
respectively in FY17 (refers to the period April 1 to March 31)
based on the provisional financial. The management has maintained
that they have achieved the turnover of around INR11.40 crore
during 4MFY18. Furthermore, the profit margins of the company
stood at 7.14% in FY17 as against 5.00% in FY16 and the PAT margin
stood at 2.09% in FY17 as against 0.03% in FY16.

* Volatile agro-commodity (paddy) prices with linkages to vagaries
of the monsoon:  NCMPL 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.
Accordingly the average inventory holding period remained at 86
days during FY17 as per the provisional financial which has
resulted in high working capital intensive nature of its
operations. However, the average utilization of working capital
limits was high at around 97% during last 12 months ended in
August, 2017.

* 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. Gaya 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

* Experienced promoters with long track record of operations:  The
main promoter of NCMPL, Mr. Sunil Kumar, the Managing Director, is
having around 10 years of experience in the same line of business.
He is involved in the strategic planning and running the day to
day operations of the company with adequate support from a team of
experienced personnel. Furthermore, NCMPL commenced operations in
2007 and accordingly has around 10 years of operation.

* Proximity to raw material sources coupled with rice being a
major staple food grain resulting in stable demand prospects:
NCMPL's plant is located in the Gaya District, Bihar which is in
close proximity to the paddy growing areas of the state. The
entire raw material requirement is met locally from the farmers
(or local agents) helping the company to save simultaneously on
transportation and paddy procurement cost. Furthermore, rice is
one of the major food grains in India and it is considered as the
most widely consumed staple food grain across India. Accordingly
the demand prospect of rice is expected to remain stable
throughout the year due to dependence of the majority of Indian
population on rice.

* Comfortable capital structure with satisfactory debt coverage
indicators:  The capital structure of the company remained strong
marked by improved overall gearing ratio of 0.53x (FY16: 0.65x) as
on March 31, 2017 as per the provisional financial. Furthermore
the debt coverage indicators also remained strong marked by
improved interest coverage of 4.61x (FY16: 1.57x) and total debt
to GCA of 2.35x (FY16: 10.32x) in FY17.

NCMPL, incorporated in September, 2005 was promoted by Mr. Sunil
Kumar, Mr. R.C.P Sharma and Mr. Arun Kumar of Gaya, Bihar to set
up a rice processing & milling unit and sale of its by-products
like husk, bran, khudi etc. in the domestic market. The unit
commenced commercial operation in 2007. Presently the total
installed capacity of the company is 59,000 metric tonnes per
annum (MTPA) generating from its two plants, situated in Gaya
district of Bihar, a major paddy growing area and is in close
proximity to local grain market enabling easy paddy procurement.


NITHYA TOBACCOS: CARE Assigns B+ Rating to INR12cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Nithya
Tobaccos (NT), as:

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

Detailed description of the key rating factors

The ratings assigned to the bank facilities of NT are tempered by
its short track record of operations with low net worth base,
leveraged capital structure, weak debt coverage indicators and
geographical concentration risk with the tender-based nature of
business. The ratings are further constrained by susceptibility of
profit margins to volatility in tobacco prices, elongated
operating cycle resulted in working capital intensive nature of
operation and constitution as a proprietorship concern. However,
the ratings is underpinned by the experience of the proprietor in
tobacco business, satisfactory total operating income though thin
PAT margins and comfortable collection days with stable outlook if
Indian Tobacco industry. The ability of the firm to increase the
scale of operations along with profitability margins and improve
its capital structure and debt coverage indicators with efficient
management of its working capital utilization remains the key
rating sensitivities.

Detailed description of the key rating factors

Key Rating Weaknesses

* Short track record of operation and low net worth base:  The
firm, though established in March 2016, started commercial
operations in the same month. The firm has completed only one year
of operations, and therefore, has short track record of
operations. Further, the firm's networth base was small at INR2.68
crore as on March 31, 2017 (CA certified, Prov.). The low networth
base limits the firm's financial flexibility in times of stress.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company was leveraged marked by
overall gearing ratio at 4.89x as on March 31, 2017 (C A Certified
Prov.) on account of higher proportionate of total debt in
comparison with total net worth, at the back of higher utilization
of working capital limit with unsecured debt from the related
parties. The coverage indicators marked by total debt to GCA and
interest coverage was weak at 82.90x and 1.16x respectively, as on
March 31, 2017 (CA certified, Prov.), due to high debt levels
comprising majorly working capital limits, and moderate PBILDT
levels. However, the total debt to equity is comfortable at 0.52x
due to nominal unsecured loan from the related parties.

* Geographical concentration risk:  The firm is engaged in
processing and sale of FCV tobacco products for clients based at
Andhra Pradesh which reflects high geographical concentration
risk. However, the firm is planning to expand its business in
other states.

* Profitability margins susceptible to volatility in tobacco
prices and tender driven nature of operations:  As the prices of
traded goods are volatile in nature, the profitability of the firm
is susceptible to volatility in tobacco prices. Any adverse
changes in prices of the same would have an impact on the
profitability margins of the firm. However, to mitigate this risk,
NT stocks up tobacco product as and when it bids successfully in
the tender exercise. The firm's tender driven nature of operations
could lead to margin contraction due to pricing pressure. The
company receives 100% raw FCV tobaccos from Tobacco Board (TB) via
auction route and the revenues are dependent on the firm's ability
to bid successfully for these tenders.

* Working capital intensive nature of operations:  NT has working
capital intensive nature of operations as marked by elongated
operating cycle of 218 days in FY17 (CA certified, Prov.), mainly
on account of high inventory period at 215 days to meet the demand
of the clients coupled with initial year of operation. The company
normally allows a credit period of around 1-3 weeks to its
customers andmakes purchases on cash basis with maximum average
credit period allowed by its creditor's stood around a week for
FY17 (CA certified, Prov.). The average utilization of cash credit
was 95% for the last 12 months ended July 31, 2017.

* Constitution of the entity as proprietorship concern with
inherent risk of withdrawal of capital and limited access to
funding:  The firm being in a proprietorship entity is exposed to
inherent risk of capital withdrawal by proprietor due to its
nature of constitution. Any significant withdrawals from the
capital account would be impacted the net worth and thereby the
firm's capital structure.

Key Rating Strengths

* Experienced proprietor with around two decades in tobacco
industry:  The firm was established in March 2016 as a
proprietorship firm, by Mr. Vasu Babu. Mr. Vasu Babu has worked
for 20 years in the same line of business through its associate
concern i.e Tobacco Trading Company, which is engaged in sale of
tobacco products. Further, his father is also into same line of
business and successfully running a proprietorship firm for last
30 years. The above factors will keep an edge to grow the firm in
future.

* Satisfactory total operating income and moderate PBILDT margins:
The firm has completed first full year of operation in FY17 (CA
certified, Prov.), and achieved a reasonable total operating
income of INR26.96 crore, on account of high volume processing and
selling of FCV tobacco, coupled with moderate PBILDT margin of
4.34%. The firm process and sell 500 kilogram (kg) tobacco per
day, with 4 different types of quality within the price range of
INR50 to INR250, i.e highest quality is charged at INR250 per kg
and lowest quality is charged at INR50 per kg. In 4MFY18
(Provisional), NT has achieved TOI of INR19.94 crore.

* Comfortable collection period albeit elongated operating cycle:
The operating cycle of the firm was elongated in FY17 (CA
certified, Prov.) at 218 days, due to high inventory, NT is into
processing of tobacco products, for which NT has to acquire the
tobacco in tender platform from TB, and be competitive to get the
consignment. Further the firm has to maintain sufficient tobacco
products to cater the needs of the clients, so therefore they bid
very frequently to get the tobacco consignment, which resulted
high average inventory period. However, the collection period was
comfortable at 11 days in FY17 (CA certified, Prov.), at the back
of timely payment received from the debtors, the firm generally
receives the payment within 1-3 weeks from the date of delivery of
tobacco product.

* Stable outlook of Indian tobacco industry and favorable location
for doing tobacco business: India has an impressive and
progressive profile in the global tobacco industry. India is the
third-largest tobacco producer in the world, with annual
production of about 800 million kgs. A large proportion of Indian
economy is agro based in which Tobacco is one of the principal
cash crops. India is the largest tobacco market in the world in
terms of tobacco consumption. The smokeless tobacco has
historically been served as a tradition in India for many decades.
Presently, the smokeless tobacco is the largest tobacco product
category in India.

Ongole based Nithya Tobaccos (NT) was established in March 2016 as
a proprietorship concern by Mr. G Vasu Babu. Mr. G Vasu Babu is an
authorized licensed holder from Government of Andhra Pradesh for
processing and selling of Flue-Cured Virginia (FCV) tobacco. NT is
mainly engaged in processing and selling of FCV tobacco. The firm
procures the raw material i.e., wet FCV, which are secured through
the competitive bidding process conducted by Tobacco Board (TB) at
Andhra Pradesh location. The firm after successfully winning the
tender, process the FCV tobacco manually by separating the tobacco
leaves, with the help of local contractual workers. After
successfully separation of tobacco leaves, the firm passes on the
FCV tobacco to the processing partner i.e. Maddi Lakshmaiah Agro
Products (MLAP) at Martur District, Andhra Pradesh. MLAP, after
procurement of raw FCV tobacco will further threshed, which
involves conditioning of tobacco with heat and moisture, and
finally re-drying the FCV tobacco. MLAP further pack these
threshed tobaccos and pass on to NT for selling to various
clients.


PADMAVAHINI TRANSFORMERS: CRISIL Assigns B Rating to INR3MM Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4'
ratings to the bank facilities of Padmavahini Transformers Pvt Ltd
(PTPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     .23        CRISIL B/Stable (Assigned)

   Inland/Import
   Letter of Credit      2.50        CRISIL A4 (Assigned)

   Bank Guarantee         .27        CRISIL A4 (Assigned)

   Cash Credit           3.00        CRISIL B/Stable (Assigned)

The ratings reflect the company's working capital-intensive and
small scale of operations in intensely competitive transformers
industry. These weaknesses are partially offset by the extensive
experience of its promoter.

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive and small scale of operations:  Modest
scale is reflected in operating income of INR3.13 crore, which
restricts ability to benefit from economies of scale. Also, gross
current assets were high at about 600 days as on March 31, 2017.

Strength

* Extensive experience of promoter: Longstanding presence of
promoter and his technology skills are expected to support
business risk profile over the medium term.

Outlook: Stable

CRISIL believes PTPL will continue to benefit over the medium term
from the extensive experience of its promoter. The outlook may be
revised to 'Positive' in case of a significant and sustained
increase in scale of operations and profitability, along with
improvement in working capital management; or if capital structure
improves considerably either through equity infusion or better-
than-expected accrual. The outlook may be revised to 'Negative' if
larger-than-expected working capital requirement or substantially
low cash accrual due to decline in turnover or operating margin
adversely affects financial risk profile.

Incorporated in 1996 and promoted by Mr. R Vathirajan, PTPL
manufactures electrical transformers at its facility in
Coimbatore.


PANYAM CEMENTS: CARE Lowers Rating on INR30cr LT Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Panyam Cements and Mineral Industries Limited, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Bank        30.00       CARE D Revised from
   Facilities                        CARE BB-; Stable

   Short Term Bank        9.32       CARE D Revised from
   Facilities                        CARE A4

   Non-Convertible       97.86       CARE D Revised from
   Debentures                        CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

The rating revision factors in delays in interest servicing on
Non-Convertible Debentures (NCD) on account of cash flow
mismatches.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in interest servicing:  Cash flow mismatches have
resulted in delays in interest servicing on NCDs.

Panyam Cements & Mineral Industries Limited (PCMIL), incorporated
in June 1955, is part of Nandi Group of Industries based out of
Nandyal in Andhra Pradesh. PCMIL is currently engaged in
manufacturing of Ordinary Portland Cement (OPC) 53 grade & 43
grade and Pozzolona Portland cement (PPC) with installed capacity
of 1 million tons per annum (MTPA) at its manufacturing facilities
located at Kurnool District, Andhra Pradesh. PCMIL was acquired by
Nandi Group from its earlier promoters Mr. M. V. Subba Rao and
Associates during September 2004 when it was a sick company. Over
the years, Nandi Group has successfully revived the company and
furthermore, promoters have undertaken large modernization and
expansion projects to increase scale of operations and reduce
operational costs. Since 1978, the Nandi group has built a
diversified presence of businesses such as cement, dairy, PVC
pipes, construction, TMT bars etc.


PHENIL SUGARS: CARE Lowers Rating on INR70cr LT Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Phenil Sugars Ltd (PSL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank          70        CARE D Revised from
   Facilities                        CARE BB-; Stable

   Short term Bank          2        CARE D Revised from
   Facilities                        CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings of PSL takes into account the delay in
repayment of its debt obligations. Going forward, the company's
ability to scale up its operations and service its debt
obligations in a timely manner shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing:  The company has delayed in debt
repayment on account of cash flow mismatches due to lower
production and revenues.

Key Rating Strengths

* Long track record of promoters:  Phenil was incorporated in 2003
with an object to trade in sugar and its allied products. In 2004,
it acquired the two sugar companies BSML and GNSL. BSML was
incorporated in 1928 by the Late Mr. Gokul Chand Narang, with two
sugar units in Basti. In December 1991, one of the units was
separated from BSML and incorporated as a separate entity, GNSL.
Presently, both GNSL and BSML have been amalgamated into PSL with
effect from April 1, 2010.

PSL was incorporated in 2003 with its registered office in Mumbai
which was later changed to Delhi in order to bring operational
efficiency and better monitoring. The Company was converted to a
Public Limited Company and its name was changed to Phenil Sugars
Limited from Phenil Sugars Private Limited on April 26, 2013. In
October 2004, Phenil acquired two sugar companies, Govind Nagar
Sugar Ltd. (GNSL) and Basti Sugar Mills Company Ltd. (BSML) from
the Narang group.

Both, GNSL and BSML have been amalgamated with PSL with effect
from April 1, 2010. Pursuant to a High Court order dated
April 19, 2011, GNSL merged with PSL and subsequently, pursuant to
a High Court order dated February 20, 2013, BSML merged with PSL
with the appointed date being April 1, 2010. PSL has total
sugarcane crushing capacity of 12,000 TCD (which stood at 6000 TCD
as on December 31, 2016 after closure of one of the units in
Basti) and power cogeneration capacity of 13.6 MW. Entire Power
generated is used for captive consumption.


RC GOYAL: CRISIL Reaffirms 'B+' Rating on INR16MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facility of RC Goyal Dall Udyog Private Limited
(GDU).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            16       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's moderate scale of
operations, low profitability and weak financial risk profile
because of high total outside liabilities to tangible net worth
(TOLTNW) ratio, and exposure to intense competition in the pulses
industry. These weaknesses are partially offset by the extensive
experience of its promoters in the pulse processing industry and
efficient working capital management.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile:  TOLTNW is high at 8.6 times as on
March 31, 2017 and debt protection metrics is muted reflected in
interest coverage and net cash accrual to total debt ratios are
1.1 times and 0.01 time, respectively, for fiscal 2017.

* Moderate scale of operations in the fragmented and competitive
pulse processing industry:  The scale of operations remain
moderate at INR196.5 crore in fiscal 2017. The pulse processing
business is fragmented and intensely competitive, with numerous
small-scale unorganised players catering to local demand. Intense
competition and moderate scale of operations limit GDU's ability
to bargain with suppliers and customers

Strengths

* Extensive experience of promoters:  The promoters have
experience of around four decades in running a pulse processing
unit. Healthy relationships with customers have helped obtain
repeat orders and timely payments, keeping receivables low around
16 days in the three years through fiscal 2017.

* Efficient working capital management:  Gross current assets were
39 days as on March 31, 2017, on account of low inventory and
receivables levels.

Outlook: Stable

CRISIL believes GDU will continue to benefit over the medium term
from its long track record and established clientele. However,
financial risk profile will remain constrained by low operating
margin and high debt levels. The outlook may be revised to
'Positive' if financial risk profile improves because of increased
capital or operating margin. The outlook may be revised to
'Negative' if revenue and profitability decline, or if large bank
borrowing to meet capital expenditure and working capital
requirement further weakens financial risk profile.

Set up in 1986 as a partnership firm by Mr. Pawan Kumar Goyal and
his family members and reconstituted as a private limited company
in April 2013, GDU processes pulses, mainly chana dal, at its
facility in Delhi that has capacity of 75 tonne per day. It also
processes moong and toor dal through its group firm, Goyal Pulses,
on jobwork basis.


SAHA BUILDING: CRISIL Reaffirms B+ Rating on INR4MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Saha Building Centre Pvt Ltd (SBCPL) at 'CRISIL
B+/Stable/CRISIL A4'.

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

   Cash Credit            4.0       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     2.0       CRISIL B+/Stable (Reaffirmed)

The ratings reflect the company's large working capital
requirement and modest scale of operations in the fragmented and
competitive civil construction industry. These weaknesses are
partially offset by promoter's industry experience and moderate
unexecuted orders.

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive operations:  SBCPL has large working
capital requirement, with gross current assets of 210-450 days
over the three years ended March 31, 2017. Large gross current
assets are primarily on account of considerable work-in-progress
(WIP) inventory, security deposits, and retention money. Inventory
remained at 210-420 days over the three years ended March 31,
2017.

* Modest scale of operations in the fragmented and competitive
civil construction industry:  Scale is modest, with an operating
income of INR9.7 crore in fiscal 2017 (INR11.3 crore in fiscal
2016). The civil construction industry is highly fragmented, with
presence of many unorganised players having small capacities.
Intense competition, along with tender-based nature of business,
limits operating income and profitability.

Strengths

* Promoter's experience in the civil construction industry:  The
promoter, Mr. Apurba Kumar Saha, with two decades of experience,
has gained a deep insight into the civil construction business and
has healthy relationships with customers and suppliers. Also,
healthy track record of successful and timely implementation of
projects have resulted in repeat orders from clients.

* Moderate unexecuted orders:  Unexecuted orders as on August 31,
2017, stood at INR25.05 crore (having original value of INR56.4
crore), mainly from Central Public Works Department (CPWD), West
Bengal, All India Radio, and Airport Authority of India. These
orders which are executable over the next two years provide good
medium-term revenue visibility.

Outlook: Stable

CRISIL believes SBCPL will continue to benefit over the medium
term from its promoter's extensive experience. The outlook may be
revised to 'Positive' if significant increase in revenue and
accrual or improvement in working capital management strengthens
the financial risk profile, especially liquidity. Considerably low
accrual, or stretch in working capital cycle, or large, debt-
funded capital expenditure, weakening the financial risk profile,
particularly liquidity, may lead to an outlook revision to
'Negative'.

SBCPL was set up in 1999 as a proprietorship firm, and was
reconstituted as a private limited company in 2008. It undertakes
civil construction, mainly of buildings. The daily operations are
managed by its director Mr. Apurba Kumar Saha.


SHIV SHAKTI: CARE Reaffirms B+ Rating on INR13.47cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Shiv Shakti Knit Fabs (SSKF), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            13.47       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities             0.38       CARE A4 Reaffirmed

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of SSKF continue to be
constrained by its short track record coupled with small scale of
operations, low PAT margins and leveraged capital structure. The
rating further continues to be constrained by seasonality
associated with woolen products, highly fragmented and competitive
nature of industry and partnership nature of constitution. The
ratings, however, continue to draw strength from its experienced
partners in the textile industry and moderate operating cycle.

Going forward; ability of the firm to profitably scale up its
operations while improving the capital structure shall be the key
rating sensitivities.

Detailed description of the key rating drivers

Key rating weakness

* Short track record coupled with small scale of operations:  SSKF
has commenced its operations in 2016 and FY17 (FY refer to April 1
to March 31) was the first full year of operations and has very
short track record of operations as compared to other established
players. The scale of operations of the company stood small marked
by total operating income and gross cash accruals of INR28.83
crore and INR1.56 crore respectively during FY17 (based on
provisional results).

Furthermore, the firm's net worth base was remained relatively
small at INR5.98 crore as on March 31, 2017. The small scale
limits the company's financial flexibility in times of stress and
deprives it from scale benefits. The firm has achieved INR6.00
crore in 4MFY18 (period refer to April 1 to June 30).

* Low PAT margins and leveraged capital structure:  The capital
structure of the company stood leveraged marked by overall gearing
ratio of 1.86x respectively as on March 31, 2017 on account of
debt funded capex undertaken in past to set up the manufacturing
facilities coupled with dependence on external borrowings to meet
working capital requirements. The company has average working
capital utilization of around 90% for last 12 months period ended
July 2017. In FY17, PBILDT margin stood moderate at 7.81%.
However, owing to higher finance and depreciation cost; PAT margin
of the firm stood low at 0.19%.

* Seasonality associated with woolen products:  India's woolen
product demand is seasonal, varying substantially over the year.
The winter season lasts only for four to five months in a year and
it is only during this period that woolen clothes are required. It
peaks in winter season trending down to during summer season (May-
September).

* Highly fragmented and competitive nature of industry:  The firm
operates in the textile manufacturing and processing industry
which is highly fragmented industry with presence of numerous
independent small-scale enterprises owing to low entry barriers
leading to high level of competition in the processing segment.
Furthermore, the Indian textile industry also faces competition
from the low cost countries like China and Bangladesh. The
relatively low labor cost has benefited the Chinese and Bangladesh
manufacturer and weaken the cost competitiveness of Indian
exporter. The intense competition in highly fragmented textile
processing industry also restricts ability to completely pass on
volatility in input cost to its customers, leading to lower profit
margins.

Key rating strength

* Experienced Partners in the textile industry:  Mr. Janak Raj
Singla and Mrs Rju Singla, have an experience of around three
decades in the textile industry through their association with
Shiv Shakti Spinning Mills (established in 1986) and Shiv Shakti
Woolen Mills (established in 2003). Moreover, Mr. Abhinav Singla
and Mr. Anuj Singla, post graduates by qualification have
experience of around half a decade through their association with
Shiv Shakti Woolen Mills and this entity.

* Moderate operating cycle:  The operating cycle of SSKF stood
moderate at 37 days for FY17. The company maintains minimal
inventory for uninterrupted manufacturing process. Hence, the
average inventory period of the company and stood at 36 days in
FY17. The company sells its products to the customers across
Northern India and allows an average payable period of around 10-
15 days to its customers. Similarly, SSKF receives an average
payable period of around 10-15 days from its suppliers.

Karnal-based, (Haryana) Shiv Shakti Knit Fabs (SSKF) is a
partnership firm and was established in April, 2016 by Mr
Abhinav Singla, Mr. Janak Raj Singla, Mr. Anuj Singla and Mrs Rju
Singla. All the partners share profits and losses equally. The
firm was established with an objective to set up a manufacturing
unit of mink blankets under the brand name of "Stella". The main
raw materials required for production are polyester yarn, satin
silk and dyeing colors. The firm procures the raw material mainly
from companies located in Gujarat and Panipat and sell the same to
dealers located in Northern India.


SHREE BANKE: CARE Assigns 'B' Rating to INR3cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shree
Banke Bihari Buildcon (SBB), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             3.00       CARE B; Stable Assigned

   Short-term Bank
   Facilities             7.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SBB are primarily
constrained on account of its financial risk profile marked by
small scale of operations, nil profitability margins, stressed
liquidity position and constitution as a partnership firm. The
ratings, further, constrained on account of geographical
concentration risk along with high competitive intensity in the
government civil construction segment. The ratings, however,
derive strength from the experienced and resourceful promoters
coupled with continuous capital infusion by them.

The ability of the firm to increase its scale of the operations by
getting new contracts with speedy execution of contracts and
better management of working capital are the key rating
sensitivities.

Detailed description of key rating drivers

Key Rating Weaknesses

* Small scale of operations with financial risk profile marked by
nil profitability, stressed liquidity position and constitution as
a partnership concern:  As per provisional results of FY17 (FY
refers to the period from April 1 to March 31), the scale of
operation of the firm stood small with Total Operating Income
(TOI) of INR1.30 crore and net-worth of INR1.22 crore which
restricts its financial flexibility to an extent. The
profitability margins of the firm stood at nil level in FY17. The
liquidity position of the firm stood stressed with elongated
operating cycle of 248 days in FY17 owing to higher collection
period. Further, its constitution as a partnership concern led to
risk of withdrawal of capital.

* Customer concentration as well as geographical concentration
risk along with high competitive intensity in the government civil
construction segment:  SBB is a regional player and all the
projects are executed in Chhattisgarh only which reflects
geographical concentration risk. Further, as the firm participates
in tenders invited by government departments, high competition and
lower bargaining power restricts its profitability margins. 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. Further, as the firm
participates in tenders invited by government departments, high
competition and lower bargaining power restricts its profitability
margins.

Key Rating Strengths

* Experienced and resourceful promoters coupled with continuous
capital infusion:  Mr. Pawan Kumar Agarwal, Partner, has more than
a decade of experience in the construction industry and looks
after overall affairs of the firm. Mr. Mayank Agarwal, Partner,
has around three years of experience in the industry and looks
after purchase and site functions. Mr. Padam Kumar Singhania and
Mr. Harshvardhan Singhania have more than a decade of experience
in same line of industry through its group concern.

Surguja (Chhattisgarh) based Shree Banke Bihari Buildcon (SBB) was
formed in 2014 as a partnership firm by Mr. Mayank Agarwal, Mr.
Padam Kumar Singhania, Mr. Harshvardhan and Mr. Pawan Kumar
Agarwal. The firm started its operation from January, 2016. SBB is
engaged in the construction of roads, dams, bridges, etc. and
executes contracts mainly for government department viz. PWD,
National Highway Authority of India (NHAI), Water Resources
Department (WRD) as well as private players.


SRINIVASA POULTRY: CARE Assigns B+ Rating to INR8cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Srinivasa Poultry Farm (SPF), as:

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

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SPF takes into
account small scale of operations of the firm, financial risk
profile marked by leveraged capital structure, weak debt coverage
indicators and working capital intensive nature of operations,
declining profitability margins during review period. The rating
further takes into consideration and highly fragmented industry
with intense competition from large number of players
profitability margins are vulnerable to volatility in raw material
prices.

Going forward, the ability of the firm to increase its scale of
operations and improve profitability margins in competitive
environment and improve its capital structure, debt coverage
indicators and manage its working capital requirements would be
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small Scale of operations:  SPF was established in the year
1990. Further, the scale of operations of the entity remained
small marked by Total operating income (TOI) remained moderate at
INR15.06 crore in FY17 (C A Certified Provisional) coupled with
low net worth base of INR3.72 crore as on March 31, 2017 as
compared to other peers in the industry.

* Financial risk profile marked by leveraged capital structure,
weak debt coverage indicators and working capital intensive nature
of operations:  SPF has leveraged capital structure during review
period. SPF's debt profile is dominated by the working capital
borrowings to fund the working capital requirements (to purchase
of birds feed, chicks and medicines) of day to day activities of
firm. Long-term debt-equity ratio of the firm is improved y-o-y
from 0.94 x as on March 31, 2015 to 0.52 as on March 31, 2017
(C.A. Certified Prov.) due to repayment of term loan. The overall
gearing ratio of the firm improved from 2.74x as on 31 March, 2014
to 2.16x as on 31 March 2017 (C.A. Certified Prov.) due to
repayment of term loan coupled with increase in tangible net worth
on accretion of profit to reserves.

* The entity has weak debt coverage indicators during review
period:  Total debt/GCA deteriorated y-o-y from 10.68 in FY15
to 12.99x in FY17 (C.A. Certified Prov.) due to increase in total
debt on account of unsecured loans to the tune of INR1.41
crore brought in by proprietor. PBILDT interest coverage ratio
improved from 1.58x in FY15 to 1.78x in FY17 (C.A. Certified
Prov.) due to decrease in interest expense.

* The operating cycle of the entity is elongated during review
period and remained at 109 days in FY17 (C.A. Certified Prov) due
to high inventory period of 158 days in FY17 (C.A. Certified
Prov):  Operating cycle of the entity continues to remain
elongated due to its nature of business operations where in the
firm is required to keep high inventory level of parent bird and
raw material stock to feed the birds in different growing stages
and to mitigate fluctuation in raw material prices. The firm
receives payment from its customers within a week and sometimes,
payments stretch upto 10 days and makes payment to its suppliers
within 20-25 days.

* Highly fragmented industry with intense competition from large
number of players:  SPF faces stiff competition in the poultry
business from large number of established and unorganized players
in the market. Competition gets strong with the presence of
unorganized players leading to pricing pressures. However,
improved demand scenario of poultry products in the country
enables well for the entity.

* Constitution of the entity as Proprietorship firm with inherent
risk of withdrawal of capital:  Constitution as a Proprietorship
firm has the inherent risk of possibility of withdrawal of the
Proprietor's capital at the time of personal contingency which can
adversely affect its capital structure

* Profitability margins are vulnerable to volatility in raw
material prices:  Maize is relatively a small scale crop in India
and being a rain-fed crop, any monsoon failure will affect its
harvest. The Poultry industry consumes more than 50% of the
domestic maize production and its demand is expected to exceed the
overall supply in the future. As the poultry industry is virtually
a buyers' market, any sharp increase in raw material prices may
not be fully passed on to the consumers thereby affecting the
profit margin of the company.

Key Rating Strengths

* Established track record and experience of the proprietor more
than two decades in Poultry business:  SPF was established in the
year 1990 and promoted by Mr. Mekala Siva Rama Krishnaiah he has
more than two decades of experience in the poultry business. Due
to long term presence in the market, Mr. Mekala Siva Rama
Krishnaiah has good relations with suppliers and customers
resulting into established customer base and helps to seek regular
orders from existing customers.

* Growth in total operating income during review period:  The
total operating income of the firm grew by a CAGR of 13.44% from
INR11.70 crore in FY15 to INR15.05 crore in FY17(CA Certified
Prov.) aided by the increased sales of eggs and cull birds on
account of y-o-y increase in market price of eggs to an extent of
5%-10% when compared to previous year.

* Stable demand outlook of poultry products:  Poultry products
like eggs 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 semi-urban
regions of the country. The demands for poultry products are
sustainable and accordingly, the kind of industry is relatively
insulated from the economic cycle.

A SPF was established in the year 1990 by Mr. Mekala Siva Rama
Krishnaiah. The firm is engaged in farming of egg, laying poultry
birds (chickens) and trading of eggs, cull birds and their Manure.
The firm sells its total products like eggs and cull birds to SSS
Traders located in Vijayawada. The firm mainly buys chicks (small
chickens) from Srinivasa Hatcheries Private Limited, Vijayawada.
The firm purchases raw materials for feeding of birds like rice
brokens, maize, sun flower oil cake, shell grit, minerals and soya
from local suppliers.


SUNFAME CERAMICS: CARE Hikes Rating on INR4.37cr LT Loan to BB-
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sunfame Ceramics Private Limited (SCPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Bank
   Facilities             4.37       CARE BB-; Stable Revised
                                     from CARE B+

   Short Term Bank
   Facilities             2.30       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The revision in the long term rating assigned to the bank
facilities of SCPL takes into account increase in its scale of
operations, profitability, cash accruals, solvency position and
debt coverage indicators in FY17 (FY refers to the period from
April, 2016 to March, 2017). The ratings, also derives strength
from experienced promoters in ceramic tiles industry and location
advantage having presence into ceramic cluster.

The ratings, however, are remained constrained on account of its
small scale of operations, moderate liquidity position in FY17,
prospects linked to highly cyclical real estate sector and
susceptibility of margins to volatility associated with raw
material and fuel prices and presence into highly fragmented
ceramic industry.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations:  Despite healthy growth reported in
FY17, overall scale of operations continues to remain small as
marked by total operating income (TOI) of INR16.99 crore and net
worth base of INR4.06 crore.

* Moderate liquidity position:  Current ratio stood below unity on
the back of higher creditors level as on balance sheet date owing
to which operating cycle stood comfortable at 2 days in FY17.
Further, average working capital utilization stood at 80% for
trailing 12 month period ended July 2017.

* Prospects linked to highly cyclical real estate sector:  Most of
the demand for the non-vitrified floor tiles comes from the real
estate industry, which, in India is highly fragmented and
cyclical. The industry is also highly sensitive to the interest
rates in the economy. Thus any negative impact on real estate
industry will adversely affect the prospects of ceramic tiles
industry.

* Susceptibility of margins to raw material price volatility and
fuel costs:  Prices of raw material i.e. clay & feldspar is market
driven and put pressure on the margins of tile manufacturers.
Another major cost component is fuel expenses in the gas form
which is required to fire the furnace. SCPL's ability to control
its cost structure remains crucial especially in light of
competitive environment.

* Presence in a highly competitive ceramic industry and fortunes
linked to demand from cyclical real estate sector:  SCPL operates
in highly competitive segment of the ceramic industry marked by
low entry barriers, presence of large number of organized and
unorganized players with capex planned by existing players in the
industry as well as new entrants. Further, demand for such
products is directly linked with that of growth of real estate
sector which in turn is also volatile in nature.

Key Rating Strengths

* During FY17, the scale operations has increased by 67.71% as
compared to FY16 and stood at INR15.38 crore, furthermore the
profit margins have also improved marked by PBILDT margin which
has improved by 47 bps and stood at 12.08% during FY17.
Consequently, PAT margin improved and stood at 1.31% as compared
to net loss during FY16.

The capital structure has improved and remained moderately
leveraged marked by overall gearing ratio of 1.55x as on
March 31, 2017 due to decrease in the total debt coupled with
increase in the net worth base.

The debt coverage indicators have also improved marked by total
debt to GCA which stood at 5.23x as on March 31, 2017 on the back
of improved GCA levels and decline in total debt level. Interest
coverage ratio also improved and stood at 2.73x during FY17 due to
improvement in PBILDT coupled with low interest cost.

* Experienced Promoters:  SCPL's top management consists of Mr.
Kirti Ughreja, Mr. Jayanti Patel and Mr. Suresh Jain. All the
directors are holding an average experience of more than a decade
in the ceramic industry.

* Located in the ceramic hub with easy access to raw material,
fuel and labour:  The manufacturing unit of SCPL is located at
Morbi (Gujarat) which is one of the largest ceramic clusters in
India. Majority of total ceramic tiles production in India comes
from the Morbi cluster that houses more than 600 units engaged in
manufacturing of wall tiles, vitrified tiles, floor tiles,
sanitary wares, roofing tiles and others such products. It
provides easy access to raw material, fuel and labor.

Morbi (Gujarat) based SCPL was incorporated during March 2011 by
Mr. Kirti Udhreja, Mr. Jayanti Patel and Mr. Suresh Jain and
commenced commercial production of ceramic wall tiles from
November 2011 onwards. SCPL operates with a capacity of
manufacturing ~30,000 square meters per day (smpd) of non-
vitrified wall tiles as on March 31, 2017. SCPL also exports 50 to
60% of its total production to Saudi Arabia and Oman.


SURAT HAZIRA: CARE Lowers Rating on INR2,400cr LT Loan to 'D'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Surat Hazira NH-6 Tollway P Ltd (SHTPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities          2,400.00      CARE D Revised from CARE B

Detailed Rationale & Key Rating Drivers

The revision in the ratings of SHTPL takes into account the delay
in repayment of its debt obligations. The delays were largely
attributable to lower vehicular traffic growth than anticipated
vis-a-vis high debt servicing.

Going forward, the company's ability to service its debt
obligations in a timely manner with improvement in vehicular
traffic and average daily toll collection shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing:  The company has delayed in debt
repayment on account of cash flow mismatches due to lower
toll collection as against relatively high debt obligations.

* Exposure to O&M risk, traffic fluctuations:  The O&M with
respect to the routine maintenance and the periodic maintenance
shall be carried out by the JV of Roadis (owned by Canadian
Pension Fund Managers - Public Sector Pension Investment Board
(PSPIB)) and Soma Enterprise Ltd (SEL). Since the project highway
comprises commercial vehicles (both light and heavy commercial
vehicles) in majority, the O&M assumes utmost importance. In
absence of any provisions for appropriation of funds towards the
major maintenance, the operational cash flows of that particular
year may remain stressed. The company thus remains exposed to
increase in operations and maintenance expenses. Further any
deterioration in vehicular growth may adversely impact company's
revenue and profitability which may further constrain company's
liquidity.

Key Rating Strengths

* Long track record of promoters:  Both the JV partners Roadis and
SEL have considerable experience in developing road projects.
Roadis is a company with significant experience in highway
concessions and is owned by one of the largest Canadian Pension
Fund Managers- PSPIB. It was established by the Canadian
Parliament under the Public Sector Investment Promotion Board Act
to invest the employer and employee net contributions received
since April 2000 from the pension plans of the Canadian Federal
Public Service. It currently develops and operates a significant
portfolio of projects with 1610 km of highway under concession.

SHTPL is a special purpose vehicle (SPV) joint venture promoted by
Roadis (owned by Canadian Pension Fund Managers - PSPIB) and Soma
Enterprise Ltd (SEL). The SPV was formed to undertake the
development and operation of a road project awarded by National
Highway Authority of India (NHAI - The Authority). The project was
awarded to SISTL based on its lowest bid towards construction
grant of INR301.82 crore during construction and INR254.18 crore
during O&M. The company was awarded Four laning of
Gujarat/Maharashtra border-Surat-Hazia port section of NH-6 (from
existing two lane) (total design length - 133 kms) in the State of
Gujarat on DBFOT (toll) basis. The company received provisional
commercial operation date on August 19, 2015.


VIJIT INTERNATIONAL: CARE Reaffirms B+ Rating INR6cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Vijit International Private Limited (VIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             6.0        CARE B+; Stable Reaffirmed

   Short term Bank
   Facilities             1.0        CARE A4 Reaffirmed

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of VIPL continue to
remain constrained by its small size of operations with low
profitability, susceptibility of operating margin to volatility in
trading material prices, fragmented nature of business with high
competition among the players, working capital intensive nature of
operations and leveraged capital structure with weak debt coverage
indicators. The ratings, however, continue to derive strength from
the experience of the promoters and long track record of
operations.

The ability of VIPL to increase its scale of operations with
improvement in profit margins and effective management of working
capital will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations with low profitability:  The scale of
operations of the company remained small marked by total operating
income of INR36.39 crore with a PAT of INR0.01 crore in FY17,
provisional. Furthermore, the total capital employed was also low
at INR11.94 crore as on March 31, 2017. During 5MFY18, the company
has reported turnover of INR4.55 crore. Furthermore, the
profitability of the company remained low marked by PBILDT margin
of 3.23% and PAT margin of 0.03% in FY17.

* Susceptibility of operating margin to volatility in trading
material prices:  The procurement of trading material is based
on estimates and expected demand and is generally not backed by
orders. As a result, VIPL remains exposed to the volatility in
trading material prices and it has to absorb adverse fluctuations
in prices that might occur from the time of material procurement
to dispatch as traded material prices remains volatile over the
years.

* Fragmented nature of business with high competition among the
players: Trading of iron and steel products 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. Kolkata and nearby districts of West
Bengal are a major industrial and residential area with densely
populated where consumption of steel is high. Thus, high
competition restricts the pricing flexibility of the industry
participants and has a negative bearing on the profitability.

* Working capital intensive nature of operation: Being a trading
concern, the operation of the company remained working capital
intensive in nature. The operating cycle has deteriorated in FY17
and remained high at 115 days mainly on account of high inventory
and collection period. The company maintains stock of traded goods
of around two months for timely supply of its customers demand and
it provides credit of around two months to its customers due to
its low bargaining power whereas it receives credit of around two
weeks from its suppliers. Accordingly, the average utilization of
working capital limit was on the higher side at around 98% for the
last twelve months ending in Aug, 2017.

* Leveraged capital structure with weak debt coverage indicators:
The capital structure of the company marginally improved as on
March 31, 2017 with improvement of overall gearing ratio to 5.49x
on account of lower utilization of fund based limit and
accumulation of surplus into reserves. Furthermore the debt
protection indicators of the company deteriorated and remained
weak with interest coverage ratio of 1.06x and total debt to GCA
of 145.33x in FY17.

Key Rating Strengths

* Experienced promoters: The company is managed by Mrs. Prity
Sharma and Mr. Madhusudan Agarwalla after takeover from previous
management. Both the directors have around a decade of experience
in trading business.

* Long track record of operations: The company is into has started
its operations from the year 2000 and thus has long track
record of operations of around 17 years.

VIPL was incorporated in October 2000 and it was taken over by Mrs
Prity Sharma and Mr. Madhusudan Agarwalla in July 2015. The
company is engaged in trading of iron and steel products like
coils, angles, channels, pipes and TMT bar etc.



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


SURUGA BANK: Fitch Withdraws 'B' Support Rating Floor
-----------------------------------------------------
Fitch Ratings has affirmed Suruga Bank Ltd.'s Long-Term Issuer
Default Rating at 'A-' with a Stable Outlook. At the same time,
Fitch has chosen to withdraw the ratings of Suruga Bank for
commercial reasons. Fitch will no longer provide rating and
analytical coverage on Suruga.

KEY RATING DRIVERS

The affirmation of Suruga's ratings reflects limited changes in
the bank's credit profile since Fitch reviews on May 12, 2017.

The rating captures Suruga's above domestic-peer profitability,
adequate loss-absorption buffers and strong funding and liquidity
stemming from its firm deposit base. Fitch believes Suruga's
concentration in retail lending is mitigated by adequate risk
controls.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating Floor of 'B' and Support Rating of '4' reflect
Fitch's view that the sovereign's propensity to support Suruga
would be limited due to the bank's small operational size and
marginal systemic importance to Japan's financial system.

RATING SENSITIVITIES

Rating Sensitivities are no longer relevant given the ratings are
withdrawn.

Fitch has affirmed and withdrawn the following ratings:

- Long-Term Foreign- and Local-Currency IDRs affirmed at 'A-';
   Outlook Stable, withdrawn
- Short-Term Foreign- and Local-Currency IDRs affirmed at 'F1',
   withdrawn
- Viability Rating affirmed at 'a-', withdrawn
- Support Rating affirmed at '4', withdrawn
- Support Rating Floor affirmed at 'B', withdrawn



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


MAA GROUP: Declares 2nd Interim Dividend of Three Sen
-----------------------------------------------------
Sangeetha Amarthalingam at theedgemarkets.com reports that MAA
Group Bhd, whose second quarter net profit was down by nearly 90%,
has declared a second interim dividend of three sen.

The dividend will be paid on Oct 23. The ex-date is Sept. 28, and
the entitlement date is Oct. 2, MAA said in a filing with Bursa
Malaysia on Sept. 14, theedgemarkets.com relates.

On Aug. 23, the group said net profit fell 89.2% to MYR30.4
million for the quarter ended June 30, 2017, from MYR281.8 million
a year earlier. Revenue dropped 80.7% to MYR29.1 million from
MYR150.8 million, theedgemarkets.com discloses.

For the first half of the year, net profit tumbled 89.4% to
MYR29.9 million from MYR281.7 million for the precious
corresponding period. Revenue dropped 88.5% to MYR33.1 million
from MYR287 million, according to the report.

MAA's share price closed up one sen or 1.23% to 82.5 sen for a
market capitalisation of MYR225.6 million, theedgemarkets.com
adds.

                         About MAA Group

MAA Group Berhad is an investment holding company. The Company is
engaged in providing management services. The Company's segments
include General insurance, Family takaful business, General
takaful business, Shareholders' fund of the insurance and takaful
businesses, Card business and Investment holdings. The General
insurance segment includes underwriting all classes of general
insurance business. The Family takaful business segment includes
underwriting family takaful business. The General takaful business
segment includes underwriting general takaful business. The Card
business segment includes the business of prepaid cards and other
related cards and services. Its Other segments consist of hire
purchase, leasing and other credit activities, property
management, consultancy services and education services. Its
subsidiaries include MAA Takaful Berhad, MAA Corporation Sdn Bhd.,
MAA Credit Berhad, MAA-Medicare Sdn Bhd and MAA Corporate Advisory
Sdn Bhd, among others.

MAA Group slipped into Practice Note 17 (PN17) status in 2011
after the sale of the company's conventional insurance arm
Malaysian Assurance Alliance Bhd to Switzerland-based Zurich
Insurance Co Ltd.



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


SOLID ENERGY: Lane Neave Advises BT Mining on Acquisition
---------------------------------------------------------
Lane Neave has advised BT Mining, a joint venture between Bathurst
Resources Limited and Talley's Energy Limited, on the acquisition
of assets from three mines acquired from Solid Energy New Zealand
Limited (subject to deed of company arrangement).

The assets include the Stockton mine on the West Coast, as well as
the Rotowaro and Maramarua mines in the Waikato region.

Settlement of the transaction is the culmination of over 15
months' of legal work including a comprehensive due diligence
process, negotiation of transaction documents through a
competitive bid process and a long period to settlement in which
various conditions precedent and other legal issues were
addressed. This included Overseas Investment Office approval, New
Zealand Petroleum & Minerals approvals, addressing complex land
and leasing arrangements, the novation of various key contracts,
stakeholder approvals and negotiation with Treasury over the
application and transfer of environmental rehabilitation
indemnities.

The Lane Neave team was led by partner Gerard Dale and included
Joelle Grace, Rebecca Cotter, Josh Leckie and Sam Nelson.

"We are pleased to be involved in advising our client, BT Mining,
in the successful completion of this complex transaction, and I am
proud of the hard work and dedication shown by our team in getting
the transaction across the line" said Dale.

"This is a tremendous milestone for the industry and we are
delighted to be involved in a deal that will have such a
significant impact, both economically and socially, for
communities where the mining operations are located."

                        About Lane Neave

Founded in the 1860's, Lane Neave is one of the largest and most
highly regarded law firms in New Zealand. Lane Neave specialises
in specific areas of the law, and many lawyers have become
recognised experts in their chosen fields. All practice areas
adopt a team approach and draw on the relevant expertise across
the firm to provide well considered and sound advice to our
clients. The firm has a true national presence with over 135 staff
located across our offices in Auckland, Wellington, Christchurch
and Queenstown.

                          About Solid Energy

Solid Energy New Zealand Ltd is New Zealand's largest coal mining
company and an investor in research and commercialisation of
sustainable forms of energy that use coal, coal seam gas,
biomass, biodiesel and solar. Solid Energy's core mining business
includes hard coking coal, primarily for export to steel mills
throughout Asia, and thermal coal for the Huntly power station
and other domestic customers in the steel, dairy and cement
industries.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 13, 2015, the Board of Solid Energy New Zealand Limited
(SENZ) has placed the company and all associated companies into
voluntary administration, a process which allows the company to
continue trading while creditors consider the best way forward.

KordaMentha partners, Brendon Gibson and Grant Graham have been
appointed Administrators.

Creditors of the Solid Energy Group on September 17 approved a
Deed of Company Arrangement (DOCA) with the Group.



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


SWIBER HOLDINGS: Securities Matter to be Heard on Oct. 13
---------------------------------------------------------
Judith Tan at The Business Times reports that Swiber Holdings
announced on Sept. 15 that the Singapore High Court has fixed a
full day hearing on Oct. 13 for the judicial managers'
applications for directions on third-party securities.

It also said in a Singapore Exchange filing that the High Court
has appointed Dentons Rodyk & Davidson lawyer Geraldine Yeong Kai
Jun as Young Amicus Curiae (Friend of the Court) to assist, BT
relates.

The report notes that the High Court had granted the application
to place Swiber Holdings and its unit Swiber Offshore Construction
under judicial management (JM) in October last year.

More than 10 creditors, including Swiber's principal banker, DBS,
put up no objection through their lawyers to the application for
JM, the report says.

JM is in a process that gives a financially distressed company
leeway to return to financial health under court supervision, BT
notes.

In July, Swiber sought to extend the period under JM through to
March 21 next year, BT discloses.

                           About Swiber

Swiber Holdings Limited (SGX:BGK) -- http://www.swiber.com/-- is
a Singapore-based investment holding company. The Company,
through its subsidiaries, is engaged in offshore marine
engineering; vessel owning and chartering, and provision of
corporate services. The Company is an integrated offshore
construction and support services provider for shallow water oil
and gas field development. It offers a range of engineering,
procurement, installation and construction (EPIC) services,
complemented by its in-house marine support and engineering
capabilities, to support the offshore field development and
production activities of its clientele base across the Asia
Pacific, Middle East, Latin America and West Africa regions. It
operates approximately 10 construction vessels. The Company's
subsidiaries include Swiber Offshore Construction Pte. Ltd.,
Swiber Offshore Marine Pte. Ltd., Swiber Corporate Pte. Ltd.,
Resolute Offshore Pte. Ltd. and Swiber Capital Pte. Ltd.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 2, 2016, Reuters said Swiber Holdings Ltd has applied to
place itself under judicial management instead of liquidation.
According to Reuters, Swiber shocked markets in July 2016 by
filing for liquidation, as it faced hundreds of millions of
dollars in debt and a decline in orders, becoming the largest
local company to fall victim to the slump in oil prices.

Bob Yap Cheng Ghee, Tay Puay Cheng and Ong Pang Thye of KPMG
Services Pte Ltd. have been appointed as the joint and several
interim judicial managers of Swiber Holdings Limited and Swiber
Offshore Construction.

Swiber had $1.43 billion of liabilities and $1.99 billion of
assets on March 31, 2016, before it sought court protection in
late July, Bloomberg News reported citing the company's last
published accounts.


SWIBER: Defaults on Upcoming Coupon Payment of Series 017 Notes
---------------------------------------------------------------
Swiber Holdings Limited said that it is unable to redeem and to
pay the upcoming coupon payment for the Series 017 CNY450,000,000
7.75% Fixed Rate Notes issued pursuant to the Company's
SGD1,000,000,000 Multicurrency Debt Issuance Programme due on
Sept. 18, 2017.

Swiber Holdings Limited (SGX:BGK) -- http://www.swiber.com/-- is
a Singapore-based investment holding company. The Company,
through its subsidiaries, is engaged in offshore marine
engineering; vessel owning and chartering, and provision of
corporate services. The Company is an integrated offshore
construction and support services provider for shallow water oil
and gas field development. It offers a range of engineering,
procurement, installation and construction (EPIC) services,
complemented by its in-house marine support and engineering
capabilities, to support the offshore field development and
production activities of its clientele base across the Asia
Pacific, Middle East, Latin America and West Africa regions. It
operates approximately 10 construction vessels. The Company's
subsidiaries include Swiber Offshore Construction Pte. Ltd.,
Swiber Offshore Marine Pte. Ltd., Swiber Corporate Pte. Ltd.,
Resolute Offshore Pte. Ltd. and Swiber Capital Pte. Ltd.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 2, 2016, Reuters said Swiber Holdings Ltd has applied to
place itself under judicial management instead of liquidation.
According to Reuters, Swiber shocked markets in July 2016 by
filing for liquidation, as it faced hundreds of millions of
dollars in debt and a decline in orders, becoming the largest
local company to fall victim to the slump in oil prices.

Bob Yap Cheng Ghee, Tay Puay Cheng and Ong Pang Thye of KPMG
Services Pte Ltd. have been appointed as the joint and several
interim judicial managers of Swiber Holdings Limited and Swiber
Offshore Construction.

Swiber had $1.43 billion of liabilities and $1.99 billion of
assets on March 31, 2016, before it sought court protection in
late July, Bloomberg News reported citing the company's last
published accounts.



====================
S O U T H  K O R E A
====================


HYUNDAI LIFE: Axes One-Third of Jobs Due to Rising Debt
-------------------------------------------------------
Yonhap News Agency reports that Hyundai Life Insurance, an
insurance unit of South Korea's Hyundai Motor Group, has recently
cut a third of its employees due to mounting debt, an industry
source said Sept. 18.

The insurance firm has let 120 out of 450 employees go under a
voluntary retirement program, according to the source, Yonhap
relates.

Cumulative losses at the insurer stood at KRW220 billion (US$195
million) at the end of June, Yonhap discloses.

Still, the financial health of Hyundai Life Insurance has
improved, with its risk-based capital (RBC) ratio standing at 164
percent, just above the recommended level of 150 percent,
according to the report.

Yonhap relates that Hyundai Life Insurance has been in talks with
Hyundai Motor Group over a massive rights issue, according to
people familiar with the matter, in a move to bolster its capital
base ahead of the introduction of the new rule, called IFRS17, on
the accounting of insurance products in 2021.

Under the rule, insurers' liabilities will be assessed on the
basis of market value, instead of book value, at the time of a
contract, the report states.

It's expected to enable a much "fairer" assessment of insurers'
ability to withstand stress and also force them to have more
capital bases and reserves to cover potential losses. But it will
add to insurers' burden to raise their capital base, says Yonhap.

Meanwhile, KDB Life Insurance, which has the lowest RBC ratio of
128.4 percent among the 14 life insurers that unveiled their
numbers as of end-June, slashed 230 employees under their own
voluntary retirement program between July and August, Yonhap adds.

Based in Seoul, South Korea, Hyundai Life Insurance Co., Ltd.
provides life insurance, endowment insurance, annuities, and
retirement insurance solutions.



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


* BOND PRICING: For the Week Sept. 11 to Sept. 15, 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 ***